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Loans Receivable
 9 Months Ended
Mar. 31, 2013
Loans Receivable

NOTE 5 — LOANS RECEIVABLE

Loans receivable at March 31, 2013 and June 30, 2012 consisted of the following:

 

     March 31,     June 30,  
     2013     2012  

One-to-Four Family Loans:

     

1-4 Family Owner Occupied

    $ 62,119,051      $ 58,743,933   

1-4 Family Non-Owner Occupied

      30,129,375        34,368,320   

1-4 Family Second Mortgage

      27,437,987        29,202,145   

Home Equity Lines of Credit

      61,096,505        65,908,899   

Home Equity Investment Lines of Credit

      3,886,892        5,645,851   

One-to-Four Family Construction Loans:

     

1-4 Family Construction

      3,228,941        514,052   

1-4 Family Construction Models/Speculative

      640,938        1,608,137   

Multi-Family Loans:

     

Multi-Family

      58,285,309        53,959,459   

Multi-Family Second Mortgage

      63,272        145,642   

Multi-Family Construction

      1,566,349        5,375,000   

Commercial Real Estate Loans:

     

Commercial

      199,551,737        198,287,457   

Commercial Second Mortgage

      4,582,916        5,750,283   

Commercial Lines of Credit

      26,409,070        22,335,619   

Commercial Construction

      10,018,229        7,732,736   

Commercial and Industrial Loans

      51,509,793        35,443,184   

Land Loans:

     

Lot Loans

      7,525,661        12,091,093   

Acquisition and Development Loans

      14,049,562        19,093,006   

Consumer Loans

      651,609        2,112,708   
  

 

 

    

 

 

  

Total loans receivable

      562,753,196        558,317,524   

Net deferred loan origination fees

      (616,508 )      (637,144 ) 

Allowance for loan losses

      (14,920,232 )      (16,052,865 ) 
  

 

 

    

 

 

  

Total loans receivable, net

    $ 547,216,456      $ 541,627,515   
  

 

 

    

 

 

  

 

The following table presents activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2013:

 

          One-to-Four           Commercial     Commercial                    
    One-to-Four     Family     Multi-     Real     and                    
    Family     Construction     Family     Estate     Industrial     Land     Consumer     Total  

Beginning balance at December 31, 2012

   $ 5,317,890      $ 324,143      $ 1,653,155      $ 5,331,524      $ 1,086,132      $ 1,416,605      $ 10,809      $ 15,140,258   

Provision for loan losses

     (309,323 )      505,486        (238,170 )      177,990        423,095        (549,199 )      (9,879 )      —     

Charge-offs

     (295,612 )      (58,692 )      —          (200,142 )      —          (68,814 )      —          (623,260 ) 

Recoveries

     376,185        —          11,389        4,176        1,998        9,486        —          403,234   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance at March 31, 2013

   $ 5,089,140      $ 770,937      $ 1,426,374      $ 5,313,548      $ 1,511,225      $ 808,078      $ 930      $ 14,920,232   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The following table presents activity in the allowance for loan losses by portfolio segment for the nine months ended March 31, 2013:

 

          One-to-Four           Commercial     Commercial                    
    One-to-Four     Family     Multi-     Real     and                    
    Family     Construction     Family     Estate     Industrial     Land     Consumer     Total  

Beginning balance at June 30, 2012

   $ 5,765,276      $ 305,312      $ 1,903,138      $ 5,084,179      $ 928,043      $ 2,057,301      $ 9,616      $ 16,052,865   

Provision for loan losses

     1,367,501        560,276        117,211        626,011        615,216        (1,240,287 )      4,072        2,050,000   

Charge-offs

     (2,472,683 )      (104,651 )      (605,364 )      (476,167 )      (40,936 )      (88,892 )      (13,000 )      (3,801,693 ) 

Recoveries

     429,046        10,000        11,389        79,525        8,902        79,956        242        619,060   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance at March 31, 2013

   $ 5,089,140      $ 770,937      $ 1,426,374      $ 5,313,548      $ 1,511,225      $ 808,078      $ 930      $ 14,920,232   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

The following table presents activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2012:

 

          One-to-Four           Commercial     Commercial                    
    One-to-Four     Family     Multi-     Real     and                    
    Family     Construction     Family     Estate     Industrial     Land     Consumer     Total  

Beginning balance at December 31, 2011

   $ 5,904,130      $ 530,508      $ 1,240,126      $ 5,511,013      $ 1,560,023      $ 2,373,755      $ 395,600      $ 17,515,155   

Provision for loan losses

     1,056,747        (4,424 )      165,112        (512,507 )      (914,177 )      2,377,974        (152,725 )      2,016,000   

Charge-offs

     (1,594,690 )      (123,687 )      —          (780,211 )      (3,088 )      (425,076 )      —          (2,926,752 ) 

Recoveries

     44,771        —          —          16,328        238,209        10,000        —          309,308   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance at March 31, 2012

   $ 5,410,958      $ 402,397      $ 1,405,238      $ 4,234,623      $ 880,967      $ 4,336,653      $ 242,875      $ 16,913,711   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The following table presents activity in the allowance for loan losses by portfolio segment for the nine months ended March 31, 2012:

 

          One-to-Four           Commercial     Commercial                    
    One-to-Four     Family     Multi-     Real     and                    
    Family     Construction     Family     Estate     Industrial     Land     Consumer     Total  

Beginning balance at June 30, 2011

   $ 8,841,454      $ 1,266,740      $ 1,767,336      $ 8,458,942      $ 1,663,894      $ 7,891,305      $ 107,222      $ 29,996,893   

Provision for loan losses

     2,807,565        217,262        243,392        (315,396 )      (533,952 )      2,927,476        135,653        5,482,000   

Charge-offs

     (6,323,123 )      (1,081,605 )      (605,490 )      (4,030,222 )      (540,870 )      (6,549,479 )      —          (19,130,789 ) 

Recoveries

     85,062        —          —          121,299        291,895        67,351        —          565,607   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ending balance at March 31, 2012

   $ 5,410,958      $ 402,397      $ 1,405,238      $ 4,234,623      $ 880,967      $ 4,336,653      $ 242,875      $ 16,913,711   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

The following table presents the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of March 31, 2013. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees, but excludes accrued interest receivable which is not considered to be material.

