Oconee Federal Financial (OFED) 10-Q 10 Feb 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2016	Feb. 09, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Oconee Federal Financial Corp.
Entity Central Index Key	1,501,078
Trading Symbol	ofed
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,790,965
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
ASSETS
Cash and due from banks	$ 5,504	$ 4,874
Interest-earning deposits	20,174	22,802
Total cash and cash equivalents	25,678	27,676
Securities available-for-sale	120,654	132,084
Loans	301,537	292,063
Allowance for loan losses	(996)	(922)
Net loans	300,541	291,141
Loans held for sale, at fair value		129
Premises and equipment, net	6,665	6,811
Real estate owned, net	752	1,354
Accrued interest receivable
Loans	937	1,016
Investments	557	492
Restricted equity securities, at cost	1,021	1,021
Bank owned life insurance	17,811	17,558
Goodwill	2,593	2,593
Core deposit intangible	664	744
Loan servicing rights	1,219	1,046
Deferred tax assets	2,585	1,128
Other assets	401	847
Total assets	482,078	485,640
Deposits
Noninterest bearing	26,058	23,356
Interest bearing	370,355	376,278
Total deposits	396,413	399,634
Accrued interest payable and other liabilities	1,758	605
Total liabilities	398,171	400,239
SHAREHOLDERS' EQUITY
Common stock, $0.01 par value, 100,000,000 shares authorized; 6,463,039 shares issued and outstanding, respectively	65	65
Treasury stock, at par, 672,074 and 634,131 shares, respectively	(7)	(6)
Additional paid-in capital	12,423	12,882
Retained earnings	73,393	71,909
Accumulated other comprehensive (loss) income	(860)	1,808
Unearned ESOP shares	(1,107)	(1,257)
Total shareholders' equity	83,907	85,401
Total liabilities and shareholders' equity	$ 482,078	$ 485,640

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2016	Jun. 30, 2016
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	6,463,039	6,463,039
Common stock, shares outstanding	6,463,039	6,463,039
Treasury stock, shares	672,074	634,131

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Interest and dividend income:
Loans, including fees	$ 3,639	$ 3,850	$ 7,376	$ 7,734
Securities, taxable	388	430	831	820
Securities, tax-exempt	180	119	358	208
Interest-earning deposits and other	36	26	77	42
Total interest income	4,243	4,425	8,642	8,804
Interest expense:
Deposits	323	295	643	584
Total interest expense	323	295	643	584
Net interest income	3,920	4,130	7,999	8,220
Provision for loan losses	24	277	89	422
Net interest income after provision for loan losses	3,896	3,853	7,910	7,798
Noninterest income:
Service charges on deposit accounts	107	121	211	240
Income on bank owned life insurance	127	132	253	240
Mortgage banking income	82	95	175	191
Gain on sales of securities	57		125	9
Gain on disposition of purchase credit impaired loans	120	90	196	809
Other	2	14	3	19
Total noninterest income	495	452	963	1,508
Noninterest expense:
Salaries and employee benefits	1,629	1,857	3,141	3,346
Occupancy and equipment	370	354	738	714
Data processing	140	110	270	258
Professional and supervisory fees	249	167	456	417
Office expense	44	58	96	99
Advertising	46	63	77	100
FDIC deposit insurance	35	53	91	108
Foreclosed assets, net	2	47	37	222
Change in loan servicing asset	(196)	22	(173)	86
Other	136	173	316	328
Total noninterest expense	2,455	2,904	5,049	5,678
Income before income taxes	1,936	1,401	3,824	3,628
Income tax expense	618	452	1,233	1,237
Net income	1,318	949	2,591	2,391
Other comprehensive income
Unrealized (losses) gains on securities available-for-sale	(3,524)	(579)	(4,043)	204
Tax effect	1,268	209	1,455	(74)
Reclassification adjustment for gains realized in net income	(57)		(125)	(9)
Tax effect	21		45	3
Total other comprehensive (loss) income	(2,292)	(370)	(2,668)	124
Comprehensive (loss) income	$ (974)	$ 579	$ (77)	$ 2,515
Basic net income per share: (Note 3) (in dollars per share)	$ 0.23	$ 0.17	$ 0.46	$ 0.42
Diluted net income per share: (Note 3) (in dollars per share)	0.23	0.16	0.45	0.41
Dividends declared per share: (in dollars per share)	$ 0.10	$ 0.10	$ 0.20	$ 0.20

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands		Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (loss)	Unearned ESOP Shares	Total
Balance at Jun. 30, 2015		$ 65	$ (6)	$ 13,354	$ 68,950	$ (26)	$ (1,547)	$ 80,790
Increase (Decrease) in Shareholders' Equity
Net income					2,391			2,391
Other comprehensive income (loss)						124		124
Purchase of 1,800 and 37,943 shares of treasury stock for six months ended December 31, 2015 and December 31, 2016 respectively.	[1]			(32)				(32)
Stock-based compensation expense				151				151
Dividends	[2]			35	(1,128)			(1,093)
ESOP shares earned				156			184	340
Balance at Dec. 31, 2015		65	(6)	13,664	70,213	98	(1,363)	82,671
Balance at Jun. 30, 2016		65	(6)	12,882	71,909	1,808	(1,257)	85,401
Increase (Decrease) in Shareholders' Equity
Net income					2,591			2,591
Other comprehensive income (loss)						(2,668)		(2,668)
Purchase of 1,800 and 37,943 shares of treasury stock for six months ended December 31, 2015 and December 31, 2016 respectively.	[3]		(1)	(777)				(778)
Stock-based compensation expense				151				151
Dividends	[4]			44	(1,107)			1,063
ESOP shares earned				123			150	273
Balance at Dec. 31, 2016		$ 65	$ (7)	$ 12,423	$ 73,393	$ (860)	$ (1,107)	$ 83,907
[1]	The weighted average cost of treasury shares purchased during the six months ended was $18.34 per share. Treasury stock repurchases were accounted for using the par value method.
[2]	Approximately $99 of cash dividends paid on shares in the ESOP was used as an additional principal reduction on the ESOP debt, resulting in the release of approximately 7,891 additional shares. The portion of the dividend paid on allocated shares of approximately $35 was treated as a dividend. The remaining portion of the dividend payment and resulting release of approximately 7,891 shares was accounted for as additional compensation expense of approximately $64 for the six months ended December 31, 2015.
[3]	The weighted average cost of treasury shares purchased during the six months ended was $20.48 per share. Treasury stock repurchases were accounted for using the par value method.
[4]	Approximately $99 of cash dividends paid on shares in the ESOP was used as an additional principal reduction on the ESOP debt, resulting in the release of approximately 8,938 additional shares. The portion of the dividend paid on allocated shares of approximately $44 was treated as a dividend. The remaining portion of the dividend payment and resulting release of approximately 8,938 shares was accounted for as additional compensation expense of approximately $55 for the six months ended December 31, 2016.

CONSOLIDATED STATEMENTS OF CHA6

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Purchase of treasury stock (in shares)	37,943	1,800
Weighted average cost of treasury shares	$ 20.48	$ 18.34
Cash dividends on ESOP shares	$ 99	$ 99
Number of additional shares released (in shares)	8,938	7,891
Dividend paid on allocated shares	$ 44	$ 35
Release of shares upon dividend payment (in shares)	8,938	7,891
Additional compensation expense	$ 55	$ 64

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash Flows From Operating Activities
Net income	$ 2,591	$ 2,391
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	89	422
Provision for real estate owned	103	110
Depreciation and amortization, net	745	557
Net amortization (accretion) of purchase accounting adjustments	119	(78)
Deferred income tax expense	44	848
Net (gain) loss on sale of real estate owned	(86)	59
Change in loan servicing asset	(173)	86
Gain on sales of securities	(125)	(9)
Mortgage loans originated for sale	(1,543)	(2,532)
Mortgage loans sold	1,707	2,690
Gain on sales of mortgage loans	(35)	(40)
Increase in cash surrender value of bank owned life insurance	(253)	(240)
Gain on disposition of purchased credit impaired loans	(196)	(809)
ESOP compensation expense	273	340
Stock based compensation expense	151	151
Net change in operating assets and liabilities:
Accrued interest receivable and other assets	460	(60)
Accrued interest payable and other liabilities	1,153	787
Net cash provided by operating activities	5,024	4,673
Cash Flows From Investing Activities
Purchases of premises and equipment	(71)	(57)
Purchases of securities available-for-sale	(19,779)	(23,465)
Proceeds from maturities, paydowns and calls of securities available-for-sale	11,069	9,142
Proceeds from sales of securities available-for-sale	15,648	1,164
Purchases of bank owned life insurance		(8,000)
Proceeds from sale of real estate owned	739	1,448
Dispositions of purchased credit impaired loans	566	2,648
Loan originations and repayments, net	(10,132)	8,535
Net cash used in investing activities	(1,960)	(8,585)
Cash Flows from Financing Activities
Net change in deposits	(3,221)	3,075
Dividends paid	(1,063)	(1,093)
Purchase of treasury stock	(778)	(32)
Net cash (used in) provided by financing activities	(5,062)	1,950
Change in cash and cash equivalents	(1,998)	(1,962)
Cash and cash equivalents, beginning of period	27,676	26,192
Cash and cash equivalents, end of period	$ 25,678	$ 24,230

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	(1) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Oconee Federal Financial Corp., which include the accounts of its wholly owned subsidiary Oconee Federal Savings and Loan Association (the “Association”) (referred to herein as “the Company,” “we,” “us,” or “our”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Intercompany accounts and transactions are eliminated during consolidation. The Company is majority owned (71.91%) by Oconee Federal, MHC. These financial statements do not include the transactions and balances of Oconee Federal, MHC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the Company’s financial position as of December 31, 2016 and June 30, 2016 and the results of operations and cash flows for the interim periods ended December 31, 2016 and 2015. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the year or any other period. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2016. Certain amounts have been reclassified to conform to the current period presentation. The reclassifications had no effect on net income or shareholders’ equity as previously reported. Cash Flows: Use of Estimates:

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	6 Months Ended
	Dec. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
NEW ACCOUNTING STANDARDS	(2) NEW ACCOUNTING STANDARDS In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 provides cash flow statement classification guidance for certain transactions including how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and should be applied retrospectively. Early adoption is permitted, including adoption in an interim period. The Company is assessing ASU 2016-15 but does not expect that it will have a significant impact on its accounting and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments. The provisions of ASU 2016-13 were issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 eliminate the probable incurred loss recognition in current GAAP and reflect an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the statement of income as a credit loss expense. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of ASU 2016-13 on its accounting and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation, which requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. The Company does not believe that this new guidance will have a material effect on the consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	6 Months Ended
	Dec. 31, 2016
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS")	(3) EARNINGS PER SHARE (“EPS”) Basic EPS is based on the weighted average number of common shares outstanding and is adjusted for ESOP shares not yet committed to be released. Unvested restricted stock awards, which contain rights to non-forfeitable dividends, are considered participating securities and the two-class method of computing basic and diluted EPS is applied. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable (such as stock options) or which could be converted into common stock, if dilutive, using the treasury stock method. The factors used in the earnings per common share computation follow: Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, Earnings per share Net income $ 1,318 $ 949 $ 2,591 $ 2,391 Less: distributed earnings allocated to participating securities (3 ) (6 ) (7 ) (13 ) Less: (undistributed income) dividends in excess of earnings allocated to participating securities (6 ) (4 ) (11 ) (12 ) Net earnings available to common shareholders $ 1,309 $ 939 $ 2,573 $ 2,366 Weighted average common shares outstanding including participating securities 5,793,350 5,881,847 5,802,651 5,881,993 Less: participating securities (40,905 ) (62,502 ) (40,905 ) (62,502 ) Less: average unearned ESOP shares (111,218 ) (141,676 ) (115,104 ) (144,160 ) Weighted average common shares outstanding 5,641,227 5,677,669 5,646,642 5,675,331 Basic earnings per share $ 0.23 $ 0.17 $ 0.46 $ 0.42 Weighted average common shares outstanding 5,641,227 5,677,669 5,646,642 5,675,331 Add: dilutive effects of assumed exercises of stock options 96,097 71,507 89,680 71,221 Average shares and dilutive potential common shares 5,737,324 5,749,176 5,736,322 5,746,552 Diluted earnings per share $ 0.23 $ 0.16 $ 0.45 $ 0.41 During the three months ended December 31, 2016, no shares were considered anti-dilutive. During the six months ended December 31, 2016, 28,700 shares were considered anti-dilutive as the exercise price was below the average market price for the respective periods. During the three and six months ended December 31, 2015, 15,400 shares were considered anti-dilutive as the exercise price was below the average market price for the respective periods.

SECURITIES AVAILABLE-FOR-SALE

SECURITIES AVAILABLE-FOR-SALE	6 Months Ended
	Dec. 31, 2016
SECURITIES AVAILABLE-FOR-SALE AND HELD-TO-MATURITY
SECURITIES AVAILABLE-FOR-SALE	(4) SECURITIES AVAILABLE-FOR-SALE Debt, mortgage-backed and equity securities have been classified in the consolidated balance sheets according to management’s intent. U.S. Government agency mortgage-backed securities consist of securities issued by U.S. Government agencies and U.S. Government sponsored enterprises. Investment securities at December 31, 2016 and June 30, 2016 are as follows: Gross Gross Amortized Unrealized Unrealized Fair December 31, 2016 Cost Gains Losses Value Available-for-sale: FHLMC common stock $ 20 $ 284 $ - $ 304 Certificates of deposit 7,723 30 (16 ) 7,737 Corporate debt securities - - - - Municipal securities 36,016 18 (830 ) 35,204 SBA loan pools 627 4 - 631 U.S. Government agency mortgage-backed securities 65,559 192 (822 ) 64,929 U.S. Government agency bonds 12,052 18 (221 ) 11,849 Total available-for-sale $ 121,997 $ 546 $ (1,889 ) $ 120,654 Gross Gross Amortized Unrealized Unrealized Fair June 30, 2016 Cost Gains Losses Value Available-for-sale: FHLMC common stock $ 20 $ 131 $ - $ 151 Certificates of deposit 7,470 64 - 7,534 Corporate debt securities 8,932 186 (2 ) 9,116 Municipal securities 33,508 989 (16 ) 34,481 SBA loan pools 1,268 8 (3 ) 1,273 U.S. Government agency mortgage-backed securities 68,103 1,331 (31 ) 69,403 U.S. Government agency bonds 9,957 169 - 10,126 Total available-for-sale $ 129,258 $ 2,878 $ (52 ) $ 132,084 Securities pledged at December 31, 2016 and June 30, 2016 had fair values of $5,990 and $6,114, respectively. These securities were pledged to secure public deposits. At December 31, 2016 and June 30, 2016, there were no holdings of securities of any one issuer, other than U.S. Government agencies and U.S. Government sponsored enterprises, in an amount greater than 10% of shareholders’ equity. The following tables show the fair value and unrealized loss of securities that have been in unrealized loss positions for less than twelve months and for more than twelve months at December 31, 2016 and June 30, 2016. The tables also show the number of securities in an unrealized loss position for each category of investment security as of the respective dates. Less than 12 Months 12 Months or More Total Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) December 31, 2016 Available-for-sale: Certificates of deposit $ 1,731 $ (16 ) 7 $ - $ - - $ 1,731 $ (16 ) 7 Municipal securities 31,019 (808 ) 76 697 (22 ) 2 31,716 (830 ) 78 U.S. Government agency mortgage-backed securities 46,597 (743 ) 47 2,542 (79 ) 4 49,139 (822 ) 51 U.S. Government agency bonds 9,830 (221 ) 9 - - - 9,830 (221 ) 9 $ 89,177 $ (1,788 ) 139 $ 3,239 $ (101 ) 6 $ 92,416 $ (1,889 ) 145 Less than 12 Months 12 Months or More Total Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) June 30, 2016 Available-for-sale: Municipal securities $ 2,574 $ (11 ) 5 $ 716 $ (5 ) 2 $ 3,290 $ (16 ) 7 Corporate debt securities 1,018 (2 ) 2 - - - 1,018 (2 ) 2 SBA loan pools - - - 508 (3 ) 1 508 (3 ) 1 U.S. Government agency mortgage-backed securities 1,057 (1 ) 1 2,982 (30 ) 4 4,039 (31 ) 5 $ 4,649 $ (14 ) 8 $ 4,206 $ (38 ) 7 $ 8,855 $ (52 ) 15 (1) Actual amounts. The Company evaluates securities for other-than-temporary impairments (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company considers the length of time and the extent to which the fair value has been less than cost and the financial condition and near-term prospects of the issuer. Additionally, the Company considers its intent to sell or whether it will be more likely than not it will be required to sell the security prior to the security's anticipated recovery in fair value. In analyzing an issuer's financial condition, the Company may consider whether the securities are issued by federal Government agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer's financial condition. None of the unrealized losses at December 31, 2016 were recognized into net income for the three or six months ended December 31, 2016 because the issuers’ bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates. The fair value of these securities is expected to recover as they approach their maturity date or reset date. None of the unrealized losses at June 30, 2016 were recognized as having OTTI during the year ended June 30, 2016. The following table presents the amortized cost and fair value of debt securities classified as available-for-sale at December 31, 2016 and June 30, 2016 by contractual maturity. FHLMC common stock is not presented in this table. December 31, 2016 June 30, 2016 Amortized Fair Amortized Fair Cost Value Cost Value Less than one year $ 3,237 $ 3,244 $ 3,740 $ 3,751 Due from one to five years 13,147 13,102 16,819 17,086 Due from five to ten years 30,648 29,970 30,778 31,622 Due after ten years 8,759 8,474 8,530 8,798 Mortgage-backed securities (1) 66,186 65,560 69,371 70,676 Total $ 121,977 $ 120,350 $ 129,238 $ 131,933 (1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalty. The following table presents the gross proceeds from sales of securities available-for-sale and gains or losses recognized for the three and six months ended December 31, 2016 and 2015: Three Months Ended Six Months Ended Available-for-sale: December 31, December 31, December 31, December 31, Proceeds $ 12,495 $ - $ 15,648 $ 1,164 Gross gains 57 - 125 9 Gross losses - - - - The tax provision related to these net realized gains for the three and six months ended December 31, 2016 was $21 and $45, respectively, and for the three and six months ended December 31, 2015 was $0 and $3, respectively.

