Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-28304 | |
Entity Registrant Name | PROVIDENT FINANCIAL HOLDINGS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-0704889 | |
Entity Address, Address Line One | 3756 Central Avenue | |
Entity Address, City or Town | Riverside | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92506 | |
City Area Code | 951 | |
Local Phone Number | 686-6060 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | PROV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,877,946 | |
Entity Central Index Key | 0001010470 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Assets | ||
Cash and cash equivalents | $ 51,731 | $ 65,849 |
Investment securities - held to maturity, at cost with no allowance for credit losses | 135,971 | 154,337 |
Investment securities - available for sale, at fair value with no allowance for credit losses | 1,935 | 2,155 |
Loans held for investment, net of allowance for credit losses of $7,108 and $5,946, respectively; includes $1,054 and $1,312 of loans held at fair value, respectively; $872.5 million and $967.6 million pledged to Federal Home Loan Bank ("FHLB") - San Francisco, respectively; $104.5 million and $0 pledged to Federal Reserve Bank ("FRB") - San Francisco, respectively | 1,065,761 | |
Loans held for investment, net of allowance for credit losses of $7,108 and $5,946, respectively; includes $1,054 and $1,312 of loans held at fair value, respectively; $872.5 million and $967.6 million pledged to Federal Home Loan Bank ("FHLB") - San Francisco, respectively; $104.5 million and $0 pledged to Federal Reserve Bank ("FRB") - San Francisco, respectively | 1,077,629 | |
Accrued interest receivable | 4,249 | 3,711 |
FHLB - San Francisco stock | 9,505 | 9,505 |
Premises and equipment, net | 9,637 | 9,231 |
Prepaid expenses and other assets | 11,258 | 10,531 |
Total assets | 1,290,047 | 1,332,948 |
Liabilities: | ||
Noninterest-bearing deposits | 91,708 | 103,007 |
Interest-bearing deposits | 816,414 | 847,564 |
Total deposits | 908,122 | 950,571 |
Borrowings | 235,000 | 235,009 |
Accounts payable, accrued interest and other liabilities | 17,419 | 17,681 |
Total liabilities | 1,160,541 | 1,203,261 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value (2,000,000 shares authorized; none issued and outstanding) | ||
Common stock, $0.01 par value, (40,000,000 and 40,000,000 shares authorized, 18,229,615 and 18,229,615 shares issued, and 6,896,297 and 7,043,170 outstanding, respectively) | 183 | 183 |
Additional paid-in capital | 99,591 | 99,505 |
Retained earnings | 208,923 | 207,274 |
Treasury stock at cost (11,333,318 and 11,186,445 shares, respectively) | (179,183) | (177,237) |
Accumulated other comprehensive loss, net of tax | (8) | (38) |
Total stockholders' equity | 129,506 | 129,687 |
Total liabilities and stockholders' equity | $ 1,290,047 | $ 1,332,948 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Investment securities - held to maturity, allowance for credit losses | $ 0 | $ 0 |
Investment securities - available for sale, allowance for credit losses | 0 | 0 |
Allowance for credit losses on loans held for investment (in dollars) | 7,108 | |
Allowance for credit losses on loans held for investment (in dollars) | 5,946 | |
Loans held for investment fair value (in dollars) | 1,054 | 1,312 |
Collateral pledged on Federal Home Loan Bank advances | $ 872,500 | $ 967,600 |
Preferred stock par value (in dollars 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 (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 40,000,000 | 40,000,000 |
Common stock shares issued | 18,229,615 | 18,229,615 |
Common stock shares outstanding | 6,896,297 | 7,043,170 |
Treasury stock shares | 11,333,318 | 11,186,445 |
Pledged as Collateral | Pledged to FRB | ||
Loans held for investment fair value (in dollars) | $ 104,500 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||||
Loans receivable, net | $ 12,683 | $ 11,028 | $ 37,368 | $ 30,365 |
Investment securities | 517 | 548 | 1,565 | 1,632 |
FHLB - San Francisco stock | 210 | 146 | 586 | 414 |
Interest-earning deposits | 397 | 286 | 1,295 | 666 |
Total interest income | 13,807 | 12,008 | 40,814 | 33,077 |
Interest expense: | ||||
Checking and money market deposits | 90 | 56 | 219 | 177 |
Savings deposits | 97 | 42 | 208 | 130 |
Time deposits | 2,488 | 781 | 6,406 | 1,364 |
Borrowings | 2,573 | 1,728 | 7,509 | 3,655 |
Total interest expense | 5,248 | 2,607 | 14,342 | 5,326 |
Net interest income | 8,559 | 9,401 | 26,472 | 27,751 |
Provision for (recovery of) credit losses | 124 | (51) | ||
Provision for (recovery of) credit losses | 169 | 430 | ||
Net interest income, after provision for (recovery of) credit losses | 8,435 | 9,232 | 26,523 | 27,321 |
Non-interest income: | ||||
Loan servicing and other fees | 92 | 104 | 195 | 327 |
Other | 150 | 188 | 400 | 506 |
Total non-interest income | 848 | 981 | 2,474 | 2,940 |
Non-interest expense: | ||||
Salaries and employee benefits | 4,540 | 4,359 | 13,223 | 12,882 |
Premises and occupancy | 835 | 843 | 2,641 | 2,500 |
Equipment | 329 | 279 | 962 | 848 |
Professional | 321 | 260 | 1,203 | 1,162 |
Sales and marketing | 167 | 182 | 516 | 504 |
Deposit insurance premium and regulatory assessments | 190 | 191 | 596 | 465 |
Other | 786 | 810 | 2,227 | 2,302 |
Total non-interest expense | 7,168 | 6,924 | 21,368 | 20,663 |
Income before income taxes | 2,115 | 3,289 | 7,629 | 9,598 |
Provision for income taxes | 620 | 966 | 2,231 | 2,814 |
Net income | $ 1,495 | $ 2,323 | $ 5,398 | $ 6,784 |
Basic earnings per share | $ 0.22 | $ 0.33 | $ 0.77 | $ 0.94 |
Diluted earnings per share | $ 0.22 | $ 0.33 | $ 0.77 | $ 0.94 |
Deposit account fees | ||||
Non-interest income: | ||||
Total non-interest income | $ 289 | $ 328 | $ 876 | $ 998 |
Card and processing fees | ||||
Non-interest income: | ||||
Total non-interest income | $ 317 | $ 361 | $ 1,003 | $ 1,109 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Consolidated Statements of Comprehensive Income | ||||
Net Income (Loss) | $ 1,495 | $ 2,323 | $ 5,398 | $ 6,784 |
Change in unrealized holding (losses) income on securities available for sale and interest-only strips | (1) | 11 | 43 | (38) |
Other comprehensive (loss) income, before income tax (benefit) expense | (1) | 11 | 43 | (38) |
Income tax (benefit) expense | 0 | 3 | 13 | (11) |
Other comprehensive (loss) income | (1) | 8 | 30 | (27) |
Total comprehensive income | $ 1,494 | $ 2,331 | $ 5,428 | $ 6,757 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings Impact to allowance after ASC 326 adoption | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss), Net of Tax | Total | |
Balance at Jun. 30, 2022 | $ 183 | $ 98,826 | $ 202,680 | $ (173,041) | $ 2 | $ 128,650 | ||
Balance (in shares) at Jun. 30, 2022 | 7,285,184 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net Income (Loss) | 6,784 | 6,784 | ||||||
Other comprehensive income (loss) | (27) | (27) | ||||||
Purchase of treasury stock | (3,592) | (3,592) | ||||||
Purchase of treasury stock (in shares) | (251,221) | |||||||
Awards of restricted stock | (479) | 479 | ||||||
Forfeiture of restricted stock | 9 | (9) | ||||||
Amortization of restricted stock | 615 | 615 | ||||||
Stock options expense | 45 | 45 | ||||||
Tax effect from stock-based compensation | (54) | (54) | ||||||
Cash dividends | [1] | (3,015) | (3,015) | |||||
Balance at Mar. 31, 2023 | $ 183 | 98,962 | 206,449 | (176,163) | (25) | 129,406 | ||
Balance (in shares) at Mar. 31, 2023 | 7,033,963 | |||||||
Balance at Dec. 31, 2022 | $ 183 | 98,732 | 205,117 | (174,758) | (33) | 129,241 | ||
Balance (in shares) at Dec. 31, 2022 | 7,132,270 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net Income (Loss) | 2,323 | 2,323 | ||||||
Other comprehensive income (loss) | 8 | 8 | ||||||
Purchase of treasury stock | (1,396) | (1,396) | ||||||
Purchase of treasury stock (in shares) | (98,307) | |||||||
Forfeiture of restricted stock | 9 | (9) | ||||||
Amortization of restricted stock | 207 | 207 | ||||||
Stock options expense | 14 | 14 | ||||||
Cash dividends | [2] | (991) | (991) | |||||
Balance at Mar. 31, 2023 | $ 183 | 98,962 | 206,449 | (176,163) | (25) | 129,406 | ||
Balance (in shares) at Mar. 31, 2023 | 7,033,963 | |||||||
Balance at Jun. 30, 2023 | $ 183 | 99,505 | 207,274 | (177,237) | (38) | $ 129,687 | ||
Balance (in shares) at Jun. 30, 2023 | 7,043,170 | 7,043,170 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net Income (Loss) | 5,398 | $ 5,398 | ||||||
Other comprehensive income (loss) | 30 | 30 | ||||||
Purchase of treasury stock | (1,964) | (1,964) | ||||||
Purchase of treasury stock (in shares) | (148,873) | |||||||
Distribution of restricted stock (in shares) | 2,000 | |||||||
Awards of restricted stock | (18) | 18 | ||||||
Amortization of restricted stock | 137 | 137 | ||||||
Stock options expense | 27 | 27 | ||||||
Tax effect from stock-based compensation | (60) | (60) | ||||||
Cash dividends | [3] | (2,925) | (2,925) | |||||
Balance (ASU 2016-13) at Mar. 31, 2024 | $ (824) | |||||||
Balance at Mar. 31, 2024 | $ 183 | 99,591 | 208,923 | (179,183) | (8) | $ 129,506 | ||
Balance (in shares) at Mar. 31, 2024 | 6,896,297 | 6,896,297 | ||||||
Balance at Dec. 31, 2023 | $ 183 | 99,565 | 208,396 | (178,476) | (7) | $ 129,661 | ||
Balance (in shares) at Dec. 31, 2023 | 6,946,348 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net Income (Loss) | 1,495 | 1,495 | ||||||
Other comprehensive income (loss) | (1) | (1) | ||||||
Purchase of treasury stock | (707) | (707) | ||||||
Purchase of treasury stock (in shares) | (50,051) | |||||||
Amortization of restricted stock | 35 | 35 | ||||||
Stock options expense | 6 | 6 | ||||||
Tax effect from stock-based compensation | (15) | (15) | ||||||
Cash dividends | [4] | (968) | (968) | |||||
Balance (ASU 2016-13) at Mar. 31, 2024 | $ (824) | |||||||
Balance at Mar. 31, 2024 | $ 183 | $ 99,591 | $ 208,923 | $ (179,183) | $ (8) | $ 129,506 | ||
Balance (in shares) at Mar. 31, 2024 | 6,896,297 | 6,896,297 | ||||||
[1] Cash dividends of $0.42 per share were paid in the nine months ended March 31, 2023. Cash dividends of $0.14 per share were paid in the quarter ended March 31, 2023. Cash dividends of $0.42 per share were paid in the nine months ended March 31, 2024. Cash dividends of $0.14 per share were paid in the quarter ended March 31, 2024. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Consolidated Statements of Stockholders' Equity | ||||
Cash dividends per share | $ 0.14 | $ 0.14 | $ 0.42 | $ 0.42 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 5,398 | $ 6,784 |
Adjustments to reconcile net income to net cash provided by operating activities : | ||
Depreciation and amortization | 2,306 | 2,412 |
(Recovery of) provision for credit losses | (51) | |
(Recovery of) provision for credit losses | 430 | |
Stock-based compensation | 164 | 660 |
Provision for deferred income taxes | 60 | 824 |
Decrease in accounts payable, accrued interest and other liabilities | (347) | (151) |
(Increase) decrease in prepaid expenses and other assets | (1,089) | 879 |
Net cash provided by operating activities | 6,441 | 11,838 |
Cash flows from investing activities: | ||
Net decrease (increase) in loans held for investment | 10,070 | (138,869) |
Maturity of investment securities - held to maturity | 0 | 400 |
Principal payments from investment securities - held to maturity | 17,950 | 23,386 |
Principal payments from investment securities - available for sale | 263 | 387 |
Purchase of premises and equipment | (1,495) | (730) |
Net cash provided by (used for) investing activities | 26,788 | (115,426) |
Cash flows from financing activities: | ||
Net (decrease) increase in deposits | (42,449) | 27,542 |
Proceeds from long-term borrowings | 42,500 | 35,000 |
Repayments of long-term borrowings | (30,009) | (20,000) |
(Repayments of) proceeds from short-term borrowings, net | (12,500) | 105,010 |
Treasury stock purchases | (1,964) | (3,592) |
Cash dividends | (2,925) | (3,015) |
Net cash (used for) provided by financing activities | (47,347) | 140,945 |
Net (decrease) increase in cash and cash equivalents | (14,118) | 37,357 |
Cash and cash equivalents at beginning of period | 65,849 | 23,414 |
Cash and cash equivalents at end of period | 51,731 | 60,771 |
Supplemental information: | ||
Cash paid for interest | 13,962 | 4,422 |
Cash paid for income taxes | $ 2,490 | $ 2,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation | |
Basis of Presentation | Note 1: 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, 2023 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 fiscal year ended June 30, 2023 (“2023 Annual Form 10-K”). The results of operations for the quarter and nine months ended March 31, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2024. |
Accounting Standard Updates ("A
Accounting Standard Updates ("ASU") | 9 Months Ended |
Mar. 31, 2024 | |
Accounting Standard Updates ("ASU") | |
Accounting Standard Updates ("ASU") | Note 2: Accounting Standard Updates (“ASU”) ASU 2023-09: In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities to annually (a) disclose specific categories in the rate reconciliation and (b) provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Corporation is in the process of reviewing the impact of this ASU and has not yet determined the impact of the adoption of this ASU on its consolidated financial statements. ASU 2023-07: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The key amendments include: (a) introduce a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (“CODM”), (b) extend certain annual disclosures to interim periods, (c) clarify single reportable segment entities must apply ASC 280 in its entirety, (d) permit more than one measure of segment profit or loss to be reported under certain conditions, and (e) require disclosure of the title and position of the CODM. This ASU is effective for public entities fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Corporation is in the process of reviewing the impact of this ASU and has not yet determined the impact of the adoption of this ASU on its consolidated financial statements. ASU 2020-04: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU applies to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or other rate references expected to be discontinued as a result of reference rate reform. The ASU permits an entity to make necessary modifications to eligible contracts or transactions without requiring contract remeasurement or reassessment of a previous accounting determination. In January 2021, ASU 2021-01 clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates (commonly referred to as the “discounting transition”). In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848. The FASB had originally included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. In March 2021, it was announced that the intended cessation date of LIBOR was extended to June 30, 2023. As a result, the FASB issued ASU 2022-06 deferring the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. This ASU is effective for all entities as of March 12, 2020 through December 31, 2024. As of June 30, 2023, the Corporation had approximately $469.4 million in loans held for investment with LIBOR indices. Beginning July 1, 2023, the Corporation started to transition these loans to Secured Overnight Financing Rate (“SOFR”) indices or other rate indices in accordance with the government agency guidelines. As of September 30, 2023, all loans held for investment with LIBOR indices had been transitioned to SOFR or other rate indices. The Corporation determined that the impact of the adoption of this ASU did not have a material impact to its 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,” and subsequent amendments to the initial guidance. On July 1, 2023, the Corporation adopted this ASU that replaced the incurred loss methodology with the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and applies to financial assets measured at amortized cost, including loans held for investment, held-to-maturity investment securities and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses (“ACL”). In addition, CECL made changes to the accounting for available for sale investment securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities if management does not intend to sell and does not believe that it is more likely than not, they will be required to sell. The Corporation adopted ASC 326, “Financial Instruments – Credit Losses,” and all related subsequent amendments using the prospective transition approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The transition adjustment of the adoption of CECL included an $1.2 million increase in the ACL, which is presented as a reduction to net loans held for investment. The Corporation recorded a net decrease to retained earnings of $824,000 as of July 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after July 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards. The Corporation adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to July 1, 2023. As of June 30, 2023, the Corporation did not have any other-than-temporary impaired investment securities. Therefore, upon adoption of ASC 326, the Corporation determined that an ACL on available for sale securities was not deemed necessary. The following table illustrates the impact on the ACL from the adoption of ASC 326: Allowance for Allowance Impact to credit losses before adoption allowance after ASC under ASC 326 of ASC 326 326 adoption (In Thousands) (07/01/2023) (06/30/2023) (07/01/2023) Assets: Mortgage loans: Single-family $ 6,325 $ 1,720 $ 4,605 Multi-family 656 3,270 (2,614) Commercial real estate 82 868 (786) Construction 62 15 47 Other 5 2 3 Commercial business loans 13 67 (54) Consumer loans — 4 (4) ACL on loans $ 7,143 $ 5,946 $ 1,197 Liabilities: Unfunded loan commitment reserve $ 42 $ 42 $ — In March 2022, FASB issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures.” This ASU provides new guidance on the treatment of troubled debt restructurings (“TDR”) in relation to the adoption of the CECL model for the accounting for credit losses (see note above regarding ASU 2016-13). Previous accounting guidance related to TDRs is eliminated and new disclosure requirements are adopted in regards to loan modifications made to borrowers experiencing financial difficulties under the assumption that the CECL model will capture credit losses related to TDRs. The required disclosures regarding gross write-offs for financing receivables by year of origination and loan modifications are presented under Note 5 of the Notes to Unaudited Interim Condensed Consolidated Financial Statements of this Form 10-Q. Subsequent to the adoption of ASC 326, the Corporation no longer reports TDRs or classifies loans as TDRs given those loans previously recognized as TDRs have been incorporated into the CECL methodology in regard to loan loss reserves as of July 1, 2023. As of March 31, 2024, there were no loan modifications for borrowers experiencing financial difficulties. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share | |
Earnings Per Share | Note 3: 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 Corporation. As of March 31, 2024 and 2023, there were outstanding stock options to purchase 410,000 shares and 434,500 shares of the Corporation’s common stock, respectively. As of March 31, 2024 and 2023, there were 382,000 and 434,500 outstanding stock options, respectively, excluded from the diluted EPS computation as their effect was anti-dilutive. As of March 31, 2024 and 2023, there were outstanding restricted stock awards of 51,000 shares and 146,750 shares, respectively. The following table provides the basic and diluted EPS computations for the quarters and nine months ended March 31, 2024 and 2023, respectively. For the Quarter Ended For the Nine Months Ended March 31, March 31, (In Thousands, Except Earnings Per Share) 2024 2023 2024 2023 Numerator: Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders $ 1,495 $ 2,323 $ 5,398 $ 6,784 Denominator: Denominator for basic earnings per share: Weighted-average shares 6,919 7,081 6,968 7,181 Less effect of dilutive shares: Stock options — — — — Restricted stock 16 65 13 51 Denominator for diluted earnings per share: Adjusted weighted-average shares and assumed conversions 6,935 7,146 6,981 7,232 Basic earnings per share $ 0.22 $ 0.33 $ 0.77 $ 0.94 Diluted earnings per share $ 0.22 $ 0.33 $ 0.77 $ 0.94 |
Investment Securities
Investment Securities | 9 Months Ended |
Mar. 31, 2024 | |
Investment Securities | |
Investment Securities | Note 4: Investment Securities The amortized cost and estimated fair value of investment securities as of March 31, 2024 and June 30, 2023 were as follows: Gross Gross Estimated Amortized Unrealized Unrealized Fair Carrying March 31, 2024 Cost Gains (Losses) Value Value (In Thousands) Held to maturity U.S. government sponsored enterprise MBS (1) $ 131,711 $ 72 $ (15,501) $ 116,282 $ 131,711 U.S. government sponsored enterprise CMO (2) 3,802 — (270) 3,532 3,802 U.S. SBA securities (3) 458 — (1) 457 458 Total investment securities - held to maturity 135,971 72 (15,772) 120,271 135,971 Available for sale U.S. government agency MBS 1,288 1 (15) 1,274 1,274 U.S. government sponsored enterprise MBS 572 1 (3) 570 570 Private issue CMO 93 — (2) 91 91 Total investment securities - available for sale 1,953 2 (20) 1,935 1,935 Total investment securities $ 137,924 $ 74 $ (15,792) $ 122,206 $ 137,906 (1) (2) (3) Gross Gross Estimated Amortized Unrealized Unrealized Fair Carrying June 30, 2023 Cost Gains (Losses) Value Value (In Thousands) Held to maturity U.S. government sponsored enterprise MBS $ 149,803 $ — $ (18,459) $ 131,344 $ 149,803 U.S. government sponsored enterprise CMO 3,883 — (336) 3,547 3,883 U.S. SBA securities 651 — (1) 650 651 Total investment securities - held to maturity 154,337 — (18,796) 135,541 154,337 Available for sale U.S. government agency MBS 1,417 — (47) 1,370 1,370 U.S. government sponsored enterprise MBS 697 — (14) 683 683 Private issue CMO 103 — (1) 102 102 Total investment securities - available for sale 2,217 — (62) 2,155 2,155 Total investment securities $ 156,554 $ — $ (18,858) $ 137,696 $ 156,492 In the third quarters of fiscal 2024 and 2023, the Corporation received MBS principal payments of $5.7 million and $6.9 million, respectively, and there were no purchases or sales of investment securities during these periods. For the first nine months of fiscal 2024 and 2023, the Corporation received MBS principal payments of $18.2 million and $23.8 million, respectively, and there were no purchases or sales of investment securities during these periods. The Corporation held investments with an unrealized loss position of $15.8 million at March 31, 2024 and $18.9 million at June 30, 2023 as follows: As of March 31, 2024 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 $ — $ — $ 111,712 $ 15,501 $ 111,712 $ 15,501 U.S. government sponsored enterprise CMO — — 3,533 270 3,533 270 U.S. SBA securities 457 1 — — 457 1 Total investment securities - held to maturity 457 1 115,245 15,771 115,702 15,772 Available for sale U.S government agency MBS — — 1,179 15 1,179 15 U.S. government sponsored enterprise MBS — — 462 3 462 3 Private issue CMO — — 91 2 91 2 Total investment securities - available for sale — — 1,732 20 1,732 20 Total investment securities $ 457 $ 1 116,977 $ 15,791 $ 117,434 $ 15,792 As of June 30, 2023 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 $ 10,839 $ 253 $ 120,506 $ 18,206 $ 131,345 $ 18,459 U.S. government sponsored enterprise CMO — — 3,547 336 3,547 336 U.S. SBA securities 650 1 — — 650 1 Total investment securities - held to maturity 11,489 254 124,053 18,542 135,542 18,796 Available for sale U.S government agency MBS 696 20 673 27 1,369 47 U.S. government sponsored enterprise MBS 87 2 558 12 645 14 Private issue CMO — — 102 1 102 1 Total investment securities - available for sale 783 22 1,333 40 2,116 62 Total investment securities $ 12,272 $ 276 $ 125,386 $ 18,582 $ 137,658 $ 18,858 The Corporation adopted ASC 326 on July 1, 2023. The Corporation evaluates individual investment securities quarterly for impairment. At March 31, 2024, predominately all of the $15.8 million of unrealized holding losses were in a loss position for 12 months or more; while at June 30, 2023, $18.6 million of the $18.9 million of unrealized holding losses were in a loss position for 12 months or more. The unrealized losses on investment securities were attributable to changes in interest rates relative to when the investment securities were purchased and not due to the credit quality of the investment securities, which are predominately U.S. government sponsored enterprise (GSE) securities that are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. Therefore, the Corporation has determined that the unrealized losses are due to the fluctuating nature of interest rates, and not related to any potential credit risks within the investment portfolio. The Bank does not currently intend to sell any investment securities classified as held to maturity or available for sale and as such, records the investment security at book value or fair market value as prescribed by generally accepted accounting principles. As a part of the Corporation’s monthly risk assessment, the Corporation runs a number of stressed liquidity scenarios to determine if it is more likely than not that the Bank will be required to sell the investment security before the recovery of its amortized costs basis. These liquidity scenarios support the Corporation’s assessment that the Corporation has the ability to hold these held to maturity securities until maturity or available for sale securities until recovery of the amortized costs is realized and it is not more likely than not that the company will be required to sell the securities prior to recovery of the amortized costs. There were no ACL or impairment on investment securities held to maturity and there were no impairment on investment securities available for sale at adoption of ASC 326 and at March 31, 2024. In order to maintain adequate liquidity, the Bank has established borrowing facilities with various counterparties. The Bank had a remaining borrowing capacity of $269.2 million as of March 31, 2024 at the FHLB of San Francisco. In addition, the Bank has secured an estimated $172.7 million discount window facility at the FRB of San Francisco collateralized by investment securities with total balance of $132.3 million and loans held for investment with total balance of $104.5 million as of March 31, 2024. As of March 31, 2024, the Bank also has an unsecured borrowing arrangement in the form of a federal funds facility with its correspondent bank for $50.0 million. The Bank had no advances under the Federal Reserve discount window or correspondent bank facility as of March 31, 2024. The total available borrowing capacity across all sources totaled approximately $491.9 million at March 31, 2024. At June 30, 2023, the Bank had a remaining borrowing capacity of $287.9 million at the FHLB of San Francisco. In addition, the Bank had secured an estimated $139.0 million discount window facility at the FRB of San Francisco collateralized by investment securities with a June 30, 2023 total balance of $150.3 million. As of June 30, 2023, the Bank also had an unsecured borrowing arrangement in the form of a federal funds facility with its correspondent bank for $50.0 million. The Bank had no advances under the Federal Reserve discount window or correspondent bank facility as of June 30, 2023. The total available borrowing capacity across all sources totaled approximately $476.9 million at June 30, 2023. At March 31, 2024 and June 30, 2023, the Corporation did not hold any investment securities held to maturity or investment securities available for sale with the intent to sell and determined it had the ability to hold these investment securities until maturity. It also determined that it was more likely than not that the Corporation would not be required to sell the securities prior to recovery of the amortized cost basis; therefore, no impairment losses on were recorded on investment securities available for sale and investment securities held to maturity for the quarters and nine months ended March 31, 2024 and 2023. Contractual maturities of investment securities as of March 31, 2024 and June 30, 2023 were as follows: March 31, 2024 June 30, 2023 Estimated Estimated Amortized Fair Amortized Fair (In Thousands) Cost Value Cost Value Held to maturity Due in one year or less $ 5 $ 5 $ 303 $ 300 Due after one through five years 5,354 5,161 7,686 7,365 Due after five through ten years 52,205 47,404 61,043 54,686 Due after ten years 78,407 67,701 85,305 73,190 Total investment securities - held to maturity 135,971 120,271 154,337 135,541 Available for sale Due in one year or less — — — — Due after one through five years — — — — Due after five through ten years 781 777 590 580 Due after ten years 1,172 1,158 1,627 1,575 Total investment securities - available for sale 1,953 1,935 2,217 2,155 Total investment securities $ 137,924 $ 122,206 $ 156,554 $ 137,696 |
