Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2015 | Jun. 26, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | Equitable Financial Corp. | |
Entity Central Index Key | 1,635,626 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 0 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Assets | ||
Cash and due from financial institutions | $ 4,083,883 | $ 5,364,305 |
Interest-earning deposits | 16,151,000 | 2,412,000 |
Total cash and due from financial institutions and interest-earning deposits | 20,234,883 | 7,776,305 |
Time deposits with financial institutions | 500,000 | 1,250,000 |
Securities available-for-sale | 547,123 | 882,308 |
Securities held-to-maturity | 3,386,205 | 3,642,304 |
Federal Home Loan Bank stock, at cost | 225,900 | 549,600 |
Loans, net of allowance for loan losses of $2,414,000 and $2,574,000, respectively | 164,924,682 | 157,509,440 |
Premises and equipment, net | 5,548,518 | 5,463,598 |
Foreclosed assets, net | 350,605 | 413,200 |
Accrued interest receivable | 1,055,697 | 983,958 |
Deferred taxes, net | 1,876,664 | 2,331,287 |
Other assets | 2,075,862 | 1,070,350 |
TOTAL ASSETS | 200,726,139 | 181,872,350 |
Liabilities: | ||
Noninterest-bearing deposits | 22,467,002 | 20,582,628 |
Interest-bearing deposits | 155,247,597 | 129,180,665 |
Total deposits | 177,714,599 | 149,763,293 |
Federal Home Loan Bank borrowings | 10,767,815 | |
Advance payments from borrowers for taxes and insurance | 462,593 | 357,091 |
Accrued interest payable and other liabilities | 1,304,241 | 991,894 |
Total liabilities | 179,481,433 | 161,880,093 |
Common stock in ESOP subject to contingent repurchase obligation | $ 444,578 | $ 388,585 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity | ||
Common Stock; $0.01 par value, 14,000,000 shares authorized, 3,297,509 shares issued | $ 32,975 | $ 32,975 |
Additional paid-in capital | 13,099,465 | 13,236,086 |
Retained earnings | 10,019,893 | 8,902,839 |
Unearned ESOP Shares | (431,460) | (499,590) |
Shares reserved for stock compensation | (496,768) | (698,015) |
Treasury Stock at cost, 114,505 shares | (978,682) | (978,682) |
Accumulated other comprehensive loss, net of tax | (717) | (3,356) |
Reclassification of ESOP shares | (444,578) | (388,585) |
Total stockholders' equity | 20,800,128 | 19,603,672 |
Total liabilities and stockholders' equity | $ 200,726,139 | $ 181,872,350 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Condensed Consolidated Statements of Financial Condition | ||
Allowance for loan losses | $ 2,414,000 | $ 2,574,000 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 14,000,000 | 14,000,000 |
Common Stock, shares issued | 3,297,509 | 3,297,509 |
Treasury Stock, shares | 114,505 | 114,505 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Interest income: | ||||
Loans | $ 1,783,244 | $ 1,585,704 | $ 5,375,096 | $ 5,014,429 |
Securities | 44,785 | 56,609 | 149,350 | 120,176 |
Other | 9,013 | 6,807 | 14,749 | 15,352 |
Total interest income | 1,837,042 | 1,649,120 | 5,539,195 | 5,149,957 |
Interest expense: | ||||
Deposits | 244,525 | 193,669 | 685,483 | 565,775 |
Federal Home Loan Bank borrowings | 118,557 | 60,239 | 240,669 | 181,101 |
Other | 279 | 964 | 279 | 6,130 |
Total interest expense | 363,361 | 254,872 | 926,431 | 753,006 |
Net interest income | 1,473,681 | 1,394,248 | 4,612,764 | 4,396,951 |
Provision for loan losses | (857,717) | (49) | (710,837) | (768,986) |
Net interest income after provision for loan losses | 2,331,398 | 1,394,297 | 5,323,601 | 5,165,937 |
NON-INTEREST INCOME: | ||||
Service charges on deposit accounts | 128,908 | 133,514 | 427,605 | 435,072 |
Brokerage fee income | 153,505 | 136,377 | 426,337 | 391,973 |
Gain on sale of loans | 71,276 | 160,130 | 487,516 | 386,786 |
Other loan fees | 59,488 | 59,439 | 187,577 | 125,501 |
Other income | 20,926 | 13,665 | 69,722 | 53,764 |
Total non-interest income | 434,103 | 503,125 | 1,598,757 | 1,393,096 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 1,040,508 | 963,497 | 3,201,451 | 2,909,044 |
Director and committee fees | 33,150 | 30,800 | 99,100 | 94,400 |
Data processing fees | 125,191 | 123,289 | 200,988 | 398,994 |
Occupancy and equipment | 226,665 | 230,801 | 678,711 | 669,423 |
Regulatory fees and deposit insurance premium | 52,279 | 41,521 | 143,063 | 134,267 |
Advertising and public relations | 69,124 | 72,717 | 154,829 | 171,600 |
Insurance and surety bond premiums | 22,521 | 21,387 | 68,913 | 64,480 |
Professional fees | 12,743 | 21,258 | 140,666 | 169,351 |
Supplies, telephone and postage | 55,474 | 67,087 | 186,677 | 201,517 |
Other expenses | 108,724 | 234,195 | 390,685 | 447,691 |
Total non-interest expense | 1,746,379 | 1,806,552 | 5,265,083 | 5,260,767 |
Income before income taxes | 1,019,122 | 90,870 | 1,657,275 | 1,298,266 |
Income tax expense | (403,995) | (41,084) | (540,221) | (436,198) |
Net income | $ 615,127 | $ 49,786 | $ 1,117,054 | $ 862,068 |
Basic earnings per share (in dollars per share) | $ 0.20 | $ 0.02 | $ 0.36 | $ 0.28 |
Diluted earnings per share (in dollars per share) | $ 0.20 | $ 0.02 | $ 0.36 | $ 0.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Condensed Consolidated Statements of Comprehensive Income | ||||
Net Income | $ 615,127 | $ 49,786 | $ 1,117,054 | $ 862,068 |
Other comprehensive income: | ||||
Unrealized gain on securities available-for-sale, net of tax | 1,941 | 7,071 | 2,639 | 8,676 |
Comprehensive income | $ 617,068 | $ 56,857 | $ 1,119,693 | $ 870,744 |
Consolidated Statemend of Compr
Consolidated Statemend of Comprehensive Income (Parenthetical) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Condensed Consolidated Statements of Comprehensive Income | ||
Tax benefit | $ 369 | $ 1,730 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 9 months ended Mar. 31, 2015 - USD ($) | Common Equity | Additional Paid In Capital | Retained Earnings | Unearned ESOP Shares | Shares Reserved for Stock Compensation | Treasury Stock | Accumulated Other Comprehensive (Loss) | Amount Reclassified on ESOP Shares | Total |
BALANCE at Jun. 30, 2014 | $ 32,975 | $ 13,236,086 | $ 8,902,839 | $ (499,590) | $ (698,015) | $ (978,682) | $ (3,356) | $ (388,585) | $ 19,603,672 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net Income | 1,117,054 | 1,117,054 | |||||||
Other comprehensive income (loss) | 2,639 | 2,639 | |||||||
Release of 4,542 unearned ESOP shares | (28,668) | 68,130 | 39,462 | ||||||
Stock compensation expense | (107,953) | 201,247 | 93,294 | ||||||
Reclassification due to release and changes in fair value of common stock in ESOP subject to contingent repurchase obligation of ESOP shares | (55,993) | (55,993) | |||||||
BALANCE at Mar. 31, 2015 | $ 32,975 | $ 13,099,465 | $ 10,019,893 | $ (431,460) | $ (496,768) | $ (978,682) | $ (717) | $ (444,578) | $ 20,800,128 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidated Statements of Changes in Stockholders' Equity | |||
Release of unearned ESOP shares (in shares) | 6,813 | 9,084 | 9,083 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | |||||
Net Income | $ 615,127 | $ 49,786 | $ 1,117,054 | $ 862,068 | |
Adjustment to reconcile net income to net cash provided by operating activities: | |||||
Depreciation | 83,150 | 65,969 | 235,976 | 206,015 | |
Federal Home Loan Bank stock dividends | (15,800) | (15,100) | |||
ESOP expense | 39,462 | 28,891 | $ 39,761 | ||
Stock compensation expense | 93,294 | ||||
Amortization of deferred loan origination costs, net | 350,492 | 326,728 | |||
Amortization of premiums and discounts | 12,879 | 14,829 | |||
Amortization of prepayment penalty fee | 216,208 | 153,459 | |||
Gain on sale of loans | (487,516) | (386,786) | |||
(Gain) loss on sale of foreclosed assets | 2,914 | 3,007 | |||
Provision for loan losses | (710,837) | (768,986) | (681,169) | ||
Provision for repurchase reserve | 17,062 | ||||
Provision for foreclosed assets | 133,570 | ||||
Deferred taxes | 453,262 | 380,778 | |||
Loans originated for sale | (18,541,664) | (12,824,935) | |||
Proceeds from sale of loans | 18,894,713 | 13,047,236 | |||
Loss on investment from low income housing | 22,500 | 13,500 | |||
Changes in: | |||||
Accrued interest receivable | (71,739) | (172,060) | |||
Other assets | (870,518) | 215,267 | |||
Accrued interest payable and other liabilities | 272,785 | 5,887 | |||
Net cash provided by operating activities | 1,030,527 | 1,223,368 | |||
Cash Flows from Investing Activities: | |||||
Net change in loans | (7,055,424) | (17,059,409) | |||
Proceeds from sale of foreclosed assets, net | 59,681 | 1,196,873 | |||
Proceeds from maturity of time deposits with financial institutions | 750,000 | 2,037,000 | |||
Securities available-for-sale: | |||||
Proceeds from calls and principal repayments | 328,560 | 381,777 | |||
Securities held-to-maturity | |||||
Proceeds from calls and principal repayments | 253,845 | 271,988 | |||
Purchases | (3,207,404) | ||||
Purchases of Federal Home Loan Bank stock | (13,500) | ||||
Redemption of Federal Home Loan Bank stock | 353,000 | 1,198,100 | |||
Purchase of premises and equipment | (320,896) | (72,314) | |||
Net cash used in investing activities | (5,644,734) | (15,253,389) | |||
Cash Flows from Financing Activities: | |||||
Net change in deposits | 27,951,306 | 15,915,249 | |||
Net change in federal funds purchased and securities sold under agreements to repurchase | (1,015,192) | ||||
Proceeds from Federal Home Loan Bank borrowings | 1,410,000 | ||||
Repayments of Federal Home Loan Bank borrowings | (12,394,023) | ||||
Net change in advance payments from borrowers for taxes and insurance | 105,502 | 90,911 | |||
Net cash provided by financing activities | 17,072,785 | 14,990,968 | |||
Increase (decrease) in cash and cash equivalents | 12,458,578 | 960,947 | |||
Cash and Cash Equivalents, at Carrying Value [Abstract] | |||||
Beginning | 7,776,305 | 19,556,397 | 19,556,397 | ||
Ending | $ 20,234,883 | $ 20,517,344 | 20,234,883 | 20,517,344 | $ 7,776,305 |
Supplemental Cash Flow Information | |||||
Interest paid on deposits and borrowings | 922,960 | 755,938 | |||
Income taxes paid | $ 112,222 | $ 45,874 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation | |
Basis of Presentation | Note 1. Basis of Presentation The accompanying consolidated financial statements of Equitable Financial Corp. (the “Company”) and its wholly owned subsidiary Equitable Bank (the “Bank”) have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with SEC rules and regulations. Accordingly, the statements do not include all the information and footnotes required by GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto that were included in the Company’s annual report for the year ended June 30, 2014 and the Company’s prospectus dated May 14, 2015. All significant intercompany transactions are eliminated in consolidation. In the opinion of the Company’s management, all adjustments necessary (i) for a fair presentation of the financial statements for the interim periods included herein and (ii) to make such financial statements not misleading have been made and are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. In preparing the financial statements, management is required to make estimates and assumptions that affect the recorded 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 for the period. Actual results could differ from those estimates. For further information with respect to significant accounting policies followed by the Company in preparation of the financial statements, refer to the Company’s annual report for the year ended June 30, 2014 and the Company’s prospectus dated May 14, 2015. The Bank is a federally chartered stock savings bank and a member of the Federal Home Loan Bank (“FHLB”) system. The Bank maintains insurance on deposit accounts with the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). Equitable Financial MHC (the “MHC”), a federally chartered mutual holding company, owns 1,813,630 shares of the Company’s common stock and will continue to own at least a majority of the Company’s common stock as long as the MHC exists. |
Stock Conversion
Stock Conversion | 9 Months Ended |
Mar. 31, 2015 | |
Stock Conversion | |
Stock Conversion | Note 2. Stock Conversion On March 2, 2015, the Boards of Directors of the MHC, the Company and the Bank adopted a Plan of Conversion. Pursuant to the Plan of Conversion, the MHC will convert from the mutual holding company form of organization to the fully public form. The MHC will be merged into the Company, and the MHC will no longer exist. The Company will then merge into a new Maryland corporation named Equitable Financial Corp. As part of the conversion, the MHC’s ownership interest in the Company will be offered for sale in a public offering. The existing publicly held shares of the Company, which represent the remaining ownership interest in the Company, will be exchanged for new shares of common stock of Equitable Financial Corp., the new Maryland corporation. The exchange ratio will ensure that immediately after the conversion and public offering, the public shareholders of the Company will own the same aggregate percentage of common stock of the new Maryland corporation that they owned immediately prior to the completion of the conversion and public offering (excluding shares purchased in the stock offering, cash received in lieu of fractional shares and as adjusted to reflect assets held by the MHC). When the conversion and public offering are completed, all of the capital stock of the Bank will be owned by the new Maryland corporation. The Plan of Conversion provides for the establishment, upon the completion of the conversion, of special “liquidation accounts” for the benefit of certain depositors of the Bank in an amount equal to the MHC’s ownership interest in the equity of the Company as of the date of the latest balance sheet contained in the prospectus plus the value of the net assets of the MHC as of the date of the latest statement of financial condition of the MHC prior to the consummation of the conversion (excluding its ownership of the Company). Following the completion of the conversion, Equitable Financial Corp. and the Bank will not be permitted to pay dividends on their capital stock if Equitable Financial Corp.’s shareholders’ equity or the Bank’s shareholder’s equity would be reduced below the amount of Equitable Financial Corp.’s or the Bank’s liquidation account, as applicable. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation accounts. Direct costs of the conversion and public offering will be deferred and reduce the proceeds from the shares sold in the public offering. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | Note 3. New Accounting Pronouncements In January 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) – Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. ASU 2014-04 is intended to reduce diversity in practice by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. ASU 2014-04 is effective for annual periods beginning after December 15, 2014 and is not expected to have a material impact on the Company’s consolidated financial statements. |
