Securities Available For Sale

12 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Securities Available for Sale

Securities Available for Sale

Securities available for sale consist of the following at the dates indicated:

	June 30, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Government Agencies	$	77,356	$	624	$	—		$	77,980
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	95,668		1,824		(84		)	97,408
Municipal Bonds	16,242		992		—			17,234
Corporate Bonds	7,773		194		—			7,967
Equity Securities	63		—		—			63
Total	$	197,102	$	3,634	$	(84	)	$	200,652

	June 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Government Agencies	$	115,683	$	455	$	(67	)	$	116,071
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	120,294		674		(159		)	120,809
Municipal Bonds	16,359		372		(53		)	16,678
Corporate Bonds	3,889		96		—			3,985
Equity Securities	63		—		—			$	63
Total	$	256,288	$	1,597	$	(279	)	$	257,606

Debt securities available for sale by contractual maturity at the dates indicated are shown below. Mortgage-backed securities are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule.

	June 30, 2016
	Amortized Cost		Estimated Fair Value
Due within one year	$	407	$	411
Due after one year through five years	79,724		80,290
Due after five years through ten years	18,278		19,257
Due after ten years	2,962		3,223
Mortgage-backed securities	95,668		97,408
Total	$	197,039	$	200,589

	June 30, 2015
	Amortized Cost		Estimated Fair Value
Due within one year	$	317	$	317
Due after one year through five years	83,268		83,455
Due after five years through ten years	48,578		49,102
Due after ten years	3,768		3,860
Mortgage-backed securities	120,294		120,809
Total	$	256,225	$	257,543

Gross proceeds and gross realized gains and losses from sales of securities recognized in net income follow:

	June 30,
	2016		2015			2014
Gross proceeds from sales of securities	$	—	$	10,387		$	2,086
Gross realized gains from sales of securities	—		74			42
Gross realized losses from sales of securities	—		(13		)	(32		)

Securities available for sale with costs totaling $151,359 and $181,404 with market values of $154,132 and $182,217 at June 30, 2016 and June 30, 2015, respectively, were pledged as collateral to secure various public deposits and borrowings.

The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2016 and June 30, 2015 were as follows:

	June 30, 2016
	Less than 12 Months			12 Months or More			Total
	Fair Value	Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	1,970	(20	)	6,040	(64	)	8,010	(84	)

	June 30, 2015
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government Agencies	$	35,793	$	(67	)	$	—	$	—		$	35,793	$	(67	)
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	24,429		(81		)	5,037		(78		)	29,466		(159		)
Municipal Bonds	3,920		(53		)	—		—			3,920		(53		)
Total	$	64,142	$	(201	)	$	5,037	$	(78	)	$	69,179	$	(279	)

The total number of securities with unrealized losses at June 30, 2016, and June 30, 2015 were 44 and 81, respectively. Unrealized losses on securities have not been recognized in income because management has the intent and ability to hold the securities for the foreseeable future, and has determined that it is not more likely than not that the Company will be required to sell the securities prior to a recovery in value. The decline in fair value was largely due to increases in market interest rates. The Company had no other than temporary impairment losses during the years ended June 2016, 2015 or 2014.

As a requirement for membership, the Bank invests in stock of the FHLB and the Federal Reserve Bank. No ready market exists for these stocks and the carrying value approximates its fair value based on the redemption provisions of the FHLB and the Federal Reserve Bank.