XML 28 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2012
Income Taxes [Abstract] |
Income Taxes | Note 9: Income Taxes The Company files income tax returns in the U.S. Federal jurisdiction and various states. The Company is no longer subject to federal and state examinations by tax authorities for fiscal years before 2008. The Company recognized no interest or penalties related to income taxes. The Company’s income tax provision is comprised of the following components:
| For the three-month period ended | For the nine-month period ended
| March 31, 2012 | March 31, 2011 | March 31, 2012 | March 31, 2011
Income taxes |  |  |  |
Current | $1,654,107 | $611,950 | $4,913,566 | $1,601,407
Deferred | (648,000) | 388,621 | (1,146,145) | 3,012,402
Total income tax provision | $1,006,107 | $1,000,571 | $3,767,421 | $4,613,809
The components of net deferred tax assets (liabilities) are summarized as follows:
| March 31, 2012 | June 30, 2011
Deferred tax assets: |  |
Provision for losses on loans | $3,168,659 | $2,889,770
Accrued compensation and benefits | 297,511 | 168,375
Other-than-temporary impairment on |  |
available for sale securities | 261,405 | 261,405
NOL carry forwards acquired | 161,949 | 169,005
Unrealized loss on other real estate | 15,130 | 66,952
Other | - | -
Total deferred tax assets | 3,904,654 | 3,555,507
Deferred tax liabilities: |  |
FHLB stock dividends | 188,612 | 188,612
Purchase accounting adjustments | 1,026,095 | 1,828,472
Depreciation | 552,633 | 525,096
Prepaid expenses | 169,451 | 174,507
Unrealized gain on available for sale securities | 322,940 | 306,229
Other | 170,717 | 187,820
Total deferred tax liabilities | 2,430,449 | 3,210,736
Net deferred tax (liability) asset | $1,474,205 | $344,771
As of March 31, 2012, and June 30, 2011, the Company had approximately $515,000 and $668,000, respectively, of federal and state net operating loss carryforwards, which were acquired in the July 2009 acquisition of Southern Bank of Commerce. The amount reported is net of the IRC Sec. 382 limitation, or state equivalent, related to utilization of net operating loss carryforwards of acquired corporations. Unless otherwise utilized, the net operating losses will begin to expire in 2027. A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax is shown below:
| For the three-month period ended | For the nine-month period ended
| March 31, 2012 | March 31, 2011 | March 31, 2012 | March 31, 2011
Tax at statutory rate | $1,081,931 | $1,012,711 | $3,899,220 | $4,579,986
Increase (reduction) in taxes |  |  |  |
resulting from: |  |  |  |
Nontaxable municipal income | (126,381) | (96,543) | (344,055) | (288,289)
State tax, net of Federal benefit | 75,240 | 44,897 | 294,327 | 337,428
Cash surrender value of |  |  |  |
Bank-owned life insurance | (24,201) | (23,394) | (72,804) | (70,574)
Other, net | (482) | 62,899 | (9,268) | 55,258
Actual provision | $1,006,107 | $1,000,571 | $3,767,421 | $4,613,809
Tax credit benefits in the amount of $73,000 and $219,000, respectively, were recognized in the three- and nine-month periods ended March 31, 2012, equal to the amounts recognized in the three- and nine-month periods ended March 31, 2011, under the flow-through method of accounting for investments in tax credits.

X
- Details
Name: | fil_IncomeTaxesAbstract
Namespace Prefix: | fil_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -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 -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration