PSB (PSBX) 10-K 28 Sep 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Aug. 31, 2015	Dec. 31, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	PSB Holdings, Inc.
Entity Central Index Key	1,293,211
Trading Symbol	psbh
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		6,541,561
Entity Public Float			$ 14
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
ASSETS
Cash and due from depository institutions	$ 4,562	$ 4,573
Interest-bearing deposits with other banks	764	2,762
Cash and cash equivalents	5,326	7,335
Investments in available-for-sale securities, at fair value	45,657	48,081
Investments in held-to-maturity securities (fair value of $165,644 as of June 30, 2015 and $143,257 as of June 30, 2014)	164,096	142,176
Federal Home Loan Bank stock, at cost	5,371	5,927
Loans held-for-sale		100
Loans	226,221	232,506
Allowance for loan losses	(2,175)	(2,380)
Net loans	224,046	230,126
Premises and equipment	3,763	4,037
Accrued interest receivable	1,051	1,018
Other real estate owned	3,155	1,549
Goodwill	6,912	6,912
Bank-owned life insurance	9,427	9,150
Deferred tax asset	2,704	2,661
Other assets	2,093	1,967
Total assets	473,601	461,039
Deposits:
Noninterest-bearing	59,854	53,021
Interest-bearing	297,787	294,235
Total deposits	357,641	347,256
Mortgagors' escrow accounts	2,363	2,267
Federal Home Loan Bank advances	56,740	53,500
Securities sold under agreements to repurchase	2,797	4,181
Other liabilities	2,316	2,384
Total liabilities	$ 421,857	$ 409,588
Commitments and Contingencies (Notes 4, 9 and 11)
Stockholders' equity:
Preferred stock, $0.10 par value, 1,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.10 par value, 12,000,000 shares authorized, 6,943,125 shares issued, 6,541,561 shares outstanding at June 30, 2015 and June 30, 2014	$ 694	$ 694
Additional paid-in capital	30,602	30,602
Retained earnings	25,919	25,793
Accumulated other comprehensive loss	(198)	(237)
Unearned ESOP shares	(1,182)	(1,310)
Treasury stock, at cost (401,564 shares at June 30, 2015 and June 30, 2014)	(4,091)	(4,091)
Total stockholders' equity	51,744	51,451
Total liabilities and stockholders' equity	$ 473,601	$ 461,039

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Statement Of Financial Position [Abstract]
Held-to-maturity securities, fair value (in dollars)	$ 165,644	$ 143,257
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	12,000,000	12,000,000
Common stock, shares issued	6,943,125	6,541,561
Common stock, shares outstanding	6,943,125	6,541,561
Treasury stock, shares	401,564	401,564

Consolidated Statements of Net

Consolidated Statements of Net Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Interest and dividend income:
Interest and fees on loans	$ 9,543	$ 10,162
Interest on debt securities	3,434	3,200
Dividends on marketable equity securities	459	466
Dividends on Federal Home Loan Bank stock	91	65
Other interest and dividend income	47	11
Total interest and dividend income	13,574	13,904
Interest expense:
Interest on deposits	2,162	2,444
Interest on Federal Home Loan Bank advances	1,421	1,540
Interest on securities sold under agreements to repurchase	25	15
Total interest expense	3,608	3,999
Net interest and dividend income	9,966	9,905
Provision for loan losses	535	55
Net interest and dividend income after provision for loan losses	9,431	9,850
Non-interest income:
Total other-than-temporary impairment losses on debt securities	(414)	(231)
Portion of losses recognized in other comprehensive income	259	221
Net impairment losses recognized in earnings	(155)	(10)
Fees for services	1,710	1,768
Mortgage banking activities	97	72
Net commissions from brokerage services	151	127
Bank-owned life insurance income	277	291
Other income	177	244
Total non-interest income	2,257	2,492
Non-interest expense:
Compensation and benefits	6,213	5,915
Occupancy and equipment	1,247	1,198
Data processing	841	827
LAN/ WAN network	148	146
Advertising and marketing	195	174
Regulatory assessment	78	191
Professional fees	477	465
FDIC deposit insurance	378	551
Other real estate owned	432	265
Write-down of other real estate owned	49	228
Other	1,144	1,227
Total non-interest expense	11,202	11,187
Income before income tax (benefit) expense	486	1,155
Income tax (benefit) expense	(65)	152
Net income	$ 551	$ 1,003
Earnings per common share:
Basic (in dollars per share)	$ 0.09	$ 0.16
Diluted (in dollars per share)	$ 0.09	$ 0.16
Weighted average common shares outstanding:
Basic (in shares)	6,415,376	6,402,597
Diluted (in shares)	6,415,376	6,402,597

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income		$ 551	$ 1,003
Other comprehensive income:
Net unrealized holding gains on available-for-sale securities		166	644
Reclassification adjustment for losses realized in income on available-for-sale securities	[1]	155	10
Non credit portion of other-than-temporary losses on available-for-sale securities		(259)	(221)
Other comprehensive income before tax		62	433
Income tax expense related to other comprehensive income		(23)	(147)
Other comprehensive income net of tax		39	286
Total comprehensive income		$ 590	$ 1,289
[1]	Amounts are included in net impairment losses recognized in earnings in non-interest income on the consolidated statements of net income. Income tax benefit associated with these reclassification adjustments was $53,000 and $3,000 for the years ended June 30, 2015 and 2014, respectively.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Income tax benefit associated with reclassification adjustments	$ 53,000	$ 3,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Unearned ESOP Shares	Treasury Stock	Total
Balance at Jun. 30, 2013	$ 694	$ 30,602	$ 24,836	$ (523)	$ (1,437)	$ (4,091)	$ 50,081
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income			1,003	286			1,289
ESOP shares committed to be released (12,779 shares for the years ended June 30, 2014 and 2013, respectively)			(46)		127		81
Balance at Jun. 30, 2014	694	30,602	25,793	(237)	(1,310)	(4,091)	51,451
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income			551	39			590
Cash dividends declared ($0.06 per share)			(393)				(393)
ESOP shares committed to be released (12,779 shares for the years ended June 30, 2014 and 2013, respectively)			(32)		128		96
Balance at Jun. 30, 2015	$ 694	$ 30,602	$ 25,919	$ (198)	$ (1,182)	$ (4,091)	$ 51,744

Consolidated Statements of Cha8

Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement Of Stockholders' Equity [Abstract]
Number of ESOP shares committed to be released (in shares)	12,779	12,779
Cash dividends declared (in dollars per share)	$ 0.06

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 551	$ 1,003
Adjustments to reconcile net income to cash provided by operating activities:
Amortization of securities, net	1,253	1,236
Impairment losses on securities	155	10
Net decrease in loans held for sale	100	937
Amortization of deferred loan costs, net	138	75
Provision for loan losses	535	55
Gain on sale of other real estate owned	(104)	(62)
Write-down of other real estate owned	49	228
Loss on sale of premises and equipment		2
Depreciation and amortization - premises and equipment	341	334
Amortization - software	121	110
(Increase) decrease in accrued interest receivable and other assets	(247)	375
Increase in cash surrender value of bank-owned life insurance	(277)	(291)
Decrease in other liabilities	(68)	(159)
Deferred tax (benefit) expense	(66)	94
Amortization of ESOP expense	96	81
Net cash provided by operating activities	2,577	4,028
Cash flows from investing activities:
Purchase of available-for-sale securities	(3,067)	(15,987)
Proceeds from maturities and paydowns of available-for-sale securities	5,276	6,636
Purchase of held-to-maturity securities	(51,816)	(37,263)
Proceeds from calls, paydowns and maturities of held-to-maturity securities	28,765	28,983
Redemption of Federal Home Loan Bank stock	556	1,026
Loan repayments net of originations	3,694	775
Loan purchases	(1,209)
Recoveries of loans previously charged off	281	83
Proceeds from sale of other real estate owned	1,109	1,036
Capital expenditures - premises and equipment	(67)	(136)
Capital expenditures - software	(33)	(60)
Capital expenditures - other real estate owned	(19)	(29)
Net cash used in investing activities	(16,530)	(14,936)
Cash flows from financing activities:
Net increase in deposit accounts	10,385	5,971
Net increase in mortgagors' escrow accounts	96	147
Proceeds from long-term Federal Home Loan Bank advances	10,000	2,500
Repayment of long-term Federal Home Loan Bank advances	(11,000)	(2,500)
Net increase in short-term Federal Home Loan Bank advances	4,240
Net decrease in securities sold under agreements to repurchase	(1,384)	(668)
Cash dividends paid on common stock	(393)
Net cash provided by financing activities	11,944	5,450
Decrease in cash and cash equivalents	(2,009)	(5,458)
Cash and cash equivalents at beginning of year	7,335	12,793
Cash and cash equivalents at end of year	5,326	7,335
Cash paid (refunded) during the period for:
Interest	3,618	4,018
Income taxes paid	(554)	1
Loans transferred to other real estate owned	$ 2,641	$ 1,057

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS PSB Holdings, Inc. (the “Company”) is a federally chartered holding company formed on May 27, 2003 for the purpose of acquiring all of the common stock of Putnam Bank (the “Bank”) concurrent with the Bank’s reorganization from a mutual savings institution to the mutual holding company form of organization. No shares were offered to the public as part of this reorganization. On October 4, 2004, the Company completed a plan of stock issuance pursuant to which 44.5% of its common stock was sold to eligible depositors and the Putnam Savings Bank Employee Stock Ownership Plan (“ESOP”). The Company issued a total of 6,943,125 shares. 3,729,846 shares, representing 53.72% of total shares issued, were issued to Putnam Bancorp MHC in exchange for its ownership of the Bank. The sole purpose of Putnam Bancorp MHC is to own a majority of the common stock of PSB Holdings, Inc. As part of the stock issuance, the Bank established the ESOP, which purchased 257,062 shares of common stock. The ESOP borrowed the necessary funds from the Company. The Bank intends to make annual contributions adequate to meet the debt service requirements of the ESOP. In connection with the stock offering the Company established The Putnam Savings Foundation and contributed 123,588 shares of common stock, representing 4% of shares sold to the public. The Foundation supports charities in the geographic area the Bank serves. On August 27, 2014, the Bank filed a notice of intent to convert from a federally-chartered savings bank to a Connecticut-chartered bank that is a member of the Federal Reserve System. PSB Holdings, Inc. and Putnam Bancorp, MHC would remain savings and loan holding companies. The charter conversion became effective on December 30, 2014. The Bank is a state chartered savings bank and provides a full range of banking services to individual and small business customers located primarily in Connecticut. The Bank is subject to competition from other financial institutions throughout the region. There are no concentrations of credit to borrowers that have similar economic characteristics. The majority of the Company’s loan portfolio is comprised of loans collateralized by real estate located in the state of Connecticut.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of the Company and its subsidiary conform to accounting principles generally accepted in the United States of America and predominant practices within the banking industry. The consolidated financial statements of the Company were prepared using the accrual basis of accounting. The significant accounting policies of the Company are summarized below to assist the reader in better understanding the consolidated financial statements and other data contained herein. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term are the allowance for loan losses, other-than-temporary impairment of securities, the valuation of goodwill and the realizability of deferred tax assets. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, Windham North Properties, LLC, PSB Realty, LLC, and Putnam Bank Mortgage Servicing Company. Windham North Properties, LLC is used to acquire title to selected properties on which Putnam Bank forecloses. PSB Realty, LLC owns a parcel of real estate located immediately adjacent to Putnam Bank’s main office. This real estate is utilized as a loan center for Putnam Bank and there are no outside tenants that occupy the premises. PSB Realty, LLC also owns the 40 High Street, Norwich branch building and real estate. Putnam Bank Mortgage Servicing Company is a qualified “passive investment company” that is intended to reduce Connecticut state taxes on interest earned on real estate loans. All significant intercompany accounts and transactions have been eliminated in the consolidation. Reclassifications Reclassifications are made to prior year financial statements when necessary to conform to the current year presentation. Cash and Cash Equivalents For the purposes of reporting cash flows, cash and cash equivalents include cash, amounts due from depository institutions and interest-bearing deposits with other banks. Cash and due from banks as of June 30, 2015 and 2014 includes $425,000 which is subject to withdrawal and usage restrictions to satisfy the reserve requirements and target balances of Bankers Bank Northeast. Cash is maintained in bank accounts which, at times, may exceed insured limits. The Company has not experienced any issues in such accounts and does not believe it is exposed to any significant credit risk on this cash. Securities Investments in debt securities are adjusted for amortization of premiums and accretion of discounts computed so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. All security transactions are recorded on the trade date. The Company classifies debt and equity securities into one of three categories: held-to-maturity, available-for-sale, or trading. These security classifications may be modified after acquisition only under certain specified conditions. In general, securities may be classified as held-to-maturity only if the Company has the positive intent and ability to hold them to maturity. Trading securities are defined as those bought and held principally for the purpose of selling them in the near term. All other securities are classified as available-for-sale. Held-to-maturity securities are measured at amortized cost on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings or in other comprehensive income/loss, but are disclosed in the notes to the consolidated financial statements. Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings but are included in other comprehensive income/loss, net of applicable taxes. Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. The Company held no securities classified as trading at June 30, 2015 and 2014. Each reporting period, the Company evaluates all securities classified as available-for-sale or held-to-maturity, with a decline in fair value below the amortized cost of the investment to determine whether or not the impairment is deemed to be other-than-temporary (“OTTI”). OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is “more likely than not” that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit related OTTI is recognized in other comprehensive income/loss, net of applicable taxes. Federal Home Loan Bank of Boston Stock The Bank, as a member of the Federal Home Loan Bank (“FHLB”) system, is required to maintain an investment in capital stock of the FHLB of Boston. Based on redemption provisions, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB of Boston may declare dividends on the stock. The Bank reviews for impairment based on the ultimate recoverability of the cost basis in the stock. As of June 30, 2015, no impairment has been recognized. Loans Held-For-Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are provided for in a valuation allowance by charges to income. Interest income on loans held-for-sale is accrued currently and classified as interest on loans. Loans The Company’s loan portfolio includes residential real estate, commercial real estate, residential construction, commercial and consumer/other segments. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on all loans is discontinued at the time a loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on non-accrual if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. The allowance for loan losses is evaluated on a quarterly basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, specific and unallocated components, as further described below. General component The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, residential construction, commercial and consumer/other. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; loan concentrations; trends in volume and terms of loans; changes in lending practices and procedures; changes in lending management and staff; changes in the value of underlying collateral; changes in the quality of the loan review system; national and local economic trends and conditions and the effects of other external factors. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during 2015. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate - The Company does not originate loans with a loan-to-value ratio greater than 100% and does not originate subprime loans. Loans originated with a loan-to-value ratio greater than 80% generally require private mortgage insurance. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Commercial real estate - Loans in this segment are primarily income-producing properties throughout New England. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management obtains rent rolls annually and continually monitors the cash flows of these loans. Residential construction – Loans in this segment primarily include speculative real estate development loans for which payment is derived from sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer/other - Loans in this segment are generally secured and repayment is dependent on the credit quality of the individual borrower. Specific component The specific component relates to loans that are classified as impaired. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent or foreclosure is probable. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer/other and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring (“TDR”) agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring. All TDRs are classified as impaired. Unallocated component An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general reserves in the portfolio. Loan Servicing The Bank originates and sells mortgage loans in the secondary market and may retain the servicing of these loans. Mortgage servicing assets are recognized as separate assets when rights are acquired through the purchase of rights or sale of these loans. Capitalized servicing rights are reported at fair value in other assets on the consolidated balance sheets, with changes in fair value reported in other non-interest income on the consolidated statements of net income. Fair value is determined using prices for similar assets with similar characteristics when available, or based upon discounted cash flows using market-based assumptions. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in earnings. Depreciation and amortization are calculated principally on the straight-line method over the estimated useful lives of the assets or term of lease if shorter. Estimated lives are 5 to 40 years for buildings and premises, 3 to 20 years for furniture, fixtures and equipment and lease terms range from 1 to 25 years. Expenditures for replacements or major improvements are capitalized; expenditures for normal maintenance and repairs are charged to expense as incurred. Other Real Estate Owned Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance foreclosures. These properties are carried at the lower of cost or estimated fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure or classification as in-substance foreclosure is charged to the allowance for loan losses. Expenses incurred in connection with maintaining these assets, subsequent write-downs and gains or losses recognized upon sale are charged to earnings. Goodwill Goodwill is measured as the excess of the cost of a business acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. Goodwill is not amortized but is reviewed for impairment annually or more frequently if circumstances warrant. In 2015 and 2014, the Company used the following two-step approach for reviewing goodwill for impairment: The first step (“Step 1”) is used to identify potential impairment, and involves comparing the reporting unit’s (the consolidated Company) estimated fair value to its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill is not deemed to be impaired. Should the carrying amount of the reporting unit exceed its estimated fair value, an indicator of impairment is deemed to exist and a second step is performed to measure the amount of such impairment, if any. The second step (“Step 2”) involves calculating the implied fair value of goodwill. The implied fair value of goodwill is determined in a manner similar to how the amount of goodwill is determined in a business combination (i.e. by measuring the excess of the estimated fair value, as determined in Step 1, over the aggregate estimated fair values of the individual assets, liabilities, and identifiable intangibles as of the impairment testing date). If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting unit, no impairment exists. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, an impairment loss is recorded in an amount equal to such excess. An impairment loss cannot exceed the carrying amount of goodwill, and the loss (write-down) establishes a new carrying amount for the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. Application of the goodwill impairment test requires significant judgments including estimation of future cash flows, which are dependent on internal forecasts, estimation of the long-term rate of growth, the period over which cash flows will occur, and determination of our cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and/or conclusions related to goodwill impairment. For the years ended June 30, 2015 and 2014, the Company had no goodwill impairment. Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of net income and are not subject to income taxes. Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and Cash Equivalents: Investment Securities and FHLB Stock: Loans, net: The fair values of residential real estate, commercial real estate, residential construction, commercial and consumer/other loans were estimated by discounting the anticipated cash flows from the respective portfolios. Estimates of the timing and amount of these cash flows considered factors such as future loan prepayments. The discount rates reflected current market rates for loans with similar terms to borrowers of similar credit quality. The fair value of home equity lines of credit was based on the outstanding loan balances. Fair values for non-performing loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. Loans held for sale: Accrued interest: Deposits and Mortgagors’ Escrow: Federal Home Loan Bank Advances: Securities Sold Under Agreements to Repurchase: Off-Balance Sheet Instruments: Earnings per Share (EPS) Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. If rights to dividends on unvested options/awards are non-forfeitable, these unvested awards/options are considered outstanding in the computation of basic earnings per share. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and are determined using the treasury stock method. Treasury shares and unallocated ESOP shares are not deemed outstanding for earnings per share calculations. The calculation of basic and diluted earnings per share for the years ended June 30, 2015 and 2014 is presented below: Years Ended June 30, 2015 2014 Net income $ 551,000 $ 1,003,000 Weighted average common shares applicable to basic EPS 6,415,376 6,402,597 Effect of dilutive potential common shares - - Weighted average common shares applicable to diluted EPS 6,415,376 6,402,597 Earnings per share: Basic $ 0.09 $ 0.16 Diluted $ 0.09 $ 0.16 At June 30, 2015 and 2014, options for 199,106 shares were not included in the computation of earnings per share as the effects were anti-dilutive. Transfers of Financial Assets Transfers of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. Advertising The Company directly expenses costs associated with advertising as they are incurred. Income Taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax basis of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. Income tax benefits related to stock compensation in excess of grant date fair value less any proceeds on exercise are recognized as an increase to additional paid-in capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional paid-in capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount. Employee Benefit Plans The Company established an ESOP as part of its minority stock issuance on October 4, 2004. Unearned ESOP shares are not considered outstanding and are therefore not taken into account when computing earnings per share. Unearned ESOP shares are presented as a reduction to stockholders’ equity and represent shares to be allocated to ESOP participants in future periods for services provided to the Company. As shares are committed to be released, compensation expense is recognized for the fair market value of the stock and stockholders’ equity is increased by a corresponding amount. The loan to the ESOP will be repaid principally from the Bank’s contributions to the ESOP and dividends payable on common stock held by the ESOP over a period of 20 years. As more fully described in Note 13, the Company has a stock-based incentive plan authorizing various types of incentive awards that may be granted to directors, officers and employees. The Company records share-based compensation expense related to outstanding stock option and restricted stock awards based upon the fair value at the date of grant over the vesting period of such awards on a straight-line basis. Recent Accounting and Regulatory Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date, .