Securities
Securities | 9 Months Ended |
Mar. 31, 2015 | |
Securities | |
Securities | Note 4. Securities The fair value of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows: Gross Gross Amortized Unrealized Unrealized March 31, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ ) $ Gross Gross Amortized Unrealized Unrealized June 30, 2014 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ - $ ) $ The carrying amount, unrecognized gross gains and losses, and fair value of securities held-to-maturity are as follows: Gross Gross Amortized Unrealized Unrealized March 31, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ - $ Municipal securities - $ $ $ - $ Gross Gross Amortized Unrealized Unrealized June 30, 2014 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ - $ Municipal securities ) $ $ $ ) $ Securities available-for-sale and held-to-maturity consist of investments in bonds securitized by the Government National Mortgage Association and local municipal securities. The contractual maturities of the residential mortgage-backed securities at March 31, 2015 are not disclosed because the securities are not due at a single maturity date. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Approximately $2.9 million in municipal securities will mature in the year ending June 30, 2019 with the remaining balance maturing in the year ending June 30, 2020. There were no sales of securities for the nine months ended March 31, 2015 and 2014 and the year ended June 30, 2014. The duration of gross unrealized losses is not disclosed as such amounts are immaterial to the consolidated financial statements. The Company has not recognized other-than-temporary impairment on any securities for the nine months ended March 31, 2015 and 2014. |
Loans
Loans | 9 Months Ended |
Mar. 31, 2015 | |
Loans | |
Loans | Note 5. Loans Loans are as follows: March 31, 2015 June 30, 2014 Commercial: Operating $ 14,302,362 $ 18,138,426 Real estate 54,255,897 45,289,372 Agricultural: Operating 23,387,279 24,883,737 Real estate 17,959,974 19,677,197 Residential real estate: 1-4 family 38,495,495 34,020,587 Home equity 10,011,986 9,669,142 Other: Construction and land 5,423,011 5,043,990 Consumer 2,955,364 2,795,609 Total loans 166,791,368 159,518,060 Deferred loan origination costs, net 547,314 565,380 Allowance for loan losses (2,414,000 ) (2,574,000 ) (1,866,686 ) (2,008,620 ) Loans, net $ 164,924,682 $ 157,509,440 Changes in the allowance for loan losses, by portfolio segment are summarized as follows: Residential Commercial Agricultural Real Estate Other Total For the nine months ended March 31, 2015 Balance, beginning $ 1,237,000 $ 646,000 $ 586,000 $ 105,000 $ 2,574,000 Provision charged to expense 224,463 (57,000 ) 42,767 (921,067 ) (710,837 ) Recoveries 20,118 - 13,233 931,930 965,281 1,481,581 589,000 642,000 115,863 2,828,444 Loans charged off (405,581 ) - - (8,863 ) (414,444 ) Balance, ending $ 1,076,000 $ 589,000 $ 642,000 $ 107,000 $ 2,414,000 Residential Commercial Agricultural Real Estate Other Total For the year ended June 30, 2014 Balance, beginning $ 1,010,000 $ 451,000 $ 718,000 $ 114,000 $ 2,293,000 Provision charged to expense (541,858 ) 195,000 (122,746 ) (211,565 ) (681,169 ) Recoveries 834,235 - 1,600 216,555 1,052,390 1,302,377 646,000 596,854 118,990 2,664,221 Loans charged off (65,377 ) - (10,854 ) (13,990 ) (90,221 ) Balance, ending $ 1,237,000 $ 646,000 $ 586,000 $ 105,000 $ 2,574,000 The allowance for loan losses, by impairment evaluation and portfolio segment is summarized as follows: Residential Commercial Agricultural Real Estate Other Total March 31, 2015 Allowance for loans individually evaluated for impairment $ 5,810 $ - $ 53,777 $ - $ 59,587 Allowance for loans collectively evaluated for impairment 1,070,190 589,000 588,223 107,000 2,354,413 $ 1,076,000 $ 589,000 $ 642,000 $ 107,000 $ 2,414,000 Loans individually evaluated for impairment $ 569,541 $ 441,125 $ 3,900,765 $ 8,656 $ 4,920,087 Loans collectively evaluated for impairment 67,988,718 40,906,128 44,606,716 8,369,719 161,871,281 $ 68,558,259 $ 41,347,253 $ 48,507,481 $ 8,378,375 $ 166,791,368 Allowance as a percentage of loans individually evaluated for impairment 1.02% 0.00% 1.38% 0.00% 1.21% Allowance as a percentage of loans collectively evaluated for impairment 1.57% 1.44% 1.32% 1.28% 1.45% Allowance as a percentage of total loans evaluated for impairment 1.57% 1.42% 1.32% 1.28% 1.45% Residential Commercial Agricultural Real Estate Other Total June 30, 2014 Allowance for loans individually evaluated for impairment $ 270,272 $ - $ 52,197 $ - $ 322,469 Allowance for loans collectively evaluated for impairment 966,728 646,000 533,803 105,000 2,251,531 $ 1,237,000 $ 646,000 $ 586,000 $ 105,000 $ 2,574,000 Loans individually evaluated for impairment $ 792,682 $ - $ 4,286,736 $ 12,500 $ 5,091,918 Loans collectively evaluated for impairment 62,635,116 44,560,934 39,402,993 7,827,099 154,426,142 $ 63,427,798 $ 44,560,934 $ 43,689,729 $ 7,839,599 $ 159,518,060 Allowance as a percentage of loans individually evaluated for impairment 34.10% 0.00% 1.22% 0.00% 6.33% Allowance as a percentage of loans collectively evaluated for impairment 1.54% 1.45% 1.35% 1.34% 1.46% Allowance as a percentage of total loans evaluated for impairment 1.95% 1.45% 1.34% 1.34% 1.61% The aging in terms of unpaid principal balance of the loan portfolio, by classes of loans is summarized as follows: > 90 days 31-60 days 61-90 days Past Due Current Past Due Past Due (Nonaccrual) Total March 31, 2015 Classes of loans: Commercial: Operating $ 14,302,362 $ - $ - $ - $ 14,302,362 Real estate 54,217,673 - - 38,224 54,255,897 Agricultural: Operating 23,387,279 - - - 23,387,279 Real estate 17,959,974 - - - 17,959,974 Residential real estate: 1-4 family 38,428,836 - - 66,659 38,495,495 Home equity 9,996,757 15,229 - - 10,011,986 Other: Construction and land 5,423,011 - - - 5,423,011 Consumer 2,902,522 52,842 - - 2,955,364 $ 166,618,414 $ 68,071 $ - $ 104,883 $ 166,791,368 As a percentage of total loan portfolio 99.90% 0.04% 0.00% 0.06% 100.00% > 90 days 31-60 days 61-90 days Past Due Current Past Due Past Due (Nonaccrual) Total June 30, 2014 Classes of loans: Commercial: Operating $ 18,027,590 $ 4,298 $ - $ 106,538 $ 18,138,426 Real estate 45,051,510 - 199,638 38,224 45,289,372 Agricultural: Operating 24,883,737 - - - 24,883,737 Real estate 19,677,197 - - - 19,677,197 Residential real estate: 1-4 family 33,537,729 64,279 348,817 69,762 34,020,587 Home equity 9,652,522 16,620 - - 9,669,142 Other: Construction and land 5,043,990 - - - 5,043,990 Consumer 2,795,309 300 - - 2,795,609 $ 158,669,584 $ 85,497 $ 548,455 $ 214,524 $ 159,518,060 As a percentage of total loan portfolio 99.48% 0.05% 0.34% 0.13% 100.00% For each class of loans, the following summarizes the unpaid principal balance by credit quality indicator as of: Commercial Commercial Agricultural Agricultural – Operating – Real Estate – Operating – Real Estate Total March 31, 2015 Internally assigned risk rating: Highest Quality (rating 1) $ 19,600 $ - $ 340,015 $ - $ 359,615 Good Quality (rating 2) 372,992 5,830,735 8,921,625 5,342,168 20,467,520 Acceptable Quality (rating 3) 7,703,807 33,577,523 7,275,067 7,799,552 56,355,949 Fair Quality (rating 4) 5,846,014 13,023,996 6,838,973 4,388,728 30,097,711 Special Mention (rating 5) - - - - - Substandard (rating 6) 359,949 1,823,643 11,599 429,526 2,624,717 Doubtful (rating 7) - - - - - Loss (rating 8) - - - - - $ 14,302,362 $ 54,255,897 $ 23,387,279 $ 17,959,974 $ 109,905,512 Commercial Commercial Agricultural Agricultural – Operating – Real Estate – Operating – Real Estate Total June 30, 2014 Internally assigned risk rating: Highest Quality (rating 1) $ 27,495 $ - $ 648,226 $ 199,200 $ 874,921 Good Quality (rating 2) 237,591 6,635,611 3,246,964 5,254,390 15,374,556 Acceptable Quality (rating 3) 9,012,508 22,943,545 6,998,671 8,915,336 47,870,060 Fair Quality (rating 4) 7,384,634 14,477,642 13,989,876 5,308,271 41,160,423 Special Mention (rating 5) - 51,909 - - 51,909 Substandard (rating 6) 1,476,198 1,180,665 - - 2,656,863 Doubtful (rating 7) - - - - - Loss (rating 8) - - - - - $ 18,138,426 $ 45,289,372 $ 24,883,737 $ 19,677,197 $ 107,988,732 Residential RE Residential RE Other – Construction Other – – 1-4 Family – Home Equity and Land Consumer Total March 31, 2015 Delinquency status*: Performing $ 37,983,825 $ 9,976,639 $ 5,423,011 $ 2,895,813 $ 56,279,288 Nonperforming 511,670 35,347 - 59,551 606,568 $ 38,495,495 $ 10,011,986 $ 5,423,011 $ 2,955,364 $ 56,885,856 Residential RE Residential RE Other – Construction Other – – 1-4 Family – Home Equity and Land Consumer Total June 30, 2014 Delinquency status*: Performing $ 33,537,729 $ 9,652,522 $ 5,043,990 $ 2,795,309 $ 51,029,550 Nonperforming 482,858 16,620 - 300 499,778 $ 34,020,587 $ 9,669,142 $ 5,043,990 $ 2,795,609 $ 51,529,328 * For commercial loans and agricultural loans, the Company’s credit quality indicator is internally assigned risk ratings. Each commercial loan is assigned a risk rating upon origination. The risk rating is reviewed every 12 months, at a minimum, and on as needed basis depending on the specific circumstances of the loan. For residential real estate and other loans, the Company’s credit quality indicator is performance determined by delinquency status. Delinquency status is updated daily by the Company’s loan system. Loans, by classes of loans, considered to be impaired are summarized as follows: Unpaid Average Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized March 31, 2015 Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ 290,647 $ 288,577 $ - $ 313,206 $ 13,121 Real estate 229,586 222,863 - 236,802 11,005 Agricultural: Operating 11,621 11,599 - 13,490 515 Real estate 432,837 429,526 - 388,916 15,700 Residential real estate: 1-4 family 3,756,194 3,749,543 - 3,843,756 156,154 Home equity 64,576 64,445 - 66,004 3,150 Other: Consumer 9,082 8,656 - 10,489 455 4,794,543 4,775,209 - 4,872,663 200,100 Impaired loans with specific allowance recorded: Commercial: Operating 58,182 58,101 5,810 60,738 2,287 Residential real estate: 1-4 family 71,389 66,659 33,659 69,958 349 Home equity 20,253 20,118 20,118 20,925 979 149,824 144,878 59,587 151,621 3,615 Total impaired loans: Commercial: Operating 348,829 346,678 5,810 373,944 15,408 Real estate 229,586 222,863 - 236,802 11,005 Agricultural: Operating 11,621 11,599 - 13,490 515 Real estate 432,837 429,526 - 388,916 15,700 Residential real estate: 1-4 family 3,827,583 3,816,202 33,659 3,913,714 156,503 Home equity 84,829 84,563 20,118 86,929 4,129 Other: Consumer 9,082 8,656 - 10,489 455 $ 4,944,367 $ 4,920,087 $ 59,587 $ 5,024,284 $ 203,715 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized June 30, 2014 Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ 55,800 $ 54,649 $ - $ 224,952 $ 5,062 Real estate 199,149 199,638 - 99,575 13,025 Residential real estate: 1-4 family 3,196,754 3,189,520 - 3,676,200 164,138 Home equity 67,339 67,308 - 69,425 4,586 Other: Consumer 12,484 12,500 - 12,623 1,029 3,531,526 3,523,615 - 4,082,775 187,840 Impaired loans with specific allowance recorded: Commercial: Operating 541,203 538,395 270,272 431,108 23,252 Residential real estate: 1-4 family 1,011,629 1,008,328 30,617 1,062,152 59,431 Home equity 21,644 21,580 21,580 22,523 1,769 1,574,476 1,568,303 322,469 1,515,783 84,452 Total impaired loans: Commercial: Operating 597,003 593,044 270,272 656,060 28,314 Real estate 199,149 199,638 - 99,575 13,025 Residential real estate: 1-4 family 4,208,383 4,197,848 30,617 4,738,352 223,569 Home equity 88,983 88,888 21,580 91,948 6,355 Other: Consumer 12,484 12,500 - 12,623 1,029 $ 5,106,002 $ 5,091,918 $ 322,469 $ 5,598,558 $ 272,292 Impaired loans, for which no allowance has been provided as of March 31, 2015 and June 30, 2014, have adequate collateral, based on management’s current estimates. The following summarizes the number and recorded investment of troubled debt restructurings (“TDRs”) as of: March 31, 2015 Number Recorded of TDRs Investment Concession – Extension of maturity: Commercial: Operating 6 $ 328,741 Real estate 1 185,322 Agricultural: Real estate 1 230,997 Residential real estate: 1-4 family 36 1,552,177 Home equity 4 64,576 Other: Consumer 2 9,082 50 $ 2,370,895 Concession – Reduction of interest rate below market: Residential real estate: 1-4 family 49 $ 2,181,078 Home equity 1 20,253 50 $ 2,201,331 Total: Commercial: Operating 6 $ 328,741 Real estate 1 185,322 Agricultural: Real estate 1 230,997 Residential real estate: 1-4 family 85 3,733,255 Home equity 5 84,829 Other: Consumer 2 9,082 100 $ 4,572,226 June 30, 2014 Number Recorded of TDRs Investment Concession – Extension of maturity: Commercial: Operating 6 $ 163,537 Real estate 1 199,149 Residential real estate: 1-4 family 35 1,811,371 Home equity 4 67,339 Other: Consumer 3 12,484 49 $ 2,253,880 Concession – Reduction of interest rate below market: Commercial: Operating 1 $ 356,142 Residential real estate: 1-4 family 52 2,365,351 Home equity 1 21,644 54 $ 2,743,137 Total: Commercial: Operating 7 $ 519,679 Real estate 1 199,149 Residential real estate: 1-4 family 87 4,176,722 Home equity 5 88,983 Other: Consumer 3 12,484 103 $ 4,997,017 The following summarizes the number and investment in TDRs, by type of concession, that were restructured: Number Recorded For the nine months ended March 31, 2015 of TDRs Investment Concession – Extension of maturity: Commercial: Operating 3 $ 287,161 Agricultural: Real Estate 1 230,997 Residential real estate: 1-4 family 1 58,701 5 $ 576,859 Total: Commercial: Operating 3 $ 287,161 Agricultural: Real Estate 1 230,997 Residential real estate: 1-4 family 1 58,701 5 $ 576,859 Number Recorded For the nine months ended March 31, 2014 of TDRs Investment Concession – Extension of maturity: Commercial: Real Estate 1 $ 200,192 Other: Consumer 1 30,000 2 $ 230,192 Total: Commercial: Real Estate 1 $ 200,192 Other: Consumer 1 30,000 2 $ 230,192 Number Recorded For the year ended June 30, 2014 of TDRs Investment Concession – Extension of maturity: Commercial: Real estate 1 $ 199,149 1 $ 199,149 Total: Commercial: Real estate 1 $ 199,149 1 $ 199,149 |
