Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Apr. 22, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BofI Holding, Inc. | |
Entity Central Index Key | 1,299,709 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 63,060,732 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 | |
ASSETS | |||
Cash and due from banks | $ 895,454 | $ 222,774 | |
Federal funds sold | 100 | 100 | |
Total cash and cash equivalents | 895,554 | 222,874 | |
Securities: | |||
Trading | 7,589 | 7,832 | |
Available-for-sale | 278,653 | 163,361 | |
Held-to-maturity—fair value $216,386 as of March 2016 and $228,323 as of June 2015 | 211,294 | 225,555 | |
Stock of the Federal Home Loan Bank, at cost | 52,974 | 66,270 | |
Loans held for sale, carried at fair value | 42,682 | 25,430 | |
Loans held for sale, lower of cost or fair value | 59,988 | 77,891 | |
Loans and leases—net of allowance for loan and lease losses of $36,931 as of March 2016 and $28,327 as of June 2015 | 6,034,700 | 4,928,618 | |
Accrued interest receivable | 23,913 | 20,268 | |
Furniture, equipment and software—net | 13,056 | 8,551 | |
Deferred income tax | 37,427 | 32,955 | |
Cash surrender value of life insurance | 5,944 | 5,806 | |
Mortgage servicing rights, carried at fair value | 3,375 | 2,098 | |
Other real estate owned and repossessed vehicles | 245 | 1,240 | |
Other assets | 38,228 | 34,970 | |
TOTAL ASSETS | 7,705,622 | 5,823,719 | |
Deposits: | |||
Non-interest bearing | 913,636 | 309,339 | |
Interest bearing | 5,134,395 | 4,142,578 | |
Total deposits | 6,048,031 | 4,451,917 | |
Securities sold under agreements to repurchase | 35,000 | 35,000 | |
Advances from the Federal Home Loan Bank | 858,000 | 753,000 | |
Subordinated notes and debentures | 56,155 | 5,155 | |
Accrued interest payable | 1,679 | 1,266 | |
Accounts payable and other liabilities | 53,468 | 43,855 | |
Total liabilities | $ 7,052,333 | $ 5,290,193 | |
COMMITMENTS AND CONTINGENCIES (Note 9) | |||
STOCKHOLDERS’ EQUITY: | |||
Common stock—$0.01 par value; 150,000,000 shares authorized; 64,177,770 shares issued and 63,060,732 shares outstanding as of March 2016; 63,145,364 shares issued and 62,075,004 shares outstanding as of June 2015 | [1] | $ 642 | $ 638 |
Additional paid-in capital | [1] | 328,288 | 296,035 |
Accumulated other comprehensive income (loss)—net of tax | [1] | (8,223) | (9,399) |
Retained earnings | [1] | 355,165 | 265,833 |
Treasury stock, at cost; 1,117,038 shares as of March 2016 and 1,070,360 shares as of June 2015 | [1] | (27,646) | (24,644) |
Total stockholders’ equity | [1] | 653,289 | 533,526 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 7,705,622 | 5,823,719 | |
Convertible Series A Preferred Stock | |||
STOCKHOLDERS’ EQUITY: | |||
Preferred stock—$0.01 par value; 1,000,000 shares authorized; Series A-$10,000 stated value and liquidation preference per share; 515 shares issued and outstanding as of December 2015 and June 2015 | [1] | $ 5,063 | $ 5,063 |
[1] | Common stock amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands | Mar. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares |
Assets: | ||
Held to maturity - Fair Value | $ | $ 216,386 | $ 228,323 |
Allowance for loan losses | $ | $ 36,931 | $ 28,327 |
Stockholders' Equity: | ||
Preferred stock, Series A, par or stated value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 64,177,770 | 63,145,364 |
Common stock, shares outstanding (in shares) | 63,060,732 | 62,075,004 |
Treasury stock, shares (in shares) | 1,117,038 | 1,070,360 |
Convertible Series A Preferred Stock | ||
Stockholders' Equity: | ||
Preferred stock, Series A, par or stated value (in dollars per share) | $ / shares | $ 10,000 | $ 10,000 |
Preferred stock, Series A, shares issued (in shares) | 515 | 515 |
Preferred stock, Series A, shares outstanding (in shares) | 515 | 515 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | ||
INTEREST AND DIVIDEND INCOME: | |||||
Loans and leases, including fees | $ 77,111 | $ 57,441 | $ 212,306 | $ 159,816 | |
Investments | 7,171 | 5,470 | 19,140 | 16,981 | |
Total interest and dividend income | 84,282 | 62,911 | 231,446 | 176,797 | |
INTEREST EXPENSE: | |||||
Deposits | 11,012 | 9,634 | 29,744 | 25,140 | |
Advances from the Federal Home Loan Bank | 3,019 | 2,194 | 8,297 | 6,655 | |
Other borrowings | 694 | 418 | 1,549 | 1,351 | |
Total interest expense | 14,725 | 12,246 | 39,590 | 33,146 | |
Net interest income | 69,557 | 50,665 | 191,856 | 143,651 | |
Provision for loan and lease losses | 2,000 | 2,900 | 7,800 | 8,300 | |
Net interest income, after provision | 67,557 | 47,765 | 184,056 | 135,351 | |
Realized gain on securities: | |||||
Realized gain (loss) on sale of securities | (14) | 0 | 919 | 587 | |
Other-than-temporary loss on securities: | |||||
Total impairment (losses) gains | (1,006) | (1,185) | (2,785) | (5,832) | |
Loss (gain) recognized in other comprehensive income | 998 | 478 | 2,636 | 3,628 | |
Net impairment loss recognized in earnings | (8) | (707) | (149) | (2,204) | |
Fair value gain (loss) on trading securities | (117) | (125) | (243) | (328) | |
Total unrealized (loss) gain on securities | (125) | (832) | (392) | (2,532) | |
Prepayment penalty fee income | 563 | 454 | 2,177 | 2,384 | |
Gain on sale – other | 1,101 | 2,419 | 10,348 | 4,425 | |
Mortgage banking income | 3,459 | 4,330 | 8,246 | 10,330 | |
Banking service fees and other income | 18,332 | 1,995 | 28,027 | 5,118 | |
Total non-interest income | 23,316 | 8,366 | 49,325 | 20,312 | |
NON-INTEREST EXPENSE: | |||||
Salaries and related costs | 17,000 | 11,249 | 47,762 | 31,710 | |
Professional services | 1,033 | 1,725 | 2,666 | 3,324 | |
Occupancy and equipment | 1,169 | 735 | 3,016 | 2,288 | |
Data processing and internet | 3,225 | 1,717 | 7,404 | 4,914 | |
Advertising and promotional | 1,406 | 1,462 | 4,631 | 4,217 | |
Depreciation and amortization | 1,310 | 868 | 3,316 | 2,351 | |
Real estate owned and repossessed vehicles | 5 | 44 | (45) | 152 | |
FDIC and regulator fees | 1,217 | 902 | 3,389 | 2,508 | |
Other general and administrative | 3,043 | 1,641 | 7,632 | 5,262 | |
Total non-interest expense | 29,408 | 20,343 | 79,771 | 56,726 | |
INCOME BEFORE INCOME TAXES | 61,465 | 35,788 | 153,610 | 98,937 | |
INCOME TAXES | 25,551 | 14,714 | 64,046 | 40,650 | |
NET INCOME | 35,914 | 21,074 | 89,564 | 58,287 | |
NET INCOME ATTRIBUTABLE TO COMMON STOCK | 35,837 | 20,997 | 89,332 | 58,055 | |
COMPREHENSIVE INCOME | $ 36,734 | $ 21,694 | $ 90,740 | $ 60,356 | |
Basic earnings per share, in dollars per share | $ / shares | [1] | $ 0.56 | $ 0.34 | $ 1.39 | $ 0.96 |
Diluted earnings per share, in dollars per share | $ / shares | [1] | $ 0.56 | $ 0.34 | $ 1.39 | $ 0.95 |
[1] | Per share amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 35,914 | $ 21,074 | $ 89,564 | $ 58,287 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $(287) and $156 for the three months ended March 31, 2016 and 2015, and $(861) and $261 for the nine months ended March 31, 2016 and 2015, respectively. | (426) | 234 | (1,179) | 373 |
Other than Temporary Impairment Gains, Investments, Portion in Other Comprehensive Loss, Net of Tax, Portion Attributable to Parent, Held-to-maturity Securities | 1,238 | 386 | 2,894 | 2,048 |
Reclassification of net (gain) loss from available-for-sale securities included in income, net of tax expense (benefit) of $(6) and $0 for the three months ended March 31, 2016 and 2015 and $380 and $235 for the nine months ended March 31, 2016 and 2015, respectively. | 8 | 0 | (539) | (352) |
Other comprehensive income (loss) | 820 | 620 | 1,176 | 2,069 |
Comprehensive income | $ 36,734 | $ 21,694 | $ 90,740 | $ 60,356 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized gain (loss) from available-for-sale securities, tax expense (benefit) | $ (287) | $ 156 | $ (861) | $ 261 |
Other-than-temporary impairment on held-to-maturity securities recognized in other comprehensive income, tax expense (benefit) | 832 | 258 | 2,114 | 1,516 |
Reclassification of net (gain) loss from available-for-sale securities included in income, tax expense (benefit) | $ (6) | $ 0 | $ 380 | $ 235 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | [2] | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Income Tax | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Common stock, par value, in dollars per share | $ 0.01 | ||||||||||
Preferred stock, beginning balance (in shares) at Jun. 30, 2015 | 515 | ||||||||||
Beginning balance at Jun. 30, 2015 | $ 533,526 | [1] | $ 5,063 | $ 638 | [2] | $ (24,644) | $ 296,035 | $ 265,833 | $ (9,399) | ||
Common stock, shares, issued, beginning balance (in shares) at Jun. 30, 2015 | 63,145,364 | 63,145,364 | [2] | ||||||||
Common stock, outstanding, beginning balance (in shares) at Jun. 30, 2015 | 62,075,004 | 62,075,004 | [2] | 1,070,360 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | $ 89,564 | 89,564 | |||||||||
Other comprehensive income | 1,176 | 1,176 | |||||||||
Cash dividends on preferred stock | (232) | (232) | |||||||||
Issuance of common stock (in shares) | [2] | 723,808 | |||||||||
Issuance of common stock | 21,120 | $ 2 | [2] | 21,118 | |||||||
Share-based compensation, issued (in shares) | [2] | 25,394 | |||||||||
Stock-based compensation expense, outstanding (in shares) | [2] | 25,394 | |||||||||
Stock-based compensation expense | 8,470 | $ 1 | [2] | 8,469 | |||||||
Restricted stock grants and tax benefits, issued (in shares) | [2] | 202,404 | |||||||||
Restricted stock grants and tax benefits, treasury shares | (46,678) | ||||||||||
Restricted stock grants and tax benefits, outstanding (in shares) | [2] | 155,726 | |||||||||
Restricted stock grants and tax benefits | $ (1,479) | $ 1 | [2] | $ (3,002) | 1,522 | ||||||
Stock option exercises and tax benefits, issued (in shares) | 80,800 | 80,800 | [2] | ||||||||
Stock option exercises and tax benefits | $ 1,144 | 1,144 | |||||||||
Preferred stock, ending balance (in shares) at Mar. 31, 2016 | 515 | ||||||||||
Ending balance at Mar. 31, 2016 | $ 653,289 | [1] | $ 5,063 | $ 642 | [2] | $ (27,646) | $ 328,288 | $ 355,165 | $ (8,223) | ||
Common stock, shares, issued, ending balance (in shares) at Mar. 31, 2016 | 64,177,770 | 64,177,770 | [2] | ||||||||
Common stock, outstanding, ending balance (in shares) at Mar. 31, 2016 | 63,060,732 | 63,060,732 | [2] | 1,117,038 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Common stock, par value, in dollars per share | $ 0.01 | ||||||||||
[1] | Common stock amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 | ||||||||||
[2] | Common stock amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015. The par value of common stock remains unchanged at $0.01 per share after the aforementioned forward stock split. As a result, the stated capital attributable to common stock increased proportionately and the additional paid-in capital decreased by the amount by which the stated capital increased. |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 89,564 | $ 58,287 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Accretion of discounts on securities | (3,842) | (4,342) |
Net accretion of discounts on loans and leases | 136 | (557) |
Stock-based compensation expense | 8,470 | 4,787 |
Tax benefit from exercise of common stock options and vesting of restricted stock grants | (2,519) | (933) |
Valuation of financial instruments carried at fair value | 243 | (587) |
Net gain on sale of investment securities | (919) | 328 |
Impairment charge on securities | 149 | 2,204 |
Provision for loan and lease losses | 7,800 | 8,300 |
Deferred income taxes | (4,712) | (7,127) |
Origination of loans held for sale | (1,155,329) | (721,780) |
Unrealized (gain) loss on loans held for sale | (621) | 267 |
Gain on sales of loans held for sale | (18,594) | (14,755) |
Proceeds from sale of loans held for sale | 1,179,724 | 775,806 |
Change in fair value of mortgage servicing rights | 503 | 229 |
(Gain) loss on sale of other real estate and foreclosed assets | (140) | 55 |
Depreciation and amortization of furniture, equipment and software | 3,316 | 2,351 |
Net changes in assets and liabilities which provide (use) cash: | ||
Accrued interest receivable | (3,766) | (4,200) |
Other assets | (5,797) | (12,433) |
Accrued interest payable | 413 | (4) |
Accounts payable and other liabilities | 9,094 | 9,178 |
Net cash provided by (used in) operating activities | 103,173 | 95,074 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investment securities | (160,299) | (4,446) |
Proceeds from sale of available-for-sale mortgage-backed securities | 10,003 | 9,539 |
Proceeds from repayment of securities | 55,414 | 62,761 |
Purchase of stock of Federal Home Loan Bank | (101,099) | (11,850) |
Proceeds from redemption of stock of Federal Home Loan Bank | 114,395 | 9,641 |
Origination of loans and leases for portfolio | (2,626,656) | (2,348,617) |
Origination of mortgage warehouse loans, net | (46,921) | (71,405) |
Proceeds from sales of other real estate owned and repossessed assets | 1,442 | 107 |
Purchases of loans and leases, net of discounts and premiums | (140,493) | (146) |
Principal repayments on loans | 1,695,873 | 1,283,914 |
Net purchases of furniture, equipment and software | (7,821) | (3,743) |
Net cash used in investing activities | (1,206,162) | (1,074,245) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 1,596,114 | 1,327,236 |
Proceeds from Federal Home Loan Bank advances | 915,000 | 421,000 |
Repayment of Federal Home Loan Bank advances | (810,000) | (748,000) |
Settlement of securities sold under agreements to repurchase | 0 | (10,000) |
Proceeds from exercise of common stock options | 148 | 3 |
Proceeds from issuance of common stock | 21,120 | 61,197 |
Tax benefit from exercise of common stock options and vesting of restricted stock grants | 2,519 | 933 |
Cash dividends on preferred stock | (232) | (232) |
Proceeds from issuance of subordinated notes and debentures | 51,000 | 0 |
Net cash provided by financing activities | 1,775,669 | 1,052,137 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 672,680 | 72,966 |
CASH AND CASH EQUIVALENTS—Beginning of year | 222,874 | 155,584 |
CASH AND CASH EQUIVALENTS—End of period | 895,554 | 228,550 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest paid on deposits and borrowed funds | 39,179 | 33,151 |
Income taxes paid | 56,371 | 49,859 |
Transfers to other real estate owned and repossessed vehicles from loans | 531 | 2,452 |
Transfers from loans held for investment to loans held for sale | 7,982 | 30,000 |
Transfers from loans held for sale to loans held for investment | $ 20,091 | $ 7,237 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The condensed consolidated financial statements include the accounts of BofI Holding, Inc. and its wholly owned subsidiary, BofI Federal Bank (the “Bank” and collectively with BofI Holding, Inc., the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying interim condensed consolidated financial statements, presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), are unaudited and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of financial condition and results of operations for the interim periods. All adjustments are of a normal and recurring nature. Results for the nine months ended March 31, 2016 are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Certain information and note disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended June 30, 2015 included in our Annual Report on Form 10-K. On November 17, 2015, the Company completed a four-for-one forward stock split in the form of a stock dividend. References made to outstanding shares or per share amounts in the condensed consolidated financial statements and accompanying notes have been retroactively adjusted to reflect this four-for-one stock split. In November, the number of authorized shares of common stock available for issuance was increased from 50,000,000 to 150,000,000 as approved by the Company’s Board of Directors and stockholders. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Securities . Debt securities are classified as held-to-maturity and carried at amortized cost when management has both the positive intent and ability to hold them to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Trading securities refer to certain types of assets that banks hold for resale at a profit or when the Company elects to account for certain securities at fair value. Increases or decreases in the fair value of trading securities are recognized in earnings as they occur. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Gains and losses on securities sales are based on a comparison of sales proceeds and the amortized cost of the security sold using the specific identification method. Purchases and sales are recognized on the trade date. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are amortized or accreted using the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. The Company’s portfolios of held-to-maturity and available-for-sale securities are reviewed quarterly for other-than-temporary impairment. In performing this review, management considers (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, (3) the impact of changes in market interest rates on the market value of the security and (4) how to record an impairment by assessing whether the Company intends to sell or it is more likely than not that it will be required to sell a security in an unrealized loss position before the Company recovers the security’s amortized cost. If either of these criteria for (4) is met, the entire difference between amortized cost and fair value is recognized in earnings. Alternatively, if the criteria for (4) is not met, the amount of impairment recognized in earnings is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Loans . Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred purchase premiums and discounts, deferred loan origination fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Premiums and discounts on loans purchased as well as loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method. Recognition of interest income on all portfolio segments is generally discontinued at the time the loan is 90 days delinquent unless the loan is well secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on nonaccrual, is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans Held for Sale. U.S government agency (“agency”) loans originated and intended for sale in the secondary market are carried at fair value. Net unrealized gains and losses are recognized through the income statement. The Bank sells its mortgage loans with either servicing released or servicing retained depending upon market pricing. Gains and losses on loan sales are recorded as mortgage banking income, based on the difference between sales proceeds and carrying value. Non-agency loans held for sale are carried at the lower of cost or fair value. Loans that were originated with the intent and ability to hold for the foreseeable future (loans held in portfolio) but which have been subsequently designated as being held for sale for risk management or liquidity needs are carried at the lower of cost or fair value calculated on an individual loan by loan basis. There may be times when loans have been classified as held for sale and for some reason cannot be sold. Loans transferred to a long-term-investment classification from held-for-sale are transferred at the lower of cost or market value on the transfer date. Any difference between the carrying amount of the loan and its outstanding principal balance is recognized as an adjustment to yield by the interest method. A loan cannot be classified as a long-term investment unless the Bank has both the ability and the intent to hold the loan for the foreseeable future or until maturity. Allowance for Loan and Lease Losses. The allowance for loan and lease losses is maintained at a level estimated to provide for probable incurred losses in the loan and lease portfolio. Management determines the adequacy of the allowance based on reviews of individual loans and leases and pools of loans, recent loss experience, current economic conditions, the risk characteristics of the various categories of loans and other pertinent factors. This evaluation is inherently subjective and requires estimates that are susceptible to significant revision as more information becomes available. The allowance is increased by the provision for loan and lease losses, which is charged against current period operating results and recoveries of loans previously charged-off. The allowance is decreased by the amount of charge-offs of loans deemed uncollectible. Allocations of the allowance may be made for specific loans but the entire allowance is available for any loan that, in management’s judgment, should be charged off. See Note 5 of these financial statement footnotes and the financial statement footnotes for the year ended June 30, 2015 included in our Annual Report on Form 10-K for further information. H&R Block Bank Deposit Acquisition and Program Management Agreement. On August 31, 2015, the Bank completed the acquisition of approximately $419 million in deposits consisting of checking, individual retirement savings, and CD accounts from H&R Block Bank and its parent company, H&R Block, Inc. (“H&R Block”). Additionally, the Bank and Emerald Financial Services, LLC (“EFS”), a Delaware limited liability company and wholly-owned subsidiary of H&R Block, entered into the Program Management Agreement (“PMA”), dated August 31, 2015; the Bank and H&R Block, EFS, HRB Participant I, LLC, a Delaware limited liability company and wholly-owned subsidiary of H&R Block, entered into the Emerald Receivables Participation Agreement, dated August 31, 2015; and the Bank and H&R Block entered into the Guaranty Agreement (together, the “PMA and related Agreements”), dated August 31, 2015. Through the PMA and related Agreements the Bank will provide H&R Block-branded financial services products and services. The three products and services that represent the primary focus and the majority of transactional volume that the Bank will process are described in detail below. The first product is Emerald Prepaid MasterCard® services, which is under Schedule A of the PMA. The Bank is responsible for the primary oversight and control of the prepaid card programs of a wholly owned subsidiary of H&R Block. Under the PMA and related Agreements, the Bank holds the prepaid card customer deposits for those cards issued under the prepaid programs in non-interest bearing accounts and earns a fixed fee paid by H&R Block’s subsidiary for each automated clearing house (“ACH”) transaction processed through the prepaid card customer accounts. A portion of H&R Block’s customers use the Emerald Card as an option to receive federal and state income tax refunds. The prepaid customer deposits are included in non-interest bearing deposit liabilities on the balance sheet of the Company and the ACH fee income is included in the income statement under the line banking service fees and other income. The second product is Refund Transfer, which is under Schedule B of the PMA. The Bank is responsible for the primary oversight and control of the refund transfer program of a wholly owned subsidiary of H&R Block. Under the PMA and related Agreements, the Bank opens a temporary bank account for each H&R Block customer who is receiving an income tax refund and elects to defer payment of his or her tax preparations fees. After the Internal Revenue Service and any state income tax authorities transfer the refund into the customer’s account, the net funds are transferred to the customer and the temporary deposit account is closed. The Bank earns a fixed fee paid by H&R Block for each of the H&R Block customers electing a Refund Transfer. The fees are earned primarily in the quarter ended March 31 st and are included in the income statement under the line banking service fees and other income. The third product is Emerald Advance, which is under Schedule C of the PMA. The Bank is responsible for the underwriting guidelines and credit policies for unsecured consumer lines of credit offered to H&R Block customers. Under the PMA and related Agreements, the Bank offers and funds unsecured lines of credit to consumers primarily through the H&R Block tax preparation offices and earns interest income and fee income. The Bank retains 10% of the Emerald Advance and sells the remainder to H&R Block. The lines of credit are included in loans and leases on the balance sheet of the Company and the interest income and fee income are included in the income statement under the line loans and leases interest and dividend income. The H&R Block-branded financial services products introduce seasonality into the unaudited condensed consolidated income statements through the banking and service fees category of non-interest income and the other general and administrative category of non-interest expense, with the peak income and expense in these categories typically occurring during the Company’s third fiscal quarter ended March 31. Therefore, results for the three and nine months ended March 31, 2016 are not indicative of results to be expected for the full year. Pacific Western Equipment Finance Asset Acquisition. On March 31, 2016, the Bank entered into an Asset Purchase Agreement with Pacific Western Bank to acquire approximately $140 million of equipment leases from Pacific Western Equipment Finance and assumed certain insignificant operations and related liabilities. The purchase price and consideration paid for the assets consisted of the fair market value of the assumed liabilities plus a lease purchase price premium of approximately 2.5% . The Bank provides equipment financing to its customers through a variety of lease arrangements. The most common arrangement is a direct financing (capital) lease. For direct financing leases, lease receivables are recorded on the balance sheet but the leased property is not, although the Bank generally retains legal title to the leased property until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized over the weighted average life of the lease portfolio. Leases acquired in an acquisition are initially measured and recorded at their fair value on the acquisition date. Purchase discounts or premiums on acquired leases are recognized as an adjustment to interest income over the contractual life of the leases using the effective interest method or taken into income when the related leases are paid off. Direct financing leases are subject to our allowance for loans and leases. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurement , also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices in active markets for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 1 assets and liabilities include debt and equity securities that are actively traded in an exchange or over-the-counter market and are highly liquid, such as, among other assets and securities, certain U.S. treasury and other U.S. government debt. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets include securities with quoted prices that are traded less frequently than exchange-traded instruments and whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models such as discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. When available, the Company generally uses quoted market prices to determine fair value, in which case the items are classified in Level 1. In some cases where a market price is available, the Company will make use of acceptable practical expedients (such as matrix pricing) to calculate fair value, in which case the items are classified in Level 2. The Company considers relevant and observable market prices in its valuations where possible. The frequency of transactions, the size of the bid-ask spread and the nature of the participants are some of the factors the Company uses to help determine whether a market is active and orderly or inactive and not orderly. Price quotes based upon transactions that are not orderly are not considered to be determinative of fair value and should be given little, if any, weight in measuring fair value. If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest rates, credit spreads, housing value forecasts, etc. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified: Securities—trading. Trading securities are recorded at fair value. The trading portfolio consists of two different issues of floating-rate debt securities collateralized by pools of bank trust preferred securities. Recent liquidity and economic uncertainty have made the market for collateralized debt obligations less active or inactive. As quoted market prices are not available, the Level 3 fair values for these securities are determined by the Company utilizing industry-standard tools to calculate the net present value of the expected cash flows available to the securities from the underlying assets. The Company’s expected cash flows are calculated for each security and include the impact of actual and forecasted bank defaults within each collateral pool as well as structural features of the security’s tranche such as lock outs, subordination and overcollateralization. The forecast of underlying bank defaults in each pool is based upon a quarterly financial update including the trend in non-performing assets, the allowance for loan and lease losses and the underlying bank’s capital ratios. Also a factor is the Company’s loan and lease loss experience in the local economy in which the bank operates. At March 31, 2016 , the Company’s forecast of cash flows for both securities includes actual and forecasted defaults totaling 18.3% of all banks in the collateral pools, compared to 17.3% of the banks actually in default. The expected cash flows reflect the Company’s best estimate of all pool losses which are then applied to the overcollateralization reserve and the subordinated tranches to determine the cash flows. The Company selects a discount rate margin based upon the spread between U.S. Treasury rates and the market rates for active credit grades for financial companies. The discount margin when added to the U.S. Treasury rate determines the discount rate, reflecting primarily market liquidity and interest rate risk since expected credit loss is included in the cash flows. At March 31, 2016 , the Company used a weighted average discount margin of 500 basis points above U.S. Treasury rates to calculate the net present value of the expected cash flows and the fair value of its trading securities. The Level 3 fair values determined by the Company for its trading securities rely heavily on management’s assumptions as to the future credit performance of the collateral banks, the impact of the global and regional economic activity, the timing of forecasted defaults and the discount rate applied to cash flows. The fair value of the trading securities at March 31, 2016 is sensitive to an increase or decrease in the discount rate. An increase in the discount margin of 100 basis points would have reduced the total fair value of the trading securities and decreased net income before income tax by $799 . A decrease in the discount margin of 100 basis points would have increased the total fair value of the trading securities and increased net income before income tax by $924 . Securities—available-for-sale and held-to-maturity . Available-for-sale securities are recorded at fair value and consist of residential mortgage-backed securities (“RMBS”) issued by U.S. agencies, non-agencies, collateralized loan obligations, and municipals. Held-to-maturity securities are recorded at amortized cost and consist of RMBS issued by U.S. agencies, RMBS issued by non-agencies, and municipals. Fair value for U.S. agency securities is generally based on quoted market prices of similar securities used to form a dealer quote or a pricing matrix. There continues to be significant illiquidity in the market for RMBS issued by non-agencies, impacting the availability and reliability of transparent pricing. As orderly quoted market prices are not available, the Level 3 fair values for these securities are determined by the Company utilizing industry-standard tools to calculate the net present value of the expected cash flows available to the securities from the underlying mortgage assets. The Company computes Level 3 fair values for each non-agency RMBS in the same manner (as described below) whether available-for-sale or held-to-maturity. To determine the performance of the underlying mortgage loan pools, the Company estimates prepayments, defaults, and loss severities based on a number of macroeconomic factors, including housing price changes, unemployment rates, interest rates and borrower attributes such as credit score and loan documentation at the time of origination. For each security, the Company inputs a projection of monthly default rates, loss severity rates and voluntary prepayment rates for the underlying mortgages for the remaining life of each security to determine the expected cash flows. The projections of default rates are derived by the Company from the historic default rate observed in the pool of loans collateralizing the security, increased by and decreased by the forecasted increase or decrease in the national unemployment rate. The projections of loss severity rates are derived by the Company from the historic loss severity rate observed in the pool of loans, increased by (and decreased by) the forecasted decrease or increase in the national home price appreciation (“HPA”) index. The largest factors influencing the Company’s modeling of the monthly default rate are unemployment and