v2.4.0.6
DOCUMENT AND ENTITY INFORMATION
6 Months Ended
Dec. 31, 2012
Feb. 11, 2013
Entity Registrant Name CONSUMERS BANCORP INC /OH/  
Entity Central Index Key 0001006830  
Current Fiscal Year End Date --06-30  
Entity Filer Category Smaller Reporting Company  
Trading Symbol cbkm  
Entity Common Stock, Shares Outstanding   2,063,538
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Dec. 31, 2012  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2013  
v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Jun. 30, 2012
ASSETS    
Cash on hand and noninterest-bearing deposits in financial institutions $ 7,790 $ 6,663
Federal funds sold and interest-bearing deposits in financial institutions 2,524 7,082
Total cash and cash equivalents 10,314 13,745
Certificates of deposit in other financial institutions 6,625 5,645
Securities, available-for-sale 109,478 105,335
Federal bank and other restricted stocks, at cost 1,186 1,186
Loans held for sale 310 377
Total loans 205,686 197,430
Less allowance for loan losses (2,367) (2,335)
Net loans 203,319 195,095
Cash surrender value of life insurance 5,701 5,605
Premises and equipment, net 5,781 5,752
Accrued interest receivable and other assets 1,868 2,021
Total assets 344,582 334,761
LIABILITIES    
Non-interest bearing demand 70,960 65,915
Interest bearing demand 38,317 35,055
Savings 100,424 99,041
Time 82,540 84,470
Total deposits 292,241 284,481
Short-term borrowings 14,685 13,722
Federal Home Loan Bank advances 6,408 6,446
Accrued interest and other liabilities 2,152 2,222
Total liabilities 315,486 306,871
Commitments and contingent liabilities 0 0
SHAREHOLDERS' EQUITY    
Preferred stock (no par value, 350,000 shares authorized, none outstanding) 0 0
Common stock (no par value, 3,500,000 shares authorized; 2,193,283 and 2,186,791 shares issued as of December 31, 2012 and June 30, 2012, respectively) 5,304 5,205
Retained earnings 23,607 22,740
Treasury stock, at cost (129,745 and 130,442 common shares as of December 31, 2012 and June 30, 2012, respectively) (1,650) (1,659)
Accumulated other comprehensive income 1,835 1,604
Total shareholders' equity 29,096 27,890
Total liabilities and shareholders' equity $ 344,582 $ 334,761
v2.4.0.6
CONSOLIDATED BALANCE SHEETS [Parenthetical]
Dec. 31, 2012
Jun. 30, 2012
Preferred stock, shares authorized 350,000 350,000
Preferred stock, shares outstanding 0 0
Common stock, shares authorized 3,500,000 3,500,000
Common stock, shares issued 2,193,283 2,186,791
Treasury stock, shares 129,745 130,442
v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Interest income        
Loans, including fees $ 2,705 $ 2,562 $ 5,310 $ 5,097
Securities, taxable 334 475 717 955
Securities, tax-exempt 315 249 619 494
Federal funds sold and other interest bearing deposits 16 14 31 30
Total interest income 3,370 3,300 6,677 6,576
Interest expense        
Deposits 262 305 532 635
Short-term borrowings 5 7 11 18
Federal Home Loan Bank advances 50 69 100 129
Total interest expense 317 381 643 782
Net interest income 3,053 2,919 6,034 5,794
Provision for loan losses 56 67 81 159
Net interest income after provision for loan losses 2,997 2,852 5,953 5,635
Non-interest income        
Service charges on deposit accounts 336 367 678 723
Debit card interchange income 206 179 399 358
Bank owned life insurance income 49 49 96 100
Securities gains, net 2 106 23 155
Gain (loss) on sale of other real estate owned 0 (53) 0 (53)
Other 85 49 146 86
Total non-interest income 678 697 1,342 1,369
Non-interest expenses        
Salaries and employee benefits 1,478 1,313 3,043 2,639
Occupancy and equipment 330 258 644 516
Data processing expenses 137 140 222 279
Professional and director fees 83 97 175 191
FDIC Assessments 50 49 99 99
Franchise taxes 69 64 139 129
Marketing and advertising 45 53 162 129
Telephone and network communications 80 58 145 116
Debit card processing expenses 98 93 201 187
Amortization of intangible 0 40 0 81
Other 358 335 765 696
Total non-interest expenses 2,728 2,500 5,595 5,062
Income before income taxes 947 1,049 1,700 1,942
Income tax expense 200 258 338 464
Net Income $ 747 $ 791 $ 1,362 $ 1,478
Basic and diluted earnings per share (in dollars per share) $ 0.36 $ 0.39 $ 0.66 $ 0.72
v2.4.0.6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Net Income $ 747 $ 791 $ 1,362 $ 1,478
Other comprehensive income (loss), net of tax:        
Unrealized gains (losses) arising during the period (314) 417 375 863
Reclassification adjustment for gains included in income (2) (106) (23) (155)
Net unrealized gain (losses) (316) 311 352 708
Income tax effect 107 106 121 241
Other comprehensive income (loss) (209) 205 231 467
Total comprehensive income $ 538 $ 996 $ 1,593 $ 1,945
v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Balance at beginning of period $ 28,760 $ 26,047 $ 27,890 $ 25,324
Net Income 747 791 1,362 1,478
Other comprehensive income (loss) (209) 205 231 467
Issuance of 697 shares for vested restricted stock awards 0 0 9 0
Common stock issued for dividend reinvestment and stock purchase plan (2,795 shares and 6,492 shares for the three and six months in 2012, respectively) 46 0 99 0
Common cash dividends (248) (226) (495) (452)
Balance at the end of the period $ 29,096 $ 26,817 $ 29,096 $ 26,817
Common cash dividends per share (in dollars per share) $ 0.12 $ 0.11 $ 0.24 $ 0.22
v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Parenthetical]
3 Months Ended 6 Months Ended
Dec. 31, 2012
Dec. 31, 2012
Issuance of shares for vested restricted stock awards   697
Common shares issued for dividend reinvestment and stock purchase plan (in shares) 2,795 6,492
v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities    
Net cash from operating activities $ 2,350 $ 2,743
Cash flow from investing activities    
Purchases (16,182) (32,343)
Maturities, calls and principal pay downs 11,038 10,271
Proceeds from sales of available-for-sale securities 679 7,332
Net (increase) decrease in certificates of deposits in other financial institutions (980) 2,450
Net increase in loans (8,305) (3,201)
Acquisition of premises and equipment (320) (88)
Sale of other real estate owned 0 23
Net cash from investing activities (14,070) (15,556)
Cash flow from financing activities    
Net increase in deposit accounts 7,760 14,991
Net change in short-term borrowings 963 (4,270)
Repayments of Federal Home Loan Bank advances (38) (1,038)
Proceeds from dividend reinvestment and stock purchase plan 99 0
Dividends paid (495) (452)
Net cash from financing activities 8,289 9,231
Decrease in cash or cash equivalents (3,431) (3,582)
Cash and cash equivalents, beginning of period 13,745 13,828
Cash and cash equivalents, end of period 10,314 10,246
Supplemental disclosure of cash flow information:    
Interest 638 792
Federal income taxes 420 200
Non-cash items:    
Issuance of treasury stock for vested restricted stock awards $ 9 $ 0
v2.4.0.6
Summary of Significant Accounting Policies
6 Months Ended
Dec. 31, 2012
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note 1 – Summary of Significant Accounting Policies:

