Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 05, 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 | 'SMPL | ' | ' |
Entity Registrant Name | 'Simplicity Bancorp, Inc. | ' | ' |
Entity Central Index Key | '0001412109 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 7,393,308 | ' |
Entity Public Float | ' | ' | $113 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $7,988 | $8,864 |
Federal funds sold | 61,265 | 76,810 |
Total cash and cash equivalents | 69,253 | 85,674 |
Securities available-for-sale, at fair value | 56,883 | 52,180 |
Securities held-to-maturity, fair value of $406 and $541 at June 30, 2014 and June 30, 2013, respectively | 395 | 525 |
Federal Home Loan Bank stock, at cost | 5,519 | 5,902 |
Loans held for sale | 3,687 | 4,496 |
Loans receivable, net of allowance for loan losses of $4,580 and $5,643 at June 30, 2014 and June 30, 2013, respectively | 715,750 | 689,708 |
Accrued interest receivable | 2,252 | 2,439 |
Premises and equipment, net | 3,764 | 3,799 |
Goodwill | 3,950 | 3,950 |
Bank-owned life insurance | 14,220 | 13,784 |
Real estate owned (REO) | 284 | 0 |
Other assets | 3,231 | 4,920 |
Total assets | 879,188 | 867,377 |
Deposits | ' | ' |
Noninterest bearing | 60,569 | 65,694 |
Interest bearing | 592,254 | 588,952 |
Total deposits | 652,823 | 654,646 |
Federal Home Loan Bank advances, short-term | 20,000 | 0 |
Federal Home Loan Bank advances, long-term | 65,000 | 60,000 |
Accrued expenses and other liabilities | 4,479 | 7,293 |
Total liabilities | 742,302 | 721,939 |
Stockholders’ equity | ' | ' |
Nonredeemable serial preferred stock, $.01 par value; 25,000,000 shares authorized; issued and outstanding — none | ' | ' |
Common stock, $0.01 par value; 100,000,000 shares authorized; 7,368,296 and 8,121,415 shares issued and outstanding at June 30, 2014 and 2013, respectively | 74 | 81 |
Additional paid-in capital | 67,690 | 79,800 |
Retained earnings | 73,210 | 70,326 |
Accumulated other comprehensive loss, net of tax | -224 | -491 |
Unearned employee stock ownership plan shares | -3,864 | -4,278 |
Total stockholders’ equity | 136,886 | 145,438 |
Total liabilities and stockholders’ equity | $879,188 | $867,377 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Securities held-to-maturity, fair value | $406 | $541 |
Loans receivable, allowance for loan losses | $4,580 | $5,643 |
Nonredeemable serial preferred stock, par value | $0.01 | $0.01 |
Nonredeemable serial preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Nonredeemable serial preferred stock, issued | ' | ' |
Nonredeemable serial preferred stock, outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 7,368,296 | 8,121,415 |
Common stock, shares outstanding | 7,368,296 | 8,121,415 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Interest income | ' | ' | ' |
Interest and fees on loans | $32,260 | $35,501 | $39,619 |
Interest on securities, taxable | 686 | 492 | 672 |
Federal Home Loan Bank dividends | 373 | 181 | 38 |
Other interest | 111 | 155 | 300 |
Total interest income | 33,430 | 36,329 | 40,629 |
Interest expense | ' | ' | ' |
Interest on deposits | 5,208 | 6,484 | 7,673 |
Interest on borrowings | 1,196 | 1,386 | 2,943 |
Total interest expense | 6,404 | 7,870 | 10,616 |
Net interest income | 27,026 | 28,459 | 30,013 |
(Credit) provision for loan losses | -700 | 250 | 250 |
Net interest income after provision for loan losses | 27,726 | 28,209 | 29,763 |
Noninterest income | ' | ' | ' |
Service charges and fees | 1,999 | 1,667 | 1,632 |
ATM fees and charges | 2,044 | 2,133 | 2,233 |
Referral commissions | 390 | 320 | 313 |
Bank-owned life insurance | 436 | 450 | 478 |
Net gain on sale of loans | 575 | 2,131 | 0 |
Total noninterest income | 195 | -21 | 21 |
Noninterest expense | 5,639 | 6,680 | 4,677 |
Noninterest expense | ' | ' | ' |
Salaries and benefits | 12,089 | 12,766 | 11,421 |
Occupancy and equipment | 2,954 | 2,980 | 2,715 |
ATM expense | 2,249 | 2,228 | 2,061 |
Advertising and promotional | 1,285 | 1,054 | 459 |
Professional services | 2,130 | 2,072 | 2,217 |
Federal deposit insurance premiums | 498 | 641 | 560 |
Postage | 209 | 244 | 253 |
Telephone | 795 | 851 | 816 |
Loss on equity investment | 356 | 258 | 188 |
Electronic services | 518 | 439 | 321 |
REO foreclosure expenses and sales (gains)/losses | 36 | -222 | 238 |
Other operating expense | 1,771 | 1,828 | 1,673 |
Total noninterest expense | 24,890 | 25,139 | 22,922 |
Income before income tax expense | 8,475 | 9,750 | 11,518 |
Income tax expense | 3,162 | 3,529 | 4,298 |
Net income | $5,313 | $6,221 | $7,220 |
Earnings per common share: | ' | ' | ' |
Basic (in usd per share) | $0.72 | $0.76 | $0.81 |
Diluted (in usd per share) | $0.72 | $0.76 | $0.81 |
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 | $5,313 | $6,221 | $7,220 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized holding gain (loss) on securities available for sale | 376 | -735 | 176 |
Postretirement medical benefit costs | ' | ' | ' |
Net gain (loss) arising during the period | 49 | 153 | -483 |
Reclassification adjustment for net periodic benefit cost and benefits paid | 25 | 56 | 55 |
Income tax effect | -183 | 204 | 104 |
Other comprehensive income (loss), net of tax | 267 | -322 | -148 |
Comprehensive income | $5,580 | $5,899 | $7,072 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net | Unearned ESOP Shares |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Jun. 30, 2011 | $157,399 | $96 | $100,599 | $61,832 | ($21) | ($5,107) |
Beginning Balance (in shares) at Jun. 30, 2011 | ' | 9,574,960 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 7,220 | ' | ' | 7,220 | ' | ' |
Other comprehensive loss | -148 | ' | ' | ' | -148 | ' |
Dividends declared ($0.26, $0.32, and $0.33 per share for 2012, 2013 and 2014 respectively) | -2,329 | ' | ' | -2,329 | ' | ' |
Repurchase of common stock (in shares) | ' | -646,452 | ' | ' | ' | ' |
Repurchase of common stock | -8,830 | -6 | -8,824 | ' | ' | ' |
Stock options earned | 56 | ' | 56 | ' | ' | ' |
Exercised | ' | 7,194 | ' | ' | ' | ' |
Stock options exercised, value | 78 | ' | 78 | ' | ' | ' |
Allocation of stock awards | 170 | ' | 170 | ' | ' | ' |
Issuance of stock awards | ' | 33,664 | ' | ' | ' | ' |
Forfeiture of stock awards (in shares) | ' | -9,000 | ' | ' | ' | ' |
Forfeiture of stock awards | 0 | ' | ' | ' | ' | ' |
Allocation of ESOP common stock (41,421 shares allocated) | 532 | ' | 118 | ' | ' | 414 |
Ending Balance at Jun. 30, 2012 | 154,148 | 90 | 92,197 | 66,723 | -169 | -4,693 |
Ending Balance (in shares) at Jun. 30, 2012 | ' | 8,960,366 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 6,221 | ' | ' | 6,221 | ' | ' |
Other comprehensive loss | -322 | ' | ' | ' | -322 | ' |
Dividends declared ($0.26, $0.32, and $0.33 per share for 2012, 2013 and 2014 respectively) | -2,618 | ' | ' | -2,618 | ' | ' |
Repurchase of common stock (in shares) | ' | -871,215 | ' | ' | ' | ' |
Repurchase of common stock | -12,992 | -9 | -12,983 | ' | ' | ' |
Stock options earned | 37 | ' | 37 | ' | ' | ' |
Exercised | ' | 6,475 | ' | ' | ' | ' |
Stock options exercised, value | 70 | ' | 70 | ' | ' | ' |
Allocation of stock awards | 264 | ' | 264 | ' | ' | ' |
Issuance of stock awards | ' | 34,154 | ' | ' | ' | ' |
Forfeiture of stock awards (in shares) | ' | -8,365 | ' | ' | ' | ' |
Tax benefit from stock-based compensation | 15 | ' | 15 | ' | ' | ' |
Allocation of ESOP common stock (41,421 shares allocated) | 615 | ' | 200 | ' | ' | 415 |
Ending Balance at Jun. 30, 2013 | 145,438 | 81 | 79,800 | 70,326 | -491 | -4,278 |
Ending Balance (in shares) at Jun. 30, 2013 | ' | 8,121,415 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 5,313 | ' | ' | 5,313 | ' | ' |
Other comprehensive loss | 267 | ' | ' | ' | 267 | ' |
Dividends declared ($0.26, $0.32, and $0.33 per share for 2012, 2013 and 2014 respectively) | -2,429 | ' | ' | -2,429 | ' | ' |
Repurchase of common stock (in shares) | -795,098 | -795,098 | ' | ' | ' | ' |
Repurchase of common stock | -12,912 | -7 | -12,905 | ' | ' | ' |
Stock options earned | 23 | ' | 23 | ' | ' | ' |
Exercised | 13,130 | 13,130 | ' | ' | ' | ' |
Stock options exercised, value | 143 | ' | 143 | ' | ' | ' |
Allocation of stock awards | 316 | ' | 316 | ' | ' | ' |
Issuance of stock awards | ' | 31,249 | ' | ' | ' | ' |
Forfeiture of stock awards (in shares) | ' | -2,400 | ' | ' | ' | ' |
Tax benefit from stock-based compensation | 57 | ' | 57 | ' | ' | ' |
Allocation of ESOP common stock (41,421 shares allocated) | 670 | ' | 256 | ' | ' | 414 |
Ending Balance at Jun. 30, 2014 | $136,886 | $74 | $67,690 | $73,210 | ($224) | ($3,864) |
Ending Balance (in shares) at Jun. 30, 2014 | ' | 7,368,296 | ' | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends declared, per share | $0.33 | $0.32 | $0.26 |
Employee Stock Ownership Plan (ESOP), Number of Shares Allocated during Period | 41,421 | 41,421 | 41,421 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $5,313 | $6,221 | $7,220 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Amortization of net premiums on securities | 344 | 774 | 661 |
Amortization of net premiums on loan purchases | 249 | 445 | 313 |
Amortization of net loan origination costs | 284 | 248 | 11 |
Provision for loan losses | -700 | 250 | 250 |
Net gain on sale of REO | -4 | -115 | -55 |
Net gain on sales of loans held for sale | -575 | -2,131 | 0 |
Loans originated for sale | -29,572 | -75,752 | 0 |
Proceeds from sales of loans held for sale | 31,042 | 73,387 | 306 |
Decrease in valuation allowance on loans held for sale | -86 | 0 | 0 |
Depreciation and amortization | 1,274 | 1,099 | 839 |
Amortization of core deposit intangible | 0 | 13 | 27 |
Loss on equity investment | 356 | 258 | 188 |
Increase in cash surrender value of bank-owned life insurance | -436 | -450 | -478 |
Allocation of ESOP common stock | 670 | 615 | 532 |
Allocation of stock awards | 316 | 264 | 170 |
Stock options earned | 23 | 37 | 56 |
Deferred income tax expense (benefit) | 562 | -274 | 1,324 |
Net change in accrued interest receivable | 187 | 339 | 73 |
Net change in other assets | 519 | 652 | 141 |
Net change in accrued expenses and other liabilities | -2,740 | 1,123 | 1,710 |
Net cash provided by operating activities | 7,026 | 7,003 | 13,288 |
INVESTING ACTIVITIES | ' | ' | ' |
Purchase of available-for-sale securities | -15,239 | -20,686 | -57,271 |
Proceeds from maturities and principal repayments of available-for-sale securities | 10,567 | 20,395 | 19,427 |
Proceeds from maturities and principal repayments of held-to-maturity securities | 130 | 672 | 1,005 |
Net change in interest earning time deposits with other financial institutions | 0 | 0 | 11,669 |
Purchase of loans | 0 | 0 | -82,254 |
Net change in loans | -26,414 | 73,545 | 11,774 |
Proceeds from sale of real estate owned | 329 | 1,920 | 1,173 |
Redemption of FHLB stock | 383 | 2,623 | 1,809 |
Purchases of premises and equipment | -1,239 | -2,048 | -1,355 |
Net cash (used in) provided by investing activities | -31,483 | 76,421 | -94,023 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from FHLB advances | 25,000 | 0 | 60,000 |
Repayment of FHLB advances | 0 | -20,000 | -40,000 |
Dividends paid on common stock | -2,429 | -2,618 | -2,329 |
Repurchase of common stock | -12,912 | -12,992 | -8,830 |
Net change in deposits | -1,823 | -28,243 | 48,180 |
Tax benefit of stock awards | 57 | 15 | 0 |
Exercise of stock options | 143 | 70 | 78 |
Net cash provided by (used in) financing activities | 8,036 | -63,768 | 57,099 |
Net change in cash and cash equivalents | -16,421 | 19,656 | -23,636 |
Cash and cash equivalents at beginning of period | 85,674 | 66,018 | 89,654 |
Cash and cash equivalents at end of period | 69,253 | 85,674 | 66,018 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' | ' |
Interest paid on deposits and borrowings | 6,404 | 7,874 | 10,628 |
Income taxes paid | 3,200 | 2,850 | 2,324 |
SUPPLEMENTAL NONCASH DISCLOSURES | ' | ' | ' |
Transfer from loans to real estate owned | $539 | $521 | $1,529 |
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of Business and Significant Accounting Policies | ' |
Nature of Business and Significant Accounting Policies | |
Nature of Business: Simplicity Bancorp, Inc. (the “Company”), is a Maryland corporation that owns all of the outstanding common stock of Simplicity Bank (the “Bank”). The Company’s primary activity is holding all of the outstanding shares of common stock of Simplicity Bank. The Bank is a federally chartered savings bank headquartered in Covina, California. The Bank’s principal business activity consists of attracting retail deposits from the general public and originating primarily loans secured by first mortgages on owner-occupied, one-to-four family residences and multi-family residences located in its market area, and to a lesser extent, commercial real estate, automobile and other consumer loans. The Bank also engages in mortgage banking activities and, as such, originates, sells and services one-to-four family residential mortgage loans. While the Bank originates many types of residential loans, the Bank also purchases, from time to time, using its own underwriting standards, first mortgages on owner-occupied, one-to-four family residences secured by properties located throughout California. | |
The Company’s business activities generally are limited to passive investment activities and oversight of its investment in the Bank. Unless the context otherwise requires, all references to the Company include the Bank and the Company on a consolidated basis. | |
Principles of Consolidation and Basis of Presentation: The financial statements of Simplicity Bancorp, Inc. have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and predominant practices followed by the financial services industry. The consolidated financial statements presented in this report include the accounts of Simplicity Bancorp, Inc. and its wholly-owned subsidiary, Simplicity Bank. All material intercompany balances and transactions have been eliminated in consolidation. Financial information presented in this report is derived in part from the consolidated financial statements of Kaiser Federal Financial Group, Inc. and subsidiary prior to November 13, 2012. | |
On November 13, 2012, the Company changed its name to Simplicity Bancorp, Inc. from Kaiser Federal Financial Group, Inc. and its trading symbol to SMPL. Concurrently, the Bank was renamed Simplicity Bank from Kaiser Federal Bank as part of a broader business strategy to operate as a community bank serving the financial needs of all customers within its communities. | |
Use of Estimates in the Preparation of Consolidated Financial Statements: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Changes in these estimates and assumptions are considered reasonably possible and may have a material impact on the consolidated financial statements and thus actual results could differ from the amounts reported and disclosed herein. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate owned, mortgage servicing assets (“MSAs”), mortgage banking derivatives, deferred tax assets and fair values of financial instruments. | |
Cash and Cash Equivalents: Cash and cash equivalents consist of vault and ATM cash, daily federal funds sold, demand deposits due from other banks, and other certificates of deposit that have an original maturity of less than ninety days. For purposes of the Consolidated Statements of Cash Flows, the Company reports net cash flows for customer loan and deposit transactions and interest bearing deposits in other financial institutions. | |
Securities: Securities available-for-sale represent securities that may be sold prior to maturity. These securities are stated at fair value, and any unrealized net gains and losses are reported as a separate component of equity until realized, net of any tax effect. Securities for which the Company has the ability and positive intent to hold to maturity are classified as held-to-maturity and are recorded at cost, adjusted for unamortized premiums or discounts. Premiums or discounts are recognized in interest income using the effective interest method over the estimated life of the investment. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. | |
Securities available-for-sale may be sold in response to changes in market interest rates, repayment rates, the need for liquidity, and changes in the availability and the yield on alternative investments. Declines in the fair value of securities below their cost that are other than temporary are reflected as realized losses. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. | |
For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. | |
Federal Home Loan Bank Stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. No ready market exists for the FHLB stock, and it has no quoted market value. The Bank carries FHLB stock at cost, classified as a restricted security, and is periodically evaluated for impairment based on the ultimate recoverability of the par value. Cash and stock dividends are reported as income. | |
Loans Held for Sale: Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans held for sale consist primarily of long-term conforming fixed-rate loans secured by first trust deeds on one-to-four-family residences that are Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) loan products. The loans are offered to customers located in California and are generally sold with servicing rights retained. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. | |
Loans: Loans that management has the intent and ability to hold for the foreseeable future are stated at the amount of unpaid principal, reduced by an allowance for loan losses and deferred net loan origination fees, increased (decreased) by net premiums (discounts) on purchased loans. Interest on loans is recognized over the terms of the loans and is accrued as earned, using the effective interest method. Net premiums (discounts) on purchased loans are recognized in interest income as a yield adjustment over the remaining period to contractual maturity of the loans using the effective interest method. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income using the effective interest method over the contractual lives of the related loans. | |
A loan is considered to be delinquent when payments have not been made according to the contractual terms, typically evidenced by non-payment of a monthly installment by the due date. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued, but not collected, for loans that are placed on non-accrual status is reversed against interest income. Interest received on such loans is accounted for on cost-recovery method and recognized as principal reductions until, in management’s judgment, the borrower’s ability to make periodic interest and principal payments is reasonably assured, in which case the loans are returned to accrual status. If the loans are returned to accrual status, interest income is recognized using the effective interest method and the amount of interest applied to principal is accreted over the remaining terms of the loans. | |
Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable incurred credit losses and is established through a provision for loan losses charged to expense. Loans are charged off against the allowance for loan losses when management believes that the uncollectibility of the principal is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance is an amount that management believes will absorb probable incurred losses relating to specifically identified loans, as well as probable incurred losses inherent in the balance of the loan portfolio, based on an evaluation of the collectability of existing loans and prior loss experience. This evaluation also takes into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, trends in classified assets, review of specific problem loans, peer data for certain portfolio segments, and current economic conditions that may affect the borrower’s ability to pay. This evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the allowance for loan losses, and may require adjustments to the allowance based on their judgment about information available to them at the time of their examinations. | |
When developing and documenting our methodology to determine the allowance for loan losses, we segregate our loan portfolio between real estate loans, which include one-to-four family residential mortgage loans and income property loans, and consumer loans. These portfolio segments represent the appropriate level for determining the historical loss experience as well as the level at which the Company monitors credit quality and risk characteristics of the portfolios as each portfolio involves different qualitative risks. The one-to-four family residential mortgage segment’s predominant risk characteristics include the employment and income level of the borrower, the collateral and the geographic location of the property collateralizing the loan. The income property segment’s predominant risk characteristics include the net operating income derived from the operation of the property, the liquidity of the guarantor as well as the real estate market and economic conditions. The consumer loan segment’s predominant risk characteristics include the borrower’s continuing financial stability which can be adversely impacted by job loss, divorce, illness or personal bankruptcy. | |
The allowance is based on ongoing, quarterly assessments of the probable losses inherent in the loan portfolio. In accordance with generally accepted accounting principles the allowance is comprised of general valuation allowances and valuation allowances on loans individually evaluated for impairment. The general component covers non-impaired loans and is based both on our historical loss experience as well as significant factors that, in management’s judgment, affect the collectability of the portfolio as of the evaluation date. Loans that are classified as impaired are individually evaluated. | |
The overall appropriateness of the general valuation allowance is determined based on a loss migration model and qualitative considerations. The migration analysis looks at pools of loans having similar characteristics and analyzes their loss rates over a historical period. Historical loss factors derived from trends and losses associated with each pool over the most recent twelve quarters for our real estate loans and over the most recent twelve months for consumer loans. The loss factors are applied to the outstanding loans to each loan grade within each pool of loans. Loss rates derived by the migration model are based predominantly on historical loss trends that may not be indicative of the actual or inherent loss potential. As such, qualitative and environmental factors are utilized as adjusting mechanisms to supplement the historical results of the classification migration model. Significant factors reviewed in determining the allowance for loan losses included loss ratio trends by loan product; levels of and trends in delinquencies and impaired loans; levels of and trends in classified assets; levels of and trends in charge-offs and recoveries; trends in volume of loans by loan product; effects of changes in lending policies and practices; industry conditions and effects of concentrations in geographic regions. Qualitative and environmental factors are reflected as percent adjustments and are added to the historical loss rates derived from the criticized and classified asset migration model to determine the appropriate allowance amount for each loan pool. | |
A loan is impaired when it is probable, based on current information and events, the Bank will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. Loans for which terms have been modified in a manner resulting in a concession, and for which the borrower is experiencing financial difficulties are considered troubled debt restructurings (“TDR”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Real estate loans evaluated for impairment are measured on an individual basis based on the present value of expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or the fair value of the collateral less estimated costs to sell, if the loan is collateral dependent. TDRs are measured at the present value of estimated future cash flows using the loan’s original effective interest rate. Collateral dependent TDRs are evaluated for impairment based on the fair value of the collateral, less estimated selling costs. The amount of impairment and any subsequent changes are included in the allowance for loan losses. | |
Valuation allowances on real estate loans that are individually evaluated for impairment are charged-off when management believes a loan or part of a loan is deemed uncollectible. Subsequent recoveries, if any, are credited to the allowance when received. A real estate loan is generally considered uncollectible when the borrower’s payment is six months or more delinquent. Consumer loans are typically charged off no later than 120 days past due for closed-end credit and 180 days past due for open-end credit. | |
For income property loans, debt service coverage ratios, collateral values, seasoning and peer group data are analyzed. The specific component relates to loans that are classified as special mention or substandard. For such loans that are also classified as impaired, a valuation allowance is individually established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. | |
While quantitative loss factors are constantly changing as the financial strength of the borrower and overall economic conditions change, there have been no significant changes to the accounting policies or methodology used to estimate the allowance for loan losses. The estimate is reviewed quarterly by the Board of Directors and management and periodically by various regulatory entities. | |
Mortgage Servicing Assets: MSAs are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. | |
MSAs are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. The fair values of MSAs are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Impairment is determined by stratifying servicing assets into groupings based on predominant risk characteristics, such as interest rate, and loan type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. Any subsequent increase or decrease in fair value of servicing assets is included with servicing fee income. Servicing fee income, which is reported on the income statement as service charges and fees, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. | |
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. | |
Premises and Equipment: Leasehold improvements and furniture and equipment are carried at cost, less accumulated depreciation and amortization. Buildings are depreciated using the straight-line method with a useful life of twenty-five years. Furniture and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, which is usually three to five years. The cost of leasehold improvements is amortized using the straight-line method over the lesser of the terms of the related leases or their useful life, which is usually three to ten years. | |
Real Estate Owned: Real estate acquired in settlement of loans (“REO”) consists of property acquired through foreclosure proceedings or by deed in lieu of foreclosure. Generally, all loans greater than ninety days delinquent are processed for foreclosure. The Bank acquires title to the property in most foreclosure actions that are not reinstated by the borrower. Once real estate is acquired in settlement of a loan, the property is recorded as REO at fair market value, less estimated selling costs. The fair value of the REO is generally based upon an independent third party appraisal. Loan balances in excess of the fair value of the real estate acquired at the date of acquisition are charged to the allowance for loan losses. REO is subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Any subsequent operating expenses or income, reduction in estimated fair values, and gains or losses on disposition of such properties are recorded in current operations. | |
Bank-Owned Life Insurance: The Bank has purchased life insurance policies on certain key employees. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |
Investment in Limited Liability Partnership: The Company has an investment in an affordable housing fund totaling $297,000 and $654,000 at June 30, 2014 and 2013, respectively, as part of the Company’s Community Reinvestment Act program, and for the purposes of obtaining tax credits. The investment is recorded in other assets on the balance sheet and is accounted for using the equity method of accounting. Under the equity method of accounting, the Company recognizes its ownership share of the profits and losses of the fund. This investment is regularly evaluated for impairment by comparing the carrying value to the remaining tax credits and future tax benefits expected to be received. Tax credits received from the fund are accounted for in the period earned (the flow-through method) and are included in income as a reduction of income tax expense. | |
Goodwill: Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Goodwill is presumed to have an indefinite useful life and is not amortized but assessed at least annually for impairment. Any such impairment will be recognized in the period identified. The Company utilizes March 31 as the date to perform the annual impairment test. | |
Long-Term Assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make or purchase loans. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |
Mortgage Banking Derivatives: Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives which are recorded at fair value in other assets or other liabilities. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in other noninterest income or other noninterest expenses. | |
Stock-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | |
Income Taxes: The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the state of California. The statute of limitations is no longer open for the assessment of federal taxes for tax years ended before June 30, 2011 and for the assessment of California taxes for tax years ended before June 30, 2008. The Company files consolidated income tax returns and allocates tax liabilities and benefits among subsidiaries pursuant to a tax sharing agreement. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. At June 30, 2014 and 2013 there were unrecognized tax benefits of $1.1 million for both years. | |
Employee Stock Ownership Plan (“ESOP”): The cost of shares issued to the ESOP but not yet allocated to participants is shown as a reduction of stockholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest. | |
Earnings per Common Share: The Company calculates earnings per common share (“EPS”) using the two-class method. The two-class method requires the Company to present EPS as if all of the earnings for the period are distributed to common shareholders and any participating securities, regardless of whether any actual dividends or distributions are made. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities. The Company granted restricted shares under the 2004 Recognition and Retention Plan and the 2011 Equity Incentive Plan that qualified as participating securities. Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. ESOP shares are considered outstanding for this calculation unless unearned. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. | |
Comprehensive Income: Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available-for-sale and unrecognized actuarial gains and losses related to the postretirement medical benefit plan. The accumulated change in other comprehensive income, net of tax, is recognized as a separate component of equity. | |
Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. | |
Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements. | |
Dividend Restrictions: Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company or by the Company to stockholders. | |
Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 17. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |
Operating Segments: While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. | |
Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. | |
Recent Accounting Pronouncements: | |
Adoption of New Accounting Standards: | |
In February 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the amendments were effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. The adoption of this guidance did not have a material effect on the Company’s results of operations or financial position and the required disclosures are included in Note 19. | |
Effect of Newly Issued But Not Yet Effective Accounting Standards: | |
