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Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables)
 6 Months Ended
Dec. 31, 2015
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,
2015
June 30,
2015
(In Thousands)
 
 
 
 
 
Undisbursed loan funds - Construction loans
$
6,725

$
3,359

Undisbursed lines of credit – Mortgage loans
20

414

Undisbursed lines of credit – Commercial business loans
856

822

Undisbursed lines of credit – Consumer loans
686

708

Commitments to extend credit on loans to be held for investment
8,797

4,745

Total
$
17,084

$
10,048
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, 2015 and 2014.
 
For the Quarters
Ended
December 31,
 
For the Six Months
Ended
December 31,
(In Thousands)
2015
2014
 
2015
2014
Balance, beginning of the period
$
65

$
108

 
$
76

$
61

Provision (recovery)
84

(27
)
 
73

20

Balance, end of the period
$
149

$
81

 
$
149

$
81
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, 2015 and 2014 was as follows:
 
For the Quarters
Ended
December 31,
 
 For the Six Months
Ended
December 31,
Derivative Financial Instruments
2015
2014
 
2015
2014
(In Thousands)
 
 
 
 
 
Commitments to extend credit on loans to be held for sale
$
(1,334
)
$
344

 
$
(329
)
$
(437
)
Mandatory loan sale commitments and TBA MBS trades
1,337

(1,614
)
 
(1,096
)
(677
)
Option contracts, net
(84
)
(57
)
 
(172
)
(162
)
Total net loss
$
(81
)
$
(1,327
)
 
$
(1,597
)
$
(1,276
)
Schedule of Outstanding Derivative Instruments
The outstanding derivative financial instruments and other loan sale agreements at the dates indicated were as follows:
 
December 31, 2015
 
June 30, 2015
Derivative Financial Instruments
Amount
Fair
Value
 
Amount
Fair
Value
(In Thousands)
 
 
 
 
 
Commitments to extend credit on loans to be held for sale (1)
$
98,763

$
1,170

 
$
139,565

$
1,499

Best efforts loan sale commitments
(141,523
)
—

 
(36,908
)
—

Mandatory loan sale commitments and TBA MBS trades
(233,487
)
(355
)
 
(320,197
)
741

Option contracts, net
1,000

24

 
4,000

192

Total
$
(275,247
)
$
839

 
$
(213,540
)
$
2,432


(1) 
Net of 29.1% at December 31, 2015 and 26.9% at June 30, 2015 of commitments which management has estimated may not fund.