Loans Held for Investment
Loans Held for Investment | 9 Months Ended |
Mar. 31, 2024 | |
Loans Held for Investment | |
Loans Held for Investment | Note 5: Loans Held for Investment Loans held for investment, net of fair value adjustments, consisted of the following: March 31, June 30, (In Thousands) 2024 2023 Mortgage loans: Single-family $ 517,039 $ 518,821 Multi-family 457,401 461,113 Commercial real estate 83,136 90,558 Construction 2,745 1,936 Other 99 106 Commercial business loans 2,835 1,565 Consumer loans 60 65 Total loans held for investment, gross 1,063,315 1,074,164 Advance payments of escrows 371 148 Deferred loan costs, net 9,183 9,263 ACL on loans (7,108) (5,946) Total loans held for investment, net $ 1,065,761 $ 1,077,629 The following table sets forth information at March 31, 2024 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. At March 31, 2024 and June 30, 2023, fixed rate loans comprised 10 percent and 11 percent of loans held for investment, respectively. Adjustable rate loans 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 After After After Within One Year 3 Years 5 Years (In Thousands) One Year Through 3 Years Through 5 Years Through 10 Years Fixed Rate Total Mortgage loans: Single-family $ 53,321 $ 27,759 $ 96,177 $ 230,399 $ 109,383 $ 517,039 Multi-family 179,447 149,111 114,911 13,831 101 457,401 Commercial real estate 35,078 17,925 28,892 — 1,241 83,136 Construction 2,745 — — — — 2,745 Other — — — — 99 99 Commercial business loans 2,720 — — — 115 2,835 Consumer loans 60 — — — — 60 Total loans held for investment, gross $ 273,371 $ 194,795 $ 239,980 $ 244,230 $ 110,939 $ 1,063,315 The following tables present the Corporation’s commercial real estate loans by property types and LTVs as of March 31, 2024 and June 30, 2023: Owner Non-Owner % of Total Weighted March 31, 2024 Occupied Loan Occupied Loan Total Commercial Average (Dollars In Thousands) Balance Balance Balance Real Estate LTV (1) Office $ 6,733 $ 20,216 $ 26,949 32 % 43 % Mixed use (2) 296 15,918 16,214 20 35 % Retail — 12,254 12,254 15 31 % Warehouse 2,089 9,939 12,028 14 33 % Medical/dental office 2,453 4,712 7,165 9 44 % Mobile home park — 6,945 6,945 8 38 % Restaurant/fast food 692 — 692 1 44 % Automotive - non gasoline — 580 580 1 26 % Live/work — 309 309 — 14 % Total commercial real estate $ 12,263 $ 70,873 $ 83,136 100 % 38 % (1) (2) Mixed use includes $7.0 million in Office/Retail, $4.8 million in Multi-family/Retail, $3.0 million in Other Mixed Use, $757,000 in Multi-family/Commercial and $688,000 in Multi-family/Office. . Owner Non-Owner % of Total Weighted June 30, 2023 Occupied Loan Occupied Loan Total Commercial Average (Dollars In Thousands) Balance Balance Balance Real Estate LTV (1) Office $ 9,283 $ 23,915 $ 33,198 37 % 44 % Mixed use (2) 306 17,614 17,920 20 36 % Retail — 12,991 12,991 14 32 % Warehouse 2,133 8,511 10,644 12 31 % Mobile home park — 7,057 7,057 8 39 % Medical/dental office 1,117 5,524 6,641 7 50 % Restaurant/fast food — 1,014 1,014 1 24 % Automotive - non gasoline — 485 485 1 19 % Live/work — 337 337 — 15 % Light industrial/manufacturing — 271 271 — 8 % Total commercial real estate $ 12,839 $ 77,719 $ 90,558 100 % 38 % (1) Current loan balance as a percentage of the original appraised value. (2) Mixed use includes $8.2 million in Office/Retail, $5.6 million in Multi-family/Retail, $3.4 million in Other Mixed Use and $700,000 in Multi-family/Office. . The following tables present the Corporation’s commercial real estate loans by geographic concentration as of March 31, 2024 and June 30, 2023: Inland Southern Other March 31, 2024 Empire California (1) California Total (Dollars in Thousands) Balance % Balance % Balance % Balance % Owner occupied: Office $ 1,556 23 % $ 4,984 74 % $ 193 3 % $ 6,733 100 % Mixed use — — % — — % 296 100 % 296 100 % Warehouse — — % 1,699 81 % 390 19 % 2,089 100 % Medical/dental office 277 11 % 1,801 74 % 375 15 % 2,453 100 % Restaurant/fast food — — % 692 100 % — — % 692 100 % Total owner occupied 1,833 15 % 9,176 75 % 1,254 10 % 12,263 100 % Non-owner occupied: Office 2,969 15 % 13,920 69 % 3,327 16 % 20,216 100 % Mixed use 539 3 % 6,277 40 % 9,102 57 % 15,918 100 % Retail 1,056 9 % 6,713 55 % 4,485 36 % 12,254 100 % Warehouse 609 6 % 4,790 48 % 4,540 46 % 9,939 100 % Mobile home park 4,886 70 % 359 5 % 1,700 25 % 6,945 100 % Medical/dental office 1,847 39 % 2,172 46 % 693 15 % 4,712 100 % Automotive - non gasoline — — % 580 100 % — — % 580 100 % Live/work — — % — — % 309 100 % 309 100 % Total non-owner occupied 11,906 17 % 34,811 49 % 24,156 34 % 70,873 100 % Total commercial real estate $ 13,739 16 % $ 43,987 53 % $ 25,410 31 % $ 83,136 100 % (1) Inland Southern Other June 30, 2023 Empire California (1) California Total (Dollars in Thousands) Balance % Balance % Balance % Balance % Owner occupied: Office $ 2,649 29 % $ 6,436 69 % $ 198 2 % $ 9,283 100 % Mixed use — — % — — % 306 100 % 306 100 % Warehouse — — % 1,733 81 % 400 19 % 2,133 100 % Medical/dental office 281 25 % 453 41 % 383 34 % 1,117 100 % Total owner occupied 2,930 23 % 8,622 67 % 1,287 10 % 12,839 100 % Non-owner occupied: Office 4,420 18 % 14,767 62 % 4,728 20 % 23,915 100 % Mixed use 660 4 % 7,292 41 % 9,662 55 % 17,614 100 % Retail 1,076 8 % 7,353 57 % 4,562 35 % 12,991 100 % Warehouse 623 7 % 5,690 67 % 2,198 26 % 8,511 100 % Mobile home park 4,967 70 % 364 5 % 1,726 25 % 7,057 100 % Medical/dental office 1,910 35 % 3,325 60 % 289 5 % 5,524 100 % Restaurant/fast food — — % 1,014 100 % — — % 1,014 100 % Automotive - non gasoline — — % 485 100 % — — % 485 100 % Live/work — — % — — % 337 100 % 337 100 % Light industrial/ manufacturing — — % 271 100 % — — % 271 100 % Total non-owner occupied 13,656 18 % 40,561 52 % 23,502 30 % 77,719 100 % Total commercial real estate $ 16,586 18 % $ 49,183 54 % $ 24,789 28 % $ 90,558 100 % (1) The Corporation has developed an internal loan grading system to evaluate and quantify loans held for investment with respect to quality and risk. Management continually evaluates the credit quality of the loan portfolio and conducts a quarterly review of the adequacy of the ACL. 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. The collectively evaluated allowance is based on a pooling method for groups of homogeneous loans sharing similar loan characteristics to calculate an allowance which reflects an estimate of lifetime expected credit losses using historical experience, current conditions, and reasonable and supportable forecasts. Loans identified to be individually evaluated have an allowance that is based upon the appraised value of the collateral, less selling costs or discounted cash flow with an appropriate default factor. 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 loan has potential weaknesses that may be temporary or, if left uncorrected, may result in a loss. While concerns exist, the Corporation 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 Corporation 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 table presents the Corporation’s recorded investment in loans by risk categories and gross charge-offs by year of origination as of March 31, 2024: March 31, 2024 Term Loans by Year of Origination Revolving (In Thousands) 2024 2023 2022 2021 2020 Prior Loans Total Mortgage loans: Single-family: Pass $ 8,944 $ 63,451 $ 208,980 $ 150,992 $ 19,728 $ 61,770 $ 17 $ 513,882 Special Mention - - - 538 - 386 - 924 Substandard - - - - - 2,233 - 2,233 Total single-family 8,944 63,451 208,980 151,530 19,728 64,389 17 517,039 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Multi-family: Pass 5,864 28,966 76,236 89,392 62,089 192,779 - 455,326 Special Mention - - - 479 - 541 - 1,020 Substandard - - - - - 1,055 - 1,055 Total multi-family 5,864 28,966 76,236 89,871 62,089 194,375 - 457,401 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate: Pass 2,172 13,845 23,428 4,045 5,486 34,160 - 83,136 Special Mention - - - - - - - - Substandard - - - - - - - - Total commercial real estate 2,172 13,845 23,428 4,045 5,486 34,160 - 83,136 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Construction: Pass - 226 835 1,684 - - - 2,745 Special Mention - - - - - - - - Substandard - - - - - - - - Total construction - 226 835 1,684 - - - 2,745 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Other: Pass - - - - 99 - - 99 Special Mention - - - - - - - - Substandard - - - - - - - - Total other - - - - 99 - - 99 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Commercial business loans: Pass - - 142 - - - 2,693 2,835 Special Mention - - - - - - - - Substandard - - - - - - - - Total commercial business loans - - 142 - - - 2,693 2,835 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans: Not graded 15 - - - - - - 15 Pass - - - - - - 45 45 Special Mention - - - - - - - - Substandard - - - - - - - - Total consumer loans 15 - - - - - 45 60 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Total loans held for investment, gross $ 16,995 $ 106,488 $ 309,621 $ 247,130 $ 87,402 $ 292,924 $ 2,755 $ 1,063,315 Total current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — The following table presents the Corporation’s recorded investment in loans by risk categories by year of origination as of June 30, 2023: June 30, 2023 Term Loans by Year of Origination Revolving (In Thousands) 2023 2022 2021 2020 2019 Prior Loans Total Mortgage loans: Single-family: Pass $ 51,378 $ 216,989 $ 157,015 $ 20,741 $ 11,793 $ 59,451 $ 32 $ 517,399 Special Mention - - - - - - - - Substandard - - - 251 - 1,171 - 1,422 Total single-family 51,378 216,989 157,015 20,992 11,793 60,622 32 518,821 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Multi-family: Pass 17,429 77,956 90,926 65,127 59,709 149,456 - 460,603 Special Mention - - 510 - - - - 510 Substandard - - - - - - - - Total multi-family 17,429 77,956 91,436 65,127 59,709 149,456 - 461,113 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate: Pass 8,586 23,815 5,527 6,525 9,981 35,577 - 90,011 Special Mention - - - - - - - - Substandard - - - - - 547 - 547 Total commercial real estate 8,586 23,815 5,527 6,525 9,981 36,124 - 90,558 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Construction: Pass 94 726 1,116 - - - - 1,936 Special Mention - - - - - - - - Substandard - - - - - - - - Total construction 94 726 1,116 - - - - 1,936 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Other: Pass - - - 106 - - - 106 Special Mention - - - - - - - - Substandard - - - - - - - - Total other - - - 106 - - - 106 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Commercial business loans: Pass - 171 - - - - 1,394 1,565 Special Mention - - - - - - - - Substandard - - - - - - - - Total commercial business loans - 171 - - - - 1,394 1,565 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans: Not graded 15 - - - - - - 15 Pass - - - - - - 50 50 Special Mention - - - - - - - - Substandard - - - - - - - - Total consumer loans 15 - - - - - 50 65 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Total loans held for investment, gross $ 77,502 $ 319,657 $ 255,094 $ 92,750 $ 81,483 $ 246,202 $ 1,476 $ 1,074,164 Total current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — As required by ASC 326, , The expected loss rates are applied to expected monthly loan balances estimated through the consideration of contractual repayment terms and expected prepayments. The prepayment assumptions applied to expected cash flow over the contractual life of the loans are estimated based on historical and bank-specific experience and the consideration of current and expected conditions and circumstances including the level of interest rates. The prepayment assumptions may be updated by management in the event that changing conditions impact management’s estimate or additional historical data gathered has resulted in the need for a reevaluation. For its reasonable and supportable forecasting of current expected credit losses, the Corporation utilizes a regression model using forecasted economic metrics and historical loss data. The regression model utilized upon implementation of CECL on July 1, 2023 , Management recognizes that there are additional factors impacting risk of loss in the loan portfolio beyond what is captured in the quantitative portion of allowance on collectively evaluated loans. As current and expected conditions may ● Changes in the experience, ability, and depth of lending management and other relevant staff. ● Changes in the value of underlying collateral for collateral-dependent loans. ● The existence and effect of any concentrations of credit, and changes in the level of such concentrations. ● Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. ● The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio. ● Changes in the volume and severity of past due loans, the volume of non-performing loans, and the volume and severity of adversely classified or graded loans. ● Changes in the quality of the Corporation’s loan review system. ● Changes in the nature and volume of the portfolio and in the terms of loans. ● Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. The qualitative portion of the Corporation’s allowance on collectively evaluated loans are calculated using management judgement, to determine risk categorizations in each of the Q-factors presented above. The amount of qualitative allowance is also contingent upon the relative weighting of the Q-factors according to management’s judgement. Loans that do not share risk characteristics are evaluated on an individual basis. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of collateral at the reporting date, less selling costs. Accrued interest receivable for loans is included in the accrued interest receivable line item on the Corporation’s Condensed Consolidated Statements of Financial Condition. The Corporation elected not Pursuant to ASU 2022-02, “Troubled Debt Restructurings and Vintage Disclosures,” the Corporation may agree to different types of modifications, including principal forgiveness, interest rate reductions, term extension, significant payment delay or any combination of modifications noted above. During the quarter and nine months ended March 31, 2024, there were no loan modifications to borrowers experiencing financial difficulties. Management believes the ACL on loans held for investment is maintained at a level sufficient to provide for expected losses on the Corporation’s loans held for investment based on historical loss experience, current conditions, and reasonable and supportable forecasts. The provision for (recovery of) credit losses is charged (credited) against operations on a quarterly basis, as necessary, to maintain the ACL at appropriate levels. Future adjustments to the ACL 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 as modified 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 ACL. For modified loans that are less than 90 days delinquent, the ACL is segregated into (a) individually evaluated allowances for those loans with applicable discounted cash flow calculations still in their modification 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 modified 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 is provided to disclose additional details for the periods indicated on the Corporation’s ACL on loans held for investment: For the Quarter Ended For the Nine Months Ended March 31, March 31, (Dollars in Thousands) 2024 2023 2024 2023 ACL, beginning of period $ 7,000 $ 5,830 $ 5,946 $ 5,564 Impact of ASC 326 CECL adoption (1) — — 1,197 — Provision for (recovery of) credit losses 108 169 (35) 430 Recoveries: Mortgage loans: Single-family — 2 — 7 Total recoveries — 2 — 7 Total charge-offs — — — — Net recoveries (charge-offs) — 2 — 7 ACL, end of period $ 7,108 $ 6,001 $ 7,108 $ 6,001 ACL on loans as a percentage of gross loans held for investment 0.67 % 0.56 % 0.67 % 0.56 % Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized) — % — % — % — % ACL on loans as a percentage of gross non-performing loans at the end of the period 307.84 % 584.32 % 307.84 % 584.32 % (1) Represents the impact of adopting ASC 326 on July 1, 2023. Since that date, as a result of adopting ASC 326, the methodology to compute the ACL has been based on CECL methodology, rather than the previously applied incurred loss methodology. 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, 2024 30-89 Days Past Total Loans Held for (In Thousands) Current Due Non-Performing Investment, Gross Mortgage loans: Single-family $ 514,420 $ 386 $ 2,233 $ 517,039 Multi-family 457,401 — — 457,401 Commercial real estate 83,136 — — 83,136 Construction 2,745 — — 2,745 Other 99 — — 99 Commercial business loans 2,835 — — 2,835 Consumer loans 58 2 — 60 Total loans held for investment, gross $ 1,060,694 $ 388 $ 2,233 $ 1,063,315 June 30, 2023 30-89 Days Past Total Loans Held for (In Thousands) Current Due Non-Performing Investment, Gross Mortgage loans: Single-family $ 517,399 $ — $ 1,422 $ 518,821 Multi-family 461,113 — — 461,113 Commercial real estate 90,558 — — 90,558 Construction 1,936 — — 1,936 Other 106 — — 106 Commercial business loans 1,565 — — 1,565 Consumer loans 64 1 — 65 Total loans held for investment, gross $ 1,072,741 $ 1 $ 1,422 $ 1,074,164 The following tables summarize the Corporation’s ACL and recorded investment in gross loans, by portfolio type, at the dates and for the periods indicated. Quarter Ended March 31, 2024 Single- Multi- Commercial Commercial (Dollars In Thousands) family family Real Estate Construction Other Business Consumer Total ACL: ACL, beginning of period $ 6,235 $ 642 $ 73 $ 36 $ 2 $ 12 $ — $ 7,000 Provision for (recovery of) credit losses 136 (41) (8) 8 (1) 14 — 108 Recoveries — — — — — — — — Charge-offs — — — — — — — — ACL, end of period $ 6,371 $ 601 $ 65 $ 44 $ 1 $ 26 $ — $ 7,108 ACL: Individually evaluated for impairment $ 37 $ — $ — $ — $ — $ — $ — $ 37 Collectively evaluated for impairment 6,334 601 65 44 1 26 — 7,071 ACL, end of period $ 6,371 $ 601 $ 65 $ 44 $ 1 $ 26 $ — $ 7,108 Loans held for investment: Individually evaluated for impairment $ 1,138 $ — $ — $ — $ — $ — $ — $ 1,138 Collectively evaluated for impairment 515,901 457,401 83,136 2,745 99 2,835 60 1,062,177 Total loans held for investment, gross $ 517,039 $ 457,401 $ 83,136 $ 2,745 $ 99 $ 2,835 $ 60 $ 1,063,315 ACL on loans as a percentage of gross loans held for investment 1.23 % 0.13 % 0.08 % 1.60 % 1.01 % 0.92 % — % 0.67 % Net (recoveries) charge-offs to average loans receivable, net during the period — % — % — % — % — % — % — % — % Quarter Ended March 31, 2023 Single- Multi- Commercial Commercial (Dollars In Thousands) family family Real Estate Construction Other Business Consumer Total ACL: ACL, beginning of period $ 1,600 $ 3,300 $ 847 $ 17 $ 3 $ 58 $ 5 $ 5,830 Provision for (recovery of) credit losses 127 7 21 4 (1) 12 (1) 169 Recoveries 2 — — — — — — 2 Charge-offs — — — — — — — — ACL, end of period $ 1,729 $ 3,307 $ 868 $ 21 $ 2 $ 70 $ 4 $ 6,001 ACL: Individually evaluated for impairment $ 38 $ — $ — $ — $ — $ — $ — $ 38 Collectively evaluated for impairment 1,691 3,307 868 21 2 70 4 5,963 ACL, end of period $ 1,729 $ 3,307 $ 868 $ 21 $ 2 $ 70 $ 4 $ 6,001 Loans held for investment: Individually evaluated for impairment $ 804 $ — $ — $ — $ — $ — $ — $ 804 Collectively evaluated for impairment 511,828 466,332 90,496 2,891 108 1,640 61 1,073,356 Total loans held for investment, gross $ 512,632 $ 466,332 $ 90,496 $ 2,891 $ 108 $ 1,640 $ 61 $ 1,074,160 ACL on loans as a percentage of gross loans held for investment 0.34 % 0.71 % 0.96 % 0.73 % 1.85 % 4.27 % 6.56 % 0.56 % Net (recoveries) charge-offs to average loans receivable, net during the period — % — % — % — % — % — % — % — % Nine Months Ended March 31, 2024 Commercial Commercial (Dollars In Thousands) Single-family Multi-family Real Estate Construction Other Business Consumer Total ACL: ACL, beginning of period $ 1,720 $ 3,270 $ 868 $ 15 $ 2 $ 67 $ 4 $ 5,946 Adjustment to allowance for adoption of ASC 326 4,605 (2,614) (786) 47 3 (54) (4) 1,197 Provision for (recovery of) credit losses 46 (55) (17) (18) (4) 13 — (35) Recoveries — — — — — — — — Charge-offs — — — — — — — — ACL, end of period $ 6,371 $ 601 $ 65 $ 44 $ 1 $ 26 $ — $ 7,108 ACL: Individually evaluated for impairment $ 37 $ — $ — $ — $ — $ — $ — $ 37 Collectively evaluated for impairment 6,334 601 65 44 1 26 — 7,071 ACL, end of period $ 6,371 $ 601 $ 65 $ 44 $ 1 $ 26 $ — $ 7,108 Loans held for investment: Individually evaluated for impairment $ 1,138 $ — $ — $ — $ — $ — $ — $ 1,138 Collectively evaluated for impairment 515,901 457,401 83,136 2,745 99 2,835 60 1 |
Derivative and Other Financial
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | 9 Months Ended |