LOANS

LOANS	6 Months Ended
	Dec. 31, 2016
LOANS
LOANS	(5) LOANS The components of loans at December 31, 2016 and June 30, 2016 were as follows: December 31, June 30, Real estate loans: One-to-four family $ 254,216 $ 242,067 Multi-family 1,933 1,996 Home equity 5,722 6,433 Nonresidential 19,343 20,310 Agricultural 1,535 2,958 Construction and land 14,355 14,332 Total real estate loans 297,104 288,096 Commercial and industrial 167 176 Consumer and other loans 5,335 4,915 Total loans 302,606 293,187 Deferred net loan fees (1,069 ) (1,124 ) Total loans net of deferred loan fees $ 301,537 $ 292,063 The following tables present the activity in the allowance for loan losses for the three and six months ended December 31, 2016 by portfolio segment: Three Months Ended December 31, 2016 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 785 $ 10 $ - $ - $ 795 Multi-family 4 - - - 4 Home equity 2 - - - 2 Nonresidential 132 (8 ) - - 124 Agricultural 5 (3 ) - - 2 Construction and land 35 4 - - 39 Total real estate loans 963 3 - - 966 Commercial and industrial 6 (1 ) - - 5 Consumer and other loans 3 22 - - 25 Total loans $ 972 $ 24 $ - $ - $ 996 Six Months Ended December 31, 2016 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 733 $ 62 $ - $ - $ 795 Multi-family 4 - - - 4 Home equity 2 - - - 2 Nonresidential 130 9 (15 ) - 124 Agricultural 5 (3 ) - - 2 Construction and land 39 - - - 39 Total real estate loans 913 68 (15 ) - 966 Commercial and industrial 6 (1 ) - - 5 Consumer and other loans 3 22 - - 25 Total loans $ 922 $ 89 $ (15 ) $ - $ 996 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2016: Ending Allowance on Loans: Loans: Individually Evaluated for Collectively Individually Evaluated for Collectively At December 31, 2016 Non-PCI PCI (1) Non-PCI PCI (1) Real estate loans: One-to-four family $ 34 $ 74 $ 687 $ 993 $ 1,933 $ 250,337 Multi-family - - 4 - - 1,932 Home equity - - 2 - - 5,722 Nonresidential - 68 56 453 903 17,974 Agricultural - - 2 448 - 1,086 Construction and land - 9 30 - 509 13,759 Total real estate loans 34 151 781 1,894 3,345 290,810 Commercial and industrial - - 5 - - 167 Consumer and other loans - - 25 - - 5,321 Total loans $ 34 $ 151 $ 811 $ 1,894 $ 3,345 $ 296,298 (1) “Purchase Credit Impaired” (or “PCI”) loans include all loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The following tables present the activity in the allowance for loan losses for the three and six months ended December 31, 2015 by portfolio segment: Three Months Ended December 31, 2015 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 881 $ 148 $ (68 ) $ - $ 961 Multi-family 4 - - - 4 Home equity 20 53 (72 ) - 1 Nonresidential 68 (1 ) - - 67 Agricultural 4 - - - 4 Construction and land 19 67 - - 86 Total real estate loans 996 267 (140 ) - 1,123 Commercial and industrial 8 - - - 8 Consumer and other loans 7 10 - - 17 Total loans $ 1,011 $ 277 $ (140 ) $ - $ 1,148 Six Months Ended December 31, 2015 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 910 $ 259 $ (208 ) $ - $ 961 Multi-family 4 - - - 4 Home equity 1 72 (72 ) - 1 Nonresidential 55 12 - - 67 Agricultural 4 - - - 4 Construction and land 25 61 - - 86 Total real estate loans 999 404 (280 ) - 1,123 Commercial and industrial - 8 - - 8 Consumer and other loans 9 10 (2 ) - 17 Total loans $ 1,008 $ 422 $ (282 ) $ - $ 1,148 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at June 30, 2016: Ending Allowance on Loans: Loans: Individually Evaluated for Collectively Individually Evaluated for Collectively At June 30, 2016 Non-PCI PCI (1) Non-PCI PCI (1) Real estate loans: One-to-four family $ 55 $ 46 $ 632 $ 1,014 $ 1,904 $ 238,161 Multi-family - - 4 - - 1,994 Home equity - - 2 - - 6,575 Nonresidential - 72 58 - 1,492 18,807 Agricultural - - 5 448 - 2,509 Construction and land - 11 28 - 525 13,558 Total real estate loans 55 129 729 1,462 3,921 281,604 Commercial and industrial - - 6 - - 176 Consumer and other loans - - 3 - - 4,900 Total loans $ 55 $ 129 $ 738 $ 1,462 $ 3,921 $ 286,680 (1) PCI loans include all loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The tables below present loans that were individually evaluated for impairment by portfolio segment at December 31, 2016 and June 30, 2016, including the average recorded investment balance and interest earned for the six months ended December 31, 2016 and year ended June 30, 2016: December 31, 2016 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 688 $ 489 $ - $ 741 $ 24 Multi-family - - - - - Home equity 50 - - - - Nonresidential 1,479 907 - 1,009 26 Agricultural 997 448 - 448 18 Construction and land 818 478 - 332 19 Total real estate loans 4,032 2,322 - 2,530 87 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 4,032 $ 2,322 $ - $ 2,530 $ 87 With recorded allowance: Real estate loans: One-to-four family $ 3,058 $ 2,437 $ 108 $ 2,178 $ 111 Multi-family - - - - - Home equity - - - - - Nonresidential 558 449 68 416 20 Agricultural - - - - - Construction and land 185 31 9 189 11 Total real estate loans 3,801 2,917 185 2,783 142 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 3,801 $ 2,917 $ 185 $ 2,783 $ 142 Totals: Real estate loans $ 7,833 $ 5,239 $ 185 $ 5,313 $ 229 Consumer and other loans - - - - - Total $ 7,833 $ 5,239 $ 185 $ 5,313 $ 229 The unpaid principal balance and recorded investment includes PCI loans of $5,365 and $3,345, respectively, at December 31, 2016. June 30, 2016 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 1,787 $ 992 $ - $ 2,198 $ 113 Multi-family - - - - - Home equity 185 - - - - Nonresidential 2,192 1,111 - 1,209 72 Agricultural 997 448 - 945 - Construction and land 359 185 - 392 35 Total real estate loans 5,520 2,736 - 4,744 220 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 5,520 $ 2,736 $ - $ 4,744 $ 220 With recorded allowance: Real estate loans: One-to-four family $ 2,021 $ 1,918 $ 101 $ 1,980 $ 89 Multi-family - - - - - Home equity - - - - - Nonresidential 404 382 72 851 25 Agricultural - - - - - Construction and land 767 347 11 174 61 Total real estate loans 3,192 2,647 184 3,005 175 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 3,192 $ 2,647 $ 184 $ 3,005 $ 175 Totals: Real estate loans $ 8,712 $ 5,383 $ 184 $ 7,749 $ 395 Consumer and other loans - - - - - Total $ 8,712 $ 5,383 $ 184 $ 7,749 $ 395 The unpaid principal balance and recorded investment in PCI loans was $6,546 and $3,921, respectively, at June 30, 2016. Purchased Credit Impaired Loans: The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The following table presents the carrying amount of those loans at December 31, 2016 and June 30, 2016: December 31, June 30, Real estate loans: One-to-four family $ 1,859 $ 1,858 Multi-family - - Home equity - - Nonresidential 835 1,420 Agricultural - - Construction and land 500 514 Total real estate loans 3,194 3,792 Commercial and industrial - - Consumer and other loans - - Total loans $ 3,194 $ 3,792 Carrying amounts listed above are net of an allowance for loan losses of $151 and $129 at December 31, 2016 and June 30, 2016, respectively. The following table presents the changes in the carrying value and the accretable yield on purchased credit impaired loans for the three and six months ended December 31, 2016 and 2015. Three Months Ended Three Months Ended Accretable Carrying Value Accretable Carrying Balance at beginning of period $ (1,312 ) $ 3,694 $ (500 ) $ 6,250 Payments and other exit events (40 ) (414 ) (94 ) (1,069 ) Accretion 95 (95 ) 98 (98 ) Reclassification from nonaccretable to accretable - - (22 ) - Change in the allowance - 9 - (31 ) Balance at end of period $ (1,257 ) $ 3,194 $ (518 ) $ 5,052 Six Months Ended Six Months Ended Accretable Carrying Value Accretable Carrying Balance at beginning of year $ (1,340 ) $ 3,792 $ (694 ) $ 7,429 Payments and other exit events (75 ) (418 ) (104 ) (2,043 ) Accretion 158 (158 ) 302 (302 ) Reclassification from nonaccretable to accretable - - (22 ) - Change in the allowance - (22 ) - (32 ) Balance at end of period $ (1,257 ) $ 3,194 $ (518 ) $ 5,052 Income is not recognized on PCI loans if the Company cannot reasonably estimate cash flows expected to be collected. The carrying amount of such loans at December 31, 2016 and 2015 is as follows: December 31, December 31, Balance at beginning of year $ 1,139 $ 2,798 Additions 275 132 Reductions from payments and liquidations (607 ) (963 ) Balance at end of period $ 807 $ 1,967 The following tables present the aging of past due loans as well as nonaccrual loans. Nonaccrual loans and accruing loans past due 90 days or more include both smaller balance homogenous loans and larger balance loans that are evaluated either collectively or individually for impairment. Separate tables are presented to show the aging of total past due loans and the aging of past due PCI loans only. Total past due loans and nonaccrual loans at December 31, 2016: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 6,782 $ 1,591 $ 1,160 $ 9,533 $ 243,730 $ 253,263 $ 2,420 $ - Multi-family - - - - 1,932 1,932 - - Home equity 100 96 83 279 5,443 5,722 133 - Nonresidential - 50 813 863 18,467 19,330 813 - Agricultural 448 - - 448 1,086 1,534 529 - Construction and land - 14 - 14 14,254 14,268 282 - Total real estate loans 7,330 1,751 2,056 11,137 284,912 296,049 4,177 - Commercial and industrial - - - - 167 167 - - Consumer and other loans 1 - - 1 5,320 5,321 - - Total $ 7,331 $ 1,751 $ 2,056 $ 11,138 $ 290,399 $ 301,537 $ 4,177 $ - PCI past due and nonaccrual loans at December 31, 2016: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 147 $ 398 $ 19 $ 564 $ 1,369 $ 1,933 $ 165 $ - Nonresidential - 50 360 410 493 903 360 - Construction and land - - - - 509 509 282 - Total loans $ 147 $ 448 $ 379 $ 974 $ 2,371 $ 3,345 $ 807 $ - PCI loans for which the Company cannot reasonably estimate the amount and timing of future cash flows are classified as nonaccrual. Total past due and nonaccrual loans by portfolio segment at June 30, 2016: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 7,086 $ 1,001 $ 863 $ 8,950 $ 232,129 $ 241,079 $ 2,133 $ - Multi-family - - - - 1,994 1,994 - - Home equity 94 22 84 200 6,375 6,575 126 - Nonresidential - 48 942 990 19,309 20,299 942 - Agricultural - - - - 2,957 2,957 531 - Construction and land 93 - 25 118 13,965 14,083 25 - Total real estate loans 7,273 1,071 1,914 10,258 276,729 286,987 3,757 - Commercial and industrial - - - - 176 176 - - Consumer and other loans - - - - 4,900 4,900 - - Total $ 7,273 $ 1,071 $ 1,914 $ 10,258 $ 281,805 $ 292,063 $ 3,757 $ - PCI past due and nonaccrual loans at June 30, 2016: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ - $ 389 $ 21 $ 410 $ 1,494 $ 1,904 $ 172 $ - Nonresidential - 48 942 990 502 1,492 942 - Construction and land - - 25 25 500 525 25 - Total loans $ - $ 437 $ 988 $ 1,425 $ 2,496 $ 3,921 $ 1,139 $ - PCI loans for which the Company cannot reasonably estimate the amount and timing of future cash flows are classified as nonaccrual. Troubled Debt Restructurings: At December 31, 2016 and June 30, 2016, total loans that have been modified as troubled debt restructurings were $1,585 and $1,588, respectively, which consisted of two agricultural loans, two home equity lines of credit, and one one-to-four family first liens at June 30, 2016 and an additional one-to-four family loan at December 31, 2016. All loans were acquired and initially recorded at fair value. An additional allowance of $34 and $55 at December 31, 2016 and June 30, 2016, respectively, has been specifically reserved for these loans. Additionally, there were no commitments to lend any additional amounts under either loan or any payment default on any loan after the modification. The one troubled debt restructuring during the six months ended December 31, 2016 involved renewal of a loan at a higher loan-to-value ratio than is offered on similar loans. No reductions of principal or interest rates were granted. No loans restructured during the twelve months ended December 31, 2016 defaulted. Loan Grades: The Company utilizes a grading system whereby all loans are assigned a grade based on the risk profile of each loan. Loan grades are determined based on an evaluation of relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. All loans, regardless of size, are analyzed and are given a grade based upon the management’s assessment of the ability of borrowers to service their debts. Pass: Loan assets of this grade conform to a preponderance of our underwriting criteria and are acceptable as a credit risk, based upon the current net worth and paying capacity of the obligor. Loans in this category also include loans secured by liquid assets and secured loans to borrowers with unblemished credit histories. Pass-Watch: Loan assets of this grade represent our minimum level of acceptable credit risk. This grade may also represent obligations previously rated “Pass”, but with significantly deteriorating trends or previously rated. Special Mention: Loan assets of this grade have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loan assets of this grade are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Portfolio Segments: One-to-four family: For traditional homes, the Company may originate loans with loan-to-value ratios in excess of 80% if the borrower obtains mortgage insurance or provides readily marketable collateral. The Company may make exceptions for special loan programs that we offer. For example, the Company currently offers mortgages of up to $95 with loan-to-value ratios of up to 95% to low- to moderate-income borrowers solely for the purchase of their primary residence. The Company also originates residential mortgage loans for non-owner-occupied homes with loan-to-value ratios of up to 80%. The Company has historically originated residential mortgage loans with loan-to-value ratios of up to 75% for manufactured or modular homes. The Company no longer offers residential mortgage loans for manufactured or modular homes as of December 1, 2014. However, renewals of existing performing credits that meet the Company’s underwriting requirements will be considered. Multi-family: Multi-family real estate loans generally present a higher level of risk than loans secured by one-to-four family residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family residential real estate is typically dependent upon the successful operation of the related real estate project. Home Equity: Nonresidential Real Estate: Loans secured by nonresidential real estate generally are larger than one-to-four family residential loans and involve greater credit risk. Nonresidential real estate loans often involve large loan balances to single borrowers or groups of related borrowers. Repayment of these loans depends to a large degree on the results of operations and management of the properties securing the loans or the businesses conducted on such property, and may be affected to a greater extent by adverse conditions in the real estate market or the economy in general, including the current adverse conditions. In addition, because a church's financial stability often depends on donations from congregation members rather than income from business operations, repayment may be affected by economic conditions that affect individuals located both in our market area and in other market areas with which we are not as familiar. In addition, due to the unique nature of church buildings and properties, the real estate securing church loans may be less marketable than other nonresidential real estate. The Company considers a number of factors in originating nonresidential real estate loans. The Company evaluates the qualifications and financial condition of the borrower, including credit history, cash flows, the applicable business plan, the financial resources of the borrower, the borrower's experience in owning or managing similar property and the borrower's payment history with the Company and other financial institutions. In evaluating the property securing the loan, the factors the Company considers include the net operating income of the mortgaged property before debt service and depreciation, the ratio of the loan amount to the appraised value of the mortgaged property and the debt service coverage ratio (the ratio of net operating income to debt service). For church loans, the Company also considers the length of time the church has been in existence, the size and financial strength of the denomination with which it is affiliated, attendance figures and growth projections and current operating budgets. The collateral underlying all nonresidential real estate loans is appraised by outside independent appraisers approved by our board of directors. Personal guarantees may be obtained from the principals of nonresidential real estate borrowers, and in the case of church loans, guarantees from the applicable denomination may be obtained. Agricultural: Loans secured by agricultural real estate generally are larger than one-to-four family residential loans and involve greater credit risk. Agricultural real estate loans often involve large loan balances to single borrowers or groups of related borrowers. Repayment of these loans depends to a large degree on the results of operations and management of the properties securing the loans or the businesses conducted on such property, and may be affected to a greater extent by adverse conditions in the real estate market or the economy in general, including the current adverse conditions. Construction and Land: The Company also makes interim construction loans for nonresidential properties. In addition, the Company occasionally makes loans for the construction of homes "on speculation," but the Company generally permits a borrower to have only two such loans at a time. These loans generally have a maximum term of eight months, and upon completion of construction convert to conventional amortizing nonresidential real estate loans. These construction loans have rates and terms comparable to permanent loans secured by property of the type being constructed that we originate. Generally, the maximum loan-to-value ratio of these construction loans is 85%. Commercial and Industrial Loans: Commercial and industrial loans and leases typically are underwritten on the basis of the borrower’s or lessee’s ability to make repayment from the cash flow of its business and generally are collateralized by business assets. As a result, such loans and leases involve additional complexities, variables and risks and require more thorough underwriting and servicing than other types of loans and leases. Consumer and Other Loans: Consumer loans may entail greater credit risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or are secured by rapidly depreciable assets, such as automobiles. In addition, consumer loan collections are dependent on the borrower's continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. Based on the most recent analysis performed, the risk grade of loans by portfolio segment are presented in the following tables. Separate tables are presented to show the risk grade of loans that have been acquired. Total loans by risk grade and portfolio segment at December 31, 2016: Pass Pass- Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 238,160 $ 6,701 $ 2,230 $ 6,172 $ - $ 253,263 Multi-family 1,932 - - - - 1,932 Home equity 5,081 299 259 83 - 5,722 Nonresidential 12,956 3,636 1,382 1,356 - 19,330 Agricultural 340 387 278 529 - 1,534 Construction and land 12,626 863 234 545 - 14,268 Total real estate loans 271,095 11,886 4,383 8,685 - 296,049 Commercial and industrial 167 - - - - 167 Consumer and other loans 5,317 - 1 3 - 5,321 Total $ 276,579 $ 11,886 $ 4,384 $ 8,688 $ - $ 301,537 Total loans by risk grade and portfolio segment at June 30, 2016: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 226,899 $ 6,805 $ 1,890 $ 5,485 $ - $ 241,079 Multi-family 1,994 - - - - 1,994 Home equity 6,083 106 260 126 - 6,575 Nonresidential 13,218 4,095 1,494 1,492 - 20,299 Agricultural 1,352 398 676 531 - 2,957 Construction and land 12,397 878 239 569 - 14,083 Total real estate loans 261,943 12,282 4,559 8,203 - 286,987 Commercial and industrial 157 19 - - - 176 Consumer and other loans 4,892 - 3 5 - 4,900 Total $ 266,992 $ 12,301 $ 4,562 $ 8,208 $ - $ 292,063 At December 31, 2016, consumer mortgage loans secured by residential real estate properties totaling $488 were in formal foreclosure proceedings and are included in one-to-four family loans.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Dec. 31, 2016
FAIR VALUE MEASUREMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	(6) FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Impaired Loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Real Estate Owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals, which are updated no less frequently than annually. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Company compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value. Loan Servicing Rights: Fair value is determined based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data and results in a Level 3 classification. Assets and liabilities measured at fair value on a recurring basis at December 31, 2016 and June 30, 2016 are summarized below: Fair Value Measurements December 31, 2016 June 30, 2016 (Level 2) (Level 3) (Level 2) (Level 3) Financial assets: Securities available-for-sale: FHLMC common stock $ 304 $ - $ 151 $ - Certificates of deposit 7,737 - 7,534 - Corporate debt securities - - 9,116 - Municipal securities 35,204 - 34,481 - SBA loan pools 631 - 1,273 - U.S. Government agency mortgage-backed securities 64,929 - 69,403 - U.S. Government agency bonds 11,849 - 10,126 - Total securities available-for-sale 120,654 - 132,084 - Loan servicing rights - 1,219 - 1,046 Total financial assets $ 120,654 $ 1,219 $ 132,084 $ 1,046 Presented in the table below are assets measured at fair value on a nonrecurring basis using level 3 inputs at December 31, 2016 and June 30, 2016: Fair Value Measurements December 31, 2016 June 30, 2016 (Level 3) (Level 3) Financial assets: Impaired loans, with specific allocations: One-to-four family $ 2,329 $ 1,817 Nonresidential 381 310 Construction and land 22 336 Total financial assets 2,732 2,463 Non-financial assets: Real estate owned, net: One-to-four family 752 899 Nonresidential - 267 Construction and land - 188 Total non-financial assets 752 1,354 Total assets measured at fair value on a non-recurring basis $ 3,484 $ 3,817 The Company's impaired loans at December 31, 2016 and June 30, 2016 were measured at fair value based primarily upon the estimated value of real estate collateral less costs to sell. The carrying amounts of these loans were $2,732 and $2,463, respectively, which consisted of valuation allowances of $185 and $184, respectively. The impact to the provision for loan losses from the change in the valuation allowance for the three and six months ended December 31, 2016 was a decrease of $22 and an increase of $1, respectively, and for the three and six months ended December 31, 2015 was an increase of $262 and $292, respectively. Real estate owned is carried at the lower of carrying value or fair value less costs to sell. The carrying value of real estate owned and their respective valuation allowances at December 31, 2016 and June 30, 2016 were $752 and $1,354 and $102 and $102, respectively. The resulting write-downs for measuring real estate owned at the lower of carrying or fair value less costs to sell for the three and six months ended December 31, 2016, were $0 and $103, respectively. The resulting write-downs for measuring real estate owned at the lower of carrying or fair value less costs to sell for the three and six months ended December 31, 2015, were $15 and $110, respectively. The tables below present a reconciliation of all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs for the three and six months ended December 31, 2016 and 2015: Fair Value Measurements (Level 3) Three Months Ended Six Months Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Loan Servicing Rights Loan Servicing Rights Loan Servicing Rights Loan Servicing Rights Balance at beginning of year: $ 1,023 $ 1,332 $ 1,046 $ 1,396 Purchases - - - - Change in fair value 196 (22 ) 173 (86 ) Balance at end of period: $ 1,219 $ 1,310 $ 1,219 $ 1,310 The table below presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2016 and June 30, 2016. Level 3 Quantitative Information December 31, 2016 June 30, 2016 Valuation Technique Unobservable Inputs Range Fair Value Fair Value Loan servicing rights $ 1,219 $ 1,046 Discounted cash flows Discount rate, estimated timing of cash flows 9% to 10% Impaired real estate loans net, One-to-four family $ 2,329 $ 1,817 Sales comparison approach Adjustment for differences between the comparable sales 0% to 30% Nonresidential 381 310 Discounted cash flows Discount rate, estimated timing of cash flows 2% to 28% Construction and land 22 336 Sales comparison approach Adjustment for differences between the comparable sales 0% to 30% Real estate owned net: One-to-four family $ 752 $ 899 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20% Nonresidential - 267 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20% Construction and land - 188 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20% Many of the Company’s assets and liabilities are short-term financial instruments whose carrying amounts reported in the consolidated balance sheet approximate fair value. These items include cash and cash equivalents, accrued interest receivable and payable balances, variable rate loan and deposits that re-price frequently and fully. The estimated fair values of the Company’s remaining on-balance sheet financial instruments at December 31, 2016 and June 30, 2016 are summarized below: December 31, 2016 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 120,654 $ - $ 120,654 $ - $ 120,654 Loans, net 300,541 - - 305,807 305,807 Loan servicing rights 1,219 - - 1,219 1,219 Restricted equity securities 1,021 N/A N/A N/A N/A Financial liabilities Deposits $ 396,413 $ 178,789 $ 210,488 $ - $ 389,277 June 30, 2016 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 132,084 $ - $ 132,084 $ - $ 132,084 Loans, net 291,141 - - 296,203 296,203 Loans held for sale (1) 129 - - 129 129 Loan servicing rights 1,046 - - 1,046 1,046 Restricted equity securities 1,021 N/A N/A N/A N/A Financial liabilities Deposits $ 399,634 $ 175,652 $ 224,037 $ - $ 399,689 (1) Loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors and result in a Level 3 classification.

