Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2014 | Feb. 02, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | PROVIDENT FINANCIAL HOLDINGS INC | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1010470 | |
Current Fiscal Year End Date | -24 | |
Entity Common Stock, Shares Outstanding | 8,995,149 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 |
Provident_Financial_Holdings_I
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Financial Condition (Unaudited) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $32,078 | $118,937 |
Investment securities – held to maturity (fair value $800 and $800, respectively) | 800 | 800 |
Investment securities – available for sale, at fair value | 15,377 | 16,347 |
Loans held for investment, net of allowance for loan losses of $8,693 and $9,744, respectively | 797,783 | 772,141 |
Loans held for sale, at fair value | 228,783 | 158,883 |
Accrued interest receivable | 2,554 | 2,483 |
Real estate owned, net | 3,496 | 2,467 |
Federal Home Loan Bank (“FHLBâ€) – San Francisco stock | 7,056 | 7,056 |
Premises and equipment, net | 5,806 | 6,369 |
Prepaid expenses and other assets | 18,657 | 20,146 |
Total assets | 1,112,390 | 1,105,629 |
Liabilities: | ||
Non interest-bearing deposits | 55,804 | 58,654 |
Interest-bearing deposits | 849,708 | 839,216 |
Total deposits | 905,512 | 897,870 |
Borrowings | 41,400 | 41,431 |
Accounts payable, accrued interest and other liabilities | 21,128 | 20,466 |
Total liabilities | 968,040 | 959,767 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value (2,000,000 shares authorized; none issued and outstanding) | 0 | 0 |
Common stock, $.01 par value (40,000,000 shares authorized; 17,716,365 and 17,714,365 shares issued; 8,995,149 and 9,312,269 shares outstanding, respectively) | 177 | 177 |
Additional paid-in capital | 87,153 | 88,259 |
Retained earnings | 185,148 | 182,458 |
Treasury stock at cost (8,721,216 and 8,402,096 shares, respectively) | -128,560 | -125,418 |
Accumulated other comprehensive income, net of tax | 432 | 386 |
Total stockholders’ equity | 144,350 | 145,862 |
Total liabilities and stockholders’ equity | $1,112,390 | $1,105,629 |
Provident_Financial_Holdings_I1
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Financial Condition - Parenthetical (Unaudited) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for loan losses on Loans held for investment | $8,693 | $9,744 |
Preferred stock par value per share | $0.01 | $0.01 |
Preferred stock shares authorized | 2,000,000 | 2,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value per share | $0.01 | $0.01 |
Common stock shares authorized | 40,000,000 | 40,000,000 |
Common stock shares issued | 17,716,365 | 17,714,365 |
Common stock shares outstanding | 8,995,149 | 9,312,269 |
Treasury stock shares | 8,721,216 | 8,402,096 |
Provident_Financial_Holdings_I2
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Interest income: | ||||
Loans receivable, net | $9,376 | $9,085 | $18,571 | $18,791 |
Investment securities | 72 | 86 | 148 | 178 |
FHLB – San Francisco stock | 132 | 204 | 276 | 412 |
Interest-earning deposits | 76 | 138 | 170 | 248 |
Total interest income | 9,656 | 9,513 | 19,165 | 19,629 |
Interest expense: | ||||
Checking and money market deposits | 110 | 96 | 214 | 198 |
Savings deposits | 160 | 152 | 317 | 299 |
Time deposits | 940 | 1,171 | 1,916 | 2,434 |
Borrowings | 336 | 439 | 671 | 1,082 |
Total interest expense | 1,546 | 1,858 | 3,118 | 4,013 |
Net interest income | 8,110 | 7,655 | 16,047 | 15,616 |
Recovery from the allowance for loan losses | -354 | -898 | -1,172 | -1,840 |
Net interest income, after recovery from the allowance for loan losses | 8,464 | 8,553 | 17,219 | 17,456 |
Non-interest income: | ||||
Loan servicing and other fees | 291 | 331 | 559 | 526 |
Gain on sale of loans, net | 8,042 | 5,732 | 15,694 | 12,486 |
Deposit account fees | 604 | 619 | 1,230 | 1,240 |
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | -51 | -82 | -70 | -30 |
Card and processing fees | 336 | 317 | 692 | 661 |
Other | 275 | 227 | 502 | 444 |
Total non-interest income | 9,497 | 7,144 | 18,607 | 15,327 |
Non-interest expense: | ||||
Salaries and employee benefits | 9,950 | 8,912 | 19,531 | 19,364 |
Premises and occupancy | 1,150 | 1,104 | 2,498 | 2,263 |
Equipment | 414 | 474 | 886 | 954 |
Professional expenses | 493 | 507 | 957 | 931 |
Sales and marketing expenses | 399 | 391 | 730 | 806 |
Deposit insurance premiums and regulatory assessments | 238 | 229 | 511 | 443 |
Other | 1,268 | 1,254 | 2,538 | 2,640 |
Total non-interest expense | 13,912 | 12,871 | 27,651 | 27,401 |
Income before income taxes | 4,049 | 2,826 | 8,175 | 5,382 |
Provision (benefit) for income taxes | 1,721 | 1,223 | 3,457 | 2,266 |
Net income | $2,328 | $1,603 | $4,718 | $3,116 |
Basic earnings per share (in dollars per share) | $0.26 | $0.16 | $0.51 | $0.31 |
Diluted earnings per share (in dollars per share) | $0.25 | $0.16 | $0.50 | $0.30 |
Cash dividends per share (in dollars per share) | $0.11 | $0.10 | $0.22 | $0.20 |
Provident_Financial_Holdings_I3
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $2,328 | $1,603 | $4,718 | $3,116 |
Change in unrealized holding gain (loss) on securities available for sale | 95 | -45 | 79 | -166 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), before income taxes | 95 | -45 | 79 | -166 |
Income tax expense (benefit) | -40 | 19 | -33 | 70 |
Other comprehensive income (loss) | 55 | -26 | 46 | -96 |
Total comprehensive income | $2,383 | $1,577 | $4,764 | $3,020 |
Provident_Financial_Holdings_I4
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Conprehensive Income, Net of Tax | Total Stockholder's Equity |
In Thousands, except Share data, unless otherwise specified | |||||||
Balances at beginning of period-Amount at Jun. 30, 2013 | $177 | $87,742 | $179,816 | ($108,315) | $554 | $159,974 | |
Shares outstanding, beginning balance at Jun. 30, 2013 | 10,386,399 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 3,116 | 3,116 | 3,116 | ||||
Other comprehensive loss | -96 | -96 | -96 | ||||
Purchase of treasury stock - Shares | -575,134 | ||||||
Purchase of treasury stock - Amount | -9,074 | -9,074 | |||||
Exercise of stock options - Shares | 40,500 | ||||||
Exercise of stock options - Amount | -296 | 0 | 296 | 296 | |||
Amortization of restricted stock | 102 | 102 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | 51 | -51 | 0 | ||||
Stock or Unit Option Plan Expense | -159 | -159 | |||||
Stock options expense | 8 | ||||||
Tax benefit from non-qualified equity compensation | 8 | ||||||
Cash dividends | -2,035 | -2,035 | |||||
Balances at end of period-Amount at Dec. 31, 2013 | 177 | 88,358 | 180,897 | -117,440 | 458 | 152,450 | |
Shares outstanding, ending balance at Dec. 31, 2013 | 9,851,765 | ||||||
Balances at beginning of period-Amount at Sep. 30, 2013 | 177 | 87,917 | 180,299 | -111,719 | 484 | 157,158 | |
Shares outstanding, beginning balance at Sep. 30, 2013 | 10,201,348 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,603 | 1,603 | 1,603 | ||||
Other comprehensive loss | -26 | -26 | -26 | ||||
Purchase of treasury stock - Shares | -385,083 | ||||||
Purchase of treasury stock - Amount | -5,670 | -5,670 | |||||
Exercise of stock options - Shares | 35,500 | ||||||
Exercise of stock options - Amount | 0 | 259 | 259 | ||||
Amortization of restricted stock | 51 | 51 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | 51 | -51 | 0 | ||||
Stock options expense | 79 | 79 | |||||
Tax benefit from non-qualified equity compensation | 1 | 1 | |||||
Cash dividends | -1,005 | -1,005 | |||||
Balances at end of period-Amount at Dec. 31, 2013 | 177 | 88,358 | 180,897 | -117,440 | 458 | 152,450 | |
Shares outstanding, ending balance at Dec. 31, 2013 | 9,851,765 | ||||||
Balances at beginning of period-Amount at Jun. 30, 2014 | 145,862 | 177 | 88,259 | 182,458 | -125,418 | 386 | 145,862 |
Shares outstanding, beginning balance at Jun. 30, 2014 | 9,312,269 | 9,312,269 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 4,718 | 4,718 | 4,718 | ||||
Other comprehensive loss | 46 | 46 | 46 | ||||
Purchase of treasury stock - Shares | -319,120 | ||||||
Purchase of treasury stock - Amount | -4,783 | -4,783 | |||||
Exercise of stock options - Shares | 2,000 | ||||||
Exercise of stock options - Amount | -14 | 0 | 14 | 14 | |||
Amortization of restricted stock | 241 | 241 | |||||
Stock or Unit Option Plan Expense | -296 | -296 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | -1,641 | 1,641 | 0 | ||||
Stock options expense | -16 | ||||||
Tax benefit from non-qualified equity compensation | -16 | ||||||
Cash dividends | -2,028 | -2,028 | |||||
Balances at end of period-Amount at Dec. 31, 2014 | 144,350 | 177 | 87,153 | 185,148 | -128,560 | 432 | 144,350 |
Shares outstanding, ending balance at Dec. 31, 2014 | 8,995,149 | 8,995,149 | |||||
Balances at beginning of period-Amount at Sep. 30, 2014 | 177 | 86,759 | 183,825 | -126,175 | 377 | 144,963 | |
Shares outstanding, beginning balance at Sep. 30, 2014 | 9,152,065 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,328 | 2,328 | 2,328 | ||||
Other comprehensive loss | 55 | 55 | 55 | ||||
Purchase of treasury stock - Shares | -156,916 | ||||||
Purchase of treasury stock - Amount | -2,385 | -2,385 | |||||
Amortization of restricted stock | 182 | 182 | |||||
Stock options expense | 212 | 212 | |||||
Cash dividends | -1,005 | -1,005 | |||||
Balances at end of period-Amount at Dec. 31, 2014 | $144,350 | $177 | $87,153 | $185,148 | ($128,560) | $432 | $144,350 |
Shares outstanding, ending balance at Dec. 31, 2014 | 8,995,149 | 8,995,149 |
Provident_Financial_Holdings_I5
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net income | $4,718 | $3,116 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,041 | 863 |
Provision for loan losses | -1,172 | -1,840 |
Recovery of losses on real estate owned | -17 | -17 |
Gain on sale of loans, net | -15,694 | -12,486 |
(Gain) loss on sale of real estate owned, net | -6 | -161 |
Stock-based compensation | 537 | 261 |
Increase in current and deferred income taxes | 1,294 | -3,922 |
Tax benefit from non-qualified equity compensation | 16 | -8 |
Increase in accounts payable and other liabilities | 302 | -3,217 |
Decrease in prepaid expenses and other assets | -258 | 150 |
Loans originated for sale | -1,079,427 | -1,136,684 |
Proceeds from sale of loans | 1,025,890 | 1,219,194 |
Net cash provided by operating activities | -62,776 | 65,249 |
Cash flows from investing activities: | ||
Decrease in loans held for investment, net | -26,544 | -10,215 |
Principal payments from investment securities available for sale | 1,297 | 1,619 |
Payments to Acquire Available-for-sale Securities | -250 | 0 |
Redemption of FHLB - San Francisco stock | 0 | 4,368 |
Proceeds from sale of real estate owned | 883 | 2,530 |
Purchase of premises and equipment | -267 | -510 |
Net cash provided by investing activities | -24,881 | -2,208 |
Cash flows from financing activities: | ||
(Decrease) increase in deposits, net | 7,642 | -9,254 |
Repayments of long-term borrowings | -31 | -55,029 |
Exercise of stock options | 14 | 296 |
Tax benefit from non-qualified equity compensation | -16 | 8 |
Cash dividends paid | -2,028 | -2,035 |
Treasury stock purchases | -4,783 | -9,074 |
Net cash used for financing activities | 798 | -75,088 |
Net increase in cash and cash equivalents | -86,859 | -12,047 |
Cash and cash equivalents at beginning of period | 118,937 | |
Cash and cash equivalents at end of period | 32,078 | 181,792 |
Supplemental information: | ||
Cash paid for interest | 3,129 | 4,342 |
Income Taxes Paid | 2,175 | 6,180 |
Transfer of loans held for sale to held for investment | 1,762 | 2,259 |
Real estate owned acquired in the settlement of loans | $2,292 | $3,972 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The unaudited interim condensed consolidated financial statements included herein reflect all adjustments which are, in the opinion of management, necessary to present a fair statement of the results of operations for the interim periods presented. All such adjustments are of a normal, recurring nature. The condensed consolidated statements of financial condition at June 30, 2014 are derived from the audited consolidated financial statements of Provident Financial Holdings, Inc. and its wholly-owned subsidiary, Provident Savings Bank, F.S.B. (the “Bank”) (collectively, the “Corporation”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. It is recommended that these unaudited interim condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended June 30, 2014. The results of operations for the quarter and six months ended December 31, 2014 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2015. |
Accounting_Standard_Updates_AS
Accounting Standard Updates ("ASU") | 6 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Standard Updates (ASU) | Accounting Standard Updates (“ASU”) |
ASU 2013-11: | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The Corporation's adoption of this ASU did not have a material impact on its consolidated financial statements. | |
ASU 2014-04: | |
In January 2014, the FASB issued ASU 2014-04, "Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." The amendments in this ASU are intended to reduce diversity in practice by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. Holding foreclosed real estate property presents different operational and economic risk to creditors compared with holding an impaired loan. Therefore, consistency in the timing of loan derecognition and presentation of foreclosed real estate properties is of qualitative significance to users of the creditor’s financial statements. Additionally, the disclosure of the amount of foreclosed residential real estate properties and of the recorded investment in consumer mortgage loans secured by residential real estate properties that are in the process of foreclosure is expected to provide decision-useful information to many users of the creditor’s financial statements. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Corporation's adoption of this ASU is not expected to have a material impact on its consolidated financial statements. | |
ASU 2014-14: | |
In August 2014, the FASB issued ASU 2014-14," Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure." Current GAAP provides classification and measurement guidance for situations in which a creditor obtains a debtor’s assets in satisfaction of a receivable, including receipt of assets through foreclosure, but does not provide specific guidance on how to classify and measure foreclosed loans that are government guaranteed. Current GAAP also does not provide guidance on how to determine the unit of account; that is, whether a single asset should be recognized or whether two separate assets should be recognized (real estate and a guarantee receivable). In practice, most creditors derecognize the loan and recognize a single asset. Some creditors recognize a nonfinancial asset (other real estate owned), while others recognize a financial asset (typically, a guarantee receivable). Regardless of the classification of the asset (or assets), measurement of the asset (or total measurement of the assets) in practice generally represents the amount recoverable under the guarantee. The amendments in this ASU should reduce variations in practice by providing guidance on how to classify and measure certain government-guaranteed mortgage loans upon foreclosure. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Corporation's adoption of this ASU is not expected to have a material impact on its consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the earnings of the entity. | |||||||||||||
As of December 31, 2014 and 2013, there were outstanding options to purchase 1.1 million shares and 974,200 shares of the Corporation’s common stock, respectively, of which 271,500 shares and 508,200 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of December 31, 2014 and 2013, there were outstanding restricted stock awards of 266,500 shares and 66,500 shares, respectively, all of which have dilutive effects. | |||||||||||||
The following table provides the basic and diluted EPS computations for the quarters and six months ended December 31, 2014 and 2013, respectively. | |||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||
(In Thousands, Except Earnings Per Share) | December 31, | December 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders | $ | 2,328 | $ | 1,603 | $ | 4,718 | $ | 3,116 | |||||
Denominator: | |||||||||||||
Denominator for basic earnings per share: | |||||||||||||
Weighted-average shares | 9,120 | 10,078 | 9,187 | 10,192 | |||||||||
Effect of dilutive shares: | |||||||||||||
Stock options | 62 | 164 | 117 | 179 | |||||||||
Restricted stock | 56 | 29 | 49 | 27 | |||||||||
Denominator for diluted earnings per share: | |||||||||||||
Adjusted weighted-average shares and assumed conversions | 9,238 | 10,271 | 9,353 | 10,398 | |||||||||
Basic earnings per share | $ | 0.26 | $ | 0.16 | $ | 0.51 | $ | 0.31 | |||||
Diluted earnings per share | $ | 0.25 | $ | 0.16 | $ | 0.5 | $ | 0.3 | |||||
Operating_Segment_Reports
Operating Segment Reports | 6 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Operating Segment Reports | Operating Segment Reports | |||||||||
The Corporation operates in two business segments: community banking through the Bank and mortgage banking through Provident Bank Mortgage (“PBM”), a division of the Bank. | ||||||||||
The following tables set forth condensed consolidated statements of operations and total assets for the Corporation’s operating segments for the quarters and six months ended December 31, 2014 and 2013, respectively. | ||||||||||
For the Quarter Ended December 31, 2014 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 6,925 | $ | 1,185 | $ | 8,110 | ||||
(Recovery) provision for loan losses | (373 | ) | 19 | (354 | ) | |||||
Net interest income, after (recovery) provision for loan losses | 7,298 | 1,166 | 8,464 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees (1) | 85 | 206 | 291 | |||||||
Gain on sale of loans, net (2) | 75 | 7,967 | 8,042 | |||||||
Deposit account fees | 604 | — | 604 | |||||||
Loss on sale and operations of real estate owned | (50 | ) | (1 | ) | (51 | ) | ||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 336 | — | 336 | |||||||
Other | 275 | — | 275 | |||||||
Total non-interest income | 1,325 | 8,172 | 9,497 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 4,528 | 5,422 | 9,950 | |||||||
Premises and occupancy | 716 | 434 | 1,150 | |||||||
Operating and administrative expenses | 1,093 | 1,719 | 2,812 | |||||||
Total non-interest expense | 6,337 | 7,575 | 13,912 | |||||||
Income before income taxes | 2,286 | 1,763 | 4,049 | |||||||
Provision for income taxes | 988 | 733 | 1,721 | |||||||
Net income | $ | 1,298 | $ | 1,030 | $ | 2,328 | ||||
Total assets, end of period | $ | 883,665 | $ | 228,725 | $ | 1,112,390 | ||||
(1) | Includes an inter-company charge of $144 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||||
(2) | Includes an inter-company charge of $61 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||||||||
For the Quarter Ended December 31, 2013 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 6,671 | $ | 984 | $ | 7,655 | ||||
Recovery from the allowance for loan losses | (876 | ) | (22 | ) | (898 | ) | ||||
Net interest income after recovery from the allowance for loan losses | 7,547 | 1,006 | 8,553 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees (1) | 210 | 121 | 331 | |||||||
Gain on sale of loans, net (2) | 86 | 5,646 | 5,732 | |||||||
Deposit account fees | 619 | — | 619 | |||||||
Loss on sale and operations of real estate owned | (82 | ) | — | (82 | ) | |||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 317 | — | 317 | |||||||
Other | 227 | — | 227 | |||||||
Total non-interest income | 1,377 | 5,767 | 7,144 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 3,600 | 5,312 | 8,912 | |||||||
Premises and occupancy | 630 | 474 | 1,104 | |||||||
Operating and administrative expenses | 1,056 | 1,799 | 2,855 | |||||||
Total non-interest expense | 5,286 | 7,585 | 12,871 | |||||||
Income (loss) before income taxes | 3,638 | (812 | ) | 2,826 | ||||||
Provision (benefit) for income taxes | 1,564 | (341 | ) | 1,223 | ||||||
Net income (loss) | $ | 2,074 | $ | (471 | ) | $ | 1,603 | |||
Total assets, end of period | $ | 1,003,275 | $ | 130,787 | $ | 1,134,062 | ||||
(1) | Includes an inter-company charge of $5 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||||
(2) | Includes an inter-company charge of $39 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||||||||
For the Six Months Ended December 31, 2014 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 13,820 | $ | 2,227 | $ | 16,047 | ||||
(Recovery) provision for loan losses | (1,263 | ) | 91 | (1,172 | ) | |||||
Net interest income, after (recovery) provision for loan losses | 15,083 | 2,136 | 17,219 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees (1) | 93 | 466 | 559 | |||||||
Gain on sale of loans, net (2) | 146 | 15,548 | 15,694 | |||||||
Deposit account fees | 1,230 | — | 1,230 | |||||||
Loss on sale and operations of real estate owned | (69 | ) | (1 | ) | (70 | ) | ||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 692 | — | 692 | |||||||
Other | 502 | — | 502 | |||||||
Total non-interest income | 2,594 | 16,013 | 18,607 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 8,795 | 10,736 | 19,531 | |||||||
Premises and occupancy | 1,588 | 910 | 2,498 | |||||||
Operating and administrative expenses | 2,249 | 3,373 | 5,622 | |||||||
Total non-interest expense | 12,632 | 15,019 | 27,651 | |||||||
Income before income taxes | 5,045 | 3,130 | 8,175 | |||||||
Provision for income taxes | 2,155 | 1,302 | 3,457 | |||||||
Net income | $ | 2,890 | $ | 1,828 | $ | 4,718 | ||||
Total assets, end of period | $ | 883,665 | $ | 228,725 | $ | 1,112,390 | ||||
(1) | Includes an inter-company charge of $302 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||||
(2) | Includes an inter-company charge of $75 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||||||||
For the Six Months Ended December 31, 2013 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 13,238 | $ | 2,378 | $ | 15,616 | ||||
(Recovery) provision for loan losses | (1,859 | ) | 19 | (1,840 | ) | |||||
Net interest income, after (recovery) provision for loan losses | 15,097 | 2,359 | 17,456 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees (1) | 344 | 182 | 526 | |||||||
Gain on sale of loans, net (2) | 323 | 12,163 | 12,486 | |||||||
Deposit account fees | 1,240 | — | 1,240 | |||||||
(Loss) gain on sale and operations of real estate owned | (31 | ) | 1 | (30 | ) | |||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 661 | — | 661 | |||||||
Other | 444 | — | 444 | |||||||
Total non-interest income | 2,981 | 12,346 | 15,327 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 7,555 | 11,809 | 19,364 | |||||||
Premises and occupancy | 1,313 | 950 | 2,263 | |||||||
Operating and administrative expenses | 2,070 | 3,704 | 5,774 | |||||||
Total non-interest expense | 10,938 | 16,463 | 27,401 | |||||||
Income (loss) before income taxes | 7,140 | (1,758 | ) | 5,382 | ||||||
Provision (benefit) for income taxes | 3,005 | (739 | ) | 2,266 | ||||||
Net income (loss) | $ | 4,135 | $ | (1,019 | ) | $ | 3,116 | |||
Total assets, end of period | $ | 1,003,275 | $ | 130,787 | $ | 1,134,062 | ||||
(1) | Includes an inter-company charge of $13 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||||
(2) | Includes an inter-company charge of $46 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. |
Investment_Securities
Investment Securities | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Investment Securities | Investment Securities | |||||||||||||||
The amortized cost and estimated fair value of investment securities as of December 31, 2014 and June 30, 2014 were as follows: | ||||||||||||||||
31-Dec-14 | Gross | Gross | Estimated | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | ||||||||||||
Cost | Gains | (Losses) | Value | Value | ||||||||||||
(In Thousands) | ||||||||||||||||
Held to maturity: | ||||||||||||||||
Certificates of deposit | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | ||||||
Total investment securities - held to maturity | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | ||||||
Available for sale: | ||||||||||||||||
U.S. government agency MBS (1) | $ | 8,150 | $ | 341 | $ | — | $ | 8,491 | $ | 8,491 | ||||||
U.S. government sponsored enterprise MBS | 5,503 | 334 | — | 5,837 | 5,837 | |||||||||||
Private issue CMO (2) | 792 | 7 | — | 799 | 799 | |||||||||||
Common stock - community development financial institution | 250 | — | — | 250 | 250 | |||||||||||
Total investment securities - available for sale | $ | 14,695 | $ | 682 | $ | — | $ | 15,377 | $ | 15,377 | ||||||
Total investment securities | $ | 15,495 | $ | 682 | $ | — | $ | 16,177 | $ | 16,177 | ||||||
(1) | Mortgage-Backed Securities (“MBS”). | |||||||||||||||
(2) | Collateralized Mortgage Obligations (“CMO”). | |||||||||||||||
30-Jun-14 | Gross | Gross | Estimated | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | ||||||||||||
Cost | Gains | (Losses) | Value | Value | ||||||||||||
(In Thousands) | ||||||||||||||||
Held to maturity: | ||||||||||||||||
Certificates of deposit | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | ||||||
Total investment securities - held to maturity | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | ||||||
Available for sale: | ||||||||||||||||
U.S. government agency MBS | $ | 8,772 | $ | 337 | $ | — | $ | 9,109 | $ | 9,109 | ||||||
U.S. government sponsored enterprise MBS | 6,128 | 257 | — | 6,385 | 6,385 | |||||||||||
Private issue CMO | 841 | 12 | — | 853 | 853 | |||||||||||
Total investment securities - available for sale | $ | 15,741 | $ | 606 | $ | — | $ | 16,347 | $ | 16,347 | ||||||
Total investment securities | $ | 16,541 | $ | 606 | $ | — | $ | 17,147 | $ | 17,147 | ||||||
In the second quarters of fiscal 2015 and 2014, the Corporation received MBS principal payments of $517,000 and $799,000, respectively, and did not purchase or sell investment securities. For the first six months of fiscal 2015 and 2014, the Corporation received MBS principal payments of $1.3 million and $1.6 million, respectively, and did not purchase or sell investment securities, except the fiscal 2015 purchase of $250,000 in the common stock of a community development financial institution to help fulfill the Corporation's Community Reinvestment Act obligation. | ||||||||||||||||
The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value. As of December 31, 2014, no investment securities were in an unrealized loss position. This compares to December 31, 2013 when the gross unrealized holding losses related to two adjustable rate private issue CMOs, where one had been in an unrealized loss position for more than 12 months. Based on the nature of the investments, management concluded that such unrealized losses were not other than temporary as of December 31, 2013. The Corporation does not believe that there are any other-than-temporary impairments at December 31, 2014 and 2013; therefore, no impairment losses have been recorded for the quarters and six months ended December 31, 2014 and 2013. The Corporation intends and has the ability to hold these CMOs until maturity and will not likely be required to sell the CMOs before realizing a full recovery. | ||||||||||||||||
Contractual maturities of investment securities as of December 31, 2014 and June 30, 2014 were as follows: | ||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||
(In Thousands) | Amortized | Estimated | Amortized | Estimated | ||||||||||||
Cost | Fair | Cost | Fair | |||||||||||||
Value | Value | |||||||||||||||
Held to maturity: | ||||||||||||||||
Due in one year or less | $ | 800 | $ | 800 | $ | 800 | $ | 800 | ||||||||
Due after one through five years | — | — | — | — | ||||||||||||
