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Mortgage Loan Servicing and Loans Originated for Sale (Tables)
 12 Months Ended
Jun. 30, 2015
Transfers and Servicing [Abstract]  
Schedule of Mortgage Loans Serviced for Others
The following summarizes the unpaid principal balance of loans serviced for others by the Corporation at the dates indicated:
 
(In Thousands)
As of June 30,
2015
2014
2013
Loans serviced for Freddie Mac
$
4,206

$
4,574

$
4,160

Loans serviced for Fannie Mae
46,582

38,470

34,023

Loans serviced for FHLB – San Francisco
28,222

38,602

52,096

Loans serviced for other investors
1,048

1,088

1,877

Total loans serviced for others
$
80,058

$
82,734

$
92,156
Schedule of Mortgage Servicing Assets
The following table summarizes the Corporation’s MSA for years ended June 30, 2015 and 2014:
 
Year Ended June 30,
(Dollars In Thousands)
2015
2014
 
 
 
MSA balance, beginning of fiscal year
$
554

$
534

Additions
150

80

Amortization
(60
)
(60
)
MSA balance, end of fiscal year, before allowance
644

554

Allowance
(248
)
(259
)
MSA balance, end of fiscal year
$
396

$
295

 
 
 
Fair value, beginning of fiscal year
$
357

$
395

Fair value, end of fiscal year
$
470

$
357

 
 
 
Allowance, beginning of fiscal year
$
259

$
200

Impairment (recovery) provision
(11
)
59

Allowance, end of fiscal year
$
248

$
259

 
 
 
Key Assumptions:
 
 
Weighted-average discount rate
9.10
%
9.14
%
Weighted-average prepayment speed
17.50
%
38.24
%
Schedule of Estimated Future Amortization of Mortgage Servicing Assets
The following table summarizes the estimated future amortization of MSA for the next five years and thereafter:
 
Amount
Year Ending June 30,
(In Thousands)
 
 
2016
$
85

2017
69

2018
31

2019
22

2020
14

Thereafter
423

Total estimated amortization expense
$
644
Schedule of Mortgage Servicing Assets, Hypothetical Effect on Fair Value
The following table represents the hypothetical effect on the fair value of the Corporation’s MSA using an unfavorable shock analysis of certain key valuation assumptions as of June 30, 2015 and 2014.  This analysis is presented for hypothetical purposes only.  As the amounts indicate, changes in fair value based on changes in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear.
 
Year Ended June 30,
(Dollars In Thousands)
2015
2014
MSA net carrying value
$
396

$
295

 
 
 
CPR assumption (weighted-average)
17.50
%
38.24
%
Impact on fair value with 10% adverse change in prepayment speed
$
(19
)
$
(16
)
Impact on fair value with 20% adverse change in prepayment speed
$
(36
)
$
(31
)
 
 
 
Discount rate assumption (weighted-average)
9.10
%
9.14
%
Impact on fair value with 10% adverse change in discount rate
$
(18
)
$
(12
)
Impact on fair value with 20% adverse change in discount rate
$
(35
)
$
(24
)
Schedule of Mortgage Servicing Assets Sold
Loans sold consisted of the following for the years indicated:
 
(In Thousands)
Year Ended June 30,
2015
2014
2013
Loans sold:
 
 
 
Servicing – released
$
2,392,251

$
1,990,087

$
3,506,027

Servicing – retained
17,663

9,189

16,331

Total loans sold
$
2,409,914

$
1,999,276

$
3,522,358
Schedule of Mortgage Servicing Assets Held For Sale
Loans held for sale, at fair value, at June 30, 2015 and 2014 consisted of the following:
 
(In Thousands)
June 30,
2015
2014
Fixed rate
$
222,529

$
155,034

Adjustable rate
2,186

3,849

Total loans held for sale, at fair value
$
224,715

$
158,883