Mar. 31, 2024 | |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | Note 6: 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, 2024 and June 30, 2023, the Corporation had commitments to extend credit on loans to be held for investment of $5.1 million and $2.4 million, respectively. The following table provides information regarding unfunded loan commitments, which are comprised of undisbursed funds on construction loans, undisbursed funds to borrowers on existing lines of credit with the Corporation and commitments to originate loans to be held for investment at the dates indicated below. Commitments March 31, 2024 June 30, 2023 (In Thousands) Undisbursed loan funds – Construction loans $ 586 $ 2,032 Undisbursed lines of credit – Commercial business loans 465 607 Undisbursed lines of credit – Consumer loans 344 363 Commitments to extend credit on loans to be held for investment 5,112 2,394 Total $ 6,507 $ 5,396 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. The Corporation does not apply hedge accounting to its derivative financial instruments; therefore, all changes in fair value are recorded in earnings. As of March 31, 2024 and June 30, 2023, there were no outstanding derivative financial instruments. Loans previously sold to the FHLB – San Francisco under the Mortgage Partnership Finance (“MPF”) program have a recourse liability. The FHLB – San Francisco absorbs the first four basis points of loss by establishing a first loss account and a credit scoring process is used to calculate the maximum recourse amount for the Bank. All losses above the Bank’s maximum recourse amount are the responsibility of the FHLB – San Francisco. The FHLB – San Francisco pays the Bank a credit enhancement fee monthly to compensate the Bank for accepting the recourse obligation. As of March 31, 2024 and June 30, 2023, the Bank serviced $3.2 million and $3.5 million of loans under this program, respectively, and has established a recourse liability of $8,000 at both dates. Occasionally, the Bank is required to repurchase loans sold to Freddie Mac, Fannie Mae or other investors if it is determined that such loans do not meet the credit requirements of the investor, or if one of the parties involved in the loan misrepresented pertinent facts, committed fraud, or if such loans were 90-days past due within 120 days of the loan funding date. During the quarters and nine months ended March 31, 2024 and 2023, the Bank did not repurchase any loans or settle any request to repurchase a loan. In addition to the specific recourse liability for the MPF program, the Bank established a recourse liability of $22,500 and $25,000 for loans sold to other investors at March 31, 2024 and June 30, 2023, respectively. The following table shows the summary of the recourse liability for the quarters and nine months ended March 31, 2024 and 2023: For the Quarter Ended For the Nine Months Ended March 31, March 31, Recourse Liability 2024 2023 2024 2023 (In Thousands) Balance, beginning of the period $ 31 $ 160 $ 33 $ 160 (Recovery) provision for recourse liability — — (2) — Net settlements in lieu of loan repurchases — — — — Balance, end of the period $ 31 $ 160 $ 31 $ 160 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Mar. 31, 2024 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | Note 7: 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.” 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. The Corporation elected the fair value option on loans held for investment which were previously originated for sale. 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: Aggregate Unpaid Net Aggregate Principal Unrealized (In Thousands) Fair Value Balance Loss As of March 31, 2024: Loans held for investment, at fair value $ 1,054 $ 1,211 $ (157) As of June 30, 2023: Loans held for investment, at fair value $ 1,312 $ 1,483 $ (171) 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. Valuation techniques may include the use of discounted cash flow models and similar techniques. 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 and interest-only strips; while loans with individually evaluated allowances and mortgage servicing assets (“MSA”) are measured at fair value on a nonrecurring basis. Investment securities - available for sale are primarily comprised of U.S. government agency MBS, U.S. government sponsored enterprise MBS and private issue CMO. The Corporation utilizes quoted prices in active markets for similar securities for its fair value measurement of MBS (Level 2) and broker price indications for similar securities in non-active markets for its fair value measurement of the private issue CMO (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 management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan (Level 3). Loans with an individually evaluated allowance that are recorded at fair value on a non-recurring basis are loans which are inadequately protected by the current sound worth and paying capacity of the borrowers or of the collateral pledged. These 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 loan with an individually evaluated allowance is determined based on the discounted cash flow 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 collateral. For commercial real estate loans with an individually evaluated allowance, the fair value is derived from the appraised value of its collateral. Loans with an individually evaluated allowance are reviewed and evaluated on at least a quarterly basis for additional allowance and adjusted accordingly, based on the same factors identified above (Level 3). 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 ACL. These adjustments to the estimated fair value of loans with individually evaluated allowance may result in increases or decreases to the provision for (recovery of) credit 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 the MSA is derived using the present value method; which includes a third party’s prepayment projections of similar instruments, weighted-average coupon rates, estimated servicing costs and discount interest rates (Level 3). The fair value of interest-only strips is derived using the same assumptions that are used to value the related MSA (Level 3). 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 and liabilities measured at fair value on a recurring basis: Fair Value Measurement at March 31, 2024 Using: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities - available for sale: U.S. government agency MBS $ — $ 1,274 $ — $ 1,274 U.S. government sponsored enterprise MBS — 570 — 570 Private issue CMO — — 91 91 Investment securities - available for sale — 1,844 91 1,935 Loans held for investment, at fair value — — 1,054 1,054 Interest-only strips — — 8 8 Total assets $ — $ 1,844 $ 1,153 $ 2,997 Liabilities: $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — Fair Value Measurement at June 30, 2023 Using: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities - available for sale: U.S. government agency MBS $ — $ 1,370 $ — $ 1,370 U.S. government sponsored enterprise MBS — 683 — 683 Private issue CMO — — 102 102 Investment securities - available for sale — 2,053 102 2,155 Loans held for investment, at fair value — — 1,312 1,312 Interest-only strips — — 9 9 Total assets $ — $ 2,053 $ 1,423 $ 3,476 Liabilities: $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — 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, 2024 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) Private Loans Held For Interest- Issue Investment, at Only (In Thousands) CMO fair value (1) Strips Total Beginning balance at December 31, 2023 $ 98 $ 1,092 $ 8 $ 1,198 Total gains or losses (realized/unrealized): Included in earnings — (28) — (28) Included in other comprehensive loss (1) — — (1) Purchases — — — — Issuances — — — — Settlements (6) (10) — (16) Transfers in and/or out of Level 3 — — — — Ending balance at March 31, 2024 $ 91 $ 1,054 $ 8 $ 1,153 (1) The valuation of loans held for investment at fair value includes management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan. For the Quarter Ended March 31, 2023 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) Private Loans Held For Interest- Issue Investment, at Only (In Thousands) CMO fair value (1) Strips Total Beginning balance at December 31, 2022 $ 102 $ 1,345 $ 9 $ 1,456 Total gains or losses (realized/unrealized): Included in earnings — 30 — 30 Included in other comprehensive loss (1) — (1) (2) Purchases — — — — Issuances — — — — Settlements (3) (23) — (26) Transfers in and/or out of Level 3 — — — — Ending balance at March 31, 2023 $ 98 $ 1,352 $ 8 $ 1,458 (1) The valuation of loans held for investment at fair value includes management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan. For the Nine Months Ended March 31, 2024 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) Private Loans Held For Interest- Issue Investment, at Only (In Thousands) CMO fair value (1) Strips Total Beginning balance at June 30, 2023 $ 102 $ 1,312 $ 9 $ 1,423 Adjustment due to ASC 326 CECL adoption — 28 — 28 Total gains or losses (realized/unrealized): Included in earnings — (14) — (14) Included in other comprehensive loss (1) — (1) (2) Purchases — — — — Issuances — — — — Settlements (10) (272) — (282) Transfers in and/or out of Level 3 — — — — Ending balance at March 31, 2024 $ 91 $ 1,054 $ 8 $ 1,153 (1) The valuation of loans held for investment at fair value includes management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan. For the Nine Months Ended March 31, 2023 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) Private Loans Held For Interest- Issue Investment, at Only (In Thousands) CMO fair value (1) Strips Total Beginning balance at June 30, 2022 $ 113 $ 1,396 $ 7 $ 1,516 Total gains or losses (realized/ unrealized): Included in earnings — 19 — 19 Included in other comprehensive loss (5) — 1 (4) Purchases — — — — Issuances — — — — Settlements (10) (63) — (73) Transfers in and/or out of Level 3 — — — — Ending balance at March 31, 2023 $ 98 $ 1,352 $ 8 $ 1,458 (1) The valuation of loans held for investment at fair value includes management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan. 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, 2024 Using: (In Thousands) Level 1 Level 2 Level 3 Total Loans with individually evaluated allowance $ — $ — $ 695 $ 695 Mortgage servicing assets — — 83 83 Total $ — $ — $ 778 $ 778 Fair Value Measurement at June 30, 2023 Using: (In Thousands) Level 1 Level 2 Level 3 Total Loans with individually evaluated allowance $ — $ 251 $ 1,049 $ 1,300 Mortgage servicing assets — — 90 90 Total $ — $ 251 $ 1,139 $ 1,390 The following table presents additional information about valuation techniques and inputs used for assets and liabilities, which are measured at fair value and categorized within Level 3 as of March 31, 2024: Impact to Fair Value Valuation As of from an March 31, Valuation Range (1) Increase in (Dollars In Thousands) 2024 Techniques Unobservable Inputs (Weighted Average) Inputs (2) Assets: Securities available-for sale: Private issue CMO $ 91 Market comparable pricing Comparability adjustment (1.4%) - (6.1%) (2.4%) Increase Loans held for investment, at fair value $ 1,054 Relative value analysis Broker quotes 86.7% - 88.9% (88.1%) Increase ACL factors 1.0% - 1.1% (1.1%) Decrease Loans with individually evaluated allowance $ 695 Discounted cash flow Default Rate 5.0% Decrease Discount Rate 4.8% Decrease Mortgage servicing assets $ 83 Discounted cash flow Prepayment speed (CPR) 5.5% - 60.0% (10.6%) Decrease Discount rate 9.0% - 10.5% (9.1%) Decrease Interest-only strips $ 8 Discounted cash flow Prepayment speed (CPR) 7.3% - 15.1% (9.2%) Decrease Discount rate 9.0% Decrease Liabilities: None (1) The range is based on the historical estimated fair values and management estimates. (2) Unless otherwise noted, this column represents the directional change in the fair value of the Level 3 asset instruments 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. The significant unobservable inputs used in the fair value measurement of the Corporation’s assets and liabilities include the following: prepayment speeds, discount rates and broker quotes, 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, 2024 and June 30, 2023 was as follows: March 31, 2024 Carrying Fair (In Thousands) Amount Value Level 1 Level 2 Level 3 Financial assets: Loans held for investment, not recorded at fair value $ 1,064,707 $ 982,881 $ — $ — $ 982,881 Investment securities - held to maturity $ 135,971 $ 120,271 $ — $ 120,271 $ — FHLB – San Francisco stock $ 9,505 $ 9,505 $ — $ 9,505 $ — Financial liabilities: Deposits $ 908,122 $ 908,057 $ — $ 908,057 $ — Borrowings $ 235,000 $ 234,043 $ — $ 234,043 $ — June 30, 2023 Carrying Fair (In Thousands) Amount Value Level 1 Level 2 Level 3 Financial assets: Loans held for investment, not recorded at fair value $ 1,076,317 $ 970,277 $ — $ — $ 970,277 Investment securities - held to maturity $ 154,337 $ 135,541 $ — $ 135,541 $ — FHLB – San Francisco stock $ 9,505 $ 9,505 $ — $ 9,505 $ — Financial liabilities: Deposits $ 950,571 $ 949,116 $ — $ 949,116 $ — Borrowings $ 235,009 $ 232,764 $ — $ 232,764 $ — 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 similar loans would be made to borrowers, or (ii) quoted market prices. Investment securities - held to maturity: The investment securities - held to maturity consist of U.S. SBA securities, U.S. government sponsored enterprise MBS and U.S. government sponsored enterprise CMO. For the U.S. SBA securities and U.S. government sponsored enterprise MBS and CMO, the Corporation utilizes quoted prices in active markets for similar securities for its fair value measurement. 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 observable inputs, including rates currently offered for deposits of similar remaining maturities. The fair value of transaction accounts (checking, money market and savings accounts) is equal to the carrying amounts payable on demand or 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. 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. For the quarter and first nine months of fiscal 2024, there were no significant changes to the Corporation’s valuation techniques that had, or are expected to have, a material impact on its condensed consolidated financial position or results of operations. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 9 Months Ended |
Mar. 31, 2024 | |
Revenue From Contracts With Customers | |
Revenue From Contracts With Customers | Note 8: Revenue From Contracts With Customers In accordance with ASC 606, revenues are recognized when goods or services are transferred to the customer in exchange for the consideration the Corporation expects to be entitled to receive. The largest portion of the Corporation's revenue is from interest income, which is not in the scope of ASC 606. All of the Corporation's revenue from contracts with customers in the scope of ASC 606 is recognized in non-interest income. If a contract is determined to be within the scope of ASC 606, the Corporation recognizes revenue as it satisfies a performance obligation. Payments from customers are generally collected at the time services are rendered, monthly, quarterly or annually. For contracts with customers within the scope of ASC 606, revenue is either earned at a point in time or revenue is earned over time. Examples of revenue earned at a point in time are automated teller machine ("ATM") transaction fees, wire transfer fees, overdraft fees and interchange fees. Revenue is primarily based on the number and type of transactions that are generally derived from transactional information accumulated by our systems and is recognized immediately as the transactions occur or upon providing the service to complete the customer's transaction. The Corporation is generally the principal in these contracts, except for interchange fees, in which case the Corporation is acting as the agent and records revenue net of expenses paid to the principal. Examples of revenue earned over time, which generally occur monthly, are deposit account maintenance fees, investment advisory fees, merchant revenue, trust and investment management fees and safe deposit box fees. Revenue is generally derived from transactional information accumulated by our systems or those of third-parties and is recognized as the related transactions occur or services are rendered to the customer. Disaggregation of Revenue: The following table includes the Corporation's non-interest income disaggregated by type of services for the quarters and nine months ended March 31, 2024 and 2023: Quarter Ended Nine Months Ended March 31, March 31, Type of Services 2024 2023 2024 2023 (In Thousands) Loan servicing and other fees (1) $ 92 $ 104 $ 195 $ 327 Deposit account fees 289 328 876 998 Card and processing fees 317 361 1,003 1,109 Other (2) 150 188 400 506 Total non-interest income $ 848 $ 981 $ 2,474 $ 2,940 (1) Not within the scope of ASC 606. (2) Includes net BOLI income of $46 thousand for both quarters and $139 thousand for both nine-month periods ended March 31, 2024 and 2023 , which is not within the scope of ASC 606. For both the quarters and nine months ended March 31, 2024 and 2023, substantially all of the Corporation's revenues within the scope of ASC 606 are for performance obligations satisfied at a specified date. Revenues recognized within the scope of ASC 606: Deposit account fees fees are recognized concurrent with the event on a daily, monthly, quarterly or annual basis, depending on the type of service. Card and processing fees Other fees |
Leases
Leases | 9 Months Ended |
Mar. 31, 2024 | |
Leases | |
Leases | Note 9: Leases The Corporation accounts for its leases in accordance with ASC 842 which requires the Corporation to record liabilities for future lease obligations as well as assets representing the right to use the underlying leased assets. The Corporation's leases primarily represent future obligations to make payments for the use of buildings, space or equipment for its operations. Liabilities to make future lease payments are recorded in accounts payable, accrued interest and other liabilities, while right-of-use assets are recorded in premises and equipment in the Corporation's Condensed Consolidated Statements of Financial Condition. At March 31, 2024, all of the Corporation's leases were classified as operating leases and the Corporation did not have any operating leases with an initial term of 12 months or less ("short-term leases"). Liabilities to make future lease payments and right-of-use assets are recorded for operating leases and do not include short-term leases. These liabilities and right-of-use assets are determined based on the total contractual base rents for each lease, which include options to extend or renew each lease, where applicable, and where the Corporation believes it has an economic incentive to extend or renew the lease. Since lease extensions are not reasonably certain, the Corporation generally does not recognize payments occurring during option periods in the calculation of its operating right-of-use lease assets and operating lease liabilities. The Corporation utilizes the FHLB – San Francisco rates as a discount rate for each of the remaining contractual terms at the adoption date as well as for future leases if the discount rate is not stated in the lease. For leases that contain variable lease payments, the Corporation assumes future lease payment escalations based on a lease payment escalation rate specified in the lease or the specified index rate observed at the time of lease commencement. Liabilities to make future lease payments are accounted for using the interest method, being reduced by periodic contractual lease payments net of periodic interest accretion. Right-of-use assets for operating leases are amortized over the term of the associated lease by amounts that represent the difference between periodic straight-line lease expense and periodic interest accretion in the related liability to make future lease payments. For the quarters ended March 31, 2024 and 2023, expenses associated with the Corporation’s leases totaled $222,000 and $220,000, respectively. For the nine months ended March 31, 2024 and 2023, expenses associated with the Corporation’s leases totaled $716,000 and $651,000, respectively. Expenses associated with the Corporation’s leases are recorded in either premises and occupancy or equipment, as applicable, in the Condensed Consolidated Statements of Operations. The following tables present supplemental information related to operating leases at the date and for the periods indicated: As of (In Thousands) March 31, 2024 June 30, 2023 Condensed Consolidated Statements of Condition: Premises and equipment - Operating lease right of use assets $ 1,550 $ 2,147 Accounts payable, accrued interest and other liabilities – Operating lease liabilities $ 1,612 $ 2,169 Quarter Ended Nine Months Ended March 31, March 31, (In Thousands) 2024 2023 2024 2023 Condensed Consolidated Statements of Operations: Premises and occupancy expenses from operating leases (1) $ 188 $ 195 $ 613 $ 581 Equipment expenses from operating leases 34 25 103 70 Total lease expense $ 222 $ 220 $ 716 $ 651 (1) Includes immaterial variable lease costs. Nine Months Ended Nine Months Ended (In Thousands) March 31, 2024 March 31, 2023 Condensed Consolidated Statements of Cash Flows: Operating cash flows from operating leases, net $ 666 $ 657 The following table provides information related to remaining minimum contractual lease payments and other information associated with the Corporation’s leases as of March 31, 2024: Amount (1) Year Ending June 30, (In Thousands) 2024 $ 218 2025 678 2026 387 2027 192 2028 156 Thereafter 74 Total contract lease payments $ 1,705 Total liability to make lease payments $ 1,612 Difference in undiscounted and discounted future lease payments $ 93 Weighted average discount rate 3.30 % Weighted average remaining lease term (years) 3.1 (1) Contractual base rents do not include property taxes and other operating expenses due under respective lease agreements. |
Stock Repurchases
Stock Repurchases | 9 Months Ended |
Mar. 31, 2024 | |
Stock Repurchases | |
Stock Repurchases | Note 10: Stock Repurchases On April 28, 2022, the Corporation’s Board of Directors announced a stock repurchase plan, authorizing the purchase of up to 364,259 shares of the Corporation’s outstanding common stock over a one-year On that same date, on September 28, 2023, the Board approved a new stock repurchase plan, authorizing the purchase of up to 350,353 shares of the Corporation’s outstanding common stock over a one-year During the quarter ended March 31, 2024, the Corporation purchased 50,051 shares of its common stock under the September 2023 stock repurchase plan with a weighted average cost of $13.99 per share. As of March 31, 2024, 237,592 shares or 68 percent of authorized common stock under the September 2023 plan remained available to purchase until the plan expires on September 28, 2024. For the nine months ended March 31, 2024, the Corporation purchased 148,873 shares of its common stock under the April 2022 and September 2023 stock repurchase plans, with a weighted average cost of $13.06 per share. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2024 | |
Subsequent Events | |
Subsequent Events | Note 11: Subsequent Events On April 25, 2024, the Corporation announced that the Board of Directors declared a quarterly cash dividend of $0.14 per share. Shareholders of the Corporation’s common stock at the close of business on May 16, 2024 are entitled to receive the cash dividend. The cash dividend will be payable on June 6, 2024. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Mar. 31, 2024 | |
Organization and Summary of Significant Accounting Policies | |
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, 2023 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 fiscal year ended June 30, 2023 (“2023 Annual Form 10-K”). The results of operations for the quarter and nine months ended March 31, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2024. |
