Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Sep. 10, 2014 | Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'HBNK | ' | ' |
Entity Registrant Name | 'HAMPDEN BANCORP, INC. | ' | ' |
Entity Central Index Key | '0001375320 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding (in shares) | ' | 5,532,018 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $76,998,665 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $9,437 | $13,737 |
Federal funds sold and other short-term investments | 3,230 | 11,881 |
Cash and cash equivalents | 12,667 | 25,618 |
Securities available for sale, at fair value | 133,936 | 138,730 |
Securities held to maturity, at cost | 9,302 | 0 |
Federal Home Loan Bank of Boston stock, at cost | 6,648 | 5,092 |
Loans held for sale | 330 | 1,274 |
Loans, net of allowance for loan losses of $5,651 at June 30, 2014 and $5,414 at June 30, 2013 | 507,635 | 450,347 |
Other real estate owned | 309 | 1,221 |
Premises and equipment, net | 4,668 | 5,010 |
Accrued interest receivable | 1,688 | 1,636 |
Deferred tax asset, net | 4,182 | 4,584 |
Bank-owned life insurance | 17,459 | 16,956 |
Other assets | 2,673 | 2,494 |
Total assets | 701,497 | 652,962 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Interest-bearing deposits | 407,508 | 400,717 |
Non-interest bearing deposits | 84,224 | 74,081 |
Total deposits | 491,732 | 474,798 |
Short-term borrowings | 4,000 | 4,500 |
Long-term debt | 112,446 | 82,492 |
Mortgagors' escrow accounts | 1,184 | 1,100 |
Accrued expenses and other liabilities | 4,976 | 6,413 |
Total liabilities | 614,338 | 569,303 |
Commitments and contingencies (Note 11) | ' | ' |
Preferred stock ($.01 par value, 5,000,000 shares authorized, none issued or outstanding) | ' | ' |
Common stock ($.01 par value, 25,000,000 shares authorized; 8,034,027 issued at June 30, 2014 and 7,982,976 issued at June 30, 2013; 5,651,130 outstanding at June 30, 2014 and 5,629,099 outstanding at June 30, 2013) | 80 | 80 |
Additional paid-in-capital | 80,389 | 79,926 |
Unearned compensation - ESOP (317,998 shares unallocated at June 30, 2014 and 360,397 shares unallocated at June 30, 2013) | -3,180 | -3,604 |
Unearned compensation - equity incentive plan | -8 | -16 |
Retained earnings | 37,697 | 34,450 |
Accumulated other comprehensive income | 158 | 346 |
Treasury stock, at cost (2,382,897 shares at June 30, 2014 and 2,353,877 shares at June 30, 2013) | -27,977 | -27,523 |
Total stockholders' equity | 87,159 | 83,659 |
Total liabilities and stockholders' equity | $701,497 | $652,962 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Loans, allowance for loan losses | $5,651 | $5,414 |
Preferred stock, par value (USD per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (shares) | 0 | 0 |
Preferred stock, outstanding (shares) | 0 | 0 |
Common stock, par value (USD per share) | $0.01 | $0.01 |
Common stock, shares authorized (shares) | 25,000,000 | 25,000,000 |
Common stock, issued (shares) | 8,034,027 | 7,982,976 |
Common stock, outstanding (shares) | 5,651,130 | 5,629,099 |
Unearned compensation - ESOP, shares unallocated (shares) | 317,998 | 360,397 |
Treasury stock, shares (shares) | 2,382,897 | 2,353,877 |
Consolidated_Statements_of_Net
Consolidated Statements of Net Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Interest and dividend income: | ' | ' | ' |
Loans, including fees | $22,729 | $21,570 | $21,805 |
Debt securities: | ' | ' | ' |
Taxable | 2,615 | 2,713 | 2,981 |
Tax-exempt | 68 | 1 | 0 |
Dividends | 62 | 25 | 22 |
Federal funds sold and other short-term investments | 38 | 39 | 25 |
Total interest and dividend income | 25,512 | 24,348 | 24,833 |
Interest expense: | ' | ' | ' |
Deposits | 3,009 | 3,664 | 4,197 |
Borrowings | 2,161 | 1,821 | 1,567 |
Total interest expense | 5,170 | 5,485 | 5,764 |
Net interest income | 20,342 | 18,863 | 19,069 |
Provision for loan losses | 550 | 675 | 425 |
Net interest income, after provision for loan losses | 19,792 | 18,188 | 18,644 |
Non-interest income: | ' | ' | ' |
Customer service fees | 2,168 | 1,989 | 1,712 |
Gain on sales of securities, net | 0 | 114 | 19 |
Gain on sales of loans, net | 276 | 910 | 625 |
Increase in cash surrender value of bank-owned life insurance | 503 | 529 | 470 |
Other | 691 | 660 | 414 |
Total non-interest income | 3,638 | 4,202 | 3,240 |
Non-interest expense: | ' | ' | ' |
Salaries and employee benefits | 9,132 | 9,959 | 9,870 |
Occupancy and equipment | 1,857 | 1,921 | 1,837 |
Data processing services | 931 | 1,022 | 593 |
Advertising | 592 | 570 | 663 |
Net (gain) loss on other real estate owned | -1 | -38 | 41 |
FDIC insurance and assessment | 399 | 370 | 310 |
Other general and administrative | 3,461 | 3,835 | 3,771 |
Total non-interest expense | 16,371 | 17,639 | 17,085 |
Income before income taxes | 7,059 | 4,751 | 4,799 |
Income tax provision | 2,544 | 1,777 | 1,783 |
Net income | $4,515 | $2,974 | $3,016 |
Earnings per share: | ' | ' | ' |
Basic (dollars per share) | $0.85 | $0.55 | $0.52 |
Diluted (dollars per share) | $0.83 | $0.54 | $0.51 |
Weighted average shares outstanding | ' | ' | ' |
Basic (in shares) | 5,304,151 | 5,414,851 | 5,806,977 |
Diluted (in shares) | 5,435,761 | 5,548,151 | 5,888,591 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $4,515 | $2,974 | $3,016 | |||
Other comprehensive income (loss): | ' | ' | ' | |||
Unrealized holding gains (losses) on available-for-sale securities | -308 | -2,658 | 584 | |||
Reclassification adjustment for gains realized in income(1) | 0 | [1] | -114 | [1] | -19 | [1] |
Net unrealized gains (losses) | -308 | -2,772 | 565 | |||
Tax effect | 120 | 1,001 | -205 | |||
Other comprehensive income (loss), net-of-tax | -188 | -1,771 | 360 | |||
Comprehensive income | 4,327 | 1,203 | 3,376 | |||
Income tax related to reclassification adjustment for gains realized in income | ' | $42 | $6 | |||
[1] | Amounts are included in gain on sales of securities, net in the consolidated statements of net income. The related income tax-provision amounted to $42,000 and $6,000 for the years ended June 30, 2013 and 2012, respectively. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Unearned Compensation- ESOP | Unearned Compensation- Equity Incentive Plan | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock |
In Thousands, except Share data | ||||||||
Balance at Jun. 30, 2011 | $93,516 | $80 | $78,517 | ($4,452) | ($871) | $30,327 | $1,757 | ($11,842) |
Balance (in shares) at Jun. 30, 2011 | ' | 6,799,499 | ' | ' | ' | ' | ' | ' |
Comprehensive income | 3,376 | ' | ' | ' | ' | 3,016 | 360 | ' |
Issuance of common stock for exercise of stock options (in shares) | ' | 1,169 | ' | ' | ' | ' | ' | ' |
Issuance of common stock for exercise of stock options | 0 | 0 | ' | ' | ' | ' | ' | ' |
Cash dividends paid | -820 | ' | ' | ' | ' | -820 | ' | ' |
Common stock repurchased (in shares) | ' | -832,273 | ' | ' | ' | ' | ' | ' |
Common stock repurchased | -10,410 | ' | ' | ' | ' | ' | ' | -10,410 |
Stock-based compensation | 926 | ' | 330 | ' | 596 | ' | ' | ' |
Tax benefit from Equity Incentive Plan vesting | 42 | ' | 42 | ' | ' | ' | ' | ' |
Forfeiture of restricted stock | 0 | ' | ' | ' | 50 | -50 | ' | ' |
ESOP shares allocated or committed to be allocated | 530 | ' | 106 | 424 | ' | ' | ' | ' |
Balance at Jun. 30, 2012 | 87,160 | 80 | 78,995 | -4,028 | -225 | 32,473 | 2,117 | -22,252 |
Balance (in shares) at Jun. 30, 2012 | ' | 5,968,395 | ' | ' | ' | ' | ' | ' |
Comprehensive income | 1,203 | ' | ' | ' | ' | 2,974 | -1,771 | ' |
Issuance of common stock for exercise of stock options (in shares) | ' | 31,428 | ' | ' | ' | ' | ' | ' |
Issuance of common stock for exercise of stock options | 343 | ' | 343 | ' | ' | ' | ' | ' |
Cash dividends paid | -997 | ' | ' | ' | ' | -997 | ' | ' |
Common stock repurchased (in shares) | ' | -370,724 | ' | ' | ' | ' | ' | ' |
Common stock repurchased | -5,271 | ' | ' | ' | ' | ' | ' | -5,271 |
Stock-based compensation | 503 | ' | 294 | ' | 209 | ' | ' | ' |
Tax benefit from Equity Incentive Plan vesting | 105 | ' | 105 | ' | ' | ' | ' | ' |
ESOP shares allocated or committed to be allocated | 613 | ' | 189 | 424 | ' | ' | ' | ' |
Balance at Jun. 30, 2013 | 83,659 | 80 | 79,926 | -3,604 | -16 | 34,450 | 346 | -27,523 |
Balance (in shares) at Jun. 30, 2013 | ' | 5,629,099 | ' | ' | ' | ' | ' | ' |
Comprehensive income | 4,327 | ' | ' | ' | ' | 4,515 | -188 | ' |
Issuance of common stock for exercise of stock options (in shares) | ' | 51,051 | ' | ' | ' | ' | ' | ' |
Issuance of common stock for exercise of stock options | 163 | ' | 163 | ' | ' | ' | ' | ' |
Cash dividends paid | -1,268 | ' | ' | ' | ' | -1,268 | ' | ' |
Common stock repurchased (in shares) | ' | -29,020 | ' | ' | ' | ' | ' | ' |
Common stock repurchased | -454 | ' | ' | ' | ' | ' | ' | -454 |
Stock-based compensation | 46 | ' | 38 | ' | 8 | ' | ' | ' |
Tax benefit from Equity Incentive Plan vesting | 1 | ' | 1 | ' | ' | ' | ' | ' |
ESOP shares allocated or committed to be allocated | 685 | ' | 261 | 424 | ' | ' | ' | ' |
Balance at Jun. 30, 2014 | $87,159 | $80 | $80,389 | ($3,180) | ($8) | $37,697 | $158 | ($27,977) |
Balance (in shares) at Jun. 30, 2014 | ' | 5,651,130 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends paid, per share (USD per share) | $0.24 | $0.18 | $0.14 |
ESOP shares allocated or committed to be allocated (shares) | 42,399 | 42,399 | 42,399 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $4,515 | $2,974 | $3,016 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 550 | 675 | 425 |
Changes in fair value of mortgage servicing rights | 41 | 161 | -159 |
Net amortization of securities premiums | 372 | 783 | 199 |
Depreciation and amortization | 671 | 734 | 764 |
Gain on sales of securities, net | 0 | -114 | -19 |
Loans originated for sale | -16,615 | -31,285 | -23,073 |
Proceeds from loan sales | 17,835 | 31,848 | 23,171 |
Gain on sales of loans, net | -276 | -910 | -625 |
Net (gain) loss on other real estate owned | -1 | -38 | 41 |
Increase in cash surrender value of bank-owned life insurance | -503 | -529 | -470 |
Deferred tax provision (benefit) | 522 | -179 | 1,296 |
Employee Stock Ownership Plan expense | 685 | 613 | 530 |
Stock-based compensation | 46 | 503 | 926 |
Tax benefit from Equity Incentive Plan vesting | -1 | -105 | -42 |
Net change in: | ' | ' | ' |
Accrued interest receivable | -52 | 39 | -134 |
Other assets | -219 | 1,031 | -461 |
Accrued expenses and other liabilities | -1,437 | 539 | -893 |
Net cash provided by operating activities | 6,133 | 6,740 | 4,492 |
Cash flows from investing activities: Activity in available-for-sale securities: | ' | ' | ' |
Sales | 0 | 3,189 | 1,308 |
Maturities and calls | 6,626 | 178 | 1,000 |
Principal payments | 29,547 | 45,899 | 29,766 |
Purchases | -41,361 | -47,588 | -63,620 |
Purchase of loans | -5,321 | -6,576 | -8,390 |
Loan originations, net of principal payments | -53,073 | -38,559 | -1,578 |
Proceeds from sales of other real estate owned | 1,469 | 1,100 | 304 |
Purchase of bank-owned life insurance | 0 | -222 | -5,000 |
(Purchase) redemption of Federal Home Loan Bank stock | -1,556 | -133 | 274 |
Purchase of premises and equipment | -329 | -585 | -514 |
Net cash used by investing activities | -63,998 | -43,297 | -46,450 |
Cash flows from financing activities: | ' | ' | ' |
Net change in deposits | 16,934 | 39,966 | 17,577 |
Net change in securities sold under agreements to repurchase | 0 | -7,315 | 82 |
Net change in short-term borrowings | -500 | 1,500 | 3,000 |
Proceeds from issuance of long-term debt | 72,203 | 28,135 | 35,411 |
Repayment of long-term debt | -42,249 | -22,304 | -6,228 |
Net change in mortgagors' escrow accounts | 84 | 90 | 80 |
Tax benefit from Equity Incentive Plan vesting | 1 | 105 | 42 |
Issuance of common stock for exercise of stock options | 163 | 343 | 0 |
Repurchase of common stock | -454 | -5,271 | -10,410 |
Payment of dividends on common stock | -1,268 | -997 | -820 |
Net cash provided by financing activities | 44,914 | 34,252 | 38,734 |
Net increase (decrease) in cash and cash equivalents | -12,951 | -2,305 | -3,224 |
Cash and cash equivalents at beginning of year | 25,618 | 27,923 | 31,147 |
Cash and cash equivalents at end of year | 12,667 | 25,618 | 27,923 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid on deposits | 3,009 | 3,664 | 4,197 |
Interest paid on borrowings | 2,156 | 1,832 | 1,597 |
Income taxes paid | 2,333 | 960 | 284 |
Securities reclassified from available-for-sale to held-to-maturity | 9,302 | 0 | 0 |
Transfers from loans to other real estate owned | $556 | $413 | $907 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Basis of Presentation and Consolidation | ||||||||||||
The accompanying consolidated financial statements include the accounts of Hampden Bancorp, Inc. (the “Company”), a Delaware corporation, and its wholly-owned subsidiaries, Hampden Bank (the “Bank”) and Hampden LS, Inc. Hampden Bank is a Massachusetts-chartered stock savings bank. The Company contributed funds to Hampden LS, Inc. to enable it to make a 15-year loan to the Employee Stock Ownership Plan (“ESOP”) to allow it to purchase shares of the Company’s common stock. The Bank has three wholly-owned subsidiaries: Hampden Investment Corporation and Hampden Investment Corporation II, which engage in buying, selling, holding and otherwise dealing in securities, and Hampden Insurance Agency, which is inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
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 consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The determination of the allowance for loan losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to significant change in the near term. | ||||||||||||
Business and Operating Segments | ||||||||||||
The Company provides a variety of financial services to individuals and small businesses through its Internet operations and ten offices in Hampden County, Massachusetts, and surrounding communities. Its primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage and commercial loans. | ||||||||||||
Financial information is reported on the basis that it is used internally for evaluating segment performance and deciding how to allocate resources to segments. Management evaluates the Company's performance and allocates resources based on a single segment concept. Accordingly, there are no separately identified material operating segments for which discrete financial information is available. The Company does not derive revenues from, or have assets located in foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company's total revenues. | ||||||||||||
Reclassification | ||||||||||||
Amounts in prior years consolidated financial statements are reclassified where necessary to conform to the current year presentation. | ||||||||||||
Cash and Cash Equivalents and Statements of Cash Flows | ||||||||||||
Cash and due from banks, federal funds sold and short-term investments with original maturities of less than 90 days are recognized as cash equivalents in the consolidated statements of cash flows. Federal funds sold generally mature in one day. Cash flows from loans and deposits are reported on a net basis, except for loan purchases. The Company maintains amounts due from banks that, at times, may exceed federally insured limits. The Company has not experienced any losses from such concentrations. | ||||||||||||
Securities | ||||||||||||
Debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as "available for sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. | ||||||||||||
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses on disposition of securities are recorded on the trade date and determined using the specific identification method. | ||||||||||||
Fair Value Hierarchy | ||||||||||||
The Company groups its assets generally measured at fair value in three levels based on the markets in which the assets are traded and the reliability of the assumptions used to determine the fair value, as follows: | ||||||||||||
Level 1: | Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets in active markets. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. | |||||||||||
Level 2: | Inputs to the valuation methodology include quoted prices for similar assets in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. | |||||||||||
Level 3: | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||
Transfers between levels are recognized at the end of a reporting period if applicable. | ||||||||||||
Federal Home Loan Bank Stock | ||||||||||||
The Bank, as a member of the Federal Home Loan Bank of Boston ("FHLB"), is required to invest in shares of $100 par value stock of the FHLB in the amount of 1% of the Bank’s outstanding residential loans or 5% of its outstanding advances from the FHLB, whichever is higher. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on its stock. The Company reviews its investment in FHLB stock for impairment based on the ultimate recoverability of the cost basis in the FHLB stock. As of June 30, 2014, no impairment has been recognized. | ||||||||||||
Loans Held for Sale | ||||||||||||
Loans originated and intended for sale in the secondary market are carried at the lower of amortized cost or fair value in the aggregate, as determined by outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to non-interest income. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loans sold. As of June 30, 2014 and 2013, the Company had no material derivative loan commitments. | ||||||||||||
Loans | ||||||||||||
The Company grants mortgage, commercial, and consumer loans to customers. A substantial portion of the loan portfolio consists of mortgage loans in Hampden and Hampshire Counties, Massachusetts, and surrounding communities. The ability of the Company's debtors to honor their contracts is dependent upon the local real estate market and economy. | ||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated and purchased loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. | ||||||||||||
The accrual of interest on mortgage and commercial loans is discontinued when reasonable doubt exists as to the full collection of interest and principal or at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Other personal loans are typically charged off no later than 180 days past due. Past due status is based on the contractual term of the loans. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are reclassified to accrual status once the borrower has shown the ability and an acceptable history of repayment of six months. The Company may also return a loan to accrual status if the borrower evidences sufficient cash flow to service the debt and provides additional collateral to support the collectability of the loan. | ||||||||||||
Allowance for Loan Losses | ||||||||||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | ||||||||||||
The allowance for loan losses is evaluated on a quarterly basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | ||||||||||||
The analysis of the allowance for loan losses has two components: specific and general allocations, which are further described below. | ||||||||||||
Specific allocation | ||||||||||||
Specific loss allocations are made for loans determined to be impaired. Specific allocations result in a charge-off if the likelihood of loss is evaluated as probable. The Company’s policy for charging off uncollectible loans is based on an analysis of the financial condition of the borrower and/or the collateral value. To determine the adequacy of collateral on a particular loan, an estimate of the fair value of the collateral is based on the most current appraised value, tax assessed value, discounted cash flow valuation or other available information. | ||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that a creditor will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Impaired loans are generally placed on non-accrual status either when there is reasonable doubt as to the full collection of payments or when the loans become 90 days past due unless an evaluation clearly indicates that the loan is well secured and in the process of collection. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral, adjusted for selling expenses, if the loan is collateral dependent. | ||||||||||||
The Company may periodically agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are initially classified as impaired. | ||||||||||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment unless such loans are subject to a troubled debt restructuring agreement. | ||||||||||||
General allocation | ||||||||||||
The general allocation is determined by segregating the remaining loans, by loan segment and payment history. Consideration is given to historical loss experience, and qualitative factors such as delinquency trends, changes in underwriting standards or lending policies, procedures and practices, experience and depth of management and lending staff, and general economic conditions. This analysis establishes loss factors that are applied to the loan groups to determine the amount of the general allocations. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be significantly more than the allowance for loan losses that have been established which could have a material negative effect on financial results. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the year ended June 30, 2014. | ||||||||||||
On a quarterly basis, management’s Loan Review Committee reviews the current status of various loan assets in order to evaluate the adequacy of the allowance for loan losses. In this evaluation process, specific loans are analyzed to determine their potential risk of loss. This process concentrates on non-accrual and classified loans with risk ratings of six or higher. Any loan determined to be impaired is evaluated for potential loss exposure as previously described. | ||||||||||||
The qualitative factors are assessed based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | ||||||||||||
Residential real estate – The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent unless there is private mortgage insurance. All loans in this segment are collateralized by one- to four-family residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. | ||||||||||||
Commercial real estate – Loans in this segment are primarily income-producing properties throughout Massachusetts and Connecticut. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management requires annual borrower financial statements, obtains rent rolls annually and continually monitors the cash flows of these loans. | ||||||||||||
Home equity loans - Home equity loans are broken out into two segments, secured by first or second mortgages on one- to four-family owner occupied properties, and are generally underwritten in amounts such that the combined first and second mortgage balances generally do not exceed 85% of the value of the property serving as collateral at time of origination. The lines of credit are available to be drawn upon for 10 to 20 years, at the end of which time they become term loans amortized over 5 to 10 years. Interest rates on home equity lines normally adjust based on the month-end prime rate published in the Wall Street Journal. | ||||||||||||
Residential construction loans – Loans in this segment primarily include non-speculative real estate loans. All loans in this segment are collateralized by one- to four-family residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. | ||||||||||||
Commercial construction loans – Loans in this segment primarily include construction to permanent non-speculative real estate loans. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy, which in turn, will have an effect on the credit quality in this segment. | ||||||||||||
Commercial loans – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. | ||||||||||||
Manufactured home loans – Loans in this segment are secured by first liens on properties located primarily in the Northeast. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates, will have an effect on the credit quality in this segment. | ||||||||||||
Automobile and other secured loans – Loans in this segment include consumer non-real estate secured loans that the Company originates as well as automobile loans that the Company purchases from third parties. The Company has the ability to select the automobile loans it purchases based on its own underwriting standards. | ||||||||||||
Other consumer loans – Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. | ||||||||||||
Troubled Debt Restructurings | ||||||||||||
A modified loan is considered a TDR when two conditions are met: (1) the borrower is experiencing financial difficulty and (2) concessions are made by the Company that would not otherwise be considered for a borrower with similar risk characteristics. The most common types of modifications include below market interest rate reductions, deferrals of principal and maturity extensions. Modified terms are dependent upon the financial position and needs of the individual borrower. If the modification agreement is violated, the loan is handled by the Company's Collections Department for resolution, which may result in foreclosure. The Company's determination of whether a loan modification is a TDR considers the individual facts and circumstances surrounding each modification. | ||||||||||||
The Company's nonaccrual policy is followed for TDRs. If the loan was current prior to modification, nonaccrual status may not be required. If the loan was on nonaccrual prior to modification or if the payment amount significantly increases, the loan will remain on nonaccrual for a period of at least six months. Loans qualify for return to accrual status once the borrower has demonstrated the willingness and the ability to perform in accordance with the restructured terms of the loan agreement for a period of not less than six months and future payments are reasonably assured. | ||||||||||||
TDR classifications may be removed if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar risk characteristics at the time of restructuring. All TDRs are initially reported as impaired. | ||||||||||||
Loan Servicing | ||||||||||||
Servicing assets are recognized as separate assets at fair value when rights are acquired through purchase or through sale of financial assets. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation technique using the present value of estimated future cash flows calculated using current market discount rates. Servicing assets are measured at fair value at each reporting period and changes in fair value are recognized in other non-interest income in the period in which the change occurs. | ||||||||||||
Transfers of Financial Assets | ||||||||||||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||||||||||||
During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder can have the right to pledge or exchange the entire loan. | ||||||||||||
Bank-Owned Life Insurance | ||||||||||||
Bank-owned life insurance policies are reflected on the consolidated balance sheet at cash surrender value. Changes in cash surrender value are reflected in non-interest income on the consolidated statement of net income and are not subject to income taxes. | ||||||||||||
Premises and Equipment | ||||||||||||
Land is carried at cost. Buildings, leasehold improvements and equipment are stated at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets or the expected term of the lease, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. The cost of maintenance and repairs is expensed as incurred. | ||||||||||||
Other Real Estate Owned | ||||||||||||
The Company classifies property acquired through foreclosure or acceptance of a deed in lieu of foreclosure as other real estate owned (“OREO”) in its consolidated financial statements. When property is placed into OREO, it is recorded at the fair value less estimated costs to sell at the date of foreclosure or acceptance of deed in lieu of foreclosure. At the time of transfer to OREO, any excess of carrying value over fair value less estimated cost to sell is charged to the allowance for loan losses. Management, or its designee, inspects all OREO property periodically. Holding costs and declines in fair value subsequent to transfer result in charges to non-interest expense. | ||||||||||||
Advertising Costs | ||||||||||||
All advertising costs are expensed as incurred. | ||||||||||||
Income Taxes | ||||||||||||
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. As changes in the tax laws or rates are enacted, deferred tax assets and liabilities are adjusted accordingly through the provision for income taxes. The Company's base amount of its federal income tax reserve for loan losses is a permanent difference for which there is no recognition of a deferred tax liability. However, the loan loss allowance maintained for financial reporting purposes is a temporary difference with allowable recognition of a related deferred tax asset, if it is deemed realizable. The Company exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities. These judgments require projections of future taxable income. These judgments and estimates, which are inherently subjective, are reviewed periodically as regulatory and business factors change. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that all or some portion of the deferred tax assets will not be realized. | ||||||||||||
The Company has no material uncertain tax positions as of June 30, 2014 or 2013. | ||||||||||||
The Company records interest and penalties as part of income tax expense. No interest and penalties were recorded for the years ended June 30, 2014, 2013 and 2012. | ||||||||||||
Income tax benefits related to stock compensation in excess of grant date fair value less any proceeds on exercise are recognized as an increase to additional paid-in capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional paid-in capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount. | ||||||||||||
Treasury Stock | ||||||||||||
Common stock shares repurchased are recorded as treasury stock at cost. | ||||||||||||
Equity Incentive Plan | ||||||||||||
The Company measures compensation cost relating to share-based payment transactions based on the grant date fair value of the equity instruments issued. Compensation cost is recognized over the vesting period of such awards on a straight-line basis. Unrecognized compensation cost applicable to restricted stock awards is recorded as unearned compensation and a reduction of stockholders’ equity. The fair value of stock option awards are estimated on the date of grant using the Black-Scholes option pricing model, which includes several assumptions such as expected volatility, dividends, term and risk-free rate for each stock option award. See Note 14 for additional information. Reductions in compensation expense associated with forfeited awards are estimated at the grant date, and this estimated forfeiture rate is adjusted based on actual forfeiture experience. | ||||||||||||
Employee Stock Ownership Plan | ||||||||||||
Compensation expense is recognized based on the fair value of shares at the time they are committed to be released to the Employee Stock Ownership Plan (“ESOP”) participants. All shares held by the ESOP that are released and committed to be released are deemed outstanding for purposes of earnings per share calculations. The value of unearned shares to be allocated to ESOP participants for future services not yet performed is recorded as unearned compensation and a reduction of stockholders’ equity. | ||||||||||||
