Commitments to Extend Credit

9 Months Ended

Mar. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

NOTE 13 – Commitments to Extend Credit

The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the Condensed Consolidated Balance Sheets.

The contractual amounts of outstanding commitments were as follows:

	March 31,		June 30,
	2012		2011
	(in thousands)
Commitments to extend credit:
Loan commitments	$	4,409	$	2,966
Unadvanced construction loans		1,098		1,476
Unadvanced lines of credit		13,119		12,737
Standby letters of credit		782		782
Outstanding commitments	$	19,408	$	17,961

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References+ Details