Accounting standard updates ("ASU") | ASU 2023-09: In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public business entities to annually (a) disclose specific categories in the rate reconciliation and (b) provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Corporation is in the process of reviewing the impact of this ASU and has not yet determined the impact of the adoption of this ASU on its consolidated financial statements. ASU 2023-07: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The key amendments include: (a) introduce a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (“CODM”), (b) extend certain annual disclosures to interim periods, (c) clarify single reportable segment entities must apply ASC 280 in its entirety, (d) permit more than one measure of segment profit or loss to be reported under certain conditions, and (e) require disclosure of the title and position of the CODM. This ASU is effective for public entities fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Corporation is in the process of reviewing the impact of this ASU and has not yet determined the impact of the adoption of this ASU on its consolidated financial statements. ASU 2020-04: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU applies to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or other rate references expected to be discontinued as a result of reference rate reform. The ASU permits an entity to make necessary modifications to eligible contracts or transactions without requiring contract remeasurement or reassessment of a previous accounting determination. In January 2021, ASU 2021-01 clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates (commonly referred to as the “discounting transition”). In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848. The FASB had originally included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. In March 2021, it was announced that the intended cessation date of LIBOR was extended to June 30, 2023. As a result, the FASB issued ASU 2022-06 deferring the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. This ASU is effective for all entities as of March 12, 2020 through December 31, 2024. As of June 30, 2023, the Corporation had approximately $469.4 million in loans held for investment with LIBOR indices. Beginning July 1, 2023, the Corporation started to transition these loans to Secured Overnight Financing Rate (“SOFR”) indices or other rate indices in accordance with the government agency guidelines. As of September 30, 2023, all loans held for investment with LIBOR indices had been transitioned to SOFR or other rate indices. The Corporation determined that the impact of the adoption of this ASU did not have a material impact to its 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,” and subsequent amendments to the initial guidance. On July 1, 2023, the Corporation adopted this ASU that replaced the incurred loss methodology with the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and applies to financial assets measured at amortized cost, including loans held for investment, held-to-maturity investment securities and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses (“ACL”). In addition, CECL made changes to the accounting for available for sale investment securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities if management does not intend to sell and does not believe that it is more likely than not, they will be required to sell. The Corporation adopted ASC 326, “Financial Instruments – Credit Losses,” and all related subsequent amendments using the prospective transition approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The transition adjustment of the adoption of CECL included an $1.2 million increase in the ACL, which is presented as a reduction to net loans held for investment. The Corporation recorded a net decrease to retained earnings of $824,000 as of July 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after July 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards. The Corporation adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to July 1, 2023. As of June 30, 2023, the Corporation did not have any other-than-temporary impaired investment securities. Therefore, upon adoption of ASC 326, the Corporation determined that an ACL on available for sale securities was not deemed necessary. The following table illustrates the impact on the ACL from the adoption of ASC 326: Allowance for Allowance Impact to credit losses before adoption allowance after ASC under ASC 326 of ASC 326 326 adoption (In Thousands) (07/01/2023) (06/30/2023) (07/01/2023) Assets: Mortgage loans: Single-family $ 6,325 $ 1,720 $ 4,605 Multi-family 656 3,270 (2,614) Commercial real estate 82 868 (786) Construction 62 15 47 Other 5 2 3 Commercial business loans 13 67 (54) Consumer loans — 4 (4) ACL on loans $ 7,143 $ 5,946 $ 1,197 Liabilities: Unfunded loan commitment reserve $ 42 $ 42 $ — In March 2022, FASB issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures.” This ASU provides new guidance on the treatment of troubled debt restructurings (“TDR”) in relation to the adoption of the CECL model for the accounting for credit losses (see note above regarding ASU 2016-13). Previous accounting guidance related to TDRs is eliminated and new disclosure requirements are adopted in regards to loan modifications made to borrowers experiencing financial difficulties under the assumption that the CECL model will capture credit losses related to TDRs. The required disclosures regarding gross write-offs for financing receivables by year of origination and loan modifications are presented under Note 5 of the Notes to Unaudited Interim Condensed Consolidated Financial Statements of this Form 10-Q. Subsequent to the adoption of ASC 326, the Corporation no longer reports TDRs or classifies loans as TDRs given those loans previously recognized as TDRs have been incorporated into the CECL methodology in regard to loan loss reserves as of July 1, 2023. As of March 31, 2024, there were no loan modifications for borrowers experiencing financial difficulties. |
Accounting Standard Updates (_2
Accounting Standard Updates ("ASU") (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Accounting Standard Updates ("ASU") | |
Schedule of ACL from the adoption of ASC 326 | Allowance for Allowance Impact to credit losses before adoption allowance after ASC under ASC 326 of ASC 326 326 adoption (In Thousands) (07/01/2023) (06/30/2023) (07/01/2023) Assets: Mortgage loans: Single-family $ 6,325 $ 1,720 $ 4,605 Multi-family 656 3,270 (2,614) Commercial real estate 82 868 (786) Construction 62 15 47 Other 5 2 3 Commercial business loans 13 67 (54) Consumer loans — 4 (4) ACL on loans $ 7,143 $ 5,946 $ 1,197 Liabilities: Unfunded loan commitment reserve $ 42 $ 42 $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share | |
Schedule of earnings per share, basic and diluted | For the Quarter Ended For the Nine Months Ended March 31, March 31, (In Thousands, Except Earnings Per Share) 2024 2023 2024 2023 Numerator: Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders $ 1,495 $ 2,323 $ 5,398 $ 6,784 Denominator: Denominator for basic earnings per share: Weighted-average shares 6,919 7,081 6,968 7,181 Less effect of dilutive shares: Stock options — — — — Restricted stock 16 65 13 51 Denominator for diluted earnings per share: Adjusted weighted-average shares and assumed conversions 6,935 7,146 6,981 7,232 Basic earnings per share $ 0.22 $ 0.33 $ 0.77 $ 0.94 Diluted earnings per share $ 0.22 $ 0.33 $ 0.77 $ 0.94 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Investment Securities | |
Schedule of available-for-sale securities reconciliation | Gross Gross Estimated Amortized Unrealized Unrealized Fair Carrying March 31, 2024 Cost Gains (Losses) Value Value (In Thousands) Held to maturity U.S. government sponsored enterprise MBS (1) $ 131,711 $ 72 $ (15,501) $ 116,282 $ 131,711 U.S. government sponsored enterprise CMO (2) 3,802 — (270) 3,532 3,802 U.S. SBA securities (3) 458 — (1) 457 458 Total investment securities - held to maturity 135,971 72 (15,772) 120,271 135,971 Available for sale U.S. government agency MBS 1,288 1 (15) 1,274 1,274 U.S. government sponsored enterprise MBS 572 1 (3) 570 570 Private issue CMO 93 — (2) 91 91 Total investment securities - available for sale 1,953 2 (20) 1,935 1,935 Total investment securities $ 137,924 $ 74 $ (15,792) $ 122,206 $ 137,906 (1) (2) (3) Gross Gross Estimated Amortized Unrealized Unrealized Fair Carrying June 30, 2023 Cost Gains (Losses) Value Value (In Thousands) Held to maturity U.S. government sponsored enterprise MBS $ 149,803 $ — $ (18,459) $ 131,344 $ 149,803 U.S. government sponsored enterprise CMO 3,883 — (336) 3,547 3,883 U.S. SBA securities 651 — (1) 650 651 Total investment securities - held to maturity 154,337 — (18,796) 135,541 154,337 Available for sale U.S. government agency MBS 1,417 — (47) 1,370 1,370 U.S. government sponsored enterprise MBS 697 — (14) 683 683 Private issue CMO 103 — (1) 102 102 Total investment securities - available for sale 2,217 — (62) 2,155 2,155 Total investment securities $ 156,554 $ — $ (18,858) $ 137,696 $ 156,492 |
Schedule of investments with unrealized loss position | As of March 31, 2024 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 $ — $ — $ 111,712 $ 15,501 $ 111,712 $ 15,501 U.S. government sponsored enterprise CMO — — 3,533 270 3,533 270 U.S. SBA securities 457 1 — — 457 1 Total investment securities - held to maturity 457 1 115,245 15,771 115,702 15,772 Available for sale U.S government agency MBS — — 1,179 15 1,179 15 U.S. government sponsored enterprise MBS — — 462 3 462 3 Private issue CMO — — 91 2 91 2 Total investment securities - available for sale — — 1,732 20 1,732 20 Total investment securities $ 457 $ 1 116,977 $ 15,791 $ 117,434 $ 15,792 As of June 30, 2023 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 $ 10,839 $ 253 $ 120,506 $ 18,206 $ 131,345 $ 18,459 U.S. government sponsored enterprise CMO — — 3,547 336 3,547 336 U.S. SBA securities 650 1 — — 650 1 Total investment securities - held to maturity 11,489 254 124,053 18,542 135,542 18,796 Available for sale U.S government agency MBS 696 20 673 27 1,369 47 U.S. government sponsored enterprise MBS 87 2 558 12 645 14 Private issue CMO — — 102 1 102 1 Total investment securities - available for sale 783 22 1,333 40 2,116 62 Total investment securities $ 12,272 $ 276 $ 125,386 $ 18,582 $ 137,658 $ 18,858 |
Schedule of investments classified by contractual maturity | March 31, 2024 June 30, 2023 Estimated Estimated Amortized Fair Amortized Fair (In Thousands) Cost Value Cost Value Held to maturity Due in one year or less $ 5 $ 5 $ 303 $ 300 Due after one through five years 5,354 5,161 7,686 7,365 Due after five through ten years 52,205 47,404 61,043 54,686 Due after ten years 78,407 67,701 85,305 73,190 Total investment securities - held to maturity 135,971 120,271 154,337 135,541 Available for sale Due in one year or less — — — — Due after one through five years — — — — Due after five through ten years 781 777 590 580 Due after ten years 1,172 1,158 1,627 1,575 Total investment securities - available for sale 1,953 1,935 2,217 2,155 Total investment securities $ 137,924 $ 122,206 $ 156,554 $ 137,696 |
Loans Held for Investment (Tabl
Loans Held for Investment (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Loans Held for Investment | |
Schedule of loans held for investment | March 31, June 30, (In Thousands) 2024 2023 Mortgage loans: Single-family $ 517,039 $ 518,821 Multi-family 457,401 461,113 Commercial real estate 83,136 90,558 Construction 2,745 1,936 Other 99 106 Commercial business loans 2,835 1,565 Consumer loans 60 65 Total loans held for investment, gross 1,063,315 1,074,164 Advance payments of escrows 371 148 Deferred loan costs, net 9,183 9,263 ACL on loans (7,108) (5,946) Total loans held for investment, net $ 1,065,761 $ 1,077,629 |
Schedule of loans held for investment, contractual repricing | Adjustable Rate After After After Within One Year 3 Years 5 Years (In Thousands) One Year Through 3 Years Through 5 Years Through 10 Years Fixed Rate Total Mortgage loans: Single-family $ 53,321 $ 27,759 $ 96,177 $ 230,399 $ 109,383 $ 517,039 Multi-family 179,447 149,111 114,911 13,831 101 457,401 Commercial real estate 35,078 17,925 28,892 — 1,241 83,136 Construction 2,745 — — — — 2,745 Other — — — — 99 99 Commercial business loans 2,720 — — — 115 2,835 Consumer loans 60 — — — — 60 Total loans held for investment, gross $ 273,371 $ 194,795 $ 239,980 $ 244,230 $ 110,939 $ 1,063,315 |
Schedule of commercial real estate loans by property types and LTVs | Owner Non-Owner % of Total Weighted March 31, 2024 Occupied Loan Occupied Loan Total Commercial Average (Dollars In Thousands) Balance Balance Balance Real Estate LTV (1) Office $ 6,733 $ 20,216 $ 26,949 32 % 43 % Mixed use (2) 296 15,918 16,214 20 35 % Retail — 12,254 12,254 15 31 % Warehouse 2,089 9,939 12,028 14 33 % Medical/dental office 2,453 4,712 7,165 9 44 % Mobile home park — 6,945 6,945 8 38 % Restaurant/fast food 692 — 692 1 44 % Automotive - non gasoline — 580 580 1 26 % Live/work — 309 309 — 14 % Total commercial real estate $ 12,263 $ 70,873 $ 83,136 100 % 38 % (1) (2) Mixed use includes $7.0 million in Office/Retail, $4.8 million in Multi-family/Retail, $3.0 million in Other Mixed Use, $757,000 in Multi-family/Commercial and $688,000 in Multi-family/Office. . Owner Non-Owner % of Total Weighted June 30, 2023 Occupied Loan Occupied Loan Total Commercial Average (Dollars In Thousands) Balance Balance Balance Real Estate LTV (1) Office $ 9,283 $ 23,915 $ 33,198 37 % 44 % Mixed use (2) 306 17,614 17,920 20 36 % Retail — 12,991 12,991 14 32 % Warehouse 2,133 8,511 10,644 12 31 % Mobile home park — 7,057 7,057 8 39 % Medical/dental office 1,117 5,524 6,641 7 50 % Restaurant/fast food — 1,014 1,014 1 24 % Automotive - non gasoline — 485 485 1 19 % Live/work — 337 337 — 15 % Light industrial/manufacturing — 271 271 — 8 % Total commercial real estate $ 12,839 $ 77,719 $ 90,558 100 % 38 % (1) Current loan balance as a percentage of the original appraised value. (2) Mixed use includes $8.2 million in Office/Retail, $5.6 million in Multi-family/Retail, $3.4 million in Other Mixed Use and $700,000 in Multi-family/Office. . |
Schedule of commercial real estate loans by geographic concentration | Inland Southern Other March 31, 2024 Empire California (1) California Total (Dollars in Thousands) Balance % Balance % Balance % Balance % Owner occupied: Office $ 1,556 23 % $ 4,984 74 % $ 193 3 % $ 6,733 100 % Mixed use — — % — — % 296 100 % 296 100 % Warehouse — — % 1,699 81 % 390 19 % 2,089 100 % Medical/dental office 277 11 % 1,801 74 % 375 15 % 2,453 100 % Restaurant/fast food — — % 692 100 % — — % 692 100 % Total owner occupied 1,833 15 % 9,176 75 % 1,254 10 % 12,263 100 % Non-owner occupied: Office 2,969 15 % 13,920 69 % 3,327 16 % 20,216 100 % Mixed use 539 3 % 6,277 40 % 9,102 57 % 15,918 100 % Retail 1,056 9 % 6,713 55 % 4,485 36 % 12,254 100 % Warehouse 609 6 % 4,790 48 % 4,540 46 % 9,939 100 % Mobile home park 4,886 70 % 359 5 % 1,700 25 % 6,945 100 % Medical/dental office 1,847 39 % 2,172 46 % 693 15 % 4,712 100 % Automotive - non gasoline — — % 580 100 % — — % 580 100 % Live/work — — % — — % 309 100 % 309 100 % Total non-owner occupied 11,906 17 % 34,811 49 % 24,156 34 % 70,873 100 % Total commercial real estate $ 13,739 16 % $ 43,987 53 % $ 25,410 31 % $ 83,136 100 % (1) Inland Southern Other June 30, 2023 Empire California (1) California Total (Dollars in Thousands) Balance % Balance % Balance % Balance % Owner occupied: Office $ 2,649 29 % $ 6,436 69 % $ 198 2 % $ 9,283 100 % Mixed use — — % — — % 306 100 % 306 100 % Warehouse — — % 1,733 81 % 400 19 % 2,133 100 % Medical/dental office 281 25 % 453 41 % 383 34 % 1,117 100 % Total owner occupied 2,930 23 % 8,622 67 % 1,287 10 % 12,839 100 % Non-owner occupied: Office 4,420 18 % 14,767 62 % 4,728 20 % 23,915 100 % Mixed use 660 4 % 7,292 41 % 9,662 55 % 17,614 100 % Retail 1,076 8 % 7,353 57 % 4,562 35 % 12,991 100 % Warehouse 623 7 % 5,690 67 % 2,198 26 % 8,511 100 % Mobile home park 4,967 70 % 364 5 % 1,726 25 % 7,057 100 % Medical/dental office 1,910 35 % 3,325 60 % 289 5 % 5,524 100 % Restaurant/fast food — — % 1,014 100 % — — % 1,014 100 % Automotive - non gasoline — — % 485 100 % — — % 485 100 % Live/work — — % — — % 337 100 % 337 100 % Light industrial/ manufacturing — — % 271 100 % — — % 271 100 % Total non-owner occupied 13,656 18 % 40,561 52 % 23,502 30 % 77,719 100 % Total commercial real estate $ 16,586 18 % $ 49,183 54 % $ 24,789 28 % $ 90,558 100 % (1) |
Schedule of gross loans held for investment by loan types and risk category | March 31, 2024 Term Loans by Year of Origination Revolving (In Thousands) 2024 2023 2022 2021 2020 Prior Loans Total Mortgage loans: Single-family: Pass $ 8,944 $ 63,451 $ 208,980 $ 150,992 $ 19,728 $ 61,770 $ 17 $ 513,882 Special Mention - - - 538 - 386 - 924 Substandard - - - - - 2,233 - 2,233 Total single-family 8,944 63,451 208,980 151,530 19,728 64,389 17 517,039 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Multi-family: Pass 5,864 28,966 76,236 89,392 62,089 192,779 - 455,326 Special Mention - - - 479 - 541 - 1,020 Substandard - - - - - 1,055 - 1,055 Total multi-family 5,864 28,966 76,236 89,871 62,089 194,375 - 457,401 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate: Pass 2,172 13,845 23,428 4,045 5,486 34,160 - 83,136 Special Mention - - - - - - - - Substandard - - - - - - - - Total commercial real estate 2,172 13,845 23,428 4,045 5,486 34,160 - 83,136 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Construction: Pass - 226 835 1,684 - - - 2,745 Special Mention - - - - - - - - Substandard - - - - - - - - Total construction - 226 835 1,684 - - - 2,745 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Other: Pass - - - - 99 - - 99 Special Mention - - - - - - - - Substandard - - - - - - - - Total other - - - - 99 - - 99 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Commercial business loans: Pass - - 142 - - - 2,693 2,835 Special Mention - - - - - - - - Substandard - - - - - - - - Total commercial business loans - - 142 - - - 2,693 2,835 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans: Not graded 15 - - - - - - 15 Pass - - - - - - 45 45 Special Mention - - - - - - - - Substandard - - - - - - - - Total consumer loans 15 - - - - - 45 60 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Total loans held for investment, gross $ 16,995 $ 106,488 $ 309,621 $ 247,130 $ 87,402 $ 292,924 $ 2,755 $ 1,063,315 Total current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — June 30, 2023 Term Loans by Year of Origination Revolving (In Thousands) 2023 2022 2021 2020 2019 Prior Loans Total Mortgage loans: Single-family: Pass $ 51,378 $ 216,989 $ 157,015 $ 20,741 $ 11,793 $ 59,451 $ 32 $ 517,399 Special Mention - - - - - - - - Substandard - - - 251 - 1,171 - 1,422 Total single-family 51,378 216,989 157,015 20,992 11,793 60,622 32 518,821 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Multi-family: Pass 17,429 77,956 90,926 65,127 59,709 149,456 - 460,603 Special Mention - - 510 - - - - 510 Substandard - - - - - - - - Total multi-family 17,429 77,956 91,436 65,127 59,709 149,456 - 461,113 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate: Pass 8,586 23,815 5,527 6,525 9,981 35,577 - 90,011 Special Mention - - - - - - - - Substandard - - - - - 547 - 547 Total commercial real estate 8,586 23,815 5,527 6,525 9,981 36,124 - 90,558 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Construction: Pass 94 726 1,116 - - - - 1,936 Special Mention - - - - - - - - Substandard - - - - - - - - Total construction 94 726 1,116 - - - - 1,936 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Other: Pass - - - 106 - - - 106 Special Mention - - - - - - - - Substandard - - - - - - - - Total other - - - 106 - - - 106 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Commercial business loans: Pass - 171 - - - - 1,394 1,565 Special Mention - - - - - - - - Substandard - - - - - - - - Total commercial business loans - 171 - - - - 1,394 1,565 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans: Not graded 15 - - - - - - 15 Pass - - - - - - 50 50 Special Mention - - - - - - - - Substandard - - - - - - - - Total consumer loans 15 - - - - - 50 65 Current period gross charge-off $ - $ - $ - $ - $ - $ - $ - $ - Total loans held for investment, gross $ 77,502 $ 319,657 $ 255,094 $ 92,750 $ 81,483 $ 246,202 $ 1,476 $ 1,074,164 Total current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — |
Schedule of allowance for credit losses | For the Quarter Ended For the Nine Months Ended March 31, March 31, (Dollars in Thousands) 2024 2023 2024 2023 ACL, beginning of period $ 7,000 $ 5,830 $ 5,946 $ 5,564 Impact of ASC 326 CECL adoption (1) — — 1,197 — Provision for (recovery of) credit losses 108 169 (35) 430 Recoveries: Mortgage loans: Single-family — 2 — 7 Total recoveries — 2 — 7 Total charge-offs — — — — Net recoveries (charge-offs) — 2 — 7 ACL, end of period $ 7,108 $ 6,001 $ 7,108 $ 6,001 ACL on loans as a percentage of gross loans held for investment 0.67 % 0.56 % 0.67 % 0.56 % Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized) — % — % — % — % ACL on loans as a percentage of gross non-performing loans at the end of the period 307.84 % 584.32 % 307.84 % 584.32 % (1) Represents the impact of adopting ASC 326 on July 1, 2023. Since that date, as a result of adopting ASC 326, the methodology to compute the ACL has been based on CECL methodology, rather than the previously applied incurred loss methodology. |
Schedule of past due status of gross loans held for investment, net of fair value adjustments | March 31, 2024 30-89 Days Past Total Loans Held for (In Thousands) Current Due Non-Performing Investment, Gross Mortgage loans: Single-family $ 514,420 $ 386 $ 2,233 $ 517,039 Multi-family 457,401 — — 457,401 Commercial real estate 83,136 — — 83,136 Construction 2,745 — — 2,745 Other 99 — — 99 Commercial business loans 2,835 — — 2,835 Consumer loans 58 2 — 60 Total loans held for investment, gross $ 1,060,694 $ 388 $ 2,233 $ 1,063,315 June 30, 2023 30-89 Days Past Total Loans Held for (In Thousands) Current Due Non-Performing Investment, Gross Mortgage loans: Single-family $ 517,399 $ — $ 1,422 $ 518,821 Multi-family 461,113 — — 461,113 Commercial real estate 90,558 — — 90,558 Construction 1,936 — — 1,936 Other 106 — — 106 Commercial business loans 1,565 — — 1,565 Consumer loans 64 1 — 65 Total loans held for investment, gross $ 1,072,741 $ 1 $ 1,422 $ 1,074,164 |
Schedule of allowance for loan losses and recorded investment | Quarter Ended March 31, 2024 Single- Multi- Commercial Commercial (Dollars In Thousands) family family Real Estate Construction Other Business Consumer Total ACL: ACL, beginning of period $ 6,235 $ 642 $ 73 $ 36 $ 2 $ 12 $ — $ 7,000 Provision for (recovery of) credit losses 136 (41) (8) 8 (1) 14 — 108 Recoveries — — — — — — — — Charge-offs — — — — — — — — ACL, end of period $ 6,371 $ 601 $ 65 $ 44 $ 1 $ 26 $ — $ 7,108 ACL: Individually evaluated for impairment $ 37 $ — $ — $ — $ — $ — $ — $ 37 Collectively evaluated for impairment 6,334 601 65 44 1 26 — 7,071 ACL, end of period $ 6,371 $ 601 $ 65 $ 44 $ 1 $ 26 $ — $ 7,108 Loans held for investment: Individually evaluated for impairment $ 1,138 $ — $ — $ — $ — $ — $ — $ 1,138 Collectively evaluated for impairment 515,901 457,401 83,136 2,745 99 2,835 60 1,062,177 Total loans held for investment, gross $ 517,039 $ 457,401 $ 83,136 $ 2,745 $ 99 $ 2,835 $ 60 $ 1,063,315 ACL on loans as a percentage of gross loans held for investment 1.23 % 0.13 % 0.08 % 1.60 % 1.01 % 0.92 % — % 0.67 % Net (recoveries) charge-offs to average loans receivable, net during the period — % — % — % — % — % — % — % — % Quarter Ended March 31, 2023 Single- Multi- Commercial Commercial (Dollars In Thousands) family family Real Estate Construction Other Business Consumer Total ACL: ACL, beginning of period $ 1,600 $ 3,300 $ 847 $ 17 $ 3 $ 58 $ 5 $ 5,830 Provision for (recovery of) credit losses 127 7 21 4 (1) 12 (1) 169 Recoveries 2 — — — — — — 2 Charge-offs — — — — — — — — ACL, end of period $ 1,729 $ 3,307 $ 868 $ 21 $ 2 $ 70 $ 4 $ 6,001 ACL: Individually evaluated for impairment $ 38 $ — $ — $ — $ — $ — $ — $ 38 Collectively evaluated for impairment 1,691 3,307 868 21 2 70 4 5,963 ACL, end of period $ 1,729 $ 3,307 $ 868 $ 21 $ 2 $ 70 $ 4 $ 6,001 Loans held for investment: Individually evaluated for impairment $ 804 $ — $ — $ — $ — $ — $ — $ 804 Collectively evaluated for impairment 511,828 466,332 90,496 2,891 108 1,640 61 1,073,356 Total loans held for investment, gross $ 512,632 $ 466,332 $ 90,496 $ 2,891 $ 108 $ 1,640 $ 61 $ 1,074,160 ACL on loans as a percentage of gross loans held for investment 0.34 % 0.71 % 0.96 % 0.73 % 1.85 % 4.27 % 6.56 % 0.56 % Net (recoveries) charge-offs to average loans receivable, net during the period — % — % — % — % — % — % — % — % Nine Months Ended March 31, 2024 Commercial Commercial (Dollars In Thousands) Single-family Multi-family Real Estate Construction Other Business Consumer Total ACL: ACL, beginning of period $ 1,720 $ 3,270 $ 868 $ 15 $ 2 $ 67 $ 4 $ 5,946 Adjustment to allowance for adoption of ASC 326 4,605 (2,614) (786) 47 3 (54) (4) 1,197 Provision for (recovery of) credit losses 46 (55) (17) (18) (4) 13 — (35) Recoveries — — — — — — — — Charge-offs — — — — — — — — ACL, end of period $ 6,371 $ 601 $ 65 $ 44 $ 1 $ 26 $ — $ 7,108 ACL: Individually evaluated for impairment $ 37 $ — $ — $ — $ — $ — $ — $ 37 Collectively evaluated for impairment 6,334 601 65 44 1 26 — 7,071 ACL, end of period $ 6,371 $ 601 $ 65 $ 44 $ 1 $ 26 $ — $ 7,108 Loans held for investment: Individually evaluated for impairment $ 1,138 $ — $ — $ — $ — $ — $ — $ 1,138 Collectively evaluated for impairment 515,901 457,401 83,136 2,745 99 2,835 60 1,062,177 Total loans held for investment, gross $ 517,039 $ 457,401 $ 83,136 $ 2,745 $ 99 $ 2,835 $ 60 $ 1,063,315 ACL on loans as a percentage of gross loans held for investment 1.23 % 0.13 % 0.08 % 1.60 % 1.01 % 0.92 % — % 0.67 % Net (recoveries) charge-offs to average loans receivable, net during the period — % — % — % — % — % — % — % — % Nine Months Ended March 31, 2023 Commercial Commercial (Dollars In Thousands) Single-family Multi-family Real Estate Construction Other Business Consumer Total ACL: ACL, beginning of period $ 1,383 $ 3,282 $ 816 $ 23 $ 3 $ 52 $ 5 $ 5,564 Provision for (recovery of) credit losses 339 25 52 (2) (1) 18 (1) 430 Recoveries 7 — — — — — — 7 Charge-offs — — — — — — — — ACL, end of period $ 1,729 $ 3,307 $ 868 $ 21 $ 2 $ 70 $ 4 $ 6,001 ACL: Individually evaluated for impairment $ 38 $ — $ — $ — $ — $ — $ — $ 38 Collectively evaluated for impairment 1,691 3,307 868 21 2 70 4 5,963 ACL, end of period $ 1,729 $ 3,307 $ 868 $ 21 $ 2 $ 70 $ 4 $ 6,001 Loans held for investment: Individually evaluated for impairment $ 804 $ — $ — $ — $ — $ — $ — $ 804 Collectively evaluated for impairment 511,828 466,332 90,496 2,891 108 1,640 61 1,073,356 Total loans held for investment, gross $ 512,632 $ 466,332 $ 90,496 $ 2,891 $ 108 $ 1,640 $ 61 $ 1,074,160 ACL on loans as a percentage of gross loans held for investment 0.34 % 0.71 % 0.96 % 0.73 % 1.85 % 4.27 % 6.56 % 0.56 % Net (recoveries) charge-offs to average loans receivable, net during the period — % — % — % — % — % — % — % — % |
Schedule of recorded investment in restructured loans | At March 31, 2024 Unpaid Net Principal Related Recorded Recorded (In Thousands) Balance Charge-offs Investment ACL (1) Investment Mortgage loans: Single-family: With a related allowance $ 1,903 $ — $ 1,903 $ (63) $ 1,840 Without a related allowance (2) 431 (25) 406 — 406 Total single-family loans 2,334 (25) 2,309 (63) 2,246 Total non-performing loans $ 2,334 $ (25) $ 2,309 $ (63) $ 2,246 (1) ACL, specifically assigned to the individual loan. (2) There was no related ACL because the loans were charged-off to their fair value or the fair value of the collateral was higher than the loan balance. At June 30, 2023 Unpaid Related Net Principal Charge-offs Recorded Recorded (In Thousands) Balance Related Investment ACL (1) Investment Mortgage loans: Single-family: With a related allowance $ 1,171 $ — $ 1,171 $ (122) $ 1,049 Without a related allowance (2) 276 (25) 251 — 251 Total single-family loans 1,447 (25) 1,422 (122) 1,300 Total non-performing loans $ 1,447 $ (25) $ 1,422 $ (122) $ 1,300 (1) ACL, specifically assigned to the individual loan. (2) There was no related ACL because the loans were charged-off to their fair value or the fair value of the collateral was higher than the loan balance. |
