Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | PROVIDENT FINANCIAL HOLDINGS INC | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Entity Central Index Key | 1,010,470 | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 7,891,547 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Provident Financial Holdings, I
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Assets | ||
Cash and cash equivalents | $ 125,298 | $ 51,206 |
Investment securities – held to maturity, at cost | 41,035 | 39,979 |
Investment securities – available for sale, at fair value | 9,862 | 11,543 |
Loans held for investment, net of allowance for loan losses of $8,275 and $8,670, respectively; includes $6,250 and $5,159 at fair value, respectively | 880,510 | 840,022 |
Loans held for sale, at fair value | 105,531 | 189,458 |
Accrued interest receivable | 2,724 | 2,781 |
Real estate owned, net | 2,768 | 2,706 |
Federal Home Loan Bank (“FHLB”) – San Francisco stock | 8,094 | 8,094 |
Premises and equipment, net | 6,353 | 6,043 |
Prepaid expenses and other assets | 17,270 | 19,549 |
Total assets | 1,199,445 | 1,171,381 |
Liabilities: | ||
Non interest-bearing deposits | 76,795 | 71,158 |
Interest-bearing deposits | 861,511 | 855,226 |
Total deposits | 938,306 | 926,384 |
Borrowings | 111,244 | 91,299 |
Accounts payable, accrued interest and other liabilities | 18,304 | 20,247 |
Total liabilities | 1,067,854 | 1,037,930 |
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; 17,931,365 and 17,847,365 shares issued; 7,885,547 and 7,975,250 shares outstanding, respectively) | 179 | 178 |
Additional paid-in capital | 92,775 | 90,802 |
Retained earnings | 192,816 | 191,666 |
Treasury stock at cost (10,045,818 and 9,872,115 shares, respectively) | (154,427) | (149,508) |
Accumulated other comprehensive income, net of tax | 248 | 313 |
Total stockholders’ equity | 131,591 | 133,451 |
Total liabilities and stockholders’ equity | $ 1,199,445 | $ 1,171,381 |
Provident Financial Holdings, 3
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Financial Condition - Parenthetical (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses on Loans held for investment | $ 8,275 | $ 8,670 |
Loans Held for Investment, at Fair Value | $ 6,250 | $ 5,159 |
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 | 17,931,365 | 17,847,365 |
Common stock shares outstanding | 7,885,547 | 7,975,250 |
Treasury stock shares | 10,045,818 | 9,872,115 |
Provident Financial Holdings, 4
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |||||
Interest income: | ||||||||
Loans receivable, net | $ 9,704 | $ 9,204 | $ 30,300 | $ 27,673 | ||||
Investment securities | 142 | 96 | 354 | 234 | ||||
FHLB – San Francisco stock | 184 | 163 | 827 | 542 | ||||
Interest-earning deposits | 250 | 183 | 406 | 417 | ||||
Total interest income | 10,280 | 9,646 | 31,887 | 28,866 | ||||
Interest expense: | ||||||||
Checking and money market deposits | 90 | 116 | 293 | 355 | ||||
Savings deposits | 144 | 170 | 434 | 507 | ||||
Time deposits | 686 | 807 | 2,189 | 2,500 | ||||
Borrowings | 713 | 641 | 2,151 | 1,937 | ||||
Total interest expense | 1,633 | 1,734 | 5,067 | 5,299 | ||||
Net interest income | 8,647 | 7,912 | 26,820 | 23,567 | ||||
Recovery from the allowance for loan losses | (165) | (694) | (665) | (1,094) | ||||
Net interest income, after recovery from the allowance for loan losses | 8,812 | 8,606 | 27,485 | 24,661 | ||||
Non-interest income: | ||||||||
Loan servicing and other fees | 362 | [1] | 383 | [2] | 939 | [3] | 800 | [4] |
Gain on sale of loans, net | 5,395 | [5] | 7,145 | [6] | 19,869 | [7] | 22,113 | [8] |
Deposit account fees | 562 | 590 | 1,664 | 1,790 | ||||
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (74) | (276) | (240) | (12) | ||||
Card and processing fees | 338 | 355 | 1,063 | 1,069 | ||||
Other | 208 | 227 | 580 | 711 | ||||
Total non-interest income | 6,791 | 8,424 | 23,875 | 26,471 | ||||
Non-interest expense: | ||||||||
Salaries and employee benefits | 10,370 | 10,630 | 32,033 | 31,393 | ||||
Premises and occupancy | 1,241 | 1,146 | 3,765 | 3,424 | ||||
Equipment | 352 | 349 | 1,054 | 1,158 | ||||
Professional expenses | 436 | 583 | 1,571 | 1,555 | ||||
Sales and marketing expenses | 421 | 356 | 970 | 952 | ||||
Deposit insurance premiums and regulatory assessments | 189 | 252 | 614 | 764 | ||||
Other | 759 | 1,169 | 4,061 | 3,458 | ||||
Total non-interest expense | 13,768 | 14,485 | 44,068 | 42,704 | ||||
Income before income taxes | 1,835 | 2,545 | 7,292 | 8,428 | ||||
Provision for income taxes | 690 | 1,051 | 3,049 | 3,509 | ||||
Net income | $ 1,145 | $ 1,494 | $ 4,243 | $ 4,919 | ||||
Basic earnings per share | $ 0.14 | $ 0.18 | $ 0.53 | $ 0.58 | ||||
Diluted earnings per share | 0.14 | 0.18 | 0.52 | 0.57 | ||||
Cash dividends per share | $ 0.13 | $ 0.12 | $ 0.39 | $ 0.36 | ||||
[1] | Includes an inter-company charge of $173 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 $135 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||
[3] | Includes an inter-company charge of $396 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||
[4] | Includes an inter-company charge of $303 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | |||||||
[5] | Includes an inter-company charge of $48 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||||||
[6] | Includes an inter-company charge of $53 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||||||
[7] | Includes an inter-company charge of $216 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||||||
[8] | Includes an inter-company charge of $352 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. |
Provident Financial Holdings, 5
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,145 | $ 1,494 | $ 4,243 | $ 4,919 |
Change in unrealized holding (loss) gain on securities available for sale | (28) | 28 | (112) | (119) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income, before income taxes | (28) | 28 | (112) | (119) |
Income tax (benefit) provision | 12 | (12) | 47 | 50 |
Other comprehensive (loss) income | (16) | 16 | (65) | (69) |
Total comprehensive income | $ 1,129 | $ 1,510 | $ 4,178 | $ 4,850 |
Provident Financial Holdings, 6
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Conprehensive Income, Net of Tax | Restricted Stock [Member] | Stock Compensation Plan [Member] |
Stock Repurchased During Period, Shares | 3,090 | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.36 | |||||||
Shares outstanding, beginning balance at Jun. 30, 2015 | 8,634,607 | |||||||
Balances at beginning of period-Amount at Jun. 30, 2015 | $ 141,137 | $ 177 | $ 88,893 | $ 188,206 | $ (136,470) | $ 331 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 4,919 | 4,919 | ||||||
Other comprehensive loss | (69) | (69) | ||||||
Purchase of treasury stock - Shares | (520,224) | |||||||
Purchase of treasury stock - Amount | (8,917) | (8,917) | ||||||
Exercise of stock options - Shares | 77,500 | |||||||
Exercise of stock options - Amount | 569 | $ (2) | (567) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 10,000 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | |||||||
Amortization of restricted stock | 446 | 446 | ||||||
Stock options expense | 212 | |||||||
Tax benefit from non-qualified equity compensation | 212 | |||||||
Cash dividends | (3,041) | (3,041) | ||||||
Shares outstanding, ending balance at Mar. 31, 2016 | 8,201,883 | |||||||
Balances at end of period-Amount at Mar. 31, 2016 | 135,650 | $ 179 | 90,512 | 190,084 | (145,387) | 262 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock or Unit Option Plan Expense | $ (394) | (394) | ||||||
Stock Repurchased During Period, Shares | 3,090 | 4,500 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.12 | |||||||
Shares outstanding, beginning balance at Dec. 31, 2015 | 8,345,723 | |||||||
Balances at beginning of period-Amount at Dec. 31, 2015 | $ 137,865 | $ 178 | 89,604 | 189,590 | (141,753) | 246 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,494 | 1,494 | ||||||
Other comprehensive loss | 16 | 16 | ||||||
Purchase of treasury stock - Shares | (208,840) | |||||||
Purchase of treasury stock - Amount | (3,634) | (3,634) | ||||||
Exercise of stock options - Shares | 57,500 | |||||||
Exercise of stock options - Amount | 421 | $ (1) | (420) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 7,500 | |||||||
Amortization of restricted stock | 152 | 152 | ||||||
Stock options expense | 139 | 139 | ||||||
Tax benefit from non-qualified equity compensation | 197 | 197 | ||||||
Cash dividends | (1,000) | (1,000) | ||||||
Shares outstanding, ending balance at Mar. 31, 2016 | 8,201,883 | |||||||
Balances at end of period-Amount at Mar. 31, 2016 | $ 135,650 | $ 179 | 90,512 | 190,084 | (145,387) | 262 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.39 | |||||||
Shares outstanding, beginning balance at Jun. 30, 2016 | 7,975,250 | 7,975,250 | ||||||
Balances at beginning of period-Amount at Jun. 30, 2016 | $ 133,451 | $ 178 | 90,802 | 191,666 | (149,508) | 313 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 4,243 | 4,243 | ||||||
Other comprehensive loss | (65) | (65) | ||||||
Purchase of treasury stock - Shares | (261,453) | |||||||
Purchase of treasury stock - Amount | (4,999) | (4,999) | ||||||
Exercise of stock options - Shares | 84,000 | |||||||
Exercise of stock options - Amount | $ 809 | $ (1) | (808) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 87,750 | |||||||
Amortization of restricted stock | $ 634 | 634 | ||||||
Awards of Restricted Stock | 0 | (214) | 214 | |||||
Stock options expense | 14 | |||||||
Restricted Stock or Unit Expense | 0 | |||||||
Tax benefit from non-qualified equity compensation | 14 | |||||||
Cash dividends | $ (3,093) | (3,093) | ||||||
Shares outstanding, ending balance at Mar. 31, 2017 | 7,885,547 | 7,885,547 | ||||||
Balances at end of period-Amount at Mar. 31, 2017 | $ 131,591 | $ 179 | 92,775 | 192,816 | (154,427) | 248 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | 0 | 134 | (134) | |||||
Stock or Unit Option Plan Expense | $ (597) | (597) | ||||||
Stock Repurchased During Period, Shares | 25,598 | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.13 | |||||||
Shares outstanding, beginning balance at Dec. 31, 2016 | 7,915,116 | |||||||
Balances at beginning of period-Amount at Dec. 31, 2016 | $ 132,555 | $ 179 | 92,215 | 192,699 | (152,802) | 264 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,145 | 1,145 | ||||||
Other comprehensive loss | (16) | (16) | ||||||
Purchase of treasury stock - Shares | (89,819) | |||||||
Purchase of treasury stock - Amount | (1,678) | (1,678) | ||||||
Exercise of stock options - Shares | 60,250 | |||||||
Exercise of stock options - Amount | 524 | $ 0 | (524) | |||||
Amortization of restricted stock | 139 | 139 | ||||||
Awards of Restricted Stock | 0 | (53) | 53 | |||||
Stock options expense | 115 | 115 | ||||||
Tax benefit from non-qualified equity compensation | (165) | (165) | ||||||
Cash dividends | $ (1,028) | (1,028) | ||||||
Shares outstanding, ending balance at Mar. 31, 2017 | 7,885,547 | 7,885,547 | ||||||
Balances at end of period-Amount at Mar. 31, 2017 | $ 131,591 | $ 179 | $ 92,775 | $ 192,816 | $ (154,427) | $ 248 |
Provident Financial Holdings, 7
Provident Financial Holdings, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | |||
Cash flows from operating activities: | ||||
Net income | $ 4,243 | $ 4,919 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,948 | 1,332 | ||
Recovery from the allowance for loan losses | (665) | (1,094) | ||
Unrealized gain on real estate owned | 145 | (80) | ||
Gain on sale of loans, net | (19,869) | [1] | (22,113) | [2] |
Gain on sale of real estate owned, net | (84) | (12) | ||
Stock-based compensation | 1,231 | 840 | ||
(Benefit) provision for deferred income taxes | 1,335 | (188) | ||
Tax effect from stock based compensation | (14) | (212) | ||
Increase in accounts payable, accrued interest and other liabilities | 1,006 | 420 | ||
Increase in prepaid expenses and other assets | (572) | (701) | ||
Loans originated for sale | (1,507,162) | (1,405,671) | ||
Proceeds from sale of loans | 1,609,636 | 1,471,958 | ||
Net cash provided by operating activities | 91,178 | 49,398 | ||
Cash flows from investing activities: | ||||
(Increase) decrease in loans held for investment, net | (42,052) | 3,015 | ||
Proceeds from Sale and Maturity of Held-to-maturity Securities | 9,398 | 513 | ||
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale | 1,434 | 1,896 | ||
Purchase of investment securities held to maturity | 10,970 | 20,769 | ||
Proceeds from sale of real estate owned | 1,497 | 4,971 | ||
Purchase of premises and equipment | (991) | (698) | ||
Net cash used for investing activities | (41,684) | (11,072) | ||
Cash flows from financing activities: | ||||
Increase in deposits, net | 11,922 | 2,979 | ||
Proceeds from Issuance of Long-term Debt | 20,000 | 0 | ||
Repayments of long-term borrowings | (55) | (50) | ||
Exercise of stock options | 809 | 569 | ||
Tax effect from stock based compensation | 14 | 212 | ||
Cash dividends | (3,093) | (3,041) | ||
Treasury stock purchases | (4,999) | (8,917) | ||
Net cash provided by (used for) financing activities | 24,598 | (8,248) | ||
Net increase in cash and cash equivalents | 74,092 | 30,078 | ||
Cash and cash equivalents at beginning of period | 51,206 | 81,403 | ||
Cash and cash equivalents at end of period | 125,298 | 111,481 | ||
Supplemental information: | ||||
Cash paid for interest | 5,043 | 5,306 | ||
Cash paid for income taxes | 2,384 | 3,845 | ||
Transfer of loans held for sale to held for investment | 2,280 | 3,758 | ||
Real estate acquired in the settlement of loans | $ 1,845 | $ 5,083 | ||
[1] | Includes an inter-company charge of $216 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | |||
[2] | Includes an inter-company charge of $352 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. |
Accounting Standard Updates ("A
Accounting Standard Updates ("ASU") | 9 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Standard Updates (ASU) | Accounting Standard Updates (“ASU”) There have been no accounting standard updates or changes in the status of their adoption that are applicable to the Corporation as previously disclosed in Note 1 of the Corporation's Annual Report on Form 10-K for the year ended June 30, 2016, except the adoption of ASU 2015-05, ASU 2015-10 and ASU 2015-12 beginning in fiscal 2017 which did not have a material impact on its condensed consolidated financial statements and as set forth below. ASU 2017-07: In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-07, "Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost." This ASU requires an employer to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost as defined in paragraphs 715-30-35-4 and 715-60-35-9 are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments in this ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Corporation's adoption of this ASU is not expected to have a material impact on its condensed consolidated financial statements. ASU 2017-03: In January 2017, the FASB issued ASU 2017-03, "Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323) and Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings." The SEC staff announcement provided the view that a registrant should evaluate ASUs that have not yet been adopted to determine the appropriate financial statement disclosures about the potential material effects of those ASUs on the financial statements when adopted. This announcement applies to Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers (Topic 606)"; ASU No. 2016-02, "Leases (Topic 842)"; and ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The amendments in this ASU is effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods. The Corporation has adopted the amendments in this ASU and appropriate disclosures have been included in this Note for each recently issued accounting standard. ASU 2016-19: In December 2016, the FASB issued ASU 2016-19, "Technical Corrections and Improvements." The amendments in this ASU cover a wide range of topics in the Codification. The reason is provided before each amendment for clarity and ease of understanding. The amendments in this ASU are generally related to: (1) differences between original guidance and the codification, (2) guidance clarification and reference corrections, (3) simplification and (4) minor improvements. These amendments improve the guidance and are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments in this ASU are effective upon issuance and the Corporation's adoption of this ASU did not have a material impact on its condensed consolidated financial statements. ASU 2016-13: In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This ASU requires organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Corporation is in the process of identifying required changes to the loan loss estimation models and processes and evaluating the impact of this new guidance. Upon adoption, the Corporation expects the allowance for loan losses to increase, however, until the evaluation is complete the magnitude of the increase will be unknown. ASU 2016-02: In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." This ASU introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard, ASC 606, Revenue From Contracts With Customers. The new leases standard represents a wholesale change to lease accounting and will most likely result in significant implementation challenges during the transition period and beyond. This ASU will be effective for annual periods beginning after December 15, 2018, and interim periods therein, early adoption is permitted. The Corporation is currently evaluating the provisions of ASU No. 2016-02 to determine the potential impact the new standard will have on the Company's Consolidated Financial Statements. The Corporation leases buildings and offices under non-cancelable operating leases, the majority of which will be subject to this ASU. While the Corporation has not quantified the impact to its balance sheet, upon adoption of this ASU, the Corporation expects to report increased assets and increased liabilities on its Consolidated Statements of Financial Condition as a result of recognizing right-of-use assets and lease liabilities related to these leases and certain equipment under non-cancelable operating lease agreements, which currently are not reflected in its Consolidated Statements of Financial Condition. ASU 2015-14: In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606)," which defers the effective date of ASU No. 2014-09 one year. ASU No. 2014-09 created Topic 606 and supersedes Topic 605, Revenue Recognition. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU No. 2015-14 is effective for public entities for interim and annual periods beginning after December 15, 2017; early adoption is permitted for interim and annual periods beginning after December 15, 2016. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. A significant amount of the Corporation's revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. With respect to noninterest income, the Corporation is in its preliminary stages of identifying and evaluating the revenue streams and underlying revenue contracts within the scope of the guidance. The Corporation is expecting to begin developing processes and procedures during 2017 to ensure it is fully compliant with these amendments. To date, the Corporation has not yet identified any significant changes in the timing of revenue recognition when considering the amended accounting guidance; however, the Corporation's implementation efforts are ongoing and such assessments may change prior to the July 1, 2018 implementation date. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2017 | |
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 statement of financial condition at June 30, 2016 is 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, 2016. The results of operations for the quarter and nine months ended March 31, 2017 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2017. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and 2016, there were outstanding options to purchase 683,250 shares and 943,500 shares of the Corporation’s common stock, respectively, of which 76,000 shares and 216,500 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2017 and 2016, there were outstanding restricted stock awards of 111,000 shares and 190,000 shares, respectively, all of which had a dilutive effect. The following table provides the basic and diluted EPS computations for the quarters and nine months ended March 31, 2017 and 2016, respectively. (In Thousands, Except Earnings Per Share) For the Quarters Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders $ 1,145 $ 1,494 $ 4,243 $ 4,919 Denominator: Denominator for basic earnings per share: Weighted-average shares 7,926 8,318 7,943 8,427 Effect of dilutive shares: Stock options 142 132 153 129 Restricted stock 26 66 30 64 Denominator for diluted earnings per share: Adjusted weighted-average shares and assumed conversions 8,094 8,516 8,126 8,620 Basic earnings per share $ 0.14 $ 0.18 $ 0.53 $ 0.58 Diluted earnings per share $ 0.14 $ 0.18 $ 0.52 $ 0.57 |
Operating Segment Reports
Operating Segment Reports | 9 Months Ended |
Mar. 31, 2017 | |