 

Nature of Operations: Consumers Bancorp, Inc. (the Corporation) is a bank holding company headquartered in Minerva, Ohio that provides, through its banking subsidiary, Consumers National Bank (the Bank), a broad array of products and services throughout its primary market area of Stark, Columbiana, Carroll and contiguous counties in Ohio. The Bank’s business involves attracting deposits from businesses and individual customers and using such deposits to originate commercial, mortgage and consumer loans in its primary market area.

 

Basis of Presentation: The consolidated financial statements for interim periods are unaudited and reflect all adjustments (consisting of only normal recurring adjustments), which, in the opinion of management, are necessary to present fairly the financial position and results of operations and cash flows for the periods presented. The unaudited financial statements are presented in accordance with the requirements of Form 10-Q and do not include all disclosures normally required by accounting principles generally accepted in the United States of America. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation’s Form 10-K for the year ended June 30, 2012. The results of operations for the interim period disclosed herein are not necessarily indicative of the results that may be expected for a full year.

 

The consolidated financial statements include the accounts of the Corporation and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation.

 

Segment Information: Consumers Bancorp, Inc. is a bank holding company engaged in the business of commercial and retail banking, which accounts for substantially all of the revenues, operating income, and assets. Accordingly, all of its operations are recorded in one segment, banking.

 

Reclassifications: Certain items in prior financial statements have been reclassified to conform to the current presentation.

v2.4.0.6
Securities
6 Months Ended
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 2 – Securities

 

Description of Securities   Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
 
December 31, 2012                                
Obligations of U.S. government-sponsored entities and agencies   $ 5,870     $ 48     $     $ 5,918  
Obligations of state and political subdivisions     38,521       1,795       (74 )     40,242  
Mortgage-backed securities – residential     52,011       1,070       (123 )     52,958  
Collateralized mortgage obligations     10,093       147       (18 )     10,222  
Trust preferred security     202             (64 )     138  
Total securities   $ 106,697     $ 3,060     $ (279 )   $ 109,478  

 

    Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
 
June 30, 2012                                
Obligations of U.S. government-sponsored entities and agencies   $ 8,487     $ 80     $     $ 8,567  
Obligations of state and political subdivisions     33,808       1,577       (109 )     35,276  
Mortgage-backed securities - residential     48,255       1,108       (32 )     49,331  
Collateralized mortgage obligations     12,154       25       (82 )     12,097  
Trust preferred security     202             (138 )     64  
Total securities   $ 102,906     $ 2,790     $ (361 )   $ 105,335  

 

Proceeds from the sale of available-for-sale securities were as follows:

 

    Three Months Ended
December 31,
    Six Months Ended
December 31,
 
    2012     2011     2012     2011  
Proceeds from sales   $ 149     $ 2,381     $ 679     $ 7,332  
Gross realized gains     2       106       23       155  

 

The amortized cost and fair values of available-for-sale securities at December 31, 2012, by expected maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, collateralized mortgage obligations and the trust preferred security are shown separately.

  

    Amortized
Cost
    Estimated Fair
Value
 
Due in one year or less   $ 4,061     $ 4,096  
Due after one year through five years     3,713       3,775  
Due after five years through ten years     11,687       12,294  
Due after ten years     24,930       25,995  
Total     44,391       46,160  
                 
Mortgage-backed securities – residential     52,011       52,958  
Collateralized mortgage obligations     10,093       10,222  
Trust preferred security     202       138  
Total   $ 106,697     $ 109,478  

 

The following table summarizes the securities with unrealized losses at December 31, 2012 and June 30, 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

 

    Less than 12 Months     12 Months or more     Total  
Description of Securities   Fair
Value
    Unrealized
Loss
    Fair
Value
    Unrealized
Loss
    Fair
Value
    Unrealized
Loss
 
December 31, 2012                                                
Obligations of states and political subdivisions   $ 5,143     $ (74 )   $     $     $ 5,143     $ (74 )
Mortgage-backed securities - residential     10,317       (123 )                 10,317       (123 )
Collateralized mortgage obligations     1,606       (18 )                 1,606       (18 )
Trust preferred security                 138       (64 )     138       (64 )
Total temporarily impaired   $ 17,066     $ (215 )   $ 138     $ (64 )   $ 17,204     $ (279 )

 