HPA, as a strong correlation exists. The national unemployment rate announced prior to the end of the period covered by this report (reported for February 2016) was 4.9% , down from the high of 10.0% in October 2009. Consensus estimates for unemployment are that the rate will continue to decline. Going forward, the Company is projecting lower monthly default rates. The range of loss severity rates applied to each default used in the Company’s projections at March 31, 2016 are from 40.0% up to 68.6% based upon individual bond historical performance. The default rates and the severities are projected for every non-agency RMBS security held by the Company and will vary monthly based upon the actual performance of the security and the macroeconomic factors discussed above. To determine the discount rates used to compute the present value of the expected cash flows for these non-agency RMBS securities, the Company separates the securities by the borrower characteristics in the underlying pool. Specifically, “prime” securities generally have borrowers with higher FICO scores and better documentation of income. “Alt-A” securities generally have borrowers with a lower FICO and less documentation of income. “Pay-option ARMs” are Alt-A securities with borrowers that tend to pay the least amount of principal (or increase their loan balance through negative amortization). The Company calculates separate discount rates for prime, Alt-A and Pay-option ARM non-agency RMBS securities using market-participant assumptions for risk, capital and return on equity. The range of annual default rates used in the Company’s projections at March 31, 2016 are from 1.5% up to 15.6% with prime securities tending toward the lower end of the range and Alt-A and Pay-option ARMs tending toward the higher end of the range. The Company applies its discount rates to the projected monthly cash flows which already reflect the full impact of all forecasted losses using the assumptions described above. When calculating present value of the expected cash flows at March 31, 2016 , the Company computed its discount rates as a spread between 242 and 719 basis points over the interpolated swap curve with prime securities tending toward the lower end of the range and Alt-A and Pay-option ARMs tending toward the higher end of the range. Loans Held for Sale. Loans held for sale at fair value are primarily single-family and multifamily residential loans. The fair value of residential loans held for sale is determined by pricing for comparable assets or by existing forward sales commitment prices with investors. Impaired Loans. Impaired loans are loans which are inadequately protected by the current net worth and paying capacity of the borrowers or the collateral pledged. The accrual of interest income has been discontinued for impaired loans. The impaired loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. The Company assesses loans individually and identifies impairment when the loan is classified as impaired, has been restructured, or management has serious doubts about the future collectibility of principal and interest, even though the loans may currently be performing. The fair value of an impaired loan is determined based on an observable market price or current appraised value of the underlying collateral. The fair value of impaired loans with specific write-offs or allocations of the allowance for loan losses are generally based on recent real estate appraisals or internal valuation analyses consistent with the methodology used in real estate appraisals and include other third-party valuations and analysis of cash flows. These appraisals and analyses are updated at least on an annual basis. The Company primarily obtains real estate appraisals and in the rare cases where an appraisal cannot be obtained, the Company performs an internal valuation analysis. These appraisals and analyses may utilize a single valuation approach or a combination of approaches including comparable sales and income approaches. The sales comparison approach uses at least three recent similar property sales to help determine the fair value of the property being appraised. The income approach is calculated by taking the net operating income generated by the collateral property of the rent collected and dividing it by an assumed capitalization rate. Adjustments are routinely made in the process by the appraisers to account for differences between the comparable sales and income data available. When measuring the fair value of the impaired loan based upon the projected sale of the underlying collateral, the Company subtracts the costs expected to be incurred for the transfer of the underlying collateral, which includes items such as sales commissions, delinquent taxes and insurance premiums. These adjustments to the estimated fair value of non-performing loans may result in increases or decreases to the provision for loan losses recorded in current earnings. Such adjustments are typically significant and result in a Level 3 classification for the inputs for determining fair value. Other Real Estate Owned and Repossessed Vehicles . Non-recurring adjustments to certain commercial and residential real estate properties classified as other real estate owned (“OREO”) are measured at the lower of carrying amount or fair value, less estimated costs to sell. Fair values are generally based on third-party appraisals of the property, resulting in a Level 3 classification. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. Mortgage Servicing Rights. The Company initially records all mortgage servicing rights (“MSRs”) at fair value and accounts for MSRs at fair value during the life of the MSR, with changes in fair value recorded through current period earnings. Fair value adjustments encompass market-driven valuation changes as well as modeled amortization involving the run-off of value that occurs due to the passage of time as individual loans are paid by borrowers. Market expectations about loan duration, and correspondingly the expected term of future servicing cash flows, may vary from time to time due to changes in expected prepayment activity, especially when interest rates rise or fall. Market expectations of increased loan prepayment speeds may negatively impact the fair value of the single family MSRs. Fair value is also dependent on the discount rate used in calculating present value, which is imputed from observable market activity and market participants and results in Level 3 classification. Management reviews and adjusts the discount rate on an ongoing basis. An increase in the discount rate would reduce the estimated fair value of the MSRs asset. Mortgage Banking Derivatives. Fair value for mortgage banking derivatives are either based upon prices in active secondary markets for identical securities or based on quoted market prices of similar assets used to form a dealer quote or a pricing matrix. If no such quoted price exists, the fair value of a commitment is determined by quoted prices for a similar commitment or commitments, adjusted for the specific attributes of each commitment. These fair values are then adjusted for items such as fallout and estimated costs to originate the loan. The Company’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 Company’s valuation methodologies are appropriate and consistent with or, in some cases, more conservative than 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 relevant reporting date. The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2016 and June 30, 2015 . Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: March 31, 2016 (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total ASSETS: Securities—Trading: Collateralized Debt Obligations $ — $ — $ 7,589 $ 7,589 Securities—Available-for-Sale: Agency RMBS $ — $ 35,288 $ — $ 35,288 Non-Agency RMBS — — 17,037 17,037 Municipal — 33,616 — 33,616 Other Debt Securities — 192,712 — 192,712 Total—Securities—Available-for-Sale $ — $ 261,616 $ 17,037 $ 278,653 Loans Held for Sale $ — $ 42,682 $ — $ 42,682 Mortgage Servicing Rights $ — $ — $ 3,375 $ 3,375 Other assets – Derivative Instruments $ — $ — $ 2,394 $ 2,394 LIABILITIES: Other liabilities – Derivative Instruments $ — $ — $ 823 $ 823 June 30, 2015 (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total ASSETS: Securities—Trading: Collateralized Debt Obligations $ — $ — $ 7,832 $ 7,832 Securities—Available-for-Sale: Agency RMBS $ — $ 43,491 $ — $ 43,491 Non-Agency RMBS — — 26,633 26,633 Municipal — 22,035 — 22,035 Other Debt Securities — 71,202 — 71,202 Total—Securities—Available-for-Sale $ — $ 136,728 $ 26,633 $ 163,361 Loans Held for Sale $ — $ 25,430 $ — $ 25,430 Mortgage Servicing Rights $ — $ — $ 2,098 $ 2,098 Other assets – Derivative Instruments $ — $ — $ 2,261 $ 2,261 LIABILITIES: Other liabilities – Derivative Instruments $ — $ — $ — $ — The following tables present additional information about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: For the Three Months Ended March 31, 2016 (Dollars in thousands) Securities – Trading: Collateralized Debt Obligations Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening balance $ 7,706 $ 21,136 $ 3,475 $ 1,031 $ 33,348 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — 14 — — 14 Included in earnings—Fair value gain (loss) on trading securities (117 ) — — — (117 ) Included in earnings—Mortgage banking income — — (452 ) 540 88 Included in other comprehensive income — (532 ) — — (532 ) Purchases, originations, issues, sales and settlements: Purchases/originations — — 352 — 352 Sales — 67 — — 67 Settlements — (3,640 ) — — (3,640 ) Other-than-temporary impairment — (8 ) — — (8 ) Closing balance $ 7,589 $ 17,037 $ 3,375 $ 1,571 $ 29,572 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (117 ) $ 14 $ (452 ) $ 540 $ (15 ) For the Nine Months Ended March 31, 2016 (Dollars in thousands) Securities – Trading: Collateralized Debt Obligations Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening Balance $ 7,832 $ 26,633 $ 2,098 $ 2,261 $ 38,824 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — (666 ) — — (666 ) Included in earnings—Fair value gain (loss) on trading securities (243 ) — — — (243 ) Included in earnings—Mortgage banking income — — (503 ) (690 ) (1,193 ) Included in other comprehensive income — (1,493 ) — — (1,493 ) Purchases, originations, issues, sales and settlements: Purchases/originations — — 1,780 — 1,780 Sales — (2,023 ) — — (2,023 ) Settlements — (5,367 ) — — (5,367 ) Other-than-temporary impairment — (47 ) — — (47 ) Closing balance $ 7,589 $ 17,037 $ 3,375 $ 1,571 $ 29,572 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (243 ) $ (666 ) $ (503 ) $ (690 ) $ (2,102 ) For the Three Months Ended March 31, 2015 (Dollars in thousands) Securities – Trading: Collateralized Debt Obligations Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening balance $ 7,862 $ 31,926 $ 1,037 $ 659 $ 41,484 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — — — — — Included in earnings—Fair value gain on trading securities (124 ) — — — (124 ) Included in earnings—Mortgage banking income — — (194 ) 1,402 1,208 Included in other comprehensive income — (232 ) — — (232 ) Purchases, originations, issues, sales and settlements: Purchases/originations — — 511 — 511 Sales — — — — — Settlements — (3,013 ) — — (3,013 ) Other-than-temporary impairment — (704 ) — — (704 ) Closing balance $ 7,738 $ 27,977 $ 1,354 $ 2,061 $ 39,130 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (124 ) $ — $ (194 ) $ 1,402 $ 1,084 For the Nine Months Ended March 31, 2015 (Dollars in thousands) Securities – Trading: Collateralized Debt Obligations Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening Balance $ 8,066 $ 37,409 $ 562 $ 875 $ 46,912 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — — — — — Included in earnings—Fair value gain (loss) on trading securities (328 ) — — — (328 ) Included in earnings—Mortgage banking income — — (229 ) 1,186 957 Included in other comprehensive income — (1,351 ) — — (1,351 ) Purchases, originations, issues, sales and settlements: Purchases/originations — — 1,021 — 1,021 Sales — — — — — Settlements — (7,162 ) — — (7,162 ) Other-than-temporary impairment — (919 ) — — (919 ) Closing balance $ 7,738 $ 27,977 $ 1,354 $ 2,061 $ 39,130 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (328 ) $ — $ (229 ) $ 1,186 $ 629 The table below summarizes the quantitative information about level 3 fair value measurements at the periods indicated: March 31, 2016 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Trading: Collateralized Debt Obligations $ 7,589 Discounted Cash Flow Total Projected Defaults, Discount Rate over Treasury 15.5 to 21.0% (18.3%) 5.0 to 5.0% (5.0%) Securities – Available-for-Sale: Non-agency RMBS $ 17,037 Discounted Cash Flow Projected Constant Prepayment Rate, 7.7 to 19.1% (13.1%) 2.1 to 10.0% (4.7%) Mortgage Servicing Rights $ 3,375 Discounted Cash Flow Projected Constant Prepayment Rate, 5.8 to 19.5% (10.1%) 3.6 to 7.1 (6.3) Derivative Instruments, net $ 1,571 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.3 to 0.6% (0.4%) June 30, 2015 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Trading: $ 7,832 Discounted Cash Flow Total Projected Defaults, 18.8 to 29.8% (24.6%) Securities – Available-for-Sale: $ 26,633 Discounted Cash Flow Projected Constant Prepayment Rate, 6.3 to 29.5% (13.0%) 1.5 to 19.6% (5.6%) Mortgage Servicing Rights $ 2,098 Discounted Cash Flow Projected Constant Prepayment Rate, 4.4 to 19.2% (7.7%) 4.3 to 8.3 (7.4) Derivative Instruments, net $ 2,261 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.5 to 1.3% (0.8%) The significant unobservable inputs used in the fair value measurement of the Company’s residential mortgage-backed securities are prepayment rates, probability of default, and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The table below summarizes changes in unrealized gains and losses and interest income recorded in earnings for level 3 trading assets and liabilities that are still held at the periods indicated: For the Three Months Ended For the Nine Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 2016 2015 Interest income on investments $ 60 $ 56 $ 178 $ 166 Fair value adjustment (117 ) (125 ) (243 ) (328 ) Total $ (57 ) $ (69 ) $ (65 ) $ (162 ) The table below summarizes assets measured for impairment on a non-recurring basis: March 31, 2016 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Impaired Loans: Single family real estate secured: Mortgage $ — $ — $ 18,786 $ 18,786 Home equity — — 34 34 Multifamily real estate secured — — 4,728 4,728 Commercial real estate secured — — 372 372 Auto and RV secured — — 264 264 Total $ — $ — $ 24,184 $ 24,184 Other real estate owned and foreclosed assets: Multifamily real estate secured — — 207 207 Auto and RV secured — — 38 38 Total $ — $ — $ 245 $ 245 HTM Securities – Non-Agency RMBS $ — $ — $ 84,236 $ 84,236 June 30, 2015 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Impaired Loans: Single family real estate secured: Mortgage $ — $ — $ 23,059 $ 23,059 Home equity — — 9 9 Multifamily real estate secured — — 5,399 5,399 Commercial real estate secured — — 2,128 2,128 Auto and RV secured — — 453 453 Total $ — $ — $ 31,048 $ 31,048 Other real estate owned and foreclosed assets: Single family real estate secured $ — $ — $ 463 $ 463 Multifamily real estate secured — — 762 762 Auto and RV secured — — 15 15 Total $ — $ — $ 1,240 $ 1,240 HTM Securities – Non-Agency RMBS $ — $ — $ 88,094 $ 88,094 Impaired loans measured for impairment on a non-recurring basis using the fair value of the collateral for collateral-dependent loans have a carrying amount of $24,184 , after charge-offs of $135 for the nine months ended March 31, 2016 , and life to date charge-offs of $4,730 . Impaired loans had a related allowance of $233 at March 31, 2016 . Other real estate owned and foreclosed assets, which are measured at the lower of carrying value or fair value less costs to sell, had a net carrying amount of $245 after charge-offs of $114 for the three months ended March 31, 2016 . Held-to-maturity securities measured for impairment on a non-recurring basis had a fair value of $84,236 and a carrying amount of $87,474 at March 31, 2016 , after net impairment charges to income of $102 and an increase to other comprehensive income of $4,351 during the nine months ended March 31, 2016 . The Company recognized net impairment charges to income of $1,285 and an increase in other comprehensive increase of $3,855 for the nine months ended March 31, 2015 . These held-to-maturity securities are valued using Level 3 inputs. The Company has elected the fair value option for Agency loans held for sale. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan. None of these loans are 90 days or more past due nor on nonaccrual as of March 31, 2016 and June 30, 2015 . As of March 31, 2016 and June 30, 2015 , the aggregate fair value, contractual balance (including accrued interest), and unrealized gain was as follows: (Dollars in thousands) March 31, 2016 June 30, 2015 Aggregate fair value $ 42,682 $ 25,430 Contractual balance 41,507 24,886 Unrealized gain $ 1,175 $ 544 The total amount of unrealized gains and losses from changes in fair value included in earnings for the period indicated below for loans held for sale were: For the Three Months Ended For the Nine Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 2016 2015 Interest income $ 148 $ 147 $ 581 $ 450 Change in fair value 1,223 1,583 (69 ) 1,453 Total $ 1,371 $ 1,730 $ 512 $ 1,903 The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods indicated: March 31, 2016 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Impaired loans: Single family real estate secured: Mortgage $ 18,786 Sales comparison approach Adjustment for differences between the comparable sales -40.6 to 71.1% (11.9%) Home equity $ 34 Sales comparison approach Adjustment for differences between the comparable sales -27.2 to 0.0% (-14.3%) Multifamily real estate secured $ 4,728 Sales comparison approach, income approach, Discounted cash flows Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -39.5 to 58.0% (-17.1%) Commercial real estate secured $ 372 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -33.0 to 23.7% (-4.7%) Auto and RV secured $ 264 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 41.1% (10.5%) Other real estate owned: Multifamily real estate secured $ 207 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, Capitalization rate -36.2 to 0.0% (-20.2%) Auto and RV secured $ 38 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 20.8% (8.6%) HTM Securities – Non-Agency RMBS $ 84,236 Discounted cash flow Constant prepayment rate, constant default rate, loss severity, discount rate over LIBOR 2.5 to 18.9% (10.1%) June 30, 2015 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Impaired loans: Single family real estate secured: Mortgage $ 23,059 Sales comparison approach Adjustment for differences between the comparable sales -52.5 to 53.7% (3.9%) Home equity $ 9 Sales comparison approach Adjustment for differences between the comparable sales -9.7 to 5.5% (-2.1%) Multifamily real estate secured $ 5,399 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -73.4 to 80.6% (-8.3%) Commercial real estate secured $ 2,128 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -66.5 to 81.1% (-10.3%) Auto and RV secured $ 453 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 66.2% (10.8%) Other real estate owned: Single family real estate secured $ 463 Sales comparison approach Adjustment for differences between the comparable sales -20.3 to 12.1% (-4.1%) Multifamily real estate secured $ 762 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -37.1 to 48.6% (5.7%) Auto and RV secured $ 15 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 20.7% (10.3%) HTM Securities – Non-Agency RMBS $ 88,094 Discounted cash |
SECURITIES
SECURITIES | 9 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost, carrying amount and fair value for the major categories of securities: trading, available-for-sale, and held-to-maturity at March 31, 2016 and June 30, 2015 were: March 31, 2016 Trading Available-for-sale Held-to-maturity (Dollars in thousands) Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Carrying Amount Unrecognized Gains Unrecognized Losses Fair Value Mortgage-backed securities (RMBS): U.S. agencies 1 $ — $ 35,132 $ 349 $ (193 ) $ 35,288 $ 37,366 $ 867 $ (2 ) $ 38,231 Non-agency 2 — 15,718 1,321 (2 ) 17,037 138,011 7,828 (8,747 ) 137,092 Total mortgage-backed securities — 50,850 1,670 (195 ) 52,325 175,377 8,695 (8,749 ) 175,323 Other debt securities: Municipal — 33,541 112 (37 ) 33,616 35,917 5,146 — 41,063 Non-agency 3 7,589 193,344 285 (917 ) 192,712 — — — — Total other debt securities 7,589 226,885 397 (954 ) 226,328 35,917 5,146 — 41,063 Total debt securities $ 7,589 $ 277,735 $ 2,067 $ (1,149 ) $ 278,653 $ 211,294 $ 13,841 $ (8,749 ) $ 216,386 June 30, 2015 Trading Available-for-sale Held-to-maturity (Dollars in thousands) Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Carrying Amount Unrecognized Gains Unrecognized Losses Fair Value Mortgage-backed securities (RMBS): U.S. agencies 1 $ — $ 43,738 $ 701 $ (948 ) $ 43,491 $ 41,993 $ 1,398 $ — $ 43,391 Non-agency 2 — 23,799 2,835 (1 ) 26,633 147,586 10,045 (12,749 ) 144,882 Total mortgage-backed securities — 67,537 3,536 (949 ) 70,124 189,579 11,443 (12,749 ) 188,273 Other debt securities: Municipal — 21,731 390 (86 ) 22,035 35,976 4,074 — 40,050 Non-agency 3 7,832 70,216 1,271 (285 ) 71,202 — — — — Total other debt securities 7,832 91,947 1,661 (371 ) 93,237 35,976 4,074 — 40,050 Total debt securities $ 7,832 $ 159,484 $ 5,197 $ (1,320 ) $ 163,361 $ 225,555 $ 15,517 $ (12,749 ) $ 228,323 __________________________________ 1. U.S. government-backed or government sponsored enterprises including Fannie Mae, Freddie Mac and Ginnie Mae. 2. Private sponsors of securities collateralized primarily by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages. 3. Senior collateralized loan obligations and asset-backed securities. The Company’s non-agency RMBS available-for-sale portfolio with a total fair value of $17,037 at March 31, 2016 consists of seventeen different issues of super senior securities with a fair value of $11,800 ; one senior structured whole loan security with a fair value of $5,205 and two mezzanine z-tranche securities with a fair value of $32 collateralized by seasoned prime and Alt-A first-lien mortgages. The non-agency RMBS held-to-maturity portfolio with a carrying value of $138,011 at March 31, 2016 consists of 76 different issues of super senior securities totaling $135,797 and one senior-support security with a carrying value of $2,214 . Debt securities with evidence of credit quality deterioration since issuance and for which it is probable at purchase that the Company will be unable to collect all of the par value of the security are accounted for under ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC Topic 310-30”). Under ASC Topic 310-30, the excess of cash flows expected at acquisition over the purchase price is referred to as the accretable yield and is recognized in interest income over the remaining life of the security. The Company has one senior support security that it acquired at a significant discount that evidenced credit deterioration at acquisition and is accounted for under ASC Topic 310-30. For a cost of $17,740 the Company acquired the senior support security with a contractual par value of $30,560 and accretable and non-accretable discounts that were projected to be $9,015 and $3,805 , respectively. Since acquisition, repayments from the security have been received more rapidly than projected at acquisition, but expected total payments have declined, resulting in a determination that the security was other-than-temporarily impaired; however, no charge was recorded for the fiscal 2015 year and no charge was incurred for the nine months ended March 31, 2016 . At March 31, 2016 the security had a remaining contractual par value of zero dollars and amortizable and non-amortizable premium are currently projected to be zero dollars and $2,472 , respectively. The current face amounts of debt securities available-for-sale and held-to-maturity that were pledged to secure borrowings at March 31, 2016 and June 30, 2015 were $47,850 and $39,014 respectively. The securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows: March 31, 2016 Available-for-sale securities in loss position for Held-to-maturity securities in loss position for Less Than 12 Months More Than 12 Months Total Less Than 12 Months More Than 12 Months Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses RMBS: U.S. agencies $ 151 $ (1 ) $ 23,585 $ (192 ) $ 23,736 $ (193 ) $ 146 $ (2 ) $ — $ — $ 146 $ (2 ) Non-agency 2,546 (2 ) — — 2,546 (2 ) 6,905 (204 ) 62,473 (8,543 ) 69,378 (8,747 ) Total RMBS securities 2,697 (3 ) 23,585 (192 ) 26,282 (195 ) 7,051 (206 ) 62,473 (8,543 ) 69,524 (8,749 ) Other Debt: Municipal Debt 22,815 (25 ) 1,428 (12 ) 24,243 (37 ) — — — — — — Non-agency 90,156 (536 ) 18,003 (381 ) 108,159 (917 ) — — — — — — Total Other Debt 112,971 (561 ) 19,431 (393 ) 132,402 (954 ) — — — — — — Total debt securities $ 115,668 $ (564 ) $ 43,016 $ (585 ) $ 158,684 $ (1,149 ) $ 7,051 $ (206 ) $ 62,473 $ (8,543 ) $ 69,524 $ (8,749 ) June 30, 2015 Available-for-sale securities in loss position for Held-to-maturity securities in loss position for Less Than 12 Months More Than 12 Months Total Less Than 12 Months More Than 12 Months Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses RMBS: U.S. agencies $ 369 $ (2 ) $ 24,974 $ (946 ) $ 25,343 $ (948 ) $ — $ — $ — $ — $ — $ — Non-agency 1,275 (1 ) — — 1,275 (1 ) 23,450 (1,802 ) 67,090 (10,947 ) 90,540 (12,749 ) Total RMBS securities 1,644 (3 ) 24,974 (946 ) 26,618 (949 ) 23,450 (1,802 ) 67,090 (10,947 ) 90,540 (12,749 ) Other Debt: Municipal Debt 1,358 (86 ) — — 1,358 (86 ) — — — — — — Non-agency 19,100 (285 ) — — 19,100 (285 ) — — — — — — Total Other Debt 20,458 (371 ) — — 20,458 (371 ) — — — — — — Total debt securities $ 22,102 $ (374 ) $ 24,974 $ (946 ) $ 47,076 $ (1,320 ) $ 23,450 $ (1,802 ) $ 67,090 $ (10,947 ) $ 90,540 $ (12,749 ) There were 37 securities that were in a continuous loss position at March 31, 2016 for a period of more than 12 months . There were 32 securities that were in a continuous loss position at June 30, 2015 for a period of more than 12 months . The following table summarizes amounts of credit loss recognized in the income statement through other-than-temporary impairment charges which reduced non-interest income: For the Three Months Ended For the Nine Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 2016 2015 Beginning balance $ (20,528 ) $ (19,636 ) $ (20,503 ) $ (18,139 ) Additions for the amounts related to credit loss for which an other-than-temporary impairment was not previously recognized — (704 ) (106 ) (742 ) Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized (8 ) (3 ) (43 ) (1,462 ) Credit losses realized for securities sold — — 116 — Ending balance $ (20,536 ) $ (20,343 ) $ (20,536 ) $ (20,343 ) At March 31, 2016 , non-agency RMBS with a total carrying amount of $94,658 were determined to have cumulative credit losses of $20,536 of which $8 was recognized in earnings during the three months ended March 31, 2016 . This quarter’s other-than-temporary impairment of $8 is related to two non-agency RMBS with a total carrying amount of $2,238 . The Company measures its non-agency RMBS in an unrecognized loss position at the end of the reporting period for other-than-temporary impairment by comparing the present value of the cash flows currently expected to be collected from the security with its amortized cost basis. If the calculated present value is lower than the amortized cost, the difference is the credit component of an other-than-temporary impairment of its debt securities. The excess of present value over the fair value of the security (if any) is the non-credit component only if the Company does not intend to sell the security and will not be required to sell the security before recovery of its amortized cost basis. The credit component of the other-than-temporary impairment is recorded as a loss in earnings and the non-credit component as a charge to other comprehensive income, net of the related income tax benefit. To determine the cash flow expected to be collected and to calculate the present value for purposes of testing for other-than-temporary impairment, the Company utilizes the same industry-standard tool and the same cash flows as those calculated for Level 3 fair values as discussed in Note 3 – Fair Value. The discount rates used to compute the present value of the expected cash flows for purposes of testing for the credit component of the other-than-temporary impairment are either the implicit rate calculated in each of the Company’s securities at acquisition or the last accounting yield. The Company calculates the implicit rate at acquisition based on the contractual terms of the security, considering scheduled payments (and minimum payments in the case of pay-option ARMs) without prepayment assumptions. Once the discount rate (or discount margin in the case of floating rate securities) is calculated as described above, the discount is used in the industry-standard model to calculate the present value of the cash flows. The gross gains and losses realized through earnings upon the sale of available-for-sale securities for the three and nine months ended March 31, 2016 were as follows: For the Three Months Ended For the Nine Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 2016 2015 Proceeds 1 $ (67 ) $ — $ 10,002 $ 9,614 Gross realized gains 1 (14 ) — 919 587 Gross realized losses — — — — Net realized gain on securities $ (14 ) $ — $ 919 $ 587 __________________________________ 1. The proceeds of $(67) in the three months ended March 31, 2016 was the result of an underlying paydown receipt to the security sold by the Company during the three months ended December 31, 2015. The trustee did not apply the paydown receipt to the security until one month subsequent to the period ended December 31, 2015. This revised factor reduced the amount of par value sold and subsequently reduced the gross realized gain by $14 . This reduction to gain on sale was recognized during the three months ended March 31, 2016. The Company did not sell any securities during the three months ended March 31, 2016. The Company had recorded unrealized gains and unrealized losses in accumulated other comprehensive loss as follows: (Dollars in thousands) March 31, June 30, Available-for-sale debt securities—net unrealized gains $ 918 $ 3,877 Available-for-sale debt securities—non-credit related losses (248 ) (271 ) Held-to-maturity debt securities—non-credit related losses (14,246 ) (18,597 ) Subtotal (13,576 ) (14,991 ) Tax benefit 5,353 5,592 Net unrealized loss on investment securities in accumulated other comprehensive loss $ (8,223 ) $ (9,399 ) The expected maturity distribution including repayments of the Company’s mortgage-backed securities and other debt securities classified as trading, available-for-sale and held-to-maturity at March 31, 2016 were: March 31, 2016 Trading Available for sale Held-to-maturity (Dollars in thousands) Fair Value Amortized Cost Fair Value Carrying Amount Fair Value RMBS—U.S. agencies: Due within one year $ — $ 3,543 $ 3,538 $ 1,305 $ 1,367 Due one to five years — 10,922 10,925 4,937 5,162 Due five to ten years — 8,623 8,660 5,458 5,690 Due after ten years — 12,044 12,165 25,666 26,012 Total RMBS—U.S. agencies — 35,132 35,288 37,366 38,231 RMBS—Non-agency: Due within one year — 4,026 4,289 21,885 21,582 Due one to five years — 6,872 7,288 44,020 43,685 Due five to ten years — 2,030 2,279 31,981 32,006 Due after ten years — 2,790 3,181 40,125 39,819 Total RMBS—Non-agency — 15,718 17,037 138,011 137,092 Other debt: Due within one year — 110,350 110,323 1,037 1,179 Due one to five years — 108,880 108,293 4,813 5,473 Due five to ten years — 4,131 4,169 7,556 8,596 Due after ten years 7,589 3,524 3,543 22,511 25,815 Total other debt 7,589 226,885 226,328 35,917 41,063 Total $ 7,589 $ 277,735 $ 278,653 $ 211,294 $ 216,386 |
LOANS, LEASES & ALLOWANCE FOR L