Loan Servicing
Loan Servicing | 9 Months Ended |
Mar. 31, 2015 | |
Loan Servicing | |
Loan Servicing | Note 6. Loan Servicing Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of these loans were approximately $87,003,000 and $83,808,000 at March 31, 2015 and June 30, 2014, respectively. During the three months ended March 31, 2015 and 2014, the Company sold approximately $3,205,000 and $2,897,000, respectively, of fixed-rate loans secured by one-to-four family residential real estate, which resulted in a pre-tax gain on the sale of approximately $71,000 and $160,000 for the three months ended March 31, 2015 and 2014, respectively. During the nine months ended March 31, 2015 and 2014, the Company sold approximately $18,912,000 and $13,047,000, respectively, of fixed-rate loans secured by one-to-four family residential real estate, which resulted in a pre-tax gain on the sale of approximately $488,000 and $387,000 for the nine months ended March 31, 2015 and 2014, respectively. The Company entered into an agreement with the FHLB to originate mortgage loans on behalf of the FHLB and to sell closed loans to the FHLB under the FHLB Mortgage Partnership Finance (“MPF”) program. Under the terms of the agreement, the Company retains a portion of the credit risk associated with each conventional loan pool under a risk-sharing agreement. The Company’s credit losses are capped by the credit enhancement amount established for each pool of loans. Losses beyond that cap are absorbed by the FHLB. At March 31, 2015 and June 30, 2014, the amount of conventional loans outstanding that were originated and sold to the FHLB in the MPF was $19,237,457 and $19,652,262, respectively, with possible credit enhancement losses capped at $1,135,566 and $1,109,788 at March 31, 2015 and June 30, 2014, respectively. The Company has no history of losses, however as of March 31, 2015 accrued losses were $17,062. |
Accrued Interest Receivable
Accrued Interest Receivable | 9 Months Ended |
Mar. 31, 2015 | |
Accrued Interest Receivable | |
Accrued Interest Receivable | Note 7. Accrued Interest Receivable Accrued interest receivable is summarized as follows: March 31, 2015 June 30, 2014 Time deposits with other financial institutions $ $ Securities Loans $ $ |
Premises and Equipment, Net
Premises and Equipment, Net | 9 Months Ended |
Mar. 31, 2015 | |
Premises and Equipment | |
Premises and Equipment, Net | Note 8. Premises and Equipment, Net Premises and equipment, net are as follows: March 31, 2015 June 30, 2014 Land and land improvements $ $ Buildings and improvements Furniture and equipment Computer equipment Vehicles - Less accumulated depreciation ) ) $ $ Depreciation expense was $83,150 and $65,969 for the three months ended March 31, 2015 and 2014, respectively, and $235,976 and $206,015 for the nine months ended March 31, 2015 and 2014, respectively. |
Deposits
Deposits | 9 Months Ended |
Mar. 31, 2015 | |
Deposits | |
Deposits | Note 9. Deposits Deposits are as follows: March 31, 2015 June 30, 2014 Noninterest-bearing demand $ $ Interest-bearing NOW Money market Savings Certificates of deposit $ $ Certificates of deposit of $250,000 or more were approximately $3,332,000 and $1,444,000 at March 31, 2015 and June 30, 2014, respectively. At March 31, 2015, the scheduled maturities of certificates of deposit are as follows: March 31, 2016 $ 2017 2018 2019 2020 and beyond $ Interest expense on deposit accounts is summarized as follows: Three months ended Nine months ended March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 Interest-bearing NOW $ $ $ $ Money market Savings Certificates of deposit $ $ $ $ |
Federal Home Loan Bank Borrowin
Federal Home Loan Bank Borrowings | 9 Months Ended |
Mar. 31, 2015 | |
Federal Home Loan Bank Borrowings | |
Federal Home Loan Bank Borrowings | Note 10. Federal Home Loan Bank Borrowings FHLB borrowings are summarized as follows: Contractual Interest Weighted Ave. At June 30, 2014 Rate Range Contractual Rate Amount Variable-rate FHLB advances due: Within 1 year - $ 1 to 2 years - Total variable-rate FHLB advances - Open line advances up to $10 million, due on demand - - Less prepayment penalty fee ) Total FHLB borrowings % - % $ The Company maintains a collateral pledge agreement covering secured advances whereby the Company has agreed to pledge certain real estate loans to secure advances from the FHLB of Topeka. All stock in the FHLB of Topeka is pledged as additional collateral for these advances. At March 31, 2015 and June 30, 2014, approximately $45.6 million and $31.7 million, respectively, of real estate loans collateralized the advances. At March 31, 2015, the Company had the ability to borrow an additional $44.2 million in FHLB advances. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Mar. 31, 2015 | |
Regulatory Matters | |
Regulatory Matters | Note 11. Regulatory Matters The Bank is subject to regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory — and possibly additional discretionary — actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. The prompt corrective action regulations provide five classifications, including well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If only adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and plans for capital restoration are required. Management believes, as of March 31, 2015, that the Bank meets all capital adequacy requirements to which it is subject. Actual capital levels and minimum required levels for the Bank were: Minimum Required to Be Well Capitalized Minimum Required for Under Prompt Capital Adequacy Corrective Action Purposes Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio March 31, 2015 Total capital (to risk-weighted assets) $ 20,847 13.3% $ 12,560 8.0% $ 15,700 10.0% Common equity Tier 1 capital (to risk-weighted assets) 18,879 12.0% 7,065 4.5% 10,205 6.5% Tier 1 (core) capital (to risk-weighted assets) 18,879 12.0% 9,420 6.0% 12,560 8.0% Tier 1 (core) capital (to adjusted total assets) 18,879 9.4% 8,016 4.0% 10,020 5.0% June 30, 2014 Total capital (to risk-weighted assets) $ 18,729 11.7% $ 12,852 8.0% $ 16,065 10.0% Tier 1 (core) capital (to risk-weighted assets) 16,736 10.4% 6,426 4.0% 9,639 6.0% Tier 1 (core) capital (to adjusted total assets) 16,736 9.3% 7,196 4.0% 8,994 5.0% Federal regulations require the Bank to comply with a Qualified Thrift Lender (“QTL”) test, which requires that 65% of assets be maintained in housing-related finance and other specified assets. If the QTL test is not met, limits are placed on growth, branching, new investment, FHLB advances, and dividends or the institution must convert to a commercial bank charter. Management believes the QTL test has been met. In July 2013, the Federal Reserve Board and the Federal Deposit Insurance Corporation issued final rules implementing the Basel III regulatory capital framework and related Dodd-Frank Wall Street Reform and Consumer Protection Act changes. The rules revised minimum capital requirements and adjusted prompt corrective action thresholds. The final rules revised the regulatory capital elements, added a new common equity Tier 1 capital ratio, increased the minimum Tier 1 capital ratio requirement, and implemented a new capital conservation buffer. The rules also permitted certain banking organizations to retain, through a one-time election, the existing treatment for accumulated other comprehensive income. The final rules took effect for community banks on January 1, 2015, subject to a transition period for certain parts of the rules. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Mar. 31, 2015 | |
Employee Benefit Plans | |
Employee Benefit Plans | Note 12. Employee Benefit Plans The Company has a 401(k) and profit sharing plan (the “Plans”) covering substantially all employees. Annual contributions to the Plans are made at the discretion of and determined by the Board of Directors. Participant interests are vested over a period from one to five years of service. Contributions were made of $21,000 and $20,000 for the three months ended March 31, 2015 and 2014, respectively, and $63,000 and $57,000 for the nine months ended March 31, 2015 and 2014, respectively. On November 8, 2005, the Company adopted an employee stock ownership plan (the “ESOP”) for the benefit of substantially all employees. The ESOP borrowed $1,292,620 from the Company and used those funds to acquire 129,262 shares of the Company’s stock in connection with the reorganization at a price of $10.00 per share. Shares purchased by the ESOP with the loan proceeds are held in a suspense account and are allocated to ESOP participants on a pro rata basis as principal and interest payments are made by the ESOP to the Company. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Company’s discretionary contributions to the ESOP and earnings on ESOP assets. Annual principal and interest payments of approximately $145,000 are to be made by the ESOP. As shares are released from collateral, the Company will report compensation expense equal to the current market price of the shares and the shares will become outstanding for earnings-per-share computations. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce accrued interest. Because participants may require the Company to purchase their ESOP shares upon termination of their employment, the fair value of all earned and allocated ESOP shares may become a liability. The ESOP has a plan year-end of December 31. On December 31, 2014, 9,084 and 9,083 shares, respectively, were allocated to the ESOP. The fair value of the shares allocated approximated $5.62 per share at December 31, 2014. The Company has recorded compensation expense of $39,761 for shares that were released and committed to be released for the year ended June 30, 2014. For presentation purposes, 74,761 released shares and 4,542 shares that have been committed to be released are disclosed as allocated shares as of June 30, 2014. Shares held by the ESOP were as follows: March 31, 2015 June 30, 2014 Allocated shares Unearned ESOP shares Total ESOP shares Fair value of unearned ESOP shares $ $ Fair value of allocated shares subject to repurchase obligation $ $ The Company approved the Equitable Financial Corp. 2006 Equity Incentive Plan in November 2006. Under this plan, the Company may award up to 161,577 stock options and 64,631 shares of restricted stock to employees and directors. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Mar. 31, 2015 | |
Earnings per Share | |
Earnings per Share | Note 13. Earnings per Share Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is calculated by dividing earnings available to common stockholders for the period by the sum of the weighted average common shares outstanding and the weighted average dilutive shares. The following table presents a reconciliation of the components used to compute basic earnings per share for the three months and nine months ended March 31, 2015 and 2014: (Restated) (Restated) For the three months ended For the nine months ended March 31, March 31, 2015 2014 2015 2014 Weighted average common shares outstanding Net income available to common stockholders $ $ $ $ Basic earnings per share $ $ $ $ The following table presents a reconciliation of the components used to compute diluted earnings per share for the three months and nine months ended March 31, 2015 and 2014: (Restated) (Restated) For the three months ended For the nine months ended March 31, March 31, 2015 2014 2015 2014 Weighted average common shares outstanding Weighted average of net additional shares from restricted stock awards Weighted average number of shares outstanding Net income available to common stockholders $ $ $ $ Diluted earnings per share $ $ $ $ |
Loan Commitments and Other Rela
Loan Commitments and Other Related Activities | 9 Months Ended |
Mar. 31, 2015 | |
Loan Commitments and Other Related Activities | |