In January 2014, the FASB issued ASU 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which simplifies the amortization method an entity uses and modifies the criteria an entity must meet to account for a low-income housing tax credit investment by using ASC 323-740’s measurement and presentation alternative, including the simplified amortization method. This method permits an investment’s performance to be presented net of the related tax benefits as part of income tax expense. For public entities, the ASU is effective for annual periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The amendments should be applied retrospectively to all periods presented. The adoption of this guidance is not expected to have a material effect on the Company's results of operations or financial position. | |
In January 2014, the FASB issued ASU 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU amends ASC 310 to clarify when an entity is considered to have obtained physical possession (from an in-substance possession or foreclosure) of a residential real estate property collateralizing a mortgage loan. 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. Upon physical possession of such real estate property, an entity is required to reclassify the nonperforming mortgage loan to other real estate owned. The ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The amendments in the standard may be adopted using either a modified retrospective transition method or a prospective transition method. The adoption of this guidance is not expected to have a material effect on the Company's results of operations or financial position. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers, that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The ASU becomes effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is in the process of evaluating the impact that adoption of this guidance may have on its consolidated financial statements. |
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
Investments | ||||||||||||||||||||||||
The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: | ||||||||||||||||||||||||
Fair | Gross | Gross | Amortized | |||||||||||||||||||||
Value | Unrealized | Unrealized | Cost | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Mortgage-backed (residential): | ||||||||||||||||||||||||
Fannie Mae | $ | 6,933 | $ | 109 | $ | — | $ | 6,824 | ||||||||||||||||
Freddie Mac | 24,136 | 43 | (376 | ) | 24,469 | |||||||||||||||||||
Ginnie Mae | 4,147 | 1 | — | 4,146 | ||||||||||||||||||||
Collateralized mortgage obligations (residential): | ||||||||||||||||||||||||
Fannie Mae | 8,640 | 19 | (11 | ) | 8,632 | |||||||||||||||||||
Freddie Mac | 13,027 | 9 | (12 | ) | 13,030 | |||||||||||||||||||
Total | $ | 56,883 | $ | 181 | $ | (399 | ) | $ | 57,101 | |||||||||||||||
30-Jun-13 | ||||||||||||||||||||||||
Mortgage-backed (residential): | ||||||||||||||||||||||||
Fannie Mae | $ | 8,510 | $ | 9 | $ | (17 | ) | $ | 8,518 | |||||||||||||||
Freddie Mac | 21,565 | — | (663 | ) | 22,228 | |||||||||||||||||||
Collateralized mortgage obligations (residential): | ||||||||||||||||||||||||
Fannie Mae | 13,125 | 59 | (39 | ) | 13,105 | |||||||||||||||||||
Freddie Mac | 8,980 | 57 | — | 8,923 | ||||||||||||||||||||
Total | $ | 52,180 | $ | 125 | $ | (719 | ) | $ | 52,774 | |||||||||||||||
The carrying value amount, unrecognized gains and losses, and fair value of securities held-to-maturity were as follows: | ||||||||||||||||||||||||
Carrying | Gross | Gross | Fair | |||||||||||||||||||||
Amount | Unrecognized | Unrecognized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Mortgage-backed (residential): | ||||||||||||||||||||||||
Fannie Mae | $ | 100 | $ | 3 | $ | — | $ | 103 | ||||||||||||||||
Freddie Mac | 58 | 2 | — | 60 | ||||||||||||||||||||
Ginnie Mae | 30 | 1 | — | 31 | ||||||||||||||||||||
Collateralized mortgage obligations (residential): | ||||||||||||||||||||||||
Fannie Mae | 207 | 5 | — | 212 | ||||||||||||||||||||
Total | $ | 395 | $ | 11 | $ | — | $ | 406 | ||||||||||||||||
30-Jun-13 | ||||||||||||||||||||||||
Mortgage-backed (residential): | ||||||||||||||||||||||||
Fannie Mae | $ | 119 | $ | 4 | $ | — | $ | 123 | ||||||||||||||||
Freddie Mac | 74 | 5 | — | 79 | ||||||||||||||||||||
Ginnie Mae | 36 | 2 | — | 38 | ||||||||||||||||||||
Collateralized mortgage obligations (residential): | ||||||||||||||||||||||||
Fannie Mae | 296 | 5 | — | 301 | ||||||||||||||||||||
Total | $ | 525 | $ | 16 | $ | — | $ | 541 | ||||||||||||||||
There were no sales of securities during the years ended June 30, 2014, 2013, and 2012. | ||||||||||||||||||||||||
All mortgage-backed securities and collateralized mortgage obligations have varying contractual maturity dates at June 30, 2014. Expected maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or repayment penalties. The Company did not have any securities that were callable as of June 30, 2014. | ||||||||||||||||||||||||
Accrued interest on securities at June 30, 2014 and 2013 was $93,000 for both years. | ||||||||||||||||||||||||
Securities pledged at June 30, 2014 and 2013 had a carrying amount of $54,000 and $68,000, respectively, and were pledged to secure a short-term line of credit with the Federal Reserve Bank of San Francisco. | ||||||||||||||||||||||||
Securities with unrealized losses at June 30, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Description of Securities | ||||||||||||||||||||||||
Mortgage-backed securities (residential) | $ | — | $ | — | $ | 16,404 | $ | (376 | ) | $ | 16,404 | $ | (376 | ) | ||||||||||
Collateralized mortgage obligations (residential) | 12,636 | (14 | ) | 1,598 | (9 | ) | 14,234 | (23 | ) | |||||||||||||||
Total temporarily impaired | $ | 12,636 | $ | (14 | ) | $ | 18,002 | $ | (385 | ) | $ | 30,638 | $ | (399 | ) | |||||||||
June 30, 2013 | ||||||||||||||||||||||||
Description of Securities | ||||||||||||||||||||||||
Mortgage-backed securities (residential) | $ | 25,476 | $ | (680 | ) | $ | — | $ | — | $ | 25,476 | $ | (680 | ) | ||||||||||
Collateralized mortgage obligations (residential) | — | — | 2,508 | (39 | ) | 2,508 | (39 | ) | ||||||||||||||||
Total temporarily impaired | $ | 25,476 | $ | (680 | ) | $ | 2,508 | $ | (39 | ) | $ | 27,984 | $ | (719 | ) | |||||||||
The Company evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the Company does not have the intent to sell these securities and it is not more likely than not that it will be required to sell the securities before their anticipated recovery. In analyzing an issuer’s financial condition, the Company may consider whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. | ||||||||||||||||||||||||
At June 30, 2014 and 2013, ten debt securities had an aggregate unrealized loss of 1.3% of the Company’s amortized cost basis. We do not own any non-agency mortgage-backed securities (“MBS”) or collateralized mortgage obligations (“CMO”). All MBS and CMO were issued by a wholly-owned government corporation, Ginnie Mae, or U.S. government-sponsored entities and agencies, including Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. The unrealized losses relate principally to the general change in interest rates and liquidity, and not credit quality, that has occurred since the securities’ purchase dates, and such unrecognized losses or gains will continue to vary with general interest rate level fluctuations in the future. As management has the intent and ability to hold debt securities until recovery, which may be maturity, and it is not more likely than not that it will be required to sell the securities before their anticipated recovery, no declines in fair value are deemed to be other-than-temporary as of June 30, 2014 and 2013. | ||||||||||||||||||||||||
At June 30, 2014 and 2013, there were no holdings of securities of any one issuer, other than the U.S. Government and its sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity. |
Loans
Loans | 12 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Loans | ' | |||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
The composition of loans consists of the following: | ||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
One-to-four family residential | $ | 288,960 | $ | 319,631 | ||||||||||||||||||||||||
Multi-family residential | 335,040 | 280,771 | ||||||||||||||||||||||||||
Commercial real estate | 38,062 | 55,621 | ||||||||||||||||||||||||||
662,062 | 656,023 | |||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Automobile | 45,686 | 26,711 | ||||||||||||||||||||||||||
Home equity | 625 | 682 | ||||||||||||||||||||||||||
Other consumer loans, primarily unsecured | 11,481 | 10,917 | ||||||||||||||||||||||||||
57,792 | 38,310 | |||||||||||||||||||||||||||
Total loans | 719,854 | 694,333 | ||||||||||||||||||||||||||
Deferred net loan origination costs | 213 | 506 | ||||||||||||||||||||||||||
Net premium on purchased loans | 263 | 512 | ||||||||||||||||||||||||||
Allowance for loan losses | (4,580 | ) | (5,643 | ) | ||||||||||||||||||||||||
Loans receivable, net | $ | 715,750 | $ | 689,708 | ||||||||||||||||||||||||
Loans held for sale totaled $3.7 million as of June 30, 2014 as compared to $4.5 million as of June 30, 2013. Loans held for sale are recorded at the lower of cost or fair value. Fair value is determined by outstanding commitments from the investor. Proceeds from sales of loans held for sale were $31.0 million and $73.4 million during the years ended June 30, 2014 and 2013, resulting in net gains on sales of loans of $575,000 and $2.1 million, respectively. | ||||||||||||||||||||||||||||
Loans to executive officers, directors and their affiliates are as follows: | ||||||||||||||||||||||||||||
For the year ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,620 | $ | 2,254 | $ | 811 | ||||||||||||||||||||||
Loan originations | 500 | 898 | 1,575 | |||||||||||||||||||||||||
Principal amortization and pay down | (674 | ) | 85 | (132 | ) | |||||||||||||||||||||||
Loans sold | — | (617 | ) | — | ||||||||||||||||||||||||
Balance, end of period | $ | 2,446 | $ | 2,620 | $ | 2,254 | ||||||||||||||||||||||
The Bank did not purchase any loans during the years ended June 30, 2014 or June 30, 2013. All loans purchased in prior fiscal years were current at the time of purchase and are serviced by outside servicers. Purchased real estate loans serviced by others totaled $30.0 million and $44.9 million at June 30, 2014 and 2013, respectively. The decrease in real estate loans purchased and serviced by others was primarily due to loan principal repayments and payoffs during fiscal 2014. | ||||||||||||||||||||||||||||
The Company’s one-to-four family stated income residential loans totaled $24.9 million and $35.8 million at June 30, 2014 and 2013, respectively. The Company’s one-to-four family interest-only residential loans totaled $11.6 million and $15.4 million at June 30, 2014 and June 30, 2013, respectively. Included in non-accrual loans at June 30, 2014 and 2013 was $2.8 million and $5.2 million in one-to-four family residential loans that are interest-only or stated income loans. Stated income is defined as a borrower provided level of income, which is not subject to verification during the loan origination process through the borrower’s application, but the reasonableness of the borrower’s income is verified through other sources. In 2005, the Bank began to underwrite interest-only loans assuming a fully amortizing monthly payment and loan qualification was based upon the fully indexed and amortized payment. The Bank has no plans to increase the number of interest-only or stated income loans held in the loan portfolio or originate such loans and has not purchased such loans since 2007. | ||||||||||||||||||||||||||||
Accrued interest receivable on loans totaled $2.2 million and $2.3 million at June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
The following is an analysis of the changes in the allowance for loan losses: | ||||||||||||||||||||||||||||
Allowance for loan losses for the | ||||||||||||||||||||||||||||
Twelve months ended June 30, 2014 | ||||||||||||||||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 3,009 | $ | 839 | $ | 1,654 | $ | 83 | $ | 4 | $ | 54 | $ | 5,643 | ||||||||||||||
Provision for loan losses | (680 | ) | 395 | (604 | ) | 84 | (2 | ) | 107 | (700 | ) | |||||||||||||||||
Recoveries | 10 | 51 | 1 | 42 | — | 8 | 112 | |||||||||||||||||||||
Loans charged-off | (39 | ) | (292 | ) | — | (73 | ) | — | (71 | ) | (475 | ) | ||||||||||||||||
Balance, end of period | $ | 2,300 | $ | 993 | $ | 1,051 | $ | 136 | $ | 2 | $ | 98 | $ | 4,580 | ||||||||||||||
Allowance for loan losses for the | ||||||||||||||||||||||||||||
Twelve months ended June 30, 2013 | ||||||||||||||||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,692 | $ | 1,519 | $ | 1,131 | $ | 62 | $ | 63 | $ | 35 | $ | 7,502 | ||||||||||||||
Provision for loan losses | 499 | (1,367 | ) | 1,050 | 19 | (9 | ) | 58 | 250 | |||||||||||||||||||
Recoveries | 212 | 1,013 | — | 44 | 6 | 8 | 1,283 | |||||||||||||||||||||
Loans charged-off | (2,394 | ) | (326 | ) | (527 | ) | (42 | ) | (56 | ) | (47 | ) | (3,392 | ) | ||||||||||||||
Balance, end of period | $ | 3,009 | $ | 839 | $ | 1,654 | $ | 83 | $ | 4 | $ | 54 | $ | 5,643 | ||||||||||||||
Allowance for loan losses for the | ||||||||||||||||||||||||||||
Twelve months ended June 30, 2012 | ||||||||||||||||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,365 | $ | 2,654 | $ | 2,254 | $ | 59 | $ | 13 | $ | 22 | $ | 11,367 | ||||||||||||||
Provision for loan losses | 1,177 | 101 | (1,065 | ) | (53 | ) | 50 | 40 | 250 | |||||||||||||||||||
Recoveries | 105 | — | — | 92 | — | 7 | 204 | |||||||||||||||||||||
Loans charged-off | (2,955 | ) | (1,236 | ) | (58 | ) | (36 | ) | — | (34 | ) | (4,319 | ) | |||||||||||||||
Balance, end of period | $ | 4,692 | $ | 1,519 | $ | 1,131 | $ | 62 | $ | 63 | $ | 35 | $ | 7,502 | ||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2014 and June 30, 2013: | ||||||||||||||||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
30-Jun-14 | (Dollars in thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 910 | $ | — | $ | 52 | $ | 2 | $ | — | $ | 15 | $ | 979 | ||||||||||||||
Collectively evaluated for impairment | 1,390 | 993 | 999 | 134 | 2 | 83 | 3,601 | |||||||||||||||||||||
Total ending allowance balance | $ | 2,300 | $ | 993 | $ | 1,051 | $ | 136 | $ | 2 | $ | 98 | $ | 4,580 | ||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,431 | $ | 1,263 | $ | 3,506 | $ | 2 | $ | — | $ | 15 | $ | 17,217 | ||||||||||||||
Collectively evaluated for impairment | 276,529 | 333,777 | 34,556 | 45,684 | 625 | 11,466 | 702,637 | |||||||||||||||||||||
Total ending loan balance | $ | 288,960 | $ | 335,040 | $ | 38,062 | $ | 45,686 | $ | 625 | $ | 11,481 | $ | 719,854 | ||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
30-Jun-13 | (Dollars in thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 941 | $ | — | $ | 64 | $ | — | $ | — | $ | 4 | $ | 1,009 | ||||||||||||||
Collectively evaluated for impairment | 2,068 | 839 | 1,590 | 83 | 4 | 50 | 4,634 | |||||||||||||||||||||
Total ending allowance balance | $ | 3,009 | $ | 839 | $ | 1,654 | $ | 83 | $ | 4 | $ | 54 | $ | 5,643 | ||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 14,790 | $ | 1,547 | $ | 6,136 | $ | — | $ | — | $ | 4 | $ | 22,477 | ||||||||||||||
Collectively evaluated for impairment | 304,841 | 279,224 | 49,485 | 26,711 | 682 | 10,913 | 671,856 | |||||||||||||||||||||
Total ending loan balance | $ | 319,631 | $ | 280,771 | $ | 55,621 | $ | 26,711 | $ | 682 | $ | 10,917 | $ | 694,333 | ||||||||||||||
A loan is impaired when it is probable, based on current information and events, the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. When it is determined that a loss is probable, a valuation allowance is established and included in the allowance for loan losses. The amount of impairment is determined by the difference between the recorded investment in the loan and the present value of expected cash flows, or estimated net realizable value of the underlying collateral on collateral dependent loans. | ||||||||||||||||||||||||||||
The difference between the recorded investment and unpaid principal balance of loans relates to net deferred origination costs, net premiums on purchased loans, charge-offs and interest payments received on impaired loans that are recorded as a reduction of principal. For real estate loans individually evaluated for impairment, there were no collateral dependent loans measured at fair value with a valuation allowance recorded and $8.6 million impaired loans evaluated based on the loans’ present value of expected cash flows with a valuation allowance of $962,000 at June 30, 2014. This compares to $1.5 million collateral dependent loans measured at fair value with a valuation allowance of $32,000 and $7.7 million evaluated based on the loans’ present value of expected cash flows with a valuation allowance of $974,000 at June 30, 2013. | ||||||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2014 and June 30, 2013: | ||||||||||||||||||||||||||||
Unpaid Principal | Recorded | Allowance for Loan | ||||||||||||||||||||||||||
Balance | Investment | Losses Allocated | ||||||||||||||||||||||||||
30-Jun-14 | (Dollars in thousands) | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 6,175 | $ | 5,035 | $ | — | ||||||||||||||||||||||
Multi-family residential | 1,656 | 1,263 | — | |||||||||||||||||||||||||
Commercial real estate | 3,084 | 2,336 | — | |||||||||||||||||||||||||
10,915 | 8,634 | — | ||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | 7,705 | 7,396 | 910 | |||||||||||||||||||||||||
Commercial real estate | 1,170 | 1,170 | 52 | |||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 2 | 2 | 2 | |||||||||||||||||||||||||
Other | 15 | 15 | 15 | |||||||||||||||||||||||||
8,892 | 8,583 | 979 | ||||||||||||||||||||||||||
Total | $ | 19,807 | $ | 17,217 | $ | 979 | ||||||||||||||||||||||
Unpaid Principal | Recorded | Allowance for Loan | ||||||||||||||||||||||||||
Balance | Investment | Losses Allocated | ||||||||||||||||||||||||||
30-Jun-13 | (Dollars in thousands) | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 7,909 | $ | 6,796 | $ | — | ||||||||||||||||||||||
Multi-family residential | 1,961 | 1,547 | — | |||||||||||||||||||||||||
Commercial real estate | 5,704 | 4,940 | — | |||||||||||||||||||||||||
15,574 | 13,283 | — | ||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | 8,227 | 7,994 | 941 | |||||||||||||||||||||||||
Commercial real estate | 1,196 | 1,196 | 64 | |||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Other | 4 | 4 | 4 | |||||||||||||||||||||||||
9,427 | 9,194 | 1,009 | ||||||||||||||||||||||||||
Total | $ | 25,001 | $ | 22,477 | $ | 1,009 | ||||||||||||||||||||||
The following table presents monthly average of individually impaired loans by class as of June 30, 2014, June 30, 2013, and June 30, 2012: | ||||||||||||||||||||||||||||
Year ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Real estate loan: | ||||||||||||||||||||||||||||
One-to-four family | $ | 13,622 | $ | 17,375 | $ | 18,957 | ||||||||||||||||||||||
Multi-family residential | 2,182 | 2,057 | 2,768 | |||||||||||||||||||||||||
Commercial real estate | 5,432 | 5,589 | 4,505 | |||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Home Equity | — | — | 22 | |||||||||||||||||||||||||
Total | $ | 21,236 | $ | 25,021 | $ | 26,252 | ||||||||||||||||||||||
Payments received on impaired loans are recorded as a reduction of principal. Interest payments collected on non-accrual loans are characterized as payments of principal rather than payments of the outstanding accrued interest on the loans until the remaining principal on the non-accrual loans is considered to be fully collectible. If the loan returns to accrual status, interest income would be recognized based on the effective yield to maturity on the loan and the amount of interest applied to principal will be accreted over the remaining term of the loan. | ||||||||||||||||||||||||||||
Foregone interest income, which would have been recorded had the non-accrual loans been current in accordance with their original terms, amounted to $659,000, $959,000 and $456,000 for the years ended June 30, 2014, 2013 and 2012, respectively, and was not included in the results of operations. Included in foregone interest income, $607,000 and $801,000 for the years ended June 30, 2014 and 2013, respectively, was collected and applied to the net loan balances. Prior to fiscal 2013, interest income on impaired loans were recorded on a cash basis. There were $162,000, and $905,000 interest income on impaired loans for fiscal 2013 and 2012, respectively, which were recognized on a cash basis. | ||||||||||||||||||||||||||||
The following table presents interest payments recorded as reduction of principal on impaired loans by class: | ||||||||||||||||||||||||||||
For the year ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Real estate loan: | ||||||||||||||||||||||||||||
One-to-four family | $ | 382 | $ | 465 | ||||||||||||||||||||||||
Multi-family residential | 93 | 89 | ||||||||||||||||||||||||||
Commercial real estate | 132 | 247 | ||||||||||||||||||||||||||
Total | $ | 607 | $ | 801 | ||||||||||||||||||||||||
At June 30, 2014 and June 30, 2013, there were no loans past due more than 90 days and still accruing interest. | ||||||||||||||||||||||||||||
The following table presents non-accrual loans by class of loans: | ||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||
Non-accrual loans: | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 5,390 | $ | 10,310 | ||||||||||||||||||||||||
Multi-family residential | 781 | 1,547 | ||||||||||||||||||||||||||
Commercial | 1,460 | 4,045 | ||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 2 | 14 | ||||||||||||||||||||||||||
Other | 15 | 4 | ||||||||||||||||||||||||||
Total non-accrual loans | $ | 7,648 | $ | 15,920 | ||||||||||||||||||||||||
There were seven one-to-four family residential loans of $2.1 million and two multi-family loans of $781,000 on non-accrual status that were performing in accordance with their contractual terms at June 30, 2014. | ||||||||||||||||||||||||||||
The following tables present the aging of past due loans by class of loans: | ||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total | Total | Total Loans | |||||||||||||||||||||||
Delinquent | Delinquent | More | Delinquent | Current | ||||||||||||||||||||||||
Delinquent | Loans | Loans | ||||||||||||||||||||||||||
30-Jun-14 | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 2,123 | $ | 409 | $ | 301 | $ | 2,833 | $ | 286,127 | $ | 288,960 | ||||||||||||||||
Multi-family | — | — | — | — | 335,040 | 335,040 | ||||||||||||||||||||||
Commercial | 1,061 | — | 399 | 1,460 | 36,602 | 38,062 | ||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 113 | 15 | 2 | 130 | 45,556 | 45,686 | ||||||||||||||||||||||
Home Equity | — | — | — | — | 625 | 625 | ||||||||||||||||||||||
Other | 31 | 4 | 15 | 50 | 11,431 | 11,481 | ||||||||||||||||||||||
Total loans | $ | 3,328 | $ | 428 | $ | 717 | $ | 4,473 | $ | 715,381 | $ | 719,854 | ||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total | Total | Total Loans | |||||||||||||||||||||||
Delinquent | Delinquent | More | Delinquent | Current | ||||||||||||||||||||||||
Delinquent | Loans | Loans | ||||||||||||||||||||||||||
30-Jun-13 | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 389 | $ | 970 | $ | 1,751 | $ | 3,110 | $ | 316,521 | $ | 319,631 | ||||||||||||||||
Multi-family | — | 198 | — | 198 | 280,573 | 280,771 | ||||||||||||||||||||||
Commercial | — | 2,545 | — | 2,545 | 53,076 | 55,621 | ||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 32 | — | 14 | 46 | 26,665 | 26,711 | ||||||||||||||||||||||
Home Equity | 143 | — | — | 143 | 539 | 682 | ||||||||||||||||||||||
Other | 20 | 2 | 4 | 26 | 10,891 | 10,917 | ||||||||||||||||||||||
Total loans | $ | 584 | $ | 3,715 | $ | 1,769 | $ | 6,068 | $ | 688,265 | $ | 694,333 | ||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||
Troubled debt restructurings totaled $12.5 million and $15.7 million at June 30, 2014 and June 30, 2013, respectively. Troubled debt restructurings of $2.9 million and $9.1 million are included in the non-accrual loans at June 30, 2014 and June 30, 2013. The Bank has allocated $79,000 and $393,000 of valuation allowance to customers whose loan terms have been modified in troubled debt restructurings and were on non-accrual status as of June 30, 2014 and June 30, 2013, respectively. Troubled debt restructured loans are included in non-accrual loans until there is a sustained period of payment performance (usually six months or longer and determined on a case by case basis) and there is a reasonable assurance that the timely payment will continue. During the year ended June 30, 2014, nine troubled debt restructurings with an aggregate outstanding balance of $3.1 million were returned to accrual status as a result of the borrowers paying the modified terms as agreed for a sustained period of more than six months and the Bank believes there is reasonable assurance that timely payment will continue. This compares to ten troubled debt restructurings with an aggregate outstanding balance of $4.6 million that were returned to accrual status during the year ended June 30, 2013. There were no further commitments to customers whose loans were troubled debt restructurings at June 30, 2014 and June 30, 2013. | ||||||||||||||||||||||||||||
During the year ended June 30, 2014, there were no new loans that were modified as troubled debt restructurings. This compares to six one-to-four family residential loans with an aggregate outstanding balance of $2.0 million and two commercial real estate loans with an aggregate outstanding balance of $2.1 million whose terms were modified as troubled debt restructurings during the year ended June 30, 2013. The individual allowance allocated associated with these restructured loans was $161,000 at June 30, 2013. The modification of the terms involved a reduction of the stated interest rates of the loans for periods ranging from 24 months to maturity. There was no modification of terms involving an extension of the maturity date or a permanent reduction of the recorded investment in the loans during the years ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||
At June 30, 2014, there were no loans modified as troubled debt restructurings within the previous 12 months for which there was a payment default. At June 30, 2013, there was one one-to-four family residential loan, with an aggregate outstanding balance of $303,000, modified as troubled debt restructuring in default within a 12 month-period following the modification resulting in a charge-off of $90,000 at June 30, 2013. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. | ||||||||||||||||||||||||||||
The terms of certain other loans were modified during the years ended June 30, 2014 and 2013 that did not meet the definition of a troubled debt restructuring. During the year ended June 30, 2014, twenty-eight loans in the amount of $14.9 million were modified and not accounted for as troubled debt restructurings. During the year ended June 30, 2013, forty-nine loans in the amount of $18.7 million were modified and not accounted for as troubled debt restructurings.The modifications were generally made to refinance the credits to maintain the borrowing relationships and generally consisted of term or rate modifications. Certain modifications were accompanied by principal paydowns. The borrowers were not experiencing financial difficulty and the modifications were made at market terms. | ||||||||||||||||||||||||||||
In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. | ||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as: current financial information, historical payment experience, credit documentation and current economic trends among other factors. This analysis is performed monthly. The Company uses the following definitions for risk ratings: | ||||||||||||||||||||||||||||
Special Mention. Loans are classified as special mention when it is determined a loan relationship should be monitored more closely. Loans that are 60 days to 89 days past due are generally classified as special mention. In addition, loans are classified as special mention for a variety of reasons including changes in recent borrower financial conditions, changes in borrower operations, changes in value of available collateral, concerns regarding changes in economic conditions in a borrower’s industry, and other matters. A loan classified as special mention in many instances may be performing in accordance with the loan terms. | ||||||||||||||||||||||||||||
Substandard. Loans that are 90 days or more past due are generally classified as substandard. A loan is also considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||||
Doubtful. Assets classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable. | ||||||||||||||||||||||||||||
Loss. Assets classified as loss are considered uncollectible and of such little value that continuance as an asset, without establishment of a valuation allowance individually evaluated or charge-off, is not warranted. | ||||||||||||||||||||||||||||
Loans not meeting the criteria as part of the above described process are considered to be Pass rated loans. Pass rated loans are generally well protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Pass rated assets are not more than 59 days past due and are generally performing in accordance with the loan terms. | ||||||||||||||||||||||||||||
As of June 30, 2014 and June 30, 2013, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | ||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | ||||||||||||||||||||||||
30-Jun-14 | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 272,261 | $ | 10,257 | $ | 6,442 | $ | — | $ | — | ||||||||||||||||||
Multi-family | 327,999 | 3,174 | 3,867 | — | — | |||||||||||||||||||||||
Commercial | 24,708 | 7,556 | 5,798 | — | — | |||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 45,542 | 87 | 55 | — | 2 | |||||||||||||||||||||||
Home equity | 625 | — | — | — | — | |||||||||||||||||||||||
Other | 11,455 | 8 | 2 | 1 | 15 | |||||||||||||||||||||||
Total loans | $ | 682,590 | $ | 21,082 | $ | 16,164 | $ | 1 | $ | 17 | ||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | ||||||||||||||||||||||||
30-Jun-13 | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 296,434 | $ | 10,973 | $ | 12,224 | $ | — | $ | — | ||||||||||||||||||
Multi-family | 275,143 | 3,094 | 2,534 | — | — | |||||||||||||||||||||||
Commercial | 43,246 | 3,895 | 8,480 | — | — | |||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 26,454 | 102 | 137 | 18 | — | |||||||||||||||||||||||
Home equity | 682 | — | — | — | — | |||||||||||||||||||||||
Other | 10,848 | 36 | 23 | 6 | 4 | |||||||||||||||||||||||
Total loans | $ | 652,807 | $ | 18,100 | $ | 23,398 | $ | 24 | $ | 4 | ||||||||||||||||||
Real_Estate_Owned
Real Estate Owned | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Real Estate Owned | ' | |||||||||||
Real Estate Owned | ||||||||||||
Changes in real estate owned are summarized as follows: | ||||||||||||
For the year ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Beginning of period | $ | — | $ | 1,280 | $ | 828 | ||||||
Transfers in | 539 | 521 | 1,529 | |||||||||
Capitalized expenditures | 70 | 4 | 41 | |||||||||
Sales | (325 | ) | (1,805 | ) | (1,118 | ) | ||||||
End of period | $ | 284 | $ | — | $ | 1,280 | ||||||
Net (expenses) income related to foreclosed assets are as follows and are included in other operating expense: | ||||||||||||
For the year ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net gain on sales | $ | 4 | $ | 115 | $ | 55 | ||||||
Net operating (expense) income | (40 | ) | 107 | (293 | ) | |||||||
Total | $ | (36 | ) | $ | 222 | $ | (238 | ) | ||||
The Company has no valuation allowance or activity in the valuation allowance account during the years ended June 30, 2014 and 2013. |
Concentrations
Concentrations | 12 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Concentrations | ' |
Concentrations | |
A large percentage of the Bank’s account holders are employees of the Kaiser Permanente Medical Care Program. Concentrations of credit risk arise when a number of customers are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. Although the Company has a diversified loan portfolio, all of the real estate loans are secured by properties located in California and many of the borrowers reside in California; therefore, credit performance depends on the economic stability of California. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Premises and Equipment | |||||||||
Premises and equipment are summarized as follows: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Building | $ | 1,218 | $ | 1,218 | |||||
Leasehold improvements | 2,062 | 1,961 | |||||||
Furniture and equipment | 8,298 | 7,160 | |||||||
11,578 | 10,339 | ||||||||
Less: Accumulated depreciation and amortization | (7,814 | ) | (6,540 | ) | |||||
$ | 3,764 | $ | 3,799 | ||||||
Depreciation expense on premises and equipment totaled $1.3 million , $1.1 million, and $839,000 for the years ended June 30, 2014, 2013, and 2012, respectively. | |||||||||
The Company leases office space in eight buildings under operating leases for varying periods extending to fiscal year 2023, at which time the company can exercise renewal options that could extend certain leases through fiscal year 2038. The operating leases contain provisions requiring the Company to pay property taxes and operating expenses over base period amounts. All rental payments are dependent only upon the lapse of time. Minimum rental payments under operating leases are as follows at June 30, 2014: | |||||||||
Years ending June 30, | Amount | ||||||||
(Dollars in thousands) | |||||||||
2015 | $ | 1,023 | |||||||
2016 | 780 | ||||||||
2017 | 564 | ||||||||
2018 | 543 | ||||||||
2019 | 560 | ||||||||
Thereafter | 707 | ||||||||
$ | 4,177 | ||||||||
Rental expense, including property taxes and common area maintenance for the years ended June 30, 2014, 2013, and 2012 for all facilities leased under operating leases totaled $1.2 million each year. |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill | ' | ||||||||
Goodwill | |||||||||
The activity in goodwill is summarized as follows: | |||||||||
For the year ended June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Beginning of year | $ | 3,950 | $ | 3,950 | |||||
Acquired goodwill | — | — | |||||||
Impairment | — | — | |||||||
End of year | $ | 3,950 | $ | 3,950 | |||||
Mortgage_Banking_and_Mortgage_
Mortgage Banking and Mortgage Servicing Assets | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Mortgage Banking [Abstract] | ' | |||||||||||||||
Mortgage Banking and Mortgage Servicing Assets | ' | |||||||||||||||
Mortgage Banking and Mortgage Servicing Assets | ||||||||||||||||
The Company originates fixed rate one-to-four-family residential real estate loans secured by properties in California and generates revenues from the sale of these loans in the secondary market. Commitments to fund certain mortgage loans (interest rate lock commitments) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Company’s practice to enter into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments (“IRLCs”) are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. These mortgage banking derivatives are not designated as hedge relationships. Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage-banking derivatives are included in other noninterest income or expense. Prior to fiscal 2013, the Company held no derivatives. | ||||||||||||||||
At June 30, 2014, the Company had approximately $6.4 million of interest rate lock commitments and $7.7 million of forward loan sale commitments for the future delivery of residential mortgage loans. At June 30, 2013, the Company had approximately $4.4 million of interest rate lock commitments and $13.3 million of forward loan sale commitments for the future delivery of residential mortgage loans. | ||||||||||||||||
The net (losses) gains relating to free-standing derivative instruments used for risk management are summarized below: | ||||||||||||||||
For the year ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Mandatory forward commitment | $ | (303 | ) | $ | 227 | |||||||||||
Interest rate lock commitments | 171 | (40 | ) | |||||||||||||
Total (losses) gains | $ | (132 | ) | $ | 187 | |||||||||||
The following table reflects the amount and market value of mortgage banking derivatives included in the Consolidated Statements of Financial Condition as of June 30, 2014 and 2013: | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Included in other assets | ||||||||||||||||
Mandatory forward commitments | $ | 1,000 | $ | — | $ | 4,582 | $ | 227 | ||||||||
Interest rate lock commitments | 6,389 | 131 | 1,172 | 7 | ||||||||||||
Total included in other assets | $ | 7,389 | $ | 131 | $ | 5,754 | $ | 234 | ||||||||
Included in other liabilities | ||||||||||||||||
Mandatory forward commitments | $ | 6,650 | $ | 76 | $ | — | $ | — | ||||||||
Interest rate lock commitments | — | — | 3,273 | 47 | ||||||||||||
Total included in other assets | $ | 6,650 | $ | 76 | $ | 3,273 | $ | 47 | ||||||||
Mortgage loans sold and serviced for others are not reported as assets. The principal balance of these loans serviced for FHLMC was $94.2 million and $69.2 million at June 30, 2014 and 2013, respectively. Custodial escrow balances maintained in connection with serviced loans were $261,000 and $163,000 at June 30, 2014 and 2013. | ||||||||||||||||
MSAs are recorded when loans are sold to investors and the servicing of those loans is retained by the Bank. MSAs are amortized in proportion to and over the period of the estimated net servicing income and are carried at the lower of cost or fair value. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. | ||||||||||||||||
Activities for MSAs and the related valuation allowance follows: | ||||||||||||||||
For the year ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
MSAs balance, beginning of year | $ | 602 | $ | 3 | ||||||||||||
Additions | 280 | 683 | ||||||||||||||
Amortization | (131 | ) | (53 | ) | ||||||||||||
Change in valuation allowance | 20 | (31 | ) | |||||||||||||
MSAs balance, end of year | $ | 771 | $ | 602 | ||||||||||||
Valuation allowance, beginning of year | $ | 31 | $ | — | ||||||||||||
Impairment provision (recovery) | (20 | ) | 31 | |||||||||||||
Valuation allowance, end of year | $ | 11 | $ | 31 | ||||||||||||
The fair values of MSAs were $1.1 million and $690,000 at June 30, 2014 and 2013, respectively. Fair value at June 30, 2014 was determined using a discount rate of 8.5% and a weighted-average constant prepayment rate (“CPR”) of 8.38%. Fair value at June 30, 2013 was determined using a discount rate of 7.5% and a CPR of 12.25%. |
Deposits
Deposits | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Deposit Liabilities [Abstract] | ' | ||||||||||||
Deposits | ' | ||||||||||||
Deposits | |||||||||||||
The following table shows the distribution of, and certain other information relating to, deposits by type of deposit, as of the dates indicated: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Non interest-bearing demand | $ | 60,569 | $ | 65,694 | |||||||||
Interest-bearing checking | 81,781 | 14,456 | |||||||||||
Savings | 125,770 | 134,856 | |||||||||||
Money market | 138,169 | 159,555 | |||||||||||
Certificates of deposit | 246,534 | 280,085 | |||||||||||
Total deposits | $ | 652,823 | $ | 654,646 | |||||||||
Deposits by maturity are summarized as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
No contractual maturity | $ | 406,289 | $ | 374,561 | |||||||||
0-1 year maturity | 97,198 | 121,566 | |||||||||||
Over 1-2 year maturity | 80,237 | 50,293 | |||||||||||
Over 2-3 year maturity | 40,640 | 73,413 | |||||||||||
Over 3-4 year maturity | 6,769 | 27,379 | |||||||||||
Over 4-5 year maturity | 21,690 | 7,309 | |||||||||||
Thereafter | — | 125 | |||||||||||
Total deposits | $ | 652,823 | $ | 654,646 | |||||||||
The aggregate amount of certificates of deposit in denominations of $100,000 or more at June 30, 2014 and 2013 was $133.1 million and $150.0 million, respectively. | |||||||||||||
Interest expense by major category is summarized as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Interest-bearing checking | $ | 146 | $ | 7 | $ | 3 | |||||||
Savings | 127 | 158 | 293 | ||||||||||
Money market | 367 | 413 | 658 | ||||||||||
Certificates of deposit | 4,568 | 5,906 | 6,719 | ||||||||||
Total | $ | 5,208 | $ | 6,484 | $ | 7,673 | |||||||
At June 30, 2014 and 2013, 33.0% and 32.6% of the dollar amount of our deposits were from customers who are employed by the Kaiser Permanente Medical Care Program. | |||||||||||||
Deposits from executive officers, directors, and their affiliates totaled $765,000 and $806,000 at June 30, 2014 and June 30, 2013, respectively. |
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Federal Home Loan Bank Advances | ' | |||||||
Federal Home Loan Bank Advances | ||||||||
FHLB advances were $85.0 million and $60.0 million at June 30, 2014 and June 30, 2013, respectively. At June 30, 2014, the stated interest rates on the Bank’s advances from the FHLB ranged from 0.82% to 2.43% with a weighted average stated rate of 1.57%. At June 30, 2013, the stated interest rates on the Bank’s advances from the FHLB ranged from 0.85% to 2.43% with a weighted average stated rate of 1.64%. | ||||||||
The contractual maturities by fiscal year of the Bank’s FHLB advances over the next five years are as follows: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Fiscal Year of Maturity | ||||||||
2015 | $ | 20,000 | $ | 20,000 | ||||
2016 | — | — | ||||||
2017 | 25,000 | 20,000 | ||||||
2018 | 10,000 | — | ||||||
2019 | 30,000 | 20,000 | ||||||
Total | $ | 85,000 | $ | 60,000 | ||||
The Bank’s advances from the FHLB are collateralized by certain real estate loans with an aggregate unpaid principal balance of $522.6 million and $450.1 million as of the most recent notification date for June 30, 2014 and 2013, respectively. At June 30, 2014 and 2013, the remaining amount available to borrow under this agreement was $259.4 million and $292.9 million, respectively. Each advance is payable at its maturity date. | ||||||||
The average balance of FHLB advances for the years ended June 30, 2014 and 2013 were $75.4 million and $69.2 million with average costs of 1.59% and 2.00%, respectively. | ||||||||
In fiscal 2009 the Bank established a short-term line of credit with the Federal Reserve Bank of San Francisco. As of June 30, 2014, $28.5 million of commercial real estate loans, $32.9 million of automobile loans, and $54,000 of investment securities were pledged as collateral. As of June 30, 2013, $50.3 million of commercial real estate loans, $21.1 million of automobile loans, and $68,000 of investment securities were pledged as collateral. At June 30, 2014 and 2013, the available line of credit was $47.6 million and $51.5 million, respectively. The Bank has never drawn on this line of credit. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Jun. 30, 2014 | |
Compensation Related Costs [Abstract] | ' |
Employee Benefits | ' |
Employee Benefits | |
401(k) Plan: The Company has a 401(k) pension plan that allows eligible employees to defer a portion of their salary into the plan. The Company matches 50% of the first 10% of employees’ contributions. The Company contributed $211,000, $241,000, and $177,000, to the plan for the years ended June 30, 2014, 2013, and 2012, respectively. | |
Incentive Plan: The Company maintains an Annual Incentive Plan for all employees. Participants are awarded a percentage of their base salary for attaining certain performance goals. The compensation expense related to these plans for years ended June 30, 2014, 2013, and 2012 totaled $742,000, $904,000, and $850,000 respectively. | |
Postretirement Medical Benefits: The Company provides postretirement medical benefits to eligible retired employees and their spouses. The plan covers employees who were hired on or before May 31, 2005, have 20 or more years of service and retire after age 55. The net periodic benefit cost related to this plan was $91,000, $120,000, and $74,000 for the years ended June 30, 2014, 2013, and 2012, respectively. The total postretirement obligation was $1.0 million, $1.1 million, and $1.2 million at June 30, 2014, 2013, and 2012, respectively. | |
The expense of $91,000 for the year ended June 30, 2014 is comprised of the service cost of $33,000, interest cost of $51,000, and the amortization of actuarial loss from prior years of $7,000. There was no service cost from prior years amortized during fiscal 2014. An actuarial pre-tax gain in the amount of $74,000 was recognized in accumulated other comprehensive income at June 30, 2014 due to demographic changes and a decrease in health care cost trend rate, partially offset by a decrease in the discount rate compared to prior year. The actuarial gain in the current year was more than offset by the remaining unamortized actuarial loss from the prior year and resulted in a net actuarial loss of $1,000, which will be amortized into net periodic cost over the next fiscal year. |
Employee_Stock_Compensation
Employee Stock Compensation | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Employee Stock Compensation | ' | |||||||||||||
Employee Stock Compensation | ||||||||||||||
Stock Option Plan (“SOP”): The Company’s SOP provides for the issuance of options to directors, officers and employees. Pursuant to the Company’s 2004 SOP, 409,105 shares of the Company’s common stock may be awarded. The Company implemented the SOP to promote the long-term interest of the Company and its stockholders by providing an incentive to those key employees who contribute to the operational success of the Company. The options become exercisable in equal installments over a five-year period beginning one year from the date of grant. The options expire ten years from the date of grant and are subject to certain restrictions and limitations. Compensation expense related to the SOP was $23,000, $37,000 and $56,000 for the years ended June 30, 2014, 2013, and 2012 and the total income tax benefit was $4,000, $9,000, and $10,000, respectively. | ||||||||||||||
A summary of the activity in the stock option plan for fiscal 2014 is presented below: | ||||||||||||||
30-Jun-14 | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | (in thousands) | ||||||||||||
Term | ||||||||||||||
(years) | ||||||||||||||
Outstanding at beginning of year | 180,220 | $ | 15.98 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (13,130 | ) | 10.85 | |||||||||||
Forfeited or expired | (5,251 | ) | 20.16 | |||||||||||
Outstanding at end of year | 161,839 | $ | 16.26 | 3.04 | $ | 512 | ||||||||
Fully vested and expected to vest | 161,753 | $ | 16.27 | 3.04 | $ | 511 | ||||||||
Options exercisable at end of year | 158,639 | $ | 16.34 | 2.96 | $ | 495 | ||||||||
Information related to the stock option plan during each year follows: | ||||||||||||||
For the year ended June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(Dollars in thousands) | ||||||||||||||
Intrinsic value of stock options exercised | $ | 83 | $ | 26 | $ | 9 | ||||||||
Cash received from options exercised | 143 | 70 | 78 | |||||||||||
Tax benefit realized from option exercises | 34 | 3 | — | |||||||||||
Stock options are issued at the current market price on the date of grant. The grant date fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The risk-free interest rate is the implied yield available on U.S. Treasury zero-coupon issues with a remaining term equal to the the expected term of the stock option in effect at the time of the grant. Expected volatilities are based on historical volatilities of the Company’s common stock for a period equal to the stock option's expected life. The Company uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. Expected dividends are the estimated dividend rate over the expected term of the stock options. There were no stock options granted during the years ended June 30, 2014, 2013, 2012. | ||||||||||||||
At June 30, 2014 the Company had an aggregate of 212,027 options available for future issuance under the SOP. As of June 30, 2014, there was $10,000 of unrecognized compensation cost related to nonvested stock options. This cost was expected to be recognized over a weighted average period of 2.0 years. The weighted average annual forfeiture rate during fiscal 2014 was 1.80% and was calculated by using the historical forfeiture experience of all fully vested stock option grants and is reviewed annually. | ||||||||||||||
Recognition and Retention Plan (“RRP”): The Company’s RRP provides for the issuance of shares to directors, officers, and employees. Compensation expense is recognized over the vesting period of the awards based on the fair value at date of grant. Pursuant to the Company’s 2004 RRP, 163,642 shares of the Company’s common stock may be awarded. There were 12,000 restricted shares outstanding and the Company had an aggregate of 16,624 shares available for future issuance under the RRP at June 30, 2014. The shares granted vest over a five-year period. Compensation expense recognized was $80,000, $88,000, and $140,000 for the years ended June 30, 2014, 2013, and 2012, respectively. | ||||||||||||||
A summary of changes in the Company’s RRP shares for the year follows: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
RRP nonvested shares at July 1, 2013 | 21,958 | $ | 12.46 | |||||||||||
Granted | — | — | ||||||||||||
Vested | (7,558 | ) | 12.47 | |||||||||||
Forfeited | (2,400 | ) | 12.22 | |||||||||||
RRP shares at June 30, 2014 | 12,000 | $ | 12.51 | |||||||||||
As of June 30, 2014 , total unrecognized compensation cost related to nonvested shares under the plan amounted to $115,000. The cost is expected to be recognized over a weighted average period of 2.2 years. The total fair value of shares vested during the years ended June 30, 2014, 2013, and 2012 was $94,000, $127,000, and $111,000, respectively. | ||||||||||||||
2011 Equity Incentive Plan (“EIP”): In December 2011, the Company’s shareholders approved EIP, providing for the issuance of stock options, restricted stock awards and restricted stock units to directors, officers and employees. Pursuant to the 2011 EIP, 892,500 shares of the Company’s common stock may be issued. Of the 892,500 shares of Company stock, 637,500 shares are eligible to be delivered pursuant to the exercise of Stock Options, and 255,000 shares may be issued as Restricted Stock Awards or Restricted Stock Unit Awards. The maximum number of shares of stock that may be covered by options that are intended to be “performance-based compensation” under a grant to any one employee in any one calendar year is 100,000 shares. The Company implemented the EIP to promote the long-term interest of the Company and its stockholders by providing an incentive to attract, retain and reward individuals who contribute to the operational success of the Company. Unless the Compensation Committee specifies a different vesting schedule at the time of grant, stock option, restricted stock awards, and restricted stock unit awards under the EIP shall be granted with a vesting rate not exceeding twenty percent per year, with the first installment vesting one year after the date of grant. The options expire ten years from the date of grant, or five years with respect to Incentive Stock Options granted to an employee who is a 10% stockholder. | ||||||||||||||
There were no stock options granted during the year ended June 30, 2014 under the EIP. There were 49,245 restricted shares outstanding. The vesting of these shares varies with vesting periods up to five years. The Company had an aggregate of 185,698 restricted stock award shares available for future issuances under the EIP at June 30, 2014. | ||||||||||||||
A summary of changes in the Company’s restricted shares issued under the EIP for the year ended June 30, 2014 follows: | ||||||||||||||
Shares | Weighted | |||||||||||||
Average | ||||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
EIP nonvested shares at July 1, 2013 | 29,389 | $ | 14.33 | |||||||||||
Granted | 31,249 | 15.69 | ||||||||||||
Vested | (11,393 | ) | 14.73 | |||||||||||
Forfeited | — | — | ||||||||||||
Restricted EIP shares at June 30, 2014 | 49,245 | $ | 15.1 | |||||||||||
Compensation expense recognized was $236,000, $176,000 and $30,000 for the years ended June 30, 2014, 2013 and 2012, respectively. As of June 30, 2014, there was $533,000 of total unrecognized compensation cost related to nonvested shares under the plan. The unrecognized compensation cost is expected to be recognized over a weighted average period of 3.3 years. The total fair value of shares vested during the years ended June 30, 2014 and 2013 was $168,000 and $133,000, respectively. |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Employee Stock Ownership Plan | ' | ||||||||
Employee Stock Ownership Plan | |||||||||
During 2004, the Bank implemented the Employee Stock Ownership Plan (“ESOP”), which covers substantially all of its employees. In connection with the second step stock offering on November 19, 2010, the Company issued 382,500 shares of common stock which were added to the 114,549 converted shares from the original ESOP for a total of 497,049 shares. The 497,049 shares of common stock are eligible for allocation under the ESOP in exchange for a twelve-year note in the amount of $5.6 million. The $5.6 million for the ESOP purchase was borrowed from the Company with the ESOP shares being pledged as collateral for the loan. | |||||||||
The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank’s contributions to the ESOP and earnings on ESOP assets. Shares issued to the ESOP are allocated to ESOP participants based on relative compensation and expense recorded during the year. Principal and interest payments are scheduled to occur over a twelve-year period. Principal contributions to the ESOP were $425,000, $412,000 and $398,000 for the years ended June 30, 2014, 2013, and 2012, respectively. The outstanding balance on the loan was $4.1 million and $4.5 million at June 30, 2014 and 2013, respectively. The unearned ESOP account of $3.9 million and $4.3 million were reported as a reduction to stockholders’ equity at June 30, 2014 and 2013, respectively. | |||||||||
During the years ended June 30, 2014, 2013, and 2012, 41,421 shares of stock were allocated each year with the average fair values of $16.17, $14.84 and $12.86 per share, respectively. Eligible employees have a nonforfeitable right to the full amount credited to their account after six years of service. Vesting accelerates upon retirement, death or disability of the participant. Forfeitures are reallocated among remaining participating employees in the same proportion as contributions. Compensation expense was $670,000, $615,000, and $532,000 for the years ended June 30, 2014, 2013, and 2012, respectively. | |||||||||
Shares held by the ESOP are as follows: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Allocated shares | 155,328 | 113,907 | |||||||
Unearned shares | 341,721 | 383,142 | |||||||
Total ESOP shares | 497,049 | 497,049 | |||||||
Fair value of unearned shares | $ | 5,963 | $ | 5,556 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The components of income tax expense are as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current | |||||||||||||
Federal | $ | 1,982 | $ | 3,055 | $ | 2,322 | |||||||
State | 618 | 748 | 652 | ||||||||||
2,600 | 3,803 | 2,974 | |||||||||||
Deferred | |||||||||||||
Federal | 472 | (185 | ) | 1,009 | |||||||||
State | 90 | (89 | ) | 315 | |||||||||
562 | (274 | ) | 1,324 | ||||||||||
Income tax expense | $ | 3,162 | $ | 3,529 | $ | 4,298 | |||||||
The income tax provision differs from the amount of income tax determined by applying the United States federal income tax rate of 34% to pretax income due to the following: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Federal income tax at statutory rate | $ | 2,881 | $ | 3,315 | $ | 3,914 | |||||||
State taxes, net of federal tax benefit | 511 | 502 | 638 | ||||||||||
General business credit | (196 | ) | (196 | ) | (197 | ) | |||||||
Bank-owned life insurance | (148 | ) | (153 | ) | (163 | ) | |||||||
Stock options | 2 | 3 | 11 | ||||||||||
Other, net | 112 | 58 | 95 | ||||||||||
Total | $ | 3,162 | $ | 3,529 | $ | 4,298 | |||||||
Tax expense as a percentage of income before tax | 37.3 | % | 36.2 | % | 37.3 | % | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s total net deferred tax assets are as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 1,211 | $ | 1,814 | |||||||||
Accrued expenses | 151 | 195 | |||||||||||
Accrued state income tax | 134 | 278 | |||||||||||
RRP and EIP Plan | 78 | 48 | |||||||||||
Net unrealized loss on securities available-for-sale | 90 | 244 | |||||||||||
Postretirement medical benefits | 450 | 450 | |||||||||||
Premises and equipment | 179 | 26 | |||||||||||
Other | 384 | 142 | |||||||||||
Total deferred tax assets | 2,677 | 3,197 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill and other intangibles | (959 | ) | (832 | ) | |||||||||
Federal Home Loan Bank Stock dividends | (557 | ) | (467 | ) | |||||||||
Affordable Housing Partnership | (185 | ) | (235 | ) | |||||||||
Total deferred tax liabilities | (1,701 | ) | (1,534 | ) | |||||||||
Net deferred tax asset, included in other assets | $ | 976 | $ | 1,663 | |||||||||
There were no interest or penalties recorded in the income statement for the years ended June 30, 2014, 2013, and 2012. The Company had approximately $27,000 and $1,000 accrued for the payment of interest and penalties related to unrecognized tax benefits at June 30, 2014, and 2013 respectively. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
For the year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance, beginning of year | $ | 1,060 | $ | 796 | $ | 364 | |||||||
Additions based on tax positions related to the current year | 251 | 252 | 231 | ||||||||||
Additions for tax positions of prior years | — | 22 | 201 | ||||||||||
Reductions for tax positions of prior years | (252 | ) | (10 | ) | — | ||||||||
Balance, end of year | $ | 1,059 | $ | 1,060 | $ | 796 | |||||||
The addition in the unrecognized tax benefits is primarily attributable to California tax incentives. Of the total unrecognized tax benefits, $1.1 million represents the amount of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate in future periods. The Company does not expect the total amount of unrecognized tax benefits to significantly change in the next twelve months. | |||||||||||||
The Company is currently under examination by the State of California Franchise Tax Board for tax years ended June 30, 2007 through 2011. The Company does not believe that there are other tax jurisdictions in which the outcome of unresolved issues or claims is likely to be material to the Company’s financial position, cash flows or results of operations. The Company further believes that adequate provisions have been made for all income tax uncertainties. |
Capital_Requirements_and_Restr
Capital Requirements and Restrictions on Retained Earnings | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||||||||
Capital Requirements and Restrictions on Retained Earnings | ' | |||||||||||||||||||||
Capital Requirements and Restrictions on Retained Earnings | ||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by 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 Bank’s financial statements. The regulations require the Bank to meet specific capital adequacy guidelines that involve quantitative measures of Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital classification is also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | ||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require 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 Tier 1 capital to total assets (as defined). Management’s opinion, as of June 30, 2014, is that the Bank meets all capital adequacy requirements to which it is subject. | ||||||||||||||||||||||
As of June 30, 2014 and 2013, the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk based and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since the notification that management believes have changed the Bank’s category. | ||||||||||||||||||||||
The Bank’s actual capital amounts and ratios are presented in the following table. | ||||||||||||||||||||||
Actual | Minimum Capital | Minimum Required to | ||||||||||||||||||||
Adequacy | be Well Capitalized | |||||||||||||||||||||
Requirements | Under | |||||||||||||||||||||
Prompt Corrective | ||||||||||||||||||||||
Actions Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 128,372 | 21.66 | % | $ | 47,417 | 8 | % | $ | 59,271 | 10 | % | ||||||||||
Tier 1 capital (to risk-weighted assets) | 123,792 | 20.89 | 23,709 | 4 | 35,563 | 6 | ||||||||||||||||
Tier 1 (core) capital (to adjusted tangible assets) | 123,792 | 14.13 | 35,056 | 4 | 43,820 | 5 | ||||||||||||||||
30-Jun-13 | ||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 137,788 | 23.85 | % | $ | 46,222 | 8 | % | $ | 57,777 | 10 | % | ||||||||||
Tier 1 capital (to risk-weighted assets) | 132,145 | 22.87 | 23,111 | 4 | 34,666 | 6 | ||||||||||||||||
Tier 1 (core) capital (to adjusted tangible assets) | 132,145 | 15.28 | 34,591 | 4 | 43,238 | 5 | ||||||||||||||||
The following is a reconciliation of the Bank’s equity under GAAP to regulatory capital: | ||||||||||||||||||||||
June 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
GAAP Equity | $ | 126,538 | $ | 134,716 | ||||||||||||||||||
Goodwill and other intangibles (less deferred tax) | (2,893 | ) | (3,002 | ) | ||||||||||||||||||
Accumulated loss on securities | 139 | 362 | ||||||||||||||||||||
Postretirement medical benefit costs | 85 | 129 | ||||||||||||||||||||
Disallowed servicing assets | (77 | ) | (60 | ) | ||||||||||||||||||
Tier 1 Capital | 123,792 | 132,145 | ||||||||||||||||||||
Allowance for loan losses | 4,580 | 5,643 | ||||||||||||||||||||
Total regulatory capital | $ | 128,372 | $ | 137,788 | ||||||||||||||||||
Regulations impose various restrictions on savings institutions with respect to their ability to make distributions of capital, which include dividends, stock redemptions or repurchases, cash-out mergers and other transactions charged to the capital account. | ||||||||||||||||||||||
Generally, savings institutions, such as Simplicity Bank, that before and after the proposed distribution are well-capitalized, may make capital distributions during any calendar year up to 100% of net income for the year-to-date plus retained net income for the two preceding calendar years. However, an institution deemed to be in need of more than normal supervision by the OCC may have its dividend authority restricted. The amount of retained earnings available for dividends was $95,000 at June 30, 2014. Simplicity Bank may pay dividends to Simplicity Bancorp, Inc. in accordance with this regulatory requirement. In fiscal 2014, Simplicity Bank declared and paid $15.0 million cash dividends to its parent, Simplicity Bancorp. Inc.; in fiscal 2013, the Bank did not declare cash dividends to its parent. | ||||||||||||||||||||||
The Qualified Thrift Lender test requires at least 65% of assets be maintained in housing-related finance and other specified areas. If this test is not met, limits are placed on growth, branching, new investments, FHLB advances and dividends, or the Bank must convert to a commercial bank charter. Management believes that this test is met. | ||||||||||||||||||||||
Simplicity Bancorp, Inc. is not currently subject to prompt corrective action regulations. Savings and loan holding companies are not currently subject to specific regulatory capital requirements. In July 2013, the OCC and Federal Reserve Board published a final rule and the FDIC issued an interim final rule that revise the risk-based and leverage capital requirements for banking organizations agreed to by the members of the Basel Committee on Banking Supervision, commonly referred to as Basel III. The final rule implements a revised definition of regulatory capital, a new common equity tier 1 minimum capital requirement, and a higher minimum tier 1 capital requirement. In addition, the final rule establishes limits on a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a specified amount of common equity tier 1 capital in addition to the amount necessary to meet its minimum risk-based capital requirements. The phase-in period for the Company and the Bank will begin in January 2015. |
Loan_Commitments_and_Other_Rel
Loan Commitments and Other Related Activities | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Loan Commitments and Other Related Activities | ' | ||||||||
Loan Commitments and Other Related Activities | |||||||||
The Company is a party to various legal actions normally associated with collections of loans and other business activities of financial institutions, the aggregate effect of which, in management’s opinion, would not have a material adverse effect on the financial condition or results of operations of the Company. | |||||||||
At June 30, 2014 and 2013, there were $61.3 million and $76.8 million, respectively, in cash and cash equivalents with balances in excess of insured limits. | |||||||||
Outstanding mortgage loan commitments at June 30, 2014 and 2013 amounted to $5.1 million and $6.5 million, respectively. There were $3.6 million fixed rate loan commitments and $1.5 million adjustable rate loan commitments at June 30, 2014. This compares to $805,000 fixed rate loan commitments and $5.7 million adjustable rate loan commitments at June 30, 2013. As of June 30, 2014 and 2013, commitments were issued at a weighted average rate of 3.22% and 3.39%, respectively. There were no commitments to purchase mortgage loans at June 30, 2014 and 2013. | |||||||||
Available credit on home equity and unsecured lines of credit is summarized as follows: | |||||||||
June 30 | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Home equity | $ | 570 | $ | 664 | |||||
Other consumer | 1,405 | 1,474 | |||||||
$ | 1,975 | $ | 2,138 | ||||||
Commitments for home equity and unsecured lines of credit may expire without being drawn upon. Therefore, the total commitment amount does not necessarily represent future cash requirements of the Company. These commitments are not reflected in the financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
FASB ASC 820-10 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | ||||||||||||||||||||
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||||||
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||||||
There were no financial or nonfinancial instruments transferred in or out of Level 1, 2, or 3 input categories during the years ended June 30, 2014 and 2013. | ||||||||||||||||||||
Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). | ||||||||||||||||||||
Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive allocations of the allowance for loan losses that are individually evaluated. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a monthly basis for additional impairment and adjusted accordingly. | ||||||||||||||||||||
Loans Held for Sale: The Company’s loans held for sale are carried at the lower of cost or fair value. Fair value for loans held for sale is determined using quoted secondary-market prices such as loan sale commitments and is classified as Level 2. | ||||||||||||||||||||
Mortgage Servicing Assets: MSAs are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. The fair value is determined at a tranche level, based on a valuation model that calculates the present value of estimated future net servicing income. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data such as prepayment speeds, ancillary income, servicing costs, and delinquency rates. The significant assumptions also include discount rate and prepayment speed incorporated into the valuation model that reflect management’s best estimate resulting in a level 3 classification. | ||||||||||||||||||||
Derivative Assets and Liabilities: The Company’s derivative assets and liabilities are carried at fair value as required by GAAP and are accounted for as freestanding derivatives. The derivatives are comprised of IRLCs and mandatory loan sale commitments. The fair value of IRLCs are determined by quoted prices for a similar commitment or commitments, adjusted for the specific attributes of each commitment (Level 3). The fair values of mandatory loan sale commitments are based on gains or losses that would occur if the Bank were to pair-off transaction with the investor at the measurement date (Level 2). | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
Mortgage-backed securities (residential) | $ | 35,216 | $ | — | $ | 35,216 | $ | — | ||||||||||||
Collateralized mortgage obligations (residential) | 21,667 | — | 21,667 | — | ||||||||||||||||
Total available-for-sale securities | $ | 56,883 | $ | — | $ | 56,883 | $ | — | ||||||||||||
Derivatives assets | $ | 131 | $ | — | $ | — | $ | 131 | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives liabilities | $ | 76 | $ | — | $ | 76 | $ | — | ||||||||||||
30-Jun-13 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
Mortgage-backed securities (residential) | $ | 30,075 | $ | — | $ | 30,075 | $ | — | ||||||||||||
Collateralized mortgage obligations (residential) | 22,105 | — | 22,105 | — | ||||||||||||||||
Total available-for-sale securities | $ | 52,180 | $ | — | $ | 52,180 | $ | — | ||||||||||||
Derivatives assets | $ | 234 | $ | — | $ | 227 | $ | 7 | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives liabilities | $ | 47 | $ | — | $ | — | $ | 47 | ||||||||||||
Nonrecurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the remeasurement is performed. The following assets and liabilities were measured at fair value on a non-recurring basis: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets at June 30, 2014 | ||||||||||||||||||||
MSAs | $ | 75 | $ | — | $ | — | $ | 75 | ||||||||||||
Assets at June 30, 2013 | ||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
One-to-four family residential | $ | 1,495 | $ | — | $ | — | $ | 1,495 | ||||||||||||
Loans Held for Sale | $ | 4,496 | $ | — | $ | 4,496 | $ | — | ||||||||||||
MSAs | $ | 195 | $ | — | $ | — | $ | 195 | ||||||||||||
At June 30, 2014 and June 30, 2013, no nonfinancial assets and liabilities were measured at fair value on a non-recurring basis. | ||||||||||||||||||||
Loans are considered impaired when it is probable that the Company will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement, including contractual interest and principal payments. Impaired loans are measured for impairment using the fair value of the collateral for collateral dependent loans. The fair value of collateral is calculated using an independent third party appraisal. There were no impaired loans measured at fair value at June 30, 2014. Impaired loans measured at fair value had a recorded investment balance of $1.6 million with a valuation allowance of $32,000 at June 30, 2013. At June 30, 2014, the total carrying amount of collateral dependent loans was lower than the fair value of the collaterals primarily attributable to principal reduction from continuous payments on impaired loans individually evaluated during the year ended June 30, 2014. | ||||||||||||||||||||
Loans held for sale are reported at the lower of cost or fair value. Any subsequent declines in fair value for loans held for sale are recorded as valuation allowances. Loans held for sale were valued at cost at June 30, 2014. There was a $86,000 valuation allowance recovery recorded for loans held for sale during the year ended June 30, 2014 compared to a $86,000 impairment recorded during the year ended June 30, 2013. | ||||||||||||||||||||
Impairment of MSAs is determined at the tranche level and recognized through a valuation allowance for each individual grouping, to the extent that fair value is less than the carrying amount. The impairment amount was $10,000 as of June 30, 2014 as compared to $31,000 as of June 30, 2013. There was a $21,000 impairment recovery recorded during the year ended June 30, 2014 as compared to a $31,000 impairment provision recorded during the year ended June 30, 2013. | ||||||||||||||||||||
The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis as of the dates indicated: | ||||||||||||||||||||
30-Jun-14 | Fair Value | Valuation Techniques | Unobservable Inputs | Range | ||||||||||||||||
(Weighted Avg) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
IRLCs | $ | 131 | Relative value analysis | Servicing value | 0.80% to 1.10% (1.00%) | |||||||||||||||
Pull-through rates(1) | 70% to 95% (74%) | |||||||||||||||||||
MSAs | $ | 75 | Discounted Cash Flow | Discount Rate | 8.50% | |||||||||||||||
CPR | 5.90% to 14.52% (8.38%) | |||||||||||||||||||
30-Jun-13 | Fair Value | Valuation Techniques | Unobservable Inputs | Range | ||||||||||||||||
(Weighted Avg) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
IRLCs | $ | (40 | ) | Relative value analysis | Servicing value | 0.55% to 1.0% (0.92%) | ||||||||||||||
Pull-through rates(1) | 70% to 100% (76.6%) | |||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
One-to-four family residential | $ | 1,495 | Sales Comparison Approach | Adjustment for the differences between the comparable sales | -8.7% to 8.5% (-1.45%) | |||||||||||||||
MSAs | $ | 195 | Discounted Cash Flow | Discount Rate | 7.50% | |||||||||||||||
CPR | 10.21% to 14.70% (12.25%) | |||||||||||||||||||
(1) The percentage of commitment to extend credit on loans to be held for sale which management has estimated to be funded. | ||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a market exchange. The use of different assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | ||||||||||||||||||||
The following methods and assumptions were used to estimate fair value of each class of financial instruments for which it is practicable to estimate fair value: | ||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||
The carrying amounts of cash and cash equivalents approximate fair values. Cash on hand and non-interest due from bank accounts are classified as Level 1 and federal funds sold are classified as Level 2. | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Estimated fair values for securities held-to-maturity are obtained from quoted market prices where available and are classified as Level 1. Where quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and are classified as Level 2. | ||||||||||||||||||||
Securities available-for-sale that are previously reported are excluded from the fair value disclosure below. | ||||||||||||||||||||
FHLB Stock | ||||||||||||||||||||
It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability. | ||||||||||||||||||||
Loans Held for Sale | ||||||||||||||||||||
Fair value for loans held for sale is determined using quoted secondary-market prices such as loan sale commitments and is classified as Level 2. | ||||||||||||||||||||
Loans | ||||||||||||||||||||
Fair value for loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously and are excluded from the fair value disclosure below. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. | ||||||||||||||||||||
MSAs | ||||||||||||||||||||
The Company uses the amortization method for its MSAs and assesses the MSAs for impairment based on fair value. The fair value of MSAs is determined at tranche level using significant assumptions such as discount rate and prepayment speed and is classified as Level 3. MSAs tranches with impairment recorded as described previously are excluded from the fair value disclosure below. | ||||||||||||||||||||
Accrued Interest Receivable | ||||||||||||||||||||
Consistent with the asset or liability they are associated with, the carrying amounts of accrued interest receivable approximate fair value resulting in a either Level 2 or Level 3 classification. | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts) resulting in a Level 2 classification. The carrying amounts of variable rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date resulting in a Level 2 classification. Fair values for fixed rate certificates of deposit are estimated using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. | ||||||||||||||||||||
FHLB Advances | ||||||||||||||||||||
The fair values of the Company’s FHLB advances are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. | ||||||||||||||||||||
Off-Balance Sheet Financial Instruments | ||||||||||||||||||||
The fair values for the Company’s off-balance sheet loan commitments are estimated based on fees charged to others to enter into similar agreements taking into account the remaining terms of the agreements and credit standing of the Company’s customers. The estimated fair value of these commitments is not significant. | ||||||||||||||||||||
The carrying amounts and estimated fair values of the Company’s financial instruments are summarized as follows: | ||||||||||||||||||||
Fair Value Measurements at June 30, 2014 Using: | ||||||||||||||||||||
Carrying | Quoted Prices in Active | Significant Other | Significant | Fair | ||||||||||||||||
Amount | Markets for Identical Assets | Observable Inputs | Unobservable Inputs | Value | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 7,988 | $ | 7,988 | $ | — | $ | — | $ | 7,988 | ||||||||||
Federal funds sold | 61,265 | — | 61,265 | — | 61,265 | |||||||||||||||
Securities held-to-maturity | 395 | — | 406 | — | 406 | |||||||||||||||
Federal Home Loan Bank Stock | 5,519 | N/A | N/A | N/A | N/A | |||||||||||||||
Loans held for sale | 3,687 | — | 3,840 | — | 3,840 | |||||||||||||||
Loans receivable, net | 715,750 | — | — | 738,391 | 738,391 | |||||||||||||||
MSAs | 696 | — | — | 982 | 982 | |||||||||||||||
Accrued interest receivable - loans | 2,159 | — | — | 2,159 | 2,159 | |||||||||||||||
Accrued interest receivable - investments | 93 | — | 93 | — | 93 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | 652,823 | — | 656,273 | — | 656,273 | |||||||||||||||
FHLB Advances | 85,000 | — | 86,066 | — | 86,066 | |||||||||||||||
Fair Value Measurements at June 30, 2013 Using: | ||||||||||||||||||||
Carrying | Quoted Prices in Active | Significant Other | Significant | Fair | ||||||||||||||||
Amount | Markets for Identical Assets | Observable Inputs | Unobservable Inputs | Value | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 8,864 | $ | 8,864 | $ | — | $ | — | $ | 8,864 | ||||||||||
Federal funds sold | 76,810 | — | 76,810 | — | 76,810 | |||||||||||||||
Securities held-to-maturity | 525 | — | 541 | — | 541 | |||||||||||||||
Federal Home Loan Bank Stock | 5,902 | N/A | N/A | N/A | N/A | |||||||||||||||
Loans held for sale | 4,496 | — | 4,496 | — | 4,496 | |||||||||||||||
Loans receivable, net | 688,213 | — | — | 710,219 | 710,219 | |||||||||||||||
MSAs | 407 | — | — | 494 | 494 | |||||||||||||||
Accrued interest receivable - loans | 2,344 | — | — | 2,344 | 2,344 | |||||||||||||||
Accrued interest receivable - investments | 93 | — | 93 | — | 93 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | 654,646 | — | 660,995 | — | 660,995 | |||||||||||||||
FHLB Advances | 60,000 | — | 61,451 | — | 61,451 | |||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings per Share | ||||||||||||
The following table provides the basic and diluted earnings per common share computations for the years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||||
For the year ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
Basic | ||||||||||||
Net income | $ | 5,313 | $ | 6,221 | $ | 7,220 | ||||||
Less: Net income allocated to restricted stock awards | (47 | ) | (45 | ) | (35 | ) | ||||||
Net income allocated to common shareholders | $ | 5,266 | $ | 6,176 | $ | 7,185 | ||||||
Weighted average common shares outstanding | 7,297,466 | 8,085,345 | 8,927,572 | |||||||||
Basic earnings per common share | $ | 0.72 | $ | 0.76 | $ | 0.81 | ||||||
Diluted | ||||||||||||
Net income | $ | 5,313 | $ | 6,221 | $ | 7,220 | ||||||
Less: Net income allocated to restricted stock awards | (47 | ) | (45 | ) | (35 | ) | ||||||
Net income allocated to common shareholders | $ | 5,266 | $ | 6,176 | $ | 7,185 | ||||||
Weighted average common shares outstanding | 7,297,466 | 8,085,345 | 8,927,572 | |||||||||
Add: Dilutive effect of stock options | 26,475 | 18,806 | 7,167 | |||||||||
Average shares and dilutive potential common shares | 7,323,941 | 8,104,151 | 8,934,739 | |||||||||
Diluted earnings per common share | $ | 0.72 | $ | 0.76 | $ | 0.81 | ||||||
The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings per share is determined for each class of common stock and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. Restricted stock contains rights to non-forfeitable dividends and qualifies as a participating security. ESOP shares are considered outstanding for this calculation unless unearned. Detailed ESOP disclosures are included in Note 13. | ||||||||||||
Basic earnings per common share is net income allocated to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. For the years ended June 30, 2014, 2013, and 2012, outstanding stock options to purchase 86,635, 103,034, and 210,324 shares, respectively, were anti-dilutive and not considered in computing diluted earnings per common share. Stock options are not considered participating securities as they do not contain rights to non-forfeitable dividends. |
Change_in_Accumulated_Other_Co
Change in Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Change in Accumulated Other Comprehensive Loss | ' | ||||||||||||
Change in Accumulated Other Comprehensive Loss | |||||||||||||
Accumulated other comprehensive income includes unrealized gains and losses on securities available-for-sale and actuarial gains and losses, net periodic benefit costs and benefits paid for postretirement medical benefit. Changes in accumulated other comprehensive income are presented net of tax effect as a component of equity. Reclassifications out of accumulated other comprehensive income are recorded on the consolidated statements of income either as a noninterest income or expense. | |||||||||||||
The following tables present a summary of the accumulated other comprehensive income balances, net of tax, as of June 30, 2014 and 2013. | |||||||||||||
Year ended June 30, 2014 | |||||||||||||
(Dollars in Thousands) | Unrealized gains | Postretirement | Total | ||||||||||
and losses on | medical benefits | ||||||||||||
securities | costs items | ||||||||||||
available-for-sale | |||||||||||||
Balance at beginning of period | $ | (362 | ) | $ | (129 | ) | $ | (491 | ) | ||||
Other comprehensive income before reclassifications | 376 | 49 | 425 | ||||||||||
Amounts reclassified from accumulated other | — | 25 | 25 | ||||||||||
comprehensive income | |||||||||||||
Tax effect of current period changes | (153 | ) | (30 | ) | (183 | ) | |||||||
Net current period other comprehensive income | 223 | 44 | 267 | ||||||||||
Balance at end of period | $ | (139 | ) | $ | (85 | ) | $ | (224 | ) | ||||
Year ended June 30, 2013 | |||||||||||||
(Dollars in Thousands) | Unrealized gains | Postretirement | Total | ||||||||||
and losses on | medical benefits | ||||||||||||
securities | costs items | ||||||||||||
available-for-sale | |||||||||||||
Balance at beginning of period | $ | 83 | $ | (252 | ) | $ | (169 | ) | |||||
Other comprehensive loss (income) before reclassifications | (735 | ) | 153 | (582 | ) | ||||||||
Amounts reclassified from accumulated other | — | 56 | 56 | ||||||||||
comprehensive income | |||||||||||||
Tax effect of current period changes | 290 | (86 | ) | 204 | |||||||||
Net current period other comprehensive loss (income) | (445 | ) | 123 | (322 | ) | ||||||||
Balance at end of period | $ | (362 | ) | $ | (129 | ) | $ | (491 | ) |
Repurchase_of_Common_Stock
Repurchase of Common Stock | 12 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Repurchase of Common Stock | ' |
Repurchase of Common Stock | |
On February 27, 2014, the Company announced that its Board of Directors authorized the sixth stock repurchase program pursuant to which the Company intends to repurchase up to 5% of its issued and outstanding shares, or up to approximately 374,393 shares. Since November 2011, the Company has repurchased 2,312,765 shares under stock repurchase programs. The shares were repurchased at prices ranging from $12.00 to $17.90 per share with a weighted average cost of $15.02 per share. At June 30, 2014, there were 240,079 shares remaining to be repurchased under the sixth authorized stock repurchase program. | |
For the year ended June 30, 2014, the Company repurchased 795,098 shares at an aggregate cost of $12.9 million, including commissions. The shares were repurchased at prices between $14.75 and $17.90 per share with a weighted average cost of $16.24 per share. |
Condensed_Consolidated_Quarter
Condensed Consolidated Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Financial Information [Abstract] | ' | ||||||||||||||||
Condensed Consolidated Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
Condensed Consolidated Quarterly Results of Operations (Unaudited) | |||||||||||||||||
The following table sets forth our Company’s unaudited results of operations for the four quarters of 2014 and 2013. | |||||||||||||||||
Three months ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
(Dollars thousands, except share data) | |||||||||||||||||
Year ended June 30, 2014 | |||||||||||||||||
Interest income | $ | 8,294 | $ | 8,301 | $ | 8,260 | $ | 8,575 | |||||||||
Interest expense | 1,640 | 1,567 | 1,570 | 1,627 | |||||||||||||
Net interest income | 6,654 | 6,734 | 6,690 | 6,948 | |||||||||||||
Provision for loan losses | — | (300 | ) | — | (400 | ) | |||||||||||
Noninterest income | 1,459 | 1,394 | 1,367 | 1,419 | |||||||||||||
Noninterest expense | 6,288 | 6,283 | 5,945 | 6,374 | |||||||||||||
Income before income tax | 1,825 | 2,145 | 2,112 | 2,393 | |||||||||||||
Income tax expense | 677 | 805 | 856 | 824 | |||||||||||||
Net income | $ | 1,148 | $ | 1,340 | $ | 1,256 | $ | 1,569 | |||||||||
Basic and Diluted earnings per share | $ | 0.15 | $ | 0.18 | $ | 0.17 | $ | 0.22 | |||||||||
Year ended June 30, 2013 | |||||||||||||||||
Interest income | $ | 9,841 | $ | 9,089 | $ | 8,802 | $ | 8,597 | |||||||||
Interest expense | 2,217 | 2,099 | 1,799 | 1,755 | |||||||||||||
Net interest income | 7,624 | 6,990 | 7,003 | 6,842 | |||||||||||||
Provision for loan losses | 850 | 600 | 400 | (1,600 | ) | ||||||||||||
Noninterest income | 1,567 | 2,069 | 1,616 | 1,428 | |||||||||||||
Noninterest expense | 6,142 | 6,745 | 5,926 | 6,326 | |||||||||||||
Income before income tax | 2,199 | 1,714 | 2,293 | 3,544 | |||||||||||||
Income tax expense | 806 | 607 | 864 | 1,252 | |||||||||||||
Net income | $ | 1,393 | $ | 1,107 | $ | 1,429 | $ | 2,292 | |||||||||
Basic and Diluted earnings per share | $ | 0.16 | $ | 0.13 | $ | 0.18 | $ | 0.29 | |||||||||
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 | |||||||||||||
Condensed financial information of Simplicity Bancorp, Inc. follows: | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 6,231 | $ | 6,179 | |||||||||
Securities available for sale | — | 8 | |||||||||||
ESOP Loan | 4,086 | 4,511 | |||||||||||
Investment in bank subsidiary | 126,538 | 134,716 | |||||||||||
Accrued income receivable | — | — | |||||||||||
Other assets | 37 | 30 | |||||||||||
$ | 136,892 | $ | 145,444 | ||||||||||
Liabilities & Stockholders’ Equity | |||||||||||||
Accrued expenses and other liabilities | $ | 6 | $ | 6 | |||||||||
Stockholders’ equity | 136,886 | 145,438 | |||||||||||
$ | 136,892 | $ | 145,444 | ||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income | |||||||||||||
Interest on ESOP Loan | $ | 141 | $ | 155 | $ | 169 | |||||||
Interest on investment securities, taxable | — | 8 | 33 | ||||||||||
Dividend income from subsidiary | 15,000 | — | — | ||||||||||
Other interest income | 6 | 12 | 44 | ||||||||||
Total income | 15,147 | 175 | 246 | ||||||||||
Expenses | |||||||||||||
Other operating expenses | 430 | 455 | 556 | ||||||||||
Total operating expenses | 430 | 455 | 556 | ||||||||||
Income (loss) before income taxes and equity in undistributed earnings of bank subsidiary | 14,717 | (280 | ) | (310 | ) | ||||||||
Income taxes | 107 | 111 | 128 | ||||||||||
Income (loss) before equity in undistributed earnings of bank subsidiary | 14,824 | (169 | ) | (182 | ) | ||||||||
Equity in undistributed (losses) earnings of bank subsidiary | (9,511 | ) | 6,390 | 7,402 | |||||||||
Net income | $ | 5,313 | $ | 6,221 | $ | 7,220 | |||||||
Comprehensive income | $ | 5,580 | $ | 5,899 | $ | 7,072 | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Operating activities | |||||||||||||
Net income | $ | 5,313 | $ | 6,221 | $ | 7,220 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of bank subsidiary | 9,511 | (6,390 | ) | (7,402 | ) | ||||||||
Net change in accrued income receivable | — | 2 | 3 | ||||||||||
Net change in other assets | (7 | ) | (12 | ) | (4 | ) | |||||||
Net change in accrued expenses and other liabilities | — | (8 | ) | 8 | |||||||||
Net cash provided by (used in) operating activities | 14,817 | (187 | ) | (175 | ) | ||||||||
Investing activities | |||||||||||||
Proceeds from maturities of available-for-sale investments | 8 | 388 | 520 | ||||||||||
Net change in ESOP loan receivable | 425 | 412 | 398 | ||||||||||
Net cash provided by investing activities | 433 | 800 | 918 | ||||||||||
Financing activities | |||||||||||||
Dividends paid on common stock | (2,429 | ) | (2,618 | ) | (2,329 | ) | |||||||
Repurchase of common stock | (12,912 | ) | (12,992 | ) | (8,830 | ) | |||||||
Exercise of stock options | 143 | 70 | 78 | ||||||||||
Net cash used in financing activities | (15,198 | ) | (15,540 | ) | (11,081 | ) | |||||||
Net change in cash and cash equivalents | 52 | (14,927 | ) | (10,338 | ) | ||||||||
Cash and cash equivalents at beginning of year | 6,179 | 21,106 | 31,444 | ||||||||||
Cash and cash equivalents at end of year | $ | 6,231 | $ | 6,179 | $ | 21,106 | |||||||
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies - (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation and Basis of Presentation | ' |
Principles of Consolidation and Basis of Presentation: The financial statements of Simplicity Bancorp, Inc. have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and predominant practices followed by the financial services industry. The consolidated financial statements presented in this report include the accounts of Simplicity Bancorp, Inc. and its wholly-owned subsidiary, Simplicity Bank. All material intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates in Preparation of Consolidated Financial Statements | ' |
Use of Estimates in the Preparation of Consolidated Financial Statements: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Changes in these estimates and assumptions are considered reasonably possible and may have a material impact on the consolidated financial statements and thus actual results could differ from the amounts reported and disclosed herein. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate owned, mortgage servicing assets (“MSAs”), mortgage banking derivatives, deferred tax assets and fair values of financial instruments. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: Cash and cash equivalents consist of vault and ATM cash, daily federal funds sold, demand deposits due from other banks, and other certificates of deposit that have an original maturity of less than ninety days. For purposes of the Consolidated Statements of Cash Flows, the Company reports net cash flows for customer loan and deposit transactions and interest bearing deposits in other financial institutions. | |
Securities | ' |
Securities: Securities available-for-sale represent securities that may be sold prior to maturity. These securities are stated at fair value, and any unrealized net gains and losses are reported as a separate component of equity until realized, net of any tax effect. Securities for which the Company has the ability and positive intent to hold to maturity are classified as held-to-maturity and are recorded at cost, adjusted for unamortized premiums or discounts. Premiums or discounts are recognized in interest income using the effective interest method over the estimated life of the investment. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. | |
Securities available-for-sale may be sold in response to changes in market interest rates, repayment rates, the need for liquidity, and changes in the availability and the yield on alternative investments. Declines in the fair value of securities below their cost that are other than temporary are reflected as realized losses. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. | |
For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. | |
Federal Home Loan Bank Stock | ' |
Federal Home Loan Bank Stock: The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. No ready market exists for the FHLB stock, and it has no quoted market value. The Bank carries FHLB stock at cost, classified as a restricted security, and is periodically evaluated for impairment based on the ultimate recoverability of the par value. Cash and stock dividends are reported as income. | |
Loans Held for Sale | ' |
Loans Held for Sale: Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans held for sale consist primarily of long-term conforming fixed-rate loans secured by first trust deeds on one-to-four-family residences that are Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) loan products. The loans are offered to customers located in California and are generally sold with servicing rights retained. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. | |
Loans | ' |
Loans: Loans that management has the intent and ability to hold for the foreseeable future are stated at the amount of unpaid principal, reduced by an allowance for loan losses and deferred net loan origination fees, increased (decreased) by net premiums (discounts) on purchased loans. Interest on loans is recognized over the terms of the loans and is accrued as earned, using the effective interest method. Net premiums (discounts) on purchased loans are recognized in interest income as a yield adjustment over the remaining period to contractual maturity of the loans using the effective interest method. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income using the effective interest method over the contractual lives of the related loans. | |
A loan is considered to be delinquent when payments have not been made according to the contractual terms, typically evidenced by non-payment of a monthly installment by the due date. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued, but not collected, for loans that are placed on non-accrual status is reversed against interest income. Interest received on such loans is accounted for on cost-recovery method and recognized as principal reductions until, in management’s judgment, the borrower’s ability to make periodic interest and principal payments is reasonably assured, in which case the loans are returned to accrual status. If the loans are returned to accrual status, interest income is recognized using the effective interest method and the amount of interest applied to principal is accreted over the remaining terms of the loans. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable incurred credit losses and is established through a provision for loan losses charged to expense. Loans are charged off against the allowance for loan losses when management believes that the uncollectibility of the principal is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The allowance is an amount that management believes will absorb probable incurred losses relating to specifically identified loans, as well as probable incurred losses inherent in the balance of the loan portfolio, based on an evaluation of the collectability of existing loans and prior loss experience. This evaluation also takes into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, trends in classified assets, review of specific problem loans, peer data for certain portfolio segments, and current economic conditions that may affect the borrower’s ability to pay. This evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the allowance for loan losses, and may require adjustments to the allowance based on their judgment about information available to them at the time of their examinations. | |
When developing and documenting our methodology to determine the allowance for loan losses, we segregate our loan portfolio between real estate loans, which include one-to-four family residential mortgage loans and income property loans, and consumer loans. These portfolio segments represent the appropriate level for determining the historical loss experience as well as the level at which the Company monitors credit quality and risk characteristics of the portfolios as each portfolio involves different qualitative risks. The one-to-four family residential mortgage segment’s predominant risk characteristics include the employment and income level of the borrower, the collateral and the geographic location of the property collateralizing the loan. The income property segment’s predominant risk characteristics include the net operating income derived from the operation of the property, the liquidity of the guarantor as well as the real estate market and economic conditions. The consumer loan segment’s predominant risk characteristics include the borrower’s continuing financial stability which can be adversely impacted by job loss, divorce, illness or personal bankruptcy. | |
The allowance is based on ongoing, quarterly assessments of the probable losses inherent in the loan portfolio. In accordance with generally accepted accounting principles the allowance is comprised of general valuation allowances and valuation allowances on loans individually evaluated for impairment. The general component covers non-impaired loans and is based both on our historical loss experience as well as significant factors that, in management’s judgment, affect the collectability of the portfolio as of the evaluation date. Loans that are classified as impaired are individually evaluated. | |