EMPLOYEE STOCK OWNERSHIP PLAN (

EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP")	6 Months Ended
	Dec. 31, 2016
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP")
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP")	(7) EMPLOYEE STOCK OWNERSHIP PLAN Employees participate in an Employee Stock Ownership Plan (“ESOP”). The ESOP borrowed from the Company to purchase 248,842 shares of the Company’s common stock at $10 per share during 2011. The Company makes discretionary contributions to the ESOP and pays dividends on unallocated shares to the ESOP, and the ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation and expense is recorded. Dividends on allocated shares increase participant accounts. Participants receive the shares at the end of employment. The Company makes contributions to the ESOP each December. In December 2016, $50 of discretionary contributions were made to the ESOP for debt retirement, which resulted in the release of additional shares and recognition of additional compensation expense of $88 for both the three and six months ended December 31, 2016. In December 2015, $100 of discretionary contributions were made to the ESOP for debt retirement, which resulted in the release of additional shares and recognition of additional compensation expense of $160 for both the three and six months ended December 31, 2015. Total ESOP compensation expense for the three and six months ended December 31, 2016 was $181 and $273, respectively, and for the three and six months ended December 31, 2015 was $250 and $340, respectively. Shares held by the ESOP at December 31, 2016 and June 30, 2016 were as follows: December 31, 2016 June 30, 2016 Committed to be released to participants 25,793 10,602 Allocated to participants 112,043 112,043 Unearned 104,010 126,197 Total ESOP shares 241,846 248,842 Fair value of unearned shares $ 2,444 $ 2,470

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Dec. 31, 2016
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION	(8) STOCK BASED COMPENSATION On April 5, 2012, the shareholders of Oconee Federal Financial Corp. approved the Oconee Federal Financial Corp. 2012 Equity Incentive Plan (the “Plan”) for employees and directors of the Company. The Plan authorizes the issuance of up to 435,472 shares of the Company’s common stock, with no more than 124,420 of shares as restricted stock awards and 311,052 as stock options, either incentive stock options or non-qualified stock options. The exercise price of options granted under the Plan may not be less than the fair market value on the date the stock option is granted. The compensation committee of the board of directors has sole discretion to determine the amount and to whom equity incentive awards are granted. On February 5, 2016, the compensation committee of the board of directors approved the issuance of 21,000 stock options to purchase Company stock and 7,000 shares of restricted stock were granted to officers. Stock options and restricted stock have vesting periods of five years or seven years, a percentage of which vests annually on each anniversary of the grant date. The weighted average vesting period of stock options and restricted stock granted was 5.7 years and 6.0 years, respectively. Stock options expire ten years after issuance. Apart from the vesting schedule for both stock options and restricted stock, there are no performance-based conditions or any other material conditions applicable to the awards issued. The following table summarizes stock option activity for the six months ended December 31, 2016: Options Weighted- Average Exercise Price/Share Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) Outstanding - July 1, 2016 261,986 $ 12.46 Granted - - Exercised - - Forfeited - - Outstanding - December 31, 2016 261,986 $ 12.46 2.40 $ 2,892,325 Fully vested and exercisable at December 31, 2016 169,954 $ 11.65 2.40 $ 2,013,955 Expected to vest in future periods 92,032 Fully vested and expected to vest - December 31, 2016 261,986 $ 12.46 2.40 $ 2,892,325 (1) The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The current market price was based on the closing price of common stock of $23.50 per share on December 31, 2016. The fair value for each option grant is estimated on the date of grant using the Black-Scholes-Merton option pricing model that uses the following assumptions. The Company uses the U.S. Treasury yield curve in effect at the time of the grant to determine the risk-free interest rate. The expected dividend yield is estimated using the projected annual dividend level and recent stock price of the Company’s common stock at the date of grant. Expected stock volatility is based on historical volatilities of the SNL Financial Index of Thrifts. The expected life of the options is calculated based on the “simplified” method as provided for under generally accepted accounting principles. The weighted-average fair value of options granted and assumptions used in the Black-Scholes-Merton option pricing model in the fiscal years are listed below: Fiscal Years Granted 2016 Risk-free interest rate 1.67 % Expected dividend yield 2.06 % Expected stock volatility 16.1 Expected life (years) 8 Fair value $ 2.75 Stock options are assumed to be earned ratably over their respective vesting periods and charged to compensation expense based upon their grant date fair value and the number of options assumed to be earned. There were 23,750 and 21,835 options that were earned during the six months ended December 31, 2016 and 2015, respectively. Stock-based compensation expense for stock options for the three and six months ended December 31, 2016 was $14 and $28, respectively, and for the three and six months ended December 31, 2015 was $12 and $24, respectively. Total unrecognized compensation cost related to stock options was $97 at December 31, 2016 and is expected to be recognized over a weighted-average period of 2.4 years. The following table summarizes non-vested restricted stock activity for the six months ended December 31, 2016: December 31, 2016 Balance - beginning of year 40,905 Granted - Forfeited - Vested - Balance - end of period 40,905 Weighted average grant date fair value $ 13.09 The fair value of the restricted stock awards is amortized to compensation expense over their respective vesting periods and is based on the market price of the Company’s common stock at the date of grant multiplied by the number of shares granted that are expected to vest. The weighted-average grant date fair value of restricted stock granted on January 23, 2015 was $20.01 per share or $252. The weighted-average grant date fair value of restricted stock granted on February 5, 2016 was $19.40 per share or $136. Stock-based compensation expense for restricted stock included in noninterest expense for the three and six months ended December 31, 2016 was $62 and $123, respectively, and for the three and six months ended December 31, 2015 was $64 and $127, respectively. Unrecognized compensation expense for non-vested restricted stock awards was $424 at December 31, 2016 and is expected to be recognized over a weighted-average period of 2.9 years.

