Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 07, 2013 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'HomeTrust Bancshares, Inc. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001538263 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 20,118,414 |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
HOMETRUST_BANCSHARES_INC_AND_S
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY -- Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash | $18,899 | $13,251 |
Interest-bearing deposits | 74,019 | 112,462 |
Cash and cash equivalents | 92,918 | 125,713 |
Certificates of deposit in other banks | 145,606 | 136,617 |
Securities available for sale, at fair value | 97,860 | 24,750 |
Loans held for sale | 6,106 | 10,770 |
Total loans, net of deferred loan fees and discount | 1,196,704 | 1,164,183 |
Allowance for loan losses | -29,200 | -32,073 |
Net loans | 1,167,504 | 1,132,110 |
Premises and equipment, net | 24,796 | 22,400 |
Federal Home Loan Bank stock, at cost | 2,089 | 1,854 |
Accrued interest receivable | 5,824 | 5,549 |
Real estate owned | 14,514 | 11,739 |
Deferred income taxes | 47,247 | 47,428 |
Bank owned life insurance | 62,660 | 62,242 |
Goodwill | 2,802 | ' |
Other assets | 3,600 | 2,151 |
Total Assets | 1,673,526 | 1,583,323 |
Liabilities | ' | ' |
Deposits | 1,243,488 | 1,154,750 |
Other borrowings | 2,227 | ' |
Capital lease obligations | 2,012 | 2,016 |
Other liabilities | 57,733 | 59,042 |
Total liabilities | 1,305,460 | 1,215,808 |
Stockholders' Equity | ' | ' |
Common stock | 206 | 208 |
Additional paid in capital | 224,558 | 227,397 |
Retained earnings | 153,317 | 149,990 |
Unearned Employee Stock Ownership Plan (ESOP) shares | -9,919 | -10,051 |
Accumulated other comprehensive loss | -96 | -29 |
Total stockholders' equity | 368,066 | 367,515 |
Total Liabilities and Stockholders' Equity | $1,673,526 | $1,583,323 |
HOMETRUST_BANCSHARES_INC_AND_S1
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY -- Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Statement of Financial Condition | ' | ' |
Preferred stock par value | $0.01 | $0.01 |
Preferred stock authorized shares | 10,000,000 | 10,000,000 |
Preferred stock issued shares | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $0.01 | $0.01 |
Common stock shares authorized | 60,000,000 | 60,000,000 |
Common stock shares issued | 20,590,544 | 20,824,900 |
Common stock shares outstanding | 20,590,544 | 20,824,900 |
HOMETRUST_BANCSHARES_INC_AND_S2
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY -- Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and Dividend Income | ' | ' |
Loans | $14,082 | $15,216 |
Securities available for sale | 297 | 96 |
Certificates of deposit and other interest-bearing deposits | 452 | 391 |
Federal Home Loan Bank stock | 12 | 25 |
Total interest and dividend income | 14,843 | 15,728 |
Interest Expense | ' | ' |
Deposits | 1,543 | 2,020 |
Other borrowings | 3 | 189 |
Total interest expense | 1,546 | 2,209 |
Net Interest Income | 13,297 | 13,519 |
Provision for (Recovery of) Loan Losses | -2,300 | 1,500 |
Net Interest Income after Provision for Loan Losses | 15,597 | 12,019 |
Noninterest Income | ' | ' |
Service charges on deposit accounts | 679 | 653 |
Mortgage banking income and fees | 998 | 1,176 |
Other noninterest income, net | 594 | 514 |
Total other income | 2,271 | 2,343 |
Noninterest Expense | ' | ' |
Salaries and employee benefits | 7,177 | 6,329 |
Net occupancy expense | 1,150 | 1,259 |
Marketing and advertising | 355 | 314 |
Telephone, postage, and supplies | 382 | 397 |
Deposit insurance premiums | 335 | 522 |
Computer services | 889 | 519 |
Loss (gain) on sale and impairment of real estate owned | -271 | 327 |
Federal Home Loan Bank advance prepayment penalty | ' | 1,561 |
REO expense | 454 | 762 |
Other noninterest expense | 1,404 | 1,403 |
Total other expense | 11,875 | 13,393 |
Income Before Income Taxes | 5,993 | 969 |
Income Tax Expense (Benefit) | 2,666 | -183 |
Net Income | $3,327 | $1,152 |
Net income per common share: | ' | ' |
Earnings Per Share Basic | $0.17 | $0.06 |
Earnings Per Share Diluted | $0.17 | $0.06 |
Average shares outstanding: | ' | ' |
Basic | 19,288,154 | 20,108,612 |
Diluted | 19,377,896 | 20,108,612 |
HOMETRUST_BANCSHARES_INC_AND_S3
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY -- Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statements of Comprehensive Income | ' | ' |
Net Income | $3,327 | $1,152 |
Unrealized holding gains (losses) on securities available for sale | ' | ' |
Gains (losses) arising during the period | -102 | 177 |
Deferred income tax benefit (expense) | 35 | -60 |
Total other comprehensive income (loss) | -67 | 117 |
Comprehensive Income | $3,260 | $1,269 |
HOMETRUST_BANCSHARES_INC_AND_S4
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY -- Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity |
In Thousands | |||||||
Balance at beginning of period at Jun. 30, 2012 | ' | ' | $31,367 | $140,937 | ' | $181 | $172,485 |
Net income | 1,152 | ' | ' | 1,152 | ' | ' | 1,152 |
Issuance of common stock | ' | 212 | 211,388 | ' | ' | ' | 211,600 |
Common stock issuance cost | ' | ' | -3,396 | ' | ' | ' | -3,396 |
Loan to ESOP for purchase of shares | -10,580 | ' | ' | ' | -10,580 | ' | -10,580 |
ESOP shares allocated | ' | ' | 33 | ' | 132 | ' | 165 |
Other comprehensive income | 117 | ' | ' | ' | ' | 117 | 117 |
Balance at end of period at Sep. 30, 2012 | ' | 212 | 239,392 | 142,089 | -10,448 | 298 | 371,543 |
Balance at beginning of period at Jun. 30, 2013 | ' | 208 | 227,397 | 149,990 | -10,051 | -29 | 367,515 |
Net income | 3,327 | ' | ' | 3,327 | ' | ' | 3,327 |
Stock repurchased | -3,594 | -2 | -3,592 | ' | ' | ' | -3,594 |
Stock option expense | ' | ' | 325 | ' | ' | ' | 325 |
Restricted stock expense | ' | ' | 343 | ' | ' | ' | 343 |
ESOP shares allocated | ' | ' | 85 | ' | 132 | ' | 217 |
Other comprehensive income | -67 | ' | ' | ' | ' | -67 | -67 |
Balance at end of period at Sep. 30, 2013 | ' | $206 | $224,558 | $153,317 | ($9,919) | ($96) | $368,066 |
HOMETRUST_BANCSHARES_INC_AND_S5
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY -- Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ' | ' |
Net income | $3,327 | $1,152 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Provision for (recovery of) loan losses | -2,300 | 1,500 |
Depreciation | 556 | 565 |
Deferred income tax expense (benefit) | 2,686 | -209 |
Net amortization and accretion | -129 | 76 |
Loss (gain) on sale and impairment of real estate owned | -271 | 327 |
Gain on sale of loans held for sale | -613 | -921 |
Origination of loans held for sale | -27,092 | -64,006 |
Proceeds from sales of loans held for sale | 32,369 | 56,594 |
Decrease in deferred loan fees, net | -53 | -164 |
Increase in accrued interest receivable and other assets | -969 | -1,590 |
ESOP compensation expense | 217 | 165 |
Restricted stock and stock option expense | 668 | ' |
Decrease in other liabilities | -2,499 | -2,222 |
Net cash provided by (used in) operating activities | 5,897 | -8,733 |
Investing Activities: | ' | ' |
Purchase of securities available for sale | -41,810 | -6,000 |
Proceeds from maturities of securities available for sale | ' | 6,000 |
Purchase of certificates of deposit in other banks | -16,655 | -30,545 |
Maturities of certificates of deposit in other banks | 7,666 | 16,310 |
Principal repayments of mortgage-backed securities | 2,909 | 866 |
Net redemptions of Federal Home Loan Bank Stock | 212 | 3,253 |
Net decrease in loans | 13,431 | 23,295 |
Purchase of premises and equipment | -611 | -189 |
Capital improvements to real estate owned | -96 | -118 |
Proceeds from sale of real estate owned | 1,262 | 5,061 |
Acquisition, net of cash paid | 1,475 | ' |
Net cash provided by (used in) investing activities | -32,217 | 17,933 |
Financing Activities: | ' | ' |
Net decrease in deposits | -370 | -305,866 |
Net decrease in other borrowings | -2,507 | -8,040 |
Proceeds from stock conversion | ' | 208,204 |
Loan to ESOP for purchase of shares | ' | -10,580 |
Common stock repurchased | -3,594 | ' |
Decrease in capital lease obligations | -4 | -2 |
Net cash used in financing activities | -6,475 | -116,284 |
Net Decrease in Cash and Cash Equivalents | -32,795 | -107,084 |
Cash and Cash Equivalents at Beginning of Period | 125,713 | 224,801 |
Cash and Cash Equivalents at End of Period | 92,918 | 117,717 |
Cash paid during the period for: | ' | ' |
Interest | 1,375 | 2,287 |
Income taxes | 13 | ' |
Noncash transactions: | ' | ' |
Unrealized gain (loss) in value of securities available for sale, net of income taxes | -67 | 117 |
Transfers of loans to real estate owned | 1,615 | 2,708 |
Loans originated to finance the sale of real estate owned | $94 | $492 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
The consolidated financial statements presented in this report include the accounts of HomeTrust Bancshares, Inc., a Maryland corporation (“HomeTrust”), and its wholly-owned subsidiary, HomeTrust Bank (the “Bank”). As used throughout this report, the term the “Company” refers to HomeTrust and the Bank, its consolidated subsidiary, unless the context otherwise requires. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2013 (“2013 Form 10-K”) filed with the SEC on September 13, 2013. The results of operations for the three months ended September 30, 2013 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2014. Certain prior year amounts have been reclassified to conform to current fiscal year presentation. The reclassifications had no impact on previously reported net income or equity. | |
Organization and Description of Business – HomeTrust was incorporated in Maryland on December 27, 2011 and became the holding company for the Bank on July 10, 2012 upon the completion of the Bank’s conversion from the mutual to stock form of organization (the “Conversion”). In connection with the Conversion, HomeTrust issued an aggregate of 21,160,000 shares of common stock at an offering price of $10.00 per share for gross proceeds of $211.6 million. HomeTrust received $208.2 million in net proceeds from the stock offering of which $104.1 million or 50% of the net proceeds were contributed to the Bank upon Conversion. Included in the issuance of shares was 1,058,000 shares to a newly formed “ESOP” for which HomeTrust loaned the ESOP $10,580,000 to purchase the shares. The Bank is a federally chartered savings bank headquartered in Asheville, North Carolina with 21 retail offices located in western and central North Carolina and Greenville, South Carolina. The business of the Bank is conducted through its seven operating divisions – HomeTrust Bank, Cherryville Federal Bank, Home Savings Bank of Eden, Industrial Federal Bank of Lexington, Shelby Savings Bank, Tryon Federal Bank, and Rutherford County Bank. All divisions operate under a single set of corporate policies and procedures and are recognized as a single banking segment for financial reporting purposes. | |
Accounting Principles – The accounting and reporting policies of the Company conform to US GAAP. | |
Principles of Consolidation and Subsidiary Activities – The accompanying consolidated financial statements include the accounts of HomeTrust, the Bank, and its wholly-owned subsidiary, Western North Carolina Service Corporation (“WNCSC”). WNCSC owns office buildings in Asheville, North Carolina that are leased to the Bank. All intercompany items have been eliminated. | |
Cash Flows – Cash and cash equivalents include cash and interest-bearing deposits with initial terms to maturity of ninety days or less. | |
Securities – The Company classifies investment securities as trading, available for sale or held to maturity. | |
Securities available for sale are carried at fair value. These securities are used to execute asset/liability management strategies, manage liquidity, and leverage capital, and therefore may be sold prior to maturity. Adjustments for unrealized gains or losses, net of the income tax effect, are made to accumulated other comprehensive income, a separate component of total stockholders’ equity. | |
Securities held to maturity are stated at cost, net of unamortized balances of premiums and discounts. When these securities are purchased, the Company intends to and has the ability to hold such securities until maturity. | |
Declines in the fair value of individual securities available for sale or held to maturity below their cost that are other-than-temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery of the unrealized loss, and in the case of debt securities, whether it is more likely than not that the Company will be required to sell the security prior to a recovery. | |
Premiums and discounts are amortized or accreted over the life of the security as an adjustment to yield. Dividend and interest income are recognized when earned. Gains or losses on the sale of securities are recognized on a specific identification, trade date basis. | |
Loans – Loans are carried at their outstanding principal amount, less unearned income and deferred nonrefundable loan fees, net of certain origination costs. Interest income is recorded as earned on an accrual basis except for non-accruing loans where interest is recorded as earned on a cash basis. Net deferred loan origination fees/costs are deferred and amortized to interest income over the life of the related loan. The premium or discount on purchased loans is amortized over the expected life of the loans and is included in interest income. | |
Loan Segments and Classes | |
The Company’s loan portfolio is grouped into two segments (retail consumer loans and commercial loans) and into four classes within each segment. The Company originates, services, and manages its loans based on these segments and classes. The Company’s portfolio segments and classes within those segments are subject to risks that could have an adverse impact on the credit quality of the loan portfolio. Management identified the risks described below as significant risks that are generally similar among the loan segments and classes. | |
Retail Consumer loan segment | |
The Company underwrites its retail consumer loans using automated credit scoring and analysis tools. These credit scoring tools take into account factors such as payment history, credit utilization, length of credit history, types of credit currently in use, and recent credit inquiries. To the extent that the loan is secured by collateral, the value of the collateral is also evaluated. Common risks to each class of retail consumer loans include general economic conditions within the Company’s markets, such as unemployment and potential declines in collateral values, and the personal circumstances of the borrowers. In addition to these common risks for the Company’s retail consumer loans, various retail consumer loan classes may also have certain risks specific to them. | |
One-to-four family and construction and land/lot loans are to individuals and are typically secured by 1-4 family residential property, undeveloped land, and partially developed land in anticipation of pending construction of a personal residence. Significant and rapid declines in real estate values can result in residential mortgage loan borrowers having debt levels in excess of the current market value of the collateral. Recent declines in value have led to unprecedented levels of foreclosures and losses within the banking industry. Construction and land/lot loans often experience delays in completion and cost overruns that exceed the borrower’s financial ability to complete the project. Such cost overruns can routinely result in foreclosure of partially completed and unmarketable collateral. | |
Home equity lines of credit are often secured by second liens on residential real estate, thereby making such loans particularly susceptible to declining collateral values. A substantial decline in collateral value could render the Company’s second lien position to be effectively unsecured. Additional risks include lien perfection inaccuracies and disputes with first lien holders that may further weaken collateral positions. Further, the open-end structure of these loans creates the risk that customers may draw on the lines in excess of the collateral value if there have been significant declines since origination. | |
Consumer loans include loans secured by deposit accounts or personal property such as automobiles, boats, and motorcycles, as well as unsecured consumer debt. The value of underlying collateral within this class is especially volatile due to potential rapid depreciation in values since date of loan origination in excess of principal repayment. | |
Commercial loan segment | |
The Company’s commercial loans are centrally underwritten based primarily on the customer’s ability to generate the required cash flow to service the debt in accordance with the contractual terms and conditions of the loan agreement. The Company’s commercial lenders and underwriters work to understand the borrower’s businesses and management experiences. The majority of the Company’s commercial loans are secured by collateral, so collateral values are important to the transaction. In commercial loan transactions where the principals or other parties provide personal guarantees, the Company’s commercial lenders and underwriters analyze the relative financial strength and liquidity of each guarantor. Risks that are common to the Company’s commercial loan classes include general economic conditions, demand for the borrowers’ products and services, the personal circumstances of the principals, and reductions in collateral values. In addition to these common risks for the Company’s commercial loans, the various commercial loan classes also have certain risks specific to them. | |
Construction and development loans are highly dependent on the supply and demand for commercial real estate in the Company’s markets as well as the demand for the newly constructed residential homes and lots being developed by the Company’s commercial loan customers. Prolonged deterioration in demand could result in significant decreases in the underlying collateral values and make repayment of the outstanding loans more difficult for the Company’s commercial borrowers. | |
Commercial real estate and commercial and industrial loans are primarily dependent on the ability of the Company’s commercial loan customers to achieve business results consistent with those projected at loan origination resulting in cash flow sufficient to service the debt. To the extent that a borrower’s actual business results significantly underperform the original projections, the ability of that borrower to service the Company’s loan on a basis consistent with the contractual terms may be at risk. While these loans and leases are generally secured by real property, personal property, or business assets such as inventory or accounts receivable, it is possible that the liquidation of the collateral will not fully satisfy the obligation. | |
Municipal leases are primarily made to volunteer fire departments and depend on the tax revenues received from the county or municipality. These leases are mainly secured by vehicles, fire stations, land, or equipment. The underwriting of the municipal leases is based on the cash flows of the fire department as well as projections of future income. | |
Credit Quality Indicators | |
Loans are monitored for credit quality on a recurring basis and the composition of the loans outstanding by credit quality indicator is provided below. Loan credit quality indicators are developed through review of individual borrowers on an ongoing basis. Generally, loans are monitored for performance on a quarterly basis with the credit quality indicators adjusted as needed. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. These credit quality indicators are defined as follows: | |
Pass—A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification. | |
Special Mention—A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification. | |
Substandard—A substandard asset is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected. | |
Doubtful—An asset classified doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. | |
Loss—Assets classified loss are considered uncollectible and of such little value that their continuing to be carried as an asset is not warranted. This classification is not necessarily equivalent to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be effected in the future. | |
Loans Held for Sale—Loans held for sale are residential mortgages and are valued at the lower of cost or fair value less estimated costs to sell as determined by outstanding commitments from investors on a “best efforts” basis or current investor yield requirements, calculated on the aggregate loan basis. Loans sold are generally sold at par value and with servicing released. | |
Allowance for Loan Losses—The allowance for loan losses is management’s estimate of probable credit losses that are inherent in the Company’s loan portfolios at the balance sheet date. The allowance increases when the Company provides for loan losses through charges to operating earnings and when the Company recovers amounts from loans previously written down or charged off. The allowance decreases when the Company writes down or charges off loan amounts that are deemed uncollectible. | |
Management determines the allowance for loan losses based on periodic evaluations that are inherently subjective and require substantial judgment because the evaluations require the use of material estimates that are susceptible to significant change. The Company generally uses two allowance methodologies that are primarily based on management’s determination as to whether or not a loan is considered to be impaired. | |