Loan Commitments and Other Related Activities | Note 14. Loan Commitments and Other Related Activities The Company is party to various financial instruments with off-balance-sheet risk. The Company uses these financial instruments in the normal course of business to meet the financing needs of customers and to effectively manage exposure to interest rate risk. These financial instruments include commitments to extend credit, standby letters of credit, and unused lines of credit. When viewed in terms of the maximum exposure, these instruments may involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. Credit risk is the possibility that a counterparty to a financial instrument will be unable to perform its contractual obligations. Interest rate risk is the possibility that, due to changes in economic conditions, the Company’s net interest income will be adversely affected. The following is a summary of the contractual or notional amount of each significant class of off-balance-sheet financial instruments outstanding. The Company’s exposure to credit loss in the event of nonperformance by the counterparty for commitments to extend credit, standby letters of credit, and unused lines of credit is represented by the contractual or notional amount of these instruments. The contractual or notional amounts are as follows: March 31, 2015 June 30, 2014 Financial instruments wherein contractual amounts represent credit risk: Commitments to extend credit $ $ Standby letters of credit Unused lines of credit At March 31, 2015, fixed-rate commitments were approximately $13,860,000. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary, by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. The collateral held varies but primarily consists of single-family residential real estate. In April 2006, the Company entered into an operating lease for a branch facility, with expiration in June 2012. The lease had a renewal option to extend the lease for five years (through June 2017) which was exercised during the prior period by the Company. Future commitments under the operating lease approximate the following: Year Ending June 30, 2015 $ 2016 2017 Rental expense, included in occupancy and equipment expense in the consolidated statements of income, totaled approximately $16,000 and $31,000 for the three months ended March 31, 2015 and 2014, respectively, and approximately $79,000 and $94,000 for the nine months ended March 31, 2015 and 2014, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2015 | |
Fair Value Measurements | |
Fair Value Measurements | Note 15. Fair Value Measurements The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value, establishes a framework for measuring fair value and requires disclosure of fair value measurements. The fair value hierarchy set forth in the Topic is as follows: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. There were no transfers between levels during the nine months ended March 31, 2015 and the year ended June 30, 2014, nor were there any changes in valuation techniques used for assets or liabilities measured at fair value at March 31, 2015 and June 30, 2014. Assets and liabilities recorded at fair value on a recurring basis : A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below: Securities Available-for-Sale – Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. The following tables summarize assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and June 30, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Fair Value Measurement at March 31, 2015 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Securities available-for-sale $ $ - $ $ - Total assets $ $ - $ $ - Fair Value Measurement at June 30, 2014 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Securities available-for-sale $ $ - $ $ - Total assets $ $ - $ $ - Assets and liabilities recorded at fair value on a nonrecurring basis : A description of the valuation methodologies used for assets and liabilities measured at fair value on a nonrecurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Impaired Loans – From time to time, a loan is considered impaired and an allowance for credit losses is established. The specific reserves for collateral dependent impaired loans are based on the fair value of the collateral less estimated costs to sell. The fair value of collateral was determined based on appraisals. In some cases, adjustments were made to the appraised values due to various factors including age of the appraisal, age of comparables included in the appraisal, and known changes in the market and in the collateral. When significant adjustments were based on unobservable inputs, the resulting fair value measurement has been categorized as a Level 3 measurement. Foreclosed Assets – Foreclosed assets are carried at estimated fair value of the property, less disposal costs. The fair value of the property is determined based upon appraisals. As with impaired loans, if significant adjustments are made to the appraised value, based on unobservable inputs, the resulting fair value measurement has been categorized as a Level 3 measurement. The following tables summarize assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2015 and June 30, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Fair Value Measurement at March 31, 2015 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Impaired loans $ $ - $ - $ Foreclosed assets - - Total assets $ $ - $ - $ Fair Value Measurement at June 30, 2014 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Impaired loans $ $ - $ - $ Foreclosed assets - - Total assets $ $ - $ - $ The Financial Instruments Topic of the FASB Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Fair value is determined under the framework discussed above. The Topic excludes all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions used in estimating fair value disclosure for financial instruments are described below: Cash and due from financial institutions – For cash and due from financial institutions, the current carrying amount is a reasonable estimate of fair value. Time deposits with financial institutions – The fair value of fixed rate time deposits is estimated by discounting the future cash flows using the current rates for the same remaining maturities. The fair value of variable rate time deposits approximates carrying value. Securities – The fair value of securities is determined using quoted prices, when available in an active market. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or a discounted cash flows model. Federal Home Loan Bank stock – For restricted equity securities, the carrying value approximates fair value. Loans, net – The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of variable rate loans approximates carrying value. Deposits – The carrying value of noninterest-bearing deposits approximates fair value. The fair value of fixed rate deposits is estimated by discounting the future cash flows using the current rates for the same remaining maturities. Federal funds purchased and securities sold under agreements to repurchase – For federal funds purchased and securities sold under agreements to repurchase, the carrying value approximates fair value. Federal Home Loan Bank borrowings – The estimated fair value of fixed rate advances from the FHLB is determined by discounting the future cash flows of existing advances using rates currently available on advances from the FHLB having similar characteristics. Adjustable rate advances’ carrying value approximates fair value. Accrued interest – The carrying amounts of accrued interest approximate fair value. Off-balance sheet items – The fair value of off-balance-sheet items is based on current fees or cost that would be charged to enter into or terminate such arrangements. There were not considered material and are not presented in the below tables. The estimated fair value of financial instruments is as follows: Fair Value Carrying Estimated March 31, 2015 Hierarchy Level Amount Fair Value Financial assets: Cash and due from financial institutions Level 1 $ $ Time deposits with financial institutions Level 2 Securities available-for-sale See previous table Securities held-to-maturity Level 2 Federal Home Loan Bank stock Level 1 Loans, net Level 2 Accrued interest receivable Level 1 Financial liabilities: Noninterest-bearing deposits Level 2 ) ) Interest-bearing deposits Level 2 ) ) Accrued interest payable and other liabilities Level 1 ) ) Fair Value Carrying Estimated June 30, 2014 Hierarchy Level Amount Fair Value Financial assets: Cash and due from financial institutions Level 1 $ $ Time deposits with financial institutions Level 2 Securities available-for-sale See previous table Securities held-to-maturity Level 2 Federal Home Loan Bank stock Level 1 Loans, net Level 2 Accrued interest receivable Level 1 Financial liabilities: Noninterest-bearing deposits Level 2 ) ) Interest-bearing deposits Level 2 ) ) Federal Home Loan Bank borrowings Level 2 ) ) Accrued interest payable and other liabilities Level 1 ) ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated Other Comprehensive Income (Loss) | Note 16. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) components were as follows: March 31, 2015 June 30, 2014 Unrealized holding gains (losses) on securities available-for-sale $ ) $ ) Tax benefit $ ) $ ) |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Mar. 31, 2015 | |
Transactions with Related Parties | |
Transactions with Related Parties | Note 17. Transactions with Related Parties In the ordinary course of business, the Company granted loans to principal officers, directors, and their affiliates. Annual activity consisted of the following: Nine Months Ended Year ended March 31, 2015 June 30, 2014 Beginning balance $ $ New loans or transfers in Repayments or transfers out ) ) Ending balance $ $ Deposits from principal officers, directors, and their affiliates at March 31, 2015 and June 30, 2014 approximated $342,000 and $314,000, respectively. |
Restatements to Previously-Issu
Restatements to Previously-Issued Consolidated Financial Statements | 9 Months Ended |
Mar. 31, 2015 | |
Restatement to Previously-Issued Consolidated Financial Statements | |
Restatements to Previously-Issued Consolidated Financial Statements | Note 18. Restatements to Previously-Issued Consolidated Financial Statements The Company’s consolidated financial statements and related notes herein, which have been previously-issued, have been restated to correctly reflect the deferred tax liability that arises from amounts in excess of the base-year loan reserves on a tax-basis pursuant to FASB Accounting Standards Codification 942-740-25-2. As a result of the restatements, the Company’s previously-reported net deferred tax assets and retained earnings at March 31, 2015 and June 30, 2014 were reduced by $330,000 and $362,000, respectively. The Company’s previously-reported deferred income tax expense for the nine months ended March 31, 2015 was decreased by $32,000. The Company’s previously-reported deferred income tax expense for the year ended June 30, 2014 was increased by $327,000. The Company’s cash flows were not impacted by the previously described restatements. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Securities | |
Schedule of securities available-for-sale | Gross Gross Amortized Unrealized Unrealized March 31, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ ) $ Gross Gross Amortized Unrealized Unrealized June 30, 2014 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ - $ ) $ |
Schedule of securities held-to-maturity | Gross Gross Amortized Unrealized Unrealized March 31, 2015 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ - $ Municipal securities - $ $ $ - $ Gross Gross Amortized Unrealized Unrealized June 30, 2014 Cost Gains Losses Fair Value Residential mortgage-backed securities $ $ $ - $ Municipal securities ) $ $ $ ) $ |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Loans | |
Summary of loans | March 31, 2015 June 30, 2014 Commercial: Operating $ $ Real estate Agricultural: Operating Real estate Residential real estate: 1-4 family Home equity Other: Construction and land Consumer Total loans Deferred loan origination costs, net Allowance for loan losses ) ) ) ) Loans, net $ $ |
Summary of changes in the allowance for loan losses by portfolio segment | Residential Commercial Agricultural Real Estate Other Total For the nine months ended March 31, 2015 Balance, beginning $ $ $ $ $ Provision charged to expense ) ) ) Recoveries - Loans charged off ) - - ) ) Balance, ending $ $ $ $ $ Residential Commercial Agricultural Real Estate Other Total For the year ended June 30, 2014 Balance, beginning $ $ $ $ $ Provision charged to expense ) ) ) ) Recoveries - Loans charged off ) - ) ) ) Balance, ending $ $ $ $ $ |
Summary of allowance for loan losses by impairment evaluation and portfolio segment | Residential Commercial Agricultural Real Estate Other Total March 31, 2015 Allowance for loans individually evaluated for impairment $ $ - $ $ - $ Allowance for loans collectively evaluated for impairment $ $ $ $ $ Loans individually evaluated for impairment $ $ $ $ $ Loans collectively evaluated for impairment $ $ $ $ $ Allowance as a percentage of loans individually evaluated for impairment 1.02% 0.00% 1.38% 0.00% 1.21% Allowance as a percentage of loans collectively evaluated for impairment 1.57% 1.44% 1.32% 1.28% 1.45% Allowance as a percentage of total loans evaluated for impairment 1.57% 1.42% 1.32% 1.28% 1.45% Residential Commercial Agricultural Real Estate Other Total June 30, 2014 Allowance for loans individually evaluated for impairment $ $ - $ $ - $ Allowance for loans collectively evaluated for impairment $ $ $ $ $ Loans individually evaluated for impairment $ $ - $ $ $ Loans collectively evaluated for impairment $ $ $ $ $ Allowance as a percentage of loans individually evaluated for impairment 34.10% 0.00% 1.22% 0.00% 6.33% Allowance as a percentage of loans collectively evaluated for impairment 1.54% 1.45% 1.35% 1.34% 1.46% Allowance as a percentage of total loans evaluated for impairment 1.95% 1.45% 1.34% 1.34% 1.61% |
Summary of aging in terms of unpaid balance of the loan portfolio by classes of loans | > 90 days 31-60 days 61-90 days Past Due Current Past Due Past Due (Nonaccrual) Total March 31, 2015 Classes of loans: Commercial: Operating $ 14,302,362 $ - $ - $ - $ 14,302,362 Real estate 54,217,673 - - 38,224 54,255,897 Agricultural: Operating 23,387,279 - - - 23,387,279 Real estate 17,959,974 - - - 17,959,974 Residential real estate: 1-4 family 38,428,836 - - 66,659 38,495,495 Home equity 9,996,757 15,229 - - 10,011,986 Other: Construction and land 5,423,011 - - - 5,423,011 Consumer 2,902,522 52,842 - - 2,955,364 $ 166,618,414 $ 68,071 $ - $ 104,883 $ 166,791,368 As a percentage of total loan portfolio 99.90% 0.04% 0.00% 0.06% 100.00% > 90 days 31-60 days 61-90 days Past Due Current Past Due Past Due (Nonaccrual) Total June 30, 2014 Classes of loans: Commercial: Operating $ 18,027,590 $ 4,298 $ - $ 106,538 $ 18,138,426 Real estate 45,051,510 - 199,638 38,224 45,289,372 Agricultural: Operating 24,883,737 - - - 24,883,737 Real estate 19,677,197 - - - 19,677,197 Residential real estate: 1-4 family 33,537,729 64,279 348,817 69,762 34,020,587 Home equity 9,652,522 16,620 - - 9,669,142 Other: Construction and land 5,043,990 - - - 5,043,990 Consumer 2,795,309 300 - - 2,795,609 $ 158,669,584 $ 85,497 $ 548,455 $ 214,524 $ 159,518,060 As a percentage of total loan portfolio 99.48% 0.05% 0.34% 0.13% 100.00% |