Comprehensive Income/loss | ||||||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income. | ||||||||||||
The components of accumulated other comprehensive income and related tax effects are as follows: | ||||||||||||
June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Net unrealized gains on available-for-sale securities | $ | 233 | $ | 541 | ||||||||
Tax effects | (75 | ) | (195 | ) | ||||||||
Net-of-tax amount | $ | 158 | $ | 346 | ||||||||
Earnings Per Common Share | ||||||||||||
Basic earnings per share ("EPS") excludes dilution and is calculated by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents (such as unvested restricted stock or shares subject to options) were issued during the period. Unallocated common shares held by the ESOP are shown as a reduction of stockholders' equity, and are included in the weighted-average number of common shares outstanding for both basic and diluted earnings per share calculations when committed to be released. Unvested restricted shares are not considered outstanding in the computation of basic earnings per share since the rights to the dividends are forfeitable. | ||||||||||||
Earnings per common share have been computed based upon the following: | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2011 | ||||||||||
Net income available to common stock (in thousands) | $ | 4,515 | $ | 2,974 | $ | 3,016 | ||||||
Average number of shares issued | 8,019,352 | 7,970,174 | 7,950,748 | |||||||||
Less: average unallocated ESOP shares | (340,868 | ) | (383,264 | ) | (425,660 | ) | ||||||
Less: average treasury stock | (2,371,873 | ) | (2,142,150 | ) | (1,631,852 | ) | ||||||
Less: average unvested restricted stock awards | (2,460 | ) | (29,909 | ) | (86,259 | ) | ||||||
Average number of basic shares outstanding | 5,304,151 | 5,414,851 | 5,806,977 | |||||||||
Plus: dilutive unvested restricted stock awards | 1,487 | 20,942 | 37,545 | |||||||||
Plus: dilutive stock option shares | 130,123 | 112,358 | 44,069 | |||||||||
Average number of diluted shares outstanding | 5,435,761 | 5,548,151 | 5,888,591 | |||||||||
Basic earnings per share | $ | 0.85 | $ | 0.55 | $ | 0.52 | ||||||
Diluted earnings per share | $ | 0.83 | $ | 0.54 | $ | 0.51 | ||||||
There were 10,000 stock options for the year ended June 30, 2014, which were excluded from the diluted earnings per share because their effect is anti-dilutive. There were no anti-dilutive shares for the years ended June 30, 2013 and 2012. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-2 Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. The new requirements took effect for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012. This ASU guidance did not have a material impact on the Company’s consolidated financial statements. | ||||||||||||
In January 2014, the FASB issued ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU was issued to clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the ASU amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and the ASU is to be adopted using either a modified retrospective transition method or a prospective transition method. The Company does not believe such ASU will have a material effect on the Company's consolidated financial statements for the interim and annual periods in 2014, other than the additional disclosures required. |
Restrictions_on_Cash_and_Amoun
Restrictions on Cash and Amounts Due From Banks | 12 Months Ended |
Jun. 30, 2014 | |
Cash and Cash Equivalents [Abstract] | ' |
Restrictions on Cash and Amounts Due From Banks | ' |
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS | |
The Company is required to maintain average balances on hand or with the Federal Reserve Bank of Boston. At June 30, 2014 and 2013, these reserve balances amounted to $7.3 million and $6.4 million, respectively. |
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||
INVESTMENT SECURITIES | ||||||||||||||||||||||||
The amortized cost and estimated fair value of the Company's investment securities, with gross unrealized gains and losses, follows: | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate bonds | $ | 3,026 | $ | 60 | $ | — | $ | 3,086 | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 128,938 | 1,629 | (1,494 | ) | 129,073 | |||||||||||||||||||
Non-agency | 1,688 | 15 | (5 | ) | 1,698 | |||||||||||||||||||
Total debt securities | 133,652 | 1,704 | (1,499 | ) | 133,857 | |||||||||||||||||||
Marketable equity securities | 51 | 28 | — | 79 | ||||||||||||||||||||
Total securities available for sale | $ | 133,703 | $ | 1,732 | $ | (1,499 | ) | $ | 133,936 | |||||||||||||||
Held to Maturity | ||||||||||||||||||||||||
Municipal bonds | $ | 9,302 | $ | — | $ | — | $ | 9,302 | ||||||||||||||||
Total securities held to maturity | $ | 9,302 | $ | — | $ | — | $ | 9,302 | ||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Municipal bonds | $ | 395 | $ | — | $ | — | $ | 395 | ||||||||||||||||
Corporate bonds | 3,036 | 40 | — | 3,076 | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 132,498 | 1,916 | (1,426 | ) | 132,988 | |||||||||||||||||||
Non-agency | 2,209 | 10 | (16 | ) | 2,203 | |||||||||||||||||||
Total debt securities | 138,138 | 1,966 | (1,442 | ) | 138,662 | |||||||||||||||||||
Marketable equity securities | 51 | 17 | — | 68 | ||||||||||||||||||||
Total securities available for sale | $ | 138,189 | $ | 1,983 | $ | (1,442 | ) | $ | 138,730 | |||||||||||||||
Residential mortgage-backed agency securities are mortgage-backed securities that have been issued by the federal government or its agencies or government-sponsored enterprises. Residential mortgage-backed non-agency securities are mortgage-backed securities that have been issued by private mortgage originators. | ||||||||||||||||||||||||
During the year ended June 30, 2014, $9.3 million in municipal securities were transferred at fair value from the available for sale category to the held to maturity category, as management has no intentions of selling any municipal security prior to maturity. There is no readily available market pricing and no active market to sell these securities, however management believes that the amortized cost of these securities approximates fair value based on their relatively short terms to maturity. | ||||||||||||||||||||||||
Certain investment securities are pledged to secure FHLB advances. See Note 8. | ||||||||||||||||||||||||
INVESTMENT SECURITIES (Continued) | ||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities by contractual maturity at June 30, 2014 are set forth below. Expected maturities will differ from contractual maturities because the issuer may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | |||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | |||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Within 1 year | $ | — | $ | — | $ | 6,813 | $ | 6,813 | ||||||||||||||||
After 1 year but within 5 years | 3,026 | 3,086 | 2,489 | 2,489 | ||||||||||||||||||||
Total bonds, obligations, and municipals | 3,026 | 3,086 | 9,302 | 9,302 | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 128,938 | 129,073 | — | — | ||||||||||||||||||||
Non-agency | 1,688 | 1,698 | — | — | ||||||||||||||||||||
Total debt securities | $ | 133,652 | $ | 133,857 | $ | 9,302 | $ | 9,302 | ||||||||||||||||
For the year ended June 30, 2014 there were no sales of securities available for sale. For the years ended June 30, 2013 and 2012, proceeds from sales of securities available for sale amounted to $3.2 million and $1.3 million, respectively. For the same periods, gross realized gains amounted to $114,000 and $19,000, respectively. | ||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at June 30, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: | ||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | ||||||||||||||||||||||
Gross | Fair Value | Gross | Fair Value | Gross | Fair Value | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | $ | 38 | $ | 7,357 | $ | 1,456 | $ | 51,094 | $ | 1,494 | $ | 58,451 | ||||||||||||
Non-agency | 1 | 143 | 4 | 234 | 5 | 377 | ||||||||||||||||||
$ | 39 | $ | 7,500 | $ | 1,460 | $ | 51,328 | $ | 1,499 | $ | 58,828 | |||||||||||||
June 30, 2013: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | $ | 1,337 | $ | 68,456 | $ | 89 | $ | 6,142 | $ | 1,426 | $ | 74,598 | ||||||||||||
Non-agency | 5 | 330 | 11 | 1,047 | 16 | 1,377 | ||||||||||||||||||
$ | 1,342 | $ | 68,786 | $ | 100 | $ | 7,189 | $ | 1,442 | $ | 75,975 | |||||||||||||
Management conducts, at least on a quarterly basis, a review of our investment securities to determine if the value of any security has declined below its cost or amortized cost and whether such decline represents other-than-temporary impairment (“OTTI”). There was no impairment charge recognized for the years ended June 30, 2014, 2013 and 2012. | ||||||||||||||||||||||||
INVESTMENT SECURITIES (Concluded) | ||||||||||||||||||||||||
At June 30, 2014, 47 debt securities had unrealized losses with aggregate depreciation of 2.5% from the Company's amortized cost basis. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government, its agencies or government-sponsored enterprises, whether downgrades by bond rating agencies have occurred, and industry analyst's reports. The unrealized losses in residential mortgage-backed securities were primarily caused by interest rate | ||||||||||||||||||||||||
changes. As management has not decided to sell these securities, nor is it likely that the Company will be required to sell these securities, no declines are deemed to be other than temporary. At June 30, 2014, nine securities issued by private mortgage originators had unrealized losses. Such securities had an amortized cost of $382,000 and a fair value of $377,000. All of these investments are “Senior” Class tranches and have underlying credit enhancement. These securities were originated in the period 2002-2005 and are performing in accordance with contractual terms. Management estimates the loss projections for each security by evaluating the industry rating, amount of delinquencies, amount of foreclosure, amount of other real estate owned, average credit scores, average amortized loan to value and credit enhancement. Based on this review, management determined that no OTTI existed as of June 30, 2014. |
Loan_Servicing
Loan Servicing | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Transfers and Servicing [Abstract] | ' | |||||||
Loan Servicing | ' | |||||||
LOAN SERVICING | ||||||||
In the ordinary course of business, the Company sells real estate loans in the secondary market. The Company retains servicing on loans sold and earns servicing fees of .25% per annum based on the monthly outstanding balances of the loans serviced. The Company recognizes servicing assets each time it undertakes an obligation to service loans sold. Calculation of the fair value of mortgage servicing assets is based on Service Release Premium (“SRP”) rates for conforming fixed rate mortgages obtained from correspondent lenders. SRP rates vary based on the outstanding balances of the mortgages and are periodically adjusted based on mortgage prepayments and market conditions. | ||||||||
The changes in servicing assets measured using fair value are as follows: | ||||||||
Years Ended June 30, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Fair value at the beginning of year | $ | 654 | $ | 445 | ||||
Capitalized servicing assets | 97 | 48 | ||||||
Changes in fair value | 41 | 161 | ||||||
Fair value at end of year | $ | 792 | $ | 654 | ||||
The unpaid principal balance of mortgages serviced for others was $71.8 million and $67.7 million at June 30, 2014 and June 30, 2013, respectively. There are no recourse provisions for the loans that are serviced for others. The risks inherent in mortgage servicing assets relate primarily to changes in prepayments that result from shifts in mortgage interest rates. For the years ended June 30, 2014, 2013, and 2012, amounts recognized for loan servicing fees amounted to $321,000, $346,000, and $239,000, respectively, which are included in other non-interest income in the consolidated statements of net income. |
Loans
Loans | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||
Loans | ' | |||||||||||||||||||||||||||||||||||||||||||
LOANS | ||||||||||||||||||||||||||||||||||||||||||||
A summary of the balances of loans follows: | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 107,498 | $ | 107,617 | ||||||||||||||||||||||||||||||||||||||||
Commercial | 200,750 | 167,381 | ||||||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | 36,299 | 36,093 | ||||||||||||||||||||||||||||||||||||||||||
Second lien | 39,845 | 42,328 | ||||||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 3,807 | 3,736 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 36,189 | 21,237 | ||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans on real estate | 424,388 | 378,392 | ||||||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 54,756 | 43,566 | ||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 21,766 | 21,716 | ||||||||||||||||||||||||||||||||||||||||||
Automobile and other secured loans | 7,172 | 7,682 | ||||||||||||||||||||||||||||||||||||||||||
Other | 2,566 | 1,679 | ||||||||||||||||||||||||||||||||||||||||||
Total other loans | 86,260 | 74,643 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | 510,648 | 453,035 | ||||||||||||||||||||||||||||||||||||||||||
Net deferred loan costs | 2,638 | 2,726 | ||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (5,651 | ) | (5,414 | ) | ||||||||||||||||||||||||||||||||||||||||
Total loans, net | $ | 507,635 | $ | 450,347 | ||||||||||||||||||||||||||||||||||||||||
The Company has transferred a portion of its originated commercial real estate and commercial loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying consolidated balance sheets. The Company and participating lenders share in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties. At June 30, 2014 and June 30, 2013, the Company was servicing loans for participants aggregating $34.4 million and $35.0 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||
During fiscal years 2014 and 2013, the Company purchased manufactured home loans aggregating $3.0 million and $2.9 million, respectively. During fiscal years 2014 and 2013, the Company purchased automobile loans aggregating $2.3 million and $3.7 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||
Certain residential and home equity loans are subject to a blanket lien securing FHLB advances. See Note 8. | ||||||||||||||||||||||||||||||||||||||||||||
LOANS (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Information | ||||||||||||||||||||||||||||||||||||||||||||
The Company utilizes a nine grade internal loan rating system for all loans as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1 – 5: Loans in these categories are considered “pass” rated loans with low to average risk. | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 6: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 7: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 8: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 9: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. These loans are generally charged off at each quarter end. | ||||||||||||||||||||||||||||||||||||||||||||
On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, commercial construction and commercial loans. The Company engages an independent third-party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. All credits rated 6 or worse are reviewed on a quarterly basis by management. At origination, management assigns risk ratings to one- to four-family residential loans, home equity loans, residential construction loans, manufactured home loans, and other consumer loans. The Company updates these risk ratings as needed based primarily on delinquency, bankruptcy, or tax delinquency. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present the Company’s loans by risk rating at June 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home Equity | Home Equity | Residential | Commercial | |||||||||||||||||||||||||||||||||||||||
Real Estate | First Lien | Second Lien | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 104,221 | $ | 184,317 | $ | 36,299 | $ | 39,688 | $ | 3,807 | $ | 36,189 | ||||||||||||||||||||||||||||||||
Loans rated 6 | 523 | 12,447 | — | 7 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 2,608 | 3,986 | — | 150 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 146 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 107,498 | $ | 200,750 | $ | 36,299 | $ | 39,845 | $ | 3,807 | $ | 36,189 | |||||||||||||||||||||||||||||||||
Commercial | Manufactured | Automobile and Other | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||
Homes | Secured Loans | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 49,874 | $ | 21,342 | $ | 7,172 | $ | 2,564 | $ | 485,473 | ||||||||||||||||||||||||||||||||||
Loans rated 6 | 533 | 160 | — | 1 | 13,671 | |||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 4,349 | 59 | — | 1 | 11,153 | |||||||||||||||||||||||||||||||||||||||
Loans rated 8 | — | 205 | — | — | 351 | |||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 54,756 | $ | 21,766 | $ | 7,172 | $ | 2,566 | $ | 510,648 | |||||||||||||||||||||||||||||||||||
LOANS (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home Equity | Home Equity | Residential | Commercial | |||||||||||||||||||||||||||||||||||||||
Real Estate | First Lien | Second Lien | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 105,529 | $ | 153,513 | $ | 36,093 | $ | 41,963 | $ | 3,736 | $ | 21,237 | ||||||||||||||||||||||||||||||||
Loans rated 6 | 835 | 7,624 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 686 | 6,244 | — | 115 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 567 | — | — | 250 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 107,617 | $ | 167,381 | $ | 36,093 | $ | 42,328 | $ | 3,736 | $ | 21,237 | |||||||||||||||||||||||||||||||||
Commercial | Manufactured | Automobile and Other | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||
Homes | Secured Loans | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 36,827 | $ | 21,398 | $ | 7,682 | $ | 1,678 | $ | 429,656 | ||||||||||||||||||||||||||||||||||
Loans rated 6 | 994 | 146 | — | — | 9,599 | |||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 5,745 | 36 | — | 1 | 12,827 | |||||||||||||||||||||||||||||||||||||||
Loans rated 8 | — | 136 | — | — | 953 | |||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 43,566 | $ | 21,716 | $ | 7,682 | $ | 1,679 | $ | 453,035 | |||||||||||||||||||||||||||||||||||
The results of the Company’s quarterly loan review process are summarized by, and appropriate recommendations and loan loss allowances are approved by, the Loan Review Committee (the “Committee”). All supporting documentation with regard to the evaluation process, loan loss experience, allowance levels and the schedules of classified loans is maintained by the Company. The Committee is chaired by the Company’s Chief Financial Officer. The allowance for loan losses calculation is presented to the Board of Directors on a quarterly basis with recommendations on its adequacy. | ||||||||||||||||||||||||||||||||||||||||||||
The Company had no new TDR loan relationships in the year ended June 30, 2014. During fiscal 2014 and 2013, there were no TDR loans that were restructured within the previous twelve months that had any payment defaults. | ||||||||||||||||||||||||||||||||||||||||||||
The Company had two new TDR loan relationships in the year ended June 30, 2013. One loan relationship consists of a commercial real estate loan with a pre-modification balance totaling $528,000 and post-modification balance totaling $551,000. An impairment amount of $13,000 was calculated from the present value of expected future cash flows discounted at the loan’s effective interest rate. The Company capitalized the interest and expenses and restructured the payments for this loan. The second new TDR loan relationship is a commercial loan with a pre-modification and post-modification balance totaling $1.0 million. The restructure did not result in any impairment from the present value of expected future cash flows discounted at the loan’s effective interest rate. The Company restructured the payments for this loan. | ||||||||||||||||||||||||||||||||||||||||||||
The Company had two new TDR loan relationships in the year ended June 30, 2012. One loan relationship consists of a home equity loan and a one-to-four family residential loan with pre-modification balances aggregating $225,000 and post-modification balances aggregating $232,000. The Company capitalized the interest and expenses and restructured the payments for these loans. The restructure did not result in any impairment from the present value of expected future cash flows discounted at the loan’s effective interest rate. The second was a commercial loan totaling $686,000 where the maturity date was extended by two years and a small impairment amount was calculated from the present value of expected future cash flows discounted at the loan’s effective interest rate. One TDR loan relationship that was restructured as of June 30, 2011 had payment defaults during the year ended June 30, 2012. This loan relationship included four loans comprised of two one-to-four family residential loans totaling $199,000, one home equity loan totaling $26,000, and one commercial real estate loan totaling $170,000 as of June 30, 2012. | ||||||||||||||||||||||||||||||||||||||||||||
LOANS (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
The following are summaries of past due and non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Loans on | ||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | or Greater | Past Due | Non-accrual | ||||||||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 607 | $ | 236 | $ | 2,437 | $ | 3,280 | $ | 2,755 | ||||||||||||||||||||||||||||||||||
Commercial | 583 | — | — | 583 | 534 | |||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Second lien | 159 | — | 111 | 270 | 150 | |||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 1,500 | 1,500 | 1,500 | |||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 304 | 27 | 240 | 571 | 240 | |||||||||||||||||||||||||||||||||||||||
Automobile and other | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
secured loans | ||||||||||||||||||||||||||||||||||||||||||||
Other | 12 | 1 | — | 13 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,665 | $ | 264 | $ | 4,288 | $ | 6,217 | $ | 5,179 | ||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 642 | $ | — | $ | 1,013 | $ | 1,655 | $ | 1,405 | ||||||||||||||||||||||||||||||||||
Commercial | 148 | — | — | 148 | 148 | |||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Second lien | 180 | 29 | 268 | 477 | 335 | |||||||||||||||||||||||||||||||||||||||
Commercial | 16 | 75 | 1,984 | 2,075 | 1,988 | |||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 115 | — | 103 | 218 | 103 | |||||||||||||||||||||||||||||||||||||||
Automobile and other | 18 | — | — | 18 | — | |||||||||||||||||||||||||||||||||||||||
secured loans | ||||||||||||||||||||||||||||||||||||||||||||
Other | 1 | — | — | 1 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,120 | $ | 104 | $ | 3,368 | $ | 4,592 | $ | 3,979 | ||||||||||||||||||||||||||||||||||
At June 30, 2014 and 2013, there were no loans past due 90 days or more and still accruing. | ||||||||||||||||||||||||||||||||||||||||||||
LOANS (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
The following are summaries of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 2,755 | $ | 2,814 | $ | — | $ | 1,405 | $ | 1,676 | $ | — | ||||||||||||||||||||||||||||||||
Commercial | 3,147 | 3,147 | — | 5,962 | 5,962 | — | ||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 150 | 170 | — | 335 | 335 | — | ||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 2,952 | 2,952 | — | 4,408 | 4,415 | — | ||||||||||||||||||||||||||||||||||||||
Manufactured homes | 239 | 275 | — | 103 | 103 | — | ||||||||||||||||||||||||||||||||||||||
Total | 9,243 | 9,358 | — | 12,213 | 12,491 | — | ||||||||||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 537 | 537 | 11 | 2,208 | 2,208 | 32 | ||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | — | 533 | 533 | — | ||||||||||||||||||||||||||||||||||||||
Total | 537 | 537 | 11 | 2,741 | 2,741 | 32 | ||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 9,780 | $ | 9,895 | $ | 11 | $ | 14,954 | $ | 15,232 | $ | 32 | ||||||||||||||||||||||||||||||||
LOANS (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2014, the Company has no impaired loans with additional funds committed to be advanced. Information pertaining to impaired loans for the years ended June 30, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, 2014 | Year Ended June 30, 2013 | Year Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | Average | Interest Income | |||||||||||||||||||||||||||||||||||||||
Recorded | Recognized | Recognized | Recorded | Recognized | Recorded | Recognized | Recognized | |||||||||||||||||||||||||||||||||||||
Investment | on a Cash | Investment on | Recognized | Investment | on a Cash | |||||||||||||||||||||||||||||||||||||||
on Impaired | Basis | Impaired | on a Cash | on Impaired | Basis | |||||||||||||||||||||||||||||||||||||||
Loans | Loans | Basis | Loans | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 1,682 | $ | 36 | $ | 33 | $ | 1,506 | $ | 69 | $ | 69 | $ | 1,789 | $ | 89 | $ | 89 | ||||||||||||||||||||||||||
Commercial | 5,905 | 252 | 17 | 10,795 | 682 | 682 | 10,482 | 701 | 685 | |||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | — | — | — | 34 | 2 | 2 | — | — | — | |||||||||||||||||||||||||||||||||||
Second lien | 214 | 5 | 5 | 238 | 11 | 7 | 253 | 4 | 4 | |||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | 232 | 15 | 15 | |||||||||||||||||||||||||||||||||||
Commercial | 4,199 | 131 | 6 | 4,294 | 138 | 138 | 4,606 | 226 | 226 | |||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 112 | 1 | 1 | 131 | 11 | — | 104 | — | 1 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 12,112 | $ | 425 | $ | 62 | $ | 16,998 | $ | 913 | $ | 898 | $ | 17,466 | $ | 1,035 | $ | 1,020 | ||||||||||||||||||||||||||
Information pertaining to activity in the allowance for loan losses for the years ended June 30, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home | Home | Residential | Commercial | Commercial | Manufactured | Automobile and | Other | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Equity | Equity | Construction | Construction | Homes | Other Secured | Consumer | |||||||||||||||||||||||||||||||||||||
First Lien | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | ||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2011 | $ | 893 | $ | 2,922 | $ | 196 | $ | 321 | $ | 33 | $ | 32 | $ | 1,020 | $ | — | $ | — | $ | 56 | $ | 5,473 | ||||||||||||||||||||||
Charge-offs | (391 | ) | (166 | ) | (69 | ) | — | — | — | (213 | ) | — | — | (20 | ) | (859 | ) | |||||||||||||||||||||||||||
Recoveries | 71 | 16 | 5 | — | — | — | 11 | — | — | 6 | 109 | |||||||||||||||||||||||||||||||||
Provision (credit) | 292 | (412 | ) | 74 | (41 | ) | 5 | (12 | ) | 151 | 375 | 25 | (32 | ) | 425 | |||||||||||||||||||||||||||||
Balance at June 30, 2012 | 865 | 2,360 | 206 | 280 | 38 | 20 | 969 | 375 | 25 | 10 | 5,148 | |||||||||||||||||||||||||||||||||
Charge-offs | (185 | ) | (207 | ) | — | (70 | ) | — | — | — | — | (53 | ) | (29 | ) | (544 | ) | |||||||||||||||||||||||||||
Recoveries | 8 | — | 4 | — | — | — | 104 | — | 12 | 7 | 135 | |||||||||||||||||||||||||||||||||
Provision (credit) | 74 | 62 | 23 | 92 | (5 | ) | 295 | (8 | ) | 57 | 50 | 35 | 675 | |||||||||||||||||||||||||||||||
Balance at June 30, 2013 | 762 | 2,215 | 233 | 302 | 33 | 315 | 1,065 | 432 | 34 | 23 | 5,414 | |||||||||||||||||||||||||||||||||
Charge-offs | (147 | ) | (22 | ) | — | (19 | ) | — | — | — | (189 | ) | (5 | ) | (5 | ) | (387 | ) | ||||||||||||||||||||||||||
Recoveries | — | — | 5 | — | — | — | 50 | — | 18 | 1 | 74 | |||||||||||||||||||||||||||||||||
Provision (credit) | 82 | 95 | (34 | ) | (15 | ) | (3 | ) | 157 | 101 | 174 | (17 | ) | 10 | 550 | |||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | 697 | $ | 2,288 | $ | 204 | $ | 268 | $ | 30 | $ | 472 | $ | 1,216 | $ | 417 | $ | 30 | $ | 29 | $ | 5,651 | ||||||||||||||||||||||
LOANS (Concluded) | ||||||||||||||||||||||||||||||||||||||||||||
Information pertaining to the allowance for loan losses and recorded investment in loans at June 30, 2014, and 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial Real Estate | Home | Home | Residential Construction | Commercial Construction | Commercial | Manufactured Homes | Automobile | Other Consumer | Total | ||||||||||||||||||||||||||||||||||
Equity | Equity | and Other Secured | ||||||||||||||||||||||||||||||||||||||||||
First | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | Lien | |||||||||||||||||||||||||||||||||||||||||||
Allowance: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 11 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11 | ||||||||||||||||||||||
Non-impaired loans | 697 | 2,277 | 204 | 268 | 30 | 472 | 1,216 | 417 | 30 | 29 | 5,640 | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 697 | $ | 2,288 | $ | 204 | $ | 268 | $ | 30 | $ | 472 | $ | 1,216 | $ | 417 | $ | 30 | $ | 29 | $ | 5,651 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 2,755 | $ | 3,684 | $ | — | $ | 150 | $ | — | $ | — | $ | 2,952 | $ | 239 | $ | — | $ | — | $ | 9,780 | ||||||||||||||||||||||
Non-impaired loans | 104,743 | 197,066 | 36,299 | 39,695 | 3,807 | 36,189 | 51,804 | 21,527 | 7,172 | 2,566 | 500,868 | |||||||||||||||||||||||||||||||||
Total loans | $ | 107,498 | $ | 200,750 | $ | 36,299 | $ | 39,845 | $ | 3,807 | $ | 36,189 | $ | 54,756 | $ | 21,766 | $ | 7,172 | $ | 2,566 | $ | 510,648 | ||||||||||||||||||||||
At June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial Real Estate | Home | Home | Residential Construction | Commercial Construction | Commercial | Manufactured Homes | Automobile | Other Consumer | Total | ||||||||||||||||||||||||||||||||||
Equity | Equity | and Other Secured | ||||||||||||||||||||||||||||||||||||||||||
First | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | Lien | |||||||||||||||||||||||||||||||||||||||||||
Allowance: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 32 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32 | ||||||||||||||||||||||
Non-impaired loans | 762 | 2,183 | 233 | 302 | 33 | 315 | 1,065 | 432 | 34 | 23 | 5,382 | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 762 | $ | 2,215 | $ | 233 | $ | 302 | $ | 33 | $ | 315 | $ | 1,065 | $ | 432 | $ | 34 | $ | 23 | $ | 5,414 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 1,405 | $ | 8,170 | $ | — | $ | 335 | $ | — | $ | — | $ | 4,941 | $ | 103 | $ | — | $ | — | $ | 14,954 | ||||||||||||||||||||||
Non-impaired loans | 106,212 | 159,211 | 36,093 | 41,993 | 3,736 | 21,237 | 38,625 | 21,613 | 7,682 | 1,679 | 438,081 | |||||||||||||||||||||||||||||||||
Total loans | $ | 107,617 | $ | 167,381 | $ | 36,093 | $ | 42,328 | $ | 3,736 | $ | 21,237 | $ | 43,566 | $ | 21,716 | $ | 7,682 | $ | 1,679 | $ | 453,035 | ||||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Premises and Equipment | ' | |||||||||