Due after five through ten years | — | — | — | — | ||||||||||||
Due after ten years | — | — | — | — | ||||||||||||
Total investment securities - held to maturity | $ | 800 | $ | 800 | $ | 800 | $ | 800 | ||||||||
Available for sale: | ||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | $ | — | ||||||||
Due after one through five years | — | — | — | — | ||||||||||||
Due after five through ten years | — | — | — | — | ||||||||||||
Due after ten years | 14,445 | 15,127 | 15,741 | 16,347 | ||||||||||||
No stated maturity (common stock) | 250 | 250 | — | — | ||||||||||||
Total investment securities - available for sale | $ | 14,695 | $ | 15,377 | $ | 15,741 | $ | 16,347 | ||||||||
Total investment securities | $ | 15,495 | $ | 16,177 | $ | 16,541 | $ | 17,147 | ||||||||
Loans_Held_For_Investment
Loans Held For Investment | 6 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||
Loans Held For Investment | Loans Held for Investment | ||||||||||||||||||
Loans held for investment consisted of the following: | |||||||||||||||||||
(In Thousands) | December 31, | June 30, | |||||||||||||||||
2014 | 2014 | ||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 377,262 | $ | 377,997 | |||||||||||||||
Multi-family | 322,302 | 301,211 | |||||||||||||||||
Commercial real estate | 100,859 | 96,803 | |||||||||||||||||
Construction | 4,378 | 2,869 | |||||||||||||||||
Commercial business loans | 859 | 1,237 | |||||||||||||||||
Consumer loans | 265 | 306 | |||||||||||||||||
Total loans held for investment, gross | 805,925 | 780,423 | |||||||||||||||||
Undisbursed loan funds | (2,281 | ) | (1,090 | ) | |||||||||||||||
Deferred loan costs, net | 2,832 | 2,552 | |||||||||||||||||
Allowance for loan losses | (8,693 | ) | (9,744 | ) | |||||||||||||||
Total loans held for investment, net | $ | 797,783 | $ | 772,141 | |||||||||||||||
As of December 31, 2014, the Corporation had $15.2 million in mortgage loans that are subject to negative amortization, consisting of $11.4 million in multi-family loans, $3.6 million in single-family loans and $254,000 in commercial real estate loans. This compares to $23.3 million of negative amortization mortgage loans at June 30, 2014, consisting of $18.7 million in multi-family loans, $3.7 million in single-family loans and $856,000 in commercial real estate loans. During the second quarters and six months of fiscal 2015 and 2014, no loan interest income was added to the negative amortization loan balance. Negative amortization involves a greater risk to the Corporation because the loan principal balance may increase by a range of 110% to 115% of the original loan amount during the period of negative amortization and because the loan payment may increase beyond the means of the borrower when loan principal amortization is required. Also, the Corporation has originated interest-only ARM loans, which typically have a fixed interest rate for the first two to five years coupled with an interest only payment, followed by a periodic adjustable rate and a fully amortizing loan payment. As of December 31, 2014 and June 30, 2014, the interest-only ARM loans were $160.3 million and $170.7 million, or 20% and 22% of loans held for investment, respectively. | |||||||||||||||||||
The following table sets forth information at December 31, 2014 regarding the dollar amount of loans held for investment that are contractually repricing during the periods indicated, segregated between adjustable rate loans and fixed rate loans. Fixed-rate loans comprised 4% of loans held for investment at December 31, 2014, unchanged from June 30, 2014. Adjustable rate loans having no stated repricing dates that reprice when the index they are tied to reprices (e.g. prime rate index) and checking account overdrafts are reported as repricing within one year. The table does not include any estimate of prepayments which may cause the Corporation’s actual repricing experience to differ materially from that shown. | |||||||||||||||||||
Adjustable Rate | |||||||||||||||||||
(In Thousands) | Within One Year | After | After | After | Fixed Rate | Total | |||||||||||||
One Year | 3 Years | 5 Years | |||||||||||||||||
Through 3 Years | Through 5 Years | Through 10 Years | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 305,453 | $ | 19,393 | $ | 32,575 | $ | 4,233 | $ | 15,608 | $ | 377,262 | |||||||
Multi-family | 85,070 | 64,281 | 157,330 | 10,677 | 4,944 | 322,302 | |||||||||||||
Commercial real estate | 28,238 | 11,143 | 50,560 | 1,336 | 9,582 | 100,859 | |||||||||||||
Construction | 2,569 | — | — | — | 1,809 | 4,378 | |||||||||||||
Commercial business loans | 388 | — | 122 | — | 349 | 859 | |||||||||||||
Consumer loans | 255 | — | — | — | 10 | 265 | |||||||||||||
Total loans held for investment, gross | $ | 421,973 | $ | 94,817 | $ | 240,587 | $ | 16,246 | $ | 32,302 | $ | 805,925 | |||||||
The allowance for loan losses is maintained at a level sufficient to provide for estimated losses based on evaluating known and inherent risks in the loans held for investment and upon management’s continuing analysis of the factors underlying the quality of the loans held for investment. These factors include changes in the size and composition of the loans held for investment, actual loan loss experience, current economic conditions, detailed analysis of individual loans for which full collectability may not be assured, and determination of the realizable value of the collateral securing the loans. Provision (recovery) for (from) the allowance for loan losses is charged (credited) against operations on a quarterly basis, as necessary, to maintain the allowance at appropriate levels. Although management believes it uses the best information available to make such determinations, there can be no assurance that regulators, in reviewing the Corporation’s loans held for investment, will not request a significant increase in its allowance for loan losses. Future adjustments to the allowance for loan losses may be necessary and results of operations could be significantly and adversely affected as a result of economic, operating, regulatory, and other conditions beyond the Corporation’s control. | |||||||||||||||||||
In compliance with the regulatory reporting requirements of the Office of the Comptroller of the Currency (“OCC”), the Bank’s primary federal regulator, non-performing loans are charged-off to their fair market values in the period the loans, or portion thereof, are deemed uncollectible, generally after the loan becomes 150 days delinquent for real estate secured first trust deed loans and 120 days delinquent for commercial business or real estate secured second trust deed loans. For loans that were modified from their original terms, were re-underwritten and identified in the Corporation’s asset quality reports as troubled debt restructurings (“restructured loans”), the charge-off occurs when the loan becomes 90 days delinquent; and where borrowers file bankruptcy, the charge-off occurs when the loan becomes 60 days delinquent. The amount of the charge-off is determined by comparing the loan balance to the estimated fair value of the underlying collateral, less disposition costs, with the loan balance in excess of the estimated fair value charged-off against the allowance for loan losses. The allowance for loan losses for non-performing loans is determined by applying Accounting Standards Codification (“ASC”) 310, “Receivables.” For restructured loans that are less than 90 days delinquent, the allowance for loan losses are segregated into (a) individually evaluated allowances for those loans with applicable discounted cash flow calculations still in their restructuring period, classified lower than pass, and containing an embedded loss component or (b) collectively evaluated allowances based on the aggregated pooling method. For non-performing loans less than 60 days delinquent where the borrower has filed bankruptcy, the collectively evaluated allowances are assigned based on the aggregated pooling method. For non-performing commercial real estate loans, an individually evaluated allowance is calculated based on the loan's fair value and if the fair value is higher than the loan balance, no allowance is required. | |||||||||||||||||||
The following table summarizes the Corporation’s allowance for loan losses at December 31, 2014 and June 30, 2014: | |||||||||||||||||||
(In Thousands) | December 31, | June 30, | |||||||||||||||||
2014 | 2014 | ||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 4,483 | $ | 5,476 | |||||||||||||||
Multi-family | 2,998 | 3,142 | |||||||||||||||||
Commercial real estate | 1,075 | 989 | |||||||||||||||||
Construction | 17 | 35 | |||||||||||||||||
Commercial business loans | 33 | 51 | |||||||||||||||||
Consumer loans | 10 | 10 | |||||||||||||||||
Total collectively evaluated allowance | 8,616 | 9,703 | |||||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | 57 | — | |||||||||||||||||
Commercial business loans | 20 | 41 | |||||||||||||||||
Total individually evaluated allowance | 77 | 41 | |||||||||||||||||
Total loan loss allowance | $ | 8,693 | $ | 9,744 | |||||||||||||||
The following table is provided to disclose additional details on the Corporation’s allowance for loan losses: | |||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Allowance at beginning of period | $ | 8,888 | $ | 12,105 | $ | 9,744 | $ | 14,935 | |||||||||||
Recovery from the allowance for loan losses | (354 | ) | (898 | ) | (1,172 | ) | (1,840 | ) | |||||||||||
Recoveries: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | 164 | 99 | 273 | 267 | |||||||||||||||
Multi-family | 93 | 8 | 164 | 19 | |||||||||||||||
Construction | — | 20 | — | 20 | |||||||||||||||
Consumer loans | — | — | 1 | 1 | |||||||||||||||
Total recoveries | 257 | 127 | 438 | 307 | |||||||||||||||
Charge-offs: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | (98 | ) | (90 | ) | (317 | ) | (780 | ) | |||||||||||
Multi-family | — | (199 | ) | — | (1,577 | ) | |||||||||||||
Consumer loans | — | (4 | ) | — | (4 | ) | |||||||||||||
Total charge-offs | (98 | ) | (293 | ) | (317 | ) | (2,361 | ) | |||||||||||
Net recoveries (charge-offs) | 159 | (166 | ) | 121 | (2,054 | ) | |||||||||||||
Balance at end of period | $ | 8,693 | $ | 11,041 | $ | 8,693 | $ | 11,041 | |||||||||||
Allowance for loan losses as a percentage of gross loans held for investment | 1.08 | % | 1.44 | % | 1.08 | % | 1.44 | % | |||||||||||
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized) | (0.07 | )% | 0.08 | % | (0.03 | )% | 0.46 | % | |||||||||||
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period | 73.88 | % | 57.17 | % | 73.88 | % | 57.17 | % | |||||||||||
The following tables identify the Corporation’s total recorded investment in non-performing loans by type, net of allowance for loan losses at December 31, 2014 and June 30, 2014: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 2,660 | $ | (514 | ) | $ | 2,146 | ||||||||||||
Without a related allowance (2) | 5,207 | — | 5,207 | ||||||||||||||||
Total single-family loans | 7,867 | (514 | ) | 7,353 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 264 | (79 | ) | 185 | |||||||||||||||
Without a related allowance (2) | 1,995 | — | 1,995 | ||||||||||||||||
Total multi-family loans | 2,259 | (79 | ) | 2,180 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 1,520 | — | 1,520 | ||||||||||||||||
Total commercial real estate loans | 1,520 | — | 1,520 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 120 | (22 | ) | 98 | |||||||||||||||
Total commercial business loans | 120 | (22 | ) | 98 | |||||||||||||||
Total non-performing loans | $ | 11,766 | $ | (615 | ) | $ | 11,151 | ||||||||||||
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. | ||||||||||||||||||
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. | ||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 5,480 | $ | (1,148 | ) | $ | 4,332 | ||||||||||||
Without a related allowance (2) | 6,067 | — | 6,067 | ||||||||||||||||
Total single-family loans | 11,547 | (1,148 | ) | 10,399 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 956 | (354 | ) | 602 | |||||||||||||||
Without a related allowance (2) | 2,491 | — | 2,491 | ||||||||||||||||
Total multi-family loans | 3,447 | (354 | ) | 3,093 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 2,352 | — | 2,352 | ||||||||||||||||
Total commercial real estate loans | 2,352 | — | 2,352 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 138 | (46 | ) | 92 | |||||||||||||||
Total commercial business loans | 138 | (46 | ) | 92 | |||||||||||||||
Total non-performing loans | $ | 17,484 | $ | (1,548 | ) | $ | 15,936 | ||||||||||||
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. | ||||||||||||||||||
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. | ||||||||||||||||||
At December 31, 2014 and June 30, 2014, there were no commitments to lend additional funds to those borrowers whose loans were classified as non-performing. | |||||||||||||||||||
The following table describes the aging analysis (length of time on non-performing status) of non-performing loans, net of allowance for loan losses or charge offs, as of December 31, 2014: | |||||||||||||||||||
3 Months or | Over 3 to | Over 6 to | Over 12 | ||||||||||||||||
(In Thousands) | Less | 6 Months | 12 Months | Months | Total | ||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 791 | $ | 22 | $ | 684 | $ | 5,856 | $ | 7,353 | |||||||||
Multi-family | — | — | 404 | 1,776 | 2,180 | ||||||||||||||
Commercial real estate | — | — | 448 | 1,072 | 1,520 | ||||||||||||||
Commercial business loans | — | — | — | 98 | 98 | ||||||||||||||
Total | $ | 791 | $ | 22 | $ | 1,536 | $ | 8,802 | $ | 11,151 | |||||||||
For the quarters ended December 31, 2014 and 2013, the Corporation’s average investment in non-performing loans was $11.8 million and $17.2 million, respectively. The Corporation records payments on non-performing loans utilizing the cash basis or cost recovery method of accounting during the periods when the loans are on non-performing status. For the quarters ended December 31, 2014 and 2013, interest income of $151,000 and $251,000, respectively, was recognized, based on cash receipts from loan payments on non-performing loans; and $14,000 and $100,000, respectively, was collected and applied to the net loan balances under the cost recovery method. Foregone interest income, which would have been recorded had the non-performing loans been current in accordance with their original terms, amounted to $17,000 and $82,000 for the quarters ended December 31, 2014 and 2013, respectively, and was not included in the results of operations. | |||||||||||||||||||
For the six months ended December 31, 2014 and 2013, the Corporation’s average investment in non-performing loans was $13.4 million and $17.8 million, respectively. For the six months ended December 31, 2014 and 2013, interest income of $248,000 and $438,000, respectively, was recognized, based on cash receipts from loan payments on non-performing loans; and $161,000 and $203,000, respectively, was collected and applied to the net loan balances under the cost recovery method. Foregone interest income, which would have been recorded had the non-performing loans been current in accordance with their original terms, amounted to $36,000 and $202,000 for the six months ended December 31, 2014 and 2013, respectively, and was not included in the results of operations. | |||||||||||||||||||
For the quarters and six months ended December 31, 2014 and 2013, there were no loans that were newly modified from their original terms, re-underwritten or identified in the Corporation’s asset quality reports as restructured loans. During the quarters and six months ended December 31, 2014 and 2013, no restructured loans were in default within a 12-month period subsequent to their original restructuring. Additionally, during the quarter and six months ended December 31, 2014, there was one loan for $113,000 whose modification was extended beyond the initial maturity of the modification. This compares to the quarter and six months ended December 31, 2013 when there were two loans to a single borrower totaling $810,000 whose modifications were extended beyond the initial maturity of the modification. | |||||||||||||||||||
As of December 31, 2014, the net outstanding balance of the 16 restructured loans was $6.0 million: one was classified as special mention and remains on accrual status ($687,000); and 15 were classified as substandard ($5.3 million, all of which were on non-accrual status). As of June 30, 2014, the net outstanding balance of the 17 restructured loans was $6.0 million: one was classified as special mention on accrual status ($343,000); and 16 were classified as substandard ($5.6 million, all of which were on non-accrual status). Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Assets that do not currently expose the Corporation to sufficient risk to warrant adverse classification but possess weaknesses are designated as special mention and are closely monitored by the Corporation. As of December 31, 2014 and June 30, 2014, $5.3 million or 89 percent, and $3.7 million or 62 percent, respectively, of the restructured loans were current with respect to their modified payment terms. | |||||||||||||||||||
The Corporation upgrades restructured single-family loans to the pass category if the borrower has demonstrated satisfactory contractual payments for at least six consecutive months; 12 months for those loans that were restructured more than once; and if the borrower has demonstrated satisfactory contractual payments beyond 12 consecutive months, the loan is no longer categorized as a restructured loan. In addition to the payment history described above, multi-family, commercial real estate, construction and commercial business loans (which are sometimes referred to in this report as “preferred loans”) must also demonstrate a combination of the following characteristics to be upgraded: satisfactory cash flow, satisfactory guarantor support, and additional collateral support, among others. | |||||||||||||||||||
To qualify for restructuring, a borrower must provide evidence of their creditworthiness such as, current financial statements, their most recent income tax returns, current paystubs, current W-2s, and most recent bank statements, among other documents, which are then verified by the Corporation. The Corporation re-underwrites the loan with the borrower’s updated financial information, new credit report, current loan balance, new interest rate, remaining loan term, updated property value and modified payment schedule, among other considerations, to determine if the borrower qualifies. | |||||||||||||||||||
The following table summarizes at the dates indicated the restructured loan balances, net of allowance for loan losses, by loan type and non-accrual versus accrual status: | |||||||||||||||||||
(In Thousands) | December 31, 2014 | June 30, 2014 | |||||||||||||||||
Restructured loans on non-accrual status: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 2,792 | $ | 2,957 | |||||||||||||||
Multi-family | 1,591 | 1,760 | |||||||||||||||||
Commercial real estate | 792 | 800 | |||||||||||||||||
Commercial business loans | 98 | 92 | |||||||||||||||||
Total | 5,273 | 5,609 | |||||||||||||||||
Restructured loans on accrual status: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | 687 | 343 | |||||||||||||||||
Total | 687 | 343 | |||||||||||||||||
Total restructured loans | $ | 5,960 | $ | 5,952 | |||||||||||||||
The following tables show the restructured loans by type, net of allowance for loan losses, at December 31, 2014 and June 30, 2014: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 751 | $ | (150 | ) | $ | 601 | ||||||||||||
Without a related allowance (2) | 2,878 | — | 2,878 | ||||||||||||||||
Total single-family loans | 3,629 | (150 | ) | 3,479 | |||||||||||||||
Multi-family: | |||||||||||||||||||
Without a related allowance (2) | 1,591 | — | 1,591 | ||||||||||||||||
Total multi-family loans | 1,591 | — | 1,591 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 792 | — | 792 | ||||||||||||||||
Total commercial real estate loans | 792 | — | 792 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 120 | (22 | ) | 98 | |||||||||||||||
Total commercial business loans | 120 | (22 | ) | 98 | |||||||||||||||
Total restructured loans | $ | 6,132 | $ | (172 | ) | $ | 5,960 | ||||||||||||
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. | ||||||||||||||||||
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. | ||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 994 | $ | (248 | ) | $ | 746 | ||||||||||||
Without a related allowance (2) | 2,554 | — | 2,554 | ||||||||||||||||
Total single-family loans | 3,548 | (248 | ) | 3,300 | |||||||||||||||
Multi-family: | |||||||||||||||||||
Without a related allowance (2) | 1,760 | — | 1,760 | ||||||||||||||||
Total multi-family loans | 1,760 | — | 1,760 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 800 | — | 800 | ||||||||||||||||
Total commercial real estate loans | 800 | — | 800 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 138 | (46 | ) | 92 | |||||||||||||||
Total commercial business loans | 138 | (46 | ) | 92 | |||||||||||||||
Total restructured loans | $ | 6,246 | $ | (294 | ) | $ | 5,952 | ||||||||||||
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. | ||||||||||||||||||
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. | ||||||||||||||||||
During the quarter ended December 31, 2014, four properties were acquired in the settlement of loans, while two previously foreclosed upon properties were sold. This compares to the quarter ended December 31, 2013 when three properties were acquired in the settlement of loans, while four previously foreclosed upon properties were sold. For the six months ended December 31, 2014, seven properties were acquired in the settlement of loans, while four previously foreclosed upon properties were sold and one real estate owned property was written off. This compares to the six months ended December 31, 2013 when six properties were acquired in the settlement of loans, while nine previously foreclosed upon properties were sold. As of December 31, 2014, real estate owned was comprised of six properties with a net fair value of $3.5 million, primarily located in Southern California. This compares to four real estate owned properties, primarily located in Southern California, with a net fair value of $2.5 million at June 30, 2014. A new appraisal was obtained on each of the properties at the time of foreclosure and fair value was calculated by using the lower of the appraised value or the listing price of the property, net of disposition costs. Any initial loss was recorded as a charge to the allowance for loan losses before being transferred to real estate owned. Subsequently, if there is further deterioration in real estate values, specific real estate owned loss reserves are established and charged to the statement of operations. In addition, the Corporation records costs to carry real estate owned as real estate operating expenses as incurred. |
Derivative_and_Other_Financial
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | 6 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | Derivative and Other Financial Instruments with Off-Balance Sheet Risks | |||||||||||||
The Corporation is a 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 in the form of originating loans or providing funds under existing lines of credit, loan sale commitments to third parties and option contracts. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the accompanying Condensed Consolidated Statements of Financial Condition. The Corporation’s exposure to credit loss, in the event of non-performance by the counterparty to these financial instruments, is represented by the contractual amount of these instruments. The Corporation uses the same credit policies in entering into financial instruments with off-balance sheet risk as it does for on-balance sheet instruments. As of December 31, 2014 and June 30, 2014, the Corporation had commitments to extend credit (on loans to be held for investment and loans to be held for sale) of $126.3 million and $134.8 million, respectively. | ||||||||||||||
The following table provides information at the dates indicated regarding undisbursed funds to borrowers on existing lines of credit with the Corporation as well as commitments to originate loans to be held for investment at the dates indicated below. | ||||||||||||||
Commitments | December 31, | June 30, | ||||||||||||
2014 | 2014 | |||||||||||||
(In Thousands) | ||||||||||||||
Undisbursed loan funds - Construction loans | $ | 2,281 | $ | 1,090 | ||||||||||
Undisbursed lines of credit – Mortgage loans | 497 | 616 | ||||||||||||
Undisbursed lines of credit – Commercial business loans | 843 | 1,222 | ||||||||||||
Undisbursed lines of credit – Consumer loans | 708 | 774 | ||||||||||||
Commitments to extend credit on loans to be held for investment | 4,692 | 2,247 | ||||||||||||
Total | $ | 9,021 | $ | 5,949 | ||||||||||
In accordance with ASC 815, “Derivatives and Hedging,” and interpretations of the Derivatives Implementation Group of the FASB, the fair value of the commitments to extend credit on loans to be held for sale, loan sale commitments, to be announced (“TBA”) MBS trades, put option contracts and call option contracts are recorded at fair value on the Condensed Consolidated Statements of Financial Condition. At December 31, 2014, $2.2 million was included in other assets and $2.1 million was included in other liabilities; at June 30, 2014, $2.6 million was included in other assets and $1.4 million was included in other liabilities. The Corporation does not apply hedge accounting to its derivative financial instruments; therefore, all changes in fair value are recorded in earnings. | ||||||||||||||
The following table provides information regarding the allowance for loan losses for the undisbursed funds and commitments to extend credit on loans to be held for investment for the quarters and six months ended December 31, 2014 and 2013. | ||||||||||||||
For the Quarters | For the Six Months | |||||||||||||
Ended | Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Balance, beginning of the period | $ | 108 | $ | 89 | $ | 61 | $ | 115 | ||||||
(Recovery) provision | (27 | ) | 36 | 20 | 10 | |||||||||
Balance, end of the period | $ | 81 | $ | 125 | $ | 81 | $ | 125 | ||||||
The net impact of derivative financial instruments on the gain on sale of loans contained in the Condensed Consolidated Statements of Operations during the quarters and six months ended December 31, 2014 and 2013 was as follows: | ||||||||||||||
For the Quarters | For the Six Months | |||||||||||||
Ended | Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
Derivative Financial Instruments | 2014 | 2013 | 2014 | 2013 | ||||||||||
(In Thousands) | ||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 344 | $ | (3,117 | ) | $ | (437 | ) | $ | 1,280 | ||||
Mandatory loan sale commitments and TBA MBS trades | (1,614 | ) | 5,424 | (677 | ) | (5,824 | ) | |||||||
Option contracts | (57 | ) | 158 | (162 | ) | 266 | ||||||||
Total net (loss) gain | $ | (1,327 | ) | $ | 2,465 | $ | (1,276 | ) | $ | (4,278 | ) | |||
The outstanding derivative financial instruments at the dates indicated were as follows: | ||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||
Derivative Financial Instruments | Amount | Fair | Amount | Fair | ||||||||||
Value | Value | |||||||||||||
(In Thousands) | ||||||||||||||
Commitments to extend credit on loans to be held for sale (1) | $ | 121,575 | $ | 2,129 | $ | 132,567 | $ | 2,566 | ||||||
Best efforts loan sale commitments | (31,484 | ) | — | (18,069 | ) | — | ||||||||
Mandatory loan sale commitments and TBA MBS trades | (290,785 | ) | (2,105 | ) | (258,021 | ) | (1,428 | ) | ||||||
Put option contracts | (10,000 | ) | 44 | (10,000 | ) | — | ||||||||
