Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2018 | May 07, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | HomeTrust Bancshares, Inc. | |
Entity Central Index Key | 1,538,263 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 19,037,268 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Assets | ||
Cash | $ 38,100 | $ 41,982 |
Interest-bearing deposits | 41,296 | 45,003 |
Cash and cash equivalents | 79,396 | 86,985 |
Commercial paper | 239,435 | 149,863 |
Certificates of deposit in other financial institutions | 84,218 | 132,274 |
Securities available for sale, at fair value | 160,971 | 199,667 |
Other investments, at cost | 36,783 | 39,355 |
Loans held for sale | 6,071 | 5,607 |
Total loans, net of deferred loan fees | 2,445,755 | 2,351,470 |
Allowance for loan losses | (21,472) | (21,151) |
Net loans | 2,424,283 | 2,330,319 |
Premises and equipment, net | 62,725 | 63,648 |
Accrued interest receivable | 9,216 | 8,758 |
Real estate owned (REO) | 5,053 | 6,318 |
Deferred Tax Assets, Net | 34,311 | 57,387 |
Bank owned life insurance (BOLI) | 87,532 | 85,981 |
Goodwill | 25,638 | 25,638 |
Core deposit intangibles | 5,131 | 7,173 |
Other assets | 10,100 | 7,560 |
Total assets acquired | 3,270,863 | 3,206,533 |
Liabilities | ||
Deposits | 2,180,324 | 2,048,451 |
Borrowings | 625,000 | 696,500 |
Capital lease obligations | 1,920 | 1,937 |
Other liabilities | 62,066 | 61,998 |
Total liabilities assumed | 2,869,310 | 2,808,886 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value, 60,000,000 shares authorized, 19,034,868 shares issued and outstanding at March 31, 2018; 18,967,875 at June 30, 2017 | 190 | 190 |
Additional paid in capital | 216,712 | 213,459 |
Retained earnings | 193,368 | 191,660 |
Unearned Employee Stock Ownership Plan (ESOP) shares | (7,538) | (7,935) |
Accumulated other comprehensive income (loss) | (1,179) | 273 |
Total stockholders' equity | 401,553 | 397,647 |
Total Liabilities and Stockholders' Equity | $ 3,270,863 | $ 3,206,533 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2018 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized shares | 10,000,000 | 10,000,000 |
Preferred stock issued shares | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 60,000,000 | 60,000,000 |
Common stock shares issued | 19,034,868 | 18,967,875 |
Common stock shares outstanding | 19,034,868 | 18,967,875 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Interest and Dividend Income | ||||
Loans | $ 26,355 | $ 24,747 | $ 77,745 | $ 65,098 |
Securities available for sale | 916 | 1,243 | 2,791 | 2,986 |
Certificates of deposit and other interest-bearing deposits | 1,498 | 868 | 3,970 | 2,850 |
Other investments | 496 | 433 | 1,503 | 1,211 |
Total interest and dividend income | 29,265 | 27,291 | 86,009 | 72,145 |
Interest Expense | ||||
Deposits | 1,622 | 1,215 | 4,509 | 3,355 |
Borrowings | 2,414 | 1,004 | 6,460 | 2,166 |
Total interest expense | 4,036 | 2,219 | 10,969 | 5,521 |
Net Interest Income | 25,229 | 25,072 | 75,040 | 66,624 |
Provision for Loan Losses | 0 | 0 | 0 | 0 |
Net Interest Income after Provision for Loan Losses | 25,229 | 25,072 | 75,040 | 66,624 |
Noninterest Income | ||||
Service charges and fees on deposit accounts | 2,202 | 1,869 | 6,426 | 5,670 |
Loan income and fees | 1,410 | 781 | 3,873 | 2,694 |
BOLI income | 536 | 511 | 1,616 | 1,576 |
Gain from sale of premises and equipment | 0 | 0 | 164 | 385 |
Other, net | 778 | 528 | 2,211 | 1,547 |
Total noninterest income | 4,926 | 3,689 | 14,290 | 11,872 |
Noninterest Expense | ||||
Salaries and employee benefits | 11,927 | 12,191 | 36,252 | 34,721 |
Net occupancy expense | 2,389 | 2,463 | 7,211 | 6,538 |
Marketing and advertising | 334 | 374 | 1,106 | 1,263 |
Telephone, postage, and supplies | 748 | 728 | 2,181 | 1,914 |
Deposit insurance premiums | 413 | 404 | 1,246 | 885 |
Computer services | 1,600 | 1,721 | 4,740 | 4,796 |
Loss (gain) on sale and impairment of REO | 194 | (181) | 152 | 288 |
REO expense | 311 | 447 | 757 | 969 |
Core deposit intangible amortization | 642 | 797 | 2,042 | 2,065 |
Merger-related expenses | 0 | 7,401 | 0 | 7,736 |
Other | 2,763 | 2,467 | 7,890 | 7,248 |
Total noninterest expense | 21,321 | 28,812 | 63,577 | 68,423 |
Income (Loss) Before Income Taxes | 8,834 | (51) | 25,753 | 10,073 |
Income Tax Expense (Benefit) | 2,707 | (325) | 24,725 | 2,992 |
Net Income | $ 6,127 | $ 274 | $ 1,028 | $ 7,081 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.34 | $ 0.01 | $ 0.06 | $ 0.40 |
Diluted (in dollars per share) | $ 0.32 | $ 0.01 | $ 0.06 | $ 0.40 |
Average shares outstanding: | ||||
Basic (in shares) | 18,052,000 | 17,808,920 | 17,997,997 | 17,194,466 |
Diluted (in shares) | 18,761,586 | 18,396,154 | 18,688,486 | 17,728,783 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 6,127 | $ 274 | $ 1,028 | $ 7,081 |
Other Comprehensive Loss | ||||
Losses arising during the period | (1,216) | (11) | (2,074) | (3,552) |
Deferred income tax benefit | 365 | 4 | 622 | 1,208 |
Total other comprehensive loss | (851) | (7) | (1,452) | (2,344) |
Comprehensive Income (Loss) | $ 5,276 | $ 267 | $ (424) | $ 4,737 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period (in shares) at Jun. 30, 2016 | 17,998,750 | |||||
Balance at beginning of period at Jun. 30, 2016 | $ 359,976 | $ 180 | $ 186,104 | $ 179,813 | $ (8,464) | $ 2,343 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,081 | 7,081 | ||||
Forfeited restricted stock (in shares) | (1,000) | |||||
Stock Repurchased and Retired During Period, Shares | 22,794 | |||||
Stock Repurchased and Retired During Period, Value | (569) | 569 | ||||
Stock Issued During Period, Shares, Acquisitions | 765,277 | |||||
Stock Issued During Period, Value, Acquisitions | $ 20,043 | $ 7 | 20,036 | |||
Granted restricted stock (in shares) | 47,500 | |||||
Exercised stock options (in shares) | 159,443 | 159,443 | ||||
Exercised stock options | $ 2,454 | $ 2 | 2,452 | |||
Stock option expense | 2,075 | 2,075 | ||||
Restricted stock expense | 1,169 | 1,169 | ||||
ESOP shares allocated | 861 | 464 | 397 | |||
Other comprehensive loss | (2,344) | (2,344) | ||||
Balance at end of period (in shares) at Mar. 31, 2017 | 18,947,176 | |||||
Balance at end of period at Mar. 31, 2017 | 390,746 | $ 189 | 211,731 | 186,894 | (8,067) | (1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative-effect adjustment on the change in accounting for share-based payments | 0 | |||||
Net income | 274 | |||||
Other comprehensive loss | (7) | |||||
Balance at end of period (in shares) at Mar. 31, 2017 | 18,947,176 | |||||
Balance at end of period at Mar. 31, 2017 | $ 390,746 | $ 189 | 211,731 | 186,894 | (8,067) | (1) |
Balance at beginning of period (in shares) at Jun. 30, 2017 | 18,967,875 | 18,967,875 | ||||
Balance at beginning of period at Jun. 30, 2017 | $ 397,647 | $ 190 | 213,459 | 191,660 | (7,935) | 273 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,028 | 1,028 | ||||
Forfeited restricted stock (in shares) | (6,600) | |||||
Stock Repurchased and Retired During Period, Shares | 19,007 | |||||
Stock Repurchased and Retired During Period, Value | (494) | 494 | ||||
Stock Issued During Period, Shares, Acquisitions | 0 | |||||
Stock Issued During Period, Value, Acquisitions | $ 0 | $ 0 | 0 | |||
Granted restricted stock (in shares) | 55,200 | |||||
Exercised stock options (in shares) | 37,400 | 37,400 | ||||
Exercised stock options | $ 553 | $ 0 | 553 | |||
Stock option expense | 1,517 | 1,517 | ||||
Restricted stock expense | 1,066 | 1,066 | ||||
ESOP shares allocated | 1,008 | 611 | 397 | |||
Other comprehensive loss | $ (1,452) | (1,452) | ||||
Balance at end of period (in shares) at Mar. 31, 2018 | 19,034,868 | 19,034,868 | ||||
Balance at end of period at Mar. 31, 2018 | $ 401,553 | $ 190 | $ 216,712 | 193,368 | $ (7,538) | $ (1,179) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative-effect adjustment on the change in accounting for share-based payments | $ 680 | $ 680 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 9 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Operating Activities: | ||
Net income | $ 1,028,000 | $ 7,081,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,842,000 | 2,741,000 |
Deferred income tax expense | 24,403,000 | 2,814,000 |
Net amortization and accretion | (4,141,000) | (5,241,000) |
Gain from sale of premises and equipment | (164,000) | (385,000) |
Loss on sale and impairment of REO | 152,000 | 288,000 |
Gain on sale of loans held for sale | (2,398,000) | (1,999,000) |
Origination of loans held for sale | (93,958,000) | (103,923,000) |
Proceeds from sales of loans held for sale | 95,892,000 | 107,377,000 |
Increase (decrease) in deferred loan fees, net | 123,000 | (965,000) |
Increase in accrued interest receivable and other assets | (2,998,000) | (2,433,000) |
Amortization of core deposit intangibles | 2,042,000 | 2,065,000 |
BOLI income | (1,616,000) | (1,576,000) |
ESOP compensation expense | 1,008,000 | 861,000 |
Restricted stock and stock option expense | 2,583,000 | 3,244,000 |
Decrease (increase) in other liabilities | 68,000 | (948,000) |
Net cash provided by operating activities | 24,866,000 | 9,001,000 |
Investing Activities: | ||
Purchase of securities available for sale | 0 | (15,091,000) |
Proceeds from maturities of securities available for sale | 19,680,000 | 23,645,000 |
Proceeds from sale of securities available for sale | 0 | 16,341,000 |
Net maturities (purchases) of commercial paper | (87,096,000) | 61,362,000 |
Purchase of certificates of deposit in other banks | (13,217,000) | (31,431,000) |
Maturities of certificates of deposit in other banks | 61,273,000 | 54,547,000 |
Principal repayments of mortgage-backed securities | 16,112,000 | 18,287,000 |
Net redemptions (purchases) of other investments | 2,572,000 | (3,169,000) |
Net increase in loans | (92,774,000) | (187,031,000) |
Purchase of BOLI | (81,000) | (175,000) |
Proceeds from redemption of BOLI | 146,000 | 0 |
Purchase of premises and equipment | (2,678,000) | (2,270,000) |
Capital improvements to REO | (18,000) | (11,000) |
Proceeds from sale of premises and equipment | 923,000 | 395,000 |
Proceeds from sale of REO | 2,288,000 | 2,834,000 |
Acquisition costs related to United Financial of North Carolina Inc. | 0 | (200,000) |
Acquisition costs related to TriSummit Bancorp, Inc. | 0 | (10,585,000) |
Net cash used in investing activities | (92,870,000) | (72,552,000) |
Financing Activities: | ||
Net increase in deposits | 131,873,000 | 1,829,000 |
Net increase (decrease) in other borrowings | (71,500,000) | 87,531,000 |
Retired stock | (494,000) | (569,000) |
Exercised stock options | 553,000 | 2,454,000 |
Decrease in capital lease obligations | (17,000) | (16,000) |
Net cash provided by financing activities | 60,415,000 | 91,229,000 |
Net Decrease in Cash and Cash Equivalents | (7,589,000) | 27,678,000 |
Cash and Cash Equivalents at Beginning of Period | 86,985,000 | 52,596,000 |
Cash and Cash Equivalents at End of Period | 79,396,000 | |
Cash paid during the period for: | ||
Interest | 10,674,000 | 6,216,000 |
Income taxes | 477,000 | 203,000 |
Noncash transactions: | ||
Unrealized loss in value of securities available for sale, net of income taxes | (1,452,000) | (2,344,000) |
Transfers of loans to REO | 1,157,000 | 1,923,000 |
Cumulative-effect adjustment on the change in accounting for share-based payments | 680,000 | |
acquisition, payable due | $ 0 | $ 225,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The consolidated financial statements presented in this report include the accounts of HomeTrust Bancshares, Inc., a Maryland corporation ("HomeTrust"), and its wholly-owned subsidiary, HomeTrust Bank (the "Bank"). As used throughout this report, the term the "Company" refers to HomeTrust and the Bank, its consolidated subsidiary, unless the context otherwise requires. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2017 (" 2017 Form 10-K") filed with the SEC on September 12, 2017 . The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2018 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's financial statements. These policies relate to (i) the determination of the provision and the allowance for loan losses, (ii) business combinations and acquired loans, (iii) the valuation of REO, (iv) the valuation of goodwill and other intangible assets, and (v) the valuation of or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our 2017 Form 10-K. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods. Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders' equity or net income. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606)”, which defers the effective date of Accounting Standard Update ("ASU") No. 2014-09 one year. ASU No. 2014-09 created Topic 606 and supersedes Topic 605, Revenue Recognition. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised 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. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides clarifying guidance in certain narrow areas and adds some practical expedients, but does not change the core revenue recognition principle in Topic 606. These ASUs are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. With respect to noninterest income, the Company is finalizing our review of all revenue streams and underlying revenue contracts within the scope of the guidance as well as updating processes and procedures during the final quarter of fiscal 2018 to ensure it is fully compliant with these amendments at the adoption date. To date, the Company has not yet identified any significant changes in the timing of revenue recognition when considering the amended accounting guidance; however, the Company’s implementation efforts are ongoing and such assessments may change prior to the July 1, 2018 implementation date. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities." The ASU amends the guidance in GAAP on the classification and measurement of financial instruments. The ASU includes the following changes: i) equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (ii) requires the use of exit price notion when measuring the fair value of financial instruments for disclosure purposes; (iii) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; (iv) allows an equity investment that does not have readily determinable fair values, to be measured at cost minus impairment (if any), plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (v) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, and requires a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements; and (vii) clarifies that a valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated in combination with the organization’s other deferred tax assets. Exit price is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of ASU No. 2016-01 is not expected to have a material impact on the Company's Consolidated Financial Statements. Management is in the planning stages of developing processes and procedures to comply with the disclosures requirements of this ASU, which could impact the disclosures the Company makes related to fair value of its financial instruments. In February 2016, the FASB issued ASU 2016-02, "Leases (Accounting Standards Codification ("ASC") 842)." The guidance in this ASU requires most leases to be recognized on the balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and the timing of adoption. The Company will compile an inventory of all leased assets to determine the impact of ASU 2016-02 on its financial condition and results of operations. Once adopted, we expect to report higher assets and liabilities on our Consolidated Balance Sheets as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements, which currently are not reflected in our Consolidated Balance Sheets. We do not expect the guidance to have a material impact on the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders' Equity. In March 2016, the FASB issued ASU 2016-09, "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." The ASU changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. We have elected to account for forfeitures of stock-based awards as they occur. The Company has adopted the amendments in this ASU and appropriate disclosures have been included in this Note. At the adoption of this ASU, we had a cumulative adjustment to retained earnings of $680,000 . In accordance with the transition guidance outlined in this ASU, the adoption had no effect on net income or shareholder's equity in any previously issued periods. Going forward, we expect this ASU to create some volatility in our reported income tax expense related to the excess tax benefits for employee stock-based transactions, however, the actual amounts recognized will be dependent on the amount of employee stock-based transactions and the stock price at the time of exercise or vesting. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for all entities beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of identifying required changes to the loan loss estimation models and processes and evaluating the impact of this new guidance. Once adopted, we expect our allowance for loan losses to increase, however, until our evaluation is complete the magnitude of the increase will be unknown. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." The ASU amends the guidance on the classification of certain cash receipts and payments in the statement of cash flows and is intended to reduce the diversity in practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for all entities beginning after December 15, 2017, including interim periods within those fiscal years. The Company completed its evaluation of the ASU and does not expect a material impact upon adoption of the ASU on its Consolidated Financial Statements. In January 2017, FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The ASU removes the requirement to compare the implied fair value of goodwill with its carrying value as required in Step 2 of the goodwill impairment test. Under the ASU, registrants would perform their goodwill impairment test and recognize an impairment charge for any amount the carrying value exceeds the reporting unit's fair value, but limited by the amount of goodwill allocated to that reporting unit. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for all entities after January 1, 2017. The Company did early adopt this ASU and adoption did not have a material effect on the Company's Consolidated Financial Statements. In March 2017, FASB issued ASU 2017-08, "Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities." The ASU requires entities to amortize the premium on certain purchased callable debt securities to the earliest call date, which more closely aligns the amortization period of premiums and discounts to expectations incorporated in the market prices. Entities will no longer recognize a loss in earnings upon the debtor's exercise of a call on a purchased debt security held at a premium. The ASU does not require any accounting change for debt securities held at a discount, therefore the discount will continue to be amortized as an adjustment of yield over the contractual life of the investment. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted for all entities. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company's Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, "Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting." This ASU provides clarity on the guidance related to stock compensation when there have been changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting under ASC 718. The ASU provides the three following criteria must be met in order to not account for the effect of the modification of terms or conditions: the fair value, the vesting conditions and the classification as an equity or liability instrument of the modified award is the same as the original award immediately before the original award is modified. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The adoption of ASU No. 2017-09 is not expected to have a material impact on the Company's Consolidated Financial Statements. In August 2017, FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." This ASU improves the transparency and understandability of disclosures in the financial statements regarding the entities risk management activities and reduces the complexity of hedge accounting. The amendments in this ASU permit hedge accounting for hedging relationships involving nonfinancial risk and interest rate risk by removing certain limitations in cash flow and fair value hedging relationships. In addition, the ASU requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 and early adoption is permitted. The adoption of ASU No. 2017-12 is not expected to have a material impact on the Company's Consolidated Financial Statements. In February 2018, FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the revaluation of the Company’s net deferred tax assets (“DTA”) to the new corporate federal income tax rate of 21% as a result of the Tax Cuts and Jobs Act (‘Tax Act”). The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted for all entities. The affected amount for the Company was immaterial and will not have an effect on the Company's Consolidated Financial Statements. In February 2018, FASB issued ASU No. 2018-03, "Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10): Recognition an Measurement of Financial Assets and Financial Liabilities." The amendments represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice. Specifically, these amendments sought to make targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments as well as a number of consequential amendments to ASC 321, Investments—Equity Securities. Transition guidance varies based on the public entities year end. For public companies with fiscal years beginning between June 15, 2018 and December 15, 2018, the amendments are required to be adopted along with ASU 2016-01. Early adoption is permitted. The adoption of ASU No. 2018-03 is not expected to have a material impact on the Company's Consolidated Financial Statements. In March 2018, FASB issued ASU No. 2018-05, Income Taxes (Topic 740). This ASU was issued to provide guidance on the income tax accounting implications of the Tax Act and allows for entities to report provisional amounts for specific income tax effects of the Act for which the accounting under Topic 740 was not yet complete, but a reasonable estimate could be determined. A measurement period of one-year is allowed to complete the accounting effects under Topic 740 and revise any previous estimates reported. Any provisional amounts or subsequent adjustments included in an entity’s financial statements during the measurement period should be included in income from continuing operations as an adjustment to tax expense in the reporting period the amounts are determined. The Company adopted this ASU with the provisional adjustments as reported in the Consolidated Financial Statements on Form 10-Q as of December 31, 2017. As of March 31, 2018, the Company did not incur any adjustments to the provisional recognition. |
Business Combinations
Business Combinations | 9 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations All business combinations are accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged are recorded at acquisition date fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. United Financial of North Carolina, Inc. On December 31, 2016, the Bank acquired United Financial of North Carolina, Inc. ("United Financial"), a municipal lease company headquartered in Fletcher, North Carolina that specializes in providing financing for fire departments and municipalities to purchase fire trucks and related equipment as well as to construct fire stations and other municipal buildings across the Carolinas and other southeastern states. United Financial underwrites and originates municipal leases and then sells them to HomeTrust and other financial institutions. Since January 1, 2017, United Financial has conducted business under the name United Financial, a division of HomeTrust Bank. The total consideration paid by the Bank in the United Financial acquisition approximates $425 . Per the merger agreement, a cash payment of $200 was paid on the acquisition date with an additional $225 due in the third quarter of fiscal 2018; all of which was allocated to goodwill. TriSummit Bancorp. Inc. On January 1, 2017, HomeTrust completed its acquisition of TriSummit Bancorp, Inc., (“TriSummit”) pursuant to an Agreement and Plan of Merger, dated as of September 20, 2016, under which TriSummit merged with and into HomeTrust (the “Merger”) with HomeTrust as the surviving corporation in the Merger. Immediately following the Merger, TriSummit's wholly owned subsidiary bank, TriSummit Bank, merged with and into the Bank (together with the Merger, the “TriSummit Merger”). Pursuant to the Merger Agreement, each share of the common stock of TriSummit and each share of Series A Preferred Stock of TriSummit issued and outstanding immediately prior to the Merger (on an as converted basis to a share of TriSummit common stock) was converted into the right to receive $4.40 in cash and .2099 shares of HomeTrust common stock, with cash paid in lieu of fractional share interests. At the Merger date, 50% of outstanding options granted by TriSummit were canceled. The remaining options were assumed by HomeTrust and converted into options to purchase 86,185 shares of HomeTrust Common Stock. In addition, TriSummit’s $7,222 Series B, Series C and Series D TARP preferred stock (all held by private shareholders) was redeemed in connection with the closing of the merger. The total consideration paid by HomeTrust in the TriSummit Merger approximates $36,126 . The total number of HomeTrust shares issued was 765,277 shares. HomeTrust paid aggregate cash consideration of approximately $16,083 . The following table presents the consideration paid by the Company in the acquisition of TriSummit and the assets acquired and liabilities assumed as of January 1, 2017: As Recorded by TriSummit Fair Value and Other Merger Related Adjustments As Recorded by the Company Consideration Paid: Cash paid including cash in lieu of fractional shares $ 16,083 Fair value of HomeTrust common stock at $25.90 per share 20,043 Total consideration $ 36,126 Assets: Cash and cash equivalents $ 5,498 $ — $ 5,498 Certificates of deposit in other banks 250 — 250 Investment securities 58,728 (203 ) 58,525 Other investments, at cost 2,614 — 2,614 Loans, net 261,926 (3,867 ) 258,059 Premises and equipment, net 12,841 (2,419 ) 10,422 REO 1,633 (122 ) 1,511 Deferred income tax 2,653 4,462 7,115 Bank owned life insurance 3,762 — 3,762 Core deposit intangibles 1,285 1,575 2,860 Other assets 1,453 (105 ) 1,348 Total assets acquired $ 352,643 $ (679 ) $ 351,964 Liabilities: Deposits $ 279,647 $ 587 280,234 Borrowings 47,453 16 47,469 Other liabilities 675 — 675 Total liabilities assumed $ 327,775 $ 603 $ 328,378 Net identifiable assets acquired over liabilities assumed $ 24,868 $ (1,282 ) $ 23,586 Goodwill $ 12,540 The carrying amount of acquired loans from TriSummit as of January1, 2017 consisted of purchased performing loans and Purchased Credit Impaired ("PCI") loans as detailed in the following table: Purchased Performing PCI Total Loans Retail Consumer Loans: One-to-four family $ 75,179 $ 3,753 $ 78,932 Home equity line of credit ("HELOCs") 6,479 2 6,481 Construction and land/lots 15,591 — 15,591 Consumer 1,686 17 1,703 Commercial: Commercial real estate 107,880 3,494 111,374 Construction and development 15,253 142 15,395 Commercial and industrial 28,295 288 28,583 Total $ 250,363 $ 7,696 $ 258,059 The following table presents the performing loans receivable purchased from TriSummit at January 1, 2017, the acquisition date: Contractually required principal payments receivable $ 255,852 Adjustment for credit, interest rate, and liquidity 5,489 Balance of purchased loans receivable $ 250,363 The following table presents the PCI loans acquired from TriSummit at January 1, 2017, the acquisition date: Contractually required principal and interest payments receivable $ 11,474 Amounts not expected to be collected - nonaccretable difference 2,490 Estimated payments expected to be received 8,984 Accretable yield 1,288 Fair value of PCI loans $ 7,696 |
Securities Available For Sale
Securities Available For Sale | 9 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available For Sale | Securities Available for Sale Securities available for sale consist of the following at the dates indicated: March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government Agencies $ 48,006 $ 12 $ (487 ) $ 47,531 Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises 76,390 92 (1,222 ) 75,260 Municipal Bonds 32,006 186 (156 ) 32,036 Corporate Bonds 6,191 27 (137 ) 6,081 Equity Securities 63 — — 63 Total $ 162,656 $ 317 $ (2,002 ) $ 160,971 June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government Agencies $ 65,947 $ 184 $ (301 ) $ 65,830 Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises 92,841 411 (281 ) 92,971 Municipal Bonds 34,135 403 (28 ) 34,510 Corporate Bonds 6,267 114 (88 ) 6,293 Equity Securities 63 — — 63 Total $ 199,253 $ 1,112 $ (698 ) $ 199,667 Debt securities available for sale by contractual maturity at the dates indicated are shown below. Mortgage-backed securities are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule. March 31, 2018 Amortized Cost Estimated Fair Value Due within one year $ 21,551 $ 21,409 Due after one year through five years 46,584 46,062 Due after five years through ten years 8,691 8,807 Due after ten years 9,377 9,370 Mortgage-backed securities 76,390 75,260 Total $ 162,593 $ 160,908 The Company had no sales of securities available for sale during the three and nine months ended March 31, 2018. Proceeds from sales of securities available for sale were $ 16,341 in the three and nine months ended March 31, 2017 . There were no gross realized gains or losses for the three and nine months ended March 31, 2018 and 2017, respectively. Securities available for sale with costs totaling $143,712 and $156,592 and market values of $142,340 and $154,264 at March 31, 2018 and June 30, 2017 , respectively, were pledged as collateral to secure various public deposits and other borrowings. The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2018 and June 30, 2017 were as follows: March 31, 2018 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agencies $ 8,331 $ (58 ) $ 35,567 $ (429 ) $ 43,898 $ (487 ) Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises 43,585 (712 ) 19,479 (510 ) 63,064 (1,222 ) Municipal Bonds 16,882 (140 ) 1,054 (16 ) 17,936 (156 ) Corporate Bonds — — 3,619 (137 ) 3,619 (137 ) Total $ 68,798 $ (910 ) $ 59,719 $ (1,092 ) $ 128,517 $ (2,002 ) June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agencies $ 46,767 $ (222 ) $ 6,921 $ (79 ) $ 53,688 $ (301 ) Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises 42,921 (240 ) 3,970 (41 ) 46,891 (281 ) Municipal Bonds 9,153 (28 ) — — 9,153 (28 ) Corporate Bonds 3,734 (88 ) — — 3,734 (88 ) Total $ 102,575 $ (578 ) $ 10,891 $ (120 ) $ 113,466 $ (698 ) The total number of securities with unrealized losses at March 31, 2018 , and June 30, 2017 were 205 and 136 , respectively. Unrealized losses on securities have not been recognized in income because management has the intent and ability to hold the securities for the foreseeable future, and has determined that it is not more likely than not that the Company will be required to sell the securities prior to a recovery in value. The decline in fair value was largely due to increases in market interest rates. The Company had no other-than-temporary impairment losses during the nine months ended March 31, 2018 or the year ended June 30, 2017 . As a requirement for membership, the Bank invests in the stock of both the FHLB of Atlanta and the Federal Reserve Bank of Richmond ("FRB"). No ready market exists for these securities so carrying value approximates their fair value based on the redemption provisions of the FHLB of Atlanta and the FRB, respectively. |
Loans