All classified loans above a certain threshold meeting certain criteria are evaluated for impairment on a loan-by-loan basis and are considered impaired when it is probable, based on current information, that the borrower will be unable to pay contractual interest or principal as required by the loan agreement. Impaired loans below the threshold are evaluated as a pool with additional adjustments to the allowance for loan losses. Loans that experience insignificant payment delays and payment shortfalls are not necessarily considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment history, and the amount of the shortfall relative to the principal and interest owed. Impaired loans are measured at their estimated net realizable value based on either the value of the loan’s expected future cash flows discounted at the loan’s effective interest rate or on the collateral value, net of the estimated costs of disposal, if the loan is collateral dependent. For loans considered impaired, an individual allowance for loan losses is recorded when the loan principal balance exceeds the estimated net realizable value. | |
For loans not considered impaired, management determines the allowance for loan losses based on estimated loss percentages that are determined by and applied to the various classes of loans that comprise the segments of the Company’s loan portfolio. The estimated loss percentages by loan class are based on a number of factors that include by class (i) average historical losses over the past two years, (ii) levels and trends in delinquencies, impairments, and net charge-offs, (iii) trends in the volume, terms, and concentrations, (iv) trends in interest rates, (v) effects of changes in the Company’s risk tolerance, underwriting standards, lending policies, procedures, and practices, and (vi) national and local business and economic conditions. | |
Future material adjustments to the allowance for loan losses may be necessary due to changing economic conditions or declining collateral values. In addition, bank regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to make adjustments to the allowance for loan losses based upon judgments that differ significantly from those of management. | |
Nonperforming Assets—Nonperforming assets can include loans that are past due 90 days or more and continue to accrue interest, loans on which interest is not being accrued, and real estate owned (“REO”). | |
Loans Past Due 90 Days or More, Non-accruing, Impaired, or Restructured—The Company’s policies related to when loans are placed on non-accruing status conform to guidelines prescribed by bank regulatory authorities. Generally, the Company suspends the accrual of interest on loans (i) that are maintained on a cash basis because of the deterioration of the financial condition of the borrower, (ii) for which payment in full of principal or interest is not expected (impaired loans), or (iii) on which principal or interest has been in default for a period of 90 days or more, unless the loan is both well secured and in the process of collection. Under the Company’s cost recovery method, interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accruing status when all principal and interest amounts contractually due are brought current and concern no longer exists as to the future collectability of principal and interest, which is generally confirmed when the loan demonstrates performance for six consecutive months or payment cycles. | |
Restructured loans to borrowers who are experiencing financial difficulty, and on which the Company has granted concessions that modify the terms of the loan, are accounted for as troubled debt restructurings (“TDRs”). These loans remain as TDRs until the loan has been paid in full, modified to its original terms, or charged off. The Company may place these loans on accrual or nonaccrual status depending on the individual facts and circumstances of the borrower. Generally, these loans are put on nonaccrual status until there is adequate performance that evidences the ability of the borrower to make the contractual payments. This period of performance is normally at least six months, and may include performance immediately prior to or after the modification, depending on the specific facts and circumstances of the borrower. | |
Loan Charge-offs—The Company charges off loan balances, in whole or in part to fair market value, when available, verifiable, and documentable information confirms that specific loans, or portions of specific loans, are uncollectible or unrecoverable. For unsecured loans, losses are confirmed when it can be determined that the borrower, or any guarantors, are unwilling or unable to pay the amounts as agreed. When the borrower, or any guarantor, is unwilling or unable to pay the amounts as agreed on a loan secured by collateral and any recovery will be realized upon the sale of the collateral, the loan is deemed to be collateral dependent. Repayments or recoveries for collateral dependent loans are directly affected by the value of the collateral at liquidation. As such, loan repayment can be affected by factors that influence the amount recoverable, the timing of the recovery, or a combination of the two. Such factors include economic conditions that affect the markets in which the loan or its collateral is sold, bankruptcy, repossession and foreclosure laws, and consumer banking regulations. Losses are also confirmed when the loan, or a portion of the loan, is classified as loss resulting from loan reviews conducted by the Company or its bank regulatory examiners. | |
Charge-offs of loans in the commercial loan segment are recognized when the uncollectibility of the loan balance and the inability to recover sufficient value from the sale of any collateral securing the loan is confirmed. The uncollectibility of the loan balance is evidenced by the inability of the commercial borrower to generate cash flows sufficient to repay the loan as agreed causing the loan to become delinquent. For collateral dependent commercial loans, the Company determines the net realizable value of the collateral based on appraisals, current market conditions, and estimated costs to sell the collateral. For collateral dependent commercial loans where the loan balance, including any accrued interest, net deferred fees or costs, and unamortized premiums or discounts, exceeds the net realizable value of the collateral securing the loan, the deficiency is identified as unrecoverable, is deemed to be a confirmed loss, and is charged off. | |
Charge-offs of loans in the retail consumer loan segment are generally confirmed and recognized in a manner similar to loans in the commercial loan segment. Secured retail consumer loans that are identified as uncollectible and are deemed to be collateral dependent are confirmed as loss to the extent the net realizable value of the collateral is insufficient to recover the loan balance. Consumer loans not secured by real estate that become 90 days past due are charged off to the extent that the fair value of any collateral, less estimated costs to sell the collateral, is insufficient to recover the loan balance. Consumer loans secured by real estate that become 120 days past due are charged off to the extent that the fair value of the real estate securing the loan, less estimated costs to sell the collateral, is insufficient to recover the loan balance. Loans to borrowers in bankruptcy are subject to modification by the bankruptcy court and are charged off to the extent that the fair value of any collateral securing the loan, less estimated costs to sell the collateral, is insufficient to recover the loan balance, unless the Company expects repayment is likely to occur. Such loans are charged off within 60 days of the receipt of notification from a bankruptcy court or when the loans become 120 days past due, whichever is shorter. | |
Real Estate Owned—REO consists of real estate acquired as a result of customers’ loan defaults. REO is stated at the lower of the related loan balance or the fair value of the property net of the estimated costs of disposal with a charge to the allowance for loan losses upon foreclosure. Any write-downs subsequent to foreclosure are charged against operating earnings. To the extent recoverable, costs relating to the development and improvement of property are capitalized, whereas those costs relating to holding the property are charged to expense. | |
Premises and Equipment—Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the 150% declining balance method and the straight-line method over the estimated useful lives which range from fifteen to forty years for buildings and three to ten years for furniture, fixtures, and equipment. Maintenance and repair costs are expensed as incurred. | |
Federal Home Loan Bank Stock—As a requirement for membership, the Bank invests in stock of the Federal Home Loan Bank of Atlanta (“FHLB”). This investment is carried at cost. Due to the redemption provisions of the FHLB, the Bank estimated that fair value equals cost and that this investment was not impaired at September 30, 2013 and June 30, 2013. | |
Business Combinations—The Company uses the acquisition method of accounting, formerly referred to as the purchase method, for all business combinations. An acquirer must be identified for each business combination, and the acquisition date is the date the acquirer achieves control. The acquisition method of accounting requires the Company as acquirer to recognize the fair value of assets acquired and liabilities assumed at the acquisition date as well as recognize goodwill or a gain from a bargain purchase, if appropriate. Any acquisition-related costs and restructuring costs are recognized as period expenses as incurred. | |
Income Taxes—The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced, if necessary, by the amount of such benefits that are not expected to be realized based upon available evidence. | |
The Company recognizes interest and penalties accrued relative to unrecognized tax benefits in its respective federal or state income taxes accounts. As of September 30, 2013 and June 30, 2013, there were no accruals for uncertain tax positions and no accruals for interest and penalties. HomeTrust and the Bank file a consolidated United States federal income tax return, as well as separate unconsolidated North Carolina state income tax returns. The Company’s income tax returns subsequent to 2009 are subject to examination by the taxing authorities. | |
Employee Stock Ownership Plan—In connection with the Conversion, the Bank established an Employee Stock Ownership Plan (“ESOP”) for the benefit of all of its eligible employees. Full-time employees of the Company who have been credited with at least 1,000 hours of service during a 12-month period and who have attained age 21 are eligible to participate in the ESOP. It is anticipated that the Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to HomeTrust over a 20 year period. | |
Unearned ESOP shares are shown as a reduction of stockholders’ equity. Dividends on unearned ESOP shares, if paid, will be considered to be compensation expense. The Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares differs from the cost of such shares, the differential is recognized as additional paid in capital. The Company recognizes a tax deduction equal to the cost of the shares released. Because the ESOP is internally leveraged through a loan from HomeTrust to the ESOP, the loan receivable by HomeTrust from the ESOP is not reported as an asset nor is the debt of the ESOP shown as a liability in the consolidated financial statements. | |
Equity Incentive Plan—The Company issues restricted stock and stock options under the HomeTrust Bancshares, Inc. 2013 Omnibus Incentive Plan (“2013 Omnibus Incentive Plan”) to key officers and outside directors. In accordance with the requirements of Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation, the Company has adopted a fair value based method of accounting for employee stock compensation plans, whereby compensation cost is measured based on the fair value of the award as of the grant date and recognized over the vesting period. The Company estimates forfeitures when recognizing compensation expense and this estimate is adjusted over the requisite service period or vesting schedule based on the extent to which actual forfeitures differ from such estimate. Changes in estimated forfeitures in future periods are recognized through a cumulative catch-up adjustment, which is recognized in the period of change and also will affect the amount of estimated unamortized compensation expense to be recognized in future periods. | |
Comprehensive Income—Comprehensive income consists of net income and net unrealized gains (losses) on securities available for sale and is presented in the consolidated statements of comprehensive income. | |
Derivative Instruments and Hedging—The Company recognizes all derivatives as either assets or liabilities in the balance sheet, and measures those instruments at fair value. Changes in the fair value of those derivatives are reported in current earnings or other comprehensive income depending on the purpose for which the derivative is held and whether the derivative qualifies for hedge accounting. Loan commitments related to the origination or acquisition of mortgage loans that will be held for sale must be accounted for as derivative instruments. The Company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (rate lock commitments). The Company also enters into forward sales commitments for the mortgage loans underlying the rate lock commitments. The fair values of these two derivative financial instruments are collectively insignificant to the consolidated financial statements. | |
Use of Estimates in Financial Statements—The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements—In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment”, regarding goodwill which will allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under this ASU, an entity would not be required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The ASU includes a number of events and circumstances for an entity to consider in conducting the qualitative assessment. The guidance was effective for annual and interim goodwill impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption was permitted, including for annual and interim goodwill impairment tests performed as of a date before July 27, 2012, if an entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. | |
In February 2013, the FASB issued ASU 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. This ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional detail about these amounts. The new guidance was effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. | |
In July 2013, the FASB issued ASU No. 2013-11 “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This ASU provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss (NOL) carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 with early adoption permitted. Since the Company does not have any unrecognized tax benefits, the adoption of the ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements. | |
2_Business_Combinations
2. Business Combinations | 3 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Notes | ' | |||||||||
2. Business Combinations | ' | |||||||||
2. Business Combinations | ||||||||||
On July 31, 2013, the Company completed its acquisition of BankGreenville Financial Corporation (“BankGreenville”) in accordance with the terms of the Agreement and Plan of Merger dated May 3, 2013. Under the terms of the agreement, BankGreenville shareholders received $6.63 per share in cash consideration. This represents approximately $7.8 million of aggregate deal consideration. Additional contingent cash consideration of up to $0.75 per share (or approximately $883,000) may be realized at the expiration of 24 months based on the performance of a select pool of loans totaling approximately $8.0 million. | ||||||||||
BankGreenville was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at acquisition date fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. The excess of the merger consideration over the fair value of BankGreenville’s net assets was allocated to goodwill. The book value as of July 31, 2013, of assets acquired was $102.2 million and liabilities assumed was $94.1 million. The Company recorded $2.8 million in goodwill related to the acquisition. | ||||||||||
The following table presents the consideration paid by the Company in the acquisition of BankGreenville and the assets acquired and liabilities assumed as of July 31, 2013: | ||||||||||
Fair Value and | ||||||||||
As Recorded | Other Merger | As Recorded | ||||||||
by | Related | by the | ||||||||
BankGreenville | Adjustments | Company | ||||||||
Consideration Paid | ||||||||||
Cash | $ | 7,823 | ||||||||
Repayment of BankGreenville preferred stock | 1,050 | |||||||||
Contingent cash consideration(1) | 680 | |||||||||
Total consideration | $ | 9,553 | ||||||||
Assets | ||||||||||
Cash and cash equivalents | $ | 10,348 | $ | - | $ | 10,348 | ||||
Investment securities | 34,345 | - | 34,345 | |||||||
Loans, net of allowance | 51,622 | -3,792 | 47,830 | |||||||
FHLB Stock | 447 | - | 447 | |||||||
Real estate owned | 2,317 | -168 | 2,149 | |||||||
Premises and equipment, net | 2,458 | -117 | 2,341 | |||||||
Accrued interest receivable | 429 | - | 429 | |||||||
Deferred tax asset | - | 2,470 | 2,470 | |||||||
Other assets | 214 | - | 214 | |||||||
Core deposit intangibles | - | 530 | 530 | |||||||
Total assets acquired | $ | 102,180 | $ | -1,077 | $ | 101,103 | ||||
Liabilities | ||||||||||
Deposits | $ | 88,906 | $ | 201 | $ | 89,107 | ||||
Other borrowings | 4,700 | 34 | 4,734 | |||||||
Other liabilities | 511 | - | 511 | |||||||
Total liabilities assumed | $ | 94,117 | $ | 235 | $ | 94,352 | ||||
Net identifiable assets acquired over (under) liabilities assumed | $ | 8,063 | $ | -1,312 | 6,751 | |||||
Goodwill | $ | 2,802 | ||||||||
(1) Estimate of additional amount to be paid to shareholders on or about July 31, 2015 based on performance of a select pool of loans totaling approximately $8.0 million. | ||||||||||
The following table discloses the impact of the merger with BankGreenville since the acquisition on July 31, 2013 through September 30, 2013. The table also presents certain pro forma information as if BankGreenville had been acquired on July 1, 2013. These results combine the historical results of BankGreenville in the Company’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on July 1, 2013. Acquisition related costs of $744, net of tax ($90 of which are included in the Company’s consolidated statements of income for the three months ended September 30, 2013) are not included in the pro forma statements below. In particular, no adjustments have been made to eliminate the impact of REO write-downs recognized by BankGreenville of $250 in July 2013 that may not have been necessary had the acquired REO been recorded at fair value as of the beginning of fiscal year 2013. Furthermore, expenses related to systems conversions and other costs of integration are expected to be recorded throughout fiscal year 2014. Additionally, the Company expects to achieve further operating cost savings as a result of the acquisition which are not reflected in the pro forma amounts below: | ||||||||||
Actual | Pro Forma | Actual | ||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | ||||||||
Total revenues* | $ | 15,568 | $ | 15,735 | $ | 15,862 | ||||
Net income | 3,417 | 3,101 | 1,152 | |||||||
* Net interest income plus other income | ||||||||||
The carrying amount of acquired loans from BankGreenville as of July 31, 2013 consisted of purchased performing loans and purchased impaired loans as detailed in the following table: | ||||||||||
Purchased | Purchased | Total | ||||||||
Performing | Impaired | Loans | ||||||||
Retail Consumer Loans: | ||||||||||
One-to-four family | $ | 8,274 | $ | 1,392 | $ | 9,666 | ||||
Home equity lines of credit | 3,987 | 134 | 4,121 | |||||||
Consumer | 522 | - | 522 | |||||||
Commercial: | ||||||||||
Commercial real estate | 23,073 | 4,552 | 27,625 | |||||||
Construction and development | 2,367 | 3,529 | 5,896 | |||||||
Total | $ | 38,223 | $ | 9,607 | $ | 47,830 | ||||
The following table presents the purchased performing loans and purchased impaired loans receivable for BankGreenville at September 30, 2013 and July 31, 2013 (the combination date): | ||||||||||
Purchased Performing Loans | ||||||||||
September 30, | July 31, | |||||||||
2013 | 2013 | |||||||||
Contractually required principal payments receivable | $37,237 | $41,077 | ||||||||
Fair value adjustment for credit, interest rate, and liquidity | 2,640 | 2,854 | ||||||||
Fair value of purchased loans receivable | $34,597 | $38,223 | ||||||||
Purchased Impaired Loans | ||||||||||
September 30, | July 31, | |||||||||
2013 | 2013 | |||||||||
Contractually required principal and interest payments receivable | $ | 12,666 | $ | 12,817 | ||||||
Amounts not expected to be collected -- nonaccretable difference | 1,375 | 1,375 | ||||||||
Estimated payments expected to be received | 11,291 | 11,442 | ||||||||
Accretable yield | 1,735 | 1,835 | ||||||||
Fair value of purchased impaired loans | $ | 9,556 | $ | 9,607 | ||||||
3_Securities_Available_For_Sal
3. Securities Available For Sale | 3 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Notes | ' | ||||||||||||||||||
3. Securities Available For Sale | ' | ||||||||||||||||||
3. Securities Available for Sale | |||||||||||||||||||
Securities available for sale consist of the following at the dates indicated: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||
U.S. government agencies | $ | 27,338 | $ | 21 | $ | -18 | $ | 27,341 | |||||||||||
Mortgage-backed securities of U.S. | |||||||||||||||||||
government agencies and government | |||||||||||||||||||
sponsored enterprises | 57,544 | 216 | -307 | 57,453 | |||||||||||||||
Taxable municipal securities | 9,132 | 29 | -80 | 9,081 | |||||||||||||||
Corporate bonds | 3,992 | 6 | -13 | 3,985 | |||||||||||||||
Total | $ | 98,006 | $ | 272 | $ | -418 | $ | 97,860 | |||||||||||
30-Jun-13 | |||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||
U.S. government agencies | $ | 6,000 | $ | 2 | $ | - | $ | 6,002 | |||||||||||