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES | 9 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES | LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES The following table sets forth the composition of the loan and lease portfolio as of the dates indicated: (Dollars in thousands) March 31, 2016 June 30, 2015 Single family real estate secured: Mortgage $ 3,541,663 $ 2,980,795 Home equity 3,156 3,604 Warehouse and other 1 506,031 385,413 Multifamily real estate secured 1,276,934 1,185,531 Commercial real estate secured 98,791 61,403 Auto and RV secured 45,293 13,140 Factoring 145,485 122,200 Commercial & Industrial 480,939 248,584 Other 4,374 601 Total gross loans and leases 6,102,666 5,001,271 Allowance for loan and lease losses (36,931 ) (28,327 ) Unaccreted discounts and loan and lease fees (31,035 ) (44,326 ) Total net loans and leases $ 6,034,700 $ 4,928,618 1. The balance of single family warehouse loans was $168,924 at March 31, 2016 and $122,003 at June 30, 2015 . The remainder of the balance is attributable to single family lender finance loans. Allowance for Loan and Lease Losses. We are committed to maintaining the allowance for loan and lease losses (sometimes referred to as the “allowance”) at a level that is considered to be commensurate with estimated probable incurred credit losses in the portfolio. Although the adequacy of the allowance is reviewed quarterly, management performs an ongoing assessment of the risks inherent in the portfolio. While the Company believes that the allowance for loan and lease losses is adequate at March 31, 2016 , future additions to the allowance will be subject to continuing evaluation of estimated and known, as well as inherent risks in the loan and lease portfolio. Allowance for Loan and Lease Loss Disclosures. The assessment of the adequacy of the Company’s allowance for loan and lease losses is based upon a number of quantitative and qualitative factors, including levels and trends of past due and nonaccrual loans and leases, change in volume and mix of loans and leases, collateral values and charge-off history. The Company provides general loan loss reserves for its automobile (“auto”) and recreational vehicle (“RV”) loans based upon the borrower credit score and the Company’s loss experience to date. The allowance for loan loss for the auto and RV loan portfolio at March 31, 2016 was determined by classifying each outstanding loan according to semi-annually refreshed FICO score and providing loss rates. The Company had $45,029 of auto and RV loan balances subject to general reserves as follows: FICO greater than or equal to 770: $14,988 ; 715 – 769: $16,555 ; 700 – 714: $5,395 ; 660 – 699: $6,114 and less than 660: $1,977 . The Company provides general loan loss reserves for mortgage loans based upon the size and class of the mortgage loan and the loan-to-value ratio (“LTV”) at date of origination. The Company divides the LTV analysis into two classes, separating the purchased loans from the loans underwritten directly by the Company. Based on historical performance, the Company concluded that originated loans require lower estimated loss rates than purchased loans. The allowance for each class is determined by dividing the outstanding unpaid balance for each loan by the loan-to-value and applying a loss rate. The LTV groupings for each significant mortgage class are as follows: The Company had $3,522,877 of single family mortgage portfolio loan balances subject to general reserves as follows: LTV less than or equal to 60%: $1,885,192 ; 61% – 70%: $1,317,437 ; 71% – 80%: $320,045 ; and greater than 80%: $203 . The Company had $1,272,206 of multifamily mortgage portfolio loan balances subject to general reserves as follows: LTV less than or equal to 55%: $557,270 ; 56% – 65%: $418,087 ; 66% – 75%: $282,475 ; 76% – 80%: $14,374 and greater than 80%: $0 . The Company had $98,419 of commercial real estate loan balances subject to general reserves as follows: LTV less than or equal to 50%: $33,126 ; 51% – 60%: $24,237 ; 61% – 70%: $36,770 ; and 71% – 80%: $4,286 . The Company’s lender finance portfolio consists of business loans well-collateralized by residential real estate. The Company’s commercial & industrial portfolio consists of business loans and leases well-collateralized by business assets, including the equipment leases from Pacific Western Equipment Finance purchased on March 31, 2016. The Company’s other portfolio consists of other consumer loans. The Company allocates its allowance for loan and lease losses for these asset types based on qualitative factors which consider the value of the collateral and the financial position of the issuer of the receivables. The following tables summarize activity in the allowance for loan and lease losses by portfolio classes for the periods indicated: For the Three Months Ended March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Equity Warehouse & Other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other/Consumer Total Balance at January 1, 2016 $ 17,167 $ 45 $ 2,643 $ 3,293 $ 736 $ 1,840 $ 359 $ 6,602 $ 2,386 $ 35,071 Provision for loan and lease loss 947 (20 ) (170 ) 637 20 (611 ) 3 1,055 139 2,000 Charge-offs (29 ) — — (114 ) (29 ) (15 ) — — — (187 ) Recoveries 1 7 — — — 39 — — — 47 Balance at March 31, 2016 $ 18,086 $ 32 $ 2,473 $ 3,816 $ 727 $ 1,253 $ 362 $ 7,657 $ 2,525 $ 36,931 For the Three Months Ended March 31, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Equity Warehouse & Other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other/Consumer Total Balance at January 1, 2015 $ 11,792 $ 97 $ 1,585 $ 4,234 $ 985 $ 1,053 $ 270 $ 3,153 $ 18 $ 23,187 Provision for loan and lease loss 1,400 53 484 203 (36 ) (73 ) 24 758 87 2,900 Charge-offs (694 ) (30 ) — (44 ) — (55 ) — — — (823 ) Recoveries 137 3 — — — 45 — — 6 191 Balance at March 31, 2015 $ 12,635 $ 123 $ 2,069 $ 4,393 $ 949 $ 970 $ 294 $ 3,911 $ 111 $ 25,455 For the Nine Months Ended March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Equity Warehouse & Other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other/Consumer Total Balance at July 1, 2015 $ 13,664 $ 122 $ 1,879 $ 4,363 $ 1,103 $ 953 $ 292 $ 5,882 $ 69 $ 28,327 Provision for loan and lease loss 4,365 (116 ) 594 (433 ) (1,329 ) 418 70 1,775 2,456 7,800 Charge-offs (106 ) (2 ) — (114 ) (29 ) (221 ) — — — (472 ) Recoveries 163 28 — — 982 103 — — — 1,276 Balance at March 31, 2016 $ 18,086 $ 32 $ 2,473 $ 3,816 $ 727 $ 1,253 $ 362 $ 7,657 $ 2,525 $ 36,931 For the Nine Months Ended March 31, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Equity Warehouse & Other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other/Consumer Total Balance at July 1, 2014 $ 7,959 $ 134 $ 1,259 $ 3,785 $ 1,035 $ 812 $ 279 $ 3,048 $ 62 $ 18,373 Provision for loan and lease loss 5,265 10 810 952 70 278 15 863 37 8,300 Charge-offs (734 ) (30 ) — (344 ) (156 ) (201 ) — — — (1,465 ) Recoveries 145 9 — — — 81 — — 12 247 Balance at March 31, 2015 $ 12,635 $ 123 $ 2,069 $ 4,393 $ 949 $ 970 $ 294 $ 3,911 $ 111 $ 25,455 The following tables present our loans and leases evaluated individually for impairment by class: March 31, 2016 (Dollars in thousands) Unpaid Principal Balance Principal Balance Adjustment Unpaid Book Balance Accrued Interest / Origination Fees Recorded Investment Related Allowance With no related allowance recorded: Single Family Real Estate Secured: Mortgage: In-house originated $ 8,989 $ 717 $ 8,272 $ 519 $ 8,791 $ — Purchased 5,890 2,005 3,885 97 3,982 — Multifamily Real Estate Secured: Purchased 2,532 1,050 1,482 — 1,482 — Commercial Real Estate Secured: Purchased 629 257 372 41 413 — Auto and RV Secured: In-house originated 930 701 229 14 243 — With an allowance recorded: Single Family Real Estate Secured: Mortgage: In-house originated 4,493 — 4,493 62 4,555 179 Purchased 2,136 — 2,136 5 2,141 50 Home Equity: In-house originated 34 — 34 — 34 1 Multifamily Real Estate Secured: In-house originated 3,246 — 3,246 61 3,307 2 Auto and RV Secured: In-house originated 35 — 35 2 37 1 Total $ 28,914 $ 4,730 $ 24,184 $ 801 $ 24,985 $ 233 As a % of total gross loans and leases 0.48 % 0.08 % 0.40 % 0.01 % 0.41 % — % June 30, 2015 (Dollars in thousands) Unpaid Principal Balance Principal Balance Adjustment Unpaid Book Balance Accrued Interest / Origination Fees Recorded Investment Related Allowance With no related allowance recorded: Single Family Real Estate Secured: Mortgage: In-house originated $ 7,000 $ 657 $ 6,343 $ 129 $ 6,472 $ — Purchased 6,318 2,083 4,235 157 4,392 — Multifamily Real Estate Secured: Purchased 2,569 921 1,648 — 1,648 — Commercial Real Estate Secured: Purchased 3,662 1,534 2,128 254 2,382 — Auto and RV Secured: In-house originated 1,097 815 282 13 295 — With an allowance recorded: Single Family Real Estate Secured: Mortgage: In-house originated 10,142 — 10,142 — 10,142 214 Purchased 2,339 — 2,339 9 2,348 45 Home Equity: In-house originated 9 — 9 — 9 1 Multifamily Real Estate Secured: In-house originated 3,430 — 3,430 43 3,473 2 Purchased 321 — 321 20 341 3 Auto and RV Secured: In-house originated 171 — 171 4 175 8 Total $ 37,058 $ 6,010 $ 31,048 $ 629 $ 31,677 $ 273 As a % of total gross loans and leases 0.74 % 0.12 % 0.62 % 0.01 % 0.63 % 0.01 % The following tables present the balance in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment and based on impairment evaluation method: March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse and other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Allowance for loan and lease losses: Ending allowance balance attributable to loans and leases: Individually evaluated for impairment $ 229 $ 1 $ — $ 2 $ — $ 1 $ — $ — $ — $ 233 Collectively evaluated for impairment 17,857 31 2,473 3,814 727 1,252 362 7,657 2,525 36,698 Total ending allowance balance $ 18,086 $ 32 $ 2,473 $ 3,816 $ 727 $ 1,253 $ 362 $ 7,657 $ 2,525 $ 36,931 Loans and leases: Loans and leases individually evaluated for impairment 1 $ 18,786 $ 34 $ — $ 4,728 $ 372 $ 264 $ — $ — $ — $ 24,184 Loans and leases collectively evaluated for impairment 3,522,877 3,122 506,031 1,272,206 98,419 45,029 145,485 480,939 4,374 6,078,482 Principal loan and lease balance 3,541,663 3,156 506,031 1,276,934 98,791 45,293 145,485 480,939 4,374 6,102,666 Unaccreted discounts and loan and lease fees 13,390 20 (2,467 ) 4,096 425 615 (48,838 ) 1,777 (53 ) (31,035 ) Accrued interest receivable 12,609 5 1,787 5,136 345 127 341 675 78 21,103 Total recorded investment in loans and leases $ 3,567,662 $ 3,181 $ 505,351 $ 1,286,166 $ 99,561 $ 46,035 $ 96,988 $ 483,391 $ 4,399 $ 6,092,734 ________________ 1. Loans and leases evaluated for impairment include Troubled Debt Restructurings (“TDRs”) that have been performing for more than six months . June 30, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse and other Multifamily Real Estate Secured Commercial Real Estate Auto and RV Secured Factoring Commercial & Industrial Other Total Allowance for loan and lease losses: Ending allowance balance attributable to loans and leases: Individually evaluated for impairment $ 259 $ 1 $ — $ 5 $ — $ 8 $ — $ — $ — $ 273 Collectively evaluated for impairment 13,405 121 1,879 4,358 1,103 945 292 5,882 69 28,054 Total ending allowance balance $ 13,664 $ 122 $ 1,879 $ 4,363 $ 1,103 $ 953 $ 292 $ 5,882 $ 69 $ 28,327 Loans and leases: Loans and leases individually evaluated for impairment 1 $ 23,059 $ 9 $ — $ 5,399 $ 2,128 $ 453 $ — $ — $ — $ 31,048 Loans and leases collectively evaluated for impairment 2,957,736 3,595 385,413 1,180,132 59,275 12,687 122,200 248,584 601 4,970,223 Principal loan and lease balance 2,980,795 3,604 385,413 1,185,531 61,403 13,140 122,200 248,584 601 5,001,271 Unaccreted discounts and loan and lease fees 10,438 11 (83 ) 3,348 96 149 (57,223 ) (1,062 ) — (44,326 ) Accrued interest receivable 10,530 5 306 4,862 145 73 477 1,159 — 17,557 Total recorded investment in loans and leases $ 3,001,763 $ 3,620 $ 385,636 $ 1,193,741 $ 61,644 $ 13,362 $ 65,454 $ 248,681 $ 601 $ 4,974,502 ________________ 1. Loans and leases evaluated for impairment include TDRs that have been performing for more than six months . Credit Quality Disclosures. Non-performing loans and leases consisted of the following as of the dates indicated: (Dollars in thousands) March 31, June 30, Single Family Real Estate Secured: Mortgage: In-house originated $ 12,765 $ 16,485 Purchased 5,809 6,357 Home Equity: In-house originated 34 9 Multifamily Real Estate Secured: In-house originated 3,246 3,430 Purchased 1,482 1,969 Commercial Real Estate Secured: Purchased 372 2,128 Total non-performing loans secured by real estate 23,708 30,378 Auto and RV Secured 264 453 Total non-performing loans and leases $ 23,972 $ 30,831 Non-performing loans and leases to total loans and leases 0.39 % 0.62 % The Company has no loans and leases over 90 days delinquent that are still accruing interest at March 31, 2016 . Approximately 77.48% of the Company’s non-performing loans and leases are single family first mortgages already written down to 65.37% in aggregate, of the original appraisal value of the underlying properties. The following tables present the outstanding unpaid balance of loans and leases that are performing and non-performing by portfolio class: March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Performing $ 3,523,089 $ 3,122 $ 506,031 $ 1,272,206 $ 98,419 $ 45,029 $ 145,485 $ 480,939 $ 4,374 $ 6,078,694 Non-performing 18,574 34 — 4,728 372 264 — — — 23,972 Total $ 3,541,663 $ 3,156 $ 506,031 $ 1,276,934 $ 98,791 $ 45,293 $ 145,485 $ 480,939 $ 4,374 $ 6,102,666 June 30, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Performing $ 2,957,953 $ 3,595 $ 385,413 $ 1,180,132 $ 59,275 $ 12,687 $ 122,200 $ 248,584 $ 601 $ 4,970,440 Non-performing 22,842 9 — 5,399 2,128 453 — — — 30,831 Total $ 2,980,795 $ 3,604 $ 385,413 $ 1,185,531 $ 61,403 $ 13,140 $ 122,200 $ 248,584 $ 601 $ 5,001,271 The Company divides loan balances when determining general loan loss reserves between purchases and originations as follows: March 31, 2016 Single Family Real Estate Secured: Mortgage Multifamily Real Estate Secured Commercial Real Estate Secured (Dollars in thousands) Origination Purchase Total Origination Purchase Total Origination Purchase Total Performing $ 3,448,448 $ 74,641 $ 3,523,089 $ 1,163,275 $ 108,931 $ 1,272,206 $ 86,227 $ 12,192 $ 98,419 Non-performing 12,765 5,809 18,574 3,246 1,482 4,728 — 372 372 Total $ 3,461,213 $ 80,450 $ 3,541,663 $ 1,166,521 $ 110,413 $ 1,276,934 $ 86,227 $ 12,564 $ 98,791 June 30, 2015 Single Family Real Estate Secured: Mortgage Multifamily Real Estate Secured Commercial Real Estate Secured (Dollars in thousands) Origination Purchase Total Origination Purchase Total Origination Purchase Total Performing $ 2,869,119 $ 88,834 $ 2,957,953 $ 1,048,266 $ 131,866 $ 1,180,132 $ 46,577 $ 12,698 $ 59,275 Non-performing 16,485 6,357 22,842 3,430 1,969 5,399 — 2,128 2,128 Total $ 2,885,604 $ 95,191 $ 2,980,795 $ 1,051,696 $ 133,835 $ 1,185,531 $ 46,577 $ 14,826 $ 61,403 From time to time the Company modifies loan terms temporarily for borrowers who are experiencing financial stress. These loans are performing and accruing and will generally return to the original loan terms after the modification term expires. Approximately 13.61% of our non-performing loans and leases at March 31, 2016 were considered TDRs, compared to 16.08% at June 30, 2015 . Borrowers that make timely payments after TDRs are considered non-performing for at least six months . Generally, after six months of timely payments, those TDRs are reclassified from the non-performing loan and lease category to the performing loan and lease category and any previously deferred interest income is recognized. The Company classifies these loans as performing loans temporarily modified as TDR and are included in impaired loans and leases as follows: March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ 212 $ — $ — $ — $ — $ — $ — $ — $ — $ 212 Non-performing loans and leases 18,574 34 — 4,728 372 264 — — — 23,972 Total impaired loans and leases $ 18,786 $ 34 $ — $ 4,728 $ 372 $ 264 $ — $ — $ — $ 24,184 June 30, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ 217 $ — $ — $ — $ — $ — $ — $ — $ — $ 217 Non-performing loans and leases 22,842 9 — 5,399 2,128 453 — — — 30,831 Total impaired loans and leases $ 23,059 $ 9 $ — $ 5,399 $ 2,128 $ 453 $ — $ — $ — $ 31,048 The Company recognizes interest on performing loans temporarily modified as TDR, which is shown in conjunction with average balances as follows: For the Three Months Ended March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 2 $ — $ — $ — $ — $ — $ — $ — $ — $ 2 Average balances of performing TDRs $ 213 $ — $ — $ — $ — $ — $ — $ — $ — $ 213 Average balances of impaired loans $ 19,977 $ 21 $ — $ 4,787 $ 372 $ 282 $ — $ — $ — $ 25,439 For the Three Months Ended March 31, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 2 $ — $ — $ — $ — $ — $ — $ — $ — $ 2 Average balances of performing TDRs $ 377 $ — $ — $ — $ — $ — $ — $ — $ — $ 377 Average balances of impaired loans $ 27,097 $ 32 $ — $ 5,327 $ 2,164 $ 430 $ — $ — $ — $ 35,050 For the Nine Months Ended March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 6 $ — $ — $ — $ — $ — $ — $ — $ — $ 6 Average balances of performing TDRs $ 215 $ — $ — $ — $ — $ — $ — $ — $ — $ 215 Average balances of impaired loans $ 21,559 $ 15 $ — $ 5,064 $ 1,147 $ 340 $ — $ — $ — $ 28,125 For the Nine Months Ended March 31, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 14 $ — $ — $ — $ 20 $ — $ — $ — $ — $ 34 Average balances of performing TDRs $ 570 $ — $ — $ — $ 348 $ — $ — $ — $ — $ 918 Average balances of impaired loans $ 20,618 $ 62 $ — $ 5,300 $ 3,253 $ 464 $ — $ — $ — $ 29,697 The Company’s loan modifications primarily included single family, multifamily and commercial loans of which included one or a combination of the following: a reduction of the stated interest rate or delinquent property taxes that were paid by the Bank and either repaid by the borrower over a one year period or capitalized and amortized over the remaining life of the loan. The Company’s loan modifications also included RV loans in which borrowers were able to make interest-only payments for a period of six months to one year which then reverted back to fully amortizing. Credit Quality Indicators The Company categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans and leases individually by classifying the loans and leases based on credit risk. The Company uses the following definitions for risk ratings. Pass. Loans and leases classified as pass are well protected by the current net worth and paying capacity of the obligor or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention . Loans and leases classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or of the institution’s credit position at some future date. Substandard . Loans and leases classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans and leases so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful . Loans and leases classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The Company reviews and grades loans and leases following a continuous review process, featuring coverage of all loan and lease types and business lines at least quarterly. Continuous reviewing provides more effective risk monitoring because it immediately tests for potential impacts caused by changes in personnel, policy, products or underwriting standards. The following table presents the composition of the Company’s loan and lease portfolio by credit quality indicators: March 31, 2016 (Dollars in thousands) Pass Special Substandard Doubtful Total Single Family Real Estate Secured: Mortgage: In-house originated $ 3,423,247 $ 19,713 $ 18,253 $ — $ 3,461,213 Purchased 73,891 64 6,495 — 80,450 Home Equity: In-house originated 3,104 17 35 — 3,156 Warehouse and other: In-house originated 501,500 4,531 — — 506,031 Multifamily Real Estate Secured: In-house originated 1,158,436 4,839 3,246 — 1,166,521 Purchased 105,084 2,781 2,548 — 110,413 Commercial Real Estate Secured: In-house originated 86,227 — — — 86,227 Purchased 10,169 2,023 372 — 12,564 Auto and RV Secured: In-house originated 44,969 17 307 — 45,293 Factoring: In-house originated 145,485 — — — 145,485 Commercial & Industrial: In-house originated 342,911 — 1,190 — 344,101 Purchased 136,838 — — — 136,838 Other 1,140 3,234 — — 4,374 Total $ 6,033,001 $ 37,219 $ 32,446 $ — $ 6,102,666 As a % of total gross loans and leases 98.9 % 0.6 % 0.5 % — % 100.0 % June 30, 2015 (Dollars in thousands) Pass Special Substandard Doubtful Total Single Family Real Estate Secured: Mortgage: In-house originated $ 2,855,637 $ 11,256 $ 18,711 $ — $ 2,885,604 Purchased 87,256 216 7,719 — 95,191 Home Equity: In-house originated 3,473 — 131 — 3,604 Warehouse and other: In-house originated 375,588 9,825 — — 385,413 Multifamily Real Estate Secured: In-house originated 1,036,718 10,926 4,052 — 1,051,696 Purchased 127,839 3,470 2,526 — 133,835 Commercial Real Estate Secured: In-house originated 46,577 — — — 46,577 Purchased 9,947 2,444 2,435 — 14,826 Auto and RV Secured: In-house originated 12,630 19 491 — 13,140 Factoring: In-house originated 122,200 — — — 122,200 Commercial & Industrial: In-house originated 239,415 9,169 — — 248,584 Other 601 — — — 601 Total $ 4,917,881 $ 47,325 $ 36,065 $ — $ 5,001,271 As a % of total gross loans and leases 98.3 % 1.0 % 0.7 % — % 100.0 % The Company considers the performance of the loan and lease portfolio and its impact on the allowance for loan and lease losses. The Company also evaluates credit quality based on the aging status of its loans and leases. The following table provides the outstanding unpaid balance of loans and leases that are past due 30 days or more by portfolio class as of the period indicated: March 31, 2016 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single family real estate secured: Mortgage: In-house originated $ 2,956 $ 4,634 $ 12,734 $ 20,324 Purchased 386 437 2,475 3,298 Home equity: In-house originated — 17 29 46 Multifamily real estate secured: In-house originated — — 791 791 Commercial real estate secured: Purchased — — 372 372 Auto and RV secured 348 17 58 423 Other 1,059 3,234 — 4,293 Total $ 4,749 $ 8,339 $ 16,459 $ 29,547 As a % of total gross loans and leases 0.07 % 0.14 % 0.27 % 0.48 % June 30, 2015 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single family real estate secured: Mortgage In-house originated $ 1,275 $ 2,876 $ 11,450 $ 15,601 Purchased 472 — 3,371 3,843 Home equity In-house originated 130 — — 130 Multifamily real estate secured In-house originated 244 — 791 1,035 Purchased — — 321 321 Commercial real estate secured Purchased 782 — 382 1,164 Auto and RV secured In-house originated 271 125 67 463 Total $ 3,174 $ 3,001 $ 16,382 $ 22,557 As a % of total gross loans and leases 0.06 % 0.06 % 0.33 % 0.45 % |
SUBORNIDATED NOTES AND DEBENTUR
SUBORNIDATED NOTES AND DEBENTURES SUBORDINATED NOTES AND DEBENTURES | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
SUBORDINATED NOTES AND DEBENTURES | SUBORDINATED NOTES AND DEBENTURES Subordinated Notes . In March 2016, the Company completed the sale of $51,000 aggregate principal amount of its 6.25% Subordinated Notes due February 28, 2026 (the “Notes”). The Company received $51,000 in gross proceeds as a part of this transaction, before the 3.15% underwriting discount and other offering expenses. The Notes mature on February 28, 2026 and accrue interest at a rate of 6.25% per annum, with interest payable quarterly. The Notes may be redeemed on or after March 31, 2021 , which date may be extended at the Company’s discretion, at a redemption price equal to principal plus accrued and unpaid interest, subject to certain conditions. Subordinated Debentures. In December 2004 , the Company entered into an agreement to form an unconsolidated trust which issued $5,000 of trust preferred securities. The net proceeds from the offering were used to purchase $5,155 of subordinated debentures (the “Debentures”) of the Company with a stated maturity date of February 23, 2035 . The Debentures are the sole assets of the trust. The trust preferred securities are mandatorily redeemable upon maturity, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the Debentures in whole, but not in part, on or after specific dates, at a redemption price specified in the indenture plus any accrued but unpaid interest through the redemption date. Interest accrues at the rate of 3 months LIBOR plus 2.4% (with LIBOR at 1.59% as of March 31, 2016 ), with interest paid quarterly starting February 16, 2005 . |
EQUITY AND STOCK-BASED COMPENSA
EQUITY AND STOCK-BASED COMPENSATION | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EQUITY AND STOCK-BASED COMPENSATION | EQUITY AND STOCK-BASED COMPENSATION On October 22, 2015, the stockholders of the Company approved and in November 2015 the Company’s Board of Directors adopted an amendment to the Company’s certificate of incorporation (the “Amendment”) to increase the number of authorized shares of common stock available for issuance from 50,000,000 to 150,000,000 shares. The purpose for the Amendment was to accommodate a forward stock split through a stock dividend whereby each share of common stock would effectively be split into four shares of common stock (the “Stock Split”). On October 26, 2015, the Board of Directors approved the Stock Split. The Company issued a dividend of three shares of common stock for every one share issued and outstanding as of November 6, 2015. The dividend was paid on November 17, 2015, and BOFI common stock began trading on a split-adjusted basis on November 18, 2015. Common stock share, per-share, option and restricted stock unit amounts for all comparative periods provided have been retroactively adjusted to reflect the effects of the Stock Split. On March 17, 2016, the Board of Directors of the Company, authorized a program to repurchase up to $100 million of common stock. The new share repurchase authorization replaces the previous share repurchase plan approved on July 5, 2005. The Company may repurchase shares on the open market or through privately negotiated transactions at times and prices considered appropriate, at the discretion of the Company, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions and regulatory factors. The repurchase program does not obligate the Company to acquire any specific number of shares. The share repurchase program will continue in effect until terminated by the Board of Directors of the Company. The Company has two equity incentive plans, the 2014 Stock Incentive Plan (“2014 Plan”) and the 2004 Stock Incentive Plan (“2004 Plan” and collectively, the “Plans”), which provide for the granting of non-qualified and incentive stock options, restricted stock and restricted stock units, stock appreciation rights and other awards to employees, directors and consultants. The Plans are designed to encourage selected employees and directors to improve operations and increase profits, and to accept or continue employment or association with the Company through participation in the growth in the value of the common stock. The Plans require that option exercise prices be not less than fair market value per share of common stock on the option grant date for incentive and non-qualified options. The options issued under the Plans generally vest in between three and five years. Option expiration dates are established by the Plans’ administrator but may not be later than 10 years after the date of the grant. 2004 Stock Incentive Plan . In October 2004, the Company’s Board of Directors and the stockholders approved the 2004 Plan. In November 2007, the 2004 Plan was amended and approved by the Company’s stockholders. The maximum number of shares of common stock available for issuance under the 2004 Plan is 14.8% of the Company’s outstanding common stock measured from time to time. In addition, the number of shares of the Company’s common stock reserved for issuance will also automatically increase by an additional 1.5% on the first day of each of four fiscal years starting July 1, 2007. With the stockholders approving the 2014 Plan in October 2014, no further awards will be made under the 2004 Plan and the 2004 Plan will remain in effect only so long as awards made thereunder remain outstanding. 2014 Stock Incentive Plan . In September and October 2014, the Company’s Board of Directors and stockholders approved the 2014 Plan, respectively. The maximum number of shares of common stock available for issuance under the 2014 Plan is 3,680,000 . Stock Options . At March 31, 2016 and at June 30, 2015 , all expense related to stock option grants has been fully recognized. A summary of stock option activity under the Plans during the periods indicated is presented below: Number of Shares Weighted-Average Exercise Price Per Share Outstanding—June 30, 2014 427,800 $ 2.18 Granted — — Exercised (345,400 ) 2.26 Canceled — — Outstanding—June 30, 2015 82,400 $ 1.84 Granted — — Exercised (80,800 ) 1.84 Canceled — — Outstanding—March 31, 2016 1,600 $ 1.84 Options exercisable—June 30, 2014 427,800 $ 2.18 Options exercisable—June 30, 2015 82,400 $ 1.84 Options exercisable—March 31, 2016 1,600 $ 1.84 The following table summarizes information on currently outstanding and exercisable options: As of March 31, 2016 Options Outstanding Options Exercisable Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Number Exercisable Weighted- Average Exercise Price $ 1.84 1,600 0.32 1,600 $ 1.84 The aggregate intrinsic value of options outstanding and options exercisable under the Plans at March 31, 2016 was $31 and $31 , respectively. Restricted Stock and Restricted Stock Units . Employees and directors are eligible to receive grants of restricted stock and restricted stock units. The Company determines stock-based compensation expense using the fair value method. The fair value of restricted stock and restricted stock units is equal to the closing sale price of the Company’s common stock on the date of grant. During the nine months ended March 31, 2016 and 2015 , the Company granted 615,362 and 648,596 restricted stock units, to employees and directors, respectively. Restricted stock unit awards (“RSUs”) granted during these quarters vest over three years, one-third on each anniversary date, except for any RSUs granted to our CEO, which vest one-fourth on each fiscal year end. The Company’s income before income taxes and net income for the three months ended March 31, 2016 and March 31, 2015 included stock award expense of $3,353 and $1,772 , with total income tax benefit of $1,394 and $ 728 , respectively. For the nine months ended March 31, 2016 and March 31, 2015 stock award expense was $8,470 and $4,787 , with total income tax benefit of $3,532 and $1,967 , respectively. The Company recognizes compensation expense based upon the grant-date fair value divided by the vesting and the service period between each vesting date. At March 31, 2016 , unrecognized compensation expense related to non-vested awards aggregated to $24,825 and is expected to be recognized in future periods as follows: (Dollars in thousands) Stock Award Compensation Expense For the fiscal year remainder: 2016 $ 3,171 2017 10,987 2018 7,749 2019 2,918 Total $ 24,825 The following table presents the status and changes in restricted stock unit grants for the periods indicated: Restricted Stock Unit Shares Weighted-Average Grant-Date Fair Value Non-vested balance at June 30, 2014 945,756 $ 10.29 Granted 775,836 19.99 Vested (519,400 ) 10.11 Canceled (67,104 ) 14.13 Non-vested balance at June 30, 2015 1,135,088 $ 17.01 Granted 615,362 26.61 Vested (262,747 ) 13.77 Canceled (80,511 ) 20.26 Non-vested balance at March 31, 2016 1,407,192 $ 21.44 The total fair value of shares vested for the three and nine months ended March 31, 2016 was $155 and $7,303 . The total fair value of shares vested for the three and nine months ended March 31, 2015 was $288 and $5,223 . |