    Less than 12 Months     12 Months or more     Total  
Description of Securities   Fair
Value
    Unrealized
Loss
    Fair
Value
    Unrealized
Loss
    Fair
Value
    Unrealized
Loss
 
June 30, 2012                                                
Obligations of states and political subdivisions   $ 6,002     $ (109 )   $     $     $ 6,022     $ (109 )
Mortgage-backed securities - residential     11,135       (32 )                 11,135       (32 )
Collateralized mortgage obligations     6,411       (62 )     2,314       (20 )     8,725       (82 )
Trust preferred security                 64       (138 )     64       (138 )
Total temporarily impaired   $ 23,548     $ (203 )   $ 2,378     $ (158 )   $ 25,926     $ (361 )

 

Management evaluates securities for other-than-temporary impairment (OTTI) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The securities portfolio is evaluated for OTTI by segregating the portfolio into two general segments and applying the appropriate OTTI model. Investment securities are generally evaluated for OTTI under FASB ASC Topic 320, Accounting for Certain Investments in Debt and Equity Securities. However, the trust preferred security is evaluated using the model outlined in FASB ASC Topic 325, Recognition of Interest Income and Impairment on Purchased Beneficial Interests and Beneficial Interests that Continue to be Held by a Transfer in Securitized Financial Assets.

  

In determining OTTI under the ASC Topic 320 model, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time.

 

Unrealized losses on obligations of state and political subdivisions, residential mortgage-backed securities and collateralized mortgage obligations have not been recognized into income because the decline in fair value is not attributed to credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery. The decline in fair value of the residential mortgage-backed securities and collateralized mortgage obligations is attributable to higher than projected prepayment speeds increasing the premium amortization and the decline in fair value of obligations of state and political subdivisions is largely due to spreads for these securities being wider at December 31, 2012 than when the securities were purchased. The fair value is expected to recover as the securities approach maturity.

 

Under the ASC Topic 325 model, the present value of the remaining cash flows as estimated at the preceding evaluation date are compared to the current expected remaining cash flows. An OTTI is deemed to have occurred if there has been an adverse change in the remaining expected future cash flows. The analysis of the trust preferred security falls within the scope of ASC Topic 325.

 

The Corporation owns a trust preferred security with an adjusted amortized cost of $202 and a fair value of $138, which represents collateralized debt obligations (CDOs) issued by other financial institutions, bank holding companies and a limited number of insurance companies. The security is part of a pool of issuers that support a more senior tranche of securities. Due to principal and/or interest deferrals by the issuers of the underlying securities, the cash interest payments for the trust preferred security are being deferred. On December 31, 2012, the lowest credit rating on this security was Fitch’s rating of C, which is defined as highly speculative. The investment security is evaluated using a model to compare the present value of expected cash flows to prior periods expected cash flows to determine if there has been an adverse change in cash flows during the period. The discount rate used to calculate the cash flows is the coupon rate of the security, based on the forward LIBOR curve. The OTTI model considers the structure and term of the CDO and the financial condition of the underlying issuers. In addition we use the model to “stress” the CDO, or make assumptions more severe than expected activity, to determine the degree to which assumptions could deteriorate before the CDO could no longer fully support repayment of the Corporation’s note class. According to the December 31, 2012 analysis, the expected cash flows were above the recorded amortized cost of the trust preferred security. The accumulated other-than-temporary impairment loss that has been recognized in earnings was $780 at December 31, 2012 and June 30, 2012. If there is further deterioration in the underlying collateral of this security, other-than-temporary impairments may also occur in future periods. Due to the illiquidity in the market, it is unlikely the Corporation would be able to recover its investment in this security if the Corporation sold the security at this time.

v2.4.0.6
Loans
6 Months Ended
Dec. 31, 2012
Receivables [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 3 – Loans

 

Major classifications of loans were as follows:

 

    December 31,
2012
    June 30,
2012
 
Commercial   $ 24,288     $ 23,041  
Commercial real estate:                
Construction     2,385       1,546  
Other     116,307       110,775  
1 – 4 Family residential real estate:                
Owner occupied     32,794       34,000  
Non-owner occupied     18,686       18,794  
Construction     344       187  
Consumer     11,225       9,407  
Subtotal     206,029       197,750  
Less:    Net deferred loan fees     (343 )     (320 )
 Allowance for loan losses     (2,367 )     (2,335 )
Net Loans   $ 203,319     $ 195,095  

  

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ending December 31, 2012:

 

                1-4 Family              
          Commercial     Residential              
          Real     Real              
    Commercial     Estate     Estate     Consumer     Total  
                               
Allowance for loan losses:                                        
Beginning balance   $ 145     $ 1,275     $ 677     $ 241     $ 2,338  
Provision for loan losses           37       (33 )     52       56  
Loans charged-off           (24 )           (21 )     (45 )
Recoveries                       18       18  
Total ending allowance balance   $ 145     $ 1,288     $ 644     $ 290     $ 2,367  

 

The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ended December 31, 2012:

 

                1-4 Family              
          Commercial     Residential              
          Real     Real              
    Commercial     Estate     Estate     Consumer     Total  
                               
Allowance for loan losses:                                        
Beginning balance   $ 143     $ 1,283     $ 712     $ 197     $ 2,335  
Provision for loan losses     6       29       (53 )     99       81  
Loans charged-off     (4 )     (24 )     (15 )     (40 )     (83 )
Recoveries                       34       34  
Total ending allowance balance   $ 145     $ 1,288     $ 644     $ 290     $ 2,367  

  

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ending December 31, 2011:

 

                1-4 Family              
          Commercial     Residential              
          Real     Real              
    Commercial     Estate     Estate     Consumer     Total  
                               
Allowance for loan losses:                                        
Beginning balance   $ 97     $ 1,054     $ 845     $ 91     $ 2,087  
Provision for loan losses     21       (89 )     50       85       67  
Loans charged-off                       (50 )     (50 )
Recoveries                 5       17       22  
Total ending allowance balance   $ 118     $ 965     $ 900     $ 143     $ 2,126  

 

The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ending December 31, 2011:

 

                1-4 Family              
          Commercial     Residential              
          Real     Real              
    Commercial     Estate     Estate     Consumer     Total  
                               
Allowance for loan losses:                                        
Beginning balance   $ 179     $ 882     $ 947     $ 93     $ 2,101  
Provision for loan losses     (61 )     83       17       120       159  
Loans charged-off                 (69 )     (100 )     (169 )
Recoveries                 5       30       35  
Total ending allowance balance   $ 118     $ 965     $ 900     $ 143     $ 2,126  

 

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2012. Included in the recorded investment in loans is $528 of accrued interest receivable net of deferred loan fees of $343.

