Fair Value Of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2013



(in thousands)	Level 1	Level 2	Level 3	Total
June 2013
ASSETS
Loans measured at fair value
Loans measured at fair value	$ -	$ 13,757	$ -	$ 13,757
	$ -	$ 13,757	$ -	$ 13,757

Securities owned, at fair value
Corporate equity securities	$ 895	$ -	$ 625	$ 1,520
Municipal obligations	-	30,116	-	30,116
U.S. government and government agency obligations	3,300	38,229	-	41,529
Corporate obligations	-	127,779	120	127,899
Other	692	7,877	-	8,569
	$ 4,887	$ 204,001	$ 745	$ 209,633

Securities available for sale
Westwood common stock	$ 146	$ -	$ -	$ 146
U.S. government and government agency obligations	-	474,906	-	474,906
Municipal obligations	-	28,224	-	28,224
	$ 146	$ 503,130	$ -	$ 503,276

Interest Rate Swaps
Interest Rate Swaps	$ -	$ 1,934	$ -	$ 1,934
	$ -	$ 1,934	$ -	$ 1,934

LIABILITIES
Securities sold, not yet purchased, at fair value
Municipal obligations	$ -	$ 10	$ -	$ 10
U.S. government and government agency obligations	45,415	8,671	-	54,086
Corporate obligations	-	80,639	-	80,639
	$ 45,415	$ 89,320	$ -	$ 134,735

Warrants
Warrants	$ -	$ -	$ 24,197	$ 24,197
	$ -	$ -	$ 24,197	$ 24,197

Net assets (liabilities)	$ (40,382)	$ 633,502	$ (23,452)	$ 569,668



(in thousands)	Level 1	Level 2	Level 3	Total
June 2012
ASSETS
Assets segregated for regulatory purposes
U.S. government guaranteed obligations	$ 10,114	$ -	$ -	$ 10,114
	$ 10,114	$ -	$ -	$ 10,114

Securities owned, at fair value
Corporate equity securities	$ 637	$ -	$ 675	$ 1,312
Municipal obligations	-	96,862	21,006	117,868
U.S. government and government agency obligations	6,577	34,752	-	41,329
Corporate obligations	-	59,092	-	59,092
Other	691	10,859	-	11,550
	$ 7,905	$ 201,565	$ 21,681	$ 231,151

Securities available for sale
USHS common stock	$ 3,625	$ -	$ -	$ 3,625
Westwood common stock	157	-	-	157
U.S. government and government agency obligations	-	301,071	-	301,071
Municipal obligations	-	2,936	-	2,936
	$ 3,782	$ 304,007	$ -	$ 307,789

LIABILITIES
Securities sold, not yet purchased, at fair value
U.S. government and government agency obligations	$ 16,825	$ 13,637	$ -	$ 30,462
Corporate obligations	-	39,348	-	39,348
Other	-	345	-	345
	$ 16,825	$ 53,330	$ -	$ 70,155

Warrants
Warrants	$ -	$ -	$ 27,810	$ 27,810
	$ -	$ -	$ 27,810	$ 27,810

Net assets (liabilities)	$ 4,976	$ 452,242	$ (6,129)	$ 451,089

Reconciliation Of Major Classes of Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs



(in thousands)	Corporate Equity Securities	Municipal Obligations	Corporate Obligations	Warrants	Total
Ending balance at June 29, 2012	$ 675	$ 21,006	$ -	$ (27,810)	$ (6,129)
Realized loss from write-down in fair
value of auction rate securities	-	(702)		-	(702)
Redemption/sale of security	(50)	(20,304)		-	(20,354)
Transfers from Level 2 to Level 3			120		120
Increase in warrants valuation
(unrealized loss)	-	-		(12,025)	(12,025)
Decrease in warrants valuation
(unrealized gain)	-	-		15,638	15,638
Ending balance at June 30, 2013	$ 625	$ -	$ 120	$ (24,197)	$ (23,452)

Significant Unobservable Inputs



Asset/Liability	Fair Value	Valuation Technique(s)	Unobservable Inputs	Range (Weighted-Average)

Securities owned, at fair value
Corporate equity securities- auction rate preferred	$ 625	Analysis of comparable securities	N/A	N/A

Corporate obligations	120	Discounted cash flow	N/A	N/A
Warrants
Warrants	24,197	Binomial Model	Derived Volatility	51% - 60% (51%)

Financial And Non-Financial Instruments Measured At Fair Value On A Non-Recurring Basis



June 2013	Level 1	Level 2	Level 3	Total
Impaired loans ⁽¹⁾	$ -	$ -	$ 20,086	$ 20,086
REO	-	-	10,165	10,165
	$ -	$ -	$ 30,251	$ 30,251

June 2012
Impaired loans ⁽¹⁾	$ -	$ -	$ 32,553	$ 32,553
REO	-	-	32,257	32,257
	$ -	$ -	$ 64,810	$ 64,810

_____________

(1) Includes certain impaired loans measured at fair value through the allocation of specific valuation allowances or principal charge-offs.

Recorded Amounts, Fair Value And Level Of Fair Value Hierarchy Of Financial Instruments



		June 2013		June 2012
	Level	Recorded Value	Fair Value	Recorded Value	Fair Value
Financial assets:
Cash and cash equivalents	1	$ 111,046	$ 111,046	$ 81,826	$ 81,826
Restricted cash and cash equivalents	1	30,047	30,047	30,044	30,044

Securities held to maturity:
GNMA securities	2	17,423	17,965	25,904	26,818
Loans, net:
Purchase mortgage loans held for investment	3	174,037	173,738	294,341	294,877
Other loans held for investment	3	420,789	437,916	539,299	620,121
Servicing assets	3	412	414	-	-

Financial liabilities:
Short-Term Borrowings	1	131,500	131,500	67,500	67,500
Deposits:
Deposits with no stated maturity	2	963,385	959,578	1,025,133	1,025,133
Time deposits	2	30,334	30,736	37,100	37,613
Advances from FHLB	2	97,565	100,408	68,641	80,184
Long-term debt	3	83,102	86,822	79,076	81,345

- Definition

Tabular disclosure related to 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 recurring and/or nonrecurring basis in periods after initial recognition. Disclosures 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) as well as transfers between levels 1 and 2.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

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- 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).

+ References+ Details

- 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 15

-Subparagraph b-d

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-Number 159

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

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