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Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables) | 6 Months Ended
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Dec. 31, 2016
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, 2016 | June 30, 2016
(In Thousands) |  |
Undisbursed loan funds - Construction loans | $ | 9,953 |  | $ | 11,258 |
Undisbursed lines of credit – Mortgage loans | — |  | 20 |
Undisbursed lines of credit – Commercial business loans | 694 |  | 821 |
Undisbursed lines of credit – Consumer loans | 654 |  | 674 |
Commitments to extend credit on loans to be held for investment | 8,838 |  | 9,955 |
Total | $ | 20,139 |  | $ | 22,728 |
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, 2016 and 2015.
| For the Quarters Ended December 31, |  | For the Six Months Ended December 31,
(In Thousands) | 2016 | 2015 |  | 2016 | 2015
Balance, beginning of the period | $ | 173 |  | $ | 65 |  |  | $ | 204 |  | $ | 76 |
(Recovery) provision | — |  | 84 |  |  | (31 | ) | 73 |
Balance, end of the period | $ | 173 |  | $ | 149 |  |  | $ | 173 |  | $ | 149 |
Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans | The net impact of derivative financial instruments is recorded within the gain on sale of loans contained in the Condensed Consolidated Statements of Operations during the quarters and six months ended December 31, 2016 and 2015 was as follows:
| For the Quarters Ended December 31, |  | For the Six Months Ended December 31,
Derivative Financial Instruments | 2016 | 2015 |  | 2016 | 2015
(In Thousands) |  |  |  |  |
Commitments to extend credit on loans to be held for sale | $ | (1,098 | ) | $ | (1,334 | ) |  | $ | (2,309 | ) | $ | (329 | )
Mandatory loan sale commitments and TBA MBS trades | 1,068 |  | 1,337 |  |  | 2,865 |  | (1,096 | )
Option contracts, net | 366 |  | (84 | ) |  | 344 |  | (172 | )
Total net gain (loss) | $ | 336 |  | $ | (81 | ) |  | $ | 900 |  | $ | (1,597 | )
Schedule of Outstanding Derivative Instruments | The outstanding derivative financial instruments and other loan sale agreements at the dates indicated were as follows:
| December 31, 2016 |  | June 30, 2016
Derivative Financial Instruments | Amount | Fair Value |  | Amount | Fair Value
(In Thousands) |  |  |  |  |
Commitments to extend credit on loans to be held for sale (1) | $ | 94,354 |  | $ | 1,476 |  |  | $ | 181,780 |  | $ | 3,785 |
Best efforts loan sale commitments | (30,858 | ) | — |  |  | (29,576 | ) | — |
Mandatory loan sale commitments and TBA MBS trades | (208,756 | ) | (331 | ) |  | (302,727 | ) | (3,196 | )
Option contracts, net | — |  | — |  |  | (5,000 | ) | — |
Total | $ | (145,260 | ) | $ | 1,145 |  |  | $ | (155,523 | ) | $ | 589 |
(1) | Net of 26.8% at December 31, 2016 and 37.5% at June 30, 2016 of commitments which management has estimated may not fund.

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