 

          One-to-Four           Commercial     Commercial                    
    One-to-Four     Family     Multi-     Real     and                    
    Family     Construction     Family     Estate     Industrial     Land     Consumer     Total  

Allowance for loan losses

                

Ending allowance balance attributable to loans

                

Individually evaluated for impairment

   $ 48,267      $ 101,716      $ —        $ 98,725      $ 300,860      $ 252,000      $ —        $ 801,568   

Collectively evaluated for impairment

     5,040,873        669,221        1,426,374        5,214,823        1,210,365        556,078        930        14,118,664   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total ending allowance balance

   $ 5,089,140      $ 770,937      $ 1,426,374      $ 5,313,548      $ 1,511,225      $ 808,078      $ 930      $ 14,920,232   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loans

                

Loans individually evaluated for impairment

   $ 11,171,637      $ 636,734      $ 777,825      $ 10,629,961      $ 472,590      $ 5,386,292      $ —        $ 29,075,039   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loans collectively evaluated for impairment

   $ 173,295,863      $ 3,228,906      $ 59,071,467      $ 229,668,450      $ 50,980,773      $ 16,165,295      $ 650,895      $ 533,061,649   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total ending loans balance

   $ 184,467,500      $ 3,865,640      $ 59,849,292      $ 240,298,411      $ 51,453,363      $ 21,551,587      $ 650,895      $ 562,136,688   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

The following table presents the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method as of June 30, 2012. The recorded investment in loans includes the unpaid principal balance and unamortized loan origination fees, but excludes accrued interest receivable which is not considered to be material.

 

          One-to-Four           Commercial     Commercial                    
    One-to-Four     Family     Multi-     Real     and                    
    Family     Construction     Family     Estate     Industrial     Land     Consumer     Total  

Allowance for loan losses

                

Ending allowance balance attributable to loans

                

Individually evaluated for impairment

   $ 665,033      $ 101,716      $ —         $ 98,725      $ 300,860      $ 252,000      $ —         $ 1,418,334   

Collectively evaluated for impairment

     5,100,243        203,596        1,903,138        4,985,454        627,183        1,805,301        9,616        14,634,531   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total ending allowance balance

   $ 5,765,276      $ 305,312      $ 1,903,138      $ 5,084,179      $ 928,043      $ 2,057,301      $ 9,616      $ 16,052,865   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Loans

                

Loans individually evaluated for impairment

   $ 13,243,350      $ 880,749      $ 622,228      $ 11,902,730      $ 740,297      $ 7,189,109      $ —         $ 34,578,463   

Loans collectively evaluated for impairment

     180,404,558        1,239,018        58,789,996        221,936,205        34,662,439        23,959,404        2,110,297        523,101,917   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total ending loans balance

   $ 193,647,908      $ 2,119,767      $ 59,412,224      $ 233,838,935      $ 35,402,736      $ 31,148,513      $ 2,110,297      $ 557,680,380   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

The following table presents loans individually evaluated for impairment by class of loan as of March 31, 2013 and the average recorded investment and interest income recognized by class for the nine months ended March 31, 2013:

 

    March 31, 2013     Three months ended March 31, 2013     Nine months ended March 31, 2013  
    Unpaid           Allowance for     Average     Interest     Cash Basis     Average     Interest     Cash Basis  
    Principal     Recorded     Loan Losses     Recorded     Income     Interest     Recorded     Income     Interest  
    Balance (1)     Investment     Allocated     Investment     Recognized     Recognized     Investment     Recognized     Recognized  

With no related allowance recorded

                  

One-to-Four Family Loans:

                  

1-4 Family Owner Occupied

   $ 6,139,539      $ 5,415,419      $ —        $ 5,375,297      $ 17,734      $ 17,734      $ 5,374,309      $ 59,529      $ 59,529   

1-4 Family Non-Owner Occupied

     3,337,867        2,210,057        —          2,037,977        3,346        3,346        2,164,909        14,566        14,566   

1-4 Family Second Mortgage

     933,822        716,091        —          827,006        1,897        1,897        1,006,720        5,794        5,794   

Home Equity Lines of Credit

     2,519,720        2,157,360        —          2,137,567        —          —          1,964,249        2,616        2,616   

Home Equity Investment Lines of Credit

     508,328        331,810        —          333,664        —          —          245,303        375        375   

One-to-Four Family Construction Loans:

                  

1-4 Family Construction Models/Speculative

     121,505        115,943        —          211,406        3,079        3,079        271,486        22,743        22,743   

Multi-Family Loans:

                  

Multi-Family

     780,073        777,825        —          783,972        —          —          622,607        —          —     

Commercial Real Estate Loans:

                  

Commercial

     7,435,182        7,148,478        —          7,456,062        43,428        43,428        8,359,503        144,363        144,363   

Commercial Lines of Credit

     1,579,652        1,481,868        —          1,530,508        —          —          1,072,689        —          —     

Commercial Construction

     828,491        643,900        —          643,894        —          —          643,877        22,908        22,908   

Commercial and Industrial Loans

     528,149        172,059        —          186,689        36        36        263,271        133        133   

Land Loans:

                  

Lot Loans

     4,080,598        3,104,287        —          3,182,545        8,806        8,806        3,574,445        30,765        30,765   

Acquisition and Development Loans

     4,802,613        2,148,755        —          2,244,457        12,628        12,628        2,559,701        28,938        28,938   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total with no related allowance recorded

   $ 33,595,539      $ 26,423,852      $ —        $ 26,951,044      $ 90,954      $ 90,954      $ 28,123,069      $ 332,730      $ 332,730   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

With an allowance recorded

                  

One-to-Four Family Loans:

                  

1-4 Family Owner Occupied

   $ 226,619      $ 226,371      $ 39,981      $ 227,729      $ 1,283      $ 1,283      $ 229,682      $ 3,105      $ 3,105   