Mortgage-backed securities of U.S. | |||||||||||||||||||
government agencies and government | |||||||||||||||||||
sponsored enterprises | 18,794 | 81 | -127 | 18,748 | |||||||||||||||
Total | $ | 24,794 | $ | 83 | $ | -127 | $ | 24,750 | |||||||||||
Debt securities available for sale by contractual maturity at the dates indicated are shown below. Mortgage-backed securities are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule. | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||
Due within one year | $ | 6,000 | $ | 6,005 | |||||||||||||||
Due after one year through five years | 21,165 | 21,178 | |||||||||||||||||
Due after five years through ten years | 7,893 | 7,879 | |||||||||||||||||
Due after ten years | 5,404 | 5,345 | |||||||||||||||||
Mortgage-backed securities | 57,544 | 57,453 | |||||||||||||||||
Total | $ | 98,006 | $ | 97,860 | |||||||||||||||
The Company had no sales of securities during the three months ended September 30, 2013 or 2012. | |||||||||||||||||||
Securities available for sale with costs totaling $44,100 and $21,429 with market values of $44,298 and $21,500 at September 30, 2013 and June 30, 2013, respectively, were pledged as collateral to secure various public deposits and retail repurchase agreements. | |||||||||||||||||||
The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2013 and June 30, 2013 are as follows: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
U.S. government agencies | $ | 8,408 | $ | -18 | $ | - | $ | - | $ | 8,408 | $ | -18 | |||||||
Mortgage-backed securities of | |||||||||||||||||||
U.S. government agencies and | |||||||||||||||||||
government-sponsored | |||||||||||||||||||
enterprises | 15,420 | -227 | 11,941 | -80 | 27,361 | -307 | |||||||||||||
Taxable municipal securities | 5,330 | -80 | - | - | 5,330 | -80 | |||||||||||||
Corporate bonds | 3,016 | -13 | - | - | 3,016 | -13 | |||||||||||||
Total | $ | 32,174 | $ | -338 | $ | 11,941 | $ | -80 | $ | 44,115 | $ | -418 | |||||||
30-Jun-13 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
Mortgage-backed securities of | |||||||||||||||||||
U.S. government agencies and | |||||||||||||||||||
government-sponsored | |||||||||||||||||||
enterprises | $ | 5,707 | $ | -122 | $ | 745 | $ | -5 | $ | 6,452 | $ | -127 | |||||||
Total | $ | 5,707 | $ | -122 | $ | 745 | $ | -5 | $ | 6,452 | $ | -127 | |||||||
The total number of securities with unrealized losses at September 30, 2013, and June 30, 2013 were 58 and 26, respectively. Unrealized losses on securities have not been recognized in income because management has the intent and ability to hold the securities for the foreseeable future, and has determined that it is not more likely than not that the Company will be required to sell the securities prior to a recovery in value. The decline in fair value was largely due to increases in market interest rates. The Company had no other than temporary impairment losses during the three months ended September 30, 2013 or the year ended June 30, 2013. The Bank, as a member of the FHLB, is required to maintain an investment in FHLB capital stock. No ready market exists for the FHLB stock and the carrying value approximates its fair value based on the redemption provisions of the FHLB. | |||||||||||||||||||
4_Loans
4. Loans | 3 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Notes | ' | |||||||||||||||||
4. Loans | ' | |||||||||||||||||
4. Loans | ||||||||||||||||||
Loans consist of the following at the dates indicated: | ||||||||||||||||||
September 30, | June 30, | |||||||||||||||||
2013 | 2013 | |||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 599,485 | $ | 602,050 | ||||||||||||||
Home equity lines of credit | 128,979 | 125,676 | ||||||||||||||||
Construction and land/lots | 52,202 | 51,546 | ||||||||||||||||
Consumer | 4,058 | 3,349 | ||||||||||||||||
Total retail consumer loans | 784,724 | 782,621 | ||||||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 247,258 | 231,086 | ||||||||||||||||
Construction and development | 32,754 | 23,994 | ||||||||||||||||
Commercial and industrial | 18,337 | 11,452 | ||||||||||||||||
Municipal leases | 114,926 | 116,377 | ||||||||||||||||
Total commercial loans | 413,275 | 382,909 | ||||||||||||||||
Total loans | 1,197,999 | 1,165,530 | ||||||||||||||||
Deferred loan fees, net | -1,295 | -1,347 | ||||||||||||||||
Total loans, net of deferred loan fees and discount | 1,196,704 | 1,164,183 | ||||||||||||||||
Allowance for loan and lease losses | -29,200 | -32,073 | ||||||||||||||||
Loans, net | $ | 1,167,504 | $ | 1,132,110 | ||||||||||||||
All the qualifying first mortgage loans, home equity lines of credit, and FHLB Stock are pledged as collateral by a blanket pledge to secure any outstanding FHLB advances. | ||||||||||||||||||
The Company’s total loans by segment, class, and risk grade at the dates indicated follow: | ||||||||||||||||||
Special | ||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||
30-Sep-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 535,032 | $ | 13,991 | $ | 46,347 | $ | 4,096 | $ | 19 | $ | 599,485 | ||||||
Home equity lines of credit | 120,750 | 1,867 | 6,176 | 184 | 2 | 128,979 | ||||||||||||
Construction and land/lots | 49,645 | 302 | 2,141 | 114 | - | 52,202 | ||||||||||||
Consumer | 3,788 | 118 | 120 | 5 | 27 | 4,058 | ||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 195,140 | 16,404 | 31,205 | 4,509 | - | 247,258 | ||||||||||||
Construction and development | 19,207 | 3,529 | 9,885 | 132 | 1 | 32,754 | ||||||||||||
Commercial and industrial | 14,466 | 1,925 | 1,945 | - | 1 | 18,337 | ||||||||||||
Municipal leases | 114,131 | 795 | - | - | - | 114,926 | ||||||||||||
Total loans | $ | 1,052,159 | $ | 38,931 | $ | 97,819 | $ | 9,040 | $ | 50 | $ | 1,197,999 | ||||||
Special | ||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||
30-Jun-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 536,603 | $ | 14,003 | $ | 47,753 | $ | 3,671 | $ | 20 | $ | 602,050 | ||||||
Home equity lines of credit | 117,438 | 1,374 | 6,679 | 184 | 1 | 125,676 | ||||||||||||
Construction and land/lots | 48,914 | 209 | 2,199 | 224 | - | 51,546 | ||||||||||||
Consumer | 3,144 | 62 | 134 | 6 | 3 | 3,349 | ||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 179,310 | 20,105 | 27,116 | 4,555 | - | 231,086 | ||||||||||||
Construction and development | 9,872 | 2,853 | 10,950 | 318 | 1 | 23,994 | ||||||||||||
Commercial and industrial | 8,812 | 835 | 1,647 | 157 | 1 | 11,452 | ||||||||||||
Municipal leases | 114,418 | 1,959 | - | - | - | 116,377 | ||||||||||||
Total loans | $ | 1,018,511 | $ | 41,400 | $ | 96,478 | $ | 9,115 | $ | 26 | $ | 1,165,530 | ||||||
The Company’s total loans by segment, class, and delinquency status at the dates indicated follows: | ||||||||||||||||||
Past Due | Total | |||||||||||||||||
30-89 Days | 90 Days+ | Total | Current | Loans | ||||||||||||||
30-Sep-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 6,662 | $ | 11,434 | $ | 18,096 | $ | 581,389 | $ | 599,485 | ||||||||
Home equity lines of credit | 348 | 1,602 | 1,950 | 127,029 | 128,979 | |||||||||||||
Construction and land/lots | 467 | 348 | 815 | 51,387 | 52,202 | |||||||||||||
Consumer | 4 | 38 | 42 | 4,016 | 4,058 | |||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 3,032 | 9,199 | 12,231 | 235,027 | 247,258 | |||||||||||||
Construction and development | 308 | 4,867 | 5,175 | 27,579 | 32,754 | |||||||||||||
Commercial and industrial | 88 | 78 | 166 | 18,171 | 18,337 | |||||||||||||
Municipal leases | 467 | - | 467 | 114,459 | 114,926 | |||||||||||||
Total loans | $ | 11,376 | $ | 27,566 | $ | 38,942 | $ | 1,159,057 | $ | 1,197,999 | ||||||||
Past Due | Total | |||||||||||||||||
30-89 Days | 90 Days+ | Total | Current | Loans | ||||||||||||||
30-Jun-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 7,031 | $ | 8,827 | $ | 15,858 | $ | 586,192 | $ | 602,050 | ||||||||
Home equity lines of credit | 450 | 1,656 | 2,106 | 123,570 | 125,676 | |||||||||||||
Construction and land/lots | 242 | 429 | 671 | 50,875 | 51,546 | |||||||||||||
Consumer | 4 | 35 | 39 | 3,310 | 3,349 | |||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 3,805 | 7,085 | 10,890 | 220,196 | 231,086 | |||||||||||||
Construction and development | - | 5,420 | 5,420 | 18,574 | 23,994 | |||||||||||||
Commercial and industrial | 193 | 172 | 365 | 11,087 | 11,452 | |||||||||||||
Municipal leases | - | - | - | 116,377 | 116,377 | |||||||||||||
Total loans | $ | 11,725 | $ | 23,624 | $ | 35,349 | $ | 1,130,181 | $ | 1,165,530 | ||||||||
The Company’s recorded investment in loans, by segment and class, that are not accruing interest or are 90 days or more past due and still accruing interest at the dates indicated follow: | ||||||||||||||||||
30-Sep-13 | 30-Jun-13 | |||||||||||||||||
90 Days + & | 90 Days + & | |||||||||||||||||
Nonaccruing | still accruing | Nonaccruing | still accruing | |||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 30,057 | $ | - | $ | 29,811 | $ | - | ||||||||||
Home equity lines of credit | 4,092 | - | 3,793 | - | ||||||||||||||
Construction and land/lots | 1,986 | - | 2,172 | - | ||||||||||||||
Consumer | 39 | - | 42 | - | ||||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 21,143 | - | 21,149 | - | ||||||||||||||
Construction and development | 9,214 | - | 10,172 | - | ||||||||||||||
Commercial and industrial | 1,209 | - | 1,422 | - | ||||||||||||||
Municipal leases | - | - | - | - | ||||||||||||||
Total loans | $ | 67,740 | $ | - | $ | 68,561 | $ | - | ||||||||||
TDRs are loans which have renegotiated loan terms to assist borrowers who are unable to meet the original terms of their loans. Such modifications to loan terms may include a lower interest rate, a reduction in principal, or a longer term to maturity. Additionally, all TDRs are considered impaired. | ||||||||||||||||||
The Company’s loans that were performing under the payment terms of TDRs that were excluded from nonaccruing loans above at the dates indicated follow: | ||||||||||||||||||
September 30, | June 30, | |||||||||||||||||
2013 | 2013 | |||||||||||||||||
Performing TDRs included in | ||||||||||||||||||
impaired loans | $ | 17,772 | $ | 14,012 | ||||||||||||||
An analysis of the allowance for loan losses by segment for the periods shown is as follows: | ||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||
Retail | Retail | |||||||||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | |||||||||||||
Balance at beginning of period | $21,952 | $10,121 | $32,073 | $ | 21,172 | $ | 13,928 | $ | 35,100 | |||||||||
Provision for (recovery of) loan losses | -1,639 | -661 | -2,300 | 689 | 811 | 1,500 | ||||||||||||
Charge-offs | -714 | -214 | -928 | -611 | -718 | -1,329 | ||||||||||||
Recoveries | 132 | 223 | 355 | 124 | 492 | 616 | ||||||||||||
Balance at end of period | $19,731 | $9,469 | $29,200 | $ | 21,374 | $ | 14,513 | $ | 35,887 | |||||||||
The Company’s ending balances of loans and the related allowance, by segment and class, at the dates indicated follows: | ||||||||||||||||||
Allowance for Loan Losses | Total Loans Receivable | |||||||||||||||||
Loans | Loans | |||||||||||||||||
individually | Loans | individually | Loans | |||||||||||||||
evaluated for | Collectively | evaluated for | Collectively | |||||||||||||||
impairment | Evaluated | Total | impairment | Evaluated | Total | |||||||||||||
30-Sep-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One- to four-family | $ | 1,129 | $ | 12,278 | $ | 13,407 | $ | 34,979 | $ | 564,506 | $ | 599,485 | ||||||
Home equity | 323 | 3,114 | 3,437 | 3,798 | 125,181 | 128,979 | ||||||||||||
Construction and land/lots | 40 | 2,707 | 2,747 | 1,873 | 50,329 | 52,202 | ||||||||||||
Consumer | 1 | 139 | 140 | 2 | 4,056 | 4,058 | ||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 59 | 5,942 | 6,001 | 22,227 | 225,031 | 247,258 | ||||||||||||
Construction and development | 392 | 1,928 | 2,320 | 8,489 | 24,265 | 32,754 | ||||||||||||
Commercial and industrial | 28 | 151 | 179 | 2,169 | 16,168 | 18,337 | ||||||||||||
Municipal leases | - | 969 | 969 | - | 114,926 | 114,926 | ||||||||||||
Total | $ | 1,972 | $ | 27,228 | $ | 29,200 | $ | 73,537 | $ | 1,124,462 | $ | 1,197,999 | ||||||
Allowance for Loan Losses | Total Loans Receivable | |||||||||||||||||
Loans | Loans | |||||||||||||||||
individually | Loans | individually | Loans | |||||||||||||||
evaluated for | Collectively | evaluated for | Collectively | |||||||||||||||
impairment | Evaluated | Total | impairment | Evaluated | Total | |||||||||||||
30-Jun-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One- to four-family | $ | 1,028 | $ | 14,070 | $ | 15,098 | $ | 35,255 | $ | 566,795 | $ | 602,050 | ||||||
Home equity | 479 | 3,348 | 3,827 | 4,322 | 121,354 | 125,676 | ||||||||||||
Construction and land/lots | 19 | 2,871 | 2,890 | 1,844 | 49,702 | 51,546 | ||||||||||||
Consumer | 3 | 135 | 138 | 3 | 3,346 | 3,349 | ||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 110 | 6,473 | 6,583 | 19,446 | 211,640 | 231,086 | ||||||||||||
Construction and development | 255 | 2,144 | 2,399 | 9,780 | 14,214 | 23,994 | ||||||||||||
Commercial and industrial | 1 | 155 | 156 | 2,305 | 9,147 | 11,452 | ||||||||||||
Municipal leases | - | 982 | 982 | - | 116,377 | 116,377 | ||||||||||||
Total | $ | 1,895 | $ | 30,178 | $ | 32,073 | $ | 72,955 | $ | 1,092,575 | $ | 1,165,530 | ||||||
The Company’s impaired loans and the related allowance, by segment and class, at the dates indicated follows: | ||||||||||||||||||
Total Impaired Loans | ||||||||||||||||||
Unpaid | With a | With No | Related | |||||||||||||||
Principal | Recorded | Recorded | Recorded | |||||||||||||||
Balance | Allowance | Allowance | Total | Allowance | ||||||||||||||
30-Sep-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 39,701 | $ | 14,952 | $ | 28,749 | $ | 43,701 | $ | 1,272 | ||||||||
Home equity lines of credit | 7,170 | 2,948 | 2,649 | 5,597 | 361 | |||||||||||||
Construction and land/lots | 4,748 | 410 | 1,738 | 2,148 | 53 | |||||||||||||
Consumer | 143 | 38 | 1 | 39 | 4 | |||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 26,617 | 4,104 | 21,561 | 25,665 | 145 | |||||||||||||
Construction and development | 14,695 | 1,568 | 7,595 | 9,163 | 464 | |||||||||||||
Commercial and industrial | 3,089 | 382 | 2,170 | 2,552 | 5 | |||||||||||||
Municipal leases | - | - | - | - | - | |||||||||||||
Total impaired loans | $ | 96,163 | $ | 24,402 | $ | 64,463 | $ | 88,865 | $ | 2,304 | ||||||||
Total Impaired Loans | ||||||||||||||||||
Unpaid | With a | With No | Related | |||||||||||||||
Principal | Recorded | Recorded | Recorded | |||||||||||||||
Balance | Allowance | Allowance | Total | Allowance | ||||||||||||||
30-Jun-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 49,176 | $ | 14,194 | $ | 30,219 | $ | 44,413 | $ | 1,176 | ||||||||
Home equity lines of credit | 9,405 | 3,303 | 2,651 | 5,954 | 518 | |||||||||||||
Construction and land/lots | 4,617 | 551 | 1,649 | 2,200 | 38 | |||||||||||||
Consumer | 184 | 39 | 3 | 42 | 4 | |||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 28,136 | 998 | 22,716 | 23,714 | 119 | |||||||||||||
Construction and development | 17,986 | 518 | 10,034 | 10,552 | 256 | |||||||||||||
Commercial and industrial | 3,801 | - | 2,864 | 2,864 | - | |||||||||||||
Municipal leases | - | - | - | - | - | |||||||||||||
Total impaired loans | $ | 113,305 | $ | 19,603 | $ | 70,136 | $ | 89,739 | $ | 2,111 | ||||||||
The table above includes $15,157 and $16,613, of impaired loans that were not individually evaluated at September 30, 2013 and June 30, 2013, respectively, because these loans did not meet the Company’s threshold for individual impairment evaluation. The recorded allowance above includes $332 and $216 related to these loans that were not individually evaluated at September 30, 2013 and June 30, 2013, respectively. | ||||||||||||||||||
The Company’s average recorded investment in loans individually evaluated for impairment and interest income recognized on impaired loans for the three months ended as follows: | ||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 44,682 | $ | 364 | $ | 42,314 | $ | 426 | ||||||||||
Home equity lines of credit | 5,938 | 70 | 5,216 | 36 | ||||||||||||||
Construction and land/lots | 2,556 | 42 | 4,190 | 36 | ||||||||||||||
Consumer | 59 | 1 | 59 | 1 | ||||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 26,535 | 143 | 22,262 | 412 | ||||||||||||||
Construction and development | 10,978 | 33 | 21,052 | 142 | ||||||||||||||
Commercial and industrial | 2,860 | 38 | 3,184 | 42 | ||||||||||||||
Municipal leases | - | - | 389 | - | ||||||||||||||
Total loans | $ | 93,608 | $ | 691 | $ | 98,666 | $ | 1,095 | ||||||||||
A summary of changes in the accretable yield for purchased impaired loans for the 3 months ended September 30, 2013 follows. There was no accretable yield at September 30, 2012. | ||||||||||||||||||
September 30, | ||||||||||||||||||
2013 | ||||||||||||||||||
Accretable yield, beginning of period | $ | - | ||||||||||||||||
Addition from the BankGreenville acquisition | 1,835 | |||||||||||||||||
Interest income | -100 | |||||||||||||||||
Accretable yield, end of period | $ | 1,735 | ||||||||||||||||
For the three months ended September 30, 2013, the following table presents a breakdown of the types of concessions made on TDRs by loan class: | ||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||
Number of Loans | Pre Modification Outstanding Recorded Investment | Post Modification Outstanding Recorded Investment | Number of Loans | Pre Modification Outstanding Recorded Investment | Post Modification Outstanding Recorded Investment | |||||||||||||
Below market interest rate: | ||||||||||||||||||
Retail consumer: | ||||||||||||||||||
One-to-four family | 1 | $18 | $17 | 2 | $171 | $170 | ||||||||||||
Commercial: | ||||||||||||||||||
Commercial real estate | - | - | - | 1 | 236 | 236 | ||||||||||||
Total | 1 | $18 | $17 | 3 | $407 | $406 | ||||||||||||
Other TDRs | ||||||||||||||||||
Retail consumer: | ||||||||||||||||||
One-to-four family | 3 | $572 | $576 | - | $- | $- | ||||||||||||
Construction and land/lots | 1 | 135 | 135 | - | - | - | ||||||||||||
Total | 4 | $707 | $711 | - | $- | $- | ||||||||||||
Total | 5 | $725 | $728 | 3 | $407 | $406 | ||||||||||||
The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three months ended September 30, 2013 and 2012. | ||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||
Loans | Investment | Loans | Investment | |||||||||||||||
Below market interest rate: | ||||||||||||||||||
Retail consumer: | ||||||||||||||||||
One-to-four family | - | $ | - | 2 | $ | 1,590 | ||||||||||||
Total | - | $ | - | 2 | $ | 1,590 | ||||||||||||
Extended payment terms: | ||||||||||||||||||
Retail consumer: | ||||||||||||||||||
One-to-four family | 1 | $ | 10 | 2 | $ | 106 | ||||||||||||
Home equity lines of credit | 1 | 11 | - | - | ||||||||||||||
Commercial: | ||||||||||||||||||
Commercial and Industrial | 1 | 25 | - | - | ||||||||||||||
Total | 3 | $ | 46 | 2 | $ | 106 | ||||||||||||
Other TDRs: | ||||||||||||||||||
Retail consumer: | ||||||||||||||||||
One-to-four family | 7 | $ | 1,523 | - | $ | - | ||||||||||||
Home equity lines of credit | 1 | 48 | - | - | ||||||||||||||
Construction and land/lots | 1 | 135 | - | - | ||||||||||||||
Commercial: | ||||||||||||||||||
Commercial real estate | 3 | 381 | 1 | 247 | ||||||||||||||
Total | 12 | $ | 2,087 | 1 | $ | 247 | ||||||||||||
Total | 15 | $ | 2,133 | 5 | $ | 1,943 | ||||||||||||
Other TDRs include TDRs that have a below market interest rate and extended payment terms. The Company does not typically forgive principal when restructuring troubled debt. | ||||||||||||||||||
In the determination of the allowance for loan losses, management considers TDRs for all loan classes, and the subsequent nonperformance in accordance with their modified terms, by measuring impairment on a loan-by-loan basis based on either the value of the loan’s expected future cash flows discounted at the loan’s original effective interest rate or on the collateral value, net of the estimated costs of disposal, if the loan is collateral dependent. | ||||||||||||||||||
5_Employee_Stock_Ownership_Pla
5. Employee Stock Ownership Plan | 3 Months Ended | ||
Sep. 30, 2013 | |||
Notes | ' | ||
5. Employee Stock Ownership Plan | ' | ||
5. Employee Stock Ownership Plan | |||
In connection with the Conversion, the Bank established the ESOP for the benefit of all of its eligible employees. Shares released are allocated to each eligible participant based on the ratio of each participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. Forfeited shares shall be reallocated among other participants in the Plan. At the discretion of the Bank, cash dividends, when paid on allocated shares, will be distributed to participants’ accounts, paid in cash to the participants, or used to repay the principal and interest on the ESOP loan used to acquire Company stock on which dividends were paid. Cash dividends on unallocated shares will be used to repay the outstanding debt of the ESOP. | |||
Compensation expense related to the ESOP for the three months ended September 30, 2013 and 2012 was $217 and $165, respectively. | |||
Shares held by the ESOP include the following: | |||
September 30, | |||
2013 | |||
Unallocated ESOP shares | 991,875 | ||
Allocated ESOP shares | 52,900 | ||
ESOP shares committed to be released | 13,225 | ||
Total ESOP shares | 1,058,000 | ||
Fair value of unallocated ESOP shares | $ | 16,366 | |
6_Net_Income_Per_Share
6. Net Income Per Share | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Notes | ' | |||||
6. Net Income Per Share | ' | |||||
6. Net income per Share | ||||||
The following is a reconciliation of the numerator and denominator of basic and diluted net income per share of common stock (in thousands, except share and per share data): | ||||||
Three Months Ended | ||||||
September 30, | ||||||
2013 | 2012 | |||||
Numerator: | ||||||
Net income available to common stockholders | $ | 3,327 | $ | 1,152 | ||
Denominator: | ||||||
Weighted-average common shares outstanding - basic | 19,288,154 | 20,108,612 | ||||