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 nine months ended March 31, 2017 and 2016, respectively. For the Quarter Ended March 31, 2017 (In Thousands) Provident Provident Consolidated Net interest income $ 7,940 $ 707 $ 8,647 Recovery from the allowance for loan losses (121 ) (44 ) (165 ) Net interest income, after recovery from the allowance for loan losses 8,061 751 8,812 Non-interest income: Loan servicing and other fees (1) 125 237 362 Gain on sale of loans, net (2) 1 5,394 5,395 Deposit account fees 562 — 562 Loss on sale and operations of real estate owned acquired in the settlement of loans, net (68 ) (6 ) (74 ) Card and processing fees 338 — 338 Other 208 — 208 Total non-interest income 1,166 5,625 6,791 Non-interest expense: Salaries and employee benefits 4,662 5,708 10,370 Premises and occupancy 784 457 1,241 Operating and administrative expenses 1,333 824 2,157 Total non-interest expense 6,779 6,989 13,768 Income (loss) before income taxes 2,448 (613 ) 1,835 Provision (benefit) for income taxes 948 (258 ) 690 Net income (loss) $ 1,500 $ (355 ) $ 1,145 Total assets, end of period $ 1,093,715 $ 105,730 $ 1,199,445 (1) Includes an inter-company charge of $173 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 $48 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 March 31, 2016 (In Thousands) Provident Provident Consolidated Net interest income $ 6,915 $ 997 $ 7,912 Recovery from the allowance for loan losses (690 ) (4 ) (694 ) Net interest income after recovery from the allowance for loan losses 7,605 1,001 8,606 Non-interest income: Loan servicing and other fees (1) 126 257 383 Gain on sale of loans, net (2) 34 7,111 7,145 Deposit account fees 590 — 590 Loss on sale and operations of real estate owned acquired in the settlement of loans, net (231 ) (45 ) (276 ) Card and processing fees 355 — 355 Other 227 — 227 Total non-interest income 1,101 7,323 8,424 Non-interest expense: Salaries and employee benefits 4,761 5,869 10,630 Premises and occupancy 720 426 1,146 Operating and administrative expenses 1,232 1,477 2,709 Total non-interest expense 6,713 7,772 14,485 Income before income taxes 1,993 552 2,545 Provision for income taxes 819 232 1,051 Net income $ 1,174 $ 320 $ 1,494 Total assets, end of period $ 989,538 $ 184,213 $ 1,173,751 (1) Includes an inter-company charge of $135 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 $53 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 Nine Months Ended March 31, 2017 (In Thousands) Provident Provident Consolidated Net interest income $ 23,336 $ 3,484 $ 26,820 Recovery from the allowance for loan losses (431 ) (234 ) (665 ) Net interest income, after recovery from the allowance for loan losses 23,767 3,718 27,485 Non-interest income: Loan servicing and other fees (1) 444 495 939 Gain on sale of loans, net (2) 39 19,830 19,869 Deposit account fees 1,664 — 1,664 Loss on sale and operations of real estate owned acquired in the settlement of loans, net (231 ) (9 ) (240 ) Card and processing fees 1,063 — 1,063 Other 580 — 580 Total non-interest income 3,559 20,316 23,875 Non-interest expense: Salaries and employee benefits 14,198 17,835 32,033 Premises and occupancy 2,432 1,333 3,765 Operating and administrative expenses 3,632 4,638 8,270 Total non-interest expense 20,262 23,806 44,068 Income before income taxes 7,064 228 7,292 Provision for income taxes 2,953 96 3,049 Net income $ 4,111 $ 132 $ 4,243 Total assets, end of period $ 1,093,715 $ 105,730 $ 1,199,445 (1) Includes an inter-company charge of $396 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 $216 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 Nine Months Ended March 31, 2016 (In Thousands) Provident Provident Consolidated Net interest income $ 20,519 $ 3,048 $ 23,567 Recovery from the allowance for loan losses (1,031 ) (63 ) (1,094 ) Net interest income, after recovery from the allowance for loan losses 21,550 3,111 24,661 Non-interest income: Loan servicing and other fees (1) 458 342 800 Gain on sale of loans, net (2) 34 22,079 22,113 Deposit account fees 1,790 — 1,790 Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net 28 (40 ) (12 ) Card and processing fees 1,069 — 1,069 Other 711 — 711 Total non-interest income 4,090 22,381 26,471 Non-interest expense: Salaries and employee benefits 13,569 17,824 31,393 Premises and occupancy 2,164 1,260 3,424 Operating and administrative expenses 3,467 4,420 7,887 Total non-interest expense 19,200 23,504 42,704 Income before income taxes 6,440 1,988 8,428 Provision for income taxes 2,673 836 3,509 Net income $ 3,767 $ 1,152 $ 4,919 Total assets, end of period $ 989,538 $ 184,213 $ 1,173,751 (1) Includes an inter-company charge of $303 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 $352 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 | 9 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost and estimated fair value of investment securities as of March 31, 2017 and June 30, 2016 were as follows: March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Carrying Value (In Thousands) Held to maturity: Certificates of deposit $ 800 $ — $ — $ 800 $ 800 U.S. government sponsored enterprise MBS (1) 40,235 241 (6 ) 40,470 40,235 Total investment securities - held to maturity $ 41,035 $ 241 $ (6 ) $ 41,270 $ 41,035 Available for sale: U.S. government agency MBS $ 5,499 $ 201 $ — $ 5,700 $ 5,700 U.S. government sponsored enterprise MBS 3,474 187 — 3,661 3,661 Private issue CMO (2) 497 4 — 501 501 Total investment securities - available for sale $ 9,470 $ 392 $ — $ 9,862 $ 9,862 Total investment securities $ 50,505 $ 633 $ (6 ) $ 51,132 $ 50,897 (1) Mortgage-Backed Securities (“MBS”). (2) Collateralized Mortgage Obligations (“CMO”). June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Carrying Value (In Thousands) Held to maturity: Certificates of deposit $ 800 $ — $ — $ 800 $ 800 U.S. government sponsored enterprise MBS 39,179 459 — 39,638 39,179 Total investment securities - held to maturity $ 39,979 $ 459 $ — $ 40,438 $ 39,979 Available for sale: U.S. government agency MBS $ 6,308 $ 264 $ — $ 6,572 $ 6,572 U.S. government sponsored enterprise MBS 3,998 225 — 4,223 4,223 Private issue CMO 598 4 (1 ) 601 601 Common stock - community development financial institution 147 — — 147 147 Total investment securities - available for sale $ 11,051 $ 493 $ (1 ) $ 11,543 $ 11,543 Total investment securities $ 51,030 $ 952 $ (1 ) $ 51,981 $ 51,522 In the third quarters of fiscal 2017 and 2016, the Corporation received MBS principal payments of $3.5 million and $1.1 million , respectively, and there were no sales of investment securities during these periods. In the third quarters of fiscal 2017 and 2016, the Corporation purchased U.S. government sponsored enterprise MBS totaling $11.0 million and $10.6 million to be held to maturity, respectively. For the first nine months of fiscal 2017 and 2016, the Corporation received MBS principal payments of $10.8 million and $2.4 million , respectively, and there were no sales of investment securities during these periods. In the first nine months of fiscal 2017 and 2016, the Corporation purchased U.S. government sponsored enterprise MBS totaling $11.0 million and $20.8 million to be held to maturity, respectively. In July 2016, the Corporation received the cash proceeds from its equity investment in a community development financial institution, consistent with the purchase agreement between the acquiring institution and the community development financial institution. The Corporation held investments with an unrealized loss position of $6,000 at March 31, 2017 and $1,000 at June 30, 2016. As of March 31, 2017 Unrealized Holding Losses Unrealized Holding Losses Unrealized Holding Losses (In Thousands) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Held to maturity: U.S. government sponsored enterprise MBS $ 11,548 $ 6 $ — $ — $ 11,548 $ 6 Total investment securities $ 11,548 $ 6 $ — $ — $ 11,548 $ 6 As of June 30, 2016 Unrealized Holding Losses Unrealized Holding Losses Unrealized Holding Losses (In Thousands) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Available for sale: Private issue CMO $ 103 $ 1 $ — $ — $ 103 $ 1 Total investment securities $ 103 $ 1 $ — $ — $ 103 $ 1 The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value. As of March 31, 2017 and June 30, 2016, the unrealized holding loss was less than 12 months. The Corporation does not believe that there are any other-than-temporary impairments on the investment securities at March 31, 2017 and 2016; therefore, no impairment losses were recorded for the quarters and nine months ended March 31, 2017 and 2016. Contractual maturities of investment securities as of March 31, 2017 and June 30, 2016 were as follows: March 31, 2017 June 30, 2016 (In Thousands) Amortized Estimated Amortized Estimated 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 25,286 25,290 18,904 19,203 Due after ten years 14,949 15,180 20,275 20,435 Total investment securities - held to maturity $ 41,035 $ 41,270 $ 39,979 $ 40,438 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 9,470 9,862 10,904 11,396 No stated maturity (common stock) — — 147 147 Total investment securities - available for sale $ 9,470 $ 9,862 $ 11,051 $ 11,543 Total investment securities $ 50,505 $ 51,132 $ 51,030 $ 51,981 |
Loans Held For Investment
Loans Held For Investment | 9 Months Ended |
Mar. 31, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Held For Investment | Loans Held for Investment Loans held for investment, net of fair value adjustments, consisted of the following: (In Thousands) March 31, June 30, Mortgage loans: Single-family $ 319,714 $ 324,497 Multi-family 459,180 415,627 Commercial real estate 96,364 99,528 Construction 16,552 14,653 Other 241 332 Commercial business loans 668 636 Consumer loans 126 203 Total loans held for investment, gross 892,845 855,476 Undisbursed loan funds (9,468 ) (11,258 ) Advance payments of escrows 165 56 Deferred loan costs, net 5,243 4,418 Allowance for loan losses (8,275 ) (8,670 ) Total loans held for investment, net $ 880,510 $ 840,022 As of March 31, 2017, the Corporation had $9.1 million in mortgage loans that are subject to negative amortization, consisting of $6.3 million in multi-family loans, $2.7 million in single-family loans and $125,000 in commercial real estate loans. This compares to $10.2 million of negative amortization mortgage loans at June 30, 2016, consisting of $6.9 million in multi-family loans, $3.1 million in single-family loans and $170,000 in commercial real estate loans. During the third quarters and nine months of fiscal 2017 and 2016, 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 adjustable rate mortgage ("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 March 31, 2017 and June 30, 2016, the interest-only ARM loans were $23.8 million and $64.7 million , or 2.7% and 7.6% of loans held for investment, respectively. As of March 31, 2017, the Corporation had $6.3 million of single-family loans, 19 loans, held for investment which were originated for sale but were subsequently transferred to loans held for investment and are carried at fair value. This compares to $5.2 million of single-family loans, 18 loans, held for investment at June 30, 2016 which were originated for sale but were subsequently transferred to loans held for investment and carried at fair value. The following table sets forth information at March 31, 2017 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 3% of loans held for investment at both March 31, 2017 and June 30, 2016. 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 Mortgage loans: Single-family $ 196,477 $ 18,222 $ 65,837 $ 26,031 $ 13,147 $ 319,714 Multi-family 83,750 176,173 172,985 23,626 2,646 459,180 Commercial real estate 20,923 39,087 34,256 — 2,098 96,364 Construction 12,774 — — — 3,778 16,552 Other — — — — 241 241 Commercial business loans 167 — — — 501 668 Consumer loans 126 — — — — 126 Total loans held for investment, gross $ 314,217 $ 233,482 $ 273,078 $ 49,657 $ 22,411 $ 892,845 The Corporation has developed an internal loan grading system to evaluate and quantify the Bank’s loans held for investment portfolio with respect to quality and risk. Management continually evaluates the credit quality of the Corporation’s loan portfolio and conducts a quarterly review of the adequacy of the allowance for loan losses using quantitative and qualitative methods. The Corporation has adopted an internal risk rating policy in which each loan is rated for credit quality with a rating of pass, special mention, substandard, doubtful or loss. The two primary components that are used during the loan review process to determine the proper allowance levels are individually evaluated allowances and collectively evaluated allowances. Quantitative loan loss factors are developed by determining the historical loss experience, expected future cash flows, discount rates and collateral fair values, among others. Qualitative loan loss factors are developed by assessing general economic indicators such as gross domestic product, retail sales, unemployment rates, employment growth, California home sales and median California home prices. The Corporation assigns individual factors for the quantitative and qualitative methods for each loan category and each internal risk rating. The Corporation categorizes all of the loans held for investment into risk categories based on relevant information about the ability of the borrower to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. A description of the general characteristics of the risk grades is as follows: ▪ Pass - These loans range from minimal credit risk to average, but still acceptable, credit risk. The likelihood of loss is considered remote. ▪ Special Mention - A Special Mention asset has potential weaknesses that may be temporary or, if left uncorrected, may result in a loss. While concerns exist, the bank is currently protected and loss is considered unlikely and not imminent. ▪ Substandard - A substandard loan is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that may jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. ▪ Doubtful - A doubtful loan has all of the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable. ▪ Loss - A loss loan is considered uncollectible and of such little value that continuance as an asset of the institution is not warranted. The following tables summarize gross loans held for investment, net of fair value adjustments, by loan types and risk category at the dates indicated: March 31, 2017 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Pass $ 307,365 $ 455,543 $ 96,163 $ 16,552 $ 241 $ 585 $ 126 $ 876,575 Special Mention 3,816 3,265 — — — — — 7,081 Substandard 8,533 372 201 — — 83 — 9,189 Total loans held for investment, gross $ 319,714 $ 459,180 $ 96,364 $ 16,552 $ 241 $ 668 $ 126 $ 892,845 June 30, 2016 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Pass $ 309,380 $ 410,804 $ 99,528 $ 14,653 $ 332 $ 540 $ 203 $ 835,440 Special Mention 4,858 3,974 — — — — — 8,832 Substandard 10,259 849 — — — 96 — 11,204 Total loans held for investment, gross $ 324,497 $ 415,627 $ 99,528 $ 14,653 $ 332 $ 636 $ 203 $ 855,476 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. The 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. 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 derived based on the loan's discounted cash flow fair value (for restructured loans) or collateral fair value less estimated selling costs 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 March 31, 2017 and June 30, 2016: (In Thousands) March 31, 2017 June 30, 2016 Collectively evaluated for impairment: Mortgage loans: Single-family $ 3,909 $ 4,933 Multi-family 3,367 2,800 Commercial real estate 868 848 Construction 80 31 Other 5 7 Commercial business loans 24 23 Consumer loans 7 8 Total collectively evaluated allowance 8,260 8,650 Individually evaluated for impairment: Commercial business loans 15 20 Total individually evaluated allowance 15 20 Total loan loss allowance $ 8,275 $ 8,670 The following table is provided to disclose additional details on the Corporation’s allowance for loan losses: For the Quarters Ended For the Nine Months Ended (Dollars in Thousands) 2017 2016 2017 2016 Allowance at beginning of period $ 8,391 $ 8,768 $ 8,670 $ 8,724 Recovery from the allowance for loan losses (165 ) (694 ) (665 ) (1,094 ) Recoveries: Mortgage loans: Single-family 83 129 379 356 Multi-family 3 53 16 167 Commercial real estate — — — 216 Commercial business loans 75 — 75 85 Consumer loans 1 1 2 1 Total recoveries 162 183 472 825 Charge-offs: Mortgage loans: Single-family (112 ) (57 ) (199 ) (253 ) Consumer loans (1 ) — (3 ) (2 ) Total charge-offs (113 ) (57 ) (202 ) (255 ) Net recoveries 49 126 270 570 Balance at end of period $ 8,275 $ 8,200 $ 8,275 $ 8,200 Allowance for loan losses as a percentage of gross loans held for investment at the end of the period 0.93 % 1.01 % 0.93 % 1.01 % Net recoveries as a percentage of average loans receivable, net, during the period (annualized) (0.02 )% (0.05 )% (0.03 )% (0.08 )% The following tables denote the past due status of the Corporation's gross loans held for investment, net of fair value adjustments, at the dates indicated. March 31, 2017 (In Thousands) Current 30-89 Days Past Due Non-Accrual (1) Total Loans Held for Investment Mortgage loans: Single-family $ 310,203 $ 978 $ 8,533 $ 319,714 Multi-family 458,808 — 372 459,180 Commercial real estate 96,163 — 201 96,364 Construction 16,552 — — 16,552 Other 241 — — 241 Commercial business loans 585 — 83 668 Consumer loans 126 — — 126 Total loans held for investment, gross $ 882,678 $ 978 $ 9,189 $ 892,845 (1) All loans 90 days or greater past due are placed on non-accrual status. June 30, 2016 (In Thousands) Current 30-89 Days Past Due Non-Accrual (1) Total Loans Held for Investment Mortgage loans: Single-family $ 312,595 $ 1,644 $ 10,258 $ 324,497 Multi-family 414,777 — 850 415,627 Commercial real estate 99,528 — — 99,528 Construction 14,653 — — 14,653 Other 332 — — 332 Commercial business loans 540 — 96 636 Consumer loans 203 — — 203 Total loans held for investment, gross $ 842,628 $ 1,644 $ 11,204 $ 855,476 (1) All loans 90 days or greater past due are placed on non-accrual status. The following tables summarize the Corporation’s allowance for loan losses and recorded investment in gross loans, by portfolio type, at the dates and for the periods indicated. Quarter Ended March 31, 2017 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Allowance for loan losses: Allowance at beginning of period $ 4,283 $ 3,156 $ 836 $ 65 $ 6 $ 37 $ 8 $ 8,391 (Recovery) provision for loan losses (345 ) 208 32 15 (1 ) (73 ) (1 ) (165 ) Recoveries 83 3 — — — 75 1 162 Charge-offs (112 ) — — — — — (1 ) (113 ) Allowance for loan losses, end of period $ 3,909 $ 3,367 $ 868 $ 80 $ 5 $ 39 $ 7 $ 8,275 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 15 $ — $ 15 Collectively evaluated for impairment 3,909 3,367 868 80 5 24 7 8,260 Allowance for loan losses, end of period $ 3,909 $ 3,367 $ 868 $ 80 $ 5 $ 39 $ 7 $ 8,275 Loans held for investment: Individually evaluated for impairment $ 6,849 $ 372 $ 201 $ — $ — $ 83 $ — $ 7,505 Collectively evaluated for impairment 312,865 458,808 96,163 16,552 241 585 126 885,340 Total loans held for investment, gross $ 319,714 $ 459,180 $ 96,364 $ 16,552 $ 241 $ 668 $ 126 $ 892,845 Allowance for loan losses as a percentage of gross loans held for investment 1.22 % 0.73 % 0.90 % 0.48 % 2.07 % 5.84 % 5.56 % 0.93 % Quarter Ended March 31, 2016 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Allowance for loan losses: Allowance at beginning of period $ 5,720 $ 1,919 $ 778 $ 304 $ 1 $ 37 $ 9 $ 8,768 Recovery from the allowance for loan losses (285 ) (74 ) (37 ) (294 ) — (2 ) (2 ) (694 ) Recoveries 129 53 — — — — 1 183 Charge-offs (57 ) — — — — — — (57 ) Allowance for loan losses, end of period $ 5,507 $ 1,898 $ 741 $ 10 $ 1 $ 35 $ 8 $ 8,200 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 20 $ — $ 20 Collectively evaluated for impairment 5,507 1,898 741 10 1 15 8 8,180 Allowance for loan losses, end of period $ 5,507 $ 1,898 $ 741 $ 10 $ 1 $ 35 $ 8 $ 8,200 Loans held for investment: Individually evaluated for impairment $ 7,638 $ 1,933 $ — $ — $ — $ 98 $ — $ 9,669 Collectively evaluated for impairment 328,159 376,938 93,384 9,679 72 354 230 808,816 Total loans held for investment, gross $ 335,797 $ 378,871 $ 93,384 $ 9,679 $ 72 $ 452 $ 230 $ 818,485 Allowance for loan losses as a percentage of gross loans held for investment 1.64 % 0.50 % 0.79 % 0.10 % 1.39 % 7.74 % 3.48 % 1.01 % Nine Months Ended March 31, 2017 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Allowance for loan losses: Allowance at beginning of period $ 4,933 $ 2,800 $ 848 $ 31 $ 7 $ 43 $ 8 $ 8,670 (Recovery) provision for loan losses (1,204 ) 551 20 49 (2 ) (79 ) — (665 ) Recoveries 379 16 — — — 75 2 472 Charge-offs (199 ) — — — — — (3 ) (202 ) Allowance for loan losses, end of period $ 3,909 $ 3,367 $ 868 $ 80 $ 5 $ 39 $ 7 $ 8,275 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 15 $ — $ 15 Collectively evaluated for impairment 3,909 3,367 868 80 5 24 7 8,260 Allowance for loan losses, end of period $ 3,909 $ 3,367 $ 868 $ 80 $ 5 $ 39 $ 7 $ 8,275 Loans held for investment: Individually evaluated for impairment $ 6,849 $ 372 $ 201 $ — $ — $ 83 $ — $ 7,505 Collectively evaluated for impairment 312,865 458,808 96,163 16,552 241 585 126 885,340 Total loans held for investment, gross $ 319,714 $ 459,180 $ 96,364 $ 16,552 $ 241 $ 668 $ 126 $ 892,845 Allowance for loan losses as a percentage of gross loans held for investment 1.22 % 0.73 % 0.90 % 0.48 % 2.07 % 5.84 % 5.56 % 0.93 % Nine Months Ended March 31, 2016 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Allowance for loan losses: Allowance at beginning of period $ 5,280 $ 2,616 $ 734 $ 42 $ — $ 43 $ 9 $ 8,724 Provision (recovery) for loan 124 (885 ) (209 ) (32 ) 1 (93 ) — (1,094 ) Recoveries 356 167 216 — — 85 1 825 Charge-offs (253 ) — — — — — (2 ) (255 ) Allowance for loan losses, end of period $ 5,507 $ 1,898 $ 741 $ 10 $ 1 $ 35 $ 8 $ 8,200 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 20 $ — $ 20 Collectively evaluated for impairment 5,507 1,898 741 10 1 15 8 8,180 Allowance for loan losses, end of period $ 5,507 $ 1,898 $ 741 $ 10 $ 1 $ 35 $ 8 $ 8,200 Loans held for investment: Individually evaluated for impairment $ 7,638 $ 1,933 $ — $ — $ — $ 98 $ — $ 9,669 Collectively evaluated for impairment 328,159 376,938 93,384 9,679 72 354 230 808,816 Total loans held for investment, gross $ 335,797 $ 378,871 $ 93,384 $ 9,679 $ 72 $ 452 $ 230 $ 818,485 Allowance for loan losses as a percentage of gross loans held for investment 1.64 % 0.50 % 0.79 % 0.10 % 1.39 % 7.74 % 3.48 % 1.01 % The following tables identify the Corporation’s total recorded investment in non-performing loans by type at the dates and for the periods indicated. Generally, a loan is placed on non-accrual status when it becomes 90 days past due as to principal or interest or if the loan is deemed impaired, after considering economic and business conditions and collection efforts, where the borrower’s financial condition is such that collection of the contractual principal or interest on the loan is doubtful. In addition, interest income is not recognized on any loan where management has determined that collection is not reasonably assured. A non-performing loan may be restored to accrual status when delinquent principal and interest payments are brought current, the borrower(s) has demonstrated sustained payment performance and future monthly principal and interest payments are expected to be collected on a timely basis. Loans with a related allowance reserve have been individually evaluated for impairment using either a discounted cash flow analysis or, for collateral dependent loans, current appraisals less costs to sell, to establish realizable value. This analysis may identify a specific impairment amount needed or may conclude that no reserve is needed. Loans that are not individually evaluated for impairment are included in pools of homogeneous loans for evaluation of related allowance reserves. At March 31, 2017 Unpaid Net Principal Related Recorded Recorded (In Thousands) Balance Charge-offs Investment Allowance (1) Investment Mortgage loans: Single-family: With a related allowance $ 1,722 $ — $ 1,722 $ (360 ) $ 1,362 Without a related allowance (2) 7,863 (1,014 ) 6,849 — 6,849 Total single-family 9,585 (1,014 ) 8,571 (360 ) 8,211 Multi-family: Without a related allowance (2) 374 (2 ) 372 — 372 Total multi-family 374 (2 ) 372 — 372 Commercial real estate: Without a related allowance (2) 201 — 201 — 201 Total commercial real estate 201 — 201 — 201 Commercial business loans: With a related allowance 83 — 83 (15 ) 68 Total commercial business loans 83 — 83 (15 ) 68 Consumer loans: Without a related allowance (2) 11 (11 ) — — — Total consumer loans 11 (11 ) — — — Total non-performing loans $ 10,254 $ (1,027 ) $ 9,227 $ (375 ) $ 8,852 (1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan, and fair value credit adjustments. (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 loan balance. At June 30, 2016 Unpaid Net Principal Related Recorded Recorded (In Thousands) Balance Charge-offs Investment Allowance (1) Investment Mortgage loans: Single-family: With a related allowance $ 3,328 $ — $ 3,328 $ (773 ) $ 2,555 Without a related allowance (2) 8,339 (1,370 ) 6,969 — 6,969 Total single-family 11,667 (1,370 ) 10,297 (773 ) 9,524 Multi-family: With a related allowance 468 — 468 (141 ) 327 Without a related allowance (2) 400 (18 ) 382 — 382 Total multi-family 868 (18 ) 850 (141 ) 709 Commercial business loans: With a related allowance 96 — 96 (20 ) 76 Total commercial business loans 96 — 96 (20 ) 76 Consumer loans: Without a related allowance (2) 13 (13 ) — — — Total consumer loans 13 (13 ) — — — Total non-performing loans $ 12,644 $ (1,401 ) $ 11,243 $ (934 ) $ 10,309 (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 loan balance. At both March 31, 2017 and June 30, 2016, there were no commitments to lend additional funds to those borrowers whose loans were classified as non-performing. For the quarters ended March 31, 2017 and 2016, the Corporation’s average recorded investment in non-performing loans was $9.3 million and $12.8 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 both quarters ended March 31, 2017 and 2016, interest income of $132,000 and $50,000 , respectively, was recognized, based on cash receipts from loan payments on non-performing loans and $60,000 and $125,000 , respectively, was collected and applied to reduce the 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 $29,000 and $19,000 for the quarters ended March 31, 2017 and 2016, respectively, and was not included in the results of operations. For the nine months ended March 31, 2017 and 2016, the Corporation’s average investment in non-performing loans was $10.5 million and $14.0 million , respectively. For the nine months ended March 31, 2017 and 2016, interest income of $235,000 and $187,000 , respectively, was recognized, based on cash receipts from loan payments on non-performing loans; and $196,000 and $314,000 , 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 $105,000 and $123,000 for the nine months ended March 31, 2017 and 2016, respectively, and was not included in the results of operations. The following table presents the average recorded investment in non-performing loans and the related interest income recognized for the quarters and nine months ended March 31, 2017 and 2016: Quarter Ended March 31, 2017 2016 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Without related allowances: Mortgage loans: Single-family $ 7,325 $ 115 $ 7,870 $ 19 Multi-family 373 4 1,941 — Commercial real estate 134 1 — — 7,832 120 9,811 19 With related allowances: Mortgage loans: Single-family 1,398 10 2,529 22 Multi-family — — 314 7 Commercial business loans 84 2 98 2 1,482 12 2,941 31 Total $ 9,314 $ 132 $ 12,752 $ 50 Nine Months Ended March 31, 2017 2016 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Without related allowances: Mortgage loans: Single-family $ 8,480 $ 152 $ 8,544 $ 22 Multi-family 406 4 1,988 66 Commercial real estate 45 1 666 28 8,931 157 11,198 116 With related allowances: Mortgage loans: Single-family 1,287 56 2,594 58 Multi-family 156 17 105 7 Commercial business loans 88 5 102 