Call option contracts | 10,000 | 66 | — | — | ||||||||||
Total | $ | (200,694 | ) | $ | 134 | $ | (153,523 | ) | $ | 1,138 | ||||
(1) | Net of 29.3 percent at December 31, 2014 and 28.0 percent at June 30, 2014 of commitments which management has estimated may not fund. |
Income_Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
ASC 740, “Income Taxes,” requires the affirmative evaluation that it is more likely than not, based on the technical merits of a tax position, that an enterprise is entitled to economic benefits resulting from positions taken in income tax returns. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements. Management has determined that there are no unrecognized tax benefits to be reported in the Corporation’s financial statements. | |
ASC 740 requires that when determining the need for a valuation allowance against a deferred tax asset, management must assess both positive and negative evidence with regard to the realizability of the tax losses represented by that asset. To the extent available sources of taxable income are insufficient to absorb tax losses, a valuation allowance is necessary. Sources of taxable income for this analysis include prior years’ tax returns, the expected reversals of taxable temporary differences between book and tax income, prudent and feasible tax-planning strategies, and future taxable income. The deferred tax asset related to the allowance will be realized when actual charge-offs are made against the allowance. Based on the availability of loss carry-backs and projected taxable income during the periods for which loss carry-forwards are available, management believes it is more likely than not the Corporation will realize the deferred tax asset. The Corporation continues to monitor the deferred tax asset on a quarterly basis for a valuation allowance. The future realization of these tax benefits primarily hinges on adequate future earnings to utilize the tax benefit. Prospective earnings or losses, tax law changes or capital changes could prompt the Corporation to reevaluate the assumptions which may be used to establish a valuation allowance. The Corporation maintains net deferred income tax assets for deductible temporary tax differences, such as loss reserves, deferred compensation, non-accrued interest and unrealized gains. The Corporation did not have any liabilities for uncertain tax positions or any known unrecognized tax benefit at December 31, 2014 or June 30, 2014. | |
The Corporation files income tax returns for the United States and state of California jurisdictions. The Internal Revenue Service has audited the Bank’s income tax returns through 1996 and the California Franchise Tax Board has audited the Bank through 1990. Also, the Internal Revenue Service completed a review of the Corporation’s income tax returns for fiscal 2006 and 2007; and the California Franchise Tax Board completed a review of the Corporation’s income tax returns for fiscal 2009 and 2010. Tax years subsequent to fiscal 2010 remain subject to federal examination; and the California state income tax returns for years subsequent to fiscal 2010 are subject to future examination by state taxing authorities. | |
It is the Corporation’s policy to record any penalties or interest charges arising from federal or state taxes as a component of income tax expense. During the quarter ended December 31, 2014, there were no tax penalties or interest charges. For the six months ended December 31, 2014, the Corporation paid $4,000 in interest charges to the State of California tax authority for the fiscal 2010 tax obligation. There were no tax penalties or interest charges for the quarter and six months ended December 31, 2013. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||||||||
The Corporation adopted ASC 820, “Fair Value Measurements and Disclosures,” and elected the fair value option pursuant to ASC 825, “Financial Instruments” on loans originated for sale by PBM. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 825 permits entities to elect to measure many financial instruments and certain other assets and liabilities at fair value on an instrument-by-instrument basis (the “Fair Value Option”) at specified election dates. At each subsequent reporting date, an entity is required to report unrealized gains and losses on items in earnings for which the fair value option has been elected. The objective of the Fair Value Option is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. Direct loan origination costs and fees for loans held for sale under the fair value method are recognized in Non-interest income under Gain (loss) on sale of loans, net, as incurred and not deferred. | ||||||||||||||||||||||
The following table describes the difference at the dates indicated between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale at fair value. | ||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||
Unpaid | Net | |||||||||||||||||||||
Aggregate | Principal | Unrealized | ||||||||||||||||||||
(In Thousands) | Fair Value | Balance | Gain | |||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||
Loans held for sale, measured at fair value | $ | 228,783 | $ | 219,859 | $ | 8,924 | ||||||||||||||||
As of June 30, 2014: | ||||||||||||||||||||||
Loans held for sale, measured at fair value | $ | 158,883 | $ | 152,192 | $ | 6,691 | ||||||||||||||||
ASC 820-10-65-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly,” provides additional guidance for estimating fair value in accordance with ASC 820, “Fair Value Measurements,” when the volume and level of activity for the asset or liability have significantly decreased. | ||||||||||||||||||||||
ASC 820 establishes a three-level valuation hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows: | ||||||||||||||||||||||
Level 1 | - | Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access at the measurement date. | ||||||||||||||||||||
Level 2 | - | Observable inputs other than Level 1 such as: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated to observable market data for substantially the full term of the asset or liability. | ||||||||||||||||||||
Level 3 | - | Unobservable inputs for the asset or liability that use significant assumptions, including assumptions of risks. These unobservable assumptions reflect the Corporation’s estimate of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of pricing models, discounted cash flow models and similar techniques. | ||||||||||||||||||||
ASC 820 requires the Corporation to maximize the use of observable inputs and minimize the use of unobservable inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. | ||||||||||||||||||||||
The Corporation’s financial assets and liabilities measured at fair value on a recurring basis consist of investment securities, loans held for sale at fair value, interest-only strips and derivative financial instruments; while non-performing loans, mortgage servicing assets ("MSA") and real estate owned are measured at fair value on a nonrecurring basis. | ||||||||||||||||||||||
Investment securities are primarily comprised of U.S. government agency MBS, U.S. government sponsored enterprise MBS, private issue CMO and common stock of a community development financial institution. The Corporation utilizes unadjusted quoted prices in active markets for identical securities for its fair value measurement of debt securities, quoted prices in active and less than active markets for similar securities for its fair value measurement of MBS and debt securities (Level 2), broker price indications for similar securities in non-active markets for its fair value measurement of CMO (Level 3) and pricing indications from recent transaction in non-active markets for common stock of a community development financial institution (Level 3). | ||||||||||||||||||||||
Derivative financial instruments are comprised of commitments to extend credit on loans to be held for sale, mandatory loan sale commitments, TBA MBS trades and option contracts. The fair value of TBA MBS trades is determined using quoted secondary-market prices (Level 2). The fair values of other derivative financial instruments are determined by quoted prices for a similar commitment or commitments, adjusted for the specific attributes of each commitment, including management's estimate of loan commitments which may not fund (Level 3). | ||||||||||||||||||||||
Loans held for sale at fair value are primarily single-family loans. The fair value is determined, when possible, using quoted secondary-market prices such as TBA MBS trades. If no such quoted price exists, the fair value of a loan is determined by quoted prices for a similar loan or loans (Level 2). | ||||||||||||||||||||||
Non-performing loans are loans which are inadequately protected by the current net worth and paying capacity of the borrowers or of the collateral pledged. The non-performing loans are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. The fair value of a non-performing loan is determined based on an observable market price or current appraised value, net of estimated disposition costs, of the underlying collateral. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the borrower. For non-performing loans which are restructured loans, the fair value is derived from discounted cash flow analysis (Level 3), except for those which are in the process of foreclosure or 90 days delinquent for which the fair value is derived from the appraised value of the collateral (Level 2). For other non-performing loans which are not restructured loans, the fair value is derived from relative value analysis: historical experience and management estimates by loan type for which collectively evaluated allowances are assigned (Level 3); or the appraised value of the collateral for loans which are in the process of foreclosure or where borrowers file bankruptcy (Level 2). For non-performing commercial real estate loans, the fair value is derived from the appraised value of the collateral (Level 2). Non-performing loans are reviewed and evaluated on at least a quarterly basis for additional allowance and adjusted accordingly, based on the same factors identified above. This loss is not recorded directly as an adjustment to current earnings or other comprehensive income (loss), but rather as a component in determining the overall adequacy of the allowance for loan losses. These adjustments to the estimated fair value of non-performing loans may result in increases or decreases to the provision for loan losses recorded in current earnings. | ||||||||||||||||||||||
The Corporation uses the amortization method for its MSA, which amortizes the MSA in proportion to and over the period of estimated net servicing income and assesses the MSA for impairment based on fair value at each reporting date. The fair value of MSA is calculated using the present value method; which includes a third party’s prepayment projections of similar instruments, weighted-average coupon rates and the estimated average life (Level 3). | ||||||||||||||||||||||
The rights to future income from serviced loans that exceed contractually specified servicing fees are recorded as interest-only strips. The fair value of interest-only strips is calculated using the same assumptions that are used to value the related MSA (Level 3). | ||||||||||||||||||||||
The fair value of real estate owned is derived from the lower of the appraised value at the time of foreclosure or the listing price, net of estimated disposition costs (Level 2). | ||||||||||||||||||||||
The Corporation’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Corporation’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | ||||||||||||||||||||||
The following fair value hierarchy tables present information at the dates indicated about the Corporation’s assets measured at fair value on a recurring basis: | ||||||||||||||||||||||
Fair Value Measurement at December 31, 2014 Using: | ||||||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||
U.S. government agency MBS | $ | — | $ | 8,491 | $ | — | $ | 8,491 | ||||||||||||||
U.S. government sponsored enterprise MBS | — | 5,837 | — | 5,837 | ||||||||||||||||||
Private issue CMO | — | — | 799 | 799 | ||||||||||||||||||
Common stock - community development financial institution | — | — | 250 | 250 | ||||||||||||||||||
Investment securities | — | 14,328 | 1,049 | 15,377 | ||||||||||||||||||
Loans held for sale, at fair value | — | 228,783 | — | 228,783 | ||||||||||||||||||
Interest-only strips | — | — | 64 | 64 | ||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | — | — | 2,134 | 2,134 | ||||||||||||||||||
Option contracts | — | — | 110 | 110 | ||||||||||||||||||
Derivative assets | — | — | 2,244 | 2,244 | ||||||||||||||||||
Total assets | $ | — | $ | 243,111 | $ | 3,357 | $ | 246,468 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | — | $ | — | $ | 5 | $ | 5 | ||||||||||||||
Mandatory loan sale commitments | — | — | 86 | 86 | ||||||||||||||||||
TBA MBS trades | — | 2,019 | — | 2,019 | ||||||||||||||||||
Derivative liabilities | — | 2,019 | 91 | 2,110 | ||||||||||||||||||
Total liabilities | $ | — | $ | 2,019 | $ | 91 | $ | 2,110 | ||||||||||||||
Fair Value Measurement at June 30, 2014 Using: | ||||||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||
U.S. government agency MBS | $ | — | $ | 9,109 | $ | — | $ | 9,109 | ||||||||||||||
U.S. government sponsored enterprise MBS | — | 6,385 | — | 6,385 | ||||||||||||||||||
Private issue CMO | — | — | 853 | 853 | ||||||||||||||||||
Investment securities | — | 15,494 | 853 | 16,347 | ||||||||||||||||||
Loans held for sale, at fair value | — | 158,883 | — | 158,883 | ||||||||||||||||||
Interest-only strips | — | — | 62 | 62 | ||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | — | — | 2,570 | 2,570 | ||||||||||||||||||
Derivative assets | — | — | 2,570 | 2,570 | ||||||||||||||||||
Total assets | $ | — | $ | 174,377 | $ | 3,485 | $ | 177,862 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | — | $ | — | $ | 4 | $ | 4 | ||||||||||||||
Mandatory loan sale commitments | — | — | 93 | 93 | ||||||||||||||||||
TBA MBS trades | — | 1,335 | — | 1,335 | ||||||||||||||||||
Derivative liabilities | — | 1,335 | 97 | 1,432 | ||||||||||||||||||
Total liabilities | $ | — | $ | 1,335 | $ | 97 | $ | 1,432 | ||||||||||||||
The following tables summarize reconciliations of the beginning and ending balances during the periods shown of recurring fair value measurements recognized in the Condensed Consolidated Statements of Financial Condition using Level 3 inputs: | ||||||||||||||||||||||
For the Quarter Ended December 31, 2014 | ||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||
Using Significant Other Unobservable Inputs | ||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||
Common stock (1) | Loan | Manda- | ||||||||||||||||||||
Commit- | tory | |||||||||||||||||||||
Private | Interest- | ments to | Commit- | |||||||||||||||||||
Issue | Only | Originate (2) | ments (3) | Option | ||||||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | ||||||||||||||||||
Beginning balance at September 30, 2014 | $ | 828 | $ | 250 | $ | 70 | $ | 1,785 | $ | (245 | ) | $ | 33 | $ | 2,721 | |||||||
Total gains or losses (realized/ | ||||||||||||||||||||||
unrealized): | ||||||||||||||||||||||
Included in earnings | — | — | — | 344 | 149 | (57 | ) | 436 | ||||||||||||||
Included in other comprehensive | (4 | ) | — | (6 | ) | — | — | — | (10 | ) | ||||||||||||
loss | ||||||||||||||||||||||
Purchases | — | — | — | — | — | 134 | 134 | |||||||||||||||
Issuances | — | — | — | — | — | — | — | |||||||||||||||
Settlements | (25 | ) | — | — | — | 10 | — | (15 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | |||||||||||||||
Ending balance at December 31, 2014 | $ | 799 | $ | 250 | $ | 64 | $ | 2,129 | $ | (86 | ) | $ | 110 | $ | 3,266 | |||||||
(1) | Common stock of a community development financial institution. | |||||||||||||||||||||
(2) | Consists of commitments to extend credit on loans to be held for sale. | |||||||||||||||||||||
(3) | Consists of mandatory loan sale commitments. | |||||||||||||||||||||
For the Quarter Ended December 31, 2013 | ||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||
Using Significant Other Unobservable Inputs | ||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||
Loan | Manda- | |||||||||||||||||||||
Commit- | tory | |||||||||||||||||||||
Private | Interest- | ments to | Commit- | |||||||||||||||||||
Issue | Only | Originate (1) | ments (2) | Option | ||||||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | ||||||||||||||||||
Beginning balance at September 30, 2013 | $ | 953 | $ | 103 | $ | 3,365 | $ | (141 | ) | $ | 82 | $ | 4,362 | |||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in earnings | — | — | (3,117 | ) | 329 | 158 | (2,630 | ) | ||||||||||||||
Included in other comprehensive loss | 19 | (15 | ) | — | — | — | 4 | |||||||||||||||
Purchases | — | — | — | — | 155 | 155 | ||||||||||||||||
Issuances | — | — | — | — | — | — | ||||||||||||||||
Settlements | (47 | ) | — | — | 8 | (64 | ) | (103 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||||||
Ending balance at December 31, 2013 | $ | 925 | $ | 88 | $ | 248 | $ | 196 | $ | 331 | $ | 1,788 | ||||||||||
(1) | Consists of commitments to extend credit on loans to be held for sale. | |||||||||||||||||||||
(2) | Consists of mandatory loan sale commitments. | |||||||||||||||||||||
For the Six Months Ended December 31, 2014 | ||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||
Using Significant Other Unobservable Inputs | ||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||
Common stock (1) | Loan | Manda- | ||||||||||||||||||||
Commit- | tory | |||||||||||||||||||||
Private | Interest- | ments to | Commit- | |||||||||||||||||||
Issue | Only | Originate (2) | ments (3) | Option | ||||||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | ||||||||||||||||||
Beginning balance at June 30, 2014 | $ | 853 | $ | — | $ | 62 | $ | 2,566 | $ | (93 | ) | $ | — | $ | 3,388 | |||||||
Total gains or losses (realized/ | ||||||||||||||||||||||
unrealized): | ||||||||||||||||||||||
Included in earnings | — | — | — | (437 | ) | (7 | ) | (162 | ) | (606 | ) | |||||||||||
Included in other comprehensive | (5 | ) | — | 2 | — | — | — | (3 | ) | |||||||||||||
loss | ||||||||||||||||||||||
Purchases | — | 250 | — | — | — | 321 | 571 | |||||||||||||||
Issuances | — | — | — | — | — | — | — | |||||||||||||||
Settlements | (49 | ) | — | — | — | 14 | (49 | ) | (84 | ) | ||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | |||||||||||||||
Ending balance at December 31, 2014 | $ | 799 | $ | 250 | $ | 64 | $ | 2,129 | $ | (86 | ) | $ | 110 | $ | 3,266 | |||||||
(1) | Common stock of a community development financial institution. | |||||||||||||||||||||
(2) | Consists of commitments to extend credit on loans to be held for sale. | |||||||||||||||||||||
(3) | Consists of mandatory loan sale commitments. | |||||||||||||||||||||
For the Six Months Ended December 31, 2013 | ||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||
Using Significant Other Unobservable Inputs | ||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||
Loan | Manda- | |||||||||||||||||||||
Commit- | tory | |||||||||||||||||||||
Private | Interest- | ments to | Commit- | |||||||||||||||||||
Issue | Only | originate (1) | ments (2) | Option | ||||||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | ||||||||||||||||||
Beginning balance at June 30, 2013 | $ | 1,019 | $ | 98 | $ | (1,032 | ) | $ | 83 | $ | 589 | $ | 757 | |||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in earnings | — | — | 1,280 | 99 | 266 | 1,645 | ||||||||||||||||
Included in other comprehensive loss | 19 | (10 | ) | — | — | — | 9 | |||||||||||||||
Purchases | — | — | — | — | 370 | 370 | ||||||||||||||||
Issuances | — | — | — | — | — | — | ||||||||||||||||
Settlements | (113 | ) | — | — | 14 | (894 | ) | (993 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||||||
Ending balance at December 31, 2013 | $ | 925 | $ | 88 | $ | 248 | $ | 196 | $ | 331 | $ | 1,788 | ||||||||||
(1) | Consists of commitments to extend credit on loans to be held for sale. | |||||||||||||||||||||
(2) | Consists of mandatory loan sale commitments. | |||||||||||||||||||||
The following fair value hierarchy tables present information about the Corporation’s assets measured at fair value at the dates indicated on a nonrecurring basis: | ||||||||||||||||||||||
Fair Value Measurement at December 31, 2014 Using: | ||||||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Non-performing loans | $ | — | $ | 9,138 | $ | 2,013 | $ | 11,151 | ||||||||||||||
MSA | — | — | 208 | 208 | ||||||||||||||||||
Real estate owned, net | — | 3,496 | — | 3,496 | ||||||||||||||||||
Total | $ | — | $ | 12,634 | $ | 2,221 | $ | 14,855 | ||||||||||||||
Fair Value Measurement at June 30, 2014 Using: | ||||||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Non-performing loans | $ | — | $ | 10,910 | $ | 5,026 | $ | 15,936 | ||||||||||||||
MSA | — | — | 241 | 241 | ||||||||||||||||||
Real estate owned, net | — | 2,467 | — | 2,467 | ||||||||||||||||||
Total | $ | — | $ | 13,377 | $ | 5,267 | $ | 18,644 | ||||||||||||||
The following table presents additional information about valuation techniques and inputs used for assets and liabilities, including derivative financial instruments, which are measured at fair value and categorized within Level 3 as of December 31, 2014: | ||||||||||||||||||||||
(Dollars In Thousands) | Fair Value | Valuation | Unobservable Inputs | Range (1) | Impact to | |||||||||||||||||
As of | Techniques | (Weighted Average) | Valuation | |||||||||||||||||||
December 31, | from an | |||||||||||||||||||||
2014 | Increase in | |||||||||||||||||||||
Inputs (2) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities available-for sale: Private issue CMO | $ | 799 | Market comparable pricing | Comparability adjustment | (0.4)% – 1.1% (0.9%) | Increase | ||||||||||||||||
Common stock of community | $ | 250 | Market pricing | Pricing indications from recent transactions | $0.00 - $0.14 ($0.05) | Increase | ||||||||||||||||
development financial | ||||||||||||||||||||||
institution | ||||||||||||||||||||||
Non-performing loans | $ | 92 | Discounted cash flow | Default rates | 0.0% - 30.0% (0.0%) | Decrease | ||||||||||||||||
Non-performing loans | $ | 1,921 | Relative value analysis | Loss severity | 20.0% - 30.0% (21.9%) | Decrease | ||||||||||||||||
MSA | $ | 208 | Discounted cash flow | Prepayment speed (CPR) | 19.5% - 60.0% (31.0%) | Decrease | ||||||||||||||||
Discount rate | 9.0% - 10.5% (9.2%) | Decrease | ||||||||||||||||||||
Interest-only strips | $ | 64 | Discounted cash flow | Prepayment speed (CPR) | 20.2% - 39.2% (25.7%) | Decrease | ||||||||||||||||
Discount rate | 9.00% | Decrease | ||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 2,134 | Relative value analysis | TBA-MBS broker quotes | 99.1% – 106.2% | Decrease | ||||||||||||||||
(102.3%) of par | ||||||||||||||||||||||
Fall-out ratio (3) | 22.5% - 30.3% (29.3%) | Decrease | ||||||||||||||||||||
Option contracts | $ | 110 | Relative value analysis | Broker quotes | 126.8% of par | Increase | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 5 | Relative value analysis | TBA-MBS broker quotes | 101.4% – 103.9% | Increase | ||||||||||||||||
(102.3%) of par | ||||||||||||||||||||||
Fall-out ratio (3) | 22.5% - 30.3% (29.3%) | Increase | ||||||||||||||||||||
Mandatory loan sale commitments | $ | 86 | Relative value analysis | TBA MBS broker quotes | 101.2% - 105.0% | Increase | ||||||||||||||||
(104.3%) of par | ||||||||||||||||||||||
Roll-forward costs (4) | 0.01% | Increase | ||||||||||||||||||||
(1) | The range is based on the estimated fair values and management estimates. | |||||||||||||||||||||
(2) | Unless otherwise noted, this column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. | |||||||||||||||||||||
(3) | The percentage of commitments to extend credit on loans to be held for sale which management has estimated may not fund. | |||||||||||||||||||||
(4) | An estimated cost to roll forward the mandatory loan sale commitments which management has estimated may not be delivered to the corresponding investors in a timely manner. | |||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Corporation’s assets and liabilities include the following: prepayment speeds, discount rates, MBS – TBA quotes, fallout ratios, broker quotes and roll-forward costs, among others. Significant increases or decreases in any of these inputs in isolation could result in significantly lower or higher fair value measurement. The various unobservable inputs used to determine valuations may have similar or diverging impacts on valuation. | ||||||||||||||||||||||
The carrying amount and fair value of the Corporation’s other financial instruments as of December 31, 2014 and June 30, 2014 were as follows: | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||
(In Thousands) | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets: | ||||||||||||||||||||||
Loans held for investment, net | $ | 797,783 | $ | 804,707 | — | — | $ | 804,707 | ||||||||||||||
FHLB – San Francisco stock | $ | 7,056 | $ | 7,056 | — | $ | 7,056 | — | ||||||||||||||
Financial liabilities: | ||||||||||||||||||||||
Deposits | $ | 905,512 | $ | 882,526 | — | — | $ | 882,526 | ||||||||||||||
Borrowings | $ | 41,400 | $ | 44,440 | — | — | $ | 44,440 | ||||||||||||||
June 30, 2014 | ||||||||||||||||||||||
(In Thousands) | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets: | ||||||||||||||||||||||
Loans held for investment, net | $ | 772,141 | $ | 778,851 | — | — | $ | 778,851 | ||||||||||||||
FHLB – San Francisco stock | $ | 7,056 | $ | 7,056 | — | $ | 7,056 | — | ||||||||||||||
Financial liabilities: | ||||||||||||||||||||||
Deposits | $ | 897,870 | $ | 875,440 | — | — | $ | 875,440 | ||||||||||||||
Borrowings | $ | 41,431 | $ | 44,424 | — | — | $ | 44,424 | ||||||||||||||
Loans held for investment: For loans that reprice frequently at market rates, the carrying amount approximates the fair value. For fixed-rate loans, the fair value is determined by either (i) discounting the estimated future cash flows of such loans over their estimated remaining contractual maturities using a current interest rate at which such loans would be made to borrowers, or (ii) quoted market prices. The allowance for loan losses is subtracted as an estimate of the underlying credit risk. | ||||||||||||||||||||||
FHLB – San Francisco stock: The carrying amount reported for FHLB – San Francisco stock approximates fair value. When redeemed, the Corporation will receive an amount equal to the par value of the stock. | ||||||||||||||||||||||
Deposits: The fair value of time deposits is estimated using a discounted cash flow calculation. The discount rate is based upon rates currently offered for deposits of similar remaining maturities. The fair value of transaction accounts (checking, money market and savings accounts) is based on management estimates, consistent with current market conditions. | ||||||||||||||||||||||
Borrowings: The fair value of borrowings has been estimated using a discounted cash flow calculation. The discount rate on such borrowings is based upon rates currently offered for borrowings of similar remaining maturities. | ||||||||||||||||||||||
The Corporation has various processes and controls in place to ensure that fair value is reasonably estimated. The Corporation generally determines fair value of their Level 3 assets and liabilities by using internally developed models which primarily utilize discounted cash flow techniques and prices obtained from independent management services or brokers. The Corporation performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. The fair values of investment securities, commitments to extend credit on loans held for sale, mandatory commitments and option contracts are determined from the independent management services or brokers; while the fair value of MSA and interest-only strips are determined using the internally developed models which are based on discounted cash flow analysis. The fair value of non-performing loans is calculated by using discounted cash flows, relative value analysis or collateral value, less selling costs. | ||||||||||||||||||||||