Effect of dilutive shares | 89,742 | - | ||||
Weighted-average common shares outstanding - diluted | 19,377,896 | 20,108,612 | ||||
Net income per share - basic | $ | 0.17 | $ | 0.06 | ||
Net income per share - diluted | $ | 0.17 | $ | 0.06 | ||
7_Equity_Incentive_Plan
7. Equity Incentive Plan | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Notes | ' | |||||||
7. Equity Incentive Plan | ' | |||||||
7. Equity Incentive Plan | ||||||||
On January 17, 2013, the Company’s stockholders approved the 2013 Omnibus Incentive Plan, which provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, emeritus directors, officers, employees and advisory directors. The cost of equity-based awards under the 2013 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the plan is 2,962,400, including 2,116,000 for stock options and stock appreciation rights and 846,400 for awards of restricted stock and restricted stock units. | ||||||||
Shares of common stock issued under the 2013 Omnibus Incentive Plan may be authorized but unissued shares or, in the case of restricted stock awards, may be repurchased shares. During fiscal 2013, the Company had repurchased all 846,400 shares on the open market for issuance under the 2013 Omnibus Incentive Plan, for $13.3 million, at an average cost of $15.71 per share. | ||||||||
Share based compensation expense related to stock options and restricted stock recognized for the three months ended September 30, 2013 was $668, before the tax related benefit of $247. For the three months ended September 30, 2012, there was no share based compensation expense, as there was no share based compensation issued at that time. | ||||||||
The table below presents stock option activity for the three months ended September 30, 2013: | ||||||||
Weighted- | Remaining | |||||||
average | contractual | Aggregate | ||||||
exercise | life | Intrinsic | ||||||
Options | price | (years) | Value | |||||
Options outstanding at June 30, 2013 | 1,557,000 | $14.37 | 9.6 | $4,033 | ||||
Granted | - | - | - | |||||
Exercised | - | - | - | |||||
Forfeited | - | - | - | |||||
Expired | - | - | - | |||||
Options outstanding at September 30, 2013 | 1,557,000 | $14.37 | 9.3 | $3,316 | ||||
At September 30, 2013, the Company had $6.1 million of unrecognized compensation expense related to 1,557,000 stock options scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 4.5 years at September 30, 2013. No awards were vested or exercisable as of September 30, 2013. | ||||||||
The table below presents restricted stock award activity for the three months ended September 30, 2013: | ||||||||
Weighted- | Aggregate | |||||||
Restricted | average grant | Intrinsic | ||||||
stock awards | date fair value | Value | ||||||
Non-vested at June 30, 2013 | 511,300 | $14.37 | $8,672 | |||||
Granted | - | - | - | |||||
Vested | - | - | - | |||||
Forfeited | - | - | - | |||||
Non-vested at September 30, 2013 | 511,300 | $14.37 | $8,436 | |||||
At September 30, 2013, unrecognized compensation expense was $6.4 million related to 511,300 shares of restricted stock scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 4.5 years at September 30, 2013. | ||||||||
8_Commitments_and_Contingencie
8. Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
8. Commitments and Contingencies | ' |
8. Commitments and Contingencies | |
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 September 30, 2013 and June 30, 2013, respectively, loan commitments (excluding $30,717 and $27,013 of undisbursed portions of construction loans) totaled $25,704 and $27,147 of which $2,252 and $3,083 were variable rate commitments and $23,451 and $24,064 were fixed rate commitments. The fixed rate loans had interest rates ranging from 2.00% to 9.25% at September 30, 2013 and 2.50% to 9.25% at June 30, 2013, 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 $149,933 and $151,611 at September 30, 2013 and June 30, 2013, 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 September 30, 2013 or June 30, 2013. | |
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. | |
Restrictions on Cash – The Bank is required by regulation to maintain a varying cash reserve balance with the Federal Reserve System. The daily average calculated cash reserve required as of September 30, 2013 and June 30, 2013 was $1,866, and $1,284, respectively, which was satisfied by vault cash and balances held at the Federal Reserve. | |
Guarantees – Standby letters of credit obligate the Company to meet certain financial obligations of its customers, if, under the contractual terms of the agreement, the customers are unable to do so. The financial standby letters of credit issued by the Company are irrevocable and payment is only guaranteed upon the borrower’s failure to perform its obligations to the beneficiary. Total commitments under standby letters of credit as of September 30, 2013 and June 30, 2013 were $66 and $66. There was no liability recorded for these letters of credit at September 30, 2013 or June 30, 2013. | |
Litigation – The Company is involved in several litigation matters in the ordinary course of business. One matter, originally filed in March 2012, involves claims of $12.5 million in compensatory damages and a request for additional punitive treble damages resulting from the purported failure of the Company and a third party brokerage firm to discover a Ponzi scheme conducted by a customer holding accounts at each entity. The Company believes that the lawsuit is without merit and intends to defend itself vigorously. Management, after review with its legal counsel, is of the opinion that this litigation should not have a material effect on the Company’s financial position or results of operations, although new developments could result in management modifying its assessment. There can be no assurance that the Company will successfully defend or resolve this litigation matter. | |
The Company is also subject to a variety of other legal matters that have arisen in the ordinary course of our business. In the current economic environment, litigation has increased significantly, primarily as a result of defaulted borrowers asserting claims to defeat or delay foreclosure proceedings. There can be no assurance that loan workouts and other activities will not expose the Company to additional legal actions, including lender liability or environmental claims. Therefore, the Company may be exposed to substantial liabilities, which could adversely affect its results of operations and financial condition. Moreover, the expenses of legal proceedings will adversely affect its results of operations until they are resolved. | |
9_Fair_Value_of_Financial_Inst
9. Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Notes | ' | ||||||||||||||
9. Fair Value of Financial Instruments | ' | ||||||||||||||
9. Fair Value of Financial Instruments | |||||||||||||||
The Company utilizes fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. | |||||||||||||||
Fair Value Hierarchy | |||||||||||||||
The Company groups assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||
Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||||||
Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||||
Level 3: Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |||||||||||||||
Following is a description of valuation methodologies used for assets recorded at fair value. The Company does not have any liabilities recorded at fair value. | |||||||||||||||
Investment Securities Available for Sale | |||||||||||||||
Securities available for sale are valued on a recurring basis at quoted market prices where available. If quoted market prices are not available, fair values are based on quoted prices of comparable securities. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange or U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities and debentures issued by government sponsored enterprises, municipal bonds, and corporate debt securities. | |||||||||||||||
Loans | |||||||||||||||
The Company does not record loans at fair value on a recurring basis. From time to time, however, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, the fair value is estimated using one of several methods, including collateral value, market value of similar debt, enterprise value, liquidation value and discounted cash flows. The Company reviews all impaired loans each quarter to determine if an allowance is necessary. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. | |||||||||||||||
At September 30, 2013 and June 30, 2013, most of the total impaired loans were evaluated based on the fair value of the collateral. For these collateral dependent impaired loans, the Company obtains updated appraisals at least annually. These appraisals are reviewed for appropriateness and then discounted for estimated closing costs to determine if an allowance is necessary. As part of the quarterly review of impaired loans, the Company reviews these appraisals to determine if any additional discounts to the fair value are necessary. If a current appraisal is not obtained, the Company determines whether a discount is needed to the value from the original appraisal based on the decline in value of similar properties with recent appraisals. Impaired loans where a charge-off has occurred or an allowance is established during the period being reported require classification in the fair value hierarchy. The Company records all impaired loans with an allowance as nonrecurring Level 3. | |||||||||||||||
Real Estate Owned | |||||||||||||||
REO is considered held for sale and is adjusted to fair value less estimated selling costs upon transfer of the loan to foreclosed assets. Fair value is based upon independent market prices, appraised value of the collateral or management’s estimation of the value of the collateral. The Company considers all REO carried at fair value as nonrecurring Level 3. | |||||||||||||||
The following table presents financial assets measured at fair value on a recurring basis at the dates indicated: | |||||||||||||||
30-Sep-13 | |||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||
U.S government agencies | $ | 27,341 | $ | - | $ | 27,341 | $ | - | |||||||
Mortgage-backed securities of U.S. government agencies and government sponsored enterprises | 57,453 | - | 57,453 | - | |||||||||||
Taxable municipal securities | 9,081 | - | 9,081 | - | |||||||||||
Corporate bonds | 3,985 | - | 3,985 | - | |||||||||||
Total | $ | 97,860 | $ | - | $ | 97,860 | $ | - | |||||||
30-Jun-13 | |||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||
U.S government agencies | $ | 6,002 | $ | - | $ | 6,002 | $ | - | |||||||
Mortgage-backed securities of U.S. government agencies and government sponsored enterprises | 18,748 | - | 18,748 | - | |||||||||||
Total | $ | 24,750 | $ | - | $ | 24,750 | $ | - | |||||||
The following table presents financial assets measured at fair value on a non-recurring basis during the periods indicated: | |||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||
Impaired loans | $ | 629 | $ | - | $ | - | $ | 629 | |||||||
REO | 2,353 | - | - | 2,353 | |||||||||||
Total | $ | 2,982 | $ | - | $ | - | $ | 2,982 | |||||||
Year Ended June 30, 2013 | |||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||
Impaired loans | $ | 12,106 | $ | - | $ | - | $ | 12,106 | |||||||
REO | 2,403 | - | - | 2,403 | |||||||||||
Total | $ | 14,509 | $ | - | $ | - | $ | 14,509 | |||||||
Quantitative information about Level 3 fair value measurements during the period ended September 30, 2013 is shown in the table below: | |||||||||||||||
Fair Value at | |||||||||||||||
September 30, | Valuation | Unobservable | Weighted | ||||||||||||
2013 | Techniques | Input | Range | Average | |||||||||||
Nonrecurring measurements: | |||||||||||||||
Impaired loans, net | $629 | Discounted appraisals | Collateral discounts | 3% - 10% | 5% | ||||||||||
REO | $2,353 | Discounted appraisals | Collateral discounts | 6% - 20% | 14% | ||||||||||
The stated carrying value and estimated fair value amounts of financial instruments as of September 30, 2013 and June 30, 2013, are summarized below: | |||||||||||||||
30-Sep-13 | |||||||||||||||
Carrying | Fair | ||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and interest-bearing deposits | $ | 92,918 | $ | 92,918 | $ | 92,918 | $ | - | $ | - | |||||
Certificates of deposit in other banks | 145,606 | 145,606 | - | 145,606 | - | ||||||||||
Securities available for sale | 97,860 | 97,860 | - | 97,860 | - | ||||||||||
Loans, net | 1,167,504 | 1,105,618 | - | - | 1,105,618 | ||||||||||
Loans held for sale | 6,106 | 6,204 | - | - | 6,204 | ||||||||||
Federal Home Loan Bank stock | 2,089 | 2,089 | 2,089 | - | - | ||||||||||
Accrued interest receivable | 5,824 | 5,824 | - | 380 | 5,444 | ||||||||||
Noninterest-bearing and NOW deposits | 293,048 | 293,048 | - | 293,048 | - | ||||||||||
Money market accounts | 305,390 | 305,390 | - | 305,390 | - | ||||||||||
Savings accounts | 83,799 | 83,799 | - | 83,799 | - | ||||||||||
Certificates of deposit | 561,251 | 566,180 | - | 566,180 | - | ||||||||||
Other borrowings | 2,227 | 2,252 | - | 2,252 | - | ||||||||||
Accrued interest payable | 255 | 255 | - | 255 | - | ||||||||||
30-Jun-13 | |||||||||||||||
Carrying | Fair | ||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and interest-bearing deposits | $ | 125,713 | $ | 125,713 | $ | 125,713 | $ | - | $ | - | |||||
Certificates of deposit in other banks | 136,617 | 136,617 | - | 136,617 | - | ||||||||||
Securities available for sale | 24,750 | 24,750 | - | 24,750 | - | ||||||||||
Loans, net | 1,132,110 | 1,064,954 | - | - | 1,064,954 | ||||||||||
Loans held for sale | 10,770 | 10,942 | - | - | 10,942 | ||||||||||
Federal Home Loan Bank stock | 1,854 | 1,854 | 1,854 | - | - | ||||||||||
Accrued interest receivable | 5,549 | 5,549 | - | 157 | 5,392 | ||||||||||
Noninterest-bearing and NOW deposits | 256,487 | 256,487 | - | 256,487 | - | ||||||||||
Money market accounts | 275,718 | 275,718 | - | 275,718 | - | ||||||||||
Savings accounts | 82,158 | 82,158 | - | 82,158 | - | ||||||||||
Certificates of deposit | 540,387 | 545,716 | - | 545,716 | - | ||||||||||
Accrued interest payable | 84 | 84 | - | 84 | - | ||||||||||
The Company had off-balance sheet financial commitments, which include approximately $206,354 and $205,771 of commitments to originate loans, undisbursed portions of interim construction loans, and unused lines of credit at September 30, 2013 and June 30, 2013 (see Note 8). Since these commitments are based on current rates, the carrying amount approximates the fair value. | |||||||||||||||
Estimated fair values were determined using the following methods and assumptions: | |||||||||||||||
Cash and interest-bearing deposits – The stated amounts approximate fair values as maturities are less than 90 days. | |||||||||||||||
Certificates of deposit in other banks – The stated amounts approximate fair values. | |||||||||||||||
Securities available for sale and investment securities – Fair values are based on quoted market prices where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. | |||||||||||||||
Loans, net – Fair values for loans are estimated by segregating the portfolio by type of loan and discounting scheduled cash flows using current market interest rates for loans with similar terms and credit quality. A prepayment assumption is used as an estimate of the portion of loans that will be repaid prior to their scheduled maturity. Both the carrying value and estimated fair value amounts are shown net of the allowance for loan losses. | |||||||||||||||
Loans held for sale - The fair value of loans held for sale is determined by outstanding commitments from investors on a “best efforts” basis or current investor yield requirements, calculated on the aggregate loan basis. | |||||||||||||||
Federal Home Loan Bank Stock – No ready market exists for this stock and it has no quoted market value. However, redemption of this stock has historically been at par value. Accordingly, cost is deemed to be a reasonable estimate of fair value. | |||||||||||||||
Deposits – Fair values for demand deposits, money market accounts, and savings accounts are the amounts payable on demand as of September 30, 2013 and June 30, 2013. The fair value of certificates of deposit is estimated by discounting the contractual cash flows using current market interest rates for accounts with similar maturities. | |||||||||||||||
Other borrowings – The fair value of advances from the FHLB is estimated based on current rates for borrowings with similar terms. | |||||||||||||||
Accrued interest receivable and payable – The stated amounts of accrued interest receivable and payable approximate the fair value. | |||||||||||||||
Limitations – Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||
Fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, a significant asset not considered a financial asset is premises and equipment. In addition, tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. | |||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies: Organization and Description of Business Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Organization and Description of Business Policy | ' |
Organization and Description of Business – HomeTrust was incorporated in Maryland on December 27, 2011 and became the holding company for the Bank on July 10, 2012 upon the completion of the Bank’s conversion from the mutual to stock form of organization (the “Conversion”). In connection with the Conversion, HomeTrust issued an aggregate of 21,160,000 shares of common stock at an offering price of $10.00 per share for gross proceeds of $211.6 million. HomeTrust received $208.2 million in net proceeds from the stock offering of which $104.1 million or 50% of the net proceeds were contributed to the Bank upon Conversion. Included in the issuance of shares was 1,058,000 shares to a newly formed “ESOP” for which HomeTrust loaned the ESOP $10,580,000 to purchase the shares. The Bank is a federally chartered savings bank headquartered in Asheville, North Carolina with 21 retail offices located in western and central North Carolina and Greenville, South Carolina. The business of the Bank is conducted through its seven operating divisions – HomeTrust Bank, Cherryville Federal Bank, Home Savings Bank of Eden, Industrial Federal Bank of Lexington, Shelby Savings Bank, Tryon Federal Bank, and Rutherford County Bank. All divisions operate under a single set of corporate policies and procedures and are recognized as a single banking segment for financial reporting purposes. |
2_Business_Combinations_Busine
2. Business Combinations: Business Combinations Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Business Combinations Policy | ' |
On July 31, 2013, the Company completed its acquisition of BankGreenville Financial Corporation (“BankGreenville”) in accordance with the terms of the Agreement and Plan of Merger dated May 3, 2013. Under the terms of the agreement, BankGreenville shareholders received $6.63 per share in cash consideration. This represents approximately $7.8 million of aggregate deal consideration. Additional contingent cash consideration of up to $0.75 per share (or approximately $883,000) may be realized at the expiration of 24 months based on the performance of a select pool of loans totaling approximately $8.0 million. | |
BankGreenville was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at acquisition date fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. The excess of the merger consideration over the fair value of BankGreenville’s net assets was allocated to goodwill. The book value as of July 31, 2013, of assets acquired was $102.2 million and liabilities assumed was $94.1 million. The Company recorded $2.8 million in goodwill related to the acquisition. |
3_Securities_Available_For_Sal1
3. Securities Available For Sale: Securities Available for Sale Pledged as Collateral Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Securities Available for Sale Pledged as Collateral Policy | ' |
The Company had no sales of securities during the three months ended September 30, 2013 or 2012. | |
Securities available for sale with costs totaling $44,100 and $21,429 with market values of $44,298 and $21,500 at September 30, 2013 and June 30, 2013, respectively, were pledged as collateral to secure various public deposits and retail repurchase agreements. |
3_Securities_Available_For_Sal2
3. Securities Available For Sale: Securities with Unrealized Losses Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Securities with Unrealized Losses Policy | ' |
The total number of securities with unrealized losses at September 30, 2013, and June 30, 2013 were 58 and 26, respectively. Unrealized losses on securities have not been recognized in income because management has the intent and ability to hold the securities for the foreseeable future, and has determined that it is not more likely than not that the Company will be required to sell the securities prior to a recovery in value. The decline in fair value was largely due to increases in market interest rates. The Company had no other than temporary impairment losses during the three months ended September 30, 2013 or the year ended June 30, 2013. The Bank, as a member of the FHLB, is required to maintain an investment in FHLB capital stock. No ready market exists for the FHLB stock and the carrying value approximates its fair value based on the redemption provisions of the FHLB. |
4_Loans_Impaired_Financing_Rec
4. Loans: Impaired Financing Receivable, Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Impaired Financing Receivable, Policy | ' |
The table above includes $15,157 and $16,613, of impaired loans that were not individually evaluated at September 30, 2013 and June 30, 2013, respectively, because these loans did not meet the Company’s threshold for individual impairment evaluation. The recorded allowance above includes $332 and $216 related to these loans that were not individually evaluated at September 30, 2013 and June 30, 2013, respectively. |
5_Employee_Stock_Ownership_Pla1