 

                1-4 Family              
          Commercial     Residential              
          Real     Real              
    Commercial     Estate     Estate     Consumer     Total  
Allowance for loan losses:                                        
Ending allowance balance attributable to loans:                                        
Individually evaluated for impairment   $ 42     $ 70     $ 269     $     $ 381  
Collectively evaluated for impairment     103       1,218       375       290       1,986  
Total ending allowance balance   $ 145     $ 1,288     $ 644     $ 290     $ 2,367  
                                         
Recorded investment in loans:                                        
Loans individually evaluated for impairment   $ 86     $ 608     $ 1,401     $     $ 2,095  
Loans collectively evaluated for impairment     24,264       118,112       50,535       11,208       204,119  
Total ending loans balance   $ 24,350     $ 118,720     $ 51,936     $ 11,208     $ 206,214  

 

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2012. Included in the recorded investment in loans is $494 of accrued interest receivable net of deferred loan fees of $320.

 

                1-4 Family              
          Commercial     Residential              
          Real     Real              
    Commercial     Estate     Estate     Consumer     Total  
Allowance for loan losses:                                        
Ending allowance balance attributable to loans:                                        
Individually evaluated for impairment   $ 50     $ 82     $ 258     $     $ 390  
Collectively evaluated for impairment     93       1,201       454       197       1,945  
Total ending allowance balance   $ 143     $ 1,283     $ 712     $ 197     $ 2,335  
                                         
Recorded investment in loans:                                        
Loans individually evaluated for impairment   $ 148     $ 996     $ 1,417     $     $ 2,561  
Loans collectively evaluated for impairment     22,940       111,352       51,683       9,388       195,363  
Total ending loans balance   $ 23,088     $ 112,348     $ 53,100     $ 9,388     $ 197,924  

  

The following table presents information related to loans individually evaluated for impairment by class of loans as of and for the six months ended December 31, 2012:

 

    Unpaid           Allowance for     Average     Interest     Cash Basis  
    Principal     Recorded     Loan Losses     Recorded     Income     Interest  
    Balance     Investment     Allocated     Investment     Recognized     Recognized  
With no related allowance recorded:                                                
Commercial   $     $     $     $ 5     $     $  
Commercial real estate:                                                
Other     1       1             60              
1-4 Family residential real estate:                                                
Owner occupied     81       81             81              
Non-owner occupied     57       58             57       2       2  
With an allowance recorded:                                                
Commercial     86       86       42       107       8       8  
Commercial real estate:                                                
Other     607       607       70       806       63       63  
1-4 Family residential real estate:                                                
Owner occupied     330       328       45       315              
Non-owner occupied     933       934       224       942       12       12  
Total   $ 2,095     $ 2,095     $ 381     $ 2,373     $ 85     $ 85  

  

The following table presents information related to average recorded investment and interest income associated with loans individually evaluated for impairment by class of loans for the three months ended December 31, 2012:

 

    Average     Interest     Cash Basis  
    Recorded     Income     Interest  
    Investment     Recognized     Recognized  
With no related allowance recorded:                        
Commercial real estate:                        
Other   $ 18     $     $  
1-4 Family residential real estate:                        
Owner occupied     81              
Non-owner occupied     57       1       1  
With an allowance recorded:                        
Commercial     92       8       8  
Commercial real estate:                        
Other     750       61       61  
1-4 Family residential real estate:                        
Owner occupied     316              
Non-owner occupied     937       6       6  
Total   $ 2,251     $ 76     $ 76  

 

The following table presents information related to loans individually evaluated for impairment by class of loans as of June 30, 2012 and for the six months ended December 31, 2011:

 

    As of June 30, 2012     Six Months ended December 31, 2011  
    Unpaid         Allowance for     Average     Interest     Cash Basis  
    Principal     Recorded     Loan Losses     Recorded     Income     Interest  
    Balance     Investment     Allocated     Investment     Recognized     Recognized  
With no related allowance recorded:                                                
Commercial   $ 12     $ 12     $     $ 44     $     $  
Commercial real estate:                                                
Other     144       144             633       3       3  
1-4 Family residential real estate:                                                
Owner occupied     238       238             96       2       2  
Non-owner occupied     64       65             54       2       2  
With an allowance recorded:                                                
Commercial     136       136       50       61              
Commercial real estate:                                                
Other     851       852       82       760       11       11  
1-4 Family residential real estate:                                                
Owner occupied     160       160       13       218       6       6  
Non-owner occupied     952       954       245       917              
Total   $ 2,557     $ 2,561     $ 390     $ 2,783     $ 24     $ 24  

 

The following table presents information related to average recorded investment and interest income associated with loans individually evaluated for impairment by class of loans for the three months ended December 31, 2011:

 

    Average     Interest     Cash Basis  
    Recorded     Income     Interest  
    Investment     Recognized     Recognized  
With no related allowance recorded:                        
Commercial   $ 43     $     $  
Commercial real estate:                        
Other     630              
1-4 Family residential real estate:                        
Owner occupied     95              
Non-owner occupied     65       2       2  
With an allowance recorded:                        
Commercial     60              
Commercial real estate:                        
Other     758       6       6  
1-4 Family residential real estate:                        
Owner occupied     218       4       4  
Non-owner occupied     949              
Total   $ 2,818     $ 12     $ 12  