Summary of unpaid principal balance by credit quality indicator | Commercial Commercial Agricultural Agricultural – Operating – Real Estate – Operating – Real Estate Total March 31, 2015 Internally assigned risk rating: Highest Quality (rating 1) $ $ - $ $ - $ Good Quality (rating 2) Acceptable Quality (rating 3) Fair Quality (rating 4) Special Mention (rating 5) - - - - - Substandard (rating 6) Doubtful (rating 7) - - - - - Loss (rating 8) - - - - - $ $ $ $ $ Commercial Commercial Agricultural Agricultural – Operating – Real Estate – Operating – Real Estate Total June 30, 2014 Internally assigned risk rating: Highest Quality (rating 1) $ $ - $ $ $ Good Quality (rating 2) Acceptable Quality (rating 3) Fair Quality (rating 4) Special Mention (rating 5) - - - Substandard (rating 6) - - Doubtful (rating 7) - - - - - Loss (rating 8) - - - - - $ $ $ $ $ Residential RE Residential RE Other – Construction Other – – 1-4 Family – Home Equity and Land Consumer Total March 31, 2015 Delinquency status*: Performing $ $ $ $ $ Nonperforming - $ $ $ $ $ Residential RE Residential RE Other – Construction Other – – 1-4 Family – Home Equity and Land Consumer Total June 30, 2014 Delinquency status*: Performing $ $ $ $ $ Nonperforming - $ $ $ $ $ * Performing loans are those which are accruing and less than 31 days past due. Nonperforming loans are those on nonaccrual and accruing loans that are greater than or equal to 31 days past due. |
Summary of loans, by classes of loans, considered to be impaired | Unpaid Average Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized March 31, 2015 Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ $ $ - $ $ Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family - Home equity - Other: Consumer - - Impaired loans with specific allowance recorded: Commercial: Operating Residential real estate: 1-4 family Home equity Total impaired loans: Commercial: Operating Real estate - Agricultural: Operating - Real estate - Residential real estate: 1-4 family Home equity Other: Consumer - $ $ $ $ $ Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized June 30, 2014 Classes of loans: Impaired loans with no specific allowance recorded: Commercial: Operating $ $ $ - $ $ Real estate - Residential real estate: 1-4 family - Home equity - Other: Consumer - - Impaired loans with specific allowance recorded: Commercial: Operating Residential real estate: 1-4 family Home equity Total impaired loans: Commercial: Operating Real estate - Residential real estate: 1-4 family Home equity Other: Consumer - $ $ $ $ $ |
Summary of the number and recorded investment of troubled debt restructurings ("TDRs") | March 31, 2015 Number Recorded of TDRs Investment Concession – Extension of maturity: Commercial: Operating 6 $ Real estate 1 Agricultural: Real estate 1 Residential real estate: 1-4 family 36 Home equity 4 Other: Consumer 2 50 $ Concession – Reduction of interest rate below market: Residential real estate: 1-4 family 49 $ Home equity 1 50 $ Total: Commercial: Operating 6 $ Real estate 1 Agricultural: Real estate 1 Residential real estate: 1-4 family 85 Home equity 5 Other: Consumer 2 100 $ June 30, 2014 Number Recorded of TDRs Investment Concession – Extension of maturity: Commercial: Operating 6 $ Real estate 1 Residential real estate: 1-4 family 35 Home equity 4 Other: Consumer 3 49 $ Concession – Reduction of interest rate below market: Commercial: Operating 1 $ Residential real estate: 1-4 family 52 Home equity 1 54 $ Total: Commercial: Operating 7 $ Real estate 1 Residential real estate: 1-4 family 87 Home equity 5 Other: Consumer 3 103 $ |
Summary of the number and investment in TDRs by type of concession | Number Recorded For the nine months ended March 31, 2015 of TDRs Investment Concession – Extension of maturity: Commercial: Operating 3 $ Agricultural: Real Estate 1 Residential real estate: 1-4 family 1 5 $ Total: Commercial: Operating 3 $ Agricultural: Real Estate 1 Residential real estate: 1-4 family 1 5 $ Number Recorded For the nine months ended March 31, 2014 of TDRs Investment Concession – Extension of maturity: Commercial: Real Estate 1 $ Other: Consumer 1 2 $ Total: Commercial: Real Estate 1 $ Other: Consumer 1 2 $ Number Recorded For the year ended June 30, 2014 of TDRs Investment Concession – Extension of maturity: Commercial: Real estate 1 $ 1 $ Total: Commercial: Real estate 1 $ 1 $ |
Accrued Interest Receivable (Ta
Accrued Interest Receivable (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Accrued Interest Receivable | |
Schedule of components of accrued interest receivable | March 31, 2015 June 30, 2014 Time deposits with other financial institutions $ $ Securities Loans $ $ |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Premises and Equipment | |
Schedule of premises and equipment, net | March 31, 2015 June 30, 2014 Land and land improvements $ $ Buildings and improvements Furniture and equipment Computer equipment Vehicles - Less accumulated depreciation ) ) $ $ |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Deposits | |
Schedule of deposits | March 31, 2015 June 30, 2014 Noninterest-bearing demand $ $ Interest-bearing NOW Money market Savings Certificates of deposit $ $ |
Schedule of maturities of certificates of deposit | March 31, 2016 $ 2017 2018 2019 2020 and beyond $ |
Summary of interest expense on deposit accounts | Three months ended Nine months ended March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 Interest-bearing NOW $ $ $ $ Money market Savings Certificates of deposit $ $ $ $ |
Federal Home Loan Bank Borrow33
Federal Home Loan Bank Borrowings (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Federal Home Loan Bank Borrowings | |
Schedule of Federal Home Loan Bank Borrowings | Contractual Interest Weighted Ave. At June 30, 2014 Rate Range Contractual Rate Amount Variable-rate FHLB advances due: Within 1 year - $ 1 to 2 years - Total variable-rate FHLB advances - Open line advances up to $10 million, due on demand - - Less prepayment penalty fee ) Total FHLB borrowings % - % $ |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Regulatory Matters | |
Summary of bank's actual capital levels and minimum required levels | Minimum Required to Be Well Capitalized Minimum Required for Under Prompt Capital Adequacy Corrective Action Purposes Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio March 31, 2015 Total capital (to risk-weighted assets) $ 20,847 13.3% $ 12,560 8.0% $ 15,700 10.0% Common equity Tier 1 capital (to risk-weighted assets) 18,879 12.0% 7,065 4.5% 10,205 6.5% Tier 1 (core) capital (to risk-weighted assets) 18,879 12.0% 9,420 6.0% 12,560 8.0% Tier 1 (core) capital (to adjusted total assets) 18,879 9.4% 8,016 4.0% 10,020 5.0% June 30, 2014 Total capital (to risk-weighted assets) $ 18,729 11.7% $ 12,852 8.0% $ 16,065 10.0% Tier 1 (core) capital (to risk-weighted assets) 16,736 10.4% 6,426 4.0% 9,639 6.0% Tier 1 (core) capital (to adjusted total assets) 16,736 9.3% 7,196 4.0% 8,994 5.0% |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Employee Benefit Plans | |
Summary of ESOP shares | March 31, 2015 June 30, 2014 Allocated shares Unearned ESOP shares Total ESOP shares Fair value of unearned ESOP shares $ $ Fair value of allocated shares subject to repurchase obligation $ $ |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Earnings per Share | |
Schedule of reconciliation of the components used to compute basic earnings per share | (Restated) (Restated) For the three months ended For the nine months ended March 31, March 31, 2015 2014 2015 2014 Weighted average common shares outstanding Net income available to common stockholders $ $ $ $ Basic earnings per share $ $ $ $ |
Schedule of reconciliation of the components used to compute diluted earnings per share | (Restated) (Restated) For the three months ended For the nine months ended March 31, March 31, 2015 2014 2015 2014 Weighted average common shares outstanding Weighted average of net additional shares from restricted stock awards Weighted average number of shares outstanding Net income available to common stockholders $ $ $ $ Diluted earnings per share $ $ $ $ |
Loan Commitments and Other Re37
Loan Commitments and Other Related Activities | 9 Months Ended |
Mar. 31, 2015 | |
Loan Commitments and Other Related Activities | |
Schedule of contractual or notional amounts of loan commitments and other related activities | March 31, 2015 June 30, 2014 Financial instruments wherein contractual amounts represent credit risk: Commitments to extend credit $ $ Standby letters of credit Unused lines of credit |
Summary of future commitments under the operating lease | Year Ending June 30, 2015 $ 2016 2017 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Fair Value Measurements | |
Summary of fair value of assets and liabilities measured on a recurring basis | Fair Value Measurement at March 31, 2015 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Securities available-for-sale $ $ - $ $ - Total assets $ $ - $ $ - Fair Value Measurement at June 30, 2014 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Securities available-for-sale $ $ - $ $ - Total assets $ $ - $ $ - |
Summary of fair value of assets and liabilities measured on a nonrecurring basis | Fair Value Measurement at March 31, 2015 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Impaired loans $ $ - $ - $ Foreclosed assets - - Total assets $ $ - $ - $ Fair Value Measurement at June 30, 2014 Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Total Level 1 Level 2 Level 3 Assets Impaired loans $ $ - $ - $ Foreclosed assets - - Total assets $ $ - $ - $ |
Schedule of carrying and estimated fair value of financial instruments | Fair Value Carrying Estimated March 31, 2015 Hierarchy Level Amount Fair Value Financial assets: Cash and due from financial institutions Level 1 $ $ Time deposits with financial institutions Level 2 Securities available-for-sale See previous table Securities held-to-maturity Level 2 Federal Home Loan Bank stock Level 1 Loans, net Level 2 Accrued interest receivable Level 1 Financial liabilities: Noninterest-bearing deposits Level 2 ) ) Interest-bearing deposits Level 2 ) ) Accrued interest payable and other liabilities Level 1 ) ) Fair Value Carrying Estimated June 30, 2014 Hierarchy Level Amount Fair Value Financial assets: Cash and due from financial institutions Level 1 $ $ Time deposits with financial institutions Level 2 Securities available-for-sale See previous table Securities held-to-maturity Level 2 Federal Home Loan Bank stock Level 1 Loans, net Level 2 Accrued interest receivable Level 1 Financial liabilities: Noninterest-bearing deposits Level 2 ) ) Interest-bearing deposits Level 2 ) ) Federal Home Loan Bank borrowings Level 2 ) ) Accrued interest payable and other liabilities Level 1 ) ) |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) | |
Schedule of components of accumulated other comprehensive income (loss) | March 31, 2015 June 30, 2014 Unrealized holding gains (losses) on securities available-for-sale $ ) $ ) Tax benefit $ ) $ ) |
Transactions with Related Par40
Transactions with Related Parties (Tables) | 9 Months Ended |
Mar. 31, 2015 | |
Transactions with Related Parties | |
Schedule of transactions with related parties | Nine Months Ended Year ended March 31, 2015 June 30, 2014 Beginning balance $ $ New loans or transfers in Repayments or transfers out ) ) Ending balance $ $ |
Basis of Presentation (Details)
Basis of Presentation (Details) | Mar. 31, 2015shares |
Equitable Financial MHC | |
Common Stock, shares outstanding | 1,813,630 |
Securities (Details)
Securities (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Amortized cost and estimated fair value of investments in debt and equity securities | ||
Securities available-for-sale | $ 547,123 | $ 882,308 |
Investment securities held-to-maturity, amortized cost | 3,386,205 | 3,642,304 |
Investment securities held-to-maturity , gross unrealized gains | 24,745 | 26,272 |
Investment securities held-to-maturity , gross unrealized losses | (797) | |
Investment securities held-to-maturity, estimated fair value | 3,410,950 | 3,667,779 |
Residential mortgage-backed securities | ||
Amortized cost and estimated fair value of investments in debt and equity securities | ||
Investment securities available-for-sale, amortized cost | 548,209 | 887,394 |
Investment securities available-for-sale , gross unrealized gain | 163 | |
Investment securities available-for-sale , gross unrealized losses | (1,249) | (5,086) |
Securities available-for-sale | 547,123 | 882,308 |
Investment securities held-to-maturity, amortized cost | 327,284 | 500,811 |
Investment securities held-to-maturity , gross unrealized gains | 19,796 | 25,265 |
Investment securities held-to-maturity, estimated fair value | 347,080 | 526,076 |
Municipal bonds | ||
Amortized cost and estimated fair value of investments in debt and equity securities | ||
Investment securities held-to-maturity, amortized cost | 3,058,921 | 3,141,493 |
Investment securities held-to-maturity , gross unrealized gains | 4,949 | 1,007 |
Investment securities held-to-maturity , gross unrealized losses | (797) | |
Investment securities held-to-maturity, estimated fair value | 3,063,870 | $ 3,141,703 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract] | ||
Held-to-maturity securities maturing in the year ending June 30, 2019 | $ 2,900,000 |
Loans (Details)
Loans (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Loans disclosures | |||
Total loans | $ 166,791,368 | $ 159,518,060 | |
Deferred loan origination costs, net | 547,314 | 565,380 | |
Allowance for loan losses | (2,414,000) | (2,574,000) | $ (2,293,000) |
Deferred loan origination costs and allowance | (1,866,686) | (2,008,620) | |
Loans, net | 164,924,682 | 157,509,440 | |
Commercial | |||
Loans disclosures | |||
