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Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables)
 6 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Undisbursed Funds Commitments
The following table provides information at the dates indicated regarding undisbursed funds to borrowers on existing lines of credit with the Corporation as well as commitments to originate loans to be held for investment at the dates indicated below.

Commitments
December 31,
2014
June 30,
2014
(In Thousands)
 
 
 
 
 
Undisbursed loan funds - Construction loans
$
2,281

$
1,090

Undisbursed lines of credit – Mortgage loans
497

616

Undisbursed lines of credit – Commercial business loans
843

1,222

Undisbursed lines of credit – Consumer loans
708

774

Commitments to extend credit on loans to be held for investment
4,692

2,247

Total
$
9,021

$
5,949
Schedule of Allowance for Loan Losses of Undisbursed Funds and Commitments on Loans Held for Investment
The following table provides information regarding the allowance for loan losses for the undisbursed funds and commitments to extend credit on loans to be held for investment for the quarters and six months ended December 31, 2014 and 2013.

 
For the Quarters
Ended
December 31,
For the Six Months
Ended
December 31,
(In Thousands)
2014
2013
2014
2013
Balance, beginning of the period
$
108

$
89

$
61

$
115

(Recovery) provision
(27
)
36

20

10

Balance, end of the period
$
81

$
125

$
81

$
125
Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans
The net impact of derivative financial instruments on the gain on sale of loans contained in the Condensed Consolidated Statements of Operations during the quarters and six months ended December 31, 2014 and 2013 was as follows:

 
For the Quarters
Ended
December 31,
 
 For the Six Months
Ended
December 31,
Derivative Financial Instruments
2014
2013
 
2014
2013
(In Thousands)
 
 
 
 
 
Commitments to extend credit on loans to be held for sale
$
344

$
(3,117
)
 
$
(437
)
$
1,280

Mandatory loan sale commitments and TBA MBS trades
(1,614
)
5,424

 
(677
)
(5,824
)
Option contracts
(57
)
158

 
(162
)
266

Total net (loss) gain
$
(1,327
)
$
2,465

 
$
(1,276
)
$
(4,278
)
Schedule of Outstanding Derivative Instruments
The outstanding derivative financial instruments at the dates indicated were as follows:

 
December 31, 2014
 
June 30, 2014
Derivative Financial Instruments
Amount
Fair
Value
 
Amount
Fair
Value
(In Thousands)
 
 
 
 
 
Commitments to extend credit on loans to be held for sale (1)
$
121,575

$
2,129

 
$
132,567

$
2,566

Best efforts loan sale commitments
(31,484
)
—

 
(18,069
)
—

Mandatory loan sale commitments and TBA MBS trades
(290,785
)
(2,105
)
 
(258,021
)
(1,428
)
Put option contracts
(10,000
)
44

 
(10,000
)
—

Call option contracts
10,000

66

 
—

—

Total
$
(200,694
)
$
134

 
$
(153,523
)
$
1,138


(1) 
Net of 29.3 percent at December 31, 2014 and 28.0 percent at June 30, 2014 of commitments which management has estimated may not fund.