While the Corporation believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. During the quarter ended December 31, 2014, there were no significant changes to the Corporation’s valuation techniques that had, or are expected to have, a material impact on its consolidated financial position or results of operations. |
Incentive_Plans
Incentive Plans | 6 Months Ended | |||||
Dec. 31, 2014 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||
Incentive Plans | Incentive Plans | |||||
As of December 31, 2014, the Corporation had five share-based compensation plans, which are described below. These plans are the 2013 Equity Incentive Plan (“2013 Plan”), the 2010 Equity Incentive Plan (“2010 Plan”), the 2006 Equity Incentive Plan (“2006 Plan”), the 2003 Stock Option Plan and the 1996 Stock Option Plan. | ||||||
For the quarters ended December 31, 2014 and 2013, the compensation cost for these plans was $394,000 and $130,000, respectively. The income tax effect recognized in the Condensed Consolidated Statements of Financial Condition for share-based compensation plans was none and a $1,000 credit in the quarters ended December 31, 2014 and 2013, respectively. | ||||||
For the six months ended December 31, 2014 and 2013, the compensation cost for these plans was $537,000 and $261,000, respectively. The income tax effect recognized in the Condensed Consolidated Statements of Financial Condition for share-based compensation plans was a $16,000 debit and an $8,000 credit for the six months ended December 31, 2014 and 2013, respectively. | ||||||
Equity Incentive Plan. The Corporation established and the shareholders approved the 2013 Plan, the 2010 Plan and the 2006 Plan for directors, advisory directors, directors emeriti, officers and employees of the Corporation and its subsidiary. The 2013 Plan authorizes 300,000 stock options and 300,000 shares of restricted stock. The 2013 Plan also provides that no person may be granted more than 60,000 stock options or 45,000 shares of restricted stock in any one year. The 2010 Plan authorizes 586,250 stock options and 288,750 shares of restricted stock. The 2010 Plan also provides that no person may be granted more than 117,250 stock options or 43,312 shares of restricted stock in any one year. The 2006 Plan authorizes 365,000 stock options and 185,000 shares of restricted stock. The 2006 Plan also provides that no person may be granted more than 73,000 stock options or 27,750 shares of restricted stock in any one year. | ||||||
Equity Incentive Plan - Stock Options. Under the 2013 Plan, 2010 Plan and 2006 Plan (collectively, “the Plans”), options may not be granted at a price less than the fair market value at the date of the grant. Options typically vest over a five-year or shorter period as long as the director, advisory director, director emeritus, officer or employee remains in service to the Corporation. The options are exercisable after vesting for up to the remaining term of the original grant. The maximum term of the options granted is 10 years. | ||||||
The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option valuation model with the following assumptions. The expected volatility is based on implied volatility from historical common stock closing prices for the prior 84 months. The expected dividend yield is based on the most recent quarterly dividend on an annualized basis. The expected term is based on the historical experience of all fully vested stock option grants and is reviewed annually. The risk-free interest rate is based on the U.S. Treasury note rate with a term similar to the underlying stock option on the particular grant date. | ||||||
For the Quarter | For the Six Months | |||||
Ended | Ended | |||||
31-Dec-14 | 31-Dec-14 | |||||
Expected volatility range | — | % | 53.7 | % | ||
Weighted-average volatility | — | % | 53.7 | % | ||
Expected dividend yield | — | % | 3 | % | ||
Expected term (in years) | 0 | 7.2 | ||||
Risk-free interest rate | — | % | 2.2 | % | ||
During the second quarter of fiscal 2015, no options were granted, exercised or forfeited. This compares to the second quarter of fiscal 2014 when 35,500 options were exercised, 21,800 options were forfeited and no options were granted. For the first six months of fiscal 2015, 369,000 options were granted, while 2,000 options were exercised and no options were forfeited. This compares to the first six months of fiscal 2014 when no options were granted, while 40,500 options were exercised and 21,800 options were forfeited. As of December 31, 2014 and 2013, there were 130,750 and 510,250 stock options available for future grants under the Plans, respectively. | ||||||
The following tables summarize the stock option activity in the Plans for the quarter and six months ended December 31, 2014. | ||||||
For the Quarter Ended December 31, 2014 | ||||||
Options | Shares | Weighted- | Weighted- | Aggregate | ||
Average | Average | Intrinsic | ||||
Exercise | Remaining | Value | ||||
Price | Contractual | $0 | ||||
Term (Years) | ||||||
Outstanding at September 30, 2014 | 1,015,000 | $13.49 | ||||
Granted | — | $— | ||||
Exercised | — | $— | ||||
Forfeited | — | $— | ||||
Outstanding at December 31, 2014 | 1,015,000 | $13.49 | 6.76 | $3,726 | ||
Vested and expected to vest at December 31, 2014 | 898,600 | $13.63 | 6.51 | $3,404 | ||
Exercisable at December 31, 2014 | 433,000 | $14.19 | 4.19 | $2,117 | ||
For the Six Months Ended December 31, 2014 | ||||||
Options | Shares | Weighted- | Weighted- | Aggregate | ||
Average | Average | Intrinsic | ||||
Exercise | Remaining | Value | ||||
Price | Contractual | $0 | ||||
Term (Years) | ||||||
Outstanding at June 30, 2014 | 648,000 | $12.84 | ||||
Granted | 369,000 | $14.59 | ||||
Exercised | (2,000 | ) | $7.03 | |||
Forfeited | — | $— | ||||
Outstanding at December 31, 2014 | 1,015,000 | $13.49 | 6.76 | $3,726 | ||
Vested and expected to vest at December 31, 2014 | 898,600 | $13.63 | 6.51 | $3,404 | ||
Exercisable at December 31, 2014 | 433,000 | $14.19 | 4.19 | $2,117 | ||
As of December 31, 2014 and 2013, there was $2.6 million and $657,000 of unrecognized compensation expense, respectively, related to unvested share-based compensation arrangements under the Plans. The expense is expected to be recognized over a weighted-average period of 3.3 years and 1.8 years, respectively. The forfeiture rate during the first six months of fiscal 2015 and 2014 was 20 percent for both periods, and was calculated by using the historical forfeiture experience of all fully vested stock option grants and is reviewed annually. | ||||||
Equity Incentive Plan – Restricted Stock. The Corporation used 300,000 shares, 288,750 shares and 185,000 shares of its treasury stock to fund the 2013 Plan, the 2010 Plan and the 2006 Plan, respectively. Awarded shares typically vest over a five-year or shorter period as long as the director, advisory director, director emeriti, officer or employee remains in service to the Corporation. Once vested, a recipient of restricted stock will have all rights of a shareholder, including the power to vote and the right to receive dividends. The Corporation recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the award date. | ||||||
There was no restricted stock activity in the second quarter of fiscal 2015 and 2014, other than the forfeiture of 5,750 shares in the second quarter of fiscal 2014. For the first six months of fiscal 2015, there was no restricted stock activity, other than the award of 185,000 shares. This compares to no restricted stock activity, other than the forfeiture of 5,750 shares of restricted stock in the first six months of fiscal 2014. As of December 31, 2014 and 2013, there were 275,350 shares and 475,350 shares of restricted stock available for future awards under the Plans. | ||||||
The following tables summarize the unvested restricted stock activity in the quarter and six months ended December 31, 2014. | ||||||
For the Quarter Ended December 31, 2014 | ||||||
Unvested Shares | Shares | Weighted-Average | ||||
Award Date | ||||||
Fair Value | ||||||
Unvested at September 30, 2014 | 266,500 | $11.78 | ||||
Granted | — | $— | ||||
Vested | — | $— | ||||
Forfeited | — | $— | ||||
Unvested at December 31, 2014 | 266,500 | $11.78 | ||||
Expected to vest at December 31, 2014 | 213,200 | $11.78 | ||||
For the Six Months Ended December 31, 2014 | ||||||
Unvested Shares | Shares | Weighted-Average | ||||
Award Date | ||||||
Fair Value | ||||||
Unvested at June 30, 2014 | 81,500 | $8.34 | ||||
Granted | 185,000 | $13.30 | ||||
Vested | — | $— | ||||
Forfeited | — | $— | ||||
Unvested at December 31, 2014 | 266,500 | $11.78 | ||||
Expected to vest at December 31, 2014 | 213,200 | $11.78 | ||||
As of December 31, 2014 and 2013, the unrecognized compensation expense was $2.7 million and $370,000, respectively, related to unvested share-based compensation arrangements under the Plans, and reported as a reduction to stockholders’ equity. This expense is expected to be recognized over a weighted-average period of 3.5 years and 1.5 years, respectively. Similar to stock options, a forfeiture rate of 20 percent has been applied for the restricted stock compensation expense calculations in the first six months of fiscal 2015 and 2014. | ||||||
Stock Option Plans. The Corporation established the 2003 Stock Option Plan and the 1996 Stock Option Plan (collectively, the “Stock Option Plans”) for key employees and eligible directors under which options to acquire up to 352,500 shares and 1.15 million shares of common stock, respectively, may be granted. Under the Stock Option Plans, stock options may not be granted at a price less than the fair market value at the date of the grant. Stock options typically vest over a five-year period on a pro-rata basis as long as the employee or director remains in service to the Corporation. The stock options are exercisable after vesting for up to the remaining term of the original grant. The maximum term of the stock options granted is 10 years. As of December 31, 2014, no stock options remain available for future grants under the 2003 and 1996 Stock Option Plans, which expired in November 2013 and January 2007, respectively. | ||||||
The fair value of each stock option grant was estimated on the date of the grant using the Black-Scholes option valuation model with the following assumptions. The expected volatility was based on implied volatility from historical common stock closing prices for the prior 84 months. The expected dividend yield was based on the most recent quarterly dividend on an annualized basis. The expected term was based on the historical experience of all fully vested stock option grants and is reviewed annually. The risk-free interest rate was based on the U.S. Treasury note rate with a term similar to the underlying stock option on the particular grant date. | ||||||
For the second quarter of fiscal 2015 and 2014, there was no activity in the Stock Option Plans, except forfeitures of 13,000 shares in the second quarter of fiscal 2014. For the first six months of fiscal 2015 and 2014, there was no activity in the Stock Option Plans, except forfeitures of 17,500 shares and 88,000 shares, respectively. As of December 31, 2014 and 2013, there were no stock options available for future grants under the Stock Option Plans. | ||||||
The following tables summarize the activity in the Stock Option Plans for the quarter and six months ended December 31, 2014. | ||||||
For the Quarter Ended December 31, 2014 | ||||||
Weighted- | ||||||
Weighted- | Average | Aggregate | ||||
Average | Remaining | Intrinsic | ||||
Exercise | Contractual | Value | ||||
Options | Shares | Price | Term (Years) | $0 | ||
Outstanding at September 30, 2014 | 77,500 | $23.41 | ||||
Granted | — | $— | ||||
Exercised | — | $— | ||||
Forfeited | — | $— | ||||
Outstanding at December 31, 2014 | 77,500 | $23.41 | 2 | $— | ||
Vested and expected to vest at December 31, 2014 | 77,500 | $23.41 | 2 | $— | ||
Exercisable at December 31, 2014 | 77,500 | $23.41 | 2 | $— | ||
For the Six Months Ended December 31, 2014 | ||||||
Weighted- | ||||||
Weighted- | Average | Aggregate | ||||
Average | Remaining | Intrinsic | ||||
Exercise | Contractual | Value | ||||
Options | Shares | Price | Term (Years) | $0 | ||
Outstanding at June 30, 2014 | 95,000 | $23.33 | ||||
Granted | — | $— | ||||
Exercised | — | $— | ||||
Forfeited | (17,500 | ) | $23.00 | |||
Outstanding at December 31, 2014 | 77,500 | $23.41 | 2 | $— | ||
Vested and expected to vest at December 31, 2014 | 77,500 | $23.41 | 2 | $— | ||
Exercisable at December 31, 2014 | 77,500 | $23.41 | 2 | $— | ||
As of December 31, 2014 and 2013, there was no unrecognized compensation expense at both dates, related to unvested share-based compensation arrangements under the Stock Option Plans. |
Reclassification_Adjustment_of
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Equity [Abstract] | ||||||||||
Reclassification Adjustment of Accumulated Other Comprehensive Income (AOCI) | Reclassification adjustment of Accumulated Other Comprehensive Income ("AOCI") | |||||||||
ASU 2013-02, "Comprehensive Income (Topic 220)," requires disclosure of reclassification adjustments of AOCI, including changes in AOCI balances by component and significant items reclassified out of AOCI. | ||||||||||
The following tables provide the changes in AOCI by component for the quarters and six months ended December 31, 2014 and 2013. | ||||||||||
For the Quarter Ended December 31, 2014 | ||||||||||
Unrealized gains and losses on | ||||||||||
(In Thousands) | Investment securities available for sale | Interest-only strips | Total | |||||||
Beginning balance at September 30, 2014 | $ | 337 | $ | 40 | $ | 377 | ||||
Other comprehensive income (loss) before reclassifications | 58 | (3 | ) | 55 | ||||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive income (loss) | 58 | (3 | ) | 55 | ||||||
Ending balance at December 31, 2014 | $ | 395 | $ | 37 | $ | 432 | ||||
For the Quarter Ended December 31, 2013 | ||||||||||
Unrealized gains and losses on | ||||||||||
(In Thousands) | Investment securities available for sale | Interest-only strips | Total | |||||||
Beginning balance at September 30, 2013 | $ | 425 | $ | 59 | $ | 484 | ||||
Other comprehensive loss before reclassifications | (17 | ) | (9 | ) | (26 | ) | ||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive loss | (17 | ) | (9 | ) | (26 | ) | ||||
Ending balance at December 31, 2013 | $ | 408 | $ | 50 | $ | 458 | ||||
For the Six Months Ended December 31, 2014 | ||||||||||
Unrealized gains on | ||||||||||
(In Thousands) | Investment securities available for sale | Interest-only strips | Total | |||||||
Beginning balance at June 30, 2014 | $ | 351 | $ | 35 | $ | 386 | ||||
Other comprehensive income before reclassifications | 44 | 2 | 46 | |||||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive income | 44 | 2 | 46 | |||||||
Ending balance at December 31, 2014 | $ | 395 | $ | 37 | $ | 432 | ||||
For the Six Months Ended December 31, 2013 | ||||||||||
Unrealized gains and losses on | ||||||||||
(In Thousands) | Investment securities available for sale | Interest-only strips | Total | |||||||
Beginning balance at June 30, 2013 | $ | 498 | $ | 56 | $ | 554 | ||||
Other comprehensive loss before reclassifications | (90 | ) | (6 | ) | (96 | ) | ||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive loss | (90 | ) | (6 | ) | (96 | ) | ||||
Ending balance at December 31, 2013 | $ | 408 | $ | 50 | $ | 458 | ||||
There were no significant items reclassified out of AOCI for the quarters and six months ended December 31, 2014 and 2013. |
Offsetting_Derivative_and_Othe
Offsetting Derivative and Other Financial Instruments (Notes) | 6 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Offsetting Derivative and Other Financial Instruments | ||||||||||||||||||
The Corporation’s derivative transactions are generally governed by International Swaps and Derivatives Association Master Agreements and similar arrangements, which include provisions governing the setoff of assets and liabilities between the parties. When the Corporation has more than one outstanding derivative transaction with a single counterparty, the setoff provisions contained within these agreements generally allow the non-defaulting party the right to reduce its liability to the defaulting party by amounts eligible for setoff, including the collateral received as well as eligible offsetting transactions with that counterparty, irrespective of the currency, place of payment, or booking office. The Corporation’s policy is to present its derivative assets and derivative liabilities on the Condensed Consolidated Statements of Financial Condition on a net basis for each type of derivatives. The derivative assets and liabilities are comprised of mandatory loan sale commitments, TBA MBS trades and option contracts. | |||||||||||||||||||
The following tables present the gross and net amounts of derivative assets and liabilities and other financial instruments as reported in the Corporation’s Condensed Consolidated Statement of Financial Condition, and the gross amount not offset in the Corporation’s Condensed Consolidated Statement of Financial Condition as of the dates indicated. | |||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||
Gross | Net | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||
Offset in the | of Assets in | Gross Amount Not Offset in | |||||||||||||||||
Condensed | the Condensed | the Condensed Consolidated | |||||||||||||||||
Gross | Consolidated | Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Assets | Condition | Condition | Instruments | Received | Amount | |||||||||||||
Assets | |||||||||||||||||||
Derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Gross | Net | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||
Offset in the | of Liabilities in | Gross Amount Not Offset in | |||||||||||||||||
Condensed | the Condensed | the Condensed Consolidated | |||||||||||||||||
Gross | Consolidated | Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Liabilities | Condition | Condition | Instruments | Received | Amount | |||||||||||||
Liabilities | |||||||||||||||||||
Derivatives | $ | 1,995 | $ | — | $ | 1,995 | $ | — | $ | — | $ | 1,995 | |||||||
Total | $ | 1,995 | $ | — | $ | 1,995 | $ | — | $ | — | $ | 1,995 | |||||||
As of June 30, 2014: | |||||||||||||||||||
Gross | Net | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||
Offset in the | of Assets in | Gross Amount Not Offset in | |||||||||||||||||
Condensed | the Condensed | the Condensed Consolidated | |||||||||||||||||
Gross | Consolidated | Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Assets | Condition | Condition | Instruments | Received | Amount | |||||||||||||
Assets | |||||||||||||||||||
Derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Gross | Net | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||
Offset in the | of Liabilities in | Gross Amount Not Offset in | |||||||||||||||||
Condensed | the Condensed | the Condensed Consolidated | |||||||||||||||||
Gross | Consolidated | Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Liabilities | Condition | Condition | Instruments | Received | Amount | |||||||||||||
Liabilities | |||||||||||||||||||
Derivatives | $ | 1,428 | $ | — | $ | 1,428 | $ | — | $ | — | $ | 1,428 | |||||||
Total | $ | 1,428 | $ | — | $ | 1,428 | $ | — | $ | — | $ | 1,428 | |||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On January 28, 2015, the Corporation announced that the Corporation’s Board of Directors declared a quarterly cash dividend of $0.11 per share. Shareholders of the Corporation’s common stock at the close of business on February 18, 2015 will be entitled to receive the cash dividend. The cash dividend will be payable on March 12, 2015. |
Accounting_Standard_Updates_AS1
Accounting Standard Updates ("ASU") (Policies) | 6 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Segment Reporting Policy | The Corporation operates in two business segments: community banking through the Bank and mortgage banking through Provident Bank Mortgage (“PBM”), a division of the Bank. |
Other Than Temporary Impairment Policy | The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value. As of December 31, 2014, no investment securities were in an unrealized loss position. This compares to December 31, 2013 when the gross unrealized holding losses related to two adjustable rate private issue CMOs, where one had been in an unrealized loss position for more than 12 months. Based on the nature of the investments, management concluded that such unrealized losses were not other than temporary as of December 31, 2013. The Corporation does not believe that there are any other-than-temporary impairments at December 31, 2014 and 2013; therefore, no impairment losses have been recorded for the quarters and six months ended December 31, 2014 and 2013. The Corporation intends and has the ability to hold these CMOs until maturity and will not likely be required to sell the CMOs before realizing a full recovery. |
Impaired Financing Receivables | In compliance with the regulatory reporting requirements of the Office of the Comptroller of the Currency (“OCC”), the Bank’s primary federal regulator, non-performing loans are charged-off to their fair market values in the period the loans, or portion thereof, are deemed uncollectible, generally after the loan becomes 150 days delinquent for real estate secured first trust deed loans and 120 days delinquent for commercial business or real estate secured second trust deed loans. For loans that were modified from their original terms, were re-underwritten and identified in the Corporation’s asset quality reports as troubled debt restructurings (“restructured loans”), the charge-off occurs when the loan becomes 90 days delinquent; and where borrowers file bankruptcy, the charge-off occurs when the loan becomes 60 days delinquent. The amount of the charge-off is determined by comparing the loan balance to the estimated fair value of the underlying collateral, less disposition costs, with the loan balance in excess of the estimated fair value charged-off against the allowance for loan losses. The allowance for loan losses for non-performing loans is determined by applying Accounting Standards Codification (“ASC”) 310, “Receivables.” For restructured loans that are less than 90 days delinquent, the allowance for loan losses are segregated into (a) individually evaluated allowances for those loans with applicable discounted cash flow calculations still in their restructuring period, classified lower than pass, and containing an embedded loss component or (b) collectively evaluated allowances based on the aggregated pooling method. For non-performing loans less than 60 days delinquent where the borrower has filed bankruptcy, the collectively evaluated allowances are assigned based on the aggregated pooling method. |
Non-Performing Loans Policy | The Corporation records payments on non-performing loans utilizing the cash basis or cost recovery method of accounting during the periods when the loans are on non-performing status. |
Off-Balance-Sheet Credit Exposure, Policy | The Corporation is a 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 in the form of originating loans or providing funds under existing lines of credit, loan sale commitments to third parties and option contracts. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the accompanying Condensed Consolidated Statements of Financial Condition. The Corporation’s exposure to credit loss, in the event of non-performance by the counterparty to these financial instruments, is represented by the contractual amount of these instruments. The Corporation uses the same credit policies in entering into financial instruments with off-balance sheet risk as it does for on-balance sheet instruments. As of December 31, 2014 and June 30, 2014, the Corporation had commitments to extend credit (on loans to be held for investment and loans to be held for sale) of $126.3 million and $134.8 million, respectively. |
Commitments on Undisbursed Funds Held for Investment Policy | In accordance with ASC 815, “Derivatives and Hedging,” and interpretations of the Derivatives Implementation Group of the FASB, the fair value of the commitments to extend credit on loans to be held for sale, loan sale commitments, to be announced (“TBA”) MBS trades, put option contracts and call option contracts are recorded at fair value on the Condensed Consolidated Statements of Financial Condition. At December 31, 2014, $2.2 million was included in other assets and $2.1 million was included in other liabilities; at June 30, 2014, $2.6 million was included in other assets and $1.4 million was included in other liabilities. The Corporation does not apply hedge accounting to its derivative financial instruments; therefore, all changes in fair value are recorded in earnings. |
Income Tax, Policy | ASC 740, “Income Taxes,” requires the affirmative evaluation that it is more likely than not, based on the technical merits of a tax position, that an enterprise is entitled to economic benefits resulting from positions taken in income tax returns. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements. Management has determined that there are no unrecognized tax benefits to be reported in the Corporation’s financial statements. |
ASC 740 requires that when determining the need for a valuation allowance against a deferred tax asset, management must assess both positive and negative evidence with regard to the realizability of the tax losses represented by that asset. To the extent available sources of taxable income are insufficient to absorb tax losses, a valuation allowance is necessary. Sources of taxable income for this analysis include prior years’ tax returns, the expected reversals of taxable temporary differences between book and tax income, prudent and feasible tax-planning strategies, and future taxable income. The deferred tax asset related to the allowance will be realized when actual charge-offs are made against the allowance. Based on the availability of loss carry-backs and projected taxable income during the periods for which loss carry-forwards are available, management believes it is more likely than not the Corporation will realize the deferred tax asset. The Corporation continues to monitor the deferred tax asset on a quarterly basis for a valuation allowance. The future realization of these tax benefits primarily hinges on adequate future earnings to utilize the tax benefit. Prospective earnings or losses, tax law changes or capital changes could prompt the Corporation to reevaluate the assumptions which may be used to establish a valuation allowance. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table provides the basic and diluted EPS computations for the quarters and six months ended December 31, 2014 and 2013, respectively. | ||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||
(In Thousands, Except Earnings Per Share) | December 31, | December 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders | $ | 2,328 | $ | 1,603 | $ | 4,718 | $ | 3,116 | |||||
Denominator: | |||||||||||||
Denominator for basic earnings per share: | |||||||||||||
Weighted-average shares | 9,120 | 10,078 | 9,187 | 10,192 | |||||||||
Effect of dilutive shares: | |||||||||||||
Stock options | 62 | 164 | 117 | 179 | |||||||||
Restricted stock | 56 | 29 | 49 | 27 | |||||||||
Denominator for diluted earnings per share: | |||||||||||||
Adjusted weighted-average shares and assumed conversions | 9,238 | 10,271 | 9,353 | 10,398 | |||||||||
