XML 18 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE DISCLOSURES (Tables)
3 Months Ended
Sep. 30, 2012
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2012 and June 30, 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

   
September 30, 2012
 
   
Level 1
   
Level 2
   
Level 3
   
Total Fair
 
   
Inputs
   
Inputs
   
Inputs
   
Value
 
Financial Assets:
                       
Available for sale securities
                       
U.S. Government and agency
  $ -     $ 20,634     $ -     $ 20,634  
Municipal obligations
    -       47,998       -       47,998  
Corporate obligations
    -       4,068       -       4,068  
Mortgage backed securities
                               
 government backed
    -       10,275       -       10,275  
Private lable CMOs
    -       174       -       174  
CMOs - government backed
    -       15,104       -       15,104  
Loan subject to fair value hedge
    -       -       12,331       12,331  
Loans held-for-sale
    -       9,160       -       9,160  
Financial Liability:
                               
Derivative financial instruments
    -       -       1,061       1,061  
                                 
   
June 30, 2012
 
   
Level 1
   
Level 2
   
Level 3
   
Total Fair
 
   
Inputs
   
Inputs
   
Inputs
   
Value
 
Financial Assets:
                               
Available for sale securities
                               
U.S. Government and agency
  $ -       21,055     $ -     $ 21,055  
Municipal obligations
    -       42,060       -       42,060  
Corporate obligations
    -       3,945       -       3,945  
Mortgage-backed securities
                               
 government backed
    -       6,847       -       6,847  
Private lable CMOs
    -       169       -       169  
CMOs - government backed
    -       15,201       -       15,201  
Loan subject to fair value hedge
    -       -       12,372       12,372  
Loans held-for-sale
    -       10,613       -       10,613  
Derivative financial instruments
    -       -       1,054       1,054  
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables presents, for the three months ended September 30, 2012 and 2011, the changes in Level 3 assets and liabilities that are measured at fair value on a recurring basis.

         
Total Realized/
             
         
Unrealized Gains
   
Purchases,
       
   
Balance
   
(Losses) Included
   
Sales,
   
Balance
 
   
as of
   
in Noninterest
   
Issuances, and
   
as of
 
   
July 1, 2012
   
Income
   
Settlements, net
   
September 30, 2012
   
(In thousands)
 
Financial Assets (Liability):
                       
     Loan subject to fair value hedge
  $ 12,372     $ 44     $ (85 )   $ 12,331  
     Derivative financial instruments
    (1,054 )     (7 )     -       (1,061 )
 
         
Total Realized/
             
         
Unrealized Gains
   
Purchases,
       
   
Balance
   
(Losses) Included
   
Sales,
   
Balance
 
   
as of
   
in Noninterest
   
Issuances, and
   
as of
 
   
July 1, 2011
   
Income
   
Settlements, net
   
September 30, 2011
   
(In thousands)
                   
Financial Assets (Liability):
                       
     Loan subject to fair value hedge
  $ 11,405     $ 1,035     $ (77 )   $ 12,363  
     Derivative financial instruments
    650       (1,365 )     -       (715 )
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis
The following table summarizes financial assets and financial liabilities measured at fair value on a nonrecurring basis as of September 30, 2012 and June 30, 2012, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
 
   
September 30, 2012
             
   
Level 1
   
Level 2
   
Level 3
   
Total Fair
 
   
Inputs
   
Inputs
   
Inputs
   
Value
 
Impaired loans
  $ -     $ -     $ 32     $ 32  
Repossessed assets
    -       1,937       -       1,937  
                                 
   
June 30, 2012
                 
   
Level 1
   
Level 2
   
Level 3
   
Total Fair
 
   
Inputs
   
Inputs
   
Inputs
   
Value
 
Impaired loans
  $ -     $ -     $ -     $ -  
Repossessed assets
    -       2,361       -       2,361  
Schedule of Estimated Fair Value and Carrying Amounts of Financial Instruments
The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies.  However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange.  The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
 
(Dollars in Thousands)
 
September 30, 2012
 
                     
Total
       
   
Level 1
   
Level 2
   
Level 3
   
Estimated
   
Carrying
 
   
Inputs
   
Inputs
   
Inputs
   
Fair Value
   
Amount
 
Financial Assets:
                             
Cash and cash equivalents
  $ 11,740     $ -     $ -     $ 11,740     $ 11,740  
FHLB stock
    -       -       1,985       1,985       1,985  
Loans receivable, net
    -       -       174,325       174,325       167,186  
Accrued interest on dividends receivable
    1,352       -       -       1,352       1,352  
Mortgage servicing rights
    -       -       2,527       2,527       2,350  
Cash surrender value of
                                       
life insurance
    -       -       9,247       9,247       9,247  
Financial Liabilities:
                                       
Deposits
    139,854       -       -       139,854       139,854  
Time certificates of deposit
    -       -       81,874       81,874       81,047  
Accrued expenses and other liabilities
    6,356       -       -       6,356       6,356  
Advances from the FHLB & other borrowings
    -       -       35,000       35,000       33,646  
Subordinated debentures
    -       -       3,879       3,879       5,155  
Off-balance-sheet instruments
                                 
Forward loan sales commitments
    -       -       -       -       -  
Commitments to extend credit
    -       -       -       -       -  
Rate lock commitments
    -       -       -       -       -  

   
June 30, 2012
 
Financial Assets:
                             
Cash and cash equivalents
  $ 19,814     $ -     $ -     $ 19,814     $ 19,814  
FHLB stock
    -       -       2,003       2,003       2,003  
Loans receivable, net
    -       -       183,830       183,830       173,839  
Accrued interest on dividends receivable
    1,371       -       -       1,371       1,371  
Mortgage servicing rights
    -       -       2,424       2,424       2,218  
Cash surrender value of
                                       
life insurance
    -       -       9,172       9,172       9,172  
Financial Liabilities:
                                       
Deposits
    138,630       -       -       138,630       138,630  
Time certificates of deposit
    -       -       82,613       82,613       81,359  
Accrued expenses and other liabilities
    5,809       -       -       5,809       5,809  
Advances from the FHLB & other borrowings
    -       -       44,310       44,310       42,696  
Subordinated debentures
                    4,196       4,196       5,155  
Off-balance-sheet instruments
                                 
Forward loan sales commitments
    -       -       -       -       -  
Commitments to extend credit
    -       -       -       -       -  
Rate lock commitments
    -       -       -       -       -