LOAN SERVICING RIGHTS

LOAN SERVICING RIGHTS	6 Months Ended
	Dec. 31, 2016
LOAN SERVICING RIGHTS
LOAN SERVICING RIGHTS	(9) LOAN SERVICING RIGHTS Mortgage loans serviced for others are not reported as assets; however, the underlying mortgage servicing rights associated with servicing these mortgage loans serviced for others is recorded as an asset in the consolidated balance sheet. The principal balances of those loans at December 31, 2016 and June 30, 2016 are as follows: December 31, 2016 June 30, 2016 Mortgage loan portfolio serviced for: FHLMC $ 117,682 $ 125,812 Custodial escrow balances maintained in connection with serviced loans were $811 and $1,007 at December 31, 2016 and June 30, 2016. Activity for loan servicing rights for the three and six months ended December 31, 2016 and 2015 is as follows: Three Months Ended Six Months Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Loan servicing rights: Beginning of period: $ 1,023 $ 1,332 $ 1,046 $ 1,396 Additions - - - - Change in fair value 196 (22 ) 173 (86 ) End of period: $ 1,219 $ 1,310 $ 1,219 $ 1,310 Fair value at December 31, 2016 was determined using a discount rate of 9.63%, prepayment speed assumptions ranging from 5.1% to 12.7% Conditional Prepayment Rate (“CPR”) depending on the loans coupon, term and seasoning, and a weighted average default rate of 0.61%. Fair value at December 31, 2015 was determined using a discount rate of 9.75%, prepayment speed assumptions ranging from 5.2% to 17.5% CPR depending on the loans’ coupon, term and seasoning, and a weighted average default rate of 0.61%.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	(10) SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the six months ended December 31, 2016 and 2015 is as follows: December 31, 2016 December 31, 2015 Cash paid during the period for: Interest paid $ 641 $ 591 Income taxes paid $ 510 $ 117 Supplemental noncash disclosures: Transfers from loans to real estate owned $ 154 $ 1,443

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Dec. 31, 2016
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	(11) SUBSEQUENT EVENTS On January 26, 2017, the Board of Directors of Oconee Federal Financial Corp. (the “Company”) declared a quarterly cash dividend of $0.10 per share of the Company’s common stock. The dividend is payable to stockholders of record as of February 9, 2017, and will be paid on or about February 23, 2017.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Oconee Federal Financial Corp., which include the accounts of its wholly owned subsidiary Oconee Federal Savings and Loan Association (the “Association”) (referred to herein as “the Company,” “we,” “us,” or “our”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Intercompany accounts and transactions are eliminated during consolidation. The Company is majority owned (71.91%) by Oconee Federal, MHC. These financial statements do not include the transactions and balances of Oconee Federal, MHC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the Company’s financial position as of December 31, 2016 and June 30, 2016 and the results of operations and cash flows for the interim periods ended December 31, 2016 and 2015. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the year or any other period. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2016. Certain amounts have been reclassified to conform to the current period presentation. The reclassifications had no effect on net income or shareholders’ equity as previously reported. Cash Flows:
Use of Estimates	Use of Estimates:
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 provides cash flow statement classification guidance for certain transactions including how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and should be applied retrospectively. Early adoption is permitted, including adoption in an interim period. The Company is assessing ASU 2016-15 but does not expect that it will have a significant impact on its accounting and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments. The provisions of ASU 2016-13 were issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 eliminate the probable incurred loss recognition in current GAAP and reflect an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the statement of income as a credit loss expense. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of ASU 2016-13 on its accounting and disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation, which requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election for forfeitures as they occur. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. The Company does not believe that this new guidance will have a material effect on the consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	6 Months Ended
	Dec. 31, 2016
EARNINGS PER SHARE ("EPS")
Schedule of factors used in the earnings per common share computation	Three Months Ended Six Months Ended December 31, December 31, December 31, December 31, Earnings per share Net income $ 1,318 $ 949 $ 2,591 $ 2,391 Less: distributed earnings allocated to participating securities (3 ) (6 ) (7 ) (13 ) Less: (undistributed income) dividends in excess of earnings allocated to participating securities (6 ) (4 ) (11 ) (12 ) Net earnings available to common shareholders $ 1,309 $ 939 $ 2,573 $ 2,366 Weighted average common shares outstanding including participating securities 5,793,350 5,881,847 5,802,651 5,881,993 Less: participating securities (40,905 ) (62,502 ) (40,905 ) (62,502 ) Less: average unearned ESOP shares (111,218 ) (141,676 ) (115,104 ) (144,160 ) Weighted average common shares outstanding 5,641,227 5,677,669 5,646,642 5,675,331 Basic earnings per share $ 0.23 $ 0.17 $ 0.46 $ 0.42 Weighted average common shares outstanding 5,641,227 5,677,669 5,646,642 5,675,331 Add: dilutive effects of assumed exercises of stock options 96,097 71,507 89,680 71,221 Average shares and dilutive potential common shares 5,737,324 5,749,176 5,736,322 5,746,552 Diluted earnings per share $ 0.23 $ 0.16 $ 0.45 $ 0.41

SECURITIES AVAILABLE-FOR-SALE (

SECURITIES AVAILABLE-FOR-SALE (Tables)	6 Months Ended
	Dec. 31, 2016
SECURITIES AVAILABLE-FOR-SALE AND HELD-TO-MATURITY
Schedule of investment securities	Gross Gross Amortized Unrealized Unrealized Fair December 31, 2016 Cost Gains Losses Value Available-for-sale: FHLMC common stock $ 20 $ 284 $ - $ 304 Certificates of deposit 7,723 30 (16 ) 7,737 Corporate debt securities - - - - Municipal securities 36,016 18 (830 ) 35,204 SBA loan pools 627 4 - 631 U.S. Government agency mortgage-backed securities 65,559 192 (822 ) 64,929 U.S. Government agency bonds 12,052 18 (221 ) 11,849 Total available-for-sale $ 121,997 $ 546 $ (1,889 ) $ 120,654 Gross Gross Amortized Unrealized Unrealized Fair June 30, 2016 Cost Gains Losses Value Available-for-sale: FHLMC common stock $ 20 $ 131 $ - $ 151 Certificates of deposit 7,470 64 - 7,534 Corporate debt securities 8,932 186 (2 ) 9,116 Municipal securities 33,508 989 (16 ) 34,481 SBA loan pools 1,268 8 (3 ) 1,273 U.S. Government agency mortgage-backed securities 68,103 1,331 (31 ) 69,403 U.S. Government agency bonds 9,957 169 - 10,126 Total available-for-sale $ 129,258 $ 2,878 $ (52 ) $ 132,084
Schedule of securities with unrealized losses aggregated by investment 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 Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) December 31, 2016 Available-for-sale: Certificates of deposit $ 1,731 $ (16 ) 7 $ - $ - - $ 1,731 $ (16 ) 7 Municipal securities 31,019 (808 ) 76 697 (22 ) 2 31,716 (830 ) 78 U.S. Government agency mortgage-backed securities 46,597 (743 ) 47 2,542 (79 ) 4 49,139 (822 ) 51 U.S. Government agency bonds 9,830 (221 ) 9 - - - 9,830 (221 ) 9 $ 89,177 $ (1,788 ) 139 $ 3,239 $ (101 ) 6 $ 92,416 $ (1,889 ) 145 Less than 12 Months 12 Months or More Total Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) Fair Unrealized Number in Unrealized Loss (1) June 30, 2016 Available-for-sale: Municipal securities $ 2,574 $ (11 ) 5 $ 716 $ (5 ) 2 $ 3,290 $ (16 ) 7 Corporate debt securities 1,018 (2 ) 2 - - - 1,018 (2 ) 2 SBA loan pools - - - 508 (3 ) 1 508 (3 ) 1 U.S. Government agency mortgage-backed securities 1,057 (1 ) 1 2,982 (30 ) 4 4,039 (31 ) 5 $ 4,649 $ (14 ) 8 $ 4,206 $ (38 ) 7 $ 8,855 $ (52 ) 15 (1) Actual amounts.
Schedule of contractual maturity	December 31, 2016 June 30, 2016 Amortized Fair Amortized Fair Cost Value Cost Value Less than one year $ 3,237 $ 3,244 $ 3,740 $ 3,751 Due from one to five years 13,147 13,102 16,819 17,086 Due from five to ten years 30,648 29,970 30,778 31,622 Due after ten years 8,759 8,474 8,530 8,798 Mortgage-backed securities (1) 66,186 65,560 69,371 70,676 Total $ 121,977 $ 120,350 $ 129,238 $ 131,933 (1) Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalty.
Schedule of proceeds from sales of securities available-for-sale and gains or losses recognized	Three Months Ended Six Months Ended Available-for-sale: December 31, December 31, December 31, December 31, Proceeds $ 12,495 $ - $ 15,648 $ 1,164 Gross gains 57 - 125 9 Gross losses - - - -

LOANS (Tables)