Schedule of recorded investment in non-performing loans | Quarter Ended March 31, 2024 2023 Average Interest Average Interest Recorded Income Recorded Income (In Thousands) Investment Recognized Investment Recognized Without related ACL: Mortgage loans: Single-family $ 296 $ 8 $ 57 $ — 296 8 57 — With related ACL: Mortgage loans: Single-family 1,852 33 973 13 1,852 33 973 13 Total $ 2,148 $ 41 $ 1,030 $ 13 Nine Months Ended March 31, 2024 2023 Average Interest Average Interest Recorded Income Recorded Income (In Thousands) Investment Recognized Investment Recognized Without related ACL: Mortgage loans: Single-family $ 206 $ 16 $ 87 $ — 206 16 87 — With related ACL: Mortgage loans: Single-family 1,454 64 983 33 1,454 64 983 33 Total $ 1,660 $ 80 $ 1,070 $ 33 |
Schedule of allowance for credit losses of undisbursed funds and commitments on loans held for investment | For the Quarter Ended For the Nine Months Ended March 31, March 31, (In Thousands) 2024 2023 2024 2023 Balance, beginning of the period $ 10 $ 71 $ 42 $ 130 Impact of ASC 326 CECL adoption — — — — Provision for (recovery of) credit losses 16 3 (16) (56) Balance, end of the period $ 26 $ 74 $ 26 $ 74 |
Derivative and Other Financia_2
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | |
Schedule of undisbursed funds commitments | Commitments March 31, 2024 June 30, 2023 (In Thousands) Undisbursed loan funds – Construction loans $ 586 $ 2,032 Undisbursed lines of credit – Commercial business loans 465 607 Undisbursed lines of credit – Consumer loans 344 363 Commitments to extend credit on loans to be held for investment 5,112 2,394 Total $ 6,507 $ 5,396 |
Schedule of summary of recourse liability | For the Quarter Ended For the Nine Months Ended March 31, March 31, Recourse Liability 2024 2023 2024 2023 (In Thousands) Balance, beginning of the period $ 31 $ 160 $ 33 $ 160 (Recovery) provision for recourse liability — — (2) — Net settlements in lieu of loan repurchases — — — — Balance, end of the period $ 31 $ 160 $ 31 $ 160 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Fair Value of Financial Instruments | |
Schedule of aggregate fair value and aggregate unpaid principal balance of loans held for sale | Aggregate Unpaid Net Aggregate Principal Unrealized (In Thousands) Fair Value Balance Loss As of March 31, 2024: Loans held for investment, at fair value $ 1,054 $ 1,211 $ (157) As of June 30, 2023: Loans held for investment, at fair value $ 1,312 $ 1,483 $ (171) |
Schedule of fair value, assets and liabilities measured on recurring basis | Fair Value Measurement at March 31, 2024 Using: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities - available for sale: U.S. government agency MBS $ — $ 1,274 $ — $ 1,274 U.S. government sponsored enterprise MBS — 570 — 570 Private issue CMO — — 91 91 Investment securities - available for sale — 1,844 91 1,935 Loans held for investment, at fair value — — 1,054 1,054 Interest-only strips — — 8 8 Total assets $ — $ 1,844 $ 1,153 $ 2,997 Liabilities: $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — Fair Value Measurement at June 30, 2023 Using: (In Thousands) Level 1 Level 2 Level 3 Total Assets: Investment securities - available for sale: U.S. government agency MBS $ — $ 1,370 $ — $ 1,370 U.S. government sponsored enterprise MBS — 683 — 683 Private issue CMO — — 102 102 Investment securities - available for sale — 2,053 102 2,155 Loans held for investment, at fair value — — 1,312 1,312 Interest-only strips — — 9 9 Total assets $ — $ 2,053 $ 1,423 $ 3,476 Liabilities: $ — $ — $ — $ — Total liabilities $ — $ — $ — $ — |
Schedule for reconciliation of recurring fair value measurements using level 3 inputs | For the Quarter Ended March 31, 2024 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) Private Loans Held For Interest- Issue Investment, at Only (In Thousands) CMO fair value (1) Strips Total Beginning balance at December 31, 2023 $ 98 $ 1,092 $ 8 $ 1,198 Total gains or losses (realized/unrealized): Included in earnings — (28) — (28) Included in other comprehensive loss (1) — — (1) Purchases — — — — Issuances — — — — Settlements (6) (10) — (16) Transfers in and/or out of Level 3 — — — — Ending balance at March 31, 2024 $ 91 $ 1,054 $ 8 $ 1,153 (1) The valuation of loans held for investment at fair value includes management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan. For the Quarter Ended March 31, 2023 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) Private Loans Held For Interest- Issue Investment, at Only (In Thousands) CMO fair value (1) Strips Total Beginning balance at December 31, 2022 $ 102 $ 1,345 $ 9 $ 1,456 Total gains or losses (realized/unrealized): Included in earnings — 30 — 30 Included in other comprehensive loss (1) — (1) (2) Purchases — — — — Issuances — — — — Settlements (3) (23) — (26) Transfers in and/or out of Level 3 — — — — Ending balance at March 31, 2023 $ 98 $ 1,352 $ 8 $ 1,458 (1) The valuation of loans held for investment at fair value includes management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan. For the Nine Months Ended March 31, 2024 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) Private Loans Held For Interest- Issue Investment, at Only (In Thousands) CMO fair value (1) Strips Total Beginning balance at June 30, 2023 $ 102 $ 1,312 $ 9 $ 1,423 Adjustment due to ASC 326 CECL adoption — 28 — 28 Total gains or losses (realized/unrealized): Included in earnings — (14) — (14) Included in other comprehensive loss (1) — (1) (2) Purchases — — — — Issuances — — — — Settlements (10) (272) — (282) Transfers in and/or out of Level 3 — — — — Ending balance at March 31, 2024 $ 91 $ 1,054 $ 8 $ 1,153 (1) The valuation of loans held for investment at fair value includes management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan. For the Nine Months Ended March 31, 2023 Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3) Private Loans Held For Interest- Issue Investment, at Only (In Thousands) CMO fair value (1) Strips Total Beginning balance at June 30, 2022 $ 113 $ 1,396 $ 7 $ 1,516 Total gains or losses (realized/ unrealized): Included in earnings — 19 — 19 Included in other comprehensive loss (5) — 1 (4) Purchases — — — — Issuances — — — — Settlements (10) (63) — (73) Transfers in and/or out of Level 3 — — — — Ending balance at March 31, 2023 $ 98 $ 1,352 $ 8 $ 1,458 (1) The valuation of loans held for investment at fair value includes management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan. |
Schedule of fair value assets measured on nonrecurring basis | Fair Value Measurement at March 31, 2024 Using: (In Thousands) Level 1 Level 2 Level 3 Total Loans with individually evaluated allowance $ — $ — $ 695 $ 695 Mortgage servicing assets — — 83 83 Total $ — $ — $ 778 $ 778 Fair Value Measurement at June 30, 2023 Using: (In Thousands) Level 1 Level 2 Level 3 Total Loans with individually evaluated allowance $ — $ 251 $ 1,049 $ 1,300 Mortgage servicing assets — — 90 90 Total $ — $ 251 $ 1,139 $ 1,390 |
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, which are measured at fair value and categorized within Level 3 as of March 31, 2024: Impact to Fair Value Valuation As of from an March 31, Valuation Range (1) Increase in (Dollars In Thousands) 2024 Techniques Unobservable Inputs (Weighted Average) Inputs (2) Assets: Securities available-for sale: Private issue CMO $ 91 Market comparable pricing Comparability adjustment (1.4%) - (6.1%) (2.4%) Increase Loans held for investment, at fair value $ 1,054 Relative value analysis Broker quotes 86.7% - 88.9% (88.1%) Increase ACL factors 1.0% - 1.1% (1.1%) Decrease Loans with individually evaluated allowance $ 695 Discounted cash flow Default Rate 5.0% Decrease Discount Rate 4.8% Decrease Mortgage servicing assets $ 83 Discounted cash flow Prepayment speed (CPR) 5.5% - 60.0% (10.6%) Decrease Discount rate 9.0% - 10.5% (9.1%) Decrease Interest-only strips $ 8 Discounted cash flow Prepayment speed (CPR) 7.3% - 15.1% (9.2%) Decrease Discount rate 9.0% Decrease Liabilities: None (1) The range is based on the historical estimated fair values and management estimates. (2) Unless otherwise noted, this column represents the directional change in the fair value of the Level 3 asset instruments 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. |
Schedule of carrying amount and fair value of financial instruments | March 31, 2024 Carrying Fair (In Thousands) Amount Value Level 1 Level 2 Level 3 Financial assets: Loans held for investment, not recorded at fair value $ 1,064,707 $ 982,881 $ — $ — $ 982,881 Investment securities - held to maturity $ 135,971 $ 120,271 $ — $ 120,271 $ — FHLB – San Francisco stock $ 9,505 $ 9,505 $ — $ 9,505 $ — Financial liabilities: Deposits $ 908,122 $ 908,057 $ — $ 908,057 $ — Borrowings $ 235,000 $ 234,043 $ — $ 234,043 $ — June 30, 2023 Carrying Fair (In Thousands) Amount Value Level 1 Level 2 Level 3 Financial assets: Loans held for investment, not recorded at fair value $ 1,076,317 $ 970,277 $ — $ — $ 970,277 Investment securities - held to maturity $ 154,337 $ 135,541 $ — $ 135,541 $ — FHLB – San Francisco stock $ 9,505 $ 9,505 $ — $ 9,505 $ — Financial liabilities: Deposits $ 950,571 $ 949,116 $ — $ 949,116 $ — Borrowings $ 235,009 $ 232,764 $ — $ 232,764 $ — |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Revenue From Contracts With Customers | |
Schedule of non-interest income disaggregated by type of service | The following table includes the Corporation's non-interest income disaggregated by type of services for the quarters and nine months ended March 31, 2024 and 2023: Quarter Ended Nine Months Ended March 31, March 31, Type of Services 2024 2023 2024 2023 (In Thousands) Loan servicing and other fees (1) $ 92 $ 104 $ 195 $ 327 Deposit account fees 289 328 876 998 Card and processing fees 317 361 1,003 1,109 Other (2) 150 188 400 506 Total non-interest income $ 848 $ 981 $ 2,474 $ 2,940 (1) Not within the scope of ASC 606. (2) Includes net BOLI income of $46 thousand for both quarters and $139 thousand for both nine-month periods ended March 31, 2024 and 2023 , which is not within the scope of ASC 606. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Leases | |
Schedule of supplemental information related to operating leases | As of (In Thousands) March 31, 2024 June 30, 2023 Condensed Consolidated Statements of Condition: Premises and equipment - Operating lease right of use assets $ 1,550 $ 2,147 Accounts payable, accrued interest and other liabilities – Operating lease liabilities $ 1,612 $ 2,169 Quarter Ended Nine Months Ended March 31, March 31, (In Thousands) 2024 2023 2024 2023 Condensed Consolidated Statements of Operations: Premises and occupancy expenses from operating leases (1) $ 188 $ 195 $ 613 $ 581 Equipment expenses from operating leases 34 25 103 70 Total lease expense $ 222 $ 220 $ 716 $ 651 (1) Includes immaterial variable lease costs. Nine Months Ended Nine Months Ended (In Thousands) March 31, 2024 March 31, 2023 Condensed Consolidated Statements of Cash Flows: Operating cash flows from operating leases, net $ 666 $ 657 |
Schedule of remaining minimum contractual lease payments and other information associated with leases | Amount (1) Year Ending June 30, (In Thousands) 2024 $ 218 2025 678 2026 387 2027 192 2028 156 Thereafter 74 Total contract lease payments $ 1,705 Total liability to make lease payments $ 1,612 Difference in undiscounted and discounted future lease payments $ 93 Weighted average discount rate 3.30 % Weighted average remaining lease term (years) 3.1 (1) Contractual base rents do not include property taxes and other operating expenses due under respective lease agreements. |
Accounting Standard Updates - A
Accounting Standard Updates - ACL from the adoption of ASC 326 (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 |
Accounting standard updates ("ASU") | ||||||||
ACL on loans | $ 7,108 | $ 7,000 | $ 7,000 | |||||
ACL on loans | $ 5,946 | $ 6,001 | $ 5,830 | $ 5,830 | $ 5,564 | |||
Other | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 2 | |||||||
Mortgage loans | Single-family | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 6,371 | 6,235 | ||||||
ACL on loans | 1,720 | 1,729 | 1,600 | 1,383 | ||||
Mortgage loans | Multi Family | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 601 | 642 | ||||||
ACL on loans | 3,270 | 3,307 | 3,300 | 3,282 | ||||
Mortgage loans | Mortgage loans, Commercial real estate | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 868 | |||||||
Mortgage loans | Construction | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 44 | 36 | ||||||
ACL on loans | 15 | 21 | 17 | 23 | ||||
Mortgage loans | Other | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 1 | 2 | ||||||
ACL on loans | 2 | 2 | 3 | 3 | ||||
Commercial business loans | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | $ 26 | $ 12 | ||||||
ACL on loans | 67 | 70 | 58 | 52 | ||||
Consumer loans | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 4 | $ 4 | $ 5 | $ 5 | ||||
Impact to allowance after ASC 326 adoption | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 1,197 | |||||||
ASU 2016-13 | Unfunded loan commitment reserve | ||||||||
Accounting standard updates ("ASU") | ||||||||
Unfunded loan commitment reserve | 42 | |||||||
ASU 2016-13 | Consumer loans | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 4 | |||||||
ASU 2016-13 | Allowance for credit losses under ASC 326 | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 7,143 | |||||||
ASU 2016-13 | Allowance for credit losses under ASC 326 | Other | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 5 | |||||||
ASU 2016-13 | Allowance for credit losses under ASC 326 | Unfunded loan commitment reserve | ||||||||
Accounting standard updates ("ASU") | ||||||||
Unfunded loan commitment reserve | 42 | |||||||
ASU 2016-13 | Allowance for credit losses under ASC 326 | Mortgage loans | Single-family | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 6,325 | |||||||
ASU 2016-13 | Allowance for credit losses under ASC 326 | Mortgage loans | Multi Family | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 656 | |||||||
ASU 2016-13 | Allowance for credit losses under ASC 326 | Mortgage loans | Mortgage loans, Commercial real estate | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 82 | |||||||
ASU 2016-13 | Allowance for credit losses under ASC 326 | Mortgage loans | Construction | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 62 | |||||||
ASU 2016-13 | Allowance for credit losses under ASC 326 | Commercial business loans | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 13 | |||||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 1,197 | |||||||
ACL on loans | 1,197 | |||||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | Other | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 3 | |||||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | Mortgage loans | Single-family | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 4,605 | |||||||
ACL on loans | 4,605 | |||||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | Mortgage loans | Multi Family | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | (2,614) | |||||||
ACL on loans | (2,614) | |||||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | Mortgage loans | Mortgage loans, Commercial real estate | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | (786) | |||||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | Mortgage loans | Construction | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 47 | |||||||
ACL on loans | 47 | |||||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | Mortgage loans | Other | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | 3 | |||||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | Commercial business loans | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | (54) | |||||||
ACL on loans | (54) | |||||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | Consumer loans | ||||||||
Accounting standard updates ("ASU") | ||||||||
ACL on loans | (4) | |||||||
ACL on loans | $ (4) |
Accounting Standard Updates (_3
Accounting Standard Updates ("ASU") - Additional information (Details) | 9 Months Ended | ||
Mar. 31, 2024 USD ($) loan | Jul. 01, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Accounting standard updates ("ASU") | |||
Loans held for investment | $ 1,077,629,000 | ||
Retained Earnings (Accumulated Deficit) | $ 208,923,000 | 207,274,000 | |
Number of loans refinanced or restructured under CECL methodology. | loan | 0 | ||
Impact to allowance after ASC 326 adoption | ASU 2016-13 | |||
Accounting standard updates ("ASU") | |||
Transition adjustment of the adoption of CECL | $ 1,200,000 | $ 1,200,000 | |
Retained Earnings (Accumulated Deficit) | $ (824,000) | ||
LIBOR | |||
Accounting standard updates ("ASU") | |||
Loans held for investment | $ 469,400,000 |
Earnings Per Share - Summary of
Earnings Per Share - Summary 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, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||||
Net income - numerator for basic earnings per share and diluted earnings per share - available to common stockholders | $ 1,495 | $ 2,323 | $ 5,398 | $ 6,784 |
Denominator for basic earnings per share: | ||||
Weighted-average shares | 6,919 | 7,081 | 6,968 | 7,181 |
Denominator for diluted earnings per share: | ||||
Adjusted weighted-average shares and assumed conversions | 6,935 | 7,146 | 6,981 | 7,232 |
Basic earnings per share | $ 0.22 | $ 0.33 | $ 0.77 | $ 0.94 |
Diluted earnings per share | $ 0.22 | $ 0.33 | $ 0.77 | $ 0.94 |
Restricted Stock | ||||
Denominator for basic earnings per share: | ||||
Less effect of dilutive shares | 16 | 65 | 13 | 51 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share | ||
Stock options, outstanding | 410,000 | 434,500 |
Restricted stock, outstanding | 51,000 | 146,750 |
Antidilutive securities excluded from computation of earnings per share | 382,000 | 434,500 |
Investment Securities - Schedul
Investment Securities - Schedule of amortized cost and estimated fair value of Held to maturity investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | |
Held to maturity | |||
Amortized Cost | $ 135,971 | $ 154,337 | |
Gross Unrealized Gains | 72 | 0 | |
Gross Unrealized (Losses) | (15,772) | (18,796) | |
Estimated Fair Value | 120,271 | 135,541 | |
Carrying Value | 135,971 | 154,337 | |
U.S. government sponsored enterprise MBS | |||
Held to maturity | |||
Amortized Cost | 131,711 | [1] | 149,803 |
Gross Unrealized Gains | 72 | [1] | 0 |
Gross Unrealized (Losses) | (15,501) | [1] | (18,459) |
Estimated Fair Value | 116,282 | [1] | 131,344 |
Carrying Value | 131,711 | [1] | 149,803 |
U.S. government sponsored enterprise CMO | |||
Held to maturity | |||
Amortized Cost | 3,802 | [2] | 3,883 |
Gross Unrealized Gains | 0 | [2] | 0 |
Gross Unrealized (Losses) | (270) | [2] | (336) |
Estimated Fair Value | 3,532 | [2] | 3,547 |
Carrying Value | 3,802 | [2] | 3,883 |
U.S. SBA securities | |||
Held to maturity | |||
Amortized Cost | 458 | [3] | 651 |
Gross Unrealized Gains | 0 | [3] | 0 |
Gross Unrealized (Losses) | (1) | [3] | (1) |
Estimated Fair Value | 457 | [3] | 650 |
Carrying Value | $ 458 | [3] | $ 651 |
[1]Mortgage-Backed Securities (“MBS”).[2]Collateralized Mortgage Obligations (“CMO”).[3]Small Business Administration (“SBA”). |
Investment Securities - Sched_2
Investment Securities - Schedule of amortized cost and estimated fair value of Available for sale securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | |
Available for sale | |||
Amortized Cost | $ 1,953 | $ 2,217 | |
Gross Unrealized Gains | 2 | 0 | |
Gross Unrealized (Losses) | (20) | (62) | |
Estimated Fair Value | 1,935 | 2,155 | |
U.S. government agency MBS | |||
Available for sale | |||
Amortized Cost | 1,288 | 1,417 | |
Gross Unrealized Gains | 1 | 0 | |
Gross Unrealized (Losses) | (15) | (47) | |
Estimated Fair Value | 1,274 | 1,370 | |
U.S. government sponsored enterprise MBS | |||
Available for sale | |||
Amortized Cost | 572 | 697 | |
Gross Unrealized Gains | 1 | 0 | |
Gross Unrealized (Losses) | (3) | (14) | |
Estimated Fair Value | 570 | 683 | |
Private issue CMO | |||
Available for sale | |||
Amortized Cost | 93 | [1] | 103 |
Gross Unrealized Gains | 0 | [1] | 0 |
Gross Unrealized (Losses) | (2) | [1] | (1) |
Estimated Fair Value | $ 91 | [1] | $ 102 |
[1]Collateralized Mortgage Obligations (“CMO”). |
Investment Securities - Total i
Investment Securities - Total investment securities for amortized cost and estimated fair value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Investment Securities | ||
Amortized Cost | $ 137,924 | $ 156,554 |
Gross Unrealized Gains | 74 | 0 |
Gross Unrealized (Losses) | (15,792) | (18,858) |
Estimated Fair Value | 122,206 | 137,696 |
Carrying Value | $ 137,906 | $ 156,492 |
Investment Securities - Investm
Investment Securities - Investments with Unrealized Loss Positions for Held to maturity (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Unrealized Holding Losses Less Than 12 Months, Fair Value | $ 457 |
Unrealized Holding Losses Less Than 12 Months, Accumulated Loss | 1 |
Unrealized Holding Losses 12 Months or More, Fair Value | 115,245 |
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 15,771 |
Unrealized Holding Losses Total, Fair Value | 115,702 |
Unrealized Holding Losses Total, Unrealized Losses | 15,772 |
U.S. government sponsored enterprise MBS | |
Schedule of Held-to-maturity Securities [Line Items] | |
Unrealized Holding Losses Less Than 12 Months, Fair Value | 0 |
Unrealized Holding Losses Less Than 12 Months, Accumulated Loss | 0 |
Unrealized Holding Losses 12 Months or More, Fair Value | 111,712 |
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 15,501 |
Unrealized Holding Losses Total, Fair Value | 111,712 |
Unrealized Holding Losses Total, Unrealized Losses | 15,501 |
U.S. government sponsored enterprise CMO | |
Schedule of Held-to-maturity Securities [Line Items] | |
Unrealized Holding Losses 12 Months or More, Fair Value | 3,533 |
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 270 |
Unrealized Holding Losses Total, Fair Value | 3,533 |
Unrealized Holding Losses Total, Unrealized Losses | 270 |
U.S. SBA securities | |
Schedule of Held-to-maturity Securities [Line Items] | |
Unrealized Holding Losses Less Than 12 Months, Fair Value | 457 |
Unrealized Holding Losses Less Than 12 Months, Accumulated Loss | 1 |
Unrealized Holding Losses Total, Fair Value | 457 |
Unrealized Holding Losses Total, Unrealized Losses | $ 1 |
Investment Securities - Inves_2
Investment Securities - Investments with Unrealized Loss Positions for Available for sale (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Holding Losses, Less Than 12 Months, Fair Value | 783 | |
Unrealized Holding Losses, Less Than 12 Months, Unrealized Losses | $ 22 | |
Unrealized Holding Losses, 12 Months or More, Fair Value | $ 1,732 | 1,333 |
Unrealized Holding Losses, 12 Months or More, Unrealized Losses | 20 | 40 |
Unrealized Holding Losses Total, Fair Value | 1,732 | 2,116 |
Unrealized Holding Losses Total, Unrealized Losses | 20 | 62 |
Private Issue CMO | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Holding Losses, 12 Months or More, Fair Value | 102 | |
Unrealized Holding Losses, 12 Months or More, Unrealized Losses | 1 | |
Unrealized Holding Losses Total, Fair Value | 102 | |
Unrealized Holding Losses Total, Unrealized Losses | $ 1 | |
U.S. government agency MBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Holding Losses, Less Than 12 Months, Fair Value | 696 | |
Unrealized Holding Losses, Less Than 12 Months, Unrealized Losses | $ 20 | |
Unrealized Holding Losses, 12 Months or More, Fair Value | 1,179 | 673 |
Unrealized Holding Losses, 12 Months or More, Unrealized Losses | 15 | 27 |
Unrealized Holding Losses Total, Fair Value | 1,179 | 1,369 |
Unrealized Holding Losses Total, Unrealized Losses | 15 | $ 47 |
U.S. government sponsored enterprise MBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Holding Losses, Less Than 12 Months, Fair Value | 87 | |
Unrealized Holding Losses, Less Than 12 Months, Unrealized Losses | $ 2 | |
Unrealized Holding Losses, 12 Months or More, Fair Value | 462 | 558 |
Unrealized Holding Losses, 12 Months or More, Unrealized Losses | 3 | 12 |
Unrealized Holding Losses Total, Fair Value | 462 | 645 |
Unrealized Holding Losses Total, Unrealized Losses | 3 | $ 14 |
Private issue CMO | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Holding Losses, 12 Months or More, Fair Value | 91 | |
Unrealized Holding Losses, 12 Months or More, Unrealized Losses | 2 | |
Unrealized Holding Losses Total, Fair Value | 91 | |
Unrealized Holding Losses Total, Unrealized Losses | $ 2 |
Investment Securities - Inves_3
Investment Securities - Investments with Unrealized Loss Positions for total investment securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jul. 01, 2023 | Jun. 30, 2023 |
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized Holding Losses Less Than 12 Months, Fair Value | $ 457 | $ 12,272 | |
Unrealized Holding Losses Less Than 12 Months, Unrealized Losses | 1 | 276 | |
Unrealized Holding Losses 12 Months or More, Fair Value | 116,977 | 125,386 | |
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 15,791 | 18,582 | |
Unrealized Holding Losses Total, Fair Value | 117,434 | 137,658 | |