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS") | 9 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE (EPS) | EARNINGS PER SHARE (“EPS”) Basic EPS excludes dilution and is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted to common stock that would then share in the Company’s earnings. The following table presents the calculation of basic and diluted EPS as adjusted to reflect the effects of the Stock Split: Three Months Ended Nine Months Ended March 31, March 31, (Dollars in thousands, except per share data) 2016 2015 2016 2015 Earnings Per Common Share 1 Net income $ 35,914 $ 21,074 $ 89,564 $ 58,287 Preferred stock dividends (77 ) (77 ) (232 ) (232 ) Net income attributable to common shareholders $ 35,837 $ 20,997 $ 89,332 $ 58,055 Average common shares issued and outstanding 63,066,262 60,889,204 62,849,818 59,500,280 Average unvested RSU shares 1,419,603 1,291,012 1,345,764 1,214,684 Total qualifying shares 64,485,865 62,180,216 64,195,582 60,714,964 Earnings per common share $ 0.56 $ 0.34 $ 1.39 $ 0.96 Diluted Earnings Per Common Share 1 Net income attributable to common shareholders $ 35,837 $ 20,997 $ 89,332 $ 58,055 Dilutive net income attributable to common shareholders $ 35,837 $ 20,997 $ 89,332 $ 58,055 Average common shares issued and outstanding 64,485,865 62,180,216 64,195,582 60,714,964 Dilutive effect of stock options 951 237,544 7,625 236,088 Total dilutive common shares issued and outstanding 64,486,816 62,417,760 64,203,207 60,951,052 Diluted earnings per common share $ 0.56 $ 0.34 $ 1.39 $ 0.95 1. Share and per share amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Credit-Related Financial Instruments . The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance-sheet instruments. At March 31, 2016 , the Company had commitments to originate $91,724 in fixed rate loans and $133,203 in variable rate loans, totaling an aggregate outstanding principal balance of $224,927 . Our fixed rate loan commitments to originate had rates ranging from 2.75% to 6.59% . At March 31, 2016 , the Company also had commitments to sell $105,352 in fixed rate loans and $1,431 in variable rate loans, totaling an aggregate outstanding principal balance of $106,783 . At March 31, 2016 , the Company also had commitments to originate fixed rate leases of $2,095 . Commitments to extend credit are agreements to lend to a customer so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. Litigation. On October 15, 2015, the Company, its Chief Executive Officer and its Chief Financial Officer were named defendants in a putative class action lawsuit styled Golden v. BofI Holding, Inc., et al , and brought in United States District Court for the Southern District of California (the “Golden Case”). On November 3, 2015, the Company, its Chief Executive Officer and its Chief Financial Officer were named defendants in a second putative class action lawsuit styled Hazan v. BofI Holding, Inc., et al , and also brought in the United States District Court for the Southern District of California (the “Hazan Case”). On February 1, 2016, the Golden Case and the Hazan Case were consolidated as In re BofI Holding, Inc. Securities Litigation, Case #: 3:15-cv-02324-GPC-KSC (the “Class Action”), and the Houston Municipal Employees Pension System was appointed lead plaintiff. The Class Action complaint was amended by a certain Consolidated Amended Class Complaint filed on April 11, 2016. The Class Action plaintiff seeks monetary damages and other relief on behalf of a putative class that has not been certified by the Court. The complaints filed in the Golden Case and the Hazan Case both allege that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by failing to disclose the wrongful conduct that is alleged in a complaint that was filed in a wrongful termination of employment lawsuit (the “Employment Matter”), and that as a result the Company’s statements regarding its internal controls, as well as portions of its financial statements, were false and misleading. The Company and the other named defendants dispute the allegations advanced by the plaintiffs in the Class Action and in the Employment Matter, as well as those plaintiffs’ statement of the underlying factual circumstances, and are vigorously defending both cases. In addition to the Class Action, two separate shareholder derivative actions were filed in December, 2015, purportedly on behalf of the Company. The first derivative action, Calcaterra v. Garrabrants , et al, was filed in the United States District Court for the Southern District of California on December 3, 2015. The second derivative action, Dow v. Micheletti , et al, was filed in the San Diego County Superior Court on December 16, 2015. A third derivative action, DeYoung v. Garrabrants , et al, was filed in the United States District Court for the Southern District of California on January 22, 2016, a fourth derivative action, Yong v. Garrabrants , et al, was filed in the United States District Court for the Southern District of California on January 29, 2016, and a fifth derivative action Laborers Pension Trust Fund of Northern Nevada v. Allrich et al, was filed in the United States District Court for the Southern District of California on February 2, 2016. Each of these five derivative actions names the Company as a nominal defendant, and certain of its officers and directors as defendants. Each complaint sets forth allegations of breaches of fiduciary duties, gross mismanagement, abuse of control, and unjust enrichment against the defendant officers and directors. The plaintiffs in these derivative actions seek damages in unspecified amounts on the Company’s behalf from the officer and director defendants, certain corporate governance actions, and an award of their costs and attorney’s fees. The Company and the other defendants dispute these allegations and are vigorously defending these actions. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company has granted related party loans collateralized by real property to officers, directors and their affiliates that are considered to be insiders by regulation. There were no new related party loans granted under the provisions of the employee loan program and no refinances of existing loans during the nine months ended March 31, 2016 , and no new loans and no refinances of existing loans during the nine months ended March 31, 2015 . |
SIGNIFICANT ACCOUNTING POLICI19
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Securities | Securities . Debt securities are classified as held-to-maturity and carried at amortized cost when management has both the positive intent and ability to hold them to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Trading securities refer to certain types of assets that banks hold for resale at a profit or when the Company elects to account for certain securities at fair value. Increases or decreases in the fair value of trading securities are recognized in earnings as they occur. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Gains and losses on securities sales are based on a comparison of sales proceeds and the amortized cost of the security sold using the specific identification method. Purchases and sales are recognized on the trade date. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are amortized or accreted using the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. The Company’s portfolios of held-to-maturity and available-for-sale securities are reviewed quarterly for other-than-temporary impairment. In performing this review, management considers (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, (3) the impact of changes in market interest rates on the market value of the security and (4) how to record an impairment by assessing whether the Company intends to sell or it is more likely than not that it will be required to sell a security in an unrealized loss position before the Company recovers the security’s amortized cost. If either of these criteria for (4) is met, the entire difference between amortized cost and fair value is recognized in earnings. Alternatively, if the criteria for (4) is not met, the amount of impairment recognized in earnings is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Loans | Loans . Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred purchase premiums and discounts, deferred loan origination fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Premiums and discounts on loans purchased as well as loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method. Recognition of interest income on all portfolio segments is generally discontinued at the time the loan is 90 days delinquent unless the loan is well secured and in process of collection. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on nonaccrual, is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Loans Held for Sale | Loans Held for Sale. U.S government agency (“agency”) loans originated and intended for sale in the secondary market are carried at fair value. Net unrealized gains and losses are recognized through the income statement. The Bank sells its mortgage loans with either servicing released or servicing retained depending upon market pricing. Gains and losses on loan sales are recorded as mortgage banking income, based on the difference between sales proceeds and carrying value. Non-agency loans held for sale are carried at the lower of cost or fair value. Loans that were originated with the intent and ability to hold for the foreseeable future (loans held in portfolio) but which have been subsequently designated as being held for sale for risk management or liquidity needs are carried at the lower of cost or fair value calculated on an individual loan by loan basis. There may be times when loans have been classified as held for sale and for some reason cannot be sold. Loans transferred to a long-term-investment classification from held-for-sale are transferred at the lower of cost or market value on the transfer date. Any difference between the carrying amount of the loan and its outstanding principal balance is recognized as an adjustment to yield by the interest method. A loan cannot be classified as a long-term investment unless the Bank has both the ability and the intent to hold the loan for the foreseeable future or until maturity. |
Allowance for Loan Losses | Allowance for Loan and Lease Losses. The allowance for loan and lease losses is maintained at a level estimated to provide for probable incurred losses in the loan and lease portfolio. Management determines the adequacy of the allowance based on reviews of individual loans and leases and pools of loans, recent loss experience, current economic conditions, the risk characteristics of the various categories of loans and other pertinent factors. This evaluation is inherently subjective and requires estimates that are susceptible to significant revision as more information becomes available. The allowance is increased by the provision for loan and lease losses, which is charged against current period operating results and recoveries of loans previously charged-off. The allowance is decreased by the amount of charge-offs of loans deemed uncollectible. Allocations of the allowance may be made for specific loans but the entire allowance is available for any loan that, in management’s judgment, should be charged off. See Note 5 of these financial statement footnotes and the financial statement footnotes for the year ended June 30, 2015 included in our Annual Report on Form 10-K for further information. |
Fair Value Measurement | FAIR VALUE Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurement , also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices in active markets for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 1 assets and liabilities include debt and equity securities that are actively traded in an exchange or over-the-counter market and are highly liquid, such as, among other assets and securities, certain U.S. treasury and other U.S. government debt. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets include securities with quoted prices that are traded less frequently than exchange-traded instruments and whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models such as discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. When available, the Company generally uses quoted market prices to determine fair value, in which case the items are classified in Level 1. In some cases where a market price is available, the Company will make use of acceptable practical expedients (such as matrix pricing) to calculate fair value, in which case the items are classified in Level 2. The Company considers relevant and observable market prices in its valuations where possible. The frequency of transactions, the size of the bid-ask spread and the nature of the participants are some of the factors the Company uses to help determine whether a market is active and orderly or inactive and not orderly. Price quotes based upon transactions that are not orderly are not considered to be determinative of fair value and should be given little, if any, weight in measuring fair value. If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest rates, credit spreads, housing value forecasts, etc. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. |
Fair Value of Financial Instruments | The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified: Securities—trading. Trading securities are recorded at fair value. The trading portfolio consists of two different issues of floating-rate debt securities collateralized by pools of bank trust preferred securities. Recent liquidity and economic uncertainty have made the market for collateralized debt obligations less active or inactive. As quoted market prices are not available, the Level 3 fair values for these securities are determined by the Company utilizing industry-standard tools to calculate the net present value of the expected cash flows available to the securities from the underlying assets. The Company’s expected cash flows are calculated for each security and include the impact of actual and forecasted bank defaults within each collateral pool as well as structural features of the security’s tranche such as lock outs, subordination and overcollateralization. The forecast of underlying bank defaults in each pool is based upon a quarterly financial update including the trend in non-performing assets, the allowance for loan and lease losses and the underlying bank’s capital ratios. Also a factor is the Company’s loan and lease loss experience in the local economy in which the bank operates. At March 31, 2016 , the Company’s forecast of cash flows for both securities includes actual and forecasted defaults totaling 18.3% of all banks in the collateral pools, compared to 17.3% of the banks actually in default. The expected cash flows reflect the Company’s best estimate of all pool losses which are then applied to the overcollateralization reserve and the subordinated tranches to determine the cash flows. The Company selects a discount rate margin based upon the spread between U.S. Treasury rates and the market rates for active credit grades for financial companies. The discount margin when added to the U.S. Treasury rate determines the discount rate, reflecting primarily market liquidity and interest rate risk since expected credit loss is included in the cash flows. At March 31, 2016 , the Company used a weighted average discount margin of 500 basis points above U.S. Treasury rates to calculate the net present value of the expected cash flows and the fair value of its trading securities. The Level 3 fair values determined by the Company for its trading securities rely heavily on management’s assumptions as to the future credit performance of the collateral banks, the impact of the global and regional economic activity, the timing of forecasted defaults and the discount rate applied to cash flows. The fair value of the trading securities at March 31, 2016 is sensitive to an increase or decrease in the discount rate. An increase in the discount margin of 100 basis points would have reduced the total fair value of the trading securities and decreased net income before income tax by $799 . A decrease in the discount margin of 100 basis points would have increased the total fair value of the trading securities and increased net income before income tax by $924 . Securities—available-for-sale and held-to-maturity . Available-for-sale securities are recorded at fair value and consist of residential mortgage-backed securities (“RMBS”) issued by U.S. agencies, non-agencies, collateralized loan obligations, and municipals. Held-to-maturity securities are recorded at amortized cost and consist of RMBS issued by U.S. agencies, RMBS issued by non-agencies, and municipals. Fair value for U.S. agency securities is generally based on quoted market prices of similar securities used to form a dealer quote or a pricing matrix. There continues to be significant illiquidity in the market for RMBS issued by non-agencies, impacting the availability and reliability of transparent pricing. As orderly quoted market prices are not available, the Level 3 fair values for these securities are determined by the Company utilizing industry-standard tools to calculate the net present value of the expected cash flows available to the securities from the underlying mortgage assets. The Company computes Level 3 fair values for each non-agency RMBS in the same manner (as described below) whether available-for-sale or held-to-maturity. To determine the performance of the underlying mortgage loan pools, the Company estimates prepayments, defaults, and loss severities based on a number of macroeconomic factors, including housing price changes, unemployment rates, interest rates and borrower attributes such as credit score and loan documentation at the time of origination. For each security, the Company inputs a projection of monthly default rates, loss severity rates and voluntary prepayment rates for the underlying mortgages for the remaining life of each security to determine the expected cash flows. The projections of default rates are derived by the Company from the historic default rate observed in the pool of loans collateralizing the security, increased by and decreased by the forecasted increase or decrease in the national unemployment rate. The projections of loss severity rates are derived by the Company from the historic loss severity rate observed in the pool of loans, increased by (and decreased by) the forecasted decrease or increase in the national home price appreciation (“HPA”) index. The largest factors influencing the Company’s modeling of the monthly default rate are unemployment and HPA, as a strong correlation exists. The national unemployment rate announced prior to the end of the period covered by this report (reported for February 2016) was 4.9% , down from the high of 10.0% in October 2009. Consensus estimates for unemployment are that the rate will continue to decline. Going forward, the Company is projecting lower monthly default rates. The range of loss severity rates applied to each default used in the Company’s projections at March 31, 2016 are from 40.0% up to 68.6% based upon individual bond historical performance. The default rates and the severities are projected for every non-agency RMBS security held by the Company and will vary monthly based upon the actual performance of the security and the macroeconomic factors discussed above. To determine the discount rates used to compute the present value of the expected cash flows for these non-agency RMBS securities, the Company separates the securities by the borrower characteristics in the underlying pool. Specifically, “prime” securities generally have borrowers with higher FICO scores and better documentation of income. “Alt-A” securities generally have borrowers with a lower FICO and less documentation of income. “Pay-option ARMs” are Alt-A securities with borrowers that tend to pay the least amount of principal (or increase their loan balance through negative amortization). The Company calculates separate discount rates for prime, Alt-A and Pay-option ARM non-agency RMBS securities using market-participant assumptions for risk, capital and return on equity. The range of annual default rates used in the Company’s projections at March 31, 2016 are from 1.5% up to 15.6% with prime securities tending toward the lower end of the range and Alt-A and Pay-option ARMs tending toward the higher end of the range. The Company applies its discount rates to the projected monthly cash flows which already reflect the full impact of all forecasted losses using the assumptions described above. When calculating present value of the expected cash flows at March 31, 2016 , the Company computed its discount rates as a spread between 242 and 719 basis points over the interpolated swap curve with prime securities tending toward the lower end of the range and Alt-A and Pay-option ARMs tending toward the higher end of the range. Loans Held for Sale. Loans held for sale at fair value are primarily single-family and multifamily residential loans. The fair value of residential loans held for sale is determined by pricing for comparable assets or by existing forward sales commitment prices with investors. Impaired Loans. Impaired loans are loans which are inadequately protected by the current net worth and paying capacity of the borrowers or the collateral pledged. The accrual of interest income has been discontinued for impaired loans. The impaired loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. The Company assesses loans individually and identifies impairment when the loan is classified as impaired, has been restructured, or management has serious doubts about the future collectibility of principal and interest, even though the loans may currently be performing. The fair value of an impaired loan is determined based on an observable market price or current appraised value of the underlying collateral. The fair value of impaired loans with specific write-offs or allocations of the allowance for loan losses are generally based on recent real estate appraisals or internal valuation analyses consistent with the methodology used in real estate appraisals and include other third-party valuations and analysis of cash flows. These appraisals and analyses are updated at least on an annual basis. The Company primarily obtains real estate appraisals and in the rare cases where an appraisal cannot be obtained, the Company performs an internal valuation analysis. These appraisals and analyses may utilize a single valuation approach or a combination of approaches including comparable sales and income approaches. The sales comparison approach uses at least three recent similar property sales to help determine the fair value of the property being appraised. The income approach is calculated by taking the net operating income generated by the collateral property of the rent collected and dividing it by an assumed capitalization rate. Adjustments are routinely made in the process by the appraisers to account for differences between the comparable sales and income data available. When measuring the fair value of the impaired loan based upon the projected sale of the underlying collateral, the Company subtracts the costs expected to be incurred for the transfer of the underlying collateral, which includes items such as sales commissions, delinquent taxes and insurance premiums. These adjustments to the estimated fair value of non-performing loans may result in increases or decreases to the provision for loan losses recorded in current earnings. Such adjustments are typically significant and result in a Level 3 classification for the inputs for determining fair value. Other Real Estate Owned and Repossessed Vehicles . Non-recurring adjustments to certain commercial and residential real estate properties classified as other real estate owned (“OREO”) are measured at the lower of carrying amount or fair value, less estimated costs to sell. Fair values are generally based on third-party appraisals of the property, resulting in a Level 3 classification. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. Mortgage Servicing Rights. The Company initially records all mortgage servicing rights (“MSRs”) at fair value and accounts for MSRs at fair value during the life of the MSR, with changes in fair value recorded through current period earnings. Fair value adjustments encompass market-driven valuation changes as well as modeled amortization involving the run-off of value that occurs due to the passage of time as individual loans are paid by borrowers. Market expectations about loan duration, and correspondingly the expected term of future servicing cash flows, may vary from time to time due to changes in expected prepayment activity, especially when interest rates rise or fall. Market expectations of increased loan prepayment speeds may negatively impact the fair value of the single family MSRs. Fair value is also dependent on the discount rate used in calculating present value, which is imputed from observable market activity and market participants and results in Level 3 classification. Management reviews and adjusts the discount rate on an ongoing basis. An increase in the discount rate would reduce the estimated fair value of the MSRs asset. Mortgage Banking Derivatives. Fair value for mortgage banking derivatives are either based upon prices in active secondary markets for identical securities or based on quoted market prices of similar assets used to form a dealer quote or a pricing matrix. If no such quoted price exists, the fair value of a commitment is determined by quoted prices for a similar commitment or commitments, adjusted for the specific attributes of each commitment. These fair values are then adjusted for items such as fallout and estimated costs to originate the loan. The Company’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 Company’s valuation methodologies are appropriate and consistent with or, in some cases, more conservative than 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 relevant reporting date. |
Credit Quality Indicators | Credit Quality Indicators The Company categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans and leases individually by classifying the loans and leases based on credit risk. The Company uses the following definitions for risk ratings. Pass. Loans and leases classified as pass are well protected by the current net worth and paying capacity of the obligor or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention . Loans and leases classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or of the institution’s credit position at some future date. Substandard . Loans and leases classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans and leases so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful . Loans and leases classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The Company reviews and grades loans and leases following a continuous review process, featuring coverage of all loan and lease types and business lines at least quarterly. Continuous reviewing provides more effective risk monitoring because it immediately tests for potential impacts caused by changes in personnel, policy, products or underwriting standards. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2016 and June 30, 2015 . Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: March 31, 2016 (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total ASSETS: Securities—Trading: Collateralized Debt Obligations $ — $ — $ 7,589 $ 7,589 Securities—Available-for-Sale: Agency RMBS $ — $ 35,288 $ — $ 35,288 Non-Agency RMBS — — 17,037 17,037 Municipal — 33,616 — 33,616 Other Debt Securities — 192,712 — 192,712 Total—Securities—Available-for-Sale $ — $ 261,616 $ 17,037 $ 278,653 Loans Held for Sale $ — $ 42,682 $ — $ 42,682 Mortgage Servicing Rights $ — $ — $ 3,375 $ 3,375 Other assets – Derivative Instruments $ — $ — $ 2,394 $ 2,394 LIABILITIES: Other liabilities – Derivative Instruments $ — $ — $ 823 $ 823 June 30, 2015 (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total ASSETS: Securities—Trading: Collateralized Debt Obligations $ — $ — $ 7,832 $ 7,832 Securities—Available-for-Sale: Agency RMBS $ — $ 43,491 $ — $ 43,491 Non-Agency RMBS — — 26,633 26,633 Municipal — 22,035 — 22,035 Other Debt Securities — 71,202 — 71,202 Total—Securities—Available-for-Sale $ — $ 136,728 $ 26,633 $ 163,361 Loans Held for Sale $ — $ 25,430 $ — $ 25,430 Mortgage Servicing Rights $ — $ — $ 2,098 $ 2,098 Other assets – Derivative Instruments $ — $ — $ 2,261 $ 2,261 LIABILITIES: Other liabilities – Derivative Instruments $ — $ — $ — $ — |
Additional Information About Assets Measured at Fair Value on a Recurring Basis and for which the Company has Utilized Level 3 Inputs to Determine Fair Value | The following tables present additional information about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: For the Three Months Ended March 31, 2016 (Dollars in thousands) Securities – Trading: Collateralized Debt Obligations Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening balance $ 7,706 $ 21,136 $ 3,475 $ 1,031 $ 33,348 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — 14 — — 14 Included in earnings—Fair value gain (loss) on trading securities (117 ) — — — (117 ) Included in earnings—Mortgage banking income — — (452 ) 540 88 Included in other comprehensive income — (532 ) — — (532 ) Purchases, originations, issues, sales and settlements: Purchases/originations — — 352 — 352 Sales — 67 — — 67 Settlements — (3,640 ) — — (3,640 ) Other-than-temporary impairment — (8 ) — — (8 ) Closing balance $ 7,589 $ 17,037 $ 3,375 $ 1,571 $ 29,572 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (117 ) $ 14 $ (452 ) $ 540 $ (15 ) For the Nine Months Ended March 31, 2016 (Dollars in thousands) Securities – Trading: Collateralized Debt Obligations Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening Balance $ 7,832 $ 26,633 $ 2,098 $ 2,261 $ 38,824 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — (666 ) — — (666 ) Included in earnings—Fair value gain (loss) on trading securities (243 ) — — — (243 ) Included in earnings—Mortgage banking income — — (503 ) (690 ) (1,193 ) Included in other comprehensive income — (1,493 ) — — (1,493 ) Purchases, originations, issues, sales and settlements: Purchases/originations — — 1,780 — 1,780 Sales — (2,023 ) — — (2,023 ) Settlements — (5,367 ) — — (5,367 ) Other-than-temporary impairment — (47 ) — — (47 ) Closing balance $ 7,589 $ 17,037 $ 3,375 $ 1,571 $ 29,572 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (243 ) $ (666 ) $ (503 ) $ (690 ) $ (2,102 ) For the Three Months Ended March 31, 2015 (Dollars in thousands) Securities – Trading: Collateralized Debt Obligations Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening balance $ 7,862 $ 31,926 $ 1,037 $ 659 $ 41,484 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — — — — — Included in earnings—Fair value gain on trading securities (124 ) — — — (124 ) Included in earnings—Mortgage banking income — — (194 ) 1,402 1,208 Included in other comprehensive income — (232 ) — — (232 ) Purchases, originations, issues, sales and settlements: Purchases/originations — — 511 — 511 Sales — — — — — Settlements — (3,013 ) — — (3,013 ) Other-than-temporary impairment — (704 ) — — (704 ) Closing balance $ 7,738 $ 27,977 $ 1,354 $ 2,061 $ 39,130 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (124 ) $ — $ (194 ) $ 1,402 $ 1,084 For the Nine Months Ended March 31, 2015 (Dollars in thousands) Securities – Trading: Collateralized Debt Obligations Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening Balance $ 8,066 $ 37,409 $ 562 $ 875 $ 46,912 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — — — — — Included in earnings—Fair value gain (loss) on trading securities (328 ) — — — (328 ) Included in earnings—Mortgage banking income — — (229 ) 1,186 957 Included in other comprehensive income — (1,351 ) — — (1,351 ) Purchases, originations, issues, sales and settlements: Purchases/originations — — 1,021 — 1,021 Sales — — — — — Settlements — (7,162 ) — — (7,162 ) Other-than-temporary impairment — (919 ) — — (919 ) Closing balance $ 7,738 $ 27,977 $ 1,354 $ 2,061 $ 39,130 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (328 ) $ — $ (229 ) $ 1,186 $ 629 |
Quantitative Information About Level 3 Fair Value Measurements | The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods indicated: March 31, 2016 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Impaired loans: Single family real estate secured: Mortgage $ 18,786 Sales comparison approach Adjustment for differences between the comparable sales -40.6 to 71.1% (11.9%) Home equity $ 34 Sales comparison approach Adjustment for differences between the comparable sales -27.2 to 0.0% (-14.3%) Multifamily real estate secured $ 4,728 Sales comparison approach, income approach, Discounted cash flows Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -39.5 to 58.0% (-17.1%) Commercial real estate secured $ 372 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -33.0 to 23.7% (-4.7%) Auto and RV secured $ 264 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 41.1% (10.5%) Other real estate owned: Multifamily real estate secured $ 207 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, Capitalization rate -36.2 to 0.0% (-20.2%) Auto and RV secured $ 38 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 20.8% (8.6%) HTM Securities – Non-Agency RMBS $ 84,236 Discounted cash flow Constant prepayment rate, constant default rate, loss severity, discount rate over LIBOR 2.5 to 18.9% (10.1%) June 30, 2015 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Impaired loans: Single family real estate secured: Mortgage $ 23,059 Sales comparison approach Adjustment for differences between the comparable sales -52.5 to 53.7% (3.9%) Home equity $ 9 Sales comparison approach Adjustment for differences between the comparable sales -9.7 to 5.5% (-2.1%) Multifamily real estate secured $ 5,399 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -73.4 to 80.6% (-8.3%) Commercial real estate secured $ 2,128 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -66.5 to 81.1% (-10.3%) Auto and RV secured $ 453 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 66.2% (10.8%) Other real estate owned: Single family real estate secured $ 463 Sales comparison approach Adjustment for differences between the comparable sales -20.3 to 12.1% (-4.1%) Multifamily real estate secured $ 762 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations -37.1 to 48.6% (5.7%) Auto and RV secured $ 15 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 20.7% (10.3%) HTM Securities – Non-Agency RMBS $ 88,094 Discounted cash flow Constant prepayment rate, constant default rate, loss severity, discount rate over LIBOR 5.0 to 43.8% (10.5%) 1.5 to 14.6% (6.7%) 15.0 to 65.5% (54.4%) 3.0 to 6.9% (5.8%) _____________________ 1 For impaired loans and other real estate owned the ranges shown may vary positively or negatively based on the comparable sales reported in the current appraisal. In certain instances, the range can be significant due to small sample sizes and in some cases the property being valued having limited comparable sales with similar characteristics at the time the current appraisal is conducted. |
Changes in Unrealized Gains and Losses and Interest Income Recorded in Earnings for Level 3 Trading Assets and Liabilities | The table below summarizes changes in unrealized gains and losses and interest income recorded in earnings for level 3 trading assets and liabilities that are still held at the periods indicated: For the Three Months Ended For the Nine Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 2016 2015 Interest income on investments $ 60 $ 56 $ 178 $ 166 Fair value adjustment (117 ) (125 ) (243 ) (328 ) Total $ (57 ) $ (69 ) $ (65 ) $ (162 ) |
