Note 7 - Allowance for Credit Losses:

12 Months Ended

Jun. 30, 2012

Allowance for Credit Losses [Text Block]

Note 7 – Allowance for Credit Losses:

The allowance for credit losses includes amounts to cover losses related to the net investment in leases and commercial loans, transactions-in-process and unfunded loan commitments.  A summary of the allocation of the allowance for credit losses and selected statistics is as follows:

(in thousands)	June 30,
	2012			2011
Allowance for credit losses at beginning of year	$	5,060		$	4,447
Charge-off of leases		(51	)		(275	)
Charge-off of transactions-in-process		-			(282	)
Recovery of amounts previously written off		207			145
Provision for credit losses		-			1,025
Allowance for credit losses at end of year	$	5,216		$	5,060
Components:
Allowance for lease losses	$	3,052		$	2,896
Residual valuation allowance		81			81
Allowance for loan losses		2,072			2,072
Allowance for losses on transactions-in-process		11			11
	$	5,216		$	5,060
Allowance for credit losses as a percent of net investment in leases and loans before allowances		1.5	%		1.6	%

In addition to the allowance for credit losses, the Company has recorded a liability for unfunded loan commitments of $25,000 at June 30, 2012 and $20,000 at June 30, 2011.