PREMISES AND EQUIPMENT | ||||||||||
A summary of the cost and accumulated depreciation and amortization is as follows: | ||||||||||
June 30, | ||||||||||
2014 | 2013 | Estimated | ||||||||
Useful Lives | ||||||||||
(In Thousands) | ||||||||||
Premises: | ||||||||||
Land | $ | 763 | $ | 763 | ||||||
Buildings and improvements | 5,693 | 5,616 | 5 - 39 Years | |||||||
Leasehold improvements | 2,902 | 2,811 | 5 - 10 Years | |||||||
Equipment | 3,890 | 3,723 | 3 - 10 Years | |||||||
13,248 | 12,913 | |||||||||
Accumulated depreciation and amortization | (8,580 | ) | (7,903 | ) | ||||||
$ | 4,668 | $ | 5,010 | |||||||
Depreciation and amortization expense for the years ended June 30, 2014, 2013 and 2012 amounted to $671,000, $734,000 and $764,000, respectively. |
Deposits
Deposits | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Deposits | ' | |||||||
DEPOSITS | ||||||||
A summary of deposit balances by type is as follows: | ||||||||
At June 30, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Demand | $ | 84,224 | $ | 74,081 | ||||
NOW | 42,376 | 46,220 | ||||||
Regular and other savings | 102,909 | 104,893 | ||||||
Money market deposits | 99,505 | 84,277 | ||||||
Total non-certificate accounts | 329,014 | 309,471 | ||||||
Term certificates less than $100,000 | 60,027 | 67,398 | ||||||
Term certificates of $100,000 and greater | 102,691 | 97,929 | ||||||
Total certificate accounts | 162,718 | 165,327 | ||||||
Total deposits | $ | 491,732 | $ | 474,798 | ||||
At June 30, 2014, the scheduled maturities of time deposits (in thousands) are as follows: | ||||||||
Year Ending June 30, | ||||||||
2015 | $ | 68,184 | ||||||
2016 | 32,233 | |||||||
2017 | 31,646 | |||||||
2018 | 13,895 | |||||||
2019 | 16,760 | |||||||
$ | 162,718 | |||||||
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Short-Term Borrowings | ' |
SHORT-TERM BORROWINGS | |
Short-term borrowings consist of FHLB advances with an original maturity within one year at a weighted average rate of 0.33% and 0.37%, at June 30, 2014 and 2013, respectively. All borrowings from the FHLB are secured by a blanket lien on qualified collateral, defined principally as 75% of the carrying value of first mortgage and first lien fixed rate home equity loans on owner-occupied residential property, and investments held at Hampden Investment Corporation ("HIC"). All of the assets held at HIC are pledged to the FHLB, at June 30, 2014, total assets of HIC were $108.7 million. | |
At June 30, 2014 and 2013, the Company had an Ideal Way Line of Credit available with the FHLB of $2.0 million, of which there were no amounts outstanding. In addition, the Company had lines of credit with the Federal Reserve Bank of Boston and Bankers Bank Northeast totaling $10.0 million and $7.4 million at June 30, 2014, respectively, of which there were no amounts outstanding. As of June 30, 2014, the investments pledged for collateral with the Federal Reserve Bank of Boston had a fair value of $11.3 million. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Long-Term Debt | ' | |||||||||||||
LONG-TERM DEBT | ||||||||||||||
A summary of outstanding long-term fixed rate advances from the FHLB at June 30, 2014 and 2013 is as follows: | ||||||||||||||
Amount | Weighted Average Rate | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||||
Advances maturing | ||||||||||||||
in the years ending June 30, | ||||||||||||||
2014 | $ | — | $ | 3,754 | — | % | 1.45 | % | ||||||
*2015 | 13,427 | 6,053 | 0.53 | % | 0.85 | % | ||||||||
2016 | 35,800 | 28,800 | 1.3 | % | 1.47 | % | ||||||||
2017 | 26,000 | 25,000 | 1.92 | % | 1.95 | % | ||||||||
2018 | 18,885 | 18,885 | 2.09 | % | 2.09 | % | ||||||||
*2021 | 8,992 | — | 1.94 | % | — | % | ||||||||
*2024 | 9,342 | — | 2.75 | % | — | % | ||||||||
Total FHLB advances | $ | 112,446 | $ | 82,492 | 1.66 | % | 1.71 | % | ||||||
* For all starred items at June 30, 2014, includes amortizing advances aggregating $19.6 million requiring combined monthly principal and interest payments of $360,000. | ||||||||||||||
At June 30, 2014, FHLB advances in the amount of $6.0 million are callable by the FHLB commencing in fiscal year 2015. These advances have maturity dates in fiscal year 2017 and 2018. | ||||||||||||||
In September 2012, the Company restructured $8.6 million of FHLB borrowings. After the restructuring, the weighted average cost of these borrowings was reduced by 1.00% to 2.74%. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Allocation of the federal and state income taxes between current and deferred portions is as follows: | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Current tax provision: | ||||||||||||
Federal | $ | 1,672 | $ | 1,564 | $ | 452 | ||||||
State | 350 | 392 | 35 | |||||||||
2,022 | 1,956 | 487 | ||||||||||
Deferred tax provision (benefit): | ||||||||||||
Federal | 398 | 610 | 1,019 | |||||||||
State | 124 | (54 | ) | 252 | ||||||||
522 | 556 | 1,271 | ||||||||||
Change in valuation allowance | — | (735 | ) | 25 | ||||||||
522 | (179 | ) | 1,296 | |||||||||
Total tax provision | $ | 2,544 | $ | 1,777 | $ | 1,783 | ||||||
The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory tax rate | 34 | % | 34 | % | 34 | % | ||||||
Increase (decrease) resulting from: | ||||||||||||
State taxes, net of federal tax benefit | 4.4 | 4.7 | 3.9 | |||||||||
Tax exempt income | (0.8 | ) | (0.6 | ) | (0.6 | ) | ||||||
Bank-owned life insurance | (2.4 | ) | (3.8 | ) | (3.2 | ) | ||||||
Change in valuation allowance assumptions, net of carryover expiration | — | 0.7 | 0.5 | |||||||||
Stock options | (0.2 | ) | 1.3 | 1.8 | ||||||||
Other, net | 1 | 1.1 | 0.8 | |||||||||
Effective income tax rate | 36 | % | 37.4 | % | 37.2 | % | ||||||
INCOME TAXES (Continued) | ||||||||||||
The components of the net deferred tax asset are as follows: | ||||||||||||
June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Federal | $ | 3,923 | $ | 4,297 | ||||||||
State | 1,132 | 1,257 | ||||||||||
5,055 | 5,554 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Federal | (689 | ) | (786 | ) | ||||||||
State | (184 | ) | (184 | ) | ||||||||
(873 | ) | (970 | ) | |||||||||
Net deferred tax asset | $ | 4,182 | $ | 4,584 | ||||||||
The tax effects of each item that give rise to deferred taxes are as follows: | ||||||||||||
June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Non-accrued interest income | $ | 158 | $ | 64 | ||||||||
Net unrealized gain on securities available for sale | (75 | ) | (195 | ) | ||||||||
Depreciation | 439 | 547 | ||||||||||
Mortgage servicing rights | (316 | ) | (261 | ) | ||||||||
Allowance for loan losses | 2,345 | 2,261 | ||||||||||
Employee benefit plans | 1,771 | 2,234 | ||||||||||
Other-than-temporary impairment of securities | — | 91 | ||||||||||
Other, net | (140 | ) | (157 | ) | ||||||||
Net deferred tax asset | $ | 4,182 | $ | 4,584 | ||||||||
In fiscal 2013, the Company eliminated its valuation allowance against the deferred tax asset related to its charitable contribution carryforward as it expired. There was a charge of $35,000 to income tax expense as a result of the expiration. In fiscal 2012, the Company increased the valuation allowance by $25,000. The valuation allowance was established to reflect the uncertainty of fully utilizing a five-year charitable contribution carryforward of approximately $3.5 million that expired on October 31, 2012. The carryforward was created primarily by the contribution of 378,566 shares of the Company’s common stock to the Hampden Bank Charitable Foundation as part of the mutual to stock conversion. | ||||||||||||
As of June 30, 2014, management believes it is more likely than not that the net deferred tax assets will be realizable through future earnings and future reversals of existing taxable temporary differences. | ||||||||||||
The federal income tax reserve for loan losses at the Company's base year amounted to $2.3 million. If any portion of the reserve is used for purposes other than to absorb loan losses, approximately 150% of the amount actually used, limited to the amount of the reserve, would be subject to taxation in the fiscal year in which used. As the Company intends to use the reserves solely to absorb loan losses, a deferred income tax liability of $887,000 has not been provided. | ||||||||||||
The Company’s income tax returns are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under applicable statutes of limitation by the Internal Revenue Service for the years ended October 31, 2011 through June 30, 2013. The Company changed its tax year end to coincide with the Company's fiscal year end, and a short return was filed for the period November 1, 2012 to June 30, 2013. The years open to examination by state taxing authorities vary by jurisdiction. However, no years prior to October 31, 2011 are open. | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
In the normal course of business, there are outstanding commitments which are not reflected in the accompanying consolidated balance sheets. | ||||||||
Loan commitments | ||||||||
The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the accompanying consolidated balance sheets. | ||||||||
The Company's exposure to credit loss is represented by the contractual amount of these commitments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of financial instruments outstanding whose contract amounts represent credit risk is as follows: | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Commitments to grant loans | $ | 20,380 | $ | 63,607 | ||||
Unadvanced funds on home equity lines of credit | 35,718 | 34,498 | ||||||
Unadvanced funds on personal lines of credit | 1,828 | 1,852 | ||||||
Unadvanced funds on commercial lines of credit | 37,789 | 29,882 | ||||||
Unadvanced funds on construction loans | 37,889 | 25,164 | ||||||
Standby letters of credit | 500 | 548 | ||||||
Total loan commitments | $ | 134,104 | $ | 155,551 | ||||
Commitments to extend credit are agreements to lend to a customer as 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. Commitments to grant loans are generally secured by real estate. Unadvanced lines of credit do not necessarily represent future cash requirements as these commitments may expire without being drawn upon. The Company evaluates each customer's creditworthiness on a case-by-case basis. Funds disbursed on construction loans and home equity lines of credit are collateralized by real estate. Overdraft lines of credit are unsecured. | ||||||||
Unadvanced funds on commercial lines of credit are generally secured by the business assets of the borrower. | ||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a customer to a third party. Standby letters of credit are generally secured by cash, business assets, or real estate. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The amount of the liability related to guarantees at June 30, 2014 and 2013 is not material. | ||||||||
Operating Leases | ||||||||
Pursuant to the terms of noncancelable lease agreements in effect at June 30, 2014, pertaining future minimum rent commitments under various operating leases for the years ending June 30, 2015 through 2019 and thereafter amounted to $349,000, $331,000, $330,000, $297,000, $271,000 and $1,567,000, respectively. | ||||||||
The leases contain options to extend for periods of five and ten year terms. The cost of such rentals is not included above. Rent expense amounted to $366,000, $378,000 and $324,000 for the years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||
Contingencies | ||||||||
Various legal claims arise from time to time in the ordinary course of business. In the opinion of management, these claims will have no material effect on the Company's consolidated financial position or results of operations. | ||||||||
Employment and change-of-control agreements | ||||||||
The Company entered into an employment agreement with the Company’s Chief Executive Officer and President in October 2012. The employment agreement provides for an annual base salary, subject to increase, and certain other benefits. It also guarantees customary corporate indemnification and insurance coverage under a standard directors’ and officers’ insurance policy throughout the employment term. The initial term of the agreement is three years. The term automatically extends at the conclusion of the initial term for a successive term of twelve months, unless notice not to renew is given by either party, or unless the agreement is earlier terminated by the parties. Following termination of the executive’s employment, the executive must adhere to non-competition and non-disclosure restrictions for one year, or for a period of time equal to the officer’s severance benefit, whichever is longer. Our employment agreement also provides certain termination and change in control benefits and payments. Under the agreement, if within the period ending two years after a change in control as defined in the agreement, Hampden Bank or Hampden Bancorp terminates the executive without “cause” or the executive resigns with “good reason”, as defined in the agreements, the Company’s Chief Executive Officer and President would be entitled to a severance payment equal to two times the average of his annual compensation for the five preceding taxable years. | ||||||||
The Company entered into change-in-control agreements with certain other officers. Depending on the officer, the change-in-control agreements provide for a severance payment equal to either one or two times the individual’s average annual compensation for the five most recent taxable years. The terms of each change-in-control agreement may be extended by the Board of Directors of Hampden Bank for an additional year. |
Minimum_Regulatory_Capital_Req
Minimum Regulatory Capital Requirements | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||
Minimum Regulatory Capital Requirements | ' | ||||||||||||||||||||
MINIMUM REGULATORY CAPITAL REQUIREMENTS | |||||||||||||||||||||
The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to the Company. | |||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of June 30, 2014 and 2013, that the Company and the Bank meets all capital adequacy requirements to which they are subject. | |||||||||||||||||||||
As of June 30, 2014, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank's category. | |||||||||||||||||||||
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Continued) | |||||||||||||||||||||
The Company's and the Bank's actual and minimum required capital amounts and ratios are as follows: | |||||||||||||||||||||
Minimum | |||||||||||||||||||||
To Be Well | |||||||||||||||||||||
Minimum | Capitalized Under | ||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||
Total capital (to risk weighted assets): | |||||||||||||||||||||
Consolidated | $ | 92,586 | 18.3 | % | $ | 40,547 | 8 | % | N/A | N/A | |||||||||||
Bank | 80,715 | 15.9 | 40,570 | 8 | $ | 50,712 | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets): | |||||||||||||||||||||
Consolidated | 86,922 | 17.2 | 20,273 | 4 | N/A | N/A | |||||||||||||||
Bank | 75,051 | 14.8 | 20,285 | 4 | 30,427 | 6 | |||||||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||
Consolidated | 86,922 | 12.2 | 28,420 | 4 | N/A | N/A | |||||||||||||||
Bank | 75,051 | 10.6 | 28,297 | 4 | 35,372 | 5 | |||||||||||||||
As of June 30, 2013 | |||||||||||||||||||||
Total capital (to risk weighted assets): | |||||||||||||||||||||
Consolidated | $ | 88,670 | 19.1 | % | $ | 37,077 | 8 | % | N/A | N/A | |||||||||||
Bank | 80,350 | 17.5 | 36,788 | 8 | $ | 45,985 | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets): | |||||||||||||||||||||
Consolidated | 83,248 | 18 | 18,538 | 4 | N/A | N/A | |||||||||||||||
Bank | 74,928 | 16.3 | 18,394 | 4 | 27,591 | 6 | |||||||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||
Consolidated | 83,248 | 12.7 | 26,240 | 4 | N/A | N/A | |||||||||||||||
Bank | 74,928 | 11.6 | 25,827 | 4 | 32,284 | 5 | |||||||||||||||
In July 2013, the FDIC and the other federal bank regulatory agencies issued a final rule that will revise their leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. Among other things, the rule establishes a new common equity Tier 1 minimum capital requirement (4.5% of risk-weighted assets), increases the minimum Tier 1 capital to risk-based assets requirement (from 4% to 6% of risk-weighted assets) and assigns a higher risk weight (150%) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The final rule also requires unrealized gains and losses on certain “available-for-sale” securities holdings to be included for purposes of calculating regulatory capital unless a one-time opt-out is exercised. The rule limits a banking organization's capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements. The final rule becomes effective for the Company and the Bank on January 1, 2015. The capital conservation buffer requirement will be phased in beginning January 1, 2016 and ending January 1, 2019, when the full capital conservation buffer requirement will be effective. Management believes that the Company and the Bank will continue to exceed all minimum capital ratio requirements. | |||||||||||||||||||||
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Concluded) | |||||||||||||||||||||
A reconciliation of the Company’s year-end total stockholders’ equity to the Bank’s regulatory capital is as follows: | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Consolidated | Bank | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Total stockholders' equity per consolidated financial statements | $ | 87,159 | $ | 87,159 | |||||||||||||||||
Adjustments for Tier 1 capital: | |||||||||||||||||||||
Holding company equity adjustment | — | (11,871 | ) | ||||||||||||||||||
Accumulated gains on securities available for sale, net of tax | (158 | ) | (158 | ) | |||||||||||||||||
Mortgage servicing rights | (79 | ) | (79 | ) | |||||||||||||||||
Total Tier 1 capital | 86,922 | 75,051 | |||||||||||||||||||
Adjustments for total capital: | |||||||||||||||||||||
Unrealized gains on securities available for sale | 13 | 13 | |||||||||||||||||||
Allowance for loan losses | 5,651 | 5,651 | |||||||||||||||||||
Total capital per regulatory reporting | $ | 92,586 | $ | 80,715 | |||||||||||||||||
June 30, 2013 | |||||||||||||||||||||
Consolidated | Bank | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Total stockholders' equity per consolidated financial statements | $ | 83,659 | $ | 83,659 | |||||||||||||||||
Adjustments for Tier 1 capital: | |||||||||||||||||||||
Holding company equity adjustment | — | (8,320 | ) | ||||||||||||||||||
Accumulated gains on securities available for sale, net of tax | (346 | ) | (346 | ) | |||||||||||||||||
Mortgage servicing rights | (65 | ) | (65 | ) | |||||||||||||||||
Total Tier 1 capital | 83,248 | 74,928 | |||||||||||||||||||
Adjustments for total capital: | |||||||||||||||||||||
Unrealized gains on securities available for sale | 8 | 8 | |||||||||||||||||||
Allowance for loan losses | 5,414 | 5,414 | |||||||||||||||||||
Total capital per regulatory reporting | $ | 88,670 | $ | 80,350 | |||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Employee Benefit Plans | ' | ||||||||
EMPLOYEE BENEFIT PLANS | |||||||||
401(k) plan | |||||||||
The Company provides a 401(k) retirement savings plan for eligible employees. Each employee reaching the age of 21 and having completed at least 1,000 hours of service in a twelve-month period automatically becomes a participant in the plan. For participating employees, the Company contributes an amount equal to 3% of each employee’s compensation for the plan year to their participation account and makes matching contributions equal to 50% of the first 2% of each participant’s deferred compensation for the plan year. Contributions for the years ended June 30, 2014, 2013 and 2012 amounted to $257,000, $268,000 and $220,000, respectively. | |||||||||
Supplemental retirement benefits | |||||||||
The Company has entered into supplemental retirement benefit agreements with certain officers and directors which provide for annual retirement benefits. The present value of future payments is being accrued monthly over the required service periods. Supplemental retirement benefit expense for the years ended June 30, 2014, 2013 and 2012 amounted to $246,000, | |||||||||
EMPLOYEE BENEFIT PLANS (Concluded) | |||||||||
$306,000 and $382,000, respectively. In connection with the supplemental retirement agreements, the Company maintains a liability account with balances of $2.3 million and $3.3 million at June 30, 2014 and 2013, respectively. | |||||||||
Employee Stock Ownership Plan | |||||||||
The Company contributed funds to a subsidiary, Hampden LS, Inc., to enable it to make a 15-year loan to the ESOP to allow it to purchase shares of the Company common stock. On January 16, 2007, the ESOP purchased 635,990 shares, or 8% of the 7,949,879 shares issued in the Company’s initial public offering. This plan is a tax-qualified retirement plan for the benefit of eligible Company employees. The plan is created for the purpose of providing retirement benefits to participants and their beneficiaries in a manner consistent with the requirements of the Internal Revenue Code and Title I of ERISA. Eligible employees who have attained age 21 and have been employed by the Company for three months as of January 16, 2007 were eligible to participate in the plan. Thereafter, employees who have attained the age of 21 and have completed 1,000 hours of service during a continuous 12-month period will be eligible to participate as of the first entry date following completion of the plan’s eligibility requirements. | |||||||||
At June 30, 2014, the principal balance on the ESOP debt is payable over the years ending June 30, 2015 to 2019 and thereafter in the amount of $399,000, $432,000, $467,000, $506,000, $548,000, and $1.9 million, respectively. | |||||||||
The Company has committed to make contributions to the ESOP sufficient to support the debt service of the loan. The loan is secured by the shares purchased, which are held in a suspense account and allocated among the participants as the loan is repaid. Cash dividends paid on allocated shares are distributed to participants and cash dividends paid on unallocated shares are used to repay the outstanding debt of the ESOP. | |||||||||
Shares held by the ESOP include the following: | |||||||||
June 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Allocated | 243,956 | 232,721 | 199,907 | ||||||
Committed to be allocated | 21,200 | 21,200 | 21,200 | ||||||
Unallocated | 317,998 | 360,397 | 402,796 | ||||||
583,154 | 614,318 | 623,903 | |||||||
Total compensation expense for the years ended June 30, 2014, 2013 and 2012 was $685,000, $613,000 and $530,000, respectively. The total fair value of the unallocated shares as of June 30, 2014, and 2013 was $5.4 million. |
Equity_Incentive_Plan
Equity Incentive Plan | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Equity Incentive Plan | ' | |||||||||||
EQUITY INCENTIVE PLAN | ||||||||||||
Stock Options | ||||||||||||
Under the Company’s 2008 Equity Incentive Plan (the “Plan”), the Company may grant stock options to its directors, employees, and consultants for up to 794,987 shares of common stock. Both incentive stock options and non-qualified stock options may be granted under the Plan. On April 29, 2008, the Board of Directors of the Company granted stock options to purchase 595,000 shares of common stock to its directors and employees. The exercise price of each option equals the market price of the Company’s stock on the date of grant and the maximum term of each option is 10 years. For the options that were awarded on April 29, 2008, the vesting period is five years from date of grant, with vesting at 20% per year, except that the Company’s options granted to its former chief executive officer vest over four years from date of grant at 25% per year. At June 30, 2014, all of these options were fully vested. During the year ended June 30, 2013, 35,000 stock options with an exercise price of $12.51 per share were awarded to employees and the vesting period is five years from date of grant. During the year ended June 30, 2014, 10,000 stock options with an exercise price of $16.49 per share were awarded to an employee and the vesting period is five years from date of grant. There are 188,987 stock options that are available to be granted as of June 30, 2014. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for options granted during the years ended June 30, 2014, 2013 and 2012: | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Fair value | $ | 4.45 | $ | 3.34 | $ | 3.44 | ||||||
Expected dividends | 1.49 | % | 1.26 | % | 0.94 | % | ||||||
Expected term (years) | 6.5 | 6.5 | 6.25 | |||||||||
Expected volatility | 26.45 | % | 27.97 | % | 27.97 | % | ||||||
Risk-free interest rate | 2.84 | % | 1.75 | % | 2.19 | % | ||||||
The expected volatility is based on historical volatility through the date of grant. The risk-free interest rate for periods within the contractual life of the awards is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected term is based on the simplified method calculation allowed for “plain vanilla” share options. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. | ||||||||||||
A summary of options under the Plan for the year ended June 30, 2014 is presented below: | ||||||||||||
Shares | Weighted | Weighted Average | ||||||||||
Average | Remaining | |||||||||||
Exercise Price | Contractual Term | |||||||||||
per Share | (in Years) | |||||||||||
Outstanding at June 30, 2013 | 555,183 | $ | 11.02 | |||||||||
Granted | 10,000 | 16.49 | ||||||||||
Exercised | (126,500 | ) | 10.86 | |||||||||
Outstanding at June 30, 2014 | 438,683 | $ | 11.2 | 4.4 | ||||||||
Exercisable at June 30, 2014 | 393,183 | $ | 10.95 | 3.9 | ||||||||
Share-based compensation expense applicable to stock options was $37,000, $256,000 and $330,000 for the years ended June 30, 2014, 2013 and 2012, respectively, and the recognized tax benefit related to this expense was $13,000, $63,000 and $84,000, respectively. As of June 30, 2014, unrecognized stock-based compensation expense related to nonvested options amounted to $133,000. This amount is expected to be recognized over a weighted average period of 3.3 years. The intrinsic value of all stock options outstanding and exercisable at June 30, 2014 was $2,484,000 and $2,323,000, respectively. The intrinsic value of stock options that were exercised in fiscal 2014 was $656,000. | ||||||||||||
Stock Awards | ||||||||||||
Under the Company’s 2008 Equity Incentive Plan, the Company may grant stock awards to its directors, employees and consultants for up to 317,996 shares of common stock. The stock awards vest at 20% - 25% per year. During the year ended June 30, 2013, 3,000 shares of restricted stock were awarded with a grant date fair value of $12.51 per share that vest over a five years period. There were no shares of restricted stock awarded during the year ended June 30, 2014. The fair market value of the stock awards, based on the market price at grant date, is recorded as unearned compensation. Unearned compensation is amortized over the applicable vesting period. The Company recognized compensation expense related to restricted stock awards of $9,000, $247,000 and $596,000 for the years ended June 30, 2014, 2013 and 2012, respectively. The tax benefit related to the vesting of restricted stock awards was $1,000, $105,000 and $42,000 for the years ended June 30, 2014, 2013 and 2012, respectively. As of June 30, 2014, there was $8,000 of total unrecognized compensation cost related to nonvested stock awards granted under the Plan, which is expected to be recognized over a period of 3.1 years. | ||||||||||||
A summary of the status of the Company’s stock awards is presented below: | ||||||||||||
Nonvested | ||||||||||||
Shares | ||||||||||||
Balance at June 30, 2013 | 3,000 | |||||||||||
Granted | — | |||||||||||
Vested | (600 | ) | ||||||||||
Balance at June 30, 2014 | 2,400 | |||||||||||
The aggregate fair value of the stock awards that vested in fiscal year 2014 was $9,000. |
Restrictions_on_Dividends_Loan
Restrictions on Dividends, Loans and Advances | 12 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Restrictions on Dividends, Loans and Advances | ' |
RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES | |
Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by the Bank to the Company. The total amount of dividends which may be paid at any date is generally limited to the retained earnings of the Bank, and loans or advances are limited to 10% of the Bank’s capital stock and surplus on a secured basis. | |
At June 30, 2014, the Bank’s retained earnings available for the payment of dividends was $45.5 million. At June 30, 2014, $29.8 million of the Company’s equity in the net assets of the Bank was restricted. Funds available for loans or advances by the Bank to the Company amounted to $7.5 million. | |
In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. | |
In 2007, as part of the conversion to a stock company, the Company established a liquidation account in an amount equal to the net worth of the Bank as of the date of the last consolidated balance sheet appearing in the final prospectus distributed in connection with the conversion. The amount of the liquidation account as of June 30, 2014 is $4.3 million; however, this amount will decline over time. The liquidation account is maintained for the benefit of eligible account holders and supplemental eligible account holders who maintain their accounts at the Company after the conversion. The liquidation account will be reduced annually to the extent that such account holders have reduced their qualifying deposits as of each anniversary date. Subsequent increases will not restore an account holder's interest in the liquidation account. In the event of a complete liquidation, each eligible account holder will be entitled to receive balances for accounts then held. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | |||||||||||||||||||||
Determination of Fair Value | |||||||||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based on quoted market prices. However, in many instances, there are no quoted market prices for the Company’s assets and liabilities. In cases where quoted market prices are not available, fair vales are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates for future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. | |||||||||||||||||||||
Methods and assumptions for valuing the Company’s financial instruments are set forth below. Estimated fair values are calculated based on the value without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications or estimated transaction costs. | |||||||||||||||||||||
Cash and cash equivalents: The carrying amounts of cash and short-term investments approximate fair values. | |||||||||||||||||||||
Securities: The securities measured at fair value utilizing Level 1 and Level 2 inputs are government-sponsored enterprises, corporate bonds and other obligations, mortgage-backed securities and common stocks. The fair values used by the Company are obtained from an independent pricing service which are not adjusted by management and, represents either quoted market prices for identical securities, quoted market prices for comparable securities or fair values determined by pricing models that consider observable market data, such as interest rate volatilities, credit spreads and prices from market makers and live trading systems and other market indicators, industry and economic events. Municipal securities are valued utilizing Level 3 inputs. Since there is no readily available market pricing and no active market to sell these securities, management believes that the amortized cost of these securities approximates fair value based on their relatively short terms to maturity. | |||||||||||||||||||||