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	3. INVESTMENT SECURITIES Debt and equity securities have been classified on the consolidated balance sheets according to management’s intent. The amortized cost of securities and their fair values, by maturity, are as follows as of the dates indicated: Amortized Gross Unrealized Fair Cost Basis Gain (Loss) Value (In thousands) June 30, 2015: Available-for-sale: Debt securities: U.S. government and government-sponsored securities: Due from one through five years $ 1,000 $ - $ (9 ) $ 991 Corporate bonds and other securities: Due after ten years 5,999 - (795 ) 5,204 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 391 14 - 405 From five through ten years 9,374 125 - 9,499 After ten years 13,280 419 (1 ) 13,698 23,045 558 (1 ) 23,602 Non-agency mortgage-backed securities: Due after ten years 5,913 308 (361 ) 5,860 Total debt securities 35,957 866 (1,166 ) 35,657 Equity securities: Auction rate preferred - due after 10 years 10,000 - - 10,000 Total available-for-sale securities $ 45,957 $ 866 $ (1,166 ) $ 45,657 Amortized Gross Unrealized Fair Cost Basis Gain (Loss) Value (In thousands) June 30, 2014: Available-for-sale: Debt securities: U.S. government and government-sponsored securities: Due from five through ten years $ 1,000 $ - $ (24 ) $ 976 Corporate bonds and other securities: Due after ten years 5,999 - (836 ) 5,163 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 684 37 - 721 From five through ten years 11,593 189 - 11,782 After ten years 12,426 377 (44 ) 12,759 24,703 603 (44 ) 25,262 Non-agency mortgage-backed securities: Due after ten years 6,741 321 (382 ) 6,680 Total debt securities 38,443 924 (1,286 ) 38,081 Equity securities: Auction rate preferred - due after 10 years 10,000 - - 10,000 Total available-for-sale securities $ 48,443 $ 924 $ (1,286 ) $ 48,081 Amortized Gross Unrealized Fair Cost Basis Gain (Loss) Value (In thousands) June 30, 2015: Held-to-maturity: U.S. Government and government-sponsored securities: Due in one through five years $ 9,245 $ 70 $ (4 ) $ 9,311 From five through ten years 954 98 - 1,052 10,199 168 (4 ) 10,363 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due in five through ten years 3,304 127 - 3,431 After ten years 150,593 1,845 (588 ) 151,850 153,897 1,972 (588 ) 155,281 Total held-to-maturity securities $ 164,096 $ 2,140 $ (592 ) $ 165,644 Amortized Gross Unrealized Fair Cost Basis Gain (Loss) Value (In thousands) June 30, 2014: Held-to-maturity: U.S. Government and government-sponsored securities: Due in one through five years $ 5,262 $ 4 $ (28 ) $ 5,238 From five through ten years 4,929 122 - 5,051 10,191 126 (28 ) 10,289 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due in five through ten years 4,445 190 - 4,635 After ten years 127,540 1,831 (1,038 ) 128,333 131,985 2,021 (1,038 ) 132,968 Total held-to-maturity securities $ 142,176 $ 2,147 $ (1,066 ) $ 143,257 There were no sales of securities available-for-sale during the years ended June 30, 2015 and June 30, 2014. As of June 30, 2015 and 2014, the total carrying value of securities pledged as collateral to secure public deposits, the Federal Reserve Bank discount window, borrowings, and repurchase agreements was $124,343,000 and $116,525,000, respectively. The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more are as follows as of the dates indicated: Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) June 30, 2015: Available-for-sale: U.S. Government and government-sponsored securities $ - $ - $ 991 $ 9 $ 991 $ 9 Corporate bonds and other securities - - 5,204 795 5,204 795 U.S. Government-sponsored and guaranteed mortgage-backed securities 2,430 1 - - 2,430 1 Total temporarily impaired available-for-sale securities 2,430 1 6,195 804 8,625 805 Held-to-maturity: U.S. Government and government-sponsored securities 2,251 4 - - 2,251 4 U.S. Government-sponsored and guaranteed mortgage-backed securities 46,247 261 12,630 327 58,877 588 Total temporarily impaired held-to-maturity 48,498 265 12,630 327 61,128 592 Other-than-temporarily impaired debt securities: (1) Non-agency mortgage-backed securities 563 6 3,001 355 3,564 361 Total temporarily impaired and other-than- temporarily impaired securities $ 51,491 $ 272 $ 21,826 $ 1,486 $ 73,317 $ 1,758 June 30, 2014: Available-for-sale: U.S. Government and government-sponsored securities $ - $ - $ 976 $ 24 $ 976 $ 24 Corporate bonds and other securities - - 5,163 836 5,163 836 U.S. Government-sponsored and guaranteed mortgage-backed securities 2,370 1 3,931 43 6,301 44 Total temporarily impaired available-for-sale securities 2,370 1 10,070 903 12,440 904 Held-to-maturity: U.S. Government and government-sponsored securities 1,004 1 3,229 27 4,233 28 U.S. Government-sponsored and guaranteed mortgage-backed securities 31,059 103 46,612 935 77,671 1,038 Total temporarily impaired held-to-maturity 32,063 104 49,841 962 81,904 1,066 Other-than-temporarily impaired debt securities: (1) Non-agency mortgage-backed securities - - 3,301 382 3,301 382 Total temporarily impaired and other-than- temporarily impaired securities $ 34,433 $ 105 $ 63,212 $ 2,247 $ 97,645 $ 2,352 (1) Includes other-than-temporary impaired available-for-sale debt securities in which a portion of the other-than-temporary impairment loss remains in accumulated other comprehensive loss. At June 30, 2015, 31 U.S. government-sponsored and guaranteed securities have unrealized losses with aggregate depreciation of 0.9% from the Company’s amortized cost basis. The unrealized losses were primarily caused by interest rate fluctuations. These investments are guaranteed or sponsored by the U.S. government or an agency thereof. Accordingly, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the decline in market value is attributable to changes in interest rates and not to credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2015. At June 30, 2015, 5 corporate bonds and other securities have unrealized losses with aggregate depreciation of 13.3% from the Company’s amortized cost basis. These unrealized losses relate to investments in single issuer trust preferred securities (“TRUPS”) issued by companies within the financial services sector. Single issuer TRUPs are not considered covered funds under the Volker rule. The single-issuer trust preferred investments are evaluated for other-than-temporary impairment by performing a present value of cash flows each quarter. None of the issuers have deferred interest payments or announced the intention to defer interest payments. The Company believes the decline in fair value is related to the spread over three-month LIBOR, on which the quarterly interest payments are based, as the spread over LIBOR being received is significantly lower than current market spreads. Management concluded the impairment of these investments was considered temporary and asserts that the Company does not have the intent to sell these investments and that it is more likely than not it will not have to sell the investments before recovery of their cost bases which may be at maturity. For the year ended June 30, 2015, securities with other-than-temporary impairment losses related to credit loss that were recognized in earnings consisted of non-agency mortgage-backed securities. For these debt securities, the Company estimated the portion of loss attributable to credit loss using a discounted cash flow model. Significant inputs included the estimated cash flows of the underlying loans based on key assumptions, such as default rate, loss severity and prepayment rate. Assumptions can vary widely from security to security, and are influenced by such factors as loan interest rate, geographical location of the borrower, borrower characteristics and collateral type. The present value of the expected cash flows was compared to the Company’s amortized cost basis to determine the credit-related impairment loss. Based on the expected cash flows derived from the model, the Company expects to recover the remaining unrealized losses on these securities. For those debt securities for which the fair value of the security is less than its amortized cost and the Company does not intend to sell such security and it is more likely than not that it will not be required to sell such security prior to the recovery of its amortized cost basis less any credit losses, the credit component of the other-than-temporary impairment losses is recognized in earnings while the non-credit component is recognized in other comprehensive income/loss, net of related taxes. Activity related to the credit component recognized in earnings on debt securities held by the Company for which a portion of other-than-temporary impairment was recognized in accumulated other comprehensive loss for the years ended June 30, 2015 and 2014 is as follows (in thousands): Balance as of June 30, 2013 $ 15,733 Credit losses on securities for which other-than-temporary impairment was not previously recorded - Additional credit losses on securities for which an other-than-temporary impairment charge was previously recorded 10 Reductions for securities sold during the period - Balance as of June 30, 2014 15,743 Credit losses on securities for which other-than-temporary impairment was not previously recorded - Additional credit losses on securities for which an other-than-temporary impairment charge was previously recorded 155 Reductions for securities sold during the period - Balance as of June 30, 2015 $ 15,898 Significant assumptions used in the valuation of non-agency mortgage-backed securities were as follows as of June 30, 2015: Weighted Range Average Minimum Maximum Prepayment rates 13.7 % 0.1 % 20.8 % Default rates 4.4 % 0.0 % 24.0 % Loss severity 33.6 % 0.0 % 68.8 %

LOANS

LOANS	12 Months Ended
	Jun. 30, 2015
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
LOANS	4. LOANS Loans consisted of the following as of June 30: 2015 2014 (In thousands) Real estate: Residential (1) $ 178,989 $ 184,380 Commercial 41,762 43,887 Residential construction 1,318 2,661 Commercial 3,327 1,904 Consumer and other 701 627 Total loans 226,097 233,459 Unadvanced construction loans (680 ) (1,658 ) 225,417 231,801 Net deferred loan costs 804 705 Allowance for loan losses (2,175 ) (2,380 ) Loans, net $ 224,046 $ 230,126 (1) Residential real estate loans include one-to-four family mortgage loans, second mortgage loans, and home equity lines of credit. During the year ended June 30, 2015, the Company purchased commercial loans aggregating $1,209,000. No loans were purchased during the year ended June 30, 2014. The following tables set forth information regarding the allowance for loan losses and loans by portfolio segment at and for the years ended June 30, 2015 and 2014: Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Unallocated Total (In thousands) Year Ended June 30, 2015 Allowance for loan losses: Beginning balance $ 1,279 $ 907 $ 13 $ 12 $ 24 $ 145 $ 2,380 Charge-offs (98 ) (879 ) - - (44 ) - (1,021 ) Recoveries 45 211 - 12 13 - 281 Provision (credit) (135 ) 667 (8 ) 17 33 (39 ) 535 Ending balance $ 1,091 $ 906 $ 5 $ 41 $ 26 $ 106 $ 2,175 At June 30, 2015 Ending balance: Amount of allowance for loan losses for impaired loans $ 103 $ - $ - $ 17 $ - $ - $ 120 Ending balance: Amount of allowance for loan losses for non-impaired loans $ 988 $ 906 $ 5 $ 24 $ 26 $ 106 $ 2,055 Loans: Ending balance $ 178,989 $ 41,637 $ 763 $ 3,327 $ 701 $ - $ 225,417 (1) Ending balance: Impaired loans $ 2,413 $ 4,138 $ - $ 24 $ - $ - $ 6,575 Ending balance: Non-impaired loans $ 176,576 $ 37,499 $ 763 $ 3,303 $ 701 $ - $ 218,842 (1) Does not include deferred fees or costs. Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Unallocated Total (In thousands) Year Ended June 30, 2014 Allowance for loan losses: Beginning balance $ 1,201 $ 1,315 $ 22 $ 17 $ 36 $ 102 $ 2,693 Charge-offs (200 ) (199 ) - - (52 ) - (451 ) Recoveries 37 - 5 14 27 - 83 Provision (credit) 241 (209 ) (14 ) (19 ) 13 43 55 Ending balance $ 1,279 $ 907 $ 13 $ 12 $ 24 $ 145 $ 2,380 At June 30, 2014 Ending balance: Amount of allowance for loan losses for impaired loans $ 104 $ 104 $ - $ - $ - $ - $ 208 Ending balance: Amount of allowance for loan losses for non-impaired loans $ 1,175 $ 803 $ 13 $ 12 $ 24 $ 145 $ 2,172 Loans: Ending balance $ 184,380 $ 43,315 $ 1,575 $ 1,904 $ 627 $ - $ 231,801 (1) Ending balance: Impaired loans $ 3,752 $ 4,387 $ - $ 397 $ - $ - $ 8,536 Ending balance: Non-impaired loans $ 180,628 $ 38,928 $ 1,575 $ 1,507 $ 627 $ - $ 223,265 (1) Credit Quality Information The Company utilizes a nine grade internal loan rating risk system as follows: Loans rated 1 – 5 are considered “pass” rated loans with low to average risk. Loans rated 6 are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 7 are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 8 are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 9 are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, residential construction, and commercial loans. Annually, the Company engages an independent third-party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. Credit quality for residential real estate and consumer/other loans is determined by monitoring loan payment history and ongoing communications with customers. The following tables present the Company’s loans by risk rating as of June 30, 2015 and 2014: Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Total (In thousands) June 30, 2015 Grade: Pass $ 175,677 $ 34,052 $ 763 $ 3,246 $ 700 $ 214,438 Special Mention 442 2,159 - - - 2,601 Substandard 2,870 3,716 - 81 1 6,668 Doubtful - 1,710 - - - 1,710 Loss - - - - - - Total $ 178,989 $ 41,637 $ 763 $ 3,327 $ 701 $ 225,417 Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Total (In thousands) June 30, 2014 Grade: Pass $ 180,080 $ 33,034 $ 1,575 $ 1,459 $ 627 $ 216,775 Special Mention 175 2,065 - - - 2,240 Substandard 4,125 6,553 - 445 - 11,123 Doubtful - 1,663 - - - 1,663 Loss - - - - - - Total $ 184,380 $ 43,315 $ 1,575 $ 1,904 $ 627 $ 231,801 The following is a summary of past due and non-accrual loans at June 30, 2015 and 2014: 90 days 30–59 Days 60–89 Days or Greater Total Total Past Due Past Due Past Due Past Due Non-accrual (In thousands) 2015 Real estate: Residential $ 290 $ 193 $ 755 $ 1,238 $ 2,731 Commercial - - 2,316 2,316 2,886 Commercial - - - - 22 Consumer and other 4 - - 4 1 Total $ 294 $ 193 $ 3,071 $ 3,558 $ 5,640 2014 Real estate: Residential $ 357 $ 571 $ 1,497 $ 2,425 $ 3,977 Commercial - 383 2,208 2,591 3,051 Commercial - - - - 28 Consumer and other 6 - - 6 - Total $ 363 $ 954 $ 3,705 $ 5,022 $ 7,056 At June 30, 2015 and 2014, there were no loans greater than 90 days past due and still accruing interest. The following is information pertaining to impaired loans: At June 30, 2015 Year Ended June 30, 2015 Interest Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized on Cash Basis (In thousands) Impaired loans without a valuation allowance: Real estate: Residential $ 868 $ 873 $ 1,534 $ 29 $ - Commercial 4,138 4,678 4,378 81 - Commercial 2 2 276 21 - Total $ 5,008 $ 5,553 $ 6,188 $ 131 $ - Impaired loans with a valuation allowance: Real estate: Residential $ 1,545 $ 1,619 $ 103 $ 1,575 $ 16 $ 1 Commercial 22 22 17 25 - - Total $ 1,567 $ 1,641 $ 120 $ 1,600 $ 16 $ 1 Total impaired loans: Real estate: Residential $ 2,413 $ 2,492 $ 103 $ 3,109 $ 45 $ 1 Commercial 4,138 4,678 - 4,378 81 - Commercial 24 24 17 301 21 - Total $ 6,575 $ 7,194 $ 120 $ 7,788 $ 147 $ 1 At June 30, 2014 Year Ended June 30, 2014 Interest Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized on Cash Basis (In thousands) Impaired loans without a valuation allowance: Real estate: Residential $ 2,101 $ 2,229 $ 1,909 $ 25 $ 6 Commercial 3,646 4,122 3,054 44 38 Commercial 397 397 85 - - Consumer and other - - 7 1 - Total $ 6,144 $ 6,748 $ 5,055 $ 70 $ 44 Impaired loans with a valuation allowance: Real estate: Residential $ 1,651 $ 1,711 $ 104 $ 1,682 $ 34 $ 9 Commercial 741 804 104 532 2 2 Total $ 2,392 $ 2,515 $ 208 $ 2,214 $ 36 $ 11 Total impaired loans: Real estate: Residential $ 3,752 $ 3,940 $ 104 $ 3,591 $ 59 $ 15 Commercial 4,387 4,926 104 3,586 46 40 Commercial 397 397 - 85 - - Consumer and other - - - 7 1 - Total $ 8,536 $ 9,263 $ 208 $ 7,269 $ 106 $ 55 The following table represents modifications that were deemed to be troubled debt restructures during the years ended June 30, 2015 and 2014: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Year ended June 30, 2015: Real estate: Residential 5 $ 709 $ 741 Year ended June 30, 2014: Real estate: Residential 1 $ 38 $ 39 Commercial 1 198 210 In 2015, three of the residential loans were modified to reduce the stated interest rate and one residential loan was combined with a second mortgage into a new thirty year adjustable rate loan. In 2014, the residential loan was modified to capitalize the escrow and to extend the maturity date and change the amortization schedule. The commercial loan matured and additional funds were made available to complete the infrastructure with a new maturity date. Management performs a discounted cash flow calculation to determine the amount of impaired reserve required on each of the troubled debt restructures. Any reserve is recorded through the provision for loan losses. The following is a summary of troubled debt restructurings that have subsequently defaulted (30 or more days past due) within one year of modification during the years ended June 30, 2015 and 2014: Number of Recorded Contracts Investment (Dollars in thousands) Year ended June 30, 2015: Real estate: Residential 1 $ 181 Commercial 1 207 Year ended June 30, 2014: Real estate: Residential 1 $ 201 The defaults were the result of the borrower’s delinquent loan payments. As of June 30, 2015, the residential loan was not past due and the commercial real estate loan was more than 90 days past and on non-accrual. As of June 30, 2014, the residential loan was not past due. At June 30, 2015, no additional funds are committed to be advanced in connection with TDR’s. Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage and other loans serviced for others were $31,697,000 and $32,447,000 at June 30, 2015 and 2014, respectively. The balances of mortgage servicing rights related to loans serviced for others were $107,000 and $94,000 at June 30, 2015 and 2014, respectively, and are not material to the consolidated financial statements.

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
PREMISES AND EQUIPMENT	5. PREMISES AND EQUIPMENT The following is a summary of premises and equipment as of June 30: 2015 2014 (In thousands) Land $ 470 $ 470 Buildings and leasehold improvements 6,291 6,283 Equipment 2,658 2,772 9,419 9,525 Accumulated depreciation and amortization (5,656 ) (5,488 ) Premises and equipment, net $ 3,763 $ 4,037 Depreciation and amortization expense on premises and equipment amounted to $341,000 and $334,000 for the years ended June 30, 2015 and 2014, respectively.