Basic earnings per share | $ | 0.26 | $ | 0.16 | $ | 0.51 | $ | 0.31 | |||||
Diluted earnings per share | $ | 0.25 | $ | 0.16 | $ | 0.5 | $ | 0.3 | |||||
Operating_Segment_Reports_Tabl
Operating Segment Reports (Tables) | 6 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables set forth condensed consolidated statements of operations and total assets for the Corporation’s operating segments for the quarters and six months ended December 31, 2014 and 2013, respectively. | |||||||||
For the Quarter Ended December 31, 2014 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 6,925 | $ | 1,185 | $ | 8,110 | ||||
(Recovery) provision for loan losses | (373 | ) | 19 | (354 | ) | |||||
Net interest income, after (recovery) provision for loan losses | 7,298 | 1,166 | 8,464 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees (1) | 85 | 206 | 291 | |||||||
Gain on sale of loans, net (2) | 75 | 7,967 | 8,042 | |||||||
Deposit account fees | 604 | — | 604 | |||||||
Loss on sale and operations of real estate owned | (50 | ) | (1 | ) | (51 | ) | ||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 336 | — | 336 | |||||||
Other | 275 | — | 275 | |||||||
Total non-interest income | 1,325 | 8,172 | 9,497 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 4,528 | 5,422 | 9,950 | |||||||
Premises and occupancy | 716 | 434 | 1,150 | |||||||
Operating and administrative expenses | 1,093 | 1,719 | 2,812 | |||||||
Total non-interest expense | 6,337 | 7,575 | 13,912 | |||||||
Income before income taxes | 2,286 | 1,763 | 4,049 | |||||||
Provision for income taxes | 988 | 733 | 1,721 | |||||||
Net income | $ | 1,298 | $ | 1,030 | $ | 2,328 | ||||
Total assets, end of period | $ | 883,665 | $ | 228,725 | $ | 1,112,390 | ||||
(1) | Includes an inter-company charge of $144 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||||
(2) | Includes an inter-company charge of $61 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||||||||
For the Quarter Ended December 31, 2013 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 6,671 | $ | 984 | $ | 7,655 | ||||
Recovery from the allowance for loan losses | (876 | ) | (22 | ) | (898 | ) | ||||
Net interest income after recovery from the allowance for loan losses | 7,547 | 1,006 | 8,553 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees (1) | 210 | 121 | 331 | |||||||
Gain on sale of loans, net (2) | 86 | 5,646 | 5,732 | |||||||
Deposit account fees | 619 | — | 619 | |||||||
Loss on sale and operations of real estate owned | (82 | ) | — | (82 | ) | |||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 317 | — | 317 | |||||||
Other | 227 | — | 227 | |||||||
Total non-interest income | 1,377 | 5,767 | 7,144 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 3,600 | 5,312 | 8,912 | |||||||
Premises and occupancy | 630 | 474 | 1,104 | |||||||
Operating and administrative expenses | 1,056 | 1,799 | 2,855 | |||||||
Total non-interest expense | 5,286 | 7,585 | 12,871 | |||||||
Income (loss) before income taxes | 3,638 | (812 | ) | 2,826 | ||||||
Provision (benefit) for income taxes | 1,564 | (341 | ) | 1,223 | ||||||
Net income (loss) | $ | 2,074 | $ | (471 | ) | $ | 1,603 | |||
Total assets, end of period | $ | 1,003,275 | $ | 130,787 | $ | 1,134,062 | ||||
(1) | Includes an inter-company charge of $5 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||||
(2) | Includes an inter-company charge of $39 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||||||||
For the Six Months Ended December 31, 2014 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 13,820 | $ | 2,227 | $ | 16,047 | ||||
(Recovery) provision for loan losses | (1,263 | ) | 91 | (1,172 | ) | |||||
Net interest income, after (recovery) provision for loan losses | 15,083 | 2,136 | 17,219 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees (1) | 93 | 466 | 559 | |||||||
Gain on sale of loans, net (2) | 146 | 15,548 | 15,694 | |||||||
Deposit account fees | 1,230 | — | 1,230 | |||||||
Loss on sale and operations of real estate owned | (69 | ) | (1 | ) | (70 | ) | ||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 692 | — | 692 | |||||||
Other | 502 | — | 502 | |||||||
Total non-interest income | 2,594 | 16,013 | 18,607 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 8,795 | 10,736 | 19,531 | |||||||
Premises and occupancy | 1,588 | 910 | 2,498 | |||||||
Operating and administrative expenses | 2,249 | 3,373 | 5,622 | |||||||
Total non-interest expense | 12,632 | 15,019 | 27,651 | |||||||
Income before income taxes | 5,045 | 3,130 | 8,175 | |||||||
Provision for income taxes | 2,155 | 1,302 | 3,457 | |||||||
Net income | $ | 2,890 | $ | 1,828 | $ | 4,718 | ||||
Total assets, end of period | $ | 883,665 | $ | 228,725 | $ | 1,112,390 | ||||
(1) | Includes an inter-company charge of $302 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||||
(2) | Includes an inter-company charge of $75 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||||||||
For the Six Months Ended December 31, 2013 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 13,238 | $ | 2,378 | $ | 15,616 | ||||
(Recovery) provision for loan losses | (1,859 | ) | 19 | (1,840 | ) | |||||
Net interest income, after (recovery) provision for loan losses | 15,097 | 2,359 | 17,456 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees (1) | 344 | 182 | 526 | |||||||
Gain on sale of loans, net (2) | 323 | 12,163 | 12,486 | |||||||
Deposit account fees | 1,240 | — | 1,240 | |||||||
(Loss) gain on sale and operations of real estate owned | (31 | ) | 1 | (30 | ) | |||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 661 | — | 661 | |||||||
Other | 444 | — | 444 | |||||||
Total non-interest income | 2,981 | 12,346 | 15,327 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 7,555 | 11,809 | 19,364 | |||||||
Premises and occupancy | 1,313 | 950 | 2,263 | |||||||
Operating and administrative expenses | 2,070 | 3,704 | 5,774 | |||||||
Total non-interest expense | 10,938 | 16,463 | 27,401 | |||||||
Income (loss) before income taxes | 7,140 | (1,758 | ) | 5,382 | ||||||
Provision (benefit) for income taxes | 3,005 | (739 | ) | 2,266 | ||||||
Net income (loss) | $ | 4,135 | $ | (1,019 | ) | $ | 3,116 | |||
Total assets, end of period | $ | 1,003,275 | $ | 130,787 | $ | 1,134,062 | ||||
(1) | Includes an inter-company charge of $13 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||||
(2) | Includes an inter-company charge of $46 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. |
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The amortized cost and estimated fair value of investment securities as of December 31, 2014 and June 30, 2014 were as follows: | |||||||||||||||
31-Dec-14 | Gross | Gross | Estimated | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | ||||||||||||
Cost | Gains | (Losses) | Value | Value | ||||||||||||
(In Thousands) | ||||||||||||||||
Held to maturity: | ||||||||||||||||
Certificates of deposit | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | ||||||
Total investment securities - held to maturity | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | ||||||
Available for sale: | ||||||||||||||||
U.S. government agency MBS (1) | $ | 8,150 | $ | 341 | $ | — | $ | 8,491 | $ | 8,491 | ||||||
U.S. government sponsored enterprise MBS | 5,503 | 334 | — | 5,837 | 5,837 | |||||||||||
Private issue CMO (2) | 792 | 7 | — | 799 | 799 | |||||||||||
Common stock - community development financial institution | 250 | — | — | 250 | 250 | |||||||||||
Total investment securities - available for sale | $ | 14,695 | $ | 682 | $ | — | $ | 15,377 | $ | 15,377 | ||||||
Total investment securities | $ | 15,495 | $ | 682 | $ | — | $ | 16,177 | $ | 16,177 | ||||||
(1) | Mortgage-Backed Securities (“MBS”). | |||||||||||||||
(2) | Collateralized Mortgage Obligations (“CMO”). | |||||||||||||||
30-Jun-14 | Gross | Gross | Estimated | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | ||||||||||||
Cost | Gains | (Losses) | Value | Value | ||||||||||||
(In Thousands) | ||||||||||||||||
Held to maturity: | ||||||||||||||||
Certificates of deposit | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | ||||||
Total investment securities - held to maturity | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | ||||||
Available for sale: | ||||||||||||||||
U.S. government agency MBS | $ | 8,772 | $ | 337 | $ | — | $ | 9,109 | $ | 9,109 | ||||||
U.S. government sponsored enterprise MBS | 6,128 | 257 | — | 6,385 | 6,385 | |||||||||||
Private issue CMO | 841 | 12 | — | 853 | 853 | |||||||||||
Total investment securities - available for sale | $ | 15,741 | $ | 606 | $ | — | $ | 16,347 | $ | 16,347 | ||||||
Total investment securities | $ | 16,541 | $ | 606 | $ | — | $ | 17,147 | $ | 17,147 | ||||||
Investments Classified by Contractual Maturity | Contractual maturities of investment securities as of December 31, 2014 and June 30, 2014 were as follows: | |||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||
(In Thousands) | Amortized | Estimated | Amortized | Estimated | ||||||||||||
Cost | Fair | Cost | Fair | |||||||||||||
Value | Value | |||||||||||||||
Held to maturity: | ||||||||||||||||
Due in one year or less | $ | 800 | $ | 800 | $ | 800 | $ | 800 | ||||||||
Due after one through five years | — | — | — | — | ||||||||||||
Due after five through ten years | — | — | — | — | ||||||||||||
Due after ten years | — | — | — | — | ||||||||||||
Total investment securities - held to maturity | $ | 800 | $ | 800 | $ | 800 | $ | 800 | ||||||||
Available for sale: | ||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | $ | — | ||||||||
Due after one through five years | — | — | — | — | ||||||||||||
Due after five through ten years | — | — | — | — | ||||||||||||
Due after ten years | 14,445 | 15,127 | 15,741 | 16,347 | ||||||||||||
No stated maturity (common stock) | 250 | 250 | — | — | ||||||||||||
Total investment securities - available for sale | $ | 14,695 | $ | 15,377 | $ | 15,741 | $ | 16,347 | ||||||||
Total investment securities | $ | 15,495 | $ | 16,177 | $ | 16,541 | $ | 17,147 | ||||||||
Loans_Held_For_Investment_Tabl
Loans Held For Investment (Tables) | 6 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||
Schedule of Loans Held for Investment | Loans held for investment consisted of the following: | ||||||||||||||||||
(In Thousands) | December 31, | June 30, | |||||||||||||||||
2014 | 2014 | ||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 377,262 | $ | 377,997 | |||||||||||||||
Multi-family | 322,302 | 301,211 | |||||||||||||||||
Commercial real estate | 100,859 | 96,803 | |||||||||||||||||
Construction | 4,378 | 2,869 | |||||||||||||||||
Commercial business loans | 859 | 1,237 | |||||||||||||||||
Consumer loans | 265 | 306 | |||||||||||||||||
Total loans held for investment, gross | 805,925 | 780,423 | |||||||||||||||||
Undisbursed loan funds | (2,281 | ) | (1,090 | ) | |||||||||||||||
Deferred loan costs, net | 2,832 | 2,552 | |||||||||||||||||
Allowance for loan losses | (8,693 | ) | (9,744 | ) | |||||||||||||||
Total loans held for investment, net | $ | 797,783 | $ | 772,141 | |||||||||||||||
Schedule of Loans Held for Investment, Contractual Repricing | |||||||||||||||||||
Adjustable Rate | |||||||||||||||||||
(In Thousands) | Within One Year | After | After | After | Fixed Rate | Total | |||||||||||||
One Year | 3 Years | 5 Years | |||||||||||||||||
Through 3 Years | Through 5 Years | Through 10 Years | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 305,453 | $ | 19,393 | $ | 32,575 | $ | 4,233 | $ | 15,608 | $ | 377,262 | |||||||
Multi-family | 85,070 | 64,281 | 157,330 | 10,677 | 4,944 | 322,302 | |||||||||||||
Commercial real estate | 28,238 | 11,143 | 50,560 | 1,336 | 9,582 | 100,859 | |||||||||||||
Construction | 2,569 | — | — | — | 1,809 | 4,378 | |||||||||||||
Commercial business loans | 388 | — | 122 | — | 349 | 859 | |||||||||||||
Consumer loans | 255 | — | — | — | 10 | 265 | |||||||||||||
Total loans held for investment, gross | $ | 421,973 | $ | 94,817 | $ | 240,587 | $ | 16,246 | $ | 32,302 | $ | 805,925 | |||||||
Schedule of Allowance for Loan Losses | The following table summarizes the Corporation’s allowance for loan losses at December 31, 2014 and June 30, 2014: | ||||||||||||||||||
(In Thousands) | December 31, | June 30, | |||||||||||||||||
2014 | 2014 | ||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 4,483 | $ | 5,476 | |||||||||||||||
Multi-family | 2,998 | 3,142 | |||||||||||||||||
Commercial real estate | 1,075 | 989 | |||||||||||||||||
Construction | 17 | 35 | |||||||||||||||||
Commercial business loans | 33 | 51 | |||||||||||||||||
Consumer loans | 10 | 10 | |||||||||||||||||
Total collectively evaluated allowance | 8,616 | 9,703 | |||||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | 57 | — | |||||||||||||||||
Commercial business loans | 20 | 41 | |||||||||||||||||
Total individually evaluated allowance | 77 | 41 | |||||||||||||||||
Total loan loss allowance | $ | 8,693 | $ | 9,744 | |||||||||||||||
The following table is provided to disclose additional details on the Corporation’s allowance for loan losses: | |||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
(Dollars in Thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Allowance at beginning of period | $ | 8,888 | $ | 12,105 | $ | 9,744 | $ | 14,935 | |||||||||||
Recovery from the allowance for loan losses | (354 | ) | (898 | ) | (1,172 | ) | (1,840 | ) | |||||||||||
Recoveries: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | 164 | 99 | 273 | 267 | |||||||||||||||
Multi-family | 93 | 8 | 164 | 19 | |||||||||||||||
Construction | — | 20 | — | 20 | |||||||||||||||
Consumer loans | — | — | 1 | 1 | |||||||||||||||
Total recoveries | 257 | 127 | 438 | 307 | |||||||||||||||
Charge-offs: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | (98 | ) | (90 | ) | (317 | ) | (780 | ) | |||||||||||
Multi-family | — | (199 | ) | — | (1,577 | ) | |||||||||||||
Consumer loans | — | (4 | ) | — | (4 | ) | |||||||||||||
Total charge-offs | (98 | ) | (293 | ) | (317 | ) | (2,361 | ) | |||||||||||
Net recoveries (charge-offs) | 159 | (166 | ) | 121 | (2,054 | ) | |||||||||||||
Balance at end of period | $ | 8,693 | $ | 11,041 | $ | 8,693 | $ | 11,041 | |||||||||||
Allowance for loan losses as a percentage of gross loans held for investment | 1.08 | % | 1.44 | % | 1.08 | % | 1.44 | % | |||||||||||
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized) | (0.07 | )% | 0.08 | % | (0.03 | )% | 0.46 | % | |||||||||||
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period | 73.88 | % | 57.17 | % | 73.88 | % | 57.17 | % | |||||||||||
Schedule of Recorded Investment in Non-Performing Loans | The following tables identify the Corporation’s total recorded investment in non-performing loans by type, net of allowance for loan losses at December 31, 2014 and June 30, 2014: | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 2,660 | $ | (514 | ) | $ | 2,146 | ||||||||||||
Without a related allowance (2) | 5,207 | — | 5,207 | ||||||||||||||||
Total single-family loans | 7,867 | (514 | ) | 7,353 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 264 | (79 | ) | 185 | |||||||||||||||
Without a related allowance (2) | 1,995 | — | 1,995 | ||||||||||||||||
Total multi-family loans | 2,259 | (79 | ) | 2,180 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 1,520 | — | 1,520 | ||||||||||||||||
Total commercial real estate loans | 1,520 | — | 1,520 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 120 | (22 | ) | 98 | |||||||||||||||
Total commercial business loans | 120 | (22 | ) | 98 | |||||||||||||||
Total non-performing loans | $ | 11,766 | $ | (615 | ) | $ | 11,151 | ||||||||||||
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. | ||||||||||||||||||
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. | ||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 5,480 | $ | (1,148 | ) | $ | 4,332 | ||||||||||||
Without a related allowance (2) | 6,067 | — | 6,067 | ||||||||||||||||
Total single-family loans | 11,547 | (1,148 | ) | 10,399 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 956 | (354 | ) | 602 | |||||||||||||||
Without a related allowance (2) | 2,491 | — | 2,491 | ||||||||||||||||
Total multi-family loans | 3,447 | (354 | ) | 3,093 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 2,352 | — | 2,352 | ||||||||||||||||
Total commercial real estate loans | 2,352 | — | 2,352 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 138 | (46 | ) | 92 | |||||||||||||||
Total commercial business loans | 138 | (46 | ) | 92 | |||||||||||||||
Total non-performing loans | $ | 17,484 | $ | (1,548 | ) | $ | 15,936 | ||||||||||||
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. | ||||||||||||||||||
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. | ||||||||||||||||||
Schedule of Aging Analysis of Non-Performing Loans | The following table describes the aging analysis (length of time on non-performing status) of non-performing loans, net of allowance for loan losses or charge offs, as of December 31, 2014: | ||||||||||||||||||
3 Months or | Over 3 to | Over 6 to | Over 12 | ||||||||||||||||
(In Thousands) | Less | 6 Months | 12 Months | Months | Total | ||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 791 | $ | 22 | $ | 684 | $ | 5,856 | $ | 7,353 | |||||||||
Multi-family | — | — | 404 | 1,776 | 2,180 | ||||||||||||||
Commercial real estate | — | — | 448 | 1,072 | 1,520 | ||||||||||||||
Commercial business loans | — | — | — | 98 | 98 | ||||||||||||||
Total | $ | 791 | $ | 22 | $ | 1,536 | $ | 8,802 | $ | 11,151 | |||||||||
Schedule of Troubled Debt Restructurings by Nonaccrual Versus Accrual Status | The following table summarizes at the dates indicated the restructured loan balances, net of allowance for loan losses, by loan type and non-accrual versus accrual status: | ||||||||||||||||||
(In Thousands) | December 31, 2014 | June 30, 2014 | |||||||||||||||||
Restructured loans on non-accrual status: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 2,792 | $ | 2,957 | |||||||||||||||
Multi-family | 1,591 | 1,760 | |||||||||||||||||
Commercial real estate | 792 | 800 | |||||||||||||||||
Commercial business loans | 98 | 92 | |||||||||||||||||
Total | 5,273 | 5,609 | |||||||||||||||||
Restructured loans on accrual status: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | 687 | 343 | |||||||||||||||||
Total | 687 | 343 | |||||||||||||||||
Total restructured loans | $ | 5,960 | $ | 5,952 | |||||||||||||||
The following tables show the restructured loans by type, net of allowance for loan losses, at December 31, 2014 and June 30, 2014: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 751 | $ | (150 | ) | $ | 601 | ||||||||||||
Without a related allowance (2) | 2,878 | — | 2,878 | ||||||||||||||||
Total single-family loans | 3,629 | (150 | ) | 3,479 | |||||||||||||||
Multi-family: | |||||||||||||||||||
Without a related allowance (2) | 1,591 | — | 1,591 | ||||||||||||||||
Total multi-family loans | 1,591 | — | 1,591 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 792 | — | 792 | ||||||||||||||||
Total commercial real estate loans | 792 | — | 792 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 120 | (22 | ) | 98 | |||||||||||||||
Total commercial business loans | 120 | (22 | ) | 98 | |||||||||||||||
Total restructured loans | $ | 6,132 | $ | (172 | ) | $ | 5,960 | ||||||||||||
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. | ||||||||||||||||||
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. | ||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 994 | $ | (248 | ) | $ | 746 | ||||||||||||
Without a related allowance (2) | 2,554 | — | 2,554 | ||||||||||||||||
Total single-family loans | 3,548 | (248 | ) | 3,300 | |||||||||||||||
Multi-family: | |||||||||||||||||||
Without a related allowance (2) | 1,760 | — | 1,760 | ||||||||||||||||
Total multi-family loans | 1,760 | — | 1,760 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 800 | — | 800 | ||||||||||||||||
Total commercial real estate loans | 800 | — | 800 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 138 | (46 | ) | 92 | |||||||||||||||
Total commercial business loans | 138 | (46 | ) | 92 | |||||||||||||||
Total restructured loans | $ | 6,246 | $ | (294 | ) | $ | 5,952 | ||||||||||||
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. | ||||||||||||||||||
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. |
Derivative_and_Other_Financial1
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||
Schedule of Undisbursed Funds Commitments | The following table provides information at the dates indicated regarding undisbursed funds to borrowers on existing lines of credit with the Corporation as well as commitments to originate loans to be held for investment at the dates indicated below. | |||||||||||||
Commitments | December 31, | June 30, | ||||||||||||
2014 | 2014 | |||||||||||||
(In Thousands) | ||||||||||||||
Undisbursed loan funds - Construction loans | $ | 2,281 | $ | 1,090 | ||||||||||
Undisbursed lines of credit – Mortgage loans | 497 | 616 | ||||||||||||
Undisbursed lines of credit – Commercial business loans | 843 | 1,222 | ||||||||||||
Undisbursed lines of credit – Consumer loans | 708 | 774 | ||||||||||||
Commitments to extend credit on loans to be held for investment | 4,692 | 2,247 | ||||||||||||
Total | $ | 9,021 | $ | 5,949 | ||||||||||
Schedule of Allowance for Loan Losses of Undisbursed Funds and Commitments on Loans Held for Investment | The following table provides information regarding the allowance for loan losses for the undisbursed funds and commitments to extend credit on loans to be held for investment for the quarters and six months ended December 31, 2014 and 2013. | |||||||||||||
For the Quarters | For the Six Months | |||||||||||||
Ended | Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Balance, beginning of the period | $ | 108 | $ | 89 | $ | 61 | $ | 115 | ||||||
(Recovery) provision | (27 | ) | 36 | 20 | 10 | |||||||||
Balance, end of the period | $ | 81 | $ | 125 | $ | 81 | $ | 125 | ||||||
Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans | The net impact of derivative financial instruments on the gain on sale of loans contained in the Condensed Consolidated Statements of Operations during the quarters and six months ended December 31, 2014 and 2013 was as follows: | |||||||||||||
For the Quarters | For the Six Months | |||||||||||||
Ended | Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
Derivative Financial Instruments | 2014 | 2013 | 2014 | 2013 | ||||||||||
(In Thousands) | ||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 344 | $ | (3,117 | ) | $ | (437 | ) | $ | 1,280 | ||||
Mandatory loan sale commitments and TBA MBS trades | (1,614 | ) | 5,424 | (677 | ) | (5,824 | ) | |||||||
Option contracts | (57 | ) | 158 | (162 | ) | 266 | ||||||||
Total net (loss) gain | $ | (1,327 | ) | $ | 2,465 | $ | (1,276 | ) | $ | (4,278 | ) | |||
Schedule of Outstanding Derivative Instruments | The outstanding derivative financial instruments at the dates indicated were as follows: | |||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||
Derivative Financial Instruments | Amount | Fair | Amount | Fair | ||||||||||
Value | Value | |||||||||||||
(In Thousands) | ||||||||||||||
Commitments to extend credit on loans to be held for sale (1) | $ | 121,575 | $ | 2,129 | $ | 132,567 | $ | 2,566 | ||||||
Best efforts loan sale commitments | (31,484 | ) | — | (18,069 | ) | — | ||||||||
Mandatory loan sale commitments and TBA MBS trades | (290,785 | ) | (2,105 | ) | (258,021 | ) | (1,428 | ) | ||||||
Put option contracts | (10,000 | ) | 44 | (10,000 | ) | — | ||||||||
Call option contracts | 10,000 | 66 | — | — | ||||||||||
Total | $ | (200,694 | ) | $ | 134 | $ | (153,523 | ) | $ | 1,138 | ||||
(1) | Net of 29.3 percent at December 31, 2014 and 28.0 percent at June 30, 2014 of commitments which management has estimated may not fund. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||
Schedule of Aggregate Fair Value and Aggregate Unpaid Principal Balance of Loans Held for Sale | The following table describes the difference at the dates indicated between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale at fair value. | |||||||||||||||||||||
Aggregate | ||||||||||||||||||||||
Unpaid | Net | |||||||||||||||||||||
Aggregate | Principal | Unrealized | ||||||||||||||||||||
(In Thousands) | Fair Value | Balance | Gain | |||||||||||||||||||
As of December 31, 2014: | ||||||||||||||||||||||
Loans held for sale, measured at fair value | $ | 228,783 | $ | 219,859 | $ | 8,924 | ||||||||||||||||
As of June 30, 2014: | ||||||||||||||||||||||
Loans held for sale, measured at fair value | $ | 158,883 | $ | 152,192 | $ | 6,691 | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following fair value hierarchy tables present information at the dates indicated about the Corporation’s assets measured at fair value on a recurring basis: | |||||||||||||||||||||
Fair Value Measurement at December 31, 2014 Using: | ||||||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||
U.S. government agency MBS | $ | — | $ | 8,491 | $ | — | $ | 8,491 | ||||||||||||||
U.S. government sponsored enterprise MBS | — | 5,837 | — | 5,837 | ||||||||||||||||||
Private issue CMO | — | — | 799 | 799 | ||||||||||||||||||
Common stock - community development financial institution | — | — | 250 | 250 | ||||||||||||||||||
Investment securities | — | 14,328 | 1,049 | 15,377 | ||||||||||||||||||
Loans held for sale, at fair value | — | 228,783 | — | 228,783 | ||||||||||||||||||
Interest-only strips | — | — | 64 | 64 | ||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | — | — | 2,134 | 2,134 | ||||||||||||||||||
Option contracts | — | — | 110 | 110 | ||||||||||||||||||
Derivative assets | — | — | 2,244 | 2,244 | ||||||||||||||||||
Total assets | $ | — | $ | 243,111 | $ | 3,357 | $ | 246,468 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | — | $ | — | $ | 5 | $ | 5 | ||||||||||||||
Mandatory loan sale commitments | — | — | 86 | 86 | ||||||||||||||||||
TBA MBS trades | — | 2,019 | — | 2,019 | ||||||||||||||||||
Derivative liabilities | — | 2,019 | 91 | 2,110 | ||||||||||||||||||
Total liabilities | $ | — | $ | 2,019 | $ | 91 | $ | 2,110 | ||||||||||||||
Fair Value Measurement at June 30, 2014 Using: | ||||||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||
U.S. government agency MBS | $ | — | $ | 9,109 | $ | — | $ | 9,109 | ||||||||||||||
U.S. government sponsored enterprise MBS | — | 6,385 | — | 6,385 | ||||||||||||||||||
Private issue CMO | — | — | 853 | 853 | ||||||||||||||||||
Investment securities | — | 15,494 | 853 | 16,347 | ||||||||||||||||||
Loans held for sale, at fair value | — | 158,883 | — | 158,883 | ||||||||||||||||||
Interest-only strips | — | — | 62 | 62 | ||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | — | — | 2,570 | 2,570 | ||||||||||||||||||
Derivative assets | — | — | 2,570 | 2,570 | ||||||||||||||||||
Total assets | $ | — | $ | 174,377 | $ | 3,485 | $ | 177,862 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | — | $ | — | $ | 4 | $ | 4 | ||||||||||||||
Mandatory loan sale commitments | — | — | 93 | 93 | ||||||||||||||||||
TBA MBS trades | — | 1,335 | — | 1,335 | ||||||||||||||||||
Derivative liabilities | — | 1,335 | 97 | 1,432 | ||||||||||||||||||
Total liabilities | $ | — | $ | 1,335 | $ | 97 | $ | 1,432 | ||||||||||||||
Schedule for Reconciliation of Recurring Fair Value Measurements Using Level 3 Inputs | The following tables summarize reconciliations of the beginning and ending balances during the periods shown of recurring fair value measurements recognized in the Condensed Consolidated Statements of Financial Condition using Level 3 inputs: | |||||||||||||||||||||
For the Quarter Ended December 31, 2014 | ||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||
Using Significant Other Unobservable Inputs | ||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||
Common stock (1) | Loan | Manda- | ||||||||||||||||||||
Commit- | tory | |||||||||||||||||||||
Private | Interest- | ments to | Commit- | |||||||||||||||||||