5. Employee Stock Ownership Plan: Share-based Compensation, Option and Incentive Plans Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Share-based Compensation, Option and Incentive Plans Policy | ' |
Compensation expense related to the ESOP for the three months ended September 30, 2013 and 2012 was $217 and $165, respectively. |
7_Equity_Incentive_Plan_Equity
7. Equity Incentive Plan: Equity Incentive Plan Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Equity Incentive Plan Policy | ' |
On January 17, 2013, the Company’s stockholders approved the 2013 Omnibus Incentive Plan, which provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, emeritus directors, officers, employees and advisory directors. The cost of equity-based awards under the 2013 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the plan is 2,962,400, including 2,116,000 for stock options and stock appreciation rights and 846,400 for awards of restricted stock and restricted stock units. | |
Shares of common stock issued under the 2013 Omnibus Incentive Plan may be authorized but unissued shares or, in the case of restricted stock awards, may be repurchased shares. During fiscal 2013, the Company had repurchased all 846,400 shares on the open market for issuance under the 2013 Omnibus Incentive Plan, for $13.3 million, at an average cost of $15.71 per share. | |
Share based compensation expense related to stock options and restricted stock recognized for the three months ended September 30, 2013 was $668, before the tax related benefit of $247. For the three months ended September 30, 2012, there was no share based compensation expense, as there was no share based compensation issued at that time. |
7_Equity_Incentive_Plan_Unreco
7. Equity Incentive Plan: Unrecognized Compensation Expenses for Stock Options Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Unrecognized Compensation Expenses for Stock Options Policy | ' |
At September 30, 2013, the Company had $6.1 million of unrecognized compensation expense related to 1,557,000 stock options scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 4.5 years at September 30, 2013. No awards were vested or exercisable as of September 30, 2013. |
7_Equity_Incentive_Plan_Unreco1
7. Equity Incentive Plan: Unrecognized Compensation Expenses for Restricted Stock Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Unrecognized Compensation Expenses for Restricted Stock Policy | ' |
At September 30, 2013, unrecognized compensation expense was $6.4 million related to 511,300 shares of restricted stock scheduled to vest over five- and seven-year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 4.5 years at September 30, 2013. |
8_Commitments_and_Contingencie1
8. Commitments and Contingencies: Loan Commitments, Policy (Policies) | 3 Months Ended |
Sep. 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 September 30, 2013 and June 30, 2013, respectively, loan commitments (excluding $30,717 and $27,013 of undisbursed portions of construction loans) totaled $25,704 and $27,147 of which $2,252 and $3,083 were variable rate commitments and $23,451 and $24,064 were fixed rate commitments. The fixed rate loans had interest rates ranging from 2.00% to 9.25% at September 30, 2013 and 2.50% to 9.25% at June 30, 2013, 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 $149,933 and $151,611 at September 30, 2013 and June 30, 2013, 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 September 30, 2013 or June 30, 2013. | |
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. |
8_Commitments_and_Contingencie2
8. Commitments and Contingencies: Restrictions on Cash Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Restrictions on Cash Policy | ' |
Restrictions on Cash – The Bank is required by regulation to maintain a varying cash reserve balance with the Federal Reserve System. The daily average calculated cash reserve required as of September 30, 2013 and June 30, 2013 was $1,866, and $1,284, respectively, which was satisfied by vault cash and balances held at the Federal Reserve. |
8_Commitments_and_Contingencie3
8. Commitments and Contingencies: Standby Letters of Credit Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Standby Letters of Credit Policy | ' |
Guarantees – Standby letters of credit obligate the Company to meet certain financial obligations of its customers, if, under the contractual terms of the agreement, the customers are unable to do so. The financial standby letters of credit issued by the Company are irrevocable and payment is only guaranteed upon the borrower’s failure to perform its obligations to the beneficiary. Total commitments under standby letters of credit as of September 30, 2013 and June 30, 2013 were $66 and $66. There was no liability recorded for these letters of credit at September 30, 2013 or June 30, 2013. |
9_Fair_Value_of_Financial_Inst1
9. Fair Value of Financial Instruments: Off-Balance-Sheet Credit Exposure, Policy (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Off-Balance-Sheet Credit Exposure, Policy | ' |
The Company had off-balance sheet financial commitments, which include approximately $206,354 and $205,771 of commitments to originate loans, undisbursed portions of interim construction loans, and unused lines of credit at September 30, 2013 and June 30, 2013 (see Note 8). Since these commitments are based on current rates, the carrying amount approximates the fair value. |
2_Business_Combinations_Schedu
2. Business Combinations: Schedule of Business Acquisitions by Acquisition, Contingent Consideration (Tables) | 3 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Tables/Schedules | ' | |||||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | ' | |||||||||
Fair Value and | ||||||||||
As Recorded | Other Merger | As Recorded | ||||||||
by | Related | by the | ||||||||
BankGreenville | Adjustments | Company | ||||||||
Consideration Paid | ||||||||||
Cash | $ | 7,823 | ||||||||
Repayment of BankGreenville preferred stock | 1,050 | |||||||||
Contingent cash consideration(1) | 680 | |||||||||
Total consideration | $ | 9,553 | ||||||||
Assets | ||||||||||
Cash and cash equivalents | $ | 10,348 | $ | - | $ | 10,348 | ||||
Investment securities | 34,345 | - | 34,345 | |||||||
Loans, net of allowance | 51,622 | -3,792 | 47,830 | |||||||
FHLB Stock | 447 | - | 447 | |||||||
Real estate owned | 2,317 | -168 | 2,149 | |||||||
Premises and equipment, net | 2,458 | -117 | 2,341 | |||||||
Accrued interest receivable | 429 | - | 429 | |||||||
Deferred tax asset | - | 2,470 | 2,470 | |||||||
Other assets | 214 | - | 214 | |||||||
Core deposit intangibles | - | 530 | 530 | |||||||
Total assets acquired | $ | 102,180 | $ | -1,077 | $ | 101,103 | ||||
Liabilities | ||||||||||
Deposits | $ | 88,906 | $ | 201 | $ | 89,107 | ||||
Other borrowings | 4,700 | 34 | 4,734 | |||||||
Other liabilities | 511 | - | 511 | |||||||
Total liabilities assumed | $ | 94,117 | $ | 235 | $ | 94,352 | ||||
Net identifiable assets acquired over (under) liabilities assumed | $ | 8,063 | $ | -1,312 | 6,751 | |||||
Goodwill | $ | 2,802 |
2_Business_Combinations_Schedu1
2. Business Combinations: Schedule of Business Acquisition Revenue and Income (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Tables/Schedules | ' | ||||||||
Schedule of Business Acquisition Revenue and Income | ' | ||||||||
Actual | Pro Forma | Actual | |||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | |||||||
Total revenues* | $ | 15,568 | $ | 15,735 | $ | 15,862 | |||
Net income | 3,417 | 3,101 | 1,152 |
2_Business_Combinations_Certai
2. Business Combinations: Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Tables/Schedules | ' | ||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | ' | ||||||||
Purchased | Purchased | Total | |||||||
Performing | Impaired | Loans | |||||||
Retail Consumer Loans: | |||||||||
One-to-four family | $ | 8,274 | $ | 1,392 | $ | 9,666 | |||
Home equity lines of credit | 3,987 | 134 | 4,121 | ||||||
Consumer | 522 | - | 522 | ||||||
Commercial: | |||||||||
Commercial real estate | 23,073 | 4,552 | 27,625 | ||||||
Construction and development | 2,367 | 3,529 | 5,896 | ||||||
Total | $ | 38,223 | $ | 9,607 | $ | 47,830 |
2_Business_Combinations_Schedu2
2. Business Combinations: Schedule of Purchased Performing and Impaired Loans Receivable (Tables) | 3 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Purchased Performing and Impaired Loans Receivable | ' | ||||||
Purchased Performing Loans | |||||||
September 30, | July 31, | ||||||
2013 | 2013 | ||||||
Contractually required principal payments receivable | $37,237 | $41,077 | |||||
Fair value adjustment for credit, interest rate, and liquidity | 2,640 | 2,854 | |||||
Fair value of purchased loans receivable | $34,597 | $38,223 | |||||
Purchased Impaired Loans | |||||||
September 30, | July 31, | ||||||
2013 | 2013 | ||||||
Contractually required principal and interest payments receivable | $ | 12,666 | $ | 12,817 | |||
Amounts not expected to be collected -- nonaccretable difference | 1,375 | 1,375 | |||||
Estimated payments expected to be received | 11,291 | 11,442 | |||||
Accretable yield | 1,735 | 1,835 | |||||
Fair value of purchased impaired loans | $ | 9,556 | $ | 9,607 | |||
3_Securities_Available_For_Sal3
3. Securities Available For Sale: Available for Sale Securities Table (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Tables/Schedules | ' | ||||||||||||
Available for Sale Securities Table | ' | ||||||||||||
30-Sep-13 | |||||||||||||
Gross | Gross | Estimated | |||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||
Cost | Gains | Losses | Value | ||||||||||
U.S. government agencies | $ | 27,338 | $ | 21 | $ | -18 | $ | 27,341 | |||||
Mortgage-backed securities of U.S. | |||||||||||||
government agencies and government | |||||||||||||
sponsored enterprises | 57,544 | 216 | -307 | 57,453 | |||||||||
Taxable municipal securities | 9,132 | 29 | -80 | 9,081 | |||||||||
Corporate bonds | 3,992 | 6 | -13 | 3,985 | |||||||||
Total | $ | 98,006 | $ | 272 | $ | -418 | $ | 97,860 | |||||
30-Jun-13 | |||||||||||||
Gross | Gross | Estimated | |||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||
Cost | Gains | Losses | Value | ||||||||||
U.S. government agencies | $ | 6,000 | $ | 2 | $ | - | $ | 6,002 | |||||
Mortgage-backed securities of U.S. | |||||||||||||
government agencies and government | |||||||||||||
sponsored enterprises | 18,794 | 81 | -127 | 18,748 | |||||||||
Total | $ | 24,794 | $ | 83 | $ | -127 | $ | 24,750 | |||||
3_Securities_Available_For_Sal4
3. Securities Available For Sale: Schedule of Investments Classified by Contractual Maturity Date (Tables) | 3 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Investments Classified by Contractual Maturity Date | ' | ||||||
30-Sep-13 | |||||||
Amortized | Estimated | ||||||
Cost | Fair Value | ||||||
Due within one year | $ | 6,000 | $ | 6,005 | |||
Due after one year through five years | 21,165 | 21,178 | |||||
Due after five years through ten years | 7,893 | 7,879 | |||||
Due after ten years | 5,404 | 5,345 | |||||
Mortgage-backed securities | 57,544 | 57,453 | |||||
Total | $ | 98,006 | $ | 97,860 | |||
3_Securities_Available_For_Sal5
3. Securities Available For Sale: Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value (Tables) | 3 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Tables/Schedules | ' | ||||||||||||||||||
Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
U.S. government agencies | $ | 8,408 | $ | -18 | $ | - | $ | - | $ | 8,408 | $ | -18 | |||||||
Mortgage-backed securities of | |||||||||||||||||||
U.S. government agencies and | |||||||||||||||||||
government-sponsored | |||||||||||||||||||
enterprises | 15,420 | -227 | 11,941 | -80 | 27,361 | -307 | |||||||||||||
Taxable municipal securities | 5,330 | -80 | - | - | 5,330 | -80 | |||||||||||||
Corporate bonds | 3,016 | -13 | - | - | 3,016 | -13 | |||||||||||||
Total | $ | 32,174 | $ | -338 | $ | 11,941 | $ | -80 | $ | 44,115 | $ | -418 | |||||||
30-Jun-13 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
Mortgage-backed securities of | |||||||||||||||||||
U.S. government agencies and | |||||||||||||||||||
government-sponsored | |||||||||||||||||||
enterprises | $ | 5,707 | $ | -122 | $ | 745 | $ | -5 | $ | 6,452 | $ | -127 | |||||||
Total | $ | 5,707 | $ | -122 | $ | 745 | $ | -5 | $ | 6,452 | $ | -127 | |||||||
4_Loans_Schedule_of_Accounts_N
4. Loans: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Tables/Schedules | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | ||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
Retail consumer loans: | |||||||||
One-to-four family | $ | 599,485 | $ | 602,050 | |||||
Home equity lines of credit | 128,979 | 125,676 | |||||||
Construction and land/lots | 52,202 | 51,546 | |||||||
Consumer | 4,058 | 3,349 | |||||||
Total retail consumer loans | 784,724 | 782,621 | |||||||
Commercial loans: | |||||||||
Commercial real estate | 247,258 | 231,086 | |||||||
Construction and development | 32,754 | 23,994 | |||||||
Commercial and industrial | 18,337 | 11,452 | |||||||
Municipal leases | 114,926 | 116,377 | |||||||
Total commercial loans | 413,275 | 382,909 | |||||||
Total loans | 1,197,999 | 1,165,530 | |||||||
Deferred loan fees, net | -1,295 | -1,347 | |||||||
Total loans, net of deferred loan fees and discount | 1,196,704 | 1,164,183 | |||||||
Allowance for loan and lease losses | -29,200 | -32,073 | |||||||
Loans, net | $ | 1,167,504 | $ | 1,132,110 | |||||
4_Loans_Financing_Receivable_C
4. Loans: Financing Receivable Credit Quality Indicators (Tables) | 3 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Tables/Schedules | ' | |||||||||||||||||
Financing Receivable Credit Quality Indicators | ' | |||||||||||||||||
Special | ||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||
30-Sep-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 535,032 | $ | 13,991 | $ | 46,347 | $ | 4,096 | $ | 19 | $ | 599,485 | ||||||
Home equity lines of credit | 120,750 | 1,867 | 6,176 | 184 | 2 | 128,979 | ||||||||||||
Construction and land/lots | 49,645 | 302 | 2,141 | 114 | - | 52,202 | ||||||||||||
Consumer | 3,788 | 118 | 120 | 5 | 27 | 4,058 | ||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 195,140 | 16,404 | 31,205 | 4,509 | - | 247,258 | ||||||||||||
Construction and development | 19,207 | 3,529 | 9,885 | 132 | 1 | 32,754 | ||||||||||||
Commercial and industrial | 14,466 | 1,925 | 1,945 | - | 1 | 18,337 | ||||||||||||
Municipal leases | 114,131 | 795 | - | - | - | 114,926 | ||||||||||||
Total loans | $ | 1,052,159 | $ | 38,931 | $ | 97,819 | $ | 9,040 | $ | 50 | $ | 1,197,999 | ||||||
Special | ||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||
30-Jun-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One-to-four family | $ | 536,603 | $ | 14,003 | $ | 47,753 | $ | 3,671 | $ | 20 | $ | 602,050 | ||||||
Home equity lines of credit | 117,438 | 1,374 | 6,679 | 184 | 1 | 125,676 | ||||||||||||
Construction and land/lots | 48,914 | 209 | 2,199 | 224 | - | 51,546 | ||||||||||||
Consumer | 3,144 | 62 | 134 | 6 | 3 | 3,349 | ||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 179,310 | 20,105 | 27,116 | 4,555 | - | 231,086 | ||||||||||||
Construction and development | 9,872 | 2,853 | 10,950 | 318 | 1 | 23,994 | ||||||||||||
Commercial and industrial | 8,812 | 835 | 1,647 | 157 | 1 | 11,452 | ||||||||||||
Municipal leases | 114,418 | 1,959 | - | - | - | 116,377 | ||||||||||||
Total loans | $ | 1,018,511 | $ | 41,400 | $ | 96,478 | $ | 9,115 | $ | 26 | $ | 1,165,530 |
4_Loans_Schedule_of_Past_Due_F
4. Loans: Schedule of Past Due Financing Receivables (Tables) | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Tables/Schedules | ' | ||||||||||||||
Schedule of Past Due Financing Receivables | ' | ||||||||||||||
Past Due | Total | ||||||||||||||
30-89 Days | 90 Days+ | Total | Current | Loans | |||||||||||
30-Sep-13 | |||||||||||||||
Retail consumer loans: | |||||||||||||||
One-to-four family | $ | 6,662 | $ | 11,434 | $ | 18,096 | $ | 581,389 | $ | 599,485 | |||||
Home equity lines of credit | 348 | 1,602 | 1,950 | 127,029 | 128,979 | ||||||||||
Construction and land/lots | 467 | 348 | 815 | 51,387 | 52,202 | ||||||||||
Consumer | 4 | 38 | 42 | 4,016 | 4,058 | ||||||||||
Commercial loans: | |||||||||||||||
Commercial real estate | 3,032 | 9,199 | 12,231 | 235,027 | 247,258 | ||||||||||
Construction and development | 308 | 4,867 | 5,175 | 27,579 | 32,754 | ||||||||||
Commercial and industrial | 88 | 78 | 166 | 18,171 | 18,337 | ||||||||||
Municipal leases | 467 | - | 467 | 114,459 | 114,926 | ||||||||||
Total loans | $ | 11,376 | $ | 27,566 | $ | 38,942 | $ | 1,159,057 | $ | 1,197,999 | |||||
Past Due | Total | ||||||||||||||
30-89 Days | 90 Days+ | Total | Current | Loans | |||||||||||
30-Jun-13 | |||||||||||||||
Retail consumer loans: | |||||||||||||||
One-to-four family | $ | 7,031 | $ | 8,827 | $ | 15,858 | $ | 586,192 | $ | 602,050 | |||||
Home equity lines of credit | 450 | 1,656 | 2,106 | 123,570 | 125,676 | ||||||||||
Construction and land/lots | 242 | 429 | 671 | 50,875 | 51,546 | ||||||||||
Consumer | 4 | 35 | 39 | 3,310 | 3,349 | ||||||||||
Commercial loans: | |||||||||||||||
Commercial real estate | 3,805 | 7,085 | 10,890 | 220,196 | 231,086 | ||||||||||
Construction and development | - | 5,420 | 5,420 | 18,574 | 23,994 | ||||||||||
Commercial and industrial | 193 | 172 | 365 | 11,087 | 11,452 | ||||||||||
Municipal leases | - | - | - | 116,377 | 116,377 | ||||||||||
Total loans | $ | 11,725 | $ | 23,624 | $ | 35,349 | $ | 1,130,181 | $ | 1,165,530 |
4_Loans_Schedule_of_Past_Due_L
4. Loans: Schedule of Past Due Loans Still Accruing and Nonaccruing Interest (Tables) | 3 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Tables/Schedules | ' | |||||||||||
Schedule of Past Due Loans Still Accruing and Nonaccruing Interest | ' | |||||||||||
30-Sep-13 | 30-Jun-13 | |||||||||||
90 Days + & | 90 Days + & | |||||||||||
Nonaccruing | still accruing | Nonaccruing | still accruing | |||||||||
Retail consumer loans: | ||||||||||||
One-to-four family | $ | 30,057 | $ | - | $ | 29,811 | $ | - | ||||
Home equity lines of credit | 4,092 | - | 3,793 | - | ||||||||
Construction and land/lots | 1,986 | - | 2,172 | - | ||||||||
Consumer | 39 | - | 42 | - | ||||||||
Commercial loans: | ||||||||||||
Commercial real estate | 21,143 | - | 21,149 | - | ||||||||
Construction and development | 9,214 | - | 10,172 | - | ||||||||
Commercial and industrial | 1,209 | - | 1,422 | - | ||||||||
Municipal leases | - | - | - | - | ||||||||
Total loans | $ | 67,740 | $ | - | $ | 68,561 | $ | - |
4_Loans_Schedule_of_Troubled_D
4. Loans: Schedule of Troubled Debt Restructurings Performing and Excluded from Nonaccruing Loans (Tables) | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Tables/Schedules | ' | |||||
Schedule of Troubled Debt Restructurings Performing and Excluded from Nonaccruing Loans | ' | |||||
September 30, | June 30, | |||||
2013 | 2013 | |||||
Performing TDRs included in | ||||||
impaired loans | $ | 17,772 | $ | 14,012 |
4_Loans_Schedule_of_Allowance_
4. Loans: Schedule of Allowance for Credit Losses on Financing Receivables (Tables) | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Tables/Schedules | ' | ||||||||||||||
Schedule of Allowance for Credit Losses on Financing Receivables | ' | ||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | ||||||||||||||
Retail | Retail | ||||||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | ||||||||||
Balance at beginning of period | $21,952 | $10,121 | $32,073 | $ | 21,172 | $ | 13,928 | $ | 35,100 | ||||||
Provision for (recovery of) loan losses | -1,639 | -661 | -2,300 | 689 | 811 | 1,500 | |||||||||
Charge-offs | -714 | -214 | -928 | -611 | -718 | -1,329 | |||||||||
Recoveries | 132 | 223 | 355 | 124 | 492 | 616 | |||||||||
Balance at end of period | $19,731 | $9,469 | $29,200 | $ | 21,374 | $ | 14,513 | $ | 35,887 |
4_Loans_Schedule_of_Ending_Bal
4. Loans: Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class (Tables) | 3 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Tables/Schedules | ' | |||||||||||||||||
Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class | ' | |||||||||||||||||
Allowance for Loan Losses | Total Loans Receivable | |||||||||||||||||
Loans | Loans | |||||||||||||||||
individually | Loans | individually | Loans | |||||||||||||||
evaluated for | Collectively | evaluated for | Collectively | |||||||||||||||
impairment | Evaluated | Total | impairment | Evaluated | Total | |||||||||||||
30-Sep-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One- to four-family | $ | 1,129 | $ | 12,278 | $ | 13,407 | $ | 34,979 | $ | 564,506 | $ | 599,485 | ||||||
Home equity | 323 | 3,114 | 3,437 | 3,798 | 125,181 | 128,979 | ||||||||||||
Construction and land/lots | 40 | 2,707 | 2,747 | 1,873 | 50,329 | 52,202 | ||||||||||||
Consumer | 1 | 139 | 140 | 2 | 4,056 | 4,058 | ||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 59 | 5,942 | 6,001 | 22,227 | 225,031 | 247,258 | ||||||||||||
Construction and development | 392 | 1,928 | 2,320 | 8,489 | 24,265 | 32,754 | ||||||||||||
Commercial and industrial | 28 | 151 | 179 | 2,169 | 16,168 | 18,337 | ||||||||||||
Municipal leases | - | 969 | 969 | - | 114,926 | 114,926 | ||||||||||||
Total | $ | 1,972 | $ | 27,228 | $ | 29,200 | $ | 73,537 | $ | 1,124,462 | $ | 1,197,999 | ||||||
Allowance for Loan Losses | Total Loans Receivable | |||||||||||||||||
Loans | Loans | |||||||||||||||||
individually | Loans | individually | Loans | |||||||||||||||
evaluated for | Collectively | evaluated for | Collectively | |||||||||||||||
impairment | Evaluated | Total | impairment | Evaluated | Total | |||||||||||||
30-Jun-13 | ||||||||||||||||||
Retail consumer loans: | ||||||||||||||||||
One- to four-family | $ | 1,028 | $ | 14,070 | $ | 15,098 | $ | 35,255 | $ | 566,795 | $ | 602,050 | ||||||
Home equity | 479 | 3,348 | 3,827 | 4,322 | 121,354 | 125,676 | ||||||||||||
Construction and land/lots | 19 | 2,871 | 2,890 | 1,844 | 49,702 | 51,546 | ||||||||||||
Consumer | 3 | 135 | 138 | 3 | 3,346 | 3,349 | ||||||||||||
Commercial loans: | ||||||||||||||||||