Total loans | 68,558,259 | 63,427,798 | |
Allowance for loan losses | (1,076,000) | (1,237,000) | (1,010,000) |
Commercial | Operating | |||
Loans disclosures | |||
Total loans | 14,302,362 | 18,138,426 | |
Commercial | Real estate | |||
Loans disclosures | |||
Total loans | 54,255,897 | 45,289,372 | |
Agricultural | |||
Loans disclosures | |||
Total loans | 41,347,253 | 44,560,934 | |
Allowance for loan losses | (589,000) | (646,000) | (451,000) |
Agricultural | Operating | |||
Loans disclosures | |||
Total loans | 23,387,279 | 24,883,737 | |
Agricultural | Real estate | |||
Loans disclosures | |||
Total loans | 17,959,974 | 19,677,197 | |
Residential | |||
Loans disclosures | |||
Total loans | 48,507,481 | 43,689,729 | |
Allowance for loan losses | (642,000) | (586,000) | (718,000) |
Residential | 1 - 4 family | |||
Loans disclosures | |||
Total loans | 38,495,495 | 34,020,587 | |
Residential | Consumer - Home equity and lines of credit | |||
Loans disclosures | |||
Total loans | 10,011,986 | 9,669,142 | |
Other | |||
Loans disclosures | |||
Total loans | 8,378,375 | 7,839,599 | |
Allowance for loan losses | (107,000) | (105,000) | $ (114,000) |
Other | Construction and land | |||
Loans disclosures | |||
Total loans | 5,423,011 | 5,043,990 | |
Other | Consumer - Personal | |||
Loans disclosures | |||
Total loans | $ 2,955,364 | $ 2,795,609 |
Loans (Details 2)
Loans (Details 2) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Allowance for loan losses: | |||
Balance, beginning | $ 2,574,000 | $ 2,293,000 | $ 2,293,000 |
Provision charged to expense | (710,837) | (768,986) | (681,169) |
Recoveries | 965,281 | 1,052,390 | |
Allowance - subtotal before reduced by chargeoffs | 2,828,444 | 2,664,221 | |
Loans charged off | (414,444) | (90,221) | |
Balance, ending | 2,414,000 | 2,574,000 | |
Commercial | |||
Allowance for loan losses: | |||
Balance, beginning | 1,237,000 | 1,010,000 | 1,010,000 |
Provision charged to expense | 224,463 | (541,858) | |
Recoveries | 20,118 | 834,235 | |
Allowance - subtotal before reduced by chargeoffs | 1,481,581 | 1,302,377 | |
Loans charged off | (405,581) | (65,377) | |
Balance, ending | 1,076,000 | 1,237,000 | |
Agricultural | |||
Allowance for loan losses: | |||
Balance, beginning | 646,000 | 451,000 | 451,000 |
Provision charged to expense | (57,000) | 195,000 | |
Allowance - subtotal before reduced by chargeoffs | 589,000 | 646,000 | |
Balance, ending | 589,000 | 646,000 | |
Residential | |||
Allowance for loan losses: | |||
Balance, beginning | 586,000 | 718,000 | 718,000 |
Provision charged to expense | 42,767 | (122,746) | |
Recoveries | 13,233 | 1,600 | |
Allowance - subtotal before reduced by chargeoffs | 642,000 | 596,854 | |
Loans charged off | (10,854) | ||
Balance, ending | 642,000 | 586,000 | |
Other | |||
Allowance for loan losses: | |||
Balance, beginning | 105,000 | $ 114,000 | 114,000 |
Provision charged to expense | (921,067) | (211,565) | |
Recoveries | 931,930 | 216,555 | |
Allowance - subtotal before reduced by chargeoffs | 115,863 | 118,990 | |
Loans charged off | (8,863) | (13,990) | |
Balance, ending | $ 107,000 | $ 105,000 |
Loans (Details 3)
Loans (Details 3) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Allowance for loan losses: | |||
Allowance for loans individually evaluated for impairment | $ 59,587 | $ 322,469 | |
Allowance for loans collectively evaluated for impairment | 2,354,413 | 2,251,531 | |
Total Allowance | 2,414,000 | 2,574,000 | $ 2,293,000 |
Loan balances | |||
Loans individually evaluated for impairment | 4,920,087 | 5,091,918 | |
Loans collectively evaluated for impairment | 161,871,281 | 154,426,142 | |
Total loans | $ 166,791,368 | $ 159,518,060 | |
Allowance as percentage of loans: | |||
Allowance as a percentage of loans individually evaluated for impairment | 1.21% | 6.33% | |
Allowance as a percentage of loans collectively evaluated for impairment | 1.45% | 1.46% | |
Allowance as a percentage of total loans evaluated for impairment | 1.45% | 1.61% | |
Commercial | |||
Allowance for loan losses: | |||
Allowance for loans individually evaluated for impairment | $ 5,810 | $ 270,272 | |
Allowance for loans collectively evaluated for impairment | 1,070,190 | 966,728 | |
Total Allowance | 1,076,000 | 1,237,000 | 1,010,000 |
Loan balances | |||
Loans individually evaluated for impairment | 569,541 | 792,682 | |
Loans collectively evaluated for impairment | 67,988,718 | 62,635,116 | |
Total loans | $ 68,558,259 | $ 63,427,798 | |
Allowance as percentage of loans: | |||
Allowance as a percentage of loans individually evaluated for impairment | 1.02% | 34.10% | |
Allowance as a percentage of loans collectively evaluated for impairment | 1.57% | 1.54% | |
Allowance as a percentage of total loans evaluated for impairment | 1.57% | 1.95% | |
Agricultural | |||
Allowance for loan losses: | |||
Allowance for loans collectively evaluated for impairment | $ 589,000 | $ 646,000 | |
Total Allowance | 589,000 | 646,000 | 451,000 |
Loan balances | |||
Loans individually evaluated for impairment | 441,125 | ||
Loans collectively evaluated for impairment | 40,906,128 | 44,560,934 | |
Total loans | $ 41,347,253 | $ 44,560,934 | |
Allowance as percentage of loans: | |||
Allowance as a percentage of loans individually evaluated for impairment | 0.00% | 0.00% | |
Allowance as a percentage of loans collectively evaluated for impairment | 1.44% | 1.45% | |
Allowance as a percentage of total loans evaluated for impairment | 1.42% | 1.45% | |
Residential | |||
Allowance for loan losses: | |||
Allowance for loans individually evaluated for impairment | $ 53,777 | $ 52,197 | |
Allowance for loans collectively evaluated for impairment | 588,223 | 533,803 | |
Total Allowance | 642,000 | 586,000 | 718,000 |
Loan balances | |||
Loans individually evaluated for impairment | 3,900,765 | 4,286,736 | |
Loans collectively evaluated for impairment | 44,606,716 | 39,402,993 | |
Total loans | $ 48,507,481 | $ 43,689,729 | |
Allowance as percentage of loans: | |||
Allowance as a percentage of loans individually evaluated for impairment | 1.38% | 1.22% | |
Allowance as a percentage of loans collectively evaluated for impairment | 1.32% | 1.35% | |
Allowance as a percentage of total loans evaluated for impairment | 1.32% | 1.34% | |
Other | |||
Allowance for loan losses: | |||
Allowance for loans collectively evaluated for impairment | $ 107,000 | $ 105,000 | |
Total Allowance | 107,000 | 105,000 | $ 114,000 |
Loan balances | |||
Loans individually evaluated for impairment | 8,656 | 12,500 | |
Loans collectively evaluated for impairment | 8,369,719 | 7,827,099 | |
Total loans | $ 8,378,375 | $ 7,839,599 | |
Allowance as percentage of loans: | |||
Allowance as a percentage of loans individually evaluated for impairment | 0.00% | 0.00% | |
Allowance as a percentage of loans collectively evaluated for impairment | 1.28% | 1.34% | |
Allowance as a percentage of total loans evaluated for impairment | 1.28% | 1.34% |
Loans (Details 4)
Loans (Details 4) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Summary of aging in terms of unpaid principal balance | ||
Current | $ 166,618,414 | $ 158,669,584 |
31-60 Days Past Due | 68,071 | 85,497 |
61-90 Days Past Due | 548,455 | |
Greater Than 90 Days Past Due | 104,883 | 214,524 |
Total loans | $ 166,791,368 | $ 159,518,060 |
Current, Percentage | 99.90% | 99.48% |
31-60 Days Past Due, Percentage | 0.04% | 0.05% |
61-90 Days Past Due, Percentage | 0.00% | 0.34% |
Greater Than 90 Days Past Due, Percentage | 0.06% | 0.13% |
Total Loans, Percentage | 100.00% | 100.00% |
Commercial | ||
Summary of aging in terms of unpaid principal balance | ||
Total loans | $ 68,558,259 | $ 63,427,798 |
Commercial | Operating | ||
Summary of aging in terms of unpaid principal balance | ||
Current | 14,302,362 | 18,027,590 |
31-60 Days Past Due | 4,298 | |
Greater Than 90 Days Past Due | 106,538 | |
Total loans | 14,302,362 | 18,138,426 |
Commercial | Real estate | ||
Summary of aging in terms of unpaid principal balance | ||
Current | 54,217,673 | 45,051,510 |
61-90 Days Past Due | 199,638 | |
Greater Than 90 Days Past Due | 38,224 | 38,224 |
Total loans | 54,255,897 | 45,289,372 |
Agricultural | ||
Summary of aging in terms of unpaid principal balance | ||
Total loans | 41,347,253 | 44,560,934 |
Agricultural | Operating | ||
Summary of aging in terms of unpaid principal balance | ||
Current | 23,387,279 | 24,883,737 |
Total loans | 23,387,279 | 24,883,737 |
Agricultural | Real estate | ||
Summary of aging in terms of unpaid principal balance | ||
Current | 17,959,974 | 19,677,197 |
Total loans | 17,959,974 | 19,677,197 |
Residential | ||
Summary of aging in terms of unpaid principal balance | ||
Total loans | 48,507,481 | 43,689,729 |
Residential | 1 - 4 family | ||
Summary of aging in terms of unpaid principal balance | ||
Current | 38,428,836 | 33,537,729 |
31-60 Days Past Due | 64,279 | |
61-90 Days Past Due | 348,817 | |
Greater Than 90 Days Past Due | 66,659 | 69,762 |
Total loans | 38,495,495 | 34,020,587 |
Residential | Consumer - Home equity and lines of credit | ||
Summary of aging in terms of unpaid principal balance | ||
Current | 9,996,757 | 9,652,522 |
31-60 Days Past Due | 15,229 | 16,620 |
Total loans | 10,011,986 | 9,669,142 |
Other | ||
Summary of aging in terms of unpaid principal balance | ||
Total loans | 8,378,375 | 7,839,599 |
Other | Construction and land | ||
Summary of aging in terms of unpaid principal balance | ||
Current | 5,423,011 | 5,043,990 |
Total loans | 5,423,011 | 5,043,990 |
Other | Consumer - Personal | ||
Summary of aging in terms of unpaid principal balance | ||
Current | 2,902,522 | 2,795,309 |
31-60 Days Past Due | 52,842 | 300 |
Total loans | $ 2,955,364 | $ 2,795,609 |
Loans (Details 5)
Loans (Details 5) - USD ($) | 9 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | $ 166,791,368 | $ 159,518,060 |
Performing Financing Receivable Maximum Days Past Due | 31 days | |
Nonperforming Financing Receivable Minimum Days Past Due | 31 days | |
Commercial and Agricultural Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | $ 109,905,512 | 107,988,732 |
Financing Receivable Risk Rating Minimum Review Period | 12 months | |
Commercial | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | $ 68,558,259 | 63,427,798 |
Commercial | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 14,302,362 | 18,138,426 |
Commercial | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 54,255,897 | 45,289,372 |
Agricultural | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 41,347,253 | 44,560,934 |
Agricultural | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 23,387,279 | 24,883,737 |
Agricultural | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 17,959,974 | 19,677,197 |
Residential Real Estate and Other Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 56,885,856 | 51,529,328 |
Residential | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 48,507,481 | 43,689,729 |
Residential | 1 - 4 family | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 38,495,495 | 34,020,587 |
Residential | Consumer - Home equity and lines of credit | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 10,011,986 | 9,669,142 |
Other | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 8,378,375 | 7,839,599 |
Other | Construction and land | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 5,423,011 | 5,043,990 |
Other | Consumer - Personal | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 2,955,364 | 2,795,609 |
Highest Quality (rating 1) | Commercial and Agricultural Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 359,615 | 874,921 |
Highest Quality (rating 1) | Commercial | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 19,600 | 27,495 |
Highest Quality (rating 1) | Agricultural | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 340,015 | 648,226 |
Highest Quality (rating 1) | Agricultural | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 199,200 | |
Good Quality (rating 2) | Commercial and Agricultural Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 20,467,520 | 15,374,556 |
Good Quality (rating 2) | Commercial | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 372,992 | 237,591 |
Good Quality (rating 2) | Commercial | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 5,830,735 | 6,635,611 |
Good Quality (rating 2) | Agricultural | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 8,921,625 | 3,246,964 |
Good Quality (rating 2) | Agricultural | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 5,342,168 | 5,254,390 |
Acceptable Quality (rating 3) | Commercial and Agricultural Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 56,355,949 | 47,870,060 |
Acceptable Quality (rating 3) | Commercial | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 7,703,807 | 9,012,508 |
Acceptable Quality (rating 3) | Commercial | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 33,577,523 | 22,943,545 |
Acceptable Quality (rating 3) | Agricultural | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 7,275,067 | 6,998,671 |
Acceptable Quality (rating 3) | Agricultural | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 7,799,552 | 8,915,336 |
Fair Quality (rating 4) | Commercial and Agricultural Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 30,097,711 | 41,160,423 |
Fair Quality (rating 4) | Commercial | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 5,846,014 | 7,384,634 |
Fair Quality (rating 4) | Commercial | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 13,023,996 | 14,477,642 |
Fair Quality (rating 4) | Agricultural | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 6,838,973 | 13,989,876 |
Fair Quality (rating 4) | Agricultural | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 4,388,728 | 5,308,271 |
Special Mention | Commercial and Agricultural Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 51,909 | |
Special Mention | Commercial | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 51,909 | |
Substandard | Commercial and Agricultural Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 2,624,717 | 2,656,863 |