The overall appropriateness of the general valuation allowance is determined based on a loss migration model and qualitative considerations. The migration analysis looks at pools of loans having similar characteristics and analyzes their loss rates over a historical period. Historical loss factors derived from trends and losses associated with each pool over the most recent twelve quarters for our real estate loans and over the most recent twelve months for consumer loans. The loss factors are applied to the outstanding loans to each loan grade within each pool of loans. Loss rates derived by the migration model are based predominantly on historical loss trends that may not be indicative of the actual or inherent loss potential. As such, qualitative and environmental factors are utilized as adjusting mechanisms to supplement the historical results of the classification migration model. Significant factors reviewed in determining the allowance for loan losses included loss ratio trends by loan product; levels of and trends in delinquencies and impaired loans; levels of and trends in classified assets; levels of and trends in charge-offs and recoveries; trends in volume of loans by loan product; effects of changes in lending policies and practices; industry conditions and effects of concentrations in geographic regions. Qualitative and environmental factors are reflected as percent adjustments and are added to the historical loss rates derived from the criticized and classified asset migration model to determine the appropriate allowance amount for each loan pool. | |
A loan is impaired when it is probable, based on current information and events, the Bank will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. Loans for which terms have been modified in a manner resulting in a concession, and for which the borrower is experiencing financial difficulties are considered troubled debt restructurings (“TDR”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Real estate loans evaluated for impairment are measured on an individual basis based on the present value of expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or the fair value of the collateral less estimated costs to sell, if the loan is collateral dependent. TDRs are measured at the present value of estimated future cash flows using the loan’s original effective interest rate. Collateral dependent TDRs are evaluated for impairment based on the fair value of the collateral, less estimated selling costs. The amount of impairment and any subsequent changes are included in the allowance for loan losses. | |
Valuation allowances on real estate loans that are individually evaluated for impairment are charged-off when management believes a loan or part of a loan is deemed uncollectible. Subsequent recoveries, if any, are credited to the allowance when received. A real estate loan is generally considered uncollectible when the borrower’s payment is six months or more delinquent. Consumer loans are typically charged off no later than 120 days past due for closed-end credit and 180 days past due for open-end credit. | |
For income property loans, debt service coverage ratios, collateral values, seasoning and peer group data are analyzed. The specific component relates to loans that are classified as special mention or substandard. For such loans that are also classified as impaired, a valuation allowance is individually established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. | |
While quantitative loss factors are constantly changing as the financial strength of the borrower and overall economic conditions change, there have been no significant changes to the accounting policies or methodology used to estimate the allowance for loan losses. The estimate is reviewed quarterly by the Board of Directors and management and periodically by various regulatory entities. | |
Mortgage Servicing Assets | ' |
Mortgage Servicing Assets: MSAs are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. | |
MSAs are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. The fair values of MSAs are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Impairment is determined by stratifying servicing assets into groupings based on predominant risk characteristics, such as interest rate, and loan type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. Any subsequent increase or decrease in fair value of servicing assets is included with servicing fee income. Servicing fee income, which is reported on the income statement as service charges and fees, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. | |
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. | |
Premises and Equipment | ' |
Premises and Equipment: Leasehold improvements and furniture and equipment are carried at cost, less accumulated depreciation and amortization. Buildings are depreciated using the straight-line method with a useful life of twenty-five years. Furniture and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, which is usually three to five years. The cost of leasehold improvements is amortized using the straight-line method over the lesser of the terms of the related leases or their useful life, which is usually three to ten years. | |
Real Estate Owned | ' |
Real Estate Owned: Real estate acquired in settlement of loans (“REO”) consists of property acquired through foreclosure proceedings or by deed in lieu of foreclosure. Generally, all loans greater than ninety days delinquent are processed for foreclosure. The Bank acquires title to the property in most foreclosure actions that are not reinstated by the borrower. Once real estate is acquired in settlement of a loan, the property is recorded as REO at fair market value, less estimated selling costs. The fair value of the REO is generally based upon an independent third party appraisal. Loan balances in excess of the fair value of the real estate acquired at the date of acquisition are charged to the allowance for loan losses. REO is subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Any subsequent operating expenses or income, reduction in estimated fair values, and gains or losses on disposition of such properties are recorded in current operations. | |
Bank-Owned Life Insurance | ' |
Bank-Owned Life Insurance: The Bank has purchased life insurance policies on certain key employees. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |
Investment in Limited Liability Partnership | ' |
Investment in Limited Liability Partnership: The Company has an investment in an affordable housing fund totaling $297,000 and $654,000 at June 30, 2014 and 2013, respectively, as part of the Company’s Community Reinvestment Act program, and for the purposes of obtaining tax credits. The investment is recorded in other assets on the balance sheet and is accounted for using the equity method of accounting. Under the equity method of accounting, the Company recognizes its ownership share of the profits and losses of the fund. This investment is regularly evaluated for impairment by comparing the carrying value to the remaining tax credits and future tax benefits expected to be received. Tax credits received from the fund are accounted for in the period earned (the flow-through method) and are included in income as a reduction of income tax expense. | |
Goodwill | ' |
Goodwill: Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Goodwill is presumed to have an indefinite useful life and is not amortized but assessed at least annually for impairment. Any such impairment will be recognized in the period identified. The Company utilizes March 31 as the date to perform the annual impairment test. | |
Long-Term Assets | ' |
Long-Term Assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Loan Commitments and Related Financial Instruments | ' |
Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make or purchase loans. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |
Mortgage Banking Derivatives | ' |
Mortgage Banking Derivatives: Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives which are recorded at fair value in other assets or other liabilities. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in other noninterest income or other noninterest expenses. | |
Stock-Based Compensation | ' |
Stock-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | |
Income Taxes | ' |
Income Taxes: The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the state of California. The statute of limitations is no longer open for the assessment of federal taxes for tax years ended before June 30, 2011 and for the assessment of California taxes for tax years ended before June 30, 2008. The Company files consolidated income tax returns and allocates tax liabilities and benefits among subsidiaries pursuant to a tax sharing agreement. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |
Employee Stock Ownership Plan (ESOP) | ' |
Employee Stock Ownership Plan (“ESOP”): The cost of shares issued to the ESOP but not yet allocated to participants is shown as a reduction of stockholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce debt and accrued interest. | |
Earnings Per Share | ' |
Earnings per Common Share: The Company calculates earnings per common share (“EPS”) using the two-class method. The two-class method requires the Company to present EPS as if all of the earnings for the period are distributed to common shareholders and any participating securities, regardless of whether any actual dividends or distributions are made. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities. The Company granted restricted shares under the 2004 Recognition and Retention Plan and the 2011 Equity Incentive Plan that qualified as participating securities. Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. ESOP shares are considered outstanding for this calculation unless unearned. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. | |
Comprehensive Income | ' |
Comprehensive Income: Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available-for-sale and unrecognized actuarial gains and losses related to the postretirement medical benefit plan. The accumulated change in other comprehensive income, net of tax, is recognized as a separate component of equity. | |
Loss Contingencies | ' |
Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. | |
Restrictions on Cash | ' |
Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements. | |
Dividend Restrictions | ' |
Dividend Restrictions: Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company or by the Company to stockholders. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 17. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | |
Operating Segments | ' |
Operating Segments: While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. | |
Reclassifications | ' |
Reclassifications: Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements: | |
Adoption of New Accounting Standards: | |
In February 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the amendments were effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. The adoption of this guidance did not have a material effect on the Company’s results of operations or financial position and the required disclosures are included in Note 19. | |
Effect of Newly Issued But Not Yet Effective Accounting Standards: | |
In January 2014, the FASB issued ASU 2014-01, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which simplifies the amortization method an entity uses and modifies the criteria an entity must meet to account for a low-income housing tax credit investment by using ASC 323-740’s measurement and presentation alternative, including the simplified amortization method. This method permits an investment’s performance to be presented net of the related tax benefits as part of income tax expense. For public entities, the ASU is effective for annual periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The amendments should be applied retrospectively to all periods presented. The adoption of this guidance is not expected to have a material effect on the Company's results of operations or financial position. | |
In January 2014, the FASB issued ASU 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU amends ASC 310 to clarify when an entity is considered to have obtained physical possession (from an in-substance possession or foreclosure) of a residential real estate property collateralizing a mortgage loan. 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. Upon physical possession of such real estate property, an entity is required to reclassify the nonperforming mortgage loan to other real estate owned. The ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The amendments in the standard may be adopted using either a modified retrospective transition method or a prospective transition method. The adoption of this guidance is not expected to have a material effect on the Company's results of operations or financial position. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers, that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The ASU becomes effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is in the process of evaluating the impact that adoption of this guidance may have on its consolidated financial statements. |
Investments_Tables
Investments - (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Amortized Cost and Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: | ||||||||||||||||||||||||
Fair | Gross | Gross | Amortized | |||||||||||||||||||||
Value | Unrealized | Unrealized | Cost | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Mortgage-backed (residential): | ||||||||||||||||||||||||
Fannie Mae | $ | 6,933 | $ | 109 | $ | — | $ | 6,824 | ||||||||||||||||
Freddie Mac | 24,136 | 43 | (376 | ) | 24,469 | |||||||||||||||||||
Ginnie Mae | 4,147 | 1 | — | 4,146 | ||||||||||||||||||||
Collateralized mortgage obligations (residential): | ||||||||||||||||||||||||
Fannie Mae | 8,640 | 19 | (11 | ) | 8,632 | |||||||||||||||||||
Freddie Mac | 13,027 | 9 | (12 | ) | 13,030 | |||||||||||||||||||
Total | $ | 56,883 | $ | 181 | $ | (399 | ) | $ | 57,101 | |||||||||||||||
30-Jun-13 | ||||||||||||||||||||||||
Mortgage-backed (residential): | ||||||||||||||||||||||||
Fannie Mae | $ | 8,510 | $ | 9 | $ | (17 | ) | $ | 8,518 | |||||||||||||||
Freddie Mac | 21,565 | — | (663 | ) | 22,228 | |||||||||||||||||||
Collateralized mortgage obligations (residential): | ||||||||||||||||||||||||
Fannie Mae | 13,125 | 59 | (39 | ) | 13,105 | |||||||||||||||||||
Freddie Mac | 8,980 | 57 | — | 8,923 | ||||||||||||||||||||
Total | $ | 52,180 | $ | 125 | $ | (719 | ) | $ | 52,774 | |||||||||||||||
Carrying Amount Unrecognized Gains and Losses and Fair Value of Securities Held to Maturity | ' | |||||||||||||||||||||||
The carrying value amount, unrecognized gains and losses, and fair value of securities held-to-maturity were as follows: | ||||||||||||||||||||||||
Carrying | Gross | Gross | Fair | |||||||||||||||||||||
Amount | Unrecognized | Unrecognized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Mortgage-backed (residential): | ||||||||||||||||||||||||
Fannie Mae | $ | 100 | $ | 3 | $ | — | $ | 103 | ||||||||||||||||
Freddie Mac | 58 | 2 | — | 60 | ||||||||||||||||||||
Ginnie Mae | 30 | 1 | — | 31 | ||||||||||||||||||||
Collateralized mortgage obligations (residential): | ||||||||||||||||||||||||
Fannie Mae | 207 | 5 | — | 212 | ||||||||||||||||||||
Total | $ | 395 | $ | 11 | $ | — | $ | 406 | ||||||||||||||||
30-Jun-13 | ||||||||||||||||||||||||
Mortgage-backed (residential): | ||||||||||||||||||||||||
Fannie Mae | $ | 119 | $ | 4 | $ | — | $ | 123 | ||||||||||||||||
Freddie Mac | 74 | 5 | — | 79 | ||||||||||||||||||||
Ginnie Mae | 36 | 2 | — | 38 | ||||||||||||||||||||
Collateralized mortgage obligations (residential): | ||||||||||||||||||||||||
Fannie Mae | 296 | 5 | — | 301 | ||||||||||||||||||||
Total | $ | 525 | $ | 16 | $ | — | $ | 541 | ||||||||||||||||
Securities with Continuous Unrealized Losses Position Aggregated by Investment Category and Length of Time | ' | |||||||||||||||||||||||
Securities with unrealized losses at June 30, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||
Description of Securities | ||||||||||||||||||||||||
Mortgage-backed securities (residential) | $ | — | $ | — | $ | 16,404 | $ | (376 | ) | $ | 16,404 | $ | (376 | ) | ||||||||||
Collateralized mortgage obligations (residential) | 12,636 | (14 | ) | 1,598 | (9 | ) | 14,234 | (23 | ) | |||||||||||||||
Total temporarily impaired | $ | 12,636 | $ | (14 | ) | $ | 18,002 | $ | (385 | ) | $ | 30,638 | $ | (399 | ) | |||||||||
June 30, 2013 | ||||||||||||||||||||||||
Description of Securities | ||||||||||||||||||||||||
Mortgage-backed securities (residential) | $ | 25,476 | $ | (680 | ) | $ | — | $ | — | $ | 25,476 | $ | (680 | ) | ||||||||||
Collateralized mortgage obligations (residential) | — | — | 2,508 | (39 | ) | 2,508 | (39 | ) | ||||||||||||||||
Total temporarily impaired | $ | 25,476 | $ | (680 | ) | $ | 2,508 | $ | (39 | ) | $ | 27,984 | $ | (719 | ) | |||||||||
Loans_Tables
Loans - (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Composition of Loans | ' | |||||||||||||||||||||||||||
The composition of loans consists of the following: | ||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||
One-to-four family residential | $ | 288,960 | $ | 319,631 | ||||||||||||||||||||||||
Multi-family residential | 335,040 | 280,771 | ||||||||||||||||||||||||||
Commercial real estate | 38,062 | 55,621 | ||||||||||||||||||||||||||
662,062 | 656,023 | |||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Automobile | 45,686 | 26,711 | ||||||||||||||||||||||||||
Home equity | 625 | 682 | ||||||||||||||||||||||||||
Other consumer loans, primarily unsecured | 11,481 | 10,917 | ||||||||||||||||||||||||||
57,792 | 38,310 | |||||||||||||||||||||||||||
Total loans | 719,854 | 694,333 | ||||||||||||||||||||||||||
Deferred net loan origination costs | 213 | 506 | ||||||||||||||||||||||||||
Net premium on purchased loans | 263 | 512 | ||||||||||||||||||||||||||
Allowance for loan losses | (4,580 | ) | (5,643 | ) | ||||||||||||||||||||||||
Loans receivable, net | $ | 715,750 | $ | 689,708 | ||||||||||||||||||||||||
Analysis of Changes in Allowance for Loan Losses | ' | |||||||||||||||||||||||||||
The following is an analysis of the changes in the allowance for loan losses: | ||||||||||||||||||||||||||||
Allowance for loan losses for the | ||||||||||||||||||||||||||||
Twelve months ended June 30, 2014 | ||||||||||||||||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 3,009 | $ | 839 | $ | 1,654 | $ | 83 | $ | 4 | $ | 54 | $ | 5,643 | ||||||||||||||
Provision for loan losses | (680 | ) | 395 | (604 | ) | 84 | (2 | ) | 107 | (700 | ) | |||||||||||||||||
Recoveries | 10 | 51 | 1 | 42 | — | 8 | 112 | |||||||||||||||||||||
Loans charged-off | (39 | ) | (292 | ) | — | (73 | ) | — | (71 | ) | (475 | ) | ||||||||||||||||
Balance, end of period | $ | 2,300 | $ | 993 | $ | 1,051 | $ | 136 | $ | 2 | $ | 98 | $ | 4,580 | ||||||||||||||
Allowance for loan losses for the | ||||||||||||||||||||||||||||
Twelve months ended June 30, 2013 | ||||||||||||||||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,692 | $ | 1,519 | $ | 1,131 | $ | 62 | $ | 63 | $ | 35 | $ | 7,502 | ||||||||||||||
Provision for loan losses | 499 | (1,367 | ) | 1,050 | 19 | (9 | ) | 58 | 250 | |||||||||||||||||||
Recoveries | 212 | 1,013 | — | 44 | 6 | 8 | 1,283 | |||||||||||||||||||||
Loans charged-off | (2,394 | ) | (326 | ) | (527 | ) | (42 | ) | (56 | ) | (47 | ) | (3,392 | ) | ||||||||||||||
Balance, end of period | $ | 3,009 | $ | 839 | $ | 1,654 | $ | 83 | $ | 4 | $ | 54 | $ | 5,643 | ||||||||||||||
Allowance for loan losses for the | ||||||||||||||||||||||||||||
Twelve months ended June 30, 2012 | ||||||||||||||||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,365 | $ | 2,654 | $ | 2,254 | $ | 59 | $ | 13 | $ | 22 | $ | 11,367 | ||||||||||||||
Provision for loan losses | 1,177 | 101 | (1,065 | ) | (53 | ) | 50 | 40 | 250 | |||||||||||||||||||
Recoveries | 105 | — | — | 92 | — | 7 | 204 | |||||||||||||||||||||
Loans charged-off | (2,955 | ) | (1,236 | ) | (58 | ) | (36 | ) | — | (34 | ) | (4,319 | ) | |||||||||||||||
Balance, end of period | $ | 4,692 | $ | 1,519 | $ | 1,131 | $ | 62 | $ | 63 | $ | 35 | $ | 7,502 | ||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | ' | |||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2014 and June 30, 2013: | ||||||||||||||||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
30-Jun-14 | (Dollars in thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 910 | $ | — | $ | 52 | $ | 2 | $ | — | $ | 15 | $ | 979 | ||||||||||||||
Collectively evaluated for impairment | 1,390 | 993 | 999 | 134 | 2 | 83 | 3,601 | |||||||||||||||||||||
Total ending allowance balance | $ | 2,300 | $ | 993 | $ | 1,051 | $ | 136 | $ | 2 | $ | 98 | $ | 4,580 | ||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,431 | $ | 1,263 | $ | 3,506 | $ | 2 | $ | — | $ | 15 | $ | 17,217 | ||||||||||||||
Collectively evaluated for impairment | 276,529 | 333,777 | 34,556 | 45,684 | 625 | 11,466 | 702,637 | |||||||||||||||||||||
Total ending loan balance | $ | 288,960 | $ | 335,040 | $ | 38,062 | $ | 45,686 | $ | 625 | $ | 11,481 | $ | 719,854 | ||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
30-Jun-13 | (Dollars in thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 941 | $ | — | $ | 64 | $ | — | $ | — | $ | 4 | $ | 1,009 | ||||||||||||||
Collectively evaluated for impairment | 2,068 | 839 | 1,590 | 83 | 4 | 50 | 4,634 | |||||||||||||||||||||
Total ending allowance balance | $ | 3,009 | $ | 839 | $ | 1,654 | $ | 83 | $ | 4 | $ | 54 | $ | 5,643 | ||||||||||||||
One-to-four | Multi-family | Commercial | Automobile | Home | Other | Total | ||||||||||||||||||||||
family | residential | real estate | equity | |||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 14,790 | $ | 1,547 | $ | 6,136 | $ | — | $ | — | $ | 4 | $ | 22,477 | ||||||||||||||
Collectively evaluated for impairment | 304,841 | 279,224 | 49,485 | 26,711 | 682 | 10,913 | 671,856 | |||||||||||||||||||||
Total ending loan balance | $ | 319,631 | $ | 280,771 | $ | 55,621 | $ | 26,711 | $ | 682 | $ | 10,917 | $ | 694,333 | ||||||||||||||
Loans Individually Evaluated for Impairment by Class of Loans | ' | |||||||||||||||||||||||||||
The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2014 and June 30, 2013: | ||||||||||||||||||||||||||||
Unpaid Principal | Recorded | Allowance for Loan | ||||||||||||||||||||||||||
Balance | Investment | Losses Allocated | ||||||||||||||||||||||||||
30-Jun-14 | (Dollars in thousands) | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 6,175 | $ | 5,035 | $ | — | ||||||||||||||||||||||
Multi-family residential | 1,656 | 1,263 | — | |||||||||||||||||||||||||
Commercial real estate | 3,084 | 2,336 | — | |||||||||||||||||||||||||
10,915 | 8,634 | — | ||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | 7,705 | 7,396 | 910 | |||||||||||||||||||||||||
Commercial real estate | 1,170 | 1,170 | 52 | |||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 2 | 2 | 2 | |||||||||||||||||||||||||
Other | 15 | 15 | 15 | |||||||||||||||||||||||||
8,892 | 8,583 | 979 | ||||||||||||||||||||||||||
Total | $ | 19,807 | $ | 17,217 | $ | 979 | ||||||||||||||||||||||
Unpaid Principal | Recorded | Allowance for Loan | ||||||||||||||||||||||||||
Balance | Investment | Losses Allocated | ||||||||||||||||||||||||||
30-Jun-13 | (Dollars in thousands) | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 7,909 | $ | 6,796 | $ | — | ||||||||||||||||||||||
Multi-family residential | 1,961 | 1,547 | — | |||||||||||||||||||||||||
Commercial real estate | 5,704 | 4,940 | — | |||||||||||||||||||||||||
15,574 | 13,283 | — | ||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | 8,227 | 7,994 | 941 | |||||||||||||||||||||||||
Commercial real estate | 1,196 | 1,196 | 64 | |||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Other | 4 | 4 | 4 | |||||||||||||||||||||||||
9,427 | 9,194 | 1,009 | ||||||||||||||||||||||||||
Total | $ | 25,001 | $ | 22,477 | $ | 1,009 | ||||||||||||||||||||||
Monthly Average of Individually Impaired Loans by Class | ' | |||||||||||||||||||||||||||
The following table presents monthly average of individually impaired loans by class as of June 30, 2014, June 30, 2013, and June 30, 2012: | ||||||||||||||||||||||||||||
Year ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Real estate loan: | ||||||||||||||||||||||||||||
One-to-four family | $ | 13,622 | $ | 17,375 | $ | 18,957 | ||||||||||||||||||||||
Multi-family residential | 2,182 | 2,057 | 2,768 | |||||||||||||||||||||||||
Commercial real estate | 5,432 | 5,589 | 4,505 | |||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Home Equity | — | — | 22 | |||||||||||||||||||||||||
Total | $ | 21,236 | $ | 25,021 | $ | 26,252 | ||||||||||||||||||||||
Interest Payments Recorded as Reduction of Principal on Impaired Loans by Class | ' | |||||||||||||||||||||||||||
The following table presents interest payments recorded as reduction of principal on impaired loans by class: | ||||||||||||||||||||||||||||
For the year ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Real estate loan: | ||||||||||||||||||||||||||||
One-to-four family | $ | 382 | $ | 465 | ||||||||||||||||||||||||
Multi-family residential | 93 | 89 | ||||||||||||||||||||||||||
Commercial real estate | 132 | 247 | ||||||||||||||||||||||||||
Total | $ | 607 | $ | 801 | ||||||||||||||||||||||||
Nonaccrual Loans by Class of Loans | ' | |||||||||||||||||||||||||||
The following table presents non-accrual loans by class of loans: | ||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||
Non-accrual loans: | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 5,390 | $ | 10,310 | ||||||||||||||||||||||||
Multi-family residential | 781 | 1,547 | ||||||||||||||||||||||||||
Commercial | 1,460 | 4,045 | ||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 2 | 14 | ||||||||||||||||||||||||||
Other | 15 | 4 | ||||||||||||||||||||||||||
Total non-accrual loans | $ | 7,648 | $ | 15,920 | ||||||||||||||||||||||||
Aging of Past Due Loans | ' | |||||||||||||||||||||||||||
The following tables present the aging of past due loans by class of loans: | ||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total | Total | Total Loans | |||||||||||||||||||||||
Delinquent | Delinquent | More | Delinquent | Current | ||||||||||||||||||||||||
Delinquent | Loans | Loans | ||||||||||||||||||||||||||
30-Jun-14 | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 2,123 | $ | 409 | $ | 301 | $ | 2,833 | $ | 286,127 | $ | 288,960 | ||||||||||||||||
Multi-family | — | — | — | — | 335,040 | 335,040 | ||||||||||||||||||||||
Commercial | 1,061 | — | 399 | 1,460 | 36,602 | 38,062 | ||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 113 | 15 | 2 | 130 | 45,556 | 45,686 | ||||||||||||||||||||||
Home Equity | — | — | — | — | 625 | 625 | ||||||||||||||||||||||
Other | 31 | 4 | 15 | 50 | 11,431 | 11,481 | ||||||||||||||||||||||
Total loans | $ | 3,328 | $ | 428 | $ | 717 | $ | 4,473 | $ | 715,381 | $ | 719,854 | ||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or | Total | Total | Total Loans | |||||||||||||||||||||||
Delinquent | Delinquent | More | Delinquent | Current | ||||||||||||||||||||||||
Delinquent | Loans | Loans | ||||||||||||||||||||||||||
30-Jun-13 | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 389 | $ | 970 | $ | 1,751 | $ | 3,110 | $ | 316,521 | $ | 319,631 | ||||||||||||||||
Multi-family | — | 198 | — | 198 | 280,573 | 280,771 | ||||||||||||||||||||||
Commercial | — | 2,545 | — | 2,545 | 53,076 | 55,621 | ||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 32 | — | 14 | 46 | 26,665 | 26,711 | ||||||||||||||||||||||
Home Equity | 143 | — | — | 143 | 539 | 682 | ||||||||||||||||||||||
Other | 20 | 2 | 4 | 26 | 10,891 | 10,917 | ||||||||||||||||||||||
Total loans | $ | 584 | $ | 3,715 | $ | 1,769 | $ | 6,068 | $ | 688,265 | $ | 694,333 | ||||||||||||||||
Risk Category of Loans by Class of Loans | ' | |||||||||||||||||||||||||||
As of June 30, 2014 and June 30, 2013, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: | ||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | ||||||||||||||||||||||||
30-Jun-14 | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 272,261 | $ | 10,257 | $ | 6,442 | $ | — | $ | — | ||||||||||||||||||
Multi-family | 327,999 | 3,174 | 3,867 | — | — | |||||||||||||||||||||||
Commercial | 24,708 | 7,556 | 5,798 | — | — | |||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 45,542 | 87 | 55 | — | 2 | |||||||||||||||||||||||
Home equity | 625 | — | — | — | — | |||||||||||||||||||||||
Other | 11,455 | 8 | 2 | 1 | 15 | |||||||||||||||||||||||
Total loans | $ | 682,590 | $ | 21,082 | $ | 16,164 | $ | 1 | $ | 17 | ||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | ||||||||||||||||||||||||
30-Jun-13 | (Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||
One-to-four family | $ | 296,434 | $ | 10,973 | $ | 12,224 | $ | — | $ | — | ||||||||||||||||||
Multi-family | 275,143 | 3,094 | 2,534 | — | — | |||||||||||||||||||||||
Commercial | 43,246 | 3,895 | 8,480 | — | — | |||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||
Automobile | 26,454 | 102 | 137 | 18 | — | |||||||||||||||||||||||
Home equity | 682 | — | — | — | — | |||||||||||||||||||||||
Other | 10,848 | 36 | 23 | 6 | 4 | |||||||||||||||||||||||
Total loans | $ | 652,807 | $ | 18,100 | $ | 23,398 | $ | 24 | $ | 4 | ||||||||||||||||||
Real_Estate_Owned_Tables
Real Estate Owned - (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Changes in Real Estate Owned | ' | |||||||||||
Changes in real estate owned are summarized as follows: | ||||||||||||
For the year ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Beginning of period | $ | — | $ | 1,280 | $ | 828 | ||||||
Transfers in | 539 | 521 | 1,529 | |||||||||
Capitalized expenditures | 70 | 4 | 41 | |||||||||
Sales | (325 | ) | (1,805 | ) | (1,118 | ) | ||||||
End of period | $ | 284 | $ | — | $ | 1,280 | ||||||
Net Income (Expenses) Related to Foreclosed Assets Included in Other Operating Expense | ' | |||||||||||
Net (expenses) income related to foreclosed assets are as follows and are included in other operating expense: | ||||||||||||
For the year ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net gain on sales | $ | 4 | $ | 115 | $ | 55 | ||||||
Net operating (expense) income | (40 | ) | 107 | (293 | ) | |||||||
Total | $ | (36 | ) | $ | 222 | $ | (238 | ) | ||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Premises and equipment are summarized as follows: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Building | $ | 1,218 | $ | 1,218 | |||||
Leasehold improvements | 2,062 | 1,961 | |||||||
Furniture and equipment | 8,298 | 7,160 | |||||||
11,578 | 10,339 | ||||||||
Less: Accumulated depreciation and amortization | (7,814 | ) | (6,540 | ) | |||||
$ | 3,764 | $ | 3,799 | ||||||
Minimum Rental Payments Under Operating Leases | ' | ||||||||
All rental payments are dependent only upon the lapse of time. Minimum rental payments under operating leases are as follows at June 30, 2014: | |||||||||
Years ending June 30, | Amount | ||||||||
(Dollars in thousands) | |||||||||
2015 | $ | 1,023 | |||||||
2016 | 780 | ||||||||
2017 | 564 | ||||||||
2018 | 543 | ||||||||
2019 | 560 | ||||||||
Thereafter | 707 | ||||||||
$ | 4,177 | ||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||
Activity in Goodwill | ' | ||||||||
The activity in goodwill is summarized as follows: | |||||||||
For the year ended June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Beginning of year | $ | 3,950 | $ | 3,950 | |||||
Acquired goodwill | — | — | |||||||
Impairment | — | — | |||||||
End of year | $ | 3,950 | $ | 3,950 | |||||
Mortgage_Banking_and_Mortgage_1
Mortgage Banking and Mortgage Servicing Assets (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Mortgage Banking [Abstract] | ' | |||||||||||||||
Net Gains (Losses) Relating to Free-Standing Derivative Instruments | ' | |||||||||||||||
The net (losses) gains relating to free-standing derivative instruments used for risk management are summarized below: | ||||||||||||||||
For the year ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Mandatory forward commitment | $ | (303 | ) | $ | 227 | |||||||||||
Interest rate lock commitments | 171 | (40 | ) | |||||||||||||
Total (losses) gains | $ | (132 | ) | $ | 187 | |||||||||||
Amount and Market Value of Mortgage Banking Derivatives | ' | |||||||||||||||
The following table reflects the amount and market value of mortgage banking derivatives included in the Consolidated Statements of Financial Condition as of June 30, 2014 and 2013: | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Included in other assets | ||||||||||||||||
Mandatory forward commitments | $ | 1,000 | $ | — | $ | 4,582 | $ | 227 | ||||||||
Interest rate lock commitments | 6,389 | 131 | 1,172 | 7 | ||||||||||||
Total included in other assets | $ | 7,389 | $ | 131 | $ | 5,754 | $ | 234 | ||||||||
Included in other liabilities | ||||||||||||||||
Mandatory forward commitments | $ | 6,650 | $ | 76 | $ | — | $ | — | ||||||||
Interest rate lock commitments | — | — | 3,273 | 47 | ||||||||||||
Total included in other assets | $ | 6,650 | $ | 76 | $ | 3,273 | $ | 47 | ||||||||
Schedule of Activities of MSAs and Related Valuation Allowance | ' | |||||||||||||||
Activities for MSAs and the related valuation allowance follows: | ||||||||||||||||