1-4 Family Non-Owner Occupied

     114,655        114,529        8,286        114,982        900        900        115,880        3,503        3,503   

1-4 Family Second Mortgage

     —          —          —          —          —          —          123,337        —          —     

Home Equity Lines of Credit

     —          —          —          —          —          —          464,376        —          —     

Home Equity Investment Lines of Credit

     —          —          —          —          —          —          201,315        —          —     

One-to-Four Family Construction Loans:

                  

1-4 Family Construction

     521,363        520,792        101,716        520,788        6,843        6,843        391,833        20,855        20,855   

1-4 Family Construction Models/Speculative

     —          —          —          —          —          —          131,441        —          —     

Commercial Real Estate Loans:

                  

Commercial

     1,357,202        1,355,715        98,725        1,355,705        17,981        17,981        1,355,676        55,711        55,711   

Commercial and Industrial Loans

     300,860        300,530        300,860        300,528        3,891        3,891        300,522        11,789        11,789   

Land Loans:

                  

Lot Loans

     133,396        133,250        252,000        133,623        2,008        2,008        134,359        6,059        6,059   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total with an allowance recorded

   $ 2,654,095      $ 2,651,187      $ 801,568      $ 2,653,355      $ 32,906      $ 32,906      $ 3,448,421      $ 101,022      $ 101,022   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total loans evaluated for impairment

   $ 36,249,634      $ 29,075,039      $ 801,568      $ 29,604,399      $ 123,860      $ 123,860      $ 31,571,490      $ 433,752      $ 433,752   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) There are $12.6 million of loans individually identified for impairment accruing interest.

 

The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2012:

 

     June 30, 2012  
     Unpaid             Allowance for  
     Principal      Recorded      Loan Losses  
     Balance (1)      Investment      Allocated  

With no related allowance recorded

         

One-to-Four Family Loans:

         

1-4 Family Owner Occupied

    $ 6,380,803       $ 5,671,079       $ —     

1-4 Family Non-Owner Occupied

      4,597,708         2,453,581         —     

1-4 Family Second Mortgage

      1,455,914         1,230,284         —     

Home Equity Lines of Credit

      1,834,685         1,832,595         —     

Home Equity Investment Lines of Credit

      157,120         156,943         —     

One-to-Four Family Construction Loans:

         

1-4 Family Construction

      —           —           —     

1-4 Family Construction Models/Speculative

      678,779         354,986         —     

Multi-Family Loans:

         

Multi-Family

      635,053         622,228         —     

Multi-Family Second Mortgage

      —           —           —     

Multi-Family Construction

      —           —           —     

Commercial Real Estate Loans:

         

Commercial

      10,902,253         9,286,679         —     

Commercial Second Mortgage

      —           —           —     

Commercial Lines of Credit

      617,240         616,536         —     

Commercial Construction

      828,490         643,863         —     

Commercial and Industrial Loans

      801,075         439,781         —     

Land Loans:

         

Lot Loans

      5,235,050         3,678,550         —     

Acquisition and Development Loans

      5,986,575         3,375,100         —     

Consumer Loans

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Total with no related allowance recorded

    $ 40,110,745       $ 30,362,205       $ —     
  

 

 

     

 

 

     

 

 

  

With an allowance recorded

         

One-to-Four Family Loans:

         

1-4 Family Owner Occupied

    $ 232,751       $ 232,485       $ 39,981   

1-4 Family Non-Owner Occupied

      117,360         117,226         8,286   

1-4 Family Second Mortgage

      247,293         247,011         14,685   

Home Equity Lines of Credit

      895,875         894,852         299,759   

Home Equity Investment Lines of Credit

      407,757         407,293         302,322   

One-to-Four Family Construction Loans:

         

1-4 Family Construction

      —           —           —     

1-4 Family Construction Models/Speculative

      526,363         525,762         101,716   

Multi-Family Loans:

         

Multi-Family

      —           —           —     

Multi-Family Second Mortgage

      —           —           —     

Multi-Family Construction

      —           —           —     

Commercial Real Estate Loans:

         

Commercial

      1,357,202         1,355,653         98,725   

Commercial Second Mortgage

      —           —           —     

Commercial Lines of Credit

      —           —           —     

Commercial Construction

      —           —           —     

Commercial and Industrial Loans

      300,860         300,517         300,860   

Land Loans:

         

Lot Loans

      135,614         135,459         252,000   

Acquisition and Development Loans

      —           —           —     

Consumer Loans

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Total with an allowance recorded

    $ 4,221,075       $ 4,216,258       $ 1,418,334   
  

 

 

     

 

 

     

 

 

  

Total loans evaluated for impairment

    $ 44,331,820       $ 34,578,463       $ 1,418,334   
  

 

 

     

 

 

     

 

 

  

 

(1) There are $13.9 million of loans individually identified for impairment accruing interest.

 

The following table presents loans individually evaluated for impairment by class of loan as of March 31, 2012 and the average recorded investment and interest income recognized by class for the nine months ended March 31, 2012:

 

    March 31, 2012     Three months ended March 31, 2012     Nine months ended March 31, 2012  
    Unpaid           Allowance for     Average     Interest     Cash Basis     Average     Interest     Cash Basis  
    Principal     Recorded     Loan Losses     Recorded     Income     Interest     Recorded     Income     Interest  
    Balance (1)     Investment     Allocated     Investment     Recognized     Recognized     Investment     Recognized     Recognized  

With no related allowance recorded

                  

One-to-Four Family Loans:

                  

1-4 Family Owner Occupied

   $ 6,679,205      $ 5,867,587        0      $ 4,994,570      $ —        $ —        $ 5,800,153      $ 80,206      $ 80,206   

1-4 Family Non-Owner Occupied

     4,860,622        2,745,187        0        4,358,867        2,129        2,129        3,178,448        32,083        32,083   

1-4 Family Second Mortgage

     1,291,641        1,241,837        0        1,375,641        7,626        7,626        1,327,467        14,328        14,328   

Home Equity Lines of Credit

     1,822,833        1,820,596        0        1,375,225        —          —          1,121,372        —          —     

