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
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|