Unrealized Holding Losses Total, Unrealized Losses | 15,792 | $ 18,858 | |
Allowance for credit losses on investment securities | 0 | $ 0 | |
U.S. Government sponsored enterprise securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Allowance for credit losses on investment securities | $ 0 |
Investment Securities - Borrowi
Investment Securities - Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2024 | Jun. 30, 2023 | |
Short-Term Debt [Line Items] | ||||||
Total available borrowing capacity across all sources | $ 491,900 | $ 476,900 | ||||
Total balance of loans | 1,054 | 1,312 | ||||
Impairment losses on investment securities | $ 0 | $ 0 | $ 0 | $ 0 | ||
Pledged as Collateral | Pledged to FRB | ||||||
Short-Term Debt [Line Items] | ||||||
Total balance of loans | 104,500 | 0 | ||||
Federal Home Loan Bank Advances | ||||||
Short-Term Debt [Line Items] | ||||||
Federal Home Loan Bank advances, unused borrowing facility | 269,200 | 287,900 | ||||
Pledged to FRB | Discount Window Facility | ||||||
Short-Term Debt [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 172,700 | 139,000 | ||||
Securities held as collateral | 132,300 | 150,300 | ||||
Advances outstanding | 0 | 0 | ||||
Federal Funds Purchased | ||||||
Short-Term Debt [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | $ 50,000 |
Investment Securities - Sched_3
Investment Securities - Schedule of Available for Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 0 | $ 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 781 | 590 |
Due after ten years | 1,172 | 1,627 |
Total investment securities - available for sale, Amortized Cost | 1,953 | 2,217 |
Amortized Cost | 137,924 | 156,554 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 777 | 580 |
Due after ten years | 1,158 | 1,575 |
Total investment securities - available for sale, Estimated Fair Value | 1,935 | 2,155 |
Estimated Fair Value | $ 122,206 | $ 137,696 |
Investment Securities - Sched_4
Investment Securities - Schedule of Held to maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Held to maturity, Amortized Cost | ||
Due in one year or less | $ 5 | $ 303 |
Due after one through five years | 5,354 | 7,686 |
Due after five through ten years | 52,205 | 61,043 |
Due after ten years | 78,407 | 85,305 |
Total investment securities - held to maturity, Amortized Cost | 135,971 | 154,337 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 5 | 300 |
Due after one through five years | 5,161 | 7,365 |
Due after five through ten years | 47,404 | 54,686 |
Due after ten years | 67,701 | 73,190 |
Total investment securities - held to maturity, Estimated Fair Value | $ 120,271 | $ 135,541 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Unrealized Holding Losses less Than 12 Months, Fair Value | $ 11,489 | ||||
Unrealized Holding Losses less Than 12 Months, Unrealized Losses | 254 | ||||
Unrealized Holding Losses 12 Months or More, Fair Value | 124,053 | ||||
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 18,542 | ||||
Unrealized Holding Losses Total, Fair Value | 135,542 | ||||
Unrealized Holding Losses Total, Unrealized Losses | $ 15,792 | $ 15,792 | $ 18,858 | ||
Unrealized Holding Losses, Less Than 12 Months, Fair Value | 783 | ||||
Unrealized Holding Losses, Less Than 12 Months, Unrealized Losses | $ 22 | ||||
Unrealized Holding Losses, 12 Months or More, Fair Value | 1,732 | 1,732 | 1,333 | ||
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 18,796 | ||||
Unrealized Holding Losses Less Than 12 Months, Fair Value | 457 | 457 | 12,272 | ||
Unrealized Holding Losses Less Than 12 Months, Unrealized Losses | 1 | 1 | 276 | ||
U.S. government sponsored enterprise CMO | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Unrealized Holding Losses 12 Months or More, Fair Value | 3,547 | ||||
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 336 | ||||
Unrealized Holding Losses Total, Fair Value | 3,547 | ||||
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 336 | ||||
U.S. government sponsored enterprise MBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Principal payments from investment securities | 5,700 | $ 6,900 | 18,200 | $ 23,800 | |
Proceeds from sale of investment securities available for sale | 0 | $ 0 | 0 | $ 0 | |
Unrealized Holding Losses less Than 12 Months, Fair Value | 10,839 | ||||
Unrealized Holding Losses less Than 12 Months, Unrealized Losses | 253 | ||||
Unrealized Holding Losses 12 Months or More, Fair Value | 120,506 | ||||
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 18,206 | ||||
Unrealized Holding Losses Total, Fair Value | $ 131,345 | ||||
Unrealized Holding Losses, Less Than 12 Months, Fair Value | 87 | ||||
Unrealized Holding Losses, Less Than 12 Months, Unrealized Losses | $ 2 | ||||
Unrealized Holding Losses, 12 Months or More, Fair Value | $ 462 | $ 462 | 558 | ||
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 18,459 | ||||
U.S. SBA securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Unrealized Holding Losses less Than 12 Months, Fair Value | 650 | ||||
Unrealized Holding Losses less Than 12 Months, Unrealized Losses | 1 | ||||
Unrealized Holding Losses Total, Fair Value | 650 | ||||
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | $ 1 |
Loans Held for Investment - Sch
Loans Held for Investment - Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 |
Loans Held for Investment (Pre Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | $ 1,074,164 | $ 1,074,160 | ||||||
Advance payments of escrows | $ 371 | 148 | ||||||
Deferred loan costs, net | 9,263 | |||||||
Allowance for credit losses | (5,946) | (6,001) | $ (5,830) | $ (5,830) | $ (5,564) | |||
Total loans held for investment, net | 1,077,629 | |||||||
Loans Held for Investment (Post Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 1,063,315 | |||||||
Advance payments of escrows | 371 | 148 | ||||||
Deferred loan costs, net | 9,183 | |||||||
ACL on loans | (7,108) | $ (7,000) | $ (7,000) | |||||
Total loans held for investment, net | 1,065,761 | |||||||
Other | ||||||||
Loans Held for Investment (Pre Adoption of ASU 2016-13) | ||||||||
Allowance for credit losses | (2) | |||||||
Mortgage loans | ||||||||
Loans Held for Investment (Post Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 83,136 | |||||||
Mortgage loans | Single-family | ||||||||
Loans Held for Investment (Pre Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 518,821 | 512,632 | ||||||
Allowance for credit losses | (1,720) | (1,729) | (1,600) | (1,383) | ||||
Loans Held for Investment (Post Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 517,039 | |||||||
ACL on loans | (6,371) | (6,235) | ||||||
Mortgage loans | Multi Family | ||||||||
Loans Held for Investment (Pre Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 461,113 | 466,332 | ||||||
Allowance for credit losses | (3,270) | (3,307) | (3,300) | (3,282) | ||||
Loans Held for Investment (Post Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 457,401 | |||||||
ACL on loans | (601) | (642) | ||||||
Mortgage loans | Commercial real estate | ||||||||
Loans Held for Investment (Pre Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 90,558 | 90,496 | ||||||
Allowance for credit losses | (868) | (868) | (847) | (816) | ||||
Loans Held for Investment (Post Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 83,136 | |||||||
ACL on loans | (65) | (73) | ||||||
Mortgage loans | Construction | ||||||||
Loans Held for Investment (Pre Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 1,936 | 2,891 | ||||||
Allowance for credit losses | (15) | (21) | (17) | (23) | ||||
Loans Held for Investment (Post Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 2,745 | |||||||
ACL on loans | (44) | (36) | ||||||
Mortgage loans | Other | ||||||||
Loans Held for Investment (Pre Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 106 | 108 | ||||||
Allowance for credit losses | (2) | (2) | (3) | (3) | ||||
Loans Held for Investment (Post Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 99 | |||||||
ACL on loans | (1) | (2) | ||||||
Commercial business loans | ||||||||
Loans Held for Investment (Pre Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 1,565 | 1,640 | ||||||
Allowance for credit losses | (67) | (70) | (58) | (52) | ||||
Loans Held for Investment (Post Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 2,835 | |||||||
ACL on loans | (26) | $ (12) | ||||||
Consumer loans | ||||||||
Loans Held for Investment (Pre Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | 65 | 61 | ||||||
Allowance for credit losses | $ (4) | $ (4) | $ (5) | $ (5) | ||||
Loans Held for Investment (Post Adoption of ASU 2016-13) | ||||||||
Total loans held for investment, gross | $ 60 |
Loans Held for Investment - S_2
Loans Held for Investment - Schedule of Loans Held for Investment Contractually Repricing (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Fixed Rate | $ 110,939 |
Total | 1,063,315 |
Within One Year [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 273,371 |
After One Year Through 3 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 194,795 |
After 3 Years Through 5 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 239,980 |
After 5 Years Through 10 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 244,230 |
Mortgage loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 83,136 |
Mortgage loans | Single-family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Fixed Rate | 109,383 |
Total | 517,039 |
Mortgage loans | Single-family | Within One Year [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 53,321 |
Mortgage loans | Single-family | After One Year Through 3 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 27,759 |
Mortgage loans | Single-family | After 3 Years Through 5 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 96,177 |
Mortgage loans | Single-family | After 5 Years Through 10 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 230,399 |
Mortgage loans | Multi Family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Fixed Rate | 101 |
Total | 457,401 |
Mortgage loans | Multi Family | Within One Year [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 179,447 |
Mortgage loans | Multi Family | After One Year Through 3 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 149,111 |
Mortgage loans | Multi Family | After 3 Years Through 5 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 114,911 |
Mortgage loans | Multi Family | After 5 Years Through 10 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 13,831 |
Mortgage loans | Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Fixed Rate | 1,241 |
Total | 83,136 |
Mortgage loans | Commercial real estate | Within One Year [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 35,078 |
Mortgage loans | Commercial real estate | After One Year Through 3 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 17,925 |
Mortgage loans | Commercial real estate | After 3 Years Through 5 Years [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 28,892 |
Mortgage loans | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 2,745 |
Mortgage loans | Construction | Within One Year [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 2,745 |
Mortgage loans | Other | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Fixed Rate | 99 |
Total | 99 |
Commercial business loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Fixed Rate | 115 |
Total | 2,835 |
Commercial business loans | Within One Year [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | 2,720 |
Consumer loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 60 |
Consumer loans | Within One Year [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans receivable, Adjustable Rate | $ 60 |
Loans Held for Investment - S_3
Loans Held for Investment - Schedule of Commercial real estate loans by property types and LTV (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 |
Loans Held for Investment | |||
Total commercial real estate | $ 1,063,315 | ||
Total commercial real estate | $ 1,074,164 | $ 1,074,160 | |
Owner Occupied Loan Balance | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | 2,453 | ||
Mortgage loans | |||
Loans Held for Investment | |||
Total commercial real estate | $ 83,136 | ||
Percentage of Total commercial Real Estate | 100% | ||
Weighted Average LTV | 38 | ||
Mortgage loans | Office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 26,949 | ||
Percentage of Total commercial Real Estate | 32% | ||
Weighted Average LTV | 43 | ||
Mortgage loans | Mixed use | |||
Loans Held for Investment | |||
Total commercial real estate | $ 16,214 | ||
Percentage of Total commercial Real Estate | 20% | ||
Weighted Average LTV | 35 | ||
Mortgage loans | Retail | |||
Loans Held for Investment | |||
Total commercial real estate | $ 12,254 | ||
Percentage of Total commercial Real Estate | 15% | ||
Weighted Average LTV | 31 | ||
Mortgage loans | Warehouse | |||
Loans Held for Investment | |||
Total commercial real estate | $ 12,028 | ||
Percentage of Total commercial Real Estate | 14% | ||
Weighted Average LTV | 33 | ||
Mortgage loans | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 7,165 | ||
Percentage of Total commercial Real Estate | 9% | ||
Weighted Average LTV | 44 | ||
Mortgage loans | Mobile home park | |||
Loans Held for Investment | |||
Total commercial real estate | $ 6,945 | ||
Percentage of Total commercial Real Estate | 8% | ||
Weighted Average LTV | 38 | ||
Mortgage loans | Restaurant/Fast Food | |||
Loans Held for Investment | |||
Total commercial real estate | $ 692 | ||
Percentage of Total commercial Real Estate | 1% | ||
Weighted Average LTV | 44 | ||
Mortgage loans | Automotive - non gasoline | |||
Loans Held for Investment | |||
Total commercial real estate | $ 580 | ||
Percentage of Total commercial Real Estate | 1% | ||
Weighted Average LTV | 26 | ||
Mortgage loans | Live/work | |||
Loans Held for Investment | |||
Total commercial real estate | $ 309 | ||
Weighted Average LTV | 14 | ||
Mortgage loans | Commercial real estate | |||
Loans Held for Investment | |||
Total commercial real estate | $ 83,136 | ||
Total commercial real estate | $ 90,558 | $ 90,496 | |
Percentage of Total commercial Real Estate | 100% | ||
Weighted Average LTV | 38 | ||
Mortgage loans | Commercial real estate | Office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 33,198 | ||
Percentage of Total commercial Real Estate | 37% | ||
Weighted Average LTV | 44 | ||
Mortgage loans | Commercial real estate | Mixed use | |||
Loans Held for Investment | |||
Total commercial real estate | $ 17,920 | ||
Percentage of Total commercial Real Estate | 20% | ||
Weighted Average LTV | 36 | ||
Mortgage loans | Commercial real estate | Office/Retail | |||
Loans Held for Investment | |||
Total commercial real estate | 7,000 | ||
Total commercial real estate | $ 8,200 | ||
Mortgage loans | Commercial real estate | Multi-family/Retail | |||
Loans Held for Investment | |||
Total commercial real estate | 4,800 | ||
Total commercial real estate | 5,600 | ||
Mortgage loans | Commercial real estate | Other Mixed Use | |||
Loans Held for Investment | |||
Total commercial real estate | 3,000 | ||
Total commercial real estate | 3,400 | ||
Mortgage loans | Commercial real estate | Multi-family/Commercial | |||
Loans Held for Investment | |||
Total commercial real estate | 757 | ||
Mortgage loans | Commercial real estate | Multi-family/Office | |||
Loans Held for Investment | |||
Total commercial real estate | 688 | ||
Total commercial real estate | 700 | ||
Mortgage loans | Commercial real estate | Retail | |||
Loans Held for Investment | |||
Total commercial real estate | $ 12,991 | ||
Percentage of Total commercial Real Estate | 14% | ||
Weighted Average LTV | 32 | ||
Mortgage loans | Commercial real estate | Warehouse | |||
Loans Held for Investment | |||
Total commercial real estate | $ 10,644 | ||
Percentage of Total commercial Real Estate | 12% | ||
Weighted Average LTV | 31 | ||
Mortgage loans | Commercial real estate | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 6,641 | ||
Percentage of Total commercial Real Estate | 7% | ||
Weighted Average LTV | 50 | ||
Mortgage loans | Commercial real estate | Mobile home park | |||
Loans Held for Investment | |||
Total commercial real estate | $ 7,057 | ||
Percentage of Total commercial Real Estate | 8% | ||
Weighted Average LTV | 39 | ||
Mortgage loans | Commercial real estate | Restaurant/Fast Food | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,014 | ||
Percentage of Total commercial Real Estate | 1% | ||
Weighted Average LTV | 24 | ||
Mortgage loans | Commercial real estate | Automotive - non gasoline | |||
Loans Held for Investment | |||
Total commercial real estate | $ 485 | ||
Percentage of Total commercial Real Estate | 1% | ||
Weighted Average LTV | 19 | ||
Mortgage loans | Commercial real estate | Live/work | |||
Loans Held for Investment | |||
Total commercial real estate | $ 337 | ||
Weighted Average LTV | 15 | ||
Mortgage loans | Commercial real estate | Light industrial/manufacturing | |||
Loans Held for Investment | |||
Total commercial real estate | $ 271 | ||
Weighted Average LTV | 8 | ||
Mortgage loans | Owner Occupied Loan Balance | |||
Loans Held for Investment | |||
Total commercial real estate | 12,263 | ||
Total commercial real estate | $ 12,839 | ||
Mortgage loans | Owner Occupied Loan Balance | Office | |||
Loans Held for Investment | |||
Total commercial real estate | 6,733 | ||
Total commercial real estate | 9,283 | ||
Mortgage loans | Owner Occupied Loan Balance | Mixed use | |||
Loans Held for Investment | |||
Total commercial real estate | 296 | ||
Total commercial real estate | 306 | ||
Mortgage loans | Owner Occupied Loan Balance | Warehouse | |||
Loans Held for Investment | |||
Total commercial real estate | 2,089 | ||
Total commercial real estate | 2,133 | ||
Mortgage loans | Owner Occupied Loan Balance | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | 2,453 | ||
Total commercial real estate | 1,117 | ||
Mortgage loans | Owner Occupied Loan Balance | Restaurant/Fast Food | |||
Loans Held for Investment | |||
Total commercial real estate | 692 | ||
Mortgage loans | Non Owner Occupied Loan Balance | |||
Loans Held for Investment | |||
Total commercial real estate | 70,873 | ||
Total commercial real estate | 77,719 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Office | |||
Loans Held for Investment | |||
Total commercial real estate | 20,216 | ||
Total commercial real estate | 23,915 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Mixed use | |||
Loans Held for Investment | |||
Total commercial real estate | 15,918 | ||
Total commercial real estate | 17,614 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Retail | |||
Loans Held for Investment | |||
Total commercial real estate | 12,254 | ||
Total commercial real estate | 12,991 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Warehouse | |||
Loans Held for Investment | |||
Total commercial real estate | 9,939 | ||
Total commercial real estate | 8,511 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | 4,712 | ||
Total commercial real estate | 5,524 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Mobile home park | |||
Loans Held for Investment | |||
Total commercial real estate | 6,945 | ||
Total commercial real estate | 7,057 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Restaurant/Fast Food | |||
Loans Held for Investment | |||
Total commercial real estate | 1,014 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Automotive - non gasoline | |||
Loans Held for Investment | |||
Total commercial real estate | 580 | ||
Total commercial real estate | 485 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Live/work | |||
Loans Held for Investment | |||
Total commercial real estate | $ 309 | ||
Total commercial real estate | 337 | ||
Mortgage loans | Non Owner Occupied Loan Balance | Light industrial/manufacturing | |||
Loans Held for Investment | |||
Total commercial real estate | $ 271 |
Loans Held for Investment - S_4
Loans Held for Investment - Schedule of commercial real estate loans by geographic concentration (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 |
Loans Held for Investment | |||
Total commercial real estate | $ 1,063,315 | ||
Total commercial real estate | $ 1,074,164 | $ 1,074,160 | |
Owner Occupied Loan Balance | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 2,453 | ||
Percentage of commercial real estate loan | 100% | ||
Owner Occupied Loan Balance | Medical/dental office | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 277 | ||
Percentage of commercial real estate loan | 11% | ||
Owner Occupied Loan Balance | Medical/dental office | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,801 | ||
Percentage of commercial real estate loan | 74% | ||
Owner Occupied Loan Balance | Medical/dental office | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 375 | ||
Percentage of commercial real estate loan | 15% | ||
Mortgage loans | |||
Loans Held for Investment | |||
Total commercial real estate | $ 83,136 | ||
Mortgage loans | Office | |||
Loans Held for Investment | |||
Total commercial real estate | 26,949 | ||
Mortgage loans | Mixed use | |||
Loans Held for Investment | |||
Total commercial real estate | 16,214 | ||
Mortgage loans | Retail | |||
Loans Held for Investment | |||
Total commercial real estate | 12,254 | ||
Mortgage loans | Warehouse | |||
Loans Held for Investment | |||
Total commercial real estate | 12,028 | ||
Mortgage loans | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | 7,165 | ||
Mortgage loans | Mobile home park | |||
Loans Held for Investment | |||
Total commercial real estate | 6,945 | ||
Mortgage loans | Restaurant/Fast Food | |||
Loans Held for Investment | |||
Total commercial real estate | 692 | ||
Mortgage loans | Automotive - non gasoline | |||
Loans Held for Investment | |||
Total commercial real estate | 580 | ||
Mortgage loans | Live/work | |||
Loans Held for Investment | |||
Total commercial real estate | 309 | ||
Mortgage loans | Commercial real estate | |||
Loans Held for Investment | |||
Total commercial real estate | $ 83,136 | ||
Total commercial real estate | $ 90,558 | $ 90,496 | |
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Commercial real estate | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 13,739 | ||
Total commercial real estate | $ 16,586 | ||
Percentage of commercial real estate loan | 16% | 18% | |
Mortgage loans | Commercial real estate | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 43,987 | ||
Total commercial real estate | $ 49,183 | ||
Percentage of commercial real estate loan | 53% | 54% | |
Mortgage loans | Commercial real estate | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 25,410 | ||
Total commercial real estate | $ 24,789 | ||
Percentage of commercial real estate loan | 31% | 28% | |
Mortgage loans | Commercial real estate | Office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 33,198 | ||
Mortgage loans | Commercial real estate | Mixed use | |||
Loans Held for Investment | |||
Total commercial real estate | 17,920 | ||
Mortgage loans | Commercial real estate | Retail | |||
Loans Held for Investment | |||
Total commercial real estate | 12,991 | ||
Mortgage loans | Commercial real estate | Warehouse | |||
Loans Held for Investment | |||
Total commercial real estate | 10,644 | ||
Mortgage loans | Commercial real estate | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | 6,641 | ||
Mortgage loans | Commercial real estate | Mobile home park | |||
Loans Held for Investment | |||
Total commercial real estate | 7,057 | ||
Mortgage loans | Commercial real estate | Restaurant/Fast Food | |||
Loans Held for Investment | |||
Total commercial real estate | 1,014 | ||
Mortgage loans | Commercial real estate | Automotive - non gasoline | |||
Loans Held for Investment | |||
Total commercial real estate | 485 | ||
Mortgage loans | Commercial real estate | Live/work | |||
Loans Held for Investment | |||
Total commercial real estate | 337 | ||
Mortgage loans | Commercial real estate | Light industrial/manufacturing | |||
Loans Held for Investment | |||
Total commercial real estate | 271 | ||
Mortgage loans | Owner Occupied Loan Balance | |||
Loans Held for Investment | |||
Total commercial real estate | $ 12,263 | ||
Total commercial real estate | $ 12,839 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Owner Occupied Loan Balance | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,833 | ||
Total commercial real estate | $ 2,930 | ||
Percentage of commercial real estate loan | 15% | 23% | |
Mortgage loans | Owner Occupied Loan Balance | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 9,176 | ||
Total commercial real estate | $ 8,622 | ||
Percentage of commercial real estate loan | 75% | 67% | |
Mortgage loans | Owner Occupied Loan Balance | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,254 | ||
Total commercial real estate | $ 1,287 | ||
Percentage of commercial real estate loan | 10% | 10% | |
Mortgage loans | Owner Occupied Loan Balance | Office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 6,733 | ||
Total commercial real estate | $ 9,283 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Owner Occupied Loan Balance | Office | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,556 | ||
Total commercial real estate | $ 2,649 | ||
Percentage of commercial real estate loan | 23% | 29% | |
Mortgage loans | Owner Occupied Loan Balance | Office | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 4,984 | ||
Total commercial real estate | $ 6,436 | ||