Home Equity Investment Lines of Credit

     157,121        156,929        0        176,128        —          —          198,887        —          —     

One-to-Four Family Construction Loans:

               —           

1-4 Family Construction

     282,542        210,293        0        105,146          —          52,573        2,197        2,197   

1-4 Family Construction Models/Speculative

     926,542        439,050        0        684,261        —          —          430,507        —          —     

Multi-Family Loans:

               —           

Multi-Family

     1,006,573        636,509        0        637,704        21,239        21,239        931,248        21,239        21,239   

Commercial Real Estate Loans:

               —           

Commercial

     7,933,276        7,127,059        0        7,739,436        105,706        105,706        7,291,011        132,425        132,425   

Commercial Second Mortgage

     137,105        65,746        0        99,530        —          —          335,025        1,660        1,660   

Commercial Lines of Credit

     1,778,456        1,776,273        0        3,210,192        24,457        24,457        2,984,380        24,457        24,457   

Commercial Construction

     828,491        643,791        0        643,689        —          —          506,536        —          —     

Commercial and Industrial Loans

     1,319,446        962,480        0        3,174,153        249        249        2,615,647        249        249   

Land Loans:

               —           

Lot Loans

     5,068,194        3,590,810        0        3,400,448        2,230        2,230        2,276,751        3,658        3,658   

Acquisition and Development Loans

     5,382,261        2,624,696        0        2,774,223        17,455        17,455        1,524,327        25,825        25,825   

Consumer Loans

     —          —          0        —          —          —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total with no related allowance recorded

   $ 39,474,308      $ 29,908,843        0      $ 34,749,213      $ 181,091      $ 181,091      $ 30,574,332      $ 338,327      $ 338,327   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

With an allowance recorded

                  

One-to-Four Family Loans:

                  

1-4 Family Owner Occupied

   $ 247,293      $ 246,990      $ 14,685      $ 123,495      $ 3,297      $ 3,297      $ 640,788      $ 4,016      $ 4,016   

1-4 Family Non-Owner Occupied

     118,243        118,098        8,286        118,518        4,082        4,082        2,433,254        8,933        8,933   

1-4 Family Second Mortgage

     —          —          —          —          —          —          180,733        —          —     

Home Equity Lines of Credit

     1,117,396        1,116,025        469,147        1,648,394        —          —          1,973,233        —          —     

Home Equity Investment Lines of Credit

     537,903        537,242        414,197        564,533        —          —          454,845        —          —     

One-to-Four Family Construction Loans:

                  

1-4 Family Construction

           262,859        21,029        21,029        131,429        21,029        21,029   

1-4 Family Construction Models/Speculative

     526,363        525,718        101,716        262,794        —          —          1,550,474        —          —     

Multi-Family Loans:

                  

Multi-Family

     —          —          —          —          —          —          184,106        —          —     

Multi-Family Second Mortgage

     —          —          —          —          —          —          —          —          —     

Commercial Real Estate Loans:

                  

Commercial

     4,112,297        4,107,250        170,784        2,354,692        95,788        95,788        5,607,978        140,285        140,285   

Commercial Second Mortgage

     —          —          —          —          —          —          34,220        —          —     

Commercial Lines of Credit

     —          —          —          97,709        —          —          48,854        —          —     

Commercial Construction

     —          —          —          —          18,550        18,550        1,573,306        —          —     

Commercial and Industrial Loans

     345,009        344,586        306,780        1,022,144        —          —          1,739,194        18,550        18,550   

Land Loans:

               —           

Lot Loans

     136,332        136,165        252,000        258,955        —          —          1,671,631        —          —     

Acquisition and Development Loans

     —          —          —          —          —          —          4,913,195        —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total with an allowance recorded

   $ 7,140,836      $ 7,132,074      $ 1,737,595      $ 6,714,093      $ 142,746      $ 142,746      $ 23,137,240      $ 192,813      $ 192,813   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total loans evaluated for impairment

   $ 46,615,144      $ 37,040,917      $ 1,737,595      $ 41,463,306      $ 323,837      $ 323,837      $ 53,711,572      $ 531,140      $ 531,140   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) There are $10.8 million of loans individually identified for impairment accruing interest.

 

Past Due and Non-Accrual Loans

The following table presents the recorded investment in non-accrual loans and loans past due over 90 days still on accrual by class of loan as of March 31, 2013 and June 30, 2012. Non-accrual loans and loans past due over 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

 

     March 31, 2013      June 30, 2012  
            Loans Past Due             Loans Past Due  
            Over 90 Days             Over 90 Days  
     Nonaccrual(1)      Still  Accruing(2)      Nonaccrual(1)      Still  Accruing(2)  

One-to-Four Family Loans:

            

1-4 Family Owner Occupied

    $ 2,880,407       $ —         $ 2,871,746       $ —     

1-4 Family Non-Owner Occupied

      2,163,195         —           2,461,281         —     

1-4 Family Second Mortgage

      440,707         —           566,444         —     

Home Equity Lines of Credit

      2,157,753         —           2,727,447         —     

Home Equity Investment Lines of Credit

      332,003         —           564,235         —     

One-to-Four Family Construction Loans:

            

1-4 Family Construction

      —           —           —           —     

1-4 Family Construction Models/Speculative

      115,949         —           355,355         —     

Multi-Family Loans:

            

Multi-Family

      490,921         —           324,602         —     

Multi-Family Second Mortgage

      —           —           —           —     

Multi-Family Construction

      —           —           —           —     

Commercial Real Estate Loans:

            

Commercial

      2,755,014         —           3,310,170         —     

Commercial Second Mortgage

      —           —           —           —     

Commercial Lines of Credit

      1,481,974         —           616,537         —     

Commercial Construction

      644,102         —           644,072         —     

Commercial and Industrial Loans

      170,846         —           437,729         —     

Land Loans:

            

Lot Loans

      2,422,823         —           3,815,778         —     

Acquisition and Development Loans

      969,470         —           1,380,199         —     

Consumer Loans

      —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 17,025,164       $ —         $ 20,075,595       $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) Non-accrual status denotes loans which, in the opinion of management, the collection of additional interest is unlikely, or loans that meet the non-accrual criteria established with respect to regulatory authorities. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the collectability of the principal balance of the loan.
(2) At March 31, 2013 and June 30, 2012, the Company had balances of approximately $3.7 million and $6.3 million, respectively, in loans that have matured and continue to make current payments. These loans are not considered past due as a result of their payment status being current.