 

The following table presents the recorded investment in non-accrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2012 and June 30, 2012:

    December 31, 2012     June 30, 2012  
          Loans Past Due           Loans Past Due  
          Over 90 Days           Over 90 Days  
          Still           Still  
    Non-accrual     Accruing     Non-accrual     Accruing  
Commercial   $ 77         $ 51     $  
Commercial real estate:                                
Other     522             911        
1 – 4 Family residential:                                
Owner occupied     298       109       307        
Non-owner occupied     727             663        
Consumer                        
Total   $ 1,624     $ 109     $ 1,932      

 

Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

The following table presents the aging of the recorded investment in past due loans as of December 31, 2012 by class of loans:

 

    Days Past Due                    
    30 - 59     60 - 89     90 Days or     Total     Loans Not        
    Days     Days     Greater     Past Due     Past Due     Total  
Commercial     $—     $ 8     $ 77     $ 85     $ 24,265     $ 24,350  
Commercial real estate:                                                
Construction                             2,390       2,390  
Other                 20       20       116,310       116,330  
1-4 Family residential:                                                
Owner occupied                 361       361       32,547       32,908  
Non-owner occupied                 126       126       18,559       18,685  
Construction                             343       343  
Consumer     43                   43       11,165       11,208  
Total   $ 43     $ 8     $ 584     $ 635     $ 205,579     $ 206,214  

 

The above table of past due loans includes the recorded investment in non-accrual loans of $475 in the 90 days or greater and $1,149 in the loans not past due category.

 

The following table presents the aging of the recorded investment in past due loans as of June 30, 2012 by class of loans:

 

    Days Past Due                    
    30 - 59     60 - 89     90 Days or     Total     Loans Not        
    Days     Days     Greater     Past Due     Past Due     Total  
Commercial   $ 85       $—     $ 33     $ 118     $ 22,970     $ 23,088  
Commercial real estate:                                                
Construction     202                   202       1,345       1,547  
Other     82             268       350       110,451       110,801  
1-4 Family residential:                                                
Owner occupied     174             178       352       33,766       34,118  
Non-owner occupied     43                   43       18,753       18,796  
Construction                             186       186  
Consumer           8             8       9,380       9,388  
Total   $ 586     $ 8     $ 479     $ 1,073     $ 196,851     $ 197,924  

 

The above table of past due loans includes the recorded investment in non-accrual loans of $43 in the 30 – 59 days past due category, $479 in the 90 days or greater and $1,410 in the loans not past due category.

 

Troubled Debt Restructurings:

As of December 31, 2012, the recorded investment of loans classified as troubled debt restructurings was $1,712 with $250 of specific reserves allocated to these loans. As of June 30, 2012, the recorded investment of loans classified as troubled debt restructurings was $1,973 with $258 of specific reserves allocated to these loans. As of December 31, 2012 and June 30, 2012, the Corporation had not committed to lend any additional amounts to customers with outstanding loans that are classified as troubled debt restructurings.

 

During the six months ended December 31, 2012 and during the year ended June 30, 2012, the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; a permanent reduction of the principal balance of the loan; or a temporary reduction in the payment amount to interest only.

 

Modifications involving a reduction of the stated interest rate of the loan were for periods ranging from 12 months to 25 years. Modifications involving an extension of the maturity date were for a period of 5 years to 25 years.

 

The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended December 31, 2012:

 

          Pre-Modification     Post-Modification  
    Number of     Outstanding Recorded     Outstanding Recorded  
    Loans     Investment     Investment  
1 – 4 Family residential:                        
Owner occupied     1     $ 21     $ 21  
Total     1     $ 21     $ 21  

 

The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended June 30, 2012:

 

        Pre-Modification     Post-Modification  
    Number of     Outstanding Recorded     Outstanding Recorded  
    Loans     Investment     Investment  
Commercial     1     $ 85     $ 85  
Commercial real estate:                        
Other     2       137       137  
1 – 4 Family residential:                        
Owner occupied     1       114       114  
Non-owner occupied     7       534       466  
Total     11     $ 870     $ 802  

 

Troubled debt restructurings increased the allowance for loan losses by $2 for the three and six month periods ending December 31, 2012. There were no charge offs from troubled debt restructurings during the three or six month periods ending December 31, 2012. There was no increase to the allowance for loan losses or any charge offs from troubled debt restructurings during the three month period ended December 31, 2011. Troubled debt restructurings increased the allowance for loan losses by $20 and resulted in charge offs of $63 during the six month period ended December 31, 2011.

 

There were no loans classified as troubled debt restructurings for which there was a payment default during the three or six month periods ending December 31, 2012 or December 31, 2011. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

 

Credit Quality Indicators:

The Corporation categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually by classifying the loans as to credit risk. This analysis includes loans with a total outstanding loan relationship greater than $100 and non-homogeneous loans, such as commercial and commercial real estate loans. Management monitors the loans on an ongoing basis for any changes in the borrower’s ability to service their debt and affirm the risk ratings for the loans and leases in their respective portfolio on an annual basis. The Corporation uses the following definitions for risk ratings:

 

Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date.