DEPOSITS

DEPOSITS	12 Months Ended
	Jun. 30, 2015
Deposit Liabilities [Abstract]
DEPOSITS	6. DEPOSITS The balances of deposit accounts at June 30, were as follows: 2015 2014 (In thousands) Demand deposits $ 59,854 $ 53,021 NOW accounts 92,463 86,636 Regular savings 68,804 63,993 Money market accounts 17,238 18,047 Club accounts 259 260 238,618 221,957 Certificate accounts maturing in the years ending June 30: 2015 - 59,532 2016 53,966 21,101 2017 23,488 21,030 2018 14,139 8,329 2019 15,816 15,307 2020 11,614 - 119,023 125,299 Total deposits $ 357,641 $ 347,256 The aggregate amount of time deposits of $100,000 or more as of June 30, 2015 and 2014 was $58,470,000 and $61,244,000, respectively.

BORROWED FUNDS

BORROWED FUNDS	12 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
BORROWED FUNDS	7. BORROWED FUNDS Borrowed funds consisted of the following at June 30: 2015 2014 Weighted Weighted Average Average Amount Due Rate Amount Due Rate (Dollars in thousands) Short-term borrowings: Securities sold under agreements to repurchase $ 2,797 0.10 % $ 4,181 0.18 % FHLB of Boston (FHLB) advances 4,240 0.30 - - Total 7,037 0.22 4,181 0.18 Long-term FHLB of Boston advances Year of maturity: 2015 - - 1,000 3.35 2016 - - 10,000 3.17 2017* 14,500 3.42 14,500 3.42 2018* 33,000 2.30 28,000 2.34 2020 5,000 2.32 - - Total 52,500 2.61 53,500 2.81 Total borrowed funds $ 59,537 2.33 % $ 57,681 2.60 % * Includes $18,000,000 of advances callable by the FHLB of Boston in 2016. Short term FHLB advances have an original maturity of less than one year. As of June 30, 2015 and 2014, loans with a principal balance of $38,163,000 and $47,106,000, respectively, were specifically pledged to secure available borrowings from the FHLB, as well as certain investment securities as disclosed in Note 3. During the year ended June 30, 2015, the Company modified $10,000,000 in FHLB borrowings resulting in capitalized fees of $246,000. These fees were capitalized in the form of higher interest rates on the new borrowings and are adjusting the cost of funds on these borrowings monthly. Additionally, the Bank has a line of credit with Federal Home Loan Bank of Boston in the amount of $2,354,000 and a liquidity line of credit with Bankers Bank Northeast in the amount of $4,000,000. No amounts were outstanding on these lines of credit at June 30, 2015 and 2014. Securities sold under agreements to repurchase as of June 30, 2015 and 2014 have an original maturity of one day, and consist of securities sold by the Bank that have been accounted for as borrowings. These customer repurchase agreements are collateralized by U.S. government sponsored and guaranteed mortgage backed securities with fair value of $21,683,000 and $17,402,000 at June 30, 2015 and 2014, respectively. The securities collateralizing repurchase agreements are subject to fluctuations in fair value. We monitor the fair value of the collateral on a periodic basis, and would pledge additional collateral if necessary based on changes in fair value of collateral or the balances of the repurchase agreements.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES The following are components of income tax expense (benefit) for the fiscal years ended June 30: 2015 2014 (In thousands) Current: Federal $ - $ 57 State 1 1 Total current 1 58 Deferred: Federal (66 ) 94 State - - Total deferred (66 ) 94 Income tax (benefit) expense $ (65 ) $ 152 Deferred income taxes reflect the tax impact of “temporary differences” between the amount of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. The Bank established Putnam Bank Mortgage Servicing Company during the year ended June 30, 2007. The subsidiary qualifies and operates as a Connecticut passive investment company pursuant to legislation. Because the subsidiary earns sufficient income from passive investments and its dividends to the parent are exempt from Connecticut Corporation Business Tax, the subsidiary Bank no longer expects to incur Connecticut income tax expense or to recognize its Connecticut deferred tax asset. The Parent company is still subject to the Connecticut Corporation Business Tax. The reasons for the differences between the statutory federal income tax rate of 34% and the effective tax rates are summarized as follows for the years ended June 30: 2015 2014 (In thousands) Federal income tax at statutory rates $ 165 $ 393 Increase (decrease) in tax resulting from: State taxes, net of federal benefit 1 1 Dividends received deduction (110 ) (111 ) Bank-owned life insurance (94 ) (99 ) Tax-exempt municipal income, net (1 ) (1 ) Other, net (26 ) (31 ) Income tax (benefit) expense $ (65 ) $ 152 Effective tax rates -13.4 % 13.2 % The Company had gross deferred tax assets and gross deferred tax liabilities as follows as of June 30: 2015 2014 (In thousands) Deferred tax assets: Allowance for loan losses $ 739 $ 668 Net unrealized holding loss on available-for-sale securities 102 125 Deferred compensation 172 167 Stock-based compensation 76 78 Impairment losses on securities available-for-sale 859 859 Accrued expenses 147 177 Post retirement benefits 62 59 Interest receivable on non-accrual loans 86 64 Federal carryovers 1,989 1,818 Other 117 98 Gross deferred tax asset 4,349 4,113 Deferred tax liabilities: Depreciation and amortization (1,336 ) (1,181 ) Deferred loan costs (273 ) (239 ) Other (36 ) (32 ) Gross deferred tax liability (1,645 ) (1,452 ) Net deferred tax asset $ 2,704 $ 2,661 At June 30, 2015, federal carryovers consist of Alternative Minimum Tax credit carryovers of $1,196,000 which have no expiration date, $2,231,000 of net operating loss carryovers which begin to expire on June 30, 2032 and $103,000 of contribution carryovers which expire on June 30, 2017. Retained earnings at June 30, 2015 includes a contingency reserve for loan losses of $2,284,000 which represents the tax reserve balance existing at December 31, 1987 and is maintained in accordance with provisions of the Internal Revenue Code applicable to thrift institutions. It is not anticipated that the Company will incur a federal income tax liability related to the reduction of this reserve and accordingly, deferred income taxes of approximately $777,000 have not been recognized as of June 30, 2015 and 2014. It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of June 30, 2015 and 2014, there were no material uncertain tax positions related to federal and state income tax matters. The Company is currently open to audit under statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended June 30, 2012 through June 30, 2015. The Company records interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended June 30, 2015 and 2014.

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
OTHER COMMITMENTS AND CONTINGENT LIABILITIES	9. OTHER COMMITMENTS AND CONTINGENT LIABILITIES Lease Commitments As of June 30, 2015 the Company leases space for its Gales Ferry (land lease), Griswold and Putnam Price Chopper branch offices. The leases for the branch offices expire March 14, 2020, October 31, 2019 and August 31, 2016, respectively. All leases contain renewal options at the Company’s discretion. The Company also has miscellaneous equipment leases with various terms. The total minimum rental due in future periods under these existing agreements is as follows as of June 30, 2015: Rental Expense Due (In thousands) 2016 $ 154 2017 111 2018 101 2019 100 2020 47 Total $ 513 Total rental expense amounted to $174,000 and $151,000 for the years ended June 30, 2015 and 2014, respectively. Legal Contingencies Various legal claims also arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASURMENTS	10. FAIR VALUE MEASURMENTS The Company groups its assets measured at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on quoted prices in active markets for identical assets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets. Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. During the years ended June 30, 2015 and 2014, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. Assets Measured at Fair Value on a Recurring Basis The following summarizes assets measured at fair value on a recurring basis for the years ended: Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 (In thousands) June 30, 2015 Securities available-for-sale: U. S. Government and government-sponsored securities $ 991 $ - $ 991 $ - Corporate bonds and other securities 5,204 - 5,204 - U.S. Government-sponsored and guaranteed mortgage-backed securities 23,602 - 23,602 - Non-agency mortgage-backed securities 5,860 - 5,860 - Equity securities 10,000 - - 10,000 Total $ 45,657 $ - $ 35,657 $ 10,000 June 30, 2014 Securities available-for-sale: U. S. Government and government-sponsored securities $ 976 $ - $ 976 $ - Corporate bonds and other securities 5,163 - 5,163 - U.S. Government-sponsored and guaranteed mortgage-backed securities 25,262 - 25,262 - Non-agency mortgage-backed securities 6,680 - 6,680 - Equity securities 10,000 - - 10,000 Total $ 48,081 $ - $ 38,081 $ 10,000 At June 30, 2015 and 2014, Level 3 assets consisted of available-for-sale auction-rate trust preferred securities (ARPs). Auction-rate trust preferred securities are a floating rate preferred stock, on which the dividend rate generally resets every 90 days based on an auction process to reflect the yield demand for the instruments by potential purchasers. These securities were originally purchased by the Company because they represented highly liquid, tax-preferred investments secured, in most cases, by preferred stock issued by high quality, investment grade companies (generally other financial institutions) (“collateral preferred shares”). The ARP shares, or certificates, purchased by the Company are Class A certificates, which, among other rights, entitle the holder to priority claim on dividends paid into the Trust holding the preferred shares. Beginning in February 2008, auctions for these securities began to fail when investors declined to bid on the securities. The auction failures did not result in the loss of any principal value to the certificate holders, but prevented many sellers from exiting, or redeeming, their certificates at the reset date. These unsuccessful sellers were required to continue to hold the certificates until the next scheduled reset date. To compensate these unsuccessful sellers, the failed auctions triggered a penalty-rate feature which provided that owners of the Class A certificates were entitled to a higher portion of the dividends, and thus a higher yield, on the Class A certificates. The Company had difficulty identifying market prices of comparable instruments for ARPs due to the inactive market. As a result, the Company modified its methodology for determining the fair value of the ARPs classified as Level 3, and used the quoted market values of the underlying collateral preferred shares, adjusted for the higher yield (dividend) earned by the Company through the Class A certificates compared with the nominal rate (dividend) available to a direct owner of the collateral preferred shares, with the resulting estimated fair value not to exceed par. All dividends are current. The Company has the ability and intent to hold these securities for the time necessary to collect the expected cash flows. The table below represent the changes in Level 3 assets measured at fair value on a recurring basis for the years ended June 30, 2015 and 2014: Auction Rate Trust Preferred Securities (In thousands) Beginning balance, July 1, 2013 $ 10,000 Total gains or losses (realized/unrealized) included in earnings - Total unrealized gains included in other comprehensive income - Ending balance, June 30, 2014 10,000 Total gains or losses (realized/unrealized) included in earnings - Total unrealized gains included in other comprehensive income - Ending balance, June 30, 2015 $ 10,000 There were no liabilities measured at fair value on a recurring basis at June 30, 2015 and 2014. Assets Measured at Fair Value on a Non-Recurring Basis Under certain circumstances the Company makes adjustments to fair value for assets not measured at fair value on a recurring basis. The following table presents the assets carried on the consolidated balance sheets by caption and by level in the fair value hierarchy at June 30, 2015 and 2014, for which a nonrecurring fair value adjustment has been recorded: Total Losses for the Fair Value Measurements at Reporting Date Using: Year Ended Total Level 1 Level 2 Level 3 June 30, 2015 (In thousands) June 30, 2015 Impaired loans $ 151 $ - $ - $ 151 $ 22 Other real estate owned 599 599 17 $ 750 $ - $ - $ 750 $ 39 Total Losses for the Fair Value Measurements at Reporting Date Using: Year Ended Total Level 1 Level 2 Level 3 June 30, 2014 (In thousands) June 30, 2014 Impaired loans $ 548 $ - $ - $ 548 $ 230 Other real estate owned 869 - - 869 189 $ 1,417 $ - $ - $ 1,417 $ 419 The amount of loans represents the carrying value of impaired loans net of related write-downs and valuation allowances for which adjustments are based on the estimated fair value of the underlying collateral. The other real estate owned amount represents the carrying value for which write-downs are based on the estimated fair value of the property. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because a market may not readily exist for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumption could significantly affect the estimates. There were no liabilities measured at fair value on a non-recurring basis at June 30, 2015 and 2014. The estimated fair values and carrying values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows as of June 30: 2015 Carrying Level 1 Level 2 Level 3 Fair Value (In thousands) Financial assets: Cash and cash equivalents $ 5,326 $ 5,326 $ - $ - $ 5,326 Available-for-sale securities 45,657 - 35,657 10,000 45,657 Held-to-maturity securities 164,096 - 165,644 - 165,644 Federal Home Loan Bank Stock 5,371 - - 5,371 5,371 Loans, net 224,046 - - 226,308 226,308 Accrued interest receivable 1,051 - - 1,051 1,051 Financial liabilities: Deposits 357,641 - - 359,253 359,253 Mortgagors' escrow accounts 2,363 - - 2,363 2,363 Federal Home Loan Bank advances 56,740 - 58,095 - 58,095 Securities sold under agreements to repurchase 2,797 - 2,797 - 2,797 Accrued interest payable 114 - - 114 114 2014 Carrying Level 1 Level 2 Level 3 Fair Value (In thousands) Financial assets: Cash and cash equivalents $ 7,335 $ 7,335 $ - $ - $ 7,335 Available-for-sale securities 48,081 - 38,081 10,000 48,081 Held-to-maturity securities 142,176 - 143,257 - 143,257 Federal Home Loan Bank Stock 5,927 - - 5,927 5,927 Loans held-for-sale 100 - - 101 101 Loans, net 230,126 - - 231,986 231,986 Accrued interest receivable 1,018 - - 1,018 1,018 Financial liabilities: Deposits 347,256 - - 349,235 349,235 Mortgagors' escrow accounts 2,267 - - 2,267 2,267 Federal Home Loan Bank advances 53,500 - 55,196 - 55,196 Securities sold under agreements to repurchase 4,181 - 4,181 - 4,181 Accrued interest payable 124 - - 124 124

OFF-BALANCE SHEET FINANCIAL INS

OFF-BALANCE SHEET FINANCIAL INSTRUMENTS	12 Months Ended
	Jun. 30, 2015
Off Balance Sheet Financial Instruments [Abstract]
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS	11. OFF-BALANCE SHEET FINANCIAL INSTRUMENTS The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to originate loans, standby letters of credit and unadvanced funds on loans. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the consolidated balance sheets. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for loan commitments is represented by the contractual amounts of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income-producing properties. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company’s outstanding letters of credit generally have a term of less than one year. If a letter of credit is drawn upon, the Company may seek recourse through the customer’s underlying line of credit. If the customer’s line of credit is also in default, the Company may take possession of the collateral, if any, securing the line of credit. Notional amounts of commitments with off-balance-sheet credit risk are as follows as of June 30: 2015 2014 (In thousands) Commitments to originate loans $ 3,557 $ 2,867 Unadvanced portions of loans: Construction loans 787 1,658 Lines of credit 13,482 12,217 Letters of credit 396 488 Outstanding commitments $ 18,222 $ 17,230

REGULATORY MATTERS

REGULATORY MATTERS	12 Months Ended
	Jun. 30, 2015
Regulatory Matters [Abstract]
REGULATORY MATTERS	12. REGULATORY MATTERS The Company, as a federally chartered holding company, is not subject to capital requirements. The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1 and Common Equity Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), of Tier 1 capital to adjusted total assets (as defined) and Tangible capital (as defined) to Tangible assets (as defined). Management believes, as of June 30, 2015 and 2014, that the Bank meets all capital adequacy requirements to which it is subject. In July 2013, federal banking regulators approved final rules that implement changes to the regulatory capital framework for U.S. banks. The rules set minimum requirements for both the quantity and quality of capital held by community banking institutions. The final rule includes a new minimum ratio of common equity Tier 1 capital to risk-weighted assets of 4.5%, raises the minimum ratio of Tier 1 capital to risk-weighted assets from 4% to 6% and includes a minimum leverage ratio of 4% for all banking organizations. Additionally, community banking institutions must contain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonus payments to executive officers. The phase-in period for the rules began for the Bank on January 1, 2015, with full compliance with all of the final rule’s requirements phased in over a multi-year schedule. As of June 30, 2015, the most recent notification from the Office of the Comptroller of the Currency (“OCC”) categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier 1 risk-based, Common Equity Tier 1, tangible equity and Tier 1 capital ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the institution’s category. The Bank’s actual capital amounts and ratios as of June 30, 2015 and 2014 are presented in the table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (In thousands) As of June 30, 2015: Tangible Equity Capital (to Tangible Assets) $ 41,201 8.70 % $ 7,102 2.00 % N/A N/A Tier 1 Capital (to Adjusted Total Assets) 41,201 8.70 18,938 4.00 $ 23,672 5.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 41,201 14.41 12,868 4.50 18,587 6.50 Tier 1 Capital (to Risk-Weighted Assets) 41,201 14.41 17,157 6.00 22,876 8.00 Total Capital (to Risk-Weighted Assets) 43,398 15.18 22,876 8.00 28,595 10.00 As of June 30, 2014: Tangible Equity Capital (to Tangible Assets) $ 40,093 8.87 % $ 6,781 2.00 % N/A N/A Tier 1 Capital (to Adjusted Total Assets) 40,093 8.87 18,083 4.00 $ 22,604 5.00 % Tier 1 Capital (to Risk-Weighted Assets) 40,093 17.62 9,099 4.00 13,649 6.00 Total Capital (to Risk-Weighted Assets) 42,494 18.68 18,199 8.00 22,749 10.00 The following table provides a reconciliation of the Company’s total consolidated equity to the capital amounts for the Bank reflected in the preceding table: June 30, 2015 2014 (In thousands) Total consolidated equity $ 51,744 $ 51,451 Adjustments: Equity capital of PSB Holdings, Inc. (3,672 ) (4,052 ) Intangible assets (5,390 ) (5,791 ) Disallowed servicing assets - (9 ) Disallowed deferred tax assets (1,675 ) (1,731 ) Unrealized losses on available-for-sale securities 194 225 Tier 1 and Common Equity Tier 1 Capital 41,201 40,093 Allowance for loan losses and off-balance sheet reserves 2,197 2,401 Total Risk-Based capital $ 43,398 $ 42,494 The ability of the Company to pay dividends depends, in part, on the ability of the Bank to pay dividends to the Company. The Bank will not be able to declare or pay a cash dividend on, or repurchase any of its common stock, if the effect thereof would be to reduce the regulatory capital of the Bank to an amount below amounts required under regulatory rules and regulations.

