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INVESTMENTS IN SECURITIES (Tables)
 6 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Investments in Available for Sale 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:
 
December 31, 2015
 
Adjusted
Carrying
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair
Value
Investment securities available for sale:
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. government agencies
$
11,314

 
$
24

 
$
(8
)
 
$
11,330

Municipal bonds
10,745

 
65

 
(21
)
 
10,789

 
22,059

 
89

 
(29
)
 
22,119

Equity securities:
 
 
 
 
 
 
 
FNMA(1)
—

 
—

 
—

 
—

Federal Ag Mortgage
7

 
3

 
—

 
10

Other investments
353

 
—

 
—

 
353

 
360

 
3

 
—

 
363

Agency residential mortgage-backed securities
131,626

 
259

 
(1,292
)
 
130,593

Total investment securities available for sale
$
154,045

 
$
351

 
$
(1,321
)
 
$
153,075

 
 
 
 
 
 
 
 
Investment securities held to maturity:
 
 
 
 
 
 
 
Municipal bonds
$
18,276

 
$
500

 
$
(9
)
 
$
18,767

Agency residential mortgage-backed securities
1,746

 
43

 
—

 
1,789

Total investment securities held to maturity
$
20,022

 
$
543

 
$
(9
)
 
$
20,556

___________________________________________________________
(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.
Age of Gross Unrealized Losses and Fair Value by Investment Category
The following tables present the fair value and age of gross unrealized losses by investment category:
 
December 31, 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
$
4,079

 
$
(8
)
 
$
—

 
$
—

 
$
4,079

 
$
(8
)
Municipal bonds
$
2,828

 
$
(12
)
 
$
896

 
$
(9
)
 
$
3,724

 
$
(21
)
 
6,907

 
(20
)
 
896

 
(9
)
 
7,803

 
(29
)
Agency residential mortgage-backed securities
64,421

 
(608
)
 
33,090

 
(684
)
 
97,511

 
(1,292
)
Total investment securities available for sale
$
71,328

 
$
(628
)
 
$
33,986

 
$
(693
)
 
$
105,314

 
$
(1,321
)
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds
$
1,222

 
$
(9
)
 
$
—

 
$
—

 
$
1,222

 
$
(9
)
Total investment securities held to maturity
$
1,222

 
$
(9
)
 
$
—

 
$
—

 
$
1,222

 
$
(9
)
 
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
)
Amounts Recognized in Consolidated Statements of Income for Other-Than-Temporary Impairments
The following table presents the amounts recognized in the Consolidated Statements of Income for other-than-temporary impairments charged to net income:
 
Six Months Ended
 
December 31,
 
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 December 31 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.
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair values of available for sale and held to maturity debt securities as of December 31, 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
$
870

 
$
875

 
$
115

 
$
115

Due after one year through five years
15,635

 
15,643

 
6,202

 
6,267

Due after five years through ten years
5,261

 
5,306

 
10,795

 
11,154

Due after ten years
293

 
295

 
1,164

 
1,231

 
22,059

 
22,119

 
18,276

 
18,767

Agency residential mortgage-backed securities
131,626

 
130,593

 
1,746

 
1,789

 
$
153,685

 
$
152,712

 
$
20,022

 
$
20,556