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Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables)
 6 Months Ended
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.