Substandard | Commercial | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 359,949 | 1,476,198 |
Substandard | Commercial | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 1,823,643 | 1,180,665 |
Substandard | Agricultural | Operating | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 11,599 | |
Substandard | Agricultural | Real estate | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 429,526 | |
Performing | Residential Real Estate and Other Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 56,279,288 | 51,029,550 |
Performing | Residential | 1 - 4 family | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 37,983,825 | 33,537,729 |
Performing | Residential | Consumer - Home equity and lines of credit | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 9,976,639 | 9,652,522 |
Performing | Other | Construction and land | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 5,423,011 | 5,043,990 |
Performing | Other | Consumer - Personal | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 2,895,813 | 2,795,309 |
Nonperforming | Residential Real Estate and Other Combined | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 606,568 | 499,778 |
Nonperforming | Residential | 1 - 4 family | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 511,670 | 482,858 |
Nonperforming | Residential | Consumer - Home equity and lines of credit | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | 35,347 | 16,620 |
Nonperforming | Other | Consumer - Personal | ||
Unpaid principal balance by credit quality indicator | ||
Unpaid principal balance | $ 59,551 | $ 300 |
Loans (Details 6)
Loans (Details 6) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Impaired loans with no specific allowance recorded: | ||
Recorded Investment | $ 4,794,543 | $ 3,531,526 |
Unpaid Principal Balance | 4,775,209 | 3,523,615 |
Average Recorded Investment | 4,872,663 | 4,082,775 |
Interest Income Recognized | 200,100 | 187,840 |
Impaired loans with specific allowance recorded: | ||
Recorded Investment | 149,824 | 1,574,476 |
Unpaid Principal Balance | 144,878 | 1,568,303 |
Related Allowance | 59,587 | 322,469 |
Average Recorded Investment | 151,621 | 1,515,783 |
Interest Income Recognized | 3,615 | 84,452 |
Total impaired loans: | ||
Recorded Investment | 4,944,367 | 5,106,002 |
Unpaid Principal Balance | 4,920,087 | 5,091,918 |
Related Allowance | 59,587 | 322,469 |
Average Recorded Investment | 5,024,284 | 5,598,558 |
Interest Income Recognized | 203,715 | 272,292 |
Commercial | Operating | ||
Impaired loans with no specific allowance recorded: | ||
Recorded Investment | 290,647 | 55,800 |
Unpaid Principal Balance | 288,577 | 54,649 |
Average Recorded Investment | 313,206 | 224,952 |
Interest Income Recognized | 13,121 | 5,062 |
Impaired loans with specific allowance recorded: | ||
Recorded Investment | 58,182 | 541,203 |
Unpaid Principal Balance | 58,101 | 538,395 |
Related Allowance | 5,810 | 270,272 |
Average Recorded Investment | 60,738 | 431,108 |
Interest Income Recognized | 2,287 | 23,252 |
Total impaired loans: | ||
Recorded Investment | 348,829 | 597,003 |
Unpaid Principal Balance | 346,678 | 593,044 |
Related Allowance | 5,810 | 270,272 |
Average Recorded Investment | 373,944 | 656,060 |
Interest Income Recognized | 15,408 | 28,314 |
Commercial | Real estate | ||
Impaired loans with no specific allowance recorded: | ||
Recorded Investment | 229,586 | 199,149 |
Unpaid Principal Balance | 222,863 | 199,638 |
Average Recorded Investment | 236,802 | 99,575 |
Interest Income Recognized | 11,005 | 13,025 |
Total impaired loans: | ||
Recorded Investment | 229,586 | 199,149 |
Unpaid Principal Balance | 222,863 | 199,638 |
Average Recorded Investment | 236,802 | 99,575 |
Interest Income Recognized | 11,005 | 13,025 |
Agricultural | Operating | ||
Impaired loans with no specific allowance recorded: | ||
Recorded Investment | 11,621 | |
Unpaid Principal Balance | 11,599 | |
Average Recorded Investment | 13,490 | |
Interest Income Recognized | 515 | |
Total impaired loans: | ||
Recorded Investment | 11,621 | |
Unpaid Principal Balance | 11,599 | |
Average Recorded Investment | 13,490 | |
Interest Income Recognized | 515 | |
Agricultural | Real estate | ||
Impaired loans with no specific allowance recorded: | ||
Recorded Investment | 432,837 | |
Unpaid Principal Balance | 429,526 | |
Average Recorded Investment | 388,916 | |
Interest Income Recognized | 15,700 | |
Total impaired loans: | ||
Recorded Investment | 432,837 | |
Unpaid Principal Balance | 429,526 | |
Average Recorded Investment | 388,916 | |
Interest Income Recognized | 15,700 | |
Residential | 1 - 4 family | ||
Impaired loans with no specific allowance recorded: | ||
Recorded Investment | 3,756,194 | 3,196,754 |
Unpaid Principal Balance | 3,749,543 | 3,189,520 |
Average Recorded Investment | 3,843,756 | 3,676,200 |
Interest Income Recognized | 156,154 | 164,138 |
Impaired loans with specific allowance recorded: | ||
Recorded Investment | 71,389 | 1,011,629 |
Unpaid Principal Balance | 66,659 | 1,008,328 |
Related Allowance | 33,659 | 30,617 |
Average Recorded Investment | 69,958 | 1,062,152 |
Interest Income Recognized | 349 | 59,431 |
Total impaired loans: | ||
Recorded Investment | 3,827,583 | 4,208,383 |
Unpaid Principal Balance | 3,816,202 | 4,197,848 |
Related Allowance | 33,659 | 30,617 |
Average Recorded Investment | 3,913,714 | 4,738,352 |
Interest Income Recognized | 156,503 | 223,569 |
Residential | Consumer - Home equity and lines of credit | ||
Impaired loans with no specific allowance recorded: | ||
Recorded Investment | 64,576 | 67,339 |
Unpaid Principal Balance | 64,445 | 67,308 |
Average Recorded Investment | 66,004 | 69,425 |
Interest Income Recognized | 3,150 | 4,586 |
Impaired loans with specific allowance recorded: | ||
Recorded Investment | 20,253 | 21,644 |
Unpaid Principal Balance | 20,118 | 21,580 |
Related Allowance | 20,118 | 21,580 |
Average Recorded Investment | 20,925 | 22,523 |
Interest Income Recognized | 979 | 1,769 |
Total impaired loans: | ||
Recorded Investment | 84,829 | 88,983 |
Unpaid Principal Balance | 84,563 | 88,888 |
Related Allowance | 20,118 | 21,580 |
Average Recorded Investment | 86,929 | 91,948 |
Interest Income Recognized | 4,129 | 6,355 |
Other | Consumer - Personal | ||
Impaired loans with no specific allowance recorded: | ||
Recorded Investment | 9,082 | 12,484 |
Unpaid Principal Balance | 8,656 | 12,500 |
Average Recorded Investment | 10,489 | 12,623 |
Interest Income Recognized | 455 | 1,029 |
Total impaired loans: | ||
Recorded Investment | 9,082 | 12,484 |
Unpaid Principal Balance | 8,656 | 12,500 |
Average Recorded Investment | 10,489 | 12,623 |
Interest Income Recognized | $ 455 | $ 1,029 |
Loans (Details 7)
Loans (Details 7) | Mar. 31, 2015USD ($)item | Jun. 30, 2014USD ($)item |
Summary of troubled debt restructured loans | ||
Number of TDRs | 100 | 103 |
Recorded Investment | $ | $ 4,572,226 | $ 4,997,017 |
Extension of maturity | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 50 | 49 |
Recorded Investment | $ | $ 2,370,895 | $ 2,253,880 |
Reduction of interest rate below market | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 50 | 54 |
Recorded Investment | $ | $ 2,201,331 | $ 2,743,137 |
Operating | Commercial | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 6 | 7 |
Recorded Investment | $ | $ 328,741 | $ 519,679 |
Operating | Extension of maturity | Commercial | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 6 | 6 |
Recorded Investment | $ | $ 328,741 | $ 163,537 |
Operating | Reduction of interest rate below market | Commercial | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 1 | |
Recorded Investment | $ | $ 356,142 | |
Real estate | Commercial | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 1 | 1 |
Recorded Investment | $ | $ 185,322 | $ 199,149 |
Real estate | Agricultural | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 1 | |
Recorded Investment | $ | $ 230,997 | |
Real estate | Extension of maturity | Commercial | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 1 | 1 |
Recorded Investment | $ | $ 185,322 | $ 199,149 |
Real estate | Extension of maturity | Agricultural | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 1 | |
Recorded Investment | $ | $ 230,997 | |
1 - 4 family | Residential | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 85 | 87 |
Recorded Investment | $ | $ 3,733,255 | $ 4,176,722 |
1 - 4 family | Extension of maturity | Residential | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 36 | 35 |
Recorded Investment | $ | $ 1,552,177 | $ 1,811,371 |
1 - 4 family | Reduction of interest rate below market | Residential | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 49 | 52 |
Recorded Investment | $ | $ 2,181,078 | $ 2,365,351 |
Consumer - Home equity and lines of credit | Residential | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 5 | 5 |
Recorded Investment | $ | $ 84,829 | $ 88,983 |
Consumer - Home equity and lines of credit | Extension of maturity | Residential | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 4 | 4 |
Recorded Investment | $ | $ 64,576 | $ 67,339 |
Consumer - Home equity and lines of credit | Reduction of interest rate below market | Residential | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 1 | 1 |
Recorded Investment | $ | $ 20,253 | $ 21,644 |
Consumer - Personal | Other | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 2 | 3 |
Recorded Investment | $ | $ 9,082 | $ 12,484 |
Consumer - Personal | Extension of maturity | Other | ||
Summary of troubled debt restructured loans | ||
Number of TDRs | 2 | 3 |
Recorded Investment | $ | $ 9,082 | $ 12,484 |
Loans (Details 8)
Loans (Details 8) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015USD ($)item | Mar. 31, 2014USD ($)item | Jun. 30, 2014USD ($)item | |
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 5 | 2 | 1 |
Recorded Investment | $ | $ 576,859 | $ 230,192 | $ 199,149 |
Commercial | Operating | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 3 | ||
Recorded Investment | $ | $ 287,161 | ||
Commercial | Real estate | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 1 | 1 | |
Recorded Investment | $ | $ 200,192 | $ 199,149 | |
Agricultural | Real estate | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 1 | ||
Recorded Investment | $ | $ 230,997 | ||
Residential | 1 - 4 family | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 1 | ||
Recorded Investment | $ | $ 58,701 | ||
Other | Consumer - Personal | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 1 | ||
Recorded Investment | $ | $ 30,000 | ||
Extension of maturity | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 5 | 2 | 1 |
Recorded Investment | $ | $ 576,859 | $ 230,192 | $ 199,149 |
Extension of maturity | Commercial | Operating | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 3 | ||
Recorded Investment | $ | $ 287,161 | ||
Extension of maturity | Commercial | Real estate | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 1 | 1 | |
Recorded Investment | $ | $ 200,192 | $ 199,149 | |
Extension of maturity | Agricultural | Real estate | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 1 | ||
Recorded Investment | $ | $ 230,997 | ||
Extension of maturity | Residential | 1 - 4 family | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 1 | ||
Recorded Investment | $ | $ 58,701 | ||
Extension of maturity | Other | Consumer - Personal | |||
Summary of loans whose terms were modified in a manner that met the definition of a TDR | |||
Number of TDRs | 1 | ||
Recorded Investment | $ | $ 30,000 |
Loan Servicing (Details)
Loan Servicing (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Loan Servicing | |||||
Principal amount outstanding on loans serviced for others | $ 87,003,000 | $ 87,003,000 | $ 83,808,000 | ||
Proceeds from sale of loans | 18,894,713 | $ 13,047,236 | |||
Fixed rate | 1 - 4 family | Residential | |||||
Loan Servicing | |||||
Proceeds from sale of loans | 3,205,000 | $ 2,897,000 | 18,912,000 | 13,047,000 | |
Pre-tax gain on sale of loans | 71,000 | $ 160,000 | 488,000 | $ 387,000 | |
Conventional loan | Federal Home Loan Bank | |||||
Loan Servicing | |||||
Principal amount outstanding of loans originated and sold in Mortgage Partnership Finance ("MPF") Program | 19,237,457 | 19,237,457 | 19,652,262 | ||
Possible credit enhancement losses cap on loans originated and sold in Mortgage Partnership Finance ("MPF") Program | 1,135,566 | 1,135,566 | $ 1,109,788 | ||
Accrual of credit enhancement losses on loans originated and sold in Mortgage Partnership Finance ("MPF") Program | $ 17,062 | $ 17,062 |
Accrued Interest Receivable (De
Accrued Interest Receivable (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Interest Receivable | $ 1,055,697 | $ 983,958 |
Time deposits with other financial institutions | ||
Interest Receivable | 348 | 950 |
Securities | ||
Interest Receivable | 69,769 | 15,846 |
Loans | ||
Interest Receivable | $ 985,580 | $ 967,162 |
Premises and Equipment, Net (De
Premises and Equipment, Net (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment, gross | $ 10,200,550 | $ 10,200,550 | $ 9,879,654 | ||
Less accumulated depreciation | (4,652,032) | (4,652,032) | (4,416,056) | ||
Total premises and equipment, net | 5,548,518 | 5,548,518 | 5,463,598 | ||
Depreciation | 83,150 | $ 65,969 | 235,976 | $ 206,015 | |
Land and land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment, gross | 1,345,583 | 1,345,583 | 1,345,583 | ||
Building and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment, gross | 6,941,338 | 6,941,338 | 6,849,050 | ||
Furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment, gross | 1,353,822 | 1,353,822 | 1,231,338 | ||
Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment, gross | 502,791 | 502,791 | $ 453,683 | ||
Vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Premises and equipment, gross | $ 57,016 | $ 57,016 |
Deposits (Details)
Deposits (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Noninterest-bearing deposits | $ 22,467,002 | $ 20,582,628 |
Interest-bearing NOW | 38,838,499 | 34,500,090 |
