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Note 5: Accounting For Certain Loans Acquired in A Transfer | 3 Months Ended
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Dec. 31, 2015
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 transfers during the fiscal year ended June 30, 2011 and during the six months ended December 31, 2014. 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 these loans is included in the balance sheet amounts of loans receivable at December 31 and June 30, 2015. The amount of these loans is shown below:
(dollars in thousands) | December 31, 2015 | June 30, 2015
Residential real estate | $3,352 | $3,542
Construction real estate | 1,820 | 2,806
Commercial real estate | 12,269 | 12,523
Consumer loans | - | 207
Commercial loans | 1,142 | 1,180
Outstanding balance | $18,583 | $20,258
Carrying amount, net of fair value adjustment of $2,477 and $3,132 at December 31, 2015 and June 30, 2015, respectively | $16,106 | $17,126
Accretable yield, or income expected to be collected, is as follows:
| For the three months ending
(dollars in thousands) | December 31, 2015 | December 31, 2014
Balance at beginning of period | $582 | $317
Additions | - | -
Accretion | (255) | (86)
Reclassification from nonaccretable difference | 339 | 304
Disposals | - | -
Balance at end of period | $666 | $535
| For the six months ending
(dollars in thousands) | December 31, 2015 | December 31, 2014
Balance at beginning of period | $547 | $380
Additions | - | (4)
Accretion | (304) | (145)
Reclassification from nonaccretable difference | 423 | 304
Disposals | - | -
Balance at end of period | $666 | $535
During the three- and six-month periods ended December 31, 2015 and 2014, the Company did not increase the allowance for loan losses related to these purchased credit impaired loans. During the same periods, the Company did not reverse the allowance for loan losses related to these loans.

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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=49124121&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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