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Investment Securities
 3 Months Ended
Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities

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

September 30, 2014
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair
Value
 
Carrying
Value
(In Thousands)
 
 
 
 
 
Held to maturity:
 
 
 
 
 
Certificates of deposit
$
800

$
—

$
—

$
800

$
800

Total investment securities - held to maturity
$
800

$
—

$
—

$
800

$
800

 
 
 
 
 
 
Available for sale:
 
 
 
 
 
U.S. government agency MBS (1)
$
8,387

$
327

$
—

$
8,714

$
8,714

U.S. government sponsored enterprise MBS
5,757

244

—

6,001

6,001

Private issue CMO (2)
817

11

—

828

828

Common stock - community development financial institution
250

—

—

250

250

Total investment securities - available for sale
$
15,211

$
582

$
—

$
15,793

$
15,793

Total investment securities
$
16,011

$
582

$
—

$
16,593

$
16,593


(1) 
Mortgage-Backed Securities (“MBS”).
(2) 
Collateralized Mortgage Obligations (“CMO”).

June 30, 2014
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair
Value
 
Carrying
Value
(In Thousands)
 
 
 
 
 
Held to maturity:
 
 
 
 
 
Certificates of deposit
$
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
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



In the first quarters of fiscal 2015 and 2014, the Corporation received MBS principal payments of $780,000 and $820,000, respectively, and did not purchase or sell investment securities, except the fiscal 2015 purchase of $250,000 in the common stock of a community development financial institution to help fulfill the Corporation's Community Reinvestment Act obligation.
  
The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value.  As of September 30, 2014, no investment securities were in an unrealized loss position. This compares to September 30, 2013 when the gross unrealized holding losses relate to two adjustable rate private issue CMOs, where one has been in an unrealized loss position for more than 12 months and the other has been in an unrealized loss position for less than 12 months.  Based on the nature of the investments, management concluded that such unrealized losses were not other than temporary as of September 30, 2013.  The Corporation does not believe that there are any other-than-temporary impairments at September 30, 2014 and 2013; therefore, no impairment losses have been recorded for the quarters ended September 30, 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 September 30, 2014 and June 30, 2014 were as follows:

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

$
800

 
$
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

 
$
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
14,961

15,543

 
15,741

16,347

No stated maturity (common stock)
250

250

 
—

—

Total investment securities - available for sale
$
15,211

$
15,793

 
$
15,741

$
16,347

Total investment securities
$
16,011

$
16,593

 
$
16,541

$
17,147