FHLB stock: The carrying amount of FHLB stock approximates fair value based upon the redemption provisions of the FHLB. | |||||||||||||||||||||
Loans held for sale: Fair value of loans held for sale are estimated based on commitments on hand from investors or prevailing market prices. | |||||||||||||||||||||
Loans: Fair values for loans are estimated using discounted cash flow analysis, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. This analysis assumes no prepayment. Fair values for non-performing loans are estimated using discounted cash flow analysis or underlying collateral values, where applicable. | |||||||||||||||||||||
Mortgage servicing rights: Mortgage servicing rights (“MSR”) are the rights of a mortgage servicer to collect mortgage payments and forward them, after deducting a fee, to the mortgage lender. The fair value of servicing rights is estimated using a present value cash flow model. The fair value of MSR is highly sensitive to changes in assumptions. Changes in prepayment speed assumptions generally have the most significant impact on the fair value of our MSR. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSR. As interest rates rise, mortgage loan prepayments slow down, which results in an increase in the fair value of MSR. Thus, any measurement of the fair value of our MSR is limited by the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different point in time. | |||||||||||||||||||||
Deposits and mortgage escrow accounts: The fair values for non-certificate accounts and mortgage escrow accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificate accounts are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||||||
Short-term borrowings: The carrying amount of short-term borrowings approximates fair value. | |||||||||||||||||||||
Long-term debt: The fair values of the Company's advances are estimated using discounted cash flow analysis based on current market borrowing rates for similar types of borrowing arrangements. | |||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES (Continued) | |||||||||||||||||||||
Accrued interest: The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||||||
Off-balance-sheet instruments: Fair values for off-balance-sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The estimated fair value of off-balance sheet financial instruments at June 30, 2014 and 2013 was not material. | |||||||||||||||||||||
The Company does not measure any liabilities at fair value on either a recurring or non-recurring basis. | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
The following table presents the balances of assets measured at fair value on a recurring basis as of June 30, 2014 and 2013: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
June 30, 2014 | (In Thousands) | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Debt securities | $ | — | $ | 133,857 | $ | — | $ | 133,857 | |||||||||||||
Marketable equity securities | 79 | — | — | 79 | |||||||||||||||||
Mortgage servicing rights | — | — | 792 | 792 | |||||||||||||||||
Total | $ | 79 | $ | 133,857 | $ | 792 | $ | 134,728 | |||||||||||||
June 30, 2013 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Debt securities | $ | — | $ | 138,662 | $ | — | $ | 138,662 | |||||||||||||
Marketable equity securities | 68 | — | — | 68 | |||||||||||||||||
Mortgage servicing rights | — | — | 654 | 654 | |||||||||||||||||
Total | $ | 68 | $ | 138,662 | $ | 654 | $ | 139,384 | |||||||||||||
The table below presents, for the years ended June 30, 2014 and 2013, the changes in Level 3 assets that are measured at fair value on a recurring basis: | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||
Servicing | |||||||||||||||||||||
Rights | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Balance as of July 1, 2012 | $ | 445 | |||||||||||||||||||
Total realized and unrealized gains included in net income | 161 | ||||||||||||||||||||
Capitalized servicing assets | 48 | ||||||||||||||||||||
Balance as of June 30, 2013 | 654 | ||||||||||||||||||||
Total realized and unrealized gains included in net income | 41 | ||||||||||||||||||||
Capitalized servicing assets | 97 | ||||||||||||||||||||
Balance as of June 30, 2014 | $ | 792 | |||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES (Continued) | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-recurring Basis | |||||||||||||||||||||
Also, the Company may be required, from time to time, to measure certain other financial assets at fair value on a non-recurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from | |||||||||||||||||||||
the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the carrying value of the related individual assets as of June 30, 2014 and 2013 all classified in Level 3 fair value hierarchy: | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Impaired loans | $ | 461 | $ | 292 | |||||||||||||||||
Other real estate owned | 309 | 1,221 | |||||||||||||||||||
Total | $ | 770 | $ | 1,513 | |||||||||||||||||
During the years ended June 30, 2014, 2013 and 2012 there were no transfers from levels 1, 2, or 3. | |||||||||||||||||||||
The amount of impaired loans represents the carrying value of loans that include adjustments which are based on the estimated fair value of the underlying collateral. The fair value of collateral used by the Company represents the current tax assessed value, discounted by 20%. This data includes information such as selling price of similar properties, expected future cash flows or earnings of the subject property based on current market expectations, as well as relevant legal, physical and economic factors. If the impaired loan is being actively marketed, the Company uses the realtor’s market analysis or listing price discounted by 10% and less 5% for realtor commission, instead of the tax assessment. The Company had a $102,000 loss on impaired loans for the year ended June 30, 2014 compared to a $103,000 loss and a $121,000 loss for years ended June 30, 2013 and 2012, respectively. Any resulting losses are recognized in earnings through the provision for loan losses. The Company charges off any collateral shortfall on collateral dependent impaired loans. | |||||||||||||||||||||
The Company classifies property acquired through foreclosure or acceptance of a deed in lieu of foreclosure as OREO in its consolidated financial statements. When property is placed into OREO, it is recorded at the fair value less estimated costs to sell at the date of foreclosure or acceptance of deed in lieu of foreclosure. At the time of transfer to OREO, any excess of carrying value over fair value is charged to the allowance for loan losses. Management, or its designee, inspects all OREO property periodically. Holding costs and declines in fair value result in charges to expense after the property is acquired. The Company had $226,000 loss on OREO, including a charge to the allowance for loan losses, for the year ended June 30, 2014. The Company had no loss on OREO, for the year ended June 30, 2013. The Company had a $362,000 loss on OREO, including a charge to the allowance for loan losses, for the year ended June 30, 2012. | |||||||||||||||||||||
Summary of Fair Values of Financial Instruments | |||||||||||||||||||||
The carrying amounts and related estimated fair values of the Company's financial instruments are as follows. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES (Concluded) | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
June 30, 2014 | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,667 | $ | 12,667 | $ | — | $ | — | $ | 12,667 | |||||||||||
Securities available for sale | 133,936 | 79 | 133,857 | — | 133,936 | ||||||||||||||||
Securities held to maturity | 9,302 | — | — | 9,302 | 9,302 | ||||||||||||||||
Federal Home Loan Bank stock | 6,648 | — | — | 6,648 | 6,648 | ||||||||||||||||
Loans held for sale | 330 | — | 330 | — | 330 | ||||||||||||||||
Loans, net | 507,635 | — | — | 513,765 | 513,765 | ||||||||||||||||
Accrued interest receivable | 1,688 | — | — | 1,688 | 1,688 | ||||||||||||||||
Mortgage servicing rights (1) | 792 | — | — | 792 | 792 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 491,732 | — | — | 493,500 | 493,500 | ||||||||||||||||
Short-term borrowings | 4,000 | — | 4,000 | — | 4,000 | ||||||||||||||||
Long-term debt | 112,446 | — | 113,823 | — | 113,823 | ||||||||||||||||
Mortgagors' escrow accounts | 1,184 | — | — | 1,184 | 1,184 | ||||||||||||||||
(1) Included in other assets. | |||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 25,618 | $ | 25,618 | $ | — | $ | — | $ | 25,618 | |||||||||||
Securities available for sale | 138,730 | 68 | 138,662 | — | 138,730 | ||||||||||||||||
Federal Home Loan Bank stock | 5,092 | — | — | 5,092 | 5,092 | ||||||||||||||||
Loans held for sale | 1,274 | — | 1,274 | — | 1,274 | ||||||||||||||||
Loans, net | 450,347 | — | — | 459,018 | 459,018 | ||||||||||||||||
Accrued interest receivable | 1,636 | — | — | 1,636 | 1,636 | ||||||||||||||||
Mortgage servicing rights (1) | 654 | — | — | 654 | 654 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 474,798 | — | — | 477,059 | 477,059 | ||||||||||||||||
Short-term borrowings | 4,500 | — | 4,500 | — | 4,500 | ||||||||||||||||
Long-term debt | 82,492 | — | 82,527 | — | 82,527 | ||||||||||||||||
Mortgagors' escrow accounts | 1,100 | — | — | 1,100 | 1,100 | ||||||||||||||||
(1) Included in other assets. | |||||||||||||||||||||
Parent_Company_Only_Condensed_
Parent Company Only Condensed Financial Statements | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Parent Company Only Condensed Financial Statements | ' | |||||||||||
PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS | ||||||||||||
The condensed financial information pertaining only to the parent company, Hampden Bancorp, Inc., is as follows: | ||||||||||||
BALANCE SHEETS | ||||||||||||
June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Assets | ||||||||||||
Cash on hand | $ | 4,920 | $ | 967 | ||||||||
Short-term investments | — | 65 | ||||||||||
Cash and cash equivalents | 4,920 | 1,032 | ||||||||||
Investment in Hampden Bank | 75,289 | 75,339 | ||||||||||
Investment in Hampden LS, Inc. | 1,993 | 1,762 | ||||||||||
Deferred tax asset | 700 | 1,221 | ||||||||||
Other assets | 4,257 | 4,305 | ||||||||||
$ | 87,159 | $ | 83,659 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Stockholders' equity | $ | 87,159 | $ | 83,659 | ||||||||
$ | 87,159 | $ | 83,659 | |||||||||
STATEMENTS OF OPERATIONS | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Income: | ||||||||||||
Interest on securities | $ | — | $ | — | $ | 30 | ||||||
Interest on cash and short-term investments | — | 3 | 2 | |||||||||
Non-interest income | — | — | 18 | |||||||||
Total income | — | 3 | 50 | |||||||||
Operating expenses | 951 | 1,343 | 1,920 | |||||||||
Loss before income taxes and equity in undistributed net income of subsidiaries | (951 | ) | (1,340 | ) | (1,870 | ) | ||||||
Income tax benefit | (250 | ) | (195 | ) | (321 | ) | ||||||
Loss before equity in undistributed net income of subsidiaries | (701 | ) | (1,145 | ) | (1,549 | ) | ||||||
Equity in undistributed net income of Hampden Bank | 4,986 | 3,878 | 4,320 | |||||||||
Equity in undistributed net income of Hampden LS, Inc. | 230 | 241 | 245 | |||||||||
Net income | $ | 4,515 | $ | 2,974 | $ | 3,016 | ||||||
PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (Concluded) | ||||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 4,515 | $ | 2,974 | $ | 3,016 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Dividends in excess of earnings of subsidiaries | 5,600 | 4,500 | 3,000 | |||||||||
Equity in undistributed net income of Hampden Bank | (4,986 | ) | (3,878 | ) | (4,320 | ) | ||||||
Equity in undistributed net income of Hampden LS, Inc. | (230 | ) | (241 | ) | (245 | ) | ||||||
Stock-based compensation | 46 | 503 | 926 | |||||||||
Deferred tax provision (benefit) | 521 | (69 | ) | (30 | ) | |||||||
Net change in: | ||||||||||||
Accrued interest receivable | — | — | 9 | |||||||||
Other assets | (429 | ) | (1,822 | ) | 16 | |||||||
Accrued expenses | 477 | 1,508 | 1,168 | |||||||||
Net cash provided by operating activities | 5,514 | 3,475 | 3,540 | |||||||||
Cash flows from investing activities: | ||||||||||||
Activities in available-for-sale securities: | ||||||||||||
Sales | — | 15 | 1,309 | |||||||||
Maturities | — | — | 1,933 | |||||||||
Net cash provided by investing activities | — | 15 | 3,242 | |||||||||
Cash flows from financing activities: | ||||||||||||
Payment of loan from Hampden LS, Inc. | 752 | 752 | 752 | |||||||||
Common stock repurchased | (454 | ) | (5,271 | ) | (10,410 | ) | ||||||
Payment of dividends on common stock | (1,268 | ) | (997 | ) | (820 | ) | ||||||
Other, net | (656 | ) | (377 | ) | (742 | ) | ||||||
Net cash used by financing activities | (1,626 | ) | (5,893 | ) | (11,220 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 3,888 | (2,403 | ) | (4,438 | ) | |||||||
Cash and cash equivalents at beginning of year | 1,032 | 3,435 | 7,873 | |||||||||
Cash and cash equivalents at end of year | $ | 4,920 | $ | 1,032 | $ | 3,435 | ||||||
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) | ' | |||||||||||||||||||||||||||||||
QUARTERLY DATA (UNAUDITED) | ||||||||||||||||||||||||||||||||
Quarterly results of operations for the years ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
(Dollars In Thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Interest and dividend income | $ | 6,501 | $ | 6,434 | $ | 6,428 | $ | 6,149 | $ | 6,094 | $ | 5,924 | $ | 6,121 | $ | 6,209 | ||||||||||||||||
Interest expense | 1,286 | 1,292 | 1,331 | 1,261 | 1,317 | 1,346 | 1,414 | 1,408 | ||||||||||||||||||||||||
Net interest income | 5,215 | 5,142 | 5,097 | 4,888 | 4,777 | 4,578 | 4,707 | 4,801 | ||||||||||||||||||||||||
Provision for loan losses | 150 | 150 | 150 | 100 | 350 | 100 | 175 | 50 | ||||||||||||||||||||||||
Non-interest income | 837 | 788 | 911 | 1,103 | 986 | 1,177 | 1,072 | 966 | ||||||||||||||||||||||||
Non-interest expense | 3,922 | 4,184 | 4,260 | 4,005 | 4,448 | 4,346 | 4,381 | 4,464 | ||||||||||||||||||||||||
Provision for income taxes | 714 | 575 | 577 | 679 | 347 | 485 | 453 | 492 | ||||||||||||||||||||||||
Net income | $ | 1,266 | $ | 1,021 | $ | 1,021 | $ | 1,207 | $ | 618 | $ | 824 | $ | 770 | $ | 761 | ||||||||||||||||
Basic earnings per share | $ | 0.24 | $ | 0.19 | $ | 0.19 | $ | 0.23 | $ | 0.12 | $ | 0.15 | $ | 0.14 | $ | 0.14 | ||||||||||||||||
Diluted earnings per share | $ | 0.23 | $ | 0.19 | $ | 0.19 | $ | 0.22 | $ | 0.11 | $ | 0.15 | $ | 0.14 | $ | 0.14 | ||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 5,327,928 | 5,313,484 | 5,300,289 | 5,274,900 | 5,372,849 | 5,389,400 | 5,401,349 | 5,495,803 | ||||||||||||||||||||||||
Diluted | 5,458,803 | 5,439,177 | 5,443,078 | 5,401,982 | 5,519,703 | 5,560,481 | 5,527,472 | 5,584,946 | ||||||||||||||||||||||||
Quarterly data may not sum to annual data due to rounding. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On July 1, 2014, the Company announced that The Board of Directors the Company and the Bank unanimously elected Robert A. Massey, as Chief Operating Officer of the Company and the Bank effective as of July 1, 2014. In addition, the Board of Directors of the Company and the Bank unanimously elected Tara G. Corthell, as Chief Financial Officer and Treasurer of the Company and the Bank effective as of July 1, 2014. | |
On August 5, 2014, the Company announced that its Board of Directors had declared a cash dividend of $0.08 per common share. The dividend was paid on August 29, 2014 to shareholders of record as of August 15, 2014. | |
On September 10, 2014, the Company repurchased 122,700 shares of Company stock for $2.1 million, at an average price of $17.00 per share pursuant to the Company’s previously announced stock repurchase programs. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation and Consolidation | ' | |
Basis of Presentation and Consolidation | ||
The accompanying consolidated financial statements include the accounts of Hampden Bancorp, Inc. (the “Company”), a Delaware corporation, and its wholly-owned subsidiaries, Hampden Bank (the “Bank”) and Hampden LS, Inc. Hampden Bank is a Massachusetts-chartered stock savings bank. The Company contributed funds to Hampden LS, Inc. to enable it to make a 15-year loan to the Employee Stock Ownership Plan (“ESOP”) to allow it to purchase shares of the Company’s common stock. The Bank has three wholly-owned subsidiaries: Hampden Investment Corporation and Hampden Investment Corporation II, which engage in buying, selling, holding and otherwise dealing in securities, and Hampden Insurance Agency, which is inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
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 consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The determination of the allowance for loan losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to significant change in the near term. | ||
Business and Operating Segments | ' | |
Business and Operating Segments | ||
The Company provides a variety of financial services to individuals and small businesses through its Internet operations and ten offices in Hampden County, Massachusetts, and surrounding communities. Its primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage and commercial loans. | ||
Financial information is reported on the basis that it is used internally for evaluating segment performance and deciding how to allocate resources to segments. Management evaluates the Company's performance and allocates resources based on a single segment concept. Accordingly, there are no separately identified material operating segments for which discrete financial information is available. The Company does not derive revenues from, or have assets located in foreign countries, nor does it derive revenues from any single customer that represents 10% or more of the Company's total revenues. | ||
Reclassification | ' | |
Reclassification | ||
Amounts in prior years consolidated financial statements are reclassified where necessary to conform to the current year presentation. | ||
Cash and Cash Equivalents and Statements of Cash Flows | ' | |
Cash and Cash Equivalents and Statements of Cash Flows | ||
Cash and due from banks, federal funds sold and short-term investments with original maturities of less than 90 days are recognized as cash equivalents in the consolidated statements of cash flows. Federal funds sold generally mature in one day. Cash flows from loans and deposits are reported on a net basis, except for loan purchases. The Company maintains amounts due from banks that, at times, may exceed federally insured limits. The Company has not experienced any losses from such concentrations. | ||
Securities | ' | |
Securities | ||
Debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as "available for sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. | ||
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses on disposition of securities are recorded on the trade date and determined using the specific identification method. | ||
Fair Value Hierarchy | ' | |
Fair Value Hierarchy | ||
The Company groups its assets generally measured at fair value in three levels based on the markets in which the assets are traded and the reliability of the assumptions used to determine the fair value, as follows: | ||
Level 1: | Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets in active markets. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. | |
Level 2: | Inputs to the valuation methodology include quoted prices for similar assets in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. | |
Level 3: | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |
Transfers between levels are recognized at the end of a reporting period if applicable. | ||
Federal Home Loan Bank Stock | ' | |
Federal Home Loan Bank Stock | ||
The Bank, as a member of the Federal Home Loan Bank of Boston ("FHLB"), is required to invest in shares of $100 par value stock of the FHLB in the amount of 1% of the Bank’s outstanding residential loans or 5% of its outstanding advances from the FHLB, whichever is higher. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on its stock. The Company reviews its investment in FHLB stock for impairment based on the ultimate recoverability of the cost basis in the FHLB stock. As of June 30, 2014, no impairment has been recognized. | ||
Loans Held for Sale | ' | |
Loans Held for Sale | ||
Loans originated and intended for sale in the secondary market are carried at the lower of amortized cost or fair value in the aggregate, as determined by outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to non-interest income. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loans sold. As of June 30, 2014 and 2013, the Company had no material derivative loan commitments. | ||
Loans | ' | |
Loans | ||
The Company grants mortgage, commercial, and consumer loans to customers. A substantial portion of the loan portfolio consists of mortgage loans in Hampden and Hampshire Counties, Massachusetts, and surrounding communities. The ability of the Company's debtors to honor their contracts is dependent upon the local real estate market and economy. | ||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated and purchased loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. | ||
The accrual of interest on mortgage and commercial loans is discontinued when reasonable doubt exists as to the full collection of interest and principal or at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Other personal loans are typically charged off no later than 180 days past due. Past due status is based on the contractual term of the loans. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are reclassified to accrual status once the borrower has shown the ability and an acceptable history of repayment of six months. The Company may also return a loan to accrual status if the borrower evidences sufficient cash flow to service the debt and provides additional collateral to support the collectability of the loan. | ||
Allowance for Loan Losses | ' | |
Allowance for Loan Losses | ||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | ||
The allowance for loan losses is evaluated on a quarterly basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | ||
The analysis of the allowance for loan losses has two components: specific and general allocations, which are further described below. | ||
Specific allocation | ||
Specific loss allocations are made for loans determined to be impaired. Specific allocations result in a charge-off if the likelihood of loss is evaluated as probable. The Company’s policy for charging off uncollectible loans is based on an analysis of the financial condition of the borrower and/or the collateral value. To determine the adequacy of collateral on a particular loan, an estimate of the fair value of the collateral is based on the most current appraised value, tax assessed value, discounted cash flow valuation or other available information. | ||
A loan is considered impaired when, based on current information and events, it is probable that a creditor will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Impaired loans are generally placed on non-accrual status either when there is reasonable doubt as to the full collection of payments or when the loans become 90 days past due unless an evaluation clearly indicates that the loan is well secured and in the process of collection. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral, adjusted for selling expenses, if the loan is collateral dependent. | ||
The Company may periodically agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are initially classified as impaired. | ||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment unless such loans are subject to a troubled debt restructuring agreement. | ||
General allocation | ||
The general allocation is determined by segregating the remaining loans, by loan segment and payment history. Consideration is given to historical loss experience, and qualitative factors such as delinquency trends, changes in underwriting standards or lending policies, procedures and practices, experience and depth of management and lending staff, and general economic conditions. This analysis establishes loss factors that are applied to the loan groups to determine the amount of the general allocations. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be significantly more than the allowance for loan losses that have been established which could have a material negative effect on financial results. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the year ended June 30, 2014. | ||
On a quarterly basis, management’s Loan Review Committee reviews the current status of various loan assets in order to evaluate the adequacy of the allowance for loan losses. In this evaluation process, specific loans are analyzed to determine their potential risk of loss. This process concentrates on non-accrual and classified loans with risk ratings of six or higher. Any loan determined to be impaired is evaluated for potential loss exposure as previously described. | ||
The qualitative factors are assessed based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | ||
Residential real estate – The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent unless there is private mortgage insurance. All loans in this segment are collateralized by one- to four-family residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. | ||
Commercial real estate – Loans in this segment are primarily income-producing properties throughout Massachusetts and Connecticut. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management requires annual borrower financial statements, obtains rent rolls annually and continually monitors the cash flows of these loans. | ||
Home equity loans - Home equity loans are broken out into two segments, secured by first or second mortgages on one- to four-family owner occupied properties, and are generally underwritten in amounts such that the combined first and second mortgage balances generally do not exceed 85% of the value of the property serving as collateral at time of origination. The lines of credit are available to be drawn upon for 10 to 20 years, at the end of which time they become term loans amortized over 5 to 10 years. Interest rates on home equity lines normally adjust based on the month-end prime rate published in the Wall Street Journal. | ||
Residential construction loans – Loans in this segment primarily include non-speculative real estate loans. All loans in this segment are collateralized by one- to four-family residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. | ||
Commercial construction loans – Loans in this segment primarily include construction to permanent non-speculative real estate loans. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy, which in turn, will have an effect on the credit quality in this segment. | ||
Commercial loans – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. | ||
Manufactured home loans – Loans in this segment are secured by first liens on properties located primarily in the Northeast. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates, will have an effect on the credit quality in this segment. | ||
Automobile and other secured loans – Loans in this segment include consumer non-real estate secured loans that the Company originates as well as automobile loans that the Company purchases from third parties. The Company has the ability to select the automobile loans it purchases based on its own underwriting standards. | ||
Other consumer loans – Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. | ||
Troubled Debt Restructurings | ||
A modified loan is considered a TDR when two conditions are met: (1) the borrower is experiencing financial difficulty and (2) concessions are made by the Company that would not otherwise be considered for a borrower with similar risk characteristics. The most common types of modifications include below market interest rate reductions, deferrals of principal and maturity extensions. Modified terms are dependent upon the financial position and needs of the individual borrower. If the modification agreement is violated, the loan is handled by the Company's Collections Department for resolution, which may result in foreclosure. The Company's determination of whether a loan modification is a TDR considers the individual facts and circumstances surrounding each modification. | ||
The Company's nonaccrual policy is followed for TDRs. If the loan was current prior to modification, nonaccrual status may not be required. If the loan was on nonaccrual prior to modification or if the payment amount significantly increases, the loan will remain on nonaccrual for a period of at least six months. Loans qualify for return to accrual status once the borrower has demonstrated the willingness and the ability to perform in accordance with the restructured terms of the loan agreement for a period of not less than six months and future payments are reasonably assured. | ||
TDR classifications may be removed if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar risk characteristics at the time of restructuring. All TDRs are initially reported as impaired. | ||
Loan Servicing | ' | |
Loan Servicing | ||
Servicing assets are recognized as separate assets at fair value when rights are acquired through purchase or through sale of financial assets. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation technique using the present value of estimated future cash flows calculated using current market discount rates. Servicing assets are measured at fair value at each reporting period and changes in fair value are recognized in other non-interest income in the period in which the change occurs. | ||
Transfers of Financial Assets | ' | |
Transfers of Financial Assets | ||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||
During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder can have the right to pledge or exchange the entire loan. | ||
Bank-Owned Life Insurance | ' | |
Bank-Owned Life Insurance | ||
Bank-owned life insurance policies are reflected on the consolidated balance sheet at cash surrender value. Changes in cash surrender value are reflected in non-interest income on the consolidated statement of net income and are not subject to income taxes. | ||
Premises and Equipment | ' | |
Premises and Equipment | ||
Land is carried at cost. Buildings, leasehold improvements and equipment are stated at cost, less accumulated depreciation and amortization, computed on the straight-line method over the estimated useful lives of the assets or the expected term of the lease, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. The cost of maintenance and repairs is expensed as incurred. | ||
Other Real Estate Owned | ' | |
Other Real Estate Owned | ||
The Company classifies property acquired through foreclosure or acceptance of a deed in lieu of foreclosure as other real estate owned (“OREO”) in its consolidated financial statements. When property is placed into OREO, it is recorded at the fair value less estimated costs to sell at the date of foreclosure or acceptance of deed in lieu of foreclosure. At the time of transfer to OREO, any excess of carrying value over fair value less estimated cost to sell is charged to the allowance for loan losses. Management, or its designee, inspects all OREO property periodically. Holding costs and declines in fair value subsequent to transfer result in charges to non-interest expense | ||
Advertising Costs | ' | |
Advertising Costs | ||
All advertising costs are expensed as incurred. | ||
Income Taxes | ' | |
Income Taxes | ||
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. As changes in the tax laws or rates are enacted, deferred tax assets and liabilities are adjusted accordingly through the provision for income taxes. The Company's base amount of its federal income tax reserve for loan losses is a permanent difference for which there is no recognition of a deferred tax liability. However, the loan loss allowance maintained for financial reporting purposes is a temporary difference with allowable recognition of a related deferred tax asset, if it is deemed realizable. The Company exercises significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities. These judgments require projections of future taxable income. These judgments and estimates, which are inherently subjective, are reviewed periodically as regulatory and business factors change. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that all or some portion of the deferred tax assets will not be realized. | ||
The Company has no material uncertain tax positions as of June 30, 2014 or 2013. | ||
The Company records interest and penalties as part of income tax expense. No interest and penalties were recorded for the years ended June 30, 2014, 2013 and 2012. | ||
Income tax benefits related to stock compensation in excess of grant date fair value less any proceeds on exercise are recognized as an increase to additional paid-in capital upon vesting or exercising and delivery of the stock. Any income tax effects related to stock compensation that are less than grant date fair value less any proceeds on exercise would be recognized as a reduction of additional paid-in capital to the extent of previously recognized income tax benefits and then through income tax expense for the remaining amount. | ||
Treasury Stock | ' | |
Treasury Stock | ||
Common stock shares repurchased are recorded as treasury stock at cost. | ||
Equity Incentive Plan | ' | |
Equity Incentive Plan | ||
The Company measures compensation cost relating to share-based payment transactions based on the grant date fair value of the equity instruments issued. Compensation cost is recognized over the vesting period of such awards on a straight-line basis. Unrecognized compensation cost applicable to restricted stock awards is recorded as unearned compensation and a reduction of stockholders’ equity. The fair value of stock option awards are estimated on the date of grant using the Black-Scholes option pricing model, which includes several assumptions such as expected volatility, dividends, term and risk-free rate for each stock option award. See Note 14 for additional information. Reductions in compensation expense associated with forfeited awards are estimated at the grant date, and this estimated forfeiture rate is adjusted based on actual forfeiture experience. | ||
Employee Stock Ownership Plan | ' | |
Employee Stock Ownership Plan | ||
Compensation expense is recognized based on the fair value of shares at the time they are committed to be released to the Employee Stock Ownership Plan (“ESOP”) participants. All shares held by the ESOP that are released and committed to be released are deemed outstanding for purposes of earnings per share calculations. The value of unearned shares to be allocated to ESOP participants for future services not yet performed is recorded as unearned compensation and a reduction of stockholders’ equity. | ||
Comprehensive income/loss | ' | |
Comprehensive Income/loss | ||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income. | ||
Earnings Per Common Share | ' | |
Earnings Per Common Share | ||
Basic earnings per share ("EPS") excludes dilution and is calculated by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents (such as unvested restricted stock or shares subject to options) were issued during the period. Unallocated common shares held by the ESOP are shown as a reduction of stockholders' equity, and are included in the weighted-average number of common shares outstanding for both basic and diluted earnings per share calculations when committed to be released. Unvested restricted shares are not considered outstanding in the computation of basic earnings per share since the rights to the dividends are forfeitable. | ||
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements | ||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-2 Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. The new requirements took effect for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012. This ASU guidance did not have a material impact on the Company’s consolidated financial statements. | ||
In January 2014, the FASB issued ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU was issued to clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the ASU amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and the ASU is to be adopted using either a modified retrospective transition method or a prospective transition method. The Company does not believe such ASU will have a material effect on the Company's consolidated financial statements for the interim and annual periods in 2014, other than the additional disclosures required. | ||
Fair Value of Financial Instruments | ' | |
Determination of Fair Value | ||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based on quoted market prices. However, in many instances, there are no quoted market prices for the Company’s assets and liabilities. In cases where quoted market prices are not available, fair vales are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates for future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. | ||
Methods and assumptions for valuing the Company’s financial instruments are set forth below. Estimated fair values are calculated based on the value without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications or estimated transaction costs. | ||
Cash and cash equivalents: The carrying amounts of cash and short-term investments approximate fair values. | ||
Securities: The securities measured at fair value utilizing Level 1 and Level 2 inputs are government-sponsored enterprises, corporate bonds and other obligations, mortgage-backed securities and common stocks. The fair values used by the Company are obtained from an independent pricing service which are not adjusted by management and, represents either quoted market prices for identical securities, quoted market prices for comparable securities or fair values determined by pricing models that consider observable market data, such as interest rate volatilities, credit spreads and prices from market makers and live trading systems and other market indicators, industry and economic events. Municipal securities are valued utilizing Level 3 inputs. Since there is no readily available market pricing and no active market to sell these securities, management believes that the amortized cost of these securities approximates fair value based on their relatively short terms to maturity. | ||
FHLB stock: The carrying amount of FHLB stock approximates fair value based upon the redemption provisions of the FHLB. | ||
Loans held for sale: Fair value of loans held for sale are estimated based on commitments on hand from investors or prevailing market prices. | ||
Loans: Fair values for loans are estimated using discounted cash flow analysis, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. This analysis assumes no prepayment. Fair values for non-performing loans are estimated using discounted cash flow analysis or underlying collateral values, where applicable. | ||
Mortgage servicing rights: Mortgage servicing rights (“MSR”) are the rights of a mortgage servicer to collect mortgage payments and forward them, after deducting a fee, to the mortgage lender. The fair value of servicing rights is estimated using a present value cash flow model. The fair value of MSR is highly sensitive to changes in assumptions. Changes in prepayment speed assumptions generally have the most significant impact on the fair value of our MSR. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSR. As interest rates rise, mortgage loan prepayments slow down, which results in an increase in the fair value of MSR. Thus, any measurement of the fair value of our MSR is limited by the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different point in time. | ||
Deposits and mortgage escrow accounts: The fair values for non-certificate accounts and mortgage escrow accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificate accounts are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. | ||
Short-term borrowings: The carrying amount of short-term borrowings approximates fair value. | ||
Long-term debt: The fair values of the Company's advances are estimated using discounted cash flow analysis based on current market borrowing rates for similar types of borrowing arrangements. | ||
FAIR VALUE OF ASSETS AND LIABILITIES (Continued) | ||
Accrued interest: The carrying amounts of accrued interest approximate fair value. | ||
Off-balance-sheet instruments: Fair values for off-balance-sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The estimated fair value of off-balance sheet financial instruments at June 30, 2014 and 2013 was not material. | ||
The Company does not measure any liabilities at fair value on either a recurring or non-recurring basis. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||||
The components of accumulated other comprehensive income and related tax effects are as follows: | ||||||||||||
June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Net unrealized gains on available-for-sale securities | $ | 233 | $ | 541 | ||||||||
Tax effects | (75 | ) | (195 | ) | ||||||||
Net-of-tax amount | $ | 158 | $ | 346 | ||||||||
Schedule of Earnings Per Share | ' | |||||||||||
Earnings per common share have been computed based upon the following: | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2011 | ||||||||||
Net income available to common stock (in thousands) | $ | 4,515 | $ | 2,974 | $ | 3,016 | ||||||
Average number of shares issued | 8,019,352 | 7,970,174 | 7,950,748 | |||||||||
Less: average unallocated ESOP shares | (340,868 | ) | (383,264 | ) | (425,660 | ) | ||||||
Less: average treasury stock | (2,371,873 | ) | (2,142,150 | ) | (1,631,852 | ) | ||||||
Less: average unvested restricted stock awards | (2,460 | ) | (29,909 | ) | (86,259 | ) | ||||||
Average number of basic shares outstanding | 5,304,151 | 5,414,851 | 5,806,977 | |||||||||
Plus: dilutive unvested restricted stock awards | 1,487 | 20,942 | 37,545 | |||||||||
Plus: dilutive stock option shares | 130,123 | 112,358 | 44,069 | |||||||||
Average number of diluted shares outstanding | 5,435,761 | 5,548,151 | 5,888,591 | |||||||||
Basic earnings per share | $ | 0.85 | $ | 0.55 | $ | 0.52 | ||||||
Diluted earnings per share | $ | 0.83 | $ | 0.54 | $ | 0.51 | ||||||
Investment_SecuritiesTables
Investment Securities(Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Securities Available for Sale | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of the Company's investment securities, with gross unrealized gains and losses, follows: | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate bonds | $ | 3,026 | $ | 60 | $ | — | $ | 3,086 | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 128,938 | 1,629 | (1,494 | ) | 129,073 | |||||||||||||||||||
Non-agency | 1,688 | 15 | (5 | ) | 1,698 | |||||||||||||||||||
Total debt securities | 133,652 | 1,704 | (1,499 | ) | 133,857 | |||||||||||||||||||
Marketable equity securities | 51 | 28 | — | 79 | ||||||||||||||||||||
Total securities available for sale | $ | 133,703 | $ | 1,732 | $ | (1,499 | ) | $ | 133,936 | |||||||||||||||
Held to Maturity | ||||||||||||||||||||||||
Municipal bonds | $ | 9,302 | $ | — | $ | — | $ | 9,302 | ||||||||||||||||
Total securities held to maturity | $ | 9,302 | $ | — | $ | — | $ | 9,302 | ||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Municipal bonds | $ | 395 | $ | — | $ | — | $ | 395 | ||||||||||||||||
Corporate bonds | 3,036 | 40 | — | 3,076 | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 132,498 | 1,916 | (1,426 | ) | 132,988 | |||||||||||||||||||
Non-agency | 2,209 | 10 | (16 | ) | 2,203 | |||||||||||||||||||
Total debt securities | 138,138 | 1,966 | (1,442 | ) | 138,662 | |||||||||||||||||||
Marketable equity securities | 51 | 17 | — | 68 | ||||||||||||||||||||
Total securities available for sale | $ | 138,189 | $ | 1,983 | $ | (1,442 | ) | $ | 138,730 | |||||||||||||||
Schedule of Debt Securities by Contractual Maturity | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities by contractual maturity at June 30, 2014 are set forth below. Expected maturities will differ from contractual maturities because the issuer may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | |||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | |||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Within 1 year | $ | — | $ | — | $ | 6,813 | $ | 6,813 | ||||||||||||||||
After 1 year but within 5 years | 3,026 | 3,086 | 2,489 | 2,489 | ||||||||||||||||||||
Total bonds, obligations, and municipals | 3,026 | 3,086 | 9,302 | 9,302 | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 128,938 | 129,073 | — | — | ||||||||||||||||||||
Non-agency | 1,688 | 1,698 | — | — | ||||||||||||||||||||
Total debt securities | $ | 133,652 | $ | 133,857 | $ | 9,302 | $ | 9,302 | ||||||||||||||||
Schedule of Securities with Gross Unrealized Losses | ' | |||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at June 30, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: | ||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | ||||||||||||||||||||||
Gross | Fair Value | Gross | Fair Value | Gross | Fair Value | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | $ | 38 | $ | 7,357 | $ | 1,456 | $ | 51,094 | $ | 1,494 | $ | 58,451 | ||||||||||||
Non-agency | 1 | 143 | 4 | 234 | 5 | 377 | ||||||||||||||||||
$ | 39 | $ | 7,500 | $ | 1,460 | $ | 51,328 | $ | 1,499 | $ | 58,828 | |||||||||||||
June 30, 2013: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | $ | 1,337 | $ | 68,456 | $ | 89 | $ | 6,142 | $ | 1,426 | $ | 74,598 | ||||||||||||
Non-agency | 5 | 330 | 11 | 1,047 | 16 | 1,377 | ||||||||||||||||||
$ | 1,342 | $ | 68,786 | $ | 100 | $ | 7,189 | $ | 1,442 | $ | 75,975 | |||||||||||||
Loan_Servicing_Tables
Loan Servicing (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Transfers and Servicing [Abstract] | ' | |||||||
Schedule of Servicing Assets at Fair Value | ' | |||||||
The changes in servicing assets measured using fair value are as follows: | ||||||||
Years Ended June 30, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Fair value at the beginning of year | $ | 654 | $ | 445 | ||||
Capitalized servicing assets | 97 | 48 | ||||||
Changes in fair value | 41 | 161 | ||||||
Fair value at end of year | $ | 792 | $ | 654 | ||||
Loans_Tables
Loans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Loan Balances | ' | |||||||||||||||||||||||||||||||||||||||||||
A summary of the balances of loans follows: | ||||||||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 107,498 | $ | 107,617 | ||||||||||||||||||||||||||||||||||||||||
Commercial | 200,750 | 167,381 | ||||||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | 36,299 | 36,093 | ||||||||||||||||||||||||||||||||||||||||||
Second lien | 39,845 | 42,328 | ||||||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 3,807 | 3,736 | ||||||||||||||||||||||||||||||||||||||||||
Commercial | 36,189 | 21,237 | ||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans on real estate | 424,388 | 378,392 | ||||||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 54,756 | 43,566 | ||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 21,766 | 21,716 | ||||||||||||||||||||||||||||||||||||||||||
Automobile and other secured loans | 7,172 | 7,682 | ||||||||||||||||||||||||||||||||||||||||||
Other | 2,566 | 1,679 | ||||||||||||||||||||||||||||||||||||||||||
Total other loans | 86,260 | 74,643 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | 510,648 | 453,035 | ||||||||||||||||||||||||||||||||||||||||||
Net deferred loan costs | 2,638 | 2,726 | ||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (5,651 | ) | (5,414 | ) | ||||||||||||||||||||||||||||||||||||||||
Total loans, net | $ | 507,635 | $ | 450,347 | ||||||||||||||||||||||||||||||||||||||||
Schedule of Loans by Risk Rating | ' | |||||||||||||||||||||||||||||||||||||||||||
The following tables present the Company’s loans by risk rating at June 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home Equity | Home Equity | Residential | Commercial | |||||||||||||||||||||||||||||||||||||||
Real Estate | First Lien | Second Lien | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 104,221 | $ | 184,317 | $ | 36,299 | $ | 39,688 | $ | 3,807 | $ | 36,189 | ||||||||||||||||||||||||||||||||
Loans rated 6 | 523 | 12,447 | — | 7 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 2,608 | 3,986 | — | 150 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 146 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 107,498 | $ | 200,750 | $ | 36,299 | $ | 39,845 | $ | 3,807 | $ | 36,189 | |||||||||||||||||||||||||||||||||
Commercial | Manufactured | Automobile and Other | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||
Homes | Secured Loans | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 49,874 | $ | 21,342 | $ | 7,172 | $ | 2,564 | $ | 485,473 | ||||||||||||||||||||||||||||||||||
Loans rated 6 | 533 | 160 | — | 1 | 13,671 | |||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 4,349 | 59 | — | 1 | 11,153 | |||||||||||||||||||||||||||||||||||||||
Loans rated 8 | — | 205 | — | — | 351 | |||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 54,756 | $ | 21,766 | $ | 7,172 | $ | 2,566 | $ | 510,648 | |||||||||||||||||||||||||||||||||||
LOANS (Continued) | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home Equity | Home Equity | Residential | Commercial | |||||||||||||||||||||||||||||||||||||||
Real Estate | First Lien | Second Lien | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 105,529 | $ | 153,513 | $ | 36,093 | $ | 41,963 | $ | 3,736 | $ | 21,237 | ||||||||||||||||||||||||||||||||
Loans rated 6 | 835 | 7,624 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 686 | 6,244 | — | 115 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 567 | — | — | 250 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 107,617 | $ | 167,381 | $ | 36,093 | $ | 42,328 | $ | 3,736 | $ | 21,237 | |||||||||||||||||||||||||||||||||
Commercial | Manufactured | Automobile and Other | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||
Homes | Secured Loans | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 36,827 | $ | 21,398 | $ | 7,682 | $ | 1,678 | $ | 429,656 | ||||||||||||||||||||||||||||||||||
Loans rated 6 | 994 | 146 | — | — | 9,599 | |||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 5,745 | 36 | — | 1 | 12,827 | |||||||||||||||||||||||||||||||||||||||
Loans rated 8 | — | 136 | — | — | 953 | |||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 43,566 | $ | 21,716 | $ | 7,682 | $ | 1,679 | $ | 453,035 | |||||||||||||||||||||||||||||||||||
Schedule of Past Due and Non-Accrual Loans | ' | |||||||||||||||||||||||||||||||||||||||||||
The following are summaries of past due and non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Loans on | ||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | or Greater | Past Due | Non-accrual | ||||||||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 607 | $ | 236 | $ | 2,437 | $ | 3,280 | $ | 2,755 | ||||||||||||||||||||||||||||||||||
Commercial | 583 | — | — | 583 | 534 | |||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Second lien | 159 | — | 111 | 270 | 150 | |||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 1,500 | 1,500 | 1,500 | |||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 304 | 27 | 240 | 571 | 240 | |||||||||||||||||||||||||||||||||||||||
Automobile and other | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
secured loans | ||||||||||||||||||||||||||||||||||||||||||||
Other | 12 | 1 | — | 13 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,665 | $ | 264 | $ | 4,288 | $ | 6,217 | $ | 5,179 | ||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 642 | $ | — | $ | 1,013 | $ | 1,655 | $ | 1,405 | ||||||||||||||||||||||||||||||||||
Commercial | 148 | — | — | 148 | 148 | |||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Second lien | 180 | 29 | 268 | 477 | 335 | |||||||||||||||||||||||||||||||||||||||
Commercial | 16 | 75 | 1,984 | 2,075 | 1,988 | |||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 115 | — | 103 | 218 | 103 | |||||||||||||||||||||||||||||||||||||||
Automobile and other | 18 | — | — | 18 | — | |||||||||||||||||||||||||||||||||||||||
secured loans | ||||||||||||||||||||||||||||||||||||||||||||
Other | 1 | — | — | 1 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,120 | $ | 104 | $ | 3,368 | $ | 4,592 | $ | 3,979 | ||||||||||||||||||||||||||||||||||
Schedule of Impaired Loans by Category | ' | |||||||||||||||||||||||||||||||||||||||||||
The following are summaries of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 2,755 | $ | 2,814 | $ | — | $ | 1,405 | $ | 1,676 | $ | — | ||||||||||||||||||||||||||||||||
Commercial | 3,147 | 3,147 | — | 5,962 | 5,962 | — | ||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 150 | 170 | — | 335 | 335 | — | ||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 2,952 | 2,952 | — | 4,408 | 4,415 | — | ||||||||||||||||||||||||||||||||||||||
Manufactured homes | 239 | 275 | — | 103 | 103 | — | ||||||||||||||||||||||||||||||||||||||
Total | 9,243 | 9,358 | — | 12,213 | 12,491 | — | ||||||||||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 537 | 537 | 11 | 2,208 | 2,208 | 32 | ||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | — | 533 | 533 | — | ||||||||||||||||||||||||||||||||||||||
Total | 537 | 537 | 11 | 2,741 | 2,741 | 32 | ||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 9,780 | $ | 9,895 | $ | 11 | $ | 14,954 | $ | 15,232 | $ | 32 | ||||||||||||||||||||||||||||||||
Schedule of Impaired Loans, Average Recorded Investment and Interest Income Recognized | ' | |||||||||||||||||||||||||||||||||||||||||||
At June 30, 2014, the Company has no impaired loans with additional funds committed to be advanced. Information pertaining to impaired loans for the years ended June 30, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, 2014 | Year Ended June 30, 2013 | Year Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | Average | Interest Income | |||||||||||||||||||||||||||||||||||||||
Recorded | Recognized | Recognized | Recorded | Recognized | Recorded | Recognized | Recognized | |||||||||||||||||||||||||||||||||||||
Investment | on a Cash | Investment on | Recognized | Investment | on a Cash | |||||||||||||||||||||||||||||||||||||||
on Impaired | Basis | Impaired | on a Cash | on Impaired | Basis | |||||||||||||||||||||||||||||||||||||||
Loans | Loans | Basis | Loans | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 1,682 | $ | 36 | $ | 33 | $ | 1,506 | $ | 69 | $ | 69 | $ | 1,789 | $ | 89 | $ | 89 | ||||||||||||||||||||||||||
Commercial | 5,905 | 252 | 17 | 10,795 | 682 | 682 | 10,482 | 701 | 685 | |||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | — | — | — | 34 | 2 | 2 | — | — | — | |||||||||||||||||||||||||||||||||||
Second lien | 214 | 5 | 5 | 238 | 11 | 7 | 253 | 4 | 4 | |||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | 232 | 15 | 15 | |||||||||||||||||||||||||||||||||||
Commercial | 4,199 | 131 | 6 | 4,294 | 138 | 138 | 4,606 | 226 | 226 | |||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 112 | 1 | 1 | 131 | 11 | — | 104 | — | 1 | |||||||||||||||||||||||||||||||||||
Total loans | $ | 12,112 | $ | 425 | $ | 62 | $ | 16,998 | $ | 913 | $ | 898 | $ | 17,466 | $ | 1,035 | $ | 1,020 | ||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||||||||||||||
Information pertaining to activity in the allowance for loan losses for the years ended June 30, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home | Home | Residential | Commercial | Commercial | Manufactured | Automobile and | Other | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Equity | Equity | Construction | Construction | Homes | Other Secured | Consumer | |||||||||||||||||||||||||||||||||||||
First Lien | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | ||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2011 | $ | 893 | $ | 2,922 | $ | 196 | $ | 321 | $ | 33 | $ | 32 | $ | 1,020 | $ | — | $ | — | $ | 56 | $ | 5,473 | ||||||||||||||||||||||
Charge-offs | (391 | ) | (166 | ) | (69 | ) | — | — | — | (213 | ) | — | — | (20 | ) | (859 | ) | |||||||||||||||||||||||||||
Recoveries | 71 | 16 | 5 | — | — | — | 11 | — | — | 6 | 109 | |||||||||||||||||||||||||||||||||
Provision (credit) | 292 | (412 | ) | 74 | (41 | ) | 5 | (12 | ) | 151 | 375 | 25 | (32 | ) | 425 | |||||||||||||||||||||||||||||
Balance at June 30, 2012 | 865 | 2,360 | 206 | 280 | 38 | 20 | 969 | 375 | 25 | 10 | 5,148 | |||||||||||||||||||||||||||||||||
Charge-offs | (185 | ) | (207 | ) | — | (70 | ) | — | — | — | — | (53 | ) | (29 | ) | (544 | ) | |||||||||||||||||||||||||||
Recoveries | 8 | — | 4 | — | — | — | 104 | — | 12 | 7 | 135 | |||||||||||||||||||||||||||||||||
Provision (credit) | 74 | 62 | 23 | 92 | (5 | ) | 295 | (8 | ) | 57 | 50 | 35 | 675 | |||||||||||||||||||||||||||||||
Balance at June 30, 2013 | 762 | 2,215 | 233 | 302 | 33 | 315 | 1,065 | 432 | 34 | 23 | 5,414 | |||||||||||||||||||||||||||||||||
Charge-offs | (147 | ) | (22 | ) | — | (19 | ) | — | — | — | (189 | ) | (5 | ) | (5 | ) | (387 | ) | ||||||||||||||||||||||||||
Recoveries | — | — | 5 | — | — | — | 50 | — | 18 | 1 | 74 | |||||||||||||||||||||||||||||||||
Provision (credit) | 82 | 95 | (34 | ) | (15 | ) | (3 | ) | 157 | 101 | 174 | (17 | ) | 10 | 550 | |||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | 697 | $ | 2,288 | $ | 204 | $ | 268 | $ | 30 | $ | 472 | $ | 1,216 | $ | 417 | $ | 30 | $ | 29 | $ | 5,651 | ||||||||||||||||||||||
LOANS (Concluded) | ||||||||||||||||||||||||||||||||||||||||||||
Information pertaining to the allowance for loan losses and recorded investment in loans at June 30, 2014, and 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial Real Estate | Home | Home | Residential Construction | Commercial Construction | Commercial | Manufactured Homes | Automobile | Other Consumer | Total | ||||||||||||||||||||||||||||||||||
Equity | Equity | and Other Secured | ||||||||||||||||||||||||||||||||||||||||||
First | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | Lien | |||||||||||||||||||||||||||||||||||||||||||
Allowance: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 11 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11 | ||||||||||||||||||||||
Non-impaired loans | 697 | 2,277 | 204 | 268 | 30 | 472 | 1,216 | 417 | 30 | 29 | 5,640 | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 697 | $ | 2,288 | $ | 204 | $ | 268 | $ | 30 | $ | 472 | $ | 1,216 | $ | 417 | $ | 30 | $ | 29 | $ | 5,651 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 2,755 | $ | 3,684 | $ | — | $ | 150 | $ | — | $ | — | $ | 2,952 | $ | 239 | $ | — | $ | — | $ | 9,780 | ||||||||||||||||||||||
Non-impaired loans | 104,743 | 197,066 | 36,299 | 39,695 | 3,807 | 36,189 | 51,804 | 21,527 | 7,172 | 2,566 | 500,868 | |||||||||||||||||||||||||||||||||
Total loans | $ | 107,498 | $ | 200,750 | $ | 36,299 | $ | 39,845 | $ | 3,807 | $ | 36,189 | $ | 54,756 | $ | 21,766 | $ | 7,172 | $ | 2,566 | $ | 510,648 | ||||||||||||||||||||||
At June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial Real Estate | Home | Home | Residential Construction | Commercial Construction | Commercial | Manufactured Homes | Automobile | Other Consumer | Total | ||||||||||||||||||||||||||||||||||
Equity | Equity | and Other Secured | ||||||||||||||||||||||||||||||||||||||||||
First | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | Lien | |||||||||||||||||||||||||||||||||||||||||||
Allowance: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 32 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32 | ||||||||||||||||||||||
Non-impaired loans | 762 | 2,183 | 233 | 302 | 33 | 315 | 1,065 | 432 | 34 | 23 | 5,382 | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 762 | $ | 2,215 | $ | 233 | $ | 302 | $ | 33 | $ | 315 | $ | 1,065 | $ | 432 | $ | 34 | $ | 23 | $ | 5,414 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 1,405 | $ | 8,170 | $ | — | $ | 335 | $ | — | $ | — | $ | 4,941 | $ | 103 | $ | — | $ | — | $ | 14,954 | ||||||||||||||||||||||
Non-impaired loans | 106,212 | 159,211 | 36,093 | 41,993 | 3,736 | 21,237 | 38,625 | 21,613 | 7,682 | 1,679 | 438,081 | |||||||||||||||||||||||||||||||||
Total loans | $ | 107,617 | $ | 167,381 | $ | 36,093 | $ | 42,328 | $ | 3,736 | $ | 21,237 | $ | 43,566 | $ | 21,716 | $ | 7,682 | $ | 1,679 | $ | 453,035 | ||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Schedule of Cost and Depreciation of Premises and Equipment | ' | |||||||||
A summary of the cost and accumulated depreciation and amortization is as follows: | ||||||||||
June 30, | ||||||||||
2014 | 2013 | Estimated | ||||||||
Useful Lives | ||||||||||
(In Thousands) | ||||||||||
Premises: | ||||||||||
Land | $ | 763 | $ | 763 | ||||||
Buildings and improvements | 5,693 | 5,616 | 5 - 39 Years | |||||||
Leasehold improvements | 2,902 | 2,811 | 5 - 10 Years | |||||||
Equipment | 3,890 | 3,723 | 3 - 10 Years | |||||||
13,248 | 12,913 | |||||||||
Accumulated depreciation and amortization | (8,580 | ) | (7,903 | ) | ||||||
$ | 4,668 | $ | 5,010 | |||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Schedule of Deposit Balances by Type | ' | |||||||
A summary of deposit balances by type is as follows: | ||||||||
At June 30, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Demand | $ | 84,224 | $ | 74,081 | ||||
NOW | 42,376 | 46,220 | ||||||
Regular and other savings | 102,909 | 104,893 | ||||||
Money market deposits | 99,505 | 84,277 | ||||||
Total non-certificate accounts | 329,014 | 309,471 | ||||||
Term certificates less than $100,000 | 60,027 | 67,398 | ||||||
Term certificates of $100,000 and greater | 102,691 | 97,929 | ||||||
Total certificate accounts | 162,718 | 165,327 | ||||||
Total deposits | $ | 491,732 | $ | 474,798 | ||||
Schedule of Time Deposits by Maturity | ' | |||||||
At June 30, 2014, the scheduled maturities of time deposits (in thousands) are as follows: | ||||||||
Year Ending June 30, | ||||||||
2015 | $ | 68,184 | ||||||
2016 | 32,233 | |||||||
2017 | 31,646 | |||||||
2018 | 13,895 | |||||||