Commercial real estate | 110 | 6,473 | 6,583 | 19,446 | 211,640 | 231,086 | ||||||||||||
Construction and development | 255 | 2,144 | 2,399 | 9,780 | 14,214 | 23,994 | ||||||||||||
Commercial and industrial | 1 | 155 | 156 | 2,305 | 9,147 | 11,452 | ||||||||||||
Municipal leases | - | 982 | 982 | - | 116,377 | 116,377 | ||||||||||||
Total | $ | 1,895 | $ | 30,178 | $ | 32,073 | $ | 72,955 | $ | 1,092,575 | $ | 1,165,530 | ||||||
4_Loans_Schedule_of_Impaired_L
4. Loans: Schedule of Impaired Loans and Related Allowance by Segment and Class (Tables) | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Tables/Schedules | ' | |||||||||||||||
Schedule of Impaired Loans and Related Allowance by Segment and Class | ' | |||||||||||||||
Total Impaired Loans | ||||||||||||||||
Unpaid | With a | With No | Related | |||||||||||||
Principal | Recorded | Recorded | Recorded | |||||||||||||
Balance | Allowance | Allowance | Total | Allowance | ||||||||||||
30-Sep-13 | ||||||||||||||||
Retail consumer loans: | ||||||||||||||||
One-to-four family | $ | 39,701 | $ | 14,952 | $ | 28,749 | $ | 43,701 | $ | 1,272 | ||||||
Home equity lines of credit | 7,170 | 2,948 | 2,649 | 5,597 | 361 | |||||||||||
Construction and land/lots | 4,748 | 410 | 1,738 | 2,148 | 53 | |||||||||||
Consumer | 143 | 38 | 1 | 39 | 4 | |||||||||||
Commercial loans: | ||||||||||||||||
Commercial real estate | 26,617 | 4,104 | 21,561 | 25,665 | 145 | |||||||||||
Construction and development | 14,695 | 1,568 | 7,595 | 9,163 | 464 | |||||||||||
Commercial and industrial | 3,089 | 382 | 2,170 | 2,552 | 5 | |||||||||||
Municipal leases | - | - | - | - | - | |||||||||||
Total impaired loans | $ | 96,163 | $ | 24,402 | $ | 64,463 | $ | 88,865 | $ | 2,304 | ||||||
Total Impaired Loans | ||||||||||||||||
Unpaid | With a | With No | Related | |||||||||||||
Principal | Recorded | Recorded | Recorded | |||||||||||||
Balance | Allowance | Allowance | Total | Allowance | ||||||||||||
30-Jun-13 | ||||||||||||||||
Retail consumer loans: | ||||||||||||||||
One-to-four family | $ | 49,176 | $ | 14,194 | $ | 30,219 | $ | 44,413 | $ | 1,176 | ||||||
Home equity lines of credit | 9,405 | 3,303 | 2,651 | 5,954 | 518 | |||||||||||
Construction and land/lots | 4,617 | 551 | 1,649 | 2,200 | 38 | |||||||||||
Consumer | 184 | 39 | 3 | 42 | 4 | |||||||||||
Commercial loans: | ||||||||||||||||
Commercial real estate | 28,136 | 998 | 22,716 | 23,714 | 119 | |||||||||||
Construction and development | 17,986 | 518 | 10,034 | 10,552 | 256 | |||||||||||
Commercial and industrial | 3,801 | - | 2,864 | 2,864 | - | |||||||||||
Municipal leases | - | - | - | - | - | |||||||||||
Total impaired loans | $ | 113,305 | $ | 19,603 | $ | 70,136 | $ | 89,739 | $ | 2,111 |
4_Loans_Schedule_of_Average_Re
4. Loans: Schedule of Average Recorded Investment in Loans, Unpaid Principal Balance and Interest Income Recognized (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Tables/Schedules | ' | ||||||||||||
Schedule of Average Recorded Investment in Loans, Unpaid Principal Balance and Interest Income Recognized | ' | ||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||
Average | Interest | Average | Interest | ||||||||||
Recorded | Income | Recorded | Income | ||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||
Retail consumer loans: | |||||||||||||
One-to-four family | $ | 44,682 | $ | 364 | $ | 42,314 | $ | 426 | |||||
Home equity lines of credit | 5,938 | 70 | 5,216 | 36 | |||||||||
Construction and land/lots | 2,556 | 42 | 4,190 | 36 | |||||||||
Consumer | 59 | 1 | 59 | 1 | |||||||||
Commercial loans: | |||||||||||||
Commercial real estate | 26,535 | 143 | 22,262 | 412 | |||||||||
Construction and development | 10,978 | 33 | 21,052 | 142 | |||||||||
Commercial and industrial | 2,860 | 38 | 3,184 | 42 | |||||||||
Municipal leases | - | - | 389 | - | |||||||||
Total loans | $ | 93,608 | $ | 691 | $ | 98,666 | $ | 1,095 |
4_Loans_Schedule_of_Changes_in
4. Loans: Schedule of Changes in Accretable Yield for Purchased Impaired Loans (Tables) | 3 Months Ended | ||
Sep. 30, 2013 | |||
Tables/Schedules | ' | ||
Schedule of Changes in Accretable Yield for Purchased Impaired Loans | ' | ||
September 30, | |||
2013 | |||
Accretable yield, beginning of period | $ | - | |
Addition from the BankGreenville acquisition | 1,835 | ||
Interest income | -100 | ||
Accretable yield, end of period | $ | 1,735 |
4_Loans_Schedule_of_Debtor_Tro
4. Loans: Schedule of Debtor Troubled Debt Restructuring, Current Period (Tables) | 3 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Tables/Schedules | ' | |||||||||||
Schedule of Debtor Troubled Debt Restructuring, Current Period | ' | |||||||||||
Three Months Ended | Three Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||
Number of Loans | Pre Modification Outstanding Recorded Investment | Post Modification Outstanding Recorded Investment | Number of Loans | Pre Modification Outstanding Recorded Investment | Post Modification Outstanding Recorded Investment | |||||||
Below market interest rate: | ||||||||||||
Retail consumer: | ||||||||||||
One-to-four family | 1 | $18 | $17 | 2 | $171 | $170 | ||||||
Commercial: | ||||||||||||
Commercial real estate | - | - | - | 1 | 236 | 236 | ||||||
Total | 1 | $18 | $17 | 3 | $407 | $406 | ||||||
Other TDRs | ||||||||||||
Retail consumer: | ||||||||||||
One-to-four family | 3 | $572 | $576 | - | $- | $- | ||||||
Construction and land/lots | 1 | 135 | 135 | - | - | - | ||||||
Total | 4 | $707 | $711 | - | $- | $- | ||||||
Total | 5 | $725 | $728 | 3 | $407 | $406 | ||||||
4_Loans_Schedule_of_Troubled_D1
4. Loans: Schedule of Troubled Debt Restructurings With Payment Default (Tables) | 3 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Tables/Schedules | ' | |||||||||
Schedule of Troubled Debt Restructurings With Payment Default | ' | |||||||||
Three Months Ended | Three Months Ended | |||||||||
30-Sep-13 | 30-Sep-12 | |||||||||
Number of | Recorded | Number of | Recorded | |||||||
Loans | Investment | Loans | Investment | |||||||
Below market interest rate: | ||||||||||
Retail consumer: | ||||||||||
One-to-four family | - | $ | - | 2 | $ | 1,590 | ||||
Total | - | $ | - | 2 | $ | 1,590 | ||||
Extended payment terms: | ||||||||||
Retail consumer: | ||||||||||
One-to-four family | 1 | $ | 10 | 2 | $ | 106 | ||||
Home equity lines of credit | 1 | 11 | - | - | ||||||
Commercial: | ||||||||||
Commercial and Industrial | 1 | 25 | - | - | ||||||
Total | 3 | $ | 46 | 2 | $ | 106 | ||||
Other TDRs: | ||||||||||
Retail consumer: | ||||||||||
One-to-four family | 7 | $ | 1,523 | - | $ | - | ||||
Home equity lines of credit | 1 | 48 | - | - | ||||||
Construction and land/lots | 1 | 135 | - | - | ||||||
Commercial: | ||||||||||
Commercial real estate | 3 | 381 | 1 | 247 | ||||||
Total | 12 | $ | 2,087 | 1 | $ | 247 | ||||
Total | 15 | $ | 2,133 | 5 | $ | 1,943 |
5_Employee_Stock_Ownership_Pla2
5. Employee Stock Ownership Plan: Schedule of Shares Held by the Employee Stock Ownership Plan ESOP (Tables) | 3 Months Ended | ||
Sep. 30, 2013 | |||
Tables/Schedules | ' | ||
Schedule of Shares Held by the Employee Stock Ownership Plan ESOP | ' | ||
September 30, | |||
2013 | |||
Unallocated ESOP shares | 991,875 | ||
Allocated ESOP shares | 52,900 | ||
ESOP shares committed to be released | 13,225 | ||
Total ESOP shares | 1,058,000 | ||
Fair value of unallocated ESOP shares | $ | 16,366 |
6_Net_Income_Per_Share_Schedul
6. Net Income Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Tables/Schedules | ' | |||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||
Three Months Ended | ||||||
September 30, | ||||||
2013 | 2012 | |||||
Numerator: | ||||||
Net income available to common stockholders | $ | 3,327 | $ | 1,152 | ||
Denominator: | ||||||
Weighted-average common shares outstanding - basic | 19,288,154 | 20,108,612 | ||||
Effect of dilutive shares | 89,742 | - | ||||
Weighted-average common shares outstanding - diluted | 19,377,896 | 20,108,612 | ||||
Net income per share - basic | $ | 0.17 | $ | 0.06 | ||
Net income per share - diluted | $ | 0.17 | $ | 0.06 | ||
7_Equity_Incentive_Plan_Equity1
7. Equity Incentive Plan: Equity Incentive Plan Stock Option Activity (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Tables/Schedules | ' | |||||||
Equity Incentive Plan Stock Option Activity | ' | |||||||
Weighted- | Remaining | |||||||
average | contractual | Aggregate | ||||||
exercise | life | Intrinsic | ||||||
Options | price | (years) | Value | |||||
Options outstanding at June 30, 2013 | 1,557,000 | $14.37 | 9.6 | $4,033 | ||||
Granted | - | - | - | |||||
Exercised | - | - | - | |||||
Forfeited | - | - | - | |||||
Expired | - | - | - | |||||
Options outstanding at September 30, 2013 | 1,557,000 | $14.37 | 9.3 | $3,316 |
7_Equity_Incentive_Plan_Equity2
7. Equity Incentive Plan: Equity Incentive Plan Restricted Stock Award Activity (Tables) | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Tables/Schedules | ' | |||||
Equity Incentive Plan Restricted Stock Award Activity | ' | |||||
Weighted- | Aggregate | |||||
Restricted | average grant | Intrinsic | ||||
stock awards | date fair value | Value | ||||
Non-vested at June 30, 2013 | 511,300 | $14.37 | $8,672 | |||
Granted | - | - | - | |||
Vested | - | - | - | |||
Forfeited | - | - | - | |||
Non-vested at September 30, 2013 | 511,300 | $14.37 | $8,436 | |||
9_Fair_Value_of_Financial_Inst2
9. Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 3 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Tables/Schedules | ' | |||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||
30-Sep-13 | ||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||
U.S government agencies | $ | 27,341 | $ | - | $ | 27,341 | $ | - | ||||
Mortgage-backed securities of U.S. government agencies and government sponsored enterprises | 57,453 | - | 57,453 | - | ||||||||
Taxable municipal securities | 9,081 | - | 9,081 | - | ||||||||
Corporate bonds | 3,985 | - | 3,985 | - | ||||||||
Total | $ | 97,860 | $ | - | $ | 97,860 | $ | - | ||||
30-Jun-13 | ||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||
U.S government agencies | $ | 6,002 | $ | - | $ | 6,002 | $ | - | ||||
Mortgage-backed securities of U.S. government agencies and government sponsored enterprises | 18,748 | - | 18,748 | - | ||||||||
Total | $ | 24,750 | $ | - | $ | 24,750 | $ | - | ||||
9_Fair_Value_of_Financial_Inst3
9. Fair Value of Financial Instruments: Schedule of Fair Value Measurements, Nonrecurring (Tables) | 3 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Tables/Schedules | ' | |||||||||||
Schedule of Fair Value Measurements, Nonrecurring | ' | |||||||||||
Three Months Ended September 30, 2013 | ||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||
Impaired loans | $ | 629 | $ | - | $ | - | $ | 629 | ||||
REO | 2,353 | - | - | 2,353 | ||||||||
Total | $ | 2,982 | $ | - | $ | - | $ | 2,982 | ||||
Year Ended June 30, 2013 | ||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||
Impaired loans | $ | 12,106 | $ | - | $ | - | $ | 12,106 | ||||
REO | 2,403 | - | - | 2,403 | ||||||||
Total | $ | 14,509 | $ | - | $ | - | $ | 14,509 | ||||
9_Fair_Value_of_Financial_Inst4
9. Fair Value of Financial Instruments: Schedule of Quantitative Information About Level 3 Fair Value Measurements (Tables) | 3 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Tables/Schedules | ' | |||||||||
Schedule of Quantitative Information About Level 3 Fair Value Measurements | ' | |||||||||
Fair Value at | ||||||||||
September 30, | Valuation | Unobservable | Weighted | |||||||
2013 | Techniques | Input | Range | Average | ||||||
Nonrecurring measurements: | ||||||||||
Impaired loans, net | $629 | Discounted appraisals | Collateral discounts | 3% - 10% | 5% | |||||
REO | $2,353 | Discounted appraisals | Collateral discounts | 6% - 20% | 14% |
9_Fair_Value_of_Financial_Inst5
9. Fair Value of Financial Instruments: Schedule of Fair Value, by Balance Sheet Grouping (Tables) | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Tables/Schedules | ' | ||||||||||||||
Schedule of Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||
30-Sep-13 | |||||||||||||||
Carrying | Fair | ||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and interest-bearing deposits | $ | 92,918 | $ | 92,918 | $ | 92,918 | $ | - | $ | - | |||||
Certificates of deposit in other banks | 145,606 | 145,606 | - | 145,606 | - | ||||||||||
Securities available for sale | 97,860 | 97,860 | - | 97,860 | - | ||||||||||
Loans, net | 1,167,504 | 1,105,618 | - | - | 1,105,618 | ||||||||||
Loans held for sale | 6,106 | 6,204 | - | - | 6,204 | ||||||||||
Federal Home Loan Bank stock | 2,089 | 2,089 | 2,089 | - | - | ||||||||||
Accrued interest receivable | 5,824 | 5,824 | - | 380 | 5,444 | ||||||||||
Noninterest-bearing and NOW deposits | 293,048 | 293,048 | - | 293,048 | - | ||||||||||
Money market accounts | 305,390 | 305,390 | - | 305,390 | - | ||||||||||
Savings accounts | 83,799 | 83,799 | - | 83,799 | - | ||||||||||
Certificates of deposit | 561,251 | 566,180 | - | 566,180 | - | ||||||||||
Other borrowings | 2,227 | 2,252 | - | 2,252 | - | ||||||||||
Accrued interest payable | 255 | 255 | - | 255 | - | ||||||||||
30-Jun-13 | |||||||||||||||
Carrying | Fair | ||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | |||||||||||
Cash and interest-bearing deposits | $ | 125,713 | $ | 125,713 | $ | 125,713 | $ | - | $ | - | |||||
Certificates of deposit in other banks | 136,617 | 136,617 | - | 136,617 | - | ||||||||||
Securities available for sale | 24,750 | 24,750 | - | 24,750 | - | ||||||||||
Loans, net | 1,132,110 | 1,064,954 | - | - | 1,064,954 | ||||||||||
Loans held for sale | 10,770 | 10,942 | - | - | 10,942 | ||||||||||
Federal Home Loan Bank stock | 1,854 | 1,854 | 1,854 | - | - | ||||||||||
Accrued interest receivable | 5,549 | 5,549 | - | 157 | 5,392 | ||||||||||
Noninterest-bearing and NOW deposits | 256,487 | 256,487 | - | 256,487 | - | ||||||||||
Money market accounts | 275,718 | 275,718 | - | 275,718 | - | ||||||||||
Savings accounts | 82,158 | 82,158 | - | 82,158 | - | ||||||||||
Certificates of deposit | 540,387 | 545,716 | - | 545,716 | - | ||||||||||
Accrued interest payable | 84 | 84 | - | 84 | - | ||||||||||
2_Business_Combinations_Schedu3
2. Business Combinations: Schedule of Business Acquisitions by Acquisition, Contingent Consideration (Details) (USD $) | Jul. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Consideration Paid | As Recorded by the Company | ' | |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $7,823 | |
Repayment of BankGreenville Preferred Stock | 1,050 | |
Business Acquisition, Contingent Cash Consideration | 680 | [1] |
Business Combination, Contingent Consideration, Asset | 9,553 | |
Assets | As Recorded by BankGreenville | ' | |
Business Acquisition, Purchase Price Allocation, Cash and Cash Equivalents | 10,348 | |
Business Acquisition, Purchase Price Allocation, Marketable Securities | 34,345 | |
Business Acquisition Loans Net of Allowance | 51,622 | |
Business Acquisition Federal Home Loan Bank Stock | 447 | |
Business Acquisition Other Real Estate Owned | 2,317 | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 2,458 | |
Business Acquisition Accrued Interest Receivable | 429 | |
Business Acquisition, Purchase Price Allocation, Other Assets | 214 | |
Business Acquisition, Purchase Price Allocation, Assets Acquired | 102,180 | |
Assets | Fair Value and Other Merger Related Adjustments | ' | |
Business Acquisition Loans Net of Allowance | -3,792 | |
Business Acquisition Other Real Estate Owned | -168 | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | -117 | |
Business Acquisition, Purchase Price Allocation, Deferred Tax Assets | 2,470 | |
Business Acquisition Core Deposit Intangibles | 530 | |
Business Acquisition, Purchase Price Allocation, Assets Acquired | -1,077 | |
Assets | As Recorded by the Company | ' | |
Business Acquisition, Purchase Price Allocation, Cash and Cash Equivalents | 10,348 | |
Business Acquisition, Purchase Price Allocation, Marketable Securities | 34,345 | |
Business Acquisition Loans Net of Allowance | 47,830 | |
Business Acquisition Federal Home Loan Bank Stock | 447 | |
Business Acquisition Other Real Estate Owned | 2,149 | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 2,341 | |
Business Acquisition Accrued Interest Receivable | 429 | |
Business Acquisition, Purchase Price Allocation, Deferred Tax Assets | 2,470 | |
Business Acquisition, Purchase Price Allocation, Other Assets | 214 | |
Business Acquisition Core Deposit Intangibles | 530 | |
Business Acquisition, Purchase Price Allocation, Assets Acquired | 101,103 | |
Liabilities | As Recorded by BankGreenville | ' | |
Business Acquisition Purchase Price Allocation Deposits | 88,906 | |
Business Acquisition, Purchase Price Allocation, Other Borrowings | 4,700 | |
Business Acquisition, Purchase Price Allocation, Other Liabilities | 511 | |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 94,117 | |
Business Acquisition Purchase Price Allocation Net Identifiable Assets Acquired Over (Under) Liabilities Assumed | 8,063 | |
Liabilities | Fair Value and Other Merger Related Adjustments | ' | |
Business Acquisition Purchase Price Allocation Deposits | 201 | |
Business Acquisition, Purchase Price Allocation, Other Borrowings | 34 | |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 235 | |
Business Acquisition Purchase Price Allocation Net Identifiable Assets Acquired Over (Under) Liabilities Assumed | -1,312 | |
Liabilities | As Recorded by the Company | ' | |
Business Acquisition Purchase Price Allocation Deposits | 89,107 | |
Business Acquisition, Purchase Price Allocation, Other Borrowings | 4,734 | |
Business Acquisition, Purchase Price Allocation, Other Liabilities | 511 | |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 94,352 | |
Business Acquisition Purchase Price Allocation Net Identifiable Assets Acquired Over (Under) Liabilities Assumed | 6,751 | |
Business Acquisition, Purchase Price Allocation, Goodwill | $2,802 | |
[1] | Estimate of additional amount to be paid to shareholders on or about July 31, 2015 based on performance of a select pool of loans totaling approximately $8.0 million. |
2_Business_Combinations_Schedu4
2. Business Combinations: Schedule of Business Acquisition Revenue and Income (Details) (BankGreenville, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
BankGreenville | ' | ' |
Business Acquisition Actual Revenue | $15,568 | $15,862 |
Business Acquisition, Pro Forma Revenue | 15,735 | ' |
Business Acquisition Actual Net Income (Loss) | 3,417 | 1,152 |
Business Acquisition, Pro Forma Net Income (Loss) | $3,101 | ' |
2_Business_Combinations_Certai1
2. Business Combinations: Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period (Details) (BankGreenville, USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Total loans | ' |
Business Acquisition Performing Loans Purchased | $38,223 |
Business Acquisition Impaired Loans Purchased | 9,607 |
Business Acquisition Performing and Impaired Loans Purchased | 47,830 |
Retail consumer loans | One to four family loans | ' |
Business Acquisition Performing Loans Purchased | 8,274 |
Business Acquisition Impaired Loans Purchased | 1,392 |
Business Acquisition Performing and Impaired Loans Purchased | 9,666 |
Retail consumer loans | Home Equity Line of Credit | ' |
Business Acquisition Performing Loans Purchased | 3,987 |
Business Acquisition Impaired Loans Purchased | 134 |
Business Acquisition Performing and Impaired Loans Purchased | 4,121 |
Retail consumer loans | Consumer Loan | ' |
Business Acquisition Performing Loans Purchased | 522 |
Business Acquisition Performing and Impaired Loans Purchased | 522 |
Commercial Loan | Commercial Real Estate | ' |
Business Acquisition Performing Loans Purchased | 23,073 |
Business Acquisition Impaired Loans Purchased | 4,552 |
Business Acquisition Performing and Impaired Loans Purchased | 27,625 |
Commercial Loan | Construction and development loans | ' |
Business Acquisition Performing Loans Purchased | 2,367 |
Business Acquisition Impaired Loans Purchased | 3,529 |
Business Acquisition Performing and Impaired Loans Purchased | $5,896 |
2_Business_Combinations_Schedu5
2. Business Combinations: Schedule of Purchased Performing and Impaired Loans Receivable (Details) (BankGreenville, USD $) | Sep. 30, 2013 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Contractually required principal payments receivable | ' | ' |
Business Acquisition Performing Loans Purchased | $37,237 | $41,077 |
Fair value adjustment for credit, interest rate, and liquidity | ' | ' |
Business Acquisition Performing Loans Purchased | 2,640 | 2,854 |
Fair value of purchased impaired loans | ' | ' |
Business Acquisition Performing Loans Purchased | 34,597 | 38,223 |
Contractually required principal and interest payments receivable | ' | ' |
Business Acquisition Impaired Loans Purchased | 12,666 | 12,817 |
Amounts not expected to be collected -- nonaccretable difference | ' | ' |
Business Acquisition Impaired Loans Purchased | 1,375 | 1,375 |
Estimated payments expected to be received | ' | ' |
Business Acquisition Impaired Loans Purchased | 11,291 | 11,442 |
Accretable yield | ' | ' |
Business Acquisition Impaired Loans Purchased | 1,735 | 1,835 |
Fair value of purchased loans receivable | ' | ' |
Business Acquisition Impaired Loans Purchased | $9,556 | $9,607 |
3_Securities_Available_For_Sal6
3. Securities Available For Sale: Available for Sale Securities Table (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale, at fair value | $97,860 | $24,750 |
US Government Agencies | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 27,338 | 6,000 |
Securities Available for Sale, Gross Unrealized Gains | 21 | 2 |
Securities Available for Sale, Gross Unrealized Losses | -18 | ' |
Securities available for sale, at fair value | 27,341 | 6,002 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 57,544 | 18,794 |
Securities Available for Sale, Gross Unrealized Gains | 216 | 81 |
Securities Available for Sale, Gross Unrealized Losses | -307 | -127 |
Securities available for sale, at fair value | 57,453 | 18,748 |