6 1,531 78 2,801 71 Total $ 10,462 $ 235 $ 13,999 $ 187 For the quarters and nine months ended March 31, 2017 and 2016, 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 nine months ended March 31, 2017 and 2016, no restructured loans were in default within a 12-month period subsequent to their original restructuring. Additionally, during the quarters and nine months ended March 31, 2017 and 2016, there were no loans whose modification was extended beyond the initial maturity of the modification, except for one commercial business loan with an outstanding balance of $85,000 which was extended for two years during the second quarter of fiscal 2017. At both March 31, 2017 and June 30, 2016, there were no commitments to lend additional funds to those borrowers whose loans were restructured. As of March 31, 2017, the Corporation held 10 restructured loans with a net outstanding balance of $3.6 million : all were classified as substandard and on non-accrual. As of June 30, 2016, the Corporation held 13 restructured loans with a net outstanding balance of $4.6 million : three were classified as special mention on accrual status ( $1.3 million ); and 10 were classified as substandard ( $3.3 million , all 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 March 31, 2017 and June 30, 2016, $1.3 million or 38% , and $1.9 million or 41% , 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: At At (In Thousands) March 31, 2017 June 30, 2016 Restructured loans on non-accrual status: Mortgage loans: Single-family $ 3,507 $ 3,232 Commercial business loans 68 76 Total 3,575 3,308 Restructured loans on accrual status: Mortgage loans: Single-family — 1,290 Total — 1,290 Total restructured loans $ 3,575 $ 4,598 The following tables identify the Corporation’s total recorded investment in restructured loans by type at the dates and for the periods indicated. At March 31, 2017 Unpaid Net Principal Related Recorded Recorded (In Thousands) Balance Charge-offs Investment Allowance (1) Investment Mortgage loans: Single-family: With a related allowance $ 923 $ — $ 923 $ (185 ) $ 738 Without a related allowance (2) 3,274 (505 ) 2,769 — 2,769 Total single-family 4,197 (505 ) 3,692 (185 ) 3,507 Commercial business loans: With a related allowance 83 — 83 (15 ) 68 Total commercial business loans 83 — 83 (15 ) 68 Total restructured loans $ 4,280 $ (505 ) $ 3,775 $ (200 ) $ 3,575 (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 loan balance. At June 30, 2016 Unpaid Net Principal Related Recorded Recorded (In Thousands) Balance Charge-offs Investment Allowance (1) Investment Mortgage loans: Single-family With a related allowance $ 999 $ — $ 999 $ (200 ) $ 799 Without a related allowance (2) 4,507 (784 ) 3,723 — 3,723 Total single-family 5,506 (784 ) 4,722 (200 ) 4,522 Commercial business loans: With a related allowance 96 — 96 (20 ) 76 Total commercial business loans 96 — 96 (20 ) 76 Total restructured loans $ 5,602 $ (784 ) $ 4,818 $ (220 ) $ 4,598 (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 loan balance. During the quarter ended March 31, 2017, two properties were acquired in the settlement of loans, while one previously foreclosed upon property was sold. This compares to the quarter ended March 31, 2016 when two properties were acquired in the settlement of loans, while three previously foreclosed upon properties were sold. For the nine months ended March 31, 2017, five properties were acquired in the settlement of loans, while four previously foreclosed upon properties were sold. This compares to the nine months ended March 31, 2016 when eight properties were acquired in the settlement of loans, while six previously foreclosed upon properties were sold. As of March 31, 2017, the net fair value of real estate owned was $2.8 million , comprised of four properties located in California and one property located in Arizona. This compares to the real estate owned net fair value of $2.7 million at June 30, 2016, comprised of three properties located in California and one property located in Arizona. A new appraisal was obtained on each of the properties at the time of foreclosure and fair value was derived by using the lower of the appraised value or the listing price of the property, net of selling costs. Any initial loss was recorded as a charge to the allowance for loan losses before being transferred to real estate owned. Subsequent to transfer to real estate owned, 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 | 9 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and June 30, 2016, the Corporation had commitments to extend credit (on loans to be held for investment and loans to be held for sale) of $138.2 million and $191.7 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 March 31, 2017 June 30, 2016 (In Thousands) Undisbursed loan funds - Construction loans $ 9,468 $ 11,258 Undisbursed lines of credit – Mortgage loans — 20 Undisbursed lines of credit – Commercial business loans 618 821 Undisbursed lines of credit – Consumer loans 565 674 Commitments to extend credit on loans to be held for investment 20,247 9,955 Total $ 30,898 $ 22,728 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 nine months ended March 31, 2017 and 2016. For the Quarters For the Nine Months (In Thousands) 2017 2016 2017 2016 Balance, beginning of the period $ 173 $ 149 $ 204 $ 76 Provision 67 4 36 77 Balance, end of the period $ 240 $ 153 $ 240 $ 153 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 March 31, 2017, $2.1 million was included in other assets and $1.1 million was included in other liabilities; at June 30, 2016, $3.8 million was included in other assets and $3.2 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 net impact of derivative financial instruments is recorded within the gain on sale of loans contained in the Condensed Consolidated Statements of Operations during the quarters and nine months ended March 31, 2017 and 2016 was as follows: For the Quarters For the Nine Months Derivative Financial Instruments 2017 2016 2017 2016 (In Thousands) Commitments to extend credit on loans to be held for sale $ 628 $ 1,866 $ (1,681 ) $ 1,537 Mandatory loan sale commitments and TBA MBS trades (760 ) (1,435 ) 2,105 (2,531 ) Option contracts, net (11 ) 85 333 (87 ) Total net (loss) gain $ (143 ) $ 516 $ 757 $ (1,081 ) The outstanding derivative financial instruments and other loan sale agreements at the dates indicated were as follows: March 31, 2017 June 30, 2016 Derivative Financial Instruments Amount Fair Amount Fair (In Thousands) Commitments to extend credit on loans to be held for sale (1) $ 117,993 $ 2,104 $ 181,780 $ 3,785 Best efforts loan sale commitments (15,372 ) — (29,576 ) — Mandatory loan sale commitments and TBA MBS trades (194,040 ) (1,091 ) (302,727 ) (3,196 ) Option contracts, net (5,000 ) 31 (5,000 ) — Total $ (96,419 ) $ 1,044 $ (155,523 ) $ 589 (1) Net of 27.8% at March 31, 2017 and 37.5% at June 30, 2016 of commitments which management has estimated may not fund. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Mar. 31, 2017 | |
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. 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 investment at fair value and loans held for sale at fair value: (In Thousands) Aggregate Fair Value Aggregate Unpaid Principal Balance Net Unrealized (Loss) Gain As of March 31, 2017: Loans held for investment, at fair value $ 6,250 $ 6,526 $ (276 ) Loans held for sale, at fair value $ 105,531 $ 101,887 $ 3,644 As of June 30, 2016: Loans held for investment, at fair value $ 5,159 $ 5,324 $ (165 ) Loans held for sale, at fair value $ 189,458 $ 181,380 $ 8,078 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 available for sale, loans held for investment at fair value, 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 - available for sale are primarily comprised of U.S. government agency MBS and U.S. government sponsored enterprise MBS. The Corporation utilizes quoted prices in active and less than active markets for similar securities for its fair value measurement of MBS and debt securities (Level 2) and broker price indications for similar securities in non-active markets for its fair value measurement of the CMO (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 (Level 3). Loans held for investment at fair value are primarily single-family loans which have been transferred from loans held for sale. The fair value is determined by the quoted secondary-market prices which account for interest rate characteristics, and are then adjusted for management estimates of the specific credit risk attributes of each loan (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 mandatory loan sale commitments. If no such quoted price exists, the fair value of a loan is determined by quoted prices for a similar loan or loans, adjusted for the specific attributes of each loan (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 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 those which are in the process of foreclosure or 90 days delinquent for which the fair value is derived from the appraised value of its collateral (Level 2). For other non-performing loans which are not restructured loans, other than non-performing commercial real estate 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 its 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 its 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 derived 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 derived 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 or the listing price, net of estimated selling 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 March 31, 2017 Using: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities - available for sale: U.S. government agency MBS $ — $ 5,700 $ — $ 5,700 U.S. government sponsored enterprise MBS — 3,661 — 3,661 Private issue CMO — — 501 501 Investment securities - available for sale — 9,361 501 9,862 Loans held for investment, at fair value — — 6,250 6,250 Loans held for sale, at fair value — 105,531 — 105,531 Interest-only strips — — 35 35 Derivative assets: Commitments to extend credit on loans to be held for sale — — 2,116 2,116 Option contracts — — 31 31 Derivative assets — — 2,147 2,147 Total assets $ — $ 114,892 $ 8,933 $ 123,825 Liabilities: Derivative liabilities: Commitments to extend credit on loans to be held for sale $ — $ — $ 12 $ 12 Mandatory loan sale commitments — — 59 59 TBA MBS trades — 1,032 — 1,032 Derivative liabilities — 1,032 71 1,103 Total liabilities $ — $ 1,032 $ 71 $ 1,103 Fair Value Measurement at June 30, 2016 Using: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities - available for sale: U.S. government agency MBS $ — $ 6,572 $ — $ 6,572 U.S. government sponsored enterprise MBS — 4,223 — 4,223 Private issue CMO — — 601 601 Common stock - community development financial institution — 147 — 147 Investment securities - available for sale — 10,942 601 11,543 Loans held for investment, at fair value — — 5,159 5,159 Loans held for sale, at fair value — 189,458 — 189,458 Interest-only strips — — 47 47 Derivative assets: Commitments to extend credit on loans to be held for sale — — 3,788 3,788 Derivative assets — — 3,788 3,788 Total assets $ — $ 200,400 $ 9,595 $ 209,995 Liabilities: Derivative liabilities: Commitments to extend credit on loans to be held for sale $ — $ — $ 3 $ 3 Mandatory loan sale commitments — — 31 31 TBA MBS trades — 3,165 — 3,165 Derivative liabilities — 3,165 34 3,199 Total liabilities $ — $ 3,165 $ 34 $ 3,199 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 March 31, 2017 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) (In Thousands) Private Issue CMO Loans Held For Investment, at fair value (1) Interest- Only Strips Loan Commit- ments to Originate (2) Manda- tory Commit- ments (3) Option Contracts Total Beginning balance at December 31, 2016 $ 538 $ 5,964 $ 37 $ 1,476 $ (280 ) $ — $ 7,735 Total gains or losses (realized/unrealized): Included in earnings — (10 ) — 628 216 (11 ) 823 Included in other comprehensive income (loss) — — (2 ) — — — (2 ) Purchases — — — — — 42 42 Issuances — — — — — — — Settlements (37 ) (399 ) — — 5 — (431 ) Transfers in and/or out of Level 3 — 695 — — — — 695 Ending balance at March 31, 2017 $ 501 $ 6,250 $ 35 $ 2,104 $ (59 ) $ 31 $ 8,862 (1) The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan (Level 3), in addition to the quoted secondary-market prices which account for interest rate characteristics. (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 March 31, 2016 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) (In Thousands) Private Issue CMO Common stock (1) Loans Held For Investment, at fair value (2) Interest- Only Strips Loan Commit- ments to Originate (3) Manda- tory Commit- ments (4) Option Contracts Total Beginning balance at December 31, 2015 $ 654 $ 143 $ 4,210 $ 54 $ 1,170 $ (51 ) $ 24 $ 6,204 Total gains or losses (realized/ unrealized): Included in earnings — — 59 — 1,866 (105 ) 85 1,905 Included in other comprehensive (loss) income (5 ) 4 — (4 ) — — — (5 ) Purchases — — — — — — 82 82 Issuances — — — — — — — — Settlements (32 ) — (1,165 ) — — 31 (167 ) (1,333 ) Transfers in and/or out of Level 3 — (147 ) 1,479 — — — — 1,332 Ending balance at March 31, 2016 $ 617 $ — $ 4,583 $ 50 $ 3,036 $ (125 ) $ 24 $ 8,185 (1) Common stock of a community development financial institution. (2) The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan (Level 3), in addition to the quoted secondary-market prices which account for interest rate characteristics. (3) Consists of commitments to extend credit on loans to be held for sale. (4) Consists of mandatory loan sale commitments. For the Nine Months Ended March 31, 2017 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) (In Thousands) Private Issue CMO Loans Held For Investment, at fair value (1) Interest- Only Strips Loan Commit- ments to Originate (2) Manda- tory Commit- ments (3) Option Contracts Total Beginning balance at June 30, 2016 $ 601 $ 5,159 $ 47 $ 3,785 $ (31 ) $ — $ 9,561 Total gains or losses (realized/unrealized): Included in earnings — (111 ) — (1,681 ) (39 ) 333 (1,498 ) Included in other comprehensive loss 1 — (12 ) — — — (11 ) Purchases — — — — — 180 180 Issuances — — — — — — — Settlements (101 ) (1,077 ) — — 11 (482 ) (1,649 ) Transfers in and/or out of Level 3 — 2,279 — — — — 2,279 Ending balance at March 31, 2017 $ 501 $ 6,250 $ 35 $ 2,104 $ (59 ) $ 31 $ 8,862 (1) The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan (Level 3), in addition to the quoted secondary-market prices which account for interest rate characteristics. (2) Consists of commitments to extend credit on loans to be held for sale. (3) Consists of mandatory loan sale commitments. For the Nine Months Ended March 31, 2016 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) (In Thousands) Private Issue CMO Common stock (1) Loans Held For Investment, at fair value (2) Interest- Only Strips Loan Commit- ments to originate (3) Manda- tory Commit- ments (4) Option Contracts Total Beginning balance at June 30, 2015 $ 717 $ 151 $ — $ 63 $ 1,499 $ (71 ) $ 192 $ 2,551 Total gains or losses (realized/ unrealized): Included in earnings — — (149 ) — 1,537 (101 ) (87 ) 1,200 Included in other comprehensive (loss) income (7 ) (4 ) — (13 ) — — — (24 ) Purchases — — — — — — 222 222 Issuances — — — — — — — — Settlements (93 ) — (1,816 ) — — 47 (303 ) (2,165 ) Transfers in and/or out of Level 3 — (147 ) 6,548 — — — — 6,401 Ending balance at March 31, 2016 $ 617 $ — $ 4,583 $ 50 $ 3,036 $ (125 ) $ 24 $ 8,185 (1) Common stock of a community development financial institution. (2) The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan (Level 3), in addition to the quoted secondary-market prices which account for interest rate characteristics. (3) Consists of commitments to extend credit on loans to be held for sale. (4) 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 March 31, 2017 Using: (In Thousands) Level 1 Level 2 Level 3 Total Non-performing loans $ — $ 7,423 $ 1,429 $ 8,852 MSA — — 137 137 Real estate owned, net — 2,768 — 2,768 Total $ — $ 10,191 $ 1,566 $ 11,757 Fair Value Measurement at June 30, 2016 Using: (In Thousands) Level 1 Level 2 Level 3 Total Non-performing loans $ — $ 7,350 $ 2,959 $ 10,309 MSA — — 627 627 Real estate owned, net — 2,706 — 2,706 Total $ — $ 10,056 $ 3,586 $ 13,642 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 March 31, 2017: (Dollars In Thousands) Fair Value Valuation Techniques Unobservable Inputs Range (1) (Weighted Average) Impact to Valuation from an Increase in Inputs (2) Assets: Securities available - for sale: Private issue CMO $ 501 Market comparable pricing Comparability adjustment 0.2% – 1.0% (0.9%) Increase Loans held for investment, at fair value $ 6,250 Relative value Broker quotes 97.6% – 105.0% Increase Non-performing loans $ 68 Discounted cash flow Default rates 5.0% Decrease Non-performing loans $ 1,361 Relative value analysis Loss severity 20.0% - 30.0% (18.9%) Decrease MSA $ 137 Discounted cash flow Prepayment speed (CPR) Discount rate 9.8% - 60.0% (24.9%) Decrease Interest-only strips $ 35 Discounted cash flow Prepayment speed (CPR) Discount rate 14.4% - 23.4% (22.3%) Decrease Commitments to extend credit on loans to be held for sale $ 2,116 Relative value analysis TBA-MBS broker quotes Fall-out ratio (3) 98.1% – 104.9% Increase Option contracts $ 31 Relative value analysis Broker quotes 124.6% of par Increase Liabilities: Commitments to extend credit on loans to be held for sale $ 12 Relative value analysis TBA-MBS broker quotes Fall-out ratio (3) 100.4% – 104.3% Increase Mandatory loan sale commitments $ 59 Relative value analysis TBA MBS broker quotes Roll-forward costs (4) 100.8% - 105.7% Decrease (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 March 31, 2017 and June 30, 2016 was as follows: March 31, 2017 (In Thousands) Carrying Fair Financial assets: Investment securities - held to maturity $ 41,035 $ 41,270 — $ 41,270 $ — Loans held for investment, not recorded at fair value $ 874,260 $ 859,852 — — $ 859,852 FHLB – San Francisco stock $ 8,094 $ 8,094 — $ 8,094 — Financial liabilities: Deposits $ 938,306 $ 909,920 — — $ 909,920 Borrowings $ 111,244 $ 111,673 — — $ 111,673 June 30, 2016 (In Thousands) Carrying Fair Financial assets: Investment securities - held to maturity $ 39,979 $ 40,438 — $ 40,438 — Loans held for investment, not recorded at fair value $ 834,863 $ 844,124 — — $ 844,124 FHLB – San Francisco stock $ 8,094 $ 8,094 — $ 8,094 — Financial liabilities: Deposits $ 926,384 $ 896,033 — — $ 896,033 Borrowings $ 91,299 $ 95,898 — — $ 95,898 Investment securities - held to maturity: The investment securities - held to maturity consist of time deposits at CRA qualified minority financial institutions and U.S. government sponsored enterprise MBS. Due to the short-term nature of the time deposits, the principal balances approximated fair value (Level 2). For the MBS, the Corporation utilizes quoted prices in active and less than active markets for similar securities for its fair value measurement of MBS and debt securities (Level 2). Loans held for investment, not recorded at fair value: 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 estimated using a discounted cash flow calculation and management estimates of 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 determined by calculating 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 March 31, 2017, 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 | 9 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Plans | Incentive Plans As of March 31, 2017, the Corporation had two active share-based compensation plans, which are described below. These plans are the 2013 Equity Incentive Plan (“2013 Plan”) and the 2010 Equity Incentive Plan (“2010 Plan”). Additionally, the Corporation had two inactive share-based compensation plans - the 2006 Equity Incentive Plan (“2006 Plan”) and the 2003 Stock Option Plan (“the Stock Option Plan”) where no new awards can be granted but previously awarded grants that are still outstanding remain eligible for exercise. For the quarters ended March 31, 2017 and 2016, the compensation cost for these plans was $254,000 and $291,000 , respectively. Net income tax (benefit) expense recognized in the Condensed Consolidated Statements of Operations for share-based compensation plans for the quarter ended March 31, 2017 and 2016 was $165,000 and $(197,000) , respectively. For the nine months ended March 31, 2017 and 2016, the compensation cost for these plans was $1.2 million and $840,000 , respectively. Net income tax (benefit) expense recognized in the Condensed Consolidated Statements of Operations for share-based compensation plans for the nine months ended March 31, 2017 and 2016 was $(14,000) and $(212,000) , respectively. Equity Incentive Plan. The Corporation established and the shareholders approved the 2013 Plan, the 2010 Plan and the 2006 Plan (collectively, "the Plans") 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 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 Nine Months Expected volatility range 41.4 % 41.4% - 41.7% Weighted-average volatility 41.4 % 41.7 % Expected dividend yield 2.8 % 2.7 % Expected term (in years) 7.4 7.4 Risk-free interest rate 1.6 % 1.5 % During the third quarter of fiscal 2017, no options were granted, while 60,250 options were exercised and 159,500 options were forfeited. This compares to the third quarter of fiscal 2016 when no options were granted, while 57,500 options were exercised and no options were forfeited. For the first nine months of fiscal 2017, 26,000 options were granted, while 84,000 options were exercised and 186,750 options were forfeited. This compares to the first nine months of fiscal 2016 when no options were granted, while 77,500 options were exercised and 3,000 options were forfeited. As of March 31, 2017 and 2016, there were 145,000 and 136,750 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 nine months ended March 31, 2017. For the Quarter Ended March 31, 2017 Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at December 31, 2016 853,000 $14.63 Granted — $— Exercised (60,250 ) $8.71 Forfeited (159,500 ) $27.31 Outstanding at March 31, 2017 633,250 $12.00 5.94 $4,233 Vested and expected to vest at March 31, 2017 592,600 $11.78 5.82 $4,090 Exercisable at March 31, 2017 430,000 $10.47 5.10 $3,519 For the Nine Months Ended March 31, 2017 Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at June 30, 2016 878,000 $14.43 Granted 26,000 $19.58 Exercised (84,000 ) $9.63 Forfeited (186,750 ) $25.52 Outstanding at March 31, 2017 633,250 $12.00 5.94 $4,233 Vested and expected to vest at March 31, 2017 592,600 $11.78 5.82 $4,090 Exercisable at March 31, 2017 430,000 $10.47 5.10 $3,519 As of March 31, 2017 and 2016, there was $1.0 million and $1.7 million 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 1.8 years and 2.4 years , respectively. The forfeiture rate during the first nine months of fiscal 2017 and 2016 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 third quarter of fiscal 2017 and 2016, other than the award of 6,000 shares in the third quarter of fiscal 2017 and the vesting of 7,500 shares in the third quarter of fiscal 2016. For the first nine months of fiscal 2017, there were awards of 24,000 shares, forfeitures of 15,250 shares and 87,750 vested shares of restricted stock. This compares to no activity of restricted stock, other than the vesting of 10,000 shares of restricted stock in the first nine months of fiscal 2016. As of March 31, 2017 and 2016, there were 265,750 shares and 268,850 shares of restricted stock, respectively available for future awards under the Plans. The following tables summarize the unvested restricted stock activity in the quarter and nine months ended March 31, 2017. For the Quarter Ended March 31, 2017 Unvested Shares Shares Weighted-Average Award Date Fair Value Unvested at December 31, 2016 105,000 $13.89 Granted 6,000 $18.90 Vested — $— Forfeited — $— Unvested at March 31, 2017 111,000 $14.16 Expected to vest at March 31, 2017 88,800 $14.16 For the Nine Months Ended March 31, 2017 Unvested Shares Shares Weighted-Average Award Date Fair Value Unvested at June 30, 2016 190,000 $13.33 Granted 24,000 $17.06 Vested (87,750 ) $13.30 Forfeited (15,250 ) $13.30 Unvested at March 31, 2017 111,000 $14.16 Expected to vest at March 31, 2017 88,800 $14.16 As of March 31, 2017 and 2016, the unrecognized compensation expense was $1.3 million and $1.8 million , 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 1.9 years and 2.5 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 nine months of fiscal 2017 and 2016. Stock Option Plan. The Corporation established the Stock Option Plan for key employees and eligible directors under which options to acquire up to 352,500 shares of common stock may be granted. Under the Stock Option Plan, 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 March 31, 2017, no stock options remain available for future grants under the Stock Option Plan, which expired in November 2013. 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 third quarter of fiscal 2017 and 2016, there was no activity in the Stock Option Plan. For the first nine months of fiscal 2017 and 2016, there was no activity in the Stock Option Plan, except forfeitures of 12,500 shares and 7,500 shares, respectively. As of March 31, 2017 and 2016, there were no stock options available for future grants under the Stock Option Plan. The following tables summarize the activity in the Stock Option Plan for the quarter and nine months ended March 31, 2017. For the Quarter Ended March 31, 2017 Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at December 31, 2016 50,000 $19.92 Granted — $— Exercised — $— Forfeited — $— Outstanding at March 31, 2017 50,000 $19.92 0.32 $— Vested and expected to vest at March 31, 2017 50,000 $19.92 0.32 $— Exercisable at March 31, 2017 50,000 $19.92 0.32 $— For the Nine Months Ended March 31, 2017 Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at June 30, 2016 62,500 $21.95 Granted — $— Exercised — $— Forfeited (12,500 ) $30.08 Outstanding at March 31, 2017 50,000 $19.92 0.32 $— Vested and expected to vest at March 31, 2017 50,000 $19.92 0.32 $— Exercisable at March 31, 2017 50,000 $19.92 0.32 $— As of March 31, 2017 and 2016, there was no unrecognized compensation expense at either date, related to unvested share-based compensation arrangements under the Stock Option Plan. |
Reclassification Adjustment of
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") | 9 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Reclassification Adjustment of Accumulated Other Comprehensive Income (AOCI) | Reclassification adjustment of Accumulated Other Comprehensive Income ("AOCI") The following tables provide the changes in AOCI by component for the quarters and nine months ended March 31, 2017 and 2016. For the Quarter Ended March 31, 2017 Unrealized gains and losses on (In Thousands) Investment securities available for sale Interest-only strips Total Beginning balance at December 31, 2016 $ 242 $ 22 $ 264 Other comprehensive loss before reclassifications (14 ) (2 ) (16 ) Amount reclassified from accumulated other comprehensive income — — — Net other comprehensive loss (14 ) (2 ) (16 ) Ending balance at March 31, 2017 $ 228 $ 20 $ 248 For the Quarter Ended March 31, 2016 Unrealized gains and losses on (In Thousands) Investment securities available for sale Interest-only strips Total Beginning balance at December 31, 2015 $ 215 $ 31 $ 246 Other comprehensive income (loss) before reclassifications 76 (60 ) 16 Amount reclassified from accumulated other comprehensive income — — — Net other comprehensive income (loss) 76 (60 ) 16 Ending balance at March 31, 2016 $ 291 $ (29 ) $ 262 For the Nine Months Ended March 31, 2017 Unrealized gains and losses on (In Thousands) Investment securities available for sale Interest-only strips Total Beginning balance at June 30, 2016 $ 286 $ 27 $ 313 Other comprehensive loss before reclassifications (58 ) (7 ) (65 ) Amount reclassified from accumulated other comprehensive income — — — Net other comprehensive loss (58 ) (7 ) (65 ) Ending balance at March 31, 2017 $ 228 $ 20 $ 248 For the Nine Months Ended March 31, 2016 Unrealized gains and losses on (In Thousands) Investment securities available for sale Interest-only strips Total Beginning balance at June 30, 2015 $ 294 $ 37 $ 331 Other comprehensive loss before reclassifications (3 ) (66 ) (69 ) Amount reclassified from accumulated other comprehensive income — — — Net other comprehensive loss (3 ) (66 ) (69 ) Ending balance at March 31, 2016 $ 291 $ (29 ) $ 262 |
Offsetting Derivative and Other
Offsetting Derivative and Other Financial Instruments (Notes) | 9 Months Ended |
Mar. 31, 2017 | |
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 derivative. 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 March 31, 2017: 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 $ 31 $ 31 $ — $ — $ — $ — Total $ 31 $ 31 $ — $ — $ — $ — 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 $ 1,091 $ 31 $ 1,060 $ — $ — $ 1,060 Total $ 1,091 $ 31 $ 1,060 $ — $ — $ 1,060 As of June 30, 2016: 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 $ 3,196 $ — $ 3,196 $ — $ — $ 3,196 Total $ 3,196 $ — $ 3,196 $ — $ — $ 3,196 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 28, 2017, the Corporation announced that the Corporation’s Board of Directors declared a quarterly cash dividend of $0.13 per share. Shareholders of the Corporation’s common stock at the close of business on May 19, 2017 will be entitled to receive the cash dividend. The cash dividend will be payable on June 9, 2017. On April 28, 2017, the Corporation announced that the Corporation’s Board of Directors extended the May 2016 stock repurchase plan for a period of one year or until all available shares are purchased, whichever occurs first. |
Accounting Standard Updates (20
Accounting Standard Updates ("ASU") (Policies) | 9 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and June 30, 2016, the unrealized holding loss was less than 12 months. The Corporation does not believe that there are any other-than-temporary impairments on the investment securities at March 31, 2017 and 2016; therefore, no impairment losses were recorded for the quarters and nine months ended March 31, 2017 and 2016. |
Impaired Financing Receivables | on-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 March 31, 2017 and June 30, 2016, the Corporation had commitments to extend credit (on loans to be held for investment and loans to be held for sale) of $138.2 million and $191.7 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 March 31, 2017, $2.1 million was included in other assets and $1.1 million was included in other liabilities; at June 30, 2016, $3.8 million was included in other assets and $3.2 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
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 nine months ended March 31, 2017 and 2016, respectively. (In Thousands, Except Earnings Per Share) For the Quarters Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders $ 1,145 $ 1,494 $ 4,243 $ 4,919 Denominator: Denominator for basic earnings per share: Weighted-average shares 7,926 8,318 7,943 8,427 Effect of dilutive shares: Stock options 142 132 153 129 Restricted stock 26 66 30 64 Denominator for diluted earnings per share: Adjusted weighted-average shares and assumed conversions 8,094 8,516 8,126 8,620 Basic earnings per share $ 0.14 $ 0.18 $ 0.53 $ 0.58 Diluted earnings per share $ 0.14 $ 0.18 $ 0.52 $ 0.57 |
Operating Segment Reports (Tabl
Operating Segment Reports (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
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 nine months ended March 31, 2017 and 2016, respectively. For the Quarter Ended March 31, 2017 (In Thousands) Provident Provident Consolidated Net interest income $ 7,940 $ 707 $ 8,647 Recovery from the allowance for loan losses (121 ) (44 ) (165 ) Net interest income, after recovery from the allowance for loan losses 8,061 751 8,812 Non-interest income: Loan servicing and other fees (1) 125 237 362 Gain on sale of loans, net (2) 1 5,394 5,395 Deposit account fees 562 — 562 Loss on sale and operations of real estate owned acquired in the settlement of loans, net (68 ) (6 ) (74 ) Card and processing fees 338 — 338 Other 208 — 208 Total non-interest income 1,166 5,625 6,791 Non-interest expense: Salaries and employee benefits 4,662 5,708 10,370 Premises and occupancy 784 457 1,241 Operating and administrative expenses 1,333 824 2,157 Total non-interest expense 6,779 6,989 13,768 Income (loss) before income taxes 2,448 (613 ) 1,835 Provision (benefit) for income taxes 948 (258 ) 690 Net income (loss) $ 1,500 $ (355 ) $ 1,145 Total assets, end of period $ 1,093,715 $ 105,730 $ 1,199,445 (1) Includes an inter-company charge of $173 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 $48 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 March 31, 2016 (In Thousands) Provident Provident Consolidated Net interest income $ 6,915 $ 997 $ 7,912 Recovery from the allowance for loan losses (690 ) (4 ) (694 ) Net interest income after recovery from the allowance for loan losses 7,605 1,001 8,606 Non-interest income: Loan servicing and other fees (1) 126 257 383 Gain on sale of loans, net (2) 34 7,111 7,145 Deposit account fees 590 — 590 Loss on sale and operations of real estate owned acquired in the settlement of loans, net (231 ) (45 ) (276 ) Card and processing fees 355 — 355 Other 227 — 227 Total non-interest income 1,101 7,323 8,424 Non-interest expense: Salaries and employee benefits 4,761 5,869 10,630 Premises and occupancy 720 426 1,146 Operating and administrative expenses 1,232 1,477 2,709 Total non-interest expense 6,713 7,772 14,485 Income before income taxes 1,993 552 2,545 Provision for income taxes 819 232 1,051 Net income $ 1,174 $ 320 $ 1,494 Total assets, end of period $ 989,538 $ 184,213 $ 1,173,751 (1) Includes an inter-company charge of $135 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 $53 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 Nine Months Ended March 31, 2017 (In Thousands) Provident Provident Consolidated Net interest income $ 23,336 $ 3,484 $ 26,820 Recovery from the allowance for loan losses (431 ) (234 ) (665 ) Net interest income, after recovery from the allowance for loan losses 23,767 3,718 27,485 Non-interest income: Loan servicing and other fees (1) 444 495 939 Gain on sale of loans, net (2) 39 19,830 19,869 Deposit account fees 1,664 — 1,664 Loss on sale and operations of real estate owned acquired in the settlement of loans, net (231 ) (9 ) (240 ) Card and processing fees 1,063 — 1,063 Other 580 — 580 Total non-interest income 3,559 20,316 23,875 Non-interest expense: Salaries and employee benefits 14,198 17,835 32,033 Premises and occupancy 2,432 1,333 3,765 Operating and administrative expenses 3,632 4,638 8,270 Total non-interest expense 20,262 23,806 44,068 Income before income taxes 7,064 228 7,292 Provision for income taxes 2,953 96 3,049 Net income $ 4,111 $ 132 $ 4,243 Total assets, end of period $ 1,093,715 $ 105,730 $ 1,199,445 (1) Includes an inter-company charge of $396 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 $216 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 Nine Months Ended March 31, 2016 (In Thousands) Provident Provident Consolidated Net interest income $ 20,519 $ 3,048 $ 23,567 Recovery from the allowance for loan losses (1,031 ) (63 ) (1,094 ) Net interest income, after recovery from the allowance for loan losses 21,550 3,111 24,661 Non-interest income: Loan servicing and other fees (1) 458 342 800 Gain on sale of loans, net (2) 34 22,079 22,113 Deposit account fees 1,790 — 1,790 Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net 28 (40 ) (12 ) Card and processing fees 1,069 — 1,069 Other 711 — 711 Total non-interest income 4,090 22,381 26,471 Non-interest expense: Salaries and employee benefits 13,569 17,824 31,393 Premises and occupancy 2,164 1,260 3,424 Operating and administrative expenses 3,467 4,420 7,887 Total non-interest expense 19,200 23,504 42,704 Income before income taxes 6,440 1,988 8,428 Provision for income taxes 2,673 836 3,509 Net income $ 3,767 $ 1,152 $ 4,919 Total assets, end of period $ 989,538 $ 184,213 $ 1,173,751 (1) Includes an inter-company charge of $303 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 $352 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) | 9 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and June 30, 2016 were as follows: March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Carrying Value (In Thousands) Held to maturity: Certificates of deposit $ 800 $ — $ — $ 800 $ 800 U.S. government sponsored enterprise MBS (1) 40,235 241 (6 ) 40,470 40,235 Total investment securities - held to maturity $ 41,035 $ 241 $ (6 ) $ 41,270 $ 41,035 Available for sale: U.S. government agency MBS $ 5,499 $ 201 $ — $ 5,700 $ 5,700 U.S. government sponsored enterprise MBS 3,474 187 — 3,661 3,661 Private issue CMO (2) 497 4 — 501 501 Total investment securities - available for sale $ 9,470 $ 392 $ — $ 9,862 $ 9,862 Total investment securities $ 50,505 $ 633 $ (6 ) $ 51,132 $ 50,897 (1) Mortgage-Backed Securities (“MBS”). (2) Collateralized Mortgage Obligations (“CMO”). June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Carrying Value (In Thousands) Held to maturity: Certificates of deposit $ 800 $ — $ — $ 800 $ 800 U.S. government sponsored enterprise MBS 39,179 459 — 39,638 39,179 Total investment securities - held to maturity $ 39,979 $ 459 $ — $ 40,438 $ 39,979 Available for sale: U.S. government agency MBS $ 6,308 $ 264 $ — $ 6,572 $ 6,572 U.S. government sponsored enterprise MBS 3,998 225 — 4,223 4,223 Private issue CMO 598 4 (1 ) 601 601 Common stock - community development financial institution 147 — — 147 147 Total investment securities - available for sale $ 11,051 $ 493 $ (1 ) $ 11,543 $ 11,543 Total investment securities $ 51,030 $ 952 $ (1 ) $ 51,981 $ 51,522 |
Investments Classified by Contractual Maturity | Contractual maturities of investment securities as of March 31, 2017 and June 30, 2016 were as follows: March 31, 2017 June 30, 2016 (In Thousands) Amortized Estimated Amortized Estimated 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 25,286 25,290 18,904 19,203 Due after ten years 14,949 15,180 20,275 20,435 Total investment securities - held to maturity $ 41,035 $ 41,270 $ 39,979 $ 40,438 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 9,470 9,862 10,904 11,396 No stated maturity (common stock) — — 147 147 Total investment securities - available for sale $ 9,470 $ 9,862 $ 11,051 $ 11,543 Total investment securities $ 50,505 $ 51,132 $ 51,030 $ 51,981 |
Loans Held For Investment (Tabl
Loans Held For Investment (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Loans Held for Investment | Loans held for investment, net of fair value adjustments, consisted of the following: (In Thousands) March 31, June 30, Mortgage loans: Single-family $ 319,714 $ 324,497 Multi-family 459,180 415,627 Commercial real estate 96,364 99,528 Construction 16,552 14,653 Other 241 332 Commercial business loans 668 636 Consumer loans 126 203 Total loans held for investment, gross 892,845 855,476 Undisbursed loan funds (9,468 ) (11,258 ) Advance payments of escrows 165 56 Deferred loan costs, net 5,243 4,418 Allowance for loan losses (8,275 ) (8,670 ) Total loans held for investment, net $ 880,510 $ 840,022 |
Schedule of Loans Held for Investment, Contractual Repricing | Adjustable Rate (In Thousands) Within One Year After After After Fixed Rate Total Mortgage loans: Single-family $ 196,477 $ 18,222 $ 65,837 $ 26,031 $ 13,147 $ 319,714 Multi-family 83,750 176,173 172,985 23,626 2,646 459,180 Commercial real estate 20,923 39,087 34,256 — 2,098 96,364 Construction 12,774 — — — 3,778 16,552 Other — — — — 241 241 Commercial business loans 167 — — — 501 668 Consumer loans 126 — — — — 126 Total loans held for investment, gross $ 314,217 $ 233,482 $ 273,078 $ 49,657 $ 22,411 $ 892,845 |
Schedule of Allowance for Loan Losses and Recorded Investment [Table Text Block] | The following tables summarize the Corporation’s allowance for loan losses and recorded investment in gross loans, by portfolio type, at the dates and for the periods indicated. Quarter Ended March 31, 2017 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Allowance for loan losses: Allowance at beginning of period $ 4,283 $ 3,156 $ 836 $ 65 $ 6 $ 37 $ 8 $ 8,391 (Recovery) provision for loan losses (345 ) 208 32 15 (1 ) (73 ) (1 ) (165 ) Recoveries 83 3 — — — 75 1 162 Charge-offs (112 ) — — — — — (1 ) (113 ) Allowance for loan losses, end of period $ 3,909 $ 3,367 $ 868 $ 80 $ 5 $ 39 $ 7 $ 8,275 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 15 $ — $ 15 Collectively evaluated for impairment 3,909 3,367 868 80 5 24 7 8,260 Allowance for loan losses, end of period $ 3,909 $ 3,367 $ 868 $ 80 $ 5 $ 39 $ 7 $ 8,275 Loans held for investment: Individually evaluated for impairment $ 6,849 $ 372 $ 201 $ — $ — $ 83 $ — $ 7,505 Collectively evaluated for impairment 312,865 458,808 96,163 16,552 241 585 126 885,340 Total loans held for investment, gross $ 319,714 $ 459,180 $ 96,364 $ 16,552 $ 241 $ 668 $ 126 $ 892,845 Allowance for loan losses as a percentage of gross loans held for investment 1.22 % 0.73 % 0.90 % 0.48 % 2.07 % 5.84 % 5.56 % 0.93 % Quarter Ended March 31, 2016 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Allowance for loan losses: Allowance at beginning of period $ 5,720 $ 1,919 $ 778 $ 304 $ 1 $ 37 $ 9 $ 8,768 Recovery from the allowance for loan losses (285 ) (74 ) (37 ) (294 ) — (2 ) (2 ) (694 ) Recoveries 129 53 — — — — 1 183 Charge-offs (57 ) — — — — — — (57 ) Allowance for loan losses, end of period $ 5,507 $ 1,898 $ 741 $ 10 $ 1 $ 35 $ 8 $ 8,200 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 20 $ — $ 20 Collectively evaluated for impairment 5,507 1,898 741 10 1 15 8 8,180 Allowance for loan losses, end of period $ 5,507 $ 1,898 $ 741 $ 10 $ 1 $ 35 $ 8 $ 8,200 Loans held for investment: Individually evaluated for impairment $ 7,638 $ 1,933 $ — $ — $ — $ 98 $ — $ 9,669 Collectively evaluated for impairment 328,159 376,938 93,384 9,679 72 354 230 808,816 Total loans held for investment, gross $ 335,797 $ 378,871 $ 93,384 $ 9,679 $ 72 $ 452 $ 230 $ 818,485 Allowance for loan losses as a percentage of gross loans held for investment 1.64 % 0.50 % 0.79 % 0.10 % 1.39 % 7.74 % 3.48 % 1.01 % Nine Months Ended March 31, 2017 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Allowance for loan losses: Allowance at beginning of period $ 4,933 $ 2,800 $ 848 $ 31 $ 7 $ 43 $ 8 $ 8,670 (Recovery) provision for loan losses (1,204 ) 551 20 49 (2 ) (79 ) — (665 ) Recoveries 379 16 — — — 75 2 472 Charge-offs (199 ) — — — — — (3 ) (202 ) Allowance for loan losses, end of period $ 3,909 $ 3,367 $ 868 $ 80 $ 5 $ 39 $ 7 $ 8,275 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 15 $ — $ 15 Collectively evaluated for impairment 3,909 3,367 868 80 5 24 7 8,260 Allowance for loan losses, end of period $ 3,909 $ 3,367 $ 868 $ 80 $ 5 $ 39 $ 7 $ 8,275 Loans held for investment: Individually evaluated for impairment $ 6,849 $ 372 $ 201 $ — $ — $ 83 $ — $ 7,505 Collectively evaluated for impairment 312,865 458,808 96,163 16,552 241 585 126 885,340 Total loans held for investment, gross $ 319,714 $ 459,180 $ 96,364 $ 16,552 $ 241 $ 668 $ 126 $ 892,845 Allowance for loan losses as a percentage of gross loans held for investment 1.22 % 0.73 % 0.90 % 0.48 % 2.07 % 5.84 % 5.56 % 0.93 % Nine Months Ended March 31, 2016 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Allowance for loan losses: Allowance at beginning of period $ 5,280 $ 2,616 $ 734 $ 42 $ — $ 43 $ 9 $ 8,724 Provision (recovery) for loan 124 (885 ) (209 ) (32 ) 1 (93 ) — (1,094 ) Recoveries 356 167 216 — — 85 1 825 Charge-offs (253 ) — — — — — (2 ) (255 ) Allowance for loan losses, end of period $ 5,507 $ 1,898 $ 741 $ 10 $ 1 $ 35 $ 8 $ 8,200 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 20 $ — $ 20 Collectively evaluated for impairment 5,507 1,898 741 10 1 15 8 8,180 Allowance for loan losses, end of period $ 5,507 $ 1,898 $ 741 $ 10 $ 1 $ 35 $ 8 $ 8,200 Loans held for investment: Individually evaluated for impairment $ 7,638 $ 1,933 $ — $ — $ — $ 98 $ — $ 9,669 Collectively evaluated for impairment 328,159 376,938 93,384 9,679 72 354 230 808,816 Total loans held for investment, gross $ 335,797 $ 378,871 $ 93,384 $ 9,679 $ 72 $ 452 $ 230 $ 818,485 Allowance for loan losses as a percentage of gross loans held for investment 1.64 % 0.50 % 0.79 % 0.10 % 1.39 % 7.74 % 3.48 % 1.01 % |
Schedule of Allowance for Loan Losses | The following table summarizes the Corporation’s allowance for loan losses at March 31, 2017 and June 30, 2016: (In Thousands) March 31, 2017 June 30, 2016 Collectively evaluated for impairment: Mortgage loans: Single-family $ 3,909 $ 4,933 Multi-family 3,367 2,800 Commercial real estate 868 848 Construction 80 31 Other 5 7 Commercial business loans 24 23 Consumer loans 7 8 Total collectively evaluated allowance 8,260 8,650 Individually evaluated for impairment: Commercial business loans 15 20 Total individually evaluated allowance 15 20 Total loan loss allowance $ 8,275 $ 8,670 The following table is provided to disclose additional details on the Corporation’s allowance for loan losses: For the Quarters Ended For the Nine Months Ended (Dollars in Thousands) 2017 2016 2017 2016 Allowance at beginning of period $ 8,391 $ 8,768 $ 8,670 $ 8,724 Recovery from the allowance for loan losses (165 ) (694 ) (665 ) (1,094 ) Recoveries: Mortgage loans: Single-family 83 129 379 356 Multi-family 3 53 16 167 Commercial real estate — — — 216 Commercial business loans 75 — 75 85 Consumer loans 1 1 2 1 Total recoveries 162 183 472 825 Charge-offs: Mortgage loans: Single-family (112 ) (57 ) (199 ) (253 ) Consumer loans (1 ) — (3 ) (2 ) Total charge-offs (113 ) (57 ) (202 ) (255 ) Net recoveries 49 126 270 570 Balance at end of period $ 8,275 $ 8,200 $ 8,275 $ 8,200 Allowance for loan losses as a percentage of gross loans held for investment at the end of the period 0.93 % 1.01 % 0.93 % 1.01 % Net recoveries as a percentage of average loans receivable, net, during the period (annualized) (0.02 )% (0.05 )% (0.03 )% (0.08 )% |
Schedule of Recorded Investment in Non-Performing Loans | At March 31, 2017 Unpaid Net Principal Related Recorded Recorded (In Thousands) Balance Charge-offs Investment Allowance (1) Investment Mortgage loans: Single-family: With a related allowance $ 1,722 $ — $ 1,722 $ (360 ) $ 1,362 Without a related allowance (2) 7,863 (1,014 ) 6,849 — 6,849 Total single-family 9,585 (1,014 ) 8,571 (360 ) 8,211 Multi-family: Without a related allowance (2) 374 (2 ) 372 — 372 Total multi-family 374 (2 ) 372 — 372 Commercial real estate: Without a related allowance (2) 201 — 201 — 201 Total commercial real estate 201 — 201 — 201 Commercial business loans: With a related allowance 83 — 83 (15 ) 68 Total commercial business loans 83 — 83 (15 ) 68 Consumer loans: Without a related allowance (2) 11 (11 ) — — — Total consumer loans 11 (11 ) — — — Total non-performing loans $ 10,254 $ (1,027 ) $ 9,227 $ (375 ) $ 8,852 (1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan, and fair value credit adjustments. (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 loan balance. At June 30, 2016 Unpaid Net Principal Related Recorded Recorded (In Thousands) Balance Charge-offs Investment Allowance (1) Investment Mortgage loans: Single-family: With a related allowance $ 3,328 $ — $ 3,328 $ (773 ) $ 2,555 Without a related allowance (2) 8,339 (1,370 ) 6,969 — 6,969 Total single-family 11,667 (1,370 ) 10,297 (773 ) 9,524 Multi-family: With a related allowance 468 — 468 (141 ) 327 Without a related allowance (2) 400 (18 ) 382 — 382 Total multi-family 868 (18 ) 850 (141 ) 709 Commercial business loans: With a related allowance 96 — 96 (20 ) 76 Total commercial business loans 96 — 96 (20 ) 76 Consumer loans: Without a related allowance (2) 13 (13 ) — — — Total consumer loans 13 (13 ) — — — Total non-performing loans $ 12,644 $ (1,401 ) $ 11,243 $ (934 ) $ 10,309 (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 loan balance. |
Schedule of Average Recorded Investment in Non-Performing Loans and Related Interest Income [Table Text Block] | The following table presents the average recorded investment in non-performing loans and the related interest income recognized for the quarters and nine months ended March 31, 2017 and 2016: Quarter Ended March 31, 2017 2016 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Without related allowances: Mortgage loans: Single-family $ 7,325 $ 115 $ 7,870 $ 19 Multi-family 373 4 1,941 — Commercial real estate 134 1 — — 7,832 120 9,811 19 With related allowances: Mortgage loans: Single-family 1,398 10 2,529 22 Multi-family — — 314 7 Commercial business loans 84 2 98 2 1,482 12 2,941 31 Total $ 9,314 $ 132 $ 12,752 $ 50 Nine Months Ended March 31, 2017 2016 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Without related allowances: Mortgage loans: Single-family $ 8,480 $ 152 $ 8,544 $ 22 Multi-family 406 4 1,988 66 Commercial real estate 45 1 666 28 8,931 157 11,198 116 With related allowances: Mortgage loans: Single-family 1,287 56 2,594 58 Multi-family 156 17 105 7 Commercial business loans 88 5 102 6 1,531 78 2,801 71 Total $ 10,462 $ 235 $ 13,999 $ 187 |
Schedule of Aging Analysis of Non-Performing Loans | The following tables denote the past due status of the Corporation's gross loans held for investment, net of fair value adjustments, at the dates indicated. March 31, 2017 (In Thousands) Current 30-89 Days Past Due Non-Accrual (1) Total Loans Held for Investment Mortgage loans: Single-family $ 310,203 $ 978 $ 8,533 $ 319,714 Multi-family 458,808 — 372 459,180 Commercial real estate 96,163 — 201 96,364 Construction 16,552 — — 16,552 Other 241 — — 241 Commercial business loans 585 — 83 668 Consumer loans 126 — — 126 Total loans held for investment, gross $ 882,678 $ 978 $ 9,189 $ 892,845 (1) All loans 90 days or greater past due are placed on non-accrual status. June 30, 2016 (In Thousands) Current 30-89 Days Past Due Non-Accrual (1) Total Loans Held for Investment Mortgage loans: Single-family $ 312,595 $ 1,644 $ 10,258 $ 324,497 Multi-family 414,777 — 850 415,627 Commercial real estate 99,528 — — 99,528 Construction 14,653 — — 14,653 Other 332 — — 332 Commercial business loans 540 — 96 636 Consumer loans 203 — — 203 Total loans held for investment, gross $ 842,628 $ 1,644 $ 11,204 $ 855,476 (1) All loans 90 days or greater past due are placed on non-accrual status. |
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: At At (In Thousands) March 31, 2017 June 30, 2016 Restructured loans on non-accrual status: Mortgage loans: Single-family $ 3,507 $ 3,232 Commercial business loans 68 76 Total 3,575 3,308 Restructured loans on accrual status: Mortgage loans: Single-family — 1,290 Total — 1,290 Total restructured loans $ 3,575 $ 4,598 |
Schedule of Recorded Investment in Restructured Loans [Table Text Block] | The following tables identify the Corporation’s total recorded investment in restructured loans by type at the dates and for the periods indicated. At March 31, 2017 Unpaid Net Principal Related Recorded Recorded (In Thousands) Balance Charge-offs Investment Allowance (1) Investment Mortgage loans: Single-family: With a related allowance $ 923 $ — $ 923 $ (185 ) $ 738 Without a related allowance (2) 3,274 (505 ) 2,769 — 2,769 Total single-family 4,197 (505 ) 3,692 (185 ) 3,507 Commercial business loans: With a related allowance 83 — 83 (15 ) 68 Total commercial business loans 83 — 83 (15 ) 68 Total restructured loans $ 4,280 $ (505 ) $ 3,775 $ (200 ) $ 3,575 (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 loan balance. At June 30, 2016 Unpaid Net Principal Related Recorded Recorded (In Thousands) Balance Charge-offs Investment Allowance (1) Investment Mortgage loans: Single-family With a related allowance $ 999 $ — $ 999 $ (200 ) $ 799 Without a related allowance (2) 4,507 (784 ) 3,723 — 3,723 Total single-family 5,506 (784 ) 4,722 (200 ) 4,522 Commercial business loans: With a related allowance 96 — 96 (20 ) 76 Total commercial business loans 96 — 96 (20 ) 76 Total restructured loans $ 5,602 $ (784 ) $ 4,818 $ (220 ) $ 4,598 (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 loan balance. |
Schedule of Gross Loans Held for Investment by Loan Types and Risk Category [Table Text Block] | The following tables summarize gross loans held for investment, net of fair value adjustments, by loan types and risk category at the dates indicated: March 31, 2017 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Pass $ 307,365 $ 455,543 $ 96,163 $ 16,552 $ 241 $ 585 $ 126 $ 876,575 Special Mention 3,816 3,265 — — — — — 7,081 Substandard 8,533 372 201 — — 83 — 9,189 Total loans held for investment, gross $ 319,714 $ 459,180 $ 96,364 $ 16,552 $ 241 $ 668 $ 126 $ 892,845 June 30, 2016 (In Thousands) Single-family Multi-family Commercial Real Estate Construction Other Mortgage Commercial Business Consumer Total Pass $ 309,380 $ 410,804 $ 99,528 $ 14,653 $ 332 $ 540 $ 203 $ 835,440 Special Mention 4,858 3,974 — — — — — 8,832 Substandard 10,259 849 — — — 96 — 11,204 Total loans held for investment, gross $ 324,497 $ 415,627 $ 99,528 $ 14,653 $ 332 $ 636 $ 203 $ 855,476 |
Derivative and Other Financia25
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 June 30, 2016 (In Thousands) Undisbursed loan funds - Construction loans $ 9,468 $ 11,258 Undisbursed lines of credit – Mortgage loans — 20 Undisbursed lines of credit – Commercial business loans 618 821 Undisbursed lines of credit – Consumer loans 565 674 Commitments to extend credit on loans to be held for investment 20,247 9,955 Total $ 30,898 $ 22,728 |
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 nine months ended March 31, 2017 and 2016. For the Quarters For the Nine Months (In Thousands) 2017 2016 2017 2016 Balance, beginning of the period $ 173 $ 149 $ 204 $ 76 Provision 67 4 36 77 Balance, end of the period $ 240 $ 153 $ 240 $ 153 |
Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans | The net impact of derivative financial instruments is recorded within the gain on sale of loans contained in the Condensed Consolidated Statements of Operations during the quarters and nine months ended March 31, 2017 and 2016 was as follows: For the Quarters For the Nine Months Derivative Financial Instruments 2017 2016 2017 2016 (In Thousands) Commitments to extend credit on loans to be held for sale $ 628 $ 1,866 $ (1,681 ) $ 1,537 Mandatory loan sale commitments and TBA MBS trades (760 ) (1,435 ) 2,105 (2,531 ) Option contracts, net (11 ) 85 333 (87 ) Total net (loss) gain $ (143 ) $ 516 $ 757 $ (1,081 ) |
Schedule of Outstanding Derivative Instruments | The outstanding derivative financial instruments and other loan sale agreements at the dates indicated were as follows: March 31, 2017 June 30, 2016 Derivative Financial Instruments Amount Fair Amount Fair (In Thousands) Commitments to extend credit on loans to be held for sale (1) $ 117,993 $ 2,104 $ 181,780 $ 3,785 Best efforts loan sale commitments (15,372 ) — (29,576 ) — Mandatory loan sale commitments and TBA MBS trades (194,040 ) (1,091 ) (302,727 ) (3,196 ) Option contracts, net (5,000 ) 31 (5,000 ) — Total $ (96,419 ) $ 1,044 $ (155,523 ) $ 589 (1) Net of 27.8% at March 31, 2017 and 37.5% at June 30, 2016 of commitments which management has estimated may not fund. |
Fair Value of Financial Instr26
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Aggregate Fair Value and Aggregate Unpaid Principal Balance of Loans Held for Sale | (In Thousands) Aggregate Fair Value Aggregate Unpaid Principal Balance Net Unrealized (Loss) Gain As of March 31, 2017: Loans held for investment, at fair value $ 6,250 $ 6,526 $ (276 ) Loans held for sale, at fair value $ 105,531 $ 101,887 $ 3,644 As of June 30, 2016: Loans held for investment, at fair value $ 5,159 $ 5,324 $ (165 ) Loans held for sale, at fair value $ 189,458 $ 181,380 $ 8,078 |
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 March 31, 2017 Using: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities - available for sale: U.S. government agency MBS $ — $ 5,700 $ — $ 5,700 U.S. government sponsored enterprise MBS — 3,661 — 3,661 Private issue CMO — — 501 501 Investment securities - available for sale — 9,361 501 9,862 Loans held for investment, at fair value — — 6,250 6,250 Loans held for sale, at fair value — 105,531 — 105,531 Interest-only strips — — 35 35 Derivative assets: Commitments to extend credit on loans to be held for sale — — 2,116 2,116 Option contracts — — 31 31 Derivative assets — — 2,147 2,147 Total assets $ — $ 114,892 $ 8,933 $ 123,825 Liabilities: Derivative liabilities: Commitments to extend credit on loans to be held for sale $ — $ — $ 12 $ 12 Mandatory loan sale commitments — — 59 59 TBA MBS trades — 1,032 — 1,032 Derivative liabilities — 1,032 71 1,103 Total liabilities $ — $ 1,032 $ 71 $ 1,103 Fair Value Measurement at June 30, 2016 Using: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities - available for sale: U.S. government agency MBS $ — $ 6,572 $ — $ 6,572 U.S. government sponsored enterprise MBS — 4,223 — 4,223 Private issue CMO — — 601 601 Common stock - community development financial institution — 147 — 147 Investment securities - available for sale — 10,942 601 11,543 Loans held for investment, at fair value — — 5,159 5,159 Loans held for sale, at fair value — 189,458 — 189,458 Interest-only strips — — 47 47 Derivative assets: Commitments to extend credit on loans to be held for sale — — 3,788 3,788 Derivative assets — — 3,788 3,788 Total assets $ — $ 200,400 $ 9,595 $ 209,995 Liabilities: Derivative liabilities: Commitments to extend credit on loans to be held for sale $ — $ — $ 3 $ 3 Mandatory loan sale commitments — — 31 31 TBA MBS trades — 3,165 — 3,165 Derivative liabilities — 3,165 34 3,199 Total liabilities $ — $ 3,165 $ 34 $ 3,199 |
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 March 31, 2017 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) (In Thousands) Private Issue CMO Loans Held For Investment, at fair value (1) Interest- Only Strips Loan Commit- ments to Originate (2) Manda- tory Commit- ments (3) Option Contracts Total Beginning balance at December 31, 2016 $ 538 $ 5,964 $ 37 $ 1,476 $ (280 ) $ — $ 7,735 Total gains or losses (realized/unrealized): Included in earnings — (10 ) — 628 216 (11 ) 823 Included in other comprehensive income (loss) — — (2 ) — — — (2 ) Purchases — — — — — 42 42 Issuances — — — — — — — Settlements (37 ) (399 ) — — 5 — (431 ) Transfers in and/or out of Level 3 — 695 — — — — 695 Ending balance at March 31, 2017 $ 501 $ 6,250 $ 35 $ 2,104 $ (59 ) $ 31 $ 8,862 (1) The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan (Level 3), in addition to the quoted secondary-market prices which account for interest rate characteristics. (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 March 31, 2016 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) (In Thousands) Private Issue CMO Common stock (1) Loans Held For Investment, at fair value (2) Interest- Only Strips Loan Commit- ments to Originate (3) Manda- tory Commit- ments (4) Option Contracts Total Beginning balance at December 31, 2015 $ 654 $ 143 $ 4,210 $ 54 $ 1,170 $ (51 ) $ 24 $ 6,204 Total gains or losses (realized/ unrealized): Included in earnings — — 59 — 1,866 (105 ) 85 1,905 Included in other comprehensive (loss) income (5 ) 4 — (4 ) — — — (5 ) Purchases — — — — — — 82 82 Issuances — — — — — — — — Settlements (32 ) — (1,165 ) — — 31 (167 ) (1,333 ) Transfers in and/or out of Level 3 — (147 ) 1,479 — — — — 1,332 Ending balance at March 31, 2016 $ 617 $ — $ 4,583 $ 50 $ 3,036 $ (125 ) $ 24 $ 8,185 (1) Common stock of a community development financial institution. (2) The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan (Level 3), in addition to the quoted secondary-market prices which account for interest rate characteristics. (3) Consists of commitments to extend credit on loans to be held for sale. (4) Consists of mandatory loan sale commitments. For the Nine Months Ended March 31, 2017 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) (In Thousands) Private Issue CMO Loans Held For Investment, at fair value (1) Interest- Only Strips Loan Commit- ments to Originate (2) Manda- tory Commit- ments (3) Option Contracts Total Beginning balance at June 30, 2016 $ 601 $ 5,159 $ 47 $ 3,785 $ (31 ) $ — $ 9,561 Total gains or losses (realized/unrealized): Included in earnings — (111 ) — (1,681 ) (39 ) 333 (1,498 ) Included in other comprehensive loss 1 — (12 ) — — — (11 ) Purchases — — — — — 180 180 Issuances — — — — — — — Settlements (101 ) (1,077 ) — — 11 (482 ) (1,649 ) Transfers in and/or out of Level 3 — 2,279 — — — — 2,279 Ending balance at March 31, 2017 $ 501 $ 6,250 $ 35 $ 2,104 $ (59 ) $ 31 $ 8,862 (1) The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan (Level 3), in addition to the quoted secondary-market prices which account for interest rate characteristics. (2) Consists of commitments to extend credit on loans to be held for sale. (3) Consists of mandatory loan sale commitments. For the Nine Months Ended March 31, 2016 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) (In Thousands) Private Issue CMO Common stock (1) Loans Held For Investment, at fair value (2) Interest- Only Strips Loan Commit- ments to originate (3) Manda- tory Commit- ments (4) Option Contracts Total Beginning balance at June 30, 2015 $ 717 $ 151 $ — $ 63 $ 1,499 $ (71 ) $ 192 $ 2,551 Total gains or losses (realized/ unrealized): Included in earnings — — (149 ) — 1,537 (101 ) (87 ) 1,200 Included in other comprehensive (loss) income (7 ) (4 ) — (13 ) — — — (24 ) Purchases — — — — — — 222 222 Issuances — — — — — — — — Settlements (93 ) — (1,816 ) — — 47 (303 ) (2,165 ) Transfers in and/or out of Level 3 — (147 ) 6,548 — — — — 6,401 Ending balance at March 31, 2016 $ 617 $ — $ 4,583 $ 50 $ 3,036 $ (125 ) $ 24 $ 8,185 |
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 March 31, 2017 Using: (In Thousands) Level 1 Level 2 Level 3 Total Non-performing loans $ — $ 7,423 $ 1,429 $ 8,852 MSA — — 137 137 Real estate owned, net — 2,768 — 2,768 Total $ — $ 10,191 $ 1,566 $ 11,757 Fair Value Measurement at June 30, 2016 Using: (In Thousands) Level 1 Level 2 Level 3 Total Non-performing loans $ — $ 7,350 $ 2,959 $ 10,309 MSA — — 627 627 Real estate owned, net — 2,706 — 2,706 Total $ — $ 10,056 $ 3,586 $ 13,642 |
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 March 31, 2017: (Dollars In Thousands) Fair Value Valuation Techniques Unobservable Inputs Range (1) (Weighted Average) Impact to Valuation from an Increase in Inputs (2) Assets: Securities available - for sale: Private issue CMO $ 501 Market comparable pricing Comparability adjustment 0.2% – 1.0% (0.9%) Increase Loans held for investment, at fair value $ 6,250 Relative value Broker quotes 97.6% – 105.0% Increase Non-performing loans $ 68 Discounted cash flow Default rates 5.0% Decrease Non-performing loans $ 1,361 Relative value analysis Loss severity 20.0% - 30.0% (18.9%) Decrease MSA $ 137 Discounted cash flow Prepayment speed (CPR) Discount rate 9.8% - 60.0% (24.9%) Decrease Interest-only strips $ 35 Discounted cash flow Prepayment speed (CPR) Discount rate 14.4% - 23.4% (22.3%) Decrease Commitments to extend credit on loans to be held for sale $ 2,116 Relative value analysis TBA-MBS broker quotes Fall-out ratio (3) 98.1% – 104.9% Increase Option contracts $ 31 Relative value analysis Broker quotes 124.6% of par Increase Liabilities: Commitments to extend credit on loans to be held for sale $ 12 Relative value analysis TBA-MBS broker quotes Fall-out ratio (3) 100.4% – 104.3% Increase Mandatory loan sale commitments $ 59 Relative value analysis TBA MBS broker quotes Roll-forward costs (4) 100.8% - 105.7% Decrease (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 March 31, 2017 and June 30, 2016 was as follows: March 31, 2017 (In Thousands) Carrying Fair Financial assets: Investment securities - held to maturity $ 41,035 $ 41,270 — $ 41,270 $ — Loans held for investment, not recorded at fair value $ 874,260 $ 859,852 — — $ 859,852 FHLB – San Francisco stock $ 8,094 $ 8,094 — $ 8,094 — Financial liabilities: Deposits $ 938,306 $ 909,920 — — $ 909,920 Borrowings $ 111,244 $ 111,673 — — $ 111,673 June 30, 2016 (In Thousands) Carrying Fair Financial assets: Investment securities - held to maturity $ 39,979 $ 40,438 — $ 40,438 — Loans held for investment, not recorded at fair value $ 834,863 $ 844,124 — — $ 844,124 FHLB – San Francisco stock $ 8,094 $ 8,094 — $ 8,094 — Financial liabilities: Deposits $ 926,384 $ 896,033 — — $ 896,033 Borrowings $ 91,299 $ 95,898 — — $ 95,898 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Quarter For the Nine Months Expected volatility range 41.4 % 41.4% - 41.7% Weighted-average volatility 41.4 % 41.7 % Expected dividend yield 2.8 % 2.7 % Expected term (in years) 7.4 7.4 Risk-free interest rate 1.6 % 1.5 % |
Schedule of Nonvested Share Activity [Table Text Block] | The following tables summarize the unvested restricted stock activity in the quarter and nine months ended March 31, 2017. For the Quarter Ended March 31, 2017 Unvested Shares Shares Weighted-Average Award Date Fair Value Unvested at December 31, 2016 105,000 $13.89 Granted 6,000 $18.90 Vested — $— Forfeited — $— Unvested at March 31, 2017 111,000 $14.16 Expected to vest at March 31, 2017 88,800 $14.16 For the Nine Months Ended March 31, 2017 Unvested Shares Shares Weighted-Average Award Date Fair Value Unvested at June 30, 2016 190,000 $13.33 Granted 24,000 $17.06 Vested (87,750 ) $13.30 Forfeited (15,250 ) $13.30 Unvested at March 31, 2017 111,000 $14.16 Expected to vest at March 31, 2017 88,800 $14.16 |
Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following tables summarize the stock option activity in the Plans for the quarter and nine months ended March 31, 2017. For the Quarter Ended March 31, 2017 Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at December 31, 2016 853,000 $14.63 Granted — $— Exercised (60,250 ) $8.71 Forfeited (159,500 ) $27.31 Outstanding at March 31, 2017 633,250 $12.00 5.94 $4,233 Vested and expected to vest at March 31, 2017 592,600 $11.78 5.82 $4,090 Exercisable at March 31, 2017 430,000 $10.47 5.10 $3,519 For the Nine Months Ended March 31, 2017 Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at June 30, 2016 878,000 $14.43 Granted 26,000 $19.58 Exercised (84,000 ) $9.63 Forfeited (186,750 ) $25.52 Outstanding at March 31, 2017 633,250 $12.00 5.94 $4,233 Vested and expected to vest at March 31, 2017 592,600 $11.78 5.82 $4,090 Exercisable at March 31, 2017 430,000 $10.47 5.10 $3,519 |
Stock Option Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following tables summarize the activity in the Stock Option Plan for the quarter and nine months ended March 31, 2017. For the Quarter Ended March 31, 2017 Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at December 31, 2016 50,000 $19.92 Granted — $— Exercised — $— Forfeited — $— Outstanding at March 31, 2017 50,000 $19.92 0.32 $— Vested and expected to vest at March 31, 2017 50,000 $19.92 0.32 $— Exercisable at March 31, 2017 50,000 $19.92 0.32 $— For the Nine Months Ended March 31, 2017 Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at June 30, 2016 62,500 $21.95 Granted — $— Exercised — $— Forfeited (12,500 ) $30.08 Outstanding at March 31, 2017 50,000 $19.92 0.32 $— Vested and expected to vest at March 31, 2017 50,000 $19.92 0.32 $— Exercisable at March 31, 2017 50,000 $19.92 0.32 $— |
Reclassification Adjustment o28
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following tables provide the changes in AOCI by component for the quarters and nine months ended March 31, 2017 and 2016. For the Quarter Ended March 31, 2017 Unrealized gains and losses on (In Thousands) Investment securities available for sale Interest-only strips Total Beginning balance at December 31, 2016 $ 242 $ 22 $ 264 Other comprehensive loss before reclassifications (14 ) (2 ) (16 ) Amount reclassified from accumulated other comprehensive income — — — Net other comprehensive loss (14 ) (2 ) (16 ) Ending balance at March 31, 2017 $ 228 $ 20 $ 248 |
Offsetting Derivative and Oth29
Offsetting Derivative and Other Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of March 31, 2017: 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 $ 31 $ 31 $ — $ — $ — $ — Total $ 31 $ 31 $ — $ — $ — $ — 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 $ 1,091 $ 31 $ 1,060 $ — $ — $ 1,060 Total $ 1,091 $ 31 $ 1,060 $ — $ — $ 1,060 As of June 30, 2016: 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 $ 3,196 $ — $ 3,196 $ — $ — $ 3,196 Total $ 3,196 $ — $ 3,196 $ — $ — $ 3,196 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options, outstanding | 683,250 | 943,500 |
Restricted Stock Shares | 111,000 | 190,000 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 76,000 | 216,500 |
Earnings Per Share_ Schedule of
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
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 | $ 1,145 | $ 1,494 | $ 4,243 | $ 4,919 |
Weighted-average shares, Basic | 7,926 | 8,318 | 7,943 | 8,427 |
Adjusted weighted-average shares and assumed conversions | 8,094 | 8,516 | 8,126 | 8,620 |
Basic earnings per share (in dollars per share) | $ 0.14 | $ 0.18 | $ 0.53 | $ 0.58 |
Diluted earnings per share (in dollars per share) | $ 0.14 | $ 0.18 | $ 0.52 | $ 0.57 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Effect of dilutive securities | 142 | 132 | 153 | 129 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Effect of dilutive securities | 26 | 66 | 30 | 64 |
Operating Segment Reports (Deta
Operating Segment Reports (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($)segment | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($) | |||||
Number of operating segments | segment | 2 | ||||||||
Net interest income | $ 8,647 | $ 7,912 | $ 26,820 | $ 23,567 | |||||
Recovery from the allowance for loan losses | (165) | (694) | (665) | (1,094) | |||||
Net interest income, after recovery from the allowance for loan losses | 8,812 | 8,606 | 27,485 | 24,661 | |||||
Loan servicing and other fees | 362 | [1] | 383 | [2] | 939 | [3] | 800 | [4] | |
(Loss) gain on sale of loans, net | 5,395 | [5] | 7,145 | [6] | 19,869 | [7] | 22,113 | [8] | |
Deposit account fees | 562 | 590 | 1,664 | 1,790 | |||||
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (74) | (276) | (240) | (12) | |||||
Card and processing fees | 338 | 355 | 1,063 | 1,069 | |||||
Other | 208 | 227 | 580 | 711 | |||||
Total non-interest income | 6,791 | 8,424 | 23,875 | 26,471 | |||||
Salaries and employee benefits | 10,370 | 10,630 | 32,033 | 31,393 | |||||
Premises and occupancy | 1,241 | 1,146 | 3,765 | 3,424 | |||||
Operating and administrative expenses | 2,157 | 2,709 | 8,270 | 7,887 | |||||
Total non-interest expense | 13,768 | 14,485 | 44,068 | 42,704 | |||||
Income before income taxes | 1,835 | 2,545 | 7,292 | 8,428 | |||||
Provision for income taxes | 690 | 1,051 | 3,049 | 3,509 | |||||
Net income | 1,145 | 1,494 | 4,243 | 4,919 | |||||
Total assets, end of period | 1,199,445 | 1,173,751 | 1,199,445 | 1,173,751 | $ 1,171,381 | ||||
Loan Origination Fees | |||||||||
Inter-company charge | 173 | 135 | 0 | 0 | |||||
Loan Servicing Fees | |||||||||
Inter-company charge | 48 | 53 | 0 | 0 | |||||
Provident Bank | |||||||||
Net interest income | 7,940 | 6,915 | 23,336 | 20,519 | |||||
Recovery from the allowance for loan losses | (121) | (690) | (431) | (1,031) | |||||
Net interest income, after recovery from the allowance for loan losses | 8,061 | 7,605 | 23,767 | 21,550 | |||||
Loan servicing and other fees | 125 | [1] | 126 | [2] | 444 | [3] | 458 | [4] | |
(Loss) gain on sale of loans, net | 1 | [5] | 34 | [6] | 39 | [7] | 34 | [8] | |
Deposit account fees | 562 | 590 | 1,664 | 1,790 | |||||
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (68) | (231) | (231) | 28 | |||||
Card and processing fees | 338 | 355 | 1,063 | 1,069 | |||||
Other | 208 | 227 | 580 | 711 | |||||
Total non-interest income | 1,166 | 1,101 | 3,559 | 4,090 | |||||
Salaries and employee benefits | 4,662 | 4,761 | 14,198 | 13,569 | |||||
Premises and occupancy | 784 | 720 | 2,432 | 2,164 | |||||
Operating and administrative expenses | 1,333 | 1,232 | 3,632 | 3,467 | |||||
Total non-interest expense | 6,779 | 6,713 | 20,262 | 19,200 | |||||
Income before income taxes | 2,448 | 1,993 | 7,064 | 6,440 | |||||
Provision for income taxes | 948 | 819 | 2,953 | 2,673 | |||||
Net income | 1,500 | 1,174 | 4,111 | 3,767 | |||||
Total assets, end of period | 1,093,715 | 989,538 | 1,093,715 | 989,538 | |||||
Provident Bank Mortgage | |||||||||
Net interest income | 707 | 997 | 3,484 | 3,048 | |||||
Recovery from the allowance for loan losses | (44) | (4) | (234) | (63) | |||||
Net interest income, after recovery from the allowance for loan losses | 751 | 1,001 | 3,718 | 3,111 | |||||
Loan servicing and other fees | 237 | [1] | 257 | [2] | 495 | [3] | 342 | [4] | |
(Loss) gain on sale of loans, net | 5,394 | [5] | 7,111 | [6] | 19,830 | [7] | 22,079 | [8] | |
Deposit account fees | 0 | 0 | 0 | 0 | |||||
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (6) | (45) | (9) | (40) | |||||
Card and processing fees | 0 | 0 | 0 | 0 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Total non-interest income | 5,625 | 7,323 | 20,316 | 22,381 | |||||
Salaries and employee benefits | 5,708 | 5,869 | 17,835 | 17,824 | |||||
Premises and occupancy | 457 | 426 | 1,333 | 1,260 | |||||
Operating and administrative expenses | 824 | 1,477 | 4,638 | 4,420 | |||||
Total non-interest expense | 6,989 | 7,772 | 23,806 | 23,504 | |||||
Income before income taxes | (613) | 552 | 228 | 1,988 | |||||
Provision for income taxes | (258) | 232 | 96 | 836 | |||||
Net income | (355) | 320 | 132 | 1,152 | |||||
Total assets, end of period | $ 105,730 | $ 184,213 | $ 105,730 | $ 184,213 | |||||
[1] | Includes an inter-company charge of $173 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 $135 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | ||||||||
[3] | Includes an inter-company charge of $396 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | ||||||||
[4] | Includes an inter-company charge of $303 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment. | ||||||||
[5] | Includes an inter-company charge of $48 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | ||||||||
