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INVESTMENTS IN SECURITIES
 3 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS IN SECURITIES
INVESTMENT SECURITIES
The amortized cost and fair value of investment securities classified as available for sale and held to maturity according to management's intent, are as follows:
 
September 30, 2015
 
Adjusted
Carrying
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair
Value
Investment securities available for sale:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. government agencies
$
15,803

 
$
96

 
$
—

 
$
15,899

Municipal bonds
10,921

 
78

 
(14
)
 
10,985

 
26,724

 
174

 
(14
)
 
26,884

Equity securities:
 
 
 
 
 
 
 
FNMA(1)
—

 
—

 
—

 
—

Federal Ag Mortgage
7

 
5

 
—

 
12

Other investments
353

 
—

 
—

 
353

 
360

 
5

 
—

 
365

Agency residential mortgage-backed securities
126,421

 
1,013

 
(513
)
 
126,921

Total investment securities available for sale
$
153,505

 
$
1,192

 
$
(527
)
 
$
154,170

 
 
 
 
 
 
 
 
Investment securities held to maturity:
 
 
 
 
 
 
 
Municipal bonds
$
18,296

 
$
477

 
$
(1
)
 
$
18,772

Agency residential mortgage-backed securities
1,746

 
71

 
—

 
1,817

Total investment securities held to maturity
$
20,042

 
$
548

 
$
(1
)
 
$
20,589

___________________________________________________________
(1) $8 amortized cost and $8 total other-than-temporary impairment recognized in Accumulated Other Comprehensive Income.
 
June 30, 2015
 
Adjusted
Carrying
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair
Value
Investment securities available for sale:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. government agencies
$
21,914

 
$
119

 
$
(27
)
 
$
22,006

Municipal bonds
8,277

 
21

 
(36
)
 
8,262

 
30,191

 
140

 
(63
)
 
30,268

Equity securities:
 
 
 
 
 
 
 
FNMA(1)
—

 
—

 
—

 
—

Federal Ag Mortgage
7

 
6

 
—

 
13

Other investments
353

 
—

 
—

 
353

 
360

 
6

 
—

 
366

Agency residential mortgage-backed securities
128,649

 
516

 
(993
)
 
128,172

Total investment securities available for sale
$
159,200

 
$
662

 
$
(1,056
)
 
$
158,806

 
 
 
 
 
 
 
 
Investment securities held to maturity:
 
 
 
 
 
 
 
Municipal bonds
$
18,308

 
$
283

 
$
(10
)
 
$
18,581

Agency residential mortgage-backed securities
1,848

 
50

 
—

 
1,898

Total investment securities held to maturity
$
20,156

 
$
333

 
$
(10
)
 
$
20,479

___________________________________________________________
(1) $8 amortized cost and $8 total other-than-temporary impairment recognized in Accumulated Other Comprehensive Income.
Management determines the appropriate classification of securities at the date individual securities are acquired and evaluates the appropriateness of such classifications at each statement of financial condition date. Investment securities classified as held to maturity are those debt securities that management has the positive intent and ability to hold to maturity, are reported at amortized cost and adjusted for amortization of premiums and accretion of discounts using a method that approximates level yield. Investment securities classified as available for sale are those debt securities that the Company intends to hold for an indefinite period of time, but may not hold necessarily to maturity, and all equity securities.
Management has a process to identify securities that could potentially have a credit impairment that is other-than-temporary. This process involves evaluating the length of time and extent to which the fair value has been less than the amortized cost basis, reviewing available information regarding the financial position of the issuer, monitoring the rating of the security, and projecting cash flows. Management also determines if it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized.
For all securities that are considered temporarily impaired, the Company does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, which may occur at maturity. The Company believes that it will collect all principal and interest due on all investments that have amortized cost in excess of fair value that are considered only temporarily impaired.