2019 | 16,760 | |||||||
$ | 162,718 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Schedule of Federal Home Loan Bank Advances | ' | |||||||||||||
A summary of outstanding long-term fixed rate advances from the FHLB at June 30, 2014 and 2013 is as follows: | ||||||||||||||
Amount | Weighted Average Rate | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||||
Advances maturing | ||||||||||||||
in the years ending June 30, | ||||||||||||||
2014 | $ | — | $ | 3,754 | — | % | 1.45 | % | ||||||
*2015 | 13,427 | 6,053 | 0.53 | % | 0.85 | % | ||||||||
2016 | 35,800 | 28,800 | 1.3 | % | 1.47 | % | ||||||||
2017 | 26,000 | 25,000 | 1.92 | % | 1.95 | % | ||||||||
2018 | 18,885 | 18,885 | 2.09 | % | 2.09 | % | ||||||||
*2021 | 8,992 | — | 1.94 | % | — | % | ||||||||
*2024 | 9,342 | — | 2.75 | % | — | % | ||||||||
Total FHLB advances | $ | 112,446 | $ | 82,492 | 1.66 | % | 1.71 | % | ||||||
* For all starred items at June 30, 2014, includes amortizing advances aggregating $19.6 million requiring combined monthly principal and interest payments of $360,000. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Tax Provision by Jurisdiction Category and Classification | ' | |||||||||||
Allocation of the federal and state income taxes between current and deferred portions is as follows: | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Current tax provision: | ||||||||||||
Federal | $ | 1,672 | $ | 1,564 | $ | 452 | ||||||
State | 350 | 392 | 35 | |||||||||
2,022 | 1,956 | 487 | ||||||||||
Deferred tax provision (benefit): | ||||||||||||
Federal | 398 | 610 | 1,019 | |||||||||
State | 124 | (54 | ) | 252 | ||||||||
522 | 556 | 1,271 | ||||||||||
Change in valuation allowance | — | (735 | ) | 25 | ||||||||
522 | (179 | ) | 1,296 | |||||||||
Total tax provision | $ | 2,544 | $ | 1,777 | $ | 1,783 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory tax rate | 34 | % | 34 | % | 34 | % | ||||||
Increase (decrease) resulting from: | ||||||||||||
State taxes, net of federal tax benefit | 4.4 | 4.7 | 3.9 | |||||||||
Tax exempt income | (0.8 | ) | (0.6 | ) | (0.6 | ) | ||||||
Bank-owned life insurance | (2.4 | ) | (3.8 | ) | (3.2 | ) | ||||||
Change in valuation allowance assumptions, net of carryover expiration | — | 0.7 | 0.5 | |||||||||
Stock options | (0.2 | ) | 1.3 | 1.8 | ||||||||
Other, net | 1 | 1.1 | 0.8 | |||||||||
Effective income tax rate | 36 | % | 37.4 | % | 37.2 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The components of the net deferred tax asset are as follows: | ||||||||||||
June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Federal | $ | 3,923 | $ | 4,297 | ||||||||
State | 1,132 | 1,257 | ||||||||||
5,055 | 5,554 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Federal | (689 | ) | (786 | ) | ||||||||
State | (184 | ) | (184 | ) | ||||||||
(873 | ) | (970 | ) | |||||||||
Net deferred tax asset | $ | 4,182 | $ | 4,584 | ||||||||
Schedule of Components of Deferred Taxes | ' | |||||||||||
The tax effects of each item that give rise to deferred taxes are as follows: | ||||||||||||
June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Non-accrued interest income | $ | 158 | $ | 64 | ||||||||
Net unrealized gain on securities available for sale | (75 | ) | (195 | ) | ||||||||
Depreciation | 439 | 547 | ||||||||||
Mortgage servicing rights | (316 | ) | (261 | ) | ||||||||
Allowance for loan losses | 2,345 | 2,261 | ||||||||||
Employee benefit plans | 1,771 | 2,234 | ||||||||||
Other-than-temporary impairment of securities | — | 91 | ||||||||||
Other, net | (140 | ) | (157 | ) | ||||||||
Net deferred tax asset | $ | 4,182 | $ | 4,584 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Off-balance-sheet Credit Risks | ' | |||||||
A summary of financial instruments outstanding whose contract amounts represent credit risk is as follows: | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Commitments to grant loans | $ | 20,380 | $ | 63,607 | ||||
Unadvanced funds on home equity lines of credit | 35,718 | 34,498 | ||||||
Unadvanced funds on personal lines of credit | 1,828 | 1,852 | ||||||
Unadvanced funds on commercial lines of credit | 37,789 | 29,882 | ||||||
Unadvanced funds on construction loans | 37,889 | 25,164 | ||||||
Standby letters of credit | 500 | 548 | ||||||
Total loan commitments | $ | 134,104 | $ | 155,551 | ||||
Minimum_Regulatory_Capital_Req1
Minimum Regulatory Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||
Schedule of Regulatory Capital Amounts and Ratios | ' | ||||||||||||||||||||
The Company's and the Bank's actual and minimum required capital amounts and ratios are as follows: | |||||||||||||||||||||
Minimum | |||||||||||||||||||||
To Be Well | |||||||||||||||||||||
Minimum | Capitalized Under | ||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||
Total capital (to risk weighted assets): | |||||||||||||||||||||
Consolidated | $ | 92,586 | 18.3 | % | $ | 40,547 | 8 | % | N/A | N/A | |||||||||||
Bank | 80,715 | 15.9 | 40,570 | 8 | $ | 50,712 | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets): | |||||||||||||||||||||
Consolidated | 86,922 | 17.2 | 20,273 | 4 | N/A | N/A | |||||||||||||||
Bank | 75,051 | 14.8 | 20,285 | 4 | 30,427 | 6 | |||||||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||
Consolidated | 86,922 | 12.2 | 28,420 | 4 | N/A | N/A | |||||||||||||||
Bank | 75,051 | 10.6 | 28,297 | 4 | 35,372 | 5 | |||||||||||||||
As of June 30, 2013 | |||||||||||||||||||||
Total capital (to risk weighted assets): | |||||||||||||||||||||
Consolidated | $ | 88,670 | 19.1 | % | $ | 37,077 | 8 | % | N/A | N/A | |||||||||||
Bank | 80,350 | 17.5 | 36,788 | 8 | $ | 45,985 | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets): | |||||||||||||||||||||
Consolidated | 83,248 | 18 | 18,538 | 4 | N/A | N/A | |||||||||||||||
Bank | 74,928 | 16.3 | 18,394 | 4 | 27,591 | 6 | |||||||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||
Consolidated | 83,248 | 12.7 | 26,240 | 4 | N/A | N/A | |||||||||||||||
Bank | 74,928 | 11.6 | 25,827 | 4 | 32,284 | 5 | |||||||||||||||
Schedule of Reconciliation of Stockholders' Equity to Regulatory Capital | ' | ||||||||||||||||||||
A reconciliation of the Company’s year-end total stockholders’ equity to the Bank’s regulatory capital is as follows: | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Consolidated | Bank | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Total stockholders' equity per consolidated financial statements | $ | 87,159 | $ | 87,159 | |||||||||||||||||
Adjustments for Tier 1 capital: | |||||||||||||||||||||
Holding company equity adjustment | — | (11,871 | ) | ||||||||||||||||||
Accumulated gains on securities available for sale, net of tax | (158 | ) | (158 | ) | |||||||||||||||||
Mortgage servicing rights | (79 | ) | (79 | ) | |||||||||||||||||
Total Tier 1 capital | 86,922 | 75,051 | |||||||||||||||||||
Adjustments for total capital: | |||||||||||||||||||||
Unrealized gains on securities available for sale | 13 | 13 | |||||||||||||||||||
Allowance for loan losses | 5,651 | 5,651 | |||||||||||||||||||
Total capital per regulatory reporting | $ | 92,586 | $ | 80,715 | |||||||||||||||||
June 30, 2013 | |||||||||||||||||||||
Consolidated | Bank | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Total stockholders' equity per consolidated financial statements | $ | 83,659 | $ | 83,659 | |||||||||||||||||
Adjustments for Tier 1 capital: | |||||||||||||||||||||
Holding company equity adjustment | — | (8,320 | ) | ||||||||||||||||||
Accumulated gains on securities available for sale, net of tax | (346 | ) | (346 | ) | |||||||||||||||||
Mortgage servicing rights | (65 | ) | (65 | ) | |||||||||||||||||
Total Tier 1 capital | 83,248 | 74,928 | |||||||||||||||||||
Adjustments for total capital: | |||||||||||||||||||||
Unrealized gains on securities available for sale | 8 | 8 | |||||||||||||||||||
Allowance for loan losses | 5,414 | 5,414 | |||||||||||||||||||
Total capital per regulatory reporting | $ | 88,670 | $ | 80,350 | |||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Shares Held by ESOP by Status | ' | ||||||||
Shares held by the ESOP include the following: | |||||||||
June 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Allocated | 243,956 | 232,721 | 199,907 | ||||||
Committed to be allocated | 21,200 | 21,200 | 21,200 | ||||||
Unallocated | 317,998 | 360,397 | 402,796 | ||||||
583,154 | 614,318 | 623,903 | |||||||
Equity_Incentive_Plan_Tables
Equity Incentive Plan (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Schedule of Valuation Assumptions for Stock Options | ' | |||||||||||
The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for options granted during the years ended June 30, 2014, 2013 and 2012: | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Fair value | $ | 4.45 | $ | 3.34 | $ | 3.44 | ||||||
Expected dividends | 1.49 | % | 1.26 | % | 0.94 | % | ||||||
Expected term (years) | 6.5 | 6.5 | 6.25 | |||||||||
Expected volatility | 26.45 | % | 27.97 | % | 27.97 | % | ||||||
Risk-free interest rate | 2.84 | % | 1.75 | % | 2.19 | % | ||||||
Schedule of Stock Options Outstanding and Exercisable | ' | |||||||||||
A summary of options under the Plan for the year ended June 30, 2014 is presented below: | ||||||||||||
Shares | Weighted | Weighted Average | ||||||||||
Average | Remaining | |||||||||||
Exercise Price | Contractual Term | |||||||||||
per Share | (in Years) | |||||||||||
Outstanding at June 30, 2013 | 555,183 | $ | 11.02 | |||||||||
Granted | 10,000 | 16.49 | ||||||||||
Exercised | (126,500 | ) | 10.86 | |||||||||
Outstanding at June 30, 2014 | 438,683 | $ | 11.2 | 4.4 | ||||||||
Exercisable at June 30, 2014 | 393,183 | $ | 10.95 | 3.9 | ||||||||
Schedule of Nonvested Stock Awards | ' | |||||||||||
A summary of the status of the Company’s stock awards is presented below: | ||||||||||||
Nonvested | ||||||||||||
Shares | ||||||||||||
Balance at June 30, 2013 | 3,000 | |||||||||||
Granted | — | |||||||||||
Vested | (600 | ) | ||||||||||
Balance at June 30, 2014 | 2,400 | |||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The following table presents the balances of assets measured at fair value on a recurring basis as of June 30, 2014 and 2013: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
June 30, 2014 | (In Thousands) | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Debt securities | $ | — | $ | 133,857 | $ | — | $ | 133,857 | |||||||||||||
Marketable equity securities | 79 | — | — | 79 | |||||||||||||||||
Mortgage servicing rights | — | — | 792 | 792 | |||||||||||||||||
Total | $ | 79 | $ | 133,857 | $ | 792 | $ | 134,728 | |||||||||||||
June 30, 2013 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Debt securities | $ | — | $ | 138,662 | $ | — | $ | 138,662 | |||||||||||||
Marketable equity securities | 68 | — | — | 68 | |||||||||||||||||
Mortgage servicing rights | — | — | 654 | 654 | |||||||||||||||||
Total | $ | 68 | $ | 138,662 | $ | 654 | $ | 139,384 | |||||||||||||
Schedule of Level 3 Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The table below presents, for the years ended June 30, 2014 and 2013, the changes in Level 3 assets that are measured at fair value on a recurring basis: | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||
Servicing | |||||||||||||||||||||
Rights | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Balance as of July 1, 2012 | $ | 445 | |||||||||||||||||||
Total realized and unrealized gains included in net income | 161 | ||||||||||||||||||||
Capitalized servicing assets | 48 | ||||||||||||||||||||
Balance as of June 30, 2013 | 654 | ||||||||||||||||||||
Total realized and unrealized gains included in net income | 41 | ||||||||||||||||||||
Capitalized servicing assets | 97 | ||||||||||||||||||||
Balance as of June 30, 2014 | $ | 792 | |||||||||||||||||||
Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||
The following table summarizes the carrying value of the related individual assets as of June 30, 2014 and 2013 all classified in Level 3 fair value hierarchy: | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Impaired loans | $ | 461 | $ | 292 | |||||||||||||||||
Other real estate owned | 309 | 1,221 | |||||||||||||||||||
Total | $ | 770 | $ | 1,513 | |||||||||||||||||
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The carrying amounts and related estimated fair values of the Company's financial instruments are as follows. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES (Concluded) | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
June 30, 2014 | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,667 | $ | 12,667 | $ | — | $ | — | $ | 12,667 | |||||||||||
Securities available for sale | 133,936 | 79 | 133,857 | — | 133,936 | ||||||||||||||||
Securities held to maturity | 9,302 | — | — | 9,302 | 9,302 | ||||||||||||||||
Federal Home Loan Bank stock | 6,648 | — | — | 6,648 | 6,648 | ||||||||||||||||
Loans held for sale | 330 | — | 330 | — | 330 | ||||||||||||||||
Loans, net | 507,635 | — | — | 513,765 | 513,765 | ||||||||||||||||
Accrued interest receivable | 1,688 | — | — | 1,688 | 1,688 | ||||||||||||||||
Mortgage servicing rights (1) | 792 | — | — | 792 | 792 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 491,732 | — | — | 493,500 | 493,500 | ||||||||||||||||
Short-term borrowings | 4,000 | — | 4,000 | — | 4,000 | ||||||||||||||||
Long-term debt | 112,446 | — | 113,823 | — | 113,823 | ||||||||||||||||
Mortgagors' escrow accounts | 1,184 | — | — | 1,184 | 1,184 | ||||||||||||||||
(1) Included in other assets. | |||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 25,618 | $ | 25,618 | $ | — | $ | — | $ | 25,618 | |||||||||||
Securities available for sale | 138,730 | 68 | 138,662 | — | 138,730 | ||||||||||||||||
Federal Home Loan Bank stock | 5,092 | — | — | 5,092 | 5,092 | ||||||||||||||||
Loans held for sale | 1,274 | — | 1,274 | — | 1,274 | ||||||||||||||||
Loans, net | 450,347 | — | — | 459,018 | 459,018 | ||||||||||||||||
Accrued interest receivable | 1,636 | — | — | 1,636 | 1,636 | ||||||||||||||||
Mortgage servicing rights (1) | 654 | — | — | 654 | 654 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 474,798 | — | — | 477,059 | 477,059 | ||||||||||||||||
Short-term borrowings | 4,500 | — | 4,500 | — | 4,500 | ||||||||||||||||
Long-term debt | 82,492 | — | 82,527 | — | 82,527 | ||||||||||||||||
Mortgagors' escrow accounts | 1,100 | — | — | 1,100 | 1,100 | ||||||||||||||||
(1) Included in other assets. | |||||||||||||||||||||
Parent_Company_Only_Condensed_1
Parent Company Only Condensed Financial Statements(Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule of Condensed Financial Statements | ' | |||||||||||
The condensed financial information pertaining only to the parent company, Hampden Bancorp, Inc., is as follows: | ||||||||||||
BALANCE SHEETS | ||||||||||||
June 30, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Assets | ||||||||||||
Cash on hand | $ | 4,920 | $ | 967 | ||||||||
Short-term investments | — | 65 | ||||||||||
Cash and cash equivalents | 4,920 | 1,032 | ||||||||||
Investment in Hampden Bank | 75,289 | 75,339 | ||||||||||
Investment in Hampden LS, Inc. | 1,993 | 1,762 | ||||||||||
Deferred tax asset | 700 | 1,221 | ||||||||||
Other assets | 4,257 | 4,305 | ||||||||||
$ | 87,159 | $ | 83,659 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Stockholders' equity | $ | 87,159 | $ | 83,659 | ||||||||
$ | 87,159 | $ | 83,659 | |||||||||
STATEMENTS OF OPERATIONS | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Income: | ||||||||||||
Interest on securities | $ | — | $ | — | $ | 30 | ||||||
Interest on cash and short-term investments | — | 3 | 2 | |||||||||
Non-interest income | — | — | 18 | |||||||||
Total income | — | 3 | 50 | |||||||||
Operating expenses | 951 | 1,343 | 1,920 | |||||||||
Loss before income taxes and equity in undistributed net income of subsidiaries | (951 | ) | (1,340 | ) | (1,870 | ) | ||||||
Income tax benefit | (250 | ) | (195 | ) | (321 | ) | ||||||
Loss before equity in undistributed net income of subsidiaries | (701 | ) | (1,145 | ) | (1,549 | ) | ||||||
Equity in undistributed net income of Hampden Bank | 4,986 | 3,878 | 4,320 | |||||||||
Equity in undistributed net income of Hampden LS, Inc. | 230 | 241 | 245 | |||||||||
Net income | $ | 4,515 | $ | 2,974 | $ | 3,016 | ||||||
PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (Concluded) | ||||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
Years Ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 4,515 | $ | 2,974 | $ | 3,016 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Dividends in excess of earnings of subsidiaries | 5,600 | 4,500 | 3,000 | |||||||||
Equity in undistributed net income of Hampden Bank | (4,986 | ) | (3,878 | ) | (4,320 | ) | ||||||
Equity in undistributed net income of Hampden LS, Inc. | (230 | ) | (241 | ) | (245 | ) | ||||||
Stock-based compensation | 46 | 503 | 926 | |||||||||
Deferred tax provision (benefit) | 521 | (69 | ) | (30 | ) | |||||||
Net change in: | ||||||||||||
Accrued interest receivable | — | — | 9 | |||||||||
Other assets | (429 | ) | (1,822 | ) | 16 | |||||||
Accrued expenses | 477 | 1,508 | 1,168 | |||||||||
Net cash provided by operating activities | 5,514 | 3,475 | 3,540 | |||||||||
Cash flows from investing activities: | ||||||||||||
Activities in available-for-sale securities: | ||||||||||||
Sales | — | 15 | 1,309 | |||||||||
Maturities | — | — | 1,933 | |||||||||
Net cash provided by investing activities | — | 15 | 3,242 | |||||||||
Cash flows from financing activities: | ||||||||||||
Payment of loan from Hampden LS, Inc. | 752 | 752 | 752 | |||||||||
Common stock repurchased | (454 | ) | (5,271 | ) | (10,410 | ) | ||||||
Payment of dividends on common stock | (1,268 | ) | (997 | ) | (820 | ) | ||||||
Other, net | (656 | ) | (377 | ) | (742 | ) | ||||||
Net cash used by financing activities | (1,626 | ) | (5,893 | ) | (11,220 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 3,888 | (2,403 | ) | (4,438 | ) | |||||||
Cash and cash equivalents at beginning of year | 1,032 | 3,435 | 7,873 | |||||||||
Cash and cash equivalents at end of year | $ | 4,920 | $ | 1,032 | $ | 3,435 | ||||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||||||||||||||
Quarterly results of operations for the years ended June 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
(Dollars In Thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Interest and dividend income | $ | 6,501 | $ | 6,434 | $ | 6,428 | $ | 6,149 | $ | 6,094 | $ | 5,924 | $ | 6,121 | $ | 6,209 | ||||||||||||||||
Interest expense | 1,286 | 1,292 | 1,331 | 1,261 | 1,317 | 1,346 | 1,414 | 1,408 | ||||||||||||||||||||||||
Net interest income | 5,215 | 5,142 | 5,097 | 4,888 | 4,777 | 4,578 | 4,707 | 4,801 | ||||||||||||||||||||||||
Provision for loan losses | 150 | 150 | 150 | 100 | 350 | 100 | 175 | 50 | ||||||||||||||||||||||||
Non-interest income | 837 | 788 | 911 | 1,103 | 986 | 1,177 | 1,072 | 966 | ||||||||||||||||||||||||
Non-interest expense | 3,922 | 4,184 | 4,260 | 4,005 | 4,448 | 4,346 | 4,381 | 4,464 | ||||||||||||||||||||||||
Provision for income taxes | 714 | 575 | 577 | 679 | 347 | 485 | 453 | 492 | ||||||||||||||||||||||||
Net income | $ | 1,266 | $ | 1,021 | $ | 1,021 | $ | 1,207 | $ | 618 | $ | 824 | $ | 770 | $ | 761 | ||||||||||||||||
Basic earnings per share | $ | 0.24 | $ | 0.19 | $ | 0.19 | $ | 0.23 | $ | 0.12 | $ | 0.15 | $ | 0.14 | $ | 0.14 | ||||||||||||||||
Diluted earnings per share | $ | 0.23 | $ | 0.19 | $ | 0.19 | $ | 0.22 | $ | 0.11 | $ | 0.15 | $ | 0.14 | $ | 0.14 | ||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | 5,327,928 | 5,313,484 | 5,300,289 | 5,274,900 | 5,372,849 | 5,389,400 | 5,401,349 | 5,495,803 | ||||||||||||||||||||||||
Diluted | 5,458,803 | 5,439,177 | 5,443,078 | 5,401,982 | 5,519,703 | 5,560,481 | 5,527,472 | 5,584,946 | ||||||||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Narrative (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Location | |||
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of office locations (in locations) | 10 | ' | ' |
Mortgage and commercial loans, number of days past due when accrual of interest is discontinued | '90 days | ' | ' |
Other personal loans, time period past due when loan is charged off | '180 days | ' | ' |
Period of acceptable repayment after which loans are reclassified to accrual status | '6 months | ' | ' |
Period during which performance must occur to return troubled debt to accrual status | '6 months | ' | ' |
Interest and penalties recorded as part of income tax expense | $0 | $0 | $0 |
One- to four-family | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Maximum loan-to-value ratio at time of origination | 80.00% | ' | ' |
Home equity: | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Maximum loan-to-value ratio at time of origination | 85.00% | ' | ' |
Home equity: | Minimum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Contractual time period of availability for lines-of-credit to be drawn upon | '10 years | ' | ' |
Lines-of-credit converted to term loans, amortization period | '5 years | ' | ' |
Home equity: | Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Contractual time period of availability for lines-of-credit to be drawn upon | '20 years | ' | ' |
Lines-of-credit converted to term loans, amortization period | '10 years | ' | ' |
Federal Home Loan Bank of Boston | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Federal Home Loan Bank of Boston stock, par value per share (USD per share) | $100 | ' | ' |
Percentage of residential loans as one of two thresholds for calculating the amount of stock of FHLB the entity is required to acquire and hold | 1.00% | ' | ' |
Percentage of advances from FHLB as one of two thresholds for calculating the amount of stock of FHLB the entity is required to acquire and hold | 5.00% | ' | ' |
Hampden Bank | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of subsidiaries owned by Hampden Bank (in entities) | 3 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Net unrealized gains on available-for-sale securities | $233 | $541 |
Tax effects | -75 | -195 |
Net-of-tax amount | $158 | $346 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income available to common stock | $1,266 | $1,021 | $1,021 | $1,207 | $618 | $824 | $770 | $761 | $4,515 | $2,974 | $3,016 |
Average number of shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,019,352 | 7,970,174 | 7,950,748 |
Less: average unallocated ESOP shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -340,868 | -383,264 | -425,660 |
Less: average treasury stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -2,371,873 | -2,142,150 | -1,631,852 |
Less: average unvested restricted stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -2,460 | -29,909 | -86,259 |
Average number of basic shares outstanding (in shares) | 5,327,928 | 5,313,484 | 5,300,289 | 5,274,900 | 5,372,849 | 5,389,400 | 5,401,349 | 5,495,803 | 5,304,151 | 5,414,851 | 5,806,977 |
Average number of diluted shares outstanding (in shares) | 5,458,803 | 5,439,177 | 5,443,078 | 5,401,982 | 5,519,703 | 5,560,481 | 5,527,472 | 5,584,946 | 5,435,761 | 5,548,151 | 5,888,591 |
Basic earnings per share (in shares) | $0.24 | $0.19 | $0.19 | $0.23 | $0.12 | $0.15 | $0.14 | $0.14 | $0.85 | $0.55 | $0.52 |
Diluted earnings per share (in shares) | $0.23 | $0.19 | $0.19 | $0.22 | $0.11 | $0.15 | $0.14 | $0.14 | $0.83 | $0.54 | $0.51 |
Anti-dilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 0 | 0 |
Restricted Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plus: dilutive unvested restricted stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,487 | 20,942 | 37,545 |
Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plus: dilutive unvested restricted stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 130,123 | 112,358 | 44,069 |
Restrictions_on_Cash_and_Amoun1
Restrictions on Cash and Amounts Due from Banks (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ' | ' |
Average cash balances required to be maintained on hand or with Federal Reserve Bank | $7.30 | $6.40 |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Available for Sale | ' | ' |
Amortized Cost | $133,703 | $138,189 |
Gross Unrealized Gains | 1,732 | 1,983 |
Gross Unrealized Losses | -1,499 | -1,442 |
Fair Value | 133,936 | 138,730 |
Held to Maturity | ' | ' |
Amortized Cost | 9,302 | 0 |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | 0 | ' |
Fair Value | 9,302 | ' |
Debt securities | ' | ' |
Available for Sale | ' | ' |
Amortized Cost | 133,652 | 138,138 |
Gross Unrealized Gains | 1,704 | 1,966 |
Gross Unrealized Losses | -1,499 | -1,442 |
Fair Value | 133,857 | 138,662 |
Debt securities | Corporate bonds | ' | ' |
Available for Sale | ' | ' |
Amortized Cost | 3,026 | 3,036 |
Gross Unrealized Gains | 60 | 40 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,086 | 3,076 |
Debt securities | Agency | ' | ' |
Available for Sale | ' | ' |
Amortized Cost | 128,938 | 132,498 |
Gross Unrealized Gains | 1,629 | 1,916 |
Gross Unrealized Losses | -1,494 | -1,426 |
Fair Value | 129,073 | 132,988 |
Debt securities | Non-agency | ' | ' |
Available for Sale | ' | ' |
Amortized Cost | 1,688 | 2,209 |
Gross Unrealized Gains | 15 | 10 |
Gross Unrealized Losses | -5 | -16 |
Fair Value | 1,698 | 2,203 |
Debt securities | Municipal bonds | ' | ' |
Available for Sale | ' | ' |
Amortized Cost | ' | 395 |
Gross Unrealized Gains | ' | 0 |
Gross Unrealized Losses | ' | 0 |
Fair Value | ' | 395 |
Held to Maturity | ' | ' |
Amortized Cost | 9,302 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | 0 | ' |
Fair Value | 9,302 | ' |
Marketable equity securities | ' | ' |
Available for Sale | ' | ' |
Amortized Cost | 51 | 51 |
Gross Unrealized Gains | 28 | 17 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $79 | $68 |
Investment_Securities_Schedule1
Investment Securities - Schedule of Debt Securities by Contractual Maturity (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ' |
Total amortized cost basis | $9,302 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ' |
Total fair value basis | 9,302 |
Available for Sale | ' |
Total amortized cost basis | 133,652 |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ' |
Securities available for sale, at fair value | 133,857 |
Municipal And Corporate Bonds | ' |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ' |
Amortized cost within 1 year | 6,813 |
Amortized cost, after year 1, but within 5 years | 2,489 |
Total amortized cost basis | 9,302 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ' |
Fair vale, within 1 year | 6,813 |
Fair value, after year 1, but within 5 years | 2,489 |
Total fair value basis | 9,302 |
Available for Sale | ' |
Amortized cost within 1 year | 0 |
Amortized cost, after year 1, but within 5 years | 3,026 |
Total amortized cost basis | 3,026 |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ' |
Fair value, within 1 year | 0 |
Fair value, after 1 year but within 5 years | 3,086 |
Securities available for sale, at fair value | 3,086 |
Agency | ' |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ' |
Total amortized cost basis | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ' |
Total fair value basis | 0 |
Available for Sale | ' |
Total amortized cost basis | 128,938 |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ' |
Securities available for sale, at fair value | 129,073 |
Non-agency | ' |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ' |
Total amortized cost basis | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ' |
Total fair value basis | 0 |
Available for Sale | ' |
Total amortized cost basis | 1,688 |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ' |
Securities available for sale, at fair value | $1,698 |
Investment_Securities_Schedule2
Investment Securities - Schedule of Securities with Gross Unrealized Losses (Detail) (Debt securities, USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale - Continuous unrealized loss position, less than 12 months - Gross unrealized losses | $39 | $1,342 |
Securities available for sale - Continuous unrealized loss position, less than 12 months - Fair value | 7,500 | 68,786 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Gross unrealized losses | 1,460 | 100 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Fair value | 51,328 | 7,189 |
Securities available for sale - Continuous unrealized loss - Gross unrealized losses | 1,499 | 1,442 |
Securities available for sale - Continuous unrealized loss position - Fair value | 58,828 | 75,975 |
Agency | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale - Continuous unrealized loss position, less than 12 months - Gross unrealized losses | 38 | 1,337 |
Securities available for sale - Continuous unrealized loss position, less than 12 months - Fair value | 7,357 | 68,456 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Gross unrealized losses | 1,456 | 89 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Fair value | 51,094 | 6,142 |
Securities available for sale - Continuous unrealized loss - Gross unrealized losses | 1,494 | 1,426 |
Securities available for sale - Continuous unrealized loss position - Fair value | 58,451 | 74,598 |
Non-agency | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities available for sale - Continuous unrealized loss position, less than 12 months - Gross unrealized losses | 1 | 5 |
Securities available for sale - Continuous unrealized loss position, less than 12 months - Fair value | 143 | 330 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Gross unrealized losses | 4 | 11 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Fair value | 234 | 1,047 |
Securities available for sale - Continuous unrealized loss - Gross unrealized losses | 5 | 16 |
Securities available for sale - Continuous unrealized loss position - Fair value | $377 | $1,377 |
Investment_Securities_Narrativ
Investment Securities - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Securities reclassified from available-for-sale to held-to-maturity | $9,302 | $0 | $0 |
Proceeds from sales of securities available for sale | 0 | 3,189 | 1,308 |
Gross realized gains on securities available for sale | ' | 114 | 19 |
Debt securities | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Number of securities with unrealized losses (in securities) | 47 | ' | ' |
Aggregate depreciation percentage from amortized cost basis | 2.50% | ' | ' |
Fair value of securities with unrealized losses | 58,828 | 75,975 | ' |
Debt securities | Private mortgage originators | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Number of securities with unrealized losses (in securities) | 9 | ' | ' |
Amortized cost of securities with unrealized losses | 382 | ' | ' |
Fair value of securities with unrealized losses | $377 | ' | ' |
Loan_Servicing_Narrative_Detai
Loan Servicing - Narrative (Detail) (Mortgage Loans on Real Estate, USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Mortgage Loans on Real Estate | ' | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' | ' |
Loan servicing fees, annual percentage based on monthly outstanding balances of loans serviced | 0.25% | ' | ' |
Unpaid principal balance of mortgages serviced for others | $71,800,000 | $67,700,000 | ' |
Loan servicing fees recognized | $321,000 | $346,000 | $239,000 |
Loan_Servicing_Schedule_of_Ser
Loan Servicing - Schedule of Servicing Assets at Fair Value (Detail) (Other Assets, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Other Assets | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' |