Loans | 9 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Loans | Loans Loans consist of the following at the dates indicated: March 31, 2018 June 30, 2017 Retail consumer loans: One-to-four family $ 670,036 $ 684,089 HELOCs - originated 143,049 157,068 HELOCs - purchased 165,680 162,407 Construction and land/lots 68,121 50,136 Indirect auto finance 160,664 140,879 Consumer 11,317 7,900 Total retail consumer loans 1,218,867 1,202,479 Commercial loans: Commercial real estate 810,332 730,408 Construction and development 184,179 197,966 Commercial and industrial 132,337 120,387 Municipal leases 101,108 101,175 Total commercial loans 1,227,956 1,149,936 Total loans 2,446,823 2,352,415 Deferred loan fees, net (1,068 ) (945 ) Total loans, net of deferred loan fees 2,445,755 2,351,470 Allowance for loan losses (21,472 ) (21,151 ) Loans, net $ 2,424,283 $ 2,330,319 All qualifying one-to-four family first mortgage loans, HELOCs, commercial real estate loans, and FHLB Stock are pledged as collateral by a blanket pledge to secure any outstanding FHLB advances. The Company's total non-purchased and purchased performing loans by segment, class, and risk grade at the dates indicated follow: Pass Special Mention Substandard Doubtful Loss Total March 31, 2018 Retail consumer loans: One-to-four family $ 642,998 $ 5,628 $ 13,087 $ 901 $ 12 $ 662,626 HELOCs - originated 139,824 639 2,169 154 6 142,792 HELOCs - purchased 165,491 — 189 — — 165,680 Construction and land/lots 66,914 409 289 54 — 67,666 Indirect auto finance 160,203 — 461 — — 160,664 Consumer 11,276 9 21 3 6 11,315 Commercial loans: Commercial real estate 784,617 7,161 7,283 — — 799,061 Construction and development 178,771 600 2,371 — — 181,742 Commercial and industrial 126,888 1,596 1,696 — 3 130,183 Municipal leases 100,701 309 98 — — 101,108 Total loans $ 2,377,683 $ 16,351 $ 27,664 $ 1,112 $ 27 $ 2,422,837 Pass Special Mention Substandard Doubtful Loss Total June 30, 2017 Retail consumer loans: One-to-four family $ 655,424 $ 4,715 $ 14,769 $ 1,101 $ 11 $ 676,020 HELOCs - originated 153,676 809 2,100 188 7 156,780 HELOCs - purchased 162,215 — 192 — — 162,407 Construction and land/lots 48,728 479 341 60 — 49,608 Indirect auto finance 140,780 — 97 1 1 140,879 Consumer 7,828 12 34 — 8 7,882 Commercial loans: Commercial real estate 700,060 5,847 7,118 — — 713,025 Construction and development 192,025 992 2,320 — — 195,337 Commercial and industrial 113,923 883 2,954 — 1 117,761 Municipal leases 99,811 1,258 106 — — 101,175 Total loans $ 2,274,470 $ 14,995 $ 30,031 $ 1,350 $ 28 $ 2,320,874 The Company's total PCI loans by segment, class, and risk grade at the dates indicated follow: Pass Special Mention Substandard Doubtful Loss Total March 31, 2018 Retail consumer loans: One-to-four family $ 2,806 $ 1,113 $ 3,491 $ — $ — $ 7,410 HELOCs - originated 257 — — — — 257 Construction and land/lots 455 — — — — 455 Consumer 2 — — — — 2 Commercial loans: Commercial real estate 5,613 2,860 2,798 — — 11,271 Construction and development 570 — 1,867 — — 2,437 Commercial and industrial 2,027 5 122 — — 2,154 Total loans $ 11,730 $ 3,978 $ 8,278 $ — $ — $ 23,986 Pass Special Mention Substandard Doubtful Loss Total June 30, 2017 Retail consumer loans: One-to-four family $ 3,115 $ 1,129 $ 3,615 $ 210 $ — $ 8,069 HELOCs - originated 258 — 30 — — 288 Construction and land/lots 487 — 41 — — 528 Consumer 4 14 — — — 18 Commercial loans: Commercial real estate 8,909 2,299 6,175 — — 17,383 Construction and development 338 — 2,291 — — 2,629 Commercial and industrial 2,460 44 122 — — 2,626 Total loans $ 15,571 $ 3,486 $ 12,274 $ 210 $ — $ 31,541 The Company's total loans by segment, class, and delinquency status at the dates indicated follows: Past Due Total 30-89 Days 90 Days+ Total Current Loans March 31, 2018 Retail consumer loans: One-to-four family $ 3,019 $ 2,683 $ 5,702 $ 664,334 $ 670,036 HELOCs - originated 233 431 664 142,385 143,049 HELOCs - purchased — — — 165,680 165,680 Construction and land/lots 32 68 100 68,021 68,121 Indirect auto finance 385 48 433 160,231 160,664 Consumer 12 3 15 11,302 11,317 Commercial loans: Commercial real estate 1,413 2,375 3,788 806,544 810,332 Construction and development 352 2,020 2,372 181,807 184,179 Commercial and industrial 20 400 420 131,917 132,337 Municipal leases — — — 101,108 101,108 Total loans $ 5,466 $ 8,028 $ 13,494 $ 2,433,329 $ 2,446,823 The table above includes PCI loans of $1,422 30-89 days past due and $1,541 90 days or more past due as of March 31, 2018 . Past Due Total 30-89 Days 90 Days+ Total Current Loans June 30, 2017 Retail consumer loans: One-to-four family $ 3,496 $ 3,990 $ 7,486 $ 676,603 $ 684,089 HELOCs - originated 1,037 274 1,311 155,757 157,068 HELOCs - purchased — — — 162,407 162,407 Construction and land/lots 132 129 261 49,875 50,136 Indirect auto finance 96 — 96 140,783 140,879 Consumer 5 14 19 7,881 7,900 Commercial loans: Commercial real estate 809 3,100 3,909 726,499 730,408 Construction and development 385 887 1,272 196,694 197,966 Commercial and industrial 37 831 868 119,519 120,387 Municipal leases — — — 101,175 101,175 Total loans $ 5,997 $ 9,225 $ 15,222 $ 2,337,193 $ 2,352,415 The table above includes PCI loans of $854 30-89 days past due and $4,211 90 days or more past due as of June 30, 2017 . The Company's recorded investment in loans, by segment and class, that are not accruing interest or are 90 days or more past due and still accruing interest at the dates indicated follow: March 31, 2018 June 30, 2017 Nonaccruing 90 Days + & still accruing Nonaccruing 90 Days + & still accruing Retail consumer loans: One-to-four family $ 5,356 $ — $ 6,453 $ — HELOCs - originated 815 — 1,291 — HELOCs - purchased 189 — 192 — Construction and land/lots 166 — 245 — Indirect auto finance 304 — 1 — Consumer 17 — 29 — Commercial loans: Commercial real estate 3,202 — 2,756 — Construction and development 2,137 — 1,766 — Commercial and industrial 367 — 827 — Municipal leases 98 — 106 — Total loans $ 12,651 $ — $ 13,666 $ — PCI loans totaling $3,760 at March 31, 2018 and $6,664 at June 30, 2017 are excluded from nonaccruing loans due to the accretion of discounts established in accordance with the acquisition method of accounting for business combinations. Troubled debt restructurings ("TDRs") are loans which have renegotiated loan terms to assist borrowers who are unable to meet the original terms of their loans. Such modifications to loan terms may include a lower interest rate, a reduction in principal, or a longer term to maturity. Additionally, all TDRs are considered impaired. The Company had no commitments to lend additional funds on these TDR loans at March 31, 2018 . The Company's loans that were performing under the payment terms of TDRs that were excluded from nonaccruing loans above at the dates indicated follow: March 31, 2018 June 30, 2017 Performing TDRs included in impaired loans $ 24,977 $ 27,043 An analysis of the allowance for loan losses by segment for the periods shown is as follows: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 PCI Retail Consumer Commercial Total PCI Retail Consumer Commercial Total Balance at beginning of period $ 566 $ 8,191 $ 12,333 $ 21,090 $ 336 $ 9,813 $ 10,837 $ 20,986 Provision for (recovery of) loan losses 239 (172 ) (67 ) — 138 (980 ) 842 — Charge-offs (345 ) (240 ) (31 ) (616 ) — (317 ) (399 ) (716 ) Recoveries — 393 605 998 — 363 464 827 Balance at end of period $ 460 $ 8,172 $ 12,840 $ 21,472 $ 474 $ 8,879 $ 11,744 $ 21,097 Nine Months Ended March 31, 2018 Nine Months Ended March 31, 2017 PCI Retail Consumer Commercial Total PCI Retail Consumer Commercial Total Balance at beginning of period $ 727 $ 8,585 $ 11,839 $ 21,151 $ 361 $ 11,549 $ 9,382 $ 21,292 Provision for (recovery of) loan losses 78 (423 ) 345 — 113 (2,485 ) 2,372 — Charge-offs (345 ) (767 ) (739 ) (1,851 ) — (891 ) (1,074 ) (1,965 ) Recoveries — 777 1,395 2,172 — 706 1,064 1,770 Balance at end of period $ 460 $ 8,172 $ 12,840 $ 21,472 $ 474 $ 8,879 $ 11,744 $ 21,097 The Company's ending balances of loans and the related allowance, by segment and class, at the dates indicated follows: Allowance for Loan Losses Total Loans Receivable PCI Loans individually evaluated for impairment Loans collectively evaluated Total PCI Loans individually evaluated for impairment Loans collectively evaluated Total March 31, 2018 Retail consumer loans: One-to-four family $ 126 $ 228 $ 3,490 $ 3,844 $ 7,410 $ 8,336 $ 654,290 $ 670,036 HELOCs - originated — 6 1,244 1,250 257 453 142,339 143,049 HELOCs - purchased — — 821 821 — — 165,680 165,680 Construction and land/lots — 21 1,218 1,239 455 595 67,071 68,121 Indirect auto finance — — 1,083 1,083 — — 160,664 160,664 Consumer — 5 56 61 2 5 11,310 11,317 Commercial loans: Commercial real estate 168 149 7,911 8,228 11,271 4,457 794,604 810,332 Construction and development 151 9 2,989 3,149 2,437 2,380 179,362 184,179 Commercial and industrial 15 3 1,302 1,320 2,154 642 129,541 132,337 Municipal leases — — 477 477 — — 101,108 101,108 Total $ 460 $ 421 $ 20,591 $ 21,472 $ 23,986 $ 16,868 $ 2,405,969 $ 2,446,823 June 30, 2017 Retail consumer loans: One-to-four family $ 28 $ 863 $ 3,585 $ 4,476 $ 8,069 $ 10,305 $ 665,715 $ 684,089 HELOCs - originated — 44 1,340 1,384 288 12 156,768 157,068 HELOCs - purchased — — 838 838 — — 162,407 162,407 Construction and land/lots — 88 889 977 528 634 48,974 50,136 Indirect auto finance — 1 880 881 — 1 140,878 140,879 Consumer — 8 49 57 18 8 7,874 7,900 Commercial loans: Commercial real estate 512 239 6,600 7,351 17,383 6,284 706,741 730,408 Construction and development 171 13 2,982 3,166 2,629 2,184 193,153 197,966 Commercial and industrial 16 287 1,221 1,524 2,626 1,514 116,247 120,387 Municipal leases — — 497 497 — — 101,175 101,175 Total $ 727 $ 1,543 $ 18,881 $ 21,151 $ 31,541 $ 20,942 $ 2,299,932 $ 2,352,415 Loans acquired from acquisitions are initially excluded from the allowance for loan losses in accordance with the acquisition method of accounting for business combinations. The Company records these loans at fair value, which includes a credit discount, therefore, no allowance for loan losses is established for these acquired loans at acquisition. A provision for loan losses is recorded for any further deterioration in these acquired loans subsequent to the acquisition. The Company's impaired loans and the related allowance, by segment and class, at the dates indicated follows: Total Impaired Loans Unpaid Principal Balance Recorded Investment With a Recorded Allowance Recorded Investment With No Recorded Allowance Total Related Recorded Allowance March 31, 2018 Retail consumer loans: One-to-four family $ 27,014 $ 18,958 $ 4,858 $ 23,816 $ 782 HELOCs - originated 3,189 1,402 559 1,961 10 HELOCs - purchased 189 189 — 189 1 Construction and land/lots 2,382 1,127 451 1,578 56 Indirect auto finance 365 288 16 304 2 Consumer 508 8 39 47 6 Commercial loans: Commercial real estate 6,717 4,780 1,728 6,508 170 Construction and development 4,109 970 1,853 2,823 16 Commercial and industrial 6,058 496 643 1,139 10 Municipal leases 98 98 — 98 — Total impaired loans $ 50,629 $ 28,316 $ 10,147 $ 38,463 $ 1,053 June 30, 2017 Retail consumer loans: One-to-four family $ 28,469 $ 17,353 $ 7,773 $ 25,126 $ 881 HELOCs - originated 4,070 2,270 532 2,802 49 HELOCs - purchased 192 — 192 192 — Construction and land/lots 2,817 1,310 468 1,778 88 Indirect auto finance 22 — 1 1 1 Consumer 552 15 27 42 8 Commercial loans: Commercial real estate 8,307 4,721 3,186 7,907 253 Construction and development 3,768 1,024 1,617 2,641 16 Commercial and industrial 7,757 845 1,231 2,076 288 Municipal leases 400 106 294 400 — Total impaired loans $ 56,354 $ 27,644 $ 15,321 $ 42,965 $ 1,584 Impaired loans above excludes $3,760 at March 31, 2018 and $6,677 at June 30, 2017 in PCI loans due to the accretion of discounts established in accordance with the acquisition method of accounting for business combinations. The June 30, 2017 balance in the preceding sentence was previously disclosed as $13,425 . Based on further review, this amount was determined to be an error and was corrected during the quarter ended September 30, 2017. The error had no effect on the Company’s audited financial statements or other disclosures. The table above includes $21,595 and $22,023 , of impaired loans that were not individually evaluated at March 31, 2018 and June 30, 2017 , respectively, because these loans did not meet the Company's threshold for individual impairment evaluation. The recorded allowance above includes $632 and $41 related to these loans that were not individually evaluated at March 31, 2018 and June 30, 2017 , respectively. The Company's average recorded investment in impaired loans and interest income recognized on impaired loans for the three and nine months ended March 31, 2018 and 2017 was as follows: Three Months Ended March 31, 2018 March 31, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Retail consumer loans: One-to-four family $ 23,988 $ 325 $ 25,262 $ 300 HELOCs - originated 2,280 36 2,315 32 HELOC - purchased 189 4 — — Construction and land/lots 1,594 28 1,906 29 Indirect auto finance 295 4 166 1 Consumer 39 4 32 5 Commercial loans: Commercial real estate 6,818 54 8,305 83 Construction and development 3,050 18 2,816 14 Commercial and industrial 1,264 22 2,628 39 Municipal leases 98 — 407 6 Total loans $ 39,615 $ 495 $ 43,837 $ 509 Nine Months Ended March 31, 2018 March 31, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Retail consumer loans: One-to-four family $ 24,495 $ 916 $ 25,963 $ 881 HELOCs - originated 2,566 83 2,649 98 HELOCs - purchased 190 10 — — Construction and land/lots 1,633 82 1,654 105 Indirect auto finance 192 17 111 9 Consumer 39 12 30 15 Commercial loans: Commercial real estate 7,196 161 7,716 221 Construction and development 2,852 71 2,594 35 Commercial and industrial 1,665 68 3,249 96 Municipal leases 176 6 410 18 Total loans $ 41,004 $ 1,426 $ 44,376 $ 1,478 A summary of changes in the accretable yield for PCI loans for the three and nine months ended March 31, 2018 and 2017 was as follows: Three Months Ended March 31, 2018 March 31, 2017 Accretable yield, beginning of period $ 6,221 $ 7,519 Addition from the TriSummit acquisition — 1,288 Reclass from nonaccretable yield (1) 163 296 Other changes, net (2) 222 396 Interest income (501 ) (1,722 ) Accretable yield, end of period $ 6,105 $ 7,777 Nine Months Ended March 31, 2018 March 31, 2017 Accretable yield, beginning of period $ 7,080 $ 9,532 Addition from the TriSummit acquisition — 1,288 Reclass from nonaccretable yield (1) 441 1,368 Other changes, net (2) 329 (345 ) Interest income (1,745 ) (4,066 ) Accretable yield, end of period $ 6,105 $ 7,777 ______________________________________ (1) Represents changes attributable to expected losses assumptions. (2) Represents changes in cash flows expected to be collected due to the impact of modifications, changes in prepayment assumptions, and changes in interest rates. For the three and nine months ended March 31, 2018 and 2017 , the following table presents a breakdown of the types of concessions made on TDRs by loan class: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment Below market interest rate: Retail consumer: One-to-four family — $ — $ — 3 $ 162 $ 163 Total — $ — $ — 3 $ 162 $ 163 Extended payment terms: Retail consumer: One-to-four family — $ — $ — 2 $ 76 $ 60 Commercial & Industrial — — — 1 439 439 Total — $ — $ — 3 $ 515 $ 499 Other TDRs: Retail consumer: One-to-four family 5 $ 470 $ 465 3 $ 135 $ 136 HELOCs - originated — — — 1 30 30 Construction and land/lots — — — 2 150 149 Commercial: Commercial real estate — — — 3 2,443 2,145 Total 5 $ 470 $ 465 9 $ 2,758 $ 2,460 Total 5 $ 470 $ 465 15 $ 3,435 $ 3,122 Nine Months Ended March 31, 2018 Nine Months Ended March 31, 2017 Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment Below market interest rate: Retail consumer: One-to-four family — $ — $ — 3 $ 162 $ 163 Total — $ — $ — 3 $ 162 $ 163 Extended payment terms: Retail consumer: One-to-four family 4 $ 462 $ 450 5 $ 215 $ 195 HELOCs - originated — — — — — — Construction and land/lots 1 36 34 1 280 271 Consumer — — — 1 — 1 Commercial: Commercial and industrial — — — 1 439 439 Total 5 $ 498 $ 484 8 $ 934 $ 906 Other TDRs: Retail consumer: One-to-four family 19 $ 1,583 $ 1,559 10 $ 353 $ 352 HELOCs - originated — — — 2 33 32 Construction and land/lots — — — 4 404 396 Commercial: Commercial real estate — — — 3 2,443 2,145 Commercial and industrial — — — 1 24 24 Total 19 $ 1,583 $ 1,559 20 $ 3,257 $ 2,949 Total 24 $ 2,081 $ 2,043 31 $ 4,353 $ 4,018 The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three and nine months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Number of Loans Recorded Investment Number of Loans Recorded Investment Other TDRs: Retail consumer: One-to-four family 2 $ 145 2 $ 27 Commercial: Commercial and industrial — — 4 900 Total 2 $ 145 6 $ 927 Total 2 $ 145 6 $ 927 Nine Months Ended March 31, 2018 Nine Months Ended March 31, 2017 Number of Loans Recorded Investment Number of Loans Recorded Investment Other TDRs: Retail consumer: One-to-four family 2 $ 145 2 $ 27 Commercial and industrial — — 4 900 Total 2 $ 145 6 $ 927 Total 2 $ 145 6 $ 927 Other TDRs include TDRs that have a below market interest rate and extended payment terms. The Company does not typically forgive principal when restructuring troubled debt. In the determination of the allowance for loan losses, management considers TDRs for all loan classes, and the subsequent nonperformance in accordance with their modified terms, by measuring impairment based on either the value of the loan's expected future cash flows discounted at the loan's original effective interest rate or on the collateral value, net of the estimated costs of disposal, if the loan is collateral dependent. |
Real Estate Owned
Real Estate Owned | 9 Months Ended |
Mar. 31, 2018 | |
Real Estate Owned [Abstract] | |
Real Estate Owned | Real Estate Owned The activity within REO for the periods shown is as follows: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Balance at beginning of period $ 4,818 $ 5,648 $ 6,318 $ 5,956 Transfers from loans 566 593 1,157 1,923 Acquired through mergers — 1,511 — 1,511 Sales, net of gain or loss (143 ) (1,450 ) (1,901 ) (3,001 ) Writedowns (188 ) (34 ) (539 ) (121 ) Capital improvements — 11 18 11 Balance at end of period $ 5,053 $ 6,279 $ 5,053 $ 6,279 At March 31, 2018 and June 30, 2017, the Bank had $ 1,464 and $ 1,015 respectively, of foreclosed residential real estate property in REO. The recorded investment in consumer mortgage loans collateralized by residential real estate in the process of foreclosure totaled $ 413 and $ 2,230 at March 31, 2018 and June 30, 2017, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense consists of: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Current: Federal $ 81 $ (41 ) $ 311 $ 149 State 3 — 11 29 Total current expense (benefit) 84 (41 ) 322 178 Deferred: Federal 2,139 (234 ) 5,820 2,123 State 166 (50 ) 572 691 Adjustment due to the Tax Cuts and Jobs Act 318 — 18,011 — Total deferred expense (benefit) 2,623 (284 ) 24,403 2,814 Total income tax expense (benefit) $ 2,707 $ (325 ) $ 24,725 $ 2,992 Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 28% and 34% for the periods ended March 31, 2018 and 2017, respectively, to pretax income from continuing operations before income taxes as a result of the following: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 $ Rate $ Rate $ Rate $ Rate Tax at federal income tax rate $ 2,429 28 % $ (17 ) (34 )% $ 7,082 28 % $ 3,425 34 % Increase (decrease) resulting from: Tax exempt income (270 ) (3 )% (343 ) (672 )% (811 ) (3 )% (1,055 ) (10 )% Nondeductible merger expenses — — % 63 124 % 1 — % 91 — % Change in valuation allowance for deferred tax assets, allocated to income tax expense (36 ) — % 47 92 % (220 ) (1 )% (217 ) (2 )% State tax, net of federal benefit 122 1 % (33 ) (65 )% 326 1 % 152 2 % Change in deferred tax assets due to North Carolina corporate tax rate decrease — — % — — % 133 — % 490 5 % Change in deferred tax assets due to the Tax Cuts and Jobs Act 318 4 % — — % 18,011 70 % — — % Other 144 1 % (42 ) (82 )% 203 1 % 106 1 % Total $ 2,707 31 % $ (325 ) (637 )% $ 24,725 96 % $ 2,992 30 % The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at March 31, 2018 and June 30, 2017 are presented below: March 31, 2018 June 30, 2017 Deferred tax assets: Alternative minimum tax credit $ 4,818 $ 4,418 Allowance for loan losses 4,732 7,452 Deferred compensation and post-retirement benefits 9,553 16,055 Accrued vacation and sick leave 18 29 Impairments on real estate owned 901 1,337 Other than temporary impairment on investments 2,258 3,617 Net operating loss carryforward 9,590 21,443 Discount from business combination 2,948 3,645 Unrealized loss on securities held for sale 387 — Stock compensation plans 2,057 2,884 Other 1,336 2,687 Total gross deferred tax assets 38,598 63,567 Less valuation allowance (336 ) (238 ) Deferred tax assets 38,262 63,329 Deferred tax (liabilities): Depreciable basis of fixed assets (563 ) (670 ) Deferred loan fees (437 ) (493 ) FHLB stock, book basis in excess of tax (89 ) (143 ) Unrealized gain on securities available for sale — (152 ) Other (2,862 ) (4,484 ) Total gross deferred tax liabilities (3,951 ) (5,942 ) Net deferred tax assets $ 34,311 $ 57,387 We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax asset will not be realized. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments require us to make projections of future taxable income. The judgments and estimates we make in determining our deferred tax assets, which are inherently subjective, are reviewed on a continual basis as regulatory and business factors change. Any reduction in estimated future taxable income may require us to record a valuation allowance against our deferred tax assets. The decrease in net deferred tax assets was driven by the enactment of the Tax Act and subsequent Internal Revenue Service guidelines, which among other things reduced the federal corporate income tax rate to 21% effective January 1, 2018 requiring the Company to revalue its DTA. The resulting estimated $17.7 million in adjustments were reflected as an increase to the Company's income tax expense with an additional $318,000 in income tax expense during the quarter ended March 31, 2018 to establish a tax valuation allowance on our alternative minimum tax ("AMT") credits. In addition, our June 30 fiscal year end required the use of a blended federal income tax rate as prescribed by the Internal Revenue Code. The blended federal income tax rate of 27.5% was retroactively effective July 1, 2017 and will be used for the entire fiscal year ending June 30, 2018. The estimated $18.0 million in adjustments include provisional amounts where a reasonable estimate was made to comply with the Tax Act, which can be adjusted throughout the measurement period or up to one year. These provisional amounts include estimates related to the timing of potential reversals of various deferred tax assets and liabilities during fiscal year 2018 using the blended tax rate as described above. The Company will continue to update the provisional amounts as additional information becomes available and expects all adjustments to be finalized by the end of fiscal 2018. The Company had federal net operating loss ("NOL") carry forwards of $45,584 and $62,041 as of March 31, 2018 and June 30, 2017 , respectively, with a recorded tax benefit of $9,590 and $21,443 included in DTAs. The majority of these NOLs will expire for federal tax purposes from 2024 through 2036. The Company also adjusted its DTA as a result of additional reductions in the North Carolina corporate income tax rates that were enacted July 23, 2013, and effective January 1, 2014 through 2017. The lower corporate income tax rate resulted in a reduction in the DTAs as of March 31, 2018 and June 30, 2017 and an increase in income tax expense for the nine months ended March 31, 2018 and 2017. The valuation allowance for our DTAs as of March 31, 2018 and June 30, 2017 was $ 336 and $238 , respectively. The net increase in the total valuation allowance relates to the allowance on our AMT credits, partially offset by the decrease in North Carolina state income taxes due to limitations on state net operating loss carry forwards. Retained earnings at March 31, 2018 and June 30, 2017 include $19,570 representing pre-1988 tax bad debt reserve base year amounts for which no deferred tax liability has been provided since these reserves are not expected to reverse and may never reverse. Circumstances that would require an accrual of a portion or all of this unrecorded tax liability are a failure to meet the definition of a bank, dividend payments in excess of current year or accumulated earnings and profits, or other distributions in dissolution or liquidation of the Bank. The Company is no longer subject to examination for federal and state purposes for tax years prior to 2013. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Net Income per Share The following is a reconciliation of the numerator and denominator of basic and diluted net income per share of common stock: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Numerator: Net income $ 6,127 $ 274 $ 1,028 $ 7,081 Allocation of earnings to participating securities (45 ) (3 ) (7 ) (78 ) Numerator for basic EPS - Net income available to common stockholders $ 6,082 $ 271 $ 1,021 $ 7,003 Effect of dilutive securities: Dilutive effect to participating securities 2 — — 2 Numerator for diluted EPS $ 6,084 $ 271 $ 1,021 $ 7,005 Denominator: Weighted-average common shares outstanding - basic 18,052,000 17,808,920 17,997,997 17,194,466 Effect of dilutive shares 709,586 587,234 690,489 534,317 Weighted-average common shares outstanding - diluted 18,761,586 18,396,154 18,688,486 17,728,783 Net income per share - basic $ 0.34 $ 0.01 $ 0.06 $ 0.40 Net income per share - diluted $ 0.32 $ 0.01 $ 0.06 $ 0.40 Potential dilutive shares are excluded from the computation of earnings per share if their effect is anti-dilutive. There were 420,800 stock options that were anti-dilutive for the three and nine months ended March 31, 2018. There were 60,500 stock options that were anti-dilutive for the three and nine months ended March 31, 2017 . |
Equity Incentive Plan
Equity Incentive Plan | 9 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan The Company provides stock-based awards through the 2013 Omnibus Incentive Plan , which provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, emeritus directors, officers, employees and advisory directors . The cost of equity-based awards under the 2013 Omnibus Incentive Plan generally is based on the fair value of the awards on their grant date for current directors, officers, and employees. The fair value of equity-based awards is updated quarterly for certain nonemployee emeritus directors and advisory directors. The maximum number of shares that may be utilized for awards under the plan is 2,962,400 , including 2,116,000 for stock options and stock appreciation rights and 846,400 for awards of restricted stock and restricted stock units. Shares of common stock issued under the 2013 Omnibus Incentive Plan may be authorized but unissued shares or repurchased shares. During fiscal 2013, the Company had repurchased the 846,400 shares available for awards of restricted stock and restricted stock units under the 2013 Omnibus Incentive Plan on the open market, for $13,297 , at an average cost of $15.71 per share. The table below presents share based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three and nine months ended March 31, 2018 and 2016: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Share based compensation expense $ 569 $ 451 $ 2,583 $ 3,244 Tax benefit $ 159 $ 167 $ 723 $ 1,200 The table below presents stock option activity for the nine months ended March 31, 2018 and 2017 : Options Weighted- Remaining Aggregate Options outstanding at June 30, 2016 1,529,300 $ 14.50 6.8 $ 6,117 Granted 60,500 24.95 — — Granted, TriSummit acquisition 86,185 23.82 — — Exercised 159,443 15.39 — — Forfeited 1,000 17.35 — — Expired 1,800 14.37 — — Options outstanding at March 31, 2017 1,513,742 $ 15.35 5.9 $ 12,443 Exercisable at March 31, 2017 1,059,642 $ 15.04 Options outstanding at June 30, 2017 1,470,043 $ 15.22 5.8 $ 13,533 Granted 360,400 26.00 — — Exercised 37,400 14.75 — — Forfeited 24,700 14.43 — — Expired 43,273 23.82 — — Options outstanding at March 31, 2018 1,725,070 $ 17.28 6.2 $ 15,136 Exercisable at March 31, 2018 1,230,270 $ 14.51 5.0 $ 14,200 Non-vested at March 31, 2018 494,800 $ 24.16 9.1 $ 936 Assumptions used in estimating the fair value of options granted during the nine months ended March 31, 2018 and 2017: March 31, March 31, 2018 2017 Weighted-average volatility 17.69 % 16.70 % Expected dividend yield — % — % Risk-free interest rate 2.83 % 2.41 % Expected life (years) 6.5 6.5 Weighted-average fair value of options granted $ 8.82 $ 7.76 At March 31, 2018 , the Company had $3,741 of unrecognized compensation expense related to 494,800 stock options originally scheduled to vest over five - and seven -year vesting periods. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 2.5 years at March 31, 2018 . At March 31, 2017 , the Company had $1,695 of unrecognized compensation expense related to 454,100 stock options originally scheduled to vest over five - and seven -year vesting periods. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 1.5 years at March 31, 2017 . The table below presents restricted stock award activity for the nine months ended March 31, 2018 and 2017 : Restricted stock awards Weighted- average grant date fair value Aggregate Intrinsic Value Non-vested at June 30, 2016 248,750 $ 14.81 $ 4,602 Granted 47,500 24.70 — Vested 104,620 14.58 — Forfeited 1,000 17.35 — Non-vested at March 31, 2017 190,630 $ 17.38 $ 3,411 Non-vested at June 30, 2017 185,630 $ 17.46 $ 4,780 Granted 55,200 25.89 — Vested 100,820 15.14 — Forfeited 6,600 14.37 — Non-vested at March 31, 2018 133,410 $ 22.85 $ 3,475 At March 31, 2018 , unrecognized compensation expense was $2,775 related to 133,410 shares of restricted stock originally scheduled to vest over five - and seven -year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 2.3 years at March 31, 2018 . At March 31, 2017 , unrecognized compensation expense was $2,937 related to 190,630 shares of restricted stock originally scheduled to vest over five - and seven -year vesting periods. The weighted average period over which compensation cost related to non-vested awards is expected to be recognized was 1.8 years at March 31, 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Loan Commitments – Legally binding commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. In the normal course of business, there are various outstanding commitments to extend credit that are not reflected in the consolidated financial statements. At March 31, 2018 and June 30, 2017 , respectively, loan commitments (excluding $139,090 and $158,380 of undisbursed portions of construction loans) totaled $53,569 and $43,730 of which $24,900 and $21,221 were variable rate commitments and $28,669 and $22,509 were fixed rate commitments. The fixed rate loans had interest rates ranging from 2.04% to 6.15% at March 31, 2018 and 1.95% to 6.25% at June 30, 2017 , and terms ranging from three to 30 years. Pre-approved but unused lines of credit (principally second mortgage home equity loans and overdraft protection loans) totaled $470,586 and $414,373 at March 31, 2018 and June 30, 2017 , respectively. These amounts represent the Company's exposure to credit risk, and in the opinion of management have no more than the normal lending risk that the Company commits to its borrowers. The Company has two types of commitments related to loans held for sale: rate lock commitments and forward loan commitments. Rate lock commitments are commitments to extend credit to a customer that has an interest rate lock and are considered derivative instruments. The rate lock commitments do not qualify for hedge accounting. In order to mitigate the risk from interest rate fluctuations, we enter into forward loan sale commitments on a “best efforts” basis, which do not meet the definition of a derivative instrument. The fair value of these commitments was not material at March 31, 2018 or June 30, 2017 . The Company grants construction and permanent loans collateralized primarily by residential and commercial real estate to customers throughout its primary market area. In addition, the Company grants municipal leases to customers throughout North and South Carolina. The Company's loan portfolio can be affected by the general economic conditions within these market areas. Restrictions on Cash – The Bank is required by regulation to maintain a varying cash reserve balance with the FRB. The daily average calculated cash reserve required as of March 31, 2018 and June 30, 2017 was $661 , and $2,152 , respectively, which was satisfied by vault cash and balances held at the FRB. Guarantees – Standby letters of credit obligate the Company to meet certain financial obligations of its customers, if, under the contractual terms of the agreement, the customers are unable to do so. The financial standby letters of credit issued by the Company are irrevocable and payment is only guaranteed upon the borrower's failure to perform its obligations to the beneficiary. Total commitments under standby letters of credit as of March 31, 2018 and June 30, 2017 were $9,975 and $5,164 , respectively. There was no liability recorded for these letters of credit at March 31, 2018 or June 30, 2017 , respectively. Litigation – The Company is involved in several litigation matters in the ordinary course of business. These proceedings and the associated legal claims are often contested and the outcome of individual matters is not always predictable. These claims and counter claims typically arise during the course of collection efforts on problem loans or with respect to actions to enforce liens on properties in which the Company holds a security interest. The Company is not a party to any pending legal proceedings that management believes would have a material adverse effect on the Company’s financial condition or results of operations . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company utilizes fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. Fair Value Hierarchy The Company groups assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3: Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Following is a description of valuation methodologies used for assets recorded at fair value. The Company does not have any liabilities recorded at fair value. Investment Securities Available for Sale Securities available for sale are valued on a recurring basis at quoted market prices where available. If quoted market prices are not available, fair values are based on quoted prices of comparable securities. Level 2 securities include equity securities, mortgage-backed securities and debentures issued by government sponsored enterprises, municipal bonds, and corporate debt securities. The Company has no Level 3 securities. Loans The Company does not record loans at fair value on a recurring basis. From time to time, however, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, the fair value is estimated using one of several methods, including collateral value, market value of similar debt, enterprise value, liquidation value and discounted cash flows. The Company reviews all impaired loans each quarter to determine if an allowance is necessary. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. The fair value of impaired loans is estimated in one of two ways, which include collateral value and discounted cash flows. Loans are considered collateral dependent if repayment is expected solely from the collateral. For these collateral dependent impaired loans, the Company obtains updated appraisals at least annually. These appraisals are reviewed for appropriateness and then discounted for estimated closing costs to determine if an allowance is necessary. As part of the quarterly review of impaired loans, the Company reviews these appraisals to determine if any additional discounts to the fair value are necessary. If a current appraisal is not obtained, the Company determines whether a discount is needed to the value from the original appraisal based on the decline in value of similar properties with recent appraisals. For loans that are not collateral dependent, estimated fair value is based on the present value of expected future cash flows using the interest rate implicit in the original agreement. Impaired loans where a charge-off has occurred or an allowance is established during the period being reported require classification in the fair value hierarchy. The Company records such impaired loans as a nonrecurring Level 3 in the fair value hierarchy. Loans Held for Sale Loans held for sale are adjusted to lower of cost or fair value. Fair value is based upon investor pricing. The Company considers all loans held for sale carried at fair value as nonrecurring Level 3. Real Estate Owned REO is considered held for sale and is adjusted to fair value less estimated selling costs upon transfer of the loan to foreclosed assets. Fair value is based upon independent market prices, appraised value of the collateral or management's estimation of the value of the collateral. The Company considers all REO that has been charged off or received an allowance during the period as nonrecurring Level 3. Financial Assets Recorded at Fair Value on a Recurring Basis The following table presents financial assets measured at fair value on a recurring basis at the dates indicated: March 31, 2018 Description Total Level 1 Level 2 Level 3 U.S Government Agencies $ 47,531 $ — $ 47,531 $ — Residential Mortgage-backed Securities of U.S. Government Agencies and Government Sponsored Enterprises 75,260 — 75,260 — Municipal Bonds 32,036 — 32,036 — Corporate Bonds 6,081 — 6,081 — Equity Securities 63 — 63 — Total $ 160,971 $ — $ 160,971 $ — June 30, 2017 Description Total Level 1 Level 2 Level 3 U.S Government Agencies $ 65,830 $ — $ 65,830 $ — Residential Mortgage-backed Securities of U.S. Government Agencies and Government Sponsored Enterprises 92,971 — 92,971 — Municipal Bonds 34,510 — 34,510 — Corporate Bonds 6,293 — 6,293 — Equity Securities 63 — 63 — Total $ 199,667 $ — $ 199,667 $ — There were no transfers between levels during the three or nine months ended March 31, 2018 . The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated: March 31, 2018 Description Total Level 1 Level 2 Level 3 Impaired loans $ 8,172 $ — $ — $ 8,172 REO 3,670 — — 3,670 Total $ 11,842 $ — $ — $ 11,842 June 30, 2017 Description Total Level 1 Level 2 Level 3 Impaired loans $ 9,156 $ — $ — $ 9,156 REO 4,044 — — 4,044 Total $ 13,200 $ — $ — $ 13,200 Quantitative information about Level 3 fair value measurements during the period ended March 31, 2018 is shown in the table below: Fair Value at March 31, 2018 Valuation Techniques Unobservable Input Range Weighted Average Nonrecurring measurements: Impaired loans, net $ 8,172 Discounted appraisals and discounted cash flows Collateral discounts 3% - 30% 1% - 4% 4% REO $ 3,670 Discounted appraisals Collateral discounts 10% - 15% 12% The stated carrying value and estimated fair value amounts of financial instruments as of March 31, 2018 and June 30, 2017 , are summarized below: March 31, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 Cash and interest-bearing deposits $ 79,396 $ 79,396 $ 79,396 $ — $ — Commercial paper 239,435 239,435 239,435 — — Certificates of deposit in other banks 84,218 84,218 — 84,218 — Securities available for sale 160,971 160,971 — 160,971 $ — Loans, net 2,424,283 2,356,454 — — 2,356,454 Loans held for sale 6,071 6,192 — — 6,192 FHLB stock 29,482 29,482 29,482 — — FRB stock 7,301 7,301 7,301 — — Accrued interest receivable 9,216 9,216 — 1,335 7,881 Noninterest-bearing and NOW deposits 800,809 800,809 — 800,809 — Money market accounts 659,791 659,791 — 659,791 — Savings accounts 220,497 220,497 — 220,497 — Certificates of deposit 499,227 493,178 — 493,178 — Borrowings 625,000 624,755 — 624,755 — Accrued interest payable 806 806 — 806 — June 30, 2017 Carrying Value Fair Value Level 1 Level 2 Level 3 Cash and interest-bearing deposits $ 86,985 $ 86,985 $ 86,985 $ — $ — Commercial paper 149,863 149,863 149,863 — — Certificates of deposit in other banks 132,274 132,274 — 132,274 — Securities available for sale 199,667 199,667 — 199,667 — Loans, net 2,330,319 2,230,683 — — 2,230,683 Loans held for sale 5,607 5,719 — — 5,719 FHLB stock 32,071 32,071 32,071 — — FRB stock 7,284 7,284 7,284 — — Accrued interest receivable 8,758 8,758 331 1,078 7,349 Noninterest-bearing and NOW deposits 779,549 779,549 — 779,549 — Money market accounts 569,607 569,607 — 569,607 — Savings accounts 237,149 237,149 — 237,149 — Certificates of deposit 462,146 458,818 — 458,818 — Borrowings 696,500 696,500 — 696,500 — Accrued interest payable 512 512 — 512 — The Company had off-balance sheet financial commitments, which included approximately $663,245 and $616,483 of commitments to originate loans, undisbursed portions of interim construction loans, and unused lines of credit at March 31, 2018 and June 30, 2017 , respectively (see Note 10). Since these commitments are based on current rates, the carrying amount approximates the fair value. Estimated fair values were determined using the following methods and assumptions: Cash and interest-bearing deposits – The stated amounts approximate fair values as maturities are less than 90 days. Commercial paper - The stated amounts approximate fair value due to the short-term nature of these investments. Certificates of deposit in other banks – The stated amounts approximate fair values. Securities available for sale – Fair values are based on quoted market prices where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Loans held for sale – The fair value of loans held for sale is determined by outstanding commitments from investors on a "best efforts" basis or current investor yield requirements, calculated on the aggregate loan basis. Loans, net – Fair values for loans are estimated by segregating the portfolio by type of loan and discounting scheduled cash flows using current market interest rates for loans with similar terms and credit quality. A prepayment assumption is used as an estimate of the portion of loans that will be repaid prior to their scheduled maturity. Both the carrying value and estimated fair value amounts are shown net of the allowance for loan losses and purchase discounts. FHLB and FRB stock – No ready market exists for these stocks and they have no quoted market value. However, redemptions of these securities have historically been at par value. Accordingly, cost is deemed to be a reasonable estimate of fair value. Deposits – Fair values for demand deposits, money market accounts, and savings accounts are the amounts payable on demand as of March 31, 2018 and June 30, 2017 . The fair value of certificates of deposit is estimated by discounting the contractual cash flows using current market interest rates for accounts with similar maturities. Borrowings – The fair value of advances from the FHLB is estimated based on current rates for borrowings with similar terms. Accrued interest receivable and payable – The stated amounts of accrued interest receivable and payable approximate the fair value. Limitations – Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, a significant asset not considered a financial asset is premises and equipment. In addition, tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2017 (" 2017 Form 10-K") filed with the SEC on September 12, 2017 . The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2018 . |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's financial statements. These policies relate to (i) the determination of the provision and the allowance for loan losses, (ii) business combinations and acquired loans, (iii) the valuation of REO, (iv) the valuation of goodwill and other intangible assets, and (v) the valuation of or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our 2017 Form 10-K. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods. |
Recent Accounting Pronouncements | In August 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606)”, which defers the effective date of Accounting Standard Update ("ASU") No. 2014-09 one year. ASU No. 2014-09 created Topic 606 and supersedes Topic 605, Revenue Recognition. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised 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. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides clarifying guidance in certain narrow areas and adds some practical expedients, but does not change the core revenue recognition principle in Topic 606. These ASUs are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. With respect to noninterest income, the Company is finalizing our review of all revenue streams and underlying revenue contracts within the scope of the guidance as well as updating processes and procedures during the final quarter of fiscal 2018 to ensure it is fully compliant with these amendments at the adoption date. To date, the Company has not yet identified any significant changes in the timing of revenue recognition when considering the amended accounting guidance; however, the Company’s implementation efforts are ongoing and such assessments may change prior to the July 1, 2018 implementation date. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities." The ASU amends the guidance in GAAP on the classification and measurement of financial instruments. The ASU includes the following changes: i) equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (ii) requires the use of exit price notion when measuring the fair value of financial instruments for disclosure purposes; (iii) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; (iv) allows an equity investment that does not have readily determinable fair values, to be measured at cost minus impairment (if any), plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (v) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, and requires a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e. securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements; and (vii) clarifies that a valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated in combination with the organization’s other deferred tax assets. Exit price is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of ASU No. 2016-01 is not expected to have a material impact on the Company's Consolidated Financial Statements. Management is in the planning stages of developing processes and procedures to comply with the disclosures requirements of this ASU, which could impact the disclosures the Company makes related to fair value of its financial instruments. In February 2016, the FASB issued ASU 2016-02, "Leases (Accounting Standards Codification ("ASC") 842)." The guidance in this ASU requires most leases to be recognized on the balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and the timing of adoption. The Company will compile an inventory of all leased assets to determine the impact of ASU 2016-02 on its financial condition and results of operations. Once adopted, we expect to report higher assets and liabilities on our Consolidated Balance Sheets as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements, which currently are not reflected in our Consolidated Balance Sheets. We do not expect the guidance to have a material impact on the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders' Equity. In March 2016, the FASB issued ASU 2016-09, "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." The ASU changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. We have elected to account for forfeitures of stock-based awards as they occur. The Company has adopted the amendments in this ASU and appropriate disclosures have been included in this Note. At the adoption of this ASU, we had a cumulative adjustment to retained earnings of $680,000 . In accordance with the transition guidance outlined in this ASU, the adoption had no effect on net income or shareholder's equity in any previously issued periods. Going forward, we expect this ASU to create some volatility in our reported income tax expense related to the excess tax benefits for employee stock-based transactions, however, the actual amounts recognized will be dependent on the amount of employee stock-based transactions and the stock price at the time of exercise or vesting. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for all entities beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of identifying required changes to the loan loss estimation models and processes and evaluating the impact of this new guidance. Once adopted, we expect our allowance for loan losses to increase, however, until our evaluation is complete the magnitude of the increase will be unknown. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." The ASU amends the guidance on the classification of certain cash receipts and payments in the statement of cash flows and is intended to reduce the diversity in practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for all entities beginning after December 15, 2017, including interim periods within those fiscal years. The Company completed its evaluation of the ASU and does not expect a material impact upon adoption of the ASU on its Consolidated Financial Statements. In January 2017, FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The ASU removes the requirement to compare the implied fair value of goodwill with its carrying value as required in Step 2 of the goodwill impairment test. Under the ASU, registrants would perform their goodwill impairment test and recognize an impairment charge for any amount the carrying value exceeds the reporting unit's fair value, but limited by the amount of goodwill allocated to that reporting unit. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for all entities after January 1, 2017. The Company did early adopt this ASU and adoption did not have a material effect on the Company's Consolidated Financial Statements. In March 2017, FASB issued ASU 2017-08, "Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities." The ASU requires entities to amortize the premium on certain purchased callable debt securities to the earliest call date, which more closely aligns the amortization period of premiums and discounts to expectations incorporated in the market prices. Entities will no longer recognize a loss in earnings upon the debtor's exercise of a call on a purchased debt security held at a premium. The ASU does not require any accounting change for debt securities held at a discount, therefore the discount will continue to be amortized as an adjustment of yield over the contractual life of the investment. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted for all entities. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company's Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, "Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting." This ASU provides clarity on the guidance related to stock compensation when there have been changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting under ASC 718. The ASU provides the three following criteria must be met in order to not account for the effect of the modification of terms or conditions: the fair value, the vesting conditions and the classification as an equity or liability instrument of the modified award is the same as the original award immediately before the original award is modified. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The adoption of ASU No. 2017-09 is not expected to have a material impact on the Company's Consolidated Financial Statements. In August 2017, FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." This ASU improves the transparency and understandability of disclosures in the financial statements regarding the entities risk management activities and reduces the complexity of hedge accounting. The amendments in this ASU permit hedge accounting for hedging relationships involving nonfinancial risk and interest rate risk by removing certain limitations in cash flow and fair value hedging relationships. In addition, the ASU requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 and early adoption is permitted. The adoption of ASU No. 2017-12 is not expected to have a material impact on the Company's Consolidated Financial Statements. In February 2018, FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the revaluation of the Company’s net deferred tax assets (“DTA”) to the new corporate federal income tax rate of 21% as a result of the Tax Cuts and Jobs Act (‘Tax Act”). The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted for all entities. The affected amount for the Company was immaterial and will not have an effect on the Company's Consolidated Financial Statements. In February 2018, FASB issued ASU No. 2018-03, "Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10): Recognition an Measurement of Financial Assets and Financial Liabilities." The amendments represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice. Specifically, these amendments sought to make targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments as well as a number of consequential amendments to ASC 321, Investments—Equity Securities. Transition guidance varies based on the public entities year end. For public companies with fiscal years beginning between June 15, 2018 and December 15, 2018, the amendments are required to be adopted along with ASU 2016-01. Early adoption is permitted. The adoption of ASU No. 2018-03 is not expected to have a material impact on the Company's Consolidated Financial Statements. In March 2018, FASB issued ASU No. 2018-05, Income Taxes (Topic 740). This ASU was issued to provide guidance on the income tax accounting implications of the Tax Act and allows for entities to report provisional amounts for specific income tax effects of the Act for which the accounting under Topic 740 was not yet complete, but a reasonable estimate could be determined. A measurement period of one-year is allowed to complete the accounting effects under Topic 740 and revise any previous estimates reported. Any provisional amounts or subsequent adjustments included in an entity’s financial statements during the measurement period should be included in income from continuing operations as an adjustment to tax expense in the reporting period the amounts are determined. The Company adopted this ASU with the provisional adjustments as reported in the Consolidated Financial Statements on Form 10-Q as of December 31, 2017. As of March 31, 2018, the Company did not incur any adjustments to the provisional recognition. |
Business Combinations | All business combinations are accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged are recorded at acquisition date fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the consideration paid by the Company in the acquisition of TriSummit and the assets acquired and liabilities assumed as of January 1, 2017: As Recorded by TriSummit Fair Value and Other Merger Related Adjustments As Recorded by the Company Consideration Paid: Cash paid including cash in lieu of fractional shares $ 16,083 Fair value of HomeTrust common stock at $25.90 per share 20,043 Total consideration $ 36,126 Assets: Cash and cash equivalents $ 5,498 $ — $ 5,498 Certificates of deposit in other banks 250 — 250 Investment securities 58,728 (203 ) 58,525 Other investments, at cost 2,614 — 2,614 Loans, net 261,926 (3,867 ) 258,059 Premises and equipment, net 12,841 (2,419 ) 10,422 REO 1,633 (122 ) 1,511 Deferred income tax 2,653 4,462 7,115 Bank owned life insurance 3,762 — 3,762 Core deposit intangibles 1,285 1,575 2,860 Other assets 1,453 (105 ) 1,348 Total assets acquired $ 352,643 $ (679 ) $ 351,964 Liabilities: Deposits $ 279,647 $ 587 280,234 Borrowings 47,453 16 47,469 Other liabilities 675 — 675 Total liabilities assumed $ 327,775 $ 603 $ 328,378 Net identifiable assets acquired over liabilities assumed $ 24,868 $ (1,282 ) $ 23,586 Goodwill $ 12,540 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | The following table presents the performing loans receivable purchased from TriSummit at January 1, 2017, the acquisition date: Contractually required principal payments receivable $ 255,852 Adjustment for credit, interest rate, and liquidity 5,489 Balance of purchased loans receivable $ 250,363 The following table presents the PCI loans acquired from TriSummit at January 1, 2017, the acquisition date: Contractually required principal and interest payments receivable $ 11,474 Amounts not expected to be collected - nonaccretable difference 2,490 Estimated payments expected to be received 8,984 Accretable yield 1,288 Fair value of PCI loans $ 7,696 The carrying amount of acquired loans from TriSummit as of January1, 2017 consisted of purchased performing loans and Purchased Credit Impaired ("PCI") loans as detailed in the following table: Purchased Performing PCI Total Loans Retail Consumer Loans: One-to-four family $ 75,179 $ 3,753 $ 78,932 Home equity line of credit ("HELOCs") 6,479 2 6,481 Construction and land/lots 15,591 — 15,591 Consumer 1,686 17 1,703 Commercial: Commercial real estate 107,880 3,494 111,374 Construction and development 15,253 142 15,395 Commercial and industrial 28,295 288 28,583 Total $ 250,363 $ 7,696 $ 258,059 |
Securities Available For Sale (
Securities Available For Sale (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Securities available for sale consist of the following at the dates indicated: March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government Agencies $ 48,006 $ 12 $ (487 ) $ 47,531 Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises 76,390 92 (1,222 ) 75,260 Municipal Bonds 32,006 186 (156 ) 32,036 Corporate Bonds 6,191 27 (137 ) 6,081 Equity Securities 63 — — 63 Total $ 162,656 $ 317 $ (2,002 ) $ 160,971 June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government Agencies $ 65,947 $ 184 $ (301 ) $ 65,830 Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises 92,841 411 (281 ) 92,971 Municipal Bonds 34,135 403 (28 ) 34,510 Corporate Bonds 6,267 114 (88 ) 6,293 Equity Securities 63 — — 63 Total $ 199,253 $ 1,112 $ (698 ) $ 199,667 |
Investments Classified by Contractual Maturity Date | Debt securities available for sale by contractual maturity at the dates indicated are shown below. Mortgage-backed securities are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule. March 31, 2018 Amortized Cost Estimated Fair Value Due within one year $ 21,551 $ 21,409 Due after one year through five years 46,584 46,062 Due after five years through ten years 8,691 8,807 Due after ten years 9,377 9,370 Mortgage-backed securities 76,390 75,260 Total $ 162,593 $ 160,908 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2018 and June 30, 2017 were as follows: March 31, 2018 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agencies $ 8,331 $ (58 ) $ 35,567 $ (429 ) $ 43,898 $ (487 ) Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises 43,585 (712 ) 19,479 (510 ) 63,064 (1,222 ) Municipal Bonds 16,882 (140 ) 1,054 (16 ) 17,936 (156 ) Corporate Bonds — — 3,619 (137 ) 3,619 (137 ) Total $ 68,798 $ (910 ) $ 59,719 $ (1,092 ) $ 128,517 $ (2,002 ) June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agencies $ 46,767 $ (222 ) $ 6,921 $ (79 ) $ 53,688 $ (301 ) Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises 42,921 (240 ) 3,970 (41 ) 46,891 (281 ) Municipal Bonds 9,153 (28 ) — — 9,153 (28 ) Corporate Bonds 3,734 (88 ) — — 3,734 (88 ) Total $ 102,575 $ (578 ) $ 10,891 $ (120 ) $ 113,466 $ (698 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans consist of the following at the dates indicated: March 31, 2018 June 30, 2017 Retail consumer loans: One-to-four family $ 670,036 $ 684,089 HELOCs - originated 143,049 157,068 HELOCs - purchased 165,680 162,407 Construction and land/lots 68,121 50,136 Indirect auto finance 160,664 140,879 Consumer 11,317 7,900 Total retail consumer loans 1,218,867 1,202,479 Commercial loans: Commercial real estate 810,332 730,408 Construction and development 184,179 197,966 Commercial and industrial 132,337 120,387 Municipal leases 101,108 101,175 Total commercial loans 1,227,956 1,149,936 Total loans 2,446,823 2,352,415 Deferred loan fees, net (1,068 ) (945 ) Total loans, net of deferred loan fees 2,445,755 2,351,470 Allowance for loan losses (21,472 ) (21,151 ) Loans, net $ 2,424,283 $ 2,330,319 |
Financing Receivable Credit Quality Indicators | The Company's total non-purchased and purchased performing loans by segment, class, and risk grade at the dates indicated follow: Pass Special Mention Substandard Doubtful Loss Total March 31, 2018 Retail consumer loans: One-to-four family $ 642,998 $ 5,628 $ 13,087 $ 901 $ 12 $ 662,626 HELOCs - originated 139,824 639 2,169 154 6 142,792 HELOCs - purchased 165,491 — 189 — — 165,680 Construction and land/lots 66,914 409 289 54 — 67,666 Indirect auto finance 160,203 — 461 — — 160,664 Consumer 11,276 9 21 3 6 11,315 Commercial loans: Commercial real estate 784,617 7,161 7,283 — — 799,061 Construction and development 178,771 600 2,371 — — 181,742 Commercial and industrial 126,888 1,596 1,696 — 3 130,183 Municipal leases 100,701 309 98 — — 101,108 Total loans $ 2,377,683 $ 16,351 $ 27,664 $ 1,112 $ 27 $ 2,422,837 Pass Special Mention Substandard Doubtful Loss Total June 30, 2017 Retail consumer loans: One-to-four family $ 655,424 $ 4,715 $ 14,769 $ 1,101 $ 11 $ 676,020 HELOCs - originated 153,676 809 2,100 188 7 156,780 HELOCs - purchased 162,215 — 192 — — 162,407 Construction and land/lots 48,728 479 341 60 — 49,608 Indirect auto finance 140,780 — 97 1 1 140,879 Consumer 7,828 12 34 — 8 7,882 Commercial loans: Commercial real estate 700,060 5,847 7,118 — — 713,025 Construction and development 192,025 992 2,320 — — 195,337 Commercial and industrial 113,923 883 2,954 — 1 117,761 Municipal leases 99,811 1,258 106 — — 101,175 Total loans $ 2,274,470 $ 14,995 $ 30,031 $ 1,350 $ 28 $ 2,320,874 The Company's total PCI loans by segment, class, and risk grade at the dates indicated follow: Pass Special Mention Substandard Doubtful Loss Total March 31, 2018 Retail consumer loans: One-to-four family $ 2,806 $ 1,113 $ 3,491 $ — $ — $ 7,410 HELOCs - originated 257 — — — — 257 Construction and land/lots 455 — — — — 455 Consumer 2 — — — — 2 Commercial loans: Commercial real estate 5,613 2,860 2,798 — — 11,271 Construction and development 570 — 1,867 — — 2,437 Commercial and industrial 2,027 5 122 — — 2,154 Total loans $ 11,730 $ 3,978 $ 8,278 $ — $ — $ 23,986 Pass Special Mention Substandard Doubtful Loss Total June 30, 2017 Retail consumer loans: One-to-four family $ 3,115 $ 1,129 $ 3,615 $ 210 $ — $ 8,069 HELOCs - originated 258 — 30 — — 288 Construction and land/lots 487 — 41 — — 528 Consumer 4 14 — — — 18 Commercial loans: Commercial real estate 8,909 2,299 6,175 — — 17,383 Construction and development 338 — 2,291 — — 2,629 Commercial and industrial 2,460 44 122 — — 2,626 Total loans $ 15,571 $ 3,486 $ 12,274 $ 210 $ — $ 31,541 |
Past Due Financing Receivables | The Company's total loans by segment, class, and delinquency status at the dates indicated follows: Past Due Total 30-89 Days 90 Days+ Total Current Loans March 31, 2018 Retail consumer loans: One-to-four family $ 3,019 $ 2,683 $ 5,702 $ 664,334 $ 670,036 HELOCs - originated 233 431 664 142,385 143,049 HELOCs - purchased — — — 165,680 165,680 Construction and land/lots 32 68 100 68,021 68,121 Indirect auto finance 385 48 433 160,231 160,664 Consumer 12 3 15 11,302 11,317 Commercial loans: Commercial real estate 1,413 2,375 3,788 806,544 810,332 Construction and development 352 2,020 2,372 181,807 184,179 Commercial and industrial 20 400 420 131,917 132,337 Municipal leases — — — 101,108 101,108 Total loans $ 5,466 $ 8,028 $ 13,494 $ 2,433,329 $ 2,446,823 The table above includes PCI loans of $1,422 30-89 days past due and $1,541 90 days or more past due as of March 31, 2018 . Past Due Total 30-89 Days 90 Days+ Total Current Loans June 30, 2017 Retail consumer loans: One-to-four family $ 3,496 $ 3,990 $ 7,486 $ 676,603 $ 684,089 HELOCs - originated 1,037 274 1,311 155,757 157,068 HELOCs - purchased — — — 162,407 162,407 Construction and land/lots 132 129 261 49,875 50,136 Indirect auto finance 96 — 96 140,783 140,879 Consumer 5 14 19 7,881 7,900 Commercial loans: Commercial real estate 809 3,100 3,909 726,499 730,408 Construction and development 385 887 1,272 196,694 197,966 Commercial and industrial 37 831 868 119,519 120,387 Municipal leases — — — 101,175 101,175 Total loans $ 5,997 $ 9,225 $ 15,222 $ 2,337,193 $ 2,352,415 |
Schedule of Past Due Loans Still Accruing and Nonaccruing Interest | The Company's recorded investment in loans, by segment and class, that are not accruing interest or are 90 days or more past due and still accruing interest at the dates indicated follow: March 31, 2018 June 30, 2017 Nonaccruing 90 Days + & still accruing Nonaccruing 90 Days + & still accruing Retail consumer loans: One-to-four family $ 5,356 $ — $ 6,453 $ — HELOCs - originated 815 — 1,291 — HELOCs - purchased 189 — 192 — Construction and land/lots 166 — 245 — Indirect auto finance 304 — 1 — Consumer 17 — 29 — Commercial loans: Commercial real estate 3,202 — 2,756 — Construction and development 2,137 — 1,766 — Commercial and industrial 367 — 827 — Municipal leases 98 — 106 — Total loans $ 12,651 $ — $ 13,666 $ — |
Schedule of Troubled Debt Restructurings Performing and Excluded from Nonaccruing Loans | The Company's loans that were performing under the payment terms of TDRs that were excluded from nonaccruing loans above at the dates indicated follow: March 31, 2018 June 30, 2017 Performing TDRs included in impaired loans $ 24,977 $ 27,043 |
Allowance for Credit Losses on Financing Receivables | n analysis of the allowance for loan losses by segment for the periods shown is as follows: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 PCI Retail Consumer Commercial Total PCI Retail Consumer Commercial Total Balance at beginning of period $ 566 $ 8,191 $ 12,333 $ 21,090 $ 336 $ 9,813 $ 10,837 $ 20,986 Provision for (recovery of) loan losses 239 (172 ) (67 ) — 138 (980 ) 842 — Charge-offs (345 ) (240 ) (31 ) (616 ) — (317 ) (399 ) (716 ) Recoveries — 393 605 998 — 363 464 827 Balance at end of period $ 460 $ 8,172 $ 12,840 $ 21,472 $ 474 $ 8,879 $ 11,744 $ 21,097 Nine Months Ended March 31, 2018 Nine Months Ended March 31, 2017 PCI Retail Consumer Commercial Total PCI Retail Consumer Commercial Total Balance at beginning of period $ 727 $ 8,585 $ 11,839 $ 21,151 $ 361 $ 11,549 $ 9,382 $ 21,292 Provision for (recovery of) loan losses 78 (423 ) 345 — 113 (2,485 ) 2,372 — Charge-offs (345 ) (767 ) (739 ) (1,851 ) — (891 ) (1,074 ) (1,965 ) Recoveries — 777 1,395 2,172 — 706 1,064 1,770 Balance at end of period $ 460 $ 8,172 $ 12,840 $ 21,472 $ 474 $ 8,879 $ 11,744 $ 21,097 |
Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class | The Company's ending balances of loans and the related allowance, by segment and class, at the dates indicated follows: Allowance for Loan Losses Total Loans Receivable PCI Loans individually evaluated for impairment Loans collectively evaluated Total PCI Loans individually evaluated for impairment Loans collectively evaluated Total March 31, 2018 Retail consumer loans: One-to-four family $ 126 $ 228 $ 3,490 $ 3,844 $ 7,410 $ 8,336 $ 654,290 $ 670,036 HELOCs - originated — 6 1,244 1,250 257 453 142,339 143,049 HELOCs - purchased — — 821 821 — — 165,680 165,680 Construction and land/lots — 21 1,218 1,239 455 595 67,071 68,121 Indirect auto finance — — 1,083 1,083 — — 160,664 160,664 Consumer — 5 56 61 2 5 11,310 11,317 Commercial loans: Commercial real estate 168 149 7,911 8,228 11,271 4,457 794,604 810,332 Construction and development 151 9 2,989 3,149 2,437 2,380 179,362 184,179 Commercial and industrial 15 3 1,302 1,320 2,154 642 129,541 132,337 Municipal leases — — 477 477 — — 101,108 101,108 Total $ 460 $ 421 $ 20,591 $ 21,472 $ 23,986 $ 16,868 $ 2,405,969 $ 2,446,823 June 30, 2017 Retail consumer loans: One-to-four family $ 28 $ 863 $ 3,585 $ 4,476 $ 8,069 $ 10,305 $ 665,715 $ 684,089 HELOCs - originated — 44 1,340 1,384 288 12 156,768 157,068 HELOCs - purchased — — 838 838 — — 162,407 162,407 Construction and land/lots — 88 889 977 528 634 48,974 50,136 Indirect auto finance — 1 880 881 — 1 140,878 140,879 Consumer — 8 49 57 18 8 7,874 7,900 Commercial loans: Commercial real estate 512 239 6,600 7,351 17,383 6,284 706,741 730,408 Construction and development 171 13 2,982 3,166 2,629 2,184 193,153 197,966 Commercial and industrial 16 287 1,221 1,524 2,626 1,514 116,247 120,387 Municipal leases — — 497 497 — — 101,175 101,175 Total $ 727 $ 1,543 $ 18,881 $ 21,151 $ 31,541 $ 20,942 $ 2,299,932 $ 2,352,415 |
Schedule of Impaired Loans and Related Allowance by Segment and Class | The Company's impaired loans and the related allowance, by segment and class, at the dates indicated follows: Total Impaired Loans Unpaid Principal Balance Recorded Investment With a Recorded Allowance Recorded Investment With No Recorded Allowance Total Related Recorded Allowance March 31, 2018 Retail consumer loans: One-to-four family $ 27,014 $ 18,958 $ 4,858 $ 23,816 $ 782 HELOCs - originated 3,189 1,402 559 1,961 10 HELOCs - purchased 189 189 — 189 1 Construction and land/lots 2,382 1,127 451 1,578 56 Indirect auto finance 365 288 16 304 2 Consumer 508 8 39 47 6 Commercial loans: Commercial real estate 6,717 4,780 1,728 6,508 170 Construction and development 4,109 970 1,853 2,823 16 Commercial and industrial 6,058 496 643 1,139 10 Municipal leases 98 98 — 98 — Total impaired loans $ 50,629 $ 28,316 $ 10,147 $ 38,463 $ 1,053 June 30, 2017 Retail consumer loans: One-to-four family $ 28,469 $ 17,353 $ 7,773 $ 25,126 $ 881 HELOCs - originated 4,070 2,270 532 2,802 49 HELOCs - purchased 192 — 192 192 — Construction and land/lots 2,817 1,310 468 1,778 88 Indirect auto finance 22 — 1 1 1 Consumer 552 15 27 42 8 Commercial loans: Commercial real estate 8,307 4,721 3,186 7,907 253 Construction and development 3,768 1,024 1,617 2,641 16 Commercial and industrial 7,757 845 1,231 2,076 288 Municipal leases 400 106 294 400 — Total impaired loans $ 56,354 $ 27,644 $ 15,321 $ 42,965 $ 1,584 |
Schedule of Average Recorded Investment in Loans, Unpaid Principal Balance and Interest Income Recognized | The Company's average recorded investment in impaired loans and interest income recognized on impaired loans for the three and nine months ended March 31, 2018 and 2017 was as follows: Three Months Ended March 31, 2018 March 31, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Retail consumer loans: One-to-four family $ 23,988 $ 325 $ 25,262 $ 300 HELOCs - originated 2,280 36 2,315 32 HELOC - purchased 189 4 — — Construction and land/lots 1,594 28 1,906 29 Indirect auto finance 295 4 166 1 Consumer 39 4 32 5 Commercial loans: Commercial real estate 6,818 54 8,305 83 Construction and development 3,050 18 2,816 14 Commercial and industrial 1,264 22 2,628 39 Municipal leases 98 — 407 6 Total loans $ 39,615 $ 495 $ 43,837 $ 509 Nine Months Ended March 31, 2018 March 31, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Retail consumer loans: One-to-four family $ 24,495 $ 916 $ 25,963 $ 881 HELOCs - originated 2,566 83 2,649 98 HELOCs - purchased 190 10 — — Construction and land/lots 1,633 82 1,654 105 Indirect auto finance 192 17 111 9 Consumer 39 12 30 15 Commercial loans: Commercial real estate 7,196 161 7,716 221 Construction and development 2,852 71 2,594 35 Commercial and industrial 1,665 68 3,249 96 Municipal leases 176 6 410 18 Total loans $ 41,004 $ 1,426 $ 44,376 $ 1,478 |
