XML 88 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Note 5: Accounting For Certain Loans Acquired in A Transfer | 6 Months Ended
--- | ---
Dec. 31, 2013
Notes |
Note 5: Accounting For Certain Loans Acquired in A Transfer | Note 5: Accounting for Certain Loans Acquired in a Transfer The Company acquired loans in a transfer during the fiscal year ended June 30, 2011. At acquisition, certain transferred loans evidenced deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds. The carrying amount of those loans is included in the balance sheet amounts of loans receivable at December 31 and June 30, 2013. The amounts of these loans at December 31 and June 30, 2013, are as follows:
| December 31, 2013 | June 30, 2013
Real Estate Loans: |  |
Residential | $2,085,113 | $2,096,135
Construction | - | -
Commercial | 1,299,293 | 1,323,361
Consumer loans | - | -
Commercial loans | 1,401,778 | 1,707,442
Outstanding balance | $4,786,184 | $5,126,938
Carrying amount, net of fair value adjustment of $917,433 and $1,021,542 at December 31 and June 30, 2013, respectively | $3,868,751 | $4,105,396
Accretable yield, or income expected to be collected, is as follows:
| Three-month period ending
| December 31, 2013 | December 31, 2012
Balance at beginning of period | $711,312 | $489,356
Additions | - | -
Accretion | (74,826) | (147,606)
Reclassification from nonaccretable difference | 774 | 496,299
Disposals | - | -
Balance at end of period | $637,260 | $838,049
| Six-month period ending
| December 31, 2013 | December 31, 2012
Balance at beginning of period | $798,789 | $489,356
Additions | - | -
Accretion | (164,477) | (147,606)
Reclassification from nonaccretable difference | 2,948 | 496,299
Disposals | - | -
Balance at end of period | $637,260 | $838,049
During the three- and six-month periods ended December 31, 2013, the Company increased the allowance for loan losses by a charge to the income statement of $74,314 and $0, respectively, related to these purchased credit impaired loans, as compared to $24,223 and $166,000, respectively, during the same periods of the prior fiscal year. During the three- and six-month periods ended December 31, 2013, allowance for loan losses of $0 and $57,489, respectively, was reversed, as compared to $3,300 and $5,300, respectively, during the same periods of the prior fiscal year.

X
- Definition The entire disclosure for certain contractual rights to receive money on demand or on fixed or determinable dates with evidence of deterioration of credit quality since origination that were acquired by completion of a transfer for which it is probable, at acquisition, that the investor will be unable to collect all contractually required payments receivable. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5212-111524 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15029-111544 + Details
Name: | us-gaap_AccountingForCertainLoansAndDebtSecuritiesAcquiredInTransferDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration