Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Aug. 17, 2017 | Dec. 31, 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-K | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 63,605,338 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,504,817,540 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
ASSETS | |||
Cash and due from banks | $ 628,172 | $ 486,627 | |
Federal funds sold | 15,369 | 100 | |
Total cash and cash equivalents | 643,541 | 486,727 | |
Securities: | |||
Trading | 8,327 | 7,584 | |
Available for sale | 264,470 | 265,447 | |
Held to maturity—fair value of $0 at June 2017 and $202,677 at June 2016 | 0 | 199,174 | |
Stock of the Federal Home Loan Bank, at cost | 63,207 | 57,123 | |
Loans held for sale, carried at fair value | 18,738 | 20,871 | |
Loans held for sale, carried at lower of cost or fair value | 6,669 | 33,530 | |
Loans and leases—net of allowance for loan and lease losses of $40,832 as of June 2017 and $35,826 as of June 2016 | 7,374,493 | 6,354,679 | |
Accrued interest receivable | 20,781 | 26,201 | |
Furniture, equipment and software—net | 16,659 | 13,995 | |
Deferred income tax | 34,341 | 39,171 | |
Cash surrender value of life insurance | 6,174 | 5,990 | |
Mortgage servicing rights, carried at fair value | 7,200 | 3,943 | |
Other real estate owned and repossessed vehicles | 1,413 | 252 | |
Other assets | 35,667 | 84,617 | |
TOTAL ASSETS | 8,501,680 | 7,599,304 | |
Deposits: | |||
Non-interest bearing | 848,544 | 588,774 | |
Interest bearing | [1] | 6,050,963 | 5,455,277 |
Total deposits | 6,899,507 | 6,044,051 | |
Securities sold under agreements to repurchase | 20,000 | 35,000 | |
Advances from the Federal Home Loan Bank | 640,000 | 727,000 | |
Subordinated notes and debentures and other | 54,463 | 56,016 | |
Accrued interest payable | 1,284 | 1,667 | |
Accounts payable and accrued liabilities and other liabilities | 52,179 | 51,980 | |
Total liabilities | 7,667,433 | 6,915,714 | |
COMMITMENTS AND CONTINGENCIES (Note 14) | |||
STOCKHOLDERS’ EQUITY: | |||
Common stock—$0.01 par value; 150,000,000 shares authorized, 65,115,932 shares issued and 63,536,244 shares outstanding as of June 2017, 64,513,494 shares issued and 63,219,392 shares outstanding as of June 2016 | 651 | 645 | |
Additional paid-in capital | 346,117 | 331,156 | |
Accumulated other comprehensive income (loss)—net of tax | 487 | (7,304) | |
Retained earnings | 519,246 | 384,815 | |
Treasury stock, at cost; 1,579,688 shares as of June 2017 and 1,294,102 shares as of June 2016 | (37,317) | (30,785) | |
Total stockholders’ equity | 834,247 | 683,590 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 8,501,680 | 7,599,304 | |
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 June 2017 and June 2016 | $ 5,063 | $ 5,063 | |
[1] | The total interest-bearing includes brokered deposits of $1,104 million and $800.7 million as of June 30, 2017 and June 30, 2016, respectively, of which $611.0 million and $537.4 million, respectively, are time deposits classified as $250 and under. |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
Assets: | |||
Held to maturity - Fair Value | $ 0 | $ 202,677 | |
Loans - Net Allowance for Loan Losses | $ 40,832 | $ 35,826 | |
Stockholders' Equity: | |||
Preferred stock, par or stated value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | |
Common stock, shares, issued (in shares) | [1] | 65,115,932 | 64,513,494 |
Common stock, shares outstanding (in shares) | [1],[2] | 63,536,244 | 63,219,392 |
Treasury stock, shares (in shares) | 1,579,688 | 1,294,102 | |
Series A Preferred Stock | |||
Stockholders' Equity: | |||
Preferred stock, par or stated value (in dollars per share) | $ 10,000 | $ 10,000 | |
Preferred stock, liquidation preference value (in dollars per share) | $ 10,000 | $ 10,000 | |
Preferred stock, shares issued (in shares) | 515 | 515 | |
Preferred stock, shares outstanding (in shares) | 515 | 515 | |
[1] | Common stock amounts have been retroactively restated for the fiscal year ended June 30, 2015 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. | ||
[2] | Common stock amounts have been retroactively restated for the fiscal year ended June 30, 2015 and 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. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME $ in Thousands | 12 Months Ended | |||
Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | ||
INTEREST AND DIVIDEND INCOME: | ||||
Loans and leases, including fees | $ 358,849 | $ 291,058 | $ 220,486 | |
Investments | 28,437 | 26,649 | 23,878 | |
Total interest and dividend income | 387,286 | 317,707 | 244,364 | |
INTEREST EXPENSE: | ||||
Deposits | 56,494 | 42,667 | 34,733 | |
Advances from the Federal Home Loan Bank | 12,403 | 11,175 | 8,910 | |
Other borrowings | 5,162 | 2,854 | 1,776 | |
Total interest expense | 74,059 | 56,696 | 45,419 | |
Net interest income | 313,227 | 261,011 | 198,945 | |
Provision for loan and lease losses | 11,061 | 9,700 | 11,200 | |
Net interest income, after provision for loan and lease losses | 302,166 | 251,311 | 187,745 | |
NON-INTEREST INCOME: | ||||
Realized gain (loss) on sale of mortgage-backed securities | 3,920 | 1,427 | 587 | |
Other-than-temporary loss on securities: | ||||
Total impairment losses | (10,937) | (3,472) | (6,805) | |
Loss (gain) recognized in other comprehensive income | 8,973 | 2,907 | 4,440 | |
Net impairment loss recognized in earnings | (1,964) | (565) | (2,365) | |
Fair value gain (loss) on trading securities | 743 | (248) | (234) | |
Total unrealized loss on securities | (1,221) | (813) | (2,599) | |
Prepayment penalty fee income | 4,574 | 2,914 | 4,695 | |
Gain on sale – other | 4,487 | 15,540 | 5,793 | |
Mortgage banking income | 14,284 | 11,076 | 15,264 | |
Banking service fees and other income | 42,088 | 36,196 | 6,850 | |
Total non-interest income | 68,132 | 66,340 | 30,590 | |
NON-INTEREST EXPENSE: | ||||
Salaries and related costs | 81,821 | 66,667 | 43,819 | |
Data processing and internet | 13,323 | 10,348 | 6,632 | |
Advertising and promotional | 9,367 | 6,867 | 6,060 | |
Depreciation and amortization | 6,094 | 4,795 | 3,273 | |
Occupancy and equipment | 5,612 | 4,326 | 3,091 | |
Professional services | 4,980 | 4,700 | 4,122 | |
FDIC and regulatory fees | 4,330 | 4,632 | 3,434 | |
Real estate owned and repossessed vehicles | 498 | (46) | (120) | |
Other general and administrative | 11,580 | 10,467 | 7,167 | |
Total non-interest expense | 137,605 | 112,756 | 77,478 | |
INCOME BEFORE INCOME TAXES | 232,693 | 204,895 | 140,857 | |
INCOME TAXES | 97,953 | 85,604 | 58,175 | |
NET INCOME | 134,740 | 119,291 | 82,682 | |
NET INCOME ATTRIBUTABLE TO COMMON STOCK | 134,431 | 118,982 | 82,373 | |
COMPREHENSIVE INCOME | $ 142,531 | $ 121,386 | $ 83,649 | |
Basic earnings per share (in dollars per share) | $ / shares | [1] | $ 2.07 | $ 1.85 | $ 1.35 |
Diluted earnings per share (in dollars per share) | $ / shares | [1] | $ 2.07 | $ 1.85 | $ 1.34 |
[1] | Amounts have been retroactively restated for the fiscal year ended June 30, 2015 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 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 134,740 | $ 119,291 | $ 82,682 |
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $3,363, $(68), and $132 for the years ended June 30, 2017, 2016 and 2015, respectively. | 5,218 | (94) | 180 |
Other-than-temporary impairment on securities recognized in other comprehensive income, net of tax expense (benefit) of $3,195, $2,177 and $832 for the years ended June 30, 2017, 2016 and 2015, respectively. | 4,957 | 3,018 | 1,139 |
Reclassification of net (gain) loss from available-for-sale securities included in income, net of tax expense (benefit) of $1,536, $598 and $235 for the years ended June 30, 2017, 2016 and 2015, respectively. | (2,384) | (829) | (352) |
Other comprehensive income (loss) | 7,791 | 2,095 | 967 |
Comprehensive income | $ 142,531 | $ 121,386 | $ 83,649 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net tax expense (benefit) for net unrealized gain (loss) from available-for-sale securities | $ 3,363 | $ (68) | $ 132 |
Net tax expense (benefit) for other-than-temporary impairment on securities recognized in other comprehensive income | 3,195 | 2,177 | 832 |
Net tax expense (benefit) for reclassification of net (gain) loss from available-for-sale securities included in income | $ 1,536 | $ 598 | $ 235 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Treasury | TreasuryRestricted stock | TreasuryStock options | Additional Paid-in Capital | [1] | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Income Tax | |||
Convertible Preferred Stock, Beginning Balance (in shares) at Jun. 30, 2014 | 515 | ||||||||||||
Common stock, Beginning Balance (in shares) at Jun. 30, 2014 | 57,807,600 | [1],[2] | 58,779,522 | [1] | 971,922 | ||||||||
Stockholders' equity, Beginning Balance at Jun. 30, 2014 | $ 370,778 | $ 5,063 | $ 587 | [1] | $ (15,112) | $ 207,146 | $ 183,460 | $ (10,366) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 82,682 | 82,682 | |||||||||||
Other comprehensive income (loss) | 967 | 967 | |||||||||||
Cash dividends on preferred stock | $ (309) | (309) | |||||||||||
Issuance of common stock (in shares) | [1] | 3,796,356 | [2] | 3,796,356 | |||||||||
Issuance of common stock | $ 75,985 | $ 38 | [1] | 75,947 | |||||||||
Stock-based compensation expense | $ 6,648 | 6,648 | |||||||||||
Restricted stock unit vesting and tax benefits (in shares) | 350,947 | [2] | 350,947 | [1] | |||||||||
Restricted stock unit vesting, stock options exercised and tax benefits (in shares) | (56,151) | (42,287) | |||||||||||
Restricted stock unit vesting and tax benefits outstanding (in shares) | [1] | 294,796 | |||||||||||
Restricted stock unit vesting and tax benefits | $ (2,880) | $ 4 | [1] | (5,310) | 2,426 | ||||||||
Stock option exercises and tax benefits (in shares) | 218,539 | [2],[3] | 218,539 | [1] | |||||||||
Stock option exercises and tax benefits outstanding (in shares) | [1],[2] | 176,252 | |||||||||||
Stock option exercises and tax benefits | $ (345) | $ 2 | [1] | $ (4,222) | 3,875 | ||||||||
Convertible Preferred Stock, Ending Balance (in shares) at Jun. 30, 2015 | 515 | ||||||||||||
Common stock, Ending Balance (in shares) at Jun. 30, 2015 | 62,075,004 | [1],[2] | 63,145,364 | [1] | 1,070,360 | ||||||||
Stockholders' equity, Ending Balance at Jun. 30, 2015 | $ 533,526 | $ 5,063 | $ 631 | [1] | $ (24,644) | 296,042 | 265,833 | (9,399) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 119,291 | 119,291 | |||||||||||
Other comprehensive income (loss) | 2,095 | 2,095 | |||||||||||
Cash dividends on preferred stock | $ (309) | (309) | |||||||||||
Issuance of common stock (in shares) | [1] | 723,808 | [2] | 723,808 | |||||||||
Issuance of common stock | $ 21,120 | $ 7 | [1] | 21,113 | |||||||||
Stock-based compensation expense (in shares) | [1] | 25,394 | 25,394 | ||||||||||
Stock-based compensation expense | $ 11,326 | $ 1 | [1] | 11,325 | |||||||||
Restricted stock unit vesting and tax benefits (in shares) | 561,922 | [2] | 536,528 | [1] | |||||||||
Restricted stock unit vesting, stock options exercised and tax benefits (in shares) | (223,742) | ||||||||||||
Restricted stock unit vesting and tax benefits outstanding (in shares) | [1] | 312,786 | |||||||||||
Restricted stock unit vesting and tax benefits | $ (4,616) | $ 5 | [1] | (6,141) | 1,520 | ||||||||
Stock option exercises and tax benefits (in shares) | 82,400 | [2],[3] | 82,400 | [1] | |||||||||
Stock option exercises and tax benefits outstanding (in shares) | [1],[2] | 82,400 | |||||||||||
Stock option exercises and tax benefits | $ 1,157 | $ 1 | [1] | $ 0 | 1,156 | ||||||||
Convertible Preferred Stock, Ending Balance (in shares) at Jun. 30, 2016 | 515 | ||||||||||||
Common stock, Ending Balance (in shares) at Jun. 30, 2016 | 63,219,392 | [1],[2] | 64,513,494 | [1] | 1,294,102 | ||||||||
Stockholders' equity, Ending Balance at Jun. 30, 2016 | $ 683,590 | $ 5,063 | $ 645 | [1] | $ (30,785) | 331,156 | 384,815 | (7,304) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||||||||||
Net income | $ 134,740 | 134,740 | |||||||||||
Other comprehensive income (loss) | 7,791 | 7,791 | |||||||||||
Cash dividends on preferred stock | $ (309) | (309) | |||||||||||
Issuance of common stock (in shares) | [2] | 0 | |||||||||||
Stock-based compensation expense (in shares) | [1] | 31,674 | 31,674 | ||||||||||
Stock-based compensation expense | $ 14,535 | $ 0 | [1] | 14,535 | |||||||||
Restricted stock unit vesting and tax benefits (in shares) | 602,438 | [2] | 570,764 | [1] | |||||||||
Restricted stock unit vesting, stock options exercised and tax benefits (in shares) | (285,586) | ||||||||||||
Restricted stock unit vesting and tax benefits outstanding (in shares) | [1] | 285,178 | |||||||||||
Restricted stock unit vesting and tax benefits | $ (6,100) | $ 6 | [1] | $ (6,532) | 426 | ||||||||
Stock option exercises and tax benefits (in shares) | [2] | 0 | |||||||||||
Stock option exercises and tax benefits outstanding (in shares) | [2] | 0 | |||||||||||
Convertible Preferred Stock, Ending Balance (in shares) at Jun. 30, 2017 | 515 | ||||||||||||
Common stock, Ending Balance (in shares) at Jun. 30, 2017 | 63,536,244 | [1],[2] | 65,115,932 | [1] | 1,579,688 | ||||||||
Stockholders' equity, Ending Balance at Jun. 30, 2017 | $ 834,247 | $ 5,063 | $ 651 | [1] | $ (37,317) | $ 346,117 | $ 519,246 | $ 487 | |||||
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 the fiscal year ended June 30, 2015 and 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. | ||||||||||||
[2] | Common stock amounts have been retroactively restated for the fiscal year ended June 30, 2015 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 $0.01 per share after the aforementioned forward stock split. | ||||||||||||
[3] | Amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 134,740 | $ 119,291 | $ 82,682 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Accretion of discounts on securities | (2,766) | (5,276) | (5,517) |
Net accretion of discounts on loans and leases | (4,859) | 959 | (27) |
Amortization of borrowing costs | 208 | 72 | 5 |
Stock-based compensation expense | 14,535 | 11,326 | 6,648 |
Tax benefit from exercise of common stock options and vesting of restricted stock units | (432) | (2,531) | (5,526) |
Valuation of financial instruments carried at fair value | (743) | 248 | 234 |
Net gain on sale of investment securities | (3,920) | (1,427) | (587) |
Impairment charge on securities | 1,964 | 565 | 2,365 |
Provision for loan and lease losses | 11,061 | 9,700 | 11,200 |
Deferred income taxes | (2,220) | (6,647) | (8,818) |
Origination of loans held for sale | (1,375,443) | (1,363,025) | (1,048,982) |
Unrealized (gain) loss on loans held for sale | 222 | (97) | 119 |
Gain on sales of loans held for sale | (18,771) | (26,616) | (21,057) |
Proceeds from sale of loans held for sale | 1,420,031 | 1,523,113 | 1,114,097 |
Change in fair value of mortgage servicing rights | (31) | 889 | 265 |
(Gain) loss on sale of other real estate and foreclosed assets | (42) | (145) | (283) |
Depreciation and amortization of furniture, equipment and software | 6,094 | 4,795 | 3,273 |
Net changes in assets and liabilities which provide (use) cash: | |||
Accrued interest receivable | 4,511 | (6,070) | (6,405) |
Other assets | 45,762 | (54,784) | (17,953) |
Accrued interest payable | (383) | 401 | (84) |
Accounts payable and accrued liabilities | (5,634) | 5,903 | 10,453 |
Net cash provided by (used in) operating activities | 223,884 | 210,644 | 116,102 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of investment securities | (249,909) | (161,395) | (10,464) |
Proceeds from sales of available-for-sale mortgage-backed securities | 161,048 | 14,969 | 9,539 |
Proceeds from repayment of securities | 307,456 | 80,009 | 80,546 |
Purchase of stock of the Federal Home Loan Bank | (66,294) | (136,952) | (60,870) |
Proceeds from redemption of stock of Federal Home Loan Bank | 60,210 | 146,099 | 37,370 |
Origination of loans held for investment | (4,068,990) | (3,582,766) | (3,242,828) |
Origination of mortgage warehouse loans, net | (113,711) | (51,145) | (29,083) |
Proceeds from sales of other real estate owned and repossessed assets | 367 | 1,478 | 1,518 |
Purchases of loans and leases, net of discounts and premiums | (269,886) | (140,493) | (2,452) |
Principal repayments on loans and leases | 3,427,818 | 2,253,017 | 1,847,665 |
Purchases of furniture, equipment and software | (8,758) | (10,239) | (5,117) |
Net cash used in investing activities | (820,649) | (1,587,418) | (1,374,176) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in deposits | 855,456 | 1,592,134 | 1,410,381 |
Proceeds from the Federal Home Loan Bank advances | 1,117,000 | 920,000 | 734,000 |
Repayment of the Federal Home Loan Bank advances | (1,204,000) | (946,000) | (891,000) |
Repayments of other borrowings and securities sold under agreements to repurchase | (15,000) | 0 | (10,000) |
Proceeds from exercise of common stock options | 0 | 151 | 781 |
Proceeds from issuance of common stock | 0 | 21,120 | 75,985 |
Tax benefit from exercise of common stock options and vesting of restricted stock grants | 432 | 2,531 | 5,526 |
Cash dividends paid on preferred stock | (309) | (309) | (309) |
Proceeds from issuance of subordinated notes | 0 | 51,000 | 0 |
Net cash provided by (used in) financing activities | 753,579 | 1,640,627 | 1,325,364 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 156,814 | 263,853 | 67,290 |
CASH AND CASH EQUIVALENTS—Beginning of year | 486,727 | 222,874 | 155,584 |
CASH AND CASH EQUIVALENTS—End of year | 643,541 | 486,727 | 222,874 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest paid on deposits and borrowed funds | 74,442 | 56,296 | 45,503 |
Income taxes paid | 102,482 | 89,184 | 68,481 |
Transfers to other real estate and repossessed vehicles | 1,982 | 571 | 2,484 |
Transfers from loans and leases held for investment to loans held for sale | 2,935 | 72,920 | 30,000 |
Transfers from loans held for sale to loans and leases held for investment | 2,790 | 21,488 | 7,237 |
Securities transferred from held-to-maturity to available-for-sale portfolio | $ 194,153 | $ 0 | $ 0 |
ORGANIZATIONS AND SUMMARY OF SI
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation . The consolidated financial statements include the accounts of BofI Holding, Inc. and its wholly owned subsidiary, BofI Federal Bank (collectively, the “Company”). All significant intercompany balances have been eliminated in consolidation. Certain reclassifications were made to previously reported amounts in the unaudited condensed consolidated financial statements and notes thereto to make them consistent with the current period presentation. BofI Holding, Inc. was incorporated in the State of Delaware on July 6, 1999 for the purpose of organizing and launching an Internet-based savings bank. BofI Federal Bank (the “Bank”), which opened for business over the Internet on July 4, 2000, is subject to regulation and examination by the Office of the Comptroller of the Currency (“OCC”), its primary regulator. The Federal Deposit Insurance Corporation (“FDIC”) insures the Bank’s deposit accounts up to the maximum allowable amount. 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 restated to reflect this four -for-one forward stock split. In November 2015, 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. Use of Estimates . In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan and lease losses, the assessment for other-than-temporary impairment on investment securities and the fair value of certain financial instruments. Business . The Bank provides consumer and business banking products through the branchless distribution channels and affinity partners. The Bank’s deposit products are demand accounts, savings accounts and time deposits marketed to consumers and businesses located in all 50 states. The Bank’s primary lending products are residential single family and multifamily mortgage loans. The Bank’s business is primarily concentrated in the state of California and is subject to the general economic conditions of that state. Cash and cash equivalents. The Bank’s cash, due from banks, money market mutual funds and federal funds sold, all of which have original maturities within 90 days , consist of cash and cash equivalents. Net cash flows are reported for customer deposit transactions. Restrictions on Cash . Federal Reserve Board regulations require depository institutions to maintain certain minimum reserve balances. Included in cash were balances required by the Federal Reserve Bank of San Francisco of $57,529 and $35,159 at June 30, 2017 and 2016 , respectively. Interest Rate Risk . The Bank’s assets and liabilities are generally monetary in nature and interest rate changes have an effect on the Bank’s performance. The Bank decreases the effect of interest rate changes on its performance by striving to match maturities and interest sensitivity between loans and deposits. A significant change in interest rates could have a material effect on the Bank’s results of operations. Concentration of Credit Risk. The Bank’s loan portfolio was collateralized by various forms of real estate with approximately 69.6% of the mortgage portfolio located in California at June 30, 2017 . The Bank’s loan portfolio contains concentrations of credit in multifamily, single family, commercial, and home equity loans. The Bank believes its underwriting standards combined with its low LTV requirements substantially mitigate the risk of loss which may result from these concentrations. Brand Partnership Products. The Bank has agreements with multiple partners to offer a variety of banking products. Through our agreement with H&R Block, Inc. (“H&R Block”) and its wholly-owned subsidiaries the Bank provides H&R Block-branded financial products and services. The products and services that represent the primary focus and the majority of transactional volume that the Bank processes are described in detail below. The first product is Emerald Prepaid MasterCard ® services. The Bank entered into agreements to offer this product in August 2015. Under the agreements, the Bank is responsible for the primary oversight and control of the prepaid card programs of a wholly-owned subsidiary of H&R Block. 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. The Bank entered into agreements to offer this product in August 2015. The Bank is responsible for the primary oversight and control of the refund transfer program of a wholly-owned subsidiary of H&R Block. 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 preparation 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 quarters ending March 31st and are included in the income statement under the line banking service fees and other income. The third product is Emerald Advance. The Bank entered into agreements to offer this product in August 2015. Under the agreements the Bank is responsible for the underwriting guidelines and credit policies for unsecured consumer lines of credit offered to H&R Block customers. 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 fourth product is an Individual Retirement Account (“IRA”). The Bank entered into agreements to offer this product in August 2015, and the initial offering of this product through H&R Block offices occurred in conjunction with the tax season ended April 18, 2017. The Bank is responsible for the primary oversight and control of the IRA product. During a tax preparation session with an H&R Block tax preparer, the customer is given an option to open a traditional IRA or Roth IRA savings account with the Bank. If the customer elects the option to open an account and meets the Bank’s requirements, an account is opened on the Bank’s core operating system under the Bank’s oversight and control. The customer has the option to deposit funds for the IRA through check or ACH. The Bank provides IRA custodial services, earns a nominal fee paid by the customers for any account closures or transfers out, and pays customers interest based on their IRA balance. The fees are included in the income statement under the line banking service fees and other income and interest paid is included under the line deposit interest expense. The fifth product is an interest-free Refund Advance loan. The Bank entered into agreements in October 2016 to offer this product during the 2017 tax season. Under the agreements the Bank purchases the Refund Advance loans from a third-party bank at a discount. The Refund advance loans are interest-free loans to consumers and offered primarily through the H&R Block tax preparation offices. The Bank has a limited guarantee from H&R Block that reduces the Bank’s credit exposure on the Refund Advance loans. The Bank retains the Refund Advance loans that it purchases and includes the Refund Advance loans in loans and leases on the balance sheet of the Company and records the accretion of the loan discount as interest income, which is 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 Company’s quarterly reports on Form 10-Q in 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. 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. During the quarter ended September 30, 2016, the Company elected to reclassify all of its held-to-maturity securities to available-for-sale. See Note 3 – “Securities” for further information. 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 amortized 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 it or 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 and Leases . Loans and leases 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 and lease origination fees and costs, and an allowance for loan and lease 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. The Company 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 Company 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. Recognition of interest income on all portfolio segments is generally discontinued at the time the loan or lease is 90 days delinquent unless the loan and lease 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 and leases 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 status. Loans and leases 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 or other gains on sale, based on the difference between sales proceeds and carrying value. Non-agency loans held for sale as of June 30, 2017 were 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 using pools of loans with similar characteristics. There may be times when loans have been classified as held for sale and 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 and leases previously charged-off. The allowance is decreased by the amount of charge-offs of loans and leases deemed uncollectible. Allocations of the allowance may be made for specific loans and leases but the entire allowance is available for any loan or lease that, in management’s judgment, should be charged off. The allowance for loan and lease losses includes general reserves and may include specific reserves. Specific reserves may be provided for impaired loans and leases considered Troubled Debt Restructurings (“TDRs”). All other impaired loans and leases are written down through charge-offs to the fair value of collateral, less estimated selling cost, and no specific or general reserve is provided. A loan or lease is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Loans and leases for which terms have been modified resulting in a concession and for which the borrower is experiencing financial difficulties are considered TDRs and classified as impaired. A loan or lease is measured for impairment generally two different ways. If the loan or lease is primarily dependent upon the borrower to make payments, then impairment is calculated by comparing the present value of the expected future payments discounted at the effective loan rate to the carrying value of the loan. If the loan or lease is collateral dependent, the net proceeds from the sale of the collateral is compared to the carrying value of the loan or lease. If the calculated amount is less than the carrying value of the loan or lease, the loan or lease has impairment. A general reserve is included in the allowance for loan and lease losses and is determined by adding the results of a quantitative and a qualitative analysis to all other loans and leases not measured for impairment at the reporting date. The quantitative analysis determines the Bank’s actual annual historic charge-off rates for the previous three fiscal years and applies the average historic rates to the outstanding loan and lease balances in each pool, the product of which is the general reserve amount. The qualitative analysis considers one or more of the following factors: changes in lending policies and procedures, changes in economic conditions, changes in the content of the portfolio, changes in lending management, changes in the volume of delinquency rates, changes to the scope of the loan and lease review system, changes in the underlying collateral of the loans and leases, changes in credit concentrations and any changes in the requirements to the credit loss calculations. A loss rate is estimated and applied to those loans and leases affected by the qualitative factors. The following portfolio segments have been identified: single family secured mortgage, home equity secured mortgage, single family warehouse and other, multi-family secured mortgage, commercial real estate and land secured mortgage, auto secured and recreational vehicles, factoring, commercial and industrial (“C&I”) and other. General loan and lease loss reserves are calculated by grouping each mortgage loan or lease by collateral type and by grouping the LTV ratios of each loan within the collateral type. An estimated allowance rate for each LTV group within each type of loan and lease is multiplied by the total principal amount in the group to calculate the required general reserve attributable to that group. Management uses an allowance rate that provides a larger loss allowance for loans with greater LTV ratios. General loan loss reserves for C&I loans are determined through a loan level grading system to base its projected loss rates. A matrix was created with a base loss rate with additional potential industry and volume risk adjustments, to calculate a loss rating for each deal. Given the lack of historical loss experience for this segment at the Company, an allowance loss range is based upon historical peer loss rates. General loan loss reserves for consumer loans are calculated by grouping each loan by credit score (e.g. FICO) at origination and applying an estimated allowance rate to each group. In addition to credit score grading, general loan loss reserves are increased for all consumer loans determined to be 90 days or more past due. Specific reserves or direct charge-offs are calculated when an internal asset review of a loan or lease identifies a significant adverse change in the financial position of the borrower or the value of the collateral. The specific reserve or direct charge-off is based on discounted cash flows, observable market prices or the estimated value of underlying collateral. Specific loan or lease charge-offs on impaired loans or leases are recorded as a write-off and a decrease to the allowance in the period the impairment is identified. A loan or lease is classified as a TDR when management determines that an existing borrower is in financial distress and the borrower’s loan or lease terms are modified to provide the borrower a financial concession (e.g. lower payment) that would not otherwise be provided by another lender based upon borrower’s current financial condition. TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan or lease, the loan or lease is reported, net, at the fair value of the collateral less cost to sell. For TDRs that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan and lease losses. If the present value of estimated cash flows under the modified terms of a TDR discounted at the original loan or lease effective rate is less than the book value of the loan or lease before the TDR, the excess is specifically allocated to the loan or lease in the allowance for loan and lease losses. Mortgage Servicing Rights. Mortgage servicing rights are recorded as separate assets on our consolidated balance sheets when the Company retains the right to service loans that we have sold. Mortgage Banking Derivatives. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in mortgage banking income. Furniture, Equipment and Software . Fixed asset purchases in excess of five hundred dollars are capitalized and recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are three to seven years. Leasehold improvements are amortized over the lesser of the assets’ useful lives or the lease term. Income Taxes . Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. The Company records a valuation allowance when management believes it is more likely than not that deferred tax assets will not be realized. An income tax position will be recognized as a benefit only if it is more likely than not that it will be sustained upon IRS examination, based upon its technical merits. Once that status is met, the amount recorded will be the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Earnings per Share . Earnings per share (“EPS”) are presented under two formats: basic EPS and diluted EPS. Basic EPS is computed by dividing the net income attributable to common stock (net income after deducting dividends on preferred stock) by the sum of the weighted-average number of common shares outstanding during the year and the unvested average of restricted stock unit shares. Diluted EPS is computed by dividing the sum of net income attributable to common stock and dividends on diluted preferred stock by the sum of the weighted-average number of common shares outstanding during the year and the impact of dilutive potential common shares, such as stock options and convertible preferred stock. Stock-Based Compensation . Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate fair value of the stock options, while market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Federal Home Loan Bank (“FHLB”) stock . The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Cash Surrender Value of Life Insurance . The Bank has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other amounts due that are probable at settlement. Loan Commitments and Related Financial Instruments . Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Comprehensive Income . Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available-for-sale, which are also recognized as separate components of equity. Loss Contingencies . Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are now such matters that will have a material effect on the financial statements. Dividend Restriction . Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the holding company. As of June 30, 2017 , there are no dividend restrictions on the Bank or the Company. Fair Value of Financial Instruments . Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 2. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. Operating Segments . While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be one reportable operating segment. 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 products and services that represent the primary focus and the majority of transactional volume that the Bank will process are described above in Brand Partnership Products. 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 acquired assets and assumed liabilities plus a lease purchase price premium of approximately 2.5% . New Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which completes the joint effort by the FASB and the International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and the International Financial Reporting Standards. ASU 2014-09, which clarifies the principles for recognizing revenue from contracts with customers, does not apply to financial instruments. ASU 2015-14 provided an extension to the original effective date and the amendments are effective for annual and interim periods, beginning after December 2017. The Company is currently evaluating the potential impact of ASU 2014-09, but does not expect it to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30); Simplifying the Presentation of Debt Issuance Costs. Under the amended guidance, debt issuance costs related to a recognized debt liability are required to be presented as deductions from the carrying amounts of the corresponding debt liabilities, consistent with the presentation of debt discounts and premiums. The amended guidance was adopted for the quarter ended Se |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Jun. 30, 2017 | |
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. ASC Topic 820 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 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 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 are 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. 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 over-collateralization. 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 June 30, 2017 , the Company’s forecast of cash flows for both securities includes actual and forecasted defaults and deferrals totaling 17.2% of all banks in the collateral pools, compared to 17.1% of the banks actually in default as of June 30, 2017 . The expected cash flows reflect the Company’s best estimate of all pool losses which are then applied to the over-collateralization 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 June 30, 2017 , the Company used a weighted average discount margin of 450 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 factors, the timing of forecasted defaults and the discount rate applied to cash flows. The fair value of the trading securities at June 30, 2017 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 $828 . 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 $956 . 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, RMBS issued by non-agencies, municipal securities as well as other debt securities. Held-to-maturity securities are recorded at amortized cost and consist of RMBS issued by U.S. agencies, RMBS issued by non-agencies, as well as municipal securities. Fair value for U.S. agency securities and municipal securities are 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. The Company inputs for each security a projection of monthly default rates, loss severity rates and voluntary prepayment rates for the underlying mortgages for the remaining life of the 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 or decreased by the forecasted increase or decrease 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 most updated unemployment rate reported in May 2017 was 4.3% . Consensus estimates for unemployment are that the rate will continue to decline. Going forward, the Company is projecting lower monthly default rates. The Company projects that severities will continue to improve. 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 June 30, 2017 are from 2.5% up to 23.4% 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 range of loss severity rates applied to each default used in the Company’s projections at June 30, 2017 are from 40.0% up to 68.8% 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. 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 June 30, 2017 , the Company computed its discount rates as a spread between 264 and 584 basis points over the LIBOR Index using the LIBOR forward 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. The Bank’s estimate of fair value for non-agency securities using Level 3 pricing is highly subjective and is based on the Bank’s estimate of voluntary prepayments, default rates, severities and discount margins, which are forecasted monthly over the remaining life of each security. Changes in one or more of these assumptions can cause a significant change in the estimated fair value. For further details see the table later in this note that summarizes quantitative information about level 3 fair value measurements. Loans Held for Sale. Loans held for sale at fair value are primarily single-family 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 and Leases . Impaired loans and leases are loans and leases 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 and leases. The impaired loans and leases are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. The Company assesses loans and leases individually and identifies impairment when the loan or lease is classified as impaired or has been restructured or management has serious doubts about the future collectibility of principal and interest, even though the loans and leases may currently be performing. The fair value of an impaired loan or lease is determined based on an observable market price or current appraised value of the underlying collateral. The fair value of impaired loans and leases with specific write-offs or allocations of the allowance for loan and lease 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 or lease 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 and leases may result in increases or decreases to the provision for loan and lease 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 . 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 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 securities based upon prices in active markets for identical securities or based on quoted market prices of similar assets used to form a dealer quote or a pricing matrix, resulting in a Level 2 classification, or derivatives requiring unobservable inputs resulting in Level 3 classification. 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. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: June 30, 2017 (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 $ — $ — $ 8,327 $ 8,327 Securities—Available-for-Sale: Agency RMBS — 27,206 — 27,206 Non-Agency RMBS — — 71,503 71,503 Municipal — 27,163 — 27,163 Other Debt Securities — 138,598 — 138,598 Total—Securities—Available-for-Sale $ — $ 192,967 $ 71,503 $ 264,470 Loans Held for Sale $ — $ 18,738 $ — $ 18,738 Mortgage servicing rights $ — $ — $ 7,200 $ 7,200 Other assets—Derivative instruments $ — $ — $ 1,194 $ 1,194 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ 168 $ 168 June 30, 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 $ — $ — $ 7,584 $ 7,584 Securities—Available-for-Sale: Agency RMBS — 33,722 — 33,722 Non-Agency RMBS — — 9,364 9,364 Municipal — 34,719 — 34,719 Other Debt Securities — 187,642 — 187,642 Total—Securities—Available-for-Sale $ — $ 256,083 $ 9,364 $ 265,447 Loans Held for Sale $ — $ 20,871 $ — $ 20,871 Mortgage servicing rights $ — $ — $ 3,943 $ 3,943 Other assets—Derivative Instruments $ — $ — $ 2,202 $ 2,202 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ 884 $ 884 The following table presents 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: Year Ended June 30, 2017 (Dollars in thousands) Securities- Securities- 1 Mortgage Servicing Rights Derivative Instruments, net Total Assets: Opening Balance $ 7,584 $ 9,364 $ 3,943 $ 1,318 $ 22,209 Transfers into Level 3 — 124,547 — — 124,547 Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — (1,509 ) — — (1,509 ) Included in earnings—Fair value gain(loss) on trading securities 743 — — — 743 Included in earnings—Mortgage banking income — — 697 (292 ) 405 Included in other comprehensive income — 13,933 — — 13,933 Purchases, issues, sales and settlements: — Purchases — — 2,560 — 2,560 Issues — — — — — Sales — (59,896 ) — — (59,896 ) Settlements — (12,972 ) — — (12,972 ) Other-than-temporary impairment — (1,964 ) — — (1,964 ) Closing balance $ 8,327 $ 71,503 $ 7,200 $ 1,026 $ 88,056 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ 743 $ (1,509 ) $ 697 $ (292 ) $ (361 ) 1 See Note 3 – “Securities” for further information on transfers. Year Ended June 30, 2016 (Dollars in thousands) Securities- Securities- Mortgage Servicing Rights Derivative Instruments, net Total Assets: 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 — (1,174 ) — — (1,174 ) Included in earnings—Fair value gain(loss) on trading securities (248 ) — — — (248 ) Included in earnings—Mortgage banking income — — (889 ) (943 ) (1,832 ) Included in other comprehensive income — (2,380 ) — — (2,380 ) Purchases, issues, sales and settlements: — Purchases — — 2,734 — 2,734 Issues — — — — — Sales — (6,974 ) — — (6,974 ) Settlements — (6,313 ) — — (6,313 ) Other-than-temporary impairment — (428 ) — — (428 ) Closing balance $ 7,584 $ 9,364 $ 3,943 $ 1,318 $ 22,209 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (248 ) $ (1,174 ) $ (889 ) $ (943 ) $ (3,254 ) The table below summarizes the quantitative information about Level 3 fair value measurements at the periods indicated: June 30, 2017 (Dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Securities – Trading $ 8,327 Discounted Cash Flow Total Projected Defaults, Discount Rate over Treasury 12.2 to 21.8% (16.8%) 4.5 to 4.5% (4.5%) Securities – Non-agency MBS $ 71,503 Discounted Cash Flow Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR 2.5 to 23.4% (12.5%) 1.5 to 18.9% (5.3%) 40.0 to 68.8% (57.9%) 2.6 to 5.8% (3.3%) Mortgage Servicing Rights $ 7,200 Discounted Cash Flow Projected Constant Prepayment Rate, Life (in years), Discount Rate 6.3 to 26.9% (9.5%) 2.5 to 7.8 (6.6) 9.5 to 13.0% (9.7%) Derivative Instruments $ 1,026 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.3 to 0.6% (0.5%) June 30, 2016 (Dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Securities – Trading $ 7,584 Discounted Cash Flow Total Projected Defaults, Discount Rate over Treasury 11.7 to 21.0% (16.5%) Securities – Non-agency MBS $ 9,364 Discounted Cash Flow Projected Constant Prepayment Rate, 9.1 to 20.6% (14.2%) Mortgage Servicing Rights $ 3,943 Discounted Cash Flow Projected Constant Prepayment Rate, 7.8 to 21.8% (10.6%) Derivative Instruments $ 1,318 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.3 to 0.6% (0.4%) The significant unobservable inputs used in the fair value measurement of the Company’s residential mortgage-backed securities are projected prepayment rates, probability of default, and projected 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 projected loss severity and a directionally opposite change in the assumption used for projected 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: Year Ended June 30, (Dollars in thousands) 2017 2016 2015 Interest income on investments $ 311 $ 245 $ 223 Fair value adjustment 743 (248 ) (234 ) Total $ 1,054 $ (3 ) $ (11 ) The table below summarizes the fair value of assets measured for impairment on a non-recurring basis: June 30, 2017 (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Impaired loans and leases: Single family real estate secured: Mortgage $ — $ — $ 23,377 $ 23,377 Home equity — — 16 16 Multifamily real estate secured — — 4,255 4,255 Auto and RV secured — — 157 157 Commercial & Industrial — — 314 314 Other — — 274 274 Total $ — $ — $ 28,393 $ 28,393 Other real estate owned and foreclosed assets: Single family real estate $ — $ — $ 1,353 $ 1,353 Autos and RVs — — 60 60 Total $ — $ — $ 1,413 $ 1,413 June 30, 2016 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Impaired loans and leases: Single family real estate secured: Mortgage $ — $ — $ 28,610 $ 28,610 Home equity — — 33 33 Multifamily real estate secured — — 2,218 2,218 Commercial real estate secured — — 254 254 Auto and RV secured — — 278 278 Other — — 676 $ 676 Total $ — $ — $ 32,069 $ 32,069 Other real estate owned and foreclosed assets: Multifamily real estate — — 207 207 Autos and RVs — — 45 45 Total $ — $ — $ 252 $ 252 HTM Securities – Non-agency MBS $ — $ — $ 79,164 $ 79,164 Impaired loans and leases measured for impairment on a non-recurring basis using the fair value of the collateral for collateral-dependent loans have a carrying amount of $28,393 at June 30, 2017 and life to date charge-offs of $3,691 . Impaired loans had a related allowance of $1,058 at June 30, 2017 . At June 30, 2016 , such impaired loans had a carrying amount of $32,069 and life to date charge-offs of $4,990 , and a related allowance of $692 . 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 $1,413 after charge-offs of $332 at June 30, 2017 . Our other real estate owned and foreclosed assets had a net carrying amount was $252 after charge-offs of $116 during the year ended June 30, 2016 . There were no held-to-maturity securities at June 30, 2017 . At June 30, 2016 held-to-maturity securities measured for impairment on a non-recurring basis had a carrying amount of $77,122 after charges to income of $137 and charges to other comprehensive income of $4,467 during the fiscal year ended June 30, 2016 . 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 and in accordance with the Company’s policy on loans held for investment. None of these loans are 90 days or more past due nor on non-accrual as of June 30, 2017 and June 30, 2016 . The aggregate fair value, contractual balance (including accrued interest), and gain was as follows: At June 30, (Dollars in thousands) 2017 2016 2015 Aggregate fair value $ 18,738 $ 20,871 $ 25,430 Contractual balance 18,311 20,226 24,886 Gain $ 427 $ 645 $ 544 The total amount of gains and losses from changes in fair value included in earnings for the period indicated below for loans held for sale were: At June 30, (Dollars in thousands) 2017 2016 2015 Interest income $ 602 $ 826 $ 671 Change in fair value (514 ) (846 ) 1,505 Total change in fair value $ 88 $ (20 ) $ 2,176 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: June 30, 2017 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) 1 Impaired loans and leases: Single family real estate secured: Mortgage $ 23,377 Sales comparison approach Adjustment for differences between the comparable sales -38.5 to 79.8% (6.4%) Home equity $ 16 Sales comparison approach Adjustment for differences between the comparable sales -6.1 to 26.1% (7.8%) Multifamily real estate secured $ 4,255 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate -24.2 to 48.7% (2.4%) Auto and RV secured $ 157 Sales comparison approach Adjustment for differences between the comparable sales -17.2 to 42.4% (-5.5%) Commercial & Industrial $ 314 Discounted cash flow Discount Rate 34.8 to 34.8% (34.8%) Other $ 274 Discounted cash flow Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate 0.0 to 0.0% (0.0%) 0.0 to 10.0% (5.0%) 100.0 to 100.0% (100.0%) 4.5 to 5.2% (4.9%) Other real estate owned and foreclosed assets: Single family real estate $ 1,353 Sales comparison approach Adjustment for differences between the comparable sales -10.5 to 12.5% (0.1%) Autos and RVs $ 60 Sales comparison approach Adjustment for differences between the comparable sales -17.0 to 20.5% (6.2%) 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. June 30, 2016 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) 1 Impaired loans and leases: Single family real estate secured: Mortgage $ 28,610 Sales comparison approach Adjustment for differences between the comparable sales -40.6 to 69.5% (6.2%) Home equity $ 33 Sales comparison approach Adjustment for differences between the comparable sales -27.2 to 0.0% (-11.1%) Multifamily real estate secured $ 2,218 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate -29.7 to 58.0% (3.0%) Commercial real estate secured $ 254 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate 0.0 to 66.7% (33.3%) Auto and RV secured $ 278 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 22.8% (10.6%) Other $ 676 Discounted cash flow Projected Constant Prepayment Rate, 0.0 to 0.0% (0.0%) Other real estate owned and foreclosed assets: Multifamily real estate $ 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 0.0 to 25.0% (12.5%) Autos and RVs $ 45 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 20.6% (10.2%) HTM Securities – Non-agency MBS $ 79,164 Discounted cash flow Projected Constant Prepayment Rate, 2.6 to 48.8% (12.0%) 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. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amount and estimated fair values of financial instruments at year-end were as follows: June 30, 2017 (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 643,541 $ 643,541 $ — $ — $ 643,541 Securities trading 8,327 — — 8,327 8,327 Securities available-for-sale 264,470 — 192,967 71,503 264,470 Loans held for sale, at fair value 18,738 — 18,738 — 18,738 Loans held for sale, at lower of cost or fair value 6,669 — — 7,328 7,328 Loans and leases held for investment—net 7,374,493 — — 7,521,281 7,521,281 Accrued interest receivable 20,781 — — 20,781 20,781 Mortgage servicing rights 7,200 — — 7,200 7,200 Financial liabilities: Total deposits 6,899,507 — 6,544,056 — 6,544,056 Securities sold under agreements to repurchase 20,000 — 20,152 — 20,152 Advances from the Federal Home Loan Bank 640,000 — 645,339 — 645,339 Subordinated notes and debentures 54,463 — 52,930 — 52,930 Accrued interest payable 1,284 — 1,284 — 1,284 June 30, 2016 (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 486,727 $ 486,727 $ — $ — $ 486,727 Securities trading 7,584 — — 7,584 7,584 Securities available-for-sale 265,447 — 256,083 9,364 265,447 Securities held-to-maturity 199,174 — 77,415 |
SECURITIES
SECURITIES | 12 Months Ended |
Jun. 30, 2017 | |
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 for the following periods were: June 30, 2017 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 $ — $ 27,379 $ 286 $ (459 ) $ 27,206 $ — $ — $ — $ — Non-agency 2 — 65,401 7,406 (1,304 ) 71,503 — — — — Total mortgage-backed securities — 92,780 7,692 (1,763 ) 98,709 — — — — Other debt securities: Municipal — 27,568 19 (424 ) 27,163 — — — — Non-agency 8,327 137,172 1,517 (91 ) 138,598 — — — — Total other debt securities 8,327 164,740 1,536 (515 ) 165,761 — — — — Total debt securities $ 8,327 $ 257,520 $ 9,228 $ (2,278 ) $ 264,470 $ — $ — $ — $ — June 30, 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 $ — $ 33,256 $ 489 $ (23 ) $ 33,722 $ 35,067 $ 843 $ (1 ) $ 35,909 Non-agency 2 — 9,043 321 — 9,364 128,211 7,095 (10,044 ) 125,262 Total mortgage-backed securities — 42,299 810 (23 ) 43,086 163,278 7,938 (10,045 ) 161,171 Other debt securities: Municipal — 34,543 185 (10 ) 34,718 35,896 5,610 — 41,506 Non-agency 7,584 186,316 1,501 (174 ) 187,643 — — — — Total other debt securities 7,584 220,859 1,686 (184 ) 222,361 35,896 5,610 — 41,506 Total debt securities $ 7,584 $ 263,158 $ 2,496 $ (207 ) $ 265,447 $ 199,174 $ 13,548 $ (10,045 ) $ 202,677 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. During the quarter ended September 30, 2016, the Company elected to reclassify all of its HTM securities to AFS. At the time of reclassification, while the Company had the ability to hold those transferred securities to maturity and did not intend to sell the securities, the Company concluded that there were sufficient uncertainties associated with i) future fiscal and monetary policy resulting from domestic and international political changes, ii) future interpretations and applications of new accounting principles and regulatory guidance; iii) the pace of future market interest rate increases given that market interest rates remain at historical lows, all of which could, depending upon the outcomes, change the Company’s intent to hold its securities. Under Accounting Standards Codification 320-10 Investments—Debt Securities, there are very limited exceptions that allow an entity to reclassify or sell one or more securities from HTM and still use the HTM classification for any remaining securities. The Company concluded that such exceptions may not apply to all results and elected to reclassify all HTM securities to AFS understanding that such reclassification immediately eliminated the Company’s ability to use the HTM classification for its securities portfolio for a period of time not to be less than one year. The Company will perform periodic assessments in the future to determine whether the above referenced uncertainties have been resolved and that management has the positive intent and ability to hold securities until maturity. The net carrying amount of the securities reclassified in September 2016 from HTM to AFS was $194,153 and the fair value of AFS securities at June 30, 2017 is reflected in the Consolidated Balance Sheets. The reclassification resulted in an unrealized gain recognized through other comprehensive income of $3,618 in the Consolidated Statements of Comprehensive Income for the year ended June 30, 2017 . The Company’s non-agency RMBS available-for-sale portfolio with a total fair value of $71,503 at June 30, 2017 consists of thirty-eight different issues of super senior securities with a fair value of $69,138 , two mezzanine z-tranche securities, negative-amortizing support tranches, with a fair value of $13 collateralized by seasoned prime and Alt-A first-lien mortgages and one senior support security that it acquired at a significant discount that evidenced credit deterioration at acquisition, with a fair value of $2,352 . The Company acquired its mezzanine z-tranche securities in fiscal 2010 and accounts for them by measuring the excess of cash flows expected at acquisition over the purchase price (accretable yield) and recognizes interest income over the remaining life of the security. 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, Accounting for Certain Loans or Debt Securities Acquired in a Transfer. 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. 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. The security realized an other-than-temporary loss of $1,461 in fiscal 2017 and zero in fiscal 2016 . At June 30, 2017 , the security had a remaining contractual par value of zero and amortizable and non-amortizable premium are currently projected to be zero and $1,010 , respectively. The face amounts of debt securities available-for-sale and held-to-maturity that were pledged to secure borrowings at June 30, 2017 and 2016 were $6,183 and $39,961 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: June 30, 2017 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 $ 17,161 $ (374 ) $ 2,348 $ (85 ) $ 19,509 $ (459 ) $ — $ — $ — $ — $ — $ — Non-agency 2,487 (16 ) 25,097 (1,288 ) 27,584 (1,304 ) — — — — — — Total RMBS securities 19,648 (390 ) 27,445 (1,373 ) 47,093 (1,763 ) — — — — — — Other debt: Municipal debt 13,431 (420 ) 1,757 (4 ) 15,188 (424 ) — — — — — — Non-agency 27,750 (91 ) — — 27,750 (91 ) — — — — — — Total other debt 41,181 (511 ) 1,757 (4 ) 42,938 (515 ) — — — — — — Total debt securities $ 60,829 $ (901 ) $ 29,202 $ (1,377 ) $ 90,031 $ (2,278 ) $ — $ — $ — $ — $ — $ — June 30, 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 $ — $ — $ 5,094 $ (23 ) $ 5,094 $ (23 ) $ 129 $ (1 ) $ — $ — $ 129 $ (1 ) Non-agency — — — — — — 15,011 (419 ) 53,372 (9,625 ) 68,383 (10,044 ) Total RMBS securities — — 5,094 (23 ) 5,094 (23 ) 15,140 (420 ) 53,372 (9,625 ) 68,512 (10,045 ) Other debt: Municipal debt 10,267 (10 ) — — 10,267 (10 ) — — — — — — Non-agency 5,566 (5 ) 16,963 (169 ) 22,529 (174 ) — — — — — — Total other debt 15,833 (15 ) 16,963 (169 ) 32,796 (184 ) — — — — — — Total debt securities $ 15,833 $ (15 ) $ 22,057 $ (192 ) $ 37,890 $ (207 ) $ 15,140 $ (420 ) $ 53,372 $ (9,625 ) $ 68,512 $ (10,045 ) There were sixteen securities that were in a continuous loss position at June 30, 2017 for a period of more than 12 months. There were twenty-six securities that were in a continuous loss position at June 30, 2016 for a period of more than 12 months. The following table summarizes amounts of anticipated credit loss recognized in the income statement through other-than-temporary impairment charges, which reduced non-interest income: At June 30, (Dollars in thousands) 2017 2016 2015 Beginning balance $ (20,865 ) $ (20,503 ) $ (18,138 ) Additions for the amounts related to the credit loss for which an other-than-temporary impairment was not previously recognized (342 ) (112 ) (742 ) Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized (1,622 ) (453 ) (1,623 ) Credit losses realized for securities sold 7,301 203 $ — Ending balance $ (15,528 ) $ (20,865 ) $ (20,503 ) At June 30, 2017 , twenty-two non-agency RMBS with a total carrying amount of $43,268 were determined to have cumulative credit losses of $15,528 . Of this amount $2,365 was recognized in earnings during fiscal 2015 , $565 was recognized in earnings during fiscal 2016 and $1,964 was recognized in earnings during fiscal 2017 . This year’s other-than-temporary impairment of $1,964 is related to six non-agency RMBS with a total carrying amount of $13,126 . The Company measures its non-agency RMBS in an unrealized 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 other-than-temporary impairment of its debt securities. The excess of present value over the fair value of the security, if any, is the noncredit component of the other-than-temporary impairment. 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 other-than-temporary impairment is recorded as a loss in earnings and the noncredit component of other-than-temporary impairment is recorded in comprehensive income, net of the related income tax benefit. If the Company does not intend to hold the security, or will be required to sell the security prior to a recovery of the amortized cost basis of the security, the credit component and noncredit component of the other-than-temporary impairment is recorded as a loss in earnings. To determine the cash flows 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 2 – 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. During the current fiscal year ended June 30, 2017 , the company sold seventy available-for-sale securities with a carrying value of $156,219 resulting in a $3,920 gain. The gross gains and losses realized through earnings upon the sale of available-for-sale securities were as follows: At June 30, (Dollars in thousands) 2017 2016 2015 Proceeds $ 161,048 $ 14,969 $ 9,614 Gross realized gains $ 7,386 $ 1,427 $ 587 Gross realized loss (3,466 ) — — Net gain on securities $ 3,920 $ 1,427 $ 587 The Company records unrealized gains and unrealized losses in accumulated other comprehensive loss as follows: At June 30, (Dollars in thousands) 2017 2016 Available-for-sale debt securities—net unrealized gains $ 6,949 $ 2,288 Available-for-sale debt securities—non-credit related (6,115 ) (138 ) Held-to-maturity debt securities—non-credit related — (14,129 ) Subtotal 834 (11,979 ) Tax (provision) benefit (347 ) 4,675 Net unrealized gain (loss) on investment securities in accumulated other comprehensive loss $ 487 $ (7,304 ) The expected maturity distribution of the Company’s mortgage-backed securities and the contractual maturity distribution of the Company’s other debt securities classified as available-for-sale and held-to-maturity were: June 30, 2017 Available-for-sale Held-to-maturity Trading (Dollars in thousands) Amortized Cost Fair Value Carrying Amount Fair Value Fair Value RMBS—U.S. agencies 1 : Due within one year $ 1,612 $ 1,599 $ — $ — $ — Due one to five years 5,469 5,445 — — — Due five to ten years 5,208 5,211 — — — Due after ten years 15,090 14,951 — — — Total RMBS—U.S. agencies 1 27,379 27,206 — — — RMBS—Non-agency: Due within one year 8,874 9,445 — — — Due one to five years 26,783 28,817 — — — Due five to ten years 19,214 20,893 — — — Due after ten years 10,530 12,348 — — — Total RMBS—Non-agency 65,401 71,503 — — — Other debt: Due within one year 56,628 57,983 — — 117 Due one to five years 94,283 94,356 — — 93 Due five to ten years — — — — 420 Due after ten years 13,829 13,422 — — 7,697 Total other debt 164,740 165,761 — — 8,327 Total $ 257,520 $ 264,470 $ — $ — $ 8,327 1 Residential mortgage-backed security (RMBS) distributions include impact of expected prepayments and other timing factors. |
LOANS, LEASES & ALLOWANCE FOR L
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES | 12 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES | LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES For the Company’s single family, commercial and multifamily loans, the allowance methodology takes into consideration the risk that the original borrower information may have adversely changed in two ways. First, in calculating the quantitative factor for the Company’s general loan and lease loss allowance, the actual loss experience is tracked and stratified by original LTV and year of origination. As a result, the Company uses relatively higher loss rates across the LTV bands for loans originated and purchased in years 2005 through 2008 compared to the same LTV ranges for loans originated before 2005 or after 2008. Second, the Company uses a number of qualitative factors to reflect additional risk. One qualitative loss factor is real estate valuation risk which is applied to each LTV band primarily based upon the year the real estate loan was originated or purchased. Based upon price appreciation indices, multifamily property values in years 2005 through 2008 experienced significant declines. As a result, the Company applies a relatively higher qualitative loss factor rate across the LTV bands for loans originated and purchased in years 2005 through 2008 compared to the same LTV ranges for loans originated or purchased before 2005 or after 2008. For the Company’s home equity loans, the allowance methodology takes into consideration the risk that the original borrower information may have adversely changed in two ways. First, in calculating the quantitative factor for the Company’s general loan loss allowance, the actual loss experience is tracked and stratified by original combined LTV (“CLTV”) of the first and second liens. As a result, the Company allocates higher loss rates in proportion to the greater the CLTV. Second, the Company uses a number of qualitative factors to reflect additional risk. The Company does not have any individual purchased home equity loans in its portfolio and given the limited time frame under which the Company originated home equity loans, 2006-2009, no additional risk allocation is used. For the Company’s single family – warehouse lines, the allowance methodology takes into consideration the structure of these loans, as they remain in the portfolio for a short period (usually less than a month) and have higher credit protection allocated compared to traditional single family originations. A matrix was created to reflect most current operating levels of capital and line usage, which calculates a loss rating to assign to each originator. For the Company’s factoring loans, the allowance methodology takes into consideration the credit quality of the insurance company or state securing the loan. The Company obtains credit ratings for these entities through agencies such as AM Best and allocates an allowance allocation based on these ratings. For the Company’s C&I leveraged loans, equipment finance leases and bridge loans, the allowance methodology incorporates a loan level grading system, which generally aligns with the credit rating. Industry loss rates are applied to determine the loss allowance for each of these loans based upon their internal grading. The credit rating incorporates multiple borrower attributes including, but not limited to, underlying collateral and pledged assets, income generated by the property or assets, borrower’s liquidity and access to liquid funds, strength of the borrower’s industry, stability of the borrower’s market, the size of the company, collateral diversity, facility exit strategies and borrower guarantees. For the Company’s automobile (“auto”) and recreational vehicle (“RV”) loan portfolio, the allowance methodology takes into consideration potential adverse changes to the borrower’s financial condition since time of origination. The general loan loss reserves for auto and RV are stratified based upon borrower FICO scores. First, to account for potential deterioration of borrower’s credit history since time of origination, due to downturn in the economy or other factors, the Company refreshes the FICO scores used to drive the allowance on a semi-annual basis. The Company believes that current borrower credit history is a better predictor of potential loss than that was used at time of origination. Second, the Company uses a number of qualitative factors to capture additional risk when finalizing its calculation of the allowance for loan and lease losses. The following table sets forth the composition of the loan and lease portfolio as of the dates indicated: At June 30, (Dollars in thousands) 2017 2016 Single family real estate secured: Mortgage $ 3,901,754 $ 3,678,520 Home equity 2,092 2,470 Warehouse and other 1 452,390 537,714 Multifamily real estate secured 1,619,404 1,373,216 Commercial real estate secured 162,715 121,746 Auto and RV secured 154,246 73,676 Factoring 160,674 98,275 Commercial & Industrial 992,232 514,300 Other 3,754 2,542 Total gross loans and leases 7,449,261 6,402,459 Allowance for loan and lease losses (40,832 ) (35,826 ) Unaccreted discounts and loan and lease fees (33,936 ) (11,954 ) Total net loans and leases $ 7,374,493 $ 6,354,679 1 The balance of single family warehouse loans was $187,034 at June 30, 2017 and $173,148 at June 30, 2016 . The remainder of the balance was attributable to single family lender finance loans. The following table summarizes activity in the allowance for loan and lease losses for the periods indicated: At June 30, (Dollars in thousands) 2017 2016 2015 Balance—beginning of period $ 35,826 $ 28,327 $ 18,373 Provision for loan and lease loss 11,061 9,700 11,200 Charged off (5,096 ) (808 ) (1,561 ) Transfers to held for sale (1,828 ) (2,727 ) — Recoveries 869 1,334 315 Balance—end of period $ 40,832 $ 35,826 $ 28,327 The following table summarizes the composition of the impaired loans and leases: At June 30, (Dollars in thousands) 2017 2016 2015 Non-performing loans and leases—90+ days past due plus other non-accrual loans and leases $ 26,815 $ 28,790 $ 25,873 Troubled debt restructured loans and leases—non-accrual 1,578 3,069 4,958 Troubled debt restructured loans and leases—performing — 210 217 Total impaired loans and leases $ 28,393 $ 32,069 $ 31,048 At June 30, 2017 , the carrying value of impaired loans and leases is net of write offs of $2,436 . At June 30, 2017 , $28,393 of impaired loans and leases had no specific allowance allocations. The average carrying value of impaired loans and leases was $34,154 and $28,913 for the fiscal years ended June 30, 2017 and 2016 , respectively. The interest income recognized during the periods of impairment is insignificant for those loans and leases impaired at June 30, 2017 or 2016 . At June 30, 2017 and 2016 , there were no loans or leases still accruing past due 90 days or more, unless the Company received principal and interest from the servicer despite the borrower’s delinquency. The Company considers the servicer’s recovery of such advances in evaluating whether such loans should continue to accrue. A loan or lease is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan or lease agreement. Factors that we consider in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans or leases that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan or lease’s effective interest rate or the fair value of the collateral if repayment of the loan or lease is expected from the sale of collateral. The Company has allocated $44 and $1 of the allowance to customers whose loans have been restructured and were determined to be TDRs as of June 30, 2017 and 2016 , respectively. The Company does not have any commitments to fund TDR loans at June 30, 2017 . At June 30, 2017 and 2016 , approximately 69.57% and 67.97% , respectively, of the Company’s real estate loans are collateralized by real property located in California and therefore exposed to economic conditions within this market region. In the ordinary course of business, the Company has granted related party loans collateralized by real property to principal officers, directors and their affiliates. There were no new related party loans granted during the fiscal year ended June 30, 2017 . During the fiscal year 2016 , the Company originated no new related party loans and did not execute any interest rate modifications of existing loans. Total principal payments on related party loans were $353 and $334 during the years ended June 30, 2017 and 2016 , respectively. At June 30, 2017 and 2016 , these loans amounted to $9,297 and $10,209 , respectively, and are included in loans held for investment. Interest earned on these loans was $95 and $102 during the years ended June 30, 2017 and 2016 , respectively. The Company’s loan and lease portfolio consists of approximately 15.87% fixed interest rate loans and 84.13% adjustable interest rate loans as of June 30, 2017 . The Company’s adjustable rate loans are generally based upon indices using U.S. Treasuries, London Interbank Offered Rate (“LIBOR”), and 11th District cost of funds. At June 30, 2017 and 2016 , purchased loans serviced by others were $84,363 or 1.13% and $105,376 or 1.65% respectively, of the loan portfolio. Allowance for Loan and Lease Losses . The Company is committed to maintaining the allowance for loan and lease losses 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 June 30, 2017 , 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 Credit 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, changes in the volume and mix of loans, collateral values and charge-off history. Based on historical performance, the Company divides the LTV analysis into two classes, separating purchased loans from the loans underwritten directly by the Company since mortgage loans originated by the Company experience lower estimated loss rates. The Company provides general loan loss reserves for its auto and RV loans based upon the borrower’s credit score at the time of origination and the Company’s loss experience to date. The Company obtains updated credit scores for its auto and RV borrowers approximately every six months . The updated credit score will result in a higher or lower general loan loss allowance depending on the change in borrowers’ FICO scores and the resulting shift in loan balances among the five FICO bands from which the Company measures and calculates its reserves. For the general loss reserve, the Company does not use individually updated credit scores or valuations for the real estate collateralizing its real estate loans. The allowance for loan and lease losses for the auto and RV loan portfolio at June 30, 2017 was determined by classifying each outstanding loan according to the original FICO score and providing loss rates. The Company had $154,089 of auto and RV loan balances subject to general reserves as follows: FICO score greater than or equal to 770: $74,180 ; 715 – 769: $51,915 ; 700 – 714: $13,010 ; 660 – 699: $13,343 and less than 660: $1,641 . The Company provides general loan loss reserves for mortgage loans based upon the size and class of the mortgage loan and the LTV at date of origination. The allowance for each class is determined by dividing the outstanding unpaid balance for each loan by the LTV and applying a loss rate. At June 30, 2017 , the LTV groupings for each significant mortgage class were as follows: The Company had $3,878,377 of single family mortgage portfolio loan balances subject to general reserves as follows: LTV less than or equal to 60%: $2,093,625 ; 61% – 70%: $1,377,727 ; 71% – 80%: $406,828 and greater than 80%: $197 . The Company had $1,615,149 of multifamily mortgage portfolio loan balances subject to general reserves as follows: LTV less than or equal to 55%: $791,860 ; 56% – 65%: $525,066 ; 66% – 75%: $287,966 ; 76% – 80%: $10,257 and greater than 80%: $0 . The Company originates and purchases mortgage loans with terms that may include repayments that are less than the repayments for fully amortizing loans, including interest only loans, option adjustable-rate mortgages, and other loan types that permit payments that may be smaller than interest accruals. The Companies lending guidelines for interest-only loans are adjusted for the increased credit risk associated with these loans by requiring borrowers with such loans to borrow at LTVs that are lower than standard amortizing ARM loans and by calculating debt to income ratios for qualifying borrowers based upon a fully amortizing payment, not the interest only payment. The Company’s Credit Committee monitors and performs reviews of interest only loans. Adverse trends reflected in the Company’s delinquency statistics, grading and classification of interest only loans would be reported to management and the Board of Directors. As of June 30, 2017 , the Company had $879.7 million of interest only loans and $2.6 million of option adjustable-rate mortgage loans. Through June 30, 2017 , the net amount of deferred interest on these loan types was not material to the financial position or operating results of the Company. The Company’s commercial real estate secured portfolio consists of loans well collateralized by commercial real estate. The Company had $162,715 of commercial real estate loan balances subject to general reserves as follows: LTV less than or equal to 50%: $69,358 ; 51% – 60%: $36,008 ; 61% – 70%: $47,092 ; 71% – 80%: $10,257 and greater than 80%: $0 . The Company’s commercial and industrial portfolio consists of well-collateralized asset-backed business loans. The Company’s other portfolios consists of receivables factoring for businesses and consumers and other small balance business and consumer loans. The Company allocates its allowance for loan and lease losses for these asset types based on qualitative factors which consider various attributes captured in the credit rating, the value of the collateral and the financial position of the entity. The following tables summarize activity in the allowance for loan and lease losses by segment for the periods indicated: June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Balance at July 1, 2016 $ 18,666 $ 23 $ 2,685 $ 3,938 $ 882 $ 1,615 $ 245 $ 7,630 $ 142 $ 35,826 Provision for loan and lease loss 2,308 (6 ) (387 ) 323 110 990 156 2,251 5,316 11,061 Charge-offs (1,115 ) (23 ) — — (23 ) (433 ) — — (3,502 ) (5,096 ) Transfers to held for sale — — — — — — — — (1,828 ) (1,828 ) Recoveries 113 25 — 377 39 207 — — 108 869 Balance at June 30, 2017 $ 19,972 $ 19 $ 2,298 $ 4,638 $ 1,008 $ 2,379 $ 401 $ 9,881 $ 236 $ 40,832 June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other 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 5,040 (134 ) 806 (311 ) (1,056 ) 854 (47 ) 1,748 2,800 9,700 Charge-offs (205 ) (3 ) — (114 ) (147 ) (339 ) — — — (808 ) Transfers to held for sale — — — — — — — — (2,727 ) (2,727 ) Recoveries 167 38 — — 982 147 — — — 1,334 Balance at June 30, 2016 $ 18,666 $ 23 $ 2,685 $ 3,938 $ 882 $ 1,615 $ 245 $ 7,630 $ 142 $ 35,826 June 30, 2015 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Consumer & Other 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 6,305 (1 ) 620 922 224 288 13 2,834 (5 ) 11,200 Charge-offs (747 ) (43 ) — (344 ) (156 ) (271 ) — — — (1,561 ) Recoveries 147 32 — — — 124 — — 12 315 Balance at June 30, 2015 $ 13,664 $ 122 $ 1,879 $ 4,363 $ 1,103 $ 953 $ 292 $ 5,882 $ 69 $ 28,327 The following tables present our loans and leases evaluated individually for impairment by portfolio class for the periods indicated: June 30, 2017 (Dollars in thousands) Unpaid Principal Balance Adjustment 1 Unpaid Book Balance Accrued Interest/Origination Fees Recorded Related Related With no related allowance recorded: Single family real estate secured: Mortgage In-house originated $ 4,240 $ 1,032 $ 3,208 $ 205 $ 3,413 $ — $ — Purchased 4,563 1,903 2,660 — 2,660 — — Multifamily real estate secured Purchased 492 215 277 — 277 — — Auto and RV secured In-house originated 418 295 123 3 126 — — With an allowance recorded: Single family real estate secured: Mortgage In-house originated 16,124 12 16,112 — 16,112 643 — Purchased 1,429 32 1,397 17 1,414 37 — Home equity In-house originated 18 2 16 — 16 1 — Multifamily real estate secured In-house originated 4,170 192 3,978 186 4,164 19 — Auto and RV secured In-house originated 42 8 34 2 36 1 — Commercial & Industrial 314 — 314 — 314 314 — Other 274 — 274 — 274 43 — Total $ 32,084 $ 3,691 $ 28,393 $ 413 $ 28,806 $ 1,058 $ — As a % of total gross loans and leases 0.43 % 0.05 % 0.38 % 0.01 % 0.39 % 0.01 % — % June 30, 2016 (Dollars in thousands) Unpaid Principal Balance Adjustment 1 Unpaid Book Balance Accrued Interest/Origination Fees Recorded Related Related With no related allowance recorded: Single family real estate secured: Mortgage In-house originated $ 8,989 $ 727 $ 8,262 $ 657 $ 8,919 $ — $ — Purchased 5,852 2,132 3,720 110 3,830 — — Multifamily real estate secured Purchased 2,520 1,093 1,427 — 1,427 — — Commercial real estate secured Purchased 629 375 254 61 315 — — Auto and RV secured In-house originated 902 663 239 10 249 — — With an allowance recorded: Single family real estate secured: Mortgage In-house originated 14,707 11 14,696 65 14,761 575 — Purchased 1,976 44 1,932 5 1,937 46 — Home equity In-house originated 35 2 33 — 33 1 — Multifamily real estate secured In-house originated 795 4 791 65 856 1 — Auto and RV secured In-house originated 46 7 39 4 43 2 — Other 676 — 676 — 676 67 — Total $ 37,127 $ 5,058 $ 32,069 $ 977 $ 33,046 $ 692 $ — As a % of total gross loans and leases 0.58 % 0.08 % 0.50 % 0.02 % 0.52 % 0.01 % — % 1 Impaired loans with an allowance recorded do not have any charge-offs. Principal balance adjustments on impaired loans with an allowance recorded represent interest payments that have been applied to the book balance as a result of the loans’ non-accrual status. 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: June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial 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– general allowance $ 680 $ 1 $ — $ 19 $ — $ 1 $ — $ 314 $ 43 $ 1,058 Collectively evaluated for impairment 19,292 18 2,298 4,619 1,008 2,378 401 9,567 193 39,774 Total ending allowance balance $ 19,972 $ 19 $ 2,298 $ 4,638 $ 1,008 $ 2,379 $ 401 $ 9,881 $ 236 $ 40,832 Loans and leases: Loans and leases individually evaluated for impairment 1 $ 23,377 $ 16 $ — $ 4,255 $ — $ 157 $ — $ 314 $ 274 $ 28,393 Loans and leases collectively evaluated for impairment 3,878,377 2,076 452,390 1,615,149 162,715 154,089 160,674 991,918 3,480 7,420,868 Principal loan and lease balance 3,901,754 2,092 452,390 1,619,404 162,715 154,246 160,674 992,232 3,754 7,449,261 Unaccreted discounts and loan and lease fees 10,486 34 (1,702 ) 4,586 744 2,054 (49,350 ) (640 ) (148 ) (33,936 ) Accrued interest receivable 8,831 1 (766 ) 4,946 377 284 213 4,757 13 18,656 Total recorded investment in loans and leases $ 3,921,071 $ 2,127 $ 449,922 $ 1,628,936 $ 163,836 $ 156,584 $ 111,537 $ 996,349 $ 3,619 $ 7,433,981 1 Loans and leases evaluated for impairment include TDRs that have been performing for more than six months. June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial 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 – general allowance $ 621 $ 1 $ — $ 1 $ — $ 2 $ — $ — $ 67 $ 692 Collectively evaluated for impairment 18,045 22 2,685 3,937 882 1,613 245 7,630 75 35,134 Total ending allowance balance $ 18,666 $ 23 $ 2,685 $ 3,938 $ 882 $ 1,615 $ 245 $ 7,630 $ 142 $ 35,826 Loans and leases: Loans and leases individually evaluated for impairment 1 $ 28,610 $ 33 $ — $ 2,218 $ 254 $ 278 $ — $ — $ 676 $ 32,069 Loans and leases collectively evaluated for impairment 3,649,910 2,437 537,714 1,370,998 121,492 73,398 98,275 514,300 1,866 6,370,390 Principal loan and lease balance 3,678,520 2,470 537,714 1,373,216 121,746 73,676 98,275 514,300 2,542 6,402,459 Unaccreted discounts and loan and lease fees 13,142 24 (2,200 ) 3,957 542 975 (30,533 ) 2,172 (33 ) (11,954 ) Accrued interest receivable 12,460 2 1,870 5,409 389 169 327 2,202 3 22,831 Total recorded investment in loans and leases $ 3,704,122 $ 2,496 $ 537,384 $ 1,382,582 $ 122,677 $ 74,820 $ 68,069 $ 518,674 $ 2,512 $ 6,413,336 1 Loans and leases evaluated for impairment include TDRs that have been performing for more than six months. Credit Quality Disclosure . Non-performing loans and leases consisted of the following as of the dates indicated: At June 30, (Dollars in thousands) 2017 2016 Nonaccrual loans and leases: Single Family Real Estate Secured: Mortgage In-house originated $ 19,320 $ 22,958 Purchased 4,057 5,442 Home Equity In-house originated 16 33 Multifamily Real Estate Secured In-house originated 3,978 791 Purchased 277 1,427 Commercial Real Estate Secured Purchased — 254 Total nonaccrual loans secured by real estate 27,648 30,905 Auto and RV Secured 157 278 Commercial and Industrial 314 — Other 274 676 Total nonperforming loans and leases $ 28,393 $ 31,859 Nonperforming loans and leases to total loans and leases 0.38 % 0.50 % The decrease in non-performing loans and leases as a percentage of total loans and leases is primarily the result of improved performance by single family residential loans during the quarter ended June 30, 2017 , partially offset by an increase in non-performing loans by multifamily real estate secured loans. Approximately 5.56% of our non-performing loans and leases at June 30, 2017 were considered TDRs, compared to 9.63% at June 30, 2016 . Borrowers who 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 performing and any previously deferred interest income is recognized. Approximately 82.33% of the Bank’s non-performing loans and leases are single family first mortgages already written down to 48.42% in aggregate, of the original appraisal value of the underlying properties. The following tables provide the outstanding unpaid balance of loans and leases that are performing and non-performing by portfolio class as of the dates indicated: June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing $ 3,878,377 $ 2,076 $ 452,390 $ 1,615,149 $ 162,715 $ 154,089 $ 160,674 $ 991,918 $ 3,480 $ 7,420,868 Non-performing 23,377 16 — 4,255 — 157 — 314 274 28,393 Total $ 3,901,754 $ 2,092 $ 452,390 $ 1,619,404 $ 162,715 $ 154,246 $ 160,674 $ 992,232 $ 3,754 $ 7,449,261 June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing $ 3,650,120 $ 2,437 $ 537,714 $ 1,370,998 $ 121,492 $ 73,398 $ 98,275 $ 514,300 $ 1,866 $ 6,370,600 Non-performing 28,400 33 — 2,218 254 278 — — 676 31,859 Total $ 3,678,520 $ 2,470 $ 537,714 $ 1,373,216 $ 121,746 $ 73,676 $ 98,275 $ 514,300 $ 2,542 $ 6,402,459 The Company divides loan balances when determining general loan loss reserves between purchases and originations as follows: June 30, 2017 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 $ 3,827,649 $ 50,728 — $ 3,878,377 $ 1,528,912 $ 86,237 $ 1,615,149 $ 150,880 $ 11,835 $ 162,715 Non-performing 19,320 4,057 23,377 3,978 277 4,255 — — — Total $ 3,846,969 $ 54,785 $ 3,901,754 $ 1,532,890 $ 86,514 $ 1,619,404 $ 150,880 $ 11,835 $ 162,715 June 30, 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 $ 3,578,629 $ 71,491 $ 3,650,120 $ 1,270,379 $ 100,619 $ 1,370,998 $ 109,370 $ 12,122 $ 121,492 Non-performing 22,958 5,442 28,400 791 1,427 2,218 — 254 254 Total $ 3,601,587 $ 76,933 $ 3,678,520 $ 1,271,170 $ 102,046 $ 1,373,216 $ 109,370 $ 12,376 $ 121,746 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. During the temporary period of modification, the company classifies these loans as performing TDRs that consisted of the following as of the dates indicated: June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Non-performing loans and leases 23,377 16 — 4,255 — 157 — 314 274 28,393 Total impaired loans and leases $ 23,377 $ 16 $ — $ 4,255 $ — $ 157 $ — $ 314 $ 274 $ 28,393 Year Ended June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 7 $ — $ — $ — $ — $ — $ — $ — $ — $ 7 Average balances of performing TDRs $ 125 $ — $ — $ — $ — $ — $ — $ — $ — $ 125 Average balances of impaired loans and leases $ 28,823 $ 34 $ — $ 4,409 $ 144 $ 231 $ — $ 63 $ 450 $ 34,154 June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ 210 $ — $ — $ — $ — $ — $ — $ — $ — $ 210 Non-performing loans and leases 28,400 33 — 2,218 254 278 — — 676 31,859 Total impaired loans and leases $ 28,610 $ 33 $ — $ 2,218 $ 254 $ 278 $ — $ — $ 676 $ 32,069 Year Ended June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 9 $ — $ — $ — $ — $ — $ — $ — $ — $ 9 Average balances of performing TDRs $ 214 $ — $ — $ — $ — $ — $ — $ — $ — $ 214 Average balances of impaired loans and leases $ 22,969 $ 18 $ — $ 4,495 $ 969 $ 327 $ — $ — $ 135 $ 28,913 June 30, 2015 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ 217 $ — $ — $ — $ — $ — $ — $ — $ — $ 217 Non-performing loans 22,842 9 — 5,399 2,128 453 — — — 30,831 Total impaired loans $ 23,059 $ 9 $ — $ 5,399 $ 2,128 $ 453 $ — $ — $ — $ 31,048 Year Ended June 30, 2015 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 17 $ — $ — $ — $ 20 $ — $ — $ — $ — $ 37 Average balances of performing TDRs $ 500 $ — $ — $ — $ 278 $ — $ — $ — $ — $ 778 Average balances of impaired loans $ 21,106 $ 51 $ — $ 5,320 $ 3,028 $ 462 $ — $ — $ — $ 29,967 Interest recognized on performing loans temporarily modified as TDRs was $7 , $9 , and $37 for the years ended June 30, 2017 , 2016 and 2015 respectively. The average balances of performing TDRs and non-performing loans was $125 and $34,154 for the year ended June 30, 2017 , $214 and $28,913 for the year ended June 30, 2016 and $778 and $29,967 for the year ending June 30, 2015 , respectively. The Company’s loan modifications included Single Family, Multifamily, Commercial and Other loans of which included one or a combination of the following: a reduction of the stated interest rate, extended payment due dates 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. The following tables present the loans modified as TDRs during the period indicated: Year Ended June 30, (Dollars in thousands) 2017 2016 2015 Single family real estate secured: Mortgage In-house originated $ — $ — $ 36 Total TDR loans secured by real estate $ — $ — $ 36 Other 259 — — Total loans modified as TDRs $ 259 $ — $ 36 The following tables present loans by class modified as troubled debt restructurings that occurred during the periods indicated: Year Ended June 30, 2017 (Dollars in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings: Other 7 259 259 Total 7 $ 259 $ 259 Year Ended June 30, 2016 (Dollars in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings: Single family real estate secured: Mortgage In-house originated — $ — $ — Total — $ — $ — Year Ended June 30, 2015 (Dollars in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings: Single family real estate secured: Mortgage In-house originated 1 $ 36 $ 36 Total 1 $ 36 $ 36 The Company had no loans modified as TDRs within the previous twelve months for which there was a payment default for the fiscal years ended June 30, 2017 and June 30, 2016 , respectively. The Company defines a payment default as 90 days past due. 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 as to 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 cl |
FURNITURE, EQUIPMENT AND SOFTWA
FURNITURE, EQUIPMENT AND SOFTWARE | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
FURNITURE, EQUIPMENT AND SOFTWARE | FURNITURE, EQUIPMENT AND SOFTWARE A summary of the cost and accumulated depreciation and amortization for leasehold improvements, furniture, equipment and software is as follows: At June 30, (Dollars in thousands) 2017 2016 Leasehold improvements $ 1,983 $ 1,803 Furniture and fixtures 5,083 4,401 Computer hardware and equipment 14,254 12,525 Software 17,228 11,051 Total 38,548 29,780 Less accumulated depreciation and amortization (21,889 ) (15,785 ) Furniture, equipment and software — net $ 16,659 $ 13,995 Depreciation and amortization expense for the years ended June 30, 2017 , 2016 and 2015 amounted to $6,094 , $4,795 , and $3,273 , respectively. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Jun. 30, 2017 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS Deposit accounts are summarized as follows: At June 30, 2017 2016 (Dollars in thousands) Amount Rate 1 Amount Rate 1 Non-interest bearing $ 848,544 — % $ 588,774 — % Interest bearing: Demand 2,593,491 0.89 % 1,916,525 0.63 % Savings 2,651,176 0.81 % 2,484,994 0.69 % 5,244,667 0.85 % 4,401,519 0.66 % Time deposits: $250 and under 2 774,627 2.54 % 1,017,451 2.00 % Greater than $250 31,669 0.39 % 36,307 0.63 % Total time deposits 806,296 2.46 % 1,053,758 1.96 % Total interest bearing 2 6,050,963 1.06 % 5,455,277 0.91 % Total deposits $ 6,899,507 0.93 % $ 6,044,051 0.82 % 1 Based on weighted-average stated interest rates at end of period . 2 The total interest-bearing includes brokered deposits of $1,104 million and $800.7 million as of June 30, 2017 and June 30, 2016, respectively, of which $611.0 million and $537.4 million , respectively, are time deposits classified as $250 and under. The scheduled maturities of time deposits are as follows: At June 30, (Dollars in thousands) 2017 Within 12 months $ 187,536 13 to 24 months 14,149 25 to 36 months 74,631 37 to 48 months 3,305 49 to 60 months 35,343 Thereafter 491,332 Total $ 806,296 At June 30, 2017 and 2016 , the Company had deposits from principal officers, directors and their affiliates in the amount of $1,220 and $2,354 , respectively. |
ADVANCES FROM THE FEDERAL HOME
ADVANCES FROM THE FEDERAL HOME LOAN BANK | 12 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
ADVANCES FROM THE FEDERAL HOME LOAN BANK | ADVANCES FROM THE FEDERAL HOME LOAN BANK At June 30, 2017 and 2016 , the Company’s fixed-rate FHLB advances had interest rates that ranged from 1.00% to 4.32% with a weighted average of 1.79% and ranged from 0.47% to 5.62% with a weighted average of 1.53% , respectively. Fixed-rate advances from FHLB are scheduled to mature as follows: At June 30, 2017 2016 (Dollars in thousands) Amount Weighted- Average Rate Amount Weighted- Average Rate Within one year $ 265,000 1.28 % $ 322,000 0.70 % After one but within two years 147,500 1.98 % 30,000 2.80 % After two but within three years 55,000 1.79 % 147,500 1.98 % After three but within four years 65,000 2.30 % 55,000 1.79 % After four but within five years 50,000 2.47 % 65,000 2.30 % After five years 57,500 2.47 % 107,500 2.47 % Total $ 640,000 1.79 % $ 727,000 1.53 % At June 30, 2017 , a total of $5,000 of FHLB advances include agreements that allow the FHLB, at its option, to put the advances back to the Company after specified dates. Under the terms of the putable advances, the Company could be required to repay all of the principal and accrued interest before the maturity date. The weighted-average remaining contractual maturity period of the $5,000 in advances is 0.57 years and the weighted average remaining period before such advances could be put to the Company is 0.07 years. The Company’s advances from the FHLB were collateralized by certain real estate loans with an aggregate unpaid balance of $3,989,070 and $3,486,939 at June 30, 2017 and 2016 , respectively, by the Company’s investment in capital stock of the FHLB of San Francisco and by its investment in mortgage-backed securities. Generally, each advance carries a prepayment penalty and is payable in full at its maturity date. The maximum amounts advanced at any month-end during the period from the FHLB were $1,317,000 , $1,129,000 , and $1,075,000 during the years ended June 30, 2017 , 2016 , and 2015 , respectively. At June 30, 2017 , the Company had $1,248,696 available immediately and an additional $157,575 available with additional collateral for advances from the FHLB for terms up to ten years. |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended |
Jun. 30, 2017 | |
Disclosure of Repurchase Agreements [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE At June 30, 2017, the Company has sold securities under various agreements to repurchase for total proceeds of $20,000 . The repurchase agreements have fixed interest rates between 3.75% and 4.75% , with a weighted average rate of 4.25% , and scheduled maturities between August 2017 and December 2017 . Under these agreements, the Company may be required to repay the $20,000 and repurchase its securities before the scheduled maturity if the issuer requests repayment on scheduled quarterly call dates. The weighted-average remaining contractual maturity period is 0.28 years and the weighted average remaining period before such repurchase agreements could be called is 0.22 years. |
SUBORDINATED NOTES AND DEBENTUR
SUBORDINATED NOTES AND DEBENTURES | 12 Months Ended |
Jun. 30, 2017 | |
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. Junior Subordinated Debentures . On December 13, 2004 , the Company entered into an agreement to form an unconsolidated trust which issued $5,000 of trust preferred securities in a transaction that closed on December 16, 2004 . The net proceeds from the offering were used to purchase $5,155 of junior subordinated debentures (“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 three-month LIBOR plus 2.4% for a rate of 3.59% as of June 30, 2017 , with interest paid quarterly starting February 16, 2005 . The Bank has the ability to borrow short-term from the Federal Reserve Bank Discount Window. At June 30, 2017 and 2016 there were no amounts outstanding and the available borrowings from this source were $1,251,526 and $42,222 , respectively. The 2017 available borrowings would be collateralized by residential real estate loans, certain C&I loans, and mortgage-backed securities totaling $1,543,751 and $64,929 , respectively. The Bank has additional unencumbered collateral that could be pledged to the Federal Reserve Bank Discount Window to increase borrowing liquidity. The Bank has federal funds lines of credit with two major banks totaling $35.0 million . At June 30, 2017 and 2016 the Bank had no outstanding balances on these lines. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for income taxes is as follows: At June 30, (Dollars in thousands) 2017 2016 2015 Current: Federal $ 74,053 $ 67,773 $ 49,801 State 26,120 24,478 17,192 100,173 92,251 66,993 Deferred: Federal (1,886 ) (5,363 ) (7,015 ) State (334 ) (1,284 ) (1,803 ) (2,220 ) (6,647 ) (8,818 ) Total $ 97,953 $ 85,604 $ 58,175 The differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: At June 30, 2017 2016 2015 Statutory federal tax rate 35.00 % 35.00 % 35.00 % Increase (decrease) resulting from: State taxes—net of federal tax benefit 7.23 % 7.31 % 6.81 % Cash surrender value (0.03 )% (0.03 )% (0.04 )% Tax credits (0.19 )% (0.18 )% (0.24 )% Non-taxable income (0.28 )% (0.36 )% (0.58 )% Other 0.37 % 0.04 % 0.35 % Effective tax rate 42.10 % 41.78 % 41.30 % The components of the net deferred tax asset are as follows: At June 30, (Dollars in thousands) 2017 2016 Deferred tax assets: Allowance for loan and lease losses and charge-offs $ 18,845 $ 16,601 State taxes 6,893 5,327 Stock-based compensation expense 2,703 1,915 Unrealized net (gains) losses on securities (385 ) 5,551 Deferred bonus / vacation 959 625 Securities impaired 8,395 11,345 Deferred loan fees 2,377 1,128 Total deferred tax assets 39,787 42,492 Deferred tax liabilities: FHLB stock dividend (1,181 ) (1,187 ) Other assets—prepaids (1,363 ) (937 ) Depreciation (2,902 ) (2,671 ) Total deferred tax liabilities (5,446 ) (4,795 ) Net deferred tax asset $ 34,341 $ 37,697 The Company establishes a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2017 and 2016 , the Company believes that it will have sufficient earnings to realize its deferred tax asset and has not provided an allowance. The following is a reconciliation of the beginning and ending amount of unrecognized tax positions for the periods presented: (Dollars in thousands) 2017 2016 2015 Balance—beginning of period $ 880 $ 779 $ 293 Additions—current year tax positions 180 181 135 Additions—prior year tax positions 17 — 568 Reductions—prior year tax positions (212 ) (80 ) (217 ) Total liability for unrecognized tax positions—end of period $ 865 $ 880 $ 779 The Company is subject to federal income tax and income tax of state taxing authorities. The Company’s federal income tax returns for the years ended June 30, 2014 , 2015 , and 2016 and its state taxing authorities income tax returns for the years ended June 30, 2013 , 2014 , 2015 and 2016 are open to audit under the statutes of limitations by the Internal Revenue Service and state taxing authorities. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Common Stock . Changes in common stock issued and outstanding were as follows: At June 30, 2017 2016 2015 Issued 1 Outstanding 1 Issued 1 Outstanding 1 Issued 1 Outstanding 1 Beginning of year: 64,513,494 63,219,392 63,145,364 62,075,004 58,779,522 57,807,600 Common stock issued through option exercise or exchange — — 82,400 82,400 218,539 176,252 Common stock issued through public offering — — 723,808 723,808 3,796,356 3,796,356 Common stock issued through grants of restricted stock units 602,438 316,852 561,922 338,180 350,947 294,796 End of year: 65,115,932 63,536,244 64,513,494 63,219,392 63,145,364 62,075,004 1 Common stock amounts have been retroactively restated for the fiscal year ended June 30, 2015 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. On July 22, 2014, we entered into an At-the-Market (“ATM”) Equity Distribution Agreement with Keefe, Bruyette & Woods, Inc., Raymond James & Associates, Inc. and Sterne, Agee & Leach, Inc. (the “Distribution Agents”) pursuant to which we may issue and sell through the Distribution Agents from time to time shares of our common stock in at the market offerings with an aggregate offering price of up to $50,000 (the “ATM Offering”). The sales of shares of our common stock under the Equity Distribution Agreement are to be made in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including sales made directly on the NASDAQ Global Select Market (the principal existing trading market for our common stock), or sales made through a market maker or any other trading market for our common stock, or (with our prior consent) in privately negotiated transactions at negotiated prices. The aggregate compensation payable to the Distribution Agents under the Distribution Agreement is 2.5% of the gross sales price of the shares sold under the agreement. The Company also agreed to reimburse the Distribution Agents for up to $75 of their expenses and have provided the Distribution Agents with customary indemnification rights. In August 2014, we commenced sales of common stock through the ATM Offering. The details of the shares of common stock sold through the ATM Offering through January 31, 2015 are as follows (dollars in thousands, except per share data): Distribution Agent Month Weighted Average Per Share Price 1 Number of Shares Sold 1 Net Proceeds Compensation to Distribution Agent Keefe, Bruyette & Woods, Inc. August 2014 $ 19.68 177,668 $ 3,409 $ 87 Keefe, Bruyette & Woods, Inc. September 2014 $ 18.65 947,200 $ 17,218 $ 441 Keefe, Bruyette & Woods, Inc. October 2014 $ 17.56 200,000 $ 3,423 $ 88 Keefe, Bruyette & Woods, Inc. November 2014 $ 19.58 520,000 $ 9,924 $ 254 Keefe, Bruyette & Woods, Inc. December 2014 $ 19.69 267,200 $ 5,130 $ 132 Keefe, Bruyette & Woods, Inc. January 2015 $ 20.35 486,280 $ 9,646 $ 248 1 Amounts have been retroactively restated for the fiscal year ended June 30, 2015 and 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. As of January 31, 2015, the total gross sales were $50,000 , which completed this offering. On February 23, 2015, we entered into an ATM Equity Distribution Agreement with FBR Capital Markets & Co., Sterne, Agee & Leach, Inc. and Raymond James & Associates, Inc. (the “2015 Distribution Agents”) pursuant to which we may issue and sell through the 2015 Distribution Agents from time to time shares of our common stock in at the market offerings with an aggregate offering price of up to $50,000 (the “2015 ATM Offering”). The sales of shares of our common stock under the Equity Distribution Agreement are to be made in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including sales made directly on the NASDAQ Global Select Market (the principal existing trading market for our common stock), or sales made through a market maker or any other trading market for our common stock, or (with our prior consent) in privately negotiated transactions at negotiated prices. The aggregate compensation payable to the 2015 Distribution Agents under the Distribution Agreement will not exceed 2.5% of the gross sales price of the shares sold under the agreement. We also agreed to reimburse the 2015 Distribution Agents for up to $75 in their expenses through September 30, 2015 and up to $25 thereafter and provided the 2015 Distribution Agents with customary indemnification rights. In February 2015, we commenced sales of common stock through the 2015 ATM Offering. The details of the shares of common stock sold through the 2015 ATM Offering through June 30, 2015 are as follows (dollars in thousands, except per share data): Distribution Agent Month Weighted Average Per Share Price 1 Number of 1 Net Proceeds Compensation to Distribution Agent FBR Capital Markets & Co. February 2015 $ 22.68 40,000 $ 884 $ 23 FBR Capital Markets & Co. March 2015 $ 23.38 518,528 $ 11,818 $ 303 FBR Capital Markets & Co. April 2015 $ 23.10 265,088 $ 5,971 $ 153 FBR Capital Markets & Co. May 2015 $ 23.69 122,800 $ 2,837 $ 73 FBR Capital Markets & Co. June 2015 $ 24.69 251,592 $ 6,057 $ 155 FBR Capital Markets & Co. July 2015 $ 27.37 280,000 $ 7,471 $ 192 FBR Capital Markets & Co. August 2015 $ 32.81 40,000 $ 1,279 $ 33 FBR Capital Markets & Co. September 2015 $ 30.99 240,000 $ 7,252 $ 186 FBR Capital Markets & Co. October 2015 $ 32.43 163,808 $ 5,181 $ 132 1 Amounts have been retroactively restated for the fiscal year ended June 30, 2015 and 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. As of December 31, 2015, the total gross sales were $50,000 , which completed this offering. Preferred Stock . On October 28, 2003, the Company commenced a private placement of Series A-6% Cumulative Nonparticipating Perpetual Preferred Stock (the “Series A preferred stock”). The rights, preferences and privileges of the Series A preferred stock were established in a certificate filed by the Company with the State of Delaware on October 27, 2003, and generally include the holder’s right to a six percent ( 6% ) per annum cumulative dividend payable quarterly and the Company’s right to redeem some or all of the remaining 515 shares at $10,000 face value outstanding shares. The holder’s right to convert to the Company’s common stock expired on January 1, 2009. During the fiscal year ended June 30, 2004 , the Company issued $6,750 of Series A preferred stock, convertible through January 1, 2009 , representing 675 shares at $10,000 face value, less issuance costs of $113 . Before the expiration of the conversion right, holders of the Series A converted 160 shares of Series A preferred to common stock. The Company has declared dividends to holders of its Series A preferred stock totaling $309 for each of the years ended June 30, 2017 , 2016 , and 2015 , respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | 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 stock 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 the fiscal year ended June 30, 2015 and prior periods presented have been retroactively restated 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 ten 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. A summary of stock option activity under the Plans during the periods indicated is presented below: Number of Shares 1 Weighted-Average Exercise Price Per Share 1 Outstanding—June 30, 2014 427,800 $ 2.18 Granted — — Exercised (218,539 ) 2.26 Canceled (126,861 ) 2.26 Outstanding—June 30, 2015 82,400 $ 1.84 Granted — — Exercised (82,400 ) 1.84 Canceled — — Outstanding—June 30, 2016 — $ — Granted — — Exercised — — Canceled — — Outstanding—June 30, 2017 — $ — Options exercisable—June 30, 2015 82,400 $ 1.84 Options exercisable—June 30, 2016 — $ — Options exercisable—June 30, 2017 — $ — 1 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 aggregate intrinsic value of options exercised or converted during the years ended June 30, 2017, 2016 and 2015 was $0 , $2,656 , and $7,834 , respectively. Restricted Stock and Restricted Stock Units . During the fiscal year ended June 30, 2015 , the Company’s Board of Directors granted 775,824 restricted stock units to employees and directors. The chief executive officer received 288,000 restricted stock units, which vest ratably on each of the four fiscal year ends after the issue date. All other restricted stock unit awards granted during the year ended June 30, 2015 , vest over three years, one-third on each anniversary of the grant date and 519,400 shares were vested and issued and 67,104 shares were canceled as of June 30, 2015 . During the fiscal year ended June 30, 2016 , the Company’s Board of Directors granted 615,834 restricted stock units to employees and directors. The chief executive officer received 288,000 restricted stock units, which vest ratably on each of the four fiscal year ends after the issue date. All other restricted stock unit awards granted during the year ended June 30, 2016 , vest over three years, one-third on each anniversary of the grant date and 596,871 shares were vested and issued and 94,325 shares were canceled as of June 30, 2016 . During the fiscal year ended June 30, 2017 , the Company’s Board of Directors granted 555,611 restricted stock units to employees and directors. The chief executive officer received 288,000 restricted stock units, which vest ratably on each of the four fiscal year ends after the issue date. All other restricted stock unit awards granted during the year ended June 30, 2017 , vest over three years, one-third on each anniversary of the grant date and 570,764 shares were vested and issued and 92,251 shares were canceled as of June 30, 2017 . The Company’s income before income taxes and net income for the years ended June 30, 2017 , 2016 and 2015 included stock compensation expense of $14,535 , $11,326 and $6,648 , respectively. The income tax benefit was $6,119 , $4,509 and $2,746 , respectively. The Company recognizes compensation expense based upon the grant-date fair value divided by the service period between each vesting date. At June 30, 2017 , expense related to stock option grants has been fully recognized. At June 30, 2017 unrecognized compensation expense related to non-vested awards aggregated to $22,112 and is expected to be recognized in future periods as follows: (Dollars in thousands) Stock Award Compensation Expense For the fiscal year ended June 30: 2018 $ 11,894 2019 7,764 2020 2,454 Total $ 22,112 The following table presents the status and changes in restricted stock units grants for the periods indicated: Restricted Stock Unit Shares 1 Weighted-Average Grant-Date Fair Value 1 Non-vested balance at June 30, 2014 945,756 $ 10.29 Granted 775,836 19.99 Vested (350,947 ) 10.11 Canceled (235,557 ) 11.26 Non-vested balance at June 30, 2015 1,135,088 $ 17.01 Granted 615,834 26.60 Vested (536,528 ) 16.14 Canceled (154,668 ) 18.70 Non-vested balance at June 30, 2016 1,059,726 $ 22.53 Granted 843,611 21.13 Vested (570,764 ) 20.86 Canceled (92,251 ) 20.26 Non-vested balance at June 30, 2017 1,240,322 $ 22.52 1 Amounts have been retroactively restated for the fiscal year ended June 30, 2015 and 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 total fair value of shares vested during the years ended June 30, 2017 , 2016 and 2015 was $12,941 , $13,256 and $11,907 , respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table presents the calculation of basic and diluted EPS: At June 30, (Dollars in thousands, except per share data) 2017 2016 2015 Earnings Per Common Share 1 Net income $ 134,740 $ 119,291 $ 82,682 Preferred stock dividends (309 ) (309 ) (309 ) Net income attributable to common shareholders $ 134,431 $ 118,982 $ 82,373 Average common shares issued and outstanding 63,358,886 62,909,411 59,939,844 Average unvested restricted stock grant and RSU shares 1,491,228 1,355,796 1,238,064 Total qualifying shares 64,850,114 64,265,207 61,177,908 Earnings per common share $ 2.07 $ 1.85 $ 1.35 Diluted Earnings Per Common Share 1 Net income attributable to common shareholders $ 134,431 $ 118,982 $ 82,373 Dilutive net income attributable to common shareholders $ 134,431 $ 118,982 $ 82,373 Average common shares issued and outstanding 64,850,114 64,265,207 61,177,908 Dilutive effect of stock options — 5,845 226,456 Total dilutive common shares issued and outstanding 64,850,114 64,271,052 61,404,364 Diluted earnings per common share $ 2.07 $ 1.85 $ 1.34 1 Amounts have been retroactively restated for the fiscal year ended June 30, 2015 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 | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Leases . The Company leases office space under operating lease agreements scheduled to expire at various dates. The Company pays property taxes, insurance and maintenance expenses related to its leases. Rent expense for the years ended June 30, 2017 , 2016 , and 2015 was $5,108 , $3,901 , and $2,806 , respectively. Pursuant to the terms of these non-cancelable lease agreements in effect at June 30, 2017 , future minimum lease payments are as follows: (Dollars in thousands) Future minimum lease payments 2018 $ 4,406 2019 4,718 2020 4,914 2021 915 2022 939 Thereafter 1,505 Total $ 17,397 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 “First Class Action”), and the Houston Municipal Employees Pension System was appointed lead plaintiff. The First Class Action complaint was amended by a certain Consolidated Amended Class Complaint filed on April 11, 2016. On September 27, 2016, the Court dismissed the First Class Action, with leave to amend, as to defendants Andrew Micheletti, Paul Grinberg, Nicholas Mosich and James Argalas. The Court denied the Motion to Dismiss with respect to the Company and Gregory Garrabrants. On November 25, 2016, the putative class action plaintiff filed a Second Amended Class Action Complaint (the “Second Amended Complaint”), which includes the previously dismissed defendants. On December 23, 2016, the Company and other defendants filed a motion to dismiss such Second Amended Complaint. On May 23, 2017, the Court granted in part and denied in part the defendants; motion to dismiss the Second Amended Complaint. The First Class Action seeks monetary damages and other relief on behalf of a putative class that has not been certified by the Court. The Second Amended Complaint alleges that the Company and other named 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 wrongful conduct that was alleged in a complaint filed in connection with a wrongful termination of employment lawsuit filed on October 13, 2015 (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 defendants named in the Employment Matter dispute the allegations of wrongdoing advanced by the plaintiff in that case, including plaintiff’s statement of the underlying factual circumstances, and are vigorously defending against the complaint filed in connection therewith. Moreover, the Company and the other named defendants dispute the allegations advanced by the plaintiffs in the First Class Action and are vigorously defending against the Second Amended Complaint. On April 3, 2017, the Company, its Chief Executive Officer and its Chief Financial Officer were named defendants in a putative class action lawsuit styled Mandalevy v. BofI Holding, Inc., et al , and brought in United States District Court for the Southern District of California (the “Mandalevy Case”). The Mandalevy Case seeks monetary damages and other relief on behalf of a putative class that has not been certified by the Court. The complaint in the Mandalevy Case (the “Mandalevy Complaint”) alleges a class period that differs from that alleged in the First Class Action, and that the Company and other named 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 wrongful conduct that was alleged in a March 2017 media article . The Mandalevy Case has not been consolidated into the First Class Action. On June 2, 2017, lead plaintiff motions were filed on behalf of three members of the putative class and on July 17, 2017, the Company and other defendants filed an opposition to such motions. The Mandalevy Complaint has yet to be served upon the Company or the other named defendants. The Company and the other named defendants dispute the allegations advanced by the plaintiffs in the Mandalevy Case, and are vigorously defending against the Mandalevy Complaint. The complaints filed in the Golden Case, the Hazan Case, and the Mandalevy Case 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 of wrongdoing advanced by the plaintiffs in the Class Action, the Mandalevy Case, and in the Employment Matter, as well as those plaintiffs’ statement of the underlying factual circumstances, and are vigorously defending each case. In addition to the First Class Action and the Mandalevy Case, 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, and a sixth derivative action, Garner v. Garrabrants, et al , was filed in the San Diego County Superior Court on August 10, 2017. 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. On June 9, 2016, the United States District Court for the Southern District of California ordered the four above-referenced cases pending before it to be consolidated, appointed lead counsel in the consolidated action, and ordered the parties to meet and confer regarding a schedule for the filing of a consolidated complaint and defendants’ response to the complaint. Pursuant to the June 9, 2016 order, counsel have met and conferred regarding proposals for (a) the time for plaintiffs to file a consolidated complaint or provide notice of plaintiffs’ intent to rely upon the original Complaint in Case No. 3:15-cv-02722-GPC-KSC (the “Operative Complaint”); (b) the time for defendants to respond to the Operative Complaint; and (c) a schedule for briefing any motion to dismiss that may be filed by a defendant. A stipulation setting forth the agreed litigation schedule has been submitted to the Court. On April 10, 2017, the plaintiffs filed an amended complaint (the “Amended Operative Complaint”). The first to be filed of two derivative actions pending before the San Diego County Superior Court, Dow v. Micheletti, et al is stayed by agreement of the parties. Due to the recency of its filing, no action has yet been taken, or agreement reached, with respect to Garner v. Garrabrants, et al . |
OFF-BALANCE-SHEET ACTIVITIES
OFF-BALANCE-SHEET ACTIVITIES | 12 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
OFF-BALANCE-SHEET ACTIVITIES | OFF-BALANCE-SHEET ACTIVITIES 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 June 30, 2017 , we had fixed and variable rate commitments to originate or purchase loans and leases with an aggregate outstanding principal balance of $78,113 and $417,028 for total commitments to originate of $495,141 . For June 30, 2017 , our fixed rate commitments to originate had a weighted-average rate of 3.81% . For June 30, 2016 , we had fixed and variable rate commitments to originate or purchase loans and leases with an aggregate outstanding principal balance of $161,663 and $175,801 for total commitments to originate of $337,464 . For June 30, 2016 , our fixed rate commitments to originate had a weighted average rate of 3.59% . At June 30, 2017 , we also had fixed and variable rate commitments to sell loans with an aggregate outstanding principal balance of $59,786 and $6,259 for total commitments to sell of $66,045 . For June 30, 2016 , we had fixed and variable rate commitments to sell of $134,114 and $2,312 for total commitments to sell of $136,426 . At June 30, 2017 and 2016 , 75.4% and 85.7% of the commitments to originate loans are matched with commitments to sell related to conforming single family loans classified as held for sale, respectively. 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. |
MINIMUM REGULATORY CAPITAL REQU
MINIMUM REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
MINIMUM REGULATORY CAPITAL REQUIREMENTS | MINIMUM REGULATORY CAPITAL REQUIREMENTS The Company and Bank are subject to regulatory capital adequacy requirements promulgated by federal bank regulatory agencies. Failure by the Company or Bank to meet minimum capital requirements could result in certain mandatory and discretionary actions by regulators that could have a material adverse effect on the consolidated financial statements. The Federal Reserve establishes capital requirements for the Company and the OCC has similar requirements for the Bank. The following tables present regulatory capital information for the Company and Bank. Information presented for June 30, 2017 , reflects the Basel III capital requirements that became effective January 1, 2015 for both the Company and Bank. Under these capital requirements and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of the Company and Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings and other factors. Quantitative measures established by regulation require the Company and Bank to maintain certain minimum capital amounts and ratios. Federal bank regulators require the Company and Bank maintain minimum ratios of core capital to adjusted average assets of 4.0% , common equity tier 1 capital to risk-weighted assets of 4.5% , tier 1 capital to risk-weighted assets of 6.0% and total risk-based capital to risk-weighted assets of 8.0% . At June 30, 2017 , the Company and Bank met all the capital adequacy requirements to which they were subject. At June 30, 2017 , the Company and Bank were “well capitalized” under the regulatory framework for prompt corrective action. To be “well capitalized,” the Company and Bank must maintain minimum leverage, common equity tier 1 risk-based, tier 1 risk-based and total risk-based capital ratios of at least 5.0% , 6.5% , 8.0% and 10.0% , respectively. Management believes that no conditions or events have occurred since June 30, 2017 that would materially adversely change the Company’s and Bank’s capital classifications. From time to time, we may need to raise additional capital to support the Company’s and Bank’s further growth and to maintain their “well capitalized” status. The Bank’s capital amounts, capital ratios and capital requirements under Basel III were as follows: BofI Holding, Inc. BofI Federal Bank “Well Minimum Capital (Dollars in thousands) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Regulatory Capital: Tier 1 $ 833,759 $ 690,893 $ 804,317 $ 664,427 Common equity tier 1 $ 828,696 $ 685,830 $ 804,317 $ 664,427 Total capital (to risk-weighted assets) $ 925,720 $ 777,834 $ 845,278 $ 700,368 Assets: Average adjusted $ 8,380,909 $ 7,575,526 $ 8,374,509 $ 7,566,865 Total risk-weighted $ 5,651,522 $ 4,755,242 $ 5,645,112 $ 4,747,496 Regulatory Capital Ratios: Tier 1 leverage (core) capital to adjusted average assets 9.95 % 9.12 % 9.60 % 8.78 % 5.00 % 4.00 % Common equity tier 1 capital (to risk-weighted assets) 14.66 % 14.42 % 14.25 % 14.00 % 6.50 % 4.50 % Tier 1 capital (to risk-weighted assets) 14.75 % 14.53 % 14.25 % 14.00 % 8.00 % 6.00 % Total capital (to risk-weighted assets) 16.38 % 16.36 % 14.97 % 14.75 % 10.00 % 8.00 % Beginning January 1, 2016, Basel III implements a requirement for all banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer will be exclusively composed of common equity tier 1 capital, and it applies to each of the three risk-based capital ratios but not the leverage ratio. At June 30, 2017 , the Company and Bank are in compliance with the capital conservation buffer requirement. The three risk-based capital ratios will increase by 0.625% each year through 2019, at which point, the common equity tier 1 risk based, tier 1 risk-based and total risk-based capital ratios will be 7.0% , 8.5% and 10.5% , respectively. In connection with the approval of the acquisition of the H&R Block Bank deposits on September 1, 2015, the Bank executed a letter agreement with the OCC to maintain its Tier 1 leverage capital ratio at a minimum of 8.50% for the quarters ended in June, September and December and a minimum of 8.00% for the quarter ended in March, subject to certain adjustments. At June 30, 2017 the Bank is in compliance with this letter agreement. |
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN | 12 Months Ended |
Jun. 30, 2017 | |
Compensation Related Costs [Abstract] | |
EMPLOYEE BENEFIT PLAN | EMPLOYEE BENEFIT PLAN The Company has a 401(k) plan whereby substantially all of its employees may participate in the plan. Employees may contribute up to 100% of their compensation subject to certain limits based on federal tax laws. The Company has implemented an employer matching program whereby employer contributions are made to the 401(k) plan in an amount equal to 50% of the first 8% of an employee’s designated deferral of their eligible compensation. For the fiscal years ended June 30, 2017 , 2016 , and 2015 , expense attributable to the plan amounted to $1,288 , $801 , and $110 , respectively. |
PARENT-ONLY CONDENSED FINANCIAL
PARENT-ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT-ONLY CONDENSED FINANCIAL INFORMATION | PARENT-ONLY CONDENSED FINANCIAL INFORMATION The following BofI Holding, Inc. (Parent company only) financial information should be read in conjunction with the consolidated financial statements of the Company and the other notes to the consolidated financial statements: BofI Holding, Inc. (Parent Company Only) CONDENSED BALANCE SHEETS At June 30, (Dollars in thousands) 2017 2016 ASSETS Cash and cash equivalents $ 81,356 $ 77,383 Loans 29 37 Investment securities 13 12 Other assets 5,250 5,672 Investment in subsidiary 804,803 657,119 Total assets $ 891,451 $ 740,223 LIABILITIES AND STOCKHOLDERS’ EQUITY Subordinated notes and debentures $ 54,313 $ 54,105 Accrued interest payable 339 292 Accounts payable and accrued liabilities 2,552 2,236 Total liabilities 57,204 56,633 Stockholders’ equity 834,247 683,590 Total liabilities and stockholders’ equity $ 891,451 $ 740,223 BofI Holding, Inc. (Parent Company Only) STATEMENTS OF INCOME Year Ended June 30, (Dollars in thousands) 2017 2016 2015 Interest income $ 621 $ 136 $ 111 Interest expense 3,613 1,275 143 Net interest (expense) income (2,992 ) (1,139 ) (32 ) Provision for loan losses — — — Net interest (expense) income, after provision for loan losses (2,992 ) (1,139 ) (32 ) Non-interest income (loss) — 339 (9 ) Non-interest expense 8,561 7,345 4,678 Income (loss) before dividends from subsidiary and equity in undistributed income of subsidiary (11,553 ) (8,145 ) (4,719 ) Dividends from subsidiary 6,400 2,900 1,950 Equity in undistributed earnings of subsidiary 139,893 124,536 85,451 Net income $ 134,740 $ 119,291 $ 82,682 Comprehensive income $ 142,531 $ 121,386 $ 83,649 BofI Holding, Inc. (Parent Company Only) STATEMENT OF CASH FLOWS Year Ended June 30, (Dollars in thousands) 2017 2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 134,740 $ 119,291 $ 82,682 Adjustments to reconcile net income to net cash used in operating activities: Accretion of discounts on securities — (50 ) (69 ) Amortization of borrowing costs 208 72 5 Impairment charge on securities (1 ) — 9 Accretion of discounts on loans — (6 ) (12 ) Gain on sales of loans held for sale — (339 ) — Stock-based compensation expense 14,535 11,326 6,648 Tax effect from exercise of common stock options and vesting of restricted stock grants (432 ) (2,531 ) (5,526 ) Equity in undistributed earnings of subsidiary (139,893 ) (124,533 ) (85,368 ) Decrease (increase) in other assets 469 (1,361 ) (1,977 ) Increase (decrease) in other liabilities (5,784 ) (5,247 ) (3,702 ) Net cash provided by (used in) operating activities 3,842 (3,378 ) (7,310 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of available-for-sale securities — 531 — Proceeds from principal repayments on loans 8 8 7 Investment in subsidiary — (17,000 ) (55,000 ) Net cash used in investing activities 8 (16,461 ) (54,993 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of common stock options — 151 781 Proceeds from issuance of common stock — 21,120 75,985 Tax effect from exercise of common stock options and vesting of restricted stock units 432 2,531 5,526 Proceeds from issuance of subordinated notes — 51,000 — Cash dividends on preferred stock (309 ) (309 ) (309 ) Net cash provided by (used in) financing activities 123 74,493 81,983 NET CHANGE IN CASH AND CASH EQUIVALENTS 3,973 54,654 19,680 CASH AND CASH EQUIVALENTS—Beginning of year 77,383 22,729 3,049 CASH AND CASH EQUIVALENTS—End of year $ 81,356 $ 77,383 $ 22,729 |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Jun. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarters Ended in Fiscal Year 2017 (Dollars in thousands) June 30, March 31, December 31, September 30, Interest and dividend income $ 98,543 $ 106,962 $ 94,301 $ 87,480 Interest expense 20,016 18,403 17,940 17,700 Net interest income 78,527 88,559 76,361 69,780 Provision for loan losses 200 4,862 4,100 1,900 Net interest income after provision for loan losses 78,327 83,697 72,261 67,880 Non-interest income 13,533 23,168 16,700 14,732 Non-interest expense 35,979 35,448 33,300 32,878 Income before income taxes 55,881 71,417 55,661 49,734 Income tax expense 23,332 30,423 23,361 20,837 Net income $ 32,549 $ 40,994 $ 32,300 $ 28,897 Net income attributable to common stock $ 32,472 $ 40,917 $ 32,222 $ 28,820 Basic earnings per share $ 0.50 $ 0.63 $ 0.50 $ 0.45 Diluted earnings per share $ 0.50 $ 0.63 $ 0.50 $ 0.45 Quarters Ended in Fiscal Year 2016 (Dollars in thousands) June 30, March 31, December 31, September 30, Interest and dividend income $ 86,261 $ 84,282 $ 75,935 $ 71,229 Interest expense 17,106 14,725 12,764 12,101 Net interest income 69,155 69,557 63,171 59,128 Provision for loan losses 1,900 2,000 3,400 2,400 Net interest income after provision for loan losses 67,255 67,557 59,771 56,728 Non-interest income 17,015 23,316 16,220 9,789 Non-interest expense 32,985 29,408 27,445 22,918 Income before income taxes 51,285 61,465 48,546 43,599 Income tax expense 21,558 25,551 20,397 18,098 Net income $ 29,727 $ 35,914 $ 28,149 $ 25,501 Net income attributable to common stock $ 29,650 $ 35,837 $ 28,071 $ 25,424 Basic earnings per share 1 $ 0.46 $ 0.56 $ 0.44 $ 0.40 Diluted earnings per share 1 $ 0.46 $ 0.56 $ 0.44 $ 0.40 1 Per share amounts have been retroactively restated for the quarter ended September 30, 2015 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. |
ORGANIZATIONS AND SUMMARY OF 28
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation . The consolidated financial statements include the accounts of BofI Holding, Inc. and its wholly owned subsidiary, BofI Federal Bank (collectively, the “Company”). All significant intercompany balances have been eliminated in consolidation. Certain reclassifications were made to previously reported amounts in the unaudited condensed consolidated financial statements and notes thereto to make them consistent with the current period presentation. |
Use of Estimates | Use of Estimates . In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan and lease losses, the assessment for other-than-temporary impairment on investment securities and the fair value of certain financial instruments. |
Cash and cash equivalents | Cash and cash equivalents. The Bank’s cash, due from banks, money market mutual funds and federal funds sold, all of which have original maturities within 90 days , consist of cash and cash equivalents. Net cash flows are reported for customer deposit transactions. |
Restrictions on Cash | Restrictions on Cash . Federal Reserve Board regulations require depository institutions to maintain certain minimum reserve balances. |
Interest Rate Risk | Interest Rate Risk . The Bank’s assets and liabilities are generally monetary in nature and interest rate changes have an effect on the Bank’s performance. The Bank decreases the effect of interest rate changes on its performance by striving to match maturities and interest sensitivity between loans and deposits. A significant change in interest rates could have a material effect on the Bank’s results of operations. |
Concentration of Credit Risk | Concentration of Credit Risk. The Bank’s loan portfolio was collateralized by various forms of real estate with approximately 69.6% of the mortgage portfolio located in California at June 30, 2017 . The Bank’s loan portfolio contains concentrations of credit in multifamily, single family, commercial, and home equity loans. The Bank believes its underwriting standards combined with its low LTV requirements substantially mitigate the risk of loss which may result from these concentrations. 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 as to 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 loan and lease 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. |
