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Real Estate Owned | 12 Months Ended
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Jun. 30, 2014
Real Estate [Abstract] |
Real Estate Owned | Real Estate Owned Real estate owned at June 30, 2014 and 2013 consisted of the following:
(In Thousands) | June 30,
2014 | 2013
Real estate owned | $ | 2,586 |  | $ | 2,440 |
Allowance for estimated real estate owned losses | (119 | ) | (144 | )
Total real estate owned, net | $ | 2,467 |  | $ | 2,296 |
Real estate owned was primarily the result of real estate acquired in the settlement of loans. As of June 30, 2014, real estate owned was comprised of two single-family residences and two commercial real estate properties located in Southern California. This compares to 10 real estate owned properties at June 30, 2013, primarily comprised of single-family residences located in Southern California. During fiscal 2014, the Corporation acquired nine real estate owned properties in the settlement of loans and sold 15 properties for a net gain of $288,000. In fiscal 2013, the Corporation acquired 25 real estate owned properties in the settlement of loans and sold 39 properties for a net gain of $1.2 million. A summary of the disposition and operations of real estate owned acquired in the settlement of loans for the years ended June 30, 2014, 2013 and 2012 consisted of the following:
(In Thousands) | Year Ended June 30,
2014 | 2013 | 2012
Net gains (losses) on sale | $ | 288 |  | $ | 1,213 |  | $ | (287 | )
Net operating expenses | (295 | ) | (395 | ) | (835 | )
Recovery from the allowance for estimated real estate owned losses | 25 |  | 98 |  | 1,002 |
Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net | $ | 18 |  | $ | 916 |  | $ | (120 | )

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 + Details
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