The following tables present the fair value and age of gross unrealized losses by investment category:
 
September 30, 2015
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Gross
Unrealized
(Losses)
 
Fair
Value
 
Gross
Unrealized
(Losses)
 
Fair
Value
 
Gross
Unrealized
(Losses)
Investment securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
646

 
$
(6
)
 
$
898

 
$
(8
)
 
$
1,544

 
$
(14
)
 
646

 
(6
)
 
898

 
(8
)
 
1,544

 
(14
)
Agency residential mortgage-backed securities
5,629

 
(36
)
 
36,838

 
(477
)
 
42,467

 
(513
)
Total investment securities available for sale
$
6,275

 
$
(42
)
 
$
37,736

 
$
(485
)
 
$
44,011

 
$
(527
)
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
618

 
$
(1
)
 
$
—

 
$
—

 
$
618

 
$
(1
)
Total investment securities held to maturity
$
618

 
$
(1
)
 
$
—

 
$
—

 
$
618

 
$
(1
)
 
June 30, 2015
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Gross
Unrealized
(Losses)
 
Fair
Value
 
Gross
Unrealized
(Losses)
 
Fair
Value
 
Gross
Unrealized
(Losses)
Investment securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
$
10,046

 
$
(27
)
 
$
—

 
$
—

 
$
10,046

 
$
(27
)
Municipal bonds
4,166

 
(23
)
 
894

 
(13
)
 
5,060

 
(36
)
 
14,212

 
(50
)
 
894

 
(13
)
 
15,106

 
(63
)
Agency residential mortgage-backed securities
24,046

 
(173
)
 
43,955

 
(820
)
 
68,001

 
(993
)
Total investment securities available for sale
$
38,258

 
$
(223
)
 
$
44,849

 
$
(833
)
 
$
83,107

 
$
(1,056
)
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
1,972

 
$
(10
)
 
$
115

 
$
—

 
$
2,087

 
$
(10
)
Total investment securities held to maturity
$
1,972

 
$
(10
)
 
$
115

 
$
—

 
$
2,087

 
$
(10
)
The unrealized losses reported for municipal bonds relate to seven available for sale and two held to maturity municipal general obligation or revenue bonds. The unrealized losses are primarily attributed to changes in credit spreads or market interest rate increases since the securities were originally acquired, rather than due to credit or other causes. Management does not believe any individual unrealized losses as of September 30, 2015, represent an other-than-temporary impairment for these investments. The Company does not have the intent to sell these securities (has not made a decision to sell) and has assessed that it is not more likely than not that the Company will be required to sell these securities before anticipated recovery of fair value.
The unrealized losses reported for agency residential mortgage-backed securities relate to 33 available for sale securities issued by Federal National Mortgage Association ("FNMA"), the Government National Mortgage Association ("GNMA"), or the Federal Home Loan Mortgage Corporation ("FHLMC"). These unrealized losses are primarily attributable to changes in interest rates and the contractual cash flows of those investments which are guaranteed by an agency of the U.S. government. Management does not believe any of these unrealized losses as of September 30, 2015, represent an other-than-temporary impairment for those investments. The Company does not have the intent to sell these securities (has not made a decision to sell) and has assessed that it is not more likely than not that the Company will be required to sell these securities before anticipated recovery of fair value.
The following table presents the amounts recognized in the Consolidated Statements of Income for other-than-temporary impairments charged to net income:
 
Three Months Ended
 
September 30,
 
2015
 
2014
Beginning balance of credit losses on securities held as of July 1 for which a portion of other-than-temporary impairment was recognized in other comprehensive income(1)
$
8

 
$
8

Credit losses for which an other-than-temporary impairment was not previously recognized
—

 
—

Increases to the amount related to the credit losses for which other-than-temporary was previously recognized
—

 
—

Sale of securities which previously had recorded a credit loss for other-than-temporary impairment
—

 
—

Ending balance of credit losses on securities held as of September 30 for which a portion of other-than-temporary impairment was recognized in other comprehensive income(1)
$
8

 
$
8

_____________________________________
(1) 
Includes $8 of other-than-temporary impairment related to Fannie Mae common stock.
The amortized cost and fair values of available for sale and held to maturity debt securities as of September 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Available for Sale
 
Held to Maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
775

 
$
776

 
$
115

 
$
115

Due after one year through five years
19,279

 
19,369

 
5,663

 
5,762

Due after five years through ten years
6,375

 
6,440

 
11,041

 
11,354

Due after ten years
295

 
299

 
1,477

 
1,541

 
26,724

 
26,884

 
18,296

 
18,772

Agency residential mortgage-backed securities
126,421

 
126,921

 
1,746

 
1,817

 
$
153,145

 
$
153,805

 
$
20,042

 
$
20,589


Equity securities have been excluded from the maturity table above because they do not have contractual maturities associated with debt securities.
Proceeds from the sale of securities available for sale for the first three months of fiscal 2016 were $10,080 and resulted in gains of $84 and losses of $79. Proceeds from the sale of securities available for sale for the first three months of fiscal 2015 were $6,765 and resulted in gains of $34 .