Brand Partnership Products | Brand Partnership Products. The Bank has agreements with multiple partners to offer a variety of banking products. Through our agreement with H&R Block, Inc. (“H&R Block”) and its wholly-owned subsidiaries the Bank provides H&R Block-branded financial products and services. The products and services that represent the primary focus and the majority of transactional volume that the Bank processes are described in detail below. The first product is Emerald Prepaid MasterCard ® services. The Bank entered into agreements to offer this product in August 2015. Under the agreements, the Bank is responsible for the primary oversight and control of the prepaid card programs of a wholly-owned subsidiary of H&R Block. 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. The Bank entered into agreements to offer this product in August 2015. The Bank is responsible for the primary oversight and control of the refund transfer program of a wholly-owned subsidiary of H&R Block. 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 preparation 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 quarters ending March 31st and are included in the income statement under the line banking service fees and other income. The third product is Emerald Advance. The Bank entered into agreements to offer this product in August 2015. Under the agreements the Bank is responsible for the underwriting guidelines and credit policies for unsecured consumer lines of credit offered to H&R Block customers. 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 fourth product is an Individual Retirement Account (“IRA”). The Bank entered into agreements to offer this product in August 2015, and the initial offering of this product through H&R Block offices occurred in conjunction with the tax season ended April 18, 2017. The Bank is responsible for the primary oversight and control of the IRA product. During a tax preparation session with an H&R Block tax preparer, the customer is given an option to open a traditional IRA or Roth IRA savings account with the Bank. If the customer elects the option to open an account and meets the Bank’s requirements, an account is opened on the Bank’s core operating system under the Bank’s oversight and control. The customer has the option to deposit funds for the IRA through check or ACH. The Bank provides IRA custodial services, earns a nominal fee paid by the customers for any account closures or transfers out, and pays customers interest based on their IRA balance. The fees are included in the income statement under the line banking service fees and other income and interest paid is included under the line deposit interest expense. The fifth product is an interest-free Refund Advance loan. The Bank entered into agreements in October 2016 to offer this product during the 2017 tax season. Under the agreements the Bank purchases the Refund Advance loans from a third-party bank at a discount. The Refund advance loans are interest-free loans to consumers and offered primarily through the H&R Block tax preparation offices. The Bank has a limited guarantee from H&R Block that reduces the Bank’s credit exposure on the Refund Advance loans. The Bank retains the Refund Advance loans that it purchases and includes the Refund Advance loans in loans and leases on the balance sheet of the Company and records the accretion of the loan discount as interest income, which is 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 Company’s quarterly reports on Form 10-Q in 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. |
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. During the quarter ended September 30, 2016, the Company elected to reclassify all of its held-to-maturity securities to available-for-sale. See Note 3 – “Securities” for further information. 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 amortized 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 it or 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 and Leases | Loans and Leases . Loans and leases 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 and lease origination fees and costs, and an allowance for loan and lease 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. The Company 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 Company 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. Recognition of interest income on all portfolio segments is generally discontinued at the time the loan or lease is 90 days delinquent unless the loan and lease 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 and leases 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 status. Loans and leases 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 or other gains on sale, based on the difference between sales proceeds and carrying value. Non-agency loans held for sale as of June 30, 2017 were 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 using pools of loans with similar characteristics. There may be times when loans have been classified as held for sale and 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 | 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 and leases previously charged-off. The allowance is decreased by the amount of charge-offs of loans and leases deemed uncollectible. Allocations of the allowance may be made for specific loans and leases but the entire allowance is available for any loan or lease that, in management’s judgment, should be charged off. The allowance for loan and lease losses includes general reserves and may include specific reserves. Specific reserves may be provided for impaired loans and leases considered Troubled Debt Restructurings (“TDRs”). All other impaired loans and leases are written down through charge-offs to the fair value of collateral, less estimated selling cost, and no specific or general reserve is provided. A loan or lease is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Loans and leases for which terms have been modified resulting in a concession and for which the borrower is experiencing financial difficulties are considered TDRs and classified as impaired. A loan or lease is measured for impairment generally two different ways. If the loan or lease is primarily dependent upon the borrower to make payments, then impairment is calculated by comparing the present value of the expected future payments discounted at the effective loan rate to the carrying value of the loan. If the loan or lease is collateral dependent, the net proceeds from the sale of the collateral is compared to the carrying value of the loan or lease. If the calculated amount is less than the carrying value of the loan or lease, the loan or lease has impairment. A general reserve is included in the allowance for loan and lease losses and is determined by adding the results of a quantitative and a qualitative analysis to all other loans and leases not measured for impairment at the reporting date. The quantitative analysis determines the Bank’s actual annual historic charge-off rates for the previous three fiscal years and applies the average historic rates to the outstanding loan and lease balances in each pool, the product of which is the general reserve amount. The qualitative analysis considers one or more of the following factors: changes in lending policies and procedures, changes in economic conditions, changes in the content of the portfolio, changes in lending management, changes in the volume of delinquency rates, changes to the scope of the loan and lease review system, changes in the underlying collateral of the loans and leases, changes in credit concentrations and any changes in the requirements to the credit loss calculations. A loss rate is estimated and applied to those loans and leases affected by the qualitative factors. The following portfolio segments have been identified: single family secured mortgage, home equity secured mortgage, single family warehouse and other, multi-family secured mortgage, commercial real estate and land secured mortgage, auto secured and recreational vehicles, factoring, commercial and industrial (“C&I”) and other. General loan and lease loss reserves are calculated by grouping each mortgage loan or lease by collateral type and by grouping the LTV ratios of each loan within the collateral type. An estimated allowance rate for each LTV group within each type of loan and lease is multiplied by the total principal amount in the group to calculate the required general reserve attributable to that group. Management uses an allowance rate that provides a larger loss allowance for loans with greater LTV ratios. General loan loss reserves for C&I loans are determined through a loan level grading system to base its projected loss rates. A matrix was created with a base loss rate with additional potential industry and volume risk adjustments, to calculate a loss rating for each deal. Given the lack of historical loss experience for this segment at the Company, an allowance loss range is based upon historical peer loss rates. General loan loss reserves for consumer loans are calculated by grouping each loan by credit score (e.g. FICO) at origination and applying an estimated allowance rate to each group. In addition to credit score grading, general loan loss reserves are increased for all consumer loans determined to be 90 days or more past due. Specific reserves or direct charge-offs are calculated when an internal asset review of a loan or lease identifies a significant adverse change in the financial position of the borrower or the value of the collateral. The specific reserve or direct charge-off is based on discounted cash flows, observable market prices or the estimated value of underlying collateral. Specific loan or lease charge-offs on impaired loans or leases are recorded as a write-off and a decrease to the allowance in the period the impairment is identified. A loan or lease is classified as a TDR when management determines that an existing borrower is in financial distress and the borrower’s loan or lease terms are modified to provide the borrower a financial concession (e.g. lower payment) that would not otherwise be provided by another lender based upon borrower’s current financial condition. TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan or lease, the loan or lease is reported, net, at the fair value of the collateral less cost to sell. For TDRs that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan and lease losses. If the present value of estimated cash flows under the modified terms of a TDR discounted at the original loan or lease effective rate is less than the book value of the loan or lease before the TDR, the excess is specifically allocated to the loan or lease in the allowance for loan and lease losses. For the Company’s single family, commercial and multifamily loans, the allowance methodology takes into consideration the risk that the original borrower information may have adversely changed in two ways. First, in calculating the quantitative factor for the Company’s general loan and lease loss allowance, the actual loss experience is tracked and stratified by original LTV and year of origination. As a result, the Company uses relatively higher loss rates across the LTV bands for loans originated and purchased in years 2005 through 2008 compared to the same LTV ranges for loans originated before 2005 or after 2008. Second, the Company uses a number of qualitative factors to reflect additional risk. One qualitative loss factor is real estate valuation risk which is applied to each LTV band primarily based upon the year the real estate loan was originated or purchased. Based upon price appreciation indices, multifamily property values in years 2005 through 2008 experienced significant declines. As a result, the Company applies a relatively higher qualitative loss factor rate across the LTV bands for loans originated and purchased in years 2005 through 2008 compared to the same LTV ranges for loans originated or purchased before 2005 or after 2008. For the Company’s home equity loans, the allowance methodology takes into consideration the risk that the original borrower information may have adversely changed in two ways. First, in calculating the quantitative factor for the Company’s general loan loss allowance, the actual loss experience is tracked and stratified by original combined LTV (“CLTV”) of the first and second liens. As a result, the Company allocates higher loss rates in proportion to the greater the CLTV. Second, the Company uses a number of qualitative factors to reflect additional risk. The Company does not have any individual purchased home equity loans in its portfolio and given the limited time frame under which the Company originated home equity loans, 2006-2009, no additional risk allocation is used. For the Company’s single family – warehouse lines, the allowance methodology takes into consideration the structure of these loans, as they remain in the portfolio for a short period (usually less than a month) and have higher credit protection allocated compared to traditional single family originations. A matrix was created to reflect most current operating levels of capital and line usage, which calculates a loss rating to assign to each originator. For the Company’s factoring loans, the allowance methodology takes into consideration the credit quality of the insurance company or state securing the loan. The Company obtains credit ratings for these entities through agencies such as AM Best and allocates an allowance allocation based on these ratings. For the Company’s C&I leveraged loans, equipment finance leases and bridge loans, the allowance methodology incorporates a loan level grading system, which generally aligns with the credit rating. Industry loss rates are applied to determine the loss allowance for each of these loans based upon their internal grading. The credit rating incorporates multiple borrower attributes including, but not limited to, underlying collateral and pledged assets, income generated by the property or assets, borrower’s liquidity and access to liquid funds, strength of the borrower’s industry, stability of the borrower’s market, the size of the company, collateral diversity, facility exit strategies and borrower guarantees. For the Company’s automobile (“auto”) and recreational vehicle (“RV”) loan portfolio, the allowance methodology takes into consideration potential adverse changes to the borrower’s financial condition since time of origination. The general loan loss reserves for auto and RV are stratified based upon borrower FICO scores. First, to account for potential deterioration of borrower’s credit history since time of origination, due to downturn in the economy or other factors, the Company refreshes the FICO scores used to drive the allowance on a semi-annual basis. The Company believes that current borrower credit history is a better predictor of potential loss than that was used at time of origination. Second, the Company uses a number of qualitative factors to capture additional risk when finalizing its calculation of the allowance for loan and lease losses. |
Mortgage Servicing Rights | Mortgage Servicing Rights. Mortgage servicing rights are recorded as separate assets on our consolidated balance sheets when the Company retains the right to service loans that we have sold. |
Mortgage Banking Derivatives | Mortgage Banking Derivatives. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in mortgage banking income. |
Furniture, Equipment and Software | Furniture, Equipment and Software . Fixed asset purchases in excess of five hundred dollars are capitalized and recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are three to seven years. Leasehold improvements are amortized over the lesser of the assets’ useful lives or the lease term. |
Income Taxes | Income Taxes . Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. The Company records a valuation allowance when management believes it is more likely than not that deferred tax assets will not be realized. An income tax position will be recognized as a benefit only if it is more likely than not that it will be sustained upon IRS examination, based upon its technical merits. Once that status is met, the amount recorded will be the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Earnings per Share | Earnings per Share . Earnings per share (“EPS”) are presented under two formats: basic EPS and diluted EPS. Basic EPS is computed by dividing the net income attributable to common stock (net income after deducting dividends on preferred stock) by the sum of the weighted-average number of common shares outstanding during the year and the unvested average of restricted stock unit shares. Diluted EPS is computed by dividing the sum of net income attributable to common stock and dividends on diluted preferred stock by the sum of the weighted-average number of common shares outstanding during the year and the impact of dilutive potential common shares, such as stock options and convertible preferred stock. |
Stock-Based Compensation | Stock-Based Compensation . Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate fair value of the stock options, while market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. |
Federal Home Loan Bank (FHLB) stock | Federal Home Loan Bank (“FHLB”) stock . The Bank is a member of the FHLB system. Members are required to own a certain amount of FHLB stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance . The Bank has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other amounts due that are probable at settlement. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments . Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Comprehensive Income | Comprehensive Income . Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available-for-sale, which are also recognized as separate components of equity. |
Loss Contingencies | Loss Contingencies . Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are now such matters that will have a material effect on the financial statements. |
Dividend Restriction | Dividend Restriction . Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the holding company. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments . Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 2. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. 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. 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 over-collateralization. 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 June 30, 2017 , the Company’s forecast of cash flows for both securities includes actual and forecasted defaults and deferrals totaling 17.2% of all banks in the collateral pools, compared to 17.1% of the banks actually in default as of June 30, 2017 . The expected cash flows reflect the Company’s best estimate of all pool losses which are then applied to the over-collateralization 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 June 30, 2017 , the Company used a weighted average discount margin of 450 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 factors, the timing of forecasted defaults and the discount rate applied to cash flows. The fair value of the trading securities at June 30, 2017 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 $828 . 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 $956 . 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, RMBS issued by non-agencies, municipal securities as well as other debt securities. Held-to-maturity securities are recorded at amortized cost and consist of RMBS issued by U.S. agencies, RMBS issued by non-agencies, as well as municipal securities. Fair value for U.S. agency securities and municipal securities are 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. The Company inputs for each security a projection of monthly default rates, loss severity rates and voluntary prepayment rates for the underlying mortgages for the remaining life of the 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 or decreased by the forecasted increase or decrease 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 most updated unemployment rate reported in May 2017 was 4.3% . Consensus estimates for unemployment are that the rate will continue to decline. Going forward, the Company is projecting lower monthly default rates. The Company projects that severities will continue to improve. 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 June 30, 2017 are from 2.5% up to 23.4% 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 range of loss severity rates applied to each default used in the Company’s projections at June 30, 2017 are from 40.0% up to 68.8% 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. 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 June 30, 2017 , the Company computed its discount rates as a spread between 264 and 584 basis points over the LIBOR Index using the LIBOR forward 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. The Bank’s estimate of fair value for non-agency securities using Level 3 pricing is highly subjective and is based on the Bank’s estimate of voluntary prepayments, default rates, severities and discount margins, which are forecasted monthly over the remaining life of each security. Changes in one or more of these assumptions can cause a significant change in the estimated fair value. For further details see the table later in this note that summarizes quantitative information about level 3 fair value measurements. Loans Held for Sale. Loans held for sale at fair value are primarily single-family 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 and Leases . Impaired loans and leases are loans and leases 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 and leases. The impaired loans and leases are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. The Company assesses loans and leases individually and identifies impairment when the loan or lease is classified as impaired or has been restructured or management has serious doubts about the future collectibility of principal and interest, even though the loans and leases may currently be performing. The fair value of an impaired loan or lease is determined based on an observable market price or current appraised value of the underlying collateral. The fair value of impaired loans and leases with specific write-offs or allocations of the allowance for loan and lease 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 or lease 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 and leases may result in increases or decreases to the provision for loan and lease 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 . 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 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 securities based upon prices in active markets for identical securities or based on quoted market prices of similar assets used to form a dealer quote or a pricing matrix, resulting in a Level 2 classification, or derivatives requiring unobservable inputs resulting in Level 3 classification. 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. |
Operating Segments | Operating Segments . While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be one reportable operating segment. |
New Accounting Pronouncements | New Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which completes the joint effort by the FASB and the International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and the International Financial Reporting Standards. ASU 2014-09, which clarifies the principles for recognizing revenue from contracts with customers, does not apply to financial instruments. ASU 2015-14 provided an extension to the original effective date and the amendments are effective for annual and interim periods, beginning after December 2017. The Company is currently evaluating the potential impact of ASU 2014-09, but does not expect it to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30); Simplifying the Presentation of Debt Issuance Costs. Under the amended guidance, debt issuance costs related to a recognized debt liability are required to be presented as deductions from the carrying amounts of the corresponding debt liabilities, consistent with the presentation of debt discounts and premiums. The amended guidance was adopted for the quarter ended September 30, 2016 and applied retrospectively in accordance with the amended guidance, wherein the balance sheet of each individual period presented has been adjusted to reflect the period-specific effects of applying the amended guidance. The adoption of this guidance did not materially impact our consolidated financial position or consolidated results of operations. In February 2016, the FASB issued ASU No. 2016-02 (“ASU 2016-02”), Leases. The new standard establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months . Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the potential impact of ASU 2016-02, but the Company does not expect ASU 2016-02 to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which simplifies several areas of accounting for share-based payment transactions, including tax provision, classification in the cash-flow statement, forfeitures, and statutory tax withholding requirements. The guidance will be effective for the Company’s financial statements for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of ASU 2016-09, but the Company does not expect ASU 2016-09 to have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which (i) significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model; and (ii) provides for recording credit losses on available-for-sale debt securities through an allowance account. ASU 2016-13 also requires certain incremental disclosures. ASU 2016-13 should be applied on a modified-retrospective transition approach that would require a cumulative-effect adjustment to the opening retained earnings in the statement of financial condition as of the date of adoption. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The guidance will be effective for the Company’s financial statements that include periods beginning July 1, 2020. Early adoption is permitted beginning July 1, 2019. The Company is currently evaluating the impact of ASU 2016-13 and the Company expects ASU 2016-13 to have a material impact on the Company’s consolidated financial statements. |
Fair Value Measurement | 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. ASC Topic 820 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 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 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 are 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 (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: June 30, 2017 (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 $ — $ — $ 8,327 $ 8,327 Securities—Available-for-Sale: Agency RMBS — 27,206 — 27,206 Non-Agency RMBS — — 71,503 71,503 Municipal — 27,163 — 27,163 Other Debt Securities — 138,598 — 138,598 Total—Securities—Available-for-Sale $ — $ 192,967 $ 71,503 $ 264,470 Loans Held for Sale $ — $ 18,738 $ — $ 18,738 Mortgage servicing rights $ — $ — $ 7,200 $ 7,200 Other assets—Derivative instruments $ — $ — $ 1,194 $ 1,194 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ 168 $ 168 June 30, 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 $ — $ — $ 7,584 $ 7,584 Securities—Available-for-Sale: Agency RMBS — 33,722 — 33,722 Non-Agency RMBS — — 9,364 9,364 Municipal — 34,719 — 34,719 Other Debt Securities — 187,642 — 187,642 Total—Securities—Available-for-Sale $ — $ 256,083 $ 9,364 $ 265,447 Loans Held for Sale $ — $ 20,871 $ — $ 20,871 Mortgage servicing rights $ — $ — $ 3,943 $ 3,943 Other assets—Derivative Instruments $ — $ — $ 2,202 $ 2,202 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ 884 $ 884 |
Level 3, Fair Value, Assets Measured on Recurring Basis | The following table presents 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: Year Ended June 30, 2017 (Dollars in thousands) Securities- Securities- 1 Mortgage Servicing Rights Derivative Instruments, net Total Assets: Opening Balance $ 7,584 $ 9,364 $ 3,943 $ 1,318 $ 22,209 Transfers into Level 3 — 124,547 — — 124,547 Transfers out of Level 3 — — — — — Total gains or losses for the period: Included in earnings—Sale of mortgage-backed securities — (1,509 ) — — (1,509 ) Included in earnings—Fair value gain(loss) on trading securities 743 — — — 743 Included in earnings—Mortgage banking income — — 697 (292 ) 405 Included in other comprehensive income — 13,933 — — 13,933 Purchases, issues, sales and settlements: — Purchases — — 2,560 — 2,560 Issues — — — — — Sales — (59,896 ) — — (59,896 ) Settlements — (12,972 ) — — (12,972 ) Other-than-temporary impairment — (1,964 ) — — (1,964 ) Closing balance $ 8,327 $ 71,503 $ 7,200 $ 1,026 $ 88,056 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ 743 $ (1,509 ) $ 697 $ (292 ) $ (361 ) 1 See Note 3 – “Securities” for further information on transfers. Year Ended June 30, 2016 (Dollars in thousands) Securities- Securities- Mortgage Servicing Rights Derivative Instruments, net Total Assets: 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 — (1,174 ) — — (1,174 ) Included in earnings—Fair value gain(loss) on trading securities (248 ) — — — (248 ) Included in earnings—Mortgage banking income — — (889 ) (943 ) (1,832 ) Included in other comprehensive income — (2,380 ) — — (2,380 ) Purchases, issues, sales and settlements: — Purchases — — 2,734 — 2,734 Issues — — — — — Sales — (6,974 ) — — (6,974 ) Settlements — (6,313 ) — — (6,313 ) Other-than-temporary impairment — (428 ) — — (428 ) Closing balance $ 7,584 $ 9,364 $ 3,943 $ 1,318 $ 22,209 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ (248 ) $ (1,174 ) $ (889 ) $ (943 ) $ (3,254 ) |
Level 3, Change in Unrealized Gain (Loss) and Interest income Included in Earnings | 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: Year Ended June 30, (Dollars in thousands) 2017 2016 2015 Interest income on investments $ 311 $ 245 $ 223 Fair value adjustment 743 (248 ) (234 ) Total $ 1,054 $ (3 ) $ (11 ) |
Fair Value Assets Measured on Nonrecurring Basis | The table below summarizes the fair value of assets measured for impairment on a non-recurring basis: June 30, 2017 (Dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance Impaired loans and leases: Single family real estate secured: Mortgage $ — $ — $ 23,377 $ 23,377 Home equity — — 16 16 Multifamily real estate secured — — 4,255 4,255 Auto and RV secured — — 157 157 Commercial & Industrial — — 314 314 Other — — 274 274 Total $ — $ — $ 28,393 $ 28,393 Other real estate owned and foreclosed assets: Single family real estate $ — $ — $ 1,353 $ 1,353 Autos and RVs — — 60 60 Total $ — $ — $ 1,413 $ 1,413 June 30, 2016 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Impaired loans and leases: Single family real estate secured: Mortgage $ — $ — $ 28,610 $ 28,610 Home equity — — 33 33 Multifamily real estate secured — — 2,218 2,218 Commercial real estate secured — — 254 254 Auto and RV secured — — 278 278 Other — — 676 $ 676 Total $ — $ — $ 32,069 $ 32,069 Other real estate owned and foreclosed assets: Multifamily real estate — — 207 207 Autos and RVs — — 45 45 Total $ — $ — $ 252 $ 252 HTM Securities – Non-agency MBS $ — $ — $ 79,164 $ 79,164 |
Fair Value, Loans Held For Sale | The aggregate fair value, contractual balance (including accrued interest), and gain was as follows: At June 30, (Dollars in thousands) 2017 2016 2015 Aggregate fair value $ 18,738 $ 20,871 $ 25,430 Contractual balance 18,311 20,226 24,886 Gain $ 427 $ 645 $ 544 The total amount of gains and losses from changes in fair value included in earnings for the period indicated below for loans held for sale were: At June 30, (Dollars in thousands) 2017 2016 2015 Interest income $ 602 $ 826 $ 671 Change in fair value (514 ) (846 ) 1,505 Total change in fair value $ 88 $ (20 ) $ 2,176 |
Fair Value, by Balance Sheet Grouping | The carrying amount and estimated fair values of financial instruments at year-end were as follows: June 30, 2017 (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 643,541 $ 643,541 $ — $ — $ 643,541 Securities trading 8,327 — — 8,327 8,327 Securities available-for-sale 264,470 — 192,967 71,503 264,470 Loans held for sale, at fair value 18,738 — 18,738 — 18,738 Loans held for sale, at lower of cost or fair value 6,669 — — 7,328 7,328 Loans and leases held for investment—net 7,374,493 — — 7,521,281 7,521,281 Accrued interest receivable 20,781 — — 20,781 20,781 Mortgage servicing rights 7,200 — — 7,200 7,200 Financial liabilities: Total deposits 6,899,507 — 6,544,056 — 6,544,056 Securities sold under agreements to repurchase 20,000 — 20,152 — 20,152 Advances from the Federal Home Loan Bank 640,000 — 645,339 — 645,339 Subordinated notes and debentures 54,463 — 52,930 — 52,930 Accrued interest payable 1,284 — 1,284 — 1,284 June 30, 2016 (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 486,727 $ 486,727 $ — $ — $ 486,727 Securities trading 7,584 — — 7,584 7,584 Securities available-for-sale 265,447 — 256,083 9,364 265,447 Securities held-to-maturity 199,174 — 77,415 125,262 202,677 Loans held for sale, at fair value 20,871 — 20,871 — 20,871 Loans held for sale, at lower of cost or fair value 33,530 — — 33,530 33,530 Loans and leases held for investment—net 6,354,679 — — 6,640,918 6,640,918 Accrued interest receivable 26,201 — — 26,201 26,201 Mortgage servicing rights 3,943 — — 3,943 3,943 Financial liabilities: Total deposits 6,044,051 — 5,946,991 — 5,946,991 Securities sold under agreements to repurchase 35,000 — 36,391 — 36,391 Advances from the Federal Home Loan Bank 727,000 — 747,940 — 747,940 Subordinated notes and debentures 58,066 — 58,299 — 58,299 Accrued interest payable 1,667 — 1,667 — 1,667 |
Fair Value, Measurements, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | The table below summarizes the quantitative information about Level 3 fair value measurements at the periods indicated: June 30, 2017 (Dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Securities – Trading $ 8,327 Discounted Cash Flow Total Projected Defaults, Discount Rate over Treasury 12.2 to 21.8% (16.8%) 4.5 to 4.5% (4.5%) Securities – Non-agency MBS $ 71,503 Discounted Cash Flow Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR 2.5 to 23.4% (12.5%) 1.5 to 18.9% (5.3%) 40.0 to 68.8% (57.9%) 2.6 to 5.8% (3.3%) Mortgage Servicing Rights $ 7,200 Discounted Cash Flow Projected Constant Prepayment Rate, Life (in years), Discount Rate 6.3 to 26.9% (9.5%) 2.5 to 7.8 (6.6) 9.5 to 13.0% (9.7%) Derivative Instruments $ 1,026 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.3 to 0.6% (0.5%) June 30, 2016 (Dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Securities – Trading $ 7,584 Discounted Cash Flow Total Projected Defaults, Discount Rate over Treasury 11.7 to 21.0% (16.5%) Securities – Non-agency MBS $ 9,364 Discounted Cash Flow Projected Constant Prepayment Rate, 9.1 to 20.6% (14.2%) Mortgage Servicing Rights $ 3,943 Discounted Cash Flow Projected Constant Prepayment Rate, 7.8 to 21.8% (10.6%) Derivative Instruments $ 1,318 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.3 to 0.6% (0.4%) |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information | 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: June 30, 2017 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) 1 Impaired loans and leases: Single family real estate secured: Mortgage $ 23,377 Sales comparison approach Adjustment for differences between the comparable sales -38.5 to 79.8% (6.4%) Home equity $ 16 Sales comparison approach Adjustment for differences between the comparable sales -6.1 to 26.1% (7.8%) Multifamily real estate secured $ 4,255 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate -24.2 to 48.7% (2.4%) Auto and RV secured $ 157 Sales comparison approach Adjustment for differences between the comparable sales -17.2 to 42.4% (-5.5%) Commercial & Industrial $ 314 Discounted cash flow Discount Rate 34.8 to 34.8% (34.8%) Other $ 274 Discounted cash flow Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate 0.0 to 0.0% (0.0%) 0.0 to 10.0% (5.0%) 100.0 to 100.0% (100.0%) 4.5 to 5.2% (4.9%) Other real estate owned and foreclosed assets: Single family real estate $ 1,353 Sales comparison approach Adjustment for differences between the comparable sales -10.5 to 12.5% (0.1%) Autos and RVs $ 60 Sales comparison approach Adjustment for differences between the comparable sales -17.0 to 20.5% (6.2%) 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. June 30, 2016 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) 1 Impaired loans and leases: Single family real estate secured: Mortgage $ 28,610 Sales comparison approach Adjustment for differences between the comparable sales -40.6 to 69.5% (6.2%) Home equity $ 33 Sales comparison approach Adjustment for differences between the comparable sales -27.2 to 0.0% (-11.1%) Multifamily real estate secured $ 2,218 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate -29.7 to 58.0% (3.0%) Commercial real estate secured $ 254 Sales comparison approach and income approach Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate 0.0 to 66.7% (33.3%) Auto and RV secured $ 278 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 22.8% (10.6%) Other $ 676 Discounted cash flow Projected Constant Prepayment Rate, 0.0 to 0.0% (0.0%) Other real estate owned and foreclosed assets: Multifamily real estate $ 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 0.0 to 25.0% (12.5%) Autos and RVs $ 45 Sales comparison approach Adjustment for differences between the comparable sales 0.0 to 20.6% (10.2%) HTM Securities – Non-agency MBS $ 79,164 Discounted cash flow Projected Constant Prepayment Rate, 2.6 to 48.8% (12.0%) 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. |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
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 for the following periods were: June 30, 2017 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 $ — $ 27,379 $ 286 $ (459 ) $ 27,206 $ — $ — $ — $ — Non-agency 2 — 65,401 7,406 (1,304 ) 71,503 — — — — Total mortgage-backed securities — 92,780 7,692 (1,763 ) 98,709 — — — — Other debt securities: Municipal — 27,568 19 (424 ) 27,163 — — — — Non-agency 8,327 137,172 1,517 (91 ) 138,598 — — — — Total other debt securities 8,327 164,740 1,536 (515 ) 165,761 — — — — Total debt securities $ 8,327 $ 257,520 $ 9,228 $ (2,278 ) $ 264,470 $ — $ — $ — $ — June 30, 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 $ — $ 33,256 $ 489 $ (23 ) $ 33,722 $ 35,067 $ 843 $ (1 ) $ 35,909 Non-agency 2 — 9,043 321 — 9,364 128,211 7,095 (10,044 ) 125,262 Total mortgage-backed securities — 42,299 810 (23 ) 43,086 163,278 7,938 (10,045 ) 161,171 Other debt securities: Municipal — 34,543 185 (10 ) 34,718 35,896 5,610 — 41,506 Non-agency 7,584 186,316 1,501 (174 ) 187,643 — — — — Total other debt securities 7,584 220,859 1,686 (184 ) 222,361 35,896 5,610 — 41,506 Total debt securities $ 7,584 $ 263,158 $ 2,496 $ (207 ) $ 265,447 $ 199,174 $ 13,548 $ (10,045 ) $ 202,677 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. |
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: June 30, 2017 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 $ 17,161 $ (374 ) $ 2,348 $ (85 ) $ 19,509 $ (459 ) $ — $ — $ — $ — $ — $ — Non-agency 2,487 (16 ) 25,097 (1,288 ) 27,584 (1,304 ) — — — — — — Total RMBS securities 19,648 (390 ) 27,445 (1,373 ) 47,093 (1,763 ) — — — — — — Other debt: Municipal debt 13,431 (420 ) 1,757 (4 ) 15,188 (424 ) — — — — — — Non-agency 27,750 (91 ) — — 27,750 (91 ) — — — — — — Total other debt 41,181 (511 ) 1,757 (4 ) 42,938 (515 ) — — — — — — Total debt securities $ 60,829 $ (901 ) $ 29,202 $ (1,377 ) $ 90,031 $ (2,278 ) $ — $ — $ — $ — $ — $ — June 30, 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 $ — $ — $ 5,094 $ (23 ) $ 5,094 $ (23 ) $ 129 $ (1 ) $ — $ — $ 129 $ (1 ) Non-agency — — — — — — 15,011 (419 ) 53,372 (9,625 ) 68,383 (10,044 ) Total RMBS securities — — 5,094 (23 ) 5,094 (23 ) 15,140 (420 ) 53,372 (9,625 ) 68,512 (10,045 ) Other debt: Municipal debt 10,267 (10 ) — — 10,267 (10 ) — — — — — — Non-agency 5,566 (5 ) 16,963 (169 ) 22,529 (174 ) — — — — — — Total other debt 15,833 (15 ) 16,963 (169 ) 32,796 (184 ) — — — — — — Total debt securities $ 15,833 $ (15 ) $ 22,057 $ (192 ) $ 37,890 $ (207 ) $ 15,140 $ (420 ) $ 53,372 $ (9,625 ) $ 68,512 $ (10,045 ) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table summarizes amounts of anticipated credit loss recognized in the income statement through other-than-temporary impairment charges, which reduced non-interest income: At June 30, (Dollars in thousands) 2017 2016 2015 Beginning balance $ (20,865 ) $ (20,503 ) $ (18,138 ) Additions for the amounts related to the credit loss for which an other-than-temporary impairment was not previously recognized (342 ) (112 ) (742 ) Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized (1,622 ) (453 ) (1,623 ) Credit losses realized for securities sold 7,301 203 $ — Ending balance $ (15,528 ) $ (20,865 ) $ (20,503 ) |
Schedule of Realized Gain (Loss) | The gross gains and losses realized through earnings upon the sale of available-for-sale securities were as follows: At June 30, (Dollars in thousands) 2017 2016 2015 Proceeds $ 161,048 $ 14,969 $ 9,614 Gross realized gains $ 7,386 $ 1,427 $ 587 Gross realized loss (3,466 ) — — Net gain on securities $ 3,920 $ 1,427 $ 587 |
Unrealized Gain (Loss) on Investments | The Company records unrealized gains and unrealized losses in accumulated other comprehensive loss as follows: At June 30, (Dollars in thousands) 2017 2016 Available-for-sale debt securities—net unrealized gains $ 6,949 $ 2,288 Available-for-sale debt securities—non-credit related (6,115 ) (138 ) Held-to-maturity debt securities—non-credit related — (14,129 ) Subtotal 834 (11,979 ) Tax (provision) benefit (347 ) 4,675 Net unrealized gain (loss) on investment securities in accumulated other comprehensive loss $ 487 $ (7,304 ) |
Investments Classified by Contractual Maturity Date | The expected maturity distribution of the Company’s mortgage-backed securities and the contractual maturity distribution of the Company’s other debt securities classified as available-for-sale and held-to-maturity were: June 30, 2017 Available-for-sale Held-to-maturity Trading (Dollars in thousands) Amortized Cost Fair Value Carrying Amount Fair Value Fair Value RMBS—U.S. agencies 1 : Due within one year $ 1,612 $ 1,599 $ — $ — $ — Due one to five years 5,469 5,445 — — — Due five to ten years 5,208 5,211 — — — Due after ten years 15,090 14,951 — — — Total RMBS—U.S. agencies 1 27,379 27,206 — — — RMBS—Non-agency: Due within one year 8,874 9,445 — — — Due one to five years 26,783 28,817 — — — Due five to ten years 19,214 20,893 — — — Due after ten years 10,530 12,348 — — — Total RMBS—Non-agency 65,401 71,503 — — — Other debt: Due within one year 56,628 57,983 — — 117 Due one to five years 94,283 94,356 — — 93 Due five to ten years — — — — 420 Due after ten years 13,829 13,422 — — 7,697 Total other debt 164,740 165,761 — — 8,327 Total $ 257,520 $ 264,470 $ — $ — $ 8,327 1 Residential mortgage-backed security (RMBS) distributions include impact of expected prepayments and other timing factors. |
LOANS, LEASES & ALLOWANCE FOR31
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Loans by Class | The following table sets forth the composition of the loan and lease portfolio as of the dates indicated: At June 30, (Dollars in thousands) 2017 2016 Single family real estate secured: Mortgage $ 3,901,754 $ 3,678,520 Home equity 2,092 2,470 Warehouse and other 1 452,390 537,714 Multifamily real estate secured 1,619,404 1,373,216 Commercial real estate secured 162,715 121,746 Auto and RV secured 154,246 73,676 Factoring 160,674 98,275 Commercial & Industrial 992,232 514,300 Other 3,754 2,542 Total gross loans and leases 7,449,261 6,402,459 Allowance for loan and lease losses (40,832 ) (35,826 ) Unaccreted discounts and loan and lease fees (33,936 ) (11,954 ) Total net loans and leases $ 7,374,493 $ 6,354,679 1 The balance of single family warehouse loans was $187,034 at June 30, 2017 and $173,148 at June 30, 2016 . The remainder of the balance was attributable to single family lender finance loans. |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent | The following table summarizes activity in the allowance for loan and lease losses for the periods indicated: At June 30, (Dollars in thousands) 2017 2016 2015 Balance—beginning of period $ 35,826 $ 28,327 $ 18,373 Provision for loan and lease loss 11,061 9,700 11,200 Charged off (5,096 ) (808 ) (1,561 ) Transfers to held for sale (1,828 ) (2,727 ) — Recoveries 869 1,334 315 Balance—end of period $ 40,832 $ 35,826 $ 28,327 The following tables summarize activity in the allowance for loan and lease losses by segment for the periods indicated: June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Balance at July 1, 2016 $ 18,666 $ 23 $ 2,685 $ 3,938 $ 882 $ 1,615 $ 245 $ 7,630 $ 142 $ 35,826 Provision for loan and lease loss 2,308 (6 ) (387 ) 323 110 990 156 2,251 5,316 11,061 Charge-offs (1,115 ) (23 ) — — (23 ) (433 ) — — (3,502 ) (5,096 ) Transfers to held for sale — — — — — — — — (1,828 ) (1,828 ) Recoveries 113 25 — 377 39 207 — — 108 869 Balance at June 30, 2017 $ 19,972 $ 19 $ 2,298 $ 4,638 $ 1,008 $ 2,379 $ 401 $ 9,881 $ 236 $ 40,832 June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other 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 5,040 (134 ) 806 (311 ) (1,056 ) 854 (47 ) 1,748 2,800 9,700 Charge-offs (205 ) (3 ) — (114 ) (147 ) (339 ) — — — (808 ) Transfers to held for sale — — — — — — — — (2,727 ) (2,727 ) Recoveries 167 38 — — 982 147 — — — 1,334 Balance at June 30, 2016 $ 18,666 $ 23 $ 2,685 $ 3,938 $ 882 $ 1,615 $ 245 $ 7,630 $ 142 $ 35,826 June 30, 2015 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Consumer & Other 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 6,305 (1 ) 620 922 224 288 13 2,834 (5 ) 11,200 Charge-offs (747 ) (43 ) — (344 ) (156 ) (271 ) — — — (1,561 ) Recoveries 147 32 — — — 124 — — 12 315 Balance at June 30, 2015 $ 13,664 $ 122 $ 1,879 $ 4,363 $ 1,103 $ 953 $ 292 $ 5,882 $ 69 $ 28,327 |
Impaired Financing Receivables | The following table summarizes the composition of the impaired loans and leases: At June 30, (Dollars in thousands) 2017 2016 2015 Non-performing loans and leases—90+ days past due plus other non-accrual loans and leases $ 26,815 $ 28,790 $ 25,873 Troubled debt restructured loans and leases—non-accrual 1,578 3,069 4,958 Troubled debt restructured loans and leases—performing — 210 217 Total impaired loans and leases $ 28,393 $ 32,069 $ 31,048 The following tables present our loans and leases evaluated individually for impairment by portfolio class for the periods indicated: June 30, 2017 (Dollars in thousands) Unpaid Principal Balance Adjustment 1 Unpaid Book Balance Accrued Interest/Origination Fees Recorded Related Related With no related allowance recorded: Single family real estate secured: Mortgage In-house originated $ 4,240 $ 1,032 $ 3,208 $ 205 $ 3,413 $ — $ — Purchased 4,563 1,903 2,660 — 2,660 — — Multifamily real estate secured Purchased 492 215 277 — 277 — — Auto and RV secured In-house originated 418 295 123 3 126 — — With an allowance recorded: Single family real estate secured: Mortgage In-house originated 16,124 12 16,112 — 16,112 643 — Purchased 1,429 32 1,397 17 1,414 37 — Home equity In-house originated 18 2 16 — 16 1 — Multifamily real estate secured In-house originated 4,170 192 3,978 186 4,164 19 — Auto and RV secured In-house originated 42 8 34 2 36 1 — Commercial & Industrial 314 — 314 — 314 314 — Other 274 — 274 — 274 43 — Total $ 32,084 $ 3,691 $ 28,393 $ 413 $ 28,806 $ 1,058 $ — As a % of total gross loans and leases 0.43 % 0.05 % 0.38 % 0.01 % 0.39 % 0.01 % — % June 30, 2016 (Dollars in thousands) Unpaid Principal Balance Adjustment 1 Unpaid Book Balance Accrued Interest/Origination Fees Recorded Related Related With no related allowance recorded: Single family real estate secured: Mortgage In-house originated $ 8,989 $ 727 $ 8,262 $ 657 $ 8,919 $ — $ — Purchased 5,852 2,132 3,720 110 3,830 — — Multifamily real estate secured Purchased 2,520 1,093 1,427 — 1,427 — — Commercial real estate secured Purchased 629 375 254 61 315 — — Auto and RV secured In-house originated 902 663 239 10 249 — — With an allowance recorded: Single family real estate secured: Mortgage In-house originated 14,707 11 14,696 65 14,761 575 — Purchased 1,976 44 1,932 5 1,937 46 — Home equity In-house originated 35 2 33 — 33 1 — Multifamily real estate secured In-house originated 795 4 791 65 856 1 — Auto and RV secured In-house originated 46 7 39 4 43 2 — Other 676 — 676 — 676 67 — Total $ 37,127 $ 5,058 $ 32,069 $ 977 $ 33,046 $ 692 $ — As a % of total gross loans and leases 0.58 % 0.08 % 0.50 % 0.02 % 0.52 % 0.01 % — % 1 Impaired loans with an allowance recorded do not have any charge-offs. Principal balance adjustments on impaired loans with an allowance recorded represent interest payments that have been applied to the book balance as a result of the loans’ non-accrual status. |
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: June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial 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– general allowance $ 680 $ 1 $ — $ 19 $ — $ 1 $ — $ 314 $ 43 $ 1,058 Collectively evaluated for impairment 19,292 18 2,298 4,619 1,008 2,378 401 9,567 193 39,774 Total ending allowance balance $ 19,972 $ 19 $ 2,298 $ 4,638 $ 1,008 $ 2,379 $ 401 $ 9,881 $ 236 $ 40,832 Loans and leases: Loans and leases individually evaluated for impairment 1 $ 23,377 $ 16 $ — $ 4,255 $ — $ 157 $ — $ 314 $ 274 $ 28,393 Loans and leases collectively evaluated for impairment 3,878,377 2,076 452,390 1,615,149 162,715 154,089 160,674 991,918 3,480 7,420,868 Principal loan and lease balance 3,901,754 2,092 452,390 1,619,404 162,715 154,246 160,674 992,232 3,754 7,449,261 Unaccreted discounts and loan and lease fees 10,486 34 (1,702 ) 4,586 744 2,054 (49,350 ) (640 ) (148 ) (33,936 ) Accrued interest receivable 8,831 1 (766 ) 4,946 377 284 213 4,757 13 18,656 Total recorded investment in loans and leases $ 3,921,071 $ 2,127 $ 449,922 $ 1,628,936 $ 163,836 $ 156,584 $ 111,537 $ 996,349 $ 3,619 $ 7,433,981 1 Loans and leases evaluated for impairment include TDRs that have been performing for more than six months. June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial 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 – general allowance $ 621 $ 1 $ — $ 1 $ — $ 2 $ — $ — $ 67 $ 692 Collectively evaluated for impairment 18,045 22 2,685 3,937 882 1,613 245 7,630 75 35,134 Total ending allowance balance $ 18,666 $ 23 $ 2,685 $ 3,938 $ 882 $ 1,615 $ 245 $ 7,630 $ 142 $ 35,826 Loans and leases: Loans and leases individually evaluated for impairment 1 $ 28,610 $ 33 $ — $ 2,218 $ 254 $ 278 $ — $ — $ 676 $ 32,069 Loans and leases collectively evaluated for impairment 3,649,910 2,437 537,714 1,370,998 121,492 73,398 98,275 514,300 1,866 6,370,390 Principal loan and lease balance 3,678,520 2,470 537,714 1,373,216 121,746 73,676 98,275 514,300 2,542 6,402,459 Unaccreted discounts and loan and lease fees 13,142 24 (2,200 ) 3,957 542 975 (30,533 ) 2,172 (33 ) (11,954 ) Accrued interest receivable 12,460 2 1,870 5,409 389 169 327 2,202 3 22,831 Total recorded investment in loans and leases $ 3,704,122 $ 2,496 $ 537,384 $ 1,382,582 $ 122,677 $ 74,820 $ 68,069 $ 518,674 $ 2,512 $ 6,413,336 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: At June 30, (Dollars in thousands) 2017 2016 Nonaccrual loans and leases: Single Family Real Estate Secured: Mortgage In-house originated $ 19,320 $ 22,958 Purchased 4,057 5,442 Home Equity In-house originated 16 33 Multifamily Real Estate Secured In-house originated 3,978 791 Purchased 277 1,427 Commercial Real Estate Secured Purchased — 254 Total nonaccrual loans secured by real estate 27,648 30,905 Auto and RV Secured 157 278 Commercial and Industrial 314 — Other 274 676 Total nonperforming loans and leases $ 28,393 $ 31,859 Nonperforming loans and leases to total loans and leases 0.38 % 0.50 % |
Schedule Of Loans Performing And NonPerforming | The following tables provide the outstanding unpaid balance of loans and leases that are performing and non-performing by portfolio class as of the dates indicated: June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing $ 3,878,377 $ 2,076 $ 452,390 $ 1,615,149 $ 162,715 $ 154,089 $ 160,674 $ 991,918 $ 3,480 $ 7,420,868 Non-performing 23,377 16 — 4,255 — 157 — 314 274 28,393 Total $ 3,901,754 $ 2,092 $ 452,390 $ 1,619,404 $ 162,715 $ 154,246 $ 160,674 $ 992,232 $ 3,754 $ 7,449,261 June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing $ 3,650,120 $ 2,437 $ 537,714 $ 1,370,998 $ 121,492 $ 73,398 $ 98,275 $ 514,300 $ 1,866 $ 6,370,600 Non-performing 28,400 33 — 2,218 254 278 — — 676 31,859 Total $ 3,678,520 $ 2,470 $ 537,714 $ 1,373,216 $ 121,746 $ 73,676 $ 98,275 $ 514,300 $ 2,542 $ 6,402,459 The Company divides loan balances when determining general loan loss reserves between purchases and originations as follows: June 30, 2017 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 $ 3,827,649 $ 50,728 — $ 3,878,377 $ 1,528,912 $ 86,237 $ 1,615,149 $ 150,880 $ 11,835 $ 162,715 Non-performing 19,320 4,057 23,377 3,978 277 4,255 — — — Total $ 3,846,969 $ 54,785 $ 3,901,754 $ 1,532,890 $ 86,514 $ 1,619,404 $ 150,880 $ 11,835 $ 162,715 June 30, 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 $ 3,578,629 $ 71,491 $ 3,650,120 $ 1,270,379 $ 100,619 $ 1,370,998 $ 109,370 $ 12,122 $ 121,492 Non-performing 22,958 5,442 28,400 791 1,427 2,218 — 254 254 Total $ 3,601,587 $ 76,933 $ 3,678,520 $ 1,271,170 $ 102,046 $ 1,373,216 $ 109,370 $ 12,376 $ 121,746 |
Troubled Debt Restructurings on Financing Receivables | During the temporary period of modification, the company classifies these loans as performing TDRs that consisted of the following as of the dates indicated: June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Non-performing loans and leases 23,377 16 — 4,255 — 157 — 314 274 28,393 Total impaired loans and leases $ 23,377 $ 16 $ — $ 4,255 $ — $ 157 $ — $ 314 $ 274 $ 28,393 Year Ended June 30, 2017 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 7 $ — $ — $ — $ — $ — $ — $ — $ — $ 7 Average balances of performing TDRs $ 125 $ — $ — $ — $ — $ — $ — $ — $ — $ 125 Average balances of impaired loans and leases $ 28,823 $ 34 $ — $ 4,409 $ 144 $ 231 $ — $ 63 $ 450 $ 34,154 June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ 210 $ — $ — $ — $ — $ — $ — $ — $ — $ 210 Non-performing loans and leases 28,400 33 — 2,218 254 278 — — 676 31,859 Total impaired loans and leases $ 28,610 $ 33 $ — $ 2,218 $ 254 $ 278 $ — $ — $ 676 $ 32,069 Year Ended June 30, 2016 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 9 $ — $ — $ — $ — $ — $ — $ — $ — $ 9 Average balances of performing TDRs $ 214 $ — $ — $ — $ — $ — $ — $ — $ — $ 214 Average balances of impaired loans and leases $ 22,969 $ 18 $ — $ 4,495 $ 969 $ 327 $ — $ — $ 135 $ 28,913 June 30, 2015 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Performing loans temporarily modified as TDR $ 217 $ — $ — $ — $ — $ — $ — $ — $ — $ 217 Non-performing loans 22,842 9 — 5,399 2,128 453 — — — 30,831 Total impaired loans $ 23,059 $ 9 $ — $ 5,399 $ 2,128 $ 453 $ — $ — $ — $ 31,048 Year Ended June 30, 2015 Single Family (Dollars in thousands) Mortgage Home Warehouse & Other Multi- Commercial Auto and RV secured Factoring Commercial & Industrial Other Total Interest income recognized on performing TDRs $ 17 $ — $ — $ — $ 20 $ — $ — $ — $ — $ 37 Average balances of performing TDRs $ 500 $ — $ — $ — $ 278 $ — $ — $ — $ — $ 778 Average balances of impaired loans $ 21,106 $ 51 $ — $ 5,320 $ 3,028 $ 462 $ — $ — $ — $ 29,967 The following tables present the loans modified as TDRs during the period indicated: Year Ended June 30, (Dollars in thousands) 2017 2016 2015 Single family real estate secured: Mortgage In-house originated $ — $ — $ 36 Total TDR loans secured by real estate $ — $ — $ 36 Other 259 — — Total loans modified as TDRs $ 259 $ — $ 36 The following tables present loans by class modified as troubled debt restructurings that occurred during the periods indicated: Year Ended June 30, 2017 (Dollars in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings: Other 7 259 259 Total 7 $ 259 $ 259 Year Ended June 30, 2016 (Dollars in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings: Single family real estate secured: Mortgage In-house originated — $ — $ — Total — $ — $ — Year Ended June 30, 2015 (Dollars in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings: Single family real estate secured: Mortgage In-house originated 1 $ 36 $ 36 Total 1 $ 36 $ 36 |
Financing Receivable Credit Quality Indicators | The following tables present the composition of our loan and lease portfolio by credit quality indicator as of the dates indicated: June 30, 2017 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Single family real estate secured: Mortgage In-house originated $ 3,808,886 $ 18,763 $ 19,320 $ — $ 3,846,969 Purchased 49,893 538 4,354 — 54,785 Home equity In-house originated 2,076 — 16 — 2,092 Warehouse and other In-house originated 452,390 — — — 452,390 Multifamily real estate secured In-house originated 1,526,931 1,981 3,978 — 1,532,890 Purchased 84,775 452 1,287 — 86,514 Commercial real estate secured In-house originated 150,880 — — — 150,880 Purchased 9,868 1,967 — — 11,835 Auto and RV secured In-house originated 153,994 77 175 — 154,246 Factoring 160,674 — — — 160,674 Commercial & Industrial 991,918 — 314 — 992,232 Other 3,480 — 274 — 3,754 Total $ 7,395,765 $ 23,778 $ 29,718 $ — $ 7,449,261 As of % of gross loans and leases 99.3 % 0.3 % 0.4 % — % 100.0 % June 30, 2016 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total Single family real estate secured: Mortgage In-house originated $ 3,563,430 $ 10,938 $ 27,219 $ — $ 3,601,587 Purchased 71,111 — 5,822 — 76,933 Home equity In-house originated 2,420 17 33 — 2,470 Warehouse and other In-house originated 534,868 2,846 — — 537,714 Multifamily real estate secured In-house originated 1,262,384 4,721 4,065 — 1,271,170 Purchased 96,792 2,769 2,485 — 102,046 Commercial real estate secured In-house originated 109,370 — — — 109,370 Purchased 10,110 2,012 254 — 12,376 Auto and RV secured In-house originated 73,192 97 387 — 73,676 Factoring 98,275 — — — 98,275 Commercial & Industrial 513,310 — 990 — 514,300 Other 1,715 151 676 — 2,542 Total $ 6,336,977 $ 23,551 $ 41,931 $ — $ 6,402,459 As of % of gross loans and leases 99.0 % 0.4 % 0.6 % — % 100.0 % |
Past Due Financing Receivables | The following tables provide the outstanding unpaid balance of loans and leases that are past due 30 days or more by portfolio class as of the dates indicated: June 30, 2017 (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 $ 4,892 $ 2,325 $ 19,297 $ 26,514 Purchased 244 101 1,751 2,096 Home equity In-house originated — — 16 16 Multifamily real estate secured In-house originated — — 3,978 3,978 Auto and RV secured In-house originated 149 77 3 229 Commercial & Industrial — — 314 314 Other — — 274 274 Total $ 5,285 $ 2,503 $ 25,633 $ 33,421 As a % of gross loans and leases 0.07 % 0.03 % 0.35 % 0.45 % June 30, 2016 (Dollars in thousands) 30-59 Days Past 60-89 Days Past 90+ Days Past Due Total Single family real estate secured: Mortgage In-house originated $ 5,192 $ 1,866 $ 21,722 $ 28,780 Purchased 572 — 2,538 3,110 Home equity In-house originated — 17 29 46 Multifamily real estate secured In-house originated 3,594 — 791 4,385 Commercial real estate secured Purchased — — 254 254 Auto and RV secured In-house originated 200 136 104 440 Commercial & Industrial 142 — — 142 Other 62 151 676 889 Total $ 9,762 $ 2,170 $ 26,114 $ 38,046 As a % of gross loans and leases 0.15 % 0.03 % 0.41 % 0.59 % |
FURNITURE, EQUIPMENT AND SOFT32
FURNITURE, EQUIPMENT AND SOFTWARE (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | A summary of the cost and accumulated depreciation and amortization for leasehold improvements, furniture, equipment and software is as follows: At June 30, (Dollars in thousands) 2017 2016 Leasehold improvements $ 1,983 $ 1,803 Furniture and fixtures 5,083 4,401 Computer hardware and equipment 14,254 12,525 Software 17,228 11,051 Total 38,548 29,780 Less accumulated depreciation and amortization (21,889 ) (15,785 ) Furniture, equipment and software — net $ 16,659 $ 13,995 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposit accounts are summarized as follows: At June 30, 2017 2016 (Dollars in thousands) Amount Rate 1 Amount Rate 1 Non-interest bearing $ 848,544 — % $ 588,774 — % Interest bearing: Demand 2,593,491 0.89 % 1,916,525 0.63 % Savings 2,651,176 0.81 % 2,484,994 0.69 % 5,244,667 0.85 % 4,401,519 0.66 % Time deposits: $250 and under 2 774,627 2.54 % 1,017,451 2.00 % Greater than $250 31,669 0.39 % 36,307 0.63 % Total time deposits 806,296 2.46 % 1,053,758 1.96 % Total interest bearing 2 6,050,963 1.06 % 5,455,277 0.91 % Total deposits $ 6,899,507 0.93 % $ 6,044,051 0.82 % 1 Based on weighted-average stated interest rates at end of period . 2 The total interest-bearing includes brokered deposits of $1,104 million and $800.7 million as of June 30, 2017 and June 30, 2016, respectively, of which $611.0 million and $537.4 million , respectively, are time deposits classified as $250 and under. |
Schedule Of Maturities For Total Time Deposits | The scheduled maturities of time deposits are as follows: At June 30, (Dollars in thousands) 2017 Within 12 months $ 187,536 13 to 24 months 14,149 25 to 36 months 74,631 37 to 48 months 3,305 49 to 60 months 35,343 Thereafter 491,332 Total $ 806,296 |
ADVANCES FROM THE FEDERAL HOM34
ADVANCES FROM THE FEDERAL HOME LOAN BANK (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Maturity | Fixed-rate advances from FHLB are scheduled to mature as follows: At June 30, 2017 2016 (Dollars in thousands) Amount Weighted- Average Rate Amount Weighted- Average Rate Within one year $ 265,000 1.28 % $ 322,000 0.70 % After one but within two years 147,500 1.98 % 30,000 2.80 % After two but within three years 55,000 1.79 % 147,500 1.98 % After three but within four years 65,000 2.30 % 55,000 1.79 % After four but within five years 50,000 2.47 % 65,000 2.30 % After five years 57,500 2.47 % 107,500 2.47 % Total $ 640,000 1.79 % $ 727,000 1.53 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for Income Taxes | The provision for income taxes is as follows: At June 30, (Dollars in thousands) 2017 2016 2015 Current: Federal $ 74,053 $ 67,773 $ 49,801 State 26,120 24,478 17,192 100,173 92,251 66,993 Deferred: Federal (1,886 ) (5,363 ) (7,015 ) State (334 ) (1,284 ) (1,803 ) (2,220 ) (6,647 ) (8,818 ) Total $ 97,953 $ 85,604 $ 58,175 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: At June 30, 2017 2016 2015 Statutory federal tax rate 35.00 % 35.00 % 35.00 % Increase (decrease) resulting from: State taxes—net of federal tax benefit 7.23 % 7.31 % 6.81 % Cash surrender value (0.03 )% (0.03 )% (0.04 )% Tax credits (0.19 )% (0.18 )% (0.24 )% Non-taxable income (0.28 )% (0.36 )% (0.58 )% Other 0.37 % 0.04 % 0.35 % Effective tax rate 42.10 % 41.78 % 41.30 % |
Schedule of Net Deferred Tax Asset | The components of the net deferred tax asset are as follows: At June 30, (Dollars in thousands) 2017 2016 Deferred tax assets: Allowance for loan and lease losses and charge-offs $ 18,845 $ 16,601 State taxes 6,893 5,327 Stock-based compensation expense 2,703 1,915 Unrealized net (gains) losses on securities (385 ) 5,551 Deferred bonus / vacation 959 625 Securities impaired 8,395 11,345 Deferred loan fees 2,377 1,128 Total deferred tax assets 39,787 42,492 Deferred tax liabilities: FHLB stock dividend (1,181 ) (1,187 ) Other assets—prepaids (1,363 ) (937 ) Depreciation (2,902 ) (2,671 ) Total deferred tax liabilities (5,446 ) (4,795 ) Net deferred tax asset $ 34,341 $ 37,697 |
Schedule of Unrecognized Tax Benefits Roll Forward | The Company establishes a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2017 and 2016 , the Company believes that it will have sufficient earnings to realize its deferred tax asset and has not provided an allowance. The following is a reconciliation of the beginning and ending amount of unrecognized tax positions for the periods presented: (Dollars in thousands) 2017 2016 2015 Balance—beginning of period $ 880 $ 779 $ 293 Additions—current year tax positions 180 181 135 Additions—prior year tax positions 17 — 568 Reductions—prior year tax positions (212 ) (80 ) (217 ) Total liability for unrecognized tax positions—end of period $ 865 $ 880 $ 779 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | Changes in common stock issued and outstanding were as follows: At June 30, 2017 2016 2015 Issued 1 Outstanding 1 Issued 1 Outstanding 1 Issued 1 Outstanding 1 Beginning of year: 64,513,494 63,219,392 63,145,364 62,075,004 58,779,522 57,807,600 Common stock issued through option exercise or exchange — — 82,400 82,400 218,539 176,252 Common stock issued through public offering — — 723,808 723,808 3,796,356 3,796,356 Common stock issued through grants of restricted stock units 602,438 316,852 561,922 338,180 350,947 294,796 End of year: 65,115,932 63,536,244 64,513,494 63,219,392 63,145,364 62,075,004 1 Common stock amounts have been retroactively restated for the fiscal year ended June 30, 2015 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. |
Schedule of Sale of Common Stock | The details of the shares of common stock sold through the ATM Offering through January 31, 2015 are as follows (dollars in thousands, except per share data): Distribution Agent Month Weighted Average Per Share Price 1 Number of Shares Sold 1 Net Proceeds Compensation to Distribution Agent Keefe, Bruyette & Woods, Inc. August 2014 $ 19.68 177,668 $ 3,409 $ 87 Keefe, Bruyette & Woods, Inc. September 2014 $ 18.65 947,200 $ 17,218 $ 441 Keefe, Bruyette & Woods, Inc. October 2014 $ 17.56 200,000 $ 3,423 $ 88 Keefe, Bruyette & Woods, Inc. November 2014 $ 19.58 520,000 $ 9,924 $ 254 Keefe, Bruyette & Woods, Inc. December 2014 $ 19.69 267,200 $ 5,130 $ 132 Keefe, Bruyette & Woods, Inc. January 2015 $ 20.35 486,280 $ 9,646 $ 248 1 Amounts have been retroactively restated for the fiscal year ended June 30, 2015 and 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 details of the shares of common stock sold through the 2015 ATM Offering through June 30, 2015 are as follows (dollars in thousands, except per share data): Distribution Agent Month Weighted Average Per Share Price 1 Number of 1 Net Proceeds Compensation to Distribution Agent FBR Capital Markets & Co. February 2015 $ 22.68 40,000 $ 884 $ 23 FBR Capital Markets & Co. March 2015 $ 23.38 518,528 $ 11,818 $ 303 FBR Capital Markets & Co. April 2015 $ 23.10 265,088 $ 5,971 $ 153 FBR Capital Markets & Co. May 2015 $ 23.69 122,800 $ 2,837 $ 73 FBR Capital Markets & Co. June 2015 $ 24.69 251,592 $ 6,057 $ 155 FBR Capital Markets & Co. July 2015 $ 27.37 280,000 $ 7,471 $ 192 FBR Capital Markets & Co. August 2015 $ 32.81 40,000 $ 1,279 $ 33 FBR Capital Markets & Co. September 2015 $ 30.99 240,000 $ 7,252 $ 186 FBR Capital Markets & Co. October 2015 $ 32.43 163,808 $ 5,181 $ 132 1 Amounts have been retroactively restated for the fiscal year ended June 30, 2015 and 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 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity under the Plans during the periods indicated is presented below: Number of Shares 1 Weighted-Average Exercise Price Per Share 1 Outstanding—June 30, 2014 427,800 $ 2.18 Granted — — Exercised (218,539 ) 2.26 Canceled (126,861 ) 2.26 Outstanding—June 30, 2015 82,400 $ 1.84 Granted — — Exercised (82,400 ) 1.84 Canceled — — Outstanding—June 30, 2016 — $ — Granted — — Exercised — — Canceled — — Outstanding—June 30, 2017 — $ — Options exercisable—June 30, 2015 82,400 $ 1.84 Options exercisable—June 30, 2016 — $ — Options exercisable—June 30, 2017 — $ — 1 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 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | At June 30, 2017 unrecognized compensation expense related to non-vested awards aggregated to $22,112 and is expected to be recognized in future periods as follows: (Dollars in thousands) Stock Award Compensation Expense For the fiscal year ended June 30: 2018 $ 11,894 2019 7,764 2020 2,454 Total $ 22,112 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table presents the status and changes in restricted stock units grants for the periods indicated: Restricted Stock Unit Shares 1 Weighted-Average Grant-Date Fair Value 1 Non-vested balance at June 30, 2014 945,756 $ 10.29 Granted 775,836 19.99 Vested (350,947 ) 10.11 Canceled (235,557 ) 11.26 Non-vested balance at June 30, 2015 1,135,088 $ 17.01 Granted 615,834 26.60 Vested (536,528 ) 16.14 Canceled (154,668 ) 18.70 Non-vested balance at June 30, 2016 1,059,726 $ 22.53 Granted 843,611 21.13 Vested (570,764 ) 20.86 Canceled (92,251 ) 20.26 Non-vested balance at June 30, 2017 1,240,322 $ 22.52 1 Amounts have been retroactively restated for the fiscal year ended June 30, 2015 and 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. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of basic and diluted EPS | The following table presents the calculation of basic and diluted EPS: At June 30, (Dollars in thousands, except per share data) 2017 2016 2015 Earnings Per Common Share 1 Net income $ 134,740 $ 119,291 $ 82,682 Preferred stock dividends (309 ) (309 ) (309 ) Net income attributable to common shareholders $ 134,431 $ 118,982 $ 82,373 Average common shares issued and outstanding 63,358,886 62,909,411 59,939,844 Average unvested restricted stock grant and RSU shares 1,491,228 1,355,796 1,238,064 Total qualifying shares 64,850,114 64,265,207 61,177,908 Earnings per common share $ 2.07 $ 1.85 $ 1.35 Diluted Earnings Per Common Share 1 Net income attributable to common shareholders $ 134,431 $ 118,982 $ 82,373 Dilutive net income attributable to common shareholders $ 134,431 $ 118,982 $ 82,373 Average common shares issued and outstanding 64,850,114 64,265,207 61,177,908 Dilutive effect of stock options — 5,845 226,456 Total dilutive common shares issued and outstanding 64,850,114 64,271,052 61,404,364 Diluted earnings per common share $ 2.07 $ 1.85 $ 1.34 1 Amounts have been retroactively restated for the fiscal year ended June 30, 2015 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 (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Pursuant to the terms of these non-cancelable lease agreements in effect at June 30, 2017 , future minimum lease payments are as follows: (Dollars in thousands) Future minimum lease payments 2018 $ 4,406 2019 4,718 2020 4,914 2021 915 2022 939 Thereafter 1,505 Total $ 17,397 |
MINIMUM REGULATORY CAPITAL RE40
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Bank’s capital amounts, capital ratios and capital requirements under Basel III were as follows: BofI Holding, Inc. BofI Federal Bank “Well Minimum Capital (Dollars in thousands) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Regulatory Capital: Tier 1 $ 833,759 $ 690,893 $ 804,317 $ 664,427 Common equity tier 1 $ 828,696 $ 685,830 $ 804,317 $ 664,427 Total capital (to risk-weighted assets) $ 925,720 $ 777,834 $ 845,278 $ 700,368 Assets: Average adjusted $ 8,380,909 $ 7,575,526 $ 8,374,509 $ 7,566,865 Total risk-weighted $ 5,651,522 $ 4,755,242 $ 5,645,112 $ 4,747,496 Regulatory Capital Ratios: Tier 1 leverage (core) capital to adjusted average assets 9.95 % 9.12 % 9.60 % 8.78 % 5.00 % 4.00 % Common equity tier 1 capital (to risk-weighted assets) 14.66 % 14.42 % 14.25 % 14.00 % 6.50 % 4.50 % Tier 1 capital (to risk-weighted assets) 14.75 % 14.53 % 14.25 % 14.00 % 8.00 % 6.00 % Total capital (to risk-weighted assets) 16.38 % 16.36 % 14.97 % 14.75 % 10.00 % 8.00 % |
PARENT-ONLY CONDENSED FINANCI41
PARENT-ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | The following BofI Holding, Inc. (Parent company only) financial information should be read in conjunction with the consolidated financial statements of the Company and the other notes to the consolidated financial statements: BofI Holding, Inc. (Parent Company Only) CONDENSED BALANCE SHEETS At June 30, (Dollars in thousands) 2017 2016 ASSETS Cash and cash equivalents $ 81,356 $ 77,383 Loans 29 37 Investment securities 13 12 Other assets 5,250 5,672 Investment in subsidiary 804,803 657,119 Total assets $ 891,451 $ 740,223 LIABILITIES AND STOCKHOLDERS’ EQUITY Subordinated notes and debentures $ 54,313 $ 54,105 Accrued interest payable 339 292 Accounts payable and accrued liabilities 2,552 2,236 Total liabilities 57,204 56,633 Stockholders’ equity 834,247 683,590 Total liabilities and stockholders’ equity $ 891,451 $ 740,223 |
Schedule of Condensed Income Statement | BofI Holding, Inc. (Parent Company Only) STATEMENTS OF INCOME Year Ended June 30, (Dollars in thousands) 2017 2016 2015 Interest income $ 621 $ 136 $ 111 Interest expense 3,613 1,275 143 Net interest (expense) income (2,992 ) (1,139 ) (32 ) Provision for loan losses — — — Net interest (expense) income, after provision for loan losses (2,992 ) (1,139 ) (32 ) Non-interest income (loss) — 339 (9 ) Non-interest expense 8,561 7,345 4,678 Income (loss) before dividends from subsidiary and equity in undistributed income of subsidiary (11,553 ) (8,145 ) (4,719 ) Dividends from subsidiary 6,400 2,900 1,950 Equity in undistributed earnings of subsidiary 139,893 124,536 85,451 Net income $ 134,740 $ 119,291 $ 82,682 Comprehensive income $ 142,531 $ 121,386 $ 83,649 |
Schedule of Condensed Cash Flow Statement | BofI Holding, Inc. (Parent Company Only) STATEMENT OF CASH FLOWS Year Ended June 30, (Dollars in thousands) 2017 2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 134,740 $ 119,291 $ 82,682 Adjustments to reconcile net income to net cash used in operating activities: Accretion of discounts on securities — (50 ) (69 ) Amortization of borrowing costs 208 72 5 Impairment charge on securities (1 ) — 9 Accretion of discounts on loans — (6 ) (12 ) Gain on sales of loans held for sale — (339 ) — Stock-based compensation expense 14,535 11,326 6,648 Tax effect from exercise of common stock options and vesting of restricted stock grants (432 ) (2,531 ) (5,526 ) Equity in undistributed earnings of subsidiary (139,893 ) (124,533 ) (85,368 ) Decrease (increase) in other assets 469 (1,361 ) (1,977 ) Increase (decrease) in other liabilities (5,784 ) (5,247 ) (3,702 ) Net cash provided by (used in) operating activities 3,842 (3,378 ) (7,310 ) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of available-for-sale securities — 531 — Proceeds from principal repayments on loans 8 8 7 Investment in subsidiary — (17,000 ) (55,000 ) Net cash used in investing activities 8 (16,461 ) (54,993 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of common stock options — 151 781 Proceeds from issuance of common stock — 21,120 75,985 Tax effect from exercise of common stock options and vesting of restricted stock units 432 2,531 5,526 Proceeds from issuance of subordinated notes — 51,000 — Cash dividends on preferred stock (309 ) (309 ) (309 ) Net cash provided by (used in) financing activities 123 74,493 81,983 NET CHANGE IN CASH AND CASH EQUIVALENTS 3,973 54,654 19,680 CASH AND CASH EQUIVALENTS—Beginning of year 77,383 22,729 3,049 CASH AND CASH EQUIVALENTS—End of year $ 81,356 $ 77,383 $ 22,729 |
QUARTERLY FINANCIAL INFORMATI42
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarters Ended in Fiscal Year 2017 (Dollars in thousands) June 30, March 31, December 31, September 30, Interest and dividend income $ 98,543 $ 106,962 $ 94,301 $ 87,480 Interest expense 20,016 18,403 17,940 17,700 Net interest income 78,527 88,559 76,361 69,780 Provision for loan losses 200 4,862 4,100 1,900 Net interest income after provision for loan losses 78,327 83,697 72,261 67,880 Non-interest income 13,533 23,168 16,700 14,732 Non-interest expense 35,979 35,448 33,300 32,878 Income before income taxes 55,881 71,417 55,661 49,734 Income tax expense 23,332 30,423 23,361 20,837 Net income $ 32,549 $ 40,994 $ 32,300 $ 28,897 Net income attributable to common stock $ 32,472 $ 40,917 $ 32,222 $ 28,820 Basic earnings per share $ 0.50 $ 0.63 $ 0.50 $ 0.45 Diluted earnings per share $ 0.50 $ 0.63 $ 0.50 $ 0.45 Quarters Ended in Fiscal Year 2016 (Dollars in thousands) June 30, March 31, December 31, September 30, Interest and dividend income $ 86,261 $ 84,282 $ 75,935 $ 71,229 Interest expense 17,106 14,725 12,764 12,101 Net interest income 69,155 69,557 63,171 59,128 Provision for loan losses 1,900 2,000 3,400 2,400 Net interest income after provision for loan losses 67,255 67,557 59,771 56,728 Non-interest income 17,015 23,316 16,220 9,789 Non-interest expense 32,985 29,408 27,445 22,918 Income before income taxes 51,285 61,465 48,546 43,599 Income tax expense 21,558 25,551 20,397 18,098 Net income $ 29,727 $ 35,914 $ 28,149 $ 25,501 Net income attributable to common stock $ 29,650 $ 35,837 $ 28,071 $ 25,424 Basic earnings per share 1 $ 0.46 $ 0.56 $ 0.44 $ 0.40 Diluted earnings per share 1 $ 0.46 $ 0.56 $ 0.44 $ 0.40 1 Per share amounts have been retroactively restated for the quarter ended September 30, 2015 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. |
ORGANIZATIONS AND SUMMARY OF 43
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Mar. 31, 2016USD ($) | Nov. 17, 2015 | Jun. 30, 2017USD ($)segmentshares | Jun. 30, 2016USD ($)shares | Nov. 30, 2015shares | Oct. 31, 2015shares | Aug. 31, 2015USD ($) |
Concentration Risk [Line Items] | |||||||
Common stock split, conversion ratio | 4 | ||||||
Common stock, shares authorized (in shares) | shares | 150,000,000 | 150,000,000 | 150,000,000 | 50,000,000 | |||
Restricted cash, minimum reserve balances | $ 57,529,000 | $ 35,159,000 | |||||
Concentration risk, geographic area | California | ||||||
Fixed assets, estimated useful lives | $ 500 | ||||||
Number of reportable segments | segment | 1 | ||||||
Number of operating segments | segment | 1 | ||||||
Direct Financing Lease | Pacific Western Equipment Finance | |||||||
Concentration Risk [Line Items] | |||||||
Asset purchase agreement | $ 140,000,000 | ||||||
Lease purchase price premium rate (as percent) | 2.50% | ||||||
H and R Block Bank Deposits | |||||||
Concentration Risk [Line Items] | |||||||
Deposits acquired, net | $ 419,000,000 | ||||||
H and R Block Bank Deposits | Other | Emerald Advance | |||||||
Concentration Risk [Line Items] | |||||||
Loans and leases interest and dividend retainer fee (as percent) | 10.00% | ||||||
Geographic concentration risk | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, item measured | mortgage portfolio | ||||||
Mortgage loans | Geographic concentration risk | CALIFORNIA | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk percentage | 69.57% | 67.97% | |||||
Minimum | |||||||
Concentration Risk [Line Items] | |||||||
Fixed assets, cost capitalization threshold | 3 years | ||||||
Maximum | |||||||
Concentration Risk [Line Items] | |||||||
Fixed assets, cost capitalization threshold | 7 years |
FAIR VALUE - INPUTS (Details)
FAIR VALUE - INPUTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | May 31, 2017 | |
Collateralized Debt Obligations | Discounted cash flows | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Probability of actual and forecasted defaults | 17.20% | |
Percentage of actual defaults | 17.10% | |
Description of variable rate basis | U.S. Treasury | |
Collateralized Debt Obligations | Discounted cash flows | 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 | $ 828 | |
Percent decrease in discount rate | 1.00% | |
Effect on net income before tax from one percentage point decrease in discount rate | $ 956 | |
Collateralized Debt Obligations | Discounted cash flows | Significant Unobservable Inputs (Level 3) | Weighted Average | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Basis spread on variable rate | 4.50% | |
Non-Agency RMBS | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Description of variable rate basis | LIBOR | |
Unemployment rate | 4.30% | |
Non-Agency RMBS | Discounted cash flows | Minimum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Basis spread on variable rate | 2.64% | |
Non-Agency RMBS | Discounted cash flows | Maximum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Basis spread on variable rate | 5.84% | |
Non-Agency RMBS | Discounted cash flows | Significant Unobservable Inputs (Level 3) | Minimum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Probability of actual and forecasted defaults | 2.50% | |
Loss severity rates | 40.00% | |
Non-Agency RMBS | Discounted cash flows | Significant Unobservable Inputs (Level 3) | Maximum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Probability of actual and forecasted defaults | 23.40% | |
Loss severity rates | 68.80% |
FAIR VALUE - ASSETS AND LIABILI
FAIR VALUE - ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | $ 8,327 | $ 7,584 | |
Securities available-for-sale | 264,470 | 265,447 | |
Loans Held for Sale | 18,738 | 20,871 | $ 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] | |||
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] | |||
Trading | 0 | 0 | |
Securities available-for-sale | 192,967 | 256,083 | |
Loans Held for Sale | 18,738 | 20,871 | |
Mortgage servicing rights | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | 8,327 | 7,584 | |
Securities available-for-sale | 71,503 | 9,364 | |
Loans Held for Sale | 0 | 0 | |
Mortgage servicing rights | 7,200 | 3,943 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available-for-sale | 264,470 | 265,447 | |
Loans Held for Sale | 18,738 | 20,871 | |
Mortgage servicing rights | 7,200 | 3,943 | |
Other assets - Derivative instruments | 1,194 | 2,202 | |
Other liabilities - Derivative instruments | 168 | 884 | |
Fair Value, Measurements, Recurring | Collateralized Debt Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | 8,327 | 7,584 | |
Fair Value, Measurements, Recurring | Agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available-for-sale | 27,206 | 33,722 | |
Fair Value, Measurements, Recurring | Non-Agency RMBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available-for-sale | 71,503 | 9,364 | |
Fair Value, Measurements, Recurring | Municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available-for-sale | 27,163 | 34,719 | |
Fair Value, Measurements, Recurring | Other Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available-for-sale | 138,598 | 187,642 | |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, 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] | |||
Trading | 0 | 0 | |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available-for-sale | 192,967 | 256,083 | |
Loans Held for Sale | 18,738 | 20,871 | |
Mortgage servicing rights | 0 | 0 | |
Other assets - Derivative instruments | 0 | 0 | |
Other liabilities - Derivative instruments | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized Debt Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | 0 | 0 | |
Fair Value, Measurements, 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 | 27,206 | 33,722 | |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, 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 | 27,163 | 34,719 | |
Fair Value, Measurements, 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 | 138,598 | 187,642 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available-for-sale | 71,503 | 9,364 | |
Loans Held for Sale | 0 | 0 | |
Mortgage servicing rights | 7,200 | 3,943 | |
Other assets - Derivative instruments | 1,194 | 2,202 | |
Other liabilities - Derivative instruments | 168 | 884 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Debt Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | 8,327 | 7,584 | |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, 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 | 71,503 | 9,364 | |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, 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 | 12 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements [Abstract] | |||||
Other-than-temporary-impairment | $ (1,964) | $ (565) | $ (2,365) | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Opening balance | 22,209 | 38,824 | |||
Transfers into Level 3 | 124,547 | 0 | |||
Transfers out of Level 3 | 0 | 0 | |||
Total gains or losses for the period - Included in other comprehensive income | 13,933 | (2,380) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements [Abstract] | |||||
Purchases | 2,560 | 2,734 | |||
Issues | 0 | 0 | |||
Sales | (59,896) | (6,974) | |||
Settlements | (12,972) | (6,313) | |||
Other-than-temporary-impairment | (1,964) | (428) | |||
Closing balance | 88,056 | 22,209 | 38,824 | ||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | (361) | (3,254) | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Sale of Mortgage-backed Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Total gains or losses for the period - Included in earnings | (1,509) | (1,174) | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fair Value Gain (Loss) On Trading Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Total gains or losses for the period - Included in earnings | 743 | (248) | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Mortgage Banking Income | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Total gains or losses for the period - Included in earnings | 405 | (1,832) | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized Debt Obligations | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Opening balance | 7,584 | 7,832 | |||
Transfers into Level 3 | 0 | 0 | |||
Transfers out of Level 3 | 0 | 0 | |||
Total gains or losses for the period - Included in earnings | 743 | (248) | |||
Total gains or losses for the period - Included in other comprehensive income | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements [Abstract] | |||||
Purchases | 0 | 0 | |||
Issues | 0 | 0 | |||
Sales | 0 | 0 | |||
Settlements | 0 | 0 | |||
Other-than-temporary-impairment | 0 | 0 | |||
Closing balance | 8,327 | 7,584 | 7,832 | ||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | 743 | (248) | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-Agency RMBS | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Opening balance | 9,364 | [1] | 26,633 | ||
Transfers into Level 3 | 124,547 | [1] | 0 | ||
Transfers out of Level 3 | 0 | [1] | 0 | ||
Total gains or losses for the period - Included in earnings | (1,509) | [1] | (1,174) | ||
Total gains or losses for the period - Included in other comprehensive income | 13,933 | [1] | (2,380) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements [Abstract] | |||||
Purchases | 0 | [1] | 0 | ||
Issues | 0 | [1] | 0 | ||
Sales | (59,896) | [1] | (6,974) | ||
Settlements | (12,972) | [1] | (6,313) | ||
Other-than-temporary-impairment | (1,964) | [1] | (428) | ||
Closing balance | 71,503 | [1] | 9,364 | [1] | 26,633 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | (1,509) | [1] | (1,174) | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Mortgage Servicing Rights | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Opening balance | 3,943 | 2,098 | |||
Total gains or losses for the period - Included in earnings | 697 | (889) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements [Abstract] | |||||
Purchases | 2,560 | 2,734 | |||
Issues | 0 | 0 | |||
Sales | 0 | 0 | |||
Settlements | 0 | 0 | |||
Other-than-temporary-impairment | 0 | 0 | |||
Closing balance | 7,200 | 3,943 | 2,098 | ||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | 697 | (889) | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Derivative Instruments, net | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Opening balance | 1,318 | 2,261 | |||
Transfers into Level 3 | 0 | 0 | |||
Transfers out of Level 3 | 0 | 0 | |||
Total gains or losses for the period - Included in earnings | (292) | (943) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issues, Settlements [Abstract] | |||||
Purchases | 0 | 0 | |||
Issues | 0 | 0 | |||
Sales | 0 | 0 | |||
Settlements | 0 | 0 | |||
Other-than-temporary-impairment | 0 | 0 | |||
Closing balance | 1,026 | 1,318 | $ 2,261 | ||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ (292) | $ (943) | |||
[1] | See Note 3 – “Securities” for further information on transfers. |
FAIR VALUE - QUANTITATIVE INFOR
FAIR VALUE - QUANTITATIVE INFORMATION FOR LEVEL 3 FAIR VALUE MEASURMENTS (RECURRING) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities trading | $ 8,327 | $ 7,584 |
Securities available-for-sale | 264,470 | 265,447 |
Level 3 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities trading | 8,327 | 7,584 |
Securities available-for-sale | 71,503 | 9,364 |
Mortgage servicing rights | $ 7,200 | 3,943 |
Level 3 | Non-Agency RMBS | Discounted cash flows | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 2.50% | |
Projected Loss Severity | 40.00% | |
Level 3 | Non-Agency RMBS | Discounted cash flows | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 23.40% | |
Projected Loss Severity | 68.80% | |
Fair Value, Measurements, Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale | $ 264,470 | 265,447 |
Mortgage servicing rights | 7,200 | 3,943 |
Fair Value, Measurements, Recurring | Non-Agency RMBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale | 71,503 | 9,364 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale | 71,503 | 9,364 |
Mortgage servicing rights | 7,200 | 3,943 |
Fair Value, Measurements, Recurring | Level 3 | Trading Securities | Discounted cash flows | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities trading | $ 8,327 | $ 7,584 |
Fair Value, Measurements, Recurring | Level 3 | Trading Securities | Discounted cash flows | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 12.20% | 11.70% |
Discount Rate | 4.50% | 5.00% |
Fair Value, Measurements, Recurring | Level 3 | Trading Securities | Discounted cash flows | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 21.80% | 21.00% |
Discount Rate | 4.50% | 5.00% |
Fair Value, Measurements, Recurring | Level 3 | Trading Securities | Discounted cash flows | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total Projected Defaults | 16.80% | 16.50% |
Discount Rate | 4.50% | 5.00% |
Fair Value, Measurements, Recurring | Level 3 | Non-Agency RMBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale | $ 71,503 | $ 9,364 |
Fair Value, Measurements, Recurring | Level 3 | Non-Agency RMBS | Discounted cash flows | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale | $ 71,503 | $ 9,364 |
Fair Value, Measurements, Recurring | Level 3 | Non-Agency RMBS | Discounted cash flows | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate | 2.60% | 2.50% |
Projected Constant Prepayment Rate | 2.50% | 9.10% |
Projected Constant Default Rate | 1.50% | 1.50% |
Projected Loss Severity | 40.00% | 40.00% |
Fair Value, Measurements, Recurring | Level 3 | Non-Agency RMBS | Discounted cash flows | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate | 5.80% | 2.90% |
Projected Constant Prepayment Rate | 23.40% | 20.60% |
Projected Constant Default Rate | 18.90% | 13.60% |
Projected Loss Severity | 68.80% | 68.80% |
Fair Value, Measurements, Recurring | Level 3 | Non-Agency RMBS | Discounted cash flows | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate | 3.30% | 2.80% |
Projected Constant Prepayment Rate | 12.50% | 14.20% |
Projected Constant Default Rate | 5.30% | 6.10% |
Projected Loss Severity | 57.90% | 51.50% |
Fair Value, Measurements, Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flows | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing rights | $ 7,200 | $ 3,943 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flows | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate | 9.50% | 9.50% |
Projected Constant Prepayment Rate | 6.30% | 7.80% |
Life (in years) | 2 years 6 months | 3 years 6 months |
Fair Value, Measurements, Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flows | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate | 13.00% | 10.50% |
Projected Constant Prepayment Rate | 26.90% | 21.80% |
Life (in years) | 7 years 9 months 18 days | 7 years 1 month 6 days |
Fair Value, Measurements, Recurring | Level 3 | Mortgage Servicing Rights | Discounted cash flows | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Discount Rate | 9.70% | 9.50% |
Projected Constant Prepayment Rate | 9.50% | 10.60% |
Life (in years) | 6 years 7 months 16 days | 6 years 2 months 12 days |
Fair Value, Measurements, Recurring | Level 3 | Derivative Instruments, net | Sales comparison approach | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative Assets | $ 1,026 | $ 1,318 |
Fair Value, Measurements, Recurring | Level 3 | Derivative Instruments, net | Sales comparison approach | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Projected Sales Profit of Underlying Loans | 0.30% | 0.30% |
Fair Value, Measurements, Recurring | Level 3 | Derivative Instruments, net | Sales comparison approach | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Projected Sales Profit of Underlying Loans | 0.60% | 0.60% |
Fair Value, Measurements, Recurring | Level 3 | Derivative Instruments, net | Sales comparison approach | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Projected Sales Profit of Underlying Loans | 0.50% | 0.40% |
FAIR VALUE - LEVEL 3 UNREALIZED
FAIR VALUE - LEVEL 3 UNREALIZED GAIN (LOSS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value adjustment | $ 743 | $ (248) | $ (234) |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Interest income on investments | 311 | 245 | 223 |
Fair value adjustment | 743 | (248) | (234) |
Total | $ 1,054 | $ (3) | $ (11) |
FAIR VALUE - ASSETS MEASURED NO
FAIR VALUE - ASSETS MEASURED NONRECURRING BASIS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | $ 0 | $ 202,677 |
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 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 77,415 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 125,262 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 28,393 | 32,069 |
Other real estate owned and foreclosed assets, fair value | 1,413 | 252 |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 23,377 | 28,610 |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Home Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 16 | 33 |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Multifamily Real Estate Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 4,255 | 2,218 |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Commercial Real Estate Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 254 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Auto and RV Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 157 | 278 |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Commercial and Industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 314 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 274 | 676 |
Fair Value, Measurements, Nonrecurring | Other Real Estate Owned, Single Family Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 1,353 | |
Fair Value, Measurements, Nonrecurring | Other Real Estate Owned, Multifamily Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 207 | |
Fair Value, Measurements, Nonrecurring | Foreclosed assets, Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 60 | 45 |
Fair Value, Measurements, Nonrecurring | Non-Agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity - Fair Value | 79,164 | |
Fair Value, Measurements, 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 and leases, fair value | 0 | 0 |
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans, Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans, Home Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans, Multifamily Real Estate Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans, Commercial Real Estate Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans, Auto and RV Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans, Commercial and Industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Real Estate Owned, Single Family Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Real Estate Owned, Multifamily Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreclosed assets, Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Impaired Loans, Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Impaired Loans, Home Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Impaired Loans, Multifamily Real Estate Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Impaired Loans, Commercial Real Estate Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Impaired Loans, Auto and RV Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Impaired Loans, Commercial and Industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Impaired Loans, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Other Real Estate Owned, Single Family Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Other Real Estate Owned, Multifamily Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Foreclosed assets, Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Fair Value, Measurements, 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 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 28,393 | 32,069 |
Other real estate owned and foreclosed assets, fair value | 1,413 | 252 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans, Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 23,377 | 28,610 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans, Home Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 16 | 33 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans, Multifamily Real Estate Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 4,255 | 2,218 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans, Commercial Real Estate Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 254 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans, Auto and RV Secured | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 157 | 278 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans, Commercial and Industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 314 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Impaired Loans, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 274 | 676 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other Real Estate Owned, Single Family Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 1,353 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other Real Estate Owned, Multifamily Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 207 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Foreclosed assets, Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 60 | 45 |
Fair Value, Measurements, 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 | $ 79,164 |
FAIR VALUE - ASSETS MEASURED ON
FAIR VALUE - ASSETS MEASURED ON NONRECURRING BASIS - NARRATIVE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity, Carrying Amount | $ 0 | $ 199,174 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 28,393 | 32,069 |
Other real estate owned and foreclosed assets, fair value | 1,413 | 252 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 28,393 | 32,069 |
Other real estate owned and foreclosed assets, fair value | 1,413 | 252 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, write-off | 3,691 | 4,990 |
Impaired loans, additional provision for loan losses | 1,058 | 692 |
Impaired loans | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases, fair value | 28,393 | 32,069 |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, valuation allowance | 332 | 116 |
Other real estate owned | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 1,413 | 252 |
Non-Agency RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, impairment charged to income | 137 | |
Held-to-maturity securities, impairment charged to other comprehensive income | 4,467 | |
Non-Agency RMBS | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity, Carrying Amount | $ 0 | $ 77,122 |
FAIR VALUE - LOANS HELD-FOR-SAL
FAIR VALUE - LOANS HELD-FOR-SALE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |||
Aggregate fair value | $ 18,738 | $ 20,871 | $ 25,430 |
Contractual balance | 18,311 | 20,226 | 24,886 |
Gain | 427 | 645 | 544 |
Interest income | 602 | 826 | 671 |
Change in fair value | (514) | (846) | 1,505 |
Total change in fair value | $ 88 | $ (20) | $ 2,176 |
FAIR VALUE - QUANTITATIVE INF52
FAIR VALUE - QUANTITATIVE INFORMATION FOR LEVEL 3 FAIR VALUE MEASURMENTS (NONRECURRING) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Held to maturity - Fair Value | $ 0 | $ 202,677 | |
Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Held to maturity - Fair Value | 125,262 | ||
Level 3 | Non-Agency RMBS | Discounted cash flows | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Projected Loss Severity | 40.00% | ||
Level 3 | Non-Agency RMBS | Discounted cash flows | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Projected Loss Severity | 68.80% | ||
Fair Value, Measurements, Nonrecurring | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 28,393 | 32,069 | |
Other real estate owned and foreclosed assets, fair value | 1,413 | 252 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Mortgage | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | 23,377 | 28,610 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Home Equity | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | 16 | 33 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Multifamily Real Estate Secured | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | 4,255 | 2,218 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Commercial Real Estate Secured | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | 254 | ||
Fair Value, Measurements, Nonrecurring | Impaired Loans, Auto and RV Secured | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | 157 | 278 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Commercial and Industrial | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | 314 | ||
Fair Value, Measurements, Nonrecurring | Impaired Loans, Other | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | 274 | 676 | |
Fair Value, Measurements, Nonrecurring | Other Real Estate Owned, Single Family Real Estate | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned and foreclosed assets, fair value | 1,353 | ||
Fair Value, Measurements, Nonrecurring | Other Real Estate Owned, Multifamily Real Estate | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned and foreclosed assets, fair value | 207 | ||
Fair Value, Measurements, Nonrecurring | Foreclosed assets, Autos and RVs | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned and foreclosed assets, fair value | 60 | 45 | |
Fair Value, Measurements, Nonrecurring | Non-Agency RMBS | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Held to maturity - Fair Value | 79,164 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | 28,393 | 32,069 | |
Other real estate owned and foreclosed assets, fair value | 1,413 | 252 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Mortgage | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | 23,377 | 28,610 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Mortgage | Sales comparison approach | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 23,377 | $ 28,610 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Mortgage | Sales comparison approach | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | (38.50%) | (40.60%) |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Mortgage | Sales comparison approach | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 79.80% | 69.50% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Mortgage | Sales comparison approach | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 6.40% | 6.20% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Home Equity | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 16 | $ 33 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Home Equity | Sales comparison approach | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 16 | $ 33 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Home Equity | Sales comparison approach | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | (6.10%) | (27.20%) |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Home Equity | Sales comparison approach | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 26.10% | 0.00% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Home Equity | Sales comparison approach | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 7.80% | (11.10%) |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Multifamily Real Estate Secured | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 4,255 | $ 2,218 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Multifamily Real Estate Secured | Sales comparison approach and income approach | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 4,255 | $ 2,218 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Multifamily Real Estate Secured | Sales comparison approach and income approach | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | (24.20%) | (29.70%) |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Multifamily Real Estate Secured | Sales comparison approach and income approach | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 48.70% | 58.00% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Multifamily Real Estate Secured | Sales comparison approach and income approach | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 2.40% | 3.00% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial Real Estate Secured | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 254 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial Real Estate Secured | Sales comparison approach and income approach | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 254 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial Real Estate Secured | Sales comparison approach and income approach | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 0.00% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial Real Estate Secured | Sales comparison approach and income approach | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 66.70% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial Real Estate Secured | Sales comparison approach and income approach | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 33.30% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Auto and RV Secured | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 157 | $ 278 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Auto and RV Secured | Sales comparison approach | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 157 | $ 278 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Auto and RV Secured | Sales comparison approach | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | (17.20%) | 0.00% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Auto and RV Secured | Sales comparison approach | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 42.40% | 22.80% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Auto and RV Secured | Sales comparison approach | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | (5.50%) | 10.60% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial and Industrial | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 314 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial and Industrial | Discounted cash flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 314 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial and Industrial | Discounted cash flows | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount Rate | [1] | 34.80% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial and Industrial | Discounted cash flows | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount Rate | [1] | 34.80% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Commercial and Industrial | Discounted cash flows | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount Rate | [1] | 34.80% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Other | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 274 | $ 676 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Other | Discounted cash flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impaired loans and leases, fair value | $ 274 | $ 676 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Other | Discounted cash flows | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Projected Constant Prepayment Rate | [1] | 0.00% | 0.00% |
Projected Constant Default Rate | [1] | 0.00% | 0.00% |
Projected Loss Severity | [1] | 100.00% | 100.00% |
Discount Rate | [1] | 4.50% | 6.60% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Other | Discounted cash flows | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Projected Constant Prepayment Rate | [1] | 0.00% | 0.00% |
Projected Constant Default Rate | [1] | 10.00% | 10.00% |
Projected Loss Severity | [1] | 100.00% | 100.00% |
Discount Rate | [1] | 5.20% | 8.00% |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired Loans, Other | Discounted cash flows | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Projected Constant Prepayment Rate | [1] | 0.00% | 0.00% |
Projected Constant Default Rate | [1] | 5.00% | 5.00% |
Projected Loss Severity | [1] | 100.00% | 100.00% |
Discount Rate | [1] | 4.90% | 7.30% |
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Single Family Real Estate | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned and foreclosed assets, fair value | $ 1,353 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Single Family Real Estate | Sales comparison approach | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned and foreclosed assets, fair value | $ 1,353 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Single Family Real Estate | Sales comparison approach | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | (10.50%) | |
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Single Family Real Estate | Sales comparison approach | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 12.50% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Single Family Real Estate | Sales comparison approach | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 0.10% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Multifamily Real Estate | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned and foreclosed assets, fair value | $ 207 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Multifamily Real Estate | Sales comparison approach and income approach | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned and foreclosed assets, fair value | $ 207 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Multifamily Real Estate | Sales comparison approach and income approach | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 0.00% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Multifamily Real Estate | Sales comparison approach and income approach | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 25.00% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Other Real Estate Owned, Multifamily Real Estate | Sales comparison approach and income approach | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 12.50% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Foreclosed assets, Autos and RVs | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned and foreclosed assets, fair value | $ 60 | $ 45 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Foreclosed assets, Autos and RVs | Sales comparison approach | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned and foreclosed assets, fair value | $ 60 | $ 45 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Foreclosed assets, Autos and RVs | Sales comparison approach | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | (17.00%) | 0.00% |
Fair Value, Measurements, Nonrecurring | Level 3 | Foreclosed assets, Autos and RVs | Sales comparison approach | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 20.50% | 20.60% |
Fair Value, Measurements, Nonrecurring | Level 3 | Foreclosed assets, Autos and RVs | Sales comparison approach | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Comparability Adjustments | [1] | 6.20% | 10.20% |
Fair Value, Measurements, Nonrecurring | Level 3 | Non-Agency RMBS | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Held to maturity - Fair Value | $ 79,164 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Non-Agency RMBS | Discounted cash flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Held to maturity - Fair Value | $ 79,164 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Non-Agency RMBS | Discounted cash flows | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Projected Constant Prepayment Rate | [1] | 2.60% | |
Projected Constant Default Rate | [1] | 1.50% | |
Projected Loss Severity | [1] | 40.00% | |
Discount Rate | [1] | 2.90% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Non-Agency RMBS | Discounted cash flows | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Projected Constant Prepayment Rate | [1] | 48.80% | |
Projected Constant Default Rate | [1] | 17.80% | |
Projected Loss Severity | [1] | 65.90% | |
Discount Rate | [1] | 8.20% | |
Fair Value, Measurements, Nonrecurring | Level 3 | Non-Agency RMBS | Discounted cash flows | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Projected Constant Prepayment Rate | [1] | 12.00% | |
Projected Constant Default Rate | [1] | 5.70% | |
Projected Loss Severity | [1] | 56.50% | |
Discount Rate | [1] | 5.70% | |
[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. |
FAIR VALUE - FAIR VALUE BY BALA
FAIR VALUE - FAIR VALUE BY BALANCE SHEET GROUPING (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Financial assets: | |||
Securities trading | $ 8,327 | $ 7,584 | |
Securities available-for-sale | 264,470 | 265,447 | |
Securities held-to-maturity | 0 | 202,677 | |
Loans held for sale, at fair value | 18,738 | 20,871 | $ 25,430 |
Loans held for sale, at lower of cost or fair value | 6,669 | 33,530 | |
Carrying (Reported) Amount, Fair Value Disclosure | |||
Financial assets: | |||
Cash and cash equivalents | 643,541 | 486,727 | |
Securities trading | 8,327 | 7,584 | |
Securities available-for-sale | 264,470 | 265,447 | |
Securities held-to-maturity | 199,174 | ||
Loans held for sale, at fair value | 18,738 | 20,871 | |
Loans held for sale, at lower of cost or fair value | 6,669 | 33,530 | |
Loans and leases held for investment—net | 7,374,493 | 6,354,679 | |
Accrued interest receivable | 20,781 | 26,201 | |
Mortgage servicing rights | 7,200 | 3,943 | |
Financial liabilities: | |||
Total deposits | 6,899,507 | 6,044,051 | |
Securities sold under agreements to repurchase | 20,000 | 35,000 | |
Advances from the Federal Home Loan Bank | 640,000 | 727,000 | |
Subordinated notes and debentures | 54,463 | 58,066 | |
Accrued interest payable | 1,284 | 1,667 | |
Fair Value | |||
Financial assets: | |||
Cash and cash equivalents | 643,541 | 486,727 | |
Securities trading | 8,327 | 7,584 | |
Securities available-for-sale | 264,470 | 265,447 | |
Securities held-to-maturity | 202,677 | ||
Loans held for sale, at fair value | 18,738 | 20,871 | |
Loans held for sale, at lower of cost or fair value | 7,328 | 33,530 | |
Loans and leases held for investment—net | 7,521,281 | 6,640,918 | |
Accrued interest receivable | 20,781 | 26,201 | |
Mortgage servicing rights | 7,200 | 3,943 | |
Financial liabilities: | |||
Total deposits | 6,544,056 | 5,946,991 | |
Securities sold under agreements to repurchase | 20,152 | 36,391 | |
Advances from the Federal Home Loan Bank | 645,339 | 747,940 | |
Subordinated notes and debentures | 52,930 | 58,299 | |
Accrued interest payable | 1,284 | 1,667 | |
Level 1 | |||
Financial assets: | |||
Cash and cash equivalents | 643,541 | 486,727 | |
Securities trading | 0 | 0 | |
Securities available-for-sale | 0 | 0 | |
Securities held-to-maturity | 0 | ||
Loans held for sale, at fair value | 0 | 0 | |
Loans held for sale, at lower of cost or fair value | 0 | 0 | |
Loans and leases held for investment—net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Financial liabilities: | |||
Total deposits | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Advances from the Federal Home Loan Bank | 0 | 0 | |
Subordinated notes and 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 | 192,967 | 256,083 | |
Securities held-to-maturity | 77,415 | ||
Loans held for sale, at fair value | 18,738 | 20,871 | |
Loans held for sale, at lower of cost or fair value | 0 | 0 | |
Loans and leases held for investment—net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
Financial liabilities: | |||
Total deposits | 6,544,056 | 5,946,991 | |
Securities sold under agreements to repurchase | 20,152 | 36,391 | |
Advances from the Federal Home Loan Bank | 645,339 | 747,940 | |
Subordinated notes and debentures | 52,930 | 58,299 | |
Accrued interest payable | 1,284 | 1,667 | |
Level 3 | |||
Financial assets: | |||
Cash and cash equivalents | 0 | 0 | |
Securities trading | 8,327 | 7,584 | |
Securities available-for-sale | 71,503 | 9,364 | |
Securities held-to-maturity | 125,262 | ||
Loans held for sale, at fair value | 0 | 0 | |
Loans held for sale, at lower of cost or fair value | 7,328 | 33,530 | |
Loans and leases held for investment—net | 7,521,281 | 6,640,918 | |
Accrued interest receivable | 20,781 | 26,201 | |
Mortgage servicing rights | 7,200 | 3,943 | |
Financial liabilities: | |||
Total deposits | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Advances from the Federal Home Loan Bank | 0 | 0 | |
Subordinated notes and debentures | 0 | 0 | |
Accrued interest payable | $ 0 | $ 0 |
SECURITIES - SCHEDULE OF MARKET
SECURITIES - SCHEDULE OF MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Securities trading | $ 8,327 | $ 7,584 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale, Amortized Cost | 257,520 | 263,158 | ||
Available-for-sale, Unrealized Gains | 9,228 | 2,496 | ||
Available-for-sale, Unrealized Losses | (2,278) | (207) | ||
Available for sale | 264,470 | 265,447 | ||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity, Carrying Amount | 0 | 199,174 | ||
Held-to-maturity, Unrecognized Gains | 0 | 13,548 | ||
Held-to-maturity, Unrecognized Losses | 0 | (10,045) | ||
Held to maturity - Fair Value | 0 | 202,677 | ||
Mortgage-backed securities (RMBS) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Securities trading | 0 | 0 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale, Amortized Cost | 92,780 | 42,299 | ||
Available-for-sale, Unrealized Gains | 7,692 | 810 | ||
Available-for-sale, Unrealized Losses | (1,763) | (23) | ||
Available for sale | 98,709 | 43,086 | ||
U.S. agencies | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Securities trading | [1] | 0 | 0 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale, Amortized Cost | [1] | 27,379 | 33,256 | |
Available-for-sale, Unrealized Gains | [1] | 286 | 489 | |
Available-for-sale, Unrealized Losses | [1] | (459) | (23) | |
Available for sale | [1] | 27,206 | [2] | 33,722 |
Non-agency | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Securities trading | [3] | 0 | 0 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale, Amortized Cost | [3] | 65,401 | 9,043 | |
Available-for-sale, Unrealized Gains | [3] | 7,406 | 321 | |
Available-for-sale, Unrealized Losses | [3] | (1,304) | 0 | |
Available for sale | [3] | 71,503 | 9,364 | |
Other Debt Securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Securities trading | 8,327 | 7,584 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale, Amortized Cost | 164,740 | 220,859 | ||
Available-for-sale, Unrealized Gains | 1,536 | 1,686 | ||
Available-for-sale, Unrealized Losses | (515) | (184) | ||
Available for sale | 165,761 | 222,361 | ||
Municipal | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Securities trading | 0 | 0 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale, Amortized Cost | 27,568 | 34,543 | ||
Available-for-sale, Unrealized Gains | 19 | 185 | ||
Available-for-sale, Unrealized Losses | (424) | (10) | ||
Available for sale | 27,163 | 34,718 | ||
Non-agency | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Securities trading | 8,327 | 7,584 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale, Amortized Cost | 137,172 | 186,316 | ||
Available-for-sale, Unrealized Gains | 1,517 | 1,501 | ||
Available-for-sale, Unrealized Losses | (91) | (174) | ||
Available for sale | 138,598 | 187,643 | ||
Mortgage-backed securities (RMBS) | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity, Carrying Amount | 0 | 163,278 | ||
Held-to-maturity, Unrecognized Gains | 0 | 7,938 | ||
Held-to-maturity, Unrecognized Losses | 0 | (10,045) | ||
Held to maturity - Fair Value | 0 | 161,171 | ||
Other Debt Securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity, Carrying Amount | 0 | 35,896 | ||
Held-to-maturity, Unrecognized Gains | 0 | 5,610 | ||
Held-to-maturity, Unrecognized Losses | 0 | 0 | ||
Held to maturity - Fair Value | $ 0 | $ 41,506 | ||
[1] | U.S. government-backed or government sponsored enterprises including Fannie Mae, Freddie Mac and Ginnie Mae. | |||
[2] | Residential mortgage-backed security (RMBS) distributions include impact of expected prepayments and other timing factors. | |||
[3] | 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. |
SECURITIES - NARRATIVE (Details
SECURITIES - NARRATIVE (Details) | 12 Months Ended | |||
Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | ||
Marketable Securities [Line Items] | ||||
Securities transferred from held-to-maturity to available-for-sale portfolio | $ 194,153,000 | $ 0 | $ 0 | |
Held-to-maturity securities, transferred to available-for-sale securities, unrealized gain (loss) | 3,618,000 | |||
Securities available-for-sale | 264,470,000 | 265,447,000 | ||
Held-to-maturity, Carrying Amount | 0 | 199,174,000 | ||
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||||
Senior Support Securities, Other-than temporary loss on security | 10,937,000 | 3,472,000 | $ 6,805,000 | |
Debt securities available-for-sale and held-to-maturity pledged to secure borrowings | 6,183,000 | 39,961,000 | ||
Non-agency | ||||
Marketable Securities [Line Items] | ||||
Securities available-for-sale | [1] | 71,503,000 | 9,364,000 | |
RMBS, Super Senior Securities | ||||
Marketable Securities [Line Items] | ||||
Securities available-for-sale | $ 69,138,000 | |||
Available-for-sale, number of securities | security | 38 | |||
RMBS, Mezzanine Z-Tranche Securities | ||||
Marketable Securities [Line Items] | ||||
Securities available-for-sale | $ 13,000 | |||
Available-for-sale, number of securities | security | 2 | |||
RMBS, Senior-Support Securities | ||||
Marketable Securities [Line Items] | ||||
Held-to-maturity, number of securities | security | 1 | |||
Held-to-maturity, Carrying Amount | $ 2,352,000 | |||
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||||
Senior Support Securities, Number (in number of securities) | security | 1 | |||
Senior Support Securities, Cost | $ 17,740,000 | |||
Senior Support Securities, Original Carrying Amount | 30,560,000 | |||
Senior Support Securities, Accretable Yield | 9,015,000 | |||
Senior Support Securities, Nonaccretable Yield | 3,805,000 | |||
Senior Support Securities, Other-than temporary loss on security | 1,461,000 | $ 0 | ||
Senior Support Securities, Carrying Amount, Net | 0 | |||
Senior Support Securities, Amortizable Premium | 0 | |||
Senior Support Securities, Nonamortizable Premium | $ 1,010,000 | |||
[1] | 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. |
SECURITIES - SCHEDULE OF UNREAL
SECURITIES - SCHEDULE OF UNREALIZED LOSS ON INVESTMENTS (Details) $ in Thousands | Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($)security |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | $ 60,829 | $ 15,833 |
Available-for-sale securities in loss position for less than 12 months, Gross Unrealized Losses | (901) | (15) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 29,202 | 22,057 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (1,377) | (192) |
Available-for-sale securities in loss position, Total, Fair Value | 90,031 | 37,890 |
Available-for-sale securities in loss position, Total, Gross Unrealized Losses | (2,278) | (207) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 15,140 |
Held-to-maturity securities for less than 12 months, Gross Unrealized Losses | 0 | (420) |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 0 | 53,372 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | 0 | (9,625) |
Held-to-maturity securities in loss position, Total, Fair Value | 0 | 68,512 |
Held-to-maturity securities in loss position, Total, Gross Unrealized Losses | $ 0 | $ (10,045) |
Number of securities in a continuous loss position | security | 16 | 26 |
Mortgage-backed securities (RMBS) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | $ 19,648 | $ 0 |
Available-for-sale securities in loss position for less than 12 months, Gross Unrealized Losses | (390) | 0 |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 27,445 | 5,094 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (1,373) | (23) |
Available-for-sale securities in loss position, Total, Fair Value | 47,093 | 5,094 |
Available-for-sale securities in loss position, Total, Gross Unrealized Losses | (1,763) | (23) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 15,140 |
Held-to-maturity securities for less than 12 months, Gross Unrealized Losses | 0 | (420) |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 0 | 53,372 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | 0 | (9,625) |
Held-to-maturity securities in loss position, Total, Fair Value | 0 | 68,512 |
Held-to-maturity securities in loss position, Total, Gross Unrealized Losses | 0 | (10,045) |
U.S. agencies | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 17,161 | 0 |
Available-for-sale securities in loss position for less than 12 months, Gross Unrealized Losses | (374) | 0 |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 2,348 | 5,094 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (85) | (23) |
Available-for-sale securities in loss position, Total, Fair Value | 19,509 | 5,094 |
Available-for-sale securities in loss position, Total, Gross Unrealized Losses | (459) | (23) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 129 |
Held-to-maturity securities for less than 12 months, Gross Unrealized Losses | 0 | (1) |
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 | 129 |
Held-to-maturity securities in loss position, Total, Gross Unrealized Losses | 0 | (1) |
Non-agency | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 2,487 | 0 |
Available-for-sale securities in loss position for less than 12 months, Gross Unrealized Losses | (16) | 0 |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 25,097 | 0 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (1,288) | 0 |
Available-for-sale securities in loss position, Total, Fair Value | 27,584 | 0 |
Available-for-sale securities in loss position, Total, Gross Unrealized Losses | (1,304) | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 15,011 |
Held-to-maturity securities for less than 12 months, Gross Unrealized Losses | 0 | (419) |
Held-to-maturity securities in loss position for more than 12 months, Fair Value | 0 | 53,372 |
Held-to-maturity securities in loss position for more than 12 months, Gross Unrealized Losses | 0 | (9,625) |
Held-to-maturity securities in loss position, Total, Fair Value | 0 | 68,383 |
Held-to-maturity securities in loss position, Total, Gross Unrealized Losses | 0 | (10,044) |
Other Debt Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 41,181 | 15,833 |
Available-for-sale securities in loss position for less than 12 months, Gross Unrealized Losses | (511) | (15) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 1,757 | 16,963 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (4) | (169) |
Available-for-sale securities in loss position, Total, Fair Value | 42,938 | 32,796 |
Available-for-sale securities in loss position, Total, Gross Unrealized Losses | (515) | (184) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities 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, Total, Gross Unrealized Losses | 0 | 0 |
Municipal | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 13,431 | 10,267 |
Available-for-sale securities in loss position for less than 12 months, Gross Unrealized Losses | (420) | (10) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 1,757 | 0 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | (4) | 0 |
Available-for-sale securities in loss position, Total, Fair Value | 15,188 | 10,267 |
Available-for-sale securities in loss position, Total, Gross Unrealized Losses | (424) | (10) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities 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, Total, Gross Unrealized Losses | 0 | 0 |
Non-agency | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available-for-sale securities in loss position for less than 12 months, Fair Value | 27,750 | 5,566 |
Available-for-sale securities in loss position for less than 12 months, Gross Unrealized Losses | (91) | (5) |
Available-for-sale securities in loss position for more than 12 months, Fair Value | 0 | 16,963 |
Available-for-sale securities in loss position for more than 12 months, Gross Unrealized Losses | 0 | (169) |
Available-for-sale securities in loss position, Total, Fair Value | 27,750 | 22,529 |
Available-for-sale securities in loss position, Total, Gross Unrealized Losses | (91) | (174) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity securities in loss position for less than 12 months, Fair Value | 0 | 0 |
Held-to-maturity securities 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, Total, Gross Unrealized Losses | $ 0 | $ 0 |
SECURITIES - OTHER THAN TEMPORA
SECURITIES - OTHER THAN TEMPORARY IMPAIRMENT, CREDIT LOSSES RECOGNIZED IN EARNINGS (Details) - Non-agency $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Beginning balance | $ (20,865) | $ (20,503) | $ (18,138) |
Additions for the amounts related to the credit loss for which an other-than-temporary impairment was not previously recognized | (342) | (112) | (742) |
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized | (1,622) | (453) | (1,623) |
Credit losses realized for securities sold | 7,301 | 203 | 0 |
Ending balance | $ (15,528) | (20,865) | (20,503) |
Number of securities with cumulative credit losses | security | 22 | ||
Carrying value of securities with cumulative credit losses | $ 43,268 | ||
OTTI recognized in earnings | $ 1,964 | $ 565 | $ 2,365 |
Number of securities with other than temporary impairment | security | 6 | ||
Carrying value of securities with other than temporary impairment | $ 13,126 |
SECURITIES - REALIZED GAIN (LOS
SECURITIES - REALIZED GAIN (LOSS) ON INVESTMENTS (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of securities sold | security | 70 | ||
Sold security, at carrying value | $ 156,219 | ||
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Proceeds | 161,048 | $ 14,969 | $ 9,614 |
Gross realized gains | 7,386 | 1,427 | 587 |
Gross realized loss | (3,466) | 0 | 0 |
Net gain on securities | $ 3,920 | $ 1,427 | $ 587 |
SECURITIES - UNREALIZED GAIN (L
SECURITIES - UNREALIZED GAIN (LOSS) ON INVESTMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities—net unrealized gains | $ 6,949 | $ 2,288 |
Available-for-sale debt securities—non-credit related | (6,115) | (138) |
Held-to-maturity debt securities—non-credit related | 0 | (14,129) |
Subtotal | 834 | (11,979) |
Tax (provision) benefit | (347) | 4,675 |
Net unrealized gain (loss) on investment securities in accumulated other comprehensive loss | $ 487 | $ (7,304) |
SECURITIES - INVESTMENTS CLASSI
SECURITIES - INVESTMENTS CLASSIFIED BY CONTRACTUAL MATURITY DATE (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | ||
Available-for-Sale, Amortized Cost | ||||
Available-for-sale, Amortized Cost | $ 257,520 | |||
Available-for-Sale, Fair Value | ||||
Available-for-sale, Fair Value | 264,470 | $ 265,447 | ||
Held-to-maturity, Carrying Amount | ||||
Held-to-maturity, Carrying Amount | 0 | |||
Held-to-maturity, Fair Value | ||||
Held-to-maturity, Fair Value | 0 | 202,677 | ||
Trading, Fair Value | ||||
Trading Securities, Fair Value | 8,327 | |||
Mortgage-backed securities (RMBS) | ||||
Held-to-maturity, Fair Value | ||||
Held-to-maturity, Fair Value | 0 | 161,171 | ||
U.S. agencies | ||||
Held-to-maturity, Carrying Amount | ||||
Due within one year | [1] | 0 | ||
Due one to five years | [1] | 0 | ||
Due five to ten years | [1] | 0 | ||
Due after ten years | [1] | 0 | ||
Held-to-maturity, Carrying Amount | [1] | 0 | ||
Held-to-maturity, Fair Value | ||||
Due within one year | [1] | 0 | ||
Due one to five years | [1] | 0 | ||
Due five to ten years | [1] | 0 | ||
Due after ten years | [1] | 0 | ||
Held-to-maturity, Fair Value | [2] | 0 | [1] | 35,909 |
Non-agency | ||||
Held-to-maturity, Carrying Amount | ||||
Due within one year | 0 | |||
Due one to five years | 0 | |||
Due five to ten years | 0 | |||
Due after ten years | 0 | |||
Held-to-maturity, Carrying Amount | 0 | |||
Held-to-maturity, Fair Value | ||||
Due within one year | 0 | |||
Due one to five years | 0 | |||
Due five to ten years | 0 | |||
Due after ten years | 0 | |||
Held-to-maturity, Fair Value | [3] | 0 | 125,262 | |
Other Debt Securities | ||||
Held-to-maturity, Carrying Amount | ||||
Due within one year | 0 | |||
Due one to five years | 0 | |||
Due five to ten years | 0 | |||
Due after ten years | 0 | |||
Held-to-maturity, Carrying Amount | 0 | |||
Held-to-maturity, Fair Value | ||||
Due within one year | 0 | |||
Due one to five years | 0 | |||
Due five to ten years | 0 | |||
Due after ten years | 0 | |||
Held-to-maturity, Fair Value | 0 | 41,506 | ||
U.S. agencies | ||||
Available-for-Sale, Amortized Cost | ||||
Due within one year | [1] | 1,612 | ||
Due one to five years | [1] | 5,469 | ||
Due five to ten years | [1] | 5,208 | ||
Due after ten years | [1] | 15,090 | ||
Available-for-sale, Amortized Cost | [1] | 27,379 | ||
Available-for-Sale, Fair Value | ||||
Due within one year | [1] | 1,599 | ||
Due one to five years | [1] | 5,445 | ||
Due five to ten years | [1] | 5,211 | ||
Due after ten years | [1] | 14,951 | ||
Available-for-sale, Fair Value | [2] | 27,206 | [1] | 33,722 |
Non-agency | ||||
Available-for-Sale, Amortized Cost | ||||
Due within one year | 8,874 | |||
Due one to five years | 26,783 | |||
Due five to ten years | 19,214 | |||
Due after ten years | 10,530 | |||
Available-for-sale, Amortized Cost | 65,401 | |||
Available-for-Sale, Fair Value | ||||
Due within one year | 9,445 | |||
Due one to five years | 28,817 | |||
Due five to ten years | 20,893 | |||
Due after ten years | 12,348 | |||
Available-for-sale, Fair Value | [3] | 71,503 | 9,364 | |
Other Debt Securities | ||||
Available-for-Sale, Amortized Cost | ||||
Due within one year | 56,628 | |||
Due one to five years | 94,283 | |||
Due five to ten years | 0 | |||
Due after ten years | 13,829 | |||
Available-for-sale, Amortized Cost | 164,740 | |||
Available-for-Sale, Fair Value | ||||
Due within one year | 57,983 | |||
Due one to five years | 94,356 | |||
Due five to ten years | 0 | |||
Due after ten years | 13,422 | |||
Available-for-sale, Fair Value | 165,761 | $ 222,361 | ||
Trading, Fair Value | ||||
Due within one year | 117 | |||
Due one to five years | 93 | |||
