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15. Commitments and Contingencies: Loan Commitments, Policy (Policies) | 12 Months Ended
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Jun. 30, 2013
Policies |
Loan Commitments, Policy | Loan Commitments – Legally binding commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. In the normal course of business, there are various outstanding commitments to extend credit that are not reflected in the consolidated financial statements. At June 30, 2013 and June 30, 2012, respectively, loan commitments (excluding $27,013 and $14,960 of undisbursed portions of construction loans) totaled $27,147 and $44,736 of which $3,083 and $5,322 were variable rate commitments and $24,064 and $39,414 were fixed rate commitments. The fixed rate loans had interest rates ranging from 2.50% to 9.25% at June 30, 2013 and 3.59% to 5.75% at June 30, 2012, and terms ranging from 6 to 30 years. Pre-approved but unused lines of credit (principally second mortgage home equity loans and overdraft protection loans) totaled $151,611 and $154,283 at June 30, 2013 and 2012, respectively. These amounts represent the Company’s exposure to credit risk, and in the opinion of management have no more than the normal lending risk that the Company commits to its borrowers. The Company has freestanding derivative instruments consisting of commitments to originate fixed rate conforming loans and commitments to sell fixed rate conforming loans. The fair value of these commitments was not material at June 30, 2013 or June 30, 2012. The Company grants construction and permanent loans collateralized primarily by residential and commercial real estate to customers throughout its primary market area. In addition, the Company grants municipal leases to customers throughout North and South Carolina. The Company’s loan portfolio can be affected by the general economic conditions within these market areas. Management believes that the Company has no concentration of credit in the loan portfolio.

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- Definition Disclosure of accounting policy for loan commitments accounted for as derivatives, including the methods and assumptions used to estimate fair value and any associated hedging strategies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2229141 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.DD.Q2) -URI http://asc.fasb.org/extlink&oid=27015289&loc=d3e417888-122833 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section DD -Paragraph Question 2 + Details
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