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.