LOANS (Tables)	6 Months Ended
	Dec. 31, 2016
LOANS
Schedule of components of loans	December 31, June 30, Real estate loans: One-to-four family $ 254,216 $ 242,067 Multi-family 1,933 1,996 Home equity 5,722 6,433 Nonresidential 19,343 20,310 Agricultural 1,535 2,958 Construction and land 14,355 14,332 Total real estate loans 297,104 288,096 Commercial and industrial 167 176 Consumer and other loans 5,335 4,915 Total loans 302,606 293,187 Deferred net loan fees (1,069 ) (1,124 ) Total loans net of deferred loan fees $ 301,537 $ 292,063
Schedule of activity in the allowance for loan losses	Three Months Ended December 31, 2016 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 785 $ 10 $ - $ - $ 795 Multi-family 4 - - - 4 Home equity 2 - - - 2 Nonresidential 132 (8 ) - - 124 Agricultural 5 (3 ) - - 2 Construction and land 35 4 - - 39 Total real estate loans 963 3 - - 966 Commercial and industrial 6 (1 ) - - 5 Consumer and other loans 3 22 - - 25 Total loans $ 972 $ 24 $ - $ - $ 996 Six Months Ended December 31, 2016 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 733 $ 62 $ - $ - $ 795 Multi-family 4 - - - 4 Home equity 2 - - - 2 Nonresidential 130 9 (15 ) - 124 Agricultural 5 (3 ) - - 2 Construction and land 39 - - - 39 Total real estate loans 913 68 (15 ) - 966 Commercial and industrial 6 (1 ) - - 5 Consumer and other loans 3 22 - - 25 Total loans $ 922 $ 89 $ (15 ) $ - $ 996 Three Months Ended December 31, 2015 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 881 $ 148 $ (68 ) $ - $ 961 Multi-family 4 - - - 4 Home equity 20 53 (72 ) - 1 Nonresidential 68 (1 ) - - 67 Agricultural 4 - - - 4 Construction and land 19 67 - - 86 Total real estate loans 996 267 (140 ) - 1,123 Commercial and industrial 8 - - - 8 Consumer and other loans 7 10 - - 17 Total loans $ 1,011 $ 277 $ (140 ) $ - $ 1,148 Six Months Ended December 31, 2015 Beginning Provision Charge-offs Recoveries Ending Real estate loans: One-to-four family $ 910 $ 259 $ (208 ) $ - $ 961 Multi-family 4 - - - 4 Home equity 1 72 (72 ) - 1 Nonresidential 55 12 - - 67 Agricultural 4 - - - 4 Construction and land 25 61 - - 86 Total real estate loans 999 404 (280 ) - 1,123 Commercial and industrial - 8 - - 8 Consumer and other loans 9 10 (2 ) - 17 Total loans $ 1,008 $ 422 $ (282 ) $ - $ 1,148
Schedule of recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment	Ending Allowance on Loans: Loans: Individually Evaluated for Collectively Individually Evaluated for Collectively At December 31, 2016 Non-PCI PCI (1) Non-PCI PCI (1) Real estate loans: One-to-four family $ 34 $ 74 $ 687 $ 993 $ 1,933 $ 250,337 Multi-family - - 4 - - 1,932 Home equity - - 2 - - 5,722 Nonresidential - 68 56 453 903 17,974 Agricultural - - 2 448 - 1,086 Construction and land - 9 30 - 509 13,759 Total real estate loans 34 151 781 1,894 3,345 290,810 Commercial and industrial - - 5 - - 167 Consumer and other loans - - 25 - - 5,321 Total loans $ 34 $ 151 $ 811 $ 1,894 $ 3,345 $ 296,298 (1) “Purchase Credit Impaired” (or “PCI”) loans include all loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Ending Allowance on Loans: Loans: Individually Evaluated for Collectively Individually Evaluated for Collectively At June 30, 2016 Non-PCI PCI (1) Non-PCI PCI (1) Real estate loans: One-to-four family $ 55 $ 46 $ 632 $ 1,014 $ 1,904 $ 238,161 Multi-family - - 4 - - 1,994 Home equity - - 2 - - 6,575 Nonresidential - 72 58 - 1,492 18,807 Agricultural - - 5 448 - 2,509 Construction and land - 11 28 - 525 13,558 Total real estate loans 55 129 729 1,462 3,921 281,604 Commercial and industrial - - 6 - - 176 Consumer and other loans - - 3 - - 4,900 Total loans $ 55 $ 129 $ 738 $ 1,462 $ 3,921 $ 286,680 (1) PCI loans include all loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected.
Schedule of individually evaluated for impairment by portfolio segment	December 31, 2016 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 688 $ 489 $ - $ 741 $ 24 Multi-family - - - - - Home equity 50 - - - - Nonresidential 1,479 907 - 1,009 26 Agricultural 997 448 - 448 18 Construction and land 818 478 - 332 19 Total real estate loans 4,032 2,322 - 2,530 87 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 4,032 $ 2,322 $ - $ 2,530 $ 87 With recorded allowance: Real estate loans: One-to-four family $ 3,058 $ 2,437 $ 108 $ 2,178 $ 111 Multi-family - - - - - Home equity - - - - - Nonresidential 558 449 68 416 20 Agricultural - - - - - Construction and land 185 31 9 189 11 Total real estate loans 3,801 2,917 185 2,783 142 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 3,801 $ 2,917 $ 185 $ 2,783 $ 142 Totals: Real estate loans $ 7,833 $ 5,239 $ 185 $ 5,313 $ 229 Consumer and other loans - - - - - Total $ 7,833 $ 5,239 $ 185 $ 5,313 $ 229 June 30, 2016 Unpaid Recorded Related Average Interest With no recorded allowance: Real estate loans: One-to-four family $ 1,787 $ 992 $ - $ 2,198 $ 113 Multi-family - - - - - Home equity 185 - - - - Nonresidential 2,192 1,111 - 1,209 72 Agricultural 997 448 - 945 - Construction and land 359 185 - 392 35 Total real estate loans 5,520 2,736 - 4,744 220 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 5,520 $ 2,736 $ - $ 4,744 $ 220 With recorded allowance: Real estate loans: One-to-four family $ 2,021 $ 1,918 $ 101 $ 1,980 $ 89 Multi-family - - - - - Home equity - - - - - Nonresidential 404 382 72 851 25 Agricultural - - - - - Construction and land 767 347 11 174 61 Total real estate loans 3,192 2,647 184 3,005 175 Commercial and industrial - - - - - Consumer and other loans - - - - - Total $ 3,192 $ 2,647 $ 184 $ 3,005 $ 175 Totals: Real estate loans $ 8,712 $ 5,383 $ 184 $ 7,749 $ 395 Consumer and other loans - - - - - Total $ 8,712 $ 5,383 $ 184 $ 7,749 $ 395
Schedule of loans acquired for as purchased credit impaired loans	December 31, June 30, Real estate loans: One-to-four family $ 1,859 $ 1,858 Multi-family - - Home equity - - Nonresidential 835 1,420 Agricultural - - Construction and land 500 514 Total real estate loans 3,194 3,792 Commercial and industrial - - Consumer and other loans - - Total loans $ 3,194 $ 3,792
Schedule of changes in the carrying value and accretable yield on purchased credit impaired loans	Three Months Ended Three Months Ended Accretable Carrying Value Accretable Carrying Balance at beginning of period $ (1,312 ) $ 3,694 $ (500 ) $ 6,250 Payments and other exit events (40 ) (414 ) (94 ) (1,069 ) Accretion 95 (95 ) 98 (98 ) Reclassification from nonaccretable to accretable - - (22 ) - Change in the allowance - 9 - (31 ) Balance at end of period $ (1,257 ) $ 3,194 $ (518 ) $ 5,052 Six Months Ended Six Months Ended Accretable Carrying Value Accretable Carrying Balance at beginning of year $ (1,340 ) $ 3,792 $ (694 ) $ 7,429 Payments and other exit events (75 ) (418 ) (104 ) (2,043 ) Accretion 158 (158 ) 302 (302 ) Reclassification from nonaccretable to accretable - - (22 ) - Change in the allowance - (22 ) - (32 ) Balance at end of period $ (1,257 ) $ 3,194 $ (518 ) $ 5,052
Schedule of carrying amount of purchased credit impaired loans	December 31, December 31, Balance at beginning of year $ 1,139 $ 2,798 Additions 275 132 Reductions from payments and liquidations (607 ) (963 ) Balance at end of period $ 807 $ 1,967
Schedule of the aging of the recorded investment in past due loans	Total past due loans and nonaccrual loans at December 31, 2016: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 6,782 $ 1,591 $ 1,160 $ 9,533 $ 243,730 $ 253,263 $ 2,420 $ - Multi-family - - - - 1,932 1,932 - - Home equity 100 96 83 279 5,443 5,722 133 - Nonresidential - 50 813 863 18,467 19,330 813 - Agricultural 448 - - 448 1,086 1,534 529 - Construction and land - 14 - 14 14,254 14,268 282 - Total real estate loans 7,330 1,751 2,056 11,137 284,912 296,049 4,177 - Commercial and industrial - - - - 167 167 - - Consumer and other loans 1 - - 1 5,320 5,321 - - Total $ 7,331 $ 1,751 $ 2,056 $ 11,138 $ 290,399 $ 301,537 $ 4,177 $ - PCI past due and nonaccrual loans at December 31, 2016: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 147 $ 398 $ 19 $ 564 $ 1,369 $ 1,933 $ 165 $ - Nonresidential - 50 360 410 493 903 360 - Construction and land - - - - 509 509 282 - Total loans $ 147 $ 448 $ 379 $ 974 $ 2,371 $ 3,345 $ 807 $ - Total past due and nonaccrual loans by portfolio segment at June 30, 2016: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ 7,086 $ 1,001 $ 863 $ 8,950 $ 232,129 $ 241,079 $ 2,133 $ - Multi-family - - - - 1,994 1,994 - - Home equity 94 22 84 200 6,375 6,575 126 - Nonresidential - 48 942 990 19,309 20,299 942 - Agricultural - - - - 2,957 2,957 531 - Construction and land 93 - 25 118 13,965 14,083 25 - Total real estate loans 7,273 1,071 1,914 10,258 276,729 286,987 3,757 - Commercial and industrial - - - - 176 176 - - Consumer and other loans - - - - 4,900 4,900 - - Total $ 7,273 $ 1,071 $ 1,914 $ 10,258 $ 281,805 $ 292,063 $ 3,757 $ - PCI past due and nonaccrual loans at June 30, 2016: Accruing 30-59 60-89 90 Days Loans Days Days or More Total Total Nonaccrual Past Due 90 Past Due Past Due Past Due Past Due Current Loans Loans Days or More Real estate loans: One-to-four family $ - $ 389 $ 21 $ 410 $ 1,494 $ 1,904 $ 172 $ - Nonresidential - 48 942 990 502 1,492 942 - Construction and land - - 25 25 500 525 25 - Total loans $ - $ 437 $ 988 $ 1,425 $ 2,496 $ 3,921 $ 1,139 $ -
Schedule of portfolio segment by risk grade for originated and for acquired loans	Total loans by risk grade and portfolio segment at December 31, 2016: Pass Pass- Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 238,160 $ 6,701 $ 2,230 $ 6,172 $ - $ 253,263 Multi-family 1,932 - - - - 1,932 Home equity 5,081 299 259 83 - 5,722 Nonresidential 12,956 3,636 1,382 1,356 - 19,330 Agricultural 340 387 278 529 - 1,534 Construction and land 12,626 863 234 545 - 14,268 Total real estate loans 271,095 11,886 4,383 8,685 - 296,049 Commercial and industrial 167 - - - - 167 Consumer and other loans 5,317 - 1 3 - 5,321 Total $ 276,579 $ 11,886 $ 4,384 $ 8,688 $ - $ 301,537 Total loans by risk grade and portfolio segment at June 30, 2016: Pass Pass-Watch Special Substandard Doubtful Total Real estate loans: One-to-four family $ 226,899 $ 6,805 $ 1,890 $ 5,485 $ - $ 241,079 Multi-family 1,994 - - - - 1,994 Home equity 6,083 106 260 126 - 6,575 Nonresidential 13,218 4,095 1,494 1,492 - 20,299 Agricultural 1,352 398 676 531 - 2,957 Construction and land 12,397 878 239 569 - 14,083 Total real estate loans 261,943 12,282 4,559 8,203 - 286,987 Commercial and industrial 157 19 - - - 176 Consumer and other loans 4,892 - 3 5 - 4,900 Total $ 266,992 $ 12,301 $ 4,562 $ 8,208 $ - $ 292,063

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2016
FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	Fair Value Measurements December 31, 2016 June 30, 2016 (Level 2) (Level 3) (Level 2) (Level 3) Financial assets: Securities available-for-sale: FHLMC common stock $ 304 $ - $ 151 $ - Certificates of deposit 7,737 - 7,534 - Corporate debt securities - - 9,116 - Municipal securities 35,204 - 34,481 - SBA loan pools 631 - 1,273 - U.S. Government agency mortgage-backed securities 64,929 - 69,403 - U.S. Government agency bonds 11,849 - 10,126 - Total securities available-for-sale 120,654 - 132,084 - Loan servicing rights - 1,219 - 1,046 Total financial assets $ 120,654 $ 1,219 $ 132,084 $ 1,046
Schedule of assets measured at fair value on a non-recurring basis	Fair Value Measurements December 31, 2016 June 30, 2016 (Level 3) (Level 3) Financial assets: Impaired loans, with specific allocations: One-to-four family $ 2,329 $ 1,817 Nonresidential 381 310 Construction and land 22 336 Total financial assets 2,732 2,463 Non-financial assets: Real estate owned, net: One-to-four family 752 899 Nonresidential - 267 Construction and land - 188 Total non-financial assets 752 1,354 Total assets measured at fair value on a non-recurring basis $ 3,484 $ 3,817
Schedule of reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs Level 3	Fair Value Measurements (Level 3) Three Months Ended Six Months Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Loan Servicing Rights Loan Servicing Rights Loan Servicing Rights Loan Servicing Rights Balance at beginning of year: $ 1,023 $ 1,332 $ 1,046 $ 1,396 Purchases - - - - Change in fair value 196 (22 ) 173 (86 ) Balance at end of period: $ 1,219 $ 1,310 $ 1,219 $ 1,310
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis	Level 3 Quantitative Information December 31, 2016 June 30, 2016 Valuation Technique Unobservable Inputs Range Fair Value Fair Value Loan servicing rights $ 1,219 $ 1,046 Discounted cash flows Discount rate, estimated timing of cash flows 9% to 10% Impaired real estate loans net, One-to-four family $ 2,329 $ 1,817 Sales comparison approach Adjustment for differences between the comparable sales 0% to 30% Nonresidential 381 310 Discounted cash flows Discount rate, estimated timing of cash flows 2% to 28% Construction and land 22 336 Sales comparison approach Adjustment for differences between the comparable sales 0% to 30% Real estate owned net: One-to-four family $ 752 $ 899 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20% Nonresidential - 267 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20% Construction and land - 188 Sales comparison approach Adjustment for differences between the comparable sales 0% to 20%
Schedule of carrying amounts and estimated fair values of the Company's on-balance sheet financial instruments	December 31, 2016 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 120,654 $ - $ 120,654 $ - $ 120,654 Loans, net 300,541 - - 305,807 305,807 Loan servicing rights 1,219 - - 1,219 1,219 Restricted equity securities 1,021 N/A N/A N/A N/A Financial liabilities Deposits $ 396,413 $ 178,789 $ 210,488 $ - $ 389,277 June 30, 2016 Carrying Fair Value Amount (Level 1) (Level 2) (Level 3) Total Financial assets Securities available-for-sale $ 132,084 $ - $ 132,084 $ - $ 132,084 Loans, net 291,141 - - 296,203 296,203 Loans held for sale (1) 129 - - 129 129 Loan servicing rights 1,046 - - 1,046 1,046 Restricted equity securities 1,021 N/A N/A N/A N/A Financial liabilities Deposits $ 399,634 $ 175,652 $ 224,037 $ - $ 399,689 (1) Loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors and result in a Level 3 classification.

EMPLOYEE STOCK OWNERSHIP PLAN24

EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") (Tables)	6 Months Ended
	Dec. 31, 2016
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP")
Schedule of Employee Stock Ownership Plan (ESOP)	December 31, 2016 June 30, 2016 Committed to be released to participants 25,793 10,602 Allocated to participants 112,043 112,043 Unearned 104,010 126,197 Total ESOP shares 241,846 248,842 Fair value of unearned shares $ 2,444 $ 2,470

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	6 Months Ended
	Dec. 31, 2016
STOCK BASED COMPENSATION
Schedule of stock option activity	Options Weighted- Average Exercise Price/Share Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) Outstanding - July 1, 2016 261,986 $ 12.46 Granted - - Exercised - - Forfeited - - Outstanding - December 31, 2016 261,986 $ 12.46 2.40 $ 2,892,325 Fully vested and exercisable at December 31, 2016 169,954 $ 11.65 2.40 $ 2,013,955 Expected to vest in future periods 92,032 Fully vested and expected to vest - December 31, 2016 261,986 $ 12.46 2.40 $ 2,892,325 (1) The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The current market price was based on the closing price of common stock of $23.50 per share on December 31, 2016.
Schedule of weighted-average fair value of options granted and assumptions used in the Black-Scholes-Merton option pricing model	Fiscal Years Granted 2016 Risk-free interest rate 1.67 % Expected dividend yield 2.06 % Expected stock volatility 16.1 Expected life (years) 8 Fair value $ 2.75
Schedule of non-vested restricted stock activity	December 31, 2016 Balance - beginning of year 40,905 Granted - Forfeited - Vested - Balance - end of period 40,905 Weighted average grant date fair value $ 13.09

LOAN SERVICING RIGHTS (Tables)

LOAN SERVICING RIGHTS (Tables)	6 Months Ended
	Dec. 31, 2016
LOAN SERVICING RIGHTS
Schedule of principal balance of loan	December 31, 2016 June 30, 2016 Mortgage loan portfolio serviced for: FHLMC $ 117,682 $ 125,812 Three Months Ended Six Months Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Loan servicing rights: Beginning of period: $ 1,023 $ 1,332 $ 1,046 $ 1,396 Additions - - - - Change in fair value 196 (22 ) 173 (86 ) End of period: $ 1,219 $ 1,310 $ 1,219 $ 1,310

SUPPLEMENTAL CASH FLOW INFORM27

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2016
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	December 31, 2016 December 31, 2015 Cash paid during the period for: Interest paid $ 641 $ 591 Income taxes paid $ 510 $ 117 Supplemental noncash disclosures: Transfers from loans to real estate owned $ 154 $ 1,443

BASIS OF PRESENTATION (Detail T

BASIS OF PRESENTATION (Detail Textuals)	Dec. 31, 2016
Oconee Federal, MHC
Basis Of Presentation [Line Items]
Percentage of ownership in the entity	71.91%

EARNINGS PER SHARE ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Earnings per share
Net income	$ 1,318	$ 949	$ 2,591	$ 2,391
Less: distributed earnings allocated to participating securities	(3)	(6)	(7)	(13)
Less: (undistributed income) dividends in excess of earnings allocated to participating securities	(6)	(4)	(11)	(12)
Net earnings available to common shareholders	$ 1,309	$ 939	$ 2,573	$ 2,366
Weighted average common shares outstanding including participating securities	5,793,350	5,881,847	5,802,651	5,881,993
Less: participating securities (in shares)	(40,905)	(62,502)	(40,905)	(62,502)
Less: average unearned ESOP shares	(111,218)	(141,676)	(115,104)	(144,160)
Weighted average common shares outstanding	5,641,227	5,677,669	5,646,642	5,675,331
Basic earnings per share (in dollars per share)	$ 0.23	$ 0.17	$ 0.46	$ 0.42
Weighted average common shares outstanding	5,641,227	5,677,669	5,646,642	5,675,331
Add: dilutive effects of assumed exercises of stock options	96,097	71,507	89,680	71,221
Average shares and dilutive potential common shares	5,737,324	5,749,176	5,736,322	5,746,552
Diluted earnings per share (in dollars per share)	$ 0.23	$ 0.16	$ 0.45	$ 0.41

EARNINGS PER SHARE ("EPS") (D30

EARNINGS PER SHARE ("EPS") (Detail Textuals) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
EARNINGS PER SHARE ("EPS")
Antidilutive shares	0	15,400	28,700	15,400