For the year ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
MSAs balance, beginning of year | $ | 602 | $ | 3 | ||||||||||||
Additions | 280 | 683 | ||||||||||||||
Amortization | (131 | ) | (53 | ) | ||||||||||||
Change in valuation allowance | 20 | (31 | ) | |||||||||||||
MSAs balance, end of year | $ | 771 | $ | 602 | ||||||||||||
Valuation allowance, beginning of year | $ | 31 | $ | — | ||||||||||||
Impairment provision (recovery) | (20 | ) | 31 | |||||||||||||
Valuation allowance, end of year | $ | 11 | $ | 31 | ||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Deposit Liabilities [Abstract] | ' | ||||||||||||
Deposits by Type of Deposit | ' | ||||||||||||
The following table shows the distribution of, and certain other information relating to, deposits by type of deposit, as of the dates indicated: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Non interest-bearing demand | $ | 60,569 | $ | 65,694 | |||||||||
Interest-bearing checking | 81,781 | 14,456 | |||||||||||
Savings | 125,770 | 134,856 | |||||||||||
Money market | 138,169 | 159,555 | |||||||||||
Certificates of deposit | 246,534 | 280,085 | |||||||||||
Total deposits | $ | 652,823 | $ | 654,646 | |||||||||
Deposits by Maturity | ' | ||||||||||||
Deposits by maturity are summarized as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
No contractual maturity | $ | 406,289 | $ | 374,561 | |||||||||
0-1 year maturity | 97,198 | 121,566 | |||||||||||
Over 1-2 year maturity | 80,237 | 50,293 | |||||||||||
Over 2-3 year maturity | 40,640 | 73,413 | |||||||||||
Over 3-4 year maturity | 6,769 | 27,379 | |||||||||||
Over 4-5 year maturity | 21,690 | 7,309 | |||||||||||
Thereafter | — | 125 | |||||||||||
Total deposits | $ | 652,823 | $ | 654,646 | |||||||||
Interest Expense by Major Category | ' | ||||||||||||
Interest expense by major category is summarized as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Interest-bearing checking | $ | 146 | $ | 7 | $ | 3 | |||||||
Savings | 127 | 158 | 293 | ||||||||||
Money market | 367 | 413 | 658 | ||||||||||
Certificates of deposit | 4,568 | 5,906 | 6,719 | ||||||||||
Total | $ | 5,208 | $ | 6,484 | $ | 7,673 | |||||||
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances - (Tables) | 12 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Contractual Maturities of Federal Home Loan Bank Advances by Year | ' | |||||||
The contractual maturities by fiscal year of the Bank’s FHLB advances over the next five years are as follows: | ||||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Fiscal Year of Maturity | ||||||||
2015 | $ | 20,000 | $ | 20,000 | ||||
2016 | — | — | ||||||
2017 | 25,000 | 20,000 | ||||||
2018 | 10,000 | — | ||||||
2019 | 30,000 | 20,000 | ||||||
Total | $ | 85,000 | $ | 60,000 | ||||
Employee_Stock_Compensation_Ta
Employee Stock Compensation (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock Option Plan Activity | ' | |||||||||||||
A summary of the activity in the stock option plan for fiscal 2014 is presented below: | ||||||||||||||
30-Jun-14 | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | (in thousands) | ||||||||||||
Term | ||||||||||||||
(years) | ||||||||||||||
Outstanding at beginning of year | 180,220 | $ | 15.98 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (13,130 | ) | 10.85 | |||||||||||
Forfeited or expired | (5,251 | ) | 20.16 | |||||||||||
Outstanding at end of year | 161,839 | $ | 16.26 | 3.04 | $ | 512 | ||||||||
Fully vested and expected to vest | 161,753 | $ | 16.27 | 3.04 | $ | 511 | ||||||||
Options exercisable at end of year | 158,639 | $ | 16.34 | 2.96 | $ | 495 | ||||||||
Information Related to Stock Option Plan | ' | |||||||||||||
Information related to the stock option plan during each year follows: | ||||||||||||||
For the year ended June 30, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(Dollars in thousands) | ||||||||||||||
Intrinsic value of stock options exercised | $ | 83 | $ | 26 | $ | 9 | ||||||||
Cash received from options exercised | 143 | 70 | 78 | |||||||||||
Tax benefit realized from option exercises | 34 | 3 | — | |||||||||||
Changes in Restricted Shares | ' | |||||||||||||
A summary of changes in the Company’s RRP shares for the year follows: | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
RRP nonvested shares at July 1, 2013 | 21,958 | $ | 12.46 | |||||||||||
Granted | — | — | ||||||||||||
Vested | (7,558 | ) | 12.47 | |||||||||||
Forfeited | (2,400 | ) | 12.22 | |||||||||||
RRP shares at June 30, 2014 | 12,000 | $ | 12.51 | |||||||||||
A summary of changes in the Company’s restricted shares issued under the EIP for the year ended June 30, 2014 follows: | ||||||||||||||
Shares | Weighted | |||||||||||||
Average | ||||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
EIP nonvested shares at July 1, 2013 | 29,389 | $ | 14.33 | |||||||||||
Granted | 31,249 | 15.69 | ||||||||||||
Vested | (11,393 | ) | 14.73 | |||||||||||
Forfeited | — | — | ||||||||||||
Restricted EIP shares at June 30, 2014 | 49,245 | $ | 15.1 | |||||||||||
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Shares Held by Employee Stock Ownership Plan | ' | ||||||||
Shares held by the ESOP are as follows: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Allocated shares | 155,328 | 113,907 | |||||||
Unearned shares | 341,721 | 383,142 | |||||||
Total ESOP shares | 497,049 | 497,049 | |||||||
Fair value of unearned shares | $ | 5,963 | $ | 5,556 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income Tax Expense | ' | ||||||||||||
The components of income tax expense are as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current | |||||||||||||
Federal | $ | 1,982 | $ | 3,055 | $ | 2,322 | |||||||
State | 618 | 748 | 652 | ||||||||||
2,600 | 3,803 | 2,974 | |||||||||||
Deferred | |||||||||||||
Federal | 472 | (185 | ) | 1,009 | |||||||||
State | 90 | (89 | ) | 315 | |||||||||
562 | (274 | ) | 1,324 | ||||||||||
Income tax expense | $ | 3,162 | $ | 3,529 | $ | 4,298 | |||||||
Income Tax Provision Difference from Amount of Income Tax Determined by Applying United States Federal Income Tax Rate to Pretax Income | ' | ||||||||||||
The income tax provision differs from the amount of income tax determined by applying the United States federal income tax rate of 34% to pretax income due to the following: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Federal income tax at statutory rate | $ | 2,881 | $ | 3,315 | $ | 3,914 | |||||||
State taxes, net of federal tax benefit | 511 | 502 | 638 | ||||||||||
General business credit | (196 | ) | (196 | ) | (197 | ) | |||||||
Bank-owned life insurance | (148 | ) | (153 | ) | (163 | ) | |||||||
Stock options | 2 | 3 | 11 | ||||||||||
Other, net | 112 | 58 | 95 | ||||||||||
Total | $ | 3,162 | $ | 3,529 | $ | 4,298 | |||||||
Tax expense as a percentage of income before tax | 37.3 | % | 36.2 | % | 37.3 | % | |||||||
Total Net Deferred Tax Assets | ' | ||||||||||||
The Company’s total net deferred tax assets are as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 1,211 | $ | 1,814 | |||||||||
Accrued expenses | 151 | 195 | |||||||||||
Accrued state income tax | 134 | 278 | |||||||||||
RRP and EIP Plan | 78 | 48 | |||||||||||
Net unrealized loss on securities available-for-sale | 90 | 244 | |||||||||||
Postretirement medical benefits | 450 | 450 | |||||||||||
Premises and equipment | 179 | 26 | |||||||||||
Other | 384 | 142 | |||||||||||
Total deferred tax assets | 2,677 | 3,197 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill and other intangibles | (959 | ) | (832 | ) | |||||||||
Federal Home Loan Bank Stock dividends | (557 | ) | (467 | ) | |||||||||
Affordable Housing Partnership | (185 | ) | (235 | ) | |||||||||
Total deferred tax liabilities | (1,701 | ) | (1,534 | ) | |||||||||
Net deferred tax asset, included in other assets | $ | 976 | $ | 1,663 | |||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
For the year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance, beginning of year | $ | 1,060 | $ | 796 | $ | 364 | |||||||
Additions based on tax positions related to the current year | 251 | 252 | 231 | ||||||||||
Additions for tax positions of prior years | — | 22 | 201 | ||||||||||
Reductions for tax positions of prior years | (252 | ) | (10 | ) | — | ||||||||
Balance, end of year | $ | 1,059 | $ | 1,060 | $ | 796 | |||||||
Capital_Requirements_and_Restr1
Capital Requirements and Restrictions on Retained Earnings (Tables) | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||||||||
Actual Capital Amounts and Ratios | ' | |||||||||||||||||||||
The Bank’s actual capital amounts and ratios are presented in the following table. | ||||||||||||||||||||||
Actual | Minimum Capital | Minimum Required to | ||||||||||||||||||||
Adequacy | be Well Capitalized | |||||||||||||||||||||
Requirements | Under | |||||||||||||||||||||
Prompt Corrective | ||||||||||||||||||||||
Actions Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 128,372 | 21.66 | % | $ | 47,417 | 8 | % | $ | 59,271 | 10 | % | ||||||||||
Tier 1 capital (to risk-weighted assets) | 123,792 | 20.89 | 23,709 | 4 | 35,563 | 6 | ||||||||||||||||
Tier 1 (core) capital (to adjusted tangible assets) | 123,792 | 14.13 | 35,056 | 4 | 43,820 | 5 | ||||||||||||||||
30-Jun-13 | ||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 137,788 | 23.85 | % | $ | 46,222 | 8 | % | $ | 57,777 | 10 | % | ||||||||||
Tier 1 capital (to risk-weighted assets) | 132,145 | 22.87 | 23,111 | 4 | 34,666 | 6 | ||||||||||||||||
Tier 1 (core) capital (to adjusted tangible assets) | 132,145 | 15.28 | 34,591 | 4 | 43,238 | 5 | ||||||||||||||||
Reconciliation of Equity Under GAAP to Regulatory Capital | ' | |||||||||||||||||||||
The following is a reconciliation of the Bank’s equity under GAAP to regulatory capital: | ||||||||||||||||||||||
June 30, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
GAAP Equity | $ | 126,538 | $ | 134,716 | ||||||||||||||||||
Goodwill and other intangibles (less deferred tax) | (2,893 | ) | (3,002 | ) | ||||||||||||||||||
Accumulated loss on securities | 139 | 362 | ||||||||||||||||||||
Postretirement medical benefit costs | 85 | 129 | ||||||||||||||||||||
Disallowed servicing assets | (77 | ) | (60 | ) | ||||||||||||||||||
Tier 1 Capital | 123,792 | 132,145 | ||||||||||||||||||||
Allowance for loan losses | 4,580 | 5,643 | ||||||||||||||||||||
Total regulatory capital | $ | 128,372 | $ | 137,788 | ||||||||||||||||||
Loan_Commitments_and_Other_Rel1
Loan Commitments and Other Related Activities (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Available Credit on Home Equity and Unsecured Lines of Credit | ' | ||||||||
Available credit on home equity and unsecured lines of credit is summarized as follows: | |||||||||
June 30 | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Home equity | $ | 570 | $ | 664 | |||||
Other consumer | 1,405 | 1,474 | |||||||
$ | 1,975 | $ | 2,138 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements - (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
Mortgage-backed securities (residential) | $ | 35,216 | $ | — | $ | 35,216 | $ | — | ||||||||||||
Collateralized mortgage obligations (residential) | 21,667 | — | 21,667 | — | ||||||||||||||||
Total available-for-sale securities | $ | 56,883 | $ | — | $ | 56,883 | $ | — | ||||||||||||
Derivatives assets | $ | 131 | $ | — | $ | — | $ | 131 | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives liabilities | $ | 76 | $ | — | $ | 76 | $ | — | ||||||||||||
30-Jun-13 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||
Mortgage-backed securities (residential) | $ | 30,075 | $ | — | $ | 30,075 | $ | — | ||||||||||||
Collateralized mortgage obligations (residential) | 22,105 | — | 22,105 | — | ||||||||||||||||
Total available-for-sale securities | $ | 52,180 | $ | — | $ | 52,180 | $ | — | ||||||||||||
Derivatives assets | $ | 234 | $ | — | $ | 227 | $ | 7 | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives liabilities | $ | 47 | $ | — | $ | — | $ | 47 | ||||||||||||
Assets Measured at Fair Value on Non Recurring Basis | ' | |||||||||||||||||||
The following assets and liabilities were measured at fair value on a non-recurring basis: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets at June 30, 2014 | ||||||||||||||||||||
MSAs | $ | 75 | $ | — | $ | — | $ | 75 | ||||||||||||
Assets at June 30, 2013 | ||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
One-to-four family residential | $ | 1,495 | $ | — | $ | — | $ | 1,495 | ||||||||||||
Loans Held for Sale | $ | 4,496 | $ | — | $ | 4,496 | $ | — | ||||||||||||
MSAs | $ | 195 | $ | — | $ | — | $ | 195 | ||||||||||||
Quantitative Information about Level Three Fair Value Measurements for Financial Instruments Measured at Fair Value on Recurring and Non-Recurring Basis | ' | |||||||||||||||||||
The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis as of the dates indicated: | ||||||||||||||||||||
30-Jun-14 | Fair Value | Valuation Techniques | Unobservable Inputs | Range | ||||||||||||||||
(Weighted Avg) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
IRLCs | $ | 131 | Relative value analysis | Servicing value | 0.80% to 1.10% (1.00%) | |||||||||||||||
Pull-through rates(1) | 70% to 95% (74%) | |||||||||||||||||||
MSAs | $ | 75 | Discounted Cash Flow | Discount Rate | 8.50% | |||||||||||||||
CPR | 5.90% to 14.52% (8.38%) | |||||||||||||||||||
30-Jun-13 | Fair Value | Valuation Techniques | Unobservable Inputs | Range | ||||||||||||||||
(Weighted Avg) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
IRLCs | $ | (40 | ) | Relative value analysis | Servicing value | 0.55% to 1.0% (0.92%) | ||||||||||||||
Pull-through rates(1) | 70% to 100% (76.6%) | |||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
One-to-four family residential | $ | 1,495 | Sales Comparison Approach | Adjustment for the differences between the comparable sales | -8.7% to 8.5% (-1.45%) | |||||||||||||||
MSAs | $ | 195 | Discounted Cash Flow | Discount Rate | 7.50% | |||||||||||||||
CPR | 10.21% to 14.70% (12.25%) | |||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | |||||||||||||||||||
The carrying amounts and estimated fair values of the Company’s financial instruments are summarized as follows: | ||||||||||||||||||||
Fair Value Measurements at June 30, 2014 Using: | ||||||||||||||||||||
Carrying | Quoted Prices in Active | Significant Other | Significant | Fair | ||||||||||||||||
Amount | Markets for Identical Assets | Observable Inputs | Unobservable Inputs | Value | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 7,988 | $ | 7,988 | $ | — | $ | — | $ | 7,988 | ||||||||||
Federal funds sold | 61,265 | — | 61,265 | — | 61,265 | |||||||||||||||
Securities held-to-maturity | 395 | — | 406 | — | 406 | |||||||||||||||
Federal Home Loan Bank Stock | 5,519 | N/A | N/A | N/A | N/A | |||||||||||||||
Loans held for sale | 3,687 | — | 3,840 | — | 3,840 | |||||||||||||||
Loans receivable, net | 715,750 | — | — | 738,391 | 738,391 | |||||||||||||||
MSAs | 696 | — | — | 982 | 982 | |||||||||||||||
Accrued interest receivable - loans | 2,159 | — | — | 2,159 | 2,159 | |||||||||||||||
Accrued interest receivable - investments | 93 | — | 93 | — | 93 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | 652,823 | — | 656,273 | — | 656,273 | |||||||||||||||
FHLB Advances | 85,000 | — | 86,066 | — | 86,066 | |||||||||||||||
Fair Value Measurements at June 30, 2013 Using: | ||||||||||||||||||||
Carrying | Quoted Prices in Active | Significant Other | Significant | Fair | ||||||||||||||||
Amount | Markets for Identical Assets | Observable Inputs | Unobservable Inputs | Value | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 8,864 | $ | 8,864 | $ | — | $ | — | $ | 8,864 | ||||||||||
Federal funds sold | 76,810 | — | 76,810 | — | 76,810 | |||||||||||||||
Securities held-to-maturity | 525 | — | 541 | — | 541 | |||||||||||||||
Federal Home Loan Bank Stock | 5,902 | N/A | N/A | N/A | N/A | |||||||||||||||
Loans held for sale | 4,496 | — | 4,496 | — | 4,496 | |||||||||||||||
Loans receivable, net | 688,213 | — | — | 710,219 | 710,219 | |||||||||||||||
MSAs | 407 | — | — | 494 | 494 | |||||||||||||||
Accrued interest receivable - loans | 2,344 | — | — | 2,344 | 2,344 | |||||||||||||||
Accrued interest receivable - investments | 93 | — | 93 | — | 93 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | 654,646 | — | 660,995 | — | 660,995 | |||||||||||||||
FHLB Advances | 60,000 | — | 61,451 | — | 61,451 | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share - (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share Computation | ' | |||||||||||
For the year ended June 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
Basic | ||||||||||||
Net income | $ | 5,313 | $ | 6,221 | $ | 7,220 | ||||||
Less: Net income allocated to restricted stock awards | (47 | ) | (45 | ) | (35 | ) | ||||||
Net income allocated to common shareholders | $ | 5,266 | $ | 6,176 | $ | 7,185 | ||||||
Weighted average common shares outstanding | 7,297,466 | 8,085,345 | 8,927,572 | |||||||||
Basic earnings per common share | $ | 0.72 | $ | 0.76 | $ | 0.81 | ||||||
Diluted | ||||||||||||
Net income | $ | 5,313 | $ | 6,221 | $ | 7,220 | ||||||
Less: Net income allocated to restricted stock awards | (47 | ) | (45 | ) | (35 | ) | ||||||
Net income allocated to common shareholders | $ | 5,266 | $ | 6,176 | $ | 7,185 | ||||||
Weighted average common shares outstanding | 7,297,466 | 8,085,345 | 8,927,572 | |||||||||
Add: Dilutive effect of stock options | 26,475 | 18,806 | 7,167 | |||||||||
Average shares and dilutive potential common shares | 7,323,941 | 8,104,151 | 8,934,739 | |||||||||
Diluted earnings per common share | $ | 0.72 | $ | 0.76 | $ | 0.81 | ||||||
Change_in_Accumulated_Other_Co1
Change in Accumulated Other Comprehensive Loss - (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary of Accumulated Other Comprehensive Income Balances, Net of Tax | ' | ||||||||||||
The following tables present a summary of the accumulated other comprehensive income balances, net of tax, as of June 30, 2014 and 2013. | |||||||||||||
Year ended June 30, 2014 | |||||||||||||
(Dollars in Thousands) | Unrealized gains | Postretirement | Total | ||||||||||
and losses on | medical benefits | ||||||||||||
securities | costs items | ||||||||||||
available-for-sale | |||||||||||||
Balance at beginning of period | $ | (362 | ) | $ | (129 | ) | $ | (491 | ) | ||||
Other comprehensive income before reclassifications | 376 | 49 | 425 | ||||||||||
Amounts reclassified from accumulated other | — | 25 | 25 | ||||||||||
comprehensive income | |||||||||||||
Tax effect of current period changes | (153 | ) | (30 | ) | (183 | ) | |||||||
Net current period other comprehensive income | 223 | 44 | 267 | ||||||||||
Balance at end of period | $ | (139 | ) | $ | (85 | ) | $ | (224 | ) | ||||
Year ended June 30, 2013 | |||||||||||||
(Dollars in Thousands) | Unrealized gains | Postretirement | Total | ||||||||||
and losses on | medical benefits | ||||||||||||
securities | costs items | ||||||||||||
available-for-sale | |||||||||||||
Balance at beginning of period | $ | 83 | $ | (252 | ) | $ | (169 | ) | |||||
Other comprehensive loss (income) before reclassifications | (735 | ) | 153 | (582 | ) | ||||||||
Amounts reclassified from accumulated other | — | 56 | 56 | ||||||||||
comprehensive income | |||||||||||||
Tax effect of current period changes | 290 | (86 | ) | 204 | |||||||||
Net current period other comprehensive loss (income) | (445 | ) | 123 | (322 | ) | ||||||||
Balance at end of period | $ | (362 | ) | $ | (129 | ) | $ | (491 | ) |
Condensed_Consolidated_Quarter1
Condensed Consolidated Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Financial Information [Abstract] | ' | ||||||||||||||||
Unaudited Results of Operations for Four Quarters | ' | ||||||||||||||||
The following table sets forth our Company’s unaudited results of operations for the four quarters of 2014 and 2013. | |||||||||||||||||
Three months ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
(Dollars thousands, except share data) | |||||||||||||||||
Year ended June 30, 2014 | |||||||||||||||||
Interest income | $ | 8,294 | $ | 8,301 | $ | 8,260 | $ | 8,575 | |||||||||
Interest expense | 1,640 | 1,567 | 1,570 | 1,627 | |||||||||||||
Net interest income | 6,654 | 6,734 | 6,690 | 6,948 | |||||||||||||
Provision for loan losses | — | (300 | ) | — | (400 | ) | |||||||||||
Noninterest income | 1,459 | 1,394 | 1,367 | 1,419 | |||||||||||||
Noninterest expense | 6,288 | 6,283 | 5,945 | 6,374 | |||||||||||||
Income before income tax | 1,825 | 2,145 | 2,112 | 2,393 | |||||||||||||
Income tax expense | 677 | 805 | 856 | 824 | |||||||||||||
Net income | $ | 1,148 | $ | 1,340 | $ | 1,256 | $ | 1,569 | |||||||||
Basic and Diluted earnings per share | $ | 0.15 | $ | 0.18 | $ | 0.17 | $ | 0.22 | |||||||||
Year ended June 30, 2013 | |||||||||||||||||
Interest income | $ | 9,841 | $ | 9,089 | $ | 8,802 | $ | 8,597 | |||||||||
Interest expense | 2,217 | 2,099 | 1,799 | 1,755 | |||||||||||||
Net interest income | 7,624 | 6,990 | 7,003 | 6,842 | |||||||||||||
Provision for loan losses | 850 | 600 | 400 | (1,600 | ) | ||||||||||||
Noninterest income | 1,567 | 2,069 | 1,616 | 1,428 | |||||||||||||
Noninterest expense | 6,142 | 6,745 | 5,926 | 6,326 | |||||||||||||
Income before income tax | 2,199 | 1,714 | 2,293 | 3,544 | |||||||||||||
Income tax expense | 806 | 607 | 864 | 1,252 | |||||||||||||
Net income | $ | 1,393 | $ | 1,107 | $ | 1,429 | $ | 2,292 | |||||||||
Basic and Diluted earnings per share | $ | 0.16 | $ | 0.13 | $ | 0.18 | $ | 0.29 | |||||||||
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] | ' | ||||||||||||
Parent Company Only Condensed Balance Sheets | ' | ||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 6,231 | $ | 6,179 | |||||||||
Securities available for sale | — | 8 | |||||||||||
ESOP Loan | 4,086 | 4,511 | |||||||||||
Investment in bank subsidiary | 126,538 | 134,716 | |||||||||||
Accrued income receivable | — | — | |||||||||||
Other assets | 37 | 30 | |||||||||||
$ | 136,892 | $ | 145,444 | ||||||||||
Liabilities & Stockholders’ Equity | |||||||||||||
Accrued expenses and other liabilities | $ | 6 | $ | 6 | |||||||||
Stockholders’ equity | 136,886 | 145,438 | |||||||||||
$ | 136,892 | $ | 145,444 | ||||||||||
Parent Company Only Condensed Statements of Income | ' | ||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income | |||||||||||||
Interest on ESOP Loan | $ | 141 | $ | 155 | $ | 169 | |||||||
Interest on investment securities, taxable | — | 8 | 33 | ||||||||||
Dividend income from subsidiary | 15,000 | — | — | ||||||||||
Other interest income | 6 | 12 | 44 | ||||||||||
Total income | 15,147 | 175 | 246 | ||||||||||
Expenses | |||||||||||||
Other operating expenses | 430 | 455 | 556 | ||||||||||
Total operating expenses | 430 | 455 | 556 | ||||||||||
Income (loss) before income taxes and equity in undistributed earnings of bank subsidiary | 14,717 | (280 | ) | (310 | ) | ||||||||
Income taxes | 107 | 111 | 128 | ||||||||||
Income (loss) before equity in undistributed earnings of bank subsidiary | 14,824 | (169 | ) | (182 | ) | ||||||||
Equity in undistributed (losses) earnings of bank subsidiary | (9,511 | ) | 6,390 | 7,402 | |||||||||
Net income | $ | 5,313 | $ | 6,221 | $ | 7,220 | |||||||
Comprehensive income | $ | 5,580 | $ | 5,899 | $ | 7,072 | |||||||
Parent Company Condensed Statements of Cash Flows | ' | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Operating activities | |||||||||||||
Net income | $ | 5,313 | $ | 6,221 | $ | 7,220 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of bank subsidiary | 9,511 | (6,390 | ) | (7,402 | ) | ||||||||
Net change in accrued income receivable | — | 2 | 3 | ||||||||||
Net change in other assets | (7 | ) | (12 | ) | (4 | ) | |||||||
Net change in accrued expenses and other liabilities | — | (8 | ) | 8 | |||||||||
Net cash provided by (used in) operating activities | 14,817 | (187 | ) | (175 | ) | ||||||||
Investing activities | |||||||||||||
Proceeds from maturities of available-for-sale investments | 8 | 388 | 520 | ||||||||||
Net change in ESOP loan receivable | 425 | 412 | 398 | ||||||||||
Net cash provided by investing activities | 433 | 800 | 918 | ||||||||||
Financing activities | |||||||||||||
Dividends paid on common stock | (2,429 | ) | (2,618 | ) | (2,329 | ) | |||||||
Repurchase of common stock | (12,912 | ) | (12,992 | ) | (8,830 | ) | |||||||
Exercise of stock options | 143 | 70 | 78 | ||||||||||
Net cash used in financing activities | (15,198 | ) | (15,540 | ) | (11,081 | ) | |||||||
Net change in cash and cash equivalents | 52 | (14,927 | ) | (10,338 | ) | ||||||||
Cash and cash equivalents at beginning of year | 6,179 | 21,106 | 31,444 | ||||||||||
Cash and cash equivalents at end of year | $ | 6,231 | $ | 6,179 | $ | 21,106 | |||||||
Nature_of_Business_and_Signifi2
Nature of Business and Significant Accounting Policies - Additional Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Unrecognized tax benefits, that would favorably impact effective tax rate in future period | $1,059 | ' | ' | ' |
Past due period beyond which loan is considered to be in payment default | '90 days | ' | ' | ' |
Investment in bank subsidiary | 297 | 654 | ' | ' |
Unrecognized tax benefits | ' | $1,060 | $796 | $364 |
Building | ' | ' | ' | ' |
Premises and equipment, useful life | '25 years | ' | ' | ' |
Furniture and Fixtures | Minimum | ' | ' | ' | ' |
Premises and equipment, useful life | '3 years | ' | ' | ' |
Furniture and Fixtures | Maximum | ' | ' | ' | ' |
Premises and equipment, useful life | '5 years | ' | ' | ' |
Leasehold Improvements | Minimum | ' | ' | ' | ' |
Premises and equipment, useful life | '3 years | ' | ' | ' |
Leasehold Improvements | Maximum | ' | ' | ' | ' |
Premises and equipment, useful life | '10 years | ' | ' | ' |
Other Real Estate Owned and Loans in Foreclosure | Closed-end Credit | ' | ' | ' | ' |
Period over which past due loans will be charged off | '120 days | ' | ' | ' |
Other Real Estate Owned and Loans in Foreclosure | Open-end Credit | ' | ' | ' | ' |
Period over which past due loans will be charged off | '180 days | ' | ' | ' |
Investments_Amortized_Cost_and
Investments - Amortized Cost and Fair Value of Available For Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities | ' | ' |
Securities available-for-sale, at fair value | $56,883 | $52,180 |
Gross Unrealized Gains | 181 | 125 |
Gross Unrealized Losses | -399 | -719 |
Amortized Cost | 57,101 | 52,774 |
Mortgage-backed (residential) | Fannie Mae | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Securities available-for-sale, at fair value | 6,933 | 8,510 |
Gross Unrealized Gains | 109 | 9 |
Gross Unrealized Losses | 0 | -17 |
Amortized Cost | 6,824 | 8,518 |
Mortgage-backed (residential) | Freddie Mac | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Securities available-for-sale, at fair value | 24,136 | 21,565 |
Gross Unrealized Gains | 43 | 0 |
Gross Unrealized Losses | -376 | -663 |
Amortized Cost | 24,469 | 22,228 |
Mortgage-backed (residential) | Ginnie Mae | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Securities available-for-sale, at fair value | 4,147 | ' |
Gross Unrealized Gains | 1 | ' |
Gross Unrealized Losses | 0 | ' |
Amortized Cost | 4,146 | ' |
Collateralized mortgage obligations (residential) | Fannie Mae | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Securities available-for-sale, at fair value | 8,640 | 13,125 |
Gross Unrealized Gains | 19 | 59 |
Gross Unrealized Losses | -11 | -39 |
Amortized Cost | 8,632 | 13,105 |
Collateralized mortgage obligations (residential) | Freddie Mac | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Securities available-for-sale, at fair value | 13,027 | 8,980 |
Gross Unrealized Gains | 9 | 57 |
Gross Unrealized Losses | -12 | 0 |
Amortized Cost | $13,030 | $8,923 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
security | security | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Sales of securities | $0 | $0 | $0 |
Number of debt securities in unrealized loss position | 10 | 10 | ' |
Debt security unrealized loss percentage of the Company's amortized cost basis | 1.30% | 1.30% | ' |
Number of Securities Holdings of Any One Issuer other than US Government Greater than Ten Percent of Shareholder's Equity | 0 | 0 | ' |
Percentage of Stockholder's Equity | 10.00% | 10.00% | ' |
Accrued income receivable | 93,000 | 93,000 | ' |
Securities pledged to secure a line of credit with Federal Reserve Bank of San Francisco, carrying amount | $54,000 | $68,000 | ' |
Investments_Carrying_Amount_Un
Investments - Carrying Amount Unrecognized Gains and Losses and Fair Value of Securities Held To Maturity (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities | ' | ' |
Carrying Amount | $395 | $525 |
Gross Unrecognized Gains | 11 | 16 |
Gross Unrecognized Losses | 0 | 0 |
Securities held-to-maturity, fair value | 406 | 541 |
Mortgage-backed (residential) | Fannie Mae | ' | ' |
Schedule of Held-to-maturity Securities | ' | ' |
Carrying Amount | 100 | 119 |
Gross Unrecognized Gains | 3 | 4 |
Gross Unrecognized Losses | 0 | 0 |
Securities held-to-maturity, fair value | 103 | 123 |
Mortgage-backed (residential) | Freddie Mac | ' | ' |
Schedule of Held-to-maturity Securities | ' | ' |
Carrying Amount | 58 | 74 |
Gross Unrecognized Gains | 2 | 5 |
Gross Unrecognized Losses | 0 | 0 |
Securities held-to-maturity, fair value | 60 | 79 |
Mortgage-backed (residential) | Ginnie Mae | ' | ' |
Schedule of Held-to-maturity Securities | ' | ' |
Carrying Amount | 30 | 36 |
Gross Unrecognized Gains | 1 | 2 |
Gross Unrecognized Losses | 0 | 0 |
Securities held-to-maturity, fair value | 31 | 38 |
Collateralized mortgage obligations (residential) | Fannie Mae | ' | ' |
Schedule of Held-to-maturity Securities | ' | ' |
Carrying Amount | 207 | 296 |
Gross Unrecognized Gains | 5 | 5 |
Gross Unrecognized Losses | 0 | 0 |
Securities held-to-maturity, fair value | $212 | $301 |
Investments_Securities_with_Co
Investments - Securities with Continuous Unrealized Losses Position Aggregated by Investment Category and Length of Time (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities | ' | ' |
Less than 12 months Fair Value | $12,636 | $25,476 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Amount | -14 | -680 |
12 months or more Fair Value | 18,002 | 2,508 |
Available-for Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Amount | -385 | -39 |
Total Fair Value | 30,638 | 27,984 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Aggregate Amount | -399 | -719 |
Mortgage-backed securities (residential) | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Less than 12 months Fair Value | 0 | 25,476 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Amount | 0 | -680 |
12 months or more Fair Value | 16,404 | 0 |
Available-for Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Amount | -376 | 0 |
Total Fair Value | 16,404 | 25,476 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Aggregate Amount | -376 | -680 |
Collateralized mortgage obligations (residential) | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Less than 12 months Fair Value | 12,636 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Amount | -14 | 0 |
12 months or more Fair Value | 1,598 | 2,508 |
Available-for Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Amount | -9 | -39 |
Total Fair Value | 14,234 | 2,508 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Aggregate Amount | ($23) | ($39) |
Loans_Composition_of_Loans_Det
Loans - Composition of Loans (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Loans Receivable | $719,854 | $694,333 |
Deferred net loan origination costs | 213 | 506 |
Net premium (discounts) on purchased loans | 263 | 512 |
Allowance for loan losses | -4,580 | -5,643 |
Loans receivable, net | 715,750 | 689,708 |
Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Loans Receivable | 662,062 | 656,023 |
Real Estate | One-to-Four Family | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Loans Receivable | 288,960 | 319,631 |
Real Estate | Multi-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Loans Receivable | 335,040 | 280,771 |
Real Estate | Commercial Real Estate Portfolio Segment | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Loans Receivable | 38,062 | 55,621 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Loans Receivable | 57,792 | 38,310 |
Consumer | Automobile | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Loans Receivable | 45,686 | 26,711 |
Consumer | Home Equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Loans Receivable | 625 | 682 |
Consumer | Other | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Loans Receivable | $11,481 | $10,917 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $659,000 | $959,000 | $456,000 |
Loans held for sale | 3,687,000 | 4,496,000 | ' |
Proceeds from sale of loans held for sale | 31,042,000 | 73,387,000 | 306,000 |
Net gain on sale of loans held for sale | 575,000 | 2,131,000 | 0 |
Interest payment on impaired loans | 607,000 | 801,000 | ' |