 

The following table presents the aging of the recorded investment in past due loans as of March 31, 2013 by class of loan. Performing loans are accruing loans less than 90 days past due. Nonperforming loans are all loans not accruing or greater than 90 days past due. At March 31, 2013, the Company had a balance of approximately $3.7 million in loans that were contractually past maturity but were not considered past due as a result of the payment status being current.

 

     30-59 Days
Past Due		      60-89 Days
Past Due		      Greater Than
90 Days
Past Due		      Total
Past Due		      Loans Not
Past Due		      Total  

Performing Loans

                  

One-to-Four Family Loans:

                  

1-4 Family Owner Occupied

    $ 844,486       $ 69,771       $ —         $ 914,257       $ 58,256,334       $ 59,170,591   

1-4 Family Non-Owner Occupied

      66,424         126,816         —           193,240         27,739,933         27,933,173   

1-4 Family Second Mortgage

      —           16,025         —           16,025         26,951,196         26,967,221   

Home Equity Lines of Credit

      1,207,701         8,705         —           1,216,406         57,655,412         58,871,818   

Home Equity Investment Lines of Credit

      —           —           —           —           3,550,631         3,550,631   

One-to-Four Family Construction Loans:

                  

1-4 Family Construction

      —           —           —           —           3,225,404         3,225,404   

1-4 Family Construction Models/Speculative

      —           —           —           —           524,287         524,287   

Multi-Family Loans:

                  

Multi-Family

      —           —           —           —           56,311,730         56,311,730   

Multi-Family Second Mortgage

      —           —           —           —           63,203         63,203   

Multi-Family Construction

      —           —           —           —           1,564,633         1,564,633   

Commercial Real Estate Loans:

                  

Commercial

      —           —           —           —           196,578,109         196,578,109   

Commercial Second Mortgage

      —           1,418,806         —           1,418,806         4,092,860         5,511,666   

Commercial Lines of Credit

      —           193,393         —           193,393         24,704,772         24,898,165   

Commercial Construction

      —           —           —           —           9,363,152         9,363,152   

Commercial and Industrial Loans

      1,072,931               1,072,931         50,209,586         51,282,517   

Land Loans:

                  

Lot Loans

      10,679         —           —           10,679         5,083,913         5,094,592   

Acquisition and Development Loans

      393,136         91,899         —           485,035         13,064,701         13,549,736   

Consumer Loans

      —           —           —           —           650,896         650,896   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Performing Loans

    $ 3,595,357       $ 1,925,415       $ —         $ 5,520,772       $ 539,590,752       $ 545,111,524   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Nonperforming Loans

                  

One-to-Four Family Loans:

                  

1-4 Family Owner Occupied

    $ 119,459       $ —         $ 2,500,210       $ 2,619,669       $ 260,739       $ 2,880,408   

1-4 Family Non-Owner Occupied

      137,975         —           1,296,681         1,434,656         728,539         2,163,195   

1-4 Family Second Mortgage

      —           —           391,749         391,749         48,957         440,706   

Home Equity Lines of Credit

      76,728         —           1,774,181         1,850,909         306,844         2,157,753   

Home Equity Investment Lines of Credit

      —           —           190,754         190,754         141,249         332,003   

One-to-Four Family Construction Loans:

               —              —     

1-4 Family Construction

      —           —           —           —           —           —     

1-4 Family Construction Models/Speculative

      —           —           —           —           115,949         115,949   

Multi-Family Loans:

               —              —     

Multi-Family

      —           —           —           —           490,921         490,921   

Multi-Family Second Mortgage

      —           —           —           —           —           —     

Multi-Family Construction

      —           —           —           —           —           —     

Commercial Real Estate Loans:

               —              —     

Commercial

      —           —           2,540,996         2,540,996         214,018         2,755,014   

Commercial Second Mortgage

      —           —           —           —           —           —     

Commercial Lines of Credit

      116,390         —           653,543         769,933         712,040         1,481,973   

Commercial Construction

      —           —           644,102         644,102         —           644,102   

Commercial and Industrial Loans

      —           170,846         —           170,846         —           170,846   

Land Loans:

               —              —     

Lot Loans

      —           —           2,075,437         2,075,437         347,387         2,422,824   

Acquisition and Development Loans

      —           —           61,423         61,423         908,047         969,470   

Consumer Loans

      —           —           —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Nonperforming Loans

    $ 450,552       $ 170,846       $ 12,129,076       $ 12,750,474       $ 4,274,690       $ 17,025,164   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Loans

    $ 4,045,909       $ 2,096,261       $ 12,129,076       $ 18,271,246       $ 543,865,442       $ 562,136,688   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

The following table presents the aging of the recorded investment in past due loans as of June 30, 2012 by class of loan. Performing loans are accruing loans less than 90 days past due. Nonperforming loans are all loans not accruing. At June 30, 2012, the Company had a balance of approximately $6.3 million in loans that were contractually past maturity but were not considered past due as a result of the payment status being current.