Due five to ten years | 420 | |||
Due after ten years | 7,697 | |||
Trading Securities, Fair Value | $ 8,327 | |||
[1] | Residential mortgage-backed security (RMBS) distributions include impact of expected prepayments and other timing factors. | |||
[2] | U.S. government-backed or government sponsored enterprises including Fannie Mae, Freddie Mac and Ginnie Mae. | |||
[3] | 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. |
LOANS, LEASES & ALLOWANCE FOR61
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - COMPOSITION OF LOANS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | $ 7,449,261 | $ 6,402,459 | |||
Allowance for loan and lease losses | (40,832) | (35,826) | $ (28,327) | $ (18,373) | |
Unaccreted discounts and loan and lease fees | (33,936) | (11,954) | |||
Total net loans and leases | 7,374,493 | 6,354,679 | |||
Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 3,901,754 | 3,678,520 | |||
Allowance for loan and lease losses | (19,972) | (18,666) | (13,664) | (7,959) | |
Unaccreted discounts and loan and lease fees | 10,486 | 13,142 | |||
Home equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 2,092 | 2,470 | |||
Allowance for loan and lease losses | (19) | (23) | (122) | (134) | |
Unaccreted discounts and loan and lease fees | 34 | 24 | |||
Warehouse & Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 452,390 | 537,714 | |||
Allowance for loan and lease losses | (2,298) | (2,685) | (1,879) | (1,259) | |
Unaccreted discounts and loan and lease fees | (1,702) | (2,200) | |||
Multifamily real estate secured | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 1,619,404 | 1,373,216 | |||
Allowance for loan and lease losses | (4,638) | (3,938) | (4,363) | (3,785) | |
Unaccreted discounts and loan and lease fees | 4,586 | 3,957 | |||
Commercial real estate secured | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 162,715 | 121,746 | |||
Allowance for loan and lease losses | (1,008) | (882) | (1,103) | (1,035) | |
Unaccreted discounts and loan and lease fees | 744 | 542 | |||
Auto and RV secured | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 154,246 | 73,676 | |||
Allowance for loan and lease losses | (2,379) | (1,615) | (953) | (812) | |
Unaccreted discounts and loan and lease fees | 2,054 | 975 | |||
Factoring | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 160,674 | 98,275 | |||
Allowance for loan and lease losses | (401) | (245) | (292) | (279) | |
Unaccreted discounts and loan and lease fees | (49,350) | (30,533) | |||
Commercial & Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 992,232 | 514,300 | |||
Allowance for loan and lease losses | (9,881) | (7,630) | (5,882) | (3,048) | |
Unaccreted discounts and loan and lease fees | (640) | 2,172 | |||
Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 3,754 | 2,542 | |||
Allowance for loan and lease losses | (236) | (142) | $ (69) | $ (62) | |
Unaccreted discounts and loan and lease fees | (148) | (33) | |||
Single family warehouse loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 187,034 | 173,148 | |||
Residential Portfolio Segment | Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 3,901,754 | 3,678,520 | |||
Residential Portfolio Segment | Home equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 2,092 | 2,470 | |||
Residential Portfolio Segment | Warehouse & Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | [1] | 452,390 | 537,714 | ||
Residential Portfolio Segment | Multifamily real estate secured | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 1,619,404 | 1,373,216 | |||
Commercial Real Estate Portfolio Segment | Commercial real estate secured | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 162,715 | 121,746 | |||
Consumer Portfolio Segment | Auto and RV secured | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 154,246 | 73,676 | |||
Unallocated Financing Receivables | Factoring | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 160,674 | 98,275 | |||
Unallocated Financing Receivables | Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | 3,754 | 2,542 | |||
Commercial Portfolio Segment | Commercial & Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Principal loan and lease balance | $ 992,232 | $ 514,300 | |||
[1] | The balance of single family warehouse loans was $187,034 at June 30, 2017 and $173,148 at June 30, 2016. The remainder of the balance was attributable to single family lender finance loans. |
LOANS, LEASES & ALLOWANCE FOR62
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - ACTIVITY FOR ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | $ 35,826 | $ 28,327 | $ 35,826 | $ 28,327 | $ 18,373 | ||||||
Provision for loan and lease loss | $ 200 | $ 4,862 | $ 4,100 | $ 1,900 | $ 1,900 | $ 2,000 | $ 3,400 | $ 2,400 | 11,061 | 9,700 | 11,200 |
Charged off | (5,096) | (808) | (1,561) | ||||||||
Transfers to held for sale | (1,828) | (2,727) | 0 | ||||||||
Recoveries | 869 | 1,334 | 315 | ||||||||
Balance, end of period | $ 40,832 | $ 35,826 | $ 40,832 | $ 35,826 | $ 28,327 |
LOANS, LEASES & ALLOWANCE FOR63
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - IMPAIRED LOANS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Receivables [Abstract] | |||
Non-performing loans and leases—90 days past due plus other non-accrual loans and leases | $ 26,815 | $ 28,790 | $ 25,873 |
Troubled debt restructured loans and leases—non-accrual | 1,578 | 3,069 | 4,958 |
Troubled debt restructured loans and leases—performing | 0 | 210 | 217 |
Total impaired loans and leases | $ 28,393 | $ 32,069 | $ 31,048 |
LOANS, LEASES & ALLOWANCE FOR64
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - LOANS NARRATIVE (Details) | 12 Months Ended | |
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | |
Financing Receivable, Impaired [Line Items] | ||
Write offs on impaired loans | $ 2,436,000 | |
Impaired loans with no specific allowance | 28,393,000 | |
Average carrying value of impaired loans | 34,154,000 | $ 28,913,000 |
Loans past due ninety days or more and still accruing | 0 | 0 |
Allowance allocated to restructured loans | $ 44,000 | $ 1,000 |
Number of new related party loans | loan | 0 | 0 |
Principal payments received on related party loans | $ 353,000 | $ 334,000 |
Ending balance of related party loans | 9,297,000 | 10,209,000 |
Interest earned on related party loans | 95,000 | 102,000 |
Purchased loans serviced by others, amount | $ 84,363,000 | $ 105,376,000 |
Purchased loans serviced by others, percent of portfolio | 1.13% | 1.65% |
Fixed Interest Rate | ||
Financing Receivable, Impaired [Line Items] | ||
Percent of loans by interest rate type | 15.87% | |
Adjustable Interest Rate | ||
Financing Receivable, Impaired [Line Items] | ||
Percent of loans by interest rate type | 84.13% | |
Geographic concentration risk | Real estate loans | CALIFORNIA | ||
Financing Receivable, Impaired [Line Items] | ||
Concentration risk percentage | 69.57% | 67.97% |
LOANS, LEASES & ALLOWANCE FOR65
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - ALLOWANCE FOR CREDIT LOSS DISCLOSURES (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | $ 7,420,868 | $ 6,370,390 |
Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 154,089 | 73,398 |
Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 3,878,377 | 3,649,910 |
Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 1,615,149 | 1,370,998 |
Interest only loans | 879,700 | |
Option adjustable-rate mortgage loans | 2,600 | |
Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 162,715 | $ 121,492 |
LTV less than or equal to 60% | Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 2,093,625 | |
LTV 61% - 70% | Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 1,377,727 | |
LTV 61% - 70% | Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 47,092 | |
LTV 71% - 80% | Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 406,828 | |
LTV 71% - 80% | Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 10,257 | |
LTV greater than 80% | Mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 197 | |
LTV greater than 80% | Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 0 | |
LTV greater than 80% | Commercial 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 | 791,860 | |
LTV 56% - 65% | Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 525,066 | |
LTV 66% - 75% | Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 287,966 | |
LTV 76% - 80% | Multifamily real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 10,257 | |
LTV less than or equal to 50% | Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 69,358 | |
LTV 51% - 60% | Commercial real estate secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 36,008 | |
FICO greater than or equal to 770 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 74,180 | |
FICO 715 - 769 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 51,915 | |
FICO 700 - 714 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 13,010 | |
FICO 660 - 699 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 13,343 | |
FICO less than 660 | Auto and RV secured | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | $ 1,641 |
LOANS, LEASES & ALLOWANCE FOR66
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - ALLOWANCE FOR LOAN LOSS BY CLASS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | $ 35,826 | $ 28,327 | $ 35,826 | $ 28,327 | $ 18,373 | ||||||
Provision for loan and lease loss | $ 200 | $ 4,862 | $ 4,100 | 1,900 | $ 1,900 | $ 2,000 | $ 3,400 | 2,400 | 11,061 | 9,700 | 11,200 |
Charge-offs | (5,096) | (808) | (1,561) | ||||||||
Transfers to held for sale | (1,828) | (2,727) | 0 | ||||||||
Recoveries | 869 | 1,334 | 315 | ||||||||
Balance, end of period | 40,832 | 35,826 | 40,832 | 35,826 | 28,327 | ||||||
Mortgage | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 18,666 | 13,664 | 18,666 | 13,664 | 7,959 | ||||||
Provision for loan and lease loss | 2,308 | 5,040 | 6,305 | ||||||||
Charge-offs | (1,115) | (205) | (747) | ||||||||
Transfers to held for sale | 0 | 0 | |||||||||
Recoveries | 113 | 167 | 147 | ||||||||
Balance, end of period | 19,972 | 18,666 | 19,972 | 18,666 | 13,664 | ||||||
Home equity | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 23 | 122 | 23 | 122 | 134 | ||||||
Provision for loan and lease loss | (6) | (134) | (1) | ||||||||
Charge-offs | (23) | (3) | (43) | ||||||||
Transfers to held for sale | 0 | 0 | |||||||||
Recoveries | 25 | 38 | 32 | ||||||||
Balance, end of period | 19 | 23 | 19 | 23 | 122 | ||||||
Warehouse & Other | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 2,685 | 1,879 | 2,685 | 1,879 | 1,259 | ||||||
Provision for loan and lease loss | (387) | 806 | 620 | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Transfers to held for sale | 0 | 0 | |||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Balance, end of period | 2,298 | 2,685 | 2,298 | 2,685 | 1,879 | ||||||
Multifamily real estate secured | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 3,938 | 4,363 | 3,938 | 4,363 | 3,785 | ||||||
Provision for loan and lease loss | 323 | (311) | 922 | ||||||||
Charge-offs | 0 | (114) | (344) | ||||||||
Transfers to held for sale | 0 | 0 | |||||||||
Recoveries | 377 | 0 | 0 | ||||||||
Balance, end of period | 4,638 | 3,938 | 4,638 | 3,938 | 4,363 | ||||||
Commercial real estate secured | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 882 | 1,103 | 882 | 1,103 | 1,035 | ||||||
Provision for loan and lease loss | 110 | (1,056) | 224 | ||||||||
Charge-offs | (23) | (147) | (156) | ||||||||
Transfers to held for sale | 0 | 0 | |||||||||
Recoveries | 39 | 982 | 0 | ||||||||
Balance, end of period | 1,008 | 882 | 1,008 | 882 | 1,103 | ||||||
Auto and RV secured | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 1,615 | 953 | 1,615 | 953 | 812 | ||||||
Provision for loan and lease loss | 990 | 854 | 288 | ||||||||
Charge-offs | (433) | (339) | (271) | ||||||||
Transfers to held for sale | 0 | 0 | |||||||||
Recoveries | 207 | 147 | 124 | ||||||||
Balance, end of period | 2,379 | 1,615 | 2,379 | 1,615 | 953 | ||||||
Factoring | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 245 | 292 | 245 | 292 | 279 | ||||||
Provision for loan and lease loss | 156 | (47) | 13 | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Transfers to held for sale | 0 | 0 | |||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Balance, end of period | 401 | 245 | 401 | 245 | 292 | ||||||
Commercial & Industrial | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | 7,630 | 5,882 | 7,630 | 5,882 | 3,048 | ||||||
Provision for loan and lease loss | 2,251 | 1,748 | 2,834 | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Transfers to held for sale | 0 | 0 | |||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Balance, end of period | 9,881 | 7,630 | 9,881 | 7,630 | 5,882 | ||||||
Other | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance, beginning of period | $ 142 | $ 69 | 142 | 69 | 62 | ||||||
Provision for loan and lease loss | 5,316 | 2,800 | (5) | ||||||||
Charge-offs | (3,502) | 0 | 0 | ||||||||
Transfers to held for sale | (1,828) | (2,727) | |||||||||
Recoveries | 108 | 0 | 12 | ||||||||
Balance, end of period | $ 236 | $ 142 | $ 236 | $ 142 | $ 69 |
LOANS, LEASES & ALLOWANCE FOR67
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - LOANS INDIVIDUALLY EVALUATED FOR IMPAIRMENT (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
With an allowance recorded: | |||
Unpaid Principal Balance | $ 32,084 | $ 37,127 | |
Principal Balance Adjustment | [1] | 3,691 | 5,058 |
Unpaid Book Balance | 28,393 | 32,069 | |
Accrued Interest/Origination Fees | 413 | 977 | |
Recorded Investment | 28,806 | 33,046 | |
Related Allocation of General Allowance | 1,058 | 692 | |
Related Allocation of Specific Allowance | $ 0 | $ 0 | |
As a % of total gross loans and leases | |||
Unpaid Principal Balance | 0.43% | 0.58% | |
Principal Balance Adjustment | 0.05% | 0.08% | |
Unpaid Book Balance | 0.38% | 0.50% | |
Accrued Interest/Origination Fees | 0.01% | 0.02% | |
Recorded Investment | 0.39% | 0.52% | |
Related Allocation of General Allowance | 0.01% | 0.01% | |
Related Allocation of Specific Allowance | 0.00% | 0.00% | |
Mortgage | In-house originated | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | $ 4,240 | $ 8,989 | |
Principal Balance Adjustment | [1] | 1,032 | 727 |
Unpaid Book Balance | 3,208 | 8,262 | |
Accrued Interest/Origination Fees | 205 | 657 | |
Recorded Investment | 3,413 | 8,919 | |
With an allowance recorded: | |||
Unpaid Principal Balance | 16,124 | 14,707 | |
Principal Balance Adjustment | [1] | 12 | 11 |
Unpaid Book Balance | 16,112 | 14,696 | |
Accrued Interest/Origination Fees | 0 | 65 | |
Recorded Investment | 16,112 | 14,761 | |
Related Allocation of General Allowance | 643 | 575 | |
Related Allocation of Specific Allowance | 0 | 0 | |
Mortgage | Purchased | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 4,563 | 5,852 | |
Principal Balance Adjustment | [1] | 1,903 | 2,132 |
Unpaid Book Balance | 2,660 | 3,720 | |
Accrued Interest/Origination Fees | 0 | 110 | |
Recorded Investment | 2,660 | 3,830 | |
With an allowance recorded: | |||
Unpaid Principal Balance | 1,429 | 1,976 | |
Principal Balance Adjustment | [1] | 32 | 44 |
Unpaid Book Balance | 1,397 | 1,932 | |
Accrued Interest/Origination Fees | 17 | 5 | |
Recorded Investment | 1,414 | 1,937 | |
Related Allocation of General Allowance | 37 | 46 | |
Related Allocation of Specific Allowance | 0 | 0 | |
Home equity | In-house originated | |||
With an allowance recorded: | |||
Unpaid Principal Balance | 18 | 35 | |
Principal Balance Adjustment | [1] | 2 | 2 |
Unpaid Book Balance | 16 | 33 | |
Accrued Interest/Origination Fees | 0 | 0 | |
Recorded Investment | 16 | 33 | |
Related Allocation of General Allowance | 1 | 1 | |
Related Allocation of Specific Allowance | 0 | 0 | |
Multifamily real estate secured | In-house originated | |||
With an allowance recorded: | |||
Unpaid Principal Balance | 4,170 | 795 | |
Principal Balance Adjustment | [1] | 192 | 4 |
Unpaid Book Balance | 3,978 | 791 | |
Accrued Interest/Origination Fees | 186 | 65 | |
Recorded Investment | 4,164 | 856 | |
Related Allocation of General Allowance | 19 | 1 | |
Related Allocation of Specific Allowance | 0 | 0 | |
Multifamily real estate secured | Purchased | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 492 | 2,520 | |
Principal Balance Adjustment | [1] | 215 | 1,093 |
Unpaid Book Balance | 277 | 1,427 | |
Accrued Interest/Origination Fees | 0 | 0 | |
Recorded Investment | 277 | 1,427 | |
Commercial real estate secured | Purchased | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 629 | ||
Principal Balance Adjustment | [1] | 375 | |
Unpaid Book Balance | 254 | ||
Accrued Interest/Origination Fees | 61 | ||
Recorded Investment | 315 | ||
Auto and RV secured | In-house originated | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 418 | 902 | |
Principal Balance Adjustment | [1] | 295 | 663 |
Unpaid Book Balance | 123 | 239 | |
Accrued Interest/Origination Fees | 3 | 10 | |
Recorded Investment | 126 | 249 | |
With an allowance recorded: | |||
Unpaid Principal Balance | 42 | 46 | |
Principal Balance Adjustment | [1] | 8 | 7 |
Unpaid Book Balance | 34 | 39 | |
Accrued Interest/Origination Fees | 2 | 4 | |
Recorded Investment | 36 | 43 | |
Related Allocation of General Allowance | 1 | 2 | |
Related Allocation of Specific Allowance | 0 | 0 | |
Commercial & Industrial | |||
With an allowance recorded: | |||
Unpaid Principal Balance | 314 | ||
Principal Balance Adjustment | [1] | 0 | |
Unpaid Book Balance | 314 | ||
Accrued Interest/Origination Fees | 0 | ||
Recorded Investment | 314 | ||
Related Allocation of General Allowance | 314 | ||
Related Allocation of Specific Allowance | 0 | ||
Other | |||
With an allowance recorded: | |||
Unpaid Principal Balance | 274 | 676 | |
Principal Balance Adjustment | [1] | 0 | 0 |
Unpaid Book Balance | 274 | 676 | |
Accrued Interest/Origination Fees | 0 | 0 | |
Recorded Investment | 274 | 676 | |
Related Allocation of General Allowance | 43 | 67 | |
Related Allocation of Specific Allowance | $ 0 | $ 0 | |
[1] | Impaired loans with an allowance recorded do not have any charge-offs. Principal balance adjustments on impaired loans with an allowance recorded represent interest payments that have been applied to the book balance as a result of the loans’ non-accrual status. |
LOANS, LEASES & ALLOWANCE FOR68
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - ALLOWANCE FOR LOAN LOSS BY PORTFOLIO CLASS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | $ 1,058 | $ 692 | |
Collectively evaluated for impairment | 39,774 | 35,134 | |
Total ending allowance balance | 40,832 | 35,826 | |
Loans and leases individually evaluated for impairment | [1] | 28,393 | 32,069 |
Loans and leases collectively evaluated for impairment | 7,420,868 | 6,370,390 | |
Principal loan and lease balance | 7,449,261 | 6,402,459 | |
Unaccreted discounts and loan and lease fees | (33,936) | (11,954) | |
Accrued interest receivable | 18,656 | 22,831 | |
Total recorded investment in loans and leases | 7,433,981 | 6,413,336 | |
Mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | 680 | 621 | |
Collectively evaluated for impairment | 19,292 | 18,045 | |
Total ending allowance balance | 19,972 | 18,666 | |
Loans and leases individually evaluated for impairment | [1] | 23,377 | 28,610 |
Loans and leases collectively evaluated for impairment | 3,878,377 | 3,649,910 | |
Principal loan and lease balance | 3,901,754 | 3,678,520 | |
Unaccreted discounts and loan and lease fees | 10,486 | 13,142 | |
Accrued interest receivable | 8,831 | 12,460 | |
Total recorded investment in loans and leases | 3,921,071 | 3,704,122 | |
Home equity | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | 1 | 1 | |
Collectively evaluated for impairment | 18 | 22 | |
Total ending allowance balance | 19 | 23 | |
Loans and leases individually evaluated for impairment | [1] | 16 | 33 |
Loans and leases collectively evaluated for impairment | 2,076 | 2,437 | |
Principal loan and lease balance | 2,092 | 2,470 | |
Unaccreted discounts and loan and lease fees | 34 | 24 | |
Accrued interest receivable | 1 | 2 | |
Total recorded investment in loans and leases | 2,127 | 2,496 | |
Warehouse & Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | 0 | 0 | |
Collectively evaluated for impairment | 2,298 | 2,685 | |
Total ending allowance balance | 2,298 | 2,685 | |
Loans and leases individually evaluated for impairment | [1] | 0 | 0 |
Loans and leases collectively evaluated for impairment | 452,390 | 537,714 | |
Principal loan and lease balance | 452,390 | 537,714 | |
Unaccreted discounts and loan and lease fees | (1,702) | (2,200) | |
Accrued interest receivable | (766) | 1,870 | |
Total recorded investment in loans and leases | 449,922 | 537,384 | |
Multifamily real estate secured | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | 19 | 1 | |
Collectively evaluated for impairment | 4,619 | 3,937 | |
Total ending allowance balance | 4,638 | 3,938 | |
Loans and leases individually evaluated for impairment | [1] | 4,255 | 2,218 |
Loans and leases collectively evaluated for impairment | 1,615,149 | 1,370,998 | |
Principal loan and lease balance | 1,619,404 | 1,373,216 | |
Unaccreted discounts and loan and lease fees | 4,586 | 3,957 | |
Accrued interest receivable | 4,946 | 5,409 | |
Total recorded investment in loans and leases | 1,628,936 | 1,382,582 | |
Commercial real estate secured | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | 0 | 0 | |
Collectively evaluated for impairment | 1,008 | 882 | |
Total ending allowance balance | 1,008 | 882 | |
Loans and leases individually evaluated for impairment | [1] | 0 | 254 |
Loans and leases collectively evaluated for impairment | 162,715 | 121,492 | |
Principal loan and lease balance | 162,715 | 121,746 | |
Unaccreted discounts and loan and lease fees | 744 | 542 | |
Accrued interest receivable | 377 | 389 | |
Total recorded investment in loans and leases | 163,836 | 122,677 | |
Auto and RV secured | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | 1 | 2 | |
Collectively evaluated for impairment | 2,378 | 1,613 | |
Total ending allowance balance | 2,379 | 1,615 | |
Loans and leases individually evaluated for impairment | [1] | 157 | 278 |
Loans and leases collectively evaluated for impairment | 154,089 | 73,398 | |
Principal loan and lease balance | 154,246 | 73,676 | |
Unaccreted discounts and loan and lease fees | 2,054 | 975 | |
Accrued interest receivable | 284 | 169 | |
Total recorded investment in loans and leases | 156,584 | 74,820 | |
Factoring | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | 0 | 0 | |
Collectively evaluated for impairment | 401 | 245 | |
Total ending allowance balance | 401 | 245 | |
Loans and leases individually evaluated for impairment | [1] | 0 | 0 |
Loans and leases collectively evaluated for impairment | 160,674 | 98,275 | |
Principal loan and lease balance | 160,674 | 98,275 | |
Unaccreted discounts and loan and lease fees | (49,350) | (30,533) | |
Accrued interest receivable | 213 | 327 | |
Total recorded investment in loans and leases | 111,537 | 68,069 | |
Commercial & Industrial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | 314 | 0 | |
Collectively evaluated for impairment | 9,567 | 7,630 | |
Total ending allowance balance | 9,881 | 7,630 | |
Loans and leases individually evaluated for impairment | [1] | 314 | 0 |
Loans and leases collectively evaluated for impairment | 991,918 | 514,300 | |
Principal loan and lease balance | 992,232 | 514,300 | |
Unaccreted discounts and loan and lease fees | (640) | 2,172 | |
Accrued interest receivable | 4,757 | 2,202 | |
Total recorded investment in loans and leases | 996,349 | 518,674 | |
Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment– general allowance | 43 | 67 | |
Collectively evaluated for impairment | 193 | 75 | |
Total ending allowance balance | 236 | 142 | |
Loans and leases individually evaluated for impairment | [1] | 274 | 676 |
Loans and leases collectively evaluated for impairment | 3,480 | 1,866 | |
Principal loan and lease balance | 3,754 | 2,542 | |
Unaccreted discounts and loan and lease fees | (148) | (33) | |
Accrued interest receivable | 13 | 3 | |
Total recorded investment in loans and leases | $ 3,619 | $ 2,512 | |
[1] | Loans and leases evaluated for impairment include TDRs that have been performing for more than six months |
LOANS, LEASES & ALLOWANCE FOR69
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - NONPERFORMING LOANS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | $ 28,393 | $ 31,859 |
Total nonaccrual loans secured by real estate | $ 27,648 | $ 30,905 |
Nonperforming loans and leases to total loans (as percent) | 0.38% | 0.50% |
Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | $ 19,320 | $ 22,958 |
Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | 4,057 | 5,442 |
Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | 16 | 33 |
Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | 3,978 | 791 |
Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | 277 | 1,427 |
Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | 0 | 254 |
Auto and RV secured | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | 157 | 278 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | 314 | 0 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans and leases | $ 274 | $ 676 |
LOANS, LEASES & ALLOWANCE FOR70
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - NONPERFORMING LOANS NARRATIVE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Ratio of nonperforming loans considered TDRs | 5.56% | 9.63% | |
Term which borrowers make timely payments after TDRs are considered non-performing | 6 months | ||
Interest recognized on performing loans temporarily modified as TDRs | $ 7 | $ 9 | $ 37 |
Average balances of performing TDR's | 125 | 214 | 778 |
Average balances of impaired loans and leases | $ 34,154 | 28,913 | 29,967 |
Period of delinquent property taxes repaid by borrower | 1 year | ||
Mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Average balances of performing TDR's | $ 125 | 214 | 500 |
Average balances of impaired loans and leases | 28,823 | 22,969 | 21,106 |
Auto and RV secured | |||
Financing Receivable, Impaired [Line Items] | |||
Average balances of performing TDR's | 0 | 0 | 0 |
Average balances of impaired loans and leases | $ 231 | $ 327 | $ 462 |
Auto and RV secured | Minimum | |||
Financing Receivable, Impaired [Line Items] | |||
Period of interest-only payments made by borrowers that reverted loan back to fully amortizing | 6 months | ||
Auto and RV secured | Maximum | |||
Financing Receivable, Impaired [Line Items] | |||
Period of interest-only payments made by borrowers that reverted loan back to fully amortizing | 1 year | ||
Non-performing | Mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Ratio of non-performing loans that are single family mortgage | 82.33% | ||
Value after write-downs of original appraised value, percent | 48.42% |
LOANS, LEASES & ALLOWANCE FOR71
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - UNPAID PRINCIPAL BALANCE FOR PERFORMING AND NONPERFORMING (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 7,449,261 | $ 6,402,459 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 7,420,868 | 6,370,600 |
Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 28,393 | 31,859 |
Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,901,754 | 3,678,520 |
Mortgage | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,878,377 | 3,650,120 |
Mortgage | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 23,377 | 28,400 |
Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 2,092 | 2,470 |
Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 2,076 | 2,437 |
Home equity | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 16 | 33 |
Warehouse & Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 452,390 | 537,714 |
Warehouse & Other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 452,390 | 537,714 |
Warehouse & Other | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Multifamily real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,619,404 | 1,373,216 |
Multifamily real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,615,149 | 1,370,998 |
Multifamily real estate secured | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 4,255 | 2,218 |
Commercial real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 162,715 | 121,746 |
Commercial real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 162,715 | 121,492 |
Commercial real estate secured | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 254 |
Auto and RV secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 154,246 | 73,676 |
Auto and RV secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 154,089 | 73,398 |
Auto and RV secured | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 157 | 278 |
Factoring | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 160,674 | 98,275 |
Factoring | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 160,674 | 98,275 |
Factoring | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 992,232 | 514,300 |
Commercial & Industrial | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 991,918 | 514,300 |
Commercial & Industrial | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 314 | 0 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,754 | 2,542 |
Other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,480 | 1,866 |
Other | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 274 | $ 676 |
LOANS, LEASES & ALLOWANCE FOR72
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - PERFORMING AND NONPERFORMING BY CLASS AND SOURCE (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 7,449,261 | $ 6,402,459 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 7,420,868 | 6,370,600 |
Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 28,393 | 31,859 |
Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,901,754 | 3,678,520 |
Mortgage | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,878,377 | 3,650,120 |
Mortgage | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 23,377 | 28,400 |
Mortgage | Origination | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,846,969 | 3,601,587 |
Mortgage | Origination | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,827,649 | 3,578,629 |
Mortgage | Origination | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 19,320 | 22,958 |
Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 54,785 | 76,933 |
Mortgage | Purchased | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 50,728 | 71,491 |
Mortgage | Purchased | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 4,057 | 5,442 |
Multifamily real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,619,404 | 1,373,216 |
Multifamily real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,615,149 | 1,370,998 |
Multifamily real estate secured | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 4,255 | 2,218 |
Multifamily real estate secured | Origination | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,532,890 | 1,271,170 |
Multifamily real estate secured | Origination | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,528,912 | 1,270,379 |
Multifamily real estate secured | Origination | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,978 | 791 |
Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 86,514 | 102,046 |
Multifamily real estate secured | Purchased | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 86,237 | 100,619 |
Multifamily real estate secured | Purchased | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 277 | 1,427 |
Commercial real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 162,715 | 121,746 |
Commercial real estate secured | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 162,715 | 121,492 |
Commercial real estate secured | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 254 |
Commercial real estate secured | Origination | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 150,880 | 109,370 |
Commercial real estate secured | Origination | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 150,880 | 109,370 |
Commercial real estate secured | Origination | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 11,835 | 12,376 |
Commercial real estate secured | Purchased | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 11,835 | 12,122 |
Commercial real estate secured | Purchased | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 0 | $ 254 |
LOANS, LEASES & ALLOWANCE FOR73
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - TROUBLED DEBT RESTRUCTURINGS BY CLASS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | $ 0 | $ 210 | $ 217 |
Non-performing loans and leases | 28,393 | 31,859 | 30,831 |
Total impaired loans and leases | 28,393 | 32,069 | 31,048 |
Interest income recognized on performing TDRs | 7 | 9 | 37 |
Average balances of performing TDR's | 125 | 214 | 778 |
Average balances of impaired loans and leases | 34,154 | 28,913 | 29,967 |
Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | 0 | 210 | 217 |
Non-performing loans and leases | 23,377 | 28,400 | 22,842 |
Total impaired loans and leases | 23,377 | 28,610 | 23,059 |
Interest income recognized on performing TDRs | 7 | 9 | 17 |
Average balances of performing TDR's | 125 | 214 | 500 |
Average balances of impaired loans and leases | 28,823 | 22,969 | 21,106 |
Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | 0 | 0 | 0 |
Non-performing loans and leases | 16 | 33 | 9 |
Total impaired loans and leases | 16 | 33 | 9 |
Interest income recognized on performing TDRs | 0 | 0 | 0 |
Average balances of performing TDR's | 0 | 0 | 0 |
Average balances of impaired loans and leases | 34 | 18 | 51 |
Warehouse & Other | |||
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | 0 | 0 | 0 |
Non-performing loans and leases | 0 | 0 | 0 |
Total impaired loans and leases | 0 | 0 | 0 |
Interest income recognized on performing TDRs | 0 | 0 | 0 |
Average balances of performing TDR's | 0 | 0 | 0 |
Average balances of impaired loans and leases | 0 | 0 | 0 |
Multifamily real estate secured | |||
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | 0 | 0 | 0 |
Non-performing loans and leases | 4,255 | 2,218 | 5,399 |
Total impaired loans and leases | 4,255 | 2,218 | 5,399 |
Interest income recognized on performing TDRs | 0 | 0 | 0 |
Average balances of performing TDR's | 0 | 0 | 0 |
Average balances of impaired loans and leases | 4,409 | 4,495 | 5,320 |
Commercial real estate secured | |||
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | 0 | 0 | 0 |
Non-performing loans and leases | 0 | 254 | 2,128 |
Total impaired loans and leases | 0 | 254 | 2,128 |
Interest income recognized on performing TDRs | 0 | 0 | 20 |
Average balances of performing TDR's | 0 | 0 | 278 |
Average balances of impaired loans and leases | 144 | 969 | 3,028 |
Auto and RV secured | |||
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | 0 | 0 | 0 |
Non-performing loans and leases | 157 | 278 | 453 |
Total impaired loans and leases | 157 | 278 | 453 |
Interest income recognized on performing TDRs | 0 | 0 | 0 |
Average balances of performing TDR's | 0 | 0 | 0 |
Average balances of impaired loans and leases | 231 | 327 | 462 |
Factoring | |||
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | 0 | 0 | 0 |
Non-performing loans and leases | 0 | 0 | 0 |
Total impaired loans and leases | 0 | 0 | 0 |
Interest income recognized on performing TDRs | 0 | 0 | 0 |
Average balances of performing TDR's | 0 | 0 | 0 |
Average balances of impaired loans and leases | 0 | 0 | 0 |
Commercial & Industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | 0 | 0 | 0 |
Non-performing loans and leases | 314 | 0 | 0 |
Total impaired loans and leases | 314 | 0 | 0 |
Interest income recognized on performing TDRs | 0 | 0 | 0 |
Average balances of performing TDR's | 0 | 0 | 0 |
Average balances of impaired loans and leases | 63 | 0 | 0 |
Other | |||
Financing Receivable, Modifications [Line Items] | |||
Performing loans temporarily modified as TDR | 0 | 0 | 0 |
Non-performing loans and leases | 274 | 676 | 0 |
Total impaired loans and leases | 274 | 676 | 0 |
Interest income recognized on performing TDRs | 0 | 0 | 0 |
Average balances of performing TDR's | 0 | 0 | 0 |
Average balances of impaired loans and leases | $ 450 | $ 135 | $ 0 |
LOANS, LEASES & ALLOWANCE FOR74
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - LOANS MODIFIED AS TDR BY CLASS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Financing Receivable, Modifications [Line Items] | |||
Total TDR loans secured by real estate | $ 0 | $ 0 | $ 36 |
Total loans modified as TDRs | 259 | 0 | 36 |
Mortgage | In-house originated | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans modified as TDRs | 0 | 0 | 36 |
Other | |||
Financing Receivable, Modifications [Line Items] | |||
Total loans modified as TDRs | $ 259 | $ 0 | $ 0 |
LOANS, LEASES & ALLOWANCE FOR75
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - LOANS BY CLASS MODIFIED AS TDR WITH PRE AND POST BALANCES (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | Jun. 30, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 7 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 259 | $ 0 | $ 36 |
Post-Modification Outstanding Recorded Investment | $ 259 | $ 0 | $ 36 |
Other | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 7 | ||
Pre-Modification Outstanding Recorded Investment | $ 259 | ||
Post-Modification Outstanding Recorded Investment | $ 259 | ||
Mortgage | In-house originated | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 36 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 36 |
LOANS, LEASES & ALLOWANCE FOR76
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - LOANS BY CREDIT QUALITY INDICATOR (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 7,449,261 | $ 6,402,459 |
As of % of gross loans and leases | 100.00% | 100.00% |
Mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 3,901,754 | $ 3,678,520 |
Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,846,969 | 3,601,587 |
Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 54,785 | 76,933 |
Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 2,092 | 2,470 |
Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 2,092 | 2,470 |
Warehouse & Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 452,390 | 537,714 |
Warehouse & Other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 452,390 | 537,714 |
Multifamily real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,619,404 | 1,373,216 |
Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,532,890 | 1,271,170 |
Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 86,514 | 102,046 |
Commercial real estate secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 162,715 | 121,746 |
Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 150,880 | 109,370 |
Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 11,835 | 12,376 |
Auto and RV secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 154,246 | 73,676 |
Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 154,246 | 73,676 |
Factoring | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 160,674 | 98,275 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 992,232 | 514,300 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,754 | 2,542 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 7,395,765 | $ 6,336,977 |
As of % of gross loans and leases | 99.30% | 99.00% |
Pass | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 3,808,886 | $ 3,563,430 |
Pass | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 49,893 | 71,111 |
Pass | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 2,076 | 2,420 |
Pass | Warehouse & Other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 452,390 | 534,868 |
Pass | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,526,931 | 1,262,384 |
Pass | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 84,775 | 96,792 |
Pass | Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 150,880 | 109,370 |
Pass | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 9,868 | 10,110 |
Pass | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 153,994 | 73,192 |
Pass | Factoring | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 160,674 | 98,275 |
Pass | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 991,918 | 513,310 |
Pass | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,480 | 1,715 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 23,778 | $ 23,551 |
As of % of gross loans and leases | 0.30% | 0.40% |
Special Mention | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 18,763 | $ 10,938 |
Special Mention | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 538 | 0 |
Special Mention | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 17 |
Special Mention | Warehouse & Other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 2,846 |
Special Mention | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,981 | 4,721 |
Special Mention | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 452 | 2,769 |
Special Mention | Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Special Mention | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,967 | 2,012 |
Special Mention | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 77 | 97 |
Special Mention | Factoring | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Special Mention | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Special Mention | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 151 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 29,718 | $ 41,931 |
As of % of gross loans and leases | 0.40% | 0.60% |
Substandard | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 19,320 | $ 27,219 |
Substandard | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 4,354 | 5,822 |
Substandard | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 16 | 33 |
Substandard | Warehouse & Other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Substandard | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 3,978 | 4,065 |
Substandard | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 1,287 | 2,485 |
Substandard | Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Substandard | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 254 |
Substandard | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 175 | 387 |
Substandard | Factoring | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Substandard | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 314 | 990 |
Substandard | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 274 | 676 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 0 | $ 0 |
As of % of gross loans and leases | 0.00% | 0.00% |
Doubtful | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 0 | $ 0 |
Doubtful | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Warehouse & Other | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Multifamily real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Commercial real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Factoring | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | 0 | 0 |
Doubtful | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans and leases | $ 0 | $ 0 |
LOANS, LEASES & ALLOWANCE FOR77
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES - PAST DUE LOANS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | $ 33,421 | $ 38,046 |
As a % of gross loans and leases | 0.45% | 0.59% |
Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | $ 26,514 | $ 28,780 |
Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 2,096 | 3,110 |
Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 16 | 46 |
Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 3,978 | 4,385 |
Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 254 | |
Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 229 | 440 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 314 | 142 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 274 | 889 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | $ 5,285 | $ 9,762 |
As a % of gross loans and leases | 0.07% | 0.15% |
30-59 Days Past Due | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | $ 4,892 | $ 5,192 |
30-59 Days Past Due | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 244 | 572 |
30-59 Days Past Due | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
30-59 Days Past Due | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | 3,594 |
30-59 Days Past Due | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | |
30-59 Days Past Due | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 149 | 200 |
30-59 Days Past Due | Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | 142 |
30-59 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | 62 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | $ 2,503 | $ 2,170 |
As a % of gross loans and leases | 0.03% | 0.03% |