 

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

 

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

 

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans listed as not rated are either less than $100 or are included in groups of homogeneous loans. These loans are evaluated based on delinquency status, which are disclosed in the previous table within this footnote. Based on the most recent analysis performed, the recorded investment by risk category of loans by class of loans was as follows:

 

    As of December 31, 2012  
        Special                 Not  
    Pass     Mention     Substandard     Doubtful     Rated  
Commercial   $ 23,044     $ 149     $ 28     $ 86     $ 1,043  
Commercial real estate:                                        
Construction     2,299       91                    
Other     106,864       5,451       2,708       608       699  
1-4 Family residential real estate:                                        
Owner occupied     4,204                   409       28,295  
Non-owner occupied     15,365       1,359       772       992       197  
Construction     166                         177  
Consumer                             11,208  
Total   $ 151,942     $ 7,050     $ 3,508     $ 2,095     $ 41,619  

 

    As of June 30, 2012  
        Special                 Not  
    Pass     Mention     Substandard     Doubtful     Rated  
Commercial   $ 21,642     $ 240     $ 14     $ 148     $ 1,044  
Commercial real estate:                                        
Construction     1,353       163                   31  
Other     98,942       7,332       2,657       996       874  
1-4 Family residential real estate:                                        
Owner occupied     4,256             99       398       29,365  
Non-owner occupied     14,205       2,197       875       1,019       500  
Construction     47                         139  
Consumer                             9,388  
Total   $ 140,445     $ 9,932     $ 3,645     $ 2,561     $ 41,341
v2.4.0.6
Fair Value
6 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

Note 4 - Fair Value

 

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

 

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 company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

 

Financial assets and financial liabilities measured at fair value on a recurring basis include the following:

 

Securities available-for-sale: When available, the fair values of available-for-sale securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs). For securities where quoted market prices are not available, fair values are calculated based on market prices of similar securities (Level 2 inputs). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3 inputs). The fair value of the Level 3 security is obtained from a third-party pricing service. Discounted cash flows are calculated using spread to the swap and LIBOR curves. Rating agency and industry research reports as well as defaults and deferrals on the individual security is reviewed and incorporated into the calculation.

 

Assets and liabilities measured at fair value on a recurring basis are summarized below, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

 

    Balance at
December 31,
    Fair Value Measurements at
December 31, 2012 Using
 
    2012     Level 1     Level 2     Level 3  
Assets:                                
Obligations of U.S. government-sponsored entities and agencies   $ 5,918     $     $ 5,918     $  
Obligations of states and political subdivisions     40,242             40,242        
Mortgage-backed securities – residential     52,958             52,958        
Collateralized mortgage obligations     10,222             10,222        
Trust preferred security     138                   138  

  

    Balance at     Fair Value Measurements at
June 30, 2012 Using
 
    June 30, 2012     Level 1     Level 2     Level 3  
Assets:                                
Obligations of U.S. government-sponsored entities and agencies   $ 8,567     $     $ 8,567     $  
Obligations of states and political subdivisions     35,276             35,276        
Mortgage-backed securities - residential     49,331             49,331        
Collateralized mortgage obligations     12,097             12,097        
Trust preferred security     64                   64  

 

There were no transfers between Level 1 and Level 2 during the first six months of the 2013 fiscal year or the during the 2012 fiscal year.

 

The following table presents a reconciliation of the trust preferred security measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended December 31, 2012 and 2011:

 

    2012     2011  
Beginning balance   $ 64     $ 67  
Change in fair value included in other comprehensive income     74       (3 )
Ending balance, December 31   $ 138     $ 64  

 

The significant unobservable inputs used in the fair value measurement of the Corporation’s trust preferred security are probabilities of specific-issuer defaults and deferrals and specific-issuer recovery assumptions. Significant increases in specific-issuer default assumptions or decreases in specific-issuer recovery assumptions would result in a significantly lower fair value measurement. Conversely, decreases in specific-issuer default assumptions or increases in specific-issuer recovery assumptions would result in a higher fair value measurement.

 

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Financial assets and financial liabilities measured at fair value on a non-recurring basis include the following:

 

Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value.

 

Financial assets and financial liabilities measured at fair value on a non-recurring basis are summarized below:

 

    Balance at     Fair Value Measurements at
December 31, 2012 Using
 
    December 31, 2012     Level 1     Level 2     Level 3  
Impaired loans:                                
Commercial   $ 36     $     $     $ 36  
Commercial real estate:                                
Other     59                   59  
1-4 Family                                
Owner occupied     160                   160  
Non-owner occupied     440                   440  

 

    Balance at     Fair Value Measurements at
June 30, 2012 Using
 
    June 30, 2012     Level 1     Level 2     Level 3  
Impaired loans:                                
Commercial   $ 11     $     $     $ 11  
Commercial real estate:                                
Other     647                   647  
1-4 Family                                
Owner occupied     40                   40  
Non-owner occupied     438                   438  

 

Impaired loans, which are generally measured for impairment using the fair value of the collateral for collateral dependant loans, had a principal balance of $988, with a valuation allowance of $293 at December 31, 2012. As of June 30, 2012, impaired loans with a principal balance of $1,479 had a valuation allowance of $343. The resulting impact to the provision for loan losses was a reduction of $23 and $50 being recorded for the three and six month periods ended December 31, 2012. The resulting impact to the provision for loan losses was $73 being recorded for the three and six month periods ended December 31, 2011.

 

The valuation technique used by an independent third party appraiser in the fair value measurement of collateral for collateral-dependent 1-4 family non-owner occupied impaired loans primarily consisted of the sales comparison and income approach. The significant unobservable inputs used in the fair value measurement relate to adjustments made to the value set forth in the appraisal by deducting a distressed sale adjustment. For the December 31, 2012 period, collateral discounts for commercial real estate impaired loans was 31%, for 1-4 family owner occupied impaired loans ranged from 31% to 32% and for 1-4 family non-owner occupied impaired loans ranged from 13% to 31%. For the June 30, 2012 period, collateral discounts for commercial real estate impaired loans ranged from 33% to 41% and for 1-4 family non-owner occupied impaired loans ranged from 15% to 39%.

  

Estimated fair value for cash and cash equivalents, certificates of deposits in other financial institutions, accrued interest receivable and payable, demand and savings deposits and short-term borrowings were considered to approximate carrying value. The methodologies for other financial assets and financial liabilities are discussed below:

 

Loans held for sale: The fair value of loans held for sale is estimated based upon binding contracts and quotes from third party investors resulting in a Level 3 classification.

