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Note 5: Accounting For Certain Loans Acquired in A Transfer | 3 Months Ended
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Mar. 31, 2014
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 March 31, 2014 and June 30, 2013. The amounts of these loans at March 31, 2014 and June 30, 2013, are as follows:
| March 31, 2014 | June 30, 2013
Real Estate Loans: |  |
Residential | $2,076,357 | $2,096,135
Construction | - | -
Commercial | 1,288,055 | 1,323,361
Consumer loans | - | -
Commercial loans | 900,730 | 1,707,442
Outstanding balance | $4,265,142 | $5,126,938
Carrying amount, net of fair value adjustment of $915,767 and $1,021,542 at March 31, 2014 and June 30, 2013, respectively | $3,349,375 | $4,105,396
Accretable yield, or income expected to be collected, is as follows:
| Three-month period ending
| March 31, 2014 | March 31, 2013
Balance at beginning of period | $637,260 | $913,266
Additions | - | -
Accretion | (31,850) | (62,735)
Reclassification from nonaccretable difference | 427 | 7,353
Disposals | - | -
Balance at end of period | $605,837 | $857,884
| Nine-month period ending
| March 31, 2014 | March 31, 2013
Balance at beginning of period | $798,789 | $489,356
Additions | - | -
Accretion | (196,327) | (142,339)
Reclassification from nonaccretable difference | 3,375 | 510,867
Disposals | - | -
Balance at end of period | $605,837 | $857,884
During the three- and nine-month periods ended March 31, 2014, the Company had no increases to the allowance for loan losses by a charge to the income statement related to these purchased credit impaired loans, as compared to $48,000 and $181,000, respectively, during the same periods of the prior fiscal year. During the three- and nine-month periods ended March 31, 2014, allowance for loan losses related to these loans of $0 and $57,489, respectively, were reversed, as compared to $0 and $5,000, respectively, during the same periods of the prior fiscal year.

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- 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
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