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
BENEFIT PLANS	13. BENEFIT PLANS 401(k) Plan The Company has a 401(k) plan covering each eligible employee. Employees must be 21 years of age, work at least 1,000 hours per year, and have at least one year of service with the Company to be eligible to participate. Employees may defer compensation up to certain limits defined in the Internal Revenue Code. The Company’s matching contribution is discretionary. For the years ended June 30, 2015 and 2014, the Company chose to contribute 50% of an employee’s deferral on a maximum of 4% of the employee’s salary. The Company contributed $78,000 and $65,000 to the plan during the years ended June 30, 2015 and 2014, respectively. The Company may also make additional discretionary contributions to the plan. During the years ended June 30, 2015 and 2014, additional discretionary contributions were made in the amounts of $177,000 and $147,000, respectively. Other Postretirement Benefit Plan The Company has recorded a liability for its future postretirement benefit obligations under certain death benefit agreements. The total liability for the arrangements included in other liabilities was $183,000 at June 30, 2015 and $172,000 at June 30, 2014. Expense under this arrangement was $11,000 for 2015 and $10,000 for 2014. There were no death benefits paid under this arrangement in 2015 and 2014. Employee Stock Ownership Plan The Company established the ESOP on October 4, 2004 in connection with its common stock offering. The ESOP purchased 257,062 shares of the common stock of the Company. To fund the purchase, the ESOP borrowed $2.6 million from the Company at an initial variable rate of 4.75%, to be repaid on a pro-rata basis in 20 substantially equal annual installments. The borrowing was at a current rate of 3.25% as of June 30, 2015 and 2014. The collateral for the loan is the common stock of the Company purchased by the ESOP. The shares of stock purchased by the ESOP are held in a suspense account until they are released for allocation among participants. The shares will be released annually from the suspense account and the released shares will be allocated to the participants on the basis of each participant’s compensation for the year of allocation. As shares are released from collateral, the Company recognizes compensation expense equal to the average market price of the shares during the period and the shares will be outstanding for earnings-per-share purposes. The shares not released are reported as unearned ESOP shares in the stockholders’ equity section on the consolidated balance sheets. ESOP expense for the years ended June 30, 2015 and 2014 was $96,000 and $81,000, respectively. At June 30, 2015 and 2014 there were 138,850 and 126,071 allocated shares, respectively, and 118,212 and 130,991 unallocated shares, respectively. The fair value of unallocated ESOP shares at June 30, 2015 and 2014 was $958,000 and $880,000, respectively. Stock-based Incentive Plan At the annual meeting of stockholders on October 31, 2005, stockholders of the Company approved the PSB Holdings, Inc. 2005 Stock-Based Incentive Plan (the “Incentive Plan”). Under the Incentive Plan, the Company may grant up to 340,213 stock options and 136,085 shares of restricted stock to its employees, officers and directors for an aggregate amount of up to 476,298 shares of the Company’s common stock for issuance upon the grant or exercise of awards. Both incentive stock options and non-statutory stock options may be granted under the Incentive Plan. The Company has recorded share-based compensation expense related to outstanding stock option and restricted stock awards based upon the fair value at the date of grant over the vesting period of such awards on a straight-line basis. The fair value of each restricted stock allocation, based on the market price at the date of grant, is recorded to unearned stock awards. Compensation expenses related to unearned restricted shares are amortized to compensation and benefits expense over the vesting period of the restricted stock awards. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model which includes several assumptions such as volatility, expected dividends, expected term and risk-free rate for each stock option award. A summary of the status of the Incentive Plan as of June 30, 2015 and 2014 and changes during the years then ended is presented below: 2015 2014 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at beginning of year 199,106 $ 10.62 222,921 $ 10.62 Granted - - - - Exercised - - - - Forfeited - - (23,815 ) 10.60 Outstanding at end of year 199,106 10.62 199,106 10.62 Options exercisable at end of year 199,106 $ 10.62 199,106 $ 10.62 The following table summarizes information about stock options outstanding as of June 30, 2015: Options Outstanding Options Exercisable Weighted-Average Weighted-Average Number Remaining Aggregate Number Weighted-Average Exercise Price Outstanding Contractual Life Intrinsic Value Exercisable Exercise Price $ 10.60 170,106 0.36 $ - 170,106 $ 10.60 10.70 23,000 1.90 - 23,000 10.70 10.78 6,000 0.94 - 6,000 10.78 At June 30, 2015 and 2014, there were no unrecognized compensation costs related to nonvested share based compensation. The Company recorded no share-based compensation expense for the years ended June 30, 2015 and 2014 in connection with the stock option and restricted stock awards as all awards have fully vested.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS	12 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS	14. ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income/loss. The components of accumulated other comprehensive loss included in stockholders’ equity and related tax effects are as follows: At June 30, 2015 2014 (In thousands) Net unrealized loss on securities available-for-sale $ (300 ) $ (362 ) Tax effect 102 125 Accumulated other comprehensive loss $ (198 ) $ (237 ) The June 30, 2015 and 2014 ending balances include $53,000 and $60,000, respectively, of pre-tax unrealized losses on securities which other-than-temporary impairment has been recognized.

PARENT COMPANY ONLY FINANCIAL S

PARENT COMPANY ONLY FINANCIAL STATEMENTS	12 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
PARENT COMPANY ONLY FINANCIAL STATEMENTS	15. PARENT COMPANY ONLY FINANCIAL STATEMENTS The following unconsolidated financial statements are for the Company (Parent Company) and should be read in conjunction with the consolidated financial statements of the Company. Balance Sheets June 30, 2015 and 2014 (In thousands) 2015 2014 ASSETS Cash and due from depository institutions $ 427 $ 805 Investment in Putnam Bank 48,072 47,399 Investment in available-for-sale securities, at fair value 1,055 1,044 Loan to ESOP 1,473 1,607 Other assets 741 623 Total assets $ 51,768 $ 51,478 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities $ 24 $ 27 Stockholders' equity 51,744 51,451 Total liabilities and stockholders' equity $ 51,768 $ 51,478 Statements of Net Income For the Years Ended June 30, 2015 and 2014 (In thousands) 2015 2014 Interest and dividends on investments $ 12 $ 12 Interest on ESOP loan 51 55 Total interest and dividend income 63 67 Other expense 227 224 Loss before income tax benefit and equity in undistributed net income of subsidiary (164 ) (157 ) Income tax benefit (73 ) (72 ) Loss before equity in undistributed net income of subsidiary (91 ) (85 ) Equity in undistributed net income of subsidiary 642 1,088 Net income $ 551 $ 1,003 Statements of Cash Flows June 30, 2015 and 2014 (In thousands) 2015 2014 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash used in operating activities: $ 551 $ 1,003 Amortization of ESOP expense 96 81 Increase in other assets (120 ) (71 ) Increase in due from subsidiary (4 ) (67 ) (Decrease) increase in other liabilities (3 ) 4 Undistributed net income of subsidiary (642 ) (1,088 ) Net cash used in operating activities (122 ) (138 ) Cash flows from investing activities: Proceeds from maturities of available-for-sale securities 3 26 Principal payments received on loan to ESOP 134 130 Net cash provided by investing activities 137 156 Cash flows from financing activities: Cash dividends paid on common stock (393 ) - Net cash used in financing activities (393 ) - Net (decrease) increase in cash and cash equivalents (378 ) 18 Cash and cash equivalents at beginning of year 805 787 Cash and cash equivalents at end of year $ 427 $ 805

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENT	16. SUBSEQUENT EVENT On September 9, 2015, the Boards of Directors of Putnam Bancorp, MHC, the Company and the Bank adopted a Plan of Conversion (the “Plan”). Pursuant to the Plan, Putnam Bancorp, MHC will convert from the mutual holding company form of organization to the fully public form. Putnam Bancorp, MHC will be merged into the Company, and Putnam Bancorp, MHC will no longer exist. The Company will then merge into a new Maryland corporation named PB Bancorp, Inc. As part of the conversion, Putnam Bancorp, MHC’s ownership interest in the Company will be offered for sale in a public offering. The existing publicly held shares of the Company, which represent the remaining ownership interest in the Company, will be exchanged for new shares of common stock of PB Bancorp, Inc., the new Maryland corporation. The Plan provides for the establishment, upon the completion of the conversion, of special “liquidation accounts” for the benefit of certain depositors of the Bank in an amount equal to Putnam Bancorp, MHC’s ownership interest in the equity of the Company as of the date of the latest balance sheet contained in the prospectus plus the value of the net assets of Putnam Bancorp, MHC as of the date of the latest statement of financial condition of Putnam Bancorp, MHC prior to the consummation of the conversion (excluding its ownership of the Company). The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Direct costs of the conversion and public offering will be deferred and reduce the proceeds from the shares sold in the public offering.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term are the allowance for loan losses, other-than-temporary impairment of securities, the valuation of goodwill and the realizability of deferred tax assets.
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank, and the Bank’s wholly-owned subsidiaries, Windham North Properties, LLC, PSB Realty, LLC, and Putnam Bank Mortgage Servicing Company. Windham North Properties, LLC is used to acquire title to selected properties on which Putnam Bank forecloses. PSB Realty, LLC owns a parcel of real estate located immediately adjacent to Putnam Bank’s main office. This real estate is utilized as a loan center for Putnam Bank and there are no outside tenants that occupy the premises. PSB Realty, LLC also owns the 40 High Street, Norwich branch building and real estate. Putnam Bank Mortgage Servicing Company is a qualified “passive investment company” that is intended to reduce Connecticut state taxes on interest earned on real estate loans. All significant intercompany accounts and transactions have been eliminated in the consolidation.
Reclassifications	Reclassifications Reclassifications are made to prior year financial statements when necessary to conform to the current year presentation.
Cash and Cash Equivalents	Cash and Cash Equivalents For the purposes of reporting cash flows, cash and cash equivalents include cash, amounts due from depository institutions and interest-bearing deposits with other banks. Cash and due from banks as of June 30, 2015 and 2014 includes $425,000 which is subject to withdrawal and usage restrictions to satisfy the reserve requirements and target balances of Bankers Bank Northeast. Cash is maintained in bank accounts which, at times, may exceed insured limits. The Company has not experienced any issues in such accounts and does not believe it is exposed to any significant credit risk on this cash.
Securities	Securities Investments in debt securities are adjusted for amortization of premiums and accretion of discounts computed so as to approximate the interest method. Gains or losses on sales of investment securities are computed on a specific identification basis. All security transactions are recorded on the trade date. The Company classifies debt and equity securities into one of three categories: held-to-maturity, available-for-sale, or trading. These security classifications may be modified after acquisition only under certain specified conditions. In general, securities may be classified as held-to-maturity only if the Company has the positive intent and ability to hold them to maturity. Trading securities are defined as those bought and held principally for the purpose of selling them in the near term. All other securities are classified as available-for-sale. Held-to-maturity securities are measured at amortized cost on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings or in other comprehensive income/loss, but are disclosed in the notes to the consolidated financial statements. Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings but are included in other comprehensive income/loss, net of applicable taxes. Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. The Company held no securities classified as trading at June 30, 2015 and 2014. Each reporting period, the Company evaluates all securities classified as available-for-sale or held-to-maturity, with a decline in fair value below the amortized cost of the investment to determine whether or not the impairment is deemed to be other-than-temporary (“OTTI”). OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is “more likely than not” that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit related OTTI is recognized in other comprehensive income/loss, net of applicable taxes.
Federal Home Loan Bank of Boston Stock	Federal Home Loan Bank of Boston Stock The Bank, as a member of the Federal Home Loan Bank (“FHLB”) system, is required to maintain an investment in capital stock of the FHLB of Boston. Based on redemption provisions, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB of Boston may declare dividends on the stock. The Bank reviews for impairment based on the ultimate recoverability of the cost basis in the stock. As of June 30, 2015, no impairment has been recognized.
Loans Held-For-Sale	Loans Held-For-Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are provided for in a valuation allowance by charges to income. Interest income on loans held-for-sale is accrued currently and classified as interest on loans.
Loans	Loans The Company’s loan portfolio includes residential real estate, commercial real estate, residential construction, commercial and consumer/other segments. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on all loans is discontinued at the time a loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on non-accrual if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. The allowance for loan losses is evaluated on a quarterly basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, specific and unallocated components, as further described below. General component The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, residential construction, commercial and consumer/other. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies; loan concentrations; trends in volume and terms of loans; changes in lending practices and procedures; changes in lending management and staff; changes in the value of underlying collateral; changes in the quality of the loan review system; national and local economic trends and conditions and the effects of other external factors. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during 2015. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate - The Company does not originate loans with a loan-to-value ratio greater than 100% and does not originate subprime loans. Loans originated with a loan-to-value ratio greater than 80% generally require private mortgage insurance. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Commercial real estate - Loans in this segment are primarily income-producing properties throughout New England. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management obtains rent rolls annually and continually monitors the cash flows of these loans. Residential construction – Loans in this segment primarily include speculative real estate development loans for which payment is derived from sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Consumer/other - Loans in this segment are generally secured and repayment is dependent on the credit quality of the individual borrower. Specific component The specific component relates to loans that are classified as impaired. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent or foreclosure is probable. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer/other and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring (“TDR”) agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring. All TDRs are classified as impaired. Unallocated component An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general reserves in the portfolio.
Loan Servicing	Loan Servicing The Bank originates and sells mortgage loans in the secondary market and may retain the servicing of these loans. Mortgage servicing assets are recognized as separate assets when rights are acquired through the purchase of rights or sale of these loans. Capitalized servicing rights are reported at fair value in other assets on the consolidated balance sheets, with changes in fair value reported in other non-interest income on the consolidated statements of net income. Fair value is determined using prices for similar assets with similar characteristics when available, or based upon discounted cash flows using market-based assumptions.
Premises and Equipment	Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Cost and related allowances for depreciation and amortization of premises and equipment retired or otherwise disposed of are removed from the respective accounts with any gain or loss included in earnings. Depreciation and amortization are calculated principally on the straight-line method over the estimated useful lives of the assets or term of lease if shorter. Estimated lives are 5 to 40 years for buildings and premises, 3 to 20 years for furniture, fixtures and equipment and lease terms range from 1 to 25 years. Expenditures for replacements or major improvements are capitalized; expenditures for normal maintenance and repairs are charged to expense as incurred.
Other Real Estate Owned	Other Real Estate Owned Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance foreclosures. These properties are carried at the lower of cost or estimated fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure or classification as in-substance foreclosure is charged to the allowance for loan losses. Expenses incurred in connection with maintaining these assets, subsequent write-downs and gains or losses recognized upon sale are charged to earnings.
Goodwill	Goodwill Goodwill is measured as the excess of the cost of a business acquisition over the sum of the amounts assigned to identifiable tangible and intangible assets acquired less liabilities assumed. Goodwill is not amortized but is reviewed for impairment annually or more frequently if circumstances warrant. In 2015 and 2014, the Company used the following two-step approach for reviewing goodwill for impairment: The first step (“Step 1”) is used to identify potential impairment, and involves comparing the reporting unit’s (the consolidated Company) estimated fair value to its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill is not deemed to be impaired. Should the carrying amount of the reporting unit exceed its estimated fair value, an indicator of impairment is deemed to exist and a second step is performed to measure the amount of such impairment, if any. The second step (“Step 2”) involves calculating the implied fair value of goodwill. The implied fair value of goodwill is determined in a manner similar to how the amount of goodwill is determined in a business combination (i.e. by measuring the excess of the estimated fair value, as determined in Step 1, over the aggregate estimated fair values of the individual assets, liabilities, and identifiable intangibles as of the impairment testing date). If the implied fair value of goodwill exceeds the carrying amount of goodwill assigned to the reporting unit, no impairment exists. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, an impairment loss is recorded in an amount equal to such excess. An impairment loss cannot exceed the carrying amount of goodwill, and the loss (write-down) establishes a new carrying amount for the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. Application of the goodwill impairment test requires significant judgments including estimation of future cash flows, which are dependent on internal forecasts, estimation of the long-term rate of growth, the period over which cash flows will occur, and determination of our cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and/or conclusions related to goodwill impairment. For the years ended June 30, 2015 and 2014, the Company had no goodwill impairment.
Bank-owned Life Insurance	Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of net income and are not subject to income taxes.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and Cash Equivalents: Investment Securities and FHLB Stock: Loans, net: The fair values of residential real estate, commercial real estate, residential construction, commercial and consumer/other loans were estimated by discounting the anticipated cash flows from the respective portfolios. Estimates of the timing and amount of these cash flows considered factors such as future loan prepayments. The discount rates reflected current market rates for loans with similar terms to borrowers of similar credit quality. The fair value of home equity lines of credit was based on the outstanding loan balances. Fair values for non-performing loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. Loans held for sale: Accrued interest: Deposits and Mortgagors’ Escrow: Federal Home Loan Bank Advances: Securities Sold Under Agreements to Repurchase: Off-Balance Sheet Instruments:
Earnings per Share (EPS)	Earnings per Share (EPS) Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. If rights to dividends on unvested options/awards are non-forfeitable, these unvested awards/options are considered outstanding in the computation of basic earnings per share. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and are determined using the treasury stock method. Treasury shares and unallocated ESOP shares are not deemed outstanding for earnings per share calculations. The calculation of basic and diluted earnings per share for the years ended June 30, 2015 and 2014 is presented below: Years Ended June 30, 2015 2014 Net income $ 551,000 $ 1,003,000 Weighted average common shares applicable to basic EPS 6,415,376 6,402,597 Effect of dilutive potential common shares - - Weighted average common shares applicable to diluted EPS 6,415,376 6,402,597 Earnings per share: Basic $ 0.09 $ 0.16 Diluted $ 0.09 $ 0.16 At June 30, 2015 and 2014, options for 199,106 shares were not included in the computation of earnings per share as the effects were anti-dilutive.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets.
Advertising	Advertising The Company directly expenses costs associated with advertising as they are incurred.
Income Taxes	Income Taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax basis of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. Income tax benefits related to stock compensation in excess of grant date fair value less any proceeds on exercise are recognized as an increase to additional paid-in capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional paid-in capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount.
Employee Benefit Plans	Employee Benefit Plans The Company established an ESOP as part of its minority stock issuance on October 4, 2004. Unearned ESOP shares are not considered outstanding and are therefore not taken into account when computing earnings per share. Unearned ESOP shares are presented as a reduction to stockholders’ equity and represent shares to be allocated to ESOP participants in future periods for services provided to the Company. As shares are committed to be released, compensation expense is recognized for the fair market value of the stock and stockholders’ equity is increased by a corresponding amount. The loan to the ESOP will be repaid principally from the Bank’s contributions to the ESOP and dividends payable on common stock held by the ESOP over a period of 20 years. As more fully described in Note 13, the Company has a stock-based incentive plan authorizing various types of incentive awards that may be granted to directors, officers and employees. The Company records share-based compensation expense related to outstanding stock option and restricted stock awards based upon the fair value at the date of grant over the vesting period of such awards on a straight-line basis.
Recent Accounting and Regulatory Pronouncements	Recent Accounting and Regulatory Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date, .

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of basic and diluted earnings per share	Years Ended June 30, 2015 2014 Net income $ 551,000 $ 1,003,000 Weighted average common shares applicable to basic EPS 6,415,376 6,402,597 Effect of dilutive potential common shares - - Weighted average common shares applicable to diluted EPS 6,415,376 6,402,597 Earnings per share: Basic $ 0.09 $ 0.16 Diluted $ 0.09 $ 0.16

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of carrying value and estimated market values of investment securities by maturity	Amortized Gross Unrealized Fair Cost Basis Gain (Loss) Value (In thousands) June 30, 2015: Available-for-sale: Debt securities: U.S. government and government-sponsored securities: Due from one through five years $ 1,000 $ - $ (9 ) $ 991 Corporate bonds and other securities: Due after ten years 5,999 - (795 ) 5,204 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 391 14 - 405 From five through ten years 9,374 125 - 9,499 After ten years 13,280 419 (1 ) 13,698 23,045 558 (1 ) 23,602 Non-agency mortgage-backed securities: Due after ten years 5,913 308 (361 ) 5,860 Total debt securities 35,957 866 (1,166 ) 35,657 Equity securities: Auction rate preferred - due after 10 years 10,000 - - 10,000 Total available-for-sale securities $ 45,957 $ 866 $ (1,166 ) $ 45,657 Amortized Gross Unrealized Fair Cost Basis Gain (Loss) Value (In thousands) June 30, 2014: Available-for-sale: Debt securities: U.S. government and government-sponsored securities: Due from five through ten years $ 1,000 $ - $ (24 ) $ 976 Corporate bonds and other securities: Due after ten years 5,999 - (836 ) 5,163 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due from one through five years 684 37 - 721 From five through ten years 11,593 189 - 11,782 After ten years 12,426 377 (44 ) 12,759 24,703 603 (44 ) 25,262 Non-agency mortgage-backed securities: Due after ten years 6,741 321 (382 ) 6,680 Total debt securities 38,443 924 (1,286 ) 38,081 Equity securities: Auction rate preferred - due after 10 years 10,000 - - 10,000 Total available-for-sale securities $ 48,443 $ 924 $ (1,286 ) $ 48,081 Amortized Gross Unrealized Fair Cost Basis Gain (Loss) Value (In thousands) June 30, 2015: Held-to-maturity: U.S. Government and government-sponsored securities: Due in one through five years $ 9,245 $ 70 $ (4 ) $ 9,311 From five through ten years 954 98 - 1,052 10,199 168 (4 ) 10,363 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due in five through ten years 3,304 127 - 3,431 After ten years 150,593 1,845 (588 ) 151,850 153,897 1,972 (588 ) 155,281 Total held-to-maturity securities $ 164,096 $ 2,140 $ (592 ) $ 165,644 Amortized Gross Unrealized Fair Cost Basis Gain (Loss) Value (In thousands) June 30, 2014: Held-to-maturity: U.S. Government and government-sponsored securities: Due in one through five years $ 5,262 $ 4 $ (28 ) $ 5,238 From five through ten years 4,929 122 - 5,051 10,191 126 (28 ) 10,289 U.S. Government-sponsored and guaranteed mortgage-backed securities: Due in five through ten years 4,445 190 - 4,635 After ten years 127,540 1,831 (1,038 ) 128,333 131,985 2,021 (1,038 ) 132,968 Total held-to-maturity securities $ 142,176 $ 2,147 $ (1,066 ) $ 143,257
Schedule of the estimated fair value and related unrealized losses segregated by category and length of time that individual securities have been in a continuous unrealized loss position	Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss (In thousands) June 30, 2015: Available-for-sale: U.S. Government and government-sponsored securities $ - $ - $ 991 $ 9 $ 991 $ 9 Corporate bonds and other securities - - 5,204 795 5,204 795 U.S. Government-sponsored and guaranteed mortgage-backed securities 2,430 1 - - 2,430 1 Total temporarily impaired available-for-sale securities 2,430 1 6,195 804 8,625 805 Held-to-maturity: U.S. Government and government-sponsored securities 2,251 4 - - 2,251 4 U.S. Government-sponsored and guaranteed mortgage-backed securities 46,247 261 12,630 327 58,877 588 Total temporarily impaired held-to-maturity 48,498 265 12,630 327 61,128 592 Other-than-temporarily impaired debt securities: (1) Non-agency mortgage-backed securities 563 6 3,001 355 3,564 361 Total temporarily impaired and other-than- temporarily impaired securities $ 51,491 $ 272 $ 21,826 $ 1,486 $ 73,317 $ 1,758 June 30, 2014: Available-for-sale: U.S. Government and government-sponsored securities $ - $ - $ 976 $ 24 $ 976 $ 24 Corporate bonds and other securities - - 5,163 836 5,163 836 U.S. Government-sponsored and guaranteed mortgage-backed securities 2,370 1 3,931 43 6,301 44 Total temporarily impaired available-for-sale securities 2,370 1 10,070 903 12,440 904 Held-to-maturity: U.S. Government and government-sponsored securities 1,004 1 3,229 27 4,233 28 U.S. Government-sponsored and guaranteed mortgage-backed securities 31,059 103 46,612 935 77,671 1,038 Total temporarily impaired held-to-maturity 32,063 104 49,841 962 81,904 1,066 Other-than-temporarily impaired debt securities: (1) Non-agency mortgage-backed securities - - 3,301 382 3,301 382 Total temporarily impaired and other-than- temporarily impaired securities $ 34,433 $ 105 $ 63,212 $ 2,247 $ 97,645 $ 2,352 (1) Includes other-than-temporary impaired available-for-sale debt securities in which a portion of the other-than-temporary impairment loss remains in accumulated other comprehensive loss.
Schedule of other-than-temporary impairment losses on securities	Balance as of June 30, 2013 $ 15,733 Credit losses on securities for which other-than-temporary impairment was not previously recorded - Additional credit losses on securities for which an other-than-temporary impairment charge was previously recorded 10 Reductions for securities sold during the period - Balance as of June 30, 2014 15,743 Credit losses on securities for which other-than-temporary impairment was not previously recorded - Additional credit losses on securities for which an other-than-temporary impairment charge was previously recorded 155 Reductions for securities sold during the period - Balance as of June 30, 2015 $ 15,898
Schedule of significant assumptions used in the valuation of non-agency mortgage-backed securities	Significant assumptions used in the valuation of non-agency mortgage-backed securities were as follows as of June 30, 2015: Weighted Range Average Minimum Maximum Prepayment rates 13.7 % 0.1 % 20.8 % Default rates 4.4 % 0.0 % 24.0 % Loss severity 33.6 % 0.0 % 68.8 %

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Jun. 30, 2015
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Schedule of composition of loan portfolio	Loans consisted of the following as of June 30: 2015 2014 (In thousands) Real estate: Residential (1) $ 178,989 $ 184,380 Commercial 41,762 43,887 Residential construction 1,318 2,661 Commercial 3,327 1,904 Consumer and other 701 627 Total loans 226,097 233,459 Unadvanced construction loans (680 ) (1,658 ) 225,417 231,801 Net deferred loan costs 804 705 Allowance for loan losses (2,175 ) (2,380 ) Loans, net $ 224,046 $ 230,126 (1) Residential real estate loans include one-to-four family mortgage loans, second mortgage loans, and home equity lines of credit.
Schedule of the allowance for loan losses by portfolio segment	Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Unallocated Total (In thousands) Year Ended June 30, 2015 Allowance for loan losses: Beginning balance $ 1,279 $ 907 $ 13 $ 12 $ 24 $ 145 $ 2,380 Charge-offs (98 ) (879 ) - - (44 ) - (1,021 ) Recoveries 45 211 - 12 13 - 281 Provision (credit) (135 ) 667 (8 ) 17 33 (39 ) 535 Ending balance $ 1,091 $ 906 $ 5 $ 41 $ 26 $ 106 $ 2,175 At June 30, 2015 Ending balance: Amount of allowance for loan losses for impaired loans $ 103 $ - $ - $ 17 $ - $ - $ 120 Ending balance: Amount of allowance for loan losses for non-impaired loans $ 988 $ 906 $ 5 $ 24 $ 26 $ 106 $ 2,055 Loans: Ending balance $ 178,989 $ 41,637 $ 763 $ 3,327 $ 701 $ - $ 225,417 (1) Ending balance: Impaired loans $ 2,413 $ 4,138 $ - $ 24 $ - $ - $ 6,575 Ending balance: Non-impaired loans $ 176,576 $ 37,499 $ 763 $ 3,303 $ 701 $ - $ 218,842 (1) Does not include deferred fees or costs. Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Unallocated Total (In thousands) Year Ended June 30, 2014 Allowance for loan losses: Beginning balance $ 1,201 $ 1,315 $ 22 $ 17 $ 36 $ 102 $ 2,693 Charge-offs (200 ) (199 ) - - (52 ) - (451 ) Recoveries 37 - 5 14 27 - 83 Provision (credit) 241 (209 ) (14 ) (19 ) 13 43 55 Ending balance $ 1,279 $ 907 $ 13 $ 12 $ 24 $ 145 $ 2,380 At June 30, 2014 Ending balance: Amount of allowance for loan losses for impaired loans $ 104 $ 104 $ - $ - $ - $ - $ 208 Ending balance: Amount of allowance for loan losses for non-impaired loans $ 1,175 $ 803 $ 13 $ 12 $ 24 $ 145 $ 2,172 Loans: Ending balance $ 184,380 $ 43,315 $ 1,575 $ 1,904 $ 627 $ - $ 231,801 (1) Ending balance: Impaired loans $ 3,752 $ 4,387 $ - $ 397 $ - $ - $ 8,536 Ending balance: Non-impaired loans $ 180,628 $ 38,928 $ 1,575 $ 1,507 $ 627 $ - $ 223,265 (1)
Schedule of the company's loans by risk rating	Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Total (In thousands) June 30, 2015 Grade: Pass $ 175,677 $ 34,052 $ 763 $ 3,246 $ 700 $ 214,438 Special Mention 442 2,159 - - - 2,601 Substandard 2,870 3,716 - 81 1 6,668 Doubtful - 1,710 - - - 1,710 Loss - - - - - - Total $ 178,989 $ 41,637 $ 763 $ 3,327 $ 701 $ 225,417 Residential Commercial Residential Consumer Real Estate Real Estate Construction Commercial and Other Total (In thousands) June 30, 2014 Grade: Pass $ 180,080 $ 33,034 $ 1,575 $ 1,459 $ 627 $ 216,775 Special Mention 175 2,065 - - - 2,240 Substandard 4,125 6,553 - 445 - 11,123 Doubtful - 1,663 - - - 1,663 Loss - - - - - - Total $ 184,380 $ 43,315 $ 1,575 $ 1,904 $ 627 $ 231,801
Schedule of the summary of past due and non-accrual loans	The following is a summary of past due and non-accrual loans at June 30, 2015 and 2014: 90 days 30–59 Days 60–89 Days or Greater Total Total Past Due Past Due Past Due Past Due Non-accrual (In thousands) 2015 Real estate: Residential $ 290 $ 193 $ 755 $ 1,238 $ 2,731 Commercial - - 2,316 2,316 2,886 Commercial - - - - 22 Consumer and other 4 - - 4 1 Total $ 294 $ 193 $ 3,071 $ 3,558 $ 5,640 2014 Real estate: Residential $ 357 $ 571 $ 1,497 $ 2,425 $ 3,977 Commercial - 383 2,208 2,591 3,051 Commercial - - - - 28 Consumer and other 6 - - 6 - Total $ 363 $ 954 $ 3,705 $ 5,022 $ 7,056
Schedule of information pertaining to impaired loans	At June 30, 2015 Year Ended June 30, 2015 Interest Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized on Cash Basis (In thousands) Impaired loans without a valuation allowance: Real estate: Residential $ 868 $ 873 $ 1,534 $ 29 $ - Commercial 4,138 4,678 4,378 81 - Commercial 2 2 276 21 - Total $ 5,008 $ 5,553 $ 6,188 $ 131 $ - Impaired loans with a valuation allowance: Real estate: Residential $ 1,545 $ 1,619 $ 103 $ 1,575 $ 16 $ 1 Commercial 22 22 17 25 - - Total $ 1,567 $ 1,641 $ 120 $ 1,600 $ 16 $ 1 Total impaired loans: Real estate: Residential $ 2,413 $ 2,492 $ 103 $ 3,109 $ 45 $ 1 Commercial 4,138 4,678 - 4,378 81 - Commercial 24 24 17 301 21 - Total $ 6,575 $ 7,194 $ 120 $ 7,788 $ 147 $ 1 At June 30, 2014 Year Ended June 30, 2014 Interest Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized on Cash Basis (In thousands) Impaired loans without a valuation allowance: Real estate: Residential $ 2,101 $ 2,229 $ 1,909 $ 25 $ 6 Commercial 3,646 4,122 3,054 44 38 Commercial 397 397 85 - - Consumer and other - - 7 1 - Total $ 6,144 $ 6,748 $ 5,055 $ 70 $ 44 Impaired loans with a valuation allowance: Real estate: Residential $ 1,651 $ 1,711 $ 104 $ 1,682 $ 34 $ 9 Commercial 741 804 104 532 2 2 Total $ 2,392 $ 2,515 $ 208 $ 2,214 $ 36 $ 11 Total impaired loans: Real estate: Residential $ 3,752 $ 3,940 $ 104 $ 3,591 $ 59 $ 15 Commercial 4,387 4,926 104 3,586 46 40 Commercial 397 397 - 85 - - Consumer and other - - - 7 1 - Total $ 8,536 $ 9,263 $ 208 $ 7,269 $ 106 $ 55
Schedule of modifications that were deemed to be troubled debt restructures	Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Year ended June 30, 2015: Real estate: Residential 5 $ 709 $ 741 Year ended June 30, 2014: Real estate: Residential 1 $ 38 $ 39 Commercial 1 198 210
Schedule of the summary of troubled debt restructurings that have subsequently defaulted within one year of modification	Number of Recorded Contracts Investment (Dollars in thousands) Year ended June 30, 2015: Real estate: Residential 1 $ 181 Commercial 1 207 Year ended June 30, 2014: Real estate: Residential 1 $ 201

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of summary of premises and equipment	The following is a summary of premises and equipment as of June 30: 2015 2014 (In thousands) Land $ 470 $ 470 Buildings and leasehold improvements 6,291 6,283 Equipment 2,658 2,772 9,419 9,525 Accumulated depreciation and amortization (5,656 ) (5,488 ) Premises and equipment, net $ 3,763 $ 4,037

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
	Jun. 30, 2015
Deposit Liabilities [Abstract]
Schedule of the balances of deposit accounts	2015 2014 (In thousands) Demand deposits $ 59,854 $ 53,021 NOW accounts 92,463 86,636 Regular savings 68,804 63,993 Money market accounts 17,238 18,047 Club accounts 259 260 238,618 221,957 Certificate accounts maturing in the years ending June 30: 2015 - 59,532 2016 53,966 21,101 2017 23,488 21,030 2018 14,139 8,329 2019 15,816 15,307 2020 11,614 - 119,023 125,299 Total deposits $ 357,641 $ 347,256

BORROWED FUNDS (Tables)

BORROWED FUNDS (Tables)	12 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of the borrowed funds	Borrowed funds consisted of the following at June 30: 2015 2014 Weighted Weighted Average Average Amount Due Rate Amount Due Rate (Dollars in thousands) Short-term borrowings: Securities sold under agreements to repurchase $ 2,797 0.10 % $ 4,181 0.18 % FHLB of Boston (FHLB) advances 4,240 0.30 - - Total 7,037 0.22 4,181 0.18 Long-term FHLB of Boston advances Year of maturity: 2015 - - 1,000 3.35 2016 - - 10,000 3.17 2017* 14,500 3.42 14,500 3.42 2018* 33,000 2.30 28,000 2.34 2020 5,000 2.32 - - Total 52,500 2.61 53,500 2.81 Total borrowed funds $ 59,537 2.33 % $ 57,681 2.60 % * Includes $18,000,000 of advances callable by the FHLB of Boston in 2016.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of the components of income tax expense (benefit)	2015 2014 (In thousands) Current: Federal $ - $ 57 State 1 1 Total current 1 58 Deferred: Federal (66 ) 94 State - - Total deferred (66 ) 94 Income tax (benefit) expense $ (65 ) $ 152
Schedule of the summary of differences between the statutory federal income tax rate and the effective tax rates	2015 2014 (In thousands) Federal income tax at statutory rates $ 165 $ 393 Increase (decrease) in tax resulting from: State taxes, net of federal benefit 1 1 Dividends received deduction (110 ) (111 ) Bank-owned life insurance (94 ) (99 ) Tax-exempt municipal income, net (1 ) (1 ) Other, net (26 ) (31 ) Income tax (benefit) expense $ (65 ) $ 152 Effective tax rates -13.4 % 13.2 %
Schedule of gross deferred tax assets and gross deferred tax liabilities	2015 2014 (In thousands) Deferred tax assets: Allowance for loan losses $ 739 $ 668 Net unrealized holding loss on available-for-sale securities 102 125 Deferred compensation 172 167 Stock-based compensation 76 78 Impairment losses on securities available-for-sale 859 859 Accrued expenses 147 177 Post retirement benefits 62 59 Interest receivable on non-accrual loans 86 64 Federal carryovers 1,989 1,818 Other 117 98 Gross deferred tax asset 4,349 4,113 Deferred tax liabilities: Depreciation and amortization (1,336 ) (1,181 ) Deferred loan costs (273 ) (239 ) Other (36 ) (32 ) Gross deferred tax liability (1,645 ) (1,452 ) Net deferred tax asset $ 2,704 $ 2,661

OTHER COMMITMENTS AND CONTING34

OTHER COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of the total minimum rental due in future periods under the existing agreements	The total minimum rental due in future periods under these existing agreements is as follows as of June 30, 2015: Rental Expense Due (In thousands) 2016 $ 154 2017 111 2018 101 2019 100 2020 47 Total $ 513

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of summary of assets measured at fair value on a recurring basis	Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 (In thousands) June 30, 2015 Securities available-for-sale: U. S. Government and government-sponsored securities $ 991 $ - $ 991 $ - Corporate bonds and other securities 5,204 - 5,204 - U.S. Government-sponsored and guaranteed mortgage-backed securities 23,602 - 23,602 - Non-agency mortgage-backed securities 5,860 - 5,860 - Equity securities 10,000 - - 10,000 Total $ 45,657 $ - $ 35,657 $ 10,000 June 30, 2014 Securities available-for-sale: U. S. Government and government-sponsored securities $ 976 $ - $ 976 $ - Corporate bonds and other securities 5,163 - 5,163 - U.S. Government-sponsored and guaranteed mortgage-backed securities 25,262 - 25,262 - Non-agency mortgage-backed securities 6,680 - 6,680 - Equity securities 10,000 - - 10,000 Total $ 48,081 $ - $ 38,081 $ 10,000
Schedule of the changes in level 3 assets measured at fair value	Auction Rate Trust Preferred Securities (In thousands) Beginning balance, July 1, 2013 $ 10,000 Total gains or losses (realized/unrealized) included in earnings - Total unrealized gains included in other comprehensive income - Ending balance, June 30, 2014 10,000 Total gains or losses (realized/unrealized) included in earnings - Total unrealized gains included in other comprehensive income - Ending balance, June 30, 2015 $ 10,000
Schedule of assets measured at fair value on a non-recurring basis and the adjustments to the carrying value	Total Losses for the Fair Value Measurements at Reporting Date Using: Year Ended Total Level 1 Level 2 Level 3 June 30, 2015 (In thousands) June 30, 2015 Impaired loans $ 151 $ - $ - $ 151 $ 22 Other real estate owned 599 599 17 $ 750 $ - $ - $ 750 $ 39 Total Losses for the Fair Value Measurements at Reporting Date Using: Year Ended Total Level 1 Level 2 Level 3 June 30, 2014 (In thousands) June 30, 2014 Impaired loans $ 548 $ - $ - $ 548 $ 230 Other real estate owned 869 - - 869 189 $ 1,417 $ - $ - $ 1,417 $ 419
Schedule of estimated fair value of financial instruments which are held or issued for purposes other than trading	The estimated fair values and carrying values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows as of June 30: 2015 Carrying Level 1 Level 2 Level 3 Fair Value (In thousands) Financial assets: Cash and cash equivalents $ 5,326 $ 5,326 $ - $ - $ 5,326 Available-for-sale securities 45,657 - 35,657 10,000 45,657 Held-to-maturity securities 164,096 - 165,644 - 165,644 Federal Home Loan Bank Stock 5,371 - - 5,371 5,371 Loans, net 224,046 - - 226,308 226,308 Accrued interest receivable 1,051 - - 1,051 1,051 Financial liabilities: Deposits 357,641 - - 359,253 359,253 Mortgagors' escrow accounts 2,363 - - 2,363 2,363 Federal Home Loan Bank advances 56,740 - 58,095 - 58,095 Securities sold under agreements to repurchase 2,797 - 2,797 - 2,797 Accrued interest payable 114 - - 114 114 2014 Carrying Level 1 Level 2 Level 3 Fair Value (In thousands) Financial assets: Cash and cash equivalents $ 7,335 $ 7,335 $ - $ - $ 7,335 Available-for-sale securities 48,081 - 38,081 10,000 48,081 Held-to-maturity securities 142,176 - 143,257 - 143,257 Federal Home Loan Bank Stock 5,927 - - 5,927 5,927 Loans held-for-sale 100 - - 101 101 Loans, net 230,126 - - 231,986 231,986 Accrued interest receivable 1,018 - - 1,018 1,018 Financial liabilities: Deposits 347,256 - - 349,235 349,235 Mortgagors' escrow accounts 2,267 - - 2,267 2,267 Federal Home Loan Bank advances 53,500 - 55,196 - 55,196 Securities sold under agreements to repurchase 4,181 - 4,181 - 4,181 Accrued interest payable 124 - - 124 124

OFF-BALANCE SHEET FINANCIAL I36

OFF-BALANCE SHEET FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Jun. 30, 2015
Off Balance Sheet Financial Instruments [Abstract]
Schedule of notional amounts of commitments with off-balance-sheet credit risk	Notional amounts of commitments with off-balance-sheet credit risk are as follows as of June 30: 2015 2014 (In thousands) Commitments to originate loans $ 3,557 $ 2,867 Unadvanced portions of loans: Construction loans 787 1,658 Lines of credit 13,482 12,217 Letters of credit 396 488 Outstanding commitments $ 18,222 $ 17,230

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	12 Months Ended
	Jun. 30, 2015
Regulatory Matters [Abstract]
Schedule of Bank's actual capital amounts and ratios	Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (In thousands) As of June 30, 2015: Tangible Equity Capital (to Tangible Assets) $ 41,201 8.70 % $ 7,102 2.00 % N/A N/A Tier 1 Capital (to Adjusted Total Assets) 41,201 8.70 18,938 4.00 $ 23,672 5.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 41,201 14.41 12,868 4.50 18,587 6.50 Tier 1 Capital (to Risk-Weighted Assets) 41,201 14.41 17,157 6.00 22,876 8.00 Total Capital (to Risk-Weighted Assets) 43,398 15.18 22,876 8.00 28,595 10.00 As of June 30, 2014: Tangible Equity Capital (to Tangible Assets) $ 40,093 8.87 % $ 6,781 2.00 % N/A N/A Tier 1 Capital (to Adjusted Total Assets) 40,093 8.87 18,083 4.00 $ 22,604 5.00 % Tier 1 Capital (to Risk-Weighted Assets) 40,093 17.62 9,099 4.00 13,649 6.00 Total Capital (to Risk-Weighted Assets) 42,494 18.68 18,199 8.00 22,749 10.00
Schedule of reconciliation of the Company's total consolidated equity to the capital amounts for the Bank reflected	June 30, 2015 2014 (In thousands) Total consolidated equity $ 51,744 $ 51,451 Adjustments: Equity capital of PSB Holdings, Inc. (3,672 ) (4,052 ) Intangible assets (5,390 ) (5,791 ) Disallowed servicing assets - (9 ) Disallowed deferred tax assets (1,675 ) (1,731 ) Unrealized losses on available-for-sale securities 194 225 Tier 1 and Common Equity Tier 1 Capital 41,201 40,093 Allowance for loan losses and off-balance sheet reserves 2,197 2,401 Total Risk-Based capital $ 43,398 $ 42,494

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)	12 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of summary of the status of the Incentive Plan	2015 2014 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at beginning of year 199,106 $ 10.62 222,921 $ 10.62 Granted - - - - Exercised - - - - Forfeited - - (23,815 ) 10.60 Outstanding at end of year 199,106 10.62 199,106 10.62 Options exercisable at end of year 199,106 $ 10.62 199,106 $ 10.62
Schedule of the information about stock options outstanding	The following table summarizes information about stock options outstanding as of June 30, 2015: Options Outstanding Options Exercisable Weighted-Average Weighted-Average Number Remaining Aggregate Number Weighted-Average Exercise Price Outstanding Contractual Life Intrinsic Value Exercisable Exercise Price $ 10.60 170,106 0.36 $ - 170,106 $ 10.60 10.70 23,000 1.90 - 23,000 10.70 10.78 6,000 0.94 - 6,000 10.78

ACCUMULATED OTHER COMPREHENSI39

ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (Tables)	12 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract]
Schedule of components of accumulated other comprehensive loss	At June 30, 2015 2014 (In thousands) Net unrealized loss on securities available-for-sale $ (300 ) $ (362 ) Tax effect 102 125 Accumulated other comprehensive loss $ (198 ) $ (237 )

PARENT COMPANY ONLY FINANCIAL40

PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of balance sheets	2015 2014 ASSETS Cash and due from depository institutions $ 427 $ 805 Investment in Putnam Bank 48,072 47,399 Investment in available-for-sale securities, at fair value 1,055 1,044 Loan to ESOP 1,473 1,607 Other assets 741 623 Total assets $ 51,768 $ 51,478 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities $ 24 $ 27 Stockholders' equity 51,744 51,451 Total liabilities and stockholders' equity $ 51,768 $ 51,478
Schedule of statements of income	2015 2014 Interest and dividends on investments $ 12 $ 12 Interest on ESOP loan 51 55 Total interest and dividend income 63 67 Other expense 227 224 Loss before income tax benefit and equity in undistributed net income of subsidiary (164 ) (157 ) Income tax benefit (73 ) (72 ) Loss before equity in undistributed net income of subsidiary (91 ) (85 ) Equity in undistributed net income of subsidiary 642 1,088 Net income $ 551 $ 1,003
Schedule of statements of cash flows	2015 2014 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash used in operating activities: $ 551 $ 1,003 Amortization of ESOP expense 96 81 Increase in other assets (120 ) (71 ) Increase in due from subsidiary (4 ) (67 ) (Decrease) increase in other liabilities (3 ) 4 Undistributed net income of subsidiary (642 ) (1,088 ) Net cash used in operating activities (122 ) (138 ) Cash flows from investing activities: Proceeds from maturities of available-for-sale securities 3 26 Principal payments received on loan to ESOP 134 130 Net cash provided by investing activities 137 156 Cash flows from financing activities: Cash dividends paid on common stock (393 ) - Net cash used in financing activities (393 ) - Net (decrease) increase in cash and cash equivalents (378 ) 18 Cash and cash equivalents at beginning of year 805 787 Cash and cash equivalents at end of year $ 427 $ 805

NATURE OF OPERATIONS (Detail Te

NATURE OF OPERATIONS (Detail Textuals) - shares	Jun. 30, 2015	Oct. 04, 2014	Jun. 30, 2014	Oct. 04, 2004
Related Party Transaction [Line Items]
Common stock, shares issued	6,943,125		6,541,561
ESOP
Related Party Transaction [Line Items]
Number of shares of common stock purchased		257,062
Putnam Bancorp MHC
Related Party Transaction [Line Items]
Common stock, shares issued				3,729,846
Percentage of common stock issued				53.72%
Eligible depositors and Putnam savings bank
Related Party Transaction [Line Items]
Common stock, shares issued				6,943,125
Percentage of common stock issued				44.50%
Putnam Savings Foundation
Related Party Transaction [Line Items]
Common stock, shares issued				123,588
Percentage of common stock issued				4.00%

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Computation of EPS on both basic and diluted basis (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Net income	$ 551	$ 1,003
Weighted average common shares applicable to basic EPS	6,415,376	6,402,597
Effect of dilutive potential common shares
Weighted average common shares applicable to diluted EPS	6,415,376	6,402,597
Earnings per share:
Basic (in dollars per share)	$ 0.09	$ 0.16
Diluted (in dollars per share)	$ 0.09	$ 0.16

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Cash and due from banks subject to withdrawals and usage restrictions	$ 425,000	$ 425,000
Number of options outstanding and excluded from computation of earnings per share	199,106	199,106
Period for dividends payable on common stock	20 years

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 1)	12 Months Ended
	Jun. 30, 2015
Buildings and premises
Property, Plant and Equipment [Line Items]
Estimated lives	5 to 40 years
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated lives	3 to 20 years
Lease
Property, Plant and Equipment [Line Items]
Estimated lives	1 to 25 years

INVESTMENT SECURITIES - Carryin

INVESTMENT SECURITIES - Carrying value and estimated market values of investment securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Available-for-sale:
Available-for-sale securities, amortized cost basis	$ 45,957	$ 48,443
Available-for-sale securities, gross unrealized gains	866	924
Available-for-sale Securities, gross unrealized (loss)	(1,166)	(1,286)
Total available-for-sale securities	45,657	48,081
Held-to-maturity:
Total held-to-maturity securities, amortized cost basis	164,096	142,176
Total held-to-maturity securities, gross unrealized gain	2,140	2,147
Total held-to-maturity securities gross unrealized (loss)	(592)	(1,066)
Held-to-maturity securities, fair value (in dollars)	165,644	143,257
Debt securities
Available-for-sale:
Total available-for-sale securities, amortized cost basis	35,957	38,443
Total available-for-sale securities, gross unrealized gain	866	924
Total available-for-sale securities, gross unrealized (loss)	(1,166)	(1,286)
Total available-for-sale securities, fair Value	35,657	38,081
Debt securities | U.S. Government and government-sponsored securities
Available-for-sale:
Available-for-sale due in one through five years, amortized cost basis	$ 1,000
Available-for-sale due in one through five years, gross unrealized gain
Available-for-sale due in one through five years, gross unrealized (loss)	$ (9)
Available-for-sale due in one through five years, fair value	991
Available-for-sale from five through ten years, amortized cost basis		$ 1,000
Available-for-sale from five through ten years, gross unrealized gain
Available-for-sale from five through ten years, gross unrealized (loss)		$ (24)
Available-for-sale from five through ten years, fair value		976
Held-to-maturity:
Held-to-maturity from one through five years, amortized cost basis	9,245	5,262
Held-to-maturity from one through five years, gross unrealized gain	70	4
Held-to-maturity from one through five years, gross unrealized (loss)	(4)	(28)
Held-to-maturity from one through five years, fair value	9,311	5,238
Held-to-maturity from five through ten years, amortized cost basis	954	4,929
Held-to-maturity from five through ten years, gross unrealized gains	$ 98	$ 122
Held-to-maturity from five through ten years, gross unrealized (loss)
Held-to-maturity from five through ten years, fair value	$ 1,052	$ 5,051
Total held-to-maturity securities, amortized cost basis	10,199	10,191
Total held-to-maturity securities, gross unrealized gain	168	126
Total held-to-maturity securities gross unrealized (loss)	(4)	(28)
Held-to-maturity securities, fair value (in dollars)	10,363	10,289
Debt securities | Corporate bonds and other securities
Available-for-sale:
Available-for-sale due after ten years, amortized cost basis	$ 5,999	$ 5,999
Available-for-sale due after ten years, gross unrealized gain
Available-for-sale due after ten years, gross unrealized (loss)	$ (795)	$ (836)
Available-for-sale due after ten years, fair value	5,204	5,163
Debt securities | U.S. Government sponsored and guaranteed mortgage-backed securities
Available-for-sale:
Available-for-sale due in one through five years, amortized cost basis	391	684
Available-for-sale due in one through five years, gross unrealized gain	$ 14	$ 37
Available-for-sale due in one through five years, gross unrealized (loss)
Available-for-sale due in one through five years, fair value	$ 405	$ 721
Available-for-sale from five through ten years, amortized cost basis	9,374	11,593
Available-for-sale from five through ten years, gross unrealized gain	$ 125	$ 189
Available-for-sale from five through ten years, gross unrealized (loss)
Available-for-sale from five through ten years, fair value	$ 9,499	$ 11,782
Available-for-sale due after ten years, amortized cost basis	13,280	12,426
Available-for-sale due after ten years, gross unrealized gain	419	377
Available-for-sale due after ten years, gross unrealized (loss)	(1)	(44)
Available-for-sale due after ten years, fair value	13,698	12,759
Total available-for-sale securities, amortized cost basis	23,045	24,703
Total available-for-sale securities, gross unrealized gain	558	603
Total available-for-sale securities, gross unrealized (loss)	(1)	(44)
Total available-for-sale securities, fair Value	23,602	25,262
Held-to-maturity:
Held-to-maturity from five through ten years, amortized cost basis	3,304	4,445
Held-to-maturity from five through ten years, gross unrealized gains	$ 127	$ 190
Held-to-maturity from five through ten years, gross unrealized (loss)
Held-to-maturity from five through ten years, fair value	$ 3,431	$ 4,635
Held-to-maturity after ten years, amortized cost basis	150,593	127,540
Held-to-maturity after ten years gross unrealized gain	1,845	1,831
Held-to-maturity after ten years, gross unrealized (loss)	(588)	(1,038)
Held-to-maturity after ten years gross, fair value	151,850	128,333
Total held-to-maturity securities, amortized cost basis	153,897	131,985
Total held-to-maturity securities, gross unrealized gain	1,972	2,021
Total held-to-maturity securities gross unrealized (loss)	(588)	(1,038)
Held-to-maturity securities, fair value (in dollars)	155,281	132,968
Debt securities | Non-agency mortgage-backed securities
Available-for-sale:
Available-for-sale due after ten years, amortized cost basis	5,913	6,741
Available-for-sale due after ten years, gross unrealized gain	308	321
Available-for-sale due after ten years, gross unrealized (loss)	(361)	(382)
Available-for-sale due after ten years, fair value	5,860	6,680
Equity securities | Auction rate preferred
Available-for-sale:
Available-for-sale equity securities, amortized cost basis, due after 10 years	$ 10,000	$ 10,000
Available-for-sale equity securities, gross unrealized gains, due after 10 years
Available-for-sale equity securities, gross unrealized (loss), due after 10 years
Available-for-sale equity securities, fair value, due after 10 years	$ 10,000	$ 10,000

INVESTMENT SECURITIES - Summary

INVESTMENT SECURITIES - Summary of the estimated fair value and related unrealized losses segregated by category (Details 1) - USD ($) $ in Thousands		Jun. 30, 2015	Jun. 30, 2014
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Temporarily impaired available-for-sale securities, less than 12 months fair value		$ 2,430	$ 2,370
Temporarily impaired available-for-sale securities, less than 12 months unrealized losses		1	1
Temporarily impaired available-for-sale securities, 12 months or more fair value		6,195	10,070
Temporarily impaired available-for-sale securities, 12 months or more unrealized losses		804	903
Temporarily impaired available-for-sale securities, fair value		8,625	12,440
Temporarily impaired available-for-sale securities, unrealized losses		805	904
Temporarily impaired held-to-maturity securities, less than 12 months fair value		48,498	32,063
Temporarily impaired held-to-maturity securities, less than 12 months unrealized losses		265	104
Temporarily impaired held-to-maturity, 12 months or more fair value		12,630	49,841
Temporarily impaired held-to-maturity, 12 months or more unrealized losses		327	962
Temporarily impaired held-to-maturity, fair value		61,128	81,904
Temporarily impaired held-to-maturity, unrealized losses		592	1,066
Temporarily-impaired and other-than-temporarily impaired securities, less than 12 months fair value		51,491	34,433
Temporarily-impaired and other-than-temporarily impaired securities, less than 12 months unrealized losses		272	105
Temporarily-impaired and other-than-temporarily impaired securities, 12 months or more fair value		21,826	63,212
Temporarily-impaired and other-than-temporarily impaired securities, 12 months or more unrealized losses		1,486	2,247
Temporarily impaired and other than temporary impaired debt securities, fair value		73,317	97,645
Temporarily impaired and other than temporary impaired debt securities, unrealized losses		$ 1,758	$ 2,352
Debt securities | U.S. Government and government-sponsored securities
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Temporarily impaired available-for-sale securities, less than 12 months fair value
Temporarily impaired available-for-sale securities, less than 12 months unrealized losses
Temporarily impaired available-for-sale securities, 12 months or more fair value		$ 991	$ 976
Temporarily impaired available-for-sale securities, 12 months or more unrealized losses		9	24
Temporarily impaired available-for-sale securities, fair value		991	976
Temporarily impaired available-for-sale securities, unrealized losses		9	24
Temporarily impaired held-to-maturity securities, less than 12 months fair value		2,251	1,004
Temporarily impaired held-to-maturity securities, less than 12 months unrealized losses		$ 4	1
Temporarily impaired held-to-maturity, 12 months or more fair value			3,229
Temporarily impaired held-to-maturity, 12 months or more unrealized losses			27
Temporarily impaired held-to-maturity, fair value		$ 2,251	4,233
Temporarily impaired held-to-maturity, unrealized losses		$ 4	$ 28
Debt securities | Corporate bonds and other securities
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Temporarily impaired available-for-sale securities, less than 12 months fair value
Temporarily impaired available-for-sale securities, less than 12 months unrealized losses
Temporarily impaired available-for-sale securities, 12 months or more fair value		$ 5,204	$ 5,163
Temporarily impaired available-for-sale securities, 12 months or more unrealized losses		795	836
Temporarily impaired available-for-sale securities, fair value		5,204	5,163
Temporarily impaired available-for-sale securities, unrealized losses		795	836
Debt securities | U.S. Government-sponsored and guaranteed mortgage-backed securities
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Temporarily impaired available-for-sale securities, less than 12 months fair value		2,430	2,370
Temporarily impaired available-for-sale securities, less than 12 months unrealized losses		$ 1	1
Temporarily impaired available-for-sale securities, 12 months or more fair value			3,931
Temporarily impaired available-for-sale securities, 12 months or more unrealized losses			43
Temporarily impaired available-for-sale securities, fair value		$ 2,430	6,301
Temporarily impaired available-for-sale securities, unrealized losses		1	44
Temporarily impaired held-to-maturity securities, less than 12 months fair value		46,247	31,059
Temporarily impaired held-to-maturity securities, less than 12 months unrealized losses		261	103
Temporarily impaired held-to-maturity, 12 months or more fair value		12,630	46,612
Temporarily impaired held-to-maturity, 12 months or more unrealized losses		327	935
Temporarily impaired held-to-maturity, fair value		58,877	77,671
Temporarily impaired held-to-maturity, unrealized losses		588	$ 1,038
Debt securities | Non-agency mortgage-backed securities
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Other-than-temporarily impaired debt securities, less than 12 months fair value	[1]	563
Other-than-temporarily impaired debt securities, less than 12 months unrealized losses	[1]	6
Other-than-temporarily impaired debt securities, 12 months or more fair value	[1]	3,001	$ 3,301
Other-than-temporarily impaired debt securities, 12 months or more unrealized losses	[1]	355	382
Other than temporary impaired debt securities, fair value	[1]	3,564	3,301
Other than temporary impaired debt securities, unrealized losses	[1]	$ 361	$ 382
[1]	Includes other-than-temporary impaired available-for-sale debt securities in which a portion of the other-than-temporary impairment loss remains in accumulated other comprehensive loss.