Money market accounts | 47,611,286 | 39,970,420 |
Savings accounts | 19,908,242 | 11,558,964 |
Certificates of deposit | 48,889,570 | 43,151,191 |
Total deposits | 177,714,599 | 149,763,293 |
Certificates of deposit | ||
Certificates of deposit of $250,000 or more | $ 3,332,000 | $ 1,444,000 |
Deposits (Details 2)
Deposits (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Scheduled maturities of certificates of deposit: | |||||
2,016 | $ 29,437,665 | $ 29,437,665 | |||
2,017 | 11,879,295 | 11,879,295 | |||
2,018 | 2,400,957 | 2,400,957 | |||
2,019 | 1,662,543 | 1,662,543 | |||
2020 and beyond | 3,509,110 | 3,509,110 | |||
Total certificates of deposit | 48,889,570 | 48,889,570 | $ 43,151,191 | ||
Interest expense on deposit accounts: | |||||
Interest bearing NOW | 51,433 | $ 31,174 | 110,106 | $ 80,272 | |
Money-market | 68,596 | 48,104 | 186,175 | 140,129 | |
Savings | 9,875 | 7,456 | 24,092 | 19,230 | |
Certificates of deposit | 114,621 | 106,935 | 365,110 | 326,144 | |
Total interest expense on deposit accounts | $ 244,525 | $ 193,669 | $ 685,483 | $ 565,775 |
Federal Home Loan Bank Borrow56
Federal Home Loan Bank Borrowings (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2015 | |
Amount | ||
Within 1 year | $ 7,942,372 | |
1 to 2 years | 3,041,651 | |
Total variable-rate FHLB advances | 10,984,023 | |
Less prepayment penalty fee | (216,208) | |
Total FHLB borrowings | $ 10,767,815 | |
Weighted Average Contractual Rate | ||
Within 1 year | 0.30% | |
1 to 2 years | 0.32% | |
Total variable-rate FHLB advances | 0.306% | |
Open line advances up to $10 million due on demand | 0.24% | |
Total FHLB borrowings | 0.306% | |
Federal Home Loan Bank Advances Disclosures | ||
Federal Home Loan Bank Advances, Amount of Available, Unused Funds | $ 44,200,000 | |
Minimum | ||
Contractual Interest Rate Range | ||
Within 1 year | 0.30% | |
1 to 2 years | 0.32% | |
Total variable-rate FHLB advances | 0.30% | |
Open line advances up to $10 million due on demand | 0.24% | |
Total FHLB borrowings | 0.24% | |
Maximum | ||
Contractual Interest Rate Range | ||
Within 1 year | 0.30% | |
1 to 2 years | 0.32% | |
Total variable-rate FHLB advances | 0.32% | |
Open line advances up to $10 million due on demand | 0.24% | |
Total FHLB borrowings | 0.32% | |
Federal Home Loan Bank of Topeka | ||
Federal Home Loan Bank Advances Disclosures | ||
Loans Pledged as Collateral | $ 31,700,000 | $ 45,600,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Compliance with regulatory capital requirements under banking regulations | ||
Total capital (to risk weighted assets), amount | $ 20,847 | $ 18,729 |
Total capital (to risk weighted assets), as a percent | 13.30% | 11.70% |
Tier 1 (core) capital (to risk weighted assets), amount | $ 18,879 | $ 16,736 |
Tier 1 (core) capital (to risk weighted assets), as a percent | 12.00% | 10.40% |
Tier 1 (core) capital (to adjusted total assets), amount | $ 18,879 | $ 16,736 |
Tier 1 (core) capital (to adjusted total assets), as a percent | 9.40% | 9.30% |
Minimum Required for Capital Adequacy Purposes | ||
Total capital (to risk weighted assets), amount | $ 12,560 | $ 12,852 |
Total capital (to risk weighted assets), as a percent | 8.00% | 8.00% |
Tier 1 (core) capital (to risk weighted assets), amount | $ 9,420 | $ 6,426 |
Tier 1 (core) capital (to risk weighted assets), as a percent | 6.00% | 4.00% |
Tier 1 (core) capital (to adjusted total assets), amount | $ 8,016 | $ 7,196 |
Tier 1 (core) capital (to adjusted total assets), as a percent | 4.00% | 4.00% |
Minimum Required to Be Well Capitalized Under Prompt Corrective Action Provisions | ||
Total capital (to risk weighted assets), amount | $ 15,700 | $ 16,065 |
Total capital (to risk weighted assets), as a percent | 10.00% | 10.00% |
Tier 1 (core) capital (to risk weighted assets), amount | $ 12,560 | $ 9,639 |
Tier 1 (core) capital (to risk weighted assets), as a percent | 8.00% | 6.00% |
Tier 1 (core) capital (to adjusted total assets), amount | $ 10,020 | $ 8,994 |
Tier 1 (core) capital (to adjusted total assets), as a percent | 5.00% | 5.00% |
Common Equity | ||
Compliance with regulatory capital requirements under banking regulations | ||
Tier 1 (core) capital (to risk weighted assets), amount | $ 18,879 | |
Tier 1 (core) capital (to risk weighted assets), as a percent | 12.00% | |
Minimum Required for Capital Adequacy Purposes | ||
Tier 1 (core) capital (to risk weighted assets), amount | $ 7,065 | |
Tier 1 (core) capital (to risk weighted assets), as a percent | 4.50% | |
Minimum Required to Be Well Capitalized Under Prompt Corrective Action Provisions | ||
Tier 1 (core) capital (to risk weighted assets), amount | $ 10,205 | |
Tier 1 (core) capital (to risk weighted assets), as a percent | 6.50% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Benefit Plans | ||||
401(k) and profit sharing plans, minimum vesting period | 1 year | |||
401(k) and profit sharing plans, maximum vesting period | 5 years | |||
Company contributions to the 401(k) and profit sharing plans | $ 21,000 | $ 20,000 | $ 63,000 | $ 57,000 |
Employee Benefit Plans (Detai59
Employee Benefit Plans (Details 2) - USD ($) | Nov. 08, 2005 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Employee stock ownership plan ("ESOP") | ||||||
Funds borrowed by the ESOP from the Company | $ 1,292,620 | |||||
Company stock acquired by the ESOP (in shares) | $ 129,262 | |||||
Price of Company stock acquired by the ESOP (in dollars per share) | $ 10 | |||||
Annual principal and interest payments to be made by the ESOP | $ 145,000 | |||||
Number of shares allocated to the ESOP | 6,813 | 9,084 | 9,083 | |||
Fair value of shares allocated (in dollars per share) | $ 5.62 | |||||
Compensation expense | $ 39,462 | $ 28,891 | $ 39,761 | |||
Number of released shares disclosed as allocated shares | 74,761 | |||||
Number of committed-to-be-released shares disclosed as allocated shares | 4,542 | |||||
Shares held by the ESOP | ||||||
Allocated shares (in shares) | 86,116 | 79,303 | ||||
Unearned ESOP shares (in shares) | 43,146 | 49,959 | ||||
Total ESOP shares (in shares) | 129,262 | 129,262 | ||||
Fair value of unearned ESOP shares | $ 323,595 | $ 244,799 | ||||
Fair value of allocated shares subject to repurchase obligation | $ 444,578 | $ 388,585 |
Employee Benefit Plans (Detai60
Employee Benefit Plans (Details 3) - 2006 Equity Incentive Plan | Mar. 31, 2015shares |
Stock options | |
Share-based compensation | |
Number of shares that may be awarded to employees and directors under the plan | 161,577 |
Restricted stock | |
Share-based compensation | |
Number of shares that may be awarded to employees and directors under the plan | 64,631 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Components of basic earnings per share: | ||||
Weighted average common shares outstanding | 3,087,784 | 3,069,672 | 3,080,962 | 3,063,490 |
Net income available to common stockholders | $ 615,127 | $ 49,786 | $ 1,117,054 | $ 862,068 |
Basic earnings per share (in dollars per share) | $ 0.20 | $ 0.02 | $ 0.36 | $ 0.28 |
Earnings per Share (Details 2)
Earnings per Share (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Components of diluted earnings per share: | ||||
Weighted average common shares outstanding | 3,087,784 | 3,069,672 | 3,080,962 | 3,063,490 |
Weighted average of net additional shares from restricted stock awards | 41,094 | 37,344 | 39,971 | 39,381 |
Weighted average number of shares outstanding | 3,128,878 | 3,107,016 | 3,120,933 | 3,102,871 |
Net income available to common stockholders | $ 615,127 | $ 49,786 | $ 1,117,054 | $ 862,068 |
Diluted earnings per share (in dollars per share) | $ 0.20 | $ 0.02 | $ 0.36 | $ 0.28 |
Loan Commitments And Other Re63
Loan Commitments And Other Related Activities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Loan Commitments and Other Related Activities | ||
Fixed-rate commitments | $ 13,860,000 | |
Commitments to extend credit | ||
Loan Commitments and Other Related Activities | ||
Contractual or notional amounts of financial instruments wherein contractual amounts represent credit risk | 11,709,000 | $ 11,022,000 |
Standby letters of credit | ||
Loan Commitments and Other Related Activities | ||
Contractual or notional amounts of financial instruments wherein contractual amounts represent credit risk | 310,000 | 310,000 |
Unused lines of credit | ||
Loan Commitments and Other Related Activities | ||
Contractual or notional amounts of financial instruments wherein contractual amounts represent credit risk | $ 23,775,000 | $ 19,131,000 |
Loan Commitments and Other Re64
Loan Commitments and Other Related Activities (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2012 | Jun. 30, 2014 | |
Commitments disclosures | ||||||
Operating lease, renewal term | 5 years | |||||
Future commitments under operating lease | ||||||
2,015 | $ 105,000 | |||||
2,016 | 105,000 | |||||
2,017 | $ 105,000 | |||||
Rental expense under lease | ||||||
Rental expense | $ 16,000 | $ 31,000 | $ 79,000 | $ 94,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Assets and Liabilities Measured on Recurring Basis | ||
Fair value asset transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Fair value asset transfers from Level 2 to Level 1 | 0 | 0 |
Fair value liability transfers from Level 1 to Level 2 | 0 | 0 |
Fair value liability transfers from Level 2 to Level 1 | 0 | 0 |
Assets: | ||
Securities available-for-sale | 547,123 | 882,308 |
Recurring | ||
Assets: | ||
Securities available-for-sale | 547,000 | 882,000 |
Total assets | 547,000 | 882,000 |
Recurring | Level 2 | ||
Assets: | ||
Securities available-for-sale | 547,000 | 882,000 |
Total assets | $ 547,000 | $ 882,000 |
Fair Value Measurements (Deta66
Fair Value Measurements (Details 2) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | $ 4,944,367 | $ 5,106,002 |
Foreclosed assets | 350,605 | 413,200 |
Nonrecurring | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 95,000 | 1,384,000 |
Foreclosed assets | 390,000 | 373,000 |
Total assets | 485,000 | 1,757,000 |
Nonrecurring | Level 3 | ||
Assets and Liabilities Measured on Nonrecurring Basis | ||
Impaired loans | 95,000 | 1,384,000 |
Foreclosed assets | 390,000 | 373,000 |
Total assets | $ 485,000 | $ 1,757,000 |
Fair Value Measurements (Deta67
Fair Value Measurements (Details 3) - USD ($) | Mar. 31, 2015 | Jun. 30, 2014 |
Assets: | ||
Cash and due from financial institutions | $ 4,083,883 | $ 5,364,305 |
Time deposits with financial institutions | 500,000 | 1,250,000 |
Securities available-for-sale | 547,123 | 882,308 |
Securities held-to-maturity | 3,410,950 | 3,667,779 |
Federal Home Loan Bank stock | 225,900 | 549,600 |
Loans, net | 164,924,682 | 157,509,440 |
Accrued interest receivable | 1,055,697 | 983,958 |
Liabilities: | ||
Noninterest-bearing deposits | (22,467,002) | (20,582,628) |
Interest-bearing deposits | (155,247,597) | (129,180,665) |
Federal Home Loan Bank borrowings | (10,767,815) | |
Accrued interest payable and other liabilities | (1,304,241) | (991,894) |
Carrying Amount | Level 1 | ||
Assets: | ||
Cash and due from financial institutions | 20,234,883 | 7,776,305 |
Federal Home Loan Bank stock | 225,900 | 549,600 |
Accrued interest receivable | 1,055,697 | 983,958 |
Liabilities: | ||
Accrued interest payable and other liabilities | (1,304,241) | (991,894) |
Carrying Amount | Level 2 | ||
Assets: | ||
Time deposits with financial institutions | 500,000 | 1,250,000 |
Securities available-for-sale | 547,123 | 882,308 |
Securities held-to-maturity | 3,386,205 | 3,642,304 |
Loans, net | 164,924,682 | 157,509,440 |
Liabilities: | ||
Noninterest-bearing deposits | (22,467,002) | (20,582,628) |
Interest-bearing deposits | (155,247,597) | (129,180,665) |
Federal Home Loan Bank borrowings | (10,767,815) | |
Estimated Fair Value | Level 1 | ||
Assets: | ||
Cash and due from financial institutions | 20,235,000 | 7,776,000 |
Federal Home Loan Bank stock | 226,000 | 550,000 |
Accrued interest receivable | 1,056,000 | 984,000 |
Liabilities: | ||
Accrued interest payable and other liabilities | (1,304,000) | (992,000) |
Estimated Fair Value | Level 2 | ||
Assets: | ||
Time deposits with financial institutions | 500,000 | 1,250,000 |
Securities available-for-sale | 547,000 | 882,000 |
Securities held-to-maturity | 3,411,000 | 3,668,000 |
Loans, net | 162,817,000 | 155,197,000 |
Liabilities: | ||
Noninterest-bearing deposits | (22,467,000) | (20,583,000) |
Interest-bearing deposits | $ (154,383,000) | (127,003,000) |
Federal Home Loan Bank borrowings | $ (10,745,000) |
Accumulated Other Comprehensi68
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) | ||
Unrealized holding gains (losses) on securities available-for-sale | $ (1,086) | $ (5,086) |
Tax benefit | 369 | 1,730 |
Total accumulated other comprehensive income (loss) | $ (717) | $ (3,356) |
Transactions with Related Par69
Transactions with Related Parties (Details) - Principal officers, directors, and affiliated entities - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Jun. 30, 2014 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Beginning balance | $ 1,603,501 | $ 838,516 |
New loans or transfers in | 4,234,366 | 5,250,146 |
Repayments or transfers out | (4,559,090) | (4,485,161) |
Ending balance | 1,278,777 | 1,603,501 |
Deposits | $ 342,000 | $ 314,000 |
Restatements to Previously-Is70
Restatements to Previously-Issued Consolidated Financial Statements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | |
Restatement to Previously-Issued Consolidated Financial Statements | |||||
Net deferred tax assets | $ 1,876,664 | $ 1,876,664 | $ 2,331,287 | ||
Retained earnings | 10,019,893 | 10,019,893 | 8,902,839 | ||
Income tax expense | 403,995 | $ 41,084 | 540,221 | $ 436,198 | |
Deferred income tax expense | 453,262 | $ 380,778 | |||
Increase (reduction) to previously-issued financial statements | |||||
Restatement to Previously-Issued Consolidated Financial Statements | |||||
Net deferred tax assets | (330,000) | (330,000) | (362,000) | ||
Retained earnings | $ (330,000) | (330,000) | (362,000) | ||
Income tax expense | $ (32,000) | ||||
Deferred income tax expense | $ 327,000 |