 

Loans: Fair value for loans was estimated for portfolios of loans with similar financial characteristics. For adjustable rate loans that reprice at least annually and for fixed rate commercial loans with maturities of six months or less which possess normal risk characteristics, carrying value was determined to be fair value. Fair value of other types of loans (including adjustable rate loans which reprice less frequently than annually and fixed rate term loans or loans which possess higher risk characteristics) was estimated by discounting future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for similar anticipated maturities resulting in a Level 3 classification. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. 

 

Time deposits: Fair value of fixed-maturity certificates of deposit was estimated using the rates offered at December 31, 2012 and June 30, 2012, for deposits of similar remaining maturities. Estimated fair value does not include the benefit that result from low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market resulting in a Level 2 classification.

 

Federal Home Loan Bank advances: Fair value of Federal Home Loan Bank advances was estimated using current rates at December 31, 2012 and June 30, 2012 for similar financing resulting in a Level 2 classification.

 

Federal bank and other restricted stocks include stock acquired for regulatory purposes, such as Federal Home Loan Bank stock and Federal Reserve Bank stock that are accounted for at cost due to restrictions placed on their transferability; and therefore, are not subject to the fair value disclosure requirements. The Corporation’s lending commitments have variable interest rates and “escape” clauses if the customer’s credit quality deteriorates. Therefore, the fair values of these items are not significant and are not included in the following table.

The following table shows the estimated fair values of financial instruments that are reported at amortized cost in the Corporation’s consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

 

    December 31, 2012     June 30, 2012  
    Carrying
Amount
    Estimated
Fair
Value
    Carrying
Amount
    Estimated
Fair
Value
 
Financial Assets:                                
Level 1 inputs:                                
Cash and cash equivalents   $ 10,314     $ 10,314     $ 13,745     $ 13,745  
Level 2 inputs:                                
Certificates of deposits in other financial institutions     6,625       6,625       5,645       5,645  
Accrued interest receivable     1,080       1,080       1,043       1,043  
Level 3 inputs:                                
Loans held for sale     310       317       377       387  
Loans     203,319       203,762       195,095       196,592  
Financial Liabilities:                                
Level 2 inputs:     209,701       209,701       200,011       200,011  
Demand and savings deposits                                
Time deposits     82,540       83,257       84,470       85,262  
Short-term borrowings     14,685       14,685       13,722       13,722  
Federal Home Loan Bank advances     6,408       7,013       6,446       7,398  
Accrued interest payable     61       61       56       56
v2.4.0.6
Earnings Per Share
6 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 5 – Earnings Per Share

 

Basic earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period and is equal to net income divided by the weighted average number of shares outstanding during the period.  Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares that may be issued upon the vesting of restricted stock awards.  The following table details the calculation of basic and diluted earnings per share: 

 

  For the Three Months
Ended December 31,
  For the Six Months Ended
December 31,
 
  2012  2011  2012  2011 
             
Basic:                
Net income available to common shareholders $747  $791  $1,362  $1,478 
Weighted average common shares outstanding  2,062,658   2,050,176   2,060,034   2,050,075 
Basic income per share $0.36  $0.39  $0.66  $0.72 
                 
                 
Diluted:                
Net income available to common shareholders $747  $791  $1,362  $1,478 
Weighted average common shares outstanding  2,062,658   2,050,176   2,060,034   2,050,075 
Dilutive effect of restricted stock  530   368   496   308 
Total common shares and dilutive potential common shares  2,063,188   2,050,544   2,060,530   2,050,383 
Dilutive income per share $0.36  $0.39  $0.66  $0.72
v2.4.0.6
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Dec. 31, 2012
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
Nature Of Operations [Policy Text Block]
Nature of Operations: Consumers Bancorp, Inc. (the Corporation) is a bank holding company headquartered in Minerva, Ohio that provides, through its banking subsidiary, Consumers National Bank (the Bank), a broad array of products and services throughout its primary market area of Stark, Columbiana, Carroll and contiguous counties in Ohio. The Bank’s business involves attracting deposits from businesses and individual customers and using such deposits to originate commercial, mortgage and consumer loans in its primary market area.
Basis Of Accounting Policy [Policy Text Block]

Basis of Presentation: The consolidated financial statements for interim periods are unaudited and reflect all adjustments (consisting of only normal recurring adjustments), which, in the opinion of management, are necessary to present fairly the financial position and results of operations and cash flows for the periods presented. The unaudited financial statements are presented in accordance with the requirements of Form 10-Q and do not include all disclosures normally required by accounting principles generally accepted in the United States of America. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation’s Form 10-K for the year ended June 30, 2012. The results of operations for the interim period disclosed herein are not necessarily indicative of the results that may be expected for a full year.

 

The consolidated financial statements include the accounts of the Corporation and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation.

Segment Reporting, Policy [Policy Text Block]
Segment Information: Consumers Bancorp, Inc. is a bank holding company engaged in the business of commercial and retail banking, which accounts for substantially all of the revenues, operating income, and assets. Accordingly, all of its operations are recorded in one segment, banking.
Prior Period Reclassification Adjustment, Description [Policy Text Block]
Reclassifications: Certain items in prior financial statements have been reclassified to conform to the current presentation.
v2.4.0.6
Securities (Tables)
6 Months Ended
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]  
Trading Securities (and Certain Trading Assets) [Table Text Block]
Description of Securities 

Amortized
Cost

  

Gross
Unrealized
Gains

  

Gross
Unrealized
Losses

  

Fair
Value

 
December 31, 2012                
Obligations of U.S. government-sponsored entities and agencies $5,870  $48  $  $5,918 
Obligations of state and political subdivisions  38,521   1,795   (74)  40,242 
Mortgage-backed securities – residential  52,011   1,070   (123)  52,958 
Collateralized mortgage obligations  10,093   147  (18)  10,222 
Trust preferred security  202      (64)  138 
Total securities $106,697  $3,060  $(279) $109,478 

 

 

 

Amortized
Cost

  