INVESTMENT SECURITIES - Amount

INVESTMENT SECURITIES - Amount of credit losses on debt securities for which portion of other-than-temporary impairment was recognized in other comprehensive income (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance	$ 15,743	$ 15,733
Credit losses on securities for which other-than-temporary impairment was not previously recorded
Additional credit losses on securities for which an other-than-temporary impairment charge was previously recorded	$ 155	$ 10
Reductions for securities sold during the period
Balance	$ 15,898	$ 15,743

INVESTMENT SECURITIES - Summa48

INVESTMENT SECURITIES - Summary of significant assumptions used in valuation of non-agency mortgage-backed securities (Details 3)	12 Months Ended
	Jun. 30, 2015
Weighted Average
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Prepayment rates	13.70%
Default rates	4.40%
Loss severity	33.60%
Minimum
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Prepayment rates	0.10%
Default rates	0.00%
Loss severity	0.00%
Maximum
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Prepayment rates	20.80%
Default rates	24.00%
Loss severity	68.80%

INVESTMENT SECURITIES (Detail T

INVESTMENT SECURITIES (Detail Textuals)	12 Months Ended
	Jun. 30, 2015USD ($)Security	Jun. 30, 2014USD ($)
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Proceeds from sales of securities available-for-sale	$ 5,276,000	$ 6,636,000
Total carrying value of securities pledged as collateral secure public deposits, the Federal Reserve Bank discount window, borrowings and repurchase agreements	$ 124,343,000	$ 116,525,000
Debt securities | U.S. government-sponsored and guaranteed securities
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Number of available for sale securities with unrealized losses | Security	31
Percentage of amortized cost basis as aggregate depreciation of investment securities	0.90%
Debt securities | Corporate bonds and other securities
Schedule Of Available-For-Sale Securities and Held-To-Maturity Securities [Line Items]
Number of available for sale securities with unrealized losses | Security	5
Percentage of amortized cost basis as aggregate depreciation of investment securities	13.30%

LOANS - Summary of loans (Detai

LOANS - Summary of loans (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses		$ (2,175)	$ (2,380)
Loans, net		224,046	230,126
Loans receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		226,097	233,459
Unadvanced construction loans		(680)	(1,658)
Total loans after unadvanced construction loans	[1]	225,417	231,801
Net deferred loan costs		804	705
Allowance for loan losses		(2,175)	(2,380)
Loans, net		224,046	230,126
Loans receivables | Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	[2]	178,989	184,380
Total loans after unadvanced construction loans		178,989	184,380
Loans receivables | Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		41,762	43,887
Total loans after unadvanced construction loans		41,637	43,315
Loans receivables | Residential Construction Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		1,318	2,661
Total loans after unadvanced construction loans		763	1,575
Loans receivables | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		3,327	1,904
Total loans after unadvanced construction loans		3,327	1,904
Loans receivables | Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		701	627
Total loans after unadvanced construction loans		$ 701	$ 627
[1]	Does not include deferred fees or costs.
[2]	Residential real estate loans include one-to-four family mortgage loans, second mortgage loans, and home equity lines of credit.

LOANS - Summary of allowance fo

LOANS - Summary of allowance for loan losses by portfolio segment (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision (credit)		$ 535	$ 55
Loans receivables
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance		2,380	2,693
Charge-offs		(1,021)	(451)
Recoveries		281	83
Provision (credit)		535	55
Ending balance		2,175	2,380
Loans: Ending balance	[1]	225,417	231,801
Loans receivables | Residential Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance		1,279	1,201
Charge-offs		(98)	(200)
Recoveries		45	37
Provision (credit)		(135)	241
Ending balance		1,091	1,279
Loans: Ending balance		178,989	184,380
Loans receivables | Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance		907	1,315
Charge-offs		(879)	$ (199)
Recoveries		211
Provision (credit)		667	$ (209)
Ending balance		906	907
Loans: Ending balance		41,637	43,315
Loans receivables | Residential Construction Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance		$ 13	$ 22
Charge-offs
Recoveries			$ 5
Provision (credit)		$ (8)	(14)
Ending balance		5	13
Loans: Ending balance		763	1,575
Loans receivables | Commercial
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance		$ 12	$ 17
Charge-offs
Recoveries		$ 12	$ 14
Provision (credit)		17	(19)
Ending balance		41	12
Loans: Ending balance		3,327	1,904
Loans receivables | Consumer and other
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance		24	36
Charge-offs		(44)	(52)
Recoveries		13	27
Provision (credit)		33	13
Ending balance		26	24
Loans: Ending balance		701	627
Loans receivables | Unallocated
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance		$ 145	$ 102
Charge-offs
Recoveries
Provision (credit)		$ (39)	$ 43
Ending balance		$ 106	$ 145
Loans: Ending balance
Impaired loan receivables
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for impaired loans		$ 120	$ 208
Ending balance: Impaired loans		6,575	8,536
Impaired loan receivables | Residential Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for impaired loans		103	104
Ending balance: Impaired loans		$ 2,413	3,752
Impaired loan receivables | Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for impaired loans			104
Ending balance: Impaired loans		$ 4,138	$ 4,387
Impaired loan receivables | Residential Construction Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for impaired loans
Ending balance: Impaired loans
Impaired loan receivables | Commercial
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for impaired loans		$ 17
Ending balance: Impaired loans		$ 24	$ 397
Impaired loan receivables | Consumer and other
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for impaired loans
Ending balance: Impaired loans
Impaired loan receivables | Unallocated
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for impaired loans
Ending balance: Impaired loans
Non-impaired loan receivables
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for non-impaired loans		$ 2,055	$ 2,172
Ending balance: Non-impaired loans		218,842	223,265
Non-impaired loan receivables | Residential Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for non-impaired loans		988	1,175
Ending balance: Non-impaired loans		176,576	180,628
Non-impaired loan receivables | Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for non-impaired loans		906	803
Ending balance: Non-impaired loans		37,499	38,928
Non-impaired loan receivables | Residential Construction Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for non-impaired loans		5	13
Ending balance: Non-impaired loans		763	1,575
Non-impaired loan receivables | Commercial
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for non-impaired loans		24	12
Ending balance: Non-impaired loans		3,303	1,507
Non-impaired loan receivables | Consumer and other
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for non-impaired loans		26	24
Ending balance: Non-impaired loans		701	627
Non-impaired loan receivables | Unallocated
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Ending balance: Amount of allowance for loan losses for non-impaired loans		$ 106	$ 145
Ending balance: Non-impaired loans
[1]	Does not include deferred fees or costs.

LOANS - Loan segments by intern

LOANS - Loan segments by internally assigned grades (Details 2) - Loans receivables - USD ($) $ in Thousands		Jun. 30, 2015	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans	[1]	$ 225,417	$ 231,801
Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		214,438	216,775
Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		2,601	2,240
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		6,668	11,123
Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 1,710	$ 1,663
Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 178,989	$ 184,380
Residential Real Estate | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		175,677	180,080
Residential Real Estate | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		442	175
Residential Real Estate | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 2,870	$ 4,125
Residential Real Estate | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Residential Real Estate | Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 41,637	$ 43,315
Commercial Real Estate | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		34,052	33,034
Commercial Real Estate | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		2,159	2,065
Commercial Real Estate | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		3,716	6,553
Commercial Real Estate | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 1,710	$ 1,663
Commercial Real Estate | Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Residential Construction Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 763	$ 1,575
Residential Construction Real Estate | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 763	$ 1,575
Residential Construction Real Estate | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Residential Construction Real Estate | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Residential Construction Real Estate | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Residential Construction Real Estate | Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 3,327	$ 1,904
Commercial | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 3,246	$ 1,459
Commercial | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Commercial | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 81	$ 445
Commercial | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Commercial | Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Consumer and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 701	$ 627
Consumer and other | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 700	$ 627
Consumer and other | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Consumer and other | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans		$ 1
Consumer and other | Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
Consumer and other | Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans after unadvanced construction loans
[1]	Does not include deferred fees or costs.

LOANS - Summary of past due and

LOANS - Summary of past due and non-accrual loans (Details 3) - Loans receivables - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 3,558	$ 5,022
Total Non-accrual	5,640	7,056
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	294	363
60-89 DaysPast Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	193	954
90 days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	3,071	3,705
Residential Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,238	2,425
Total Non-accrual	2,731	3,977
Residential Real Estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	290	357
Residential Real Estate | 60-89 DaysPast Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	193	571
Residential Real Estate | 90 days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	755	1,497
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	2,316	2,591
Total Non-accrual	$ 2,886	$ 3,051
Commercial Real Estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Commercial Real Estate | 60-89 DaysPast Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		$ 383
Commercial Real Estate | 90 days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 2,316	$ 2,208
Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Total Non-accrual	$ 22	$ 28
Commercial | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Commercial | 60-89 DaysPast Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Commercial | 90 days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Consumer and other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 4	$ 6
Total Non-accrual	1
Consumer and other | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 4	$ 6
Consumer and other | 60-89 DaysPast Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Consumer and other | 90 days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due

LOANS - Summary of impaired loa

LOANS - Summary of impaired loans (Details 4) - Loans receivables - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Financing Receivable, Impaired [Line Items]
Impaired loans without a valuation allowance, Recorded Investment	$ 5,008	$ 6,144
Impaired loans without a valuation allowance, Unpaid Principal Balance	5,553	6,748
Impaired loans without a valuation allowance, Average Recorded Investment	6,188	5,055
Impaired loans without a valuation allowance, Interest Income Recognized	$ 131	70
Impaired loans without a valuation allowance, Interest Income Recognized on Cash Basis		44
Impaired loans with a valuation allowance, Recorded Investment	$ 1,567	2,392
Impaired loans with a valuation allowance, Unpaid Principal Balance	1,641	2,515
Impaired loans with a valuation allowance, Related Allowance	120	208
Impaired loans with a valuation allowance, Average Recorded Investment	1,600	2,214
Impaired loans with a valuation allowance, Interest Income Recognized	16	36
Impaired loans with a valuation allowance, Interest Income Recognized on Cash Basis	1	11
Total impaired loans, Recorded Investment	6,575	8,536
Total impaired loans, Unpaid Principal Balance	7,194	9,263
Total impaired loans, Related Allowance	120	208
Total impaired loans, Average Recorded Investment	7,788	7,269
Total impaired loans, Interest Income Recognized	147	106
Total impaired loans, Interest Income Recognized on Cash Basis	1	55
Residential Real Estate
Financing Receivable, Impaired [Line Items]
Impaired loans without a valuation allowance, Recorded Investment	868	2,101
Impaired loans without a valuation allowance, Unpaid Principal Balance	873	2,229
Impaired loans without a valuation allowance, Average Recorded Investment	1,534	1,909
Impaired loans without a valuation allowance, Interest Income Recognized	$ 29	25
Impaired loans without a valuation allowance, Interest Income Recognized on Cash Basis		6
Impaired loans with a valuation allowance, Recorded Investment	$ 1,545	1,651
Impaired loans with a valuation allowance, Unpaid Principal Balance	1,619	1,711
Impaired loans with a valuation allowance, Related Allowance	103	104
Impaired loans with a valuation allowance, Average Recorded Investment	1,575	1,682
Impaired loans with a valuation allowance, Interest Income Recognized	16	34
Impaired loans with a valuation allowance, Interest Income Recognized on Cash Basis	1	9
Total impaired loans, Recorded Investment	2,413	3,752
Total impaired loans, Unpaid Principal Balance	2,492	3,940
Total impaired loans, Related Allowance	103	104
Total impaired loans, Average Recorded Investment	3,109	3,591
Total impaired loans, Interest Income Recognized	45	59
Total impaired loans, Interest Income Recognized on Cash Basis	1	15
Commercial Real Estate
Financing Receivable, Impaired [Line Items]
Impaired loans without a valuation allowance, Recorded Investment	4,138	3,646
Impaired loans without a valuation allowance, Unpaid Principal Balance	4,678	4,122
Impaired loans without a valuation allowance, Average Recorded Investment	4,378	3,054
Impaired loans without a valuation allowance, Interest Income Recognized	$ 81	44
Impaired loans without a valuation allowance, Interest Income Recognized on Cash Basis		38
Impaired loans with a valuation allowance, Recorded Investment		741
Impaired loans with a valuation allowance, Unpaid Principal Balance		804
Impaired loans with a valuation allowance, Related Allowance		104
Impaired loans with a valuation allowance, Average Recorded Investment		532
Impaired loans with a valuation allowance, Interest Income Recognized		2
Impaired loans with a valuation allowance, Interest Income Recognized on Cash Basis		2
Total impaired loans, Recorded Investment	$ 4,138	4,387
Total impaired loans, Unpaid Principal Balance	$ 4,678	4,926
Total impaired loans, Related Allowance		104
Total impaired loans, Average Recorded Investment	$ 4,378	3,586
Total impaired loans, Interest Income Recognized	$ 81	46
Total impaired loans, Interest Income Recognized on Cash Basis		40
Commercial
Financing Receivable, Impaired [Line Items]
Impaired loans without a valuation allowance, Recorded Investment	$ 2	397
Impaired loans without a valuation allowance, Unpaid Principal Balance	2	397
Impaired loans without a valuation allowance, Average Recorded Investment	276	$ 85
Impaired loans without a valuation allowance, Interest Income Recognized	$ 21
Impaired loans without a valuation allowance, Interest Income Recognized on Cash Basis
Impaired loans with a valuation allowance, Recorded Investment	$ 22
Impaired loans with a valuation allowance, Unpaid Principal Balance	22
Impaired loans with a valuation allowance, Related Allowance	17
Impaired loans with a valuation allowance, Average Recorded Investment	$ 25
Impaired loans with a valuation allowance, Interest Income Recognized
Impaired loans with a valuation allowance, Interest Income Recognized on Cash Basis
Total impaired loans, Recorded Investment	$ 24	$ 397
Total impaired loans, Unpaid Principal Balance	24	$ 397
Total impaired loans, Related Allowance	17
Total impaired loans, Average Recorded Investment	301	$ 85
Total impaired loans, Interest Income Recognized	$ 21
Total impaired loans, Interest Income Recognized on Cash Basis
Consumer and other
Financing Receivable, Impaired [Line Items]
Impaired loans without a valuation allowance, Recorded Investment
Impaired loans without a valuation allowance, Unpaid Principal Balance
Impaired loans without a valuation allowance, Average Recorded Investment		$ 7
Impaired loans without a valuation allowance, Interest Income Recognized		$ 1
Impaired loans without a valuation allowance, Interest Income Recognized on Cash Basis
Impaired loans with a valuation allowance, Related Allowance
Total impaired loans, Recorded Investment
Total impaired loans, Unpaid Principal Balance
Total impaired loans, Related Allowance
Total impaired loans, Average Recorded Investment		$ 7
Total impaired loans, Interest Income Recognized		$ 1
Total impaired loans, Interest Income Recognized on Cash Basis

LOANS - Summary of modification

LOANS - Summary of modifications that were deemed to be troubled debt restructures (Details 5) - Loans receivables $ in Thousands	12 Months Ended
	Jun. 30, 2015USD ($)Contract	Jun. 30, 2014USD ($)Contract
Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Contracts | Contract	5	1
Pre-Modifcation Outstanding Recorded Investment	$ 709	$ 38
Post-Modification Outstanding Recorded Investment	$ 741	$ 39
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Contracts | Contract		1
Pre-Modifcation Outstanding Recorded Investment		$ 198
Post-Modification Outstanding Recorded Investment		$ 210

LOANS - Summary of troubled deb

LOANS - Summary of troubled debt restructurings subsequently defaulted within one year of modification (Details 6) - Loans receivables $ in Thousands	12 Months Ended
	Jun. 30, 2015USD ($)Contract	Jun. 30, 2014USD ($)Contract
Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Contracts | Contract	1	1
Recorded Investment	$ 181	$ 201
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Contracts | Contract	1
Recorded Investment	$ 207

LOANS (Detail Textuals)

LOANS (Detail Textuals) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan purchases	$ 1,209,000
Unpaid principal balances of mortgage and other loans serviced for others	31,697,000	$ 32,447,000
Mortgage servicing rights, balance	107,000	$ 94,000
Loans receivables | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan purchases	$ 1,209,000

PREMISES AND EQUIPMENT - Summar

PREMISES AND EQUIPMENT - Summary of premises and equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 9,419	$ 9,525
Accumulated depreciation and amortization	(5,656)	(5,488)
Premises and equipment, net	3,763	4,037
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	470	470
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	6,291	6,283
Equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 2,658	$ 2,772

PREMISES AND EQUIPMENT (Detail

PREMISES AND EQUIPMENT (Detail Textuals) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 341,000	$ 334,000

DEPOSITS - Balances of deposit

DEPOSITS - Balances of deposit accounts (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Deposit Liabilities [Abstract]
Demand deposits	$ 59,854	$ 53,021
NOW accounts	92,463	86,636
Regular savings	68,804	63,993
Money market accounts	17,238	18,047
Club accounts	259	260
Deposit accounts	238,618	221,957
Certificate accounts maturing in the years ending June 30:
2,015		59,532
2,016	53,966	21,101
2,017	23,488	21,030
2,018	14,139	8,329
2,019	15,816	15,307
2,020	11,614
Time deposits	119,023	125,299
Total deposits	$ 357,641	$ 347,256

DEPOSITS (Detail Textuals)

DEPOSITS (Detail Textuals) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Deposit Liabilities [Abstract]
Aggregate amount of time deposit accounts in denominations of $100,000 or more	$ 58,470,000	$ 61,244,000

BORROWED FUNDS - Summary of bor

BORROWED FUNDS - Summary of borrowed funds (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Jun. 30, 2014
Short-term borrowings:
Securities sold under agreements to repurchase, Amount due		$ 2,797	$ 4,181
Securities sold under agreements to repurchase, Weighted average rate		0.10%	0.18%
FHLB of Boston (FHLB) advances, Amount due		$ 4,240
FHLB of Boston (FHLB) advances, Weighted average rate		0.30%
Short-term borrowings, Total		$ 7,037	$ 4,181
Short-term borrowings, Weighted average rate		0.22%	0.18%
Long-term FHLB of Boston advances, Year of maturity:
Amount due in 2015			$ 1,000
Amount due in 2016			10,000
Amount due in 2017	[1]	$ 14,500	14,500
Amount due in 2018	[1]	33,000	$ 28,000
Amount due in 2020		5,000
Total long-term FHLB advances, Amount due		$ 52,500	$ 53,500
Weighted Average Rate, 2015			3.35%
Weighted Average Rate, 2016			3.17%
Weighted Average Rate, 2017	[1]	3.42%	3.42%
Weighted Average Rate, 2018	[1]	2.30%	2.34%
Weighted Average Rate, 2020		2.32%
Total long-term FHLB advances, Weighted average rate		2.61%	2.81%
Total borrowed funds, amount due		$ 59,537	$ 57,681
Total borrowed funds, Weighted average rate		2.33%	2.60%
[1]	Includes $18,000,000 of advances callable by the FHLB of Boston in 2016.

