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FAIR VALUE (Tables)
 12 Months Ended
Jun. 30, 2012
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at June 30, 2012 and 2011 are summarized below:

 

     June 30, 2012      Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Assets:

            

Securities available for sale:

            

FNMA structured note

    $ 2,009,320       $ —         $ 2,009,320       $ —     

Trust preferred and corporate securities

      21,261,762         —           21,261,762         —     

Loans held-for-sale

      25,062,786         —           25,062,786         —     

Mortgage-backed securities available for sale:

            

FNMA mortgage-backed securities

      5,338,448         —           5,338,448         —     

FHLMC mortgage-backed securities

      10,048,515            10,048,515      

Interest rate-lock commitments

      1,773,453         —           1,773,453         —     

Liabilities:

            

Mandatory forward sales contracts

      117,718         —           117,718         —     
     June 30, 2011      Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Assets:

            

Securities available for sale:

            

FHLB structured note

    $ 2,994,000       $ —         $ 2,994,000       $ —     

FNMA structured note

      5,952,674         —           5,952,674         —     

Loans held-for-sale

      9,392,389         —           9,392,389         —     

Mortgage-backed securities available for sale:

            

FHLMC mortgage-backed securities

      4,972,121         —           4,972,121         —     

Interest rate-lock commitments

      231,031         —           231,031         —     

Mandatory forward sales contracts

      53,908         —           53,908         —     
Assets Measured at Fair Value on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis at June 30, 2012 and 2011 are summarized below:

 

     June 30, 2012      Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Assets:

            

Impaired loans

            

1-4 Family

    $ 4,033,385       $ —         $ —         $ 4,033,385   

1-4 Family Construction

      660,862         —           —           660,862   

Multi-Family

      324,974         —           —           324,974   

Commercial Real Estate

      5,688,747         —           —           5,688,747   

Commercial Non-Real Estate

      238,229               238,229   

Land

      4,223,074         —           —           4,223,074   

Real estate owned

            

1-4 Family

      2,042,573         —           —           2,042,573   

Commercial Real Estate

      923,262         —           —           923,262   

Land

      2,914,174         —           —           2,914,174   

Impaired mortgage servicing rights

      7,315,637         —           7,315,637         —     
     June 30, 2011      Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Assets:

            

Impaired loans

            

1-4 Family

    $ 4,968,626       $ —         $ —         $ 4,968,626   

1-4 Family Construction

      2,065,259         —           —           2,065,259   

Multi-Family

      250,932         —           —           250,932   

Commercial Real Estate

      9,650,827         —           —           9,650,827   

Commercial Non-Real Estate

      871,885               871,885   

Land

      7,757,380         —           —           7,757,380   

Real estate owned

            

1-4 Family

      411,518         —           —           411,518   

Commercial Real Estate

      763,033         —           —           763,033   

Land

      2,558,795         —           —           2,558,795   

Impaired mortgage servicing rights

      6,487,574         —           6,487,574         —     
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non-Recurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2012:

 

     Fair value at
June 30, 2012		     

Valuation
Techniques

   

Unobservable
Inputs

    Range
(Weighted
Average)		  

Impaired loans

    $ 15,169,270       Appraisal value - sales comparison approach    Adjustment by management to reflect current conditions and selling costs      0% - 9%   

Other real estate owned

      5,880,009       Appraisal value - sales comparison approach    Adjustment by management to reflect current conditions and selling costs      9% - 19%   

Impaired mortgage servicing rights

      7,315,637       Discounted Cash Flow    Discount Rate      N/A   
Aggregate Fair Value, Contractual Balance (Including Accrued Interest), and Gain or Loss

As of June 30, 2012 and 2011, the aggregate fair value, contractual balance (including accrued interest), and gain or loss was as follows:

 

     2012      2011  

Aggregate fair value

    $ 25,062,786       $ 9,392,389   

Contractual balance

      24,324,044         9,210,425   

Gain (loss)

      738,742         181,964   
Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2012 were as follows:

 

           Fair Value Measurements at June 30, 2012  
     Carrying
Value		     Level 1     Level 2     Level 3      Total  
     (Dollars in thousands)  

Assets:

            

Cash and amounts due from financial institutions

    $ 5,841      $ 5,841        —          —         $ 5,841   

Interest-bearing deposits

      114,270        114,270        —          —           114,270   

Securities available for sale

      23,271        —          23,271        —           23,271   

Mortgage-backed securities available for sale

      15,387        —          15,387        —           15,387   

Loans receivable, net

      541,628        —          —          569,603         569,603   

Loans receivable held for sale, net

      25,063        —          25,063        —           25,063   

Federal Home Loan Bank stock

      12,811        N/A        N/A        N/A         N/A   

Accrued interest receivable

      2,047        —          174        1,873         2,047   

Commitments to make loans intended to be sold

      1,773        —          1,773        —           1,773   

Liabilities:

            

Demand deposits and savings

      (271,412 )      (271,412 )      —          —           (271,412 ) 

Time deposits

      (384,567 )      —          (385,872 )      —           (385,872 ) 

Notes payable

      (1,046 )      —          (1,046 )      —           (1,046 ) 

Advances from the Federal Home Loan Bank

      (35,000 )      —          (37,222 )      —           (37,222 ) 

Mandatory forward sale contract

      (118 )      (118 )      —          —           (118 ) 

Accrued interest payable

      (120 )      (112 )      8        —           8   

 

The carrying amount and estimated fair values of financial instruments at June 30, 2011, were as follows:

 

     June 30, 2011  
     Carrying
Amount		     Estimated Fair
Value		  
     (Dollars in thousands)  

Assets:

     

Cash and amounts due from financial institutions

    $ 19,138      $ 19,138   

Interest-bearing deposits

      130,153        130,153   

Securities available for sale

      8,947        8,947   

Mortgage-backed securities available for sale

      4,972        4,972   

Loans receivable, net

      547,282        551,858   

Loans receivable held for sale, net

      9,392        9,392   

Federal Home Loan Bank stock

      12,811        NA   

Accrued interest receivable

      2,204        2,204   

Commitments to make loans intended to be sold

      231        231   

Mandatory forward sales contracts

      54        54   

Liabilities:

     

Demand deposits and savings

      (232,537 )      (232,537 ) 

Time deposits

      (420,035 )      (425,844 ) 

Notes payable

      (1,153 )      (1,153 ) 

Advances from the Federal Home Loan Bank

      (35,000 )      (37,189 ) 

Accrued interest payable

      (119 )      (119 )