Fair Value Assets Measured on Nonrecurring Basis | The table below summarizes assets measured for impairment on a non-recurring basis: March 31, 2016 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Impaired Loans: Single family real estate secured: Mortgage $ — $ — $ 18,786 $ 18,786 Home equity — — 34 34 Multifamily real estate secured — — 4,728 4,728 Commercial real estate secured — — 372 372 Auto and RV secured — — 264 264 Total $ — $ — $ 24,184 $ 24,184 Other real estate owned and foreclosed assets: Multifamily real estate secured — — 207 207 Auto and RV secured — — 38 38 Total $ — $ — $ 245 $ 245 HTM Securities – Non-Agency RMBS $ — $ — $ 84,236 $ 84,236 June 30, 2015 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Impaired Loans: Single family real estate secured: Mortgage $ — $ — $ 23,059 $ 23,059 Home equity — — 9 9 Multifamily real estate secured — — 5,399 5,399 Commercial real estate secured — — 2,128 2,128 Auto and RV secured — — 453 453 Total $ — $ — $ 31,048 $ 31,048 Other real estate owned and foreclosed assets: Single family real estate secured $ — $ — $ 463 $ 463 Multifamily real estate secured — — 762 762 Auto and RV secured — — 15 15 Total $ — $ — $ 1,240 $ 1,240 HTM Securities – Non-Agency RMBS $ — $ — $ 88,094 $ 88,094 |
Aggregate Fair Value, Contractual Balance, and Gains | As of March 31, 2016 and June 30, 2015 , the aggregate fair value, contractual balance (including accrued interest), and unrealized gain was as follows: (Dollars in thousands) March 31, 2016 June 30, 2015 Aggregate fair value $ 42,682 $ 25,430 Contractual balance 41,507 24,886 Unrealized gain $ 1,175 $ 544 The total amount of unrealized gains and losses from changes in fair value included in earnings for the period indicated below for loans held for sale were: For the Three Months Ended For the Nine Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 2016 2015 Interest income $ 148 $ 147 $ 581 $ 450 Change in fair value 1,223 1,583 (69 ) 1,453 Total $ 1,371 $ 1,730 $ 512 $ 1,903 |
Carrying Amounts and Estimated Fair Values of Financial Instruments at Period-end | The carrying amounts and estimated fair values of financial instruments at March 31, 2016 and June 30, 2015 were as follows: March 31, 2016 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 895,554 $ 895,554 $ — $ — $ 895,554 Securities trading 7,589 — — 7,589 7,589 Securities available-for-sale 278,653 — 261,616 17,037 278,653 Securities held-to-maturity 211,294 — 79,294 137,092 216,386 Loans held for sale, at fair value 42,682 — 42,682 — 42,682 Loans held for sale, at lower of cost or fair value 59,988 — — 59,988 59,988 Loans and leases held for investment—net 6,034,700 — — 6,266,723 6,266,723 Accrued interest receivable 23,913 — — 23,913 23,913 Mortgage servicing rights 3,375 — — 3,375 3,375 Financial liabilities: Time deposits and savings 6,048,031 — 5,872,046 — 5,872,046 Securities sold under agreements to repurchase 35,000 — 36,672 — 36,672 Advances from the Federal Home Loan Bank 858,000 — 876,794 — 876,794 Subordinated notes and debentures 56,155 — 56,155 — 56,155 Accrued interest payable 1,679 — 1,679 — 1,679 June 30, 2015 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 222,874 $ 222,874 $ — $ — $ 222,874 Securities trading 7,832 — — 7,832 7,832 Securities available-for-sale 163,361 — 136,728 26,633 163,361 Securities held-to-maturity 225,555 — 83,441 144,882 228,323 Loans held for sale, at fair value 25,430 — 25,430 — 25,430 Loans held for sale, at lower of cost or fair value 77,891 — — 77,932 77,932 Loans and leases held for investment—net 4,928,618 — — 5,011,596 5,011,596 Accrued interest receivable 20,268 — — 20,268 20,268 Mortgage servicing rights 2,098 — — 2,098 2,098 Financial liabilities: Time deposits and savings 4,451,917 — 4,385,034 — 4,385,034 Securities sold under agreements to repurchase 35,000 — 37,489 — 37,489 Advances from the Federal Home Loan Bank 753,000 — 757,265 — 757,265 Subordinated notes and debentures 5,155 — 5,155 — 5,155 Accrued interest payable 1,266 — 1,266 — 1,266 |
Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Quantitative Information About Level 3 Fair Value Measurements | The table below summarizes the quantitative information about level 3 fair value measurements at the periods indicated: March 31, 2016 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Trading: Collateralized Debt Obligations $ 7,589 Discounted Cash Flow Total Projected Defaults, Discount Rate over Treasury 15.5 to 21.0% (18.3%) 5.0 to 5.0% (5.0%) Securities – Available-for-Sale: Non-agency RMBS $ 17,037 Discounted Cash Flow Projected Constant Prepayment Rate, 7.7 to 19.1% (13.1%) 2.1 to 10.0% (4.7%) Mortgage Servicing Rights $ 3,375 Discounted Cash Flow Projected Constant Prepayment Rate, 5.8 to 19.5% (10.1%) 3.6 to 7.1 (6.3) Derivative Instruments, net $ 1,571 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.3 to 0.6% (0.4%) June 30, 2015 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Trading: $ 7,832 Discounted Cash Flow Total Projected Defaults, 18.8 to 29.8% (24.6%) Securities – Available-for-Sale: $ 26,633 Discounted Cash Flow Projected Constant Prepayment Rate, 6.3 to 29.5% (13.0%) 1.5 to 19.6% (5.6%) Mortgage Servicing Rights $ 2,098 Discounted Cash Flow Projected Constant Prepayment Rate, 4.4 to 19.2% (7.7%) 4.3 to 8.3 (7.4) Derivative Instruments, net $ 2,261 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.5 to 1.3% (0.8%) |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The amortized cost, carrying amount and fair value for the major categories of securities: trading, available-for-sale, and held-to-maturity at March 31, 2016 and June 30, 2015 were: March 31, 2016 Trading Available-for-sale Held-to-maturity (Dollars in thousands) Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Carrying Amount Unrecognized Gains Unrecognized Losses Fair Value Mortgage-backed securities (RMBS): U.S. agencies 1 $ — $ 35,132 $ 349 $ (193 ) $ 35,288 $ 37,366 $ 867 $ (2 ) $ 38,231 Non-agency 2 — 15,718 1,321 (2 ) 17,037 138,011 7,828 (8,747 ) 137,092 Total mortgage-backed securities — 50,850 1,670 (195 ) 52,325 175,377 8,695 (8,749 ) 175,323 Other debt securities: Municipal — 33,541 112 (37 ) 33,616 35,917 5,146 — 41,063 Non-agency 3 7,589 193,344 285 (917 ) 192,712 — — — — Total other debt securities 7,589 226,885 397 (954 ) 226,328 35,917 5,146 — 41,063 Total debt securities $ 7,589 $ 277,735 $ 2,067 $ (1,149 ) $ 278,653 $ 211,294 $ 13,841 $ (8,749 ) $ 216,386 June 30, 2015 Trading Available-for-sale Held-to-maturity (Dollars in thousands) Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Carrying Amount Unrecognized Gains Unrecognized Losses Fair Value Mortgage-backed securities (RMBS): U.S. agencies 1 $ — $ 43,738 $ 701 $ (948 ) $ 43,491 $ 41,993 $ 1,398 $ — $ 43,391 Non-agency 2 — 23,799 2,835 (1 ) 26,633 147,586 10,045 (12,749 ) 144,882 Total mortgage-backed securities — 67,537 3,536 (949 ) 70,124 189,579 11,443 (12,749 ) 188,273 Other debt securities: Municipal — 21,731 390 (86 ) 22,035 35,976 4,074 — 40,050 Non-agency 3 7,832 70,216 1,271 (285 ) 71,202 — — — — Total other debt securities 7,832 91,947 1,661 (371 ) 93,237 35,976 4,074 — 40,050 Total debt securities $ 7,832 $ 159,484 $ 5,197 $ (1,320 ) $ 163,361 $ 225,555 $ 15,517 $ (12,749 ) $ 228,323 __________________________________ 1. U.S. government-backed or government sponsored enterprises including Fannie Mae, Freddie Mac and Ginnie Mae. 2. Private sponsors of securities collateralized primarily by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages. 3. Senior collateralized loan obligations and asset-backed securities. |
Schedule of Unrealized Loss on Investments | The securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows: March 31, 2016 Available-for-sale securities in loss position for Held-to-maturity securities in loss position for Less Than 12 Months More Than 12 Months Total Less Than 12 Months More Than 12 Months Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses RMBS: U.S. agencies $ 151 $ (1 ) $ 23,585 $ (192 ) $ 23,736 $ (193 ) $ 146 $ (2 ) $ — $ — $ 146 $ (2 ) Non-agency 2,546 (2 ) — — 2,546 (2 ) 6,905 (204 ) 62,473 (8,543 ) 69,378 (8,747 ) Total RMBS securities 2,697 (3 ) 23,585 (192 ) 26,282 (195 ) 7,051 (206 ) 62,473 (8,543 ) 69,524 (8,749 ) Other Debt: Municipal Debt 22,815 (25 ) 1,428 (12 ) 24,243 (37 ) — — — — — — Non-agency 90,156 (536 ) 18,003 (381 ) 108,159 (917 ) — — — — — — Total Other Debt 112,971 (561 ) 19,431 (393 ) 132,402 (954 ) — — — — — — Total debt securities $ 115,668 $ (564 ) $ 43,016 $ (585 ) $ 158,684 $ (1,149 ) $ 7,051 $ (206 ) $ 62,473 $ (8,543 ) $ 69,524 $ (8,749 ) June 30, 2015 Available-for-sale securities in loss position for Held-to-maturity securities in loss position for Less Than 12 Months More Than 12 Months Total Less Than 12 Months More Than 12 Months Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses RMBS: U.S. agencies $ 369 $ (2 ) $ 24,974 $ (946 ) $ 25,343 $ (948 ) $ — $ — $ — $ — $ — $ — Non-agency 1,275 (1 ) — — 1,275 (1 ) 23,450 (1,802 ) 67,090 (10,947 ) 90,540 (12,749 ) Total RMBS securities 1,644 (3 ) 24,974 (946 ) 26,618 (949 ) 23,450 (1,802 ) 67,090 (10,947 ) 90,540 (12,749 ) Other Debt: Municipal Debt 1,358 (86 ) — — 1,358 (86 ) — — — — — — Non-agency 19,100 (285 ) — — 19,100 (285 ) — — — — — — Total Other Debt 20,458 (371 ) — — 20,458 (371 ) — — — — — — Total debt securities $ 22,102 $ (374 ) $ 24,974 $ (946 ) $ 47,076 $ (1,320 ) $ 23,450 $ (1,802 ) $ 67,090 $ (10,947 ) $ 90,540 $ (12,749 ) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table summarizes amounts of credit loss recognized in the income statement through other-than-temporary impairment charges which reduced non-interest income: For the Three Months Ended For the Nine Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 2016 2015 Beginning balance $ (20,528 ) $ (19,636 ) $ (20,503 ) $ (18,139 ) Additions for the amounts related to credit loss for which an other-than-temporary impairment was not previously recognized — (704 ) (106 ) (742 ) Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized (8 ) (3 ) (43 ) (1,462 ) Credit losses realized for securities sold — — 116 — Ending balance $ (20,536 ) $ (20,343 ) $ (20,536 ) $ (20,343 ) |
Schedule of Realized Gain (Loss) | The gross gains and losses realized through earnings upon the sale of available-for-sale securities for the three and nine months ended March 31, 2016 were as follows: For the Three Months Ended For the Nine Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 2016 2015 Proceeds 1 $ (67 ) $ — $ 10,002 $ 9,614 Gross realized gains 1 (14 ) — 919 587 Gross realized losses — — — — Net realized gain on securities $ (14 ) $ — $ 919 $ 587 __________________________________ 1. The proceeds of $(67) in the three months ended March 31, 2016 was the result of an underlying paydown receipt to the security sold by the Company during the three months ended December 31, 2015. The trustee did not apply the paydown receipt to the security until one month subsequent to the period ended December 31, 2015. This revised factor reduced the amount of par value sold and subsequently reduced the gross realized gain by $14 . This reduction to gain on sale was recognized during the three months ended March 31, 2016. The Company did not sell any securities during the three months ended March 31, 2016. |
Unrealized Gain (Loss) on Investments | The Company had recorded unrealized gains and unrealized losses in accumulated other comprehensive loss as follows: (Dollars in thousands) March 31, June 30, Available-for-sale debt securities—net unrealized gains $ 918 $ 3,877 Available-for-sale debt securities—non-credit related losses (248 ) (271 ) Held-to-maturity debt securities—non-credit related losses (14,246 ) (18,597 ) Subtotal (13,576 ) (14,991 ) Tax benefit 5,353 5,592 Net unrealized loss on investment securities in accumulated other comprehensive loss $ (8,223 ) $ (9,399 ) |
Investments Classified by Contractual Maturity Date | The expected maturity distribution including repayments of the Company’s mortgage-backed securities and other debt securities classified as trading, available-for-sale and held-to-maturity at March 31, 2016 were: March 31, 2016 Trading Available for sale Held-to-maturity (Dollars in thousands) Fair Value Amortized Cost Fair Value Carrying Amount Fair Value RMBS—U.S. agencies: Due within one year $ — $ 3,543 $ 3,538 $ 1,305 $ 1,367 Due one to five years — 10,922 10,925 4,937 5,162 Due five to ten years — 8,623 8,660 5,458 5,690 Due after ten years — 12,044 12,165 25,666 26,012 Total RMBS—U.S. agencies — 35,132 35,288 37,366 38,231 RMBS—Non-agency: Due within one year — 4,026 4,289 21,885 21,582 Due one to five years — 6,872 7,288 44,020 43,685 Due five to ten years — 2,030 2,279 31,981 32,006 Due after ten years — 2,790 3,181 40,125 39,819 Total RMBS—Non-agency — 15,718 17,037 138,011 137,092 Other debt: Due within one year — 110,350 110,323 1,037 1,179 Due one to five years — 108,880 108,293 4,813 5,473 Due five to ten years — 4,131 4,169 7,556 8,596 Due after ten years 7,589 3,524 3,543 22,511 25,815 Total other debt 7,589 226,885 226,328 35,917 41,063 Total $ 7,589 $ 277,735 $ 278,653 $ 211,294 $ 216,386 |
LOANS, LEASES & ALLOWANCE FOR22
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Loans by Loan Portfolio | The following table sets forth the composition of the loan and lease portfolio as of the dates indicated: (Dollars in thousands) March 31, 2016 June 30, 2015 Single family real estate secured: Mortgage $ 3,541,663 $ 2,980,795 Home equity 3,156 3,604 Warehouse and other 1 506,031 385,413 Multifamily real estate secured 1,276,934 1,185,531 Commercial real estate secured 98,791 61,403 Auto and RV secured 45,293 13,140 Factoring 145,485 122,200 Commercial & Industrial 480,939 248,584 Other 4,374 601 Total gross loans and leases 6,102,666 5,001,271 Allowance for loan and lease losses (36,931 ) (28,327 ) Unaccreted discounts and loan and lease fees (31,035 ) (44,326 ) Total net loans and leases $ 6,034,700 $ 4,928,618 1. The balance of single family warehouse loans was $168,924 at March 31, 2016 and $122,003 at June 30, 2015 . The remainder of the balance is attributable to single family lender finance loans. |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent | The following tables summarize activity in the allowance for loan and lease losses by portfolio classes for the periods indicated: For the Three Months Ended March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Equity Warehouse & Other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other/Consumer Total Balance at January 1, 2016 $ 17,167 $ 45 $ 2,643 $ 3,293 $ 736 $ 1,840 $ 359 $ 6,602 $ 2,386 $ 35,071 Provision for loan and lease loss 947 (20 ) (170 ) 637 20 (611 ) 3 1,055 139 2,000 Charge-offs (29 ) — — (114 ) (29 ) (15 ) — — — (187 ) Recoveries 1 7 — — — 39 — — — 47 Balance at March 31, 2016 $ 18,086 $ 32 $ 2,473 $ 3,816 $ 727 $ 1,253 $ 362 $ 7,657 $ 2,525 $ 36,931 For the Three Months Ended March 31, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Equity Warehouse & Other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other/Consumer Total Balance at January 1, 2015 $ 11,792 $ 97 $ 1,585 $ 4,234 $ 985 $ 1,053 $ 270 $ 3,153 $ 18 $ 23,187 Provision for loan and lease loss 1,400 53 484 203 (36 ) (73 ) 24 758 87 2,900 Charge-offs (694 ) (30 ) — (44 ) — (55 ) — — — (823 ) Recoveries 137 3 — — — 45 — — 6 191 Balance at March 31, 2015 $ 12,635 $ 123 $ 2,069 $ 4,393 $ 949 $ 970 $ 294 $ 3,911 $ 111 $ 25,455 For the Nine Months Ended March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Equity Warehouse & Other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other/Consumer Total Balance at July 1, 2015 $ 13,664 $ 122 $ 1,879 $ 4,363 $ 1,103 $ 953 $ 292 $ 5,882 $ 69 $ 28,327 Provision for loan and lease loss 4,365 (116 ) 594 (433 ) (1,329 ) 418 70 1,775 2,456 7,800 Charge-offs (106 ) (2 ) — (114 ) (29 ) (221 ) — — — (472 ) Recoveries 163 28 — — 982 103 — — — 1,276 Balance at March 31, 2016 $ 18,086 $ 32 $ 2,473 $ 3,816 $ 727 $ 1,253 $ 362 $ 7,657 $ 2,525 $ 36,931 For the Nine Months Ended March 31, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Equity Warehouse & Other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other/Consumer Total Balance at July 1, 2014 $ 7,959 $ 134 $ 1,259 $ 3,785 $ 1,035 $ 812 $ 279 $ 3,048 $ 62 $ 18,373 Provision for loan and lease loss 5,265 10 810 952 70 278 15 863 37 8,300 Charge-offs (734 ) (30 ) — (344 ) (156 ) (201 ) — — — (1,465 ) Recoveries 145 9 — — — 81 — — 12 247 Balance at March 31, 2015 $ 12,635 $ 123 $ 2,069 $ 4,393 $ 949 $ 970 $ 294 $ 3,911 $ 111 $ 25,455 |
Impaired Financing Receivables | The following tables present our loans and leases evaluated individually for impairment by class: March 31, 2016 (Dollars in thousands) Unpaid Principal Balance Principal Balance Adjustment Unpaid Book Balance Accrued Interest / Origination Fees Recorded Investment Related Allowance With no related allowance recorded: Single Family Real Estate Secured: Mortgage: In-house originated $ 8,989 $ 717 $ 8,272 $ 519 $ 8,791 $ — Purchased 5,890 2,005 3,885 97 3,982 — Multifamily Real Estate Secured: Purchased 2,532 1,050 1,482 — 1,482 — Commercial Real Estate Secured: Purchased 629 257 372 41 413 — Auto and RV Secured: In-house originated 930 701 229 14 243 — With an allowance recorded: Single Family Real Estate Secured: Mortgage: In-house originated 4,493 — 4,493 62 4,555 179 Purchased 2,136 — 2,136 5 2,141 50 Home Equity: In-house originated 34 — 34 — 34 1 Multifamily Real Estate Secured: In-house originated 3,246 — 3,246 61 3,307 2 Auto and RV Secured: In-house originated 35 — 35 2 37 1 Total $ 28,914 $ 4,730 $ 24,184 $ 801 $ 24,985 $ 233 As a % of total gross loans and leases 0.48 % 0.08 % 0.40 % 0.01 % 0.41 % — % June 30, 2015 (Dollars in thousands) Unpaid Principal Balance Principal Balance Adjustment Unpaid Book Balance Accrued Interest / Origination Fees Recorded Investment Related Allowance With no related allowance recorded: Single Family Real Estate Secured: Mortgage: In-house originated $ 7,000 $ 657 $ 6,343 $ 129 $ 6,472 $ — Purchased 6,318 2,083 4,235 157 4,392 — Multifamily Real Estate Secured: Purchased 2,569 921 1,648 — 1,648 — Commercial Real Estate Secured: Purchased 3,662 1,534 2,128 254 2,382 — Auto and RV Secured: In-house originated 1,097 815 282 13 295 — With an allowance recorded: Single Family Real Estate Secured: Mortgage: In-house originated 10,142 — 10,142 — 10,142 214 Purchased 2,339 — 2,339 9 2,348 45 Home Equity: In-house originated 9 — 9 — 9 1 Multifamily Real Estate Secured: In-house originated 3,430 — 3,430 43 3,473 2 Purchased 321 — 321 20 341 3 Auto and RV Secured: In-house originated 171 — 171 4 175 8 Total $ 37,058 $ 6,010 $ 31,048 $ 629 $ 31,677 $ 273 As a % of total gross loans and leases 0.74 % 0.12 % 0.62 % 0.01 % 0.63 % 0.01 % |
Allowance for Credit Losses on Financing Receivables | The following tables present the balance in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment and based on impairment evaluation method: March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse and other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Allowance for loan and lease losses: Ending allowance balance attributable to loans and leases: Individually evaluated for impairment $ 229 $ 1 $ — $ 2 $ — $ 1 $ — $ — $ — $ 233 Collectively evaluated for impairment 17,857 31 2,473 3,814 727 1,252 362 7,657 2,525 36,698 Total ending allowance balance $ 18,086 $ 32 $ 2,473 $ 3,816 $ 727 $ 1,253 $ 362 $ 7,657 $ 2,525 $ 36,931 Loans and leases: Loans and leases individually evaluated for impairment 1 $ 18,786 $ 34 $ — $ 4,728 $ 372 $ 264 $ — $ — $ — $ 24,184 Loans and leases collectively evaluated for impairment 3,522,877 3,122 506,031 1,272,206 98,419 45,029 145,485 480,939 4,374 6,078,482 Principal loan and lease balance 3,541,663 3,156 506,031 1,276,934 98,791 45,293 145,485 480,939 4,374 6,102,666 Unaccreted discounts and loan and lease fees 13,390 20 (2,467 ) 4,096 425 615 (48,838 ) 1,777 (53 ) (31,035 ) Accrued interest receivable 12,609 5 1,787 5,136 345 127 341 675 78 21,103 Total recorded investment in loans and leases $ 3,567,662 $ 3,181 $ 505,351 $ 1,286,166 $ 99,561 $ 46,035 $ 96,988 $ 483,391 $ 4,399 $ 6,092,734 ________________ 1. Loans and leases evaluated for impairment include Troubled Debt Restructurings (“TDRs”) that have been performing for more than six months . June 30, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse and other Multifamily Real Estate Secured Commercial Real Estate Auto and RV Secured Factoring Commercial & Industrial Other Total Allowance for loan and lease losses: Ending allowance balance attributable to loans and leases: Individually evaluated for impairment $ 259 $ 1 $ — $ 5 $ — $ 8 $ — $ — $ — $ 273 Collectively evaluated for impairment 13,405 121 1,879 4,358 1,103 945 292 5,882 69 28,054 Total ending allowance balance $ 13,664 $ 122 $ 1,879 $ 4,363 $ 1,103 $ 953 $ 292 $ 5,882 $ 69 $ 28,327 Loans and leases: Loans and leases individually evaluated for impairment 1 $ 23,059 $ 9 $ — $ 5,399 $ 2,128 $ 453 $ — $ — $ — $ 31,048 Loans and leases collectively evaluated for impairment 2,957,736 3,595 385,413 1,180,132 59,275 12,687 122,200 248,584 601 4,970,223 Principal loan and lease balance 2,980,795 3,604 385,413 1,185,531 61,403 13,140 122,200 248,584 601 5,001,271 Unaccreted discounts and loan and lease fees 10,438 11 (83 ) 3,348 96 149 (57,223 ) (1,062 ) — (44,326 ) Accrued interest receivable 10,530 5 306 4,862 145 73 477 1,159 — 17,557 Total recorded investment in loans and leases $ 3,001,763 $ 3,620 $ 385,636 $ 1,193,741 $ 61,644 $ 13,362 $ 65,454 $ 248,681 $ 601 $ 4,974,502 ________________ 1. Loans and leases evaluated for impairment include TDRs that have been performing for more than six months . |
Schedule of Financing Receivables, Non Accrual Status | Non-performing loans and leases consisted of the following as of the dates indicated: (Dollars in thousands) March 31, June 30, Single Family Real Estate Secured: Mortgage: In-house originated $ 12,765 $ 16,485 Purchased 5,809 6,357 Home Equity: In-house originated 34 9 Multifamily Real Estate Secured: In-house originated 3,246 3,430 Purchased 1,482 1,969 Commercial Real Estate Secured: Purchased 372 2,128 Total non-performing loans secured by real estate 23,708 30,378 Auto and RV Secured 264 453 Total non-performing loans and leases $ 23,972 $ 30,831 Non-performing loans and leases to total loans and leases 0.39 % 0.62 % |
Schedule of Loans, Performing and Non-performing | The following tables present the outstanding unpaid balance of loans and leases that are performing and non-performing by portfolio class: March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Performing $ 3,523,089 $ 3,122 $ 506,031 $ 1,272,206 $ 98,419 $ 45,029 $ 145,485 $ 480,939 $ 4,374 $ 6,078,694 Non-performing 18,574 34 — 4,728 372 264 — — — 23,972 Total $ 3,541,663 $ 3,156 $ 506,031 $ 1,276,934 $ 98,791 $ 45,293 $ 145,485 $ 480,939 $ 4,374 $ 6,102,666 June 30, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Performing $ 2,957,953 $ 3,595 $ 385,413 $ 1,180,132 $ 59,275 $ 12,687 $ 122,200 $ 248,584 $ 601 $ 4,970,440 Non-performing 22,842 9 — 5,399 2,128 453 — — — 30,831 Total $ 2,980,795 $ 3,604 $ 385,413 $ 1,185,531 $ 61,403 $ 13,140 $ 122,200 $ 248,584 $ 601 $ 5,001,271 The Company divides loan balances when determining general loan loss reserves between purchases and originations as follows: March 31, 2016 Single Family Real Estate Secured: Mortgage Multifamily Real Estate Secured Commercial Real Estate Secured (Dollars in thousands) Origination Purchase Total Origination Purchase Total Origination Purchase Total Performing $ 3,448,448 $ 74,641 $ 3,523,089 $ 1,163,275 $ 108,931 $ 1,272,206 $ 86,227 $ 12,192 $ 98,419 Non-performing 12,765 5,809 18,574 3,246 1,482 4,728 — 372 372 Total $ 3,461,213 $ 80,450 $ 3,541,663 $ 1,166,521 $ 110,413 $ 1,276,934 $ 86,227 $ 12,564 $ 98,791 June 30, 2015 Single Family Real Estate Secured: Mortgage Multifamily Real Estate Secured Commercial Real Estate Secured (Dollars in thousands) Origination Purchase Total Origination Purchase Total Origination Purchase Total Performing $ 2,869,119 $ 88,834 $ 2,957,953 $ 1,048,266 $ 131,866 $ 1,180,132 $ 46,577 $ 12,698 $ 59,275 Non-performing 16,485 6,357 22,842 3,430 1,969 5,399 — 2,128 2,128 Total $ 2,885,604 $ 95,191 $ 2,980,795 $ 1,051,696 $ 133,835 $ 1,185,531 $ 46,577 $ 14,826 $ 61,403 |
Troubled Debt Restructurings on Financing Receivables | The Company classifies these loans as performing loans temporarily modified as TDR and are included in impaired loans and leases as follows: March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ 212 $ — $ — $ — $ — $ — $ — $ — $ — $ 212 Non-performing loans and leases 18,574 34 — 4,728 372 264 — — — 23,972 Total impaired loans and leases $ 18,786 $ 34 $ — $ 4,728 $ 372 $ 264 $ — $ — $ — $ 24,184 June 30, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ 217 $ — $ — $ — $ — $ — $ — $ — $ — $ 217 Non-performing loans and leases 22,842 9 — 5,399 2,128 453 — — — 30,831 Total impaired loans and leases $ 23,059 $ 9 $ — $ 5,399 $ 2,128 $ 453 $ — $ — $ — $ 31,048 The Company recognizes interest on performing loans temporarily modified as TDR, which is shown in conjunction with average balances as follows: For the Three Months Ended March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 2 $ — $ — $ — $ — $ — $ — $ — $ — $ 2 Average balances of performing TDRs $ 213 $ — $ — $ — $ — $ — $ — $ — $ — $ 213 Average balances of impaired loans $ 19,977 $ 21 $ — $ 4,787 $ 372 $ 282 $ — $ — $ — $ 25,439 For the Three Months Ended March 31, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 2 $ — $ — $ — $ — $ — $ — $ — $ — $ 2 Average balances of performing TDRs $ 377 $ — $ — $ — $ — $ — $ — $ — $ — $ 377 Average balances of impaired loans $ 27,097 $ 32 $ — $ 5,327 $ 2,164 $ 430 $ — $ — $ — $ 35,050 For the Nine Months Ended March 31, 2016 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 6 $ — $ — $ — $ — $ — $ — $ — $ — $ 6 Average balances of performing TDRs $ 215 $ — $ — $ — $ — $ — $ — $ — $ — $ 215 Average balances of impaired loans $ 21,559 $ 15 $ — $ 5,064 $ 1,147 $ 340 $ — $ — $ — $ 28,125 For the Nine Months Ended March 31, 2015 Single Family Real Estate Secured (Dollars in thousands) Mortgage Home Warehouse & other Multifamily Real Estate Secured Commercial Real Estate Secured Auto and RV Secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 14 $ — $ — $ — $ 20 $ — $ — $ — $ — $ 34 Average balances of performing TDRs $ 570 $ — $ — $ — $ 348 $ — $ — $ — $ — $ 918 Average balances of impaired loans $ 20,618 $ 62 $ — $ 5,300 $ 3,253 $ 464 $ — $ — $ — $ 29,697 |
Financing Receivable Credit Quality Indicators | The following table presents the composition of the Company’s loan and lease portfolio by credit quality indicators: March 31, 2016 (Dollars in thousands) Pass Special Substandard Doubtful Total Single Family Real Estate Secured: Mortgage: In-house originated $ 3,423,247 $ 19,713 $ 18,253 $ — $ 3,461,213 Purchased 73,891 64 6,495 — 80,450 Home Equity: In-house originated 3,104 17 35 — 3,156 Warehouse and other: In-house originated 501,500 4,531 — — 506,031 Multifamily Real Estate Secured: In-house originated 1,158,436 4,839 3,246 — 1,166,521 Purchased 105,084 2,781 2,548 — 110,413 Commercial Real Estate Secured: In-house originated 86,227 — — — 86,227 Purchased 10,169 2,023 372 — 12,564 Auto and RV Secured: In-house originated 44,969 17 307 — 45,293 Factoring: In-house originated 145,485 — — — 145,485 Commercial & Industrial: In-house originated 342,911 — 1,190 — 344,101 Purchased 136,838 — — — 136,838 Other 1,140 3,234 — — 4,374 Total $ 6,033,001 $ 37,219 $ 32,446 $ — $ 6,102,666 As a % of total gross loans and leases 98.9 % 0.6 % 0.5 % — % 100.0 % June 30, 2015 (Dollars in thousands) Pass Special Substandard Doubtful Total Single Family Real Estate Secured: Mortgage: In-house originated $ 2,855,637 $ 11,256 $ 18,711 $ — $ 2,885,604 Purchased 87,256 216 7,719 — 95,191 Home Equity: In-house originated 3,473 — 131 — 3,604 Warehouse and other: In-house originated 375,588 9,825 — — 385,413 Multifamily Real Estate Secured: In-house originated 1,036,718 10,926 4,052 — 1,051,696 Purchased 127,839 3,470 2,526 — 133,835 Commercial Real Estate Secured: In-house originated 46,577 — — — 46,577 Purchased 9,947 2,444 2,435 — 14,826 Auto and RV Secured: In-house originated 12,630 19 491 — 13,140 Factoring: In-house originated 122,200 — — — 122,200 Commercial & Industrial: In-house originated 239,415 9,169 — — 248,584 Other 601 — — — 601 Total $ 4,917,881 $ 47,325 $ 36,065 $ — $ 5,001,271 As a % of total gross loans and leases 98.3 % 1.0 % 0.7 % — % 100.0 % |
Past Due Financing Receivables | The following table provides the outstanding unpaid balance of loans and leases that are past due 30 days or more by portfolio class as of the period indicated: March 31, 2016 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single family real estate secured: Mortgage: In-house originated $ 2,956 $ 4,634 $ 12,734 $ 20,324 Purchased 386 437 2,475 3,298 Home equity: In-house originated — 17 29 46 Multifamily real estate secured: In-house originated — — 791 791 Commercial real estate secured: Purchased — — 372 372 Auto and RV secured 348 17 58 423 Other 1,059 3,234 — 4,293 Total $ 4,749 $ 8,339 $ 16,459 $ 29,547 As a % of total gross loans and leases 0.07 % 0.14 % 0.27 % 0.48 % June 30, 2015 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single family real estate secured: Mortgage In-house originated $ 1,275 $ 2,876 $ 11,450 $ 15,601 Purchased 472 — 3,371 3,843 Home equity In-house originated 130 — — 130 Multifamily real estate secured In-house originated 244 — 791 1,035 Purchased — — 321 321 Commercial real estate secured Purchased 782 — 382 1,164 Auto and RV secured In-house originated 271 125 67 463 Total $ 3,174 $ 3,001 $ 16,382 $ 22,557 As a % of total gross loans and leases 0.06 % 0.06 % 0.33 % 0.45 % |
EQUITY AND STOCK-BASED COMPEN23
EQUITY AND STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock option activity | A summary of stock option activity under the Plans during the periods indicated is presented below: Number of Shares Weighted-Average Exercise Price Per Share Outstanding—June 30, 2014 427,800 $ 2.18 Granted — — Exercised (345,400 ) 2.26 Canceled — — Outstanding—June 30, 2015 82,400 $ 1.84 Granted — — Exercised (80,800 ) 1.84 Canceled — — Outstanding—March 31, 2016 1,600 $ 1.84 Options exercisable—June 30, 2014 427,800 $ 2.18 Options exercisable—June 30, 2015 82,400 $ 1.84 Options exercisable—March 31, 2016 1,600 $ 1.84 |
Table summarizing outstanding and exercisable options | The following table summarizes information on currently outstanding and exercisable options: As of March 31, 2016 Options Outstanding Options Exercisable Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Number Exercisable Weighted- Average Exercise Price $ 1.84 1,600 0.32 1,600 $ 1.84 |
Unrecognized compensation expense related to non-vested awards, to be recognized in the future | At March 31, 2016 , unrecognized compensation expense related to non-vested awards aggregated to $24,825 and is expected to be recognized in future periods as follows: (Dollars in thousands) Stock Award Compensation Expense For the fiscal year remainder: 2016 $ 3,171 2017 10,987 2018 7,749 2019 2,918 Total $ 24,825 |
Status and changes in restricted stock grants | The following table presents the status and changes in restricted stock unit grants for the periods indicated: Restricted Stock Unit Shares Weighted-Average Grant-Date Fair Value Non-vested balance at June 30, 2014 945,756 $ 10.29 Granted 775,836 19.99 Vested (519,400 ) 10.11 Canceled (67,104 ) 14.13 Non-vested balance at June 30, 2015 1,135,088 $ 17.01 Granted 615,362 26.61 Vested (262,747 ) 13.77 Canceled (80,511 ) 20.26 Non-vested balance at March 31, 2016 1,407,192 $ 21.44 |
EARNINGS PER SHARE ("EPS") (Tab
EARNINGS PER SHARE ("EPS") (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of basic and diluted EPS | The following table presents the calculation of basic and diluted EPS as adjusted to reflect the effects of the Stock Split: Three Months Ended Nine Months Ended March 31, March 31, (Dollars in thousands, except per share data) 2016 2015 2016 2015 Earnings Per Common Share 1 Net income $ 35,914 $ 21,074 $ 89,564 $ 58,287 Preferred stock dividends (77 ) (77 ) (232 ) (232 ) Net income attributable to common shareholders $ 35,837 $ 20,997 $ 89,332 $ 58,055 Average common shares issued and outstanding 63,066,262 60,889,204 62,849,818 59,500,280 Average unvested RSU shares 1,419,603 1,291,012 1,345,764 1,214,684 Total qualifying shares 64,485,865 62,180,216 64,195,582 60,714,964 Earnings per common share $ 0.56 $ 0.34 $ 1.39 $ 0.96 Diluted Earnings Per Common Share 1 Net income attributable to common shareholders $ 35,837 $ 20,997 $ 89,332 $ 58,055 Dilutive net income attributable to common shareholders $ 35,837 $ 20,997 $ 89,332 $ 58,055 Average common shares issued and outstanding 64,485,865 62,180,216 64,195,582 60,714,964 Dilutive effect of stock options 951 237,544 7,625 236,088 Total dilutive common shares issued and outstanding 64,486,816 62,417,760 64,203,207 60,951,052 Diluted earnings per common share $ 0.56 $ 0.34 $ 1.39 $ 0.95 1. Share and per share amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 |
- NARRATIVE (Details)
- NARRATIVE (Details) | Nov. 17, 2015 | Mar. 31, 2016shares | Nov. 30, 2015shares | Oct. 31, 2015shares | Jun. 30, 2015shares | |
Accounting Policies [Abstract] | ||||||
Common stock split, conversion ratio | [1] | 4 | ||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 50,000,000 | 150,000,000 | ||
[1] | Common stock amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 |
SIGNIFICANT ACCOUNTING POLICI26
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Mar. 31, 2016 | Aug. 31, 2015 |
Direct Financing Lease | Pacific Western Equipment Finance | |||
Business Acquisition [Line Items] | |||
Value of equipment leases acquired under Asset Purchase Agreement | $ 140 | $ 140 | |
Lease purchase price premium over assumed liabilities (as a percent) | 2.50% | ||
H&R Block Bank Deposits | |||
Business Acquisition [Line Items] | |||
Deposits acquired, net | $ 419 | ||
Other | Emerald Advance | H&R Block Bank Deposits | |||
Business Acquisition [Line Items] | |||
Interest income and fees retainer (as a percent) | 10.00% |
FAIR VALUE - NARRATIVE (Details
FAIR VALUE - NARRATIVE (Details) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2016USD ($)security | Feb. 29, 2016 | Oct. 31, 2009 | |
Collateralized Debt Obligations | |||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||
Number of collateralized debt securities in trading portfolio | security | 2 | ||
Collateralized Debt Obligations | Discounted cash flow | |||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||
Probability of actual and forecasted defaults | 18.30% | ||
Percentage of actual defaults | 17.30% | ||
Description of variable rate basis | U.S. Treasury | ||
Collateralized Debt Obligations | Discounted cash flow | Significant Unobservable Inputs (Level 3) | |||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||
Percent increase in discount rate | 1.00% | ||
Effect on net income before tax from one percentage point increase in discount rate | $ 799 | ||
Percent decrease in discount rate | 1.00% | ||
Effect on net income before tax from one percentage point decrease in discount rate | $ 924 | ||
Collateralized Debt Obligations | Weighted Average | Discounted cash flow | Significant Unobservable Inputs (Level 3) | |||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||
Discount rate, basis spread | 5.00% | ||
Non-agency RMBS | Significant Unobservable Inputs (Level 3) | |||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||
Unemployment rate | 4.90% | 10.00% | |
Non-agency RMBS | Minimum | Discounted cash flow | |||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||
Discount rate, basis spread | 2.42% | ||
Non-agency RMBS | Minimum | Discounted cash flow | Significant Unobservable Inputs (Level 3) | |||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||
Probability of actual and forecasted defaults | 1.50% | ||
Loss severity | 40.00% | ||
Non-agency RMBS | Maximum | Discounted cash flow | |||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||
Discount rate, basis spread | 7.19% | ||
Non-agency RMBS | Maximum | Discounted cash flow | Significant Unobservable Inputs (Level 3) | |||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||
Probability of actual and forecasted defaults | 15.60% | ||
Loss severity | 68.60% |
FAIR VALUE - ASSETS AND LIABILI
FAIR VALUE - ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - trading | $ 7,589 | $ 7,832 |
Securities - available for sale | 278,653 | 163,361 |
Loans held for sale | 42,682 | 25,430 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - trading | 0 | 0 |
Securities - available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - trading | 0 | 0 |
Securities - available for sale | 261,616 | 136,728 |
Loans held for sale | 42,682 | 25,430 |
Mortgage servicing rights | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - trading | 7,589 | 7,832 |
Securities - available for sale | 17,037 | 26,633 |
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 3,375 | 2,098 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 278,653 | 163,361 |
Loans held for sale | 42,682 | 25,430 |
Mortgage servicing rights | 3,375 | 2,098 |
Other assets - Derivative instruments | 2,394 | 2,261 |
Other liabilities - Derivative instruments | 823 | 0 |
Recurring | Collateralized Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - trading | 7,589 | 7,832 |
Recurring | Agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 35,288 | 43,491 |
Recurring | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 17,037 | 26,633 |
Recurring | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 33,616 | 22,035 |
Recurring | Other Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 192,712 | 71,202 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Other assets - Derivative instruments | 0 | 0 |
Other liabilities - Derivative instruments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - trading | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 261,616 | 136,728 |
Loans held for sale | 42,682 | 25,430 |
Mortgage servicing rights | 0 | 0 |
Other assets - Derivative instruments | 0 | 0 |
Other liabilities - Derivative instruments | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Collateralized Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - trading | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 35,288 | 43,491 |
Recurring | Significant Other Observable Inputs (Level 2) | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 33,616 | 22,035 |
Recurring | Significant Other Observable Inputs (Level 2) | Other Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 192,712 | 71,202 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 17,037 | 26,633 |
Loans held for sale | 0 | 0 |
Mortgage servicing rights | 3,375 | 2,098 |
Other assets - Derivative instruments | 2,394 | 2,261 |
Other liabilities - Derivative instruments | 823 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - trading | 7,589 | 7,832 |
Recurring | Significant Unobservable Inputs (Level 3) | Agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 17,037 | 26,633 |
Recurring | Significant Unobservable Inputs (Level 3) | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Other Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities - available for sale | $ 0 | $ 0 |
FAIR VALUE - LEVEL 3 ASSETS MEA
FAIR VALUE - LEVEL 3 ASSETS MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Other-than-temporary impairment | $ (8) | $ (707) | $ (149) | $ (2,204) |
Recurring | Level 3 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Opening balance | 33,348 | 41,484 | 38,824 | 46,912 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Total gains or losses for the period - Included in earnings | 88 | 1,208 | (1,193) | 957 |
Total gains or losses for the period - Included in other comprehensive income | (532) | (232) | (1,493) | (1,351) |
Purchases/originations | 352 | 511 | 1,780 | 1,021 |
Sales | 67 | 0 | (2,023) | 0 |
Settlements | (3,640) | (3,013) | (5,367) | (7,162) |
Other-than-temporary impairment | (8) | (704) | (47) | (919) |
Closing balance | 29,572 | 39,130 | 29,572 | 39,130 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | (15) | 1,084 | (2,102) | 629 |
Recurring | Level 3 | Collateralized Debt Obligations | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Opening balance | 7,706 | 7,862 | 7,832 | 8,066 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Total gains or losses for the period - Included in earnings | (117) | (124) | (243) | (328) |
Total gains or losses for the period - Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases/originations | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other-than-temporary impairment | 0 | 0 | 0 | 0 |
Closing balance | 7,589 | 7,738 | 7,589 | 7,738 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | (117) | (124) | (243) | (328) |
Recurring | Level 3 | Non-agency RMBS | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Opening balance | 21,136 | 31,926 | 26,633 | 37,409 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Total gains or losses for the period - Included in earnings | 14 | 0 | (666) | 0 |
Total gains or losses for the period - Included in other comprehensive income | (532) | (232) | (1,493) | (1,351) |
Purchases/originations | 0 | 0 | 0 | 0 |
Sales | 67 | 0 | (2,023) | 0 |
Settlements | (3,640) | (3,013) | (5,367) | (7,162) |
Other-than-temporary impairment | (8) | (704) | (47) | (919) |
Closing balance | 17,037 | 27,977 | 17,037 | 27,977 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | 14 | 0 | (666) | 0 |
Recurring | Level 3 | Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Opening balance | 3,475 | 1,037 | 2,098 | 562 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Total gains or losses for the period - Included in earnings | (452) | (194) | (503) | (229) |
Purchases/originations | 352 | 511 | 1,780 | 1,021 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | |
Other-than-temporary impairment | 0 | 0 | 0 | |
Closing balance | 3,375 | 1,354 | 3,375 | 1,354 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | (452) | (194) | (503) | (229) |
Recurring | Level 3 | Derivative Instruments, net | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Opening balance | 1,031 | 659 | 2,261 | 875 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Total gains or losses for the period - Included in earnings | 540 | 1,402 | (690) | 1,186 |
Purchases/originations | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other-than-temporary impairment | 0 | 0 | 0 | 0 |
Closing balance | 1,571 | 2,061 | 1,571 | 2,061 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ 540 | $ 1,402 | $ (690) | $ 1,186 |
FAIR VALUE - QUANTITATIVE INFOR
FAIR VALUE - QUANTITATIVE INFORMATION FOR LEVEL 3 FAIR VALUE MEASURMENTS (RECURRING) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - trading | $ 7,589 | $ 7,832 |
Securities - available for sale | $ 278,653 | 163,361 |
Collateralized Debt Obligations | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 18.30% | |
Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - available for sale | $ 278,653 | 163,361 |
Mortgage servicing rights | 3,375 | 2,098 |
Recurring | Collateralized Debt Obligations | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - trading | 7,589 | 7,832 |
Recurring | Non-agency RMBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - available for sale | 17,037 | 26,633 |
Level 3 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - trading | 7,589 | 7,832 |
Securities - available for sale | 17,037 | 26,633 |
Mortgage servicing rights | $ 3,375 | 2,098 |
Level 3 | Non-agency RMBS | Minimum | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 1.50% | |
Projected Loss Severity | 40.00% | |
Level 3 | Non-agency RMBS | Maximum | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 15.60% | |
Projected Loss Severity | 68.60% | |
Level 3 | Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - available for sale | $ 17,037 | 26,633 |
Mortgage servicing rights | 3,375 | 2,098 |
Level 3 | Recurring | Collateralized Debt Obligations | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - trading | 7,589 | 7,832 |
Level 3 | Recurring | Collateralized Debt Obligations | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - trading | $ 7,589 | $ 7,832 |
Level 3 | Recurring | Collateralized Debt Obligations | Minimum | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 15.50% | 18.80% |
Discount Rate over Treasury/LIBOR | 5.00% | 4.80% |
Level 3 | Recurring | Collateralized Debt Obligations | Maximum | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 21.00% | 29.80% |
Discount Rate over Treasury/LIBOR | 5.00% | 4.80% |
Level 3 | Recurring | Collateralized Debt Obligations | Weighted Average | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 18.30% | 24.60% |
Discount Rate over Treasury/LIBOR | 5.00% | 4.80% |
Level 3 | Recurring | Non-agency RMBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - available for sale | $ 17,037 | $ 26,633 |
Level 3 | Recurring | Non-agency RMBS | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities - available for sale | $ 17,037 | $ 26,633 |
Level 3 | Recurring | Non-agency RMBS | Minimum | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate over Treasury/LIBOR | 2.40% | 2.40% |
Projected Constant Prepayment Rate | 7.70% | 6.30% |
Projected Constant Default Rate | 2.10% | 1.50% |
Projected Loss Severity | 40.00% | 37.60% |
Level 3 | Recurring | Non-agency RMBS | Maximum | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate over Treasury/LIBOR | 3.00% | 3.00% |
Projected Constant Prepayment Rate | 19.10% | 29.50% |
Projected Constant Default Rate | 10.00% | 19.60% |
Projected Loss Severity | 68.60% | 66.50% |
Level 3 | Recurring | Non-agency RMBS | Weighted Average | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate over Treasury/LIBOR | 2.90% | 2.90% |
Projected Constant Prepayment Rate | 13.10% | 13.00% |
Projected Constant Default Rate | 4.70% | 5.60% |
Projected Loss Severity | 52.30% | 51.10% |
Level 3 | Recurring | Mortgage Servicing Rights | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing rights | $ 3,375 | $ 2,098 |
Level 3 | Recurring | Mortgage Servicing Rights | Minimum | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate over Treasury/LIBOR | 9.50% | 9.50% |
Projected Constant Prepayment Rate | 5.80% | 4.40% |
Life | 3 years 7 months 6 days | 4 years 3 months 18 days |
Level 3 | Recurring | Mortgage Servicing Rights | Maximum | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate over Treasury/LIBOR | 10.50% | 10.50% |
Projected Constant Prepayment Rate | 19.50% | 19.20% |
Life | 7 years 1 month 6 days | 8 years 4 months |
Level 3 | Recurring | Mortgage Servicing Rights | Weighted Average | Discounted cash flow | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate over Treasury/LIBOR | 9.50% | 9.70% |
Projected Constant Prepayment Rate | 10.10% | 7.70% |
Life | 6 years 3 months 18 days | 7 years 4 months 24 days |
Level 3 | Recurring | Derivative Instruments, net | Sales comparison approach | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative instruments, net | $ 1,571 | $ 2,261 |
Level 3 | Recurring | Derivative Instruments, net | Minimum | Sales comparison approach | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Projected Sales Profit of Underlying Loans | 0.30% | 0.50% |
Level 3 | Recurring | Derivative Instruments, net | Maximum | Sales comparison approach | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Projected Sales Profit of Underlying Loans | 0.60% | 1.30% |
Level 3 | Recurring | Derivative Instruments, net | Weighted Average | Sales comparison approach | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Projected Sales Profit of Underlying Loans | 0.40% | 0.80% |
FAIR VALUE - LEVEL 3 UNREALIZED
FAIR VALUE - LEVEL 3 UNREALIZED GAIN (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value adjustment | $ (117) | $ (125) | $ (243) | $ (328) |
Level 3 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Interest income on investments | 60 | 56 | 178 | 166 |
Fair value adjustment | (117) | (125) | (243) | (328) |
Total | $ (57) | $ (69) | $ (65) | $ (162) |
FAIR VALUE - ASSETS MEASURED NO
FAIR VALUE - ASSETS MEASURED NONRECURRING BASIS (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | $ 216,386 | $ 228,323 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 79,294 | 83,441 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 137,092 | 144,882 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 24,184 | 31,048 |
Other real estate owned and foreclosed assets, fair value | 245 | 1,240 |
Nonrecurring | Single family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 463 | |
Nonrecurring | Multifamily real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 207 | 762 |
Nonrecurring | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 38 | 15 |
Nonrecurring | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 84,236 | 88,094 |
Nonrecurring | Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 18,786 | 23,059 |
Nonrecurring | Home equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 34 | 9 |
Nonrecurring | Multi-family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 4,728 | 5,399 |
Nonrecurring | Commercial real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 372 | 2,128 |
Nonrecurring | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 264 | 453 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Single family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Multifamily real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Home equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Multi-family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Single family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Multifamily real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Home equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Multi-family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Commercial real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 0 | 0 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 24,184 | 31,048 |
Other real estate owned and foreclosed assets, fair value | 245 | 1,240 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 463 | |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Multifamily real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 207 | 762 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 38 | 15 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 84,236 | 88,094 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 18,786 | 23,059 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Home equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 34 | 9 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Multi-family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 4,728 | 5,399 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Commercial real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 372 | 2,128 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 264 | 453 |
Discounted cash flow | Nonrecurring | Significant Unobservable Inputs (Level 3) | Non-agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 84,236 | 88,094 |
Sales comparison approach | Nonrecurring | Significant Unobservable Inputs (Level 3) | Single family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 463 | |
Sales comparison approach | Nonrecurring | Significant Unobservable Inputs (Level 3) | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 38 | 15 |
Sales comparison approach | Nonrecurring | Significant Unobservable Inputs (Level 3) | Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 18,786 | 23,059 |
Sales comparison approach | Nonrecurring | Significant Unobservable Inputs (Level 3) | Home equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 34 | 9 |
Sales comparison approach | Nonrecurring | Significant Unobservable Inputs (Level 3) | Auto and RV secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 264 | 453 |
Sales comparison and income/discounted cash flow | Nonrecurring | Significant Unobservable Inputs (Level 3) | Multifamily real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 207 | 762 |
Sales comparison and income/discounted cash flow | Nonrecurring | Significant Unobservable Inputs (Level 3) | Multi-family real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | 4,728 | 5,399 |
Sales comparison and income/discounted cash flow | Nonrecurring | Significant Unobservable Inputs (Level 3) | Commercial real estate secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, fair value | $ 372 | $ 2,128 |
FAIR VALUE - ASSETS MEASURED ON
FAIR VALUE - ASSETS MEASURED ON NONRECURRING BASIS NARRATIVE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Related Allowance | $ 233,000 | $ 233,000 | $ 273,000 | ||
Securities held to maturity | 216,386,000 | 216,386,000 | 228,323,000 | ||
Held-to-maturity securities, impairment charged to income | 0 | 0 | |||
Held-to-maturity securities, impairment charged to other comprehensive income | 998,000 | $ 478,000 | 2,636,000 | $ 3,628,000 | |
Carrying Amount | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities held to maturity | 211,294,000 | 211,294,000 | 225,555,000 | ||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities held to maturity | 137,092,000 | 137,092,000 | 144,882,000 | ||
Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans, fair value | 24,184,000 | 24,184,000 | 31,048,000 | ||
Related Allowance | 233,000 | 233,000 | |||
Other real estate owned and foreclosed assets, fair value | 245,000 | 245,000 | 1,240,000 | ||
Held-to-maturity securities, impairment charged to other comprehensive income | 4,351,000 | 3,855,000 | |||
Nonrecurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans, fair value | 24,184,000 | 24,184,000 | 31,048,000 | ||
Other real estate owned and foreclosed assets, fair value | 245,000 | 245,000 | 1,240,000 | ||
Nonrecurring | Nonperforming | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans, write-off | 135,000 | ||||
Impaired loans, additional provision for loan losses | 4,730,000 | ||||
Nonrecurring | Other real estate owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans, write-off | 114,000 | ||||
Nonrecurring | Non-agency RMBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities held to maturity | 84,236,000 | 84,236,000 | 88,094,000 | ||
Held-to-maturity securities, impairment charged to income | 102,000 | $ 1,285,000 | |||
Nonrecurring | Non-agency RMBS | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities held to maturity | 84,236,000 | 84,236,000 | 88,094,000 | ||
Nonrecurring | Non-agency RMBS | Level 3 | Carrying Amount | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities held to maturity | 87,474,000 | 87,474,000 | |||
Nonrecurring | Non-agency RMBS | Level 3 | Discounted cash flow | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities held to maturity | $ 84,236,000 | $ 84,236,000 | $ 88,094,000 |
FAIR VALUE - LOANS HELD-FOR-SAL
FAIR VALUE - LOANS HELD-FOR-SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |||||
Aggregate fair value | $ 42,682 | $ 42,682 | $ 25,430 | ||
Contractual balance | 41,507 | 41,507 | 24,886 | ||
Unrealized gain | 1,175 | 1,175 | $ 544 | ||
Interest income | 148 | $ 147 | 581 | $ 450 | |
Change in fair value | 1,223 | 1,583 | (69) | 1,453 | |
Total Change in fair value | $ 1,371 | $ 1,730 | $ 512 | $ 1,903 |
FAIR VALUE - QUANTITATIVE INF35
FAIR VALUE - QUANTITATIVE INFORMATION FOR LEVEL 3 FAIR VALUE MEASURMENTS (NONRECURRING) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Held to maturity - Fair Value | $ 216,386 | $ 228,323 |
Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Held to maturity - Fair Value | $ 137,092 | 144,882 |
Level 3 | Non-agency RMBS | Minimum | Discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loss severity | 40.00% | |
Level 3 | Non-agency RMBS | Maximum | Discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loss severity | 68.60% | |
Nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 24,184 | 31,048 |
Other real estate owned and foreclosed assets, fair value | 245 | 1,240 |
Nonrecurring | Single family real estate secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 463 | |
Nonrecurring | Multifamily real estate secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 207 | 762 |
Nonrecurring | Auto and RV secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 38 | 15 |
Nonrecurring | Non-agency RMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Held to maturity - Fair Value | 84,236 | 88,094 |
Nonrecurring | Mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | 18,786 | 23,059 |
Nonrecurring | Home equity | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | 34 | 9 |
Nonrecurring | Multi-family real estate secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | 4,728 | 5,399 |
Nonrecurring | Commercial real estate secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | 372 | 2,128 |
Nonrecurring | Auto and RV secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | 264 | 453 |
Nonrecurring | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | 24,184 | 31,048 |
Other real estate owned and foreclosed assets, fair value | 245 | 1,240 |
Nonrecurring | Level 3 | Single family real estate secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 463 | |
Nonrecurring | Level 3 | Single family real estate secured | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 463 | |
Nonrecurring | Level 3 | Single family real estate secured | Minimum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (20.30%) | |
Nonrecurring | Level 3 | Single family real estate secured | Maximum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 12.10% | |
Nonrecurring | Level 3 | Single family real estate secured | Weighted Average | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (4.10%) | |
Nonrecurring | Level 3 | Multifamily real estate secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 207 | $ 762 |
Nonrecurring | Level 3 | Multifamily real estate secured | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 207 | $ 762 |
Nonrecurring | Level 3 | Multifamily real estate secured | Minimum | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (36.20%) | (37.10%) |
Nonrecurring | Level 3 | Multifamily real estate secured | Maximum | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 0.00% | 48.60% |
Nonrecurring | Level 3 | Multifamily real estate secured | Weighted Average | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (20.20%) | 5.70% |
Nonrecurring | Level 3 | Auto and RV secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 38 | $ 15 |
Nonrecurring | Level 3 | Auto and RV secured | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 38 | $ 15 |
Nonrecurring | Level 3 | Auto and RV secured | Minimum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 0.00% | 0.00% |
Nonrecurring | Level 3 | Auto and RV secured | Maximum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 20.80% | 20.70% |
Nonrecurring | Level 3 | Auto and RV secured | Weighted Average | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 8.60% | 10.30% |
Nonrecurring | Level 3 | Non-agency RMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Held to maturity - Fair Value | $ 84,236 | $ 88,094 |
Nonrecurring | Level 3 | Non-agency RMBS | Discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Held to maturity - Fair Value | $ 84,236 | $ 88,094 |
Nonrecurring | Level 3 | Non-agency RMBS | Minimum | Discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Constant prepayment rate | 2.50% | 5.00% |
Constant default rate | 1.50% | 1.50% |
Loss severity | 40.00% | 15.00% |
Discount rate over Treasury/LIBOR | 3.00% | 3.00% |
Nonrecurring | Level 3 | Non-agency RMBS | Maximum | Discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Constant prepayment rate | 18.90% | 43.80% |
Constant default rate | 15.60% | 14.60% |
Loss severity | 65.70% | 65.50% |
Discount rate over Treasury/LIBOR | 7.20% | 6.90% |
Nonrecurring | Level 3 | Non-agency RMBS | Weighted Average | Discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Constant prepayment rate | 10.10% | 10.50% |
Constant default rate | 4.80% | 6.70% |
Loss severity | 56.50% | 54.40% |
Discount rate over Treasury/LIBOR | 5.50% | 5.80% |
Nonrecurring | Level 3 | Mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 18,786 | $ 23,059 |
Nonrecurring | Level 3 | Mortgage | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 18,786 | $ 23,059 |
Nonrecurring | Level 3 | Mortgage | Minimum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (40.60%) | (52.50%) |
Nonrecurring | Level 3 | Mortgage | Maximum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 71.10% | 53.70% |
Nonrecurring | Level 3 | Mortgage | Weighted Average | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 11.90% | 3.90% |
Nonrecurring | Level 3 | Home equity | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 34 | $ 9 |
Nonrecurring | Level 3 | Home equity | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 34 | $ 9 |
Nonrecurring | Level 3 | Home equity | Minimum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (27.20%) | (9.70%) |
Nonrecurring | Level 3 | Home equity | Maximum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 0.00% | 5.50% |
Nonrecurring | Level 3 | Home equity | Weighted Average | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (14.30%) | (2.10%) |
Nonrecurring | Level 3 | Multi-family real estate secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 4,728 | $ 5,399 |
Nonrecurring | Level 3 | Multi-family real estate secured | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 4,728 | $ 5,399 |
Nonrecurring | Level 3 | Multi-family real estate secured | Minimum | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (39.50%) | (73.40%) |
Nonrecurring | Level 3 | Multi-family real estate secured | Maximum | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 58.00% | 80.60% |
Nonrecurring | Level 3 | Multi-family real estate secured | Weighted Average | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (17.10%) | (8.30%) |
Nonrecurring | Level 3 | Commercial real estate secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 372 | $ 2,128 |
Nonrecurring | Level 3 | Commercial real estate secured | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 372 | $ 2,128 |
Nonrecurring | Level 3 | Commercial real estate secured | Minimum | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (33.00%) | (66.50%) |
Nonrecurring | Level 3 | Commercial real estate secured | Maximum | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 23.70% | 81.10% |
Nonrecurring | Level 3 | Commercial real estate secured | Weighted Average | Sales comparison and income/discounted cash flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | (4.70%) | (10.30%) |
Nonrecurring | Level 3 | Auto and RV secured | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 264 | $ 453 |
Nonrecurring | Level 3 | Auto and RV secured | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans, fair value | $ 264 | $ 453 |
Nonrecurring | Level 3 | Auto and RV secured | Minimum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 0.00% | 0.00% |
Nonrecurring | Level 3 | Auto and RV secured | Maximum | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 41.10% | 66.20% |
Nonrecurring | Level 3 | Auto and RV secured | Weighted Average | Sales comparison approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Comparability adjustments | 10.50% | 10.80% |
FAIR VALUE - FAIR VALUE BY BALA
FAIR VALUE - FAIR VALUE BY BALANCE SHEET GROUPING (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Financial assets: | ||
Securities - trading | $ 7,589 | $ 7,832 |
Securities - available for sale | 278,653 | 163,361 |
Securities held to maturity | 216,386 | 228,323 |
Loans held for sale | 42,682 | 25,430 |
Loans held for sale, lower of cost or fair value | 59,988 | 77,891 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 895,554 | 222,874 |
Securities - trading | 7,589 | 7,832 |
Securities - available for sale | 278,653 | 163,361 |
Securities held to maturity | 211,294 | 225,555 |
Loans held for sale | 42,682 | 25,430 |
Loans held for sale, lower of cost or fair value | 59,988 | 77,891 |
Loans held for investment—net | 6,034,700 | 4,928,618 |
Accrued interest receivable | 23,913 | 20,268 |
Mortgage servicing rights | 3,375 | 2,098 |
Financial liabilities: | ||
Time deposits and savings | 6,048,031 | 4,451,917 |
Securities sold under agreements to repurchase | 35,000 | 35,000 |
Advances from the Federal Home Loan Bank | 858,000 | 753,000 |
Subordinated debentures | 56,155 | 5,155 |
Accrued interest payable | 1,679 | 1,266 |
Total Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 895,554 | 222,874 |
Securities - trading | 7,589 | 7,832 |
Securities - available for sale | 278,653 | 163,361 |
Securities held to maturity | 216,386 | 228,323 |
Loans held for sale | 42,682 | 25,430 |
Loans held for sale, lower of cost or fair value | 59,988 | 77,932 |
Loans held for investment—net | 6,266,723 | 5,011,596 |
Accrued interest receivable | 23,913 | 20,268 |
Mortgage servicing rights | 3,375 | 2,098 |
Financial liabilities: | ||
Time deposits and savings | 5,872,046 | 4,385,034 |
Securities sold under agreements to repurchase | 36,672 | 37,489 |
Advances from the Federal Home Loan Bank | 876,794 | 757,265 |
Subordinated debentures | 56,155 | 5,155 |
Accrued interest payable | 1,679 | 1,266 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 895,554 | 222,874 |
Securities - trading | 0 | 0 |
Securities - available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for sale, lower of cost or fair value | 0 | 0 |
Loans held for investment—net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities: | ||
Time deposits and savings | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Advances from the Federal Home Loan Bank | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities - trading | 0 | 0 |
Securities - available for sale | 261,616 | 136,728 |
Securities held to maturity | 79,294 | 83,441 |
Loans held for sale | 42,682 | 25,430 |
Loans held for sale, lower of cost or fair value | 0 | 0 |
Loans held for investment—net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities: | ||
Time deposits and savings | 5,872,046 | 4,385,034 |
Securities sold under agreements to repurchase | 36,672 | 37,489 |
Advances from the Federal Home Loan Bank | 876,794 | 757,265 |
Subordinated debentures | 56,155 | 5,155 |
Accrued interest payable | 1,679 | 1,266 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities - trading | 7,589 | 7,832 |
Securities - available for sale | 17,037 | 26,633 |
Securities held to maturity | 137,092 | 144,882 |
Loans held for sale | 0 | 0 |
Loans held for sale, lower of cost or fair value | 59,988 | 77,932 |
Loans held for investment—net | 6,266,723 | 5,011,596 |
Accrued interest receivable | 23,913 | 20,268 |
Mortgage servicing rights | 3,375 | 2,098 |
Financial liabilities: | ||
Time deposits and savings | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Advances from the Federal Home Loan Bank | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
SECURITIES - AMORTIZED COST, CA
SECURITIES - AMORTIZED COST, CARRYING AMOUNT AND FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Marketable Securities [Line Items] | ||
Securities - trading | $ 7,589 | $ 7,832 |
Available-for-sale Securities, Amortized Cost Basis | 277,735 | 159,484 |
Available-for-sale Securities, Unrealized Gains | 2,067 | 5,197 |
Available-for-sale Securities, Unrealized Losses | (1,149) | (1,320) |
Securities - available for sale | 278,653 | 163,361 |