Gross
Unrealized
Gains

  

Gross
Unrealized
Losses

  

Fair
Value

 
June 30, 2012            
Obligations of U.S. government-sponsored entities and agencies $8,487  $80  $  $8,567 
Obligations of state and political subdivisions  33,808   1,577   (109)  35,276 
Mortgage-backed securities – residential  48,255   1,108   (32)  49,331 
Collateralized mortgage obligations  12,154   25   (82)  12,097 
Trust preferred security  202      (138)  64 
Total securities $102,906  $2,790  $(361) $105,335 
Schedule of Realized Gain (Loss) [Table Text Block]

Proceeds from the sale of available-for-sale securities were as follows:

 

  Three Months Ended
December 31,
  Six Months Ended
December 31,
 
  2012  2011  2012  2011 
Proceeds from sales $149  $2,381  $679  $7,332 
Gross realized gains  2   106   23   155 
Available-for-sale Securities [Table Text Block]
  Amortized Cost  Estimated Fair
Value
 
Due in one year or less $4,061  $4,096 
Due after one year through five years  3,713   3,775 
Due after five years through ten years  11,687   12,294 
Due after ten years  24,930   25,995 
Total  44,391   46,160 
         
Mortgage-backed securities – residential  52,011   52,958 
Collateralized mortgage obligations  10,093   10,222 
Trust preferred security  202   138 
Total $106,697  $109,478 
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Table Text Block]

The following table summarizes the securities with unrealized losses at December 31, 2012 and June 30, 2012, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

 

    Less than 12 Months     12 Months or more     Total  
Description of Securities   Fair
Value
    Unrealized
Loss
    Fair
Value
    Unrealized
Loss
    Fair
Value
    Unrealized
Loss
 
December 31, 2012                                                
Obligations of states and political subdivisions   $ 5,143     $ (74 )   $     $     $ 5,143     $ (74 )
Mortgage-backed securities - residential     10,317       (123 )                 10,317       (123 )
Collateralized mortgage obligations     1,606       (18 )                 1,606       (18 )
Trust preferred security                 138       (64 )     138       (64 )
Total temporarily impaired   $ 17,066     $ (215 )   $ 138     $ (64 )   $ 17,204     $ (279 )

 

    Less than 12 Months     12 Months or more     Total  
Description of Securities   Fair
Value
    Unrealized
Loss
    Fair
Value
    Unrealized
Loss
    Fair
Value
    Unrealized
Loss
 
June 30, 2012                                                
Obligations of states and political subdivisions   $ 6,002     $ (109 )   $     $     $ 6,022     $ (109 )
Mortgage-backed securities - residential     11,135       (32 )                 11,135       (32 )
Collateralized mortgage obligations     6,411       (62 )     2,314       (20 )     8,725       (82 )
Trust preferred security                 64       (138 )     64       (138 )
Total temporarily impaired   $ 23,548     $ (203 )   $ 2,378     $ (158 )   $ 25,926     $ (361 )
v2.4.0.6
Loans (Tables)
6 Months Ended
Dec. 31, 2012
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Major classifications of loans were as follows:

 

  December 31,
2012
  June 30,
2012
 
Commercial $24,288  $23,041 
Commercial real estate:        
Construction  2,385   1,546 
Other  116,307   110,775 
1 – 4 Family residential real estate:        
Owner occupied  32,794   34,000 
Non-owner occupied  18,686   18,794 
Construction  344   187 
Consumer  11,225   9,407 
Subtotal  206,029   197,750 
Less: Net deferred loan fees  (343)  (320)
      Allowance for loan losses  (2,367)  (2,335)
Net Loans $203,319  $195,095 
Allowance for Credit Losses on Financing Receivables [Table Text Block]

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ending December 31, 2012: 

   Commercial   Commercial Real
Estate
   1-4 Family
Residential
Real Estate
   Consumer   Total 
Allowance for loan losses:                    
Beginning balance $145  $1,275  $677  $241  $2,338 
Provision for loan losses     37   (33)  52   56 
Loans charged-off     (24)     (21)  (45)
Recoveries           18   18 
Total ending allowance balance $145  $1,288  $644  $290  $2,367 

 

The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ended December 31, 2012:

   Commercial   Commercial Real
Estate
   1-4 Family
Residential
Real Estate
   Consumer   Total 
Allowance for loan losses:                    
Beginning balance $143  $1,283  $712  $197  $2,335 
Provision for loan losses  6   29   (53)  99   81 
Loans charged-off  (4)  (24)  (15)  (40)  (83)
Recoveries           34   34 
Total ending allowance balance $145  $1,288  $644  $290  $2,367 
Loans Evaluated For Impairment [Table Text Block]

The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ending December 31, 2011:

   Commercial   Commercial Real
Estate
   1-4 Family
Residential
Real Estate
   Consumer   Total 
Allowance for loan losses:                    
Beginning balance $97  $1,054  $845  $91  $2,087 
Provision for loan losses  21   (89)  50   85   67 
Loans charged-off           (50)  (50)
Recoveries        5   17   22 
Total ending allowance balance $118  $965  $900  $143  $2,126 

 

The following table presents the activity in the allowance for loan losses by portfolio segment for the six months ending December 31, 2011:

   Commercial   Commercial Real
Estate
   1-4 Family
Residential
Real Estate
   Consumer   Total 
Allowance for loan losses:                    
Beginning balance $179  $882  $947  $93  $2,101 
Provision for loan losses  (61)  83   17   120   159 
Loans charged-off        (69)  (100)  (169)
Recoveries        5   30   35 
Total ending allowance balance $118  $965  $900  $143  $2,126
Impaired Financing Receivables [Table Text Block]

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2012. Included in the recorded investment in loans is $528 of accrued interest receivable net of deferred loan fees of $343.

   Commercial   Commercial Real
Estate
   1-4 Family
Residential
Real Estate
   Consumer   Total 
Allowance for loan losses: