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Real Estate Owned | 12 Months Ended
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Jun. 30, 2019
Real Estate [Abstract] |
Real Estate Owned | Note 5: Real Estate Owned Real estate owned at June 30, 2019 and 2018 consisted of the following:
(In Thousands) | June 30,
2019 | 2018
Real estate owned | $ | — |  | $ | 906 |
Allowance for estimated real estate owned losses | — |  | — |
Total real estate owned, net | $ | — |  | $ | 906 |
Real estate owned is primarily the result of real estate acquired in the settlement of loans. As of June 30, 2019, the Corporation did not have any real estate owned. As of June 30, 2018, real estate owned was comprised of two single-family residences located in California. During fiscal 2019, the Corporation did not acquire any real estate owned properties in the settlement of loans and sold the remaining two properties for a net gain of $9,000 which was offset by real estate owned expenses of $13,000. In fiscal 2018, the Corporation acquired four real estate owned properties in the settlement of loans and sold four properties for a net loss of $558,000 and incurred real estate owned expenses of $89,000, which was offset by a recovery of losses on real estate owned of $561,000. A summary of the disposition and operations of real estate owned acquired in the settlement of loans for the years ended June 30, 2019 and 2018 consisted of the following:
| Year Ended June 30,
(In Thousands) |  | 2019 |  |  | 2018 |
Net gain (loss) on sale | $ | 9 |  | $ | (558 | )
Net operating expenses | (13 | ) | (89 | )
Recovery of losses on real estate owned | - |  | 561 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | $ | (4 | ) | $ | (86 | )

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18511-111553 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82891408&loc=d3e4437-111522 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18551-111553 + Details
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