Held-to-maturity securities, carrying value | 211,294 | 225,555 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 13,841 | 15,517 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (8,749) | (12,749) |
Held to maturity - Fair Value | 216,386 | 228,323 |
Mortgage-backed securities (RMBS) | ||
Marketable Securities [Line Items] | ||
Held-to-maturity securities, carrying value | 175,377 | 189,579 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 8,695 | 11,443 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (8,749) | (12,749) |
Held to maturity - Fair Value | 175,323 | 188,273 |
Other Debt Securities | ||
Marketable Securities [Line Items] | ||
Held-to-maturity securities, carrying value | 35,917 | 35,976 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 5,146 | 4,074 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held to maturity - Fair Value | 41,063 | 40,050 |
Mortgage-backed securities (RMBS) | ||
Marketable Securities [Line Items] | ||
Securities - trading | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis | 50,850 | 67,537 |
Available-for-sale Securities, Unrealized Gains | 1,670 | 3,536 |
Available-for-sale Securities, Unrealized Losses | (195) | (949) |
Securities - available for sale | 52,325 | 70,124 |
Held-to-maturity securities, carrying value | 138,011 | |
U.S. agencies | ||
Marketable Securities [Line Items] | ||
Securities - trading | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis | 35,132 | 43,738 |
Available-for-sale Securities, Unrealized Gains | 349 | 701 |
Available-for-sale Securities, Unrealized Losses | (193) | (948) |
Securities - available for sale | 35,288 | 43,491 |
Non-agency RMBS | ||
Marketable Securities [Line Items] | ||
Securities - trading | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis | 15,718 | 23,799 |
Available-for-sale Securities, Unrealized Gains | 1,321 | 2,835 |
Available-for-sale Securities, Unrealized Losses | (2) | (1) |
Securities - available for sale | 17,037 | 26,633 |
Other Debt Securities | ||
Marketable Securities [Line Items] | ||
Securities - trading | 7,589 | 7,832 |
Available-for-sale Securities, Amortized Cost Basis | 226,885 | 91,947 |
Available-for-sale Securities, Unrealized Gains | 397 | 1,661 |
Available-for-sale Securities, Unrealized Losses | (954) | (371) |
Securities - available for sale | 226,328 | 93,237 |
Municipal | ||
Marketable Securities [Line Items] | ||
Securities - trading | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis | 33,541 | 21,731 |
Available-for-sale Securities, Unrealized Gains | 112 | 390 |
Available-for-sale Securities, Unrealized Losses | (37) | (86) |
Securities - available for sale | 33,616 | 22,035 |
Non-agency | ||
Marketable Securities [Line Items] | ||
Securities - trading | 7,589 | 7,832 |
Available-for-sale Securities, Amortized Cost Basis | 193,344 | 70,216 |
Available-for-sale Securities, Unrealized Gains | 285 | 1,271 |
Available-for-sale Securities, Unrealized Losses | (917) | (285) |
Securities - available for sale | $ 192,712 | $ 71,202 |
SECURITIES - NARRATIVE (Details
SECURITIES - NARRATIVE (Details) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)security | Jun. 30, 2015USD ($) | |
Marketable Securities [Line Items] | ||
Securities - available for sale | $ 278,653,000 | $ 163,361,000 |
Held-to-maturity Securities, Transfers [Abstract] | ||
Held-to-maturity, Carrying Amount | 211,294,000 | 225,555,000 |
Debt securities available-for-sale and held-to-maturity pledged to secure borrowings | 47,850,000 | 39,014,000 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||
Held-to-maturity securities, impairment charged to income | 0 | 0 |
Non-agency RMBS | ||
Marketable Securities [Line Items] | ||
Securities - available for sale | 17,037,000 | 26,633,000 |
RMBS, Super Senior Securities | ||
Marketable Securities [Line Items] | ||
Securities - available for sale | $ 11,800,000 | |
Available-for-sale, Number of Securities | security | 17 | |
Held-to-maturity Securities, Transfers [Abstract] | ||
Held-to-maturity, Carrying Amount | $ 135,797,000 | |
Held-to-maturity, Number of Securities | security | 76 | |
RMBS, Senior Structured Whole Loan Securities | ||
Marketable Securities [Line Items] | ||
Securities - available for sale | $ 5,205,000 | |
Available-for-sale, Number of Securities | security | 1 | |
RMBS, Mezzanine Z-Tranche Securities | ||
Marketable Securities [Line Items] | ||
Securities - available for sale | $ 32,000 | |
Available-for-sale, Number of Securities | security | 2 | |
Mortgage-backed securities (RMBS) | ||
Marketable Securities [Line Items] | ||
Securities - available for sale | $ 52,325,000 | $ 70,124,000 |
Held-to-maturity Securities, Transfers [Abstract] | ||
Held-to-maturity, Carrying Amount | 138,011,000 | |
RMBS, Senior-Support Securities | ||
Held-to-maturity Securities, Transfers [Abstract] | ||
Held-to-maturity, Carrying Amount | $ 2,214,000 | |
Held-to-maturity, Number of Securities | security | 1 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||
Number of securities account for as debt security | security | 1 | |
Cost of securities acquired in transfer | $ 17,740,000 | |
Carrying amount of securities acquired in transfer | 30,560,000 | |
Accretable yield of securities acquired in transfer, forecasted | 9,015,000 | |
Nonaccretable yield of securities acquired in transfer, forecasted | 3,805,000 | |
Balance of securities acquired in transfer | 0 | |
Amortizable premium of securities acquired in transfer, forecasted | 0 | |
Nonamortizable premium of securities acquired in transfer, forecasted | $ 2,472,000 |
SECURITIES - SCHEDULE OF UNREAL
SECURITIES - SCHEDULE OF UNREALIZED LOSS ON INVESTMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Available-for-sale securities in loss position for | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | $ 115,668 | $ 22,102 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (564) | (374) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 43,016 | 24,974 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (585) | (946) |
Available-for-sale securities in loss position, Total, Fair Value | 158,684 | 47,076 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (1,149) | (1,320) |
Held-to-maturity securities in loss position for | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 7,051 | 23,450 |
Held-to-maturity securities in loss position for less than 12 months, Gross Unrealized Losses | (206) | (1,802) |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 62,473 | 67,090 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | (8,543) | (10,947) |
Held-to-maturity securities in loss position, Total, Fair Value | 69,524 | 90,540 |
Held-to-maturity securities in loss position, Gross Unrealized Losses | (8,749) | (12,749) |
Mortgage-backed securities (RMBS) | ||
Available-for-sale securities in loss position for | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 2,697 | 1,644 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (3) | (3) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 23,585 | 24,974 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (192) | (946) |
Available-for-sale securities in loss position, Total, Fair Value | 26,282 | 26,618 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (195) | (949) |
Held-to-maturity securities in loss position for | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 7,051 | 23,450 |
Held-to-maturity securities in loss position for less than 12 months, Gross Unrealized Losses | (206) | (1,802) |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 62,473 | 67,090 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | (8,543) | (10,947) |
Held-to-maturity securities in loss position, Total, Fair Value | 69,524 | 90,540 |
Held-to-maturity securities in loss position, Gross Unrealized Losses | (8,749) | (12,749) |
U.S. agencies | ||
Available-for-sale securities in loss position for | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 151 | 369 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (1) | (2) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 23,585 | 24,974 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (192) | (946) |
Available-for-sale securities in loss position, Total, Fair Value | 23,736 | 25,343 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (193) | (948) |
Held-to-maturity securities in loss position for | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 146 | 0 |
Held-to-maturity securities in loss position for less than 12 months, Gross Unrealized Losses | (2) | 0 |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities in loss position, Total, Fair Value | 146 | 0 |
Held-to-maturity securities in loss position, Gross Unrealized Losses | (2) | 0 |
Non-agency RMBS | ||
Available-for-sale securities in loss position for | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 2,546 | 1,275 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (2) | (1) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 0 | 0 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities in loss position, Total, Fair Value | 2,546 | 1,275 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (2) | (1) |
Held-to-maturity securities in loss position for | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 6,905 | 23,450 |
Held-to-maturity securities in loss position for less than 12 months, Gross Unrealized Losses | (204) | (1,802) |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 62,473 | 67,090 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | (8,543) | (10,947) |
Held-to-maturity securities in loss position, Total, Fair Value | 69,378 | 90,540 |
Held-to-maturity securities in loss position, Gross Unrealized Losses | (8,747) | (12,749) |
Other debt | ||
Available-for-sale securities in loss position for | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 112,971 | 20,458 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (561) | (371) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 19,431 | 0 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (393) | 0 |
Available-for-sale securities in loss position, Total, Fair Value | 132,402 | 20,458 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (954) | (371) |
Held-to-maturity securities in loss position for | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position for less than 12 months, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities in loss position, Total, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position, Gross Unrealized Losses | 0 | 0 |
Municipal Debt | ||
Available-for-sale securities in loss position for | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 22,815 | 1,358 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (25) | (86) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 1,428 | 0 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (12) | 0 |
Available-for-sale securities in loss position, Total, Fair Value | 24,243 | 1,358 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (37) | (86) |
Held-to-maturity securities in loss position for | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position for less than 12 months, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities in loss position, Total, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position, Gross Unrealized Losses | 0 | 0 |
Non-agency | ||
Available-for-sale securities in loss position for | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 90,156 | 19,100 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (536) | (285) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 18,003 | 0 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (381) | 0 |
Available-for-sale securities in loss position, Total, Fair Value | 108,159 | 19,100 |
Available-for-sale securities in loss position, Gross Unrealized Losses | (917) | (285) |
Held-to-maturity securities in loss position for | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position for less than 12 months, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity securities in loss position, Total, Fair Value | 0 | 0 |
Held-to-maturity securities in loss position, Gross Unrealized Losses | $ 0 | $ 0 |
SECURITIES - OTHER THAN TEMPORA
SECURITIES - OTHER THAN TEMPORARY IMPAIRMENT, CREDIT LOSSES RECOGNIZED IN EARNINGS (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016USD ($)security | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)security | Mar. 31, 2015USD ($) | Jun. 30, 2015security | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||||
Number of securities in a continuous loss position | security | 37 | 37 | 32 | ||
Non-agency RMBS | |||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||||
Beginning balance | $ (20,528) | $ (19,636) | $ (20,503) | $ (18,139) | |
Additions for the amounts related to credit loss for which an other-than-temporary impairment was not previously recognized | 0 | (704) | (106) | (742) | |
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized | (8) | (3) | (43) | (1,462) | |
Credit losses realized for securities sold | 0 | 0 | 116 | 0 | |
Ending balance | (20,536) | $ (20,343) | (20,536) | $ (20,343) | |
Carrying amount of securities with cumulative credit losses | $ 94,658 | $ 94,658 | |||
Number of securities with other than temporary impairment | security | 2 | 2 | |||
Carrying value of securities with other than temporary impairment | $ 2,238 | $ 2,238 |
SECURITIES - REALIZED GAIN (LOS
SECURITIES - REALIZED GAIN (LOSS) ON SALE OF SECURITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ (67) | $ 0 | $ 10,002 | $ 9,614 |
Gross realized gains | (14) | 0 | 919 | 587 |
Gross realized losses | 0 | 0 | 0 | 0 |
Net realized gain on securities | (14) | $ 0 | $ 919 | $ 587 |
Reduction in realized gain | $ 14 |
SECURITIES - UNREALIZED GAIN (L
SECURITIES - UNREALIZED GAIN (LOSS) ON INVESTMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities—net unrealized gains | $ 918 | $ 3,877 |
Available-for-sale debt securities—non-credit related losses | (248) | (271) |
Held-to-maturity debt securities—non-credit related losses | (14,246) | (18,597) |
Subtotal | (13,576) | (14,991) |
Tax benefit | 5,353 | 5,592 |
Net unrealized loss on investment securities in accumulated other comprehensive loss | $ (8,223) | $ (9,399) |
SECURITIES - INVESTMENTS CLASSI
SECURITIES - INVESTMENTS CLASSIFIED BY CONTRACTUAL MATURITY DATE (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Marketable Securities [Line Items] | ||
Trading Securities, total fair value | $ 7,589 | |
Available-for-sale, Amortized Cost: | ||
Available-for-sale, Amortized Cost | 277,735 | |
Available-for-sale, Fair Value: | ||
Available-for-sale, Fair Value | 278,653 | $ 163,361 |
Held-to-maturity, Carrying Amount: | ||
Held-to-maturity, Amortized Cost | 211,294 | |
Held-to-maturity, Fair Value: | ||
Held to maturity - Fair Value | 216,386 | 228,323 |
Mortgage-backed securities (RMBS) | ||
Held-to-maturity, Fair Value: | ||
Held to maturity - Fair Value | 175,323 | 188,273 |
Other debt | ||
Held-to-maturity, Carrying Amount: | ||
Due within one year | 1,037 | |
Due one to five years | 4,813 | |
Due five to ten years | 7,556 | |
Due after ten years | 22,511 | |
Held-to-maturity, Amortized Cost | 35,917 | |
Held-to-maturity, Fair Value: | ||
Due within one year | 1,179 | |
Due one to five years | 5,473 | |
Due five to ten years | 8,596 | |
Due after ten years | 25,815 | |
Held to maturity - Fair Value | 41,063 | 40,050 |
Mortgage-backed securities (RMBS) | ||
Available-for-sale, Fair Value: | ||
Available-for-sale, Fair Value | 52,325 | 70,124 |
U.S. agencies | ||
Available-for-sale, Amortized Cost: | ||
Due within one year | 3,543 | |
Due one to five years | 10,922 | |
Due five to ten years | 8,623 | |
Due after ten years | 12,044 | |
Available-for-sale, Amortized Cost | 35,132 | |
Available-for-sale, Fair Value: | ||
Due within one year | 3,538 | |
Due one to five years | 10,925 | |
Due five to ten years | 8,660 | |
Due after ten years | 12,165 | |
Available-for-sale, Fair Value | 35,288 | 43,491 |
Non-agency RMBS | ||
Available-for-sale, Amortized Cost: | ||
Due within one year | 4,026 | |
Due one to five years | 6,872 | |
Due five to ten years | 2,030 | |
Due after ten years | 2,790 | |
Available-for-sale, Amortized Cost | 15,718 | |
Available-for-sale, Fair Value: | ||
Due within one year | 4,289 | |
Due one to five years | 7,288 | |
Due five to ten years | 2,279 | |
Due after ten years | 3,181 | |
Available-for-sale, Fair Value | 17,037 | 26,633 |
Other debt | ||
Marketable Securities [Line Items] | ||
Trading Securities, Due after ten years | 7,589 | |
Trading Securities, total fair value | 7,589 | |
Available-for-sale, Amortized Cost: | ||
Due within one year | 110,350 | |
Due one to five years | 108,880 | |
Due five to ten years | 4,131 | |
Due after ten years | 3,524 | |
Available-for-sale, Amortized Cost | 226,885 | |
Available-for-sale, Fair Value: | ||
Due within one year | 110,323 | |
Due one to five years | 108,293 | |
Due five to ten years | 4,169 | |
Due after ten years | 3,543 | |
Available-for-sale, Fair Value | $ 226,328 | $ 93,237 |
LOANS, LEASES & ALLOWANCE FOR44
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - LOAN PORTFOLIO COMPOSITION (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | $ 6,102,666 | $ 5,001,271 | ||||
Allowance for loan and lease losses | (36,931) | $ (35,071) | (28,327) | $ (25,455) | $ (23,187) | $ (18,373) |
Unaccreted discounts and loan and lease fees | (31,035) | (44,326) | ||||
Total net loans and leases | 6,034,700 | 4,928,618 | ||||
Single family warehouse loans | 168,924 | 122,003 | ||||
Mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 3,541,663 | 2,980,795 | ||||
Allowance for loan and lease losses | (18,086) | (17,167) | (13,664) | (12,635) | (11,792) | (7,959) |
Unaccreted discounts and loan and lease fees | 13,390 | 10,438 | ||||
Home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 3,156 | 3,604 | ||||
Allowance for loan and lease losses | (32) | (45) | (122) | (123) | (97) | (134) |
Unaccreted discounts and loan and lease fees | 20 | 11 | ||||
Warehouse & other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 506,031 | 385,413 | ||||
Allowance for loan and lease losses | (2,473) | (2,643) | (1,879) | (2,069) | (1,585) | (1,259) |
Unaccreted discounts and loan and lease fees | (2,467) | (83) | ||||
Multifamily real estate secured | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 1,276,934 | 1,185,531 | ||||
Allowance for loan and lease losses | (3,816) | (3,293) | (4,363) | (4,393) | (4,234) | (3,785) |
Unaccreted discounts and loan and lease fees | 4,096 | 3,348 | ||||
Commercial real estate secured | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 98,791 | 61,403 | ||||
Allowance for loan and lease losses | (727) | (736) | (1,103) | (949) | (985) | (1,035) |
Unaccreted discounts and loan and lease fees | 425 | 96 | ||||
Auto and RV secured | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 45,293 | 13,140 | ||||
Allowance for loan and lease losses | (1,253) | (1,840) | (953) | (970) | (1,053) | (812) |
Unaccreted discounts and loan and lease fees | 615 | 149 | ||||
Factoring | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 145,485 | 122,200 | ||||
Allowance for loan and lease losses | (362) | (359) | (292) | (294) | (270) | (279) |
Unaccreted discounts and loan and lease fees | (48,838) | (57,223) | ||||
Commercial & Industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 480,939 | 248,584 | ||||
Allowance for loan and lease losses | (7,657) | (6,602) | (5,882) | (3,911) | (3,153) | (3,048) |
Unaccreted discounts and loan and lease fees | 1,777 | (1,062) | ||||
Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 4,374 | 601 | ||||
Allowance for loan and lease losses | (2,525) | $ (2,386) | (69) | $ (111) | $ (18) | $ (62) |
Unaccreted discounts and loan and lease fees | $ (53) | $ 0 |
LOANS, LEASES & ALLOWANCE FOR45
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - ALLOWANCE FOR CREDIT LOSS DISCLOSURES (Details) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016USD ($)class | Jun. 30, 2015USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | $ 6,078,482 | $ 4,970,223 |
Number of classes loans are divided for LTV analysis | class | 2 | |
Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | $ 45,029 | 12,687 |
Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 3,522,877 | 2,957,736 |
Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 1,272,206 | 1,180,132 |
Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 98,419 | $ 59,275 |
LTV less than or equal to 60% | Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 1,885,192 | |
LTV 61% - 70% | Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 1,317,437 | |
LTV 61% - 70% | Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 36,770 | |
LTV 71% - 80% | Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 320,045 | |
LTV 71% - 80% | Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 4,286 | |
LTV greater than 80% | Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 203 | |
LTV greater than 80% | Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 0 | |
LTV less than or equal to 55% | Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 557,270 | |
LTV 56% - 65% | Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 418,087 | |
LTV 66% - 75% | Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 282,475 | |
LTV 76% - 80% | Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 14,374 | |
LTV less than or equal to 50% | Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 33,126 | |
LTV 51% - 60% | Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 24,237 | |
FICO greater than or equal to 770 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 14,988 | |
FICO 715 - 769 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 16,555 | |
FICO 700 - 714 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 5,395 | |
FICO 660 - 699 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 6,114 | |
FICO less than 660 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | $ 1,977 |
LOANS, LEASES & ALLOWANCE FOR46
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - ALLOWANCE FOR LOAN LOSS BY PORTFOLIO CLASS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | $ 35,071 | $ 23,187 | $ 28,327 | $ 18,373 |
Provision for loan and lease losses | 2,000 | 2,900 | 7,800 | 8,300 |
Charge-offs | (187) | (823) | (472) | (1,465) |
Recoveries | 47 | 191 | 1,276 | 247 |
Balance, end of period | 36,931 | 25,455 | 36,931 | 25,455 |
Mortgage | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 17,167 | 11,792 | 13,664 | 7,959 |
Provision for loan and lease losses | 947 | 1,400 | 4,365 | 5,265 |
Charge-offs | (29) | (694) | (106) | (734) |
Recoveries | 1 | 137 | 163 | 145 |
Balance, end of period | 18,086 | 12,635 | 18,086 | 12,635 |
Home equity | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 45 | 97 | 122 | 134 |
Provision for loan and lease losses | (20) | 53 | (116) | 10 |
Charge-offs | 0 | (30) | (2) | (30) |
Recoveries | 7 | 3 | 28 | 9 |
Balance, end of period | 32 | 123 | 32 | 123 |
Warehouse & other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 2,643 | 1,585 | 1,879 | 1,259 |
Provision for loan and lease losses | (170) | 484 | 594 | 810 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | 2,473 | 2,069 | 2,473 | 2,069 |
Multifamily real estate secured | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 3,293 | 4,234 | 4,363 | 3,785 |
Provision for loan and lease losses | 637 | 203 | (433) | 952 |
Charge-offs | (114) | (44) | (114) | (344) |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | 3,816 | 4,393 | 3,816 | 4,393 |
Commercial real estate secured | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 736 | 985 | 1,103 | 1,035 |
Provision for loan and lease losses | 20 | (36) | (1,329) | 70 |
Charge-offs | (29) | 0 | (29) | (156) |
Recoveries | 0 | 0 | 982 | 0 |
Balance, end of period | 727 | 949 | 727 | 949 |
Auto and RV secured | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 1,840 | 1,053 | 953 | 812 |
Provision for loan and lease losses | (611) | (73) | 418 | 278 |
Charge-offs | (15) | (55) | (221) | (201) |
Recoveries | 39 | 45 | 103 | 81 |
Balance, end of period | 1,253 | 970 | 1,253 | 970 |
Factoring | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 359 | 270 | 292 | 279 |
Provision for loan and lease losses | 3 | 24 | 70 | 15 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | 362 | 294 | 362 | 294 |
Commercial & Industrial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 6,602 | 3,153 | 5,882 | 3,048 |
Provision for loan and lease losses | 1,055 | 758 | 1,775 | 863 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | 7,657 | 3,911 | 7,657 | 3,911 |
Other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of period | 2,386 | 18 | 69 | 62 |
Provision for loan and lease losses | 139 | 87 | 2,456 | 37 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 6 | 0 | 12 |
Balance, end of period | $ 2,525 | $ 111 | $ 2,525 | $ 111 |
LOANS, LEASES & ALLOWANCE FOR47
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - LOANS INDIVIDUALLY EVALUATED FOR IMPAIRMENT (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Financing Receivable, Evaluated Individually For Impairment, With Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | $ 28,914 | $ 37,058 |
Principal Balance Adjustment | 4,730 | 6,010 |
Unpaid Book Balance | 24,184 | 31,048 |
Accrued Interest/Origination Fees | 801 | 629 |
Recorded Investment | 24,985 | 31,677 |
Related Allowance | $ 233 | $ 273 |
Financing Receivable, Evaluated Individually For Impairment As a Percentage of Gross Loans [Abstract] | ||
Unpaid Principal Balance, Ratio to All Loans | 0.48% | 0.74% |
Principal Balance Adjustment, Ratio to All Loans | 0.08% | 0.12% |
Unpaid Book Balance, Ratio to All Loans | 0.40% | 0.62% |
Accrued Interest/Origination Fees, Ratio to All Loans | 0.01% | 0.01% |
Recorded Investment, Ratio to All Loans | 0.41% | 0.63% |
Related Allowance, Ratio to All Loans | 0.00% | 0.01% |
Mortgage | In-house originated | ||
Financing Receivable, Evaluated Individually For Impairment, With No Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | $ 8,989 | $ 7,000 |
Principal Balance Adjustment | 717 | 657 |
Unpaid Book Balance | 8,272 | 6,343 |
Accrued Interest/Origination Fees | 519 | 129 |
Recorded Investment | 8,791 | 6,472 |
Financing Receivable, Evaluated Individually For Impairment, With Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 4,493 | 10,142 |
Unpaid Book Balance | 4,493 | 10,142 |
Accrued Interest/Origination Fees | 62 | 0 |
Recorded Investment | 4,555 | 10,142 |
Related Allowance | 179 | 214 |
Mortgage | Purchased | ||
Financing Receivable, Evaluated Individually For Impairment, With No Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 5,890 | 6,318 |
Principal Balance Adjustment | 2,005 | 2,083 |
Unpaid Book Balance | 3,885 | 4,235 |
Accrued Interest/Origination Fees | 97 | 157 |
Recorded Investment | 3,982 | 4,392 |
Financing Receivable, Evaluated Individually For Impairment, With Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 2,136 | 2,339 |
Unpaid Book Balance | 2,136 | 2,339 |
Accrued Interest/Origination Fees | 5 | 9 |
Recorded Investment | 2,141 | 2,348 |
Related Allowance | 50 | 45 |
Home equity | In-house originated | ||
Financing Receivable, Evaluated Individually For Impairment, With Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 34 | 9 |
Unpaid Book Balance | 34 | 9 |
Accrued Interest/Origination Fees | 0 | 0 |
Recorded Investment | 34 | 9 |
Related Allowance | 1 | 1 |
Multifamily real estate secured | In-house originated | ||
Financing Receivable, Evaluated Individually For Impairment, With Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 3,246 | 3,430 |
Unpaid Book Balance | 3,246 | 3,430 |
Accrued Interest/Origination Fees | 61 | 43 |
Recorded Investment | 3,307 | 3,473 |
Related Allowance | 2 | 2 |
Multifamily real estate secured | Purchased | ||
Financing Receivable, Evaluated Individually For Impairment, With No Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 2,532 | 2,569 |
Principal Balance Adjustment | 1,050 | 921 |
Unpaid Book Balance | 1,482 | 1,648 |
Accrued Interest/Origination Fees | 0 | 0 |
Recorded Investment | 1,482 | 1,648 |
Financing Receivable, Evaluated Individually For Impairment, With Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 321 | |
Unpaid Book Balance | 321 | |
Accrued Interest/Origination Fees | 20 | |
Recorded Investment | 341 | |
Related Allowance | 3 | |
Commercial real estate secured | Purchased | ||
Financing Receivable, Evaluated Individually For Impairment, With No Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 629 | 3,662 |
Principal Balance Adjustment | 257 | 1,534 |
Unpaid Book Balance | 372 | 2,128 |
Accrued Interest/Origination Fees | 41 | 254 |
Recorded Investment | 413 | 2,382 |
Auto and RV secured | In-house originated | ||
Financing Receivable, Evaluated Individually For Impairment, With No Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 930 | 1,097 |
Principal Balance Adjustment | 701 | 815 |
Unpaid Book Balance | 229 | 282 |
Accrued Interest/Origination Fees | 14 | 13 |
Recorded Investment | 243 | 295 |
Financing Receivable, Evaluated Individually For Impairment, With Related Allowance Recorded [Abstract] | ||
Unpaid Principal Balance | 35 | 171 |
Unpaid Book Balance | 35 | 171 |
Accrued Interest/Origination Fees | 2 | 4 |
Recorded Investment | 37 | 175 |
Related Allowance | $ 1 | $ 8 |
LOANS, LEASES & ALLOWANCE FOR48
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - ALLOWANCE FOR LOAN LOSS BY PORTFOLIO SEGMENT (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | $ 233 | $ 273 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 36,698 | 28,054 |
Total ending allowance balance | 36,931 | 28,327 |
Loans individually evaluated for impairment | 24,184 | 31,048 |
Loans collectively evaluated for impairment | 6,078,482 | 4,970,223 |
Principal loan balance | 6,102,666 | 5,001,271 |
Unaccreted discounts and loan and lease fees | (31,035) | (44,326) |
Accrued interest receivable | 21,103 | 17,557 |
Total recorded investment in loans | $ 6,092,734 | $ 4,974,502 |
Threshold period for TDRs to be considered performing | 6 months | 6 months |
Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | $ 229 | $ 259 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 17,857 | 13,405 |
Total ending allowance balance | 18,086 | 13,664 |
Loans individually evaluated for impairment | 18,786 | 23,059 |
Loans collectively evaluated for impairment | 3,522,877 | 2,957,736 |
Principal loan balance | 3,541,663 | 2,980,795 |
Unaccreted discounts and loan and lease fees | 13,390 | 10,438 |
Accrued interest receivable | 12,609 | 10,530 |
Total recorded investment in loans | 3,567,662 | 3,001,763 |
Home equity | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | 1 | 1 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 31 | 121 |
Total ending allowance balance | 32 | 122 |
Loans individually evaluated for impairment | 34 | 9 |
Loans collectively evaluated for impairment | 3,122 | 3,595 |
Principal loan balance | 3,156 | 3,604 |
Unaccreted discounts and loan and lease fees | 20 | 11 |
Accrued interest receivable | 5 | 5 |
Total recorded investment in loans | 3,181 | 3,620 |
Warehouse & other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | 0 | 0 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 2,473 | 1,879 |
Total ending allowance balance | 2,473 | 1,879 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 506,031 | 385,413 |
Principal loan balance | 506,031 | 385,413 |
Unaccreted discounts and loan and lease fees | (2,467) | (83) |
Accrued interest receivable | 1,787 | 306 |
Total recorded investment in loans | 505,351 | 385,636 |
Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | 2 | 5 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 3,814 | 4,358 |
Total ending allowance balance | 3,816 | 4,363 |
Loans individually evaluated for impairment | 4,728 | 5,399 |
Loans collectively evaluated for impairment | 1,272,206 | 1,180,132 |
Principal loan balance | 1,276,934 | 1,185,531 |
Unaccreted discounts and loan and lease fees | 4,096 | 3,348 |
Accrued interest receivable | 5,136 | 4,862 |
Total recorded investment in loans | 1,286,166 | 1,193,741 |
Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | 0 | 0 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 727 | 1,103 |
Total ending allowance balance | 727 | 1,103 |
Loans individually evaluated for impairment | 372 | 2,128 |
Loans collectively evaluated for impairment | 98,419 | 59,275 |
Principal loan balance | 98,791 | 61,403 |
Unaccreted discounts and loan and lease fees | 425 | 96 |
Accrued interest receivable | 345 | 145 |
Total recorded investment in loans | 99,561 | 61,644 |
Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | 1 | 8 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 1,252 | 945 |
Total ending allowance balance | 1,253 | 953 |
Loans individually evaluated for impairment | 264 | 453 |
Loans collectively evaluated for impairment | 45,029 | 12,687 |
Principal loan balance | 45,293 | 13,140 |
Unaccreted discounts and loan and lease fees | 615 | 149 |
Accrued interest receivable | 127 | 73 |
Total recorded investment in loans | 46,035 | 13,362 |
Factoring | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | 0 | 0 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 362 | 292 |
Total ending allowance balance | 362 | 292 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 145,485 | 122,200 |
Principal loan balance | 145,485 | 122,200 |
Unaccreted discounts and loan and lease fees | (48,838) | (57,223) |
Accrued interest receivable | 341 | 477 |
Total recorded investment in loans | 96,988 | 65,454 |
