Disclosures About Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Mar. 31, 2013

Fair Value Measurements of Assets Recognized on Recurring Basis

The following table presents the fair value measurements of assets recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2013 and June 30, 2012:


			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2013:
Available-for-sale securities:
US Government and federal agency	$	142,890	$	—	$	142,890	$	—
Mortgage-backed securities – GSE residential		76,021		—		76,021		—
State and political subdivisions		3,990		—		3,990		—

Mortgage servicing rights		384		—		—		384


			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2012:
Available-for-sale securities:
US Government and federal agency	$	160,958	$	—	$	160,958	$	—
Mortgage-backed securities – GSE residential		58,867		—		58,867		—
State and political subdivisions		3,481		—		3,481		—

Mortgage servicing rights		329		—		—		329

Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in Accompanying Balance Sheet

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheet using significant unobservable (Level 3) inputs:


	Mortgage Servicing Rights

Balance, July 1, 2012	$	329

Total realized and unrealized gains and losses included in net income		1
Servicing rights that result from asset transfers		108
Payments received and loans refinanced		(54	)


Balance, March 31, 2013	$	384


Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date	$	1

Fair Value Measurement of Assets Recognized on Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2013 and June 30, 2012:


			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2013:

Impaired loans (collateral-dependent)	$	886	$	—	$	—	$	886
Foreclosed assets		167		—		—		167

June 30, 2012:

Impaired loans (collateral-dependent)	$	2,438	$	—	$	—	$	2,438
Foreclosed assets		279		—		—		279

Losses Recognized on Assets Measured on Non-Recurring Basis

The following table presents losses recognized on assets measured on a non-recurring basis for the three months and nine months ended March 31, 2013 and 2012:


	Three Months Ended March 31,						Nine Months Ended March 31,
	2013			2012			2013			2012

Impaired loans (collateral-dependent)	$	28,000		$	(264,000	)	$	15,000		$	(204,000	)
Foreclosed and repossessed assets held for sale		(28,000	)		(24,000	)		(28,000	)		(26,000	)


Total losses on assets measured on a non-recurring basis	$	—		$	(288,000	)	$	(13,000	)	$	(230,000	)

Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at March 31, 2013 and June 30, 2012.


	Fair Value at March 31, 2013		Valuation Technique	Unobservable Inputs	Range (Weighted Average)

Mortgage servicing rights	$	384	Discounted cash flow	Discount rate Constant prepayment rate Probability of default	10.5% - 11.5% (10.5%) 17.4% - 22.9% (21.5%) .29% - .32% (.32%)

Collateral-dependent impaired loans		886	Market comparable properties	Marketability discount	0% - 24% (20%)

Foreclosed assets		167	Market comparable properties	Comparability adjustments (%)	24% (24%)


	Fair Value at June 30, 2012		Valuation Technique	Unobservable Inputs	Range (Weighted Average)

Mortgage servicing rights	$	329	Discounted cash flow	Discount rate Constant prepayment rate Probability of default	10.5% - 11.5% (10.5%) 16.9% - 22.4% (21.0%) .29% - .32% (.32%)

Collateral-dependent impaired loans		2,438	Market comparable properties	Marketability discount	0% - 24% (15%)

Foreclosed assets		279	Market comparable properties	Comparability adjustments (%)	12% - 24% (19%)

Estimated Fair Values of Financial Instruments and Level within Fair Value Hierarchy in which Fair Value Measurements Fall

The following tables present estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2013 and June 30, 2012.


	Carrying Amount		Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

March 31, 2013:
Financial assets
Cash and cash equivalents	$	13,404	$	13,404	$	—	$	—
Interest-bearing time deposits in banks		250		250		—		—
Loans, net of allowance for loan losses		290,571		—		—		297,414
Federal Home Loan Bank stock		5,425		—		5,425		—
Accrued interest receivable		2,098		—		2,098		—

Financial liabilities
Deposits		371,065		—		150,657		220,834
Repurchase agreements		1,665		—		1,665		—
Federal Home Loan Bank advances		86,000		—		88,164		—
Advances from borrowers for taxes and insurance		1,363		—		1,363		—
Accrued interest payable		41		—		41		—
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		—		—		—		—
Lines of credit		—		—		—		—


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

June 30, 2012:
Financial assets
Cash and cash equivalents	$	8,193	$	8,193	$	—	$	—
Interest-bearing time deposits in banks		250		250		—		—
Loans, net of allowance for loan losses		258,910		—		—		262,954
Federal Home Loan Bank stock		4,175		—		4,175		—
Accrued interest receivable		1,861		—		1,861		—

Financial liabilities
Deposits		344,485		—		144,293		200,893
Federal Home Loan Bank advances		75,000		—		74,496		—
Advances from borrowers for taxes and insurance		955		—		955		—
Accrued interest payable		43		—		43		—
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		—		—		—		—
Lines of credit		—		—		—		—

Fair Value Unobservable Inputs Quantitative Information


	Fair Value at June 30, 2012		Valuation Technique	Unobservable Inputs	Range (Weighted Average)

Loans, net of allowance for loan losses	$	262,954	Discounted cash flow	Current rate sheets	1.5% - 11.9% (4.4%)

Deposits		200,893	Discounted cash flow	Current rate sheets	0.3% - 1.3% (0.8%)


	Fair Value at March 31, 2013		Valuation Technique	Unobservable Inputs	Range (Weighted Average)

Loans, net of allowance for loan losses	$	297,414	Discounted cash flow	Current rate sheets	1.5% - 11.9% (4.4%)

Deposits		220,834	Discounted cash flow	Current rate sheets	0.3% - 1.4% (0.8%)

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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