Impaired Financing Receivable | A summary of changes in the accretable yield for PCI loans for the three and nine months ended March 31, 2018 and 2017 was as follows: Three Months Ended March 31, 2018 March 31, 2017 Accretable yield, beginning of period $ 6,221 $ 7,519 Addition from the TriSummit acquisition — 1,288 Reclass from nonaccretable yield (1) 163 296 Other changes, net (2) 222 396 Interest income (501 ) (1,722 ) Accretable yield, end of period $ 6,105 $ 7,777 Nine Months Ended March 31, 2018 March 31, 2017 Accretable yield, beginning of period $ 7,080 $ 9,532 Addition from the TriSummit acquisition — 1,288 Reclass from nonaccretable yield (1) 441 1,368 Other changes, net (2) 329 (345 ) Interest income (1,745 ) (4,066 ) Accretable yield, end of period $ 6,105 $ 7,777 ______________________________________ (1) Represents changes attributable to expected losses assumptions. (2) Represents changes in cash flows expected to be collected due to the impact of modifications, changes in prepayment assumptions, and changes in interest rates. |
Troubled Debt Restructurings on Financing Receivables | For the three and nine months ended March 31, 2018 and 2017 , the following table presents a breakdown of the types of concessions made on TDRs by loan class: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment Below market interest rate: Retail consumer: One-to-four family — $ — $ — 3 $ 162 $ 163 Total — $ — $ — 3 $ 162 $ 163 Extended payment terms: Retail consumer: One-to-four family — $ — $ — 2 $ 76 $ 60 Commercial & Industrial — — — 1 439 439 Total — $ — $ — 3 $ 515 $ 499 Other TDRs: Retail consumer: One-to-four family 5 $ 470 $ 465 3 $ 135 $ 136 HELOCs - originated — — — 1 30 30 Construction and land/lots — — — 2 150 149 Commercial: Commercial real estate — — — 3 2,443 2,145 Total 5 $ 470 $ 465 9 $ 2,758 $ 2,460 Total 5 $ 470 $ 465 15 $ 3,435 $ 3,122 Nine Months Ended March 31, 2018 Nine Months Ended March 31, 2017 Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment Number of Loans Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment Below market interest rate: Retail consumer: One-to-four family — $ — $ — 3 $ 162 $ 163 Total — $ — $ — 3 $ 162 $ 163 Extended payment terms: Retail consumer: One-to-four family 4 $ 462 $ 450 5 $ 215 $ 195 HELOCs - originated — — — — — — Construction and land/lots 1 36 34 1 280 271 Consumer — — — 1 — 1 Commercial: Commercial and industrial — — — 1 439 439 Total 5 $ 498 $ 484 8 $ 934 $ 906 Other TDRs: Retail consumer: One-to-four family 19 $ 1,583 $ 1,559 10 $ 353 $ 352 HELOCs - originated — — — 2 33 32 Construction and land/lots — — — 4 404 396 Commercial: Commercial real estate — — — 3 2,443 2,145 Commercial and industrial — — — 1 24 24 Total 19 $ 1,583 $ 1,559 20 $ 3,257 $ 2,949 Total 24 $ 2,081 $ 2,043 31 $ 4,353 $ 4,018 |
Schedule of Trouble Debt Restructurings With Payment Default | The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three and nine months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Number of Loans Recorded Investment Number of Loans Recorded Investment Other TDRs: Retail consumer: One-to-four family 2 $ 145 2 $ 27 Commercial: Commercial and industrial — — 4 900 Total 2 $ 145 6 $ 927 Total 2 $ 145 6 $ 927 Nine Months Ended March 31, 2018 Nine Months Ended March 31, 2017 Number of Loans Recorded Investment Number of Loans Recorded Investment Other TDRs: Retail consumer: One-to-four family 2 $ 145 2 $ 27 Commercial and industrial — — 4 900 Total 2 $ 145 6 $ 927 Total 2 $ 145 6 $ 927 |
Real Estate Owned (Tables)
Real Estate Owned (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Real Estate Owned [Abstract] | |
Schedule of Real Estate Properties | The activity within REO for the periods shown is as follows: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Balance at beginning of period $ 4,818 $ 5,648 $ 6,318 $ 5,956 Transfers from loans 566 593 1,157 1,923 Acquired through mergers — 1,511 — 1,511 Sales, net of gain or loss (143 ) (1,450 ) (1,901 ) (3,001 ) Writedowns (188 ) (34 ) (539 ) (121 ) Capital improvements — 11 18 11 Balance at end of period $ 5,053 $ 6,279 $ 5,053 $ 6,279 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | Income tax expense consists of: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Current: Federal $ 81 $ (41 ) $ 311 $ 149 State 3 — 11 29 Total current expense (benefit) 84 (41 ) 322 178 Deferred: Federal 2,139 (234 ) 5,820 2,123 State 166 (50 ) 572 691 Adjustment due to the Tax Cuts and Jobs Act 318 — 18,011 — Total deferred expense (benefit) 2,623 (284 ) 24,403 2,814 Total income tax expense (benefit) $ 2,707 $ (325 ) $ 24,725 $ 2,992 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 28% and 34% for the periods ended March 31, 2018 and 2017, respectively, to pretax income from continuing operations before income taxes as a result of the following: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 $ Rate $ Rate $ Rate $ Rate Tax at federal income tax rate $ 2,429 28 % $ (17 ) (34 )% $ 7,082 28 % $ 3,425 34 % Increase (decrease) resulting from: Tax exempt income (270 ) (3 )% (343 ) (672 )% (811 ) (3 )% (1,055 ) (10 )% Nondeductible merger expenses — — % 63 124 % 1 — % 91 — % Change in valuation allowance for deferred tax assets, allocated to income tax expense (36 ) — % 47 92 % (220 ) (1 )% (217 ) (2 )% State tax, net of federal benefit 122 1 % (33 ) (65 )% 326 1 % 152 2 % Change in deferred tax assets due to North Carolina corporate tax rate decrease — — % — — % 133 — % 490 5 % Change in deferred tax assets due to the Tax Cuts and Jobs Act 318 4 % — — % 18,011 70 % — — % Other 144 1 % (42 ) (82 )% 203 1 % 106 1 % Total $ 2,707 31 % $ (325 ) (637 )% $ 24,725 96 % $ 2,992 30 % |
Schedule of Deferred Tax Assets and Liabilities | The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at March 31, 2018 and June 30, 2017 are presented below: March 31, 2018 June 30, 2017 Deferred tax assets: Alternative minimum tax credit $ 4,818 $ 4,418 Allowance for loan losses 4,732 7,452 Deferred compensation and post-retirement benefits 9,553 16,055 Accrued vacation and sick leave 18 29 Impairments on real estate owned 901 1,337 Other than temporary impairment on investments 2,258 3,617 Net operating loss carryforward 9,590 21,443 Discount from business combination 2,948 3,645 Unrealized loss on securities held for sale 387 — Stock compensation plans 2,057 2,884 Other 1,336 2,687 Total gross deferred tax assets 38,598 63,567 Less valuation allowance (336 ) (238 ) Deferred tax assets 38,262 63,329 Deferred tax (liabilities): Depreciable basis of fixed assets (563 ) (670 ) Deferred loan fees (437 ) (493 ) FHLB stock, book basis in excess of tax (89 ) (143 ) Unrealized gain on securities available for sale — (152 ) Other (2,862 ) (4,484 ) Total gross deferred tax liabilities (3,951 ) (5,942 ) Net deferred tax assets $ 34,311 $ 57,387 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the numerator and denominator of basic and diluted net income per share of common stock: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Numerator: Net income $ 6,127 $ 274 $ 1,028 $ 7,081 Allocation of earnings to participating securities (45 ) (3 ) (7 ) (78 ) Numerator for basic EPS - Net income available to common stockholders $ 6,082 $ 271 $ 1,021 $ 7,003 Effect of dilutive securities: Dilutive effect to participating securities 2 — — 2 Numerator for diluted EPS $ 6,084 $ 271 $ 1,021 $ 7,005 Denominator: Weighted-average common shares outstanding - basic 18,052,000 17,808,920 17,997,997 17,194,466 Effect of dilutive shares 709,586 587,234 690,489 534,317 Weighted-average common shares outstanding - diluted 18,761,586 18,396,154 18,688,486 17,728,783 Net income per share - basic $ 0.34 $ 0.01 $ 0.06 $ 0.40 Net income per share - diluted $ 0.32 $ 0.01 $ 0.06 $ 0.40 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The table below presents share based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three and nine months ended March 31, 2018 and 2016: Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Share based compensation expense $ 569 $ 451 $ 2,583 $ 3,244 Tax benefit $ 159 $ 167 $ 723 $ 1,200 |
Equity Incentive Plan Stock Option Activity | The table below presents stock option activity for the nine months ended March 31, 2018 and 2017 : Options Weighted- Remaining Aggregate Options outstanding at June 30, 2016 1,529,300 $ 14.50 6.8 $ 6,117 Granted 60,500 24.95 — — Granted, TriSummit acquisition 86,185 23.82 — — Exercised 159,443 15.39 — — Forfeited 1,000 17.35 — — Expired 1,800 14.37 — — Options outstanding at March 31, 2017 1,513,742 $ 15.35 5.9 $ 12,443 Exercisable at March 31, 2017 1,059,642 $ 15.04 Options outstanding at June 30, 2017 1,470,043 $ 15.22 5.8 $ 13,533 Granted 360,400 26.00 — — Exercised 37,400 14.75 — — Forfeited 24,700 14.43 — — Expired 43,273 23.82 — — Options outstanding at March 31, 2018 1,725,070 $ 17.28 6.2 $ 15,136 Exercisable at March 31, 2018 1,230,270 $ 14.51 5.0 $ 14,200 Non-vested at March 31, 2018 494,800 $ 24.16 9.1 $ 936 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Assumptions used in estimating the fair value of options granted during the nine months ended March 31, 2018 and 2017: March 31, March 31, 2018 2017 Weighted-average volatility 17.69 % 16.70 % Expected dividend yield — % — % Risk-free interest rate 2.83 % 2.41 % Expected life (years) 6.5 6.5 Weighted-average fair value of options granted $ 8.82 $ 7.76 |
Schedule of Nonvested Restricted Stock Units Activity | The table below presents restricted stock award activity for the nine months ended March 31, 2018 and 2017 : Restricted stock awards Weighted- average grant date fair value Aggregate Intrinsic Value Non-vested at June 30, 2016 248,750 $ 14.81 $ 4,602 Granted 47,500 24.70 — Vested 104,620 14.58 — Forfeited 1,000 17.35 — Non-vested at March 31, 2017 190,630 $ 17.38 $ 3,411 Non-vested at June 30, 2017 185,630 $ 17.46 $ 4,780 Granted 55,200 25.89 — Vested 100,820 15.14 — Forfeited 6,600 14.37 — Non-vested at March 31, 2018 133,410 $ 22.85 $ 3,475 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents financial assets measured at fair value on a recurring basis at the dates indicated: March 31, 2018 Description Total Level 1 Level 2 Level 3 U.S Government Agencies $ 47,531 $ — $ 47,531 $ — Residential Mortgage-backed Securities of U.S. Government Agencies and Government Sponsored Enterprises 75,260 — 75,260 — Municipal Bonds 32,036 — 32,036 — Corporate Bonds 6,081 — 6,081 — Equity Securities 63 — 63 — Total $ 160,971 $ — $ 160,971 $ — June 30, 2017 Description Total Level 1 Level 2 Level 3 U.S Government Agencies $ 65,830 $ — $ 65,830 $ — Residential Mortgage-backed Securities of U.S. Government Agencies and Government Sponsored Enterprises 92,971 — 92,971 — Municipal Bonds 34,510 — 34,510 — Corporate Bonds 6,293 — 6,293 — Equity Securities 63 — 63 — Total $ 199,667 $ — $ 199,667 $ — |
Fair Value Measurements, Nonrecurring | The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated: March 31, 2018 Description Total Level 1 Level 2 Level 3 Impaired loans $ 8,172 $ — $ — $ 8,172 REO 3,670 — — 3,670 Total $ 11,842 $ — $ — $ 11,842 June 30, 2017 Description Total Level 1 Level 2 Level 3 Impaired loans $ 9,156 $ — $ — $ 9,156 REO 4,044 — — 4,044 Total $ 13,200 $ — $ — $ 13,200 |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative information about Level 3 fair value measurements during the period ended March 31, 2018 is shown in the table below: Fair Value at March 31, 2018 Valuation Techniques Unobservable Input Range Weighted Average Nonrecurring measurements: Impaired loans, net $ 8,172 Discounted appraisals and discounted cash flows Collateral discounts 3% - 30% 1% - 4% 4% REO $ 3,670 Discounted appraisals Collateral discounts 10% - 15% 12% |
Fair Value, by Balance Sheet Grouping | The stated carrying value and estimated fair value amounts of financial instruments as of March 31, 2018 and June 30, 2017 , are summarized below: March 31, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 Cash and interest-bearing deposits $ 79,396 $ 79,396 $ 79,396 $ — $ — Commercial paper 239,435 239,435 239,435 — — Certificates of deposit in other banks 84,218 84,218 — 84,218 — Securities available for sale 160,971 160,971 — 160,971 $ — Loans, net 2,424,283 2,356,454 — — 2,356,454 Loans held for sale 6,071 6,192 — — 6,192 FHLB stock 29,482 29,482 29,482 — — FRB stock 7,301 7,301 7,301 — — Accrued interest receivable 9,216 9,216 — 1,335 7,881 Noninterest-bearing and NOW deposits 800,809 800,809 — 800,809 — Money market accounts 659,791 659,791 — 659,791 — Savings accounts 220,497 220,497 — 220,497 — Certificates of deposit 499,227 493,178 — 493,178 — Borrowings 625,000 624,755 — 624,755 — Accrued interest payable 806 806 — 806 — June 30, 2017 Carrying Value Fair Value Level 1 Level 2 Level 3 Cash and interest-bearing deposits $ 86,985 $ 86,985 $ 86,985 $ — $ — Commercial paper 149,863 149,863 149,863 — — Certificates of deposit in other banks 132,274 132,274 — 132,274 — Securities available for sale 199,667 199,667 — 199,667 — Loans, net 2,330,319 2,230,683 — — 2,230,683 Loans held for sale 5,607 5,719 — — 5,719 FHLB stock 32,071 32,071 32,071 — — FRB stock 7,284 7,284 7,284 — — Accrued interest receivable 8,758 8,758 331 1,078 7,349 Noninterest-bearing and NOW deposits 779,549 779,549 — 779,549 — Money market accounts 569,607 569,607 — 569,607 — Savings accounts 237,149 237,149 — 237,149 — Certificates of deposit 462,146 458,818 — 458,818 — Borrowings 696,500 696,500 — 696,500 — Accrued interest payable 512 512 — 512 — |
Recent Accounting Pronounceme28
Recent Accounting Pronouncements (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2016 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Cumulative-effect adjustment on the change in accounting for share-based payments | $ 680,000 | $ 0 |
Accounting Standards Update 2016-09 [Member] | Additional Paid In Capital | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Cumulative-effect adjustment on the change in accounting for share-based payments | $ 680,000 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2017 | Dec. 31, 2016 | Mar. 31, 2018 |
United Financial of North Carolina, Inc. | |||
Business Acquisition [Line Items] | |||
Aggregate transaction consideration | $ 425 | ||
Aggregate cash consideration | $ 200 | $ 225 | |
TriSummit Bancorp | |||
Business Acquisition [Line Items] | |||
Aggregate transaction consideration | $ 36,126 | ||
Aggregate cash consideration | $ 16,083 | ||
Business Combination, Number Of Shares Converted, Net Of Cancellations | 86,185 | ||
Shares issued for acquisition | 765,277 | ||
TriSummit Bancorp | Common Stock | |||
Business Acquisition [Line Items] | |||
Business Combination, Right To Receive Cash | $ 4.40 | ||
Business Combination, Right To Receive Shares | 0.2099 | ||
TriSummit Bancorp | TriSummit Bancorp | |||
Business Acquisition [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Canceled, Percent | 50.00% | ||
TriSummit Bancorp | TriSummit Bancorp | Series B, C, and D TARP Preferred Stock | |||
Business Acquisition [Line Items] | |||
Value of redeemed preferred stock | $ 7,222 |
Business Combinations - Acquire
Business Combinations - Acquiree Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2017 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 |
Assets | ||||||||
Cash and cash equivalents | $ 79,396 | $ 86,985 | $ 80,274 | $ 52,596 | ||||
Certificates of deposit in other financial institutions | 84,218 | 132,274 | ||||||
Other investments, at cost | 36,783 | 39,355 | ||||||
Premises and equipment, net | 62,725 | 63,648 | ||||||
Real estate owned (REO) | 5,053 | $ 4,818 | 6,318 | $ 6,279 | $ 5,648 | $ 5,956 | ||
Deferred income tax | 38,262 | 63,329 | ||||||
Bank owned life insurance (BOLI) | 87,532 | 85,981 | ||||||
Core deposit intangibles | 5,131 | 7,173 | ||||||
Other assets | 10,100 | 7,560 | ||||||
Total assets acquired | 3,270,863 | 3,206,533 | ||||||
Deposits | 2,180,324 | 2,048,451 | ||||||
Borrowings | 625,000 | 696,500 | ||||||
Other liabilities | 62,066 | 61,998 | ||||||
Total liabilities assumed | 2,869,310 | 2,808,886 | ||||||
Goodwill | $ 25,638 | $ 25,638 | ||||||
TriSummit Bancorp | ||||||||
Consideration Paid: | ||||||||
Cash paid including cash in lieu of fractional shares | $ 16,083 | |||||||
Fair value of HomeTrust common stock at $25.90 per share | 20,043 | |||||||
Total consideration | 36,126 | |||||||
Assets | ||||||||
Cash and cash equivalents | 0 | |||||||
Cash and cash equivalents | 5,498 | |||||||
Certificates of deposit in other banks | 0 | |||||||
Certificates of deposit in other banks | 250 | |||||||
Investment securities | (203) | |||||||
Investment securities | 58,525 | |||||||
Other investments, at cost | 0 | |||||||
Other investments, at cost | 2,614 | |||||||
Loans, net | (3,867) | |||||||
Loans, net | 258,059 | |||||||
Premises and equipment, net | (2,419) | |||||||
Premises and equipment, net | 10,422 | |||||||
REO | (122) | |||||||
REO | 1,511 | |||||||
Deferred income tax | 4,462 | |||||||
Deferred income tax | 7,115 | |||||||
Bank owned life insurance | 0 | |||||||
Bank owned life insurance | 3,762 | |||||||
Core deposit intangibles | 1,575 | |||||||
Core deposit intangibles | 2,860 | |||||||
