XML 120 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Real Estate Owned
 12 Months Ended
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
)