SECURITIES AVAILABLE-FOR-SALE31

SECURITIES AVAILABLE-FOR-SALE (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Available-for-sale:
Amortized Cost	$ 121,997	$ 129,258
Gross Unrealized Gains	546	2,878
Gross Unrealized Losses	(1,889)	(52)
Available-for-sale Securities	120,654	132,084
FHLMC common stock
Available-for-sale:
Amortized Cost	20	20
Gross Unrealized Gains	284	131
Gross Unrealized Losses
Available-for-sale Securities	304	151
Certificates of deposit
Available-for-sale:
Amortized Cost	7,723	7,470
Gross Unrealized Gains	30	64
Gross Unrealized Losses	(16)
Available-for-sale Securities	7,737	7,534
Corporate debt securities
Available-for-sale:
Amortized Cost		8,932
Gross Unrealized Gains		186
Gross Unrealized Losses		(2)
Available-for-sale Securities		9,116
Municipal securities
Available-for-sale:
Amortized Cost	36,016	33,508
Gross Unrealized Gains	18	989
Gross Unrealized Losses	(830)	(16)
Available-for-sale Securities	35,204	34,481
SBA loan pools
Available-for-sale:
Amortized Cost	627	1,268
Gross Unrealized Gains	4	8
Gross Unrealized Losses		(3)
Available-for-sale Securities	631	1,273
U.S. Government agency mortgage-backed securities
Available-for-sale:
Amortized Cost	65,559	68,103
Gross Unrealized Gains	192	1,331
Gross Unrealized Losses	(822)	(31)
Available-for-sale Securities	64,929	69,403
U.S. Government agency bonds
Available-for-sale:
Amortized Cost	12,052	9,957
Gross Unrealized Gains	18	169
Gross Unrealized Losses	(221)
Available-for-sale Securities	$ 11,849	$ 10,126

SECURITIES AVAILABLE-FOR-SALE32

SECURITIES AVAILABLE-FOR-SALE (Details 1) $ in Thousands		Dec. 31, 2016USD ($)Security	Jun. 30, 2016USD ($)Security
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 89,177	$ 4,649
Less than 12 Months, Unrealized Loss		$ (1,788)	$ (14)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	139	8
12 Months or More, Fair Value		$ 3,239	$ 4,206
12 Months or More, Unrealized Loss		$ (101)	$ (38)
12 Months or More, Number in Unrealized Loss | Security	[1]	6	7
Total, Fair Value		$ 92,416	$ 8,855
Total, Unrealized Loss		$ (1,889)	$ (52)
Total, Number in Unrealized Loss | Security	[1]	145	15
Municipal securities
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 31,019	$ 2,574
Less than 12 Months, Unrealized Loss		$ (808)	$ (11)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	76	5
12 Months or More, Fair Value		$ 697	$ 716
12 Months or More, Unrealized Loss		$ (22)	$ (5)
12 Months or More, Number in Unrealized Loss | Security	[1]	2	2
Total, Fair Value		$ 31,716	$ 3,290
Total, Unrealized Loss		$ (830)	$ (16)
Total, Number in Unrealized Loss | Security	[1]	78	7
Corporate debt securities
Securities with unrealized losses
Less than 12 Months, Fair Value			$ 1,018
Less than 12 Months, Unrealized Loss			$ (2)
Less than 12 Months, Number in Unrealized Loss | Security	[1]		2
12 Months or More, Fair Value
12 Months or More, Unrealized Loss
12 Months or More, Number in Unrealized Loss | Security	[1]
Total, Fair Value			$ 1,018
Total, Unrealized Loss			$ (2)
Total, Number in Unrealized Loss | Security	[1]		2
Certificates of deposit
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 1,731
Less than 12 Months, Unrealized Loss		$ (16)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	7
12 Months or More, Fair Value
12 Months or More, Unrealized Loss
12 Months or More, Number in Unrealized Loss | Security	[1]
Total, Fair Value		$ 1,731
Total, Unrealized Loss		$ (16)
Total, Number in Unrealized Loss | Security	[1]	7
SBA loan pools
Securities with unrealized losses
Less than 12 Months, Fair Value
Less than 12 Months, Unrealized Loss
Less than 12 Months, Number in Unrealized Loss | Security	[1]
12 Months or More, Fair Value			$ 508
12 Months or More, Unrealized Loss			$ (3)
12 Months or More, Number in Unrealized Loss | Security	[1]		1
Total, Fair Value			$ 508
Total, Unrealized Loss			$ (3)
Total, Number in Unrealized Loss | Security	[1]		1
U.S. Government agency mortgage-backed securities
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 46,597	$ 1,057
Less than 12 Months, Unrealized Loss		$ (743)	$ (1)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	47	1
12 Months or More, Fair Value		$ 2,542	$ 2,982
12 Months or More, Unrealized Loss		$ (79)	$ (30)
12 Months or More, Number in Unrealized Loss | Security	[1]	4	4
Total, Fair Value		$ 49,139	$ 4,039
Total, Unrealized Loss		$ (822)	$ (31)
Total, Number in Unrealized Loss | Security	[1]	51	5
U.S. Government agency bonds
Securities with unrealized losses
Less than 12 Months, Fair Value		$ 9,830
Less than 12 Months, Unrealized Loss		$ (221)
Less than 12 Months, Number in Unrealized Loss | Security	[1]	9
12 Months or More, Fair Value
12 Months or More, Unrealized Loss
12 Months or More, Number in Unrealized Loss | Security	[1]
Total, Fair Value		$ 9,830
Total, Unrealized Loss		$ (221)
Total, Number in Unrealized Loss | Security	[1]	9
[1]	Actual amounts.

SECURITIES AVAILABLE-FOR-SALE33

SECURITIES AVAILABLE-FOR-SALE (Details 2) - USD ($) $ in Thousands		Dec. 31, 2016	Jun. 30, 2016
Amortized Cost
Less than one year		$ 3,237	$ 3,740
Due from one to five years		13,147	16,819
Due from five to ten years		30,648	30,778
Due after ten years		8,759	8,530
Mortgage-backed securities	[1]	66,186	69,371
Total		121,977	129,238
Fair Value
Less than one year		3,244	3,751
Due from one to five years		13,102	17,086
Due from five to ten years		29,970	31,622
Due after ten years		8,474	8,798
Mortgage-backed securities	[1]	65,560	70,676
Total		$ 120,350	$ 131,933
[1]	Actual cash flows may differ from contractual maturities as borrowers may prepay obligations without prepayment penalty.

SECURITIES AVAILABLE-FOR-SALE34

SECURITIES AVAILABLE-FOR-SALE (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Available-for-sale:
Proceeds	$ 12,495		$ 15,648	$ 1,164
Gross gains	57		125	9
Gross losses

SECURITIES AVAILABLE-FOR-SALE35

SECURITIES AVAILABLE-FOR-SALE (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
SECURITIES AVAILABLE-FOR-SALE AND HELD-TO-MATURITY
Securities pledged to secure public deposits	$ 5,990		$ 5,990		$ 6,114
Percentage holdings of securities greater than shareholders' equity	10.00%		10.00%		10.00%
Tax provision related to net realized gains	$ 21	$ 0	$ 45	$ 3

LOANS (Details)

LOANS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Loans
Total loans	$ 302,606	$ 293,187
Deferred net loan fees	(1,069)	(1,124)
Total loans net of deferred loan fees	301,537	292,063
Real estate loans
Loans
Total loans	297,104	288,096
Real estate loans | One-to-four family
Loans
Total loans	254,216	242,067
Real estate loans | Multi-family
Loans
Total loans	1,933	1,996
Real estate loans | Home equity
Loans
Total loans	5,722	6,433
Real estate loans | Nonresidential
Loans
Total loans	19,343	20,310
Real estate loans | Agricultural
Loans
Total loans	1,535	2,958
Real estate loans | Construction and land
Loans
Total loans	14,355	14,332
Commercial and industrial
Loans
Total loans	167	176
Consumer and other loans
Loans
Total loans	$ 5,335	$ 4,915

LOANS (Details 1)

LOANS (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Change in allowance for loan losses during the period
Beginning Balance	$ 972	$ 1,011	$ 922	$ 1,008
Provision	24	277	89	422
Charge-offs		(140)	(15)	(282)
Recoveries
Ending Balance	996	1,148	996	1,148
Real estate loans
Change in allowance for loan losses during the period
Beginning Balance	963	996	913	999
Provision	3	267	68	404
Charge-offs		(140)	(15)	(280)
Recoveries
Ending Balance	966	1,123	966	1,123
Real estate loans | One-to-four family
Change in allowance for loan losses during the period
Beginning Balance	785	881	733	910
Provision	10	148	62	259
Charge-offs		(68)		(208)
Recoveries
Ending Balance	795	961	795	961
Real estate loans | Multi-family
Change in allowance for loan losses during the period
Beginning Balance	4	4	4	4
Provision
Charge-offs
Recoveries
Ending Balance	4	4	4	4
Real estate loans | Home equity
Change in allowance for loan losses during the period
Beginning Balance	2	20	2	1
Provision		53		72
Charge-offs		(72)		(72)
Recoveries
Ending Balance	2	1	2	1
Real estate loans | Nonresidential
Change in allowance for loan losses during the period
Beginning Balance	132	68	130	55
Provision	(8)	(1)	9	12
Charge-offs			(15)
Recoveries
Ending Balance	124	67	124	67
Real estate loans | Agricultural
Change in allowance for loan losses during the period
Beginning Balance	5	4	5	4
Provision	(3)		(3)
Charge-offs
Recoveries
Ending Balance	2	4	2	4
Real estate loans | Construction and land
Change in allowance for loan losses during the period
Beginning Balance	35	19	39	25
Provision	4	67		61
Charge-offs
Recoveries
Ending Balance	39	86	39	86
Commercial and industrial
Change in allowance for loan losses during the period
Beginning Balance	6	8	6
Provision	(1)		(1)	8
Charge-offs
Recoveries
Ending Balance	5	8	5	8
Consumer and other loans
Change in allowance for loan losses during the period
Beginning Balance	3	7	3	9
Provision	22	10	22	10
Charge-offs				(2)
Recoveries
Ending Balance	$ 25	$ 17	$ 25	$ 17

LOANS (Details 2)

LOANS (Details 2) - USD ($) $ in Thousands		Dec. 31, 2016	Jun. 30, 2016
Ending Allowance on Loans:
Collectively Evaluated for Impairment		$ 811	$ 738
Loans:
Collectively Evaluated for Impairment		296,298	286,680
Real estate loans
Ending Allowance on Loans:
Collectively Evaluated for Impairment		781	729
Loans:
Collectively Evaluated for Impairment		290,810	281,604
Real estate loans | One-to-four family
Ending Allowance on Loans:
Collectively Evaluated for Impairment		687	632
Loans:
Collectively Evaluated for Impairment		250,337	238,161
Real estate loans | Multi-family
Ending Allowance on Loans:
Collectively Evaluated for Impairment		4	4
Loans:
Collectively Evaluated for Impairment		1,932	1,994
Real estate loans | Home equity
Ending Allowance on Loans:
Collectively Evaluated for Impairment		2	2
Loans:
Collectively Evaluated for Impairment		5,722	6,575
Real estate loans | Nonresidential
Ending Allowance on Loans:
Collectively Evaluated for Impairment		56	58
Loans:
Collectively Evaluated for Impairment		17,974	18,807
Real estate loans | Agricultural
Ending Allowance on Loans:
Collectively Evaluated for Impairment		2	5
Loans:
Collectively Evaluated for Impairment		1,086	2,509
Real estate loans | Construction and land
Ending Allowance on Loans:
Collectively Evaluated for Impairment		30	28
Loans:
Collectively Evaluated for Impairment		13,759	13,558
Commercial and industrial
Ending Allowance on Loans:
Collectively Evaluated for Impairment		5	6
Loans:
Collectively Evaluated for Impairment		167	176
Consumer and other loans
Ending Allowance on Loans:
Collectively Evaluated for Impairment		25	3
Loans:
Collectively Evaluated for Impairment		5,321	4,900
Non-PCI
Ending Allowance on Loans:
Individually Evaluated for Impairment		34	55
Loans:
Individually Evaluated for Impairment		1,894	1,462
Non-PCI | Real estate loans
Ending Allowance on Loans:
Individually Evaluated for Impairment		34	55
Loans:
Individually Evaluated for Impairment		1,894	1,462
Non-PCI | Real estate loans | One-to-four family
Ending Allowance on Loans:
Individually Evaluated for Impairment		34	55
Loans:
Individually Evaluated for Impairment		993	1,014
Non-PCI | Real estate loans | Multi-family
Ending Allowance on Loans:
Individually Evaluated for Impairment
Loans:
Individually Evaluated for Impairment
Non-PCI | Real estate loans | Home equity
Ending Allowance on Loans:
Individually Evaluated for Impairment
Loans:
Individually Evaluated for Impairment
Non-PCI | Real estate loans | Nonresidential
Ending Allowance on Loans:
Individually Evaluated for Impairment
Loans:
Individually Evaluated for Impairment		453
Non-PCI | Real estate loans | Agricultural
Ending Allowance on Loans:
Individually Evaluated for Impairment
Loans:
Individually Evaluated for Impairment		448	448
Non-PCI | Real estate loans | Construction and land
Ending Allowance on Loans:
Individually Evaluated for Impairment
Loans:
Individually Evaluated for Impairment
Non-PCI | Commercial and industrial
Ending Allowance on Loans:
Individually Evaluated for Impairment
Loans:
Individually Evaluated for Impairment
Non-PCI | Consumer and other loans
Ending Allowance on Loans:
Individually Evaluated for Impairment
Loans:
Individually Evaluated for Impairment
PCI
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]	151	129
Loans:
Individually Evaluated for Impairment	[1]	3,345	3,921
PCI | Real estate loans
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]	151	129
Loans:
Individually Evaluated for Impairment	[1]	3,345	3,921
PCI | Real estate loans | One-to-four family
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]	74	46
Loans:
Individually Evaluated for Impairment	[1]	1,933	1,904
PCI | Real estate loans | Multi-family
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]
Loans:
Individually Evaluated for Impairment	[1]
PCI | Real estate loans | Home equity
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]
Loans:
Individually Evaluated for Impairment	[1]
PCI | Real estate loans | Nonresidential
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]	68	72
Loans:
Individually Evaluated for Impairment	[1]	903	1,492
PCI | Real estate loans | Agricultural
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]
Loans:
Individually Evaluated for Impairment	[1]
PCI | Real estate loans | Construction and land
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]	9	11
Loans:
Individually Evaluated for Impairment	[1]	509	525
PCI | Commercial and industrial
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]
Loans:
Individually Evaluated for Impairment	[1]
PCI | Consumer and other loans
Ending Allowance on Loans:
Individually Evaluated for Impairment	[1]
Loans:
Individually Evaluated for Impairment	[1]
[1]	"Purchase Credit Impaired" (or "PCI") loans include all loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected.