BORROWED FUNDS (Detail Textuals

BORROWED FUNDS (Detail Textuals) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Liquidity line of credit with Bankers Bank Northeast	$ 4,000,000
Repurchase agreements | U.S. government-sponsored and guaranteed securities
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Collateral amount	21,683,000	$ 17,402,000
Federal Home Loan Bank of Boston
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Amount due in 2017 callable in 2015	18,000,000	18,000,000
Amount due in 2018 callable in 2015	18,000,000	18,000,000
Loans with a principal balance, pledged to secure available borrowings from the FHLB	38,163,000	$ 47,106,000
Modified amount	10,000,000
Capitalized fees	$ 246,000
Frequency of fee	Monthly
Line of credit with Federal Home Loan Bank of Boston	$ 2,354,000

INCOME TAXES - Summary of incom

INCOME TAXES - Summary of income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Current:
Federal		$ 57
State	$ 1	1
Total current	1	58
Deferred:
Federal	$ (66)	$ 94
State
Total deferred	$ (66)	$ 94
Income tax (benefit) expense	$ (65)	$ 152

INCOME TAXES - Summary of diffe

INCOME TAXES - Summary of differences between statutory federal income tax rate of 34% and effective tax rates (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Federal income tax at statutory rates	$ 165	$ 393
Increase (decrease) in tax resulting from:
State taxes, net of federal benefit	1	1
Dividends received deduction	(110)	(111)
Bank-owned life insurance	(94)	(99)
Tax-exempt municipal income, net	(1)	(1)
Other, net	(26)	(31)
Income tax (benefit) expense	$ (65)	$ 152
Effective tax rates	(13.40%)	13.20%

INCOME TAXES - Summary of gross

INCOME TAXES - Summary of gross deferred tax assets and gross deferred tax liabilities (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Deferred tax assets:
Allowance for loan losses	$ 739	$ 668
Net unrealized holding loss on available-for-sale securities	102	125
Deferred compensation	172	167
Stock-based compensation	76	78
Impairment losses on securities available-for-sale	859	859
Accrued expenses	147	177
Post retirement benefits	62	59
Interest receivable on non-accrual loans	86	64
Federal carryovers	1,989	1,818
Other	117	98
Gross deferred tax asset	4,349	4,113
Deferred tax liabilities:
Depreciation and amortization	(1,336)	(1,181)
Deferred loan costs	(273)	(239)
Other	(36)	(32)
Gross deferred tax liability	(1,645)	(1,452)
Net deferred tax asset	$ 2,704	$ 2,661

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	34.00%
Federal carryovers alternative minimum tax	$ 1,196,000
Net operating loss carryovers	2,231,000
Tax credit carryforwards	103,000
Contingency reserve for loan losses	2,284,000
Unrecognized deferred income taxes	$ 777,000	$ 777,000

OTHER COMMITMENTS AND CONTING68

OTHER COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rental Expense Due in 2016	$ 154
Rental Expense Due in 2017	111
Rental Expense Due in 2018	101
Rental Expense Due in 2019	100
Rental Expense Due in 2020	47
Rental Expense Due in Total	$ 513

OTHER COMMITMENTS AND CONTING69

OTHER COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Total rental expense	$ 174,000	$ 151,000

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets measured at fair value on a recurring basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Total
Available-for-sale:
Assets measured at fair value	$ 45,657	$ 48,081
Total | U.S. Government and government-sponsored securities
Available-for-sale:
Assets measured at fair value	991	976
Total | Corporate bonds and other securities
Available-for-sale:
Assets measured at fair value	5,204	5,163
Total | U.S. Government-sponsored and guaranteed mortgage-backed securities
Available-for-sale:
Assets measured at fair value	23,602	25,262
Total | Non-agency mortgage-backed securities
Available-for-sale:
Assets measured at fair value	5,860	6,680
Total | Equity securities
Available-for-sale:
Assets measured at fair value	$ 10,000	$ 10,000
Level 1
Available-for-sale:
Assets measured at fair value
Level 1 | U.S. Government and government-sponsored securities
Available-for-sale:
Assets measured at fair value
Level 1 | Corporate bonds and other securities
Available-for-sale:
Assets measured at fair value
Level 1 | U.S. Government-sponsored and guaranteed mortgage-backed securities
Available-for-sale:
Assets measured at fair value
Level 1 | Non-agency mortgage-backed securities
Available-for-sale:
Assets measured at fair value
Level 1 | Equity securities
Available-for-sale:
Assets measured at fair value
Level 2
Available-for-sale:
Assets measured at fair value	$ 35,657	$ 38,081
Level 2 | U.S. Government and government-sponsored securities
Available-for-sale:
Assets measured at fair value	991	976
Level 2 | Corporate bonds and other securities
Available-for-sale:
Assets measured at fair value	5,204	5,163
Level 2 | U.S. Government-sponsored and guaranteed mortgage-backed securities
Available-for-sale:
Assets measured at fair value	23,602	25,262
Level 2 | Non-agency mortgage-backed securities
Available-for-sale:
Assets measured at fair value	$ 5,860	$ 6,680
Level 2 | Equity securities
Available-for-sale:
Assets measured at fair value
Level 3
Available-for-sale:
Assets measured at fair value	$ 10,000	$ 10,000
Level 3 | U.S. Government and government-sponsored securities
Available-for-sale:
Assets measured at fair value
Level 3 | Corporate bonds and other securities
Available-for-sale:
Assets measured at fair value
Level 3 | U.S. Government-sponsored and guaranteed mortgage-backed securities
Available-for-sale:
Assets measured at fair value
Level 3 | Non-agency mortgage-backed securities
Available-for-sale:
Assets measured at fair value
Level 3 | Equity securities
Available-for-sale:
Assets measured at fair value	$ 10,000	$ 10,000

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in level 3 assets measured at fair value on recurring basis (Details 1) - Available-for-sale securities - Auction Rate Trust Preferred Securities - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 10,000	$ 10,000
Total gains or losses (realized/unrealized) included in earnings
Total unrealized gains included in other comprehensive income
Ending balance	$ 10,000	$ 10,000

FAIR VALUE MEASUREMENTS - Ass72

FAIR VALUE MEASUREMENTS - Assets measured at fair value on a non-recurring basis and the adjustments to the carrying value (Details 2) - Fair value measurements non recurring basis - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Losses	$ 39	$ 419
Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 750	$ 1,417
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 750	$ 1,417
Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Losses	22	230
Impaired loans | Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 151	$ 548
Impaired loans | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value
Impaired loans | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value
Impaired loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 151	$ 548
Other real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Losses	17	189
Other real estate owned | Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 599	$ 869
Other real estate owned | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value
Other real estate owned | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value
Other real estate owned | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 599	$ 869

FAIR VALUE MEASUREMENTS - Compa

FAIR VALUE MEASUREMENTS - Company financial instruments, all of which are held or issued for purposes other than trading (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Financial assets:
Cash and cash equivalents
Available-for-sale securities	$ 45,657	$ 48,081
Held-to-maturity securities	165,644	$ 143,257
Federal Home Loan Bank Stock
Loans held-for-sale
Loans, net
Accrued interest receivable	1,051	$ 1,018
Financial liabilities:
Deposits
Mortgagors' escrow accounts	2,363	$ 2,267
Federal Home Loan Bank advances
Securities sold under agreements to repurchase
Accrued interest payable
Carrying Amount
Financial assets:
Cash and cash equivalents	5,326	$ 7,335
Available-for-sale securities	45,657	48,081
Held-to-maturity securities	164,096	142,176
Federal Home Loan Bank Stock	5,371	5,927
Loans held-for-sale		100
Loans, net	224,046	230,126
Accrued interest receivable	1,051	1,018
Financial liabilities:
Deposits	357,641	347,256
Mortgagors' escrow accounts	2,363	2,267
Federal Home Loan Bank advances	56,740	53,500
Securities sold under agreements to repurchase	2,797	4,181
Accrued interest payable	114	124
Level 1
Financial assets:
Cash and cash equivalents	$ 5,326	$ 7,335
Available-for-sale securities
Held-to-maturity securities
Federal Home Loan Bank Stock
Loans held-for-sale
Loans, net
Accrued interest receivable
Financial liabilities:
Deposits
Mortgagors' escrow accounts
Federal Home Loan Bank advances
Securities sold under agreements to repurchase
Accrued interest payable
Level 2
Financial assets:
Cash and cash equivalents
Available-for-sale securities	$ 35,657	$ 38,081
Held-to-maturity securities	$ 165,644	$ 143,257
Federal Home Loan Bank Stock
Loans held-for-sale
Loans, net
Accrued interest receivable
Financial liabilities:
Deposits
Mortgagors' escrow accounts
Federal Home Loan Bank advances	$ 58,095	$ 55,196
Securities sold under agreements to repurchase	$ 2,797	$ 4,181
Accrued interest payable
Level 3
Financial assets:
Cash and cash equivalents
Available-for-sale securities	$ 10,000	$ 10,000
Held-to-maturity securities
Federal Home Loan Bank Stock	$ 5,371	$ 5,927
Loans held-for-sale		101
Loans, net	$ 226,308	231,986
Accrued interest receivable	1,051	1,018
Financial liabilities:
Deposits	359,253	349,235
Mortgagors' escrow accounts	$ 2,363	$ 2,267
Federal Home Loan Bank advances
Securities sold under agreements to repurchase
Accrued interest payable	$ 114	$ 124
Fair Value
Financial assets:
Cash and cash equivalents	5,326	7,335
Available-for-sale securities	45,657	48,081
Held-to-maturity securities	165,644	143,257
Federal Home Loan Bank Stock	$ 5,371	5,927
Loans held-for-sale		101
Loans, net	$ 226,308	231,986
Accrued interest receivable	1,051	1,018
Financial liabilities:
Deposits	359,253	349,235
Mortgagors' escrow accounts	2,363	2,267
Federal Home Loan Bank advances	58,095	55,196
Securities sold under agreements to repurchase	2,797	4,181
Accrued interest payable	$ 114	$ 124

OFF-BALANCE SHEET FINANCIAL I74

OFF-BALANCE SHEET FINANCIAL INSTRUMENTS - Summary of Notional amounts of commitments with off-balance-sheet credit risk (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Line of Credit Facility [Line Items]
Outstanding commitments	$ 18,222	$ 17,230
Commitments to originate loans
Line of Credit Facility [Line Items]
Outstanding commitments	3,557	2,867
Unadvanced construction loans
Line of Credit Facility [Line Items]
Outstanding commitments	787	1,658
Unadvanced lines of credit
Line of Credit Facility [Line Items]
Outstanding commitments	13,482	12,217
Unadvanced letters of credit
Line of Credit Facility [Line Items]
Outstanding commitments	$ 396	$ 488

REGULATORY MATTERS - Bank's act

REGULATORY MATTERS - Bank's actual capital amounts and ratios (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Regulatory Matters [Abstract]
Tangible Equity Capital (to Tangible Assets), Actual Amount	$ 41,201	$ 40,093
Tier 1 Capital (to Adjusted Total Assets), Actual Amount	41,201	40,093
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount	41,201
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount	41,201	40,093
Total Capital (to Risk-Weighted Assets), Actual Amount	$ 43,398	$ 42,494
Tangible Equity Capital (to Tangible Assets), Actual Ratio	8.70%	8.87%
Tier 1 Capital (to Adjusted Total Assets), Actual Ratio	8.70%	8.87%
Common Equity Tier 1 Capital (to Adjusted Total Assets), Actual Ratio	14.41%
Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio	14.41%	17.62%
Total Capital (to Risk-Weighted Assets), Actual Ratio	15.18%	18.68%
Tangible Equity Capital (to Tangible Assets), For Capital Adequacy Purposes Amount	$ 7,102	$ 6,781
Tier 1 Capital (to Adjusted Total Assets), For Capital Adequacy Purposes Amount	18,938	18,083
Common Equity Tier 1 Capital (to Risk-Weighted Assets) For Capital Adequacy Purposes Amount	12,868
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes Amount	17,157	9,099
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes Amount	$ 22,876	$ 18,199
Tangible Equity Capital (to Tangible Assets), For Capital Adequacy Purposes Ratio	2.00%	2.00%
Tier 1 Capital (to Adjusted Total Assets), For Capital Adequacy Purposes Ratio	4.00%	4.00%
Common Equity Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes Ratio	4.50%
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes Ratio	6.00%	4.00%
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes Ratio	8.00%	8.00%
Tangible Equity Capital (to Tangible Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount
Tier 1 Capital (to Adjusted Total Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 23,672	$ 22,604
Common Equity Tier 1 Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	18,587
Tier 1 Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	22,876	13,649
Total Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 28,595	$ 22,749
Tangible Equity Capital (to Tangible Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio
Tier 1 Capital (to Adjusted Total Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	5.00%	5.00%
Common Equity Tier 1 Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	6.50%
Tier 1 Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	8.00%	6.00%
Total Capital (to Risk-Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	10.00%	10.00%

REGULATORY MATTERS - Reconcilia

REGULATORY MATTERS - Reconciliation of total consolidated equity to capital amounts (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total consolidated equity	$ 51,744	$ 51,451	$ 50,081
Adjustments:
Tier 1 and Common Equity Tier 1 Capital	41,201	40,093
Allowance for loan losses and off-balance sheet reserves	2,175	2,380
Total Risk-Based capital	43,398	42,494
PSB Holdings, Inc
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total consolidated equity	51,744	51,451
Adjustments:
Equity capital of PSB Holdings, Inc.	(3,672)	(4,052)
Intangible assets	(5,390)	(5,791)
Disallowed servicing assets		(9)
Disallowed deferred tax assets	(1,675)	(1,731)
Unrealized losses on available-for-sale securities	194	225
Tier 1 and Common Equity Tier 1 Capital	41,201	40,093
Allowance for loan losses and off-balance sheet reserves	2,197	2,401
Total Risk-Based capital	$ 43,398	$ 42,494

BENEFIT PLANS - Summary of stat

BENEFIT PLANS - Summary of status of incentive plan (Details) - Stock Options - Stock-based Incentive Plan - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Number of Shares
Options outstanding at beginning of year	199,106	222,921
Granted
Exercised
Forfeited		(23,815)
Outstanding at end of year	199,106	199,106
Options exercisable at end of year	199,106	199,106
Weighted Average Exercise Price
Options outstanding at beginning of year	$ 10.62	$ 10.62
Granted
Exercised
Forfeited		$ 10.60
Outstanding at end of year	$ 10.62	10.62
Options exercisable at end of year	$ 10.62	$ 10.62

BENEFIT PLANS - Summary of stoc

BENEFIT PLANS - Summary of stock options outstanding (Details 1)	12 Months Ended
	Jun. 30, 2015USD ($)$ / sharesshares
Exercise Price $10.60
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Weighted-Average Exercise Price | $ / shares	$ 10.60
Options Outstanding, Number Outstanding	170,106
Options Outstanding, Weighted-Average Remaining Contractual Life	4 months 10 days
Options Outstanding, Aggregate Intrinsic Value | $
Options Exercisable, Number Exercisable	170,106
Options Exercisable, Weighted-Average Exercise Price | $ / shares	$ 10.60
Exercise Price $10.70
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Weighted-Average Exercise Price | $ / shares	$ 10.70
Options Outstanding, Number Outstanding	23,000
Options Outstanding, Weighted-Average Remaining Contractual Life	1 year 10 months 24 days
Options Outstanding, Aggregate Intrinsic Value | $
Options Exercisable, Number Exercisable	23,000
Options Exercisable, Weighted-Average Exercise Price | $ / shares	$ 10.70
Exercise Price $10.78
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Weighted-Average Exercise Price | $ / shares	$ 10.78
Options Outstanding, Number Outstanding	6,000
Options Outstanding, Weighted-Average Remaining Contractual Life	11 months 9 days
Options Outstanding, Aggregate Intrinsic Value | $
Options Exercisable, Number Exercisable	6,000
Options Exercisable, Weighted-Average Exercise Price | $ / shares	$ 10.78

BENEFIT PLANS (Detail Textuals)

BENEFIT PLANS (Detail Textuals)	Oct. 04, 2004USD ($)Installmentsshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)shares
Compensation and Retirement Disclosure [Abstract]
Description of 401(k) Plan		The Company has a 401(k) plan covering each eligible employee. Employees must be 21 years of age, work at least 1,000 hours per year, and have at least one year of service with the Company to be eligible to participate.
Percentage of contribution an employee's deferral		50.00%
Percentage of employee's salary		4.00%
Contribution from employer		$ 78,000	$ 65,000
Additional discretionary contributions amount		177,000	147,000
Total liability for the arrangements included in other liabilities		183,000	172,000
Expenses under other postretirement benefit plan		$ 11,000	$ 10,000
Number of share purchased | shares	257,062
Amount borrowed by ESOP for purchase of shares	$ 2,600,000
Employee Stock Ownership Plan, Borrowings, Initial variable interest rate	4.75%
Number of substantial equal annual installments | Installments	20
Employee Stock Ownership Plan, Borrowings, Current interest rate		3.25%	3.25%
Amount of ESOP expenses		$ 96,000	$ 81,000
Number of shares allocated | shares		138,850	126,071
Number of shares unallocated | shares		118,212	130,991
Fair value of unallocated ESOP shares		$ 958,000	$ 880,000

BENEFIT PLANS (Detail Textuals

BENEFIT PLANS (Detail Textuals 1) - 2005 Stock-Based Incentive Plan	Jun. 30, 2005shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares granted	476,298
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares granted	340,213
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares granted	136,085

ACCUMULATED OTHER COMPREHENSI81

ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS - Components of accumulated other comprehensive loss included in stockholders equity and related tax effects (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract]
Net unrealized loss on securities available-for-sale	$ (300)	$ (362)
Tax effect	102	125
Accumulated other comprehensive loss	$ (198)	$ (237)

ACCUMULATED OTHER COMPREHENSI82

ACCUMULATED OTHER COMPREHENSIVE INCOME/LOSS (Detail Textuals) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Abstract]
Pre-tax unrealized losses on securities which other-than-temporary impairment recognized	$ 53,000	$ 60,000

PARENT COMPANY ONLY FINANCIAL83

PARENT COMPANY ONLY FINANCIAL STATEMENTS - Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
ASSETS
Cash and due from depository institutions	$ 4,562	$ 4,573
Investment in available-for-sale securities, at fair value	45,657	48,081
Other assets	2,093	1,967
Total assets	473,601	461,039
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	2,316	2,384
Stockholders' equity	51,744	51,451	$ 50,081
Total liabilities and stockholders' equity	473,601	461,039
PSB Holdings, Inc
ASSETS
Cash and due from depository institutions	427	805
Investment in Putnam Bank	48,072	47,399
Investment in available-for-sale securities, at fair value	1,055	1,044
Loan to ESOP	1,473	1,607
Other assets	741	623
Total assets	51,768	51,478
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	24	27
Stockholders' equity	51,744	51,451
Total liabilities and stockholders' equity	$ 51,768	$ 51,478

PARENT COMPANY ONLY FINANCIAL84

PARENT COMPANY ONLY FINANCIAL STATEMENTS - Statements of Income (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Interest on ESOP loan	$ 9,543	$ 10,162
Total interest and dividend income	13,574	13,904
Other expense	1,144	1,227
Income tax benefit	(65)	152
Net income	551	1,003
PSB Holdings, Inc
Condensed Financial Statements, Captions [Line Items]
Interest and dividends on investments	12	12
Interest on ESOP loan	51	55
Total interest and dividend income	63	67
Other expense	227	224
Loss before income tax benefit and equity in undistributed net income of subsidiary	(164)	(157)
Income tax benefit	(73)	(72)
Loss before equity in undistributed net income of subsidiary	(91)	(85)
Equity in undistributed net income of subsidiary	642	1,088
Net income	$ 551	$ 1,003

PARENT COMPANY ONLY FINANCIAL85

PARENT COMPANY ONLY FINANCIAL STATEMENTS - Statements of Cash Flows (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 551	$ 1,003
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of ESOP expense	96	81
(Decrease) increase in other liabilities	(68)	(159)
Net cash used in operating activities	2,577	4,028
Cash flows from investing activities:
Proceeds from maturities of available-for-sale securities	5,276	6,636
Net cash provided by investing activities	(16,530)	(14,936)
Cash flows from financing activities:
Cash dividends paid on common stock	(393)
Net cash used in financing activities	11,944	5,450
Net (decrease) increase in cash and cash equivalents	(2,009)	(5,458)
Cash and cash equivalents at beginning of year	7,335	12,793
Cash and cash equivalents at end of year	5,326	7,335
PSB Holdings, Inc
Cash flows from operating activities:
Net income	551	1,003
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of ESOP expense	96	81
Increase in other assets	(120)	(71)
Increase in due from subsidiary	(4)	(67)
(Decrease) increase in other liabilities	(3)	4
Undistributed net income of subsidiary	(642)	(1,088)
Net cash used in operating activities	(122)	(138)
Cash flows from investing activities:
Proceeds from maturities of available-for-sale securities	3	26
Principal payments received on loan to ESOP	134	130
Net cash provided by investing activities	137	$ 156
Cash flows from financing activities:
Cash dividends paid on common stock	(393)
Net cash used in financing activities	(393)
Net (decrease) increase in cash and cash equivalents	(378)	$ 18
Cash and cash equivalents at beginning of year	805	787
Cash and cash equivalents at end of year	$ 427	$ 805