Percentage of commercial real estate loan | 74% | 69% | |
Mortgage loans | Owner Occupied Loan Balance | Office | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 193 | ||
Total commercial real estate | $ 198 | ||
Percentage of commercial real estate loan | 3% | 2% | |
Mortgage loans | Owner Occupied Loan Balance | Mixed use | |||
Loans Held for Investment | |||
Total commercial real estate | $ 296 | ||
Total commercial real estate | $ 306 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Owner Occupied Loan Balance | Mixed use | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 296 | ||
Total commercial real estate | $ 306 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Owner Occupied Loan Balance | Warehouse | |||
Loans Held for Investment | |||
Total commercial real estate | $ 2,089 | ||
Total commercial real estate | $ 2,133 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Owner Occupied Loan Balance | Warehouse | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,699 | ||
Total commercial real estate | $ 1,733 | ||
Percentage of commercial real estate loan | 81% | 81% | |
Mortgage loans | Owner Occupied Loan Balance | Warehouse | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 390 | ||
Total commercial real estate | $ 400 | ||
Percentage of commercial real estate loan | 19% | 19% | |
Mortgage loans | Owner Occupied Loan Balance | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 2,453 | ||
Total commercial real estate | $ 1,117 | ||
Percentage of commercial real estate loan | 100% | ||
Mortgage loans | Owner Occupied Loan Balance | Medical/dental office | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 281 | ||
Percentage of commercial real estate loan | 25% | ||
Mortgage loans | Owner Occupied Loan Balance | Medical/dental office | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 453 | ||
Percentage of commercial real estate loan | 41% | ||
Mortgage loans | Owner Occupied Loan Balance | Medical/dental office | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 383 | ||
Percentage of commercial real estate loan | 34% | ||
Mortgage loans | Owner Occupied Loan Balance | Restaurant/Fast Food | |||
Loans Held for Investment | |||
Total commercial real estate | $ 692 | ||
Percentage of commercial real estate loan | 100% | ||
Mortgage loans | Owner Occupied Loan Balance | Restaurant/Fast Food | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 692 | ||
Percentage of commercial real estate loan | 100% | ||
Mortgage loans | Non Owner Occupied Loan Balance | |||
Loans Held for Investment | |||
Total commercial real estate | $ 70,873 | ||
Total commercial real estate | $ 77,719 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 11,906 | ||
Total commercial real estate | $ 13,656 | ||
Percentage of commercial real estate loan | 17% | 18% | |
Mortgage loans | Non Owner Occupied Loan Balance | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 34,811 | ||
Total commercial real estate | $ 40,561 | ||
Percentage of commercial real estate loan | 49% | 52% | |
Mortgage loans | Non Owner Occupied Loan Balance | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 24,156 | ||
Total commercial real estate | $ 23,502 | ||
Percentage of commercial real estate loan | 34% | 30% | |
Mortgage loans | Non Owner Occupied Loan Balance | Office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 20,216 | ||
Total commercial real estate | $ 23,915 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Office | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 2,969 | ||
Total commercial real estate | $ 4,420 | ||
Percentage of commercial real estate loan | 15% | 18% | |
Mortgage loans | Non Owner Occupied Loan Balance | Office | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 13,920 | ||
Total commercial real estate | $ 14,767 | ||
Percentage of commercial real estate loan | 69% | 62% | |
Mortgage loans | Non Owner Occupied Loan Balance | Office | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 3,327 | ||
Total commercial real estate | $ 4,728 | ||
Percentage of commercial real estate loan | 16% | 20% | |
Mortgage loans | Non Owner Occupied Loan Balance | Mixed use | |||
Loans Held for Investment | |||
Total commercial real estate | $ 15,918 | ||
Total commercial real estate | $ 17,614 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Mixed use | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 539 | ||
Total commercial real estate | $ 660 | ||
Percentage of commercial real estate loan | 3% | 4% | |
Mortgage loans | Non Owner Occupied Loan Balance | Mixed use | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 6,277 | ||
Total commercial real estate | $ 7,292 | ||
Percentage of commercial real estate loan | 40% | 41% | |
Mortgage loans | Non Owner Occupied Loan Balance | Mixed use | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 9,102 | ||
Total commercial real estate | $ 9,662 | ||
Percentage of commercial real estate loan | 57% | 55% | |
Mortgage loans | Non Owner Occupied Loan Balance | Retail | |||
Loans Held for Investment | |||
Total commercial real estate | $ 12,254 | ||
Total commercial real estate | $ 12,991 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Retail | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,056 | ||
Total commercial real estate | $ 1,076 | ||
Percentage of commercial real estate loan | 9% | 8% | |
Mortgage loans | Non Owner Occupied Loan Balance | Retail | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 6,713 | ||
Total commercial real estate | $ 7,353 | ||
Percentage of commercial real estate loan | 55% | 57% | |
Mortgage loans | Non Owner Occupied Loan Balance | Retail | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 4,485 | ||
Total commercial real estate | $ 4,562 | ||
Percentage of commercial real estate loan | 36% | 35% | |
Mortgage loans | Non Owner Occupied Loan Balance | Warehouse | |||
Loans Held for Investment | |||
Total commercial real estate | $ 9,939 | ||
Total commercial real estate | $ 8,511 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Warehouse | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 609 | ||
Total commercial real estate | $ 623 | ||
Percentage of commercial real estate loan | 6% | 7% | |
Mortgage loans | Non Owner Occupied Loan Balance | Warehouse | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 4,790 | ||
Total commercial real estate | $ 5,690 | ||
Percentage of commercial real estate loan | 48% | 67% | |
Mortgage loans | Non Owner Occupied Loan Balance | Warehouse | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 4,540 | ||
Total commercial real estate | $ 2,198 | ||
Percentage of commercial real estate loan | 46% | 26% | |
Mortgage loans | Non Owner Occupied Loan Balance | Medical/dental office | |||
Loans Held for Investment | |||
Total commercial real estate | $ 4,712 | ||
Total commercial real estate | $ 5,524 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Medical/dental office | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,847 | ||
Total commercial real estate | $ 1,910 | ||
Percentage of commercial real estate loan | 39% | 35% | |
Mortgage loans | Non Owner Occupied Loan Balance | Medical/dental office | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 2,172 | ||
Total commercial real estate | $ 3,325 | ||
Percentage of commercial real estate loan | 46% | 60% | |
Mortgage loans | Non Owner Occupied Loan Balance | Medical/dental office | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 693 | ||
Total commercial real estate | $ 289 | ||
Percentage of commercial real estate loan | 15% | 5% | |
Mortgage loans | Non Owner Occupied Loan Balance | Mobile home park | |||
Loans Held for Investment | |||
Total commercial real estate | $ 6,945 | ||
Total commercial real estate | $ 7,057 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Mobile home park | Inland empire | |||
Loans Held for Investment | |||
Total commercial real estate | $ 4,886 | ||
Total commercial real estate | $ 4,967 | ||
Percentage of commercial real estate loan | 70% | 70% | |
Mortgage loans | Non Owner Occupied Loan Balance | Mobile home park | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 359 | ||
Total commercial real estate | $ 364 | ||
Percentage of commercial real estate loan | 5% | 5% | |
Mortgage loans | Non Owner Occupied Loan Balance | Mobile home park | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,700 | ||
Total commercial real estate | $ 1,726 | ||
Percentage of commercial real estate loan | 25% | 25% | |
Mortgage loans | Non Owner Occupied Loan Balance | Restaurant/Fast Food | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,014 | ||
Percentage of commercial real estate loan | 100% | ||
Mortgage loans | Non Owner Occupied Loan Balance | Restaurant/Fast Food | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 1,014 | ||
Percentage of commercial real estate loan | 100% | ||
Mortgage loans | Non Owner Occupied Loan Balance | Automotive - non gasoline | |||
Loans Held for Investment | |||
Total commercial real estate | $ 580 | ||
Total commercial real estate | $ 485 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Automotive - non gasoline | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 580 | ||
Total commercial real estate | $ 485 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Live/work | |||
Loans Held for Investment | |||
Total commercial real estate | $ 309 | ||
Total commercial real estate | $ 337 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Live/work | Other California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 309 | ||
Total commercial real estate | $ 337 | ||
Percentage of commercial real estate loan | 100% | 100% | |
Mortgage loans | Non Owner Occupied Loan Balance | Light industrial/manufacturing | |||
Loans Held for Investment | |||
Total commercial real estate | $ 271 | ||
Percentage of commercial real estate loan | 100% | ||
Mortgage loans | Non Owner Occupied Loan Balance | Light industrial/manufacturing | Southern California | |||
Loans Held for Investment | |||
Total commercial real estate | $ 271 | ||
Percentage of commercial real estate loan | 100% |
Loans Held for Investment - S_5
Loans Held for Investment - Schedule of Gross Loans Held for Investment by Loan Types and Risk Category (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 |
Investment in loans by risk categories by year of origination | |||
2024 | $ 16,995 | $ 77,502 | |
2023 | 106,488 | 319,657 | |
2022 | 309,621 | 255,094 | |
2021 | 247,130 | 92,750 | |
2020 | 87,402 | 81,483 | |
Prior | 292,924 | 246,202 | |
Revolving Loans | 2,755 | 1,476 | |
Total | 1,063,315 | ||
Total | 1,074,164 | $ 1,074,160 | |
Mortgage loans | |||
Investment in loans by risk categories by year of origination | |||
Total | 83,136 | ||
Mortgage loans | Single-family | |||
Investment in loans by risk categories by year of origination | |||
2024 | 8,944 | 51,378 | |
2023 | 63,451 | 216,989 | |
2022 | 208,980 | 157,015 | |
2021 | 151,530 | 20,992 | |
2020 | 19,728 | 11,793 | |
Prior | 64,389 | 60,622 | |
Revolving Loans | 17 | 32 | |
Total | 517,039 | ||
Total | 518,821 | 512,632 | |
Mortgage loans | Single-family | Pass | |||
Investment in loans by risk categories by year of origination | |||
2024 | 8,944 | 51,378 | |
2023 | 63,451 | 216,989 | |
2022 | 208,980 | 157,015 | |
2021 | 150,992 | 20,741 | |
2020 | 19,728 | 11,793 | |
Prior | 61,770 | 59,451 | |
Revolving Loans | 17 | 32 | |
Total | 513,882 | ||
Total | 517,399 | ||
Mortgage loans | Single-family | Special Mention | |||
Investment in loans by risk categories by year of origination | |||
2021 | 538 | ||
Prior | 386 | ||
Total | 924 | ||
Mortgage loans | Single-family | Substandard | |||
Investment in loans by risk categories by year of origination | |||
2021 | 251 | ||
Prior | 2,233 | 1,171 | |
Total | 2,233 | ||
Total | 1,422 | ||
Mortgage loans | Multi Family | |||
Investment in loans by risk categories by year of origination | |||
2024 | 5,864 | 17,429 | |
2023 | 28,966 | 77,956 | |
2022 | 76,236 | 91,436 | |
2021 | 89,871 | 65,127 | |
2020 | 62,089 | 59,709 | |
Prior | 194,375 | 149,456 | |
Total | 457,401 | ||
Total | 461,113 | 466,332 | |
Mortgage loans | Multi Family | Pass | |||
Investment in loans by risk categories by year of origination | |||
2024 | 5,864 | 17,429 | |
2023 | 28,966 | 77,956 | |
2022 | 76,236 | 90,926 | |
2021 | 89,392 | 65,127 | |
2020 | 62,089 | 59,709 | |
Prior | 192,779 | 149,456 | |
Total | 455,326 | ||
Total | 460,603 | ||
Mortgage loans | Multi Family | Special Mention | |||
Investment in loans by risk categories by year of origination | |||
2022 | 510 | ||
2021 | 479 | ||
Prior | 541 | ||
Total | 1,020 | ||
Total | 510 | ||
Mortgage loans | Multi Family | Substandard | |||
Investment in loans by risk categories by year of origination | |||
Prior | 1,055 | ||
Total | 1,055 | ||
Mortgage loans | Commercial real estate | |||
Investment in loans by risk categories by year of origination | |||
2024 | 2,172 | 8,586 | |
2023 | 13,845 | 23,815 | |
2022 | 23,428 | 5,527 | |
2021 | 4,045 | 6,525 | |
2020 | 5,486 | 9,981 | |
Prior | 34,160 | 36,124 | |
Total | 83,136 | ||
Total | 90,558 | 90,496 | |
Mortgage loans | Commercial real estate | Pass | |||
Investment in loans by risk categories by year of origination | |||
2024 | 2,172 | 8,586 | |
2023 | 13,845 | 23,815 | |
2022 | 23,428 | 5,527 | |
2021 | 4,045 | 6,525 | |
2020 | 5,486 | 9,981 | |
Prior | 34,160 | 35,577 | |
Total | 83,136 | ||
Total | 90,011 | ||
Mortgage loans | Commercial real estate | Substandard | |||
Investment in loans by risk categories by year of origination | |||
Prior | 547 | ||
Total | 547 | ||
Mortgage loans | Construction | |||
Investment in loans by risk categories by year of origination | |||
2024 | 94 | ||
2023 | 226 | 726 | |
2022 | 835 | 1,116 | |
2021 | 1,684 | ||
Total | 2,745 | ||
Total | 1,936 | 2,891 | |
Mortgage loans | Construction | Pass | |||
Investment in loans by risk categories by year of origination | |||
2024 | 94 | ||
2023 | 226 | 726 | |
2022 | 835 | 1,116 | |
2021 | 1,684 | ||
Total | 2,745 | ||
Total | 1,936 | ||
Mortgage loans | Other | |||
Investment in loans by risk categories by year of origination | |||
2021 | 106 | ||
2020 | 99 | ||
Total | 99 | ||
Total | 106 | 108 | |
Mortgage loans | Other | Pass | |||
Investment in loans by risk categories by year of origination | |||
2021 | 106 | ||
2020 | 99 | ||
Total | 99 | ||
Total | 106 | ||
Commercial business loans | |||
Investment in loans by risk categories by year of origination | |||
2023 | 171 | ||
2022 | 142 | ||
Revolving Loans | 2,693 | 1,394 | |
Total | 2,835 | ||
Total | 1,565 | 1,640 | |
Commercial business loans | Pass | |||
Investment in loans by risk categories by year of origination | |||
2023 | 171 | ||
2022 | 142 | ||
Revolving Loans | 2,693 | 1,394 | |
Total | 2,835 | ||
Total | 1,565 | ||
Consumer loans | |||
Investment in loans by risk categories by year of origination | |||
2024 | 15 | 15 | |
Revolving Loans | 45 | 50 | |
Total | 60 | ||
Total | 65 | $ 61 | |
Consumer loans | Not graded | |||
Investment in loans by risk categories by year of origination | |||
2024 | 15 | 15 | |
Total | 15 | ||
Total | 15 | ||
Consumer loans | Pass | |||
Investment in loans by risk categories by year of origination | |||
Revolving Loans | 45 | 50 | |
Total | $ 45 | ||
Total | $ 50 |
Loans Held For Investment - All
Loans Held For Investment - Allowance Roll-forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ACL, beginning of the period | $ 5,830 | $ 5,946 | $ 5,564 | |
Provision for (recovery of) credit losses | 169 | 430 | ||
Total recoveries | 2 | 7 | ||
Net recoveries (charge-offs) | 2 | 7 | ||
ACL, end of period | $ 6,001 | $ 6,001 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
ACL, beginning of period | $ 7,000 | |||
Provision for (reversal of) credit losses | 108 | (35) | ||
ACL, end of period | $ 7,108 | $ 7,108 | ||
ACL on loans as a percentage of gross loans held for investment at the end of the period | 0.67% | 0.56% | 0.67% | 0.56% |
ACL on loans as a percentage of gross non-performing loans | 307.84% | 584.32% | 307.84% | 584.32% |
Mortgage loans | Single-family | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ACL, beginning of the period | $ 1,600 | $ 1,720 | $ 1,383 | |
Provision for (recovery of) credit losses | 127 | 339 | ||
Total recoveries | 2 | 7 | ||
ACL, end of period | $ 1,729 | $ 1,729 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
ACL, beginning of period | $ 6,235 | |||
Provision for (reversal of) credit losses | 136 | 46 | ||
ACL, end of period | $ 6,371 | $ 6,371 | ||
ACL on loans as a percentage of gross loans held for investment at the end of the period | 1.23% | 0.34% | 1.23% | 0.34% |
Impact to allowance after ASC 326 adoption | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ACL, beginning of the period | $ 1,197 |
Loans Held for Investment - S_6
Loans Held for Investment - Schedule of Past Due Status of Loans Held for Investment, Gross (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-Performing | $ 2,233 | $ 1,422 | |
Total loans held for investment, gross | 1,063,315 | ||
Total loans held for investment, gross | 1,074,164 | $ 1,074,160 | |
Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 1,060,694 | ||
Total loans held for investment, gross | 1,072,741 | ||
30 to 89 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 388 | ||
Total loans held for investment, gross | 1 | ||
Mortgage loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 83,136 | ||
Commercial business loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 2,835 | ||
Total loans held for investment, gross | 1,565 | 1,640 | |
Commercial business loans | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 2,835 | ||
Total loans held for investment, gross | 1,565 | ||
Consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 60 | ||
Total loans held for investment, gross | 65 | 61 | |
Consumer loans | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 58 | ||
Total loans held for investment, gross | 64 | ||
Consumer loans | 30 to 89 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 2 | ||
Total loans held for investment, gross | 1 | ||
Single-family | Mortgage loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-Performing | 2,233 | 1,422 | |
Total loans held for investment, gross | 517,039 | ||
Total loans held for investment, gross | 518,821 | 512,632 | |
Single-family | Mortgage loans | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 514,420 | ||
Total loans held for investment, gross | 517,399 | ||
Single-family | Mortgage loans | 30 to 89 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 386 | ||
Multi Family | Mortgage loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 457,401 | ||
Total loans held for investment, gross | 461,113 | 466,332 | |
Multi Family | Mortgage loans | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 457,401 | ||
Total loans held for investment, gross | 461,113 | ||
Commercial real estate | Mortgage loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 83,136 | ||
Total loans held for investment, gross | 90,558 | 90,496 | |
Commercial real estate | Mortgage loans | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 83,136 | ||
Total loans held for investment, gross | 90,558 | ||
Construction | Mortgage loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 2,745 | ||
Total loans held for investment, gross | 1,936 | 2,891 | |
Construction | Mortgage loans | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 2,745 | ||
Total loans held for investment, gross | 1,936 | ||
Other | Mortgage loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | 99 | ||
Total loans held for investment, gross | 106 | $ 108 | |
Other | Mortgage loans | Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans held for investment, gross | $ 99 | ||
Total loans held for investment, gross | $ 106 |
Loans Held for Investment - S_7
Loans Held for Investment - Schedule of Allowance For Credit Losses and Recorded Investment in Gross Loans, by Portfolio Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 5,830 | $ 5,946 | $ 5,564 | ||
Provision for (recovery of) credit losses | 169 | 430 | |||
Recoveries | 2 | 7 | |||
ACL, end of period | 6,001 | 6,001 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | $ 7,000 | ||||
Provision for (reversal of) credit losses | 108 | (35) | |||
ACL, end of period | 7,108 | 7,108 | |||
Allowance for credit losses: Individually evaluated for impairment | 37 | 38 | 37 | 38 | |
Allowance for credit losses: Collectively evaluated for impairment | 7,071 | 5,963 | 7,071 | 5,963 | |
Loans held for investment: Individually evaluated for allowances | 1,138 | 804 | 1,138 | 804 | |
Loans held for investment: Collectively evaluated for allowances | 1,062,177 | 1,073,356 | 1,062,177 | 1,073,356 | |
Total loans held for investment, gross | $ 1,074,160 | $ 1,074,160 | $ 1,074,164 | ||
Total loans held for investment, gross | $ 1,063,315 | $ 1,063,315 | |||
ACL as a percentage of gross loans held for investment | 0.67% | 0.56% | 0.67% | 0.56% | |
Impact to allowance after ASC 326 adoption | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 1,197 | ||||
ASU 2016-13 | Impact to allowance after ASC 326 adoption | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | 1,197 | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | 1,197 | ||||
Other | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | 2 | ||||
Other | ASU 2016-13 | Impact to allowance after ASC 326 adoption | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | 3 | ||||
Mortgage loans | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Total loans held for investment, gross | $ 83,136 | 83,136 | |||
Mortgage loans | Single-family | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 1,600 | 1,720 | $ 1,383 | ||
Provision for (recovery of) credit losses | 127 | 339 | |||
Recoveries | 2 | 7 | |||
ACL, end of period | 1,729 | 1,729 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | 6,235 | ||||
Provision for (reversal of) credit losses | 136 | 46 | |||
ACL, end of period | 6,371 | 6,371 | |||
Allowance for credit losses: Individually evaluated for impairment | 37 | 38 | 37 | 38 | |
Allowance for credit losses: Collectively evaluated for impairment | 6,334 | 1,691 | 6,334 | 1,691 | |
Loans held for investment: Individually evaluated for allowances | 1,138 | 804 | 1,138 | 804 | |
Loans held for investment: Collectively evaluated for allowances | 515,901 | 511,828 | 515,901 | 511,828 | |
Total loans held for investment, gross | $ 512,632 | $ 512,632 | 518,821 | ||
Total loans held for investment, gross | $ 517,039 | $ 517,039 | |||
ACL as a percentage of gross loans held for investment | 1.23% | 0.34% | 1.23% | 0.34% | |
Mortgage loans | Single-family | ASU 2016-13 | Impact to allowance after ASC 326 adoption | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 4,605 | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | 4,605 | ||||
Mortgage loans | Multi Family | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 3,300 | 3,270 | $ 3,282 | ||
Provision for (recovery of) credit losses | 7 | 25 | |||
ACL, end of period | 3,307 | 3,307 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | $ 642 | ||||
Provision for (reversal of) credit losses | (41) | (55) | |||
ACL, end of period | 601 | 601 | |||
Allowance for credit losses: Collectively evaluated for impairment | 601 | 3,307 | 601 | 3,307 | |
Loans held for investment: Collectively evaluated for allowances | 457,401 | 466,332 | 457,401 | 466,332 | |
Total loans held for investment, gross | $ 466,332 | $ 466,332 | 461,113 | ||
Total loans held for investment, gross | $ 457,401 | $ 457,401 | |||
ACL as a percentage of gross loans held for investment | 0.13% | 0.71% | 0.13% | 0.71% | |
Mortgage loans | Multi Family | ASU 2016-13 | Impact to allowance after ASC 326 adoption | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ (2,614) | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | (2,614) | ||||
Mortgage loans | Commercial real estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 847 | 868 | $ 816 | ||
Provision for (recovery of) credit losses | 21 | 52 | |||
ACL, end of period | 868 | 868 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | $ 73 | ||||
Provision for (reversal of) credit losses | (8) | (17) | |||
ACL, end of period | 65 | 65 | |||
Allowance for credit losses: Collectively evaluated for impairment | 65 | 868 | 65 | 868 | |
Loans held for investment: Collectively evaluated for allowances | 83,136 | 90,496 | 83,136 | 90,496 | |
Total loans held for investment, gross | $ 90,496 | $ 90,496 | 90,558 | ||
Total loans held for investment, gross | $ 83,136 | $ 83,136 | |||
ACL as a percentage of gross loans held for investment | 0.08% | 0.96% | 0.08% | 0.96% | |
Mortgage loans | Commercial real estate | ASU 2016-13 | Impact to allowance after ASC 326 adoption | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ (786) | ||||
Mortgage loans | Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 17 | 15 | $ 23 | ||
Provision for (recovery of) credit losses | 4 | (2) | |||
ACL, end of period | 21 | 21 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | $ 36 | ||||
Provision for (reversal of) credit losses | 8 | (18) | |||
ACL, end of period | 44 | 44 | |||
Allowance for credit losses: Collectively evaluated for impairment | 44 | 21 | 44 | 21 | |
Loans held for investment: Collectively evaluated for allowances | 2,745 | 2,891 | 2,745 | 2,891 | |
Total loans held for investment, gross | $ 2,891 | $ 2,891 | 1,936 | ||
Total loans held for investment, gross | $ 2,745 | $ 2,745 | |||