Issue | Only | Originate (2) | ments (3) | Option | ||||||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | ||||||||||||||||||
Beginning balance at September 30, 2014 | $ | 828 | $ | 250 | $ | 70 | $ | 1,785 | $ | (245 | ) | $ | 33 | $ | 2,721 | |||||||
Total gains or losses (realized/ | ||||||||||||||||||||||
unrealized): | ||||||||||||||||||||||
Included in earnings | — | — | — | 344 | 149 | (57 | ) | 436 | ||||||||||||||
Included in other comprehensive | (4 | ) | — | (6 | ) | — | — | — | (10 | ) | ||||||||||||
loss | ||||||||||||||||||||||
Purchases | — | — | — | — | — | 134 | 134 | |||||||||||||||
Issuances | — | — | — | — | — | — | — | |||||||||||||||
Settlements | (25 | ) | — | — | — | 10 | — | (15 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | |||||||||||||||
Ending balance at December 31, 2014 | $ | 799 | $ | 250 | $ | 64 | $ | 2,129 | $ | (86 | ) | $ | 110 | $ | 3,266 | |||||||
(1) | Common stock of a community development financial institution. | |||||||||||||||||||||
(2) | Consists of commitments to extend credit on loans to be held for sale. | |||||||||||||||||||||
(3) | Consists of mandatory loan sale commitments. | |||||||||||||||||||||
For the Quarter Ended December 31, 2013 | ||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||
Using Significant Other Unobservable Inputs | ||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||
Loan | Manda- | |||||||||||||||||||||
Commit- | tory | |||||||||||||||||||||
Private | Interest- | ments to | Commit- | |||||||||||||||||||
Issue | Only | Originate (1) | ments (2) | Option | ||||||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | ||||||||||||||||||
Beginning balance at September 30, 2013 | $ | 953 | $ | 103 | $ | 3,365 | $ | (141 | ) | $ | 82 | $ | 4,362 | |||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in earnings | — | — | (3,117 | ) | 329 | 158 | (2,630 | ) | ||||||||||||||
Included in other comprehensive loss | 19 | (15 | ) | — | — | — | 4 | |||||||||||||||
Purchases | — | — | — | — | 155 | 155 | ||||||||||||||||
Issuances | — | — | — | — | — | — | ||||||||||||||||
Settlements | (47 | ) | — | — | 8 | (64 | ) | (103 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||||||
Ending balance at December 31, 2013 | $ | 925 | $ | 88 | $ | 248 | $ | 196 | $ | 331 | $ | 1,788 | ||||||||||
(1) | Consists of commitments to extend credit on loans to be held for sale. | |||||||||||||||||||||
(2) | Consists of mandatory loan sale commitments. | |||||||||||||||||||||
For the Six Months Ended December 31, 2014 | ||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||
Using Significant Other Unobservable Inputs | ||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||
Common stock (1) | Loan | Manda- | ||||||||||||||||||||
Commit- | tory | |||||||||||||||||||||
Private | Interest- | ments to | Commit- | |||||||||||||||||||
Issue | Only | Originate (2) | ments (3) | Option | ||||||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | ||||||||||||||||||
Beginning balance at June 30, 2014 | $ | 853 | $ | — | $ | 62 | $ | 2,566 | $ | (93 | ) | $ | — | $ | 3,388 | |||||||
Total gains or losses (realized/ | ||||||||||||||||||||||
unrealized): | ||||||||||||||||||||||
Included in earnings | — | — | — | (437 | ) | (7 | ) | (162 | ) | (606 | ) | |||||||||||
Included in other comprehensive | (5 | ) | — | 2 | — | — | — | (3 | ) | |||||||||||||
loss | ||||||||||||||||||||||
Purchases | — | 250 | — | — | — | 321 | 571 | |||||||||||||||
Issuances | — | — | — | — | — | — | — | |||||||||||||||
Settlements | (49 | ) | — | — | — | 14 | (49 | ) | (84 | ) | ||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | |||||||||||||||
Ending balance at December 31, 2014 | $ | 799 | $ | 250 | $ | 64 | $ | 2,129 | $ | (86 | ) | $ | 110 | $ | 3,266 | |||||||
(1) | Common stock of a community development financial institution. | |||||||||||||||||||||
(2) | Consists of commitments to extend credit on loans to be held for sale. | |||||||||||||||||||||
(3) | Consists of mandatory loan sale commitments. | |||||||||||||||||||||
For the Six Months Ended December 31, 2013 | ||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||
Using Significant Other Unobservable Inputs | ||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||
Loan | Manda- | |||||||||||||||||||||
Commit- | tory | |||||||||||||||||||||
Private | Interest- | ments to | Commit- | |||||||||||||||||||
Issue | Only | originate (1) | ments (2) | Option | ||||||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | ||||||||||||||||||
Beginning balance at June 30, 2013 | $ | 1,019 | $ | 98 | $ | (1,032 | ) | $ | 83 | $ | 589 | $ | 757 | |||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||
Included in earnings | — | — | 1,280 | 99 | 266 | 1,645 | ||||||||||||||||
Included in other comprehensive loss | 19 | (10 | ) | — | — | — | 9 | |||||||||||||||
Purchases | — | — | — | — | 370 | 370 | ||||||||||||||||
Issuances | — | — | — | — | — | — | ||||||||||||||||
Settlements | (113 | ) | — | — | 14 | (894 | ) | (993 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||||||
Ending balance at December 31, 2013 | $ | 925 | $ | 88 | $ | 248 | $ | 196 | $ | 331 | $ | 1,788 | ||||||||||
Schedule of Fair Value Assets Measured on Nonrecurring Basis | The following fair value hierarchy tables present information about the Corporation’s assets measured at fair value at the dates indicated on a nonrecurring basis: | |||||||||||||||||||||
Fair Value Measurement at December 31, 2014 Using: | ||||||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Non-performing loans | $ | — | $ | 9,138 | $ | 2,013 | $ | 11,151 | ||||||||||||||
MSA | — | — | 208 | 208 | ||||||||||||||||||
Real estate owned, net | — | 3,496 | — | 3,496 | ||||||||||||||||||
Total | $ | — | $ | 12,634 | $ | 2,221 | $ | 14,855 | ||||||||||||||
Fair Value Measurement at June 30, 2014 Using: | ||||||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Non-performing loans | $ | — | $ | 10,910 | $ | 5,026 | $ | 15,936 | ||||||||||||||
MSA | — | — | 241 | 241 | ||||||||||||||||||
Real estate owned, net | — | 2,467 | — | 2,467 | ||||||||||||||||||
Total | $ | — | $ | 13,377 | $ | 5,267 | $ | 18,644 | ||||||||||||||
Schedule of Additional Information About Valuation Techniques and Inputs Used for Assets and Liabilities | The following table presents additional information about valuation techniques and inputs used for assets and liabilities, including derivative financial instruments, which are measured at fair value and categorized within Level 3 as of December 31, 2014: | |||||||||||||||||||||
(Dollars In Thousands) | Fair Value | Valuation | Unobservable Inputs | Range (1) | Impact to | |||||||||||||||||
As of | Techniques | (Weighted Average) | Valuation | |||||||||||||||||||
December 31, | from an | |||||||||||||||||||||
2014 | Increase in | |||||||||||||||||||||
Inputs (2) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities available-for sale: Private issue CMO | $ | 799 | Market comparable pricing | Comparability adjustment | (0.4)% – 1.1% (0.9%) | Increase | ||||||||||||||||
Common stock of community | $ | 250 | Market pricing | Pricing indications from recent transactions | $0.00 - $0.14 ($0.05) | Increase | ||||||||||||||||
development financial | ||||||||||||||||||||||
institution | ||||||||||||||||||||||
Non-performing loans | $ | 92 | Discounted cash flow | Default rates | 0.0% - 30.0% (0.0%) | Decrease | ||||||||||||||||
Non-performing loans | $ | 1,921 | Relative value analysis | Loss severity | 20.0% - 30.0% (21.9%) | Decrease | ||||||||||||||||
MSA | $ | 208 | Discounted cash flow | Prepayment speed (CPR) | 19.5% - 60.0% (31.0%) | Decrease | ||||||||||||||||
Discount rate | 9.0% - 10.5% (9.2%) | Decrease | ||||||||||||||||||||
Interest-only strips | $ | 64 | Discounted cash flow | Prepayment speed (CPR) | 20.2% - 39.2% (25.7%) | Decrease | ||||||||||||||||
Discount rate | 9.00% | Decrease | ||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 2,134 | Relative value analysis | TBA-MBS broker quotes | 99.1% – 106.2% | Decrease | ||||||||||||||||
(102.3%) of par | ||||||||||||||||||||||
Fall-out ratio (3) | 22.5% - 30.3% (29.3%) | Decrease | ||||||||||||||||||||
Option contracts | $ | 110 | Relative value analysis | Broker quotes | 126.8% of par | Increase | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 5 | Relative value analysis | TBA-MBS broker quotes | 101.4% – 103.9% | Increase | ||||||||||||||||
(102.3%) of par | ||||||||||||||||||||||
Fall-out ratio (3) | 22.5% - 30.3% (29.3%) | Increase | ||||||||||||||||||||
Mandatory loan sale commitments | $ | 86 | Relative value analysis | TBA MBS broker quotes | 101.2% - 105.0% | Increase | ||||||||||||||||
(104.3%) of par | ||||||||||||||||||||||
Roll-forward costs (4) | 0.01% | Increase | ||||||||||||||||||||
(1) | The range is based on the estimated fair values and management estimates. | |||||||||||||||||||||
(2) | Unless otherwise noted, this column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. | |||||||||||||||||||||
(3) | The percentage of commitments to extend credit on loans to be held for sale which management has estimated may not fund. | |||||||||||||||||||||
(4) | An estimated cost to roll forward the mandatory loan sale commitments which management has estimated may not be delivered to the corresponding investors in a timely manner. | |||||||||||||||||||||
Schedule of Carrying Amount and Fair Value of Financial Instruments | The carrying amount and fair value of the Corporation’s other financial instruments as of December 31, 2014 and June 30, 2014 were as follows: | |||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||
(In Thousands) | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets: | ||||||||||||||||||||||
Loans held for investment, net | $ | 797,783 | $ | 804,707 | — | — | $ | 804,707 | ||||||||||||||
FHLB – San Francisco stock | $ | 7,056 | $ | 7,056 | — | $ | 7,056 | — | ||||||||||||||
Financial liabilities: | ||||||||||||||||||||||
Deposits | $ | 905,512 | $ | 882,526 | — | — | $ | 882,526 | ||||||||||||||
Borrowings | $ | 41,400 | $ | 44,440 | — | — | $ | 44,440 | ||||||||||||||
June 30, 2014 | ||||||||||||||||||||||
(In Thousands) | Carrying | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Financial assets: | ||||||||||||||||||||||
Loans held for investment, net | $ | 772,141 | $ | 778,851 | — | — | $ | 778,851 | ||||||||||||||
FHLB – San Francisco stock | $ | 7,056 | $ | 7,056 | — | $ | 7,056 | — | ||||||||||||||
Financial liabilities: | ||||||||||||||||||||||
Deposits | $ | 897,870 | $ | 875,440 | — | — | $ | 875,440 | ||||||||||||||
Borrowings | $ | 41,431 | $ | 44,424 | — | — | $ | 44,424 | ||||||||||||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 6 Months Ended | |||||
Dec. 31, 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | ||||||
For the Quarter | For the Six Months | |||||
Ended | Ended | |||||
31-Dec-14 | 31-Dec-14 | |||||
Expected volatility range | — | % | 53.7 | % | ||
Weighted-average volatility | — | % | 53.7 | % | ||
Expected dividend yield | — | % | 3 | % | ||
Expected term (in years) | 0 | 7.2 | ||||
Risk-free interest rate | — | % | 2.2 | % | ||
Schedule of Share-based Compensation, Unvested Restricted Stock Units Award Activity | The following tables summarize the unvested restricted stock activity in the quarter and six months ended December 31, 2014. | |||||
For the Quarter Ended December 31, 2014 | ||||||
Unvested Shares | Shares | Weighted-Average | ||||
Award Date | ||||||
Fair Value | ||||||
Unvested at September 30, 2014 | 266,500 | $11.78 | ||||
Granted | — | $— | ||||
Vested | — | $— | ||||
Forfeited | — | $— | ||||
Unvested at December 31, 2014 | 266,500 | $11.78 | ||||
Expected to vest at December 31, 2014 | 213,200 | $11.78 | ||||
Equity Incentive Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Schedule of Incentive Plan Stock Option Activity | The following tables summarize the stock option activity in the Plans for the quarter and six months ended December 31, 2014. | |||||
For the Quarter Ended December 31, 2014 | ||||||
Options | Shares | Weighted- | Weighted- | Aggregate | ||
Average | Average | Intrinsic | ||||
Exercise | Remaining | Value | ||||
Price | Contractual | $0 | ||||
Term (Years) | ||||||
Outstanding at September 30, 2014 | 1,015,000 | $13.49 | ||||
Granted | — | $— | ||||
Exercised | — | $— | ||||
Forfeited | — | $— | ||||
Outstanding at December 31, 2014 | 1,015,000 | $13.49 | 6.76 | $3,726 | ||
Vested and expected to vest at December 31, 2014 | 898,600 | $13.63 | 6.51 | $3,404 | ||
Exercisable at December 31, 2014 | 433,000 | $14.19 | 4.19 | $2,117 | ||
For the Six Months Ended December 31, 2014 | ||||||
Options | Shares | Weighted- | Weighted- | Aggregate | ||
Average | Average | Intrinsic | ||||
Exercise | Remaining | Value | ||||
Price | Contractual | $0 | ||||
Term (Years) | ||||||
Outstanding at June 30, 2014 | 648,000 | $12.84 | ||||
Granted | 369,000 | $14.59 | ||||
Exercised | (2,000 | ) | $7.03 | |||
Forfeited | — | $— | ||||
Outstanding at December 31, 2014 | 1,015,000 | $13.49 | 6.76 | $3,726 | ||
Vested and expected to vest at December 31, 2014 | 898,600 | $13.63 | 6.51 | $3,404 | ||
Exercisable at December 31, 2014 | 433,000 | $14.19 | 4.19 | $2,117 | ||
Stock Option Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Schedule of Incentive Plan Stock Option Activity | The following tables summarize the activity in the Stock Option Plans for the quarter and six months ended December 31, 2014. | |||||
For the Quarter Ended December 31, 2014 | ||||||
Weighted- | ||||||
Weighted- | Average | Aggregate | ||||
Average | Remaining | Intrinsic | ||||
Exercise | Contractual | Value | ||||
Options | Shares | Price | Term (Years) | $0 | ||
Outstanding at September 30, 2014 | 77,500 | $23.41 | ||||
Granted | — | $— | ||||
Exercised | — | $— | ||||
Forfeited | — | $— | ||||
Outstanding at December 31, 2014 | 77,500 | $23.41 | 2 | $— | ||
Vested and expected to vest at December 31, 2014 | 77,500 | $23.41 | 2 | $— | ||
Exercisable at December 31, 2014 | 77,500 | $23.41 | 2 | $— | ||
Reclassification_Adjustment_of1
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following tables provide the changes in AOCI by component for the quarters and six months ended December 31, 2014 and 2013. |
Offsetting_Derivative_and_Othe1
Offsetting Derivative and Other Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of December 31, 2014: | ||||||||||||||||||
Gross | Net | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||
Offset in the | of Assets in | Gross Amount Not Offset in | |||||||||||||||||
Condensed | the Condensed | the Condensed Consolidated | |||||||||||||||||
Gross | Consolidated | Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Assets | Condition | Condition | Instruments | Received | Amount | |||||||||||||
Assets | |||||||||||||||||||
Derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Gross | Net | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||
Offset in the | of Liabilities in | Gross Amount Not Offset in | |||||||||||||||||
Condensed | the Condensed | the Condensed Consolidated | |||||||||||||||||
Gross | Consolidated | Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Liabilities | Condition | Condition | Instruments | Received | Amount | |||||||||||||
Liabilities | |||||||||||||||||||
Derivatives | $ | 1,995 | $ | — | $ | 1,995 | $ | — | $ | — | $ | 1,995 | |||||||
Total | $ | 1,995 | $ | — | $ | 1,995 | $ | — | $ | — | $ | 1,995 | |||||||
As of June 30, 2014: | |||||||||||||||||||
Gross | Net | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||
Offset in the | of Assets in | Gross Amount Not Offset in | |||||||||||||||||
Condensed | the Condensed | the Condensed Consolidated | |||||||||||||||||
Gross | Consolidated | Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Assets | Condition | Condition | Instruments | Received | Amount | |||||||||||||
Assets | |||||||||||||||||||
Derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Gross | Net | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||
Offset in the | of Liabilities in | Gross Amount Not Offset in | |||||||||||||||||
Condensed | the Condensed | the Condensed Consolidated | |||||||||||||||||
Gross | Consolidated | Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Liabilities | Condition | Condition | Instruments | Received | Amount | |||||||||||||
Liabilities | |||||||||||||||||||
Derivatives | $ | 1,428 | $ | — | $ | 1,428 | $ | — | $ | — | $ | 1,428 | |||||||
Total | $ | 1,428 | $ | — | $ | 1,428 | $ | — | $ | — | $ | 1,428 | |||||||
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options, outstanding | 1,100,000 | 974,200 |
Restricted Stock Shares | 266,500 | 66,500 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 271,500 | 508,200 |
Earnings_Per_Share_Schedule_of
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders | $2,328 | $1,603 | $4,718 | $3,116 |
Weighted-average shares, Basic | 9,120 | 10,078 | 9,187 | 10,192 |
Adjusted weighted-average shares and assumed conversions | 9,238 | 10,271 | 9,353 | 10,398 |
Basic earnings per share (in dollars per share) | $0.26 | $0.16 | $0.51 | $0.31 |
Diluted earnings per share (in dollars per share) | $0.25 | $0.16 | $0.50 | $0.30 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Effect of dilutive securities | 62 | 164 | 117 | 179 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Effect of dilutive securities | 56 | 29 | 49 | 27 |
Operating_Segment_Reports_Deta
Operating Segment Reports (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
segment | |||||
Number of operating segments | 2 | ||||
Net interest income | $8,110,000 | $7,655,000 | $16,047,000 | $15,616,000 | |
(Recovery) provision for loan losses | -354,000 | -898,000 | -1,172,000 | -1,840,000 | |
Net interest income, after recovery from the allowance for loan losses | 8,464,000 | 8,553,000 | 17,219,000 | 17,456,000 | |
Loan servicing and other fees | 291,000 | 331,000 | 559,000 | 526,000 | |
(Loss) gain on sale of loans, net | 8,042,000 | 5,732,000 | 15,694,000 | 12,486,000 | |
Deposit account fees | 604,000 | 619,000 | 1,230,000 | 1,240,000 | |
(Loss) gain on sale and operations of real estate owned acquired in the settlement of loans, net | -51,000 | -82,000 | -70,000 | -30,000 | |
Card and processing fees | 336,000 | 317,000 | 692,000 | 661,000 | |
Other | 275,000 | 227,000 | 502,000 | 444,000 | |
Total non-interest income | 9,497,000 | 7,144,000 | 18,607,000 | 15,327,000 | |
Salaries and employee benefits | 9,950,000 | 8,912,000 | 19,531,000 | 19,364,000 | |
Premises and occupancy | 1,150,000 | 1,104,000 | 2,498,000 | 2,263,000 | |
Operating and administrative expenses | 2,812,000 | 2,855,000 | 5,622,000 | 5,774,000 | |
Total non-interest expense | 13,912,000 | 12,871,000 | 27,651,000 | 27,401,000 | |
Income before income taxes | 4,049,000 | 2,826,000 | 8,175,000 | 5,382,000 | |
Provision (benefit) for income taxes | 1,721,000 | 1,223,000 | 3,457,000 | 2,266,000 | |
Net income | 2,328,000 | 1,603,000 | 4,718,000 | 3,116,000 | |
Total assets, end of period | 1,112,390,000 | 1,134,062,000 | 1,112,390,000 | 1,134,062,000 | 1,105,629,000 |
Loan Origination Fees | |||||
Inter-company charge | 144,000 | 5,000 | 302 | 13 | |
Loan Servicing Fees | |||||
Inter-company charge | 61,000 | 39,000 | 0 | 0 | |
Provident Bank | |||||
Net interest income | 6,925,000 | 6,671,000 | 13,820,000 | 13,238,000 | |
(Recovery) provision for loan losses | -373,000 | -876,000 | -1,263,000 | -1,859,000 | |
Net interest income, after recovery from the allowance for loan losses | 7,298,000 | 7,547,000 | 15,083,000 | 15,097,000 | |
Loan servicing and other fees | 85,000 | 210,000 | 93,000 | 344,000 | |
(Loss) gain on sale of loans, net | 75,000 | 86,000 | 146,000 | 323,000 | |
Deposit account fees | 604,000 | 619,000 | 1,230,000 | 1,240,000 | |
(Loss) gain on sale and operations of real estate owned acquired in the settlement of loans, net | -50,000 | -82,000 | -69,000 | -31,000 | |
Card and processing fees | 336,000 | 317,000 | 692,000 | 661,000 | |
Other | 275,000 | 227,000 | 502,000 | 444,000 | |
Total non-interest income | 1,325,000 | 1,377,000 | 2,594,000 | 2,981,000 | |
Salaries and employee benefits | 4,528,000 | 3,600,000 | 8,795,000 | 7,555,000 | |
Premises and occupancy | 716,000 | 630,000 | 1,588,000 | 1,313,000 | |
Operating and administrative expenses | 1,093,000 | 1,056,000 | 2,249,000 | 2,070,000 | |
Total non-interest expense | 6,337,000 | 5,286,000 | 12,632,000 | 10,938,000 | |
Income before income taxes | 2,286,000 | 3,638,000 | 5,045,000 | 7,140,000 | |
Provision (benefit) for income taxes | 988,000 | 1,564,000 | 2,155,000 | 3,005,000 | |
Net income | 1,298,000 | 2,074,000 | 2,890,000 | 4,135,000 | |
Total assets, end of period | 883,665,000 | 1,003,275,000 | 883,665,000 | 1,003,275,000 | |
Provident Bank Mortgage | |||||
Net interest income | 1,185,000 | 984,000 | 2,227,000 | 2,378,000 | |
(Recovery) provision for loan losses | 19,000 | -22,000 | 91,000 | 19,000 | |
Net interest income, after recovery from the allowance for loan losses | 1,166,000 | 1,006,000 | 2,136,000 | 2,359,000 | |
Loan servicing and other fees | 206,000 | 121,000 | 466,000 | 182,000 | |
(Loss) gain on sale of loans, net | 7,967,000 | 5,646,000 | 15,548,000 | 12,163,000 | |
Deposit account fees | 0 | 0 | 0 | 0 | |
(Loss) gain on sale and operations of real estate owned acquired in the settlement of loans, net | -1,000 | 0 | -1,000 | 1,000 | |
Card and processing fees | 0 | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 | |
Total non-interest income | 8,172,000 | 5,767,000 | 16,013,000 | 12,346,000 | |
Salaries and employee benefits | 5,422,000 | 5,312,000 | 10,736,000 | 11,809,000 | |
Premises and occupancy | 434,000 | 474,000 | 910,000 | 950,000 | |
Operating and administrative expenses | 1,719,000 | 1,799,000 | 3,373,000 | 3,704,000 | |
Total non-interest expense | 7,575,000 | 7,585,000 | 15,019,000 | 16,463,000 | |
Income before income taxes | 1,763,000 | -812,000 | 3,130,000 | -1,758,000 | |
Provision (benefit) for income taxes | 733,000 | -341,000 | 1,302,000 | -739,000 | |
Net income | 1,030,000 | -471,000 | 1,828,000 | -1,019,000 | |
Total assets, end of period | $228,725,000 | $130,787,000 | $228,725,000 | $130,787,000 |
Investment_Securities_Schedule
Investment Securities: Schedule of Available-for-sale Securities Reconciliation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Total Investment Securities, Amortized Cost Basis | $15,495 | $15,495 | $16,541 | |||||||
Proceeds from Maturities, Prepayments and Calls of Mortgage Backed Securities (MBS) | 517 | 799 | 1,297 | 1,619 | ||||||
Amortized Cost | 14,695 | 14,695 | 15,741 | |||||||
Held-to-maturity Securities, Gross Gains, Derivatives | 0 | 0 | ||||||||
Held-to-maturity Securities, Gross Losses, Derivatives | 0 | 0 | ||||||||
Investment securities – held to maturity (fair value $800 and $800, respectively) | 800 | 800 | 800 | 800 | ||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 800 | 800 | 800 | |||||||
Gross Unrealized Gains | 682 | 606 | ||||||||
Gross Unrealized (Losses) | 0 | 0 | ||||||||
Investment securities – available for sale, at fair value | 15,377 | 15,377 | 16,347 | 16,347 | ||||||
Carrying Value | 15,377 | 15,377 | 16,347 | 16,347 | ||||||
Total Investment Securities, Gross Unrealized Gains | 682 | 606 | ||||||||
Total Investment Securities, Gross Unrealized Losses | 0 | 0 | ||||||||
Total Investment Securites | 16,177 | 16,177 | 17,147 | |||||||
Common Stock, community development financial institution [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Amortized Cost | 250 | [1] | 250 | [1] | ||||||
Gross Unrealized Gains | 0 | [1] | ||||||||
Gross Unrealized (Losses) | 0 | [1] | ||||||||
Investment securities – available for sale, at fair value | 250 | 250 | ||||||||
Carrying Value | 250 | 250 | ||||||||
Certificates of Deposit [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Held-to-maturity Securities, Gross Gains, Derivatives | 0 | 0 | ||||||||
Held-to-maturity Securities, Gross Losses, Derivatives | 0 | 0 | ||||||||
Investment securities – held to maturity (fair value $800 and $800, respectively) | 800 | 800 | 800 | |||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 800 | 800 | 800 | |||||||
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Investment securities – available for sale, at fair value | 15,377 | 15,377 | 16,347 | |||||||
Carrying Value | 15,377 | 15,377 | 16,347 | |||||||
U.S. government agency MBS | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Amortized Cost | 8,150 | [2] | 8,150 | [2] | 8,772 | [2] | ||||
Gross Unrealized Gains | 341 | [2] | 337 | [2] | ||||||
Gross Unrealized (Losses) | 0 | [2] | 0 | [2] | ||||||
Investment securities – available for sale, at fair value | 8,491 | 8,491 | 9,109 | |||||||
Carrying Value | 8,491 | 8,491 | 9,109 | |||||||
U.S. government sponsored enterprise MBS | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Amortized Cost | 5,503 | 5,503 | 6,128 | |||||||
Gross Unrealized Gains | 334 | 257 | ||||||||
Gross Unrealized (Losses) | 0 | 0 | ||||||||
Investment securities – available for sale, at fair value | 5,837 | 5,837 | 6,385 | |||||||
Carrying Value | 5,837 | 5,837 | 6,385 | |||||||
Collateralized Mortgage Obligations [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Amortized Cost | 792 | [1] | 792 | [1] | 841 | [1] | ||||
Gross Unrealized Gains | 7 | [1] | 12 | [1] | ||||||
Gross Unrealized (Losses) | 0 | [1] | 0 | [1] | ||||||
Investment securities – available for sale, at fair value | 799 | 799 | 853 | |||||||
Carrying Value | $799 | $799 | $853 | |||||||
Collateralized Mortgage Obligations [Member] | Categories of Investments, Marketable Securities, Available-for-sale Securities [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Available for Sale Securities in Unrealized Loss Position, Qualitative Disclosure, Number of Positions Greater Than or Equal to One Year | 2 | 2 | ||||||||
[1] | Collateralized Mortgage Obligations (“CMOâ€). | |||||||||
[2] | Mortgage-Backed Securities (“MBSâ€). |
Investment_Securities_Mortgage
Investment Securities: Mortgage Backed Securities Policy (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |
security | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Principal payments from investment securities available for sale | $517,000 | $799,000 | $1,297,000 | $1,619,000 | |
purchase of common stock in community development financial institution | 250,000 | ||||
Other-than-temporary impairments, investments | $0 | $0 | $0 | ||
Private issue CMO | Available for sale | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of investment securities held | 2 | 2 | |||
Available for sale | Private issue CMO | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of investment securities held | 0 |
Investment_Securities_Schedule1
Investment Securities: Schedule of Available for Sale Securities by Contractual Maturity (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | $800 | $800 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 800 | 800 | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 0 | 0 | |
Investment securities – held to maturity (fair value $800 and $800, respectively) | 800 | 800 | 800 |
Held-to-maturity Securities, Fair Value | 800 | 800 | |
Available-for-sale Securities | 15,377 | 16,347 | 16,347 |
Total Investment Securities, Amortized Cost Basis | 15,495 | 16,541 | |
Total Investment Securites | 16,177 | 17,147 | |
Available for sale | |||
Due in one year or less, Amortized Cost | 0 | 0 | |
Due after one through five years, Amortized Cost | 0 | 0 | |
Due after five through ten years, Amortized Cost | 0 | 0 | |
Due after ten years, Amortized Cost | 14,445 | 15,741 | |
Total investment securities, Amortized Cost | 14,695 | 15,741 | |
Available-for-sale Securities | 15,377 | 16,347 | |
Due in one year of less, Estimated Fair Value | 0 | 0 | |
Due after one through five years, Estimated Fair Value | 0 | 0 | |
Due after five through ten years, Estimated Fair Value | 0 | 0 | |
Due after ten years, Estimated Fair Value | 15,127 | 16,347 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 250 | 0 | |