[6] | Includes an inter-company charge of $53 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | ||||||||
[7] | Includes an inter-company charge of $216 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. | ||||||||
[8] | Includes an inter-company charge of $352 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. |
Investment Securities_ Schedule
Investment Securities: Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Total Investment Securities, Amortized Cost Basis | $ 50,505 | $ 50,505 | $ 51,030 | $ 51,030 | ||||||
Proceeds from Maturities, Prepayments and Calls of Mortgage Backed Securities (MBS) | 3,536 | $ 1,062 | ||||||||
Amortized Cost | 9,470 | 9,470 | 11,051 | |||||||
Held-to-maturity Securities, Gross Gains, Derivatives | 241 | 459 | ||||||||
Held-to-maturity Securities, Gross Losses, Derivatives | (6) | 0 | ||||||||
Held-to-maturity Securities | 41,035 | 41,035 | 39,979 | |||||||
Held-to-maturity Securities, Fair Value | 41,270 | 41,270 | 40,438 | |||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 41,035 | 41,035 | 39,979 | |||||||
Gross Unrealized Gains | 392 | 493 | ||||||||
Gross Unrealized (Losses) | 0 | (1) | ||||||||
Investment securities – available for sale, at fair value | 9,862 | 9,862 | 11,543 | |||||||
Carrying Value | 9,862 | 9,862 | 11,543 | |||||||
Total Investment Securities, Gross Unrealized Gains | 633 | 952 | ||||||||
Total Investment Securities, Gross Unrealized Losses | 6 | 1 | ||||||||
Total Investment Securites | 51,132 | 51,132 | 51,981 | 51,981 | ||||||
Total Investment Securities, Carrying Value | 50,897 | 50,897 | 51,522 | |||||||
Common Stock, community development financial institution [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Amortized Cost | [1] | 147 | ||||||||
Gross Unrealized Gains | [1] | 0 | ||||||||
Gross Unrealized (Losses) | [1] | 0 | ||||||||
Investment securities – available for sale, at fair value | 147 | |||||||||
Carrying Value | 147 | |||||||||
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 | ||||||||
Held-to-maturity Securities | 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 | 9,862 | 9,862 | 11,543 | |||||||
Carrying Value | 9,862 | 9,862 | $ 11,543 | |||||||
U.S. government agency MBS | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Amortized Cost | 5,499 | 5,499 | 6,308 | [2] | ||||||
Gross Unrealized Gains | 201 | 264 | [2] | |||||||
Gross Unrealized (Losses) | 0 | 0 | [2] | |||||||
Investment securities – available for sale, at fair value | 5,700 | 5,700 | 6,572 | |||||||
Carrying Value | 5,700 | 5,700 | 6,572 | |||||||
U.S. government sponsored enterprise MBS | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Proceeds from Maturities, Prepayments and Calls of Mortgage Backed Securities (MBS) | 10,832 | $ 2,409 | ||||||||
Amortized Cost | 3,474 | 3,474 | 3,998 | |||||||
Held-to-maturity Securities, Gross Gains, Derivatives | 241 | [2] | 459 | |||||||
Held-to-maturity Securities, Gross Losses, Derivatives | (6) | [2] | 0 | |||||||
Held-to-maturity Securities | 40,235 | 40,235 | 39,179 | |||||||
Held-to-maturity Securities, Fair Value | 40,470 | 40,470 | 39,638 | |||||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 40,235 | [2] | 40,235 | [2] | 39,179 | |||||
Gross Unrealized Gains | 187 | 225 | ||||||||
Gross Unrealized (Losses) | 0 | 0 | ||||||||
Investment securities – available for sale, at fair value | 3,661 | 3,661 | 4,223 | |||||||
Carrying Value | 3,661 | 3,661 | 4,223 | |||||||
Collateralized Mortgage Obligations [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Amortized Cost | [1] | 497 | 497 | 598 | ||||||
Gross Unrealized Gains | [1] | 4 | 4 | |||||||
Gross Unrealized (Losses) | [1] | 0 | (1) | |||||||
Investment securities – available for sale, at fair value | 501 | 501 | 601 | |||||||
Carrying Value | $ 501 | $ 501 | $ 601 | |||||||
[1] | Collateralized Mortgage Obligations (“CMO”). | |||||||||
[2] | Mortgage-Backed Securities (“MBS”). |
Investment Securities_ Mortgage
Investment Securities: Mortgage Backed Securities Policy (Details) security in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2015security | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Principal payments from investment securities available for sale | $ 3,536 | $ 1,062 | |||
Other-than-temporary impairments, investments | 0 | 0 | $ 0 | $ 0 | |
U.S. government sponsored enterprise MBS | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Principal payments from investment securities available for sale | 10,832 | 2,409 | |||
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Held-to-maturity | $ 11,000 | $ 10,600 | $ 11,000 | $ 20,800 | |
Available for sale | Private issue CMO | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of investment securities held | security | 6 |
Investment Securities Investmen
Investment Securities Investment Securities: Investments with Unrealized Loss Positions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Jun. 30, 2016 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 11,548 | $ 103 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 6 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 11,548 | 103 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | 6 | 1 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 103 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 103 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 1 | |
U.S. government sponsored enterprise MBS | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 11,548 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 11,548 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | 6 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 |
Investment Securities_ Schedu36
Investment Securities: Schedule of Available for Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
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 | 25,286 | 18,904 | |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 25,290 | 19,203 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 14,949 | 20,275 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 15,180 | 20,435 | |
Investment securities – held to maturity, at cost | 41,035 | 39,979 | |
Held-to-maturity Securities, Fair Value | 41,270 | 40,438 | |
Available-for-sale Securities | 9,862 | 11,543 | |
Total Investment Securities, Amortized Cost Basis | 50,505 | 51,030 | $ 51,030 |
Total Investment Securites | 51,132 | $ 51,981 | 51,981 |
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 | 9,470 | 10,904 | |
Total investment securities, Amortized Cost | 9,470 | 11,051 | |
Available-for-sale Securities | 9,862 | 11,543 | |
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 | 9,862 | 11,396 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 0 | 147 | |
Total investment securities, Estimated Fair Value | $ 0 | $ 147 |
Loans Held For Investment_ Sche
Loans Held For Investment: Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | $ 892,845 | $ 855,476 | ||||
Loans and Leases Receivable, Loans in Process | (9,468) | (11,258) | ||||
Escrow Deposit | 165 | 56 | ||||
Deferred loan costs, net | 5,243 | 4,418 | ||||
Allowance for loan losses | (8,275) | $ (8,391) | (8,670) | $ (8,200) | $ (8,768) | $ (8,724) |
Total loans held for investment, net | 880,510 | 840,022 | ||||
Mortgage loans, Single-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 319,714 | 324,497 | ||||
Mortgage loans, Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 459,180 | 415,627 | ||||
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 96,364 | 99,528 | ||||
Construction Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 16,552 | 14,653 | ||||
Mortgage Loans, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 241 | 332 | ||||
Commercial Business Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | 668 | 636 | ||||
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans held for investment, gross | $ 126 | $ 203 |
Loans Held For Investment_ Narr
Loans Held For Investment: Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017USD ($)loanproperty | Jun. 30, 2016USD ($)loan | Mar. 31, 2016USD ($)property | Mar. 31, 2017USD ($)loanproperty | Mar. 31, 2016USD ($)property | Jun. 30, 2016USD ($)loan | Jun. 30, 2015 | |
Number of Previously Foreclosed Properties Sold | property | 1 | 3 | 4 | 6 | |||
Financing Receivable, Modifications, Number of Contracts | loan | 10 | 13 | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 3,575,000 | $ 3,308,000 | $ 3,575,000 | $ 3,308,000 | |||
Financing Receivable, Recorded Investment, Accrual Status | 0 | 1,290,000 | 0 | 1,290,000 | |||
Financing Receivable, Modifications, Recorded Investment | $ 3,575,000 | 4,598,000 | 3,575,000 | 4,598,000 | |||
Financing Receivable, Modifications, Number of Contracts, Extending Beyond Initial Maturity | loan | 0 | ||||||
Impaired Financing Receivable, Average Recorded Investment | $ 9,314,000 | $ 12,752,000 | 10,462,000 | $ 13,999,000 | |||
Loans held for investment | 892,845,000 | $ 855,476,000 | $ 892,845,000 | $ 855,476,000 | |||
Loan interest income added to negative amortization loan balance | $ 0 | 0 | |||||
Interest-only ARM loans as percent of loans held for investment | 2.70% | 7.60% | 2.70% | 7.60% | |||
Fixed-rate loans as a percentage of total loans held for investment | 3.00% | 3.00% | 3.00% | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 132,000 | 50,000 | $ 235,000 | 187,000 | |||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 29,000 | $ 19,000 | $ 105,000 | $ 123,000 | |||
Percent of Total Restructured Loans on Current Status | 38.00% | 41.00% | 38.00% | 41.00% | |||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 | $ 0 | $ 0 | |||
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 on Real Estate | Subject to Negative Amortization | |||||||
Loans held for investment | 9,100,000 | 10,200,000 | $ 9,100,000 | 10,200,000 | |||
Mortgage loans, Multi-family | |||||||
Loans held for investment | 459,180,000 | 415,627,000 | 459,180,000 | 415,627,000 | |||
Mortgage loans, Multi-family | Subject to Negative Amortization | |||||||
Loans held for investment | 6,300,000 | 6,900,000 | 6,300,000 | 6,900,000 | |||
Mortgage loans, Single-family | |||||||
Loans held for investment | 319,714,000 | 324,497,000 | 319,714,000 | 324,497,000 | |||
Held-to-maturity Securities, Transferred Security, at Carrying Value | $ 6,300,000 | $ 5,200,000 | $ 6,300,000 | $ 5,200,000 | |||
Loans, held for investment, originated for sale, subsequently transferred | 19 | 18 | 19 | 18 | |||
Mortgage loans, Single-family | Subject to Negative Amortization | |||||||
Loans held for investment | $ 2,700,000 | $ 3,100,000 | $ 2,700,000 | $ 3,100,000 | |||
Commercial Real Estate [Member] | |||||||
Loans held for investment | 96,364,000 | 99,528,000 | 96,364,000 | 99,528,000 | |||
Commercial Real Estate [Member] | Subject to Negative Amortization | |||||||
Loans held for investment | 125,000 | 170,000 | 125,000 | 170,000 | |||
Adjustable Rate Residential Mortgage | |||||||
Loans held for investment | 23,800,000 | 64,700,000 | 23,800,000 | 64,700,000 | |||
Special Mention [Member] | |||||||
Loans held for investment | 7,081,000 | $ 8,832,000 | 7,081,000 | 8,832,000 | |||
Special Mention [Member] | Restructured loans on accrual status | |||||||
Financing Receivable, Modifications, Number of Contracts | loan | 3 | ||||||
Financing Receivable, Recorded Investment, Accrual Status | $ 1,300,000 | 1,300,000 | |||||
Special Mention [Member] | Mortgage loans, Multi-family | |||||||
Loans held for investment | 3,265,000 | 3,974,000 | 3,265,000 | 3,974,000 | |||
Special Mention [Member] | Mortgage loans, Single-family | |||||||
Loans held for investment | 3,816,000 | 4,858,000 | 3,816,000 | 4,858,000 | |||
Special Mention [Member] | Commercial Real Estate [Member] | |||||||
Loans held for investment | 0 | $ 0 | 0 | 0 | |||
Substandard [Member] | |||||||
Financing Receivable, Modifications, Number of Contracts | loan | 10 | ||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 3,300,000 | 3,300,000 | |||||
Loans held for investment | 9,189,000 | 11,204,000 | 9,189,000 | 11,204,000 | |||
Substandard [Member] | Mortgage loans, Multi-family | |||||||
Loans held for investment | 372,000 | 849,000 | 372,000 | 849,000 | |||
Substandard [Member] | Mortgage loans, Single-family | |||||||
Loans held for investment | 8,533,000 | 10,259,000 | 8,533,000 | 10,259,000 | |||
Substandard [Member] | Commercial Real Estate [Member] | |||||||
Loans held for investment | 201,000 | 0 | 201,000 | 0 | |||
Current [Member] | |||||||
Financing Receivable, Modifications, Recorded Investment | $ 1,342,000 | $ 1,900,000 | $ 1,342,000 | $ 1,900,000 |
Loans Held For Investment_ Sc39
Loans Held For Investment: Schedule of Loans Held for Investment Contractually Repricing (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | $ 22,411 | |
Total loans held for investment, gross | 892,845 | $ 855,476 |
Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 13,147 | |
Total loans held for investment, gross | 319,714 | 324,497 |
Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 2,646 | |
Total loans held for investment, gross | 459,180 | 415,627 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 2,098 | |
Total loans held for investment, gross | 96,364 | 99,528 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 3,778 | |
Total loans held for investment, gross | 16,552 | 14,653 |
Mortgage Loans, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for investment, gross | 241 | 332 |
Notes, Loans and Financing Receivable, Gross, Noncurrent | 241 | |
Commercial Business Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 501 | |
Total loans held for investment, gross | 668 | 636 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 0 | |
Total loans held for investment, gross | 126 | $ 203 |
Within One Year | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 314,217 | |
Within One Year | Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 196,477 | |
Within One Year | Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 83,750 | |
Within One Year | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 20,923 | |
Within One Year | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 12,774 | |
Within One Year | Commercial Business Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 167 | |
Within One Year | Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 126 | |
After One Year Through 3 Years | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 233,482 | |
After One Year Through 3 Years | Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 18,222 | |
After One Year Through 3 Years | Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 176,173 | |
After One Year Through 3 Years | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 39,087 | |
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 | 273,078 | |
After 3 Years Through 5 Years | Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 65,837 | |
After 3 Years Through 5 Years | Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 172,985 | |
After 3 Years Through 5 Years | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 34,256 | |
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 | 0 | |
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 | 49,657 | |
After 5 Years Through 10 Years | Mortgage loans, Single-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 26,031 | |
After 5 Years Through 10 Years | Mortgage loans, Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 23,626 | |
After 5 Years Through 10 Years | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
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 | |
Adjustable Rate [Member] | Within One Year | Mortgage Loans, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 0 | |
Adjustable Rate [Member] | After One Year Through 3 Years | Mortgage Loans, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 0 | |
Adjustable Rate [Member] | After 3 Years Through 5 Years | Mortgage Loans, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 0 | |
Adjustable Rate [Member] | After 5 Years Through 10 Years | Mortgage Loans, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 0 | |
Fixed Rate [Member] | Mortgage Loans, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes, Loans and Financing Receivable, Gross, Noncurrent | $ 241 |
Loans Held For Investment Loans
Loans Held For Investment Loans Held For Investment: Schedule of Gross Loans Held for Investment by Loan Types and Risk Category (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Loans and Leases Receivable, Gross | $ 892,845 | $ 855,476 |
Mortgage loans, Single-family | ||
Loans and Leases Receivable, Gross | 319,714 | 324,497 |
Mortgage loans, Multi-family | ||
Loans and Leases Receivable, Gross | 459,180 | 415,627 |
Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Gross | 96,364 | 99,528 |
Construction Loans [Member] | ||
Loans and Leases Receivable, Gross | 16,552 | 14,653 |
Mortgage Loans, Other [Member] | ||
Loans and Leases Receivable, Gross | 241 | 332 |
Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 668 | 636 |
Consumer Loans | ||
Loans and Leases Receivable, Gross | 126 | 203 |
Pass [Member] | ||
Loans and Leases Receivable, Gross | 876,575 | 835,440 |
Pass [Member] | Mortgage loans, Single-family | ||
Loans and Leases Receivable, Gross | 307,365 | 309,380 |
Pass [Member] | Mortgage loans, Multi-family | ||
Loans and Leases Receivable, Gross | 455,543 | 410,804 |
Pass [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Gross | 96,163 | 99,528 |
Pass [Member] | Construction Loans [Member] | ||
Loans and Leases Receivable, Gross | 16,552 | 14,653 |
Pass [Member] | Mortgage Loans, Other [Member] | ||
Loans and Leases Receivable, Gross | 241 | 332 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 585 | 540 |
Pass [Member] | Consumer Loans | ||
Loans and Leases Receivable, Gross | 126 | 203 |
Special Mention [Member] | ||
Loans and Leases Receivable, Gross | 7,081 | 8,832 |
Special Mention [Member] | Mortgage loans, Single-family | ||
Loans and Leases Receivable, Gross | 3,816 | 4,858 |
Special Mention [Member] | Mortgage loans, Multi-family | ||
Loans and Leases Receivable, Gross | 3,265 | 3,974 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Construction Loans [Member] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Mortgage Loans, Other [Member] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Consumer Loans | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | ||
Loans and Leases Receivable, Gross | 9,189 | 11,204 |
Substandard [Member] | Mortgage loans, Single-family | ||
Loans and Leases Receivable, Gross | 8,533 | 10,259 |
Substandard [Member] | Mortgage loans, Multi-family | ||
Loans and Leases Receivable, Gross | 372 | 849 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Gross | 201 | 0 |
Substandard [Member] | Construction Loans [Member] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | Mortgage Loans, Other [Member] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Gross | 83 | 96 |
Substandard [Member] | Consumer Loans | ||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
Loans Held For Investment_ Sc41
Loans Held For Investment: Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | $ 8,260 | $ 8,650 | $ 8,180 | |||
Loans receivable, individually evaluated allowance | 15 | 20 | 20 | |||
Total loan loss allowance | 8,275 | $ 8,391 | 8,670 | 8,200 | $ 8,768 | $ 8,724 |
Mortgage loans, Single-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 3,909 | 4,933 | 5,507 | |||
Loans receivable, individually evaluated allowance | 0 | 0 | ||||
Total loan loss allowance | 3,909 | 4,283 | 4,933 | 5,507 | 5,720 | 5,280 |
Mortgage loans, Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 3,367 | 2,800 | 1,898 | |||
Loans receivable, individually evaluated allowance | 0 | 0 | ||||
Total loan loss allowance | 3,367 | 3,156 | 2,800 | 1,898 | 1,919 | 2,616 |
Commercial Real Estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 868 | 848 | 741 | |||
Loans receivable, individually evaluated allowance | 0 | 0 | ||||
Total loan loss allowance | 868 | 836 | 848 | 741 | 778 | 734 |
Construction Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 80 | 31 | 10 | |||
Loans receivable, individually evaluated allowance | 0 | 0 | ||||
Total loan loss allowance | 80 | 65 | 31 | 10 | 304 | 42 |
Mortgage Loans, Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 5 | 1 | 7 | |||
Loans receivable, individually evaluated allowance | 0 | 0 | ||||
Total loan loss allowance | 5 | 6 | 7 | 1 | 1 | 0 |
Commercial Business Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 24 | 23 | 15 | |||
Loans receivable, individually evaluated allowance | 15 | 20 | 20 | |||
Total loan loss allowance | 39 | 37 | 43 | 35 | 37 | 43 |
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, collectively evaluated allowance | 7 | 8 | 8 | |||
Loans receivable, individually evaluated allowance | 0 | 0 | ||||
Total loan loss allowance | $ 7 | $ 8 | $ 8 | $ 8 | $ 9 | $ 9 |
Loans Held For Investment_ Sc42
Loans Held For Investment: Schedule of Allowance for Loan Losses Additional Detail (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance at beginning of period | $ 8,391 | $ 8,768 | $ 8,670 | $ 8,724 |
Recovery from the allowance for loan losses | (165) | (694) | (665) | (1,094) |
Recoveries | 162 | 183 | 472 | 825 |
Charge-offs | (113) | (57) | (202) | (255) |
Net charge-offs | 49 | 126 | 270 | 570 |
Balance at end of period | $ 8,275 | $ 8,200 | $ 8,275 | $ 8,200 |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.93% | 1.01% | 0.93% | 1.01% |
Net recoveries as a percentage of average loans receivable, net, during the period (annualized) | (0.02%) | (0.05%) | (0.03%) | (0.08%) |
Mortgage loans, Single-family | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Recoveries | $ 83 | $ 129 | $ 379 | $ 356 |
Charge-offs | (112) | (57) | (199) | (253) |
Mortgage loans, Multi-family | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Recoveries | 3 | 53 | 16 | 167 |
Commercial Real Estate [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Recoveries | 0 | 0 | 0 | 216 |
Commercial Business Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Recoveries | 75 | 0 | 75 | 85 |
Consumer Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Recoveries | 1 | 1 | 2 | 1 |
Charge-offs | $ (1) | $ 0 | $ (3) | $ (2) |
Loans Held For Investment Loa43
Loans Held For Investment Loans Held For Investment: Schedule of Past Due Status of Loans Held for Investment, Gross (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans Held For Investment, Gross, Current | $ 882,678 | $ 842,628 | |
Loans Held For Investment, Gross, 30-89 Days Past Due | 978 | 1,644 | |
Loans Held For Investment, Gross, Non-Accrual | 9,189 | 11,204 | |
Loans Held For Investment, Gross | 892,845 | 855,476 | $ 818,485 |
Mortgage loans, Single-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans Held For Investment, Gross, Current | 310,203 | 312,595 | |
Loans Held For Investment, Gross, 30-89 Days Past Due | 978 | 1,644 | |
Loans Held For Investment, Gross, Non-Accrual | 8,533 | 10,258 | |
Loans Held For Investment, Gross | 319,714 | 324,497 | 335,797 |
Mortgage loans, Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans Held For Investment, Gross, Current | 458,808 | 414,777 | |
Loans Held For Investment, Gross, 30-89 Days Past Due | 0 | 0 | |
Loans Held For Investment, Gross, Non-Accrual | 372 | 850 | |
Loans Held For Investment, Gross | 459,180 | 415,627 | 378,871 |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans Held For Investment, Gross, Current | 96,163 | 99,528 | |
Loans Held For Investment, Gross, 30-89 Days Past Due | 0 | 0 | |
Loans Held For Investment, Gross, Non-Accrual | 201 | 0 | |
Loans Held For Investment, Gross | 96,364 | 99,528 | 93,384 |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans Held For Investment, Gross, Current | 16,552 | 14,653 | |
Loans Held For Investment, Gross, 30-89 Days Past Due | 0 | 0 | |
Loans Held For Investment, Gross, Non-Accrual | 0 | 0 | |
Loans Held For Investment, Gross | 16,552 | 14,653 | 9,679 |
Mortgage Loans, Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans Held For Investment, Gross, Current | 241 | 332 | |
Loans Held For Investment, Gross, 30-89 Days Past Due | 0 | 0 | |
Loans Held For Investment, Gross, Non-Accrual | 0 | 0 | |
Loans Held For Investment, Gross | 241 | 332 | 72 |
Commercial Business Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans Held For Investment, Gross, Current | 585 | 540 | |
Loans Held For Investment, Gross, 30-89 Days Past Due | 0 | 0 | |
Loans Held For Investment, Gross, Non-Accrual | 83 | 96 | |
Loans Held For Investment, Gross | 668 | 636 | 452 |
Consumer Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans Held For Investment, Gross, Current | 126 | 203 | |
Loans Held For Investment, Gross, 30-89 Days Past Due | 0 | 0 | |
Loans Held For Investment, Gross, Non-Accrual | 0 | 0 | |
Loans Held For Investment, Gross | $ 126 | $ 203 | $ 230 |
Loans Held For Investment Loa44
Loans Held For Investment Loans Held For Investment: Schedule of Allowance For Loan Losses and Recorded Investment in Gross Loans, by Portfolio Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance at beginning of period | $ 8,391 | $ 8,768 | $ 8,670 | $ 8,724 | ||
Provision for Loan and Lease Losses | (165) | (694) | (665) | (1,094) | ||
Recoveries | 162 | 183 | 472 | 825 | ||
Allowance for Loan and Lease Losses Write-offs, Net | (113) | (57) | (202) | (255) | ||
Balance at end of period | 8,275 | 8,200 | 8,275 | 8,200 | ||
Loans receivable, individually evaluated allowance | 15 | 20 | 15 | 20 | $ 20 | |
Loans receivable, collectively evaluated allowance | 8,260 | 8,180 | 8,260 | 8,180 | 8,650 | |
Financing Receivable, Individually Evaluated for Impairment | 7,505 | 9,669 | 7,505 | 9,669 | ||
Financing Receivable, Collectively Evaluated for Impairment | 885,340 | 808,816 | 885,340 | 808,816 | ||
Loans Held For Investment, Gross | $ 892,845 | $ 818,485 | $ 892,845 | $ 818,485 | 855,476 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.93% | 1.01% | 0.93% | 1.01% | ||
Mortgage loans, Single-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance at beginning of period | $ 4,283 | $ 5,720 | $ 4,933 | $ 5,280 | ||
Provision for Loan and Lease Losses | (345) | (285) | (1,204) | 124 | ||
Recoveries | 83 | 129 | 379 | 356 | ||
Allowance for Loan and Lease Losses Write-offs, Net | (112) | (57) | (199) | (253) | ||
Balance at end of period | 3,909 | 5,507 | 3,909 | 5,507 | ||
Loans receivable, individually evaluated allowance | 0 | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated allowance | 3,909 | 5,507 | 3,909 | 5,507 | 4,933 | |
Financing Receivable, Individually Evaluated for Impairment | 6,849 | 7,638 | 6,849 | 7,638 | ||
Financing Receivable, Collectively Evaluated for Impairment | 312,865 | 328,159 | 312,865 | 328,159 | ||
Loans Held For Investment, Gross | $ 319,714 | $ 335,797 | $ 319,714 | $ 335,797 | 324,497 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 1.22% | 1.64% | 1.22% | 1.64% | ||
Mortgage loans, Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance at beginning of period | $ 3,156 | $ 1,919 | $ 2,800 | $ 2,616 | ||
Provision for Loan and Lease Losses | 208 | (74) | 551 | (885) | ||
Recoveries | 3 | 53 | 16 | 167 | ||
Allowance for Loan and Lease Losses Write-offs, Net | 0 | 0 | 0 | 0 | ||
Balance at end of period | 3,367 | 1,898 | 3,367 | 1,898 | ||
Loans receivable, individually evaluated allowance | 0 | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated allowance | 3,367 | 1,898 | 3,367 | 1,898 | 2,800 | |
Financing Receivable, Individually Evaluated for Impairment | 372 | 1,933 | 372 | 1,933 | ||
Financing Receivable, Collectively Evaluated for Impairment | 458,808 | 376,938 | 458,808 | 376,938 | ||
Loans Held For Investment, Gross | $ 459,180 | $ 378,871 | $ 459,180 | $ 378,871 | 415,627 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.73% | 0.50% | 0.73% | 0.50% | ||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance at beginning of period | $ 836 | $ 778 | $ 848 | $ 734 | ||
Provision for Loan and Lease Losses | 32 | (37) | 20 | (209) | ||
Recoveries | 0 | 0 | 0 | 216 | ||
Allowance for Loan and Lease Losses Write-offs, Net | 0 | 0 | 0 | 0 | ||
Balance at end of period | 868 | 741 | 868 | 741 | ||
Loans receivable, individually evaluated allowance | 0 | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated allowance | 868 | 741 | 868 | 741 | 848 | |
Financing Receivable, Individually Evaluated for Impairment | 201 | 0 | 201 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 96,163 | 93,384 | 96,163 | 93,384 | ||
Loans Held For Investment, Gross | $ 96,364 | $ 93,384 | $ 96,364 | $ 93,384 | 99,528 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.90% | 0.79% | 0.90% | 0.79% | ||
Construction Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance at beginning of period | $ 65 | $ 304 | $ 31 | $ 42 | ||
Provision for Loan and Lease Losses | 15 | (294) | 49 | (32) | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Allowance for Loan and Lease Losses Write-offs, Net | 0 | 0 | 0 | 0 | ||
Balance at end of period | 80 | 10 | 80 | 10 | ||
Loans receivable, individually evaluated allowance | 0 | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated allowance | 80 | 10 | 80 | 10 | 31 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 16,552 | 9,679 | 16,552 | 9,679 | ||
Loans Held For Investment, Gross | $ 16,552 | $ 9,679 | $ 16,552 | $ 9,679 | 14,653 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.48% | 0.10% | 0.48% | 0.10% | ||
Mortgage Loans, Other [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance at beginning of period | $ 6 | $ 1 | $ 7 | $ 0 | ||
Provision for Loan and Lease Losses | 1 | 0 | 2 | (1) | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Allowance for Loan and Lease Losses Write-offs, Net | 0 | 0 | 0 | 0 | ||
Balance at end of period | 5 | 1 | 5 | 1 | ||
Loans receivable, individually evaluated allowance | 0 | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated allowance | 5 | 1 | 5 | 1 | $ 7 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 241 | 72 | 241 | 72 | ||
Loans Held For Investment, Gross | $ 241 | $ 72 | $ 241 | $ 72 | 332 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 2.07% | 1.39% | 2.07% | 1.39% | ||
Commercial Business Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance at beginning of period | $ 37 | $ 37 | $ 43 | $ 43 | ||
Provision for Loan and Lease Losses | (73) | (2) | (79) | (93) | ||
Recoveries | 75 | 0 | 75 | 85 | ||
Allowance for Loan and Lease Losses Write-offs, Net | 0 | 0 | 0 | 0 | ||
Balance at end of period | 39 | 35 | 39 | 35 | ||
Loans receivable, individually evaluated allowance | 15 | 20 | 15 | 20 | 20 | |
Loans receivable, collectively evaluated allowance | 24 | 15 | 24 | 15 | 23 | |
Financing Receivable, Individually Evaluated for Impairment | 83 | 98 | 83 | 98 | ||
Financing Receivable, Collectively Evaluated for Impairment | 585 | 354 | 585 | 354 | ||
Loans Held For Investment, Gross | $ 668 | $ 452 | $ 668 | $ 452 | 636 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 5.84% | 7.74% | 5.84% | 7.74% | ||
Consumer Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance at beginning of period | $ 8 | $ 9 | $ 8 | $ 9 | ||
Provision for Loan and Lease Losses | (1) | (2) | 0 | 0 | ||
Recoveries | 1 | 1 | 2 | 1 | ||
Allowance for Loan and Lease Losses Write-offs, Net | (1) | 0 | (3) | (2) | ||
Balance at end of period | 7 | 8 | 7 | 8 | ||
Loans receivable, individually evaluated allowance | 0 | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated allowance | 7 | 8 | 7 | 8 | 8 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 126 | 230 | 126 | 230 | ||
Loans Held For Investment, Gross | $ 126 | $ 230 | $ 126 | $ 230 | $ 203 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 5.56% | 3.48% | 5.56% | 3.48% |
Loans Held For Investment Loa45
Loans Held For Investment Loans Held For Investment: Schedule of Total Recorded Investment in Non-Performing Loans by Type (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired Financing Receivable, Related Allowance | $ (375) | $ (934) |
Impaired Financing Receivable, Unpaid Principal Balance | 10,254 | 12,644 |
Impaired Financing Receivable, Related Charge-Offs | (1,027) | (1,401) |
Impaired Financing Receivable, Recorded Investment | 9,227 | 11,243 |
Impaired Financing Receivable, Recorded Investment, Net of Allowance | 8,852 | 10,309 |
Mortgage loans, Single-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,722 | 3,328 |
Impaired Financing Receivable, with Related Allowance, Related Charge-Offs | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,722 | 3,328 |
Impaired Financing Receivable, Related Allowance | (360) | (773) |
Impaired Financing Receivable, Recorded Investment, with Related Allowance, Net | 1,362 | 2,555 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,863 | 8,339 |
Impaired Financing Receivable, with No Related Allowance, Related Charge-Offs | (1,014) | (1,370) |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,849 | 6,969 |
Impaired Financing Receivable, Recorded Investment, with No Related Allowance, Net | 6,849 | 6,969 |
Impaired Financing Receivable, Unpaid Principal Balance | 9,585 | 11,667 |
Impaired Financing Receivable, Related Charge-Offs | (1,014) | (1,370) |
Impaired Financing Receivable, Recorded Investment | 8,571 | 10,297 |
Impaired Financing Receivable, Recorded Investment, Net of Allowance | 8,211 | 9,524 |
Mortgage loans, Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 468 | |
Impaired Financing Receivable, with Related Allowance, Related Charge-Offs | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 468 | |
Impaired Financing Receivable, Related Allowance | 0 | (141) |
Impaired Financing Receivable, Recorded Investment, with Related Allowance, Net | 327 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 374 | 400 |
Impaired Financing Receivable, with No Related Allowance, Related Charge-Offs | (2) | (18) |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 372 | 382 |
Impaired Financing Receivable, Recorded Investment, with No Related Allowance, Net | 372 | 382 |
Impaired Financing Receivable, Unpaid Principal Balance | 374 | 868 |
Impaired Financing Receivable, Related Charge-Offs | (2) | (18) |
Impaired Financing Receivable, Recorded Investment | 372 | 850 |
Impaired Financing Receivable, Recorded Investment, Net of Allowance | 372 | 709 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired Financing Receivable, Related Allowance | 0 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 201 | |
Impaired Financing Receivable, with No Related Allowance, Related Charge-Offs | 0 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 201 | |
Impaired Financing Receivable, Recorded Investment, with No Related Allowance, Net | 201 | |
Impaired Financing Receivable, Unpaid Principal Balance | 201 | |
Impaired Financing Receivable, Related Charge-Offs | 0 | |
Impaired Financing Receivable, Recorded Investment | 201 | |
Impaired Financing Receivable, Recorded Investment, Net of Allowance | 201 | |
Commercial Business Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 83 | 96 |
Impaired Financing Receivable, with Related Allowance, Related Charge-Offs | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 83 | 96 |
Impaired Financing Receivable, Related Allowance | (15) | (20) |
Impaired Financing Receivable, Recorded Investment, with Related Allowance, Net | 68 | 76 |
Impaired Financing Receivable, Unpaid Principal Balance | 83 | 96 |
Impaired Financing Receivable, Related Charge-Offs | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | 83 | 96 |
Impaired Financing Receivable, Recorded Investment, Net of Allowance | 68 | 76 |
Consumer Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 11 | 13 |
Impaired Financing Receivable, with No Related Allowance, Related Charge-Offs | (11) | (13) |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, with No Related Allowance, Net | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 11 | 13 |
Impaired Financing Receivable, Related Charge-Offs | (11) | (13) |
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Recorded Investment, Net of Allowance | $ 0 | $ 0 |
Loans Held For Investment_ Na46
Loans Held For Investment: Narrative 2 (Details) $ / shares in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($)loanproperty$ / shares | Jun. 30, 2016USD ($)loan | Mar. 31, 2016USD ($)property$ / shares | Mar. 31, 2017USD ($)loanproperty | Mar. 31, 2016USD ($)property | Jun. 30, 2016USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Properties Acquired in Settlement of Loans | property | 2 | 2 | 5 | 8 | ||
Number of Previously Foreclosed Properties Sold | property | 1 | 3 | 4 | 6 | ||
Average investment in non-performing loans | $ 9,314,000 | $ 12,752,000 | $ 10,462,000 | $ 13,999,000 | ||
Interest income, non-performing loans, cash basis | 132,000 | 50,000 | 235,000 | 187,000 | ||
Interest lost on non-performing Loans | $ 29,000 | $ 19,000 | $ 105,000 | 123,000 | ||
Number of modified loans | loan | 10 | 13 | ||||
Number of loans modified, extended beyond initial maturity | loan | 0 | |||||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 | $ 0 | $ 0 | ||
Number of Loans Modified as Troubled Debt Restructurings in Default | $ / shares | $ 0 | $ 0 | ||||
Loans receivable, restructured loans, accrual status | $ 3,575,000 | 3,308,000 | 3,575,000 | 3,308,000 | ||
Loans receivable, restructured loans, nonaccrual status | 0 | 1,290,000 | 0 | 1,290,000 | ||
Restructured loans | $ 3,575,000 | $ 4,598,000 | $ 3,575,000 | $ 4,598,000 | ||
Percent of Total Restructured Loans on Current Status | 38.00% | 41.00% | 38.00% | 41.00% | ||
Substandard [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of modified loans | loan | 10 | |||||
Loans receivable, restructured loans, accrual status | $ 3,300,000 | $ 3,300,000 | ||||
Current [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Restructured loans | $ 1,342,000 | $ 1,900,000 | $ 1,342,000 | 1,900,000 | ||
Restructured loans on accrual status | Special Mention [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of modified loans | loan | 3 | |||||
Loans receivable, restructured loans, nonaccrual status | $ 1,300,000 | $ 1,300,000 | ||||
Collected and Applied to Principal Balance [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest lost on non-performing Loans | $ 60,000 | $ 125,000 | $ 196,000 | $ 314,000 | ||
In Default and Required and Additional Provision [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans Modified as Troubled Debt Restructurings | loan | 0 |
Loans Held For Investment_ Sc47
Loans Held For Investment: Schedule of Average Recorded Investment in Non-Performing Loans and Related Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Non-performing Loans, with No Related Allowance, Average Recorded Investment | $ 7,832 | $ 9,811 | $ 8,931 | $ 11,198 |
Non-performing Loans, with No Related Allowance, Interest Income | 120 | 19 | 157 | 116 |
Non-performing Loans, with Related Allowance, Average Recorded Investment | 1,482 | 2,941 | 1,531 | 2,801 |
Non-performing Loans, with Related Allowance, Interest Income | 12 | 31 | 78 | 71 |
Average investment in non-performing loans | 9,314 | 12,752 | 10,462 | 13,999 |
Non-performing Loans, Interest Income | 132 | 50 | 235 | 187 |
Mortgage loans, Single-family | ||||
Non-performing Loans, with No Related Allowance, Average Recorded Investment | 7,325 | 7,870 | 8,480 | 8,544 |
Non-performing Loans, with No Related Allowance, Interest Income | 115 | 19 | 152 | 22 |
Non-performing Loans, with Related Allowance, Average Recorded Investment | 1,398 | 2,529 | 1,287 | 2,594 |
Non-performing Loans, with Related Allowance, Interest Income | 10 | 22 | 56 | 58 |
Mortgage loans, Multi-family | ||||
Non-performing Loans, with No Related Allowance, Average Recorded Investment | 373 | 1,941 | 406 | 1,988 |
Non-performing Loans, with No Related Allowance, Interest Income | 4 | 0 | 4 | 66 |
Non-performing Loans, with Related Allowance, Average Recorded Investment | 0 | 314 | 156 | 105 |
Non-performing Loans, with Related Allowance, Interest Income | 0 | 7 | 17 | 7 |
Commercial Real Estate [Member] | ||||
Non-performing Loans, with No Related Allowance, Average Recorded Investment | 134 | 0 | 45 | 666 |
Non-performing Loans, with No Related Allowance, Interest Income | 1 | 0 | 1 | 28 |
Commercial Business Loans | ||||
Non-performing Loans, with Related Allowance, Average Recorded Investment | 84 | 98 | 88 | 102 |
Non-performing Loans, with Related Allowance, Interest Income | $ 2 | $ 2 | $ 5 | $ 6 |
Loans Held For Investment_ Sc48
Loans Held For Investment: Schedule of Troubled Debt Restructurings by Nonaccrual Versus Accrual Status (Details) - USD ($) $ / shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans Modified as Troubled Debt Restructurings in Default | $ 0 | $ 0 | |
Restructured loans on non-accrual status | $ 3,575 | $ 3,308 | |
Restructured loans on accrual status | 0 | 1,290 | |
Restructured loans | 3,575 | 4,598 | |
Mortgage loans, Single-family | |||
Financing Receivable, Modifications [Line Items] | |||
Restructured loans on non-accrual status | 3,507 | 3,232 | |
Restructured loans on accrual status | 0 | 1,290 | |
Commercial Business Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Restructured loans on non-accrual status | $ 68 | $ 76 |
Loans Held For Investment_ Sc49
Loans Held For Investment: Schedule of Restructured Loans by Type, Net of Individually Evaluated Allowances (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Restructured Loans, Allowance for Loan Losses | $ (200) | $ (220) |
Restructured Loans, Unpaid Principal Balance | 4,280 | 5,602 |
Restructured Loans, Related Charge-offs | (505) | (784) |
Restructured Loans, Recorded Investment | 3,775 | 4,818 |
Restructured Loans, Recorded Investment, Net of Allowance | 3,575 | 4,598 |
Mortgage loans, Single-family | ||
Financing Receivable, Impaired [Line Items] | ||
Restructured Loans, With Related Allowance, Unpaid Principal Balance | 923 | 999 |
Restructured Loans, With Related Allowance, Related Charge-offs | 0 | 0 |
Restructured Loans, With a Related Allowance, Recorded Investment | 923 | 999 |
Restructured Loans, Allowance for Loan Losses | (185) | (200) |
Restructured Loans, Recorded Investment, With Related Allowance, Net | 738 | 799 |
Restructured Loans, Without a Related Allowance, Unpaid Principal Balance | 3,274 | 4,507 |
Restructured Loans, Without a Related Allowance, Related Charge-offs | (505) | (784) |
Restructured Loans, Without a Related Allowance, Recorded Investment | 2,769 | 3,723 |
Restructured Loans, Without a Related Allowance, Net Investment | 2,769 | 3,723 |
Restructured Loans, Unpaid Principal Balance | 4,197 | 5,506 |
Restructured Loans, Related Charge-offs | (505) | (784) |
Restructured Loans, Recorded Investment | 3,692 | 4,722 |
Restructured Loans, Recorded Investment, Net of Allowance | 3,507 | 4,522 |
Commercial Business Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Restructured Loans, With Related Allowance, Unpaid Principal Balance | 83 | 96 |
Restructured Loans, With Related Allowance, Related Charge-offs | 0 | 0 |
Restructured Loans, With a Related Allowance, Recorded Investment | 83 | 96 |
Restructured Loans, Allowance for Loan Losses | (15) | (20) |
Restructured Loans, Recorded Investment, With Related Allowance, Net | 68 | 76 |
Restructured Loans, Unpaid Principal Balance | 83 | 96 |
Restructured Loans, Related Charge-offs | 0 | 0 |
Restructured Loans, Recorded Investment | 83 | 96 |
Restructured Loans, Recorded Investment, Net of Allowance | $ 68 | $ 76 |
Loans Held For Investment_ Na50
Loans Held For Investment: Narrative 3 (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017USD ($)property | Mar. 31, 2016property | Mar. 31, 2017USD ($)property | Mar. 31, 2016property | Jun. 30, 2016USD ($)property | |
Number of Properties Acquired in Settlement of Loans | 2 | 2 | 5 | 8 | |
Number of Previously Foreclosed Properties Sold | 1 | 3 | 4 | 6 | |
Real estate owned fair value | $ | $ 2,768 | $ 2,768 | $ 2,700 | ||
Southern California [Member] | |||||
Number of real estate owned properties | 4 | 4 | 3 | ||
Arizona [Member] | |||||
Number of real estate owned properties | 1 | 1 | |||
Nevada [Member] | |||||
Number of real estate owned properties | 1 |
Derivative and Other Financia51
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Off-Balance-Sheet Credit Exposure, Policy (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Derivative [Line Items] | |||
Commitments to Extend Credit | $ 9,468 | $ 11,258 | |
Loans Held for Investment and Loans Held for Sale [Member] | |||
Derivative [Line Items] | |||
Commitments to Extend Credit | $ 138,200 | $ 191,700 |
Derivative and Other Financia52
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Undisbursed Funds Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Derivative [Line Items] | ||
Loans and Leases Receivable, Loans in Process | $ 9,468 | $ 11,258 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 30,898 | 22,728 |
Undisbursed Lines of Credit - Mortgage Loans | ||
Derivative [Line Items] | ||
Loans and Leases Receivable, Loans in Process | 9,468 | 11,258 |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 0 | 20 |
Undisbursed Lines of Credit - Commercial Business Loans | ||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 618 | 821 |
Undisbursed Lines of Credit - Consumer Loans | ||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 565 | 674 |
Commitments to Extend Credit, Loans to be Held for Investment | ||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 20,247 | $ 9,955 |
Derivative and Other Financia53
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Commitments on Undisbursed Funds Held for Investment Policy (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2015 |
Other Assets | ||
Derivative [Line Items] | ||
Undisbursed commitments to extend credit, Assets | $ 2,100 | $ 3,800 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability | $ 1,100 | $ 3,200 |
Derivative and Other Financia54
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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance at beginning of period | $ 8,391 | $ 8,768 | $ 8,670 | $ 8,724 | |
Recovery from the allowance for loan losses | (165) | (694) | (665) | (1,094) | |
Balance at end of period | 8,275 | 8,200 | 8,275 | 8,200 | |
Commitments to Extend Credit and Undisbursed Funds | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance at beginning of period | 173 | 149 | 204 | 76 | |
Recovery from the allowance for loan losses | 67 | 4 | 36 | 77 | |
Balance at end of period | 240 | $ 153 | 240 | $ 153 | |
Other Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability | $ 1,100 | $ 1,100 | $ 3,200 |
Derivative and Other Financia55
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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | |||||
Total derivative financial instruments | $ (143) | $ 516 | $ 757 | $ (1,081) | |
Commitments to extend credit on loans to be held for sale | |||||
Derivative [Line Items] | |||||
Total derivative financial instruments | 628 | 1,866 | (1,681) | 1,537 | |
Mandatory loan sale commitments and TBA MBS trades | |||||
Derivative [Line Items] | |||||
Total derivative financial instruments | (760) | (1,435) | 2,105 | (2,531) | |
Option contracts | |||||
Derivative [Line Items] | |||||
Total derivative financial instruments | (11) | $ 85 | 333 | $ (87) | |
Other Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Derivative liabilities | $ 1,100 | $ 1,100 | $ 3,200 |
Derivative and Other Financia56
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Outstanding Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Amount | |||
Derivative [Line Items] | |||
Derivative financial instruments | $ (96,419) | $ (155,523) | |
Fair Value | |||
Derivative [Line Items] | |||
Derivative financial instruments | $ 1,044 | 589 | |
Commitments to extend credit on loans to be held for sale | |||
Derivative [Line Items] | |||
Commitments estimated may not fund (percent) | 27.80% | 37.50% | |
Commitments to extend credit on loans to be held for sale | Amount | |||
Derivative [Line Items] | |||
Derivative financial instruments | $ 117,993 | 181,780 | |
Commitments to extend credit on loans to be held for sale | Fair Value | |||
Derivative [Line Items] | |||
Derivative financial instruments | 2,104 | 3,785 | |
Best efforts loan sale commitments | Amount | |||
Derivative [Line Items] | |||
Derivative financial instruments | (15,372) | (29,576) | |
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 | (194,040) | (302,727) | |
Mandatory loan sale commitments and TBA MBS trades | Fair Value | |||
Derivative [Line Items] | |||
Derivative financial instruments | (1,091) | (3,196) | |
Call Option [Member] | Amount | |||
Derivative [Line Items] | |||
Derivative financial instruments | (5,000) | (5,000) | |
Call Option [Member] | Fair Value | |||
Derivative [Line Items] | |||
Derivative financial instruments | $ 31 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Examination [Line Items] | ||||
Provision for income taxes | $ 690 | $ 1,051 | $ 3,049 | $ 3,509 |
Fair Value of Financial Instr58
Fair Value of Financial Instruments: Schedule of Aggregate Fair Value and Aggregate Unpaid Principal Balance of Loans Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Fair Value Disclosures [Abstract] | ||
Loans Held for Investment, at Fair Value | $ 6,250 | $ 5,159 |
Loans held for investment, Aggregate Unpaid Principal Balance | 6,526 | 5,324 |
Loans held for investment, Net Unrealized Gain | (276) | (165) |
Loans held for sale, Aggregate Fair Value | 105,531 | 189,458 |
Loans held for sale, Aggregate Unpaid Principal Balance | 101,887 | 181,380 |