ACL as a percentage of gross loans held for investment | 1.60% | 0.73% | 1.60% | 0.73% | |
Mortgage loans | Construction | ASU 2016-13 | Impact to allowance after ASC 326 adoption | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 47 | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | 47 | ||||
Mortgage loans | Other | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 3 | 2 | $ 3 | ||
Provision for (recovery of) credit losses | (1) | (1) | |||
ACL, end of period | 2 | 2 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | $ 2 | ||||
Provision for (reversal of) credit losses | (1) | (4) | |||
ACL, end of period | 1 | 1 | |||
Allowance for credit losses: Collectively evaluated for impairment | 1 | 2 | 1 | 2 | |
Loans held for investment: Collectively evaluated for allowances | 99 | 108 | 99 | 108 | |
Total loans held for investment, gross | $ 108 | $ 108 | 106 | ||
Total loans held for investment, gross | $ 99 | $ 99 | |||
ACL as a percentage of gross loans held for investment | 1.01% | 1.85% | 1.01% | 1.85% | |
Mortgage loans | Other | ASU 2016-13 | Impact to allowance after ASC 326 adoption | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 3 | ||||
Commercial business loans | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 58 | 67 | $ 52 | ||
Provision for (recovery of) credit losses | 12 | 18 | |||
ACL, end of period | 70 | 70 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | $ 12 | ||||
Provision for (reversal of) credit losses | 14 | 13 | |||
ACL, end of period | 26 | 26 | |||
Allowance for credit losses: Collectively evaluated for impairment | 26 | 70 | 26 | 70 | |
Loans held for investment: Collectively evaluated for allowances | 2,835 | 1,640 | 2,835 | 1,640 | |
Total loans held for investment, gross | $ 1,640 | $ 1,640 | 1,565 | ||
Total loans held for investment, gross | $ 2,835 | $ 2,835 | |||
ACL as a percentage of gross loans held for investment | 0.92% | 4.27% | 0.92% | 4.27% | |
Commercial business loans | ASU 2016-13 | Impact to allowance after ASC 326 adoption | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ (54) | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | (54) | ||||
Consumer loans | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | $ 5 | 4 | $ 5 | ||
Provision for (recovery of) credit losses | (1) | (1) | |||
ACL, end of period | 4 | 4 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit losses: Collectively evaluated for impairment | 4 | 4 | |||
Loans held for investment: Collectively evaluated for allowances | $ 60 | 61 | 60 | 61 | |
Total loans held for investment, gross | $ 61 | $ 61 | $ 65 | ||
Total loans held for investment, gross | $ 60 | 60 | |||
ACL as a percentage of gross loans held for investment | 6.56% | 6.56% | |||
Consumer loans | ASU 2016-13 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | 4 | ||||
Consumer loans | ASU 2016-13 | Impact to allowance after ASC 326 adoption | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
ACL, beginning of the period | (4) | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
ACL, beginning of period | $ (4) |
Loans Held for Investment - S_8
Loans Held for Investment - Schedule of Total Recorded Investment in Non-Performing Loans by Type (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Unpaid Principal Balance | $ 2,334 | |
Unpaid Principal Balance | $ 1,447 | |
Related Charge-Offs | (25) | 25 |
Recorded Investment | 2,309 | |
Recorded Investment | 1,422 | |
Related Allowance | (63) | |
Related Allowance | (122) | |
Recorded Investment, Net of Allowance | 2,246 | 1,300 |
Mortgage loans | Single-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
With a related allowance Unpaid Principal Balance | 1,903 | |
With a related allowance Unpaid Principal Balance | 1,171 | |
Without a related allowance, Unpaid Principal Balance | 431 | |
Without a related allowance, Unpaid Principal Balance | 276 | |
Unpaid Principal Balance | 2,334 | |
Unpaid Principal Balance | 1,447 | |
With No Related Allowance, Related Charge-Offs | (25) | (25) |
Related Charge-Offs | (25) | 25 |
With Related Allowance, Recorded Investment | 1,903 | |
With Related Allowance, Recorded Investment | 1,171 | |
With No Related Allowance, Recorded Investment | 406 | |
With No Related Allowance, Recorded Investment | 251 | |
Recorded Investment | 2,309 | |
Recorded Investment | 1,422 | |
Related Allowance | (63) | |
Related Allowance | (122) | |
Recorded Investment, with Related Allowance, Net | 1,840 | 1,049 |
Recorded Investment, with No Related Allowance, Net | 406 | 251 |
Recorded Investment, Net of Allowance | $ 2,246 | $ 1,300 |
Loans Held for Investment - S_9
Loans Held for Investment - Schedule of Average Recorded Investment and Interest Income Recognized in Non-Performing Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Average Recorded Investment | $ 2,148 | $ 1,660 | ||
Average Recorded Investment | 2,100 | $ 1,030 | 1,700 | $ 1,070 |
Total interest income recognized | 41 | 80 | ||
Total interest income recognized | 13 | 33 | ||
Mortgage loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Without related allowances, Average Recorded Investment | 296 | 206 | ||
Without related allowances, Average Recorded Investment | 57 | 87 | ||
With related allowances, Average Recorded Investment | 1,852 | 1,454 | ||
With related allowances, Average Recorded Investment | 973 | 983 | ||
Interest income recognized without a related allowance | 8 | 16 | ||
Interest income recognized with a related allowance | 33 | 64 | 33 | |
Interest income recognized with a related allowance | 13 | |||
Mortgage loans | Single-family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Without related allowances, Average Recorded Investment | 296 | 206 | ||
Without related allowances, Average Recorded Investment | 57 | 87 | ||
With related allowances, Average Recorded Investment | 1,852 | 1,454 | ||
With related allowances, Average Recorded Investment | 973 | 983 | ||
Interest income recognized without a related allowance | 8 | 16 | ||
Interest income recognized with a related allowance | $ 33 | $ 64 | $ 33 | |
Interest income recognized with a related allowance | $ 13 |
Loans Held for Investment - Add
Loans Held for Investment - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2024 USD ($) property | Dec. 31, 2023 USD ($) loan | Mar. 31, 2023 USD ($) property | Mar. 31, 2024 USD ($) property loan | Mar. 31, 2023 USD ($) property | Jul. 01, 2023 USD ($) | Jun. 30, 2023 property | |
Fixed-rate loans as a percentage of total loans held for investment | 10% | 10% | 11% | ||||
Loan interest income added to negative amortization loan balance | $ 0 | ||||||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 | |||||
Number of Contracts | loan | 0 | ||||||
Interest received on non-performing loans | 41 | $ 15 | $ 80 | $ 38 | |||
Non-performing loans interest recognized as principal payments, cost basis | 0 | 2 | 0 | 5 | |||
Interest income, non-performing loans, cash basis | 13 | 33 | |||||
Total interest income recognized | 41 | 80 | |||||
Average investment in non-performing loans | $ 2,100 | $ 1,030 | $ 1,700 | $ 1,070 | |||
Number of Properties Acquired in Settlement of Loans | property | 0 | 0 | 0 | 0 | |||
Number of Previously Foreclosed Properties Sold | 0 | 1 | 0 | 0 | 0 | ||
Number Of Real Estate Owned Properties | property | 0 | 0 | 0 | ||||
Loss on previously foreclosed property sold | $ 0 | ||||||
Impact to allowance after ASC 326 adoption | ASU 2016-13 | |||||||
Transition adjustment of the adoption of CECL | $ 1,200 | $ 1,200 | $ 1,200 | ||||
First Trust Deed Loans | |||||||
Loans deemed uncollectible, period of delinquency | 150 days | ||||||
Bankruptcy [Member] | |||||||
Loans deemed uncollectible, period of delinquency | 60 days | ||||||
Troubled Debt Restructurings [Member] | |||||||
Loans deemed uncollectible, period of delinquency | 90 days | ||||||
Commercial Real Estate Or Second Mortgage [Member] | |||||||
Loans deemed uncollectible, period of delinquency | 120 days | ||||||
Maximum | |||||||
Segregated restructured loans, period of delinquency | 90 days | ||||||
Maximum | Bankruptcy [Member] | |||||||
Allowance for loan losses, pooling method, period of delinquency | 60 days |
Loans Held for Investment - _10
Loans Held for Investment - Schedule of Allowance for Credit Losses of Undisbursed Funds and Commitments on Loans Held for Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for Credit Losses [Roll Forward] | ||||
Provision for credit losses | $ 16 | $ 3 | $ (16) | $ (56) |
Commitments to extend credit on loans to be held for sale | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Balance, beginning of the period | 10 | 71 | 42 | 130 |
Balance, end of the period | $ 26 | $ 74 | $ 26 | $ 74 |
Derivative and Other Financia_3
Derivative and Other Financial Instruments with Off-Balance Sheet Risks - Schedule of Undisbursed Funds Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Derivative [Line Items] | ||
Total | $ 6,507 | $ 5,396 |
Undisbursed loan funds - Construction loans | ||
Derivative [Line Items] | ||
Total | 586 | 2,032 |
Undisbursed lines of credit - Commercial business loans | ||
Derivative [Line Items] | ||
Total | 465 | 607 |
Undisbursed lines of credit - Consumer loans | ||
Derivative [Line Items] | ||
Total | 344 | 363 |
Commitments to extend credit on loans to be held for investment | ||
Derivative [Line Items] | ||
Total | $ 5,112 | $ 2,394 |
Derivative and Other Financia_4
Derivative and Other Financial Instruments with Off-Balance Sheet Risks - Summary of the recourse liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Summary Of Recourse Liability [Roll Forward] | ||||
Balance, beginning of the period | $ 31 | $ 160 | $ 33 | $ 160 |
(Recovery) provision for recourse liability | 0 | 0 | (2) | 0 |
Net settlements in lieu of loan repurchases | 0 | 0 | 0 | 0 |
Balance, end of the period | $ 31 | $ 160 | $ 31 | $ 160 |
Derivative and Other Financia_5
Derivative and Other Financial Instruments with Off-Balance Sheet Risks - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) loan | Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) loan | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Derivative [Line Items] | ||||||||
Outstanding derivative financial instruments | $ 0 | $ 0 | $ 0 | |||||
Number of loans repurchased | loan | 0 | 0 | 0 | 0 | ||||
Recourse liability | $ 31,000 | $ 160,000 | $ 31,000 | $ 160,000 | $ 31,000 | 33,000 | $ 160,000 | $ 160,000 |
Mortgage Partnership Finance (MPF) Program | ||||||||
Derivative [Line Items] | ||||||||
Basis point of loss absorbed by first loss account | 0.04 | |||||||
Recourse liability | 8,000 | $ 8,000 | 8,000 | |||||
Loans serviced for FHLB-SF under MPF program | 3,200,000 | 3,200,000 | 3,500,000 | |||||
Other Investors | Mortgage Partnership Finance (MPF) Program | ||||||||
Derivative [Line Items] | ||||||||
Recourse liability | $ 22,500 | $ 22,500 | $ 25,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Jun. 30, 2023 | |
Fair Value of Financial Instruments | ||
Loans held for investment, Aggregate Fair Value | $ 1,054 | $ 1,312 |
Loans held for investment, Aggregate Unpaid Principal Balance | 1,211 | 1,483 |
Loans held for investment, Net Unrealized Loss | $ (157) | $ (171) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Corporations assets measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, at fair value | $ 1,054 | $ 1,312 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 1,935 | 2,155 |
Loans held for investment, at fair value | 1,054 | 1,312 |
Interest-only strips | 8 | 9 |
Total assets | 2,997 | 3,476 |
Liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 1,274 | 1,370 |
Recurring | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 570 | 683 |
Recurring | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 91 | 102 |
Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 0 | 0 |
Loans held for investment, at fair value | 0 | 0 |
Interest-only strips | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | 0 | 0 |
Total liabilities | 0 | 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 - available for sale | 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 - available for sale | 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 - available for sale | 0 | 0 |
Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 1,844 | 2,053 |
Loans held for investment, at fair value | 0 | 0 |
Interest-only strips | 0 | 0 |
Total assets | 1,844 | 2,053 |
Liabilities | 0 | 0 |
Total liabilities | 0 | 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 - available for sale | 1,274 | 1,370 |
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 - available for sale | 570 | 683 |
Recurring | Fair Value, Inputs, Level 2 | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 91 | 102 |
Loans held for investment, at fair value | 1,054 | 1,312 |
Interest-only strips | 8 | 9 |
Total assets | 1,153 | 1,423 |
Liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
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 - available for sale | 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 - available for sale | 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 - available for sale | $ 91 | $ 102 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Using Level 3 Inputs (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 1,198 | $ 1,456 | $ 1,423 | $ 1,516 |
Total gains or losses (realized/unrealized) Included in earnings | (28) | 30 | (14) | 19 |
Total gains or losses (realized/unrealized) Included in other comprehensive loss | (1) | (2) | (2) | (4) |
Settlements | (16) | (26) | (282) | (73) |
Ending balance | 1,153 | 1,458 | 1,153 | 1,458 |
Impact to allowance after ASC 326 adoption | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 28 | |||
Private issue CMO | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 98 | 102 | 102 | 113 |
Total gains or losses (realized/unrealized) Included in other comprehensive loss | (1) | (1) | (1) | (5) |
Settlements | (6) | (3) | (10) | (10) |
Ending balance | 91 | 98 | 91 | 98 |
Loans Held For Investment at Fair Value | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,092 | 1,345 | 1,312 | 1,396 |
Total gains or losses (realized/unrealized) Included in earnings | (28) | 30 | (14) | 19 |
Settlements | (10) | (23) | (272) | (63) |
Ending balance | 1,054 | 1,352 | 1,054 | 1,352 |
Loans Held For Investment at Fair Value | Impact to allowance after ASC 326 adoption | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 28 | |||
Interest-Only Strips | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 8 | 9 | 9 | 7 |
Total gains or losses (realized/unrealized) Included in other comprehensive loss | (1) | (1) | 1 | |
Ending balance | $ 8 | $ 8 | $ 8 | $ 8 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Corporations assets measured at fair value at the dates indicated on a nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with individually evaluated allowance | $ 695 | $ 1,300 |
Mortgage servicing assets | 83 | 90 |
Total assets | 778 | 1,390 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with individually evaluated allowance | 0 | 0 |
Mortgage servicing assets | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with individually evaluated allowance | 0 | 251 |
Mortgage servicing assets | 0 | 0 |
Total assets | 0 | 251 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans with individually evaluated allowance | 695 | 1,049 |
Mortgage servicing assets | 83 | 90 |
Total assets | $ 778 | $ 1,139 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Valuation techniques and inputs used (Details) - Fair Value, Inputs, Level 3 $ in Thousands | 9 Months Ended |
Mar. 31, 2024 USD ($) | |
Private issue CMO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 91 |
Private issue CMO | Market comparable pricing | Comparability adjustment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impact to valuation from an increase in inputs on assets | Increase |
Private issue CMO | Minimum | Market comparable pricing | Comparability adjustment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | (1.40%) |
Private issue CMO | Maximum | Market comparable pricing | Comparability adjustment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | (6.10%) |
Private issue CMO | Weighted Average | Market comparable pricing | Comparability adjustment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | (2.40%) |
Loans Held For Investment, at Fair Value [Member] | Minimum | Relative value analysis | Broker quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 86.70% |
Loans Held For Investment, at Fair Value [Member] | Maximum | Relative value analysis | Broker quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 88.90% |
Loans Held For Investment, at Fair Value [Member] | Weighted Average | Relative value analysis | Broker quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 88.10% |
Loans Held For Investment at Fair Value | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 1,054 |
Loans Held For Investment at Fair Value | Relative value analysis | Broker quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impact to valuation from an increase in inputs on assets | Increase |
Loans Held For Investment at Fair Value | Relative value analysis | ACL factors | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impact to valuation from an increase in inputs on assets | Decrease |
Loans Held For Investment at Fair Value | Minimum | Relative value analysis | ACL factors | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 1% |
Loans Held For Investment at Fair Value | Maximum | Relative value analysis | ACL factors | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 1.10% |
Loans Held For Investment at Fair Value | Weighted Average | Relative value analysis | Broker quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | (1.10%) |
Loans with individually evaluated allowance | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 695 |
Loans with individually evaluated allowance | Discounted cash flow | Default rates. | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impact to valuation from an increase in inputs on assets | Decrease |
Assets Fair Value Measurement Input | 5% |
Loans with individually evaluated allowance | Discounted cash flow | Discount rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impact to valuation from an increase in inputs on assets | Decrease |
Assets Fair Value Measurement Input | 4.80% |
Mortgage servicing assets | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 83 |
Mortgage servicing assets | Discounted cash flow | Prepayment speed (CPR) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impact to valuation from an increase in inputs on assets | Decrease |
Mortgage servicing assets | Minimum | Discounted cash flow | Prepayment speed (CPR) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 5.50% |
Mortgage servicing assets | Minimum | Discounted cash flow | Discount rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 9% |
Mortgage servicing assets | Maximum | Discounted cash flow | Prepayment speed (CPR) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 60% |
Mortgage servicing assets | Maximum | Discounted cash flow | Discount rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 10.50% |
Mortgage servicing assets | Weighted Average | Discounted cash flow | Prepayment speed (CPR) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 10.60% |
Mortgage servicing assets | Weighted Average | Discounted cash flow | Discount rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | (9.10%) |
Interest-Only Strips | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure | $ 8 |
Interest-Only Strips | Discounted cash flow | Prepayment speed (CPR) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impact to valuation from an increase in inputs on assets | Decrease |
Interest-Only Strips | Discounted cash flow | Discount rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impact to valuation from an increase in inputs on assets | Decrease |
Assets Fair Value Measurement Input | 9% |
Interest-Only Strips | Minimum | Discounted cash flow | Prepayment speed (CPR) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 7.30% |
Interest-Only Strips | Maximum | Discounted cash flow | Prepayment speed (CPR) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | 15.10% |
Interest-Only Strips | Weighted Average | Discounted cash flow | Prepayment speed (CPR) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets Fair Value Measurement Input | (9.20%) |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Carrying amount and fair value of the Corporations other financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held to maturity, at cost with no allowance for credit losses | $ 135,971 | $ 154,337 |
Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, not recorded at fair value | 1,064,707 | 1,076,317 |
Investment securities - held to maturity, at cost with no allowance for credit losses | 135,971 | 154,337 |
FHLB - San Francisco stock | 9,505 | 9,505 |
Deposits | 908,122 | 950,571 |
Borrowings | 235,000 | 235,009 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, not recorded at fair value | 982,881 | 970,277 |
Investment securities - held to maturity, at cost with no allowance for credit losses | 120,271 | 135,541 |
FHLB - San Francisco stock | 9,505 | 9,505 |
Deposits | 908,057 | 949,116 |
Borrowings | 234,043 | 232,764 |
Fair Value | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, not recorded at fair value | 0 | 0 |
Investment securities - held to maturity, at cost with no allowance for credit losses | 0 | 0 |
FHLB - San Francisco stock | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, not recorded at fair value | 0 | 0 |
Investment securities - held to maturity, at cost with no allowance for credit losses | 120,271 | 135,541 |
FHLB - San Francisco stock | 9,505 | 9,505 |
Deposits | 908,057 | 949,116 |
Borrowings | 234,043 | 232,764 |
Fair Value | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for investment, not recorded at fair value | 982,881 | 970,277 |
Investment securities - held to maturity, at cost with no allowance for credit losses | 0 | 0 |
FHLB - San Francisco stock | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | $ 0 | $ 0 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Loan servicing and other fees | $ 92 | $ 104 | $ 195 | $ 327 |
Other | 150 | 188 | 400 | 506 |
Total non-interest income | 848 | 981 | 2,474 | 2,940 |
Deposit account fees | ||||
Revenue within the scope of ASC 606 | 289 | 328 | 876 | 998 |
Card and processing fees | ||||
Revenue within the scope of ASC 606 | 317 | 361 | 1,003 | 1,109 |
BOLI | ||||
Other | $ 46 | $ 46 | $ 139 | $ 139 |
Leases - Supplemental informati
Leases - Supplemental information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | |
Leases | |||||
Lease expense | $ 222,000 | $ 220,000 | $ 716,000 | $ 651,000 | |
Consolidated Statements of Condition: | |||||
Premises and equipment - Operating lease right of use assets | 1,550,000 | 1,550,000 | $ 2,147,000 | ||
Accounts payable, accrued interest and other liabilities - Operating lease liabilities | 1,612,000 | 1,612,000 | $ 2,169,000 | ||
Consolidated Statements of Operations: | |||||
Premises and occupancy expenses from operating leases | 188,000 | 195,000 | 613,000 | 581,000 | |
Equipment expenses from operating leases | 34,000 | 25,000 | 103,000 | 70,000 | |
Total lease expense | $ 222,000 | $ 220,000 | 716,000 | 651,000 | |
Consolidated Statements of Cash Flows: | |||||
Operating cash flows for operating leases, net | $ 666,000 | $ 657,000 |
Leases - Remaining minimum cont
Leases - Remaining minimum contractual lease payments and other information (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Remaining minimum contractual lease payments and other information associated with the leases | |
2024 | $ 218 |
2025 | 678 |
2026 | 387 |
2027 | 192 |
2028 | 156 |
Thereafter | 74 |
Total contract lease payments | 1,705 |
Total liability to make lease payments | 1,612 |
Difference in undiscounted and discounted future lease payments | $ 93 |
Weighted average discount rate | 3.30% |
Weighted average remaining lease term (years) | 3 years 1 month 6 days |
Stock Repurchases (Details)
Stock Repurchases (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2023 | Apr. 28, 2022 | Mar. 31, 2024 | Mar. 31, 2024 | |
April 2022 stock repurchase plan | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares authorized for repurchase remaining available to purchase under the plan | 364,259 | |||
Stock repurchase plan period | 1 year | |||
Shares acquired | 338,831 | |||
Percentage of authorized stock | 93% | |||
Shares repurchased weighted average cost per share | $ 13.98 | |||
Cancellation of remaining number of shares | 25,428 | |||
September 2023 Stock Repurchase Plan | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares authorized for repurchase remaining available to purchase under the plan | 350,353 | 237,592 | 237,592 | |
Stock repurchase plan period | 1 year | |||
Shares acquired | 50,051 | 148,873 | ||
Percentage of authorized stock | 68% | |||
Shares repurchased weighted average cost per share | $ 13.99 | $ 13.06 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent event. | Apr. 25, 2024 $ / shares |
Subsequent Event [Line Items] | |
Dividends declared date | Apr. 25, 2024 |
Quarterly cash dividend declared, common stock | $ 0.14 |
Dividend, date of record | May 16, 2024 |
Dividends payable, date | Jun. 06, 2024 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 1,495 | $ 2,323 | $ 5,398 | $ 6,784 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |