Investment Securities

The amortized cost and estimated fair value of investment securities as of June 30, 2016 and 2015 were as follows:



June 30, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value		Carrying Value
(In Thousands)
Held to maturity
U.S. government sponsored enterprise MBS	$	39,179	$	459	$	—		$	39,638	$	39,179
Certificate of deposits	800		—		—			800		800
Total investment securities - held to maturity	$	39,979	$	459	$	—		$	40,438	$	39,979

Available for sale
U.S. government agency MBS	$	6,308	$	264	$	—		$	6,572	$	6,572
U.S. government sponsored enterprise MBS	3,998		225		—			4,223		4,223
Private issue CMO⁽¹⁾	598		4		(1		)	601		601
Common stock⁽²⁾	147		—		—			147		147
Total investment securities - available for sale	$	11,051	$	493	$	(1	)	$	11,543	$	11,543
Total investment securities	$	51,030	$	952	$	(1	)	$	51,981	$	51,522


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


⁽²⁾	Common stock of a community development financial institution.



June 30, 2015	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	$	7,613	$	293	$	—		$	7,906	$	7,906
U.S. government sponsored enterprise MBS	5,083		304		—			5,387		5,387
Private issue CMO⁽¹⁾	708		9		—			717		717
Common stock⁽²⁾	250		—		(99		)	151		151
Total investment securities - available for sale	$	13,654	$	606	$	(99	)	$	14,161	$	14,161
Total investment securities	$	14,454	$	606	$	(99	)	$	14,961	$	14,961


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


⁽²⁾	Common stock of a community development financial institution.

In fiscal 2016, 2015 and 2014, the Corporation received MBS principal payments of $4.8 million, $2.3 million and $2.9 million, respectively and did not sell any investment securities. The Corporation purchased mortgage-backed securities totaling $41.7 million during fiscal 2016, as compared none in fiscal 2015 and 2014. During fiscal 2015 the Corporation purchased a $250,000 equity participation in a community development financial institution's recapitalization and during fiscal 2014 made an $800,000 investment in time deposits at four minority-owned financial institutions to help fulfill the Corporation’s Community Reinvestment Act ("CRA") obligation.

As of June 30, 2016 and 2015, the Corporation held investments with unrealized loss position of $1,000 and $99,000, respectively.



As of June 30, 2016	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	$	103	$	1	$	—	$	—	$	103	$	1
Total	$	103	$	1	$	—	$	—	$	103	$	1



As of June 30, 2015	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

Common stock⁽¹⁾	$	151	$	99	$	—	$	—	$	151	$	99
Total	$	151	$	99	$	—	$	—	$	151	$	99


⁽¹⁾	Common stock of a community development financial institution.

As of June 30, 2016 and 2015, the unrealized holding losses were less than 12 months. The unrealized loss at June 30, 2016 was attributable to a single private label CMO which, based on the nature of the investment, management concluded that such unrealized loss was not other than temporary as of June 30, 2016. The unrealized loss at June 30, 2015 was attributable to the investment in the common stock of a community development financial institution which, based primarily on the financial institution's financial results, management concluded that such unrealized loss was not other than temporary at June 30, 2015. A $103,000 realized loss on the investment in the common stock was recorded in other non-interest income for the fiscal year ended June 30, 2016 on the basis of the purchase agreement between the acquiring institution and the community development financial institution. The Corporation does not believe that there was any OTTI at June 30, 2016 and 2015. At each of these dates, the Corporation intended and had the ability to hold the investment securities and was not likely to be required to sell the securities before realizing a full recovery.

Contractual maturities of investment securities as of June 30, 2016 and 2015 were as follows:



	June 30, 2016				June 30, 2015
(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	18,904		19,203		—		—
Due after ten years	20,275		20,435		—		—
Total investment securities - held to maturity	$	39,979	$	40,438	$	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	10,904		11,396		13,404		14,010
No stated maturity (common stock)	147		147		250		151
Total investment securities - available for sale	$	11,051	$	11,543	$	13,654	$	14,161
Total investment securities	$	51,030	$	51,981	$	14,454	$	14,961