Fair value of servicing assets at the beginning of year | $654 | $445 |
Capitalized servicing assets | 97 | 48 |
Changes in fair value of servicing assets | 41 | 161 |
Fair value of servicing assets at end of year | $792 | $654 |
Loans_Schedule_of_Loan_Balance
Loans - Schedule of Loan Balances (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | $510,648 | $453,035 | ' | ' |
Net deferred loan costs | 2,638 | 2,726 | ' | ' |
Allowance for loan losses | -5,651 | -5,414 | -5,148 | -5,473 |
Total loans, net | 507,635 | 450,347 | ' | ' |
First Lien | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 36,299 | 36,093 | ' | ' |
Second Lien | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 39,845 | 42,328 | ' | ' |
Mortgage Loans on Real Estate | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 424,388 | 378,392 | ' | ' |
One- to four-family | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 107,498 | 107,617 | ' | ' |
Allowance for loan losses | -697 | -762 | -865 | -893 |
Commercial | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 200,750 | 167,381 | ' | ' |
Allowance for loan losses | -2,288 | -2,215 | -2,360 | -2,922 |
Home equity: | First Lien | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 36,299 | 36,093 | ' | ' |
Allowance for loan losses | -204 | -233 | -206 | -196 |
Home equity: | Second Lien | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 39,845 | 42,328 | ' | ' |
Allowance for loan losses | -268 | -302 | -280 | -321 |
Residential Construction Loans | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 3,807 | 3,736 | ' | ' |
Allowance for loan losses | -30 | -33 | -38 | -33 |
Commercial Construction Loans | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 36,189 | 21,237 | ' | ' |
Allowance for loan losses | -472 | -315 | -20 | -32 |
Other Loan [Member] | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 86,260 | 74,643 | ' | ' |
Commercial | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 54,756 | 43,566 | ' | ' |
Allowance for loan losses | -1,216 | -1,065 | -969 | -1,020 |
Manufactured homes | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 21,766 | 21,716 | ' | ' |
Allowance for loan losses | -417 | -432 | -375 | 0 |
Automobile and other secured loans | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 7,172 | 7,682 | ' | ' |
Allowance for loan losses | -30 | -34 | -25 | 0 |
Other | ' | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' | ' |
Total loans | 2,566 | 1,679 | ' | ' |
Allowance for loan losses | ($29) | ($23) | ($10) | ($56) |
Loans_Narrative_Detail
Loans - Narrative (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Loans Receivable [Line Items] | ' | ' | ' |
Purchase of loans | $5,321,000 | $6,576,000 | $8,390,000 |
Manufactured homes | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' |
Purchase of loans | 3,000,000 | 2,900,000 | ' |
Automobile and other secured loans | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' |
Purchase of loans | 2,300,000 | 3,700,000 | ' |
Commercial Real Estate and Commercial Loans | ' | ' | ' |
Loans Receivable [Line Items] | ' | ' | ' |
Loans sold and serviced by the company | $34,400,000 | $35,000,000 | ' |
Loans_Schedule_of_Loans_by_Ris
Loans - Schedule of Loans by Risk Rating (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $510,648 | $453,035 |
Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 485,473 | 429,656 |
Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 13,671 | 9,599 |
Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 11,153 | 12,827 |
Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 351 | 953 |
Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
First Lien | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 36,299 | 36,093 |
Second Lien | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 39,845 | 42,328 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 54,756 | 43,566 |
Commercial | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 49,874 | 36,827 |
Commercial | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 533 | 994 |
Commercial | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 4,349 | 5,745 |
Commercial | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Commercial | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Manufactured homes | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 21,766 | 21,716 |
Manufactured homes | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 21,342 | 21,398 |
Manufactured homes | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 160 | 146 |
Manufactured homes | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 59 | 36 |
Manufactured homes | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 205 | 136 |
Manufactured homes | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Automobile and other secured loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,172 | 7,682 |
Automobile and other secured loans | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,172 | 7,682 |
Automobile and other secured loans | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Automobile and other secured loans | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Automobile and other secured loans | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Automobile and other secured loans | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,566 | 1,679 |
Other | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,564 | 1,678 |
Other | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1 | 0 |
Other | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1 | 1 |
Other | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Other | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
One- to four-family | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 107,498 | 107,617 |
One- to four-family | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 104,221 | 105,529 |
One- to four-family | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 523 | 835 |
One- to four-family | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,608 | 686 |
One- to four-family | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 146 | 567 |
One- to four-family | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 200,750 | 167,381 |
Commercial | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 184,317 | 153,513 |
Commercial | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 12,447 | 7,624 |
Commercial | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,986 | 6,244 |
Commercial | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Commercial | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Home equity: | First Lien | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 36,299 | 36,093 |
Home equity: | First Lien | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 36,299 | 36,093 |
Home equity: | First Lien | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Home equity: | First Lien | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Home equity: | First Lien | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Home equity: | First Lien | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Home equity: | Second Lien | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 39,845 | 42,328 |
Home equity: | Second Lien | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 39,688 | 41,963 |
Home equity: | Second Lien | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7 | 0 |
Home equity: | Second Lien | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 150 | 115 |
Home equity: | Second Lien | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 250 |
Home equity: | Second Lien | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Residential Construction Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,807 | 3,736 |
Residential Construction Loans | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,807 | 3,736 |
Residential Construction Loans | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Residential Construction Loans | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Residential Construction Loans | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Residential Construction Loans | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Commercial Construction Loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 36,189 | 21,237 |
Commercial Construction Loans | Loans rated 1-5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 36,189 | 21,237 |
Commercial Construction Loans | Loans rated 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Commercial Construction Loans | Loans rated 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Commercial Construction Loans | Loans rated 8 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Commercial Construction Loans | Loans rated 9 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $0 | $0 |
Loans_Troubled_Debt_Restructur
Loans - Troubled Debt Restructurings - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Loan | Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of new troubled debt restructuring loan relationships (in loans) | 0 | 2 | 2 |
Commercial Real Estate | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification carrying value of loan | ' | 528 | ' |
Post-modification carrying value of loan | ' | 551 | ' |
Impairment of restructured loan | ' | 13 | ' |
Restructured loans with payment defaults | ' | ' | 170 |
Commercial | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification carrying value of loan | ' | 1,000 | ' |
Post-modification carrying value of loan | ' | ' | 686 |
Home Equity Loan | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification carrying value of loan | ' | ' | 225 |
Post-modification carrying value of loan | ' | ' | 232 |
One- to four-family | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Restructured loans with payment defaults | ' | ' | 199 |
Home equity: | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Restructured loans with payment defaults | ' | ' | 26 |
Loans_Schedule_of_Past_Due_and
Loans - Schedule of Past Due and Non-Accrual Loans (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $1,665,000 | $1,120,000 |
60-89 Days Past Due | 264,000 | 104,000 |
90 Days or Greater Past Due | 4,288,000 | 3,368,000 |
Total Past Due | 6,217,000 | 4,592,000 |
Loans on Non-accrual | 5,179,000 | 3,979,000 |
Number of loans past due 90 days or more and still accruing (in loans) | 0 | 0 |
One- to four-family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 607,000 | 642,000 |
60-89 Days Past Due | 236,000 | 0 |
90 Days or Greater Past Due | 2,437,000 | 1,013,000 |
Total Past Due | 3,280,000 | 1,655,000 |
Loans on Non-accrual | 2,755,000 | 1,405,000 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 583,000 | 148,000 |
60-89 Days Past Due | 0 | 0 |
90 Days or Greater Past Due | 0 | 0 |
Total Past Due | 583,000 | 148,000 |
Loans on Non-accrual | 534,000 | 148,000 |
Home equity: | First Lien | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or Greater Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Loans on Non-accrual | 0 | 0 |
Home equity: | Second Lien | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 159,000 | 180,000 |
60-89 Days Past Due | 0 | 29,000 |
90 Days or Greater Past Due | 111,000 | 268,000 |
Total Past Due | 270,000 | 477,000 |
Loans on Non-accrual | 150,000 | 335,000 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 16,000 |
60-89 Days Past Due | 0 | 75,000 |
90 Days or Greater Past Due | 1,500,000 | 1,984,000 |
Total Past Due | 1,500,000 | 2,075,000 |
Loans on Non-accrual | 1,500,000 | 1,988,000 |
Manufactured homes | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 304,000 | 115,000 |
60-89 Days Past Due | 27,000 | 0 |
90 Days or Greater Past Due | 240,000 | 103,000 |
Total Past Due | 571,000 | 218,000 |
Loans on Non-accrual | 240,000 | 103,000 |
Automobile and other secured loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 18,000 |
60-89 Days Past Due | 0 | 0 |
90 Days or Greater Past Due | 0 | 0 |
Total Past Due | 0 | 18,000 |
Loans on Non-accrual | 0 | 0 |
Other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 12,000 | 1,000 |
60-89 Days Past Due | 1,000 | 0 |
90 Days or Greater Past Due | 0 | 0 |
Total Past Due | 13,000 | 1,000 |
Loans on Non-accrual | $0 | $0 |
Loans_Schedule_of_Impaired_Loa
Loans - Schedule of Impaired Loans by Category (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans without a valuation allowance, recorded investment | $9,243 | $12,213 |
Impaired loans without a valuation allowance, unpaid principal balance | 9,358 | 12,491 |
Impaired loans with a valuation allowance, recorded investment | 537 | 2,741 |
Impaired loans with a valuation allowance, unpaid principal balance | 537 | 2,741 |
Impaired loans with a valuation allowance, related allowance | 11 | 32 |
Total impaired loans, recorded investment | 9,780 | 14,954 |
Total impaired loans, unpaid principal balance | 9,895 | 15,232 |
One- to four-family | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans without a valuation allowance, recorded investment | 2,755 | 1,405 |
Impaired loans without a valuation allowance, unpaid principal balance | 2,814 | 1,676 |
Commercial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans without a valuation allowance, recorded investment | 3,147 | 5,962 |
Impaired loans without a valuation allowance, unpaid principal balance | 3,147 | 5,962 |
Impaired loans with a valuation allowance, recorded investment | 537 | 2,208 |
Impaired loans with a valuation allowance, unpaid principal balance | 537 | 2,208 |
Impaired loans with a valuation allowance, related allowance | 11 | 32 |
Home equity: | Second Lien | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans without a valuation allowance, recorded investment | 150 | 335 |
Impaired loans without a valuation allowance, unpaid principal balance | 170 | 335 |
Commercial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans without a valuation allowance, recorded investment | 2,952 | 4,408 |
Impaired loans without a valuation allowance, unpaid principal balance | 2,952 | 4,415 |
Impaired loans with a valuation allowance, recorded investment | 0 | 533 |
Impaired loans with a valuation allowance, unpaid principal balance | 0 | 533 |
Impaired loans with a valuation allowance, related allowance | 0 | 0 |
Manufactured homes | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans without a valuation allowance, recorded investment | 239 | 103 |
Impaired loans without a valuation allowance, unpaid principal balance | $275 | $103 |
Loans_Schedule_of_Impaired_Loa1
Loans - Schedule of Impaired Loans, Average Recorded Investment and Interest Income Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Loan | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Number of impaired loans committed to be advanced (in loans) | 0 | ' | ' |
Average investment in impaired loans | $12,112 | $16,998 | $17,466 |
Interest income recognized on impaired loans | 425 | 913 | 1,035 |
Interest income recognized on a cash basis on impaired loans | 62 | 898 | 1,020 |
One- to four-family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average investment in impaired loans | 1,682 | 1,506 | 1,789 |
Interest income recognized on impaired loans | 36 | 69 | 89 |
Interest income recognized on a cash basis on impaired loans | 33 | 69 | 89 |
Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average investment in impaired loans | 5,905 | 10,795 | 10,482 |
Interest income recognized on impaired loans | 252 | 682 | 701 |
Interest income recognized on a cash basis on impaired loans | 17 | 682 | 685 |
Home equity: | First Lien | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average investment in impaired loans | 0 | 34 | 0 |
Interest income recognized on impaired loans | 0 | 2 | 0 |
Interest income recognized on a cash basis on impaired loans | 0 | 2 | 0 |
Home equity: | Second Lien | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average investment in impaired loans | 214 | 238 | 253 |
Interest income recognized on impaired loans | 5 | 11 | 4 |
Interest income recognized on a cash basis on impaired loans | 5 | 7 | 4 |
Commercial Construction Loans | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average investment in impaired loans | 0 | 0 | 232 |
Interest income recognized on impaired loans | 0 | 0 | 15 |
Interest income recognized on a cash basis on impaired loans | 0 | 0 | 15 |
Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average investment in impaired loans | 4,199 | 4,294 | 4,606 |
Interest income recognized on impaired loans | 131 | 138 | 226 |
Interest income recognized on a cash basis on impaired loans | 6 | 138 | 226 |
Manufactured homes | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average investment in impaired loans | 112 | 131 | 104 |
Interest income recognized on impaired loans | 1 | 11 | 0 |
Interest income recognized on a cash basis on impaired loans | $1 | $0 | $1 |
Loans_Schedule_of_Allowance_fo
Loans - Schedule of Allowance for Loan Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Allowance: | ' | ' | ' |
Beginning balance | $5,414 | $5,148 | $5,473 |
Charge-offs | -387 | -544 | -859 |
Recoveries | 74 | 135 | 109 |
Provision (credit) | 550 | 675 | 425 |
Ending balance | 5,651 | 5,414 | 5,148 |
Impaired loans | 11 | 32 | ' |
Non-impaired loans | 5,640 | 5,382 | ' |
Total allowance for loan losses | 5,651 | 5,414 | 5,148 |
Loans: | ' | ' | ' |
Impaired loans | 9,780 | 14,954 | ' |
Non-impaired loans | 500,868 | 438,081 | ' |
Total loans | 510,648 | 453,035 | ' |
First Lien | ' | ' | ' |
Loans: | ' | ' | ' |
Total loans | 36,299 | 36,093 | ' |
Second Lien | ' | ' | ' |
Loans: | ' | ' | ' |
Total loans | 39,845 | 42,328 | ' |
One- to four-family | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 762 | 865 | 893 |
Charge-offs | -147 | -185 | -391 |
Recoveries | 0 | 8 | 71 |
Provision (credit) | 82 | 74 | 292 |
Ending balance | 697 | 762 | 865 |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 697 | 762 | ' |
Total allowance for loan losses | 697 | 762 | 865 |
Loans: | ' | ' | ' |
Impaired loans | 2,755 | 1,405 | ' |
Non-impaired loans | 104,743 | 106,212 | ' |
Total loans | 107,498 | 107,617 | ' |
Commercial | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 2,215 | 2,360 | 2,922 |
Charge-offs | -22 | -207 | -166 |
Recoveries | 0 | 0 | 16 |
Provision (credit) | 95 | 62 | -412 |
Ending balance | 2,288 | 2,215 | 2,360 |
Impaired loans | 11 | 32 | ' |
Non-impaired loans | 2,277 | 2,183 | ' |
Total allowance for loan losses | 2,288 | 2,215 | 2,360 |
Loans: | ' | ' | ' |
Impaired loans | 3,684 | 8,170 | ' |
Non-impaired loans | 197,066 | 159,211 | ' |
Total loans | 200,750 | 167,381 | ' |
Home equity: | First Lien | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 233 | 206 | 196 |
Charge-offs | 0 | 0 | -69 |
Recoveries | 5 | 4 | 5 |
Provision (credit) | -34 | 23 | 74 |
Ending balance | 204 | 233 | 206 |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 204 | 233 | ' |
Total allowance for loan losses | 204 | 233 | 206 |
Loans: | ' | ' | ' |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 36,299 | 36,093 | ' |
Total loans | 36,299 | 36,093 | ' |
Home equity: | Second Lien | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 302 | 280 | 321 |
Charge-offs | -19 | -70 | 0 |
Recoveries | 0 | 0 | 0 |
Provision (credit) | -15 | 92 | -41 |
Ending balance | 268 | 302 | 280 |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 268 | 302 | ' |
Total allowance for loan losses | 268 | 302 | 280 |
Loans: | ' | ' | ' |
Impaired loans | 150 | 335 | ' |
Non-impaired loans | 39,695 | 41,993 | ' |
Total loans | 39,845 | 42,328 | ' |
Residential Construction Loans | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 33 | 38 | 33 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision (credit) | -3 | -5 | 5 |
Ending balance | 30 | 33 | 38 |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 30 | 33 | ' |
Total allowance for loan losses | 30 | 33 | 38 |
Loans: | ' | ' | ' |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 3,807 | 3,736 | ' |
Total loans | 3,807 | 3,736 | ' |
Commercial Construction Loans | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 315 | 20 | 32 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision (credit) | 157 | 295 | -12 |
Ending balance | 472 | 315 | 20 |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 472 | 315 | ' |
Total allowance for loan losses | 472 | 315 | 20 |
Loans: | ' | ' | ' |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 36,189 | 21,237 | ' |
Total loans | 36,189 | 21,237 | ' |
Commercial | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 1,065 | 969 | 1,020 |
Charge-offs | 0 | 0 | -213 |
Recoveries | 50 | 104 | 11 |
Provision (credit) | 101 | -8 | 151 |
Ending balance | 1,216 | 1,065 | 969 |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 1,216 | 1,065 | ' |
Total allowance for loan losses | 1,216 | 1,065 | 969 |
Loans: | ' | ' | ' |
Impaired loans | 2,952 | 4,941 | ' |
Non-impaired loans | 51,804 | 38,625 | ' |
Total loans | 54,756 | 43,566 | ' |
Manufactured homes | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 432 | 375 | 0 |
Charge-offs | -189 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision (credit) | 174 | 57 | 375 |
Ending balance | 417 | 432 | 375 |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 417 | 432 | ' |
Total allowance for loan losses | 417 | 432 | 375 |
Loans: | ' | ' | ' |
Impaired loans | 239 | 103 | ' |
Non-impaired loans | 21,527 | 21,613 | ' |
Total loans | 21,766 | 21,716 | ' |
Automobile and other secured loans | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 34 | 25 | 0 |
Charge-offs | -5 | -53 | 0 |
Recoveries | 18 | 12 | 0 |
Provision (credit) | -17 | 50 | 25 |
Ending balance | 30 | 34 | 25 |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 30 | 34 | ' |
Total allowance for loan losses | 30 | 34 | 25 |
Loans: | ' | ' | ' |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 7,172 | 7,682 | ' |
Total loans | 7,172 | 7,682 | ' |
Other | ' | ' | ' |
Allowance: | ' | ' | ' |
Beginning balance | 23 | 10 | 56 |
Charge-offs | -5 | -29 | -20 |
Recoveries | 1 | 7 | 6 |
Provision (credit) | 10 | 35 | -32 |
Ending balance | 29 | 23 | 10 |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 29 | 23 | ' |
Total allowance for loan losses | 29 | 23 | 10 |
Loans: | ' | ' | ' |
Impaired loans | 0 | 0 | ' |
Non-impaired loans | 2,566 | 1,679 | ' |
Total loans | $2,566 | $1,679 | ' |
Premises_and_Equipment_Schedul
Premises and Equipment - Schedule of Cost and Depreciation of Premises and Equipment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment | $13,248 | $12,913 | ' |
Accumulated depreciation and amortization | -8,580 | -7,903 | ' |
Premises and equipment, net | 4,668 | 5,010 | ' |
Depreciation and amortization | 671 | 734 | 764 |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment | 763 | 763 | ' |
Building and Building Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment | 5,693 | 5,616 | ' |
Building and Building Improvements | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Lives | '5 years | '5 years | ' |
Building and Building Improvements | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Lives | '39 years | '39 years | ' |
Leasehold Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment | 2,902 | 2,811 | ' |
Leasehold Improvements | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Lives | '5 years | '5 years | ' |
Leasehold Improvements | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Lives | '10 years | '10 years | ' |
Equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Premises and equipment | $3,890 | $3,723 | ' |
Equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Lives | '3 years | '3 years | ' |
Equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated Useful Lives | '10 years | '10 years | ' |
Deposits_Schedule_of_Deposit_B
Deposits - Schedule of Deposit Balances by Type (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deposits, by Type [Abstract] | ' | ' |
Demand | $84,224 | $74,081 |
NOW | 42,376 | 46,220 |
Regular and other savings | 102,909 | 104,893 |
Money market deposits | 99,505 | 84,277 |
Total non-certificate accounts | 329,014 | 309,471 |
Term certificates less than $100,000 | 60,027 | 67,398 |
Term certificates of $100,000 and greater | 102,691 | 97,929 |
Total certificate accounts | 162,718 | 165,327 |
Total deposits | $491,732 | $474,798 |
Deposits_Schedule_of_Time_Depo
Deposits - Schedule of Time Deposits by Maturity (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Maturities of Time Deposits [Abstract] | ' | ' |
Deposits maturing in year ending June 30, 2015 | $68,184 | ' |
Deposits maturing in year ending June 30, 2016 | 32,233 | ' |
Deposits maturing in year ending June 30, 2017 | 31,646 | ' |
Deposits maturing in year ending June 30, 2018 | 13,895 | ' |
Deposits maturing in year ending June 30, 2019 | 16,760 | ' |
Total certificate accounts | $162,718 | $165,327 |
ShortTerm_Borrowings_Detail
Short-Term Borrowings (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Federal Home Loan Bank of Boston | FHLB Ideal Way Line of Credit | FHLB Ideal Way Line of Credit | Federal Reserve Bank of Boston | Bankers Bank Northeast | Short-term borrowings | Short-term borrowings | Hampden Investment Corporation | |||
Federal Home Loan Bank of Boston | Federal Home Loan Bank of Boston | |||||||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FHLB advances, weighted average rate | 0.53% | 1.45% | ' | ' | ' | ' | ' | 0.33% | 0.37% | ' |
Percentage of carrying value of first mortgage and first lien fixed rate home equity loans on owner-occupied residential property and investments held at Hampden Investment Corporation securing borrowings under a blanket lien provided to the FHLB | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' |
Assets | $701,497,000 | $652,962,000 | ' | ' | ' | ' | ' | ' | ' | $108,700,000 |
Line of credit, amount available | ' | ' | ' | 2,000,000 | 2,000,000 | 10,000,000 | 7,400,000 | ' | ' | ' |
Line of credit, amount outstanding | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' |
Investments pledged for collateral with FHLB, market value | ' | ' | $11,300,000 | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Fede
Long-Term Debt - Schedule of Federal Home Loan Bank Advances (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract | ' | ' | ||
Due in next twelve months | $13,427 | [1] | $3,754 | |
Due in year two | 35,800 | 6,053 | [1] | |
Due in year three | 26,000 | 28,800 | ||
Due in year four | 18,885 | 25,000 | ||
Due in year five | ' | 18,885 | ||
Due in year eight | 8,992 | [1] | ' | |
Due in year ten | 9,342 | [1] | ' | |
Total FHLB advances | $112,446 | $82,492 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | ' | ' | ||
FHLB advances maturing year one, weighted average rate | 0.53% | 1.45% | ||
FHLB advances maturing year two, weighted average rate | 1.30% | 0.85% | ||
FHLB advances maturing year three, weighted average rate | 1.92% | 1.47% | ||
FHLB advances maturing year four, weighted average rate | 2.09% | 1.95% | ||
FHLB advances maturing year five, weighted average rate | ' | 2.09% | ||
FHLB advances maturing year seven, weighted average rate | 1.94% | ' | ||
FHLB advances maturing year ten, weighted average rate | 2.75% | ' | ||
Total FHLB advances, weighted average rate | 1.66% | 1.71% | ||
[1] | For all starred items at JuneB 30, 2014, includes amortizing advances aggregating $19.6 million requiring combined monthly principal and interest payments of $360,000. |
LongTerm_Debt_Schedule_of_Fede1
Long-Term Debt - Schedule of Federal Home Loan Bank Advances (Parenthetical) (Detail) (Long-term debt, Federal Home Loan Bank of Boston, USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Long-term debt | Federal Home Loan Bank of Boston | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' |
Amortizing advances | $19,600,000 |
Combined monthly principal and interest payments required for amortizing advances | $360,000 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt - Narrative (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2012 |
In Millions, unless otherwise specified | Federal Home Loan Bank of Boston | Federal Home Loan Bank of Boston | ||
Restructured FHLB Advances | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' | ' |
Callable amount of FHLB advances | ' | ' | $6 | ' |
FHLB advances | ' | ' | ' | $8.60 |
Reduction in weighted average cost of FHLB advances | ' | ' | ' | 1.00% |
Weighted average cost of FHLB advances | 1.66% | 1.71% | ' | 2.74% |
Income_Taxes_Schedule_of_Tax_P
Income Taxes - Schedule of Tax Provision by Jurisdiction Category and Classification (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Current tax provision: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $1,672 | $1,564 | $452 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 350 | 392 | 35 |
Total current tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 2,022 | 1,956 | 487 |
Deferred tax provision (benefit): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 398 | 610 | 1,019 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 124 | -54 | 252 |
Total deferred tax benefit, gross | ' | ' | ' | ' | ' | ' | ' | ' | 522 | 556 | 1,271 |
Change in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -735 | 25 |
Total deferred tax benefit, net | ' | ' | ' | ' | ' | ' | ' | ' | 522 | -179 | 1,296 |
Total tax provision | $714 | $575 | $577 | $679 | $347 | $485 | $453 | $492 | $2,544 | $1,777 | $1,783 |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory tax rate | 34.00% | 34.00% | 34.00% |
State taxes, net of federal tax benefit | 4.40% | 4.70% | 3.90% |
Tax exempt income | -0.80% | -0.60% | -0.60% |
Bank-owned life insurance | -2.40% | -3.80% | -3.20% |
Change in valuation allowance assumptions, net of carryover expiration | 0.00% | 0.70% | 0.50% |
Stock options | -0.20% | 1.30% | 1.80% |
Other, net | 1.00% | 1.10% | 0.80% |
Effective income tax rate | 36.00% | 37.40% | 37.20% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Federal | $3,923 | $4,297 |
State | 1,132 | 1,257 |
Total deferred tax assets, before valuation reserve | 5,055 | 5,554 |
Deferred tax liabilities: | ' | ' |
Federal | -689 | -786 |
State | -184 | -184 |
Total deferred tax liabilities | -873 | -970 |
Net deferred tax asset | $4,182 | $4,584 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Deferred Taxes (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Non-accrued interest income | $158 | $64 |
Net unrealized gain on securities available for sale | -75 | -195 |
Depreciation | 439 | 547 |
Mortgage servicing rights | -316 | -261 |
Allowance for loan losses | 2,345 | 2,261 |
Employee benefit plans | 1,771 | 2,234 |
Other-than-temporary impairment of securities | 0 | 91 |
Other, net | -140 | -157 |
Net deferred tax asset | $4,182 | $4,584 |
Income_Taxes_Narrative_Detail
Income Taxes - Narrative (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Oct. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jan. 16, 2007 | |
Charitable Contribution | Valuation Allowance, Charitable Contribution Carryforward | Valuation Allowance, Charitable Contribution Carryforward | Hampden Bank Charitable Foundation | ||||
Charitable Contribution | |||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Income tax expense related to expiration of charitable contribution carryforward | ' | ' | ' | ' | $35,000 | ' | ' |
Change in valuation allowance | 0 | -735,000 | 25,000 | ' | ' | 25,000 | ' |