 

Performing Loans

    30-59 Days
Past Due		      60-89 Days
Past Due		      Greater Than
90 Days
Past Due		      Total
Past Due		      Loans Not
Past Due		      Total  

One-to-Four Family Loans:

                  

1-4 Family Owner Occupied

    $ 584,430       $ —         $ —         $ 584,430       $ 55,220,719       $ 55,805,149   

1-4 Family Non-Owner Occupied

      375,660         303,667         —           679,327         31,188,492         31,867,819   

1-4 Family Second Mortgage

      14,221         —           —           14,221         28,588,155         28,602,376   

Home Equity Lines of Credit

      114,558         23,230         —           137,788         62,968,449         63,106,237   

Home Equity Investment Lines of Credit

      200,657         —           —           200,657         4,874,516         5,075,173   

One-to-Four Family Construction Loans:

                  

1-4 Family Construction

      —           145,771         —           145,771         367,695         513,466   

1-4 Family Construction Models/Speculative

      —           —           —           —           1,250,946         1,250,946   

Multi-Family Loans:

                     —     

Multi-Family

      —           —           —           —           53,573,280         53,573,280   

Multi-Family Second Mortgage

      —           —           —           —           145,476         145,476   

Multi-Family Construction

      —           —           —           —           5,368,866         5,368,866   

Commercial Real Estate Loans:

                  

Commercial

      744,536         —           —           744,536         194,006,468         194,751,004   

Commercial Second Mortgage

      —           —           —           —           5,743,721         5,743,721   

Commercial Lines of Credit

      —           —           —           —           21,693,593         21,693,593   

Commercial Construction

      —           —           —           —           7,079,839         7,079,839   

Commercial and Industrial Loans

      —           —           —           —           34,965,008         34,965,007   

Land Loans:

                  

Lot Loans

      —           —           —           —           8,261,518         8,261,518   

Acquisition and Development Loans

      —           —           —           —           17,691,018         17,691,018   

Consumer Loans

      —           58,394         —           58,394         2,051,903         2,110,297   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Performing Loans

    $ 2,034,062       $ 531,062       $ —         $ 2,565,124       $ 535,039,662       $ 537,604,785   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Nonperforming Loans

                  

One-to-Four Family Loans:

                  

1-4 Family Owner Occupied

    $ 105,333       $ —         $ 2,124,062       $ 2,229,395       $ 642,351       $ 2,871,746   

1-4 Family Non-Owner Occupied

      —           —           2,405,774         2,405,774         55,507         2,461,281   

1-4 Family Second Mortgage

      —           —           499,154         499,154         67,290         566,444   

Home Equity Lines of Credit

      14,607         —           2,371,962         2,386,569         340,878         2,727,447   

Home Equity Investment Lines of Credit

      —           134,195         430,041         564,236         —           564,236   

One-to-Four Family Construction Loans:

                  

1-4 Family Construction

      —           —           —           —           —           —     

1-4 Family Construction Models/Speculative

      —           —           235,945         235,945         119,410         355,355   

Multi-Family Loans:

                  

Multi-Family

      —           —           324,602         324,602         —           324,602   

Multi-Family Second Mortgage

      —           —           —           —           —           —     

Multi-Family Construction

      —           —           —           —           —           —     

Commercial Real Estate Loans:

                  

Commercial

      —           —           3,166,992         3,166,992         143,178         3,310,170   

Commercial Second Mortgage

      —           —           —           —           —           —     

Commercial Lines of Credit

      —           122,129         494,407         616,536         —           616,536   

Commercial Construction

      —           —           644,072         644,072         —           644,072   

Commercial and Industrial Loans

      —           —           237,957         237,957         199,772         437,729   

Land Loans:

                  

Lot Loans

      —           —           3,144,721         3,144,721         671,057         3,815,778   

Acquisition and Development Loans

      —           —           1,380,199         1,380,199         —           1,380,199   

Consumer Loans

      —           —              —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Nonperforming Loans

    $ 119,940       $ 256,324       $ 17,459,888       $ 17,836,152       $ 2,239,443       $ 20,075,595   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Loans

    $ 2,154,002       $ 787,386       $ 17,459,888       $ 20,401,276       $ 537,279,105       $ 557,680,380   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Troubled Debt Restructurings:

Included in loans individually impaired are loans with recorded investments of $12,381,074 and $15,590,705 for which the Company has allocated $138,706 and $153,391 of specific reserves to customers whose terms have been modified in troubled debt restructurings as of March 31, 2013 and June 30, 2012, respectively. Included in troubled debt restructurings are $1,247,035 and $1,805,855 of restructured loans on non-accrual at March 31, 2013 and June 30, 2012, respectively. Of the restructured loans (performing and non-accrual), there were no additional loans not performing in accordance with their modified terms during the quarter ended March 31, 2013 and two loans totaling $116,065 were not performing in accordance with their modified terms as of June 30, 2012. There were no commitments to lend additional amounts at March 31, 2013 and June 30, 2012.

The following table presents the aggregate balance of loans by loan class whose terms have been modified in troubled debt restructurings as of March 31, 2013 and June 30, 2012:

 

     Number
of Loans		      Outstanding
Recorded
Investment
3/31/2013		      Number
of Loans		      Outstanding
Recorded
Investment
6/30/2012		  

Troubled Debt Restructurings:

            

One-to-Four Family Loans:

            

1-4 Family Owner Occupied

      18       $ 3,288,160         19       $ 3,775,715   

1-4 Family Non-Owner Occupied

      1         48,147         2         53,993   

1-4 Family Second Mortgage

      4         413,935         5         912,147   

Home Equity Lines of Credit

      1         63,781         1         63,782   

Home Equity Investment Lines of Credit

      —           —           —           —     

One-to-Four Family Construction Loans:

            

1-4 Family Construction

      —           —           —           —     

1-4 Family Construction Models/Speculative

      —           —           —           —     

Multi-Family Loans:

            

Multi-Family

      1         287,221         1         297,979   

Multi-Family Second Mortgage

      —           —           —           —     

Multi-Family Construction

      —           —           —           —     

Commercial Real Estate Loans:

            

Commercial

      10         6,278,069         12         8,264,020   

Commercial Second Mortgage

      —           —           —           —     

Commercial Lines of Credit

      —           —           —           —     

Commercial Construction

      —           —           —           —     

Commercial and Industrial Loans

      1         1,605         2         40,696   

Land Loans:

            

Lot Loans

      —           —           —           —     

Acquisition and Development Loans

      2         2,000,156         2         2,182,373   

Consumer Loans

      —           —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

      38       $ 12,381,074         44       $ 15,590,705   
  

 

 

     

 

 

     

 

 

     

 

 

  

The summary of activity for troubled debt restructured loans for the three and nine months ended March 31, 2013 were as follows:

 