Loans held for sale, Net Unrealized Gain | $ 3,644 | $ 8,078 |
Fair Value of Financial Instr59
Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Held for Investment, at Fair Value | $ 6,250 | $ 5,159 |
Loans held for sale, at fair value | 105,531 | 189,458 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 9,862 | 11,543 |
Loans Held for Investment, at Fair Value | 6,250 | 5,159 |
Loans held for sale, at fair value | 105,531 | 189,458 |
Interest-only strips | 35 | 47 |
Derivative assets | 2,147 | 3,788 |
Total assets | 123,825 | 209,995 |
Derivative liabilities | 1,103 | 3,199 |
Total liabilities | 1,103 | 3,199 |
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 | 2,116 | 3,788 |
Derivative liabilities | 12 | 3 |
Recurring | Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 59 | 31 |
Recurring | TBA MBS trades | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 1,032 | 3,165 |
Recurring | Option contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 31 | |
Recurring | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 5,700 | 6,572 |
Recurring | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 3,661 | 4,223 |
Recurring | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 501 | 601 |
Recurring | Common Stock, community development financial institution [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 147 | |
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 Investment, at Fair Value | 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 | 9,361 | 10,942 |
Loans Held for Investment, at Fair Value | 0 | 0 |
Loans held for sale, at fair value | 105,531 | 189,458 |
Interest-only strips | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 114,892 | 200,400 |
Derivative liabilities | 1,032 | 3,165 |
Total liabilities | 1,032 | 3,165 |
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 | 1,032 | 3,165 |
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 | 5,700 | 6,572 |
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 | 3,661 | 4,223 |
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 | 147 | |
Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities | 501 | 601 |
Loans Held for Investment, at Fair Value | 6,250 | 5,159 |
Loans held for sale, at fair value | 0 | 0 |
Interest-only strips | 35 | 47 |
Derivative assets | 2,147 | 3,788 |
Total assets | 8,933 | 9,595 |
Derivative liabilities | 71 | 34 |
Total liabilities | 71 | 34 |
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 | 2,116 | 3,788 |
Derivative liabilities | 12 | 3 |
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 | 59 | 31 |
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 | 31 | |
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 | $ 501 | 601 |
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 | $ 0 |
Fair Value of Financial Instr60
Fair Value of Financial Instruments: Schedule of Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Using Level 3 Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | $ 7,735 | $ 6,204 | $ 9,561 | $ 2,551 | ||
Total gains or losses included in earnings | 823 | 1,905 | (1,498) | 1,200 | ||
Total gains or losses included in other comprehensive loss | (2) | (5) | (11) | (24) | ||
Purchases | 42 | 82 | 180 | 222 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (431) | (1,333) | (1,649) | (2,165) | ||
Transfers in and/or out of Level 3 | 695 | 1,332 | 2,279 | 6,401 | ||
Ending balance | 8,862 | 8,185 | 8,862 | 8,185 | ||
Private issue CMO | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 538 | 654 | 601 | 717 | ||
Total gains or losses included in earnings | 0 | 0 | 0 | 0 | ||
Total gains or losses included in other comprehensive loss | 0 | (5) | 1 | (7) | ||
Purchases | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (37) | (32) | (101) | (93) | ||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | ||
Ending balance | 501 | 617 | 501 | 617 | ||
Common Stock, community development financial institution [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 143 | 151 | ||||
Total gains or losses included in earnings | 0 | 0 | ||||
Total gains or losses included in other comprehensive loss | 4 | (4) | ||||
Purchases | 0 | 0 | ||||
Issuances | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Transfers in and/or out of Level 3 | (147) | (147) | ||||
Ending balance | 0 | 0 | ||||
Loans Held For Investment, at Fair Value [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 5,964 | 4,210 | 5,159 | 0 | ||
Total gains or losses included in earnings | (10) | 59 | (111) | (149) | ||
Total gains or losses included in other comprehensive loss | 0 | 0 | 0 | 0 | ||
Purchases | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (399) | (1,165) | (1,077) | (1,816) | ||
Transfers in and/or out of Level 3 | 695 | 1,479 | 2,279 | 6,548 | ||
Ending balance | 6,250 | 4,583 | 6,250 | 4,583 | ||
Interest-Only Strips | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 37 | 54 | 47 | 63 | ||
Total gains or losses included in earnings | 0 | 0 | 0 | 0 | ||
Total gains or losses included in other comprehensive loss | (2) | (4) | (12) | (13) | ||
Purchases | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | 0 | 0 | 0 | 0 | ||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | ||
Ending balance | 35 | 50 | 35 | 50 | ||
Loan Commitments to Originate | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 1,476 | [1] | 1,170 | [2] | 3,785 | 1,499 |
Total gains or losses included in earnings | 628 | [1] | 1,866 | [2] | (1,681) | 1,537 |
Total gains or losses included in other comprehensive loss | 0 | [1] | 0 | [2] | 0 | 0 |
Purchases | 0 | [1] | 0 | [2] | 0 | 0 |
Issuances | 0 | [1] | 0 | [2] | 0 | 0 |
Settlements | 0 | [1] | 0 | [2] | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | [1] | 0 | [2] | 0 | 0 |
Ending balance | 2,104 | 3,036 | 2,104 | 3,036 | ||
Mandatory Commitments | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | (280) | [3] | (51) | [4] | (31) | (71) |
Total gains or losses included in earnings | 216 | [3] | (105) | [4] | (39) | (101) |
Total gains or losses included in other comprehensive loss | 0 | [3] | 0 | [4] | 0 | 0 |
Purchases | 0 | [3] | 0 | [4] | 0 | 0 |
Issuances | 0 | [3] | 0 | [4] | 0 | 0 |
Settlements | 5 | [3] | 31 | [4] | 11 | 47 |
Transfers in and/or out of Level 3 | 0 | [3] | 0 | [4] | 0 | 0 |
Ending balance | (59) | (125) | (59) | (125) | ||
Option Contracts | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 0 | 24 | 0 | 192 | ||
Total gains or losses included in earnings | (11) | 85 | 333 | (87) | ||
Total gains or losses included in other comprehensive loss | 0 | 0 | 0 | 0 | ||
Purchases | 42 | 82 | 180 | 222 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | 0 | (167) | (482) | (303) | ||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | ||
Ending balance | $ 31 | $ 24 | $ 31 | $ 24 | ||
[1] | Consists of commitments to extend credit on loans to be held for sale. | |||||
[2] | Consists of commitments to extend credit on loans to be held for sale. | |||||
[3] | Consists of mandatory loan sale commitments. | |||||
[4] | Consists of mandatory loan sale commitments. |
Fair Value of Financial Instr61
Fair Value of Financial Instruments: Schedule of Fair Value Assets Measured on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Fair value Disclosure | $ 8,852 | $ 10,309 |
Servicing Asset at Fair Value, Amount | 137 | 627 |
Real Estate Owned, Fair Value Disclosure | 2,768 | 2,706 |
Assets measured at fair value, nonrecurring | 11,757 | 13,642 |
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 | 7,423 | 7,350 |
Servicing Asset at Fair Value, Amount | 0 | 0 |
Real Estate Owned, Fair Value Disclosure | 2,768 | 2,706 |
Assets measured at fair value, nonrecurring | 10,191 | 10,056 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans, Fair value Disclosure | 1,429 | 2,959 |
Servicing Asset at Fair Value, Amount | 137 | 627 |
Real Estate Owned, Fair Value Disclosure | 0 | 0 |
Assets measured at fair value, nonrecurring | $ 1,566 | $ 3,586 |
Fair Value of Financial Instr62
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 $ in Thousands | 9 Months Ended | |
Mar. 31, 2017USD ($) | ||
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 | $ 12 | |
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) | 100.40% | [1] |
Fall-out ratio (percent) | 21.10% | [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) | 104.30% | [1] |
Fall-out ratio (percent) | 28.20% | [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) | 101.90% | [1] |
Fall-out ratio (percent) | 27.70% | [1],[2] |
Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | $ 59 | |
Valuation Techniques | Relative value analysis | |
Mandatory loan sale commitments | Minimum | Assets | ||
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 | Minimum | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investor quotes (percent) | [1] | |
Roll-forward costs (percent) | 0.00% | [1],[3] |
Mandatory loan sale commitments | Maximum | Assets | ||
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) | [1] | |
Roll-forward costs (percent) | 0.00% | [1],[3] |
Mandatory loan sale commitments | Weighted Average | Assets | ||
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) | [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 | $ 501 | |
Valuation Techniques | Market comparable pricing | |
Private issue CMO | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 0.20% | [1] |
Private issue CMO | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 1.00% | [1] |
Private issue CMO | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 0.90% | [1] |
Loans Held For Investment, at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 6,250 | |
Valuation Techniques | Relative value analysis | |
Loans Held For Investment, at Fair Value [Member] | Minimum | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 97.60% | [1] |
Fair Value Inputs, Entity Credit Risk | 1.20% | [1] |
Loans Held For Investment, at Fair Value [Member] | Maximum | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 105.00% | [1] |
Fair Value Inputs, Entity Credit Risk | 100.00% | [1] |
Loans Held For Investment, at Fair Value [Member] | Weighted Average | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 100.90% | [1] |
Fair Value Inputs, Entity Credit Risk | 5.10% | [1] |
Non-performing loans | Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 68 | |
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 | $ 1,361 | |
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) | 5.00% | [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) | 5.00% | [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) | 5.00% | [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) | 18.90% | [1] |
MSA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 137 | |
Valuation Techniques | Discounted cash flow | |
MSA | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment speed (percent) | 9.80% | [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) | 24.90% | [1] |
Discount rate (percent) | 9.30% | [1] |
Interest-Only Strips | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 35 | |
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) | 14.40% | [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) | 23.40% | [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) | 22.30% | [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 | $ 2,116 | |
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) | 98.10% | [1] |
Fall-out ratio (percent) | 21.10% | [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) | 104.90% | [1] |
Fall-out ratio (percent) | 28.20% | [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) | 101.80% | [1] |
Fall-out ratio (percent) | 27.70% | [1],[2] |
Mandatory loan sale commitments | Minimum | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 0.00% | [1] |
Mandatory loan sale commitments | Minimum | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 100.80% | [1] |
Mandatory loan sale commitments | Maximum | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 0.00% | [1] |
Mandatory loan sale commitments | Maximum | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 105.70% | [1] |
Mandatory loan sale commitments | Weighted Average | Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 0.00% | [1] |
Mandatory loan sale commitments | Weighted Average | Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 104.00% | [1] |
Put options | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 31 | |
Valuation Techniques | Relative value analysis | |
Put options | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 124.60% | [1] |
Put options | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 124.60% | [1] |
Put options | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Broker quotes (percent) | 124.60% | [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 Instr63
Fair Value of Financial Instruments: Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity Securities, Fair Value | $ 41,270 | $ 40,438 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity Securities, Fair Value | 41,035 | 39,979 |
Loans held for investment, not recorded at fair value | 874,260 | 834,863 |
FHLB – San Francisco stock | 8,094 | 8,094 |
Deposits | 938,306 | 926,384 |
Borrowings | 111,244 | 91,299 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity Securities, Fair Value | 41,270 | 40,438 |
Loans held for investment, not recorded at fair value | 859,852 | 844,124 |
FHLB – San Francisco stock | 8,094 | 8,094 |
Deposits | 909,920 | 896,033 |
Borrowings | 111,673 | 95,898 |
Fair Value | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity Securities, Fair Value | 0 | 0 |
Loans held for investment, not recorded at fair value | 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] | ||
Held-to-maturity Securities, Fair Value | 41,270 | 40,438 |
Loans held for investment, not recorded at fair value | 0 | 0 |
FHLB – San Francisco stock | 8,094 | 8,094 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Fair Value | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity Securities, Fair Value | 0 | 0 |
Loans held for investment, not recorded at fair value | 859,852 | 844,124 |
FHLB – San Francisco stock | 0 | 0 |
Deposits | 909,920 | 896,033 |
Borrowings | $ 111,673 | $ 95,898 |
Incentive Plans Incentive Plans
Incentive Plans Incentive Plans: Equity Incentive Plan Policy: Valuation Assumptions (Details) - Equity Incentive Plan [Member] - Employee Stock Option [Member] | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 41.40% | |
Weighted-average volatility | 41.40% | 41.70% |
Expected dividend yield | 2.80% | 2.70% |
Expected term | 7 years 4 months 24 days | 7 years 4 months 24 days |
Risk-free interest rate | 1.60% | 1.50% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 41.40% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 41.70% |
Incentive Plans_ Equity Incenti
Incentive Plans: Equity Incentive Plan Policy: Schedule of Incentive Plan Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Shares: | |||
Oustanding, End of Period | 683,250 | 683,250 | 943,500 |
Equity Incentive Plan [Member] | |||
Shares: | |||
Outstanding, Beginning of Period | 853,000 | 878,000 | |
Granted | 0 | 26,000 | |
Exercised | (60,250) | (84,000) | |
Forfeited | (159,500) | (186,750) | |
Oustanding, End of Period | 633,250 | 633,250 | |
Vested and expected to vest at year end | 592,600 | 592,600 | |
Exercisable at year end | 430,000 | 430,000 | |
Weighted-Average Exercise Price (in dollars per share): | |||
Oustanding, Beginning of Period | $ 14.63 | $ 14.43 | |
Granted | 0 | 19.58 | |
Exercised | 8.71 | 9.63 | |
Forfeited | 27.31 | 25.52 | |
Outstanding, End of Period | 12 | 12 | |
Vested and expected to vest at year end | 11.78 | 11.78 | |
Exercisable at year end | $ 10.47 | $ 10.47 | |
Weighted- Average Remaining Contractual Term (Years): | |||
Outstanding at year end | 5 years 11 months 9 days | 5 years 11 months 9 days | |
Vested and expected to vest at year end | 5 years 9 months 26 days | 5 years 9 months 26 days | |
Exercisable at year end | 5 years 1 month 6 days | 5 years 1 month 6 days | |
Aggregate Intrinsic Value ($000): | |||
Outstanding at year end | $ 4,233 | $ 4,233 | |
Vested and expected to vest at year end | 4,090 | 4,090 | |
Exercisable at year end | $ 3,519 | $ 3,519 |
Incentive Plans_ Equity Incen66
Incentive Plans: Equity Incentive Plan Policy: Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Details) - Restricted Stock [Member] - Equity Incentive Plan [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Shares: | ||||
Unvested, Beginning of Period | 105,000 | 190,000 | ||
Awarded | 6,000 | 0 | 24,000 | 0 |
Vested | 0 | (7,500) | (87,750) | (10,000) |
Forfeited | 0 | (15,250) | ||
Unvested, End of Period | 111,000 | 111,000 | ||
Expected to vest at March 31, 2013 | 88,800 | 88,800 | ||
Weighted-Average Award Date Fair Value (in dollars per share): | ||||
Restricted stock, Nonvested, Weighted Average Award Date Fair Value | $ 13.89 | $ 13.33 | ||
Awarded | 18.90 | 17.06 | ||
Vested | 0 | 13.30 | ||
Forfeited | 0 | 13.30 | ||
Restricted stock, Nonvested, Weighted Average Award Date Fair Value | 14.16 | 14.16 | ||
Expected to vest at March 31, 2013 | $ 14.16 | $ 14.16 |
Incentive Plans_ Stock Option P
Incentive Plans: Stock Option Plan Policy: Schedule of Stock Option Plan Stock Option Activity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Shares: | |||
Oustanding, End of Period | 683,250 | 683,250 | 943,500 |
Stock Option Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0 | $ 0 | |
Shares: | |||
Outstanding, Beginning of Period | 50,000 | 62,500 | |
Granted | 0 | 0 | |
Exercised | 0 | 0 | |
Forfeited | 0 | (12,500) | |
Oustanding, End of Period | 50,000 | 50,000 | |
Vested and expected to vest at year end | 50,000 | 50,000 | |
Exercisable at year end | 50,000 | 50,000 | |
Weighted-Average Exercise Price (in dollars per share): | |||
Oustanding, Beginning of Period | $ 19.92 | $ 21.95 | |
Granted | 0 | 0 | |
Exercised | 0 | 0 | |
Forfeited | 0 | 30.08 | |
Outstanding, End of Period | 19.92 | 19.92 | |
Vested and expected to vest at year end | 19.92 | 19.92 | |
Exercisable at year end | $ 19.92 | $ 19.92 | |
Weighted- Average Remaining Contractual Term (Years): | |||
Outstanding at year end | 3 months 26 days | 3 months 26 days | |
Vested and expected to vest at year end | 3 months 26 days | 3 months 26 days | |
Exercisable at year end | 3 months 26 days | 3 months 26 days | |
Aggregate Intrinsic Value ($000): | |||
Outstanding at year end | $ 0 | $ 0 | |
Vested and expected to vest at year end | 0 | 0 | |
Exercisable at year end | $ 0 | $ 0 |
Incentive Plans Incentive Pla68
Incentive Plans Incentive Plans: Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2017USD ($)plan$ / sharesshares | Mar. 31, 2016USD ($)shares | Mar. 31, 2017USD ($)plan$ / sharesshares | Mar. 31, 2016USD ($)shares | Jun. 30, 2016shares | Dec. 31, 2013shares | Dec. 31, 2010shares | Dec. 31, 2006shares | Dec. 31, 2003shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of share-based compensation plans | plan | 2 | 2 | |||||||
Share-based compensation expense | $ | $ 254,000 | $ 291,000 | $ 1,200,000 | $ 840,000 | |||||
Income tax benefit recognized for share-based compensation plans | $ | $ 165,000 | (197,000) | $ (14,000) | (212,000) | |||||
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 10,045,818 | 10,045,818 | 9,872,115 | ||||||
2013 Equity Incentive Plan [Member] | Employee Stock Option [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 Incentive Plan [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 | ||||||||
Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options granted, weighted average grant date fair value | $ / shares | $ 0 | $ 19.58 | |||||||
Stock options, Exercised | 60,250 | 84,000 | |||||||
Stock options, Granted | 0 | 26,000 | |||||||
Stock options, Forfeitured | 159,500 | 186,750 | |||||||
Unrecognized share-based compensation expense, stock options | $ | $ 1,000,000 | $ 1,700,000 | $ 1,000,000 | $ 1,700,000 | |||||
Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Term used to calculate expected volatility | 84 months | ||||||||
Stock options, Exercised | 60,250 | 57,500 | 84,000 | 77,500 | |||||
Stock options, Granted | 0 | 0 | 26,000 | 0 | |||||
Stock options, Forfeitured | 159,500 | 0 | 186,750 | 3,000 | |||||
Number of shares available for grant | 145,000 | 136,750 | 145,000 | 136,750 | |||||
Share-based compensation cost not yet recognized, weighted average period for recognition (less than) | 1 year 9 months 18 days | 2 years 4 months 24 days | |||||||
Forfeiture rate for Equity Incentive Plans | 20.00% | 20.00% | |||||||
Expected term | 7 years 4 months 24 days | 7 years 4 months 24 days | |||||||
Equity Incentive Plan [Member] | Employee Stock Option [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 Plan [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares available for grant | 265,750 | 268,850 | 265,750 | 268,850 | |||||
Share-based compensation cost not yet recognized, weighted average period for recognition (less than) | 1 year 10 months 24 days | 2 years 6 months | |||||||
Forfeiture rate for Equity Incentive Plans | 20.00% | 20.00% | |||||||
Restricted stock, Vesting and distribution | 0 | 7,500 | 87,750 | 10,000 | |||||
Restricted stock, Forfeited | 0 | 15,250 | |||||||
Restricted stock, grants in period | 6,000 | 0 | 24,000 | 0 | |||||
Unrecognized share-based compensation expense, restricted stock | $ | $ 1,300,000 | $ 1,800,000 | $ 1,300,000 | $ 1,800,000 | |||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
2010 Equity Incentive Plan | Employee Stock Option [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 | 300,000 | 288,750 | |||||||
2006 Equity Incentive Plan | Employee Stock Option [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 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options granted, weighted average grant date fair value | $ / shares | $ 0 | $ 0 | |||||||
Stock options, Exercised | 0 | 0 | |||||||
Stock options, Granted | 0 | 0 | |||||||
Stock options, Forfeitured | 0 | 12,500 | |||||||
Unrecognized share-based compensation expense, stock options | $ | $ 0 | $ 0 | |||||||
Stock Option Plans [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0 | 0 | |||||||
Term used to calculate expected volatility | 84 months | ||||||||
Stock options, Forfeitured | 12,500 | 7,500 | |||||||
Stock Option Plans [Member] | Employee Stock Option [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 | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for Equity Incentive Plan | 352,500 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0 | 0 |
Reclassification Adjustment o69
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | $ 264 | $ 246 | $ 313 | $ 331 |
Other Comprehensive (loss) income before reclassifications | (16) | 16 | (65) | (69) |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income | (16) | 16 | (65) | (69) |
Ending balance | 248 | 262 | 248 | 262 |
Unrealized Gain and Losses on Investment Securities Available For Sale [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | 242 | 215 | 286 | 294 |
Other Comprehensive (loss) income before reclassifications | (14) | 76 | (58) | (3) |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income | (14) | 76 | (58) | (3) |
Ending balance | 228 | 291 | 228 | 291 |
Unrealized Gain and Losses on Interest-only strips [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | 22 | 31 | 27 | 37 |
Other Comprehensive (loss) income before reclassifications | (2) | (60) | (7) | (66) |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income | (2) | (60) | (7) | (66) |
Ending balance | $ 20 | $ (29) | $ 20 | $ (29) |
Offsetting Derivative and Oth70
Offsetting Derivative and Other Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Gross Amount of Recognized Assets or Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Assets Interest Rate Contracts | $ 31 | $ 0 |
Derivative assets | 31 | 0 |
Derivative Liabilities Interest Rate Contracts | 1,091 | 3,196 |
Derivative liabilities | 1,091 | 3,196 |
Gross Amount Offset in the Condensed Statement of Financial Condition [Member] | ||
Derivative [Line Items] | ||
Derivative Assets Interest Rate Contracts | 31 | 0 |
Derivative assets | 31 | 0 |
Derivative Liabilities Interest Rate Contracts | 31 | 0 |
Derivative liabilities | 31 | 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 | 1,060 | 3,196 |
Derivative liabilities | 1,060 | 3,196 |
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 | 1,060 | 3,196 |
Derivative liabilities | $ 1,060 | $ 3,196 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 28, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Subsequent Event [Line Items] | |||||
Dividends, Common Stock, Cash | $ 1,028 | $ 1,000 | $ 3,093 | $ 3,041 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Quarterly cash dividend declared, common stock | $ 0.13 |