LOANS (Details 3)

LOANS (Details 3) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
With no recorded allowance:
Unpaid Principal Balance	$ 4,032	$ 5,520
Recorded Investment	2,322	2,736
Average Recorded Investment	2,530	4,744
Interest Income Recognized	87	220
With recorded allowance:
Unpaid Principal Balance	3,801	3,192
Recorded Investment	2,917	2,647
Related Allowance	185	184
Average Recorded Investment	2,783	3,005
Interest Income Recognized	142	175
Total:
Unpaid Principal Balance	7,833	8,712
Recorded Investment	5,239	5,383
Related Allowance	185	184
Average Recorded Investment	5,313	7,749
Interest Income Recognized	229	395
Real estate loans
With no recorded allowance:
Unpaid Principal Balance	4,032	5,520
Recorded Investment	2,322	2,736
Average Recorded Investment	2,530	4,744
Interest Income Recognized	87	220
With recorded allowance:
Unpaid Principal Balance	3,801	3,192
Recorded Investment	2,917	2,647
Related Allowance	185	184
Average Recorded Investment	2,783	3,005
Interest Income Recognized	142	175
Total:
Unpaid Principal Balance	7,833	8,712
Recorded Investment	5,239	5,383
Related Allowance	185	184
Average Recorded Investment	5,313	7,749
Interest Income Recognized	229	395
Real estate loans | One-to-four family
With no recorded allowance:
Unpaid Principal Balance	688	1,787
Recorded Investment	489	992
Average Recorded Investment	741	2,198
Interest Income Recognized	24	113
With recorded allowance:
Unpaid Principal Balance	3,058	2,021
Recorded Investment	2,437	1,918
Related Allowance	108	101
Average Recorded Investment	2,178	1,980
Interest Income Recognized	111	89
Total:
Related Allowance	108	101
Real estate loans | Multi-family
With no recorded allowance:
Unpaid Principal Balance
Recorded Investment
Average Recorded Investment
Interest Income Recognized
With recorded allowance:
Unpaid Principal Balance
Recorded Investment
Related Allowance
Average Recorded Investment
Interest Income Recognized
Total:
Related Allowance
Real estate loans | Home equity
With no recorded allowance:
Unpaid Principal Balance	50	185
Recorded Investment
Average Recorded Investment
Interest Income Recognized
With recorded allowance:
Unpaid Principal Balance
Recorded Investment
Related Allowance
Average Recorded Investment
Interest Income Recognized
Total:
Related Allowance
Real estate loans | Nonresidential
With no recorded allowance:
Unpaid Principal Balance	1,479	2,192
Recorded Investment	907	1,111
Average Recorded Investment	1,009	1,209
Interest Income Recognized	26	72
With recorded allowance:
Unpaid Principal Balance	558	404
Recorded Investment	449	382
Related Allowance	68	72
Average Recorded Investment	416	851
Interest Income Recognized	20	25
Total:
Related Allowance	68	72
Real estate loans | Agricultural
With no recorded allowance:
Unpaid Principal Balance	997	997
Recorded Investment	448	448
Average Recorded Investment	448	945
Interest Income Recognized	18
With recorded allowance:
Unpaid Principal Balance
Recorded Investment
Related Allowance
Average Recorded Investment
Interest Income Recognized
Total:
Related Allowance
Real estate loans | Construction and land
With no recorded allowance:
Unpaid Principal Balance	818	359
Recorded Investment	478	185
Average Recorded Investment	332	392
Interest Income Recognized	19	35
With recorded allowance:
Unpaid Principal Balance	185	767
Recorded Investment	31	347
Related Allowance	9	11
Average Recorded Investment	189	174
Interest Income Recognized	11	61
Total:
Related Allowance	9	11
Commercial and industrial
With no recorded allowance:
Unpaid Principal Balance
Recorded Investment
Average Recorded Investment
Interest Income Recognized
With recorded allowance:
Unpaid Principal Balance
Recorded Investment
Related Allowance
Average Recorded Investment
Interest Income Recognized
Total:
Related Allowance
Consumer and other loans
With no recorded allowance:
Unpaid Principal Balance
Recorded Investment
Average Recorded Investment
Interest Income Recognized
With recorded allowance:
Unpaid Principal Balance
Recorded Investment
Related Allowance
Average Recorded Investment
Interest Income Recognized
Total:
Unpaid Principal Balance
Recorded Investment
Related Allowance
Average Recorded Investment
Interest Income Recognized

LOANS (Details 4)

LOANS (Details 4) - Acquired Loans - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount	$ 3,194	$ 3,792
Real estate loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount	3,194	3,792
Real estate loans | One-to-four family
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount	1,859	1,858
Real estate loans | Multi-family
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount
Real estate loans | Home equity
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount
Real estate loans | Nonresidential
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount	835	1,420
Real estate loans | Agricultural
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount
Real estate loans | Construction and land
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount	$ 500	514
Commercial and industrial
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount
Consumer and other loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Acquired purchased credit impaired loans, net of related discount

LOANS (Details 5)

LOANS (Details 5) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Accretable Yield
Balance at beginning of period	$ (1,312)	$ (500)	$ (1,340)	$ (694)
Payments and other exit events	(40)	(94)	(75)	(104)
Accretion	95	98	158	302
Reclassification from nonaccretable to accretable		(22)		(22)
Change in the allowance
Balance at end of period	(1,257)	(518)	(1,257)	(518)
Carrying Value
Balance at beginning of period	3,694	6,250	3,792	7,429
Payments and other exit events	(414)	(1,069)	(418)	(2,043)
Accretion	(95)	(98)	(158)	(302)
Reclassification from nonaccretable to accretable
Change in the allowance	9	(31)	(22)	(32)
Balance at end of period	$ 3,194	$ 5,052	$ 3,194	$ 5,052

LOANS (Details 6)

LOANS (Details 6) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Certain Loans Acquired In Transfer Accounted For As Debt Securities Future Cash Flow Not Estimable [Roll Forward]
Balance at beginning of year	$ 1,139	$ 2,798
Additions	275	132
Reductions from payments and liquidations	(607)	(963)
Balance at end of period	$ 807	$ 1,967

LOANS (Details 7)

LOANS (Details 7) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	$ 11,138	$ 10,258
Current	290,399	281,805
Total loans	301,537	292,063
Nonaccrual loans	4,177	3,757
Accruing loans past due 90 days or more
30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	7,331	7,273
60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,751	1,071
90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	2,056	1,914
Real estate loans
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	11,137	10,258
Current	284,912	276,729
Total loans	296,049	286,987
Nonaccrual loans	4,177	3,757
Accruing loans past due 90 days or more
Real estate loans | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	7,330	7,273
Real estate loans | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,751	1,071
Real estate loans | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	2,056	1,914
Real estate loans | One-to-four family
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	9,533	8,950
Current	243,730	232,129
Total loans	253,263	241,079
Nonaccrual loans	2,420	2,133
Accruing loans past due 90 days or more
Real estate loans | One-to-four family | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	6,782	7,086
Real estate loans | One-to-four family | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,591	1,001
Real estate loans | One-to-four family | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1,160	863
Real estate loans | Multi-family
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Current	1,932	1,994
Total loans	1,932	1,994
Nonaccrual loans
Accruing loans past due 90 days or more
Real estate loans | Multi-family | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Real estate loans | Multi-family | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Real estate loans | Multi-family | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Real estate loans | Home equity
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	279	200
Current	5,443	6,375
Total loans	5,722	6,575
Nonaccrual loans	133	126
Accruing loans past due 90 days or more
Real estate loans | Home equity | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	100	94
Real estate loans | Home equity | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	96	22
Real estate loans | Home equity | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	83	84
Real estate loans | Nonresidential
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	863	990
Current	18,467	19,309
Total loans	19,330	20,299
Nonaccrual loans	813	942
Accruing loans past due 90 days or more
Real estate loans | Nonresidential | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Real estate loans | Nonresidential | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	50	48
Real estate loans | Nonresidential | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	813	942
Real estate loans | Agricultural
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	448
Current	1,086	2,957
Total loans	1,534	2,957
Nonaccrual loans	529	531
Accruing loans past due 90 days or more
Real estate loans | Agricultural | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	448
Real estate loans | Agricultural | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Real estate loans | Agricultural | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Real estate loans | Construction and land
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	14	118
Current	14,254	13,965
Total loans	14,268	14,083
Nonaccrual loans	282	25
Accruing loans past due 90 days or more
Real estate loans | Construction and land | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due		93
Real estate loans | Construction and land | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	14
Real estate loans | Construction and land | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due		25
Commercial and industrial
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Current	167	176
Total loans	167	176
Nonaccrual loans
Accruing loans past due 90 days or more
Commercial and industrial | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Commercial and industrial | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Commercial and industrial | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Consumer and other loans
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1
Current	5,320	4,900
Total loans	5,321	4,900
Nonaccrual loans
Accruing loans past due 90 days or more
Consumer and other loans | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	1
Consumer and other loans | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Consumer and other loans | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Acquired Loans
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	974	1,425
Current	2,371	2,496
Total loans	3,345	3,921
Nonaccrual loans	807	1,139
Accruing loans past due 90 days or more
Acquired Loans | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	147
Acquired Loans | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	448	437
Acquired Loans | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	379	988
Acquired Loans | Real estate loans | One-to-four family
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	564	410
Current	1,369	1,494
Total loans	1,933	1,904
Nonaccrual loans	165	172
Accruing loans past due 90 days or more
Acquired Loans | Real estate loans | One-to-four family | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	147
Acquired Loans | Real estate loans | One-to-four family | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	398	389
Acquired Loans | Real estate loans | One-to-four family | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	19	21
Acquired Loans | Real estate loans | Nonresidential
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	410	990
Current	493	502
Total loans	903	1,492
Nonaccrual loans	360	942
Accruing loans past due 90 days or more
Acquired Loans | Real estate loans | Nonresidential | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Acquired Loans | Real estate loans | Nonresidential | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	50	48
Acquired Loans | Real estate loans | Nonresidential | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due	360	942
Acquired Loans | Real estate loans | Construction and land
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due		25
Current	509	500
Total loans	509	525
Nonaccrual loans	282	25
Accruing loans past due 90 days or more
Acquired Loans | Real estate loans | Construction and land | 30 - 59 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Acquired Loans | Real estate loans | Construction and land | 60 - 89 Days Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due
Acquired Loans | Real estate loans | Construction and land | 90 Days or More Past Due
Aging of the recorded investment in past due loans by portfolio class of loans
Total Past Due		$ 25

LOANS (Details 8)

LOANS (Details 8) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Loan grade for each loan by portfolio segment and class
Loans, gross amount	$ 301,537	$ 292,063
Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	296,049	286,987
Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	253,263	241,079
Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1,932	1,994
Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	5,722	6,575
Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	19,330	20,299
Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1,534	2,957
Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	14,268	14,083
Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount	167	176
Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	5,321	4,900
Pass
Loan grade for each loan by portfolio segment and class
Loans, gross amount	276,579	266,992
Pass | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	271,095	261,943
Pass | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	238,160	226,899
Pass | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1,932	1,994
Pass | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	5,081	6,083
Pass | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	12,956	13,218
Pass | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	340	1,352
Pass | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	12,626	12,397
Pass | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount	167	157
Pass | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	5,317	4,892
Pass- Watch
Loan grade for each loan by portfolio segment and class
Loans, gross amount	11,886	12,301
Pass- Watch | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	11,886	12,282
Pass- Watch | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	6,701	6,805
Pass- Watch | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Pass- Watch | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	299	106
Pass- Watch | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	3,636	4,095
Pass- Watch | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	387	398
Pass- Watch | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	863	878
Pass- Watch | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount		19
Pass- Watch | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Special Mention
Loan grade for each loan by portfolio segment and class
Loans, gross amount	4,384	4,562
Special Mention | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	4,383	4,559
Special Mention | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	2,230	1,890
Special Mention | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Special Mention | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	259	260
Special Mention | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1,382	1,494
Special Mention | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	278	676
Special Mention | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	234	239
Special Mention | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Special Mention | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1	3
Substandard
Loan grade for each loan by portfolio segment and class
Loans, gross amount	8,688	8,208
Substandard | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	8,685	8,203
Substandard | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount	6,172	5,485
Substandard | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Substandard | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount	83	126
Substandard | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount	1,356	1,492
Substandard | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount	529	531
Substandard | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount	545	569
Substandard | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Substandard | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount	3	5
Doubtful
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Doubtful | Real estate loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Doubtful | Real estate loans | One-to-four family
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Doubtful | Real estate loans | Multi-family
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Doubtful | Real estate loans | Home equity
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Doubtful | Real estate loans | Nonresidential
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Doubtful | Real estate loans | Agricultural
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Doubtful | Real estate loans | Construction and land
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Doubtful | Commercial and industrial
Loan grade for each loan by portfolio segment and class
Loans, gross amount
Doubtful | Consumer and other loans
Loan grade for each loan by portfolio segment and class
Loans, gross amount

LOANS (Detail Textuals)

LOANS (Detail Textuals) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)Loan	Jun. 30, 2016USD ($)Loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unpaid principle balance	$ 7,833	$ 8,712
Recorded investment	5,239	5,383
Allowance for loan losses	151	129
Recorded investment in troubled debt restructuring	1,585	1,588
Additional allowance for modified loans	34	55
Real estate loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unpaid principle balance	7,833	8,712
Recorded investment	$ 5,239	$ 5,383
Real estate loans | One-to-four family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of trouble debt restructuring loans | Loan	1	1
Real estate loans | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of trouble debt restructuring loans | Loan		2
Real estate loans | Agricultural
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of trouble debt restructuring loans | Loan		2
Consumer and other loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unpaid principle balance
Recorded investment
Acquired Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unpaid principle balance	5,365	6,546
Recorded investment	$ 3,345	$ 3,921
Acquired Loans | Real estate loans | Construction and land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of construction and land loans	12 months
Term of construction of homes on speculation loans	8 months
Maximum loan to value ratio of homes on speculation loans	85.00%
Loans receivable | Real estate loans | One-to-four family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan-to-value ratio for owner-occupied loans (as a percent)	80.00%
Loan to value ratios if borrower obtains mortgage insurance or provides readily marketable collateral	80.00%
Current offer of mortgage up to limit	$ 95
Maximum loan to value ratios for low to moderate income borrowers	95.00%
Loan to value ratios for non owner occupied homes	80.00%
Maximum loan to value ratios for manufactured or modular homes	75.00%
Loans receivable | Real estate loans | Multi-family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans made as a percentage of lesser of appraised value or purchase price	75.00%
Amortization period of financing receivable	30 years
Loans receivable | Real estate loans | Multi-family | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of multi family real estate loans	5 years
Loans receivable | Real estate loans | Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan to value ratio	80.00%
Maximum term of adjustable rate and fixed rate options	10 years
Loans receivable | Real estate loans | Home equity | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of home equity loans	10 years
Amortization period of financing receivable	20 years
Loans receivable | Real estate loans | Nonresidential | Minimum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of non residential real estate loans	5 years
Loans receivable | Real estate loans | Nonresidential | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortization period of financing receivable	20 years
Term of non residential real estate loans	20 years
Loan to value ratio	75.00%
Loans receivable | Real estate loans | Agricultural | Minimum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of agricultural loans	5 years
Loans receivable | Real estate loans | Agricultural | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortization period of financing receivable	20 years
Loan to value ratio	75.00%
Term of agricultural loans	20 years
Loans receivable | Real estate loans | Construction and land | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan-to-value ratio for owner-occupied loans (as a percent)	80.00%
Loan to value ratio	85.00%
Loans receivable | Consumer and other loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Consumer mortgage loans secured by residential real estate properties in formal foreclosure proceedings	$ 488
Loans receivable | Consumer and other loans | Minimum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of financing receivable for secured by vehicle	18 months
Loans receivable | Consumer and other loans | Maximum
Financing Receivable, Recorded Investment, Past Due [Line Items]
Term of financing receivable for unsecured loans	18 months
Term of financing receivable for secured by vehicle	60 months

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Financial assets:
Securities available-for-sale	$ 120,654	$ 132,084
Level 2
Financial assets:
Securities available-for-sale	120,654	132,084
Loan servicing rights
Level 3
Financial assets:
Securities available-for-sale
Loan servicing rights	1,219	1,046
FHLMC common stock
Financial assets:
Securities available-for-sale	304	151
Certificates of deposit
Financial assets:
Securities available-for-sale	7,737	7,534
Corporate debt securities
Financial assets:
Securities available-for-sale		9,116
Municipal securities
Financial assets:
Securities available-for-sale	35,204	34,481
SBA loan pools
Financial assets:
Securities available-for-sale	631	1,273
U.S. Government agency mortgage-backed securities
Financial assets:
Securities available-for-sale	64,929	69,403
U.S. Government agency bonds
Financial assets:
Securities available-for-sale	11,849	10,126
Recurring basis | Level 2
Financial assets:
Securities available-for-sale	120,654	132,084
Total financial assets	120,654	132,084
Recurring basis | Level 3
Financial assets:
Loan servicing rights	1,219	1,046
Total financial assets	1,219	1,046
Recurring basis | FHLMC common stock | Level 2
Financial assets:
Securities available-for-sale	304	151
Recurring basis | FHLMC common stock | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | Certificates of deposit | Level 2
Financial assets:
Securities available-for-sale	7,737	7,534
Recurring basis | Certificates of deposit | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | Corporate debt securities | Level 2
Financial assets:
Securities available-for-sale		9,116
Recurring basis | Corporate debt securities | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | Municipal securities | Level 2
Financial assets:
Securities available-for-sale	35,204	34,481
Recurring basis | Municipal securities | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | SBA loan pools | Level 2
Financial assets:
Securities available-for-sale	631	1,273
Recurring basis | SBA loan pools | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | U.S. Government agency mortgage-backed securities | Level 2
Financial assets:
Securities available-for-sale	64,929	69,403
Recurring basis | U.S. Government agency mortgage-backed securities | Level 3
Financial assets:
Securities available-for-sale
Recurring basis | U.S. Government agency bonds | Level 2
Financial assets:
Securities available-for-sale	11,849	10,126
Recurring basis | U.S. Government agency bonds | Level 3
Financial assets:
Securities available-for-sale

FAIR VALUE MEASUREMENTS (Deta47

FAIR VALUE MEASUREMENTS (Details 1) - Non-recurring basis - Level 3 - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Impaired real estate loans, with specific allocations:
Total financial assets	$ 2,732	$ 2,463
Real estate owned, net:
Total non-financial assets	752	1,354
Total assets measured at fair value on a non-recurring basis	3,484	3,817
One-to-four family
Real estate owned, net:
Total non-financial assets	752	899
Nonresidential
Real estate owned, net:
Total non-financial assets		267
Construction and land
Real estate owned, net:
Total non-financial assets		188
Impaired loans | One-to-four family
Impaired real estate loans, with specific allocations:
Total financial assets	2,329	1,817
Impaired loans | Nonresidential
Impaired real estate loans, with specific allocations:
Total financial assets	381	310
Impaired loans | Construction and land
Impaired real estate loans, with specific allocations:
Total financial assets	$ 22	$ 336

FAIR VALUE MEASUREMENTS (Deta48

FAIR VALUE MEASUREMENTS (Details 2) - Recurring basis - Level 3 - Loan Servicing Rights - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year:	$ 1,023	$ 1,332	$ 1,046	$ 1,396
Purchases
Change in fair value	196	(22)	173	(86)
Balance at end of period:	$ 1,219	$ 1,310	$ 1,219	$ 1,310

FAIR VALUE MEASUREMENTS (Deta49

FAIR VALUE MEASUREMENTS (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Valuation techniques
Real estate owned	$ 752	$ 1,354
Level 3
Valuation techniques
Loan servicing rights	1,219	1,046
Impaired real estate loans net, with specific allocations	305,807	296,203
Non-recurring basis | Level 3 | Discounted cash flows
Valuation techniques
Loan servicing rights	$ 1,219	1,046
Non-recurring basis | Level 3 | Discounted cash flows | Minimum
Valuation techniques
Discount rate, estimated timing of cash flows	9.00%
Non-recurring basis | Level 3 | Discounted cash flows | Maximum
Valuation techniques
Discount rate, estimated timing of cash flows	10.00%
Non-recurring basis | Level 3 | One-to-four family | Sales comparison approach
Valuation techniques
Real estate owned	$ 752	899
Non-recurring basis | Level 3 | One-to-four family | Sales comparison approach | Minimum
Valuation techniques
Adjustment for differences between the comparable sales (as a percent)	0.00%
Non-recurring basis | Level 3 | One-to-four family | Sales comparison approach | Maximum
Valuation techniques
Adjustment for differences between the comparable sales (as a percent)	20.00%
Non-recurring basis | Level 3 | Nonresidential | Sales comparison approach
Valuation techniques
Real estate owned		267
Non-recurring basis | Level 3 | Nonresidential | Sales comparison approach | Minimum
Valuation techniques
Discount rate, estimated timing of cash flows	0.00%
Non-recurring basis | Level 3 | Nonresidential | Sales comparison approach | Maximum
Valuation techniques
Discount rate, estimated timing of cash flows	20.00%
Non-recurring basis | Level 3 | Construction and land | Sales comparison approach
Valuation techniques
Real estate owned		188
Non-recurring basis | Level 3 | Construction and land | Sales comparison approach | Minimum
Valuation techniques
Adjustment for differences between the comparable sales (as a percent)	0.00%
Non-recurring basis | Level 3 | Construction and land | Sales comparison approach | Maximum
Valuation techniques
Adjustment for differences between the comparable sales (as a percent)	20.00%
Non-recurring basis | Level 3 | Impaired loans | One-to-four family | Sales comparison approach
Valuation techniques
Impaired real estate loans net, with specific allocations	$ 2,329	1,817
Non-recurring basis | Level 3 | Impaired loans | One-to-four family | Sales comparison approach | Minimum
Valuation techniques
Adjustment for differences between the comparable sales (as a percent)	0.00%
Non-recurring basis | Level 3 | Impaired loans | One-to-four family | Sales comparison approach | Maximum
Valuation techniques
Adjustment for differences between the comparable sales (as a percent)	30.00%
Non-recurring basis | Level 3 | Impaired loans | Nonresidential | Discounted cash flows
Valuation techniques
Impaired real estate loans net, with specific allocations	$ 381	310
Non-recurring basis | Level 3 | Impaired loans | Nonresidential | Discounted cash flows | Minimum
Valuation techniques
Discount rate, estimated timing of cash flows	2.00%
Non-recurring basis | Level 3 | Impaired loans | Nonresidential | Discounted cash flows | Maximum
Valuation techniques
Discount rate, estimated timing of cash flows	28.00%
Non-recurring basis | Level 3 | Impaired loans | Construction and land | Sales comparison approach
Valuation techniques
Impaired real estate loans net, with specific allocations	$ 22	$ 336
Non-recurring basis | Level 3 | Impaired loans | Construction and land | Sales comparison approach | Minimum
Valuation techniques
Adjustment for differences between the comparable sales (as a percent)	0.00%
Non-recurring basis | Level 3 | Impaired loans | Construction and land | Sales comparison approach | Maximum
Valuation techniques
Adjustment for differences between the comparable sales (as a percent)	30.00%

FAIR VALUE MEASUREMENTS (Deta50

FAIR VALUE MEASUREMENTS (Details 4) - USD ($) $ in Thousands		Dec. 31, 2016	Jun. 30, 2016
Financial assets
Securities available-for-sale		$ 120,654	$ 132,084
Carrying Amount
Financial assets
Securities available-for-sale		120,654	132,084
Loans, net		300,541	291,141
Loans held for sale	[1]		129
Loan servicing rights		1,219	1,046
Restricted equity securities		1,021	1,021
Financial liabilities
Deposits		396,413	399,634
Fair Value
Financial assets
Securities available-for-sale		120,654	132,084
Loans, net		305,807	296,203
Loans held for sale	[1]		129
Loan servicing rights		1,219	1,046
Restricted equity securities
Financial liabilities
Deposits		389,277	399,689
Level 1
Financial assets
Securities available-for-sale
Loans, net
Loans held for sale	[1]
Loan servicing rights
Restricted equity securities
Financial liabilities
Deposits		178,789	175,652
Level 2
Financial assets
Securities available-for-sale		120,654	132,084
Loans, net
Loans held for sale	[1]
Loan servicing rights
Restricted equity securities
Financial liabilities
Deposits		210,488	224,037
Level 3
Financial assets
Securities available-for-sale
Loans, net		305,807	296,203
Loans held for sale	[1]		129
Loan servicing rights		1,219	1,046
Restricted equity securities
Financial liabilities
Deposits
[1]	Loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors and result in a Level 3 classification.

FAIR VALUE MEASUREMENTS (Deta51

FAIR VALUE MEASUREMENTS (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
FAIR VALUE MEASUREMENTS
Carrying amount of impaired loans	$ 2,732		$ 2,732		$ 2,463
Valuation allowances of impaired loans	185		185		184
Increase (decrease) in the valuation allowance	(22)	$ 262	1	$ 292
Carrying value of real estate owned	752		752		1,354
Real estate owned, valuation allowance	102		102		$ 102
Write-downs for real estate owned	$ 0	$ 15	$ 103	$ 110

EMPLOYEE STOCK OWNERSHIP PLAN52

EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016
Shares held by the ESOP
Committed to be released to participants	25,793	10,602
Allocated to participants	112,043	112,043
Unearned	104,010	126,197
Total ESOP shares	241,846	248,842
Fair value of unearned shares	$ 2,444	$ 2,470

EMPLOYEE STOCK OWNERSHIP PLAN53

EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2011
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP")
Employee stock ownership plan, employer loan for shares					248,842
Common stock share price					$ 10
Additional discretionary contribution to ESOP			$ 50	$ 100
Additional compensation expense recognized for ESOP	$ 88	$ 160	88	160
ESOP compensation expense recognized	$ 181	$ 250	$ 273	$ 340

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - Stock options $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 31, 2016USD ($)$ / sharesshares
Options
Outstanding - July 1, 2016 (in shares)	261,986
Granted (in shares)
Exercised (in shares)
Forfeited (in shares)
Outstanding - September 30, 2016 (in shares)	261,986
Fully vested and exercisable at December 31, 2016 (in shares)	169,954
Expected to vest in future periods (in shares)	92,032
Fully vested and expected to vest - December 31, 2016 (in shares)	261,986
Weighted-Average Exercise Price/Share
Outstanding - July 1, 2016 (in dollars per share) | $ / shares	$ 12.46
Granted (in dollars per share) | $ / shares
Exercised (in dollars per share) | $ / shares
Forfeited (in dollars per share) | $ / shares
Outstanding - December 31, 2016 (in dollars per share) | $ / shares	12.46
Fully vested and exercisable at December 31, 2016 (in dollars per share) | $ / shares	11.65
Fully vested and expected to vest - December 31, 2016 (in dollars per share) | $ / shares	$ 12.46
Weighted Average Remaining Contractual Life (in years)
Outstanding - December 31, 2016	2 years 4 months 24 days
Fully vested and exercisable at December 31, 2016	2 years 4 months 24 days
Fully vested and expected to vest - December 31, 2016	2 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding - December 31, 2016 | $	$ 2,892,325	[1]
Fully vested and exercisable at December 31, 2016 | $	2,013,955	[1]
Fully vested and expected to vest - December 31, 2016 | $	$ 2,892,325	[1]
[1]	The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The current market price was based on the closing price of common stock of $23.50 per share on December 31, 2016.

STOCK BASED COMPENSATION (Det55

STOCK BASED COMPENSATION (Details 1) - Stock options - Weighted average	6 Months Ended
	Dec. 31, 2016$ / shares
Weighted average assumptions
Risk-free interest rate (as a percent)	1.67%
Expected dividend yield (as a percent)	2.06%
Expected stock volatility (as a percent)	16.10%
Expected life (years)	8 years
Fair value (in dollars per share)	$ 2.75

STOCK BASED COMPENSATION (Det56

STOCK BASED COMPENSATION (Details 2) - Restricted stock	6 Months Ended
	Dec. 31, 2016$ / sharesshares
Non-vested stock activity
Balance - beginning of year (in shares)	40,905
Granted (in shares)
Forfeited (in shares)
Vested (in shares)
Balance - end of period (in shares)	40,905
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 13.09

STOCK BASED COMPENSATION (Det57

STOCK BASED COMPENSATION (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	Feb. 05, 2016	Jan. 23, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Apr. 05, 2012	Jun. 30, 2011
Stock based compensation
Common stock share price								$ 10
Closing price of common stock			$ 23.50		$ 23.50
Common Stock
Stock based compensation
Shares authorized							435,472
Stock options
Stock based compensation
Shares authorized							311,052
Granted (in shares)
Options earned (in shares)					23,750	21,835
Stock-based compensation expense			$ 14	$ 12	$ 28	$ 24
Total unrecognized compensation cost related to stock options			97		$ 97
Expected period for recognition					2 years 4 months 24 days
Stock options | Minimum | Officer
Stock based compensation
Granted (in shares)	21,000
Vesting period	5 years
Weighted average vesting period	5 years 8 months 12 days
Expiration period	10 years
Stock options | Maximum | Officer
Stock based compensation
Vesting period	7 years
Restricted stock
Stock based compensation
Stock-based compensation expense			62	$ 64	$ 123	$ 127
Grant date fair value of restricted stock	$ 19.40	$ 20.01
Total grant date fair value	$ 136	$ 252
Unrecognized compensation expense for nonvested restricted stock awards			$ 424		$ 424
Expected period for recognition					2 years 10 months 24 days
Restricted stock | Minimum | Officer
Stock based compensation
Number of restricted stock granted to officers	7,000
Vesting period	5 years
Weighted average vesting period	6 years
Restricted stock | Maximum
Stock based compensation
Shares authorized							124,420
Restricted stock | Maximum | Officer
Stock based compensation
Vesting period	7 years

LOAN SERVICING RIGHTS (Details)

LOAN SERVICING RIGHTS (Details) - USD ($)	Dec. 31, 2016	Jun. 30, 2016
Servicing Assets at Fair Value [Line Items]
Mortgage loan portfolio serviced	$ 1,219,000	$ 1,046,000
FHLMC
Servicing Assets at Fair Value [Line Items]
Mortgage loan portfolio serviced	$ 117,682	$ 125,812

LOAN SERVICING RIGHTS (Details

LOAN SERVICING RIGHTS (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Loan servicing rights:
Beginning of period:	$ 1,023	$ 1,332	$ 1,046	$ 1,396
Additions
Change in fair value	196	(22)	173	(86)
End of period:	$ 1,219	$ 1,310	$ 1,219	$ 1,310

LOAN SERVICING RIGHTS (Detail T

LOAN SERVICING RIGHTS (Detail Textuals) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Servicing Assets at Fair Value [Line Items]
Discount rate	9.63%	9.75%
Weighted average default rate	0.61%	0.61%
Minimum
Servicing Assets at Fair Value [Line Items]
Prepayment speed assumption	5.10%	5.20%
Maximum
Servicing Assets at Fair Value [Line Items]
Prepayment speed assumption	12.70%	17.50%
FHLMC
Servicing Assets at Fair Value [Line Items]
Custodial escrow balances	$ 811		$ 1,007

SUPPLEMENTAL CASH FLOW INFORM61

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash paid during the period for:
Interest paid	$ 641	$ 591
Income taxes paid	510	117
Supplemental noncash disclosures:
Transfers from loans to real estate owned	$ 154	$ 1,443

SUBSEQUENT EVENTS (Detail Textu

SUBSEQUENT EVENTS (Detail Textuals) - $ / shares	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 26, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
SUBSEQUENT EVENTS
Dividends declared per share (in dollars per share)		$ 0.10	$ 0.10	$ 0.20	$ 0.20
Subsequent event
SUBSEQUENT EVENTS
Dividends declared per share (in dollars per share)	$ 0.10
Dividends payable, date declared	Jan. 26, 2017
Dividends payable, date of record	Feb. 9, 2017
Dividends payable, date to be paid	Feb. 23, 2017