Interest income recorded on impaired loans | ' | 162,000 | 905,000 |
Troubled debt restructurings | 12,500,000 | 15,700,000 | ' |
Non-accrual Loans | 7,648,000 | 15,920,000 | ' |
Allowance for loan losses on troubled debt restructurings on nonaccrual status | 79,000 | 393,000 | ' |
Past due period beyond which loan is considered to be in payment default | '90 days | ' | ' |
Special Mention, past due period, lower limit | '60 days | ' | ' |
Special Mention, past due period, upper limit | '89 days | ' | ' |
Substandard, past due period, lower limit | '90 days | ' | ' |
Pass, past due period, upper limit | '59 days | ' | ' |
Purchased real estate loans serviced by others | 30,000,000 | 44,900,000 | ' |
Interest Receivable | 2,252,000 | 2,439,000 | ' |
Real Estate Loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Impairment of real estate loan | 0 | 1,500,000 | ' |
Valuation allowance | ' | 32,000 | ' |
Real Estate Loans | Valuation Technique Cash Flow | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Impairment of real estate loan | 8,600,000 | 7,700,000 | ' |
Valuation allowance | 962,000 | 974,000 | ' |
Defaulted Loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Past due period beyond which loan is considered to be in payment default | '30 days | ' | ' |
Troubled Debt Restructurings | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Non-accrual Loans | 2,900,000 | 9,100,000 | ' |
Allowance for loan losses on troubled debt restructurings on nonaccrual status | ' | 161,000 | ' |
Number of troubled debt restructurings returned to accrual status | 9 | 10 | ' |
Troubled debt restructurings returned to accrual status, aggregate outstanding balance | 3,100,000 | 4,600,000 | ' |
Number of loans modified | 0 | 6 | ' |
Modifications of troubled debt restructurings, reduction of stated interest rate period minimum | '24 months | ' | ' |
Troubled Debt Restructurings within the Previous Twelve Months | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ' | ' |
Modification | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Number of loans modified | 28 | 49 | ' |
Loans modified amount | 14,900,000 | 18,700,000 | ' |
One-to-Four Family | Stated Income Residential Loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 24,900,000 | 35,800,000 | ' |
One-to-Four Family | Interest-Only Residential Loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 11,600,000 | 15,400,000 | ' |
One-to-Four Family | Non Accrual Loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 2,800,000 | 5,200,000 | ' |
One-to-Four Family | Troubled Debt Restructurings | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Troubled debt restructurings | ' | 2,000,000 | ' |
One-to-Four Family | Troubled Debt Restructurings within the Previous Twelve Months | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Troubled debt restructurings | ' | 303,000 | ' |
Financing Receivable Modifications Charge Off | ' | 90,000 | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | ' | 1 | ' |
Loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Interest Receivable | 2,200,000 | 2,300,000 | ' |
Commercial Real Estate Portfolio Segment | Troubled Debt Restructurings | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Troubled debt restructurings | ' | 2,100,000 | ' |
Number of loans modified | ' | 2 | ' |
Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Number of Loans on Non-Accrual Status | 7 | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status, Performing in Accordance with Revised Contractual Terms | 2,100,000 | ' | ' |
Interest payment on impaired loans | 382,000 | 465,000 | ' |
Non-accrual Loans | 5,390,000 | 10,310,000 | ' |
Residential Real Estate Portfolio Segment | Multi-family | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Number of Loans on Non-Accrual Status | 2 | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status, Performing in Accordance with Revised Contractual Terms | 781,000 | ' | ' |
Interest payment on impaired loans | 93,000 | 89,000 | ' |
Non-accrual Loans | 781,000 | 1,547,000 | ' |
Commercial Real Estate Portfolio Segment | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' |
Interest payment on impaired loans | 132,000 | 247,000 | ' |
Non-accrual Loans | $1,460,000 | $4,045,000 | ' |
Loans_Loans_to_Executive_Offic
Loans - Loans to Executive Officers Directors and Affiliates (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Receivables [Abstract] | ' | ' | ' |
Balance, beginning of period | $2,620 | $2,254 | $811 |
Loan originations | 500 | 898 | 1,575 |
Principal amortization and pay down | -674 | 85 | -132 |
Loans sold | 0 | -617 | 0 |
Balance, end of period | $2,446 | $2,620 | $2,254 |
Loans_Analysis_of_Changes_in_A
Loans - Analysis of Changes in Allowance for Loan Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, end of period | $4,580 | $5,643 | ' |
Consumer | Automobile | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, end of period | 136 | 83 | ' |
Consumer | Home Equity | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, end of period | 2 | 4 | ' |
Consumer | Other | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, end of period | 98 | 54 | ' |
Period 1 | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 5,643 | 7,502 | 11,367 |
Provision for loan losses | -700 | 250 | 250 |
Recoveries | 112 | 1,283 | 204 |
Loans charged-off | -475 | -3,392 | -4,319 |
Balance, end of period | 4,580 | 5,643 | 7,502 |
Period 1 | Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 3,009 | 4,692 | 6,365 |
Provision for loan losses | -680 | 499 | 1,177 |
Recoveries | 10 | 212 | 105 |
Loans charged-off | -39 | -2,394 | -2,955 |
Balance, end of period | 2,300 | 3,009 | 4,692 |
Period 1 | Residential Real Estate Portfolio Segment | Multi-family | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 839 | 1,519 | 2,654 |
Provision for loan losses | 395 | -1,367 | 101 |
Recoveries | 51 | 1,013 | 0 |
Loans charged-off | -292 | -326 | -1,236 |
Balance, end of period | 993 | 839 | 1,519 |
Period 1 | Commercial Real Estate Portfolio Segment | Commercial Real Estate | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 1,654 | 1,131 | 2,254 |
Provision for loan losses | -604 | 1,050 | -1,065 |
Recoveries | 1 | 0 | 0 |
Loans charged-off | 0 | -527 | -58 |
Balance, end of period | 1,051 | 1,654 | 1,131 |
Period 1 | Consumer | Automobile | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 83 | 62 | 59 |
Provision for loan losses | 84 | 19 | -53 |
Recoveries | 42 | 44 | 92 |
Loans charged-off | -73 | -42 | -36 |
Balance, end of period | 136 | 83 | 62 |
Period 1 | Consumer | Home Equity | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 4 | 63 | 13 |
Provision for loan losses | -2 | -9 | 50 |
Recoveries | 0 | 6 | 0 |
Loans charged-off | 0 | -56 | 0 |
Balance, end of period | 2 | 4 | 63 |
Period 1 | Consumer | Other | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 54 | 35 | 22 |
Provision for loan losses | 107 | 58 | 40 |
Recoveries | 8 | 8 | 7 |
Loans charged-off | -71 | -47 | -34 |
Balance, end of period | $98 | $54 | $35 |
Loans_Allowance_for_Loan_Losse
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Individually evaluated for impairment | $979 | $1,009 |
Collectively evaluated for impairment | 3,601 | 4,634 |
Total ending allowance balance | 4,580 | 5,643 |
Individually evaluated for impairment | 17,217 | 22,477 |
Collectively evaluated for impairment | 702,637 | 671,856 |
Total Loans | 719,854 | 694,333 |
Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Total Loans | 662,062 | 656,023 |
Real Estate | One-to-Four Family | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Individually evaluated for impairment | 910 | 941 |
Collectively evaluated for impairment | 1,390 | 2,068 |
Total ending allowance balance | 2,300 | 3,009 |
Individually evaluated for impairment | 12,431 | 14,790 |
Collectively evaluated for impairment | 276,529 | 304,841 |
Total Loans | 288,960 | 319,631 |
Real Estate | Multi-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 993 | 839 |
Total ending allowance balance | 993 | 839 |
Individually evaluated for impairment | 1,263 | 1,547 |
Collectively evaluated for impairment | 333,777 | 279,224 |
Total Loans | 335,040 | 280,771 |
Real Estate | Commercial Real Estate Portfolio Segment | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Individually evaluated for impairment | 52 | 64 |
Collectively evaluated for impairment | 999 | 1,590 |
Total ending allowance balance | 1,051 | 1,654 |
Individually evaluated for impairment | 3,506 | 6,136 |
Collectively evaluated for impairment | 34,556 | 49,485 |
Total Loans | 38,062 | 55,621 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Total Loans | 57,792 | 38,310 |
Consumer | Automobile | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Individually evaluated for impairment | 2 | 0 |
Collectively evaluated for impairment | 134 | 83 |
Total ending allowance balance | 136 | 83 |
Individually evaluated for impairment | 2 | 0 |
Collectively evaluated for impairment | 45,684 | 26,711 |
Total Loans | 45,686 | 26,711 |
Consumer | Home Equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 2 | 4 |
Total ending allowance balance | 2 | 4 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 625 | 682 |
Total Loans | 625 | 682 |
Consumer | Other | ' | ' |
Accounts, Notes, Loans and Financing Receivable | ' | ' |
Individually evaluated for impairment | 15 | 4 |
Collectively evaluated for impairment | 83 | 50 |
Total ending allowance balance | 98 | 54 |
Individually evaluated for impairment | 15 | 4 |
Collectively evaluated for impairment | 11,466 | 10,913 |
Total Loans | $11,481 | $10,917 |
Loans_Loans_Individually_Evalu
Loans - Loans Individually Evaluated for Impairment by Class of Loans (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired | ' | ' |
Unpaid Principal Balance | $10,915 | $15,574 |
Recorded Investment | 8,634 | 13,283 |
Allowance for Loan Losses Allocated | 0 | 0 |
Unpaid Principal Balance | 8,892 | 9,427 |
Recorded Investment | 8,583 | 9,194 |
Allowance for Loan Losses Allocated | 979 | 1,009 |
Unpaid Principal Balance | 19,807 | 25,001 |
Recorded Investment | 17,217 | 22,477 |
Allowance for Loan Losses Allocated | 979 | 1,009 |
Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' |
Financing Receivable, Impaired | ' | ' |
Unpaid Principal Balance | 6,175 | 7,909 |
Recorded Investment | 5,035 | 6,796 |
Allowance for Loan Losses Allocated | 0 | 0 |
Unpaid Principal Balance | 7,705 | 8,227 |
Recorded Investment | 7,396 | 7,994 |
Allowance for Loan Losses Allocated | 910 | 941 |
Residential Real Estate Portfolio Segment | Multi-family | ' | ' |
Financing Receivable, Impaired | ' | ' |
Unpaid Principal Balance | 1,656 | 1,961 |
Recorded Investment | 1,263 | 1,547 |
Allowance for Loan Losses Allocated | 0 | 0 |
Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Impaired | ' | ' |
Unpaid Principal Balance | 3,084 | 5,704 |
Recorded Investment | 2,336 | 4,940 |
Allowance for Loan Losses Allocated | 0 | 0 |
Unpaid Principal Balance | 1,170 | 1,196 |
Recorded Investment | 1,170 | 1,196 |
Allowance for Loan Losses Allocated | 52 | 64 |
Consumer | Other | ' | ' |
Financing Receivable, Impaired | ' | ' |
Unpaid Principal Balance | 15 | 4 |
Recorded Investment | 15 | 4 |
Allowance for Loan Losses Allocated | 15 | 4 |
Allowance for Loan Losses Allocated | 15 | 4 |
Consumer | Automobile | ' | ' |
Financing Receivable, Impaired | ' | ' |
Unpaid Principal Balance | 2 | ' |
Recorded Investment | 2 | ' |
Allowance for Loan Losses Allocated | 2 | ' |
Allowance for Loan Losses Allocated | $2 | $0 |
Loans_Monthly_Average_of_Indiv
Loans - Monthly Average of Individually Impaired Loans by Class (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Financing Receivable, Impaired | ' | ' | ' |
Monthly average of individually impaired loans | $21,236 | $25,021 | $26,252 |
Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' | ' |
Financing Receivable, Impaired | ' | ' | ' |
Monthly average of individually impaired loans | 13,622 | 17,375 | 18,957 |
Residential Real Estate Portfolio Segment | Multi-family | ' | ' | ' |
Financing Receivable, Impaired | ' | ' | ' |
Monthly average of individually impaired loans | 2,182 | 2,057 | 2,768 |
Commercial Real Estate Portfolio Segment | ' | ' | ' |
Financing Receivable, Impaired | ' | ' | ' |
Monthly average of individually impaired loans | 5,432 | 5,589 | 4,505 |
Consumer | Home Equity | ' | ' | ' |
Financing Receivable, Impaired | ' | ' | ' |
Monthly average of individually impaired loans | $0 | $0 | $22 |
Loans_Interest_Payments_Record
Loans - Interest Payments Recorded as Reduction of Principal on Impaired Loans by Class (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Impaired | ' | ' |
Interest payment on impaired loans | $607 | $801 |
Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' |
Financing Receivable, Impaired | ' | ' |
Interest payment on impaired loans | 382 | 465 |
Residential Real Estate Portfolio Segment | Multi-family | ' | ' |
Financing Receivable, Impaired | ' | ' |
Interest payment on impaired loans | 93 | 89 |
Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Impaired | ' | ' |
Interest payment on impaired loans | $132 | $247 |
Loans_Non_Accrual_Loans_by_Cla
Loans - Non Accrual Loans by Class of Loans (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired | ' | ' |
Non-accrual Loans | $7,648 | $15,920 |
Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' |
Financing Receivable, Impaired | ' | ' |
Non-accrual Loans | 5,390 | 10,310 |
Residential Real Estate Portfolio Segment | Multi-family | ' | ' |
Financing Receivable, Impaired | ' | ' |
Non-accrual Loans | 781 | 1,547 |
Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Impaired | ' | ' |
Non-accrual Loans | 1,460 | 4,045 |
Consumer | Automobile | ' | ' |
Financing Receivable, Impaired | ' | ' |
Non-accrual Loans | 2 | 14 |
Consumer | Other | ' | ' |
Financing Receivable, Impaired | ' | ' |
Non-accrual Loans | $15 | $4 |
Loans_Aging_of_Past_Due_Loans_
Loans - Aging of Past Due Loans (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due | ' | ' |
30-59 Days Delinquent | $3,328 | $584 |
60-89 Days Delinquent | 428 | 3,715 |
90 Days or More Delinquent | 717 | 1,769 |
Total Delinquent Loans | 4,473 | 6,068 |
Total Current Loans | 715,381 | 688,265 |
Total Loans | 719,854 | 694,333 |
Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due | ' | ' |
Total Loans | 662,062 | 656,023 |
Real Estate | One-to-Four Family | ' | ' |
Financing Receivable, Recorded Investment, Past Due | ' | ' |
30-59 Days Delinquent | 2,123 | 389 |
60-89 Days Delinquent | 409 | 970 |
90 Days or More Delinquent | 301 | 1,751 |
Total Delinquent Loans | 2,833 | 3,110 |
Total Current Loans | 286,127 | 316,521 |
Total Loans | 288,960 | 319,631 |
Real Estate | Multi-family | ' | ' |
Financing Receivable, Recorded Investment, Past Due | ' | ' |
30-59 Days Delinquent | 0 | 0 |
60-89 Days Delinquent | 0 | 198 |
90 Days or More Delinquent | 0 | 0 |
Total Delinquent Loans | 0 | 198 |
Total Current Loans | 335,040 | 280,573 |
Total Loans | 335,040 | 280,771 |
Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment, Past Due | ' | ' |
30-59 Days Delinquent | 1,061 | 0 |
60-89 Days Delinquent | 0 | 2,545 |
90 Days or More Delinquent | 399 | 0 |
Total Delinquent Loans | 1,460 | 2,545 |
Total Current Loans | 36,602 | 53,076 |
Total Loans | 38,062 | 55,621 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due | ' | ' |
30-59 Days Delinquent | 0 | ' |
60-89 Days Delinquent | 0 | ' |
90 Days or More Delinquent | 0 | ' |
Total Delinquent Loans | 0 | ' |
Total Loans | 57,792 | 38,310 |
Consumer | Automobile | ' | ' |
Financing Receivable, Recorded Investment, Past Due | ' | ' |
30-59 Days Delinquent | 113 | 32 |
60-89 Days Delinquent | 15 | 0 |
90 Days or More Delinquent | 2 | 14 |
Total Delinquent Loans | 130 | 46 |
Total Current Loans | 45,556 | 26,665 |
Total Loans | 45,686 | 26,711 |
Consumer | Home Equity | ' | ' |
Financing Receivable, Recorded Investment, Past Due | ' | ' |
30-59 Days Delinquent | ' | 143 |
60-89 Days Delinquent | ' | 0 |
90 Days or More Delinquent | ' | 0 |
Total Delinquent Loans | ' | 143 |
Total Current Loans | 625 | 539 |
Total Loans | 625 | 682 |
Consumer | Other loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due | ' | ' |
30-59 Days Delinquent | 31 | 20 |
60-89 Days Delinquent | 4 | 2 |
90 Days or More Delinquent | 15 | 4 |
Total Delinquent Loans | 50 | 26 |
Total Current Loans | 11,431 | 10,891 |
Total Loans | $11,481 | $10,917 |
Loans_Risk_Category_of_Loans_b
Loans - Risk Category of Loans by Class of Loans (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | $719,854 | $694,333 |
Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 38,062 | 55,621 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 57,792 | 38,310 |
Consumer | Automobile | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 45,686 | 26,711 |
Consumer | Home Equity | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 625 | 682 |
Consumer | Other | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 11,481 | 10,917 |
Pass | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 682,590 | 652,807 |
Pass | Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 272,261 | 296,434 |
Pass | Residential Real Estate Portfolio Segment | Multi-family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 327,999 | 275,143 |
Pass | Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 24,708 | 43,246 |
Pass | Consumer | Automobile | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 45,542 | 26,454 |
Pass | Consumer | Home Equity | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 625 | 682 |
Pass | Consumer | Other | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 11,455 | 10,848 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 21,082 | 18,100 |
Special Mention | Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 10,257 | 10,973 |
Special Mention | Residential Real Estate Portfolio Segment | Multi-family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 3,174 | 3,094 |
Special Mention | Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 7,556 | 3,895 |
Special Mention | Consumer | Automobile | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 87 | 102 |
Special Mention | Consumer | Home Equity | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Special Mention | Consumer | Other | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 8 | 36 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 16,164 | 23,398 |
Substandard | Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 6,442 | 12,224 |
Substandard | Residential Real Estate Portfolio Segment | Multi-family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 3,867 | 2,534 |
Substandard | Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 5,798 | 8,480 |
Substandard | Consumer | Automobile | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 55 | 137 |
Substandard | Consumer | Home Equity | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Substandard | Consumer | Other | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 2 | 23 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 1 | 24 |
Doubtful | Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Doubtful | Residential Real Estate Portfolio Segment | Multi-family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Doubtful | Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Doubtful | Consumer | Automobile | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 18 |
Doubtful | Consumer | Home Equity | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Doubtful | Consumer | Other | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 1 | 6 |
Loss | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 17 | 4 |
Loss | Residential Real Estate Portfolio Segment | One-to-Four Family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Loss | Residential Real Estate Portfolio Segment | Multi-family | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Loss | Commercial Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Loss | Consumer | Automobile | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 2 | 0 |
Loss | Consumer | Home Equity | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | 0 | 0 |
Loss | Consumer | Other | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans Receivable | $15 | $4 |
Real_Estate_Owned_Changes_in_R
Real Estate Owned - Changes in Real Estate Owned (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Other Real Estate [Roll Forward] | ' | ' | ' |
Beginning of period | $0 | $1,280 | $828 |
Transfers in | 539 | 521 | 1,529 |
Capitalized expenditures | 70 | 4 | 41 |
Sales | -325 | -1,805 | -1,118 |
End of period | $284 | $0 | $1,280 |
Real_Estate_Owned_Net_Income_E
Real Estate Owned - Net Income Expenses Related to Foreclosed Assets Included in Other Operating Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Net gain on sales | $4 | $115 | $55 |
Net operating (expense) income | -40 | 107 | -293 |
Total | ($36) | $222 | ($238) |
Real_Estate_Owned_Additional_I
Real Estate Owned - Additional Information (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Real Estate [Abstract] | ' | ' |
Real Estate Owned, Valuation Allowance, Period Increase (Decrease) | $0 | $0 |
Real Estate Owned, Valuation Allowance | $0 | $0 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
building | |||
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation expense on premises and equipment | $1,274,000 | $1,099,000 | $839,000 |
Number of buildings in which offices are leased | 8 | ' | ' |
Rental expense, including property taxes and common area maintenance | $1,200,000 | $1,200,000 | $1,200,000 |
Schedule_of_Premises_and_Equip
Schedule of Premises and Equipment (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Building | $1,218 | $1,218 |
Leasehold improvements | 2,062 | 1,961 |
Furniture and equipment | 8,298 | 7,160 |
Property, Plant and Equipment, Gross | 11,578 | 10,339 |
Less: Accumulated depreciation and amortization | -7,814 | -6,540 |
Property, Plant and Equipment, Net | $3,764 | $3,799 |
Schedule_of_Minimum_Rental_Pay
Schedule of Minimum Rental Payments Under Operating Leases (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | ' |
2015 | $1,023 |
2016 | 780 |
2017 | 564 |
2018 | 543 |
2019 | 560 |
Thereafter | 707 |
Operating Leases, Future Minimum Payments Due | $4,177 |
Activity_in_Goodwill_Details
Activity in Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Beginning of year | $3,950 | $3,950 |
Acquired goodwill | 0 | 0 |
Impairment | 0 | 0 |
End of year | $3,950 | $3,950 |
Mortgage_Banking_and_Mortgage_2
Mortgage Banking and Mortgage Servicing Assets - Additional Information (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Fixed rate loan commitments | $3,600,000 | $805,000 |
Forward loan sale commitments | 1,500,000 | 5,700,000 |
Fair value of MSAs | 1,100,000 | 690,000 |
Discount rate | 8.50% | 7.50% |
Constant prepayment rate | 8.38% | 12.25% |
Federal Home Loan Mortgage Corporation | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Principal balance of loans serviced | 94,200,000 | 69,200,000 |
Custodial escrow balances maintained in connection with serviced loans | 261,000 | 163,000 |
Interest Rate Lock Commitments | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Fixed rate loan commitments | 6,400,000 | 4,400,000 |
Mandatory Forward Commitments | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Forward loan sale commitments | $7,700,000 | $13,300,000 |
Mortgage_Banking_and_Mortgage_3
Mortgage Banking and Mortgage Servicing Assets - Net Gains (Losses) Relating to Free-Standing Derivative Instruments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total (losses) gains | ($132) | $187 |
Mandatory Forward Commitments | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total (losses) gains | -303 | 227 |
Interest Rate Lock Commitments | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total (losses) gains | $171 | ($40) |
Mortgage_Banking_and_Mortgage_4
Mortgage Banking and Mortgage Servicing Assets - Amount and Market Value of Mortgage Banking Derivatives (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | $7,389 | $5,754 |
Fair Value | 131 | 234 |
Other Assets | Mandatory Forward Commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 1,000 | 4,582 |
Fair Value | 0 | 227 |
Other Assets | Interest Rate Lock Commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 6,389 | 1,172 |
Fair Value | 131 | 7 |
Other Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 6,650 | 3,273 |
Fair Value | 76 | 47 |
Other Liabilities | Mandatory Forward Commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 6,650 | 0 |
Fair Value | 76 | 0 |
Other Liabilities | Interest Rate Lock Commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 0 | 3,273 |
Fair Value | $0 | $47 |
Mortgage_Banking_and_Mortgage_5
Mortgage Banking and Mortgage Servicing Assets - Valuation Allowance Activity (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Servicing Asset at Fair Value, Amount [Roll Forward] | ' | ' | ' | ' |
MSAs balance, beginning of year | $771 | $602 | $602 | $3 |
Additions | ' | ' | 280 | 683 |
Amortization | ' | ' | -131 | -53 |
Change in valuation allowance | ' | ' | 20 | -31 |
MSAs balance, end of year | ' | ' | 771 | 602 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ' | ' | ' | ' |
Valuation allowance, beginning of year | 11 | 31 | 31 | 0 |
Impairment provision (recovery) | 10 | 31 | -20 | 31 |
Valuation allowance, end of year | ' | ' | $11 | $31 |
Deposits_Additional_Informatio
Deposits - Additional Information (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Deposit Liability [Line Items] | ' | ' |
Aggregate amount of certificates of deposit in denominations of $100,000 or more | 133,100,000 | 150,000,000 |
Deposits from executive officers, directors and their affiliates | 765,000 | 806,000 |
Deposits | ' | ' |
Deposit Liability [Line Items] | ' | ' |
Percentage of dollar amounts of deposits from customers who are employed by the Kaiser Permanente Medical Care Program | 33.00% | 32.60% |
Deposits_Deposits_by_Type_of_D
Deposits - Deposits by Type of Deposit (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deposit Liabilities [Abstract] | ' | ' |
Non interest-bearing demand | $60,569 | $65,694 |
Interest-bearing checking | 81,781 | 14,456 |
Savings | 125,770 | 134,856 |
Money market | 138,169 | 159,555 |
Certificates of deposit | 246,534 | 280,085 |
Total deposits | $652,823 | $654,646 |
Deposits_Deposits_by_Maturity_
Deposits - Deposits by Maturity (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deposit Liabilities [Abstract] | ' | ' |
No contractual maturity | $406,289 | $374,561 |
0-1 year maturity | 97,198 | 121,566 |
Over 1-2 year maturity | 80,237 | 50,293 |
Over 2-3 year maturity | 40,640 | 73,413 |
Over 3-4 year maturity | 6,769 | 27,379 |
Over 4-5 year maturity | 21,690 | 7,309 |
Thereafter | 0 | 125 |
Total deposits | $652,823 | $654,646 |
Deposits_Interest_Expense_by_M
Deposits - Interest Expense by Major Category (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Deposits [Abstract] | ' | ' | ' |
Interest-bearing checking | $146 | $7 | $3 |
Savings | 127 | 158 | 293 |
Money market | 367 | 413 | 658 |
Certificates of deposit | 4,568 | 5,906 | 6,719 |
Interest Expense, Deposits | $5,208 | $6,484 | $7,673 |
Federal_Home_Loan_Bank_Advance2
Federal Home Loan Bank Advances - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
FHLB advances | $85,000,000 | $60,000,000 |
FHLB advances, minimum stated interest rates | 0.82% | 0.85% |
FHLB advances, maximum stated interest rates | 2.43% | 2.43% |
FHLB advances, weighted average stated rate | 1.57% | 1.64% |
FHLB advances, collateral real estate loans | 522,600,000 | 450,100,000 |
FHLB advances, remaining amount available to borrow | 259,400,000 | 292,900,000 |
FHLB advances, average balance | 75,400,000 | 69,200,000 |
FHLB advances, average costs | 1.59% | 2.00% |
Available line of credit with Federal Reserve Bank of San Francisco | 47,600,000 | 51,500,000 |
Commercial Real Estate | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Loans pledged as collateral for a line of credit established with Federal Reserve Bank of San Francisco | 28,500,000 | 50,300,000 |
Automobile | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Loans pledged as collateral for a line of credit established with Federal Reserve Bank of San Francisco | 32,900,000 | 21,100,000 |
Investments | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Loans pledged as collateral for a line of credit established with Federal Reserve Bank of San Francisco | $54,000 | $68,000 |
Federal_Home_Loan_Bank_Advance3
Federal Home Loan Bank Advances - Contractual Maturities of Federal Home Loan Bank Advances by Year (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
2015 | $20,000 | $20,000 |
2016 | ' | ' |
2017 | 25,000 | 20,000 |
2018 | 10,000 | ' |
2019 | 30,000 | 20,000 |
Total | $85,000 | $60,000 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Compensation Related Costs [Abstract] | ' | ' | ' |
401(k) pension plan, employer matching contributions of the first 10% of employees' wages | 50.00% | ' | ' |
401(k) pension plan, percentage of employees' wage contribution eligible for employer matching contributions | 10.00% | ' | ' |
401(k) pension plan contributions | $211,000 | $241,000 | $177,000 |
Annual Incentive Plan for key employees, compensation expense | 742,000 | 904,000 | 850,000 |
Postretirement medical benefits, minimum year of service for eligibility | '20 years | ' | ' |
Postretirement medical benefits, minimum age of retirement for eligibility | '55 years | ' | ' |
Postretirement medical benefits, (benefit) expense | 91,000 | 120,000 | 74,000 |
Total postretirement medical benefit obligation | 1,000,000 | 1,100,000 | 1,200,000 |
Postretirement Medical Benefit expense | 91,000 | ' | ' |
Service cost | 33,000 | ' | ' |
Interest cost | 51,000 | ' | ' |
Amortization of actuarial loss | 7,000 | ' | ' |
Actuarial Gain (Loss) | 74,000 | ' | ' |
Amortization of postretirement expense from OCI to net periodic cost | $1,000 | ' | ' |
Employee_Stock_Compensation_Ad
Employee Stock Compensation - Additional Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, shares available for award | 163,642 | ' | ' | ' |
Stock Option Plan 2004 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, shares available for award | 409,105 | ' | ' | ' |
Share based compensation, vesting period | '5 years | ' | ' | ' |
Share based compensation, option expiration period | '10 years | ' | ' | ' |
Share based compensation expense | $23 | $37 | $56 | ' |
Income tax benefit from share based compensation expense | 4 | 9 | 10 | ' |
Stock Option Plans | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, shares available for award | 212,027 | ' | ' | ' |
Total unrecognized compensation cost | 10 | ' | ' | ' |
Unrecognized compensation cost, weighted average recognition period | '2 years | ' | ' | ' |
Fair value assumption, forfeiture rate | 1.80% | ' | ' | ' |
Retention and Recognition Plan (RRP) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, shares available for award | 16,624 | ' | ' | ' |
Share based compensation, vesting period | '5 years | ' | ' | ' |
Share based compensation expense | 80 | 88 | 140 | ' |
Total unrecognized compensation cost | 115 | ' | ' | ' |
Unrecognized compensation cost, weighted average recognition period | '2 years 2 months 12 days | ' | ' | ' |
Total fair value of shares vested | 94 | 127 | 111 | ' |
Share based compensation, restricted shares outstanding | 12,000 | 21,958 | ' | ' |
Equity Incentive Plan (EIP) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, shares available for award | ' | ' | ' | 892,500 |
Share based compensation, vesting period | '5 years | ' | ' | ' |
Share based compensation, option expiration period | '10 years | ' | ' | ' |
Share based compensation expense | 236 | 176 | 30 | ' |
Total unrecognized compensation cost | 533 | ' | ' | ' |
Unrecognized compensation cost, weighted average recognition period | '3 years 3 months 18 days | ' | ' | ' |
Fair value of shares vested | $168 | $133 | ' | ' |
Equity Incentive Plan (EIP) | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Performance based compensation, maximum number of shares covered by stock options during a year per employee | ' | ' | ' | 100,000 |
Share based compensation, vesting period | '5 years | ' | ' | ' |
Equity Incentive Plan (EIP) | Stock Option | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, shares available for award | ' | ' | ' | 637,500 |
Equity Incentive Plan (EIP) | Restricted Stock Units and Restricted Stock Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, shares available for award | ' | ' | ' | 255,000 |
Equity Incentive Plan (EIP) | Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation, shares available for award | 185,698 | ' | ' | ' |
Share based compensation, restricted shares outstanding | 49,245 | 29,389 | ' | ' |
Employee_Stock_Compensation_St
Employee Stock Compensation - Stock Option Plan Activity (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Shares | ' | ' |
Outstanding at beginning of year | 161,839 | 180,220 |
Granted | 0 | ' |
Exercised | -13,130 | ' |
Forfeited or expired | -5,251 | ' |
Outstanding at end of year | 161,839 | 180,220 |
Fully vested and expected to vest | 161,753 | ' |
Options exercisable at end of year | 158,639 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding at beginning of year | $15.98 | ' |
Granted | $0 | ' |
Exercised | $10.85 | ' |
Forfeited or expired | $20.16 | ' |
Outstanding at end of year | $16.26 | ' |
Fully vested and expected to vest | $16.27 | ' |
Options exercisable at end of year | $16.34 | ' |
Weighted-Average Remaining Contractual Term | ' | ' |
Outstanding at end of year | '3 years 15 days | ' |
Fully vested and expected to vest | '3 years 15 days | ' |
Options exercisable at end of year | '2 years 11 months 16 days | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding at end of year | $512 | ' |
Fully vested and expected to vest | 511 | ' |
Options exercisable at end of year | $495 | ' |
Employee_Stock_Compensation_In
Employee Stock Compensation - Information Related to Stock Option Plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Intrinsic value of stock options exercised | $83 | $26 | $9 |
Cash received from options exercised | 143 | 70 | 78 |
Tax benefit realized from option exercises | $34 | $3 | $0 |
Employee_Stock_Compensation_Ch
Employee Stock Compensation - Changes in Recognition and Retention Plan Shares (Details) (Retention and Recognition Plan (RRP), USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Retention and Recognition Plan (RRP) | ' |
Shares | ' |
Beginning Balance | 21,958 |
Granted | 0 |
Vested | -7,558 |
Forfeited | -2,400 |
Ending Balance | 12,000 |
Weighted average grant date fair value | ' |
Beginning Balance | $12.46 |
Granted | $0 |
Vested | $12.47 |
Forfeited | $12.22 |
Ending Balance | $12.51 |
Employee_Stock_Compensation_Re
Employee Stock Compensation - Restricted Shares Issued Under Equity Incentive Plan (Details) (Equity Incentive Plan (EIP), Restricted Stock, USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Equity Incentive Plan (EIP) | Restricted Stock | ' |
Shares | ' |
Beginning Balance | 29,389 |
Granted | 31,249 |
Vested | -11,393 |
Forfeited | 0 |
Ending Balance | 49,245 |
Weighted average grant date fair value | ' |
Beginning Balance | $14.33 |
Granted | $15.69 |
Vested | $14.73 |
Forfeited | $0 |
Ending Balance | $15.10 |
Employee_Stock_Ownership_Plan_1
Employee Stock Ownership Plan - Additional Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Nov. 19, 2010 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Nov. 19, 2010 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' |
Employee stock ownership plan, common stock shares issued | 497,049 | ' | ' | ' | ' |
Employee stock ownership plan, eligible exchange note term | '12 years | ' | ' | ' | ' |
Employee stock ownership plan, eligible allocation exchange amount of note | ' | ' | ' | ' | $5,600,000 |
Employee stock ownership plan, principal contributions | ' | 425,000 | 412,000 | 398,000 | ' |
Loan outstanding balance | ' | 4,100,000 | 4,500,000 | ' | ' |
Unearned ESOP | ' | 3,864,000 | 4,278,000 | ' | ' |
Employee stock ownership plan, shares of stock committed to be released | ' | 41,421 | 41,421 | 41,421 | ' |
Employee stock ownership plan, average fair value per share of stock committed to be released | ' | $16.17 | $14.84 | $12.86 | ' |
Vesting period for full ESOP amount | ' | '6 years | ' | ' | ' |
Employee stock ownership plan, compensation expense | ' | $670,000 | $615,000 | $532,000 | ' |
Period Issuance02 | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' |
Employee stock ownership plan, common stock shares issued | 382,500 | ' | ' | ' | ' |
Period Issuance01 | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' |
Employee stock ownership plan, common stock shares issued | 114,549 | ' | ' | ' | ' |
Employee_Stock_Ownership_Plan_2
Employee Stock Ownership Plan - Shares Held by Employee Stock Ownership Plan (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Allocated shares | 155,328,000 | 113,907,000 |
Unearned shares | 341,721,000 | 383,142,000 |
Total ESOP shares | 497,049,000 | 497,049,000 |
Fair value of unearned shares | $5,963 | $5,556 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Details) (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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $1,982 | $3,055 | $2,322 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 618 | 748 | 652 |
Current Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 2,600 | 3,803 | 2,974 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 472 | -185 | 1,009 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 90 | -89 | 315 |
Deferred income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 562 | -274 | 1,324 |
Net income | $824 | $856 | $805 | $677 | $1,252 | $864 | $607 | $806 | $3,162 | $3,529 | $4,298 |
Income_Taxes_Income_Tax_Provis
Income Taxes - Income Tax Provision Difference from Amount of Income Tax Determined by Applying United States Federal Income Tax Rate to Pretax Income (Details) (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 Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax at statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | $2,881 | $3,315 | $3,914 |
State taxes, net of federal tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 511 | 502 | 638 |
General business credit | ' | ' | ' | ' | ' | ' | ' | ' | -196 | -196 | -197 |
Bank-owned life insurance | ' | ' | ' | ' | ' | ' | ' | ' | -148 | -153 | -163 |
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | 11 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 112 | 58 | 95 |
Net income | $824 | $856 | $805 | $677 | $1,252 | $864 | $607 | $806 | $3,162 | $3,529 | $4,298 |
Tax expense as a percentage of income before tax | ' | ' | ' | ' | ' | ' | ' | ' | 37.30% | 36.20% | 37.30% |
Income_Taxes_Total_Net_Deferre
Income Taxes - Total Net Deferred Tax Assets (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $1,211 | $1,814 |
Accrued expenses | 151 | 195 |
Accrued state income tax | 134 | 278 |
RRP and EIP Plan | 78 | 48 |
Net unrealized loss on securities available-for-sale | 90 | 244 |
Postretirement medical benefits | 450 | 450 |
Premises and equipment | 179 | 26 |
Other | 384 | 142 |
Total deferred tax assets | 2,677 | 3,197 |
Deferred tax liabilities: | ' | ' |
Goodwill and other intangibles | -959 | -832 |
Federal Home Loan Bank Stock dividends | -557 | -467 |
Affordable Housing Partnership | -185 | -235 |
Total deferred tax liabilities | -1,701 | -1,534 |
Net deferred tax asset, included in other assets | $976 | $1,663 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Accrued interest and penalties related to unrecognized tax benefit | $27 | $1 |
Unrecognized tax benefits, that would favorably impact effective tax rate in future period | $1,059 | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Reconciliation of Unrecognized Tax Benefits | ' | ' | ' |
Balance, beginning of year | $1,060 | $796 | $364 |
Additions based on tax positions related to the current year | 251 | 252 | 231 |
Additions for tax positions of prior years | 0 | 22 | 201 |
Reductions for tax positions of prior years | -252 | -10 | 0 |
Balance, end of year | ' | 1,060 | 796 |
Unrecognized tax benefits, that would favorably impact effective tax rate in future period | $1,059 | ' | ' |
Capital_Requirements_and_Restr2
Capital Requirements and Restriction on Retained Earnings - Additional Information (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Schedule of Capitalization [Line Items] | ' |
Number of preceding calendar years' retained net income available for additional capital distribution | '2 years |
Retained earnings available for dividends | $95,000 |
Dividends declared and upstreamed to parent | $15,000,000 |
Maximum | ' |
Schedule of Capitalization [Line Items] | ' |
Percentage of net income available for capital distribution | 100.00% |
Minimum | ' |
Schedule of Capitalization [Line Items] | ' |
Qualified Thrift Lender test requirement, minimum percentage of assets to be maintained in housing-related finance and other specified areas | 65.00% |
Capital_Requirements_and_Restr3
Capital Requirements and Restrictions on Retained Earnings - Actual Capital Amounts and Ratios (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Total capital (to risk-weighted assets), actual amount | $128,372 | $137,788 |
Tier 1 capital (to risk-weighted assets), actual amount | 123,792 | 132,145 |
Tier 1 Capital | 123,792 | 132,145 |
Total capital (to risk-weighted assets), actual ratio | 21.66% | 23.85% |
Tier 1 capital (to risk-weighted assets), actual ratio | 20.89% | 22.87% |
Tier 1 (core) capital (to adjusted tangible assets), actual ratio | 14.13% | 15.28% |
Total capital (to risk-weighted assets), minimum capital adequacy requirements amount | 47,417 | 46,222 |
Tier 1 capital (to risk-weighted assets), minimum capital adequacy requirements amount | 23,709 | 23,111 |
Tier 1 capital (to adjusted tangible assets), minimum capital adequacy requirements amount | 35,056 | 34,591 |
Total capital (to risk-weighted assets), minimum capital adequacy requirements ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), minimum capital adequacy requirements ratio | 4.00% | 4.00% |
Tier 1 (core) capital (to adjusted tangible assets), minimum capital adequacy requirements ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets), minimum required to be well capitalized under prompt corrective actions amount | 59,271 | 57,777 |
Tier 1 capital (to risk-weighted assets), minimum required to be well capitalized under prompt corrective actions amount | 35,563 | 34,666 |
Tier 1 (core) capital (to adjusted tangible assets), minimum required to be well capitalized under prompt corrective actions amount | $43,820 | $43,238 |
Total capital (to risk-weighted assets), minimum required to be well capitalized under prompt corrective actions ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), minimum required to be well capitalized under prompt corrective actions ratio | 6.00% | 6.00% |
Tier 1 (core) capital (to adjusted tangible assets), minimum required to be well capitalized under prompt corrective actions ratio | 5.00% | 5.00% |
Capital_Requirements_and_Restr4
Capital Requirements and Restrictions on Retained Earnings - Reconciliation of Equity Under GAAP to Regulatory Capital (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Banking and Thrift [Abstract] | ' | ' |
GAAP Equity | $126,538 | $134,716 |
Goodwill and other intangibles (less deferred tax) | -2,893 | -3,002 |
Accumulated loss on securities | 139 | 362 |
Postretirement medical benefit costs | 85 | 129 |
Disallowed servicing assets | -77 | -60 |
Tier 1 Capital | 123,792 | 132,145 |
Allowance for loan losses | 4,580 | 5,643 |
Total regulatory capital | $128,372 | $137,788 |
Loan_Commitments_and_Other_Rel2
Loan Commitments and Other Related Activities - Additional Information (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Commitments and Contingencies [Line Items] | ' | ' |
Cash and cash equivalents in excess of insured limits | $61,300,000 | $76,800,000 |
Fixed rate loan commitments | 3,600,000 | 805,000 |
Adjustable rate loan commitments | 1,500,000 | 5,700,000 |
Weighted average rate of commitments issued | 3.22% | 3.39% |
Mortgage Loans on Real Estate | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' |
Outstanding mortgage loan commitments | $5,100,000 | $6,500,000 |
Loan_Commitments_and_Other_Rel3
Loan Commitments and Other Related Activities - Available Credit on Home Equity and Unsecured Lines of Credit (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Debt Instrument [Line Items] | ' | ' |
Available credit | $1,975 | $2,138 |
Home Equity | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Available credit | 570 | 664 |
Other Consumer | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Available credit | $1,405 | $1,474 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Transferred amount of financial and nonfinancial instruments | ' | ' | $0 | $0 |
Principal balance of impaired loans measured at fair value | ' | 1,600,000 | ' | 1,600,000 |
Valuation allowance of Loans | ' | 32,000 | ' | 32,000 |
Impairment provision (recovery) | 10,000 | 31,000 | -20,000 | 31,000 |
Impairment Provision of MSAs | ' | ' | 0 | 31,000 |
Impairment Recovery of MSAs | ' | ' | 21,000 | 0 |
Fair Value, Measurements, Nonrecurring | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Nonfinancial assets measured at fair value | 0 | 0 | 0 | 0 |
Loans Held-for-Sale | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' |
Valuation allowance recovery | ' | ' | 86,000 | ' |
Valuation allowance impairment | ' | ' | ' | $86,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements - 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 | ' | ' |
Derivatives assets | $131 | $234 |
Derivatives liabilities | 76 | 47 |
Available-for-sale Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Assets measured at fair value | 56,883 | 52,180 |
Available-for-sale Securities | Mortgage-backed securities (residential) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Assets measured at fair value | 35,216 | 30,075 |
Available-for-sale Securities | Collateralized mortgage obligations (residential) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Assets measured at fair value | 21,667 | 22,105 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivatives assets | 0 | 227 |
Derivatives liabilities | 76 | 0 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Assets measured at fair value | 56,883 | 52,180 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Mortgage-backed securities (residential) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Assets measured at fair value | 35,216 | 30,075 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Collateralized mortgage obligations (residential) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Assets measured at fair value | 21,667 | 22,105 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivatives assets | 131 | 7 |
Derivatives liabilities | $0 | $47 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Loans held for sale | ' | $4,496 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Loans held for sale | 3,840 | 4,496 |
Significant Other Observable Inputs (Level 2) | Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Loans held for sale | ' | 4,496 |
Significant Unobservable Inputs (Level 3) | Mortgage Servicing Assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Assets measured at fair value on a non-recurring basis | 75 | 195 |
Significant Unobservable Inputs (Level 3) | Impaired Loans | Residential Mortgage | One-to-Four Family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Assets measured at fair value on a non-recurring basis | ' | 1,495 |
Significant Unobservable Inputs (Level 3) | Impaired Loans | Mortgage Servicing Assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
MSAs | $75 | $195 |
Fair_Value_Measurements_Quanti
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Recurring and Non recurring Basis (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | 74.00% | 76.60% |
Minimum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | 70.00% | 70.00% |
Maximum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | 95.00% | 100.00% |
Interest Rate Lock Commitments | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 131 | -40 |
Valuation Techniques | 'Relative value analysis | 'Relative value analysis |
Range (Weighted Average) | 1.00% | 0.92% |
Interest Rate Lock Commitments | Minimum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | 0.80% | 0.55% |
Interest Rate Lock Commitments | Maximum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | 1.10% | 1.00% |
Significant Unobservable Inputs (Level 3) | Mortgage Servicing Assets | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | 75 | 195 |
Valuation Techniques | 'Discounted Cash Flow | 'Discounted Cash Flow |
Unobservable Inputs | 'Discount Rate | 'Discount Rate |
Range (Weighted Average) | 8.50% | 7.50% |
Impaired Loans | Significant Unobservable Inputs (Level 3) | One-to-Four Family | Sales Comparison Approach | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Valuation Techniques | ' | 'Sales Comparison Approach |
Unobservable Inputs | ' | 'Adjustment for the differences between the comparable sales |
Range (Weighted Average) | ' | -1.45% |
Impaired Loans | Significant Unobservable Inputs (Level 3) | One-to-Four Family | Sales Comparison Approach | Minimum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | ' | -8.70% |
Impaired Loans | Significant Unobservable Inputs (Level 3) | One-to-Four Family | Sales Comparison Approach | Maximum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | ' | 8.50% |
Residential Mortgage | Impaired Loans | Significant Unobservable Inputs (Level 3) | One-to-Four Family | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets measured at fair value on a non-recurring basis | ' | 1,495 |
Conditional Prepayment Rate | Significant Unobservable Inputs (Level 3) | Mortgage Servicing Assets | Income Approach | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | 8.38% | 12.25% |
Conditional Prepayment Rate | Significant Unobservable Inputs (Level 3) | Mortgage Servicing Assets | Income Approach | Minimum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | 5.90% | 10.21% |
Conditional Prepayment Rate | Significant Unobservable Inputs (Level 3) | Mortgage Servicing Assets | Income Approach | Maximum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Range (Weighted Average) | 14.52% | 14.70% |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financial assets: | ' | ' | ' |
Cash and due from banks | $7,988 | $8,864 | ' |
Securities held-to-maturity, fair value of $406 and $541 at June 30, 2014 and June 30, 2013, respectively | 395 | 525 | ' |
Federal funds sold | 61,265 | 76,810 | ' |
Securities held-to-maturity | 406 | 541 | ' |
Federal Home Loan Bank stock, at cost | 5,519 | 5,902 | ' |
Loans held for sale | 3,687 | 4,496 | ' |
Loans receivable, net of allowance for loan losses of $4,580 and $5,643 at June 30, 2014 and June 30, 2013, respectively | 715,750 | 689,708 | ' |
Servicing Asset at Fair Value, Amount | 771 | 602 | 3 |
Deposits | 652,823 | 654,646 | ' |
Carrying Amount | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and due from banks | 7,988 | 8,864 | ' |
Federal funds sold | 61,265 | 76,810 | ' |
Securities held-to-maturity, fair value of $406 and $541 at June 30, 2014 and June 30, 2013, respectively | 395 | ' | ' |
Securities held-to-maturity | ' | 525 | ' |
Federal Home Loan Bank stock, at cost | 5,519 | ' | ' |
Federal Home Loan Bank Stock | ' | 5,902 | ' |
Loans held for sale | 3,687 | ' | ' |
Loans held for sale | ' | 4,496 | ' |
Loans receivable, net of allowance for loan losses of $4,580 and $5,643 at June 30, 2014 and June 30, 2013, respectively | 715,750 | ' | ' |
Loans receivable, net | ' | 688,213 | ' |
MSAs | 696 | 407 | ' |
Deposits | 652,823 | ' | ' |
Financial liabilities: | ' | ' | ' |
Deposits | ' | 654,646 | ' |
FHLB Advances | 85,000 | 60,000 | ' |
Carrying Amount | Loans | ' | ' | ' |
Financial assets: | ' | ' | ' |
Accrued interest receivable - investments | 2,159 | 2,344 | ' |
Carrying Amount | Investments | ' | ' | ' |
Financial assets: | ' | ' | ' |
Accrued interest receivable - investments | 93 | 93 | ' |
Fair Value | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and due from banks | 7,988 | 8,864 | ' |
Federal funds sold | 61,265 | 76,810 | ' |
Securities held-to-maturity | 406 | 541 | ' |
Loans held for sale | 3,840 | 4,496 | ' |
Loans receivable, net | 738,391 | 710,219 | ' |
Servicing Asset at Fair Value, Amount | 982 | 494 | ' |
Financial liabilities: | ' | ' | ' |
Deposits | 656,273 | 660,995 | ' |
FHLB Advances | 86,066 | 61,451 | ' |
Fair Value | Loans | ' | ' | ' |
Financial assets: | ' | ' | ' |
Accrued interest receivable - investments | 2,159 | 2,344 | ' |
Fair Value | Investments | ' | ' | ' |
Financial assets: | ' | ' | ' |
Accrued interest receivable - investments | 93 | 93 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and due from banks | ' | 8,864 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Financial assets: | ' | ' | ' |
Federal funds sold | ' | 76,810 | ' |
Securities held-to-maturity | ' | 541 | ' |
Loans held for sale | 3,840 | 4,496 | ' |
Financial liabilities: | ' | ' | ' |
Deposits | 656,273 | 660,995 | ' |
FHLB Advances | 86,066 | 61,451 | ' |
Significant Other Observable Inputs (Level 2) | Investments | ' | ' | ' |
Financial assets: | ' | ' | ' |
Accrued interest receivable - investments | 93 | 93 | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Financial assets: | ' | ' | ' |
Loans receivable, net | 738,391 | 710,219 | ' |
Servicing Asset at Fair Value, Amount | 982 | 494 | ' |
Significant Unobservable Inputs (Level 3) | Loans | ' | ' | ' |
Financial assets: | ' | ' | ' |
Accrued interest receivable - investments | $2,159 | $2,344 | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation (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 |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $1,569 | $1,256 | $1,340 | $1,148 | $2,292 | $1,429 | $1,107 | $1,393 | $5,313 | $6,221 | $7,220 |
Less: Net income allocated to restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | -47 | -45 | -35 |
Net income allocated to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 5,266 | 6,176 | 7,185 |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 7,297,466 | 8,085,345 | 8,927,572 |
Basic (in usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.72 | $0.76 | $0.81 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,569 | 1,256 | 1,340 | 1,148 | 2,292 | 1,429 | 1,107 | 1,393 | 5,313 | 6,221 | 7,220 |
Less: Net income allocated to restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | -47 | -45 | -35 |
Net income allocated to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $5,266 | $6,176 | $7,185 |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 7,297,466 | 8,085,345 | 8,927,572 |
Add: Dilutive effect of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 26,475 | 18,806 | 7,167 |
Average shares and dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | 7,323,941 | 8,104,151 | 8,934,739 |
Diluted (in usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.72 | $0.76 | $0.81 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (Stock Option) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Stock Option | ' | ' | ' |
Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' |
Anti-dilutive securities, outstanding stock options | 86,635 | 103,034 | 210,324 |
Change_in_Accumulated_Other_Co2
Change in Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Income Balances Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Increase (Decrease) in Accumulated Other Comprehensive Income Rollforward [Roll Forward] | ' | ' | ' |
Balance at beginning of period | ($491) | ($169) | ' |
Other comprehensive income before reclassifications | 425 | -582 | ' |
Amounts reclassified from accumulated other comprehensive income | 376 | -735 | 176 |
Amounts reclassified from accumulated other comprehensive income | 25 | 56 | 55 |
Tax effect of current period changes | -183 | 204 | 104 |
Other comprehensive income (loss), net of tax | 267 | -322 | -148 |
Balance at end of period | -224 | -491 | -169 |
Unrealized Gain and losses on securities available-for-sale | ' | ' | ' |
Increase (Decrease) in Accumulated Other Comprehensive Income Rollforward [Roll Forward] | ' | ' | ' |
Balance at beginning of period | -362 | 83 | ' |
Other comprehensive income before reclassifications | 376 | -735 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ' |
Tax effect of current period changes | -153 | 290 | ' |
Other comprehensive income (loss), net of tax | 223 | -445 | ' |
Balance at end of period | -139 | -362 | ' |
Postretirement medical benefits costs items | ' | ' | ' |
Increase (Decrease) in Accumulated Other Comprehensive Income Rollforward [Roll Forward] | ' | ' | ' |
Balance at beginning of period | -129 | -252 | ' |
Other comprehensive income before reclassifications | 49 | 153 | ' |
Amounts reclassified from accumulated other comprehensive income | 25 | 56 | ' |
Tax effect of current period changes | -30 | -86 | ' |
Other comprehensive income (loss), net of tax | 44 | 123 | ' |
Balance at end of period | ($85) | ($129) | ' |
Repurchase_of_Common_Stock_Add
Repurchase of Common Stock - Additional Information (Detail) (USD $) | 12 Months Ended | 32 Months Ended | 12 Months Ended | 32 Months Ended | 12 Months Ended | 32 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 27, 2014 |
Minimum | Minimum | Maximum | Maximum | Stock Repurchase Plan Six | |||||
Equity Note | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Repurchase Program Shares Authorized To Acquire Issued and Outstanding Common Stock Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | ' | ' | ' | ' | 374,393 |
Repurchase of common stock, shares | 795,098 | ' | ' | 2,312,765 | ' | ' | ' | ' | ' |
Repurchase of common stock, per shares | ' | ' | ' | ' | $14.75 | $12 | $17.90 | $17.90 | ' |
Repurchase of common stock, weighted average price per share | $16.24 | ' | ' | $15.02 | ' | ' | ' | ' | ' |
Remaining shares of common stock authorized for repurchased, shares | 240,079 | ' | ' | 240,079 | ' | ' | ' | ' | ' |
Repurchase of common stock, value | $12,912 | $12,992 | $8,830 | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Quarter2
Condensed Consolidated Quarterly Results of Operations (Unaudited) - Unaudited Results of Operations for Four Quarters (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per 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 [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $8,575 | $8,260 | $8,301 | $8,294 | $8,597 | $8,802 | $9,089 | $9,841 | $33,430 | $36,329 | $40,629 |
Interest expense | 1,627 | 1,570 | 1,567 | 1,640 | 1,755 | 1,799 | 2,099 | 2,217 | 6,404 | 7,870 | 10,616 |
Net interest income | 6,948 | 6,690 | 6,734 | 6,654 | 6,842 | 7,003 | 6,990 | 7,624 | 27,026 | 28,459 | 30,013 |
Provision for loan losses | -400 | 0 | -300 | 0 | -1,600 | 400 | 600 | 850 | -700 | 250 | 250 |
Noninterest income | 1,419 | 1,367 | 1,394 | 1,459 | 1,428 | 1,616 | 2,069 | 1,567 | 5,639 | 6,680 | 4,677 |
Noninterest expense | 6,374 | 5,945 | 6,283 | 6,288 | 6,326 | 5,926 | 6,745 | 6,142 | 24,890 | 25,139 | 22,922 |
Income before income tax | 2,393 | 2,112 | 2,145 | 1,825 | 3,544 | 2,293 | 1,714 | 2,199 | 8,475 | 9,750 | 11,518 |
Income tax expense | 824 | 856 | 805 | 677 | 1,252 | 864 | 607 | 806 | 3,162 | 3,529 | 4,298 |
Net Income (Loss) Attributable to Parent | $1,569 | $1,256 | $1,340 | $1,148 | $2,292 | $1,429 | $1,107 | $1,393 | $5,313 | $6,221 | $7,220 |
Basic and Diluted earnings per share (in usd per share) | $0.22 | $0.17 | $0.18 | $0.15 | $0.29 | $0.18 | $0.13 | $0.16 | ' | ' | ' |
Parent_Company_Only_Condensed_2
Parent Company Only Condensed Balance Sheets (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $69,253 | $85,674 | $66,018 | $89,654 |
Securities available-for-sale, at fair value | 56,883 | 52,180 | ' | ' |
Investment in bank subsidiary | 297 | 654 | ' | ' |
Accrued income receivable | 93 | 93 | ' | ' |
Other assets | 3,231 | 4,920 | ' | ' |
Assets | 879,188 | 867,377 | ' | ' |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' | ' | ' |
Accrued expenses and other liabilities | 4,479 | 7,293 | ' | ' |
Stockholders’ equity | 136,886 | 145,438 | 154,148 | 157,399 |
Liabilities and Equity | 879,188 | 867,377 | ' | ' |
Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 6,231 | 6,179 | 21,106 | 31,444 |
Securities available-for-sale, at fair value | 0 | 8 | ' | ' |
ESOP Loan | 4,086 | 4,511 | ' | ' |
Investment in bank subsidiary | 126,538 | 134,716 | ' | ' |
Accrued income receivable | 0 | 0 | ' | ' |
Other assets | 37 | 30 | ' | ' |
Assets | 136,892 | 145,444 | ' | ' |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' | ' | ' |
Accrued expenses and other liabilities | 6 | 6 | ' | ' |
Stockholders’ equity | 136,886 | 145,438 | ' | ' |
Liabilities and Equity | $136,892 | $145,444 | ' | ' |
Parent_Company_Only_Condensed_3
Parent Company Only Condensed Statements of Income (Details) (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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on investment securities, taxable | ' | ' | ' | ' | ' | ' | ' | ' | $686 | $492 | $672 |
Other interest income | ' | ' | ' | ' | ' | ' | ' | ' | 111 | 155 | 300 |
Total interest income | 8,575 | 8,260 | 8,301 | 8,294 | 8,597 | 8,802 | 9,089 | 9,841 | 33,430 | 36,329 | 40,629 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,771 | 1,828 | 1,673 |
Total operating expenses | 6,374 | 5,945 | 6,283 | 6,288 | 6,326 | 5,926 | 6,745 | 6,142 | 24,890 | 25,139 | 22,922 |
Income before income tax expense | 2,393 | 2,112 | 2,145 | 1,825 | 3,544 | 2,293 | 1,714 | 2,199 | 8,475 | 9,750 | 11,518 |
Income taxes | -824 | -856 | -805 | -677 | -1,252 | -864 | -607 | -806 | -3,162 | -3,529 | -4,298 |
Net income | 1,569 | 1,256 | 1,340 | 1,148 | 2,292 | 1,429 | 1,107 | 1,393 | 5,313 | 6,221 | 7,220 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 5,580 | 5,899 | 7,072 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on ESOP Loan | ' | ' | ' | ' | ' | ' | ' | ' | 141 | 155 | 169 |
Interest on investment securities, taxable | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8 | 33 |
Dividend income from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 0 | 0 |
Other interest income | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 12 | 44 |
Total interest income | ' | ' | ' | ' | ' | ' | ' | ' | 15,147 | 175 | 246 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 430 | 455 | 556 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 430 | 455 | 556 |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,717 | -280 | -310 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 107 | 111 | 128 |
Income (loss) before equity in undistributed earnings of bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 14,824 | -169 | -182 |
Equity in undistributed (losses) earnings of bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -9,511 | 6,390 | 7,402 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 5,313 | 6,221 | 7,220 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $5,580 | $5,899 | $7,072 |
Parent_Company_Only_Condensed_4
Parent Company Only Condensed Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net Income (Loss) Attributable to Parent | $5,313 | $6,221 | $7,220 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Loss on equity investment | 356 | 258 | 188 |
Amortization of net premiums on investments | 344 | 774 | 661 |
Net change in accrued income receivable | 187 | 339 | 73 |
Net change in other assets | 519 | 652 | 141 |
Net change in accrued expenses and other liabilities | -2,740 | 1,123 | 1,710 |
Net cash provided by (used in) operating activities | 7,026 | 7,003 | 13,288 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' | ' |
Proceeds from maturities of available-for-sale investments | 10,567 | 20,395 | 19,427 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' | ' |
Dividends paid on common stock | -2,429 | -2,618 | -2,329 |
Repurchase of common stock | -12,912 | -12,992 | -8,830 |
Exercise of stock options | 143 | 70 | 78 |
Net change in cash and cash equivalents | -16,421 | 19,656 | -23,636 |
Cash and cash equivalents at beginning of period | 85,674 | 66,018 | 89,654 |
Cash and cash equivalents at end of period | 69,253 | 85,674 | 66,018 |
Parent Company | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 5,313 | 6,221 | 7,220 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Loss on equity investment | 9,511 | -6,390 | -7,402 |
Net change in accrued income receivable | 0 | 2 | 3 |
Net change in other assets | -7 | -12 | -4 |
Net change in accrued expenses and other liabilities | 0 | -8 | 8 |
Net cash provided by (used in) operating activities | 14,817 | -187 | -175 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' | ' |
Proceeds from maturities of available-for-sale investments | 8 | 388 | 520 |
Net change in ESOP loan receivable | 425 | 412 | 398 |
Net cash provided by investing activities | 433 | 800 | 918 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' | ' |
Dividends paid on common stock | -2,429 | -2,618 | -2,329 |
Repurchase of common stock | -12,912 | -12,992 | -8,830 |
Exercise of stock options | 143 | 70 | 78 |
Net cash used in financing activities | -15,198 | -15,540 | -11,081 |
Net change in cash and cash equivalents | 52 | -14,927 | -10,338 |
Cash and cash equivalents at beginning of period | 6,179 | 21,106 | 31,444 |
Cash and cash equivalents at end of period | $6,231 | $6,179 | $21,106 |