60-89 Days Past Due | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | $ 2,325 | $ 1,866 |
60-89 Days Past Due | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 101 | 0 |
60-89 Days Past Due | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | 17 |
60-89 Days Past Due | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
60-89 Days Past Due | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | |
60-89 Days Past Due | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 77 | 136 |
60-89 Days Past Due | Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | 0 |
60-89 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 0 | 151 |
90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | $ 25,633 | $ 26,114 |
As a % of gross loans and leases | 0.35% | 0.41% |
90 Days Past Due | Mortgage | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | $ 19,297 | $ 21,722 |
90 Days Past Due | Mortgage | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 1,751 | 2,538 |
90 Days Past Due | Home equity | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 16 | 29 |
90 Days Past Due | Multifamily real estate secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 3,978 | 791 |
90 Days Past Due | Commercial real estate secured | Purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 254 | |
90 Days Past Due | Auto and RV secured | In-house originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 3 | 104 |
90 Days Past Due | Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | 314 | 0 |
90 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due loans | $ 274 | $ 676 |
FURNITURE, EQUIPMENT AND SOFT78
FURNITURE, EQUIPMENT AND SOFTWARE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Furniture, equipment and software, gross | $ 38,548 | $ 29,780 | |
Less accumulated depreciation and amortization | (21,889) | (15,785) | |
Furniture, equipment and software — net | 16,659 | 13,995 | |
Depreciation and amortization expense | 6,094 | 4,795 | $ 3,273 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Furniture, equipment and software, gross | 1,983 | 1,803 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Furniture, equipment and software, gross | 5,083 | 4,401 | |
Computer hardware and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Furniture, equipment and software, gross | 14,254 | 12,525 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Furniture, equipment and software, gross | $ 17,228 | $ 11,051 |
DEPOSITS - SUMMARY OF DEPOSIT A
DEPOSITS - SUMMARY OF DEPOSIT ACCOUNTS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
Non-interest bearing | |||
Non-interest bearing, Amount | $ 848,544 | $ 588,774 | |
Interest bearing: | |||
Demand, Amount | $ 2,593,491 | $ 1,916,525 | |
Demand, Rate | [1] | 0.89% | 0.63% |
Savings, Amount | $ 2,651,176 | $ 2,484,994 | |
Savings, Rate | [1] | 0.81% | 0.69% |
Total demand and savings, Amount | $ 5,244,667 | $ 4,401,519 | |
Total demand and savings, Rate | [1] | 0.85% | 0.66% |
Time deposits: | |||
$250 and under, Amount | $ 774,627 | $ 1,017,451 | |
$250 and under, Rate | [1] | 2.54% | 2.00% |
Greater than $250, Amount | [2] | $ 31,669 | $ 36,307 |
Greater than $250, Rate | [1] | 0.39% | 0.63% |
Total time deposits, Amount | $ 806,296 | $ 1,053,758 | |
Total time deposits, Rate | [1] | 2.46% | 1.96% |
Total interest bearing, Amount | [2] | $ 6,050,963 | $ 5,455,277 |
Total interest bearing, Rate | [1] | 1.06% | 0.91% |
Total deposits | $ 6,899,507 | $ 6,044,051 | |
Total deposits, Rate | [1] | 0.93% | 0.82% |
Time deposits acquired through broker relationships | $ 1,104,000 | $ 800,700 | |
Time deposits acquired through broker relationships, $250,000 and under | $ 611,000 | $ 537,400 | |
[1] | Based on weighted-average stated interest rates at end of period. | ||
[2] | The total interest-bearing includes brokered deposits of $1,104 million and $800.7 million as of June 30, 2017 and June 30, 2016, respectively, of which $611.0 million and $537.4 million, respectively, are time deposits classified as $250 and under. |
DEPOSITS - SCHEDULED MATURITIES
DEPOSITS - SCHEDULED MATURITIES OF TIME DEPOSITS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Deposits [Abstract] | ||
Within 12 months | $ 187,536 | |
13 to 24 months | 14,149 | |
25 to 36 months | 74,631 | |
37 to 48 months | 3,305 | |
49 to 60 months | 35,343 | |
Thereafter | 491,332 | |
Total time deposits, Amount | 806,296 | $ 1,053,758 |
Deposits from principal officers, directors and their affiliates | $ 1,220 | $ 2,354 |
ADVANCES FROM THE FEDERAL HOM81
ADVANCES FROM THE FEDERAL HOME LOAN BANK - NARRATIVE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Federal Home Loan Bank, Advances [Line Items] | |||
Weighted average rate percentage | 1.79% | 1.53% | |
Putable advances | $ 5,000 | ||
Putable advances, weighted-average remaining contractual maturity period | 6 months 26 days | ||
Putable advances, weighted-average remaining period until putable | 26 days | ||
Advances, collateral pledged | $ 3,989,070 | $ 3,486,939 | |
Advances, maximum amount | 1,317,000 | $ 1,129,000 | $ 1,075,000 |
Advances, amount available immediately | 1,248,696 | ||
Advances, amount available with additional collateral, amount | $ 157,575 | ||
Advances, amount available with additional collateral, term | 10 years | ||
Minimum | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Interest rate percentage | 1.00% | 0.47% | |
Maximum | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Interest rate percentage | 4.32% | 5.62% |
ADVANCES FROM THE FEDERAL HOM82
ADVANCES FROM THE FEDERAL HOME LOAN BANK - SCHEDULED MATURITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Amount | ||
Within one year | $ 265,000 | $ 322,000 |
After one but within two years | 147,500 | 30,000 |
After two but within three years | 55,000 | 147,500 |
After three but within four years | 65,000 | 55,000 |
After four but within five years | 50,000 | 65,000 |
After five years | 57,500 | 107,500 |
Total | $ 640,000 | $ 727,000 |
Weighted-Average Rate | ||
Within one year | 1.28% | 0.70% |
After one but within two years | 1.98% | 2.80% |
After two but within three years | 1.79% | 1.98% |
After three but within four years | 2.30% | 1.79% |
After four but within five years | 2.47% | 2.30% |
After five years | 2.47% | 2.47% |
Total | 1.79% | 1.53% |
SECURITIES SOLD UNDER AGREEME83
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 20,000 | $ 35,000 |
Maturity on Demand | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Amount to be repaid under the repurchase agreements | $ 20,000 | |
Minimum | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements interest rates | 3.75% | |
Maximum | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements interest rates | 4.75% | |
Weighted Average | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements interest rates | 4.25% | |
Remaining contractual maturity period | 3 months 11 days | |
Remaining period until callable | 2 months 19 days |
SUBORDINATED NOTES AND DEBENT84
SUBORDINATED NOTES AND DEBENTURES (Details) - USD ($) | Dec. 13, 2004 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of subordinated notes | $ 0 | $ 51,000,000 | $ 0 | ||
Subordinated Notes | |||||
Debt Instrument [Line Items] | |||||
Debt issued principal amount | $ 51,000,000 | ||||
Effective rate (as percent) | 6.25% | ||||
Proceeds from issuance of subordinated notes | $ 51,000,000 | ||||
Debt issuance costs and discount (as percent) | 3.15% | ||||
Junior Subordinated Debentures | |||||
Debt Instrument [Line Items] | |||||
Effective rate (as percent) | 3.59% | ||||
Trust preferred securities | $ 5,000,000 | ||||
Subordinated notes and debentures | $ 5,155,000 | ||||
Basis spread on variable rate (as percent) | 2.40% | ||||
Junior Subordinated Debentures | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Description of variable rate basis | three-month LIBOR |
SUBORDINATED NOTES AND DEBENT85
SUBORDINATED NOTES AND DEBENTURES - FEDERAL FUNDS BORROWINGS (Details) | Jun. 30, 2017USD ($)bank | Jun. 30, 2016USD ($) |
Short-term Debt [Line Items] | ||
Residential real estate and commercial and industrial loans pledged as collateral | $ 1,543,751,000 | |
Mortgage-backed securities pledged as collateral | $ 64,929,000 | |
Line of Credit | ||
Short-term Debt [Line Items] | ||
Federal funds lines of credit, number of banks | bank | 2 | |
Maximum borrowing capacity | $ 35,000,000 | |
Credit line amount outstanding | 0 | $ 0 |
Federal Reserve Bank Advances | ||
Short-term Debt [Line Items] | ||
Short-term borrowings outstanding | 0 | 0 |
Maximum borrowing capacity | $ 1,251,526,000 | $ 42,222,000 |
INCOME TAXES - COMPONENTS OF IN
INCOME TAXES - COMPONENTS OF INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Current: | |||||||||||
Federal | $ 74,053 | $ 67,773 | $ 49,801 | ||||||||
State | 26,120 | 24,478 | 17,192 | ||||||||
Current income taxes | 100,173 | 92,251 | 66,993 | ||||||||
Deferred: | |||||||||||
Federal | (1,886) | (5,363) | (7,015) | ||||||||
State | (334) | (1,284) | (1,803) | ||||||||
Deferred income taxes | (2,220) | (6,647) | (8,818) | ||||||||
Total | $ 23,332 | $ 30,423 | $ 23,361 | $ 20,837 | $ 21,558 | $ 25,551 | $ 20,397 | $ 18,098 | $ 97,953 | $ 85,604 | $ 58,175 |
INCOME TAXES - EFFECTIVE INCOME
INCOME TAXES - EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) resulting from: | |||
State taxes—net of federal tax benefit | 7.23% | 7.31% | 6.81% |
Cash surrender value | (0.03%) | (0.03%) | (0.04%) |
Tax credits | (0.19%) | (0.18%) | (0.24%) |
Non-taxable income | (0.28%) | (0.36%) | (0.58%) |
Other | 0.37% | 0.04% | 0.35% |
Effective tax rate | 42.10% | 41.78% | 41.30% |
INCOME TAXES - NET DEFERRED TAX
INCOME TAXES - NET DEFERRED TAX ASSET (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred tax assets: | ||
Allowance for loan and lease losses and charge-offs | $ 18,845 | $ 16,601 |
State taxes | 6,893 | 5,327 |
Stock-based compensation expense | 2,703 | 1,915 |
Unrealized net (gains) losses on securities | (385) | 5,551 |
Deferred bonus / vacation | 959 | 625 |
Securities impaired | 8,395 | 11,345 |
Deferred loan fees | 2,377 | 1,128 |
Total deferred tax assets | 39,787 | 42,492 |
Deferred tax liabilities: | ||
FHLB stock dividend | (1,181) | (1,187) |
Other assets—prepaids | (1,363) | (937) |
Depreciation | (2,902) | (2,671) |
Total deferred tax liabilities | (5,446) | (4,795) |
Net deferred tax asset | $ 34,341 | $ 37,697 |
INCOME TAXES - UNRECOGNIZED TAX
INCOME TAXES - UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance—beginning of period | $ 880 | $ 779 | $ 293 |
Additions—current year tax positions | 180 | 181 | 135 |
Additions—prior year tax positions | 17 | 0 | 568 |
Reductions—prior year tax positions | (212) | (80) | (217) |
Total liability for unrecognized tax positions—end of period | $ 865 | $ 880 | $ 779 |
STOCKHOLDERS' EQUITY - CHANGES
STOCKHOLDERS' EQUITY - CHANGES IN COMMON STOCK (Details) | Nov. 17, 2015$ / shares | Jun. 30, 2017$ / sharesshares | Jun. 30, 2016$ / sharesshares | Jun. 30, 2015shares | |||
Common Stock, Number of Shares [Roll Forward] | |||||||
Beginning of year, common stock, issued (in shares) | [1] | 64,513,494 | 63,145,364 | 58,779,522 | |||
Common stock, Beginning Balance (in shares) | [1],[2] | 63,219,392 | 62,075,004 | 57,807,600 | |||
Common stock issued exercises and tax benefits, issued (in shares) | [1] | 0 | 82,400 | [3] | 218,539 | [3] | |
Common stock issued through option exercise or exchange, outstanding (in shares) | [1] | 0 | 82,400 | [2] | 176,252 | [2] | |
Common stock issued through public offering (in shares) | [1] | 0 | 723,808 | [2] | 3,796,356 | [2] | |
Common stock issued through grants of restricted stock units, issued (in shares) | [1] | 602,438 | 561,922 | 350,947 | |||
Common stock issued through grants of restricted stock units, outstanding (in shares) | [1] | 316,852 | 338,180 | 294,796 | |||
End of year, common stock, issued (in shares) | [1] | 65,115,932 | 64,513,494 | 63,145,364 | |||
Common stock, Ending Balance (in shares) | [1],[2] | 63,536,244 | 63,219,392 | 62,075,004 | |||
Common stock split, conversion ratio | 4 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||
[1] | Common stock amounts have been retroactively restated for the fiscal year ended June 30, 2015 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. | ||||||
[2] | Common stock amounts have been retroactively restated for the fiscal year ended June 30, 2015 and 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 $0.01 per share after the aforementioned forward stock split. As a result, the stated capital attributable to common stock increased proportionately and the additional paid-in capital decreased by the amount by which the stated capital increased. | ||||||
[3] | Amounts have been retroactively restated for all prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015 |
STOCKHOLDERS' EQUITY - NARRATIV
STOCKHOLDERS' EQUITY - NARRATIVE (Details) - USD ($) | Feb. 23, 2015 | Jul. 22, 2014 | Oct. 28, 2003 | Oct. 31, 2015 | Sep. 30, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | May 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Jan. 31, 2015 | Dec. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2004 | Jan. 01, 2009 |
Class of Stock [Line Items] | |||||||||||||||||||||||||
Proceeds from issuance of common stock | $ 0 | $ 21,120,000 | $ 75,985,000 | ||||||||||||||||||||||
Preferred stock, par or stated value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||||||||||||||
Cash dividends on preferred stock (in dollars per share) | $ 309,000 | $ 309,000 | 309,000 | ||||||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Preferred Stock, dividend rate percent | 6.00% | ||||||||||||||||||||||||
Preferred Stock, remaining number of shares to be redeemed (in shares) | 515 | ||||||||||||||||||||||||
Preferred stock, par or stated value (in dollars per share) | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | |||||||||||||||||||||
Value of new issues of stock | $ 6,750,000 | ||||||||||||||||||||||||
Stock issued during period, shares, new issues (in shares) | 675 | ||||||||||||||||||||||||
Payments of stock issuance costs | $ 113,000 | ||||||||||||||||||||||||
Options surrendered in exchange (in shares) | 160 | ||||||||||||||||||||||||
Cash dividends on preferred stock (in dollars per share) | $ 309,000 | $ 309,000 | $ 309,000 | ||||||||||||||||||||||
ATM Offering | Common Stock | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Aggregate offering price | $ 50,000,000 | $ 50,000 | |||||||||||||||||||||||
Aggregate compensation payable to Distribution Agents as a percentage of gross sales price | 2.50% | 2.50% | |||||||||||||||||||||||
Maximum amount of expense reimbursable to Distribution Agents | $ 75,000 | $ 75,000 | |||||||||||||||||||||||
Proceeds from issuance of common stock | $ 5,181,000 | $ 7,252,000 | $ 1,279,000 | $ 7,471,000 | $ 6,057,000 | $ 2,837,000 | $ 5,971,000 | $ 11,818,000 | $ 884,000 | $ 9,646,000 | $ 5,130,000 | $ 9,924,000 | $ 3,423,000 | $ 17,218,000 | $ 3,409,000 | $ 50,000,000 | $ 50,000,000 | ||||||||
Maximum amount to reimbursable expenses of distribution agents, thereafter | $ 25,000 |
STOCKHOLDERS' EQUITY - ATM OFFE
STOCKHOLDERS' EQUITY - ATM OFFERING (Details) | Nov. 17, 2015 | Oct. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Aug. 31, 2015USD ($)$ / sharesshares | Jul. 31, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | May 31, 2015USD ($)$ / sharesshares | Apr. 30, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Feb. 28, 2015USD ($)$ / sharesshares | Jan. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Nov. 30, 2014USD ($)$ / sharesshares | Oct. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Aug. 31, 2014USD ($)$ / sharesshares | Jan. 31, 2015USD ($)shares | Dec. 31, 2015USD ($) | Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014shares | |
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of shares sold (in shares) | shares | [1] | 63,145,364 | 65,115,932 | 64,513,494 | 63,145,364 | 58,779,522 | |||||||||||||||||
Net Proceeds | $ 0 | $ 21,120,000 | $ 75,985,000 | ||||||||||||||||||||
Common stock split, conversion ratio | 4 | ||||||||||||||||||||||
ATM Offering | Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Weighted Average Per Share Price (in dollars per share) | $ / shares | [2] | $ 32.43 | $ 30.99 | $ 32.81 | $ 27.37 | $ 24.69 | $ 23.69 | $ 23.10 | $ 23.38 | $ 22.68 | $ 20.35 | $ 19.69 | $ 19.58 | $ 17.56 | $ 18.65 | $ 19.68 | |||||||
Number of shares sold (in shares) | shares | [2] | 163,808,000 | 240,000,000 | 40,000,000 | 280,000,000 | 251,592,000 | 122,800,000 | 265,088,000 | 518,528,000 | 40,000,000 | 486,280,000 | 267,200,000 | 520,000,000 | 200,000,000 | 947,200,000 | 177,668,000 | 486,280,000 | 251,592,000 | |||||
Net Proceeds | $ 5,181,000 | $ 7,252,000 | $ 1,279,000 | $ 7,471,000 | $ 6,057,000 | $ 2,837,000 | $ 5,971,000 | $ 11,818,000 | $ 884,000 | $ 9,646,000 | $ 5,130,000 | $ 9,924,000 | $ 3,423,000 | $ 17,218,000 | $ 3,409,000 | $ 50,000,000 | $ 50,000,000 | ||||||
Compensation to Distribution Agent | $ 132,000 | $ 186,000 | $ 33,000 | $ 192,000 | $ 155,000 | $ 73,000 | $ 153,000 | $ 303,000 | $ 23,000 | $ 248,000 | $ 132,000 | $ 254,000 | $ 88,000 | $ 441,000 | $ 87,000 | ||||||||
[1] | Common stock amounts have been retroactively restated for the fiscal year ended June 30, 2015 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 $0.01 per share after the aforementioned forward stock split. | ||||||||||||||||||||||
[2] | Amounts have been retroactively restated for the fiscal year ended June 30, 2015 and prior periods presented to reflect the four-for-one forward split of the Company’s common stock effected in the form of a stock dividend that was distributed on November 17, 2015. |
STOCK-BASED COMPENSATION - NARR
STOCK-BASED COMPENSATION - NARRATIVE (Details) | Nov. 17, 2015 | Jul. 01, 2007 | Jun. 30, 2017USD ($)stock_incentive_planshares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($)shares | Mar. 17, 2016USD ($) | Nov. 30, 2015shares | Nov. 06, 2015shares | Oct. 31, 2015shares | Nov. 30, 2007 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 50,000,000 | ||||||||
Common stock split, conversion ratio | 4 | |||||||||||
Common stock, dividend issued, shares, stock split (in shares) | 3 | |||||||||||
Stock repurchased program, authorized amount | $ | $ 100,000,000 | |||||||||||
Aggregate intrinsic value of options exercised or converted during the period | $ | $ 0 | $ 2,656,000 | $ 7,834,000 | |||||||||
Stock-based compensation expense | $ | $ 14,535,000 | $ 11,326,000 | $ 6,648,000 | |||||||||
Restricted Stock Units (RSUs) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of restricted stock granted (in shares) | 843,611 | 615,834 | [1] | 775,836 | [1] | |||||||
Number of restricted stock cancelled (in shares) | 92,251 | 154,668 | [1] | 235,557 | [1] | |||||||
Stock-based compensation expense | $ | $ 14,535,000 | $ 11,326,000 | $ 6,648,000 | |||||||||
Tax benefit from stock-based compensation expense | $ | 6,119,000 | 4,509,000 | 2,746,000 | |||||||||
Total fair value of shares vested in the period | $ | $ 12,941,000 | $ 13,256,000 | $ 11,907,000 | |||||||||
Restricted Stock Units (RSUs) | Chief Executive Officer | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period for options granted | 4 years | 4 years | 4 years | |||||||||
Number of restricted stock granted (in shares) | 288,000 | 288,000 | 288,000 | |||||||||
Restricted Stock Units (RSUs) | Chief Executive Officer | Year One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares grants, annual vesting percentage | 25.00% | 25.00% | 25.00% | |||||||||
Restricted Stock Units (RSUs) | Chief Executive Officer | Year two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares grants, annual vesting percentage | 25.00% | 25.00% | 25.00% | |||||||||
Restricted Stock Units (RSUs) | Chief Executive Officer | Year Three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares grants, annual vesting percentage | 25.00% | 25.00% | 25.00% | |||||||||
Restricted Stock Units (RSUs) | Chief Executive Officer | Year Four | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares grants, annual vesting percentage | 25.00% | 25.00% | 25.00% | |||||||||
Restricted Stock Units (RSUs) | Employees and Directors | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period for options granted | 3 years | 3 years | 3 years | |||||||||
Number of restricted stock granted (in shares) | 555,611 | 615,834 | 775,824 | |||||||||
Number of restricted stocks vested (in shares) | 570,764 | 596,871 | 519,400 | |||||||||
Number of restricted stock cancelled (in shares) | 92,251 | 94,325 | 67,104 | |||||||||
Restricted Stock Units (RSUs) | Employees and Directors | Year One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares grants, annual vesting percentage | 33.30% | 33.30% | 33.30% | |||||||||
Restricted Stock Units (RSUs) | Employees and Directors | Year two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares grants, annual vesting percentage | 33.30% | 33.30% | 33.30% | |||||||||
Restricted Stock Units (RSUs) | Employees and Directors | Year Three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares grants, annual vesting percentage | 33.30% | 33.30% | 33.30% | |||||||||
Plans | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of stock incentive plans | stock_incentive_plan | 2 | |||||||||||
Contractual term for options granted under the 1999 Plan | 10 years | |||||||||||
Plans | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period for options granted | 3 years | |||||||||||
Plans | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period for options granted | 5 years | |||||||||||
2004 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Annual percentage increase to shares available for grant | 1.50% | |||||||||||
Number of fiscal years stock increases | 4 years | |||||||||||
Number of shares available for issuance (in shares) | 0 | |||||||||||
2004 Plan | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage of outstanding shares always available for grants under the 1999 Plan | 14.80% | |||||||||||
2014 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares available for issuance (in shares) | 3,680,000 | |||||||||||
[1] | 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 |
STOCK-BASED COMPENSATION - STOC
STOCK-BASED COMPENSATION - STOCK OPTION ACTIVITY (Details) | Nov. 17, 2015 | Jun. 30, 2017$ / sharesshares | Jun. 30, 2016$ / sharesshares | Jun. 30, 2015$ / sharesshares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Outstanding, beginning (in shares) | shares | [1] | 0 | 82,400 | 427,800 | |||
Granted (in shares) | shares | 0 | 0 | [1] | 0 | [1] | ||
Exercised (in shares) | shares | [2] | 0 | (82,400) | [1] | (218,539) | [1] | |
Cancelled (in shares) | shares | 0 | 0 | [1] | (126,861) | [1] | ||
Outstanding, ending (in shares) | shares | 0 | 0 | [1] | 82,400 | [1] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Outstanding (Wtd. Avg. Ex. Price), beginning (in dollars per share) | $ / shares | [1] | $ 0 | $ 1.84 | $ 2.18 | |||
Granted (Wtd. Avg. Ex. Price) (in dollars per share) | $ / shares | 0 | 0 | [1] | 0 | [1] | ||
Exercised (Wtd. Avg. Ex. Price) (in dollars per share) | $ / shares | 0 | 1.84 | [1] | 2.26 | [1] | ||
Cancelled (Wtd. Avg. Ex. Price) (in dollars per share) | $ / shares | 0 | 0 | [1] | 2.26 | [1] | ||
Outstanding (Wtd. Avg. Ex. Price), ending (in dollars per share) | $ / shares | $ 0 | $ 0 | [1] | $ 1.84 | [1] | ||
Options exercisable (in shares) | shares | 0 | 0 | [1] | 82,400 | [1] | ||
Options exercisable (Wtd. Avg. Ex. Price) (in dollars per share) | $ / shares | $ 0 | $ 0 | [1] | $ 1.84 | [1] | ||
Common stock split, conversion ratio | 4 | ||||||
[1] | 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 the fiscal year ended June 30, 2015 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. |
STOCK-BASED COMPENSATION - UNRE
STOCK-BASED COMPENSATION - UNRECOGNIZED COMPENSATION EXPENSE (Details) - Restricted Stock Units (RSUs) $ in Thousands | Jun. 30, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2,018 | $ 11,894 |
2,019 | 7,764 |
2,020 | 2,454 |
Total | $ 22,112 |
STOCK-BASED COMPENSATION - STAT
STOCK-BASED COMPENSATION - STATUS OF CHANGE IN RESTRICTED STOCK GRANTS (Details) | Nov. 17, 2015 | Jun. 30, 2017$ / sharesshares | Jun. 30, 2016$ / sharesshares | Jun. 30, 2015$ / sharesshares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Common stock split, conversion ratio | 4 | ||||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Non-vested balance, beginning balance (in shares) | shares | [1] | 1,059,726 | 1,135,088 | 945,756 | |||
Granted (in shares) | shares | 843,611 | 615,834 | [1] | 775,836 | [1] | ||
Vested (in shares) | shares | (570,764) | (536,528) | [1] | (350,947) | [1] | ||
Canceled (in shares) | shares | (92,251) | (154,668) | [1] | (235,557) | [1] | ||
Non-vested balance, ending balance (in shares) | shares | 1,240,322 | 1,059,726 | [1] | 1,135,088 | [1] | ||
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 (Wtd. Avg. Grant Date FV), beginning balance (in dollars per share) | $ / shares | [1] | $ 22.53 | $ 17.01 | $ 10.29 | |||
Granted (Wtd. Avg. Grant Date FV) (in dollars per share) | $ / shares | 21.13 | 26.60 | [1] | 19.99 | [1] | ||
Vested (Wtd. Avg. Grant Date FV) (in dollars per share) | $ / shares | 20.86 | 16.14 | [1] | 10.11 | [1] | ||
Cancelled (Wtd. Avg. Grant Date FV) (in dollars per share) | $ / shares | 20.26 | 18.70 | [1] | 11.26 | [1] | ||
Non-vested balance (Wtd. Avg. Grant Date FV), ending balance (in dollars per share) | $ / shares | $ 22.52 | $ 22.53 | [1] | $ 17.01 | [1] | ||
[1] | 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 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands | Nov. 17, 2015 | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | |||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||
Net income | $ | $ 32,549 | $ 40,994 | $ 32,300 | $ 28,897 | $ 29,727 | $ 35,914 | $ 28,149 | $ 25,501 | $ 134,740 | $ 119,291 | $ 82,682 | ||||||||||||
Preferred stock dividends | $ | (309) | (309) | (309) | ||||||||||||||||||||
Net income attributable to common shareholders | $ | $ 32,472 | $ 40,917 | $ 32,222 | $ 28,820 | $ 29,650 | $ 35,837 | $ 28,071 | $ 25,424 | $ 134,431 | $ 118,982 | $ 82,373 | ||||||||||||
Average common shares issued and outstanding (in shares) | 63,358,886 | 62,909,411 | 59,939,844 | ||||||||||||||||||||
Average unvested restricted stock grant and RSU shares (in shares) | 1,491,228 | 1,355,796 | 1,238,064 | ||||||||||||||||||||
Total qualifying shares (in shares) | 64,850,114 | 64,265,207 | 61,177,908 | ||||||||||||||||||||
Earnings per common share (in dollars per share) | $ / shares | $ 0.50 | [1] | $ 0.63 | [1] | $ 0.50 | [1] | $ 0.45 | [1] | $ 0.46 | [1] | $ 0.56 | [1] | $ 0.44 | [1] | $ 0.40 | [1] | $ 2.07 | [2] | $ 1.85 | [2] | $ 1.35 | [2] | |
Dilutive net income attributable to common shareholders | $ | $ 134,431 | $ 118,982 | $ 82,373 | ||||||||||||||||||||
Average common shares issued and outstanding (in shares) | 64,850,114 | 64,265,207 | 61,177,908 | ||||||||||||||||||||
Dilutive effect of stock options (in shares) | 0 | 5,845 | 226,456 | ||||||||||||||||||||
Total dilutive common shares issued and outstanding (in shares) | 64,850,114 | 64,271,052 | 61,404,364 | ||||||||||||||||||||
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.50 | [1] | $ 0.63 | [1] | $ 0.50 | [1] | $ 0.45 | [1] | $ 0.46 | [1] | $ 0.56 | [1] | $ 0.44 | [1] | $ 0.40 | [1] | $ 2.07 | [2] | $ 1.85 | [2] | $ 1.34 | [2] | |
Common stock split, conversion ratio | 4 | ||||||||||||||||||||||
[1] | Per share amounts have been retroactively restated for the quarter ended September 30, 2015 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] | Amounts have been retroactively restated for the fiscal year ended June 30, 2015 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 | Jun. 02, 2017defendant | Dec. 31, 2015claim | Jun. 30, 2017USD ($)claim | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 09, 2016claim |
Loss Contingencies [Line Items] | ||||||
Rent expense | $ | $ 5,108 | $ 3,901 | $ 2,806 | |||
Number of derivative actions filed | 2 | |||||
Number of derivative actions pending | 5 | |||||
Number of consolidated cases | 4 | |||||
Mandalevy Case | Pending Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Number of defendants | defendant | 3 |
COMMITMENTS AND CONTINGENCIES99
COMMITMENTS AND CONTINGENCIES - FUTURE MINIMUM LEASE PAYMENTS (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 4,406 |
2,019 | 4,718 |
2,020 | 4,914 |
2,021 | 915 |
2,022 | 939 |
Thereafter | 1,505 |
Total | $ 17,397 |
OFF-BALANCE-SHEET ACTIVITIES (D
OFF-BALANCE-SHEET ACTIVITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet, fixed rate commitments to originate weighted-average rate | 3.81% | 3.59% |
Off-balance sheet risk, ratio of commitments to originate loans to commitments to sell | 75.40% | 85.70% |
Loan purchase and origination commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet, loan purchase commitment | $ 495,141 | $ 337,464 |
Loan purchase and origination commitments | Fixed Interest Rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet, loan purchase commitment | 78,113 | 161,663 |
Loan purchase and origination commitments | Variable Interest Rate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet, loan purchase commitment | 417,028 | 175,801 |
Loan Origination Commitments | Sales commitment | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet, loan origination commitment | 66,045 | 136,426 |
Loan Origination Commitments | Fixed Interest Rate | Sales commitment | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet, loan origination commitment | 59,786 | 134,114 |
Loan Origination Commitments | Variable Interest Rate | Sales commitment | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet, loan origination commitment | $ 6,259 | $ 2,312 |
MINIMUM REGULATORY CAPITAL R101
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | |
Regulatory Capital: | ||||||
Tier 1, Amount | $ 833,759 | $ 690,893 | ||||
Common equity tier 1, Amount | 828,696 | 685,830 | ||||
Total capital (to risk-weighted assets), Amount | 925,720 | 777,834 | ||||
Assets: | ||||||
Average adjusted, Amount | 8,380,909 | 7,575,526 | ||||
Total risk-weighted, Amount | $ 5,651,522 | $ 4,755,242 | ||||
Regulatory Capital Ratios: | ||||||
Tier 1 leverage (core) capital to adjusted average assets, Ratio | 9.95% | 9.12% | ||||
Tier 1 leverage (core) capital to adjusted average assets, Well Capitalized Ratio | 5.00% | |||||
Tier 1 leverage (core) capital to adjusted average assets, Minimum Capital Ratio | 4.00% | |||||
Common equity tier 1 capital (to risk-weighted assets), Ratio | 14.66% | 14.42% | ||||
Common equity tier 1 capital (to risk-weighted assets), Well Capitalized Ratio | 6.50% | |||||
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Ratio | 4.50% | |||||
Tier 1 capital (to risk-weighted assets), Ratio | 14.75% | 14.53% | ||||
Tier 1 capital (to risk-weighted assets), Well Capitalized Ratio | 8.00% | |||||
Tier 1 capital (to risk-weighted assets), Minimum Capital Ratio | 6.00% | |||||
Total capital (to risk-weighted assets), Ratio | 16.38% | 16.36% | ||||
Total capital (to risk-weighted assets), Well Capitalized Ratio | 10.00% | |||||
Total capital (to risk-weighted assets), Minimum Capital Ratio | 8.00% | |||||
Common equity tier 1 capital (to risk-weighted assets) annual increase percentage | 0.625% | |||||
Tier 1 capital (to risk-weighted assets) annual increase percentage | 0.625% | |||||
Total capital (to risk-weighted assets) annual increase percentage | 0.625% | |||||
Scenario, Forecast | ||||||
Regulatory Capital Ratios: | ||||||
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Ratio | 7.00% | |||||
Tier 1 capital (to risk-weighted assets), Minimum Capital Ratio | 8.50% | |||||
Total capital (to risk-weighted assets), Minimum Capital Ratio | 10.50% | |||||
Common equity tier 1 capital (to risk-weighted assets) annual increase percentage | 0.625% | 0.625% | ||||
Tier 1 capital (to risk-weighted assets) annual increase percentage | 0.625% | 0.625% | ||||
Total capital (to risk-weighted assets) annual increase percentage | 0.625% | 0.625% | ||||
BofI Federal Bank | ||||||
Regulatory Capital: | ||||||
Tier 1, Amount | $ 804,317 | $ 664,427 | ||||
Common equity tier 1, Amount | 804,317 | 664,427 | ||||
Total capital (to risk-weighted assets), Amount | 845,278 | 700,368 | ||||
Assets: | ||||||
Average adjusted, Amount | 8,374,509 | 7,566,865 | ||||
Total risk-weighted, Amount | $ 5,645,112 | $ 4,747,496 | ||||
Regulatory Capital Ratios: | ||||||
Tier 1 leverage (core) capital to adjusted average assets, Ratio | 9.60% | 8.78% | ||||
Common equity tier 1 capital (to risk-weighted assets), Ratio | 14.25% | 14.00% | ||||
Tier 1 capital (to risk-weighted assets), Ratio | 14.25% | 14.00% | ||||
Total capital (to risk-weighted assets), Ratio | 14.97% | 14.75% | ||||
BofI Federal Bank | H and R Block Bank Deposits | ||||||
Regulatory Capital Ratios: | ||||||
Tier 1 capital (to risk-weighted assets), Well Capitalized Ratio | 8.50% | 8.50% | 8.00% |
EMPLOYEE BENEFIT PLAN (Details)
EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Compensation Related Costs [Abstract] | |||
401(k) plan, maximum employee annual contribution | 100.00% | ||
401(k) plan, employer contribution match percentage | 50.00% | ||
401(k) plan, employer contribution, employee's deferral compensation percentage | 8.00% | ||
401(k) plan expense | $ 1,288 | $ 801 | $ 110 |
PARENT-ONLY CONDENSED FINANC103
PARENT-ONLY CONDENSED FINANCIAL INFORMATION - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 643,541 | $ 486,727 | $ 222,874 | $ 155,584 |
Loans | 7,374,493 | 6,354,679 | ||
Other assets | 35,667 | 84,617 | ||
TOTAL ASSETS | 8,501,680 | 7,599,304 | ||
Accrued interest payable | 1,284 | 1,667 | ||
Accounts payable and accrued liabilities and other liabilities | 52,179 | 51,980 | ||
Total liabilities | 7,667,433 | 6,915,714 | ||
Stockholders’ equity | 834,247 | 683,590 | 533,526 | 370,778 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 8,501,680 | 7,599,304 | ||
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 81,356 | 77,383 | $ 22,729 | $ 3,049 |
Loans | 29 | 37 | ||
Investment securities | 13 | 12 | ||
Other assets | 5,250 | 5,672 | ||
Investment in subsidiary | 804,803 | 657,119 | ||
TOTAL ASSETS | 891,451 | 740,223 | ||
Subordinated notes and debentures | 54,313 | 54,105 | ||
Accrued interest payable | 339 | 292 | ||
Accounts payable and accrued liabilities and other liabilities | 2,552 | 2,236 | ||
Total liabilities | 57,204 | 56,633 | ||
Stockholders’ equity | 834,247 | 683,590 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 891,451 | $ 740,223 |
PARENT-ONLY CONDENSED FINANC104
PARENT-ONLY CONDENSED FINANCIAL INFORMATION - STATEMENTS OF INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest expense | $ 20,016 | $ 18,403 | $ 17,940 | $ 17,700 | $ 17,106 | $ 14,725 | $ 12,764 | $ 12,101 | $ 74,059 | $ 56,696 | $ 45,419 |
Net interest income | 78,527 | 88,559 | 76,361 | 69,780 | 69,155 | 69,557 | 63,171 | 59,128 | 313,227 | 261,011 | 198,945 |
Provision for loan and lease losses | 200 | 4,862 | 4,100 | 1,900 | 1,900 | 2,000 | 3,400 | 2,400 | 11,061 | 9,700 | 11,200 |
Net interest income, after provision for loan and lease losses | 78,327 | 83,697 | 72,261 | 67,880 | 67,255 | 67,557 | 59,771 | 56,728 | 302,166 | 251,311 | 187,745 |
Non-interest income (loss) | 13,533 | 23,168 | 16,700 | 14,732 | 17,015 | 23,316 | 16,220 | 9,789 | 68,132 | 66,340 | 30,590 |
Non-interest expense | 35,979 | 35,448 | 33,300 | 32,878 | 32,985 | 29,408 | 27,445 | 22,918 | 137,605 | 112,756 | 77,478 |
NET INCOME | $ 32,549 | $ 40,994 | $ 32,300 | $ 28,897 | $ 29,727 | $ 35,914 | $ 28,149 | $ 25,501 | 134,740 | 119,291 | 82,682 |
Comprehensive income | 142,531 | 121,386 | 83,649 | ||||||||
Parent | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | 621 | 136 | 111 | ||||||||
Interest expense | 3,613 | 1,275 | 143 | ||||||||
Net interest income | (2,992) | (1,139) | (32) | ||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Net interest income, after provision for loan and lease losses | (2,992) | (1,139) | (32) | ||||||||
Non-interest income (loss) | 0 | 339 | (9) | ||||||||
Non-interest expense | 8,561 | 7,345 | 4,678 | ||||||||
Income (loss) before dividends from subsidiary and equity in undistributed income of subsidiary | (11,553) | (8,145) | (4,719) | ||||||||
Dividends from subsidiary | 6,400 | 2,900 | 1,950 | ||||||||
Equity in undistributed earnings of subsidiary | 139,893 | 124,536 | 85,451 | ||||||||
NET INCOME | 134,740 | 119,291 | 82,682 | ||||||||
Comprehensive income | $ 142,531 | $ 121,386 | $ 83,649 |
PARENT-ONLY CONDENSED FINANC105
PARENT-ONLY CONDENSED FINANCIAL INFORMATION - STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
NET INCOME | $ 32,549 | $ 40,994 | $ 32,300 | $ 28,897 | $ 29,727 | $ 35,914 | $ 28,149 | $ 25,501 | $ 134,740 | $ 119,291 | $ 82,682 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Accretion of discounts on securities | (2,766) | (5,276) | (5,517) | ||||||||
Amortization of borrowing costs | 208 | 72 | 5 | ||||||||
Impairment charge on securities | 1,964 | 565 | 2,365 | ||||||||
Accretion of discounts on loans | (4,859) | 959 | (27) | ||||||||
Gain on sales of loans held for sale | (18,771) | (26,616) | (21,057) | ||||||||
Stock-based compensation expense | 14,535 | 11,326 | 6,648 | ||||||||
Tax effect from exercise of common stock options and vesting of restricted stock grants | (432) | (2,531) | (5,526) | ||||||||
Decrease (increase) in other assets | 45,762 | (54,784) | (17,953) | ||||||||
Net cash provided by (used in) operating activities | 223,884 | 210,644 | 116,102 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from principal repayments on loans | 3,427,818 | 2,253,017 | 1,847,665 | ||||||||
Net cash used in investing activities | (820,649) | (1,587,418) | (1,374,176) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from exercise of common stock options | 0 | 151 | 781 | ||||||||
Proceeds from issuance of common stock | 0 | 21,120 | 75,985 | ||||||||
Tax effect from exercise of common stock options and vesting of restricted stock units | 432 | 2,531 | 5,526 | ||||||||
Proceeds from issuance of subordinated notes | 0 | 51,000 | 0 | ||||||||
Cash dividends on preferred stock | (309) | (309) | (309) | ||||||||
Net cash provided by (used in) financing activities | 753,579 | 1,640,627 | 1,325,364 | ||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 156,814 | 263,853 | 67,290 | ||||||||
CASH AND CASH EQUIVALENTS—Beginning of year | 486,727 | 222,874 | 486,727 | 222,874 | 155,584 | ||||||
CASH AND CASH EQUIVALENTS—End of year | 643,541 | 486,727 | 643,541 | 486,727 | 222,874 | ||||||
Parent | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
NET INCOME | 134,740 | 119,291 | 82,682 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Accretion of discounts on securities | 0 | (50) | (69) | ||||||||
Impairment charge on securities | (1) | 0 | 9 | ||||||||
Accretion of discounts on loans | 0 | (6) | (12) | ||||||||
Gain on sales of loans held for sale | 0 | (339) | 0 | ||||||||
Stock-based compensation expense | 14,535 | 11,326 | 6,648 | ||||||||
Tax effect from exercise of common stock options and vesting of restricted stock grants | (432) | (2,531) | (5,526) | ||||||||
Equity in undistributed earnings of subsidiary | (139,893) | (124,533) | (85,368) | ||||||||
Decrease (increase) in other assets | 469 | (1,361) | (1,977) | ||||||||
Increase (decrease) in other liabilities | (5,784) | (5,247) | (3,702) | ||||||||
Net cash provided by (used in) operating activities | 3,842 | (3,378) | (7,310) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from sale of available-for-sale securities | 0 | 531 | 0 | ||||||||
Proceeds from principal repayments on loans | 8 | 8 | 7 | ||||||||
Investment in subsidiary | 0 | (17,000) | (55,000) | ||||||||
Net cash used in investing activities | 8 | (16,461) | (54,993) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from exercise of common stock options | 0 | 151 | 781 | ||||||||
Proceeds from issuance of common stock | 0 | 21,120 | 75,985 | ||||||||
Tax effect from exercise of common stock options and vesting of restricted stock units | 432 | 2,531 | 5,526 | ||||||||
Proceeds from issuance of subordinated notes | 0 | 51,000 | 0 | ||||||||
Cash dividends on preferred stock | (309) | (309) | (309) | ||||||||
Net cash provided by (used in) financing activities | 123 | 74,493 | 81,983 | ||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 3,973 | 54,654 | 19,680 | ||||||||
CASH AND CASH EQUIVALENTS—Beginning of year | $ 77,383 | $ 22,729 | 77,383 | 22,729 | 3,049 | ||||||
CASH AND CASH EQUIVALENTS—End of year | $ 81,356 | $ 77,383 | $ 81,356 | $ 77,383 | $ 22,729 |
QUARTERLY FINANCIAL INFORMAT106
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) $ / shares in Units, $ in Thousands | Nov. 17, 2015 | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||
Interest and dividend income | $ 98,543 | $ 106,962 | $ 94,301 | $ 87,480 | $ 86,261 | $ 84,282 | $ 75,935 | $ 71,229 | $ 387,286 | $ 317,707 | $ 244,364 | ||||||||||||
Interest expense | 20,016 | 18,403 | 17,940 | 17,700 | 17,106 | 14,725 | 12,764 | 12,101 | 74,059 | 56,696 | 45,419 | ||||||||||||
Net interest income | 78,527 | 88,559 | 76,361 | 69,780 | 69,155 | 69,557 | 63,171 | 59,128 | 313,227 | 261,011 | 198,945 | ||||||||||||
Provision for loan and lease losses | 200 | 4,862 | 4,100 | 1,900 | 1,900 | 2,000 | 3,400 | 2,400 | 11,061 | 9,700 | 11,200 | ||||||||||||
Net interest income, after provision for loan and lease losses | 78,327 | 83,697 | 72,261 | 67,880 | 67,255 | 67,557 | 59,771 | 56,728 | 302,166 | 251,311 | 187,745 | ||||||||||||
Non-interest income | 13,533 | 23,168 | 16,700 | 14,732 | 17,015 | 23,316 | 16,220 | 9,789 | 68,132 | 66,340 | 30,590 | ||||||||||||
Non-interest expense | 35,979 | 35,448 | 33,300 | 32,878 | 32,985 | 29,408 | 27,445 | 22,918 | 137,605 | 112,756 | 77,478 | ||||||||||||
INCOME BEFORE INCOME TAXES | 55,881 | 71,417 | 55,661 | 49,734 | 51,285 | 61,465 | 48,546 | 43,599 | 232,693 | 204,895 | 140,857 | ||||||||||||
Income tax expense | 23,332 | 30,423 | 23,361 | 20,837 | 21,558 | 25,551 | 20,397 | 18,098 | 97,953 | 85,604 | 58,175 | ||||||||||||
NET INCOME | 32,549 | 40,994 | 32,300 | 28,897 | 29,727 | 35,914 | 28,149 | 25,501 | 134,740 | 119,291 | 82,682 | ||||||||||||
Net income attributable to common stock | $ 32,472 | $ 40,917 | $ 32,222 | $ 28,820 | $ 29,650 | $ 35,837 | $ 28,071 | $ 25,424 | $ 134,431 | $ 118,982 | $ 82,373 | ||||||||||||
Basic earnings per share (in dollars per share) | $ / shares | $ 0.50 | [1] | $ 0.63 | [1] | $ 0.50 | [1] | $ 0.45 | [1] | $ 0.46 | [1] | $ 0.56 | [1] | $ 0.44 | [1] | $ 0.40 | [1] | $ 2.07 | [2] | $ 1.85 | [2] | $ 1.35 | [2] | |
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.50 | [1] | $ 0.63 | [1] | $ 0.50 | [1] | $ 0.45 | [1] | $ 0.46 | [1] | $ 0.56 | [1] | $ 0.44 | [1] | $ 0.40 | [1] | $ 2.07 | [2] | $ 1.85 | [2] | $ 1.34 | [2] | |
Common stock split, conversion ratio | 4 | ||||||||||||||||||||||
[1] | Per share amounts have been retroactively restated for the quarter ended September 30, 2015 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] | Amounts have been retroactively restated for the fiscal year ended June 30, 2015 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 |
Uncategorized Items - bofi-2017
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 | 35,896,000 | |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 5,610,000 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 0 | |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | 41,506,000 | |
Held-to-maturity Securities, Fair Value | us-gaap_HeldToMaturitySecuritiesFairValue | 0 | |
Agency, Residential Mortgage Backed Securities [Member] | |||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 1,000 | [1] |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 0 | [1] |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 35,067,000 | [1] |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 0 | [1] |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 843,000 | [1] |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 0 | [1] |
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 | |
Non-Agency, Residential Mortgage Backed Securities [Member] | |||
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 10,044,000 | [2] |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss | 0 | [2] |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 128,211,000 | [2] |
Held-to-maturity Securities | us-gaap_HeldToMaturitySecurities | 0 | [2] |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | 7,095,000 | [2] |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain | $ 0 | [2] |
[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. |