Commercial & Industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | 0 | 0 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 7,657 | 5,882 |
Total ending allowance balance | 7,657 | 5,882 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 480,939 | 248,584 |
Principal loan balance | 480,939 | 248,584 |
Unaccreted discounts and loan and lease fees | 1,777 | (1,062) |
Accrued interest receivable | 675 | 1,159 |
Total recorded investment in loans | 483,391 | 248,681 |
Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Ending allowance balance attributable to loans, individually evaluated for impairment | 0 | 0 |
Ending allowance balance attributable to loans, collectively evaluated for impairment | 2,525 | 69 |
Total ending allowance balance | 2,525 | 69 |
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 4,374 | 601 |
Principal loan balance | 4,374 | 601 |
Unaccreted discounts and loan and lease fees | (53) | 0 |
Accrued interest receivable | 78 | 0 |
Total recorded investment in loans | $ 4,399 | $ 601 |
LOANS, LEASES & ALLOWANCE FOR49
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - NONPERFORMING LOANS (Details) - Nonperforming - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 23,972 | $ 30,831 |
Total nonaccrual loans secured by real estate | $ 23,708 | $ 30,378 |
Nonperforming loans to total loans, percent | 0.39% | 0.62% |
Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 12,765 | $ 16,485 |
Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 5,809 | 6,357 |
Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 34 | 9 |
Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 3,246 | 3,430 |
Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 1,482 | 1,969 |
Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | 372 | 2,128 |
Auto and RV secured | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 264 | $ 453 |
LOANS, LEASES & ALLOWANCE FOR50
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - NONPERFORMING LOANS NARRATIVE (Details) - loan | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Number of loans past due | 0 | |
Ratio of nonperforming loans considered TDRs | 13.61% | 16.08% |
Threshold period for TDRs to be considered performing | 6 months | 6 months |
Non-performing, Single family first mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Ratio of non-performing loans that are single family mortgage | 77.48% | |
Percentage of aggregate loan balance, after write down | 65.37% |
LOANS, LEASES & ALLOWANCE FOR51
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - UNPAID PRINCIPAL BALANCE FOR PERFORMING AND NONPERFORMING (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 6,102,666 | $ 5,001,271 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 6,078,694 | 4,970,440 |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 23,972 | 30,831 |
Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,541,663 | 2,980,795 |
Mortgage | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,523,089 | 2,957,953 |
Mortgage | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 18,574 | 22,842 |
Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,156 | 3,604 |
Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,122 | 3,595 |
Home equity | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 34 | 9 |
Warehouse & other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 506,031 | 385,413 |
Warehouse & other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 506,031 | 385,413 |
Warehouse & other | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Multifamily real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,276,934 | 1,185,531 |
Multifamily real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,272,206 | 1,180,132 |
Multifamily real estate secured | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 4,728 | 5,399 |
Commercial real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 98,791 | 61,403 |
Commercial real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 98,419 | 59,275 |
Commercial real estate secured | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 372 | 2,128 |
Auto and RV secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 45,293 | 13,140 |
Auto and RV secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 45,029 | 12,687 |
Auto and RV secured | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 264 | 453 |
Factoring | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 145,485 | 122,200 |
Factoring | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 145,485 | 122,200 |
Factoring | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 480,939 | 248,584 |
Commercial & Industrial | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 480,939 | 248,584 |
Commercial & Industrial | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 4,374 | 601 |
Other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 4,374 | 601 |
Other | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 0 | $ 0 |
LOANS, LEASES & ALLOWANCE FOR52
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - PERFORMING AND NONPERFORMING BY CLASS AND SOURCE (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 6,102,666 | $ 5,001,271 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 6,078,694 | 4,970,440 |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 23,972 | 30,831 |
Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,541,663 | 2,980,795 |
Mortgage | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,523,089 | 2,957,953 |
Mortgage | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 18,574 | 22,842 |
Multifamily real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,276,934 | 1,185,531 |
Multifamily real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,272,206 | 1,180,132 |
Multifamily real estate secured | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 4,728 | 5,399 |
Commercial real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 98,791 | 61,403 |
Commercial real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 98,419 | 59,275 |
Commercial real estate secured | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 372 | 2,128 |
In-house originated | Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,461,213 | 2,885,604 |
In-house originated | Mortgage | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,448,448 | 2,869,119 |
In-house originated | Mortgage | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 12,765 | 16,485 |
In-house originated | Multifamily real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,166,521 | 1,051,696 |
In-house originated | Multifamily real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,163,275 | 1,048,266 |
In-house originated | Multifamily real estate secured | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,246 | 3,430 |
In-house originated | Commercial real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 86,227 | 46,577 |
In-house originated | Commercial real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 86,227 | 46,577 |
In-house originated | Commercial real estate secured | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Purchased | Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 80,450 | 95,191 |
Purchased | Mortgage | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 74,641 | 88,834 |
Purchased | Mortgage | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 5,809 | 6,357 |
Purchased | Multifamily real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 110,413 | 133,835 |
Purchased | Multifamily real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 108,931 | 131,866 |
Purchased | Multifamily real estate secured | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,482 | 1,969 |
Purchased | Commercial real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 12,564 | 14,826 |
Purchased | Commercial real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 12,192 | 12,698 |
Purchased | Commercial real estate secured | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 372 | $ 2,128 |
LOANS, LEASES & ALLOWANCE FOR53
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - TROUBLED DEBT RESTRUCTURINGS BY CLASS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | $ 212 | $ 212 | $ 217 | ||
Non performing loans | 23,972 | 23,972 | 30,831 | ||
Total impaired loans | 24,184 | 24,184 | 31,048 | ||
Interest income recognized on performing TDR's | 2 | $ 2 | 6 | $ 34 | |
Average balances of performing TDR's | 213 | 377 | 215 | 918 | |
Average balances of impaired loans | 25,439 | 35,050 | 28,125 | 29,697 | |
Mortgage | |||||
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | 212 | 212 | 217 | ||
Non performing loans | 18,574 | 18,574 | 22,842 | ||
Total impaired loans | 18,786 | 18,786 | 23,059 | ||
Interest income recognized on performing TDR's | 2 | 2 | 6 | 14 | |
Average balances of performing TDR's | 213 | 377 | 215 | 570 | |
Average balances of impaired loans | 19,977 | 27,097 | 21,559 | 20,618 | |
Home equity | |||||
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | 0 | 0 | 0 | ||
Non performing loans | 34 | 34 | 9 | ||
Total impaired loans | 34 | 34 | 9 | ||
Interest income recognized on performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of impaired loans | 21 | 32 | 15 | 62 | |
Warehouse & other | |||||
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | 0 | 0 | 0 | ||
Non performing loans | 0 | 0 | 0 | ||
Total impaired loans | 0 | 0 | 0 | ||
Interest income recognized on performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of impaired loans | 0 | 0 | 0 | 0 | |
Multifamily real estate secured | |||||
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | 0 | 0 | 0 | ||
Non performing loans | 4,728 | 4,728 | 5,399 | ||
Total impaired loans | 4,728 | 4,728 | 5,399 | ||
Interest income recognized on performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of impaired loans | 4,787 | 5,327 | 5,064 | 5,300 | |
Commercial real estate secured | |||||
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | 0 | 0 | 0 | ||
Non performing loans | 372 | 372 | 2,128 | ||
Total impaired loans | 372 | 372 | 2,128 | ||
Interest income recognized on performing TDR's | 0 | 0 | 0 | 20 | |
Average balances of performing TDR's | 0 | 0 | 0 | 348 | |
Average balances of impaired loans | 372 | 2,164 | 1,147 | 3,253 | |
Auto and RV secured | |||||
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | 0 | 0 | 0 | ||
Non performing loans | 264 | 264 | 453 | ||
Total impaired loans | 264 | 264 | 453 | ||
Interest income recognized on performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of impaired loans | 282 | 430 | 340 | 464 | |
Factoring | |||||
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | 0 | 0 | 0 | ||
Non performing loans | 0 | 0 | 0 | ||
Total impaired loans | 0 | 0 | 0 | ||
Interest income recognized on performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of impaired loans | 0 | 0 | 0 | 0 | |
Commercial & Industrial | |||||
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | 0 | 0 | 0 | ||
Non performing loans | 0 | 0 | 0 | ||
Total impaired loans | 0 | 0 | 0 | ||
Interest income recognized on performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of impaired loans | 0 | 0 | 0 | 0 | |
Other | |||||
Financing Receivable, Modifications [Line Items] | |||||
Performing loans temporarily modified as TDR | 0 | 0 | 0 | ||
Non performing loans | 0 | 0 | 0 | ||
Total impaired loans | 0 | 0 | $ 0 | ||
Interest income recognized on performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of performing TDR's | 0 | 0 | 0 | 0 | |
Average balances of impaired loans | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS, LEASES & ALLOWANCE FOR54
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - LOANS BY CREDIT QUALITY INDICATOR (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 6,102,666 | $ 5,001,271 |
Ratio of Grade Class to Gross Loans | 100.00% | 100.00% |
Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 3,541,663 | $ 2,980,795 |
Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,461,213 | 2,885,604 |
Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 80,450 | 95,191 |
Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,156 | 3,604 |
Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,156 | 3,604 |
Warehouse & other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 506,031 | 385,413 |
Warehouse & other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 506,031 | 385,413 |
Multifamily real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,276,934 | 1,185,531 |
Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,166,521 | 1,051,696 |
Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 110,413 | 133,835 |
Commercial real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 98,791 | 61,403 |
Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 86,227 | 46,577 |
Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 12,564 | 14,826 |
Auto and RV secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 45,293 | 13,140 |
Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 45,293 | 13,140 |
Factoring | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 145,485 | 122,200 |
Factoring | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 145,485 | 122,200 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 480,939 | 248,584 |
Commercial & Industrial | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 344,101 | 248,584 |
Commercial & Industrial | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 136,838 | |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 4,374 | 601 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 6,033,001 | $ 4,917,881 |
Ratio of Grade Class to Gross Loans | 98.90% | 98.30% |
Pass | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 3,423,247 | $ 2,855,637 |
Pass | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 73,891 | 87,256 |
Pass | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,104 | 3,473 |
Pass | Warehouse & other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 501,500 | 375,588 |
Pass | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,158,436 | 1,036,718 |
Pass | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 105,084 | 127,839 |
Pass | Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 86,227 | 46,577 |
Pass | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 10,169 | 9,947 |
Pass | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 44,969 | 12,630 |
Pass | Factoring | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 145,485 | 122,200 |
Pass | Commercial & Industrial | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 342,911 | 239,415 |
Pass | Commercial & Industrial | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 136,838 | |
Pass | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,140 | 601 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 37,219 | $ 47,325 |
Ratio of Grade Class to Gross Loans | 0.60% | 1.00% |
Special Mention | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 19,713 | $ 11,256 |
Special Mention | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 64 | 216 |
Special Mention | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 17 | 0 |
Special Mention | Warehouse & other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 4,531 | 9,825 |
Special Mention | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 4,839 | 10,926 |
Special Mention | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 2,781 | 3,470 |
Special Mention | Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Special Mention | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 2,023 | 2,444 |
Special Mention | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 17 | 19 |
Special Mention | Factoring | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Special Mention | Commercial & Industrial | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 9,169 |
Special Mention | Commercial & Industrial | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | |
Special Mention | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,234 | 0 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 32,446 | $ 36,065 |
Ratio of Grade Class to Gross Loans | 0.50% | 0.70% |
Substandard | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 18,253 | $ 18,711 |
Substandard | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 6,495 | 7,719 |
Substandard | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 35 | 131 |
Substandard | Warehouse & other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Substandard | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 3,246 | 4,052 |
Substandard | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 2,548 | 2,526 |
Substandard | Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Substandard | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 372 | 2,435 |
Substandard | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 307 | 491 |
Substandard | Factoring | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Substandard | Commercial & Industrial | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 1,190 | 0 |
Substandard | Commercial & Industrial | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | |
Substandard | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 0 | $ 0 |
Ratio of Grade Class to Gross Loans | 0.00% | 0.00% |
Doubtful | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 0 | $ 0 |
Doubtful | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Warehouse & other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Factoring | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Commercial & Industrial | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Doubtful | Commercial & Industrial | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | 0 | |
Doubtful | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans and leases | $ 0 | $ 0 |
LOANS, LEASES & ALLOWANCE FOR55
LOANS, LEASES & ALLOWANCE FOR LOANS AND LEASE LOSSES - PAST DUE LOANS (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 29,547 | $ 22,557 |
Total Past Due as a Percent of Gross Loans | 0.48% | 0.45% |
Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 20,324 | $ 15,601 |
Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 3,298 | 3,843 |
Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 46 | 130 |
Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 791 | 1,035 |
Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 321 | |
Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 372 | 1,164 |
Auto and RV secured | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 423 | |
Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 463 | |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 4,293 | |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 4,749 | $ 3,174 |
Total Past Due as a Percent of Gross Loans | 0.07% | 0.06% |
30-59 Days Past Due | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 2,956 | $ 1,275 |
30-59 Days Past Due | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 386 | 472 |
30-59 Days Past Due | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 130 |
30-59 Days Past Due | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 244 |
30-59 Days Past Due | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | |
30-59 Days Past Due | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 782 |
30-59 Days Past Due | Auto and RV secured | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 348 | |
30-59 Days Past Due | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 271 | |
30-59 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,059 | |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 8,339 | $ 3,001 |
Total Past Due as a Percent of Gross Loans | 0.14% | 0.06% |
60-89 Days Past Due | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 4,634 | $ 2,876 |
60-89 Days Past Due | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 437 | 0 |
60-89 Days Past Due | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 17 | 0 |
60-89 Days Past Due | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
60-89 Days Past Due | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | |
60-89 Days Past Due | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
60-89 Days Past Due | Auto and RV secured | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 17 | |
60-89 Days Past Due | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 125 | |
60-89 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 3,234 | |
90 Plus Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 16,459 | $ 16,382 |
Total Past Due as a Percent of Gross Loans | 0.27% | 0.33% |
90 Plus Days Past Due | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 12,734 | $ 11,450 |
90 Plus Days Past Due | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 2,475 | 3,371 |
90 Plus Days Past Due | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 29 | 0 |
90 Plus Days Past Due | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 791 | 791 |
90 Plus Days Past Due | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 321 | |
90 Plus Days Past Due | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 372 | 382 |
90 Plus Days Past Due | Auto and RV secured | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 58 | |
90 Plus Days Past Due | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 67 | |
90 Plus Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 0 |
SUBORNIDATED NOTES AND DEBENT56
SUBORNIDATED NOTES AND DEBENTURES - NARRATIVE (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Dec. 31, 2004 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Subordinated notes issues | $ 51,000 | |||
Interest rate per annum (as a percentage) | 6.25% | |||
Proceeds from issuance of subordinated notes and debentures | $ 51,000 | $ 0 | ||
Debt issuance costs and discount (as a percentage) | 3.15% | |||
Trust preferred securities | $ 5,000 | |||
Junior Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debenture | $ 5,155 | |||
Variable rate basis | P3M | |||
Basis spread on variable rate (as a percentage) | 2.40% | |||
Effective rate (as a percentage) | 1.59% |
EQUITY AND STOCK-BASED COMPEN57
EQUITY AND STOCK-BASED COMPENSATION - NARRATIVE (Details) | Nov. 17, 2015 | Mar. 31, 2016stock_incentive_planshares | Mar. 17, 2016USD ($) | Nov. 30, 2015shares | Nov. 06, 2015shares | Oct. 31, 2015shares | Jun. 30, 2015shares | Nov. 30, 2007 | Jul. 01, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 50,000,000 | 150,000,000 | ||||||
Common stock split, conversion ratio | [1] | 4 | ||||||||
Common stock, dividend issued, shares, stock split | 3 | |||||||||
Stock repurchase program, maximum amount authorized | $ | $ 100,000,000 | |||||||||
Number of stock incentive plans | stock_incentive_plan | 2 | |||||||||
1999 Stock Option Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Contractual term for options granted under plan | 10 years | |||||||||
1999 Stock Option Plan | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period for options granted | 3 years | |||||||||
1999 Stock Option Plan | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period for options granted | 5 years | |||||||||
2004 Stock Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of outstanding shares always available for grants under plan | 14.80% | |||||||||
Annual percentage increase to shares available for grant | 1.50% | |||||||||
Fiscal years of annual percentage increases to shares available for grant | 4 years | |||||||||
2014 Stock Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share reserved for issuance | 3,680,000 | |||||||||
[1] | Common stock amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 |
EQUITY AND STOCK-BASED COMPEN58
EQUITY AND STOCK-BASED COMPENSATION - STOCK OPTION ACTIVITY 1 (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning (shares) | 82,400 | 427,800 | |
Granted (shares) | 0 | 0 | |
Exercised (shares) | (80,800) | (345,400) | |
Canceled (shares) | 0 | 0 | |
Outstanding, ending (shares) | 1,600 | 82,400 | |
Options exercisable (shares) | 1,600 | 82,400 | 427,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding, beginning (Wtd. Avg. Ex. Price) | $ 1.84 | $ 2.18 | |
Granted (Wtd. Avg. Ex. Price) | 0 | 0 | |
Exercised (Wtd. Avg. Ex. Price) | 1.84 | 2.26 | |
Canceled (Wtd. Avg. Ex. Price) | 0 | 0 | |
Outstanding, ending (Wtd. Avg. Ex. Price) | 1.84 | 1.84 | |
Options exercisable (Wtd. Avg. Ex. Price) | $ 1.84 | $ 1.84 | $ 2.18 |
EQUITY AND STOCK-BASED COMPEN59
EQUITY AND STOCK-BASED COMPENSATION - STOCK OPTION ACTIVITY 2 (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Number Outstanding (in shares) | 1,600 | 82,400 | 427,800 |
Options Exercisable, Number Exercisable (shares) | 1,600 | 82,400 | 427,800 |
Options exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 1.84 | $ 1.84 | $ 2.18 |
Intrinsic value of options outstanding | $ 31 | ||
Intrinsic value of options exercisable | $ 31 | ||
$ 1.84 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Exercise Price (in dollars per share) | $ 1.84 | ||
Options Outstanding, Number Outstanding (in shares) | 1,600 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 3 months 26 days | ||
Options Exercisable, Number Exercisable (shares) | 1,600 | ||
Options exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 1.84 |
EQUITY AND STOCK-BASED COMPEN60
EQUITY AND STOCK-BASED COMPENSATION - RESTRICTED STOCK AND RSUs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 8,470 | $ 4,787 | |||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock grants | 615,362 | 648,596 | |||
Vesting period for options granted | 3 years | 3 years | |||
Annual vesting percentage | 33.33% | 33.33% | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 3,353 | $ 1,772 | $ 8,470 | $ 4,787 | |
Tax benefit from stock-based compensation | 1,394 | $ 728 | 3,532 | $ 1,967 | |
Unrecognized Compensation Expense [Abstract] | |||||
2,016 | 3,171 | 3,171 | |||
2,017 | 10,987 | 10,987 | |||
2,018 | 7,749 | 7,749 | |||
2,019 | 2,918 | 2,918 | |||
Unrecognized compensation expense, total | $ 24,825 | $ 24,825 | |||
Restricted Stock | Chief Executive Officer (CEO) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period for options granted | 4 years | 4 years | |||
Annual vesting percentage | 25.00% | 25.00% | |||
Restricted Stock and Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock grants | 615,362 | 775,836 |
EQUITY AND STOCK-BASED COMPEN61
EQUITY AND STOCK-BASED COMPENSATION - CHANGES IN RESTRICTED STOCK GRANTS (Details) - Restricted Stock and Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Non-vested balance, beginning (shares) | 1,135,088 | 945,756 | 945,756 | ||
Granted (shares) | 615,362 | 775,836 | |||
Vested (shares) | (262,747) | (519,400) | |||
Canceled (shares) | (80,511) | (67,104) | |||
Non-vested balance, ending (shares) | 1,407,192 | 1,407,192 | 1,135,088 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Non-vested balance, beginning (Wtd. Avg. Grant Date FV) | $ 17.01 | $ 10.29 | $ 10.29 | ||
Granted (Wtd. Avg. Grant Date FV) | 26.61 | 19.99 | |||
Vested (Wtd. Avg. Grant Date FV) | 13.77 | 10.11 | |||
Canceled (Wtd. Avg. Grant Date FV) | 20.26 | 14.13 | |||
Non-vested balance, ending (Wtd. Avg. Grant Date FV) | $ 21.44 | $ 21.44 | $ 17.01 | ||
Total fair value of shares vested in the period | $ 155 | $ 288 | $ 7,303 | $ 5,223 |
EARNINGS PER SHARE ("EPS") (Det
EARNINGS PER SHARE ("EPS") (Details) $ / shares in Units, $ in Thousands | Nov. 17, 2015 | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | |
Earnings Per Share [Abstract] | ||||||
Net income | $ | $ 35,914 | $ 21,074 | $ 89,564 | $ 58,287 | ||
Preferred stock dividends | $ | (77) | (77) | (232) | (232) | ||
Net income attributable to common shareholders | $ | $ 35,837 | $ 20,997 | $ 89,332 | $ 58,055 | ||
Average common shares issued and outstanding | 63,066,262 | 60,889,204 | 62,849,818 | 59,500,280 | ||
Average unvested RSU shares | 1,419,603 | 1,291,012 | 1,345,764 | 1,214,684 | ||
Total qualifying shares | 64,485,865 | 62,180,216 | 64,195,582 | 60,714,964 | ||
Basic earnings per share, in dollars per share | $ / shares | [1] | $ 0.56 | $ 0.34 | $ 1.39 | $ 0.96 | |
Diluted Earnings Per Common Share | ||||||
Net income attributable to common shareholders | $ | $ 35,837 | $ 20,997 | $ 89,332 | $ 58,055 | ||
Dilutive net income attributable to common shareholders | $ | $ 35,837 | $ 20,997 | $ 89,332 | $ 58,055 | ||
Average common shares issued and outstanding | 64,485,865 | 62,180,216 | 64,195,582 | 60,714,964 | ||
Dilutive effect of stock options (in shares) | 951 | 237,544 | 7,625 | 236,088 | ||
Total dilutive common shares issued and outstanding | 64,486,816 | 62,417,760 | 64,203,207 | 60,951,052 | ||
Diluted earnings per share, in dollars per share | $ / shares | [1] | $ 0.56 | $ 0.34 | $ 1.39 | $ 0.95 | |
Common stock split, conversion ratio | [2] | 4 | ||||
[1] | Per share amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 | |||||
[2] | Common stock amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2016USD ($) | |
Direct Financing Lease | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off-balance sheet, loan origination commitment | $ 2,095 |
Loan Origination Commitments | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off-balance sheet, loan origination commitment | 224,927 |
Loan Origination Commitments | Sales commitment | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off-balance sheet, commitment | 106,783 |
Loan Origination Commitments | Fixed Interest Rate | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off-balance sheet, loan origination commitment | $ 91,724 |
Fixed interest rate minimum on commitments to extend credit | 2.75% |
Fixed interest rate maximum on commitments to extend credit | 6.59% |
Loan Origination Commitments | Fixed Interest Rate | Sales commitment | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off-balance sheet, commitment | $ 105,352 |
Loan Origination Commitments | Variable Interest Rate | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off-balance sheet, loan origination commitment | 133,203 |
Loan Origination Commitments | Variable Interest Rate | Sales commitment | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Off-balance sheet, commitment | $ 1,431 |
RELATED PARTY TRANSACTIONS - NA
RELATED PARTY TRANSACTIONS - NARRATIVE (Details) - loan | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Number of related party loans granted | 0 | 0 |
Number of related party loans refinanced | 0 | 0 |
Uncategorized Items - bofi-2016
Label | Element | Value |
Municipal Bonds [Member] | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | $ 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 0 |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 35,976,000 |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 35,917,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 4,074,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 5,146,000 |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | 40,050,000 |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | 41,063,000 |
Agency, Residential Mortgage Backed Securities [Member] | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue | 26,012,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 2,000 |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 41,993,000 |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 37,366,000 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateNetCarryingAmount | 37,366,000 |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount | 1,305,000 |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount | 5,458,000 |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue | 5,690,000 |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearFairValue | 1,367,000 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsNetCarryingAmount | 25,666,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 1,398,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 867,000 |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | 43,391,000 |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | 38,231,000 |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue | 5,162,000 |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount | 4,937,000 |
Non-Agency, Residential Mortgage Backed Securities [Member] | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsFairValue | 39,819,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 12,749,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 8,747,000 |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 147,586,000 |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 138,011,000 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateNetCarryingAmount | 138,011,000 |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount | 21,885,000 |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount | 31,981,000 |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue | 32,006,000 |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearFairValue | 21,582,000 |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsNetCarryingAmount | 40,125,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 10,045,000 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 7,828,000 |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | 144,882,000 |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | 137,092,000 |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue | 43,685,000 |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount | 44,020,000 |
Non-Agency Securities [Member] | ||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 0 |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 0 |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 0 |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | 0 |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | $ 0 |