     Three months ended
March 31, 2013		     Nine months ended
March 31, 2013		  

Troubled Debt Restructurings:

     

Beginning Balance

    $ 12,432,285      $ 15,590,705   

Additions

      —          2,100,541   

Charge-offs

      —          (149,853 ) 

Payoffs or paydowns

      (51,211 )      (5,160,319 ) 
  

 

 

    

 

 

  

Ending Balance

    $ 12,381,074      $ 12,381,074   
  

 

 

    

 

 

  

 

The summary of activity for troubled debt restructured loans for the three and nine months ended March 31, 2012 was as follows:

 

     Three months ended     Nine months ended  
     March 31, 2012     March 31, 2012  

Troubled Debt Restructurings:

     

Beginning Balance

    $ 17,166,030      $ 15,883,869   

Additions

      —          2,763,159   

Charge-offs

      (182,328 )      (1,111,816 ) 

Payoffs or paydowns

      (890,581 )      (1,442,091 ) 
  

 

 

    

 

 

  

Ending Balance

    $ 16,093,121      $ 16,093,121   
  

 

 

    

 

 

  

During the periods ended March 31, 2013 and June 30, 2012, the terms of certain loans to borrowers experiencing financial difficulty were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed on the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy.

No loans were modified as troubled debt restructurings during the three months ended March 31, 2013. Thus there was no additional increase in the allowance for loan losses during the period due to troubled debt restructurings. Loans modified as troubled debt restructurings during the nine months ended March 31, 2013, were limited to loans already classified as troubled debt restructurings and involved an extension of the maturity dates and were for periods ranging from 12 month to 24 months. The following table presents loans by class modified as troubled debt restructurings that occurred during the nine-month period ended March 31, 2013:

 

     Nine months ended March 31, 2013  
            Pre-Modification      Post-Modification  
     Number      Outstanding
Recorded		      Outstanding
Recorded		  
     of Loans      Investment      Investment  

Troubled Debt Restructurings:

         

1-4 Family Owner Occupied

      1       $ 295,692       $ 161,655   

Commercial and Industrial

      1       $ 44,149       $ 38,229   
  

 

 

     

 

 

     

 

 

  

Total

      2       $ 339,841       $ 199,884   
  

 

 

     

 

 

     

 

 

  

The following table presents loans by class modified as troubled debt restructurings that occurred during the three and nine month period ended March 31, 2012:

 

     Three months ended March 31, 2012  
            Pre-Modification      Post-Modification  
     Number      Outstanding Recorded      Outstanding Recorded  
     of Loans      Investment      Investment  

Troubled Debt Restructurings:

         

1-4 Family Owner Occupied

      1       $ 234,441       $ 234,441   
  

 

 

     

 

 

     

 

 

  

Total

      1       $ 234,441       $ 234,441   
  

 

 

     

 

 

     

 

 

  

 

     Nine months ended March 31, 2012  
            Pre-Modification      Post-Modification  
     Number      Outstanding Recorded      Outstanding Recorded  
     of Loans      Investment      Investment  

Troubled Debt Restructurings:

         

1-4 Family Owner Occupied

      1       $ 234,441       $ 234,441   

1-4 Family Non-Owner Occupied

      1         106,976         106,976   

Commercial Real Estate

      3         2,437,542         1,544,149   

Commercial Second Mortgage

      1         295,362         295,362   

Acquisition and Development

      1         816,672         816,672   
  

 

 

     

 

 

     

 

 

  

Total

      7       $ 3,890,993       $ 2,997,600   
  

 

 

     

 

 

     

 

 

  

The troubled debt restructurings increased the allowance for loan losses by $39,981 and $76,376 for the three months and nine months ended March 31, 2012, respectively and resulted in $182,328 and $1.1 million of charge offs during the three months and nine months ended March 31, 2012, respectively.

During the three months ended March 31, 2013, there were no loans modified as a troubled debt restructure that had a payment default within twelve months following the modification.

During the nine months ended March 31, 2013, three loans, modified as a troubled debt restructure, had a payment default within twelve months following the modification. The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the nine months ended March 31, 2013:

 

     Nine months ended March 31, 2013  
     Number      Outstanding Recorded  
     of Loans      Investment  

Troubled Debt Restructurings:

      

1-4 Family Owner Occupied

      2         —     

Commercial and Industrial

      1         —     
  

 

 

     

 

 

  

Total

      3         —     
  

 

 

     

 

 

  

Charge offs resulted in no recorded investment at period on these loans. The recorded investment on the loans above prior to period end was $311,828.

During the three months ended March 31, 2012, two loans, modified as troubled debt restructures, had a payment default within twelve months following the modification. The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the three months ended March 31, 2012:

 

     Number      Outstanding Recorded  
     of Loans      Investment  

Troubled Debt Restructurings:

      

Commercial and Industrial

      2         116,952   
  

 

 

     

 

 

  

Total

      2       $ 116,952   
  

 

 

     

 

 

  

During the nine months ended March 31, 2012, nineteen loans, modified as a troubled debt restructures, had payment defaults within twelve months following the modification. The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within twelve months following the modification during the nine months ended March 31, 2012:

 

     Number      Outstanding
Recorded		  
     of Loans      Investment  

Troubled Debt Restructurings:

      

1-4 Family Owner Occupied

      16         —     

Home Equity Lines of Credit

      1         —     

Commercial and Industrial

      2         116,952   
  

 

 

     

 

 

  

Total

      19         116,952   
  

 

 

     

 

 

  

Charge offs resulted in no recorded investment on seventeen of the loans for the nine months ended March 31, 2012. The recorded investment on the loans above prior to period end was $1,527,920.

For the purpose of this disclosure, a loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

The troubled debt restructurings that subsequently defaulted described above did not result in increasing the allowance or result in charge offs during the nine months ended March 31, 2012.