Charitable contribution carryforward, gross amount | ' | ' | ' | 3,500,000 | ' | ' | ' |
Number of common shares contributed as part of the Bank's mutual to stock conversion | ' | ' | ' | ' | ' | ' | 378,566 |
Federal income tax reserve for loan losses | 2,300,000 | ' | ' | ' | ' | ' | ' |
Approximate percentage of federal income tax reserve for loan losses that would be subject to taxation in the fiscal year in which used other than to absorb loan losses | 150.00% | ' | ' | ' | ' | ' | ' |
Deferred income tax liability not provided | $887,000 | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Off-balance-sheet Credit Risks (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance-sheet credit risk liability | $134,104 | $155,551 |
Commitments to Grant Loans | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance-sheet credit risk liability | 20,380 | 63,607 |
Unadvanced Funds on Lines of Credit | Home equity: | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance-sheet credit risk liability | 35,718 | 34,498 |
Unadvanced Funds on Lines of Credit | Personal Line of Credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance-sheet credit risk liability | 1,828 | 1,852 |
Unadvanced Funds on Lines of Credit | Commercial Line of Credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance-sheet credit risk liability | 37,789 | 29,882 |
Unadvanced Funds on Loans | Construction Loans | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance-sheet credit risk liability | 37,889 | 25,164 |
Standby Letters of Credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off-balance-sheet credit risk liability | $500 | $548 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Operating Leases - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Future minimum rent payments under operating leases due in year ended June 30, 2015 | $349 | ' | ' |
Future minimum rent payments under operating leases due in year ended June 30, 2016 | 331 | ' | ' |
Future minimum rent payments under operating leases due in year ended June 30, 2017 | 330 | ' | ' |
Future minimum rent payments under operating leases due in year ended June 30, 2018 | 297 | ' | ' |
Future minimum rent payments under operating leases due in year ended June 30, 2019 | 271 | ' | ' |
Future minimum rent payments under operating leases due thereafter | 1,567 | ' | ' |
Rent expense under operating leases | $366 | $378 | $324 |
Minimum | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Option to extend operating lease term, number of years | '5 years | ' | ' |
Maximum | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Option to extend operating lease term, number of years | '10 years | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies - Employment and Change of Control Agreements - Narrative (Detail) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Oct. 31, 2012 | Oct. 31, 2012 | Jun. 30, 2014 | Oct. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | |
Chief Executive Officer | President | President | Officer | Officer | Officer | |
Minimum | Maximum | |||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Initial term of employment agreement | '3 years | ' | '3 years | ' | ' | ' |
Automatic extension of agreement term | '12 months | ' | '12 months | ' | ' | ' |
Minimum term of non-competition and non-disclosure restrictions following termination of executive's employment | '1 year | ' | '1 year | ' | ' | ' |
Term of severance pay coverage upon change in control | '2 years | ' | '2 years | ' | ' | ' |
Number of years prior to termination used to determine average annual compensation for change-in-control severance payment | '5 years | ' | '5 years | '5 years | ' | ' |
Employment and change-of-control agreement, annual salary multiplier | 200.00% | 200.00% | ' | ' | 100.00% | 200.00% |
Minimum_Regulatory_Capital_Req2
Minimum Regulatory Capital Requirements - Schedule of Regulatory Capital Amounts and Ratios (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Capital [Abstract] | ' | ' |
Total capital (to risk weighted assets), actual, amount | $92,586 | $88,670 |
Total capital (to risk weighted assets), minimum for capital adequacy purposes, amount | 40,547 | 37,077 |
Tier One Leverage Capital [Abstract] | ' | ' |
Tier 1 capital (to average assets), actual, amount | 86,922 | 83,248 |
Tier 1 capital (to average assets), minimum for capital adequacy purposes, amount | 28,420 | 26,240 |
Risk Based Ratios [Abstract] | ' | ' |
Total capital (to risk weighted assets), actual, ratio | 18.30% | 19.10% |
Total capital (to risk weighted assets), minimum for capital adequacy purposes, ratio | 8.00% | 8.00% |
Tier 1 capital (to risk weighted assets), actual, ratio | 17.20% | 18.00% |
Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes, ratio | 4.00% | 4.00% |
Leverage Ratios [Abstract] | ' | ' |
Tier 1 capital (to average assets), actual, ratio | 12.20% | 12.70% |
Tier 1 capital (to average assets), minimum for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier One Risk Based Capital [Abstract] | ' | ' |
Tier 1 capital (to risk weighted assets), actual, amount | 86,922 | 83,248 |
Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes, amount | 20,273 | 18,538 |
Hampden Bank | ' | ' |
Capital [Abstract] | ' | ' |
Total capital (to risk weighted assets), actual, amount | 80,715 | 80,350 |
Total capital (to risk weighted assets), minimum for capital adequacy purposes, amount | 40,570 | 36,788 |
Total capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions, amount | 50,712 | 45,985 |
Tier One Leverage Capital [Abstract] | ' | ' |
Tier 1 capital (to average assets), actual, amount | 75,051 | 74,928 |
Tier 1 capital (to average assets), minimum for capital adequacy purposes, amount | 28,297 | 25,827 |
Tier 1 capital (to average assets), minimum to be well capitalized under prompt corrective action provisions, amount | 35,372 | 32,284 |
Risk Based Ratios [Abstract] | ' | ' |
Total capital (to risk weighted assets), actual, ratio | 15.90% | 17.50% |
Total capital (to risk weighted assets), minimum for capital adequacy purposes, ratio | 8.00% | 8.00% |
Tier 1 capital (to risk weighted assets), actual, ratio | 14.80% | 16.30% |
Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes, ratio | 4.00% | 4.00% |
Total capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% |
Tier 1 capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 6.00% | 6.00% |
Leverage Ratios [Abstract] | ' | ' |
Tier 1 capital (to average assets), actual, ratio | 10.60% | 11.60% |
Tier 1 capital (to average assets), minimum for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Tier One Risk Based Capital [Abstract] | ' | ' |
Tier 1 capital (to risk weighted assets), actual, amount | 75,051 | 74,928 |
Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes, amount | 20,285 | 18,394 |
Tier 1 capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions, amount | $30,427 | $27,591 |
Minimum_Regulatory_Capital_Req3
Minimum Regulatory Capital Requirements - Schedule of Reconciliation of Stockholders' Equity to Regulatory Capital (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Reconciliation of Stockholders' Equity to Regulatory Capital [Line Items] | ' | ' | ' | ' |
Total stockholders' equity per consolidated financial statements | $87,159 | $83,659 | $87,160 | $93,516 |
Holding company equity adjustment | 0 | ' | ' | ' |
Accumulated gains on securities available for sale, net of tax | -158 | -346 | ' | ' |
Mortgage servicing rights | -79 | -65 | ' | ' |
Total Tier 1 capital | 86,922 | 83,248 | ' | ' |
Unrealized gains on securities available for sale | 13 | 8 | ' | ' |
Allowance for loan losses | 5,651 | 5,414 | ' | ' |
Total capital per regulatory reporting | 92,586 | 88,670 | ' | ' |
Hampden Bank | ' | ' | ' | ' |
Reconciliation of Stockholders' Equity to Regulatory Capital [Line Items] | ' | ' | ' | ' |
Total stockholders' equity per consolidated financial statements | 87,159 | 83,659 | ' | ' |
Holding company equity adjustment | -11,871 | -8,320 | ' | ' |
Accumulated gains on securities available for sale, net of tax | -158 | -346 | ' | ' |
Mortgage servicing rights | -79 | -65 | ' | ' |
Total Tier 1 capital | 75,051 | 74,928 | ' | ' |
Unrealized gains on securities available for sale | 13 | 8 | ' | ' |
Allowance for loan losses | 5,651 | 5,414 | ' | ' |
Total capital per regulatory reporting | $80,715 | $80,350 | ' | ' |
Employee_Benefit_Plans_401K_Pl
Employee Benefit Plans - 401(K) Plan - Narrative (Detail) (401(K) Retirement Savings Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
401(K) Retirement Savings Plan | ' | ' | ' |
Deferred Compensation Plans [Line Items] | ' | ' | ' |
Percentage of employee's annual compensation contributed to 401(K) retirement savings plan | 3.00% | ' | ' |
Percentage cap on employer matching contributions to a 401(k) plan | 50.00% | ' | ' |
Percentage cap on employee contributions for setting employer matching contributions to a 401(k) plan | 2.00% | ' | ' |
Deferred compensation arrangement expense | $257 | $268 | $220 |
Employee_Benefit_Plans_Supplem
Employee Benefit Plans - Supplemental Retirement Benefits - Narrative (Detail) (Supplemental Retirement Benefits, Officers and Directors, USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Supplemental Retirement Benefits | Officers and Directors | ' | ' | ' |
Deferred Compensation Plans [Line Items] | ' | ' | ' |
Supplemental retirement benefit expense | $246,000 | $306,000 | $382,000 |
Liability account for supplemental retirement agreements | $2,300,000 | $3,300,000 | ' |
Employee_Benefit_Plans_Employe
Employee Benefit Plans - Employee Stock Ownership Plan - Narrative (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 16, 2007 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' |
Number of shares issued in the Company's initial public offering | 7,949,879 | ' | ' | ' |
Compensation expense, ESOP plan | ' | $685,000 | $613,000 | $530,000 |
Employee Stock Ownership Plan | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' |
Number of shares purchased by ESOP | 635,990 | ' | ' | ' |
Percentage of shares issued in the Company's initial public offering purchased by ESOP | 8.00% | ' | ' | ' |
Compensation expense, ESOP plan | ' | 685,000 | 613,000 | 530,000 |
Fair value of unallocated shares | ' | 5,400,000 | 5,400,000 | ' |
Loan from Hampden LS, Inc. | Employee Stock Ownership Plan | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' |
Maturity period of loan to ESOP | ' | '15 years | ' | ' |
Principal balance payable in year ending June 30, 2015 | ' | 399,000,000 | ' | ' |
Principal balance payable in year ending June 30, 2016 | ' | 432,000,000 | ' | ' |
Principal balance payable in year ending June 30, 2017 | ' | 467,000,000 | ' | ' |
Principal balance payable in year ending June 30, 2018 | ' | 506,000,000 | ' | ' |
Principal balance payable in year ending June 30, 2019 | ' | 548,000,000 | ' | ' |
Principal balance payable after June 30, 2020 | ' | $1,900,000 | ' | ' |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Shares Held by ESOP by Status (Detail) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Shares held by ESOP, unallocated (in shares) | 317,998 | 360,397 | ' |
Employee Stock Ownership Plan | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Shares held by ESOP, allocated (in shares) | 243,956 | 232,721 | 199,907 |
Shares held by ESOP, committed to be allocated (in shares) | 21,200 | 21,200 | 21,200 |
Shares held by ESOP, unallocated (in shares) | 317,998 | 360,397 | 402,796 |
Shares held by ESOP, total (in shares) | 583,154 | 614,318 | 623,903 |
Equity_Incentive_Plan_Narrativ
Equity Incentive Plan - Narrative (Detail) (2008 Equity Incentive Plan, USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 29, 2008 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares authorized for grant (in shares) | ' | 794,987 | ' | ' |
Stock options granted (in shares) | 595,000 | 10,000 | ' | ' |
Share-based compensation award, maximum term | '10 years | ' | ' | ' |
Stock options, vesting period | '5 years | ' | ' | ' |
Percentage of shares vesting annually | 20.00% | ' | ' | ' |
Stock options, exercise price (USD per share) | ' | $16.49 | ' | ' |
Stock options available for grant under stock option plan (in shares) | ' | 188,987 | ' | ' |
Share-based compensation expense, stock options | ' | $37 | $256 | $330 |
Recognized tax benefit related to share-based compensation | ' | 13 | 63 | 84 |
Unrecognized stock-based compensation expense related to nonvested options | ' | 133 | ' | ' |
Unrecognized stock-based compensation expense, recognition period | ' | '3 years 3 months 15 days | ' | ' |
Intrinsic value of stock options outstanding | ' | 2,484 | ' | ' |
Intrinsic value of stock options exercisable | ' | 2,323 | ' | ' |
Intrinsic value of stock options exercised | ' | 656 | ' | ' |
Stock Options | Chief Executive Officer | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options, vesting period | '4 years | ' | ' | ' |
Percentage of shares vesting annually | 25.00% | ' | ' | ' |
Stock Options | Employee | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options granted (in shares) | ' | 10,000 | 35,000 | ' |
Stock options, vesting period | ' | '5 years | '5 years | ' |
Stock options, exercise price (USD per share) | ' | $16.49 | $12.51 | ' |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares authorized for grant (in shares) | ' | 317,996 | ' | ' |
Stock options, vesting period | ' | ' | '5 years | ' |
Recognized tax benefit related to share-based compensation | ' | 1 | 105 | 42 |
Unrecognized stock-based compensation expense, recognition period | ' | '3 years 1 month 6 days | ' | ' |
Shares granted (in shares) | ' | 0 | 3,000 | ' |
Fair value per share at grant date | ' | ' | $12.51 | ' |
Share-based compensation expense, restricted stock | ' | 9 | 247 | 596 |
Total unrecognized compensation cost related to nonvested restricted stock awards | ' | 8 | ' | ' |
Shares vested, aggregate fair value | ' | $9 | ' | ' |
Restricted Stock | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of shares vesting annually | ' | 20.00% | ' | ' |
Restricted Stock | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of shares vesting annually | ' | 25.00% | ' | ' |
Equity_Incentive_Plan_Schedule
Equity Incentive Plan - Schedule of Valuation Assumptions for Stock Options (Detail) (2008 Equity Incentive Plan, Stock Options, USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
2008 Equity Incentive Plan | Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock option fair value assumptions, fair value per share | $4.45 | $3.34 | $3.44 |
Stock option fair value assumptions, expected dividends | 1.49% | 1.26% | 0.94% |
Stock option fair value assumptions, expected term | '6 years 6 months | '6 years 6 months | '6 years 3 months |
Stock option fair value assumptions, expected volatility | 26.45% | 27.97% | 27.97% |
Stock option fair value assumptions, risk-free interest rate | 2.84% | 1.75% | 2.19% |
Equity_Incentive_Plan_Schedule1
Equity Incentive Plan - Schedule of Stock Options Outstanding and Exercisable (Detail) (2008 Equity Incentive Plan, Stock Options, USD $) | 0 Months Ended | 12 Months Ended |
Apr. 29, 2008 | Jun. 30, 2014 | |
2008 Equity Incentive Plan | Stock Options | ' | ' |
Shares | ' | ' |
Outstanding at beginning of year (in shares) | ' | 555,183 |
Granted (in shares) | 595,000 | 10,000 |
Exercised (in shares) | ' | -126,500 |
Outstanding at end of year (in shares) | ' | 438,683 |
Options exercisable at end of year (in shares) | ' | 393,183 |
Weighted Average Exercise Price per Share | ' | ' |
Outstanding at beginning of year, weighted average exercise price per share (USD per share) | ' | $11.02 |
Granted, weighted average exercise price per share (USD per share) | ' | $16.49 |
Exercised, weighted average exercise price per share (USD per share) | ' | $10.86 |
Outstanding at end of year, weighted average exercise price per share (USD per share) | ' | $11.20 |
Options exercisable at end of year, weighted average exercise price per share (USD per share) | ' | $10.95 |
Outstanding at end of year, weighted average remaining contractual term | ' | '4 years 4 months 24 days |
Options exercisable at end of year, weighted average remaining contractual term | ' | '3 years 10 months 24 days |
Equity_Incentive_Plan_Schedule2
Equity Incentive Plan - Schedule of Nonvested Stock Awards (Detail) (2008 Equity Incentive Plan, Restricted Stock) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
2008 Equity Incentive Plan | Restricted Stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Balance at beginning of year, nonvested shares (in shares) | 3,000 | ' |
Granted (in shares) | 0 | 3,000 |
Vested (in shares) | -600 | ' |
Balance at end of year, nonvested shares (in shares) | 2,400 | 3,000 |
Restrictions_on_Dividends_Loan1
Restrictions on Dividends, Loans and Advances (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Restrictions on Dividends, Loans and Advances [Line Items] | ' |
Liquidation account | $4.30 |
Hampden Bank | ' |
Restrictions on Dividends, Loans and Advances [Line Items] | ' |
Percentage of capital stock and surplus, maximum for loans and advances to parent company | 10.00% |
Retained earnings of Hampden Bank available for payment of dividends | 45.5 |
Restricted equity in net assets of Hampden Bank | 29.8 |
Funds available for loans or advances by the Bank to the Company | $7.50 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Narrative (Detail) (Fair Value, Measurements, Nonrecurring, Level 3, USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Impaired loans | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Discount percentage from tax assessment for underlying collateral of impaired loans | 20.00% | ' | ' |
Discount percentage from realtor's market analysis or listing price for underlying collateral of impaired loans | 10.00% | ' | ' |
Realtor commission percentage deducted from market analysis or listing price for underlying collateral of impaired loans | 5.00% | ' | ' |
Fair value, assets measured on nonrecurring basis, loss recognized in provision for loan losses | $102,000 | $103,000 | ' |
Fair value, assets measured on nonrecurring basis, loss recognized in earnings | ' | ' | 121,000 |
Other real estate owned | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Fair value, assets measured on nonrecurring basis, loss recognized in provision for loan losses | $226,000 | $0 | $362,000 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt securities | $133,857 | ' |
Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt securities | 133,857 | 138,662 |
Marketable equity securities | 79 | 68 |
Mortgage servicing rights | 792 | 654 |
Total | 134,728 | 139,384 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mortgage servicing rights | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt securities | 0 | 0 |
Marketable equity securities | 79 | 68 |
Mortgage servicing rights | 0 | 0 |
Total | 79 | 68 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mortgage servicing rights | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt securities | 133,857 | 138,662 |
Marketable equity securities | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Total | 133,857 | 138,662 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mortgage servicing rights | 792 | 654 |
Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt securities | 0 | 0 |
Marketable equity securities | 0 | 0 |
Mortgage servicing rights | 792 | 654 |
Total | $792 | $654 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Schedule of Level 3 Assets Measured at Fair Value on Recurring Basis (Detail) (Mortgage Servicing Rights, Fair Value, Measurements, Recurring, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Mortgage Servicing Rights | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $654 | $445 |
Total realized and unrealized gains included in net income | 41 | 161 |
Capitalized servicing assets | 97 | 48 |
Ending balance | $792 | $654 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) (Fair Value, Measurements, Nonrecurring, Level 3, USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | $770 | $1,513 |
Impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 461 | 292 |
Other real estate owned | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | $309 | $1,221 |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $12,667 | $25,618 | $27,923 | $31,147 |
Securities available for sale, at fair value | 133,936 | 138,730 | ' | ' |
Securities held to maturity, at cost | 9,302 | 0 | ' | ' |
Federal Home Loan Bank stock | 6,648 | 5,092 | ' | ' |
Loans held for sale | 330 | 1,274 | ' | ' |
Loans, net | 507,635 | 450,347 | ' | ' |
Accrued interest receivable | 1,688 | 1,636 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 491,732 | 474,798 | ' | ' |
Short-term borrowings | 4,000 | 4,500 | ' | ' |
Long-term debt | 112,446 | 82,492 | ' | ' |
Mortgagors' escrow accounts | 1,184 | 1,100 | ' | ' |
Level 1 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 12,667 | 25,618 | ' | ' |
Securities available for sale, at fair value | 79 | 68 | ' | ' |
Securities held to maturity, at cost | 0 | ' | ' | ' |
Federal Home Loan Bank stock | 0 | 0 | ' | ' |
Loans held for sale | 0 | 0 | ' | ' |
Loans, net | 0 | 0 | ' | ' |
Accrued interest receivable | 0 | 0 | ' | ' |
Mortgage servicing rights | 0 | 0 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 0 | 0 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Mortgagors' escrow accounts | 0 | 0 | ' | ' |
Level 2 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities available for sale, at fair value | 133,857 | 138,662 | ' | ' |
Securities held to maturity, at cost | 0 | ' | ' | ' |
Federal Home Loan Bank stock | 0 | 0 | ' | ' |
Loans held for sale | 330 | 1,274 | ' | ' |
Loans, net | 0 | 0 | ' | ' |
Accrued interest receivable | 0 | 0 | ' | ' |
Mortgage servicing rights | 0 | 0 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 0 | 0 | ' | ' |
Short-term borrowings | 4,000 | 4,500 | ' | ' |
Long-term debt | 113,823 | 82,527 | ' | ' |
Mortgagors' escrow accounts | 0 | 0 | ' | ' |
Level 3 | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities available for sale, at fair value | 0 | 0 | ' | ' |
Securities held to maturity, at cost | 9,302 | ' | ' | ' |
Federal Home Loan Bank stock | 6,648 | 5,092 | ' | ' |
Loans held for sale | 0 | 0 | ' | ' |
Loans, net | 513,765 | 459,018 | ' | ' |
Accrued interest receivable | 1,688 | 1,636 | ' | ' |
Mortgage servicing rights | 792 | 654 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 493,500 | 477 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Mortgagors' escrow accounts | 1,184 | 1,100 | ' | ' |
Carrying Amount | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 12,667 | 25,618 | ' | ' |
Securities available for sale, at fair value | 133,936 | 138,730 | ' | ' |
Securities held to maturity, at cost | 9,302 | ' | ' | ' |
Federal Home Loan Bank stock | 6,648 | 5,092 | ' | ' |
Loans held for sale | 330 | 1,274 | ' | ' |
Loans, net | 507,635 | 450,347 | ' | ' |
Accrued interest receivable | 1,688 | 1,636 | ' | ' |
Mortgage servicing rights | 792 | 654 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 491,732 | 475 | ' | ' |
Short-term borrowings | 4,000 | 4,500 | ' | ' |
Long-term debt | 112,446 | 82,492 | ' | ' |
Mortgagors' escrow accounts | 1,184 | 1,100 | ' | ' |
Fair Value | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 12,667 | 25,618 | ' | ' |
Securities available for sale, at fair value | 133,936 | 138,730 | ' | ' |
Securities held to maturity, at cost | 9,302 | ' | ' | ' |
Federal Home Loan Bank stock | 6,648 | 5,092 | ' | ' |
Loans held for sale | 330 | 1,274 | ' | ' |
Loans, net | 513,765 | 459,018 | ' | ' |
Accrued interest receivable | 1,688 | 1,636 | ' | ' |
Mortgage servicing rights | 792 | 654 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits | 493,500 | 477 | ' | ' |
Short-term borrowings | 4,000 | 4,500 | ' | ' |
Long-term debt | 113,823 | 82,527 | ' | ' |
Mortgagors' escrow accounts | $1,184 | $1,100 | ' | ' |
Parent_Company_Only_Condensed_2
Parent Company Only Condensed Financial Statements - Balance Sheets (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Other assets | $2,673 | $2,494 | ' | ' |
Total assets | 701,497 | 652,962 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Stockholders' equity | 87,159 | 83,659 | 87,160 | 93,516 |
Total liabilities and stockholders' equity | 701,497 | 652,962 | ' | ' |
Hampden Bancorp, Inc. | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash on hand | 4,920 | 967 | ' | ' |
Short-term investments | 0 | 65 | ' | ' |
Cash and cash equivalents | 4,920 | 1,032 | 3,435 | 7,873 |
Deferred tax asset | 700 | 1,221 | ' | ' |
Other assets | 4,257 | 4,305 | ' | ' |
Total assets | 87,159 | 83,659 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Stockholders' equity | 87,159 | 83,659 | ' | ' |
Total liabilities and stockholders' equity | 87,159 | 83,659 | ' | ' |
Hampden Bancorp, Inc. | Hampden Bank | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in common stock of subsidiary | 75,289 | 75,339 | ' | ' |
Hampden Bancorp, Inc. | Hampden LS, Inc. | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in common stock of subsidiary | $1,993 | $1,762 | ' | ' |
Parent_Company_Only_Condensed_3
Parent Company Only Condensed Financial Statements - Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-interest income | $837 | $788 | $911 | $1,103 | $986 | $1,177 | $1,072 | $966 | $3,638 | $4,202 | $3,240 |
Operating expenses | 3,922 | 4,184 | 4,260 | 4,005 | 4,448 | 4,346 | 4,381 | 4,464 | 16,371 | 17,639 | 17,085 |
Income tax benefit | 714 | 575 | 577 | 679 | 347 | 485 | 453 | 492 | 2,544 | 1,777 | 1,783 |
Net income | 1,266 | 1,021 | 1,021 | 1,207 | 618 | 824 | 770 | 761 | 4,515 | 2,974 | 3,016 |
Hampden Bancorp, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 30 |
Interest on cash and short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3 | 2 |
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 18 |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3 | 50 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 951 | 1,343 | 1,920 |
Loss before income taxes and equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -951 | -1,340 | -1,870 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -250 | -195 | -321 |
Loss before equity in undistributed net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -701 | -1,145 | -1,549 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 4,515 | 2,974 | 3,016 |
Hampden Bancorp, Inc. | Hampden Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in undistributed net income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 4,986 | 3,878 | 4,320 |
Hampden Bancorp, Inc. | Hampden LS, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in undistributed net income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | $230 | $241 | $245 |
Parent_Company_Only_Condensed_4
Parent Company Only Condensed Financial Statements - Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $4,515 | $2,974 | $3,016 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Stock-based compensation | 46 | 503 | 926 |
Deferred tax provision (benefit) | 522 | -179 | 1,296 |
Net change in: | ' | ' | ' |
Other assets | -219 | 1,031 | -461 |
Accrued expenses | -1,437 | 539 | -893 |
Net cash provided by operating activities | 6,133 | 6,740 | 4,492 |
Cash flows from investing activities: | ' | ' | ' |
Sales | 0 | 3,189 | 1,308 |
Maturities | 6,626 | 178 | 1,000 |
Net cash provided by investing activities | -63,998 | -43,297 | -46,450 |
Cash flows from financing activities: | ' | ' | ' |
Common stock repurchased | -454 | -5,271 | -10,410 |
Payment of dividends on common stock | -1,268 | -997 | -820 |
Net cash used by financing activities | 44,914 | 34,252 | 38,734 |
Net increase (decrease) in cash and cash equivalents | -12,951 | -2,305 | -3,224 |
Hampden Bancorp, Inc. | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 4,515 | 2,974 | 3,016 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Dividends in excess of earnings of subsidiaries | 5,600 | 4,500 | 3,000 |
Stock-based compensation | 46 | 503 | 926 |
Deferred tax provision (benefit) | 521 | -69 | -30 |
Net change in: | ' | ' | ' |
Accrued interest receivable | 0 | 0 | 9 |
Other assets | -429 | -1,822 | 16 |
Accrued expenses | 477 | 1,508 | 1,168 |
Net cash provided by operating activities | 5,514 | 3,475 | 3,540 |
Cash flows from investing activities: | ' | ' | ' |
Sales | 0 | 15 | 1,309 |
Maturities | 0 | 0 | 1,933 |
Net cash provided by investing activities | 0 | 15 | 3,242 |
Cash flows from financing activities: | ' | ' | ' |
Common stock repurchased | -454 | -5,271 | -10,410 |
Payment of dividends on common stock | -1,268 | -997 | -820 |
Other, net | -656 | -377 | -742 |
Net cash used by financing activities | -1,626 | -5,893 | -11,220 |
Net increase (decrease) in cash and cash equivalents | 3,888 | -2,403 | -4,438 |
Cash and cash equivalents at beginning of year | 1,032 | 3,435 | 7,873 |
Cash and cash equivalents at end of year | 4,920 | 1,032 | 3,435 |
Hampden Bancorp, Inc. | Hampden Bank | ' | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed net income of subsidiary | -4,986 | -3,878 | -4,320 |
Hampden Bancorp, Inc. | Hampden LS, Inc. | ' | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed net income of subsidiary | -230 | -241 | -245 |
Cash flows from financing activities: | ' | ' | ' |
Payment of loan from Hampden LS, Inc. | $752 | $752 | $752 |
Quarterly_Data_Unaudited_Sched
Quarterly Data (Unaudited) - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | $6,501 | $6,434 | $6,428 | $6,149 | $6,094 | $5,924 | $6,121 | $6,209 | $25,512 | $24,348 | $24,833 |
Interest expense | 1,286 | 1,292 | 1,331 | 1,261 | 1,317 | 1,346 | 1,414 | 1,408 | 5,170 | 5,485 | 5,764 |
Net interest income | 5,215 | 5,142 | 5,097 | 4,888 | 4,777 | 4,578 | 4,707 | 4,801 | 20,342 | 18,863 | 19,069 |
Provision for loan losses | 150 | 150 | 150 | 100 | 350 | 100 | 175 | 50 | 550 | 675 | 425 |
Non-interest income | 837 | 788 | 911 | 1,103 | 986 | 1,177 | 1,072 | 966 | 3,638 | 4,202 | 3,240 |
Non-interest expense | 3,922 | 4,184 | 4,260 | 4,005 | 4,448 | 4,346 | 4,381 | 4,464 | 16,371 | 17,639 | 17,085 |
Provision for income taxes | 714 | 575 | 577 | 679 | 347 | 485 | 453 | 492 | 2,544 | 1,777 | 1,783 |
Net income | $1,266 | $1,021 | $1,021 | $1,207 | $618 | $824 | $770 | $761 | $4,515 | $2,974 | $3,016 |
Basic earnings per share (in shares) | $0.24 | $0.19 | $0.19 | $0.23 | $0.12 | $0.15 | $0.14 | $0.14 | $0.85 | $0.55 | $0.52 |
Diluted earnings per share (in shares) | $0.23 | $0.19 | $0.19 | $0.22 | $0.11 | $0.15 | $0.14 | $0.14 | $0.83 | $0.54 | $0.51 |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 5,327,928 | 5,313,484 | 5,300,289 | 5,274,900 | 5,372,849 | 5,389,400 | 5,401,349 | 5,495,803 | 5,304,151 | 5,414,851 | 5,806,977 |
Diluted (in shares) | 5,458,803 | 5,439,177 | 5,443,078 | 5,401,982 | 5,519,703 | 5,560,481 | 5,527,472 | 5,584,946 | 5,435,761 | 5,548,151 | 5,888,591 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 10, 2014 | Aug. 05, 2014 |
Subsequent Event | Subsequent Event | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Cash dividend per common share (USD per share) | ' | ' | ' | ' | $0.08 |
Common stock repurchased (in shares) | ' | ' | ' | -122,700 | ' |
Common stock repurchased | ($454) | ($5,271) | ($10,410) | ($2,100) | ' |
Treasury stock, average cost per share (USD per share) | ' | ' | ' | $17 | ' |