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Real Estate Owned
 12 Months Ended
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
)