Balance Sheet Review
Total assets increased $82.4 million, or 5.0%, to $1.7 billion at June 30, 2012 from $1.6 billion at June 30, 2011, primarily due to $264.2 million in funds held on deposit for orders to purchase shares of the Company's common stock in the offering, which was consummated on July 10, 2012. Net loans receivable decreased $82.4 million or 6.5% to $1.2 billion at June 30, 2012 from $1.3 billion at June 30, 2011 as new loan originations during the year were offset by normal loan repayments, refinances, chargeoffs and foreclosures.
Total deposits increased $201.6 million or 15.9% from $1.3 billion at June 30, 2011 to $1.5 billion at June 30, 2012. This increase was due to the $264.2 million held on deposit for stock purchase orders as discussed above which were included in deposits at June 30, 2012. Other borrowings decreased 84.7%, or $123.0 million, at June 30, 2012 to $22.3 million from $145.3 million at June 30, 2011 as proceeds from loan repayments and maturities of investment securities were used to repay FHLB borrowings during the year.
Asset QualityThe provision for loan losses totaled $2.0 million for the quarter ended June 30, 2012 compared to $25.2 million for the quarter ended June 30, 2011. The provision for loan losses totaled $15.6 million for the year ended June 30, 2012 compared to $42.8 million for the year ended June 30, 2011. The decrease in the provision was due to the combination of fewer charge-offs in the loan portfolio and lower loan balances compared to the prior fiscal year. Net charge-offs totaled $3.0 million and $30.6 million for the quarter and year ended June 30, 2012, respectively, as compared to $9.9 million and $34.4 million, respectively for the same periods in fiscal 2011. Net charge-offs as a percentage of average loans decreased to .96% from 2.94% for the quarters ended June 30, 2012 and 2011, respectively. Net charge-offs to average loans also decreased for the year ended June 30, 2012 to 2.34% compared to 2.59% for the year ended June 30, 2011.
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