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Investment Securities
 12 Months Ended
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities

The amortized cost and estimated fair value of investment securities as of June 30, 2014 and 2013 were as follows:

June 30, 2014
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair
Value
 
Carrying
Value
(In Thousands)
 
 
 
 
 
Held to maturity
 
 
 
 
 
Certificate of deposits
$
800

$
—

$
—

$
800

$
800

Total investment securities - held to maturity
$
800

$
—

$
—

$
800

$
800

 
 
 
 
 
 
Available for sale
 
 
 
 
 
U.S. government agency MBS
$
8,772

$
337

$
—

$
9,109

$
9,109

U.S. government sponsored enterprise MBS
6,128

257

—

6,385

6,385

Private issue CMO (1)
841

12

—

853

853

Total investment securities - available for sale
$
15,741

$
606

$
—

$
16,347

$
16,347

Total investment securities
$
16,541

$
606

$
—

$
17,147

$
17,147


(1) 
Collateralized Mortgage Obligations (“CMO”).

June 30, 2013
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair
Value
 
Carrying
Value
(In Thousands)
 
 
 
 
 
Available for sale
 
 
 
 
 
U.S. government agency MBS
$
10,361

$
455

$
—

$
10,816

$
10,816

U.S. government sponsored enterprise MBS
7,255

420

—

7,675

7,675

Private issue CMO
1,036

1

(18
)
1,019

1,019

Total investment securities
$
18,652

$
876

$
(18
)
$
19,510

$
19,510



In fiscal 2014, 2013 and 2012, the Corporation received MBS principal payments of $2.9 million, $3.3 million and $3.3 million, respectively, and did not purchase or sell investment securities, other than in fiscal 2014 when the Corporation placed an $800,000 investment in time deposits at four minority-owned financial institutions to help fulfill the Company’s Community Reinvestment Act obligation.

As of June 30, 2014, the Corporation held investments with no unrealized loss position. This compares to June 30, 2013 when the Corporation held investment with unrealized loss position of $18,000, consisting of the following:
 
 
 
 
 
 
 
 
 
As of June 30, 2013
Unrealized Holding Losses
 
Unrealized Holding Losses
 
Unrealized Holding Losses
(In Thousands)
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Unrealized
 
Fair
Unrealized
 
Fair
Unrealized
Description of Securities
Value
Losses
 
Value
Losses
 
Value
Losses
 
 
 
 
 
 
 
 
 
Private issue CMO
$
848

$
18

 
$
—

$
—

 
$
848

$
18

Total
$
848

$
18

 
$
—

$
—

 
$
848

$
18



As of June 30, 2013, the unrealized holding loss was less than 12 months on one adjustable rate private issue CMO, primarily the result of market interest rate movement and perceived credit and liquidity concerns.  Based on the nature of the investment, management concluded that such unrealized loss was not other than temporary as of June 30, 2013.  The Corporation does not believe that there are any other-than-temporary impairments at June 30, 2014 and 2013; and no impairment losses have been recorded for fiscal 2014, 2013 and 2012.  The Corporation intends and has the ability to hold the CMO securities until maturity and will not likely be required to sell the CMO security before realizing a full recovery.

Contractual maturities of investment securities as of June 30, 2014 and 2013 were as follows:

 
June 30, 2014
 
June 30, 2013
(In Thousands)
Amortized
Cost
Estimated
Fair
Value
 
Amortized
Cost
Estimated
Fair
Value
Held to maturity
 
 
 
 
 
Due in one year or less
$
800

$
800

 
$
—

$
—

Due after one through five years
—

—

 
—

—

Due after five through ten years
—

—

 
—

—

Due after ten years
—

—

 
—

—

Total investment securities - held to maturity
$
800

$
800

 
$
—

$
—

 
 
 
 
 
 
Available for sale
 
 
 
 
 
Due in one year or less
$
—

$
—

 
$
—

$
—

Due after one through five years
—

—

 
—

—

Due after five through ten years
—

—

 
—

—

Due after ten years
15,741

16,347

 
18,652

19,510

Total investment securities - available for sale
$
15,741

$
16,347

 
$
18,652

$
19,510

Total investment securities
$
16,541

$
17,147

 
$
18,652

$
19,510