XML 37 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate Owned
 12 Months Ended
Jun. 30, 2017
Real Estate [Abstract]  
Real Estate Owned
Real Estate Owned

Real estate owned at June 30, 2017 and 2016 consisted of the following:
 
(In Thousands)
June 30,
2017
2016
Real estate owned
$
2,167

$
2,783

Allowance for estimated real estate owned losses
(552
)
(77
)
Total real estate owned, net
$
1,615

$
2,706



Real estate owned was primarily the result of real estate acquired in the settlement of loans.  As of June 30, 2017, real estate owned was comprised of two single-family residences, one residence located in California and one residence located in Arizona.  This compares to four single-family residences at June 30, 2016, three residences located in California and one residence located in Arizona.

During fiscal 2017, the Corporation acquired five real estate owned properties in the settlement of loans and sold seven properties for a net gain of $138,000.  In fiscal 2016, the Corporation acquired 11 real estate owned properties in the settlement of loans and sold 10 properties for a net gain of $52,000.

A summary of the disposition and operations of real estate owned acquired in the settlement of loans for the years ended June 30, 2017, 2016 and 2015 consisted of the following:
 
(In Thousands)
Year Ended June 30,
2017
2016
2015
Net gains on sale
$
138

$
52

$
468

Net operating expenses
(255
)
(207
)
(196
)
(Provision) recovery of losses on real estate owned
(440
)
60

10

(Loss) gain on sale and operations of real estate owned acquired in
the settlement of loans, net
$
(557
)
$
(95
)
$
282