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Investment Securities
 9 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities

The amortized cost and estimated fair value of investment securities as of March 31, 2014 and June 30, 2013 were as follows:

March 31, 2014
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair
Value
 
Carrying
Value
(In Thousands)
 
 
 
 
 
Available for sale
 
 
 
 
 
U.S. government agency MBS (1)
$
9,171

$
372

$
—

$
9,543

$
9,543

U.S. government sponsored enterprise MBS
6,297

360

—

6,657

6,657

Private issue CMO (2)
899

4

(1
)
902

902

Total investment securities
$
16,367

$
736

$
(1
)
$
17,102

$
17,102


(1) 
Mortgage-Backed Securities (“MBS”).
(2) 
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 the third quarters of fiscal 2014 and 2013, the Corporation received MBS principal payments of $666,000 and $662,000, respectively, and did not purchase or sell investment securities. For the first nine months of fiscal 2014 and 2013, the Corporation received MBS principal payments of $2.3 million and $2.3 million, respectively, and did not purchase or sell investment securities.
  
The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value.  As of March 31, 2014, the gross unrealized holding losses relate to one adjustable rate private issue CMO, which has been in an unrealized loss position for more than 12 months.  This compares to June 30, 2013 when the gross unrealized holding losses relate to one adjustable rate private issue CMO, which had been in an unrealized loss position for more than 12 months. The unrealized holding losses were primarily the result of perceived credit and liquidity concerns related to these CMOs.  Based on the nature of the investments, management concluded that such unrealized losses were not other than temporary as of March 31, 2014 and June 30, 2013.  The Corporation does not believe that there are any other-than-temporary impairments at March 31, 2014 and 2013; therefore, no impairment losses have been recorded for the quarters ended March 31, 2014 and 2013.  The Corporation intends and has the ability to hold these CMOs until maturity and will not likely be required to sell the CMOs before realizing a full recovery.



Contractual maturities of investment securities as of March 31, 2014 and June 30, 2013 were as follows:

 
March 31, 2014
 
June 30, 2013
(In Thousands)
Amortized
Cost
Estimated
Fair
Value
 
Amortized
Cost
Estimated
Fair
Value
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
16,367

17,102

 
18,652

19,510

Total investment securities
$
16,367

$
17,102

 
$
18,652

$
19,510