Total investment securities, Estimated Fair Value | $250 | $0 |
Loans_Held_For_Investment_Sche
Loans Held For Investment: Schedule of Loans Held for Investment (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | $805,925 | $780,423 | ||||
Loans and Leases Receivable, Loans in Process | -2,281 | -1,090 | ||||
Deferred loan costs, net | 2,832 | 2,552 | ||||
Allowance for loan losses | -8,693 | -8,888 | -9,744 | -11,041 | -12,105 | -14,935 |
Total loans held for investment, net | 797,783 | 772,141 | ||||
Mortgage loans, Single-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 377,262 | 377,997 | ||||
Mortgage loans, Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 322,302 | 301,211 | ||||
Mortgage loans, Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 100,859 | 96,803 | ||||
Mortgage Loans, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 4,378 | 2,869 | ||||
Commercial Business Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 859 | 1,237 | ||||
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | $265 | $306 |
Loans_Held_For_Investment_Narr
Loans Held For Investment: Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |
property | loan | loan | property | property | ||
loan | property | |||||
Number of Previously Foreclosed Properties Sold | 2 | 4 | 4 | 9 | ||
Financing Receivable, Modifications, Number of Contracts | 16 | 17 | 0 | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $5,273,000 | $5,609,000 | $5,273,000 | |||
Financing Receivable, Recorded Investment, Accrual Status | 687,000 | 343,000 | 687,000 | |||
Financing Receivable, Modifications, Recorded Investment | 5,960,000 | 5,952,000 | 5,960,000 | |||
Financing Receivable, Modifications, Number of Contracts, Extending Beyond Initial Maturity | 1 | 2 | ||||
Impaired Financing Receivable, Average Recorded Investment | 11,800,000 | 17,200,000 | 13,400,000 | 17,800,000 | ||
Loans held for investment | 805,925,000 | 780,423,000 | 805,925,000 | |||
Loan interest income added to negative amortization loan balance | 0 | 0 | ||||
Interest-only ARM loans as percent of loans held for investment | 20.00% | 22.00% | 20.00% | |||
Fixed-rate loans as a percentage of total loans held for investment | 4.00% | 4.00% | 4.00% | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 200,000 | 300,000 | 200,000 | 400,000 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 17,000 | 82,000 | 36,000 | 202,000 | ||
Percent of Total Restructured Loans on Current Status | 89.00% | 62.00% | 89.00% | |||
First Trust Deed Loans | ||||||
Loans deemed uncollectible, period of delinquency | 150 days | |||||
Commercial Business or Second Trust Deed Loans | ||||||
Loans deemed uncollectible, period of delinquency | 120 days | |||||
Troubled Debt Restructurings | ||||||
Loans deemed uncollectible, period of delinquency | 90 days | |||||
Bankruptcy | ||||||
Loans deemed uncollectible, period of delinquency | 60 days | |||||
Minimum | ||||||
Loan principal, increase due to negative amortization, as a percentage of original loan amount | 110.00% | |||||
Adjustable Rate Mortgage, Term of Fixed Interest Rate | 2 years | |||||
Maximum | ||||||
Loan principal, increase due to negative amortization, as a percentage of original loan amount | 115.00% | |||||
Adjustable Rate Mortgage, Term of Fixed Interest Rate | 5 years | |||||
Segregated restructured loans, period of delinquency | 90 days | |||||
Maximum | Bankruptcy | ||||||
Allowance for loan losses, pooling method, period of delinquency | 60 days | |||||
Mortgage loans, Multi-family | ||||||
Loans held for investment | 322,302,000 | 301,211,000 | 322,302,000 | |||
Mortgage loans, Single-family | ||||||
Loans held for investment | 377,262,000 | 377,997,000 | 377,262,000 | |||
Mortgage loans, Commercial Real Estate | ||||||
Loans held for investment | 100,859,000 | 96,803,000 | 100,859,000 | |||
Adjustable Rate Residential Mortgage | ||||||
Loans held for investment | 160,300,000 | 170,700,000 | 160,300,000 | |||
Subject to Negative Amortization | Mortgage Loans on Real Estate | ||||||
Loans held for investment | 15,200,000 | 23,300,000 | 15,200,000 | |||
Subject to Negative Amortization | Mortgage loans, Multi-family | ||||||
Loans held for investment | 11,400,000 | 18,700,000 | 11,400,000 | |||
Subject to Negative Amortization | Mortgage loans, Single-family | ||||||
Loans held for investment | 3,600,000 | 3,700,000 | 3,600,000 | |||
Subject to Negative Amortization | Mortgage loans, Commercial Real Estate | ||||||
Loans held for investment | 254,000 | 900,000 | 254,000 | |||
Special Mention [Member] | Restructured loans on accrual status | ||||||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | ||||
Financing Receivable, Recorded Investment, Accrual Status | 700,000 | 300,000 | 700,000 | |||
Substandard [Member] | ||||||
Financing Receivable, Modifications, Number of Contracts | 15 | 16 | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,300,000 | 5,600,000 | 5,300,000 | |||
Current [Member] | ||||||
Financing Receivable, Modifications, Recorded Investment | $5,300,000 | $3,700,000 | $5,300,000 |
Loans_Held_For_Investment_Sche1
Loans Held For Investment: Schedule of Loans Held for Investment Contractually Repricing (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | $32,302 | |
Total loans held for investment, gross | 805,925 | 780,423 |
Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 15,608 | |
Total loans held for investment, gross | 377,262 | 377,997 |
Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 4,944 | |
Total loans held for investment, gross | 322,302 | 301,211 |
Mortgage loans, Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 9,582 | |
Total loans held for investment, gross | 100,859 | 96,803 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 1,809 | |
Total loans held for investment, gross | 4,378 | |
Mortgage Loans, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for investment, gross | 4,378 | 2,869 |
Commercial Business Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 349 | |
Total loans held for investment, gross | 859 | 1,237 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 10 | |
Total loans held for investment, gross | 265 | 306 |
Within One Year | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 421,973 | |
Within One Year | Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 305,453 | |
Within One Year | Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 85,070 | |
Within One Year | Mortgage loans, Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 28,238 | |
Within One Year | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 2,569 | |
Within One Year | Commercial Business Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 388 | |
Within One Year | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 255 | |
After One Year Through 3 Years | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 94,817 | |
After One Year Through 3 Years | Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 19,393 | |
After One Year Through 3 Years | Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 64,281 | |
After One Year Through 3 Years | Mortgage loans, Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 11,143 | |
After One Year Through 3 Years | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After One Year Through 3 Years | Commercial Business Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After One Year Through 3 Years | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After 3 Years Through 5 Years | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 240,587 | |
After 3 Years Through 5 Years | Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 32,575 | |
After 3 Years Through 5 Years | Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 157,330 | |
After 3 Years Through 5 Years | Mortgage loans, Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 50,560 | |
After 3 Years Through 5 Years | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After 3 Years Through 5 Years | Commercial Business Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 122 | |
After 3 Years Through 5 Years | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After 5 Years Through 10 Years | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 16,246 | |
After 5 Years Through 10 Years | Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 4,233 | |
After 5 Years Through 10 Years | Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 10,677 | |
After 5 Years Through 10 Years | Mortgage loans, Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 1,336 | |
After 5 Years Through 10 Years | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After 5 Years Through 10 Years | Commercial Business Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After 5 Years Through 10 Years | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | $0 |
Loans_Held_For_Investment_Sche2
Loans Held For Investment: Schedule of Allowance for Loan Losses (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | $8,616 | $9,703 | ||||
Loans receivable, individually evaluated allowance | 77 | 41 | ||||
Total loan loss allowance | 8,693 | 8,888 | 9,744 | 11,041 | 12,105 | 14,935 |
Mortgage loans, Single-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 4,483 | 5,476 | ||||
Loans receivable, individually evaluated allowance | 57 | 0 | ||||
Mortgage loans, Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 2,998 | 3,142 | ||||
Mortgage loans, Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 1,075 | 989 | ||||
Construction Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 17 | 35 | ||||
Commercial Business Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 33 | 51 | ||||
Loans receivable, individually evaluated allowance | 20 | 41 | ||||
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | $10 | $10 |
Loans_Held_For_Investment_Sche3
Loans Held For Investment: Schedule of Allowance for Loan Losses Additional Detail (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2011 |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance at beginning of period | $8,888 | $12,105 | $9,744 | $14,935 | |
Recovery from the allowance for loan losses | -354 | -898 | 1,172 | 1,840 | |
Recoveries | 257 | 127 | 438 | 307 | |
Charge-offs | -98 | -293 | -317 | -2,361 | |
Net charge-offs | 159 | -166 | 121 | -2,054 | |
Balance at end of period | 8,693 | 11,041 | 8,693 | 11,041 | 14,935 |
Allowance for loan losses as a percentage of gross loans held for investment | 1.08% | 1.44% | 1.08% | 1.44% | |
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized) | -0.07% | 0.08% | -0.03% | 0.46% | |
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period | 73.88% | 57.17% | 73.88% | 57.17% | |
Mortgage loans, Single-family | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Recoveries | 164 | 99 | 273 | 267 | |
Charge-offs | -98 | -90 | -317 | -780 | |
Mortgage loans, Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Recoveries | 0 | 20 | 0 | 20 | |
Mortgage loans, Multi-family | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Recoveries | 93 | 8 | 164 | 19 | |
Charge-offs | 0 | -199 | 0 | -1,577 | |
Consumer Loans | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Recoveries | 0 | 0 | 1 | 1 | |
Charge-offs | $0 | ($4) | $0 | ($4) |
Loans_Held_For_Investment_Sche4
Loans Held For Investment: Schedule of Recorded Investment in Non-Performing Loans (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Non-performing loans, Recorded Investment | $6,132 | $6,246 | ||
Non-performing loans, Allowance for Loan Losses | -172 | -294 | ||
Non-performing loans, Net Investment | 5,960 | 5,952 | ||
Non-performing loans | ||||
Non-performing loans, Recorded Investment | 11,766 | 17,484 | ||
Non-performing loans, Allowance for Loan Losses | -615 | -1,548 | ||
Non-performing loans, Net Investment | 11,151 | 15,936 | ||
Non-performing loans | Mortgage loans, Single-family | ||||
Non-performing loans, With a related allowance, Recorded Investment | 2,660 | 5,480 | ||
Non-performing loans, Without a related allowance, Recorded Investment | 5,207 | [1] | 6,067 | [1] |
Non-performing loans, Recorded Investment | 7,867 | 11,547 | ||
Non-performing loans, Allowance for Loan Losses | -514 | [2] | -1,148 | [2] |
Non-performing loans, With a related allowance, Net Investment | 2,146 | 4,332 | ||
Non-performing loans, Net Investment | 7,353 | 10,399 | ||
Non-performing loans | Mortgage loans, Multi-family | ||||
Non-performing loans, With a related allowance, Recorded Investment | 264 | 956 | ||
Non-performing loans, Without a related allowance, Recorded Investment | 1,995 | 2,491 | ||
Non-performing loans, Recorded Investment | 2,259 | 3,447 | ||
Non-performing loans, Allowance for Loan Losses | -79 | [2] | -354 | [2] |
Non-performing loans, With a related allowance, Net Investment | 185 | 602 | ||
Non-performing loans, Net Investment | 2,180 | 3,093 | ||
Non-performing loans | Mortgage loans, Commercial Real Estate | ||||
Non-performing loans, Without a related allowance, Recorded Investment | 1,520 | [1] | 2,352 | |
Non-performing loans, Recorded Investment | 1,520 | 2,352 | ||
Non-performing loans, Allowance for Loan Losses | 0 | 0 | ||
Non-performing loans, Net Investment | 1,520 | 2,352 | ||
Non-performing loans | Commercial Business Loans | ||||
Non-performing loans, With a related allowance, Recorded Investment | 120 | 138 | ||
Non-performing loans, Recorded Investment | 120 | 138 | ||
Non-performing loans, Allowance for Loan Losses | -22 | [2] | -46 | [2] |
Non-performing loans, With a related allowance, Net Investment | 98 | 92 | ||
Non-performing loans, Net Investment | $98 | $92 | ||
[1] | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. | |||
[2] | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. |
Loans_Held_For_Investment_Sche5
Loans Held For Investment: Schedule of Aging Analysis of Non-Performing Loans (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Nonperforming loans, 3 Months or Less | $791 |
Nonperforming loans, Over 3 to 6 Months | 22 |
Nonperforming loans, Over 6 to 12 Months | 1,536 |
Nonperforming loans, Over 12 Months | 8,802 |
Nonperforming loans, Total | 11,151 |
Mortgage loans, Single-family | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Nonperforming loans, 3 Months or Less | 791 |
Nonperforming loans, Over 3 to 6 Months | 22 |
Nonperforming loans, Over 6 to 12 Months | 684 |
Nonperforming loans, Over 12 Months | 5,856 |
Nonperforming loans, Total | 7,353 |
Mortgage loans, Multi-family | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Nonperforming loans, 3 Months or Less | 0 |
Nonperforming loans, Over 3 to 6 Months | 0 |
Nonperforming loans, Over 6 to 12 Months | 404 |
Nonperforming loans, Over 12 Months | 1,776 |
Nonperforming loans, Total | 2,180 |
Mortgage loans, Commercial Real Estate | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Nonperforming loans, 3 Months or Less | 0 |
Nonperforming loans, Over 3 to 6 Months | 0 |
Nonperforming loans, Over 6 to 12 Months | 448 |
Nonperforming loans, Over 12 Months | 1,072 |
Nonperforming loans, Total | 1,520 |
Commercial Business Loans | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Nonperforming loans, 3 Months or Less | 0 |
Nonperforming loans, Over 3 to 6 Months | 0 |
Nonperforming loans, Over 6 to 12 Months | 0 |
Nonperforming loans, Over 12 Months | 98 |
Nonperforming loans, Total | $98 |
Loans_Held_For_Investment_Narr1
Loans Held For Investment: Narrative 2 (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
property | loan | property | property | property | |
loan | loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Properties Acquired in Settlement of Loans | 4 | 3 | 7 | 6 | |
Number of Previously Foreclosed Properties Sold | 2 | 4 | 4 | 9 | |
Average investment in non-performing loans | $11,800,000 | $17,200,000 | $13,400,000 | $17,800,000 | |
Interest income, non-performing loans, cash basis | 200,000 | 300,000 | 200,000 | 400,000 | |
Interest lost on non-performing Loans | 17,000 | 82,000 | 36,000 | 202,000 | |
Number of modified loans | 16 | 17 | 0 | ||
Number of loans modified, extended beyond initial maturity | 1 | 2 | |||
Financing Receivable Modifications Extended Beyond Initial Maturity of Modification | 113,000 | 810,000 | |||
Number of Loans Modified as Troubled Debt Restructurings in Default | $0 | $0 | |||
Loans receivable, restructured loans, accrual status | 5,273,000 | 5,609,000 | 5,273,000 | ||
Loans receivable, restructured loans, nonaccrual status | 687,000 | 343,000 | 687,000 | ||
Restructured loans | 5,960,000 | 5,952,000 | 5,960,000 | ||
Percent of Total Restructured Loans on Current Status | 89.00% | 62.00% | 89.00% | ||
Collected and Applied to Principal Balance [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest lost on non-performing Loans | 14,000 | 100,000 | 161,000 | 203,000 | |
In Default and Required and Additional Provision [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Loans Modified as Troubled Debt Restructurings | 0 | ||||
Special Mention [Member] | Restructured loans on accrual status | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of modified loans | 1 | 1 | |||
Loans receivable, restructured loans, nonaccrual status | 700,000 | 300,000 | 700,000 | ||
Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of modified loans | 15 | 16 | |||
Loans receivable, restructured loans, accrual status | 5,300,000 | 5,600,000 | 5,300,000 | ||
Current [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Restructured loans | $5,300,000 | $3,700,000 | $5,300,000 |
Loans_Held_For_Investment_Sche6
Loans Held For Investment: Schedule of Troubled Debt Restructurings by Nonaccrual Versus Accrual Status (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans Modified as Troubled Debt Restructurings in Default | $0 | $0 | |
Restructured loans on non-accrual status | $5,273 | $5,609 | |
Restructured loans on accrual status | 687 | 343 | |
Restructured loans | 5,960 | 5,952 | |
Mortgage loans, Single-family | |||
Financing Receivable, Modifications [Line Items] | |||
Restructured loans on non-accrual status | 2,792 | 2,957 | |
Restructured loans on accrual status | 687 | 343 | |
Mortgage loans, Multi-family | |||
Financing Receivable, Modifications [Line Items] | |||
Restructured loans on non-accrual status | 1,591 | 1,760 | |
Mortgage loans, Commercial Real Estate | |||
Financing Receivable, Modifications [Line Items] | |||
Restructured loans on non-accrual status | 792 | 800 | |
Commercial Business Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Restructured loans on non-accrual status | $98 | $92 |
Loans_Held_For_Investment_Sche7
Loans Held For Investment: Schedule of Restructured Loans by Type, Net of Individually Evaluated Allowances (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Impaired [Line Items] | ||||
Restructured loans, Recorded Investment | $6,132 | $6,246 | ||
Restructured loans, Allowance for Loan Losses | -172 | -294 | ||
Restructured loans, Net Investment | 5,960 | 5,952 | ||
Mortgage loans, Single-family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Restructured loans, With a related allowance, Recorded Investment | 751 | 994 | ||
Restructured loans, Without a related allowance, Recorded Investment | 2,878 | [1] | 2,554 | [1] |
Restructured loans, Recorded Investment | 3,629 | 3,548 | ||
Restructured loans, Allowance for Loan Losses | -150 | [2] | -248 | [2] |
Restructured loans, With a related allowance, Net Investment | 601 | 746 | ||
Restructured loans, Net Investment | 3,479 | 3,300 | ||
Mortgage loans, Multi-family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Restructured loans, Without a related allowance, Recorded Investment | 1,591 | [1] | 1,760 | [1] |
Restructured loans, Recorded Investment | 1,591 | 1,760 | ||
Restructured loans, Allowance for Loan Losses | 0 | 0 | [2] | |
Restructured loans, Net Investment | 1,591 | 1,760 | ||
Mortgage loans, Commercial Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Restructured loans, With a related allowance, Recorded Investment | 800 | |||
Restructured loans, Without a related allowance, Recorded Investment | 792 | [1] | ||
Restructured loans, Recorded Investment | 792 | 800 | ||
Restructured loans, Allowance for Loan Losses | 0 | 0 | [2] | |
Restructured loans, With a related allowance, Net Investment | 800 | |||
Restructured loans, Net Investment | 792 | 800 | ||
Commercial Business Loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Restructured loans, With a related allowance, Recorded Investment | 120 | 138 | ||
Restructured loans, Recorded Investment | 120 | 138 | ||
Restructured loans, Allowance for Loan Losses | -22 | [2] | -46 | [2] |
Restructured loans, With a related allowance, Net Investment | 98 | 92 | ||
Restructured loans, Net Investment | $98 | $92 | ||
[1] | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance. | |||
[2] | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. |
Loans_Held_For_Investment_Narr2
Loans Held For Investment: Narrative 3 (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
property | property | property | property | property | |
Loans and Leases Receivable Disclosure [Abstract] | |||||
Number of Properties Acquired in Settlement of Loans | 4 | 3 | 7 | 6 | |
Number of Previously Foreclosed Properties Sold | 2 | 4 | 4 | 9 | |
Number of real estate owned properties | 6 | 6 | 4 | ||
Real estate owned fair value | $3.50 | $3.50 | $2.50 |
Derivative_and_Other_Financial2
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Off-Balance-Sheet Credit Exposure, Policy (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Derivative [Line Items] | |||
Commitments to Extend Credit | $2,281 | $1,090 | |
Loans Held for Investment and Loans Held for Sale [Member] | |||
Derivative [Line Items] | |||
Commitments to Extend Credit | $126,300 | $134,800 |
Derivative_and_Other_Financial3
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Undisbursed Funds Commitments (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Loans and Leases Receivable, Loans in Process | $2,281 | $1,090 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 9,021 | 5,949 |
Undisbursed Lines of Credit - Mortgage Loans | ||
Derivative [Line Items] | ||
Loans and Leases Receivable, Loans in Process | 2,281 | 1,090 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 497 | 616 |
Undisbursed Lines of Credit - Commercial Business Loans | ||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 843 | 1,222 |
Undisbursed Lines of Credit - Consumer Loans | ||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 708 | 774 |
Commitments to Extend Credit, Loans to be Held for Investment | ||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $4,692 | $2,247 |
Derivative_and_Other_Financial4
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Commitments on Undisbursed Funds Held for Investment Policy (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2013 |
Other Assets | ||
Derivative [Line Items] | ||
Undisbursed commitments to extend credit, Assets | $2,200,000 | $2,600,000 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Undisbursed commitments to extend credit, Liabilities | $2,100,000 | $1,400,000 |
Derivative_and_Other_Financial5
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Allowance for Loan Losses of Undisbursed Funds and Commitments on Loans Held for Investment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2011 |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance at beginning of period | $8,888 | $12,105 | $9,744 | $14,935 | |
Recovery from the allowance for loan losses | 354 | 898 | -1,172 | -1,840 | |
Balance at end of period | 8,693 | 11,041 | 8,693 | 11,041 | 14,935 |
Commitments to Extend Credit and Undisbursed Funds | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance at beginning of period | 108 | 89 | 61 | 115 | |
Recovery from the allowance for loan losses | -27 | 36 | 20 | 10 | |
Balance at end of period | $81 | $125 | $81 | $125 |
Derivative_and_Other_Financial6
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |
Derivative [Line Items] | |||||
Total derivative financial instruments | ($1,327,000) | $2,465,000 | ($1,276,000) | ($4,278,000) | |
Commitments to extend credit on loans to be held for sale | |||||
Derivative [Line Items] | |||||
Total derivative financial instruments | 344,000 | -3,117,000 | -437,000 | 1,280,000 | |
Mandatory loan sale commitments and TBA MBS trades | |||||
Derivative [Line Items] | |||||
Total derivative financial instruments | -1,614,000 | 5,424,000 | -677,000 | -5,824,000 | |
Option contracts | |||||
Derivative [Line Items] | |||||
Total derivative financial instruments | -57,000 | 158,000 | -162,000 | 266,000 | |
Other Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Derivative liabilities | $2,100,000 | $2,100,000 | $1,400,000 |
Derivative_and_Other_Financial7
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Outstanding Derivative Instruments (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Amount | ||
Derivative [Line Items] | ||
Derivative financial instruments | ($200,694) | ($153,523) |
Fair Value | ||
Derivative [Line Items] | ||
Derivative financial instruments | 134 | 1,138 |
Commitments to extend credit on loans to be held for sale | ||
Derivative [Line Items] | ||
Commitments estimated may not fund (percent) | 29.30% | 28.00% |
Commitments to extend credit on loans to be held for sale | Amount | ||
Derivative [Line Items] | ||
Derivative financial instruments | 121,575 | 132,567 |
Commitments to extend credit on loans to be held for sale | Fair Value | ||
Derivative [Line Items] | ||
Derivative financial instruments | 2,129 | 2,566 |
Best efforts loan sale commitments | Amount | ||
Derivative [Line Items] | ||
Derivative financial instruments | -31,484 | -18,069 |
Best efforts loan sale commitments | Fair Value | ||
Derivative [Line Items] | ||
Derivative financial instruments | 0 | 0 |
Mandatory loan sale commitments and TBA MBS trades | Amount | ||
Derivative [Line Items] | ||
Derivative financial instruments | -290,785 | -258,021 |
Mandatory loan sale commitments and TBA MBS trades | Fair Value | ||
Derivative [Line Items] | ||
Derivative financial instruments | -2,105 | -1,428 |
Put option contracts | Amount | ||
Derivative [Line Items] | ||
Derivative financial instruments | 10,000 | 0 |
Put option contracts | Fair Value | ||
Derivative [Line Items] | ||
Derivative financial instruments | $66 | $0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | ||||
Provision (benefit) for income taxes | $1,721,000 | $1,223,000 | $3,457,000 | $2,266,000 |
Penalties or interest charges | $4,000 | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments: Schedule of Aggregate Fair Value and Aggregate Unpaid Principal Balance of Loans Held for Sale (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Loans held for sale, Aggregate Fair Value | $228,783 | $158,883 |
Loans held for sale, Aggregate Unpaid Principal Balance | 219,859 | 152,192 |
Loans held for sale, Net Unrealized Gain | $8,924 | $6,691 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | $228,783,000 | $158,883,000 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 15,377,000 | 16,347,000 |
Loans held for sale, at fair value | 228,783,000 | 158,883,000 |
Interest-only strips | 64,000 | 62,000 |
Derivative assets | 2,244,000 | 2,570,000 |
Total assets | 246,468,000 | 177,862,000 |
Derivative liabilities | 2,110,000 | 1,432,000 |
Total liabilities | 2,110,000 | 1,432,000 |
Recurring | Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,134,000 | 2,570,000 |
Derivative liabilities | 5,000 | 4,000 |
Recurring | Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 86,000 | 93,000 |
Recurring | TBA MBS trades | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 2,019,000 | 1,335,000 |
Recurring | Option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 110,000 | |
Recurring | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 8,491,000 | 9,109,000 |
Recurring | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 5,837,000 | 6,385,000 |