Credit Quality Indicators

The Company categorizes a loan into risk strata based on relevant borrower information about its ability to service debt. This information includes a review of current financial information, historic payment experience, credit documentation, relevant public information and other factors, as determined by credit underwriting guidelines. Through its analysis of individual borrowers, the Company classifies each loan as to its credit risk. All loans considered non-homogeneous, specifically those that are deemed commercial and industrial or commercial real estate loans, are subject to review by the Company, regardless of loan size. In practice, these loans are reviewed continually and changes to the risk rating, if necessary, occur on a quarterly basis. Loans that are considered homogeneous, or those which fall into the categories of one-to-four family loans or into consumer loans, are not individually reviewed or rated annually. The payment performance of the homogeneous loans serves as the clear credit indicator of classification into the categories of pass-rated loans or into substandard, non-accrual loans. Homogeneous loans that are less than 90 days past due are generally reported as pass-rated loans, unless the homogeneous loan is related to a rated commercial and industrial or commercial real estate loan. Homogeneous loans which are greater than 90 days past due are placed on non-accrual and rated substandard. Payment performance indicators are based on performance through March 31, 2013. The Company uses the following definitions for adverse risk ratings:

 

Special Mention. Loans classified as special mention have a potential weakness that requires close attention. If left unattended, the potential weaknesses may result in further deterioration in the repayment prospects of the loan or the institution’s credit position at a future date.

Substandard. Loans classified as substandard are protected inadequately by the current financial means of the borrower or through the liquidation of pledged collateral. Loans classified as substandard have a well-defined weakness and without substantial intervention, there is a distinct possibility that the Company may incur a loss. As a matter of practice, if the Company feels that a loss is imminent, it designates nearly all of these loans to charge off. Accordingly, the Company uses the loan classification of doubtful (as defined hereafter), sparingly.

Doubtful. Loans classified as doubtful have all of the inherent weaknesses of those loans classified as substandard with the added structural weakness that the collection in full is highly unlikely. As such, this category is used sparingly by the Company.

As of March 31, 2013, and based on the most recent analysis performed by the Company, the risk category of loans by class of loan was as follows:

 

     Pass (1)      Special
Mention		      Substandard      Doubtful      Total  

One-to-Four Family Loans:

               

1-4 Family Owner Occupied

    $ 58,898,747       $ —         $ 3,152,251       $ —         $ 62,050,998   

1-4 Family Non-Owner Occupied

      26,864,520         620,320         2,611,528         —           30,096,368   

1-4 Family Second Mortgage

      26,764,254         202,484         441,190         —           27,407,928   

Home Equity Lines of Credit

      58,819,867         49,585         2,160,120         —           61,029,572   

Home Equity Investment Lines of Credit

      3,349,423         200,845         332,366         —           3,882,634   

One-to-Four Family Construction Loans:

               

1-4 Family Construction

      2,704,041         —           521,363         —           3,225,404   

1-4 Family Construction Models/Speculative

      524,160         —           116,076         —           640,236   

Multi-Family Loans:

               

Multi-Family

      57,729,997         —           491,459         —           58,221,456   

Multi-Family Second Mortgage

      63,203         —           —           —           63,203   

Multi-Family Construction

      1,564,633         —           —           —           1,564,633   

Commercial Real Estate Loans:

               

Commercial

      187,284,828         2,702,335         9,345,961         —           199,333,124   

Commercial Second Mortgage

      4,577,895         —           —           —           4,577,895   

Commercial Lines of Credit

      22,604,668         —           3,775,470         —           26,380,138   

Commercial Construction

      9,362,446         —           644,808         —           10,007,254   

Commercial and Industrial Loans

      50,369,763         82,075         1,001,525         —           51,453,363   

Land Loans:

               

Lot Loans

      4,561,907         37,415         2,918,094         —           7,517,416   

Acquisition and Development Loans

      11,872,230         —           2,161,940         —           14,034,170   

Consumer Loans

      650,896         —           —           —           650,896   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 528,567,478       $ 3,895,059       $ 29,674,151       $ —         $ 562,136,688   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) There are $1.1 million in non-homogeneous loans which are subject to individual review for risk rating included in the pass risk category based on payment status as they have not yet been individually reviewed.

 

As of June 30, 2012, and based on the most recent analysis performed by the Company, the risk category of loans by class of loan was as follows:

 

     Pass(1)      Special
Mention		      Substandard      Doubtful      Total  

One-to-Four Family Loans:

               

1-4 Family Owner Occupied

    $ 55,526,297       $ —         $ 3,150,598       $ —         $ 58,676,895   

1-4 Family Non-Owner Occupied

      30,621,009         1,117,122         2,590,969         —           34,329,100   

1-4 Family Second Mortgage

      28,147,735         206,701         814,384         —           29,168,820   

Home Equity Lines of Credit

      63,030,206         49,585         2,753,893         —           65,833,684   

Home Equity Investment Lines of Credit

      4,828,651         200,886         609,872         —           5,639,409   

One-to-Four Family Construction Loans:

               

1-4 Family Construction

      513,466         —           —           —           513,466   

1-4 Family Construction Models/Speculative

      724,177         —           882,124         —           1,606,301   

Multi-Family Loans:

               

Multi-Family

      52,448,152         1,124,756         324,974         —           53,897,882   

Multi-Family Second Mortgage

      145,476         —           —           —           145,476   

Multi-Family Construction

      5,368,866         —           —           —           5,368,866   

Commercial Real Estate Loans:

               

Commercial

      183,422,738         3,100,295         11,538,141         —           198,061,174   

Commercial Second Mortgage

      5,743,721         —           —           —           5,743,721   

Commercial Lines of Credit

      19,401,017         —           2,909,112         —           22,310,129   

Commercial Construction

      7,079,104         —           644,807         —           7,723,911   

Commercial and Industrial Loans

      34,042,381         91,634         1,268,721         —           35,402,736   

Land Loans:

               

Lot Loans

      8,217,784         39,374         3,820,138         —           12,077,296   

Acquisition and Development Loans

      16,486,141         —           2,585,076         —           19,071,217   

Consumer Loans

      2,110,297         —           —           —           2,110,297   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 517,857,218       $ 5,930,353       $ 33,892,809       $ —         $ 557,680,380   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) There are $2.6 million in non-homogeneous loans which are subject to individual review for risk rating included in the pass risk category based on payment status as they have not yet been individually reviewed.