Taxable Municipal Bonds | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 9,132 | ' |
Securities Available for Sale, Gross Unrealized Gains | 29 | ' |
Securities Available for Sale, Gross Unrealized Losses | -80 | ' |
Securities available for sale, at fair value | 9,081 | ' |
Corporate Bond Securities | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 3,992 | ' |
Securities Available for Sale, Gross Unrealized Gains | 6 | ' |
Securities Available for Sale, Gross Unrealized Losses | -13 | ' |
Securities available for sale, at fair value | 3,985 | ' |
Total available for sale securities | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 98,006 | 24,794 |
Securities Available for Sale, Gross Unrealized Gains | 272 | 83 |
Securities Available for Sale, Gross Unrealized Losses | -418 | -127 |
Securities available for sale, at fair value | $97,860 | $24,750 |
3_Securities_Available_For_Sal7
3. Securities Available For Sale: Schedule of Investments Classified by Contractual Maturity Date (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Available for Sale Securities Debt Maturities Within One Year Amortized Cost | $6,000 |
Available for Sale Securities Debt Maturities Within One Year Fair Value | 6,005 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 21,165 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 21,178 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 7,893 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 7,879 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 5,404 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 5,345 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 98,006 |
Available-for-sale Securities, Debt Securities | 97,860 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 57,544 |
Available-for-sale Securities, Debt Securities | $57,453 |
3_Securities_Available_For_Sal8
3. Securities Available For Sale: Securities Available for Sale Pledged as Collateral Policy (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Available-for-sale Securities Pledged as Collateral | $44,100 | $21,429 |
Securities Available for Sale Pledged as Collateral Market Value | $44,298 | $21,500 |
3_Securities_Available_For_Sal9
3. Securities Available For Sale: Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
US Government Agencies | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $8,408 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -18 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 8,408 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | -18 | ' |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,420 | 5,707 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -227 | -122 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,941 | 745 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -80 | -5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 27,361 | 6,452 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | -307 | -127 |
Taxable Municipal Bonds | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,330 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -80 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,330 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | -80 | ' |
Corporate Bond Securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,016 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -13 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,016 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | -13 | ' |
Total available for sale securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 32,174 | 5,707 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | -338 | -122 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,941 | 745 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -80 | -5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 44,115 | 6,452 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | ($418) | ($127) |
Recovered_Sheet1
3. Securities Available For Sale: Securities with Unrealized Losses Policy (Details) | Sep. 30, 2013 | Jun. 30, 2013 |
Details | ' | ' |
Number of Securities With Unrealized Losses | 58 | 26 |
4_Loans_Schedule_of_Accounts_N1
4. Loans: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Loans Receivable Gross | $1,197,999 | $1,165,530 |
Loans and Leases Receivable, Deferred Income | -1,295 | -1,347 |
Loans receivable net of deferred loan fees and discount | 1,196,704 | 1,164,183 |
Allowance for loan losses | -29,200 | -32,073 |
Net loans | 1,167,504 | 1,132,110 |
Retail consumer loans | ' | ' |
One to four family real estate | 599,485 | 602,050 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 128,979 | 125,676 |
Construction and land/lots | 52,202 | 51,546 |
Loans and Leases Receivable, Gross, Consumer | 4,058 | 3,349 |
Total retail consumer loans | 784,724 | 782,621 |
Commercial Loan | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | 247,258 | 231,086 |
Loans Receivable Construction and Development | 32,754 | 23,994 |
Loans Receivable, Gross, Commercial and Industrial | 18,337 | 11,452 |
Loans Receivable Municipal Leases | 114,926 | 116,377 |
Total commercial loans | $413,275 | $382,909 |
4_Loans_Financing_Receivable_C1
4. Loans: Financing Receivable Credit Quality Indicators (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Loans Receivable Gross | $1,197,999 | $1,165,530 |
Retail consumer loans | ' | ' |
One to four family real estate | 599,485 | 602,050 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 128,979 | 125,676 |
Construction and land/lots | 52,202 | 51,546 |
Loans and Leases Receivable, Gross, Consumer | 4,058 | 3,349 |
Commercial Loan | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | 247,258 | 231,086 |
Loans Receivable Construction and Development | 32,754 | 23,994 |
Loans Receivable, Gross, Commercial and Industrial | 18,337 | 11,452 |
Loans Receivable Municipal Leases | 114,926 | 116,377 |
Pass | ' | ' |
Loans Receivable Gross | 1,052,159 | 1,018,511 |
Pass | Retail consumer loans | ' | ' |
One to four family real estate | 535,032 | 536,603 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 120,750 | 117,438 |
Construction and land/lots | 49,645 | 48,914 |
Loans and Leases Receivable, Gross, Consumer | 3,788 | 3,144 |
Pass | Commercial Loan | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | 195,140 | 179,310 |
Loans Receivable Construction and Development | 19,207 | 9,872 |
Loans Receivable, Gross, Commercial and Industrial | 14,466 | 8,812 |
Loans Receivable Municipal Leases | 114,131 | 114,418 |
Special Mention | ' | ' |
Loans Receivable Gross | 38,931 | 41,400 |
Special Mention | Retail consumer loans | ' | ' |
One to four family real estate | 13,991 | 14,003 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 1,867 | 1,374 |
Construction and land/lots | 302 | 209 |
Loans and Leases Receivable, Gross, Consumer | 118 | 62 |
Special Mention | Commercial Loan | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | 16,404 | 20,105 |
Loans Receivable Construction and Development | 3,529 | 2,853 |
Loans Receivable, Gross, Commercial and Industrial | 1,925 | 835 |
Loans Receivable Municipal Leases | 795 | 1,959 |
Substandard | ' | ' |
Loans Receivable Gross | 97,819 | 96,478 |
Substandard | Retail consumer loans | ' | ' |
One to four family real estate | 46,347 | 47,753 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 6,176 | 6,679 |
Construction and land/lots | 2,141 | 2,199 |
Loans and Leases Receivable, Gross, Consumer | 120 | 134 |
Substandard | Commercial Loan | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | 31,205 | 27,116 |
Loans Receivable Construction and Development | 9,885 | 10,950 |
Loans Receivable, Gross, Commercial and Industrial | 1,945 | 1,647 |
Doubtful | ' | ' |
Loans Receivable Gross | 9,040 | 9,115 |
Doubtful | Retail consumer loans | ' | ' |
One to four family real estate | 4,096 | 3,671 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 184 | 184 |
Construction and land/lots | 114 | 224 |
Loans and Leases Receivable, Gross, Consumer | 5 | 6 |
Doubtful | Commercial Loan | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | 4,509 | 4,555 |
Loans Receivable Construction and Development | 132 | 318 |
Loans Receivable, Gross, Commercial and Industrial | ' | 157 |
Unlikely to be Collected Financing Receivable | ' | ' |
Loans Receivable Gross | 50 | 26 |
Unlikely to be Collected Financing Receivable | Retail consumer loans | ' | ' |
One to four family real estate | 19 | 20 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 2 | 1 |
Loans and Leases Receivable, Gross, Consumer | 27 | 3 |
Unlikely to be Collected Financing Receivable | Commercial Loan | ' | ' |
Loans Receivable Construction and Development | 1 | 1 |
Loans Receivable, Gross, Commercial and Industrial | 1 | 1 |
Total by Grade | ' | ' |
Loans Receivable Gross | 1,197,999 | 1,165,530 |
Total by Grade | Retail consumer loans | ' | ' |
One to four family real estate | 599,485 | 602,050 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 128,979 | 125,676 |
Construction and land/lots | 52,202 | 51,546 |
Loans and Leases Receivable, Gross, Consumer | 4,058 | 3,349 |
Total by Grade | Commercial Loan | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | 247,258 | 231,086 |
Loans Receivable Construction and Development | 32,754 | 23,994 |
Loans Receivable, Gross, Commercial and Industrial | 18,337 | 11,452 |
Loans Receivable Municipal Leases | $114,926 | $116,377 |
4_Loans_Schedule_of_Past_Due_F1
4. Loans: Schedule of Past Due Financing Receivables (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Total loans | ' | ' |
Financing receivable Recorded Investment 30 to 89 Days Past Due | $11,376 | $11,725 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 27,566 | 23,624 |
Financing Receivable, Recorded Investment, Past Due | 38,942 | 35,349 |
Financing Receivable, Recorded Investment, Current | 1,159,057 | 1,130,181 |
Total loans receivable | 1,197,999 | 1,165,530 |
Retail consumer loans | One to four family loans | ' | ' |
Financing receivable Recorded Investment 30 to 89 Days Past Due | 6,662 | 7,031 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 11,434 | 8,827 |
Financing Receivable, Recorded Investment, Past Due | 18,096 | 15,858 |
Financing Receivable, Recorded Investment, Current | 581,389 | 586,192 |
Total loans receivable | 599,485 | 602,050 |
Retail consumer loans | Home Equity Line of Credit | ' | ' |
Financing receivable Recorded Investment 30 to 89 Days Past Due | 348 | 450 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,602 | 1,656 |
Financing Receivable, Recorded Investment, Past Due | 1,950 | 2,106 |
Financing Receivable, Recorded Investment, Current | 127,029 | 123,570 |
Total loans receivable | 128,979 | 125,676 |
Retail consumer loans | Construction and land/lots loans | ' | ' |
Financing receivable Recorded Investment 30 to 89 Days Past Due | 467 | 242 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 348 | 429 |
Financing Receivable, Recorded Investment, Past Due | 815 | 671 |
Financing Receivable, Recorded Investment, Current | 51,387 | 50,875 |
Total loans receivable | 52,202 | 51,546 |
Retail consumer loans | Consumer Loan | ' | ' |
Financing receivable Recorded Investment 30 to 89 Days Past Due | 4 | 4 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 38 | 35 |
Financing Receivable, Recorded Investment, Past Due | 42 | 39 |
Financing Receivable, Recorded Investment, Current | 4,016 | 3,310 |
Total loans receivable | 4,058 | 3,349 |
Commercial Loan | Commercial Real Estate | ' | ' |
Financing receivable Recorded Investment 30 to 89 Days Past Due | 3,032 | 3,805 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 9,199 | 7,085 |
Financing Receivable, Recorded Investment, Past Due | 12,231 | 10,890 |
Financing Receivable, Recorded Investment, Current | 235,027 | 220,196 |
Total loans receivable | 247,258 | 231,086 |
Commercial Loan | Construction and development loans | ' | ' |
Financing receivable Recorded Investment 30 to 89 Days Past Due | 308 | ' |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,867 | 5,420 |
Financing Receivable, Recorded Investment, Past Due | 5,175 | 5,420 |
Financing Receivable, Recorded Investment, Current | 27,579 | 18,574 |
Total loans receivable | 32,754 | 23,994 |
Commercial Loan | Commercial and industrial loans | ' | ' |
Financing receivable Recorded Investment 30 to 89 Days Past Due | 88 | 193 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 78 | 172 |
Financing Receivable, Recorded Investment, Past Due | 166 | 365 |
Financing Receivable, Recorded Investment, Current | 18,171 | 11,087 |
Total loans receivable | 18,337 | 11,452 |
Commercial Loan | Municipal leases | ' | ' |
Financing receivable Recorded Investment 30 to 89 Days Past Due | 467 | ' |
Financing Receivable, Recorded Investment, Past Due | 467 | ' |
Financing Receivable, Recorded Investment, Current | 114,459 | 116,377 |
Total loans receivable | $114,926 | $116,377 |
4_Loans_Schedule_of_Past_Due_L1
4. Loans: Schedule of Past Due Loans Still Accruing and Nonaccruing Interest (Details) (Past Due Financing Receivables, USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Total loans | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $67,740 | $68,561 |
Retail consumer loans | One to four family loans | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 30,057 | 29,811 |
Retail consumer loans | Home Equity Line of Credit | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,092 | 3,793 |
Retail consumer loans | Construction and land/lots loans | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,986 | 2,172 |
Retail consumer loans | Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 39 | 42 |
Commercial Loan | Commercial Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 21,143 | 21,149 |
Commercial Loan | Construction and development loans | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,214 | 10,172 |
Commercial Loan | Commercial and industrial loans | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $1,209 | $1,422 |
4_Loans_Schedule_of_Troubled_D2
4. Loans: Schedule of Troubled Debt Restructurings Performing and Excluded from Nonaccruing Loans (Details) (Performing Financing Receivable, USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Performing Financing Receivable | ' | ' |
Performing restructured loans included in impaired loans | $17,772 | $14,012 |
4_Loans_Schedule_of_Allowance_1
4. Loans: Schedule of Allowance for Credit Losses on Financing Receivables (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Provision for (recovery of) loan losses | ($2,300) | $1,500 |
Total loans | ' | ' |
Allowance for Doubtful Accounts Beginning of Period | 32,073 | 35,100 |
Provision for (recovery of) loan losses | -2,300 | 1,500 |
Allowance for Loan and Lease Losses, Write-offs | -928 | -1,329 |
Allowance for loan and lease losses recoveries of bad debts | 355 | 616 |
Allowance for Doubtful Accounts End of Period | 29,200 | 35,887 |
Retail consumer loans | ' | ' |
Allowance for Doubtful Accounts Beginning of Period | 21,952 | 21,172 |
Provision for (recovery of) loan losses | -1,639 | 689 |
Allowance for Loan and Lease Losses, Write-offs | -714 | -611 |
Allowance for loan and lease losses recoveries of bad debts | 132 | 124 |
Allowance for Doubtful Accounts End of Period | 19,731 | 21,374 |
Commercial Loan | ' | ' |
Allowance for Doubtful Accounts Beginning of Period | 10,121 | 13,928 |
Provision for (recovery of) loan losses | -661 | 811 |
Allowance for Loan and Lease Losses, Write-offs | -214 | -718 |
Allowance for loan and lease losses recoveries of bad debts | 223 | 492 |
Allowance for Doubtful Accounts End of Period | $9,469 | $14,513 |
4_Loans_Schedule_of_Ending_Bal1
4. Loans: Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Allowance for loan losses | ($29,200) | ($32,073) |
Loans Receivable Gross | 1,197,999 | 1,165,530 |
Allowance for Loan Losses | Total loans | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,972 | 1,895 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 27,228 | 30,178 |
Allowance for loan losses | 29,200 | 32,073 |
Financing Receivable, Individually Evaluated for Impairment | 73,537 | 72,955 |
Financing Receivable, Collectively Evaluated for Impairment | 1,124,462 | 1,092,575 |
Loans Receivable Gross | 1,197,999 | 1,165,530 |
Allowance for Loan Losses | Retail consumer loans | One to four family loans | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,129 | 1,028 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 12,278 | 14,070 |
Allowance for loan losses | 13,407 | 15,098 |
Financing Receivable, Individually Evaluated for Impairment | 34,979 | 35,255 |
Financing Receivable, Collectively Evaluated for Impairment | 564,506 | 566,795 |
Loans Receivable Gross | 599,485 | 602,050 |
Allowance for Loan Losses | Retail consumer loans | Home Equity Line of Credit | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 323 | 479 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,114 | 3,348 |
Allowance for loan losses | 3,437 | 3,827 |
Financing Receivable, Individually Evaluated for Impairment | 3,798 | 4,322 |
Financing Receivable, Collectively Evaluated for Impairment | 125,181 | 121,354 |
Loans Receivable Gross | 128,979 | 125,676 |
Allowance for Loan Losses | Retail consumer loans | Construction and land/lots loans | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 40 | 19 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,707 | 2,871 |
Allowance for loan losses | 2,747 | 2,890 |
Financing Receivable, Individually Evaluated for Impairment | 1,873 | 1,844 |
Financing Receivable, Collectively Evaluated for Impairment | 50,329 | 49,702 |
Loans Receivable Gross | 52,202 | 51,546 |
Allowance for Loan Losses | Retail consumer loans | Consumer Loan | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1 | 3 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 139 | 135 |
Allowance for loan losses | 140 | 138 |
Financing Receivable, Individually Evaluated for Impairment | 2 | 3 |
Financing Receivable, Collectively Evaluated for Impairment | 4,056 | 3,346 |
Loans Receivable Gross | 4,058 | 3,349 |
Allowance for Loan Losses | Commercial Loan | Commercial Real Estate | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 59 | 110 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,942 | 6,473 |
Allowance for loan losses | 6,001 | 6,583 |
Financing Receivable, Individually Evaluated for Impairment | 22,227 | 19,446 |
Financing Receivable, Collectively Evaluated for Impairment | 225,031 | 211,640 |
Loans Receivable Gross | 247,258 | 231,086 |
Allowance for Loan Losses | Commercial Loan | Construction and development loans | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 392 | 255 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,928 | 2,144 |
Allowance for loan losses | 2,320 | 2,399 |
Financing Receivable, Individually Evaluated for Impairment | 8,489 | 9,780 |
Financing Receivable, Collectively Evaluated for Impairment | 24,265 | 14,214 |
Loans Receivable Gross | 32,754 | 23,994 |
Allowance for Loan Losses | Commercial Loan | Commercial and industrial loans | ' | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 28 | 1 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 151 | 155 |
Allowance for loan losses | 179 | 156 |
Financing Receivable, Individually Evaluated for Impairment | 2,169 | 2,305 |
Financing Receivable, Collectively Evaluated for Impairment | 16,168 | 9,147 |
Loans Receivable Gross | 18,337 | 11,452 |
Allowance for Loan Losses | Commercial Loan | Municipal leases | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 969 | 982 |
Allowance for loan losses | 969 | 982 |
Financing Receivable, Collectively Evaluated for Impairment | 114,926 | 116,377 |
Loans Receivable Gross | $114,926 | $116,377 |
4_Loans_Schedule_of_Impaired_L1
4. Loans: Schedule of Impaired Loans and Related Allowance by Segment and Class (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Retail consumer loans | One to four family loans | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | $39,701 | ' | $49,176 |
Retail consumer loans | Home Equity Line of Credit | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 7,170 | ' | 9,405 |
Retail consumer loans | Construction and land/lots loans | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 4,748 | ' | 4,617 |
Retail consumer loans | Consumer Loan | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 143 | ' | 184 |
Commercial Loan | Commercial Real Estate | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 26,617 | ' | 28,136 |
Commercial Loan | Construction and development loans | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 14,695 | ' | 17,986 |
Commercial Loan | Commercial and industrial loans | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 3,089 | ' | 3,801 |
Total Impaired Loans | ' | ' | ' |
Impaired Financing Receivable, Unpaid Principal Balance | 96,163 | ' | 113,305 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 24,402 | 19,603 | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 64,463 | 70,136 | ' |
Impaired Financing Receivable, Recorded Investment | 88,865 | 89,739 | ' |
Impaired Financing Receivable, Related Allowance | 2,304 | 2,111 | ' |
Total Impaired Loans | Retail consumer loans | One to four family loans | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 14,952 | 14,194 | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 28,749 | 30,219 | ' |
Impaired Financing Receivable, Recorded Investment | 43,701 | 44,413 | ' |
Impaired Financing Receivable, Related Allowance | 1,272 | 1,176 | ' |
Total Impaired Loans | Retail consumer loans | Home Equity Line of Credit | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,948 | 3,303 | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,649 | 2,651 | ' |
Impaired Financing Receivable, Recorded Investment | 5,597 | 5,954 | ' |
Impaired Financing Receivable, Related Allowance | 361 | 518 | ' |
Total Impaired Loans | Retail consumer loans | Construction and land/lots loans | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 410 | 551 | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,738 | 1,649 | ' |
Impaired Financing Receivable, Recorded Investment | 2,148 | 2,200 | ' |