Recurring | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 799,000 | 853,000 |
Recurring | Common Stock, community development financial institution [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 250,000 | |
Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Interest-only strips | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | TBA MBS trades | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Recurring | Fair Value, Inputs, Level 1 | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Common Stock, community development financial institution [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | |
Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 14,328,000 | 15,494,000 |
Loans held for sale, at fair value | 228,783,000 | 158,883,000 |
Interest-only strips | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 243,111,000 | 174,377,000 |
Derivative liabilities | 2,019,000 | 1,335,000 |
Total liabilities | 2,019,000 | 1,335,000 |
Recurring | Fair Value, Inputs, Level 2 | Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 2 | Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 2 | TBA MBS trades | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 2,019,000 | 1,335,000 |
Recurring | Fair Value, Inputs, Level 2 | Option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Recurring | Fair Value, Inputs, Level 2 | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 8,491,000 | 9,109,000 |
Recurring | Fair Value, Inputs, Level 2 | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 5,837,000 | 6,385,000 |
Recurring | Fair Value, Inputs, Level 2 | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 2 | Common Stock, community development financial institution [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | |
Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 1,049,000 | 853,000 |
Loans held for sale, at fair value | 0 | 0 |
Interest-only strips | 64,000 | 62,000 |
Derivative assets | 2,244,000 | 2,570,000 |
Total assets | 3,357,000 | 3,485,000 |
Derivative liabilities | 91,000 | 97,000 |
Total liabilities | 91,000 | 97,000 |
Recurring | Fair Value, Inputs, Level 3 | Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,134,000 | 2,570,000 |
Derivative liabilities | 5,000 | 4,000 |
Recurring | Fair Value, Inputs, Level 3 | Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 86,000 | 93,000 |
Recurring | Fair Value, Inputs, Level 3 | TBA MBS trades | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | Option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 110,000 | |
Recurring | Fair Value, Inputs, Level 3 | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 799,000 | 853,000 |
Recurring | Fair Value, Inputs, Level 3 | Common Stock, community development financial institution [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | $250,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments: Schedule of Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Using Level 3 Inputs (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning balance | $2,721 | $4,362 | $3,388 | $757 | |||
Total gains or losses included in earnings | 436 | -2,630 | -606 | 1,645 | |||
Total gains or losses included in other comprehensive loss | -10 | 4 | -3 | 9 | |||
Purchases | 134 | 155 | 571 | 370 | |||
Issuances | 0 | 0 | 0 | 0 | |||
Settlements | -15 | -103 | -84 | -993 | |||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | |||
Ending balance | 3,266 | 1,788 | 3,266 | 1,788 | |||
Private issue CMO | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning balance | 828 | 953 | 853 | 1,019 | |||
Total gains or losses included in earnings | 0 | 0 | 0 | 0 | |||
Total gains or losses included in other comprehensive loss | -4 | 19 | -5 | 19 | |||
Purchases | 0 | 0 | 0 | 0 | |||
Issuances | 0 | 0 | 0 | 0 | |||
Settlements | -25 | -47 | -49 | -113 | |||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | |||
Ending balance | 799 | 925 | 799 | 925 | |||
Common Stock, community development financial institution [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning balance | 250 | 0 | |||||
Total gains or losses included in earnings | 0 | 0 | |||||
Total gains or losses included in other comprehensive loss | 0 | 0 | |||||
Purchases | 0 | 250 | |||||
Issuances | 0 | 0 | |||||
Settlements | 0 | 0 | |||||
Transfers in and/or out of Level 3 | 0 | 0 | |||||
Ending balance | 250 | 250 | |||||
Interest-Only Strips | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning balance | 70 | 103 | 62 | [1] | 98 | ||
Total gains or losses included in earnings | 0 | 0 | 0 | [1] | 0 | ||
Total gains or losses included in other comprehensive loss | -6 | -15 | 2 | [1] | -10 | ||
Purchases | 0 | 0 | 0 | [1] | 0 | ||
Issuances | 0 | 0 | 0 | [1] | 0 | ||
Settlements | 0 | 0 | 0 | [1] | 0 | ||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | [1] | 0 | ||
Ending balance | 64 | 88 | 64 | 88 | |||
Loan Commitments to Originate | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning balance | 1,785 | [1] | 3,365 | [1] | 2,566 | [2] | -1,032 |
Total gains or losses included in earnings | 344 | [1] | -3,117 | [1] | -437 | [2] | 1,280 |
Total gains or losses included in other comprehensive loss | 0 | [1] | 0 | [1] | 0 | [2] | 0 |
Purchases | 0 | [1] | 0 | [1] | 0 | [2] | 0 |
Issuances | 0 | [1] | 0 | [1] | 0 | [2] | 0 |
Settlements | 0 | [1] | 0 | [1] | 0 | [2] | 0 |
Transfers in and/or out of Level 3 | 0 | [1] | 0 | [1] | 0 | [2] | 0 |
Ending balance | 2,129 | 248 | 2,129 | 248 | |||
Mandatory Commitments | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning balance | -245 | [2] | -141 | [2] | -93 | 83 | |
Total gains or losses included in earnings | 149 | [2] | 329 | [2] | -7 | 99 | |
Total gains or losses included in other comprehensive loss | 0 | [2] | 0 | [2] | 0 | 0 | |
Purchases | 0 | [2] | 0 | [2] | 0 | 0 | |
Issuances | 0 | [2] | 0 | [2] | 0 | 0 | |
Settlements | 10 | [2] | 8 | [2] | 14 | 14 | |
Transfers in and/or out of Level 3 | 0 | [2] | 0 | [2] | 0 | 0 | |
Ending balance | -86 | 196 | -86 | 196 | |||
Option Contracts | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Beginning balance | 33 | 82 | 0 | 589 | |||
Total gains or losses included in earnings | -57 | 158 | -162 | 266 | |||
Total gains or losses included in other comprehensive loss | 0 | 0 | 0 | 0 | |||
Purchases | 134 | 155 | 321 | 370 | |||
Issuances | 0 | 0 | 0 | 0 | |||
Settlements | 0 | -64 | -49 | -894 | |||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | |||
Ending balance | $110 | $331 | $110 | $331 | |||
[1] | Consists of commitments to extend credit on loans to be held for sale. | ||||||
[2] | Consists of mandatory loan sale commitments. |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments: Schedule of Fair Value Assets Measured on Nonrecurring Basis (Details) (Nonrecurring, USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Fair value Disclosure | $11,151 | $15,936 |
Servicing Asset at Fair Value, Amount | 208 | 241 |
Real Estate Owned, Fair Value Disclosure | 3,496 | 2,467 |
Assets measured at fair value, nonrecurring | 14,855 | 18,644 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Fair value Disclosure | 0 | 0 |
Servicing Asset at Fair Value, Amount | 0 | 0 |
Real Estate Owned, Fair Value Disclosure | 0 | 0 |
Assets measured at fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Fair value Disclosure | 9,138 | 10,910 |
Servicing Asset at Fair Value, Amount | 0 | 0 |
Real Estate Owned, Fair Value Disclosure | 3,496 | 2,467 |
Assets measured at fair value, nonrecurring | 12,634 | 13,377 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Fair value Disclosure | 2,013 | 5,026 |
Servicing Asset at Fair Value, Amount | 208 | 241 |
Real Estate Owned, Fair Value Disclosure | 0 | 0 |
Assets measured at fair value, nonrecurring | $2,221 | $5,267 |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments: Schedule of Additional Information About Valuation Techniques and Inputs Used for Assets and Liabilities (Details) (Fair Value, Inputs, Level 3, USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | $5 | |
Valuation Techniques | Relative value analysis | |
Commitments to extend credit on loans to be held for sale | Minimum | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 101.40% | [1] |
Fall-out ratio (percent) | 22.50% | [1],[2] |
Commitments to extend credit on loans to be held for sale | Maximum | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 103.90% | [1] |
Fall-out ratio (percent) | 30.30% | [1],[2] |
Commitments to extend credit on loans to be held for sale | Weighted Average | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 102.30% | [1] |
Fall-out ratio (percent) | 29.30% | [1],[2] |
Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 86 | |
Valuation Techniques | Relative value analysis | |
Mandatory loan sale commitments | Minimum | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investor quotes (percent) | 0.00% | [1] |
Roll-forward costs (percent) | 0.00% | [1],[3] |
Mandatory loan sale commitments | Maximum | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investor quotes (percent) | 0.00% | [1] |
Roll-forward costs (percent) | 0.00% | [1],[3] |
Mandatory loan sale commitments | Weighted Average | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investor quotes (percent) | 0.00% | [1] |
Roll-forward costs (percent) | 0.00% | [1],[3] |
Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 799 | |
Valuation Techniques | Market comparable pricing | |
Private issue CMO | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Probability of default (percent) | -0.40% | [1] |
Private issue CMO | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Probability of default (percent) | 1.10% | [1] |
Private issue CMO | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Probability of default (percent) | 0.90% | [1] |
Common Stock, community development financial institution [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 250 | |
Valuation Techniques | Market pricing | |
Common Stock, community development financial institution [Member] | Minimum | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Pricing indications from recent transactions | 0.00% | [1] |
Common Stock, community development financial institution [Member] | Maximum | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Pricing indications from recent transactions | 14.00% | [1] |
Common Stock, community development financial institution [Member] | Weighted Average | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Pricing indications from recent transactions | 5.00% | [1] |
Non-performing loans | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 92 | |
Valuation Techniques | Discounted cash flow | |
Non-performing loans | Relative Value Analysis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1,921 | |
Valuation Techniques | Relative value analysis | |
Non-performing loans | Minimum | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Probability of default (percent) | 0.00% | [1] |
Non-performing loans | Minimum | Relative Value Analysis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Probability of default (percent) | 20.00% | [1] |
Non-performing loans | Maximum | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Probability of default (percent) | 30.00% | [1] |
Non-performing loans | Maximum | Relative Value Analysis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Probability of default (percent) | 30.00% | [1] |
Non-performing loans | Weighted Average | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Probability of default (percent) | 0.00% | [1] |
Non-performing loans | Weighted Average | Relative Value Analysis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Probability of default (percent) | 21.90% | [1] |
MSA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 208 | |
Valuation Techniques | Discounted cash flow | |
MSA | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment speed (percent) | 19.50% | [1] |
Discount rate (percent) | 9.00% | [1] |
MSA | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment speed (percent) | 60.00% | [1] |
Discount rate (percent) | 10.50% | [1] |
MSA | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment speed (percent) | 31.00% | [1] |
Discount rate (percent) | 9.20% | [1] |
Interest-Only Strips | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 64 | |
Valuation Techniques | Discounted cash flow | |
Interest-Only Strips | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment speed (percent) | 20.20% | [1] |
Discount rate (percent) | 9.00% | [1] |
Interest-Only Strips | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment speed (percent) | 39.20% | [1] |
Discount rate (percent) | 9.00% | [1] |
Interest-Only Strips | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment speed (percent) | 25.70% | [1] |
Discount rate (percent) | 9.00% | [1] |
Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 2,134 | |
Valuation Techniques | Relative value analysis | |
Commitments to extend credit on loans to be held for sale | Minimum | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 99.10% | [1] |
Fall-out ratio (percent) | 22.50% | [1],[2] |
Commitments to extend credit on loans to be held for sale | Maximum | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 106.20% | [1] |
Fall-out ratio (percent) | 30.30% | [1],[2] |
Commitments to extend credit on loans to be held for sale | Weighted Average | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 102.30% | [1] |
Fall-out ratio (percent) | 29.30% | [1],[2] |
Mandatory loan sale commitments | Minimum | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 101.20% | [1] |
Mandatory loan sale commitments | Maximum | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 105.00% | [1] |
Mandatory loan sale commitments | Weighted Average | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 104.30% | [1] |
Put options | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $110 | |
Valuation Techniques | Relative value analysis | |
Put options | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 126.80% | [1] |
Put options | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 126.80% | [1] |
Put options | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 126.80% | [1] |
[1] | The range is based on the estimated fair values and management estimates. | |
[2] | The percentage of commitments to extend credit on loans to be held for sale which management has estimated may not fund. | |
[3] | An estimated cost to roll forward the mandatory loan sale commitments which management has estimated may not be delivered to the corresponding investors in a timely manner. |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instruments: Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, net | $797,783 | $772,141 |
FHLB – San Francisco stock | 7,056 | 7,056 |
Deposits | 905,512 | 897,870 |
Borrowings | 41,400 | 41,431 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, net | 804,707 | 778,851 |
FHLB – San Francisco stock | 7,056 | 7,056 |
Deposits | 882,526 | 875,440 |
Borrowings | 44,440 | 44,424 |
Fair Value | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, net | 0 | 0 |
FHLB – San Francisco stock | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, net | 0 | 0 |
FHLB – San Francisco stock | 7,056 | 7,056 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Fair Value | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, net | 804,707 | 778,851 |
FHLB – San Francisco stock | 0 | 0 |
Deposits | 882,526 | 875,440 |
Borrowings | $44,440 | $44,424 |
Incentive_Plans_Equity_Incenti
Incentive Plans: Equity Incentive Plan Policy: Schedule of Incentive Plan Stock Option Activity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Shares: | ||||
Outstanding, Beginning of Period | 974,200 | |||
Oustanding, End of Period | 1,100,000 | 1,100,000 | 974,200 | |
Equity Incentive Plans | ||||
Shares: | ||||
Outstanding, Beginning of Period | 1,015,000 | 648,000 | ||
Granted | 0 | 369,000 | ||
Exercised | 0 | -2,000 | ||
Forfeited | 0 | 0 | ||
Oustanding, End of Period | 1,015,000 | 1,015,000 | 648,000 | |
Vested and expected to vest at March 31, 2013 | 898,600 | 898,600 | ||
Exercisable at March 31, 2013 | 433,000 | 433,000 | ||
Weighted-Average Exercise Price (in dollars per share): | ||||
Oustanding, Beginning of Period | $13.49 | $12.84 | ||
Granted | $0 | $14.59 | ||
Exercised | $0 | $7.03 | ||
Forfeited | $0 | $0 | ||
Outstanding, End of Period | $13.49 | $13.49 | $12.84 | |
Vested and expected to vest at December 31, 2014 | $13.63 | $13.63 | ||
Exercisable at December 31, 2014 | $14.19 | $14.19 | ||
Weighted- Average Remaining Contractual Term (Years): | ||||
Outstanding at December 31, 2014 | 6 years 9 months 4 days | 6 years 9 months 4 days | ||
Vested and expected to vest at December 31, 2014 | 6 years 6 months 4 days | 6 years 6 months 4 days | ||
Exercisable at December 31, 2014 | 4 years 2 months 9 days | 4 years 2 months 9 days | ||
Aggregate Intrinsic Value ($000): | ||||
Outstanding at December 31, 2014 | $3,726 | $3,726 | ||
Vested and expected to vest at December 31, 2014 | 3,404 | 3,404 | ||
Exercisable at December 31, 2014 | $2,117 | $2,117 |
Incentive_Plans_Equity_Incenti1
Incentive Plans: Equity Incentive Plan Policy: Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Details) (Restricted Stock [Member], Equity Incentive Plans, USD $) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | Equity Incentive Plans | |||
Shares: | |||
Unvested, Beginning of Period | 266,500 | 81,500 | |
Granted | 0 | 185,000 | |
Vested | 0 | 0 | 0 |
Forfeited | 0 | 0 | |
Unvested, End of Period | 266,500 | 266,500 | |
Expected to vest at December 31, 2014 | 213,200 | 213,200 | |
Weighted-Average Award Date Fair Value (in dollars per share): | |||
Restricted stock, Nonvested, Weighted Average Award Date Fair Value | $11.78 | $8.34 | |
Granted | $0 | $13.30 | |
Vested | $0 | $0 | |
Forfeited | $0 | $0 | |
Restricted stock, Nonvested, Weighted Average Award Date Fair Value | $11.78 | $11.78 | |
Expected to vest at December 31, 2014 | $11.78 | $11.78 |
Incentive_Plans_Stock_Option_P
Incentive Plans: Stock Option Plan Policy: Schedule of Stock Option Plan Stock Option Activity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Shares: | ||||
Outstanding, Beginning of Period | 974,200 | |||
Oustanding, End of Period | 1,100,000 | 1,100,000 | 974,200 | |
Stock Option Plans | ||||
Shares: | ||||
Outstanding, Beginning of Period | 77,500 | 95,000 | ||
Granted | 0 | 0 | ||
Exercised | 0 | 0 | ||
Forfeited | 0 | -17,500 | ||
Oustanding, End of Period | 77,500 | 77,500 | 95,000 | |
Stock options, Vested and expected to vest | 77,500 | 77,500 | ||
Stock options, Exercisable | 77,500 | 77,500 | ||
Weighted-Average Exercise Price (in dollars per share): | ||||
Oustanding, Beginning of Period | $23.41 | $23.33 | ||
Granted | $0 | $0 | ||
Exercised | $0 | $0 | ||
Forfeited | $0 | $23 | ||
Outstanding, End of Period | $23.41 | $23.41 | $23.33 | |
Vested and expected to vest at December 31, 2014 | $23.41 | $23.41 | ||
Exercisable at December 31, 2014 | $23.41 | $23.41 | ||
Weighted- Average Remaining Contractual Term (Years): | ||||
Outstanding at December 31, 2014 | 2 years | 2 years | ||
Vested and expected to vest at December 31, 2014 | 2 years | 2 years | ||
Exercisable at December 31, 2014 | 2 years | 2 years | ||
Aggregate Intrinsic Value ($000): | ||||
Outstanding at December 31, 2014 | $0 | $0 | ||
Vested and expected to vest at December 31, 2014 | 0 | 0 | ||
Exercisable at December 31, 2014 | $0 | $0 |
Incentive_Plans_Incentive_Plan
Incentive Plans Incentive Plans: Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2010 | Dec. 31, 2006 | Dec. 31, 2003 | Dec. 31, 1996 | |
plan | plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of share-based compensation plans | 5 | 5 | |||||||
Share-based compensation expense | $394,000 | $130,000 | $537,000 | $261,000 | |||||
Income tax benefit recognized for share-based compensation plans | 0 | 1,000 | 16,000 | 8,000 | |||||
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 8,721,216 | 8,721,216 | 8,402,096 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 185,000 | ||||||||
Equity Incentive Plans | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options, Exercised | 0 | 2,000 | |||||||
Stock options, Forfeitured | 0 | 0 | |||||||
Granted | 0 | 369,000 | |||||||
Unrecognized share-based compensation expense, stock options | 2,600,000 | 700,000 | 2,600,000 | 700,000 | |||||
Equity Incentive Plans | Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Term used to calculate expected volatility | 84 months | ||||||||
Stock options, Exercised | 35,500 | 2,000 | 40,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 0 | 21,800 | 0 | 21,800 | |||||
Granted | 0 | 369,000 | 0 | ||||||
Number of shares available for grant | 130,750 | 510,250 | 130,750 | 510,250 | |||||
Share-based compensation cost not yet recognized, weighted average period for recognition | 3 years 3 months 0 days | 1 year 9 months 0 days | |||||||
Forfeiture rate for Equity Incentive Plans | 20.00% | 20.00% | |||||||
Equity Incentive Plans | Stock Options [Member] | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
Maximum term for stock awards | 10 years | ||||||||
Equity Incentive Plans | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted | 5,750 | 5,750 | |||||||
Number of shares available for grant | 275,350 | 475,350 | 275,350 | 475,350 | |||||
Unrecognized share-based compensation expense, restricted stock | 2,700,000 | 370,000 | 2,700,000 | 370,000 | |||||
Share-based compensation cost not yet recognized, weighted average period for recognition | 3 years 6 months 0 days | 1 year 6 months 0 days | |||||||
Forfeiture rate for Equity Incentive Plans | 20.00% | 20.00% | |||||||
Restricted stock, Vesting and distribution | 0 | 0 | 0 | ||||||
Restricted stock, Forfeited | 0 | 0 | |||||||
Equity Incentive Plans | Restricted Stock [Member] | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
2013 Equity Plan Incentive [Member] | Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for Equity Incentive Plan | 300,000 | ||||||||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 60,000 | ||||||||
2013 Equity Plan Incentive [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for Equity Incentive Plan | 300,000 | ||||||||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 45,000 | ||||||||
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 300,000 | ||||||||
2010 Equity Incentive Plan | Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for Equity Incentive Plan | 586,250 | ||||||||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 117,250 | ||||||||
2010 Equity Incentive Plan | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for Equity Incentive Plan | 288,750 | ||||||||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 43,312 | ||||||||
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 288,750 | ||||||||
2006 Equity Incentive Plan | Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for Equity Incentive Plan | 365,000 | ||||||||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 73,000 | ||||||||
2006 Equity Incentive Plan | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for Equity Incentive Plan | 185,000 | ||||||||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 27,750 | ||||||||
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 185,000 | ||||||||
Stock Option Plans | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options, Exercised | 0 | 0 | |||||||
Stock options, Forfeitured | 0 | 17,500 | |||||||
Granted | 0 | 0 | |||||||
Unrecognized share-based compensation expense, stock options | $0 | $0 | |||||||
Stock Option Plans | Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Term used to calculate expected volatility | 84 months | ||||||||
Stock options, Forfeitured | 13,000 | 17,500 | 88,000 | ||||||
Number of shares available for grant | 0 | 0 | |||||||
Stock Option Plans | Stock Options [Member] | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
Maximum term for stock awards | 10 years | ||||||||
2003 Stock Option Plan | Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for Equity Incentive Plan | 352,500 | ||||||||
1996 Stock Option Plan | Stock Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for Equity Incentive Plan | 1,150,000 | ||||||||
Number of shares available for grant | 0 | 0 |
Incentive_Plans_Schedule_of_Sh
Incentive Plans Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions (Details) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 0.00% | 53.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 0.00% | 53.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 3.02% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 0 years | 7 years 2 months 0 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.00% | 2.24% |
Reclassification_Adjustment_of2
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | $377 | $484 | $386 | $554 |
Other Comprehensive (loss) income before reclassifications | 55 | -26 | 46 | -96 |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 55 | -26 | 46 | -96 |
Ending balance | 432 | 458 | 432 | 458 |
Unrealized Gain and Losses on Investment Securities Available For Sale [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | 337 | 425 | 351 | 498 |
Other Comprehensive (loss) income before reclassifications | 58 | -17 | 44 | -90 |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 58 | -17 | 44 | -90 |
Ending balance | 395 | 408 | 395 | 408 |
Unrealized Gain and Losses on Interest-only strips [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | 40 | 59 | 35 | 56 |
Other Comprehensive (loss) income before reclassifications | -3 | -9 | 2 | -6 |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | -3 | -9 | 2 | -6 |
Ending balance | $37 | $50 | $37 | $50 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
Jan. 28, 2015 | |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Quarterly cash dividend declared, common stock | $0.11 |
Offsetting_Derivative_and_Othe2
Offsetting Derivative and Other Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Gross Amount of Recognized Assets or Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Assets Interest Rate Contracts | $0 | $0 |
Derivative assets | 0 | 0 |
Derivative Liabilities Interest Rate Contracts | 1,995 | 1,428 |
Derivative liabilities | 1,995 | 1,428 |
Gross Amount Offset in the Condensed Statement of Financial Condition [Member] | ||
Derivative [Line Items] | ||
Derivative Assets Interest Rate Contracts | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative Liabilities Interest Rate Contracts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Net Amount of Assets or Liabilities Presented in the Condensed Statement of Financial Condition [Member] | ||
Derivative [Line Items] | ||
Derivative Assets Interest Rate Contracts | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative Liabilities Interest Rate Contracts | 1,995 | 1,428 |
Derivative liabilities | 1,995 | 1,428 |
Gross Amount Not Offset in the Condensed Statement of Financial Condition, Financial Instruments [Member] | ||
Derivative [Line Items] | ||
Derivative Assets Interest Rate Contracts | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative Liabilities Interest Rate Contracts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Gross Amount Not Offset in the Condensed Statement of Financial Condition, Cash Collateral Received [Member] | ||
Derivative [Line Items] | ||
Derivative Assets Interest Rate Contracts | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative Liabilities Interest Rate Contracts | 0 | 0 |
Derivative liabilities | 0 | 0 |
Net Amount [Member] | ||
Derivative [Line Items] | ||
Derivative Assets Interest Rate Contracts | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative Liabilities Interest Rate Contracts | 1,995 | 1,428 |
Derivative liabilities | $1,995 | $1,428 |
Uncategorized_Items
Uncategorized Items | 6/30/11 |
USD ($) | |
[us-gaap_CashEquivalentsAtCarryingValue] | 193,839,000 |