Impaired Financing Receivable, Related Allowance | 53 | 38 | ' |
Total Impaired Loans | Retail consumer loans | Consumer Loan | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 38 | 39 | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1 | 3 | ' |
Impaired Financing Receivable, Recorded Investment | 39 | 42 | ' |
Impaired Financing Receivable, Related Allowance | 4 | 4 | ' |
Total Impaired Loans | Commercial Loan | Commercial Real Estate | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,104 | 998 | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 21,561 | 22,716 | ' |
Impaired Financing Receivable, Recorded Investment | 25,665 | 23,714 | ' |
Impaired Financing Receivable, Related Allowance | 145 | 119 | ' |
Total Impaired Loans | Commercial Loan | Construction and development loans | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,568 | 518 | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,595 | 10,034 | ' |
Impaired Financing Receivable, Recorded Investment | 9,163 | 10,552 | ' |
Impaired Financing Receivable, Related Allowance | 464 | 256 | ' |
Total Impaired Loans | Commercial Loan | Commercial and industrial loans | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 382 | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,170 | 2,864 | ' |
Impaired Financing Receivable, Recorded Investment | 2,552 | 2,864 | ' |
Impaired Financing Receivable, Related Allowance | $5 | ' | ' |
4_Loans_Impaired_Financing_Rec1
4. Loans: Impaired Financing Receivable, Policy (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Impaired Loans Not Individually Evaluated | $15,157 | $16,613 |
Recorded Allowance of Impaired Loans Not Individually Evaluated | $332 | $216 |
4_Loans_Schedule_of_Average_Re1
4. Loans: Schedule of Average Recorded Investment in Loans, Unpaid Principal Balance and Interest Income Recognized (Details) (Impaired loans, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Total impaired loans | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | $93,608 | $98,666 |
Impaired Financing Receivable, Interest Income, Accrual Method | 691 | 1,095 |
Retail consumer loans | One to four family loans | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 44,682 | 42,314 |
Impaired Financing Receivable, Interest Income, Accrual Method | 364 | 426 |
Retail consumer loans | Home Equity Line of Credit | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 5,938 | 5,216 |
Impaired Financing Receivable, Interest Income, Accrual Method | 70 | 36 |
Retail consumer loans | Construction and land/lots loans | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 2,556 | 4,190 |
Impaired Financing Receivable, Interest Income, Accrual Method | 42 | 36 |
Retail consumer loans | Consumer Loan | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 59 | 59 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1 | 1 |
Commercial Loan | Commercial Real Estate | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 26,535 | 22,262 |
Impaired Financing Receivable, Interest Income, Accrual Method | 143 | 412 |
Commercial Loan | Construction and development loans | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 10,978 | 21,052 |
Impaired Financing Receivable, Interest Income, Accrual Method | 33 | 142 |
Commercial Loan | Commercial and industrial loans | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 2,860 | 3,184 |
Impaired Financing Receivable, Interest Income, Accrual Method | 38 | 42 |
Commercial Loan | Municipal leases | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | ' | $389 |
4_Loans_Schedule_of_Changes_in1
4. Loans: Schedule of Changes in Accretable Yield for Purchased Impaired Loans (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Certain Loans Acquired in Transfer, Accretable Yield | $1,735 |
Certain Loans Acquired in Transfer, Accretable Yield | 1,735 |
BankGreenville | ' |
Certain Loans Acquired in Transfer Accretable Yield Additions | 1,835 |
Certain Loans Acquired in Transfer Accretable Yield Interest Income | ($100) |
4_Loans_Schedule_of_Debtor_Tro1
4. Loans: Schedule of Debtor Troubled Debt Restructuring, Current Period (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Troubled Debt Restructurings | Total below market interest rate | ' | ' |
Troubled debt restructuring number of loans | 1 | 3 |
Troubled Debt Restructuring Pre-Modification Outstanding Recorded Investment | $18 | $407 |
Troubled Debt Restructuring Post-Modification Outstanding Recorded Investment | 17 | 406 |
Troubled Debt Restructurings | Total other troubled debt restructured loans | ' | ' |
Troubled debt restructuring number of loans | 4 | ' |
Troubled Debt Restructuring Pre-Modification Outstanding Recorded Investment | 707 | ' |
Troubled Debt Restructuring Post-Modification Outstanding Recorded Investment | 711 | ' |
Troubled Debt Restructurings | Total troubled debt restructured loans | ' | ' |
Troubled debt restructuring number of loans | 5 | 3 |
Troubled Debt Restructuring Pre-Modification Outstanding Recorded Investment | 725 | 407 |
Troubled Debt Restructuring Post-Modification Outstanding Recorded Investment | 728 | 406 |
Below market interest rate | Retail consumer loans | One to four family loans | ' | ' |
Troubled debt restructuring number of loans | 1 | 2 |
Troubled Debt Restructuring Pre-Modification Outstanding Recorded Investment | 18 | 171 |
Troubled Debt Restructuring Post-Modification Outstanding Recorded Investment | 17 | 170 |
Below market interest rate | Commercial Loan | Commercial Real Estate | ' | ' |
Troubled debt restructuring number of loans | ' | 1 |
Troubled Debt Restructuring Pre-Modification Outstanding Recorded Investment | ' | 236 |
Troubled Debt Restructuring Post-Modification Outstanding Recorded Investment | ' | 236 |
Other Troubled Debt Restructurings | Retail consumer loans | One to four family loans | ' | ' |
Troubled debt restructuring number of loans | 3 | ' |
Troubled Debt Restructuring Pre-Modification Outstanding Recorded Investment | 572 | ' |
Troubled Debt Restructuring Post-Modification Outstanding Recorded Investment | 576 | ' |
Other Troubled Debt Restructurings | Retail consumer loans | Construction and land/lots loans | ' | ' |
Troubled debt restructuring number of loans | 1 | ' |
Troubled Debt Restructuring Pre-Modification Outstanding Recorded Investment | 135 | ' |
Troubled Debt Restructuring Post-Modification Outstanding Recorded Investment | $135 | ' |
4_Loans_Schedule_of_Troubled_D3
4. Loans: Schedule of Troubled Debt Restructurings With Payment Default (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Troubled Debt Restructurings With Payment Default | Total troubled debt restructured loans subsequent default | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 15 | 5 |
Troubled Debt Restructuring Subsequent Default Recorded Investment | $2,133 | $1,943 |
Below market interest rate | Total below market interest rate | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | ' | 2 |
Troubled Debt Restructuring Subsequent Default Recorded Investment | ' | 1,590 |
Below market interest rate | Retail consumer loans | One to four family loans | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | ' | 2 |
Troubled Debt Restructuring Subsequent Default Recorded Investment | ' | 1,590 |
Extended payment terms | Total extended payment terms | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 3 | 2 |
Troubled Debt Restructuring Subsequent Default Recorded Investment | 46 | 106 |
Extended payment terms | Retail consumer loans | One to four family loans | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 1 | 2 |
Troubled Debt Restructuring Subsequent Default Recorded Investment | 10 | 106 |
Extended payment terms | Retail consumer loans | Home Equity Line of Credit | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 1 | ' |
Troubled Debt Restructuring Subsequent Default Recorded Investment | 11 | ' |
Extended payment terms | Commercial Loan | Commercial and industrial loans | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 1 | ' |
Troubled Debt Restructuring Subsequent Default Recorded Investment | 25 | ' |
Other Troubled Debt Restructurings | Total other troubled debt restructured loans | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 12 | 1 |
Troubled Debt Restructuring Subsequent Default Recorded Investment | 2,087 | 247 |
Other Troubled Debt Restructurings | Retail consumer loans | One to four family loans | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 7 | ' |
Troubled Debt Restructuring Subsequent Default Recorded Investment | 1,523 | ' |
Other Troubled Debt Restructurings | Retail consumer loans | Home Equity Line of Credit | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 1 | ' |
Troubled Debt Restructuring Subsequent Default Recorded Investment | 48 | ' |
Other Troubled Debt Restructurings | Retail consumer loans | Construction and land/lots loans | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 1 | ' |
Troubled Debt Restructuring Subsequent Default Recorded Investment | 135 | ' |
Other Troubled Debt Restructurings | Commercial Loan | Commercial Real Estate | ' | ' |
Troubled Debt Restructuring Subsequent Default Number of Loans | 3 | 1 |
Troubled Debt Restructuring Subsequent Default Recorded Investment | $381 | $247 |
5_Employee_Stock_Ownership_Pla3
5. Employee Stock Ownership Plan: Share-based Compensation, Option and Incentive Plans Policy (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Details | ' | ' |
ESOP compensation expense | $217 | $165 |
5_Employee_Stock_Ownership_Pla4
5. Employee Stock Ownership Plan: Schedule of Shares Held by the Employee Stock Ownership Plan ESOP (Details) (USD $) | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | |
Details | ' |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 991,875 |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 52,900 |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | 13,225 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 1,058,000 |
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $16,366 |
6_Net_Income_Per_Share_Schedul1
6. Net Income Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Basic | 19,288,154 | 20,108,612 |
Diluted | 19,377,896 | 20,108,612 |
Basic | $0.17 | $0.06 |
Diluted | $0.17 | $0.06 |
Earnings Per Share | Numerator | ' | ' |
Net Income (Loss) Available to Common Stockholders, Basic | $3,327 | $1,152 |
Earnings Per Share | Denominator | ' | ' |
Basic | 19,288,154 | 20,108,612 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 89,742 | ' |
Diluted | 19,377,896 | 20,108,612 |
Basic | $0.17 | $0.06 |
Diluted | $0.17 | $0.06 |
7_Equity_Incentive_Plan_Equity3
7. Equity Incentive Plan: Equity Incentive Plan Stock Option Activity (Details) (Outstanding Stock Options, USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Outstanding Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,557,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $14.37 |
Share-based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term | 9.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $3,316 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,557,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $14.37 |
Share-based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term | 9.6 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 4,033 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,557,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $14.37 |
Share-based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term | 9.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $3,316 |
7_Equity_Incentive_Plan_Equity4
7. Equity Incentive Plan: Equity Incentive Plan Restricted Stock Award Activity (Details) (Nonvested Options, USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Nonvested Options | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 511,300 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $14.37 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $8,436 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 511,300 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $14.37 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 8,672 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 511,300 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $14.37 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $8,436 |
8_Commitments_and_Contingencie4
8. Commitments and Contingencies: Loan Commitments, Policy (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Details | ' | ' |
Loans Receivable Commitment Undisbursed Portions of Construction Loans | $30,717 | $27,013 |
Loans Receivable Outstanding Commitment to Extend Credit | 25,704 | 27,147 |
Loans Receivable Commitments with Variable Rate | 2,252 | 3,083 |
Loans Receivable Commitments with Fixed Rate | 23,451 | 24,064 |
Loan Commitments with Fixed Rate Interest Rate Range | '2.00% to 9.25% | '2.50% to 9.25% |
Pre-approved but unused lines of credit | $149,933 | $151,611 |
8_Commitments_and_Contingencie5
8. Commitments and Contingencies: Restrictions on Cash Policy (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Cash Reserve Deposit Required and Made | $1,866 | $1,284 |
8_Commitments_and_Contingencie6
8. Commitments and Contingencies: Standby Letters of Credit Policy (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Letters of Credit Outstanding, Amount | $66 | $66 |
9_Fair_Value_of_Financial_Inst6
9. Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure | US Government Agencies | ' | ' |
Assets, Fair Value Disclosure, Recurring | $27,341 | $6,002 |
Estimate of Fair Value, Fair Value Disclosure | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' | ' |
Assets, Fair Value Disclosure, Recurring | 57,453 | 18,748 |
Estimate of Fair Value, Fair Value Disclosure | Taxable Municipal Bonds | ' | ' |
Assets, Fair Value Disclosure, Recurring | 9,081 | ' |
Estimate of Fair Value, Fair Value Disclosure | Corporate Bond Securities | ' | ' |
Assets, Fair Value Disclosure, Recurring | 3,985 | ' |
Estimate of Fair Value, Fair Value Disclosure | Total fair value assets recurring | ' | ' |
Assets, Fair Value Disclosure, Recurring | 97,860 | 24,750 |
Fair Value, Inputs, Level 2 | US Government Agencies | ' | ' |
Assets, Fair Value Disclosure, Recurring | 27,341 | 6,002 |
Fair Value, Inputs, Level 2 | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ' | ' |
Assets, Fair Value Disclosure, Recurring | 57,453 | 18,748 |
Fair Value, Inputs, Level 2 | Taxable Municipal Bonds | ' | ' |
Assets, Fair Value Disclosure, Recurring | 9,081 | ' |
Fair Value, Inputs, Level 2 | Corporate Bond Securities | ' | ' |
Assets, Fair Value Disclosure, Recurring | 3,985 | ' |
Fair Value, Inputs, Level 2 | Total fair value assets recurring | ' | ' |
Assets, Fair Value Disclosure, Recurring | $97,860 | $24,750 |
9_Fair_Value_of_Financial_Inst7
9. Fair Value of Financial Instruments: Schedule of Fair Value Measurements, Nonrecurring (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Estimate of Fair Value, Fair Value Disclosure | Estimate of Fair Value, Fair Value Disclosure | Estimate of Fair Value, Fair Value Disclosure | Estimate of Fair Value, Fair Value Disclosure | Estimate of Fair Value, Fair Value Disclosure | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 |
Impaired loans | Impaired loans | Other real estate owned | Other real estate owned | Total fair value nonrecurring | Total fair value nonrecurring | Impaired loans | Impaired loans | Other real estate owned | Other real estate owned | Total fair value nonrecurring | Total fair value nonrecurring | |
Assets, Fair Value Disclosure, Nonrecurring | $629 | $12,106 | $2,353 | $2,403 | $2,982 | $14,509 | $629 | $12,106 | $2,353 | $2,403 | $2,982 | $14,509 |
9_Fair_Value_of_Financial_Inst8
9. Fair Value of Financial Instruments: Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) (Nonrecurring measurements, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Impaired loans, net | ' |
Assets, Fair Value Disclosure, Nonrecurring | $629 |
Level 3 Fair Value Measurements Valuation Techniques | 'Discounted appraisals |
Level 3 Fair Value Measurements Unobservable Input | 'Collateral discounts |
Level 3 Fair Value Measurements Range | '3% - 10% |
Level 3 Fair Value Measurements Weighted Average Rate | 5.00% |
Foreclosed real estate | ' |
Assets, Fair Value Disclosure, Nonrecurring | $2,353 |
Level 3 Fair Value Measurements Valuation Techniques | 'Discounted appraisals |
Level 3 Fair Value Measurements Unobservable Input | 'Collateral discounts |
Level 3 Fair Value Measurements Range | '6% - 20% |
Level 3 Fair Value Measurements Weighted Average Rate | 14.00% |
9_Fair_Value_of_Financial_Inst9
9. Fair Value of Financial Instruments: Schedule of Fair Value, by Balance Sheet Grouping (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 | Cash and interest-bearing deposits | ' | ' |
Financial Instruments Owned | $92,918 | $125,713 |
Fair Value, Inputs, Level 1 | Federal Home Loan Bank stock | ' | ' |
Financial Instruments Owned | 2,089 | 1,854 |
Fair Value, Inputs, Level 2 | ' | ' |
Financial Instruments Owned | ' | 84 |
Fair Value, Inputs, Level 2 | Certificates of deposit in other banks | ' | ' |
Financial Instruments Owned | 145,606 | 136,617 |
Fair Value, Inputs, Level 2 | Securities available for sale | ' | ' |
Financial Instruments Owned | 97,860 | 24,750 |
Fair Value, Inputs, Level 2 | Accrued interest receivable | ' | ' |
Financial Instruments Owned | 380 | 157 |
Fair Value, Inputs, Level 2 | Noninterest-bearing and NOW deposits | ' | ' |
Financial Instruments Owned | 293,048 | 256,487 |
Fair Value, Inputs, Level 2 | Money market accounts | ' | ' |
Financial Instruments Owned | 305,390 | 275,718 |
Fair Value, Inputs, Level 2 | Savings accounts | ' | ' |
Financial Instruments Owned | 83,799 | 82,158 |
Fair Value, Inputs, Level 2 | Certificates of deposit | ' | ' |
Financial Instruments Owned | 566,180 | 545,716 |
Fair Value, Inputs, Level 2 | Other borrowings | ' | ' |
Financial Instruments Owned | 2,252 | ' |
Fair Value, Inputs, Level 2 | Accrued interest payable | ' | ' |
Financial Instruments Owned | 255 | ' |
Fair Value, Inputs, Level 3 | Loans, net | ' | ' |
Financial Instruments Owned | 1,105,618 | 1,064,954 |
Fair Value, Inputs, Level 3 | Loans held for sale | ' | ' |
Financial Instruments Owned | 6,204 | 10,942 |
Fair Value, Inputs, Level 3 | Accrued interest receivable | ' | ' |
Financial Instruments Owned | 5,444 | 5,392 |
Financial Instruments Owned Carrying Value | ' | ' |
Financial Instruments Owned | ' | 84 |
Financial Instruments Owned Carrying Value | Cash and interest-bearing deposits | ' | ' |
Financial Instruments Owned | 92,918 | 125,713 |
Financial Instruments Owned Carrying Value | Certificates of deposit in other banks | ' | ' |
Financial Instruments Owned | 145,606 | 136,617 |
Financial Instruments Owned Carrying Value | Securities available for sale | ' | ' |
Financial Instruments Owned | 97,860 | 24,750 |
Financial Instruments Owned Carrying Value | Loans, net | ' | ' |
Financial Instruments Owned | 1,167,504 | 1,132,110 |
Financial Instruments Owned Carrying Value | Loans held for sale | ' | ' |
Financial Instruments Owned | 6,106 | 10,770 |
Financial Instruments Owned Carrying Value | Federal Home Loan Bank stock | ' | ' |
Financial Instruments Owned | 2,089 | 1,854 |
Financial Instruments Owned Carrying Value | Accrued interest receivable | ' | ' |
Financial Instruments Owned | 5,824 | 5,549 |
Financial Instruments Owned Carrying Value | Noninterest-bearing and NOW deposits | ' | ' |
Financial Instruments Owned | 293,048 | 256,487 |
Financial Instruments Owned Carrying Value | Money market accounts | ' | ' |
Financial Instruments Owned | 305,390 | 275,718 |
Financial Instruments Owned Carrying Value | Savings accounts | ' | ' |
Financial Instruments Owned | 83,799 | 82,158 |
Financial Instruments Owned Carrying Value | Certificates of deposit | ' | ' |
Financial Instruments Owned | 561,251 | 540,387 |
Financial Instruments Owned Carrying Value | Other borrowings | ' | ' |
Financial Instruments Owned | 2,227 | ' |
Financial Instruments Owned Carrying Value | Accrued interest payable | ' | ' |
Financial Instruments Owned | 255 | ' |
Portion at Fair Value, Fair Value Disclosure | ' | ' |
Financial Instruments Owned | ' | 84 |
Portion at Fair Value, Fair Value Disclosure | Cash and interest-bearing deposits | ' | ' |
Financial Instruments Owned | 92,918 | 125,713 |
Portion at Fair Value, Fair Value Disclosure | Certificates of deposit in other banks | ' | ' |
Financial Instruments Owned | 145,606 | 136,617 |
Portion at Fair Value, Fair Value Disclosure | Securities available for sale | ' | ' |
Financial Instruments Owned | 97,860 | 24,750 |
Portion at Fair Value, Fair Value Disclosure | Loans, net | ' | ' |
Financial Instruments Owned | 1,105,618 | 1,064,954 |
Portion at Fair Value, Fair Value Disclosure | Loans held for sale | ' | ' |
Financial Instruments Owned | 6,204 | 10,942 |
Portion at Fair Value, Fair Value Disclosure | Federal Home Loan Bank stock | ' | ' |
Financial Instruments Owned | 2,089 | 1,854 |
Portion at Fair Value, Fair Value Disclosure | Accrued interest receivable | ' | ' |
Financial Instruments Owned | 5,824 | 5,549 |
Portion at Fair Value, Fair Value Disclosure | Noninterest-bearing and NOW deposits | ' | ' |
Financial Instruments Owned | 293,048 | 256,487 |
Portion at Fair Value, Fair Value Disclosure | Money market accounts | ' | ' |
Financial Instruments Owned | 305,390 | 275,718 |
Portion at Fair Value, Fair Value Disclosure | Savings accounts | ' | ' |
Financial Instruments Owned | 83,799 | 82,158 |
Portion at Fair Value, Fair Value Disclosure | Certificates of deposit | ' | ' |
Financial Instruments Owned | 566,180 | 545,716 |
Portion at Fair Value, Fair Value Disclosure | Other borrowings | ' | ' |
Financial Instruments Owned | 2,252 | ' |
Portion at Fair Value, Fair Value Disclosure | Accrued interest payable | ' | ' |
Financial Instruments Owned | $255 | ' |
Recovered_Sheet2
9. Fair Value of Financial Instruments: Off-Balance-Sheet Credit Exposure, Policy (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $206,354 | $205,771 |