Other assets | (105) | |||||||
Other assets | 1,348 | |||||||
Total assets acquired | (679) | |||||||
Total assets acquired | 351,964 | |||||||
Deposits | 587 | |||||||
Deposits | 280,234 | |||||||
Borrowings | 16 | |||||||
Borrowings | 47,469 | |||||||
Other liabilities | 0 | |||||||
Other liabilities | 675 | |||||||
Total liabilities assumed | 603 | |||||||
Total liabilities assumed | 328,378 | |||||||
Net identifiable assets acquired over liabilities assumed | 1,282 | |||||||
Net identifiable assets acquired over liabilities assumed | 23,586 | |||||||
Goodwill | $ 12,540 | |||||||
Business Acquisition, Share Price | $ 25.90 | |||||||
TriSummit Bancorp | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 5,498 | |||||||
Certificates of deposit in other financial institutions | 250 | |||||||
Investment securities | 58,728 | |||||||
Other investments, at cost | 2,614 | |||||||
Loans, net | 261,926 | |||||||
Premises and equipment, net | 12,841 | |||||||
Real estate owned (REO) | 1,633 | |||||||
Deferred income tax | 2,653 | |||||||
Bank owned life insurance (BOLI) | 3,762 | |||||||
Core deposit intangibles | 1,285 | |||||||
Other assets | 1,453 | |||||||
Total assets acquired | 352,643 | |||||||
Deposits | 279,647 | |||||||
Borrowings | 47,453 | |||||||
Other liabilities | 675 | |||||||
Total liabilities assumed | 327,775 | |||||||
Net Assets | $ 24,868 |
Business Combinations - Financi
Business Combinations - Financial Loan Portfolio Acquired (Details) $ in Thousands | Jan. 01, 2017USD ($) |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 258,059 |
PCI | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 7,696 |
Retail Consumer Loans | One to four family loans | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 78,932 |
Retail Consumer Loans | One to four family loans | PCI | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 3,753 |
Retail Consumer Loans | Home Equity Line of Credit [Member] | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 6,481 |
Retail Consumer Loans | Home Equity Line of Credit [Member] | PCI | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2 |
Retail Consumer Loans | Construction and land/lots | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 15,591 |
Retail Consumer Loans | Construction and land/lots | PCI | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 |
Retail Consumer Loans | Consumer loans | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,703 |
Retail Consumer Loans | Consumer loans | PCI | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 17 |
Commercial Loans | Commercial real estate | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 111,374 |
Commercial Loans | Commercial real estate | PCI | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 3,494 |
Commercial Loans | Construction and development loans | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 15,395 |
Commercial Loans | Construction and development loans | PCI | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 142 |
Commercial Loans | Commercial and industrial | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 28,583 |
Commercial Loans | Commercial and industrial | PCI | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 288 |
Performing financing receivable | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 250,363 |
Performing financing receivable | Retail Consumer Loans | One to four family loans | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 75,179 |
Performing financing receivable | Retail Consumer Loans | Home Equity Line of Credit [Member] | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 6,479 |
Performing financing receivable | Retail Consumer Loans | Construction and land/lots | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 15,591 |
Performing financing receivable | Retail Consumer Loans | Consumer loans | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,686 |
Performing financing receivable | Commercial Loans | Commercial real estate | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 107,880 |
Performing financing receivable | Commercial Loans | Construction and development loans | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 15,253 |
Performing financing receivable | Commercial Loans | Commercial and industrial | |
Business Acquisition [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 28,295 |
TriSummit Bancorp | PCI | |
Business Acquisition [Line Items] | |
Contractually required principal and interest payments receivable | 11,474 |
Amounts not expected to be collected - nonaccretable difference | 2,490 |
Estimated payments expected to be received | 8,984 |
Accretable yield | 1,288 |
Fair value of PCI loans | 7,696 |
TriSummit Bancorp | Performing financing receivable | |
Business Acquisition [Line Items] | |
Contractually required principal and interest payments receivable | 255,852 |
Amounts not expected to be collected - nonaccretable difference | 5,489 |
Estimated payments expected to be received | $ 250,363 |
Securities Available For Sale -
Securities Available For Sale - Available for Sale Securities Table (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 162,656 | $ 199,253 |
Gross Unrealized Gains | 317 | 1,112 |
Gross Unrealized Losses | (2,002) | (698) |
Estimated Fair Value | 160,971 | 199,667 |
U.S. Government Agencies | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 48,006 | 65,947 |
Gross Unrealized Gains | 12 | 184 |
Gross Unrealized Losses | (487) | (301) |
Estimated Fair Value | 47,531 | 65,830 |
Government Agencies and Government Sponsored Enterprises | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 76,390 | 92,841 |
Gross Unrealized Gains | 92 | 411 |
Gross Unrealized Losses | (1,222) | (281) |
Estimated Fair Value | 75,260 | 92,971 |
Municipal Bonds | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 32,006 | 34,135 |
Gross Unrealized Gains | 186 | 403 |
Gross Unrealized Losses | (156) | (28) |
Estimated Fair Value | 32,036 | 34,510 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 6,191 | 6,267 |
Gross Unrealized Gains | 27 | 114 |
Gross Unrealized Losses | (137) | (88) |
Estimated Fair Value | 6,081 | 6,293 |
Equity Securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 63 | 63 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 63 | $ 63 |
Securities Available For Sale33
Securities Available For Sale - Schedule of Investments Classified by Contractual Maturity Date (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Amortized Cost | |
Due within one year | $ 21,551 |
Due after one year through five years | 46,584 |
Due after five years through ten years | 8,691 |
Due after ten years | 9,377 |
Total | 162,593 |
Estimated Fair Value | |
Due within one year | 21,409 |
Due after one year through five years | 46,062 |
Due after five years through ten years | 8,807 |
Due after ten years | 9,370 |
Total | 160,908 |
Government Agencies and Government Sponsored Enterprises | |
Amortized Cost | |
Total | 76,390 |
Estimated Fair Value | |
Total | $ 75,260 |
Securities Available For Sale34
Securities Available For Sale - Narrative (Details) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)security | Mar. 31, 2017USD ($) | Jun. 30, 2017USD ($)security | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sale of securities available for sale | $ 0 | $ 16,341,000 | |
Gross realized gain (loss) | 0 | $ 0 | |
Available-for-sale securities pledged as collateral | 143,712,000 | $ 156,592,000 | |
Securities available for sale pledged as collateral market value | $ 142,340,000 | $ 154,264,000 | |
Number of securities with unrealized losses | security | 205 | 136 | |
Other than temporary impairment losses | $ 0 | $ 0 |
Securities Available For Sale-
Securities Available For Sale- Available for Sale Securities Continuous Unrealized Loss Position Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | $ 68,798 | $ 102,575 |
12 Months or More, Fair Value | 59,719 | 10,891 |
Total, Fair Value | 128,517 | 113,466 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (910) | (578) |
12 Months or More, Unrealized Losses | (1,092) | (120) |
Total, Unrealized Losses | (2,002) | (698) |
U.S. Government Agencies | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | 8,331 | 46,767 |
12 Months or More, Fair Value | 35,567 | 6,921 |
Total, Fair Value | 43,898 | 53,688 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (58) | (222) |
12 Months or More, Unrealized Losses | (429) | (79) |
Total, Unrealized Losses | (487) | (301) |
Government Agencies and Government Sponsored Enterprises | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | 43,585 | 42,921 |
12 Months or More, Fair Value | 19,479 | 3,970 |
Total, Fair Value | 63,064 | 46,891 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (712) | (240) |
12 Months or More, Unrealized Losses | (510) | (41) |
Total, Unrealized Losses | (1,222) | (281) |
Municipal Bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | 16,882 | 9,153 |
12 Months or More, Fair Value | 1,054 | 0 |
Total, Fair Value | 17,936 | 9,153 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | (140) | (28) |
12 Months or More, Unrealized Losses | (16) | 0 |
Total, Unrealized Losses | (156) | (28) |
Corporate Bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 Months, Fair Value | 0 | 3,734 |
12 Months or More, Fair Value | 3,619 | 0 |
Total, Fair Value | 3,619 | 3,734 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Less than 12 Months, Unrealized Losses | 0 | (88) |
12 Months or More, Unrealized Losses | (137) | 0 |
Total, Unrealized Losses | $ (137) | $ (88) |
Loans - Schedule of Accounts, N
Loans - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | $ 2,446,823 | $ 2,352,415 |
Deferred loan fees, net | (1,068) | (945) |
Total loans, net of deferred loan fees | 2,445,755 | 2,351,470 |
Allowance for loan losses | (21,472) | (21,151) |
Net loans | 2,424,283 | 2,330,319 |
Retail Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 1,218,867 | 1,202,479 |
Retail Consumer Loans | One to four family loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 670,036 | 684,089 |
Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 160,664 | 140,879 |
Retail Consumer Loans | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 11,317 | 7,900 |
Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 143,049 | 157,068 |
Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 165,680 | 162,407 |
Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 68,121 | 50,136 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 1,227,956 | 1,149,936 |
Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 810,332 | 730,408 |
Commercial Loans | Construction and development loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 184,179 | 197,966 |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 132,337 | 120,387 |
Commercial Loans | Municipal leases | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | $ 101,108 | $ 101,175 |
Loans - Financing Receivable Cr
Loans - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | $ 2,422,837 | $ 2,320,874 |
Pass | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 2,377,683 | 2,274,470 |
Special Mention | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 16,351 | 14,995 |
Substandard | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 27,664 | 30,031 |
Doubtful | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 1,112 | 1,350 |
Loss | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 27 | 28 |
Retail Consumer Loans | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 662,626 | 676,020 |
Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 11,315 | 7,882 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 142,792 | 156,780 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 165,680 | 162,407 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 67,666 | 49,608 |
Retail Consumer Loans | Pass | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 642,998 | 655,424 |
Retail Consumer Loans | Pass | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 11,276 | 7,828 |
Retail Consumer Loans | Pass | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 139,824 | 153,676 |
Retail Consumer Loans | Pass | HELOCs - purchased | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 165,491 | 162,215 |
Retail Consumer Loans | Pass | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 66,914 | 48,728 |
Retail Consumer Loans | Special Mention | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 5,628 | 4,715 |
Retail Consumer Loans | Special Mention | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 9 | 12 |
Retail Consumer Loans | Special Mention | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 639 | 809 |
Retail Consumer Loans | Special Mention | HELOCs - purchased | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Retail Consumer Loans | Special Mention | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 409 | 479 |
Retail Consumer Loans | Substandard | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 13,087 | 14,769 |
Retail Consumer Loans | Substandard | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 21 | 34 |
Retail Consumer Loans | Substandard | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 2,169 | 2,100 |
Retail Consumer Loans | Substandard | HELOCs - purchased | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 189 | 192 |
Retail Consumer Loans | Substandard | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 289 | 341 |
Retail Consumer Loans | Doubtful | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 901 | 1,101 |
Retail Consumer Loans | Doubtful | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 3 | 0 |
Retail Consumer Loans | Doubtful | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 154 | 188 |
Retail Consumer Loans | Doubtful | HELOCs - purchased | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Retail Consumer Loans | Doubtful | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 54 | 60 |
Retail Consumer Loans | Loss | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 12 | 11 |
Retail Consumer Loans | Loss | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 6 | 8 |
Retail Consumer Loans | Loss | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 6 | 7 |
Retail Consumer Loans | Loss | HELOCs - purchased | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Retail Consumer Loans | Loss | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 799,061 | 713,025 |
Commercial Loans | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 181,742 | 195,337 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 130,183 | 117,761 |
Commercial Loans | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 101,108 | 101,175 |
Commercial Loans | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 784,617 | 700,060 |
Commercial Loans | Pass | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 178,771 | 192,025 |
Commercial Loans | Pass | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 126,888 | 113,923 |
Commercial Loans | Pass | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 100,701 | 99,811 |
Commercial Loans | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 7,161 | 5,847 |
Commercial Loans | Special Mention | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 600 | 992 |
Commercial Loans | Special Mention | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 1,596 | 883 |
Commercial Loans | Special Mention | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 309 | 1,258 |
Commercial Loans | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 7,283 | 7,118 |
Commercial Loans | Substandard | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 2,371 | 2,320 |
Commercial Loans | Substandard | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 1,696 | 2,954 |
Commercial Loans | Substandard | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 98 | 106 |
Commercial Loans | Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Commercial Loans | Doubtful | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Commercial Loans | Doubtful | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Commercial Loans | Doubtful | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Commercial Loans | Loss | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Commercial Loans | Loss | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Commercial Loans | Loss | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 3 | 1 |
Commercial Loans | Loss | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | $ 0 | $ 0 |
Loans - Schedule of PCI Loans C
Loans - Schedule of PCI Loans Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment | ||
Total loans | $ 2,422,837 | $ 2,320,874 |
Pass | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,377,683 | 2,274,470 |
Special Mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 16,351 | 14,995 |
Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 27,664 | 30,031 |
Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,112 | 1,350 |
Loss | ||
Financing Receivable, Recorded Investment | ||
Total loans | 27 | 28 |
Retail Consumer Loans | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 662,626 | 676,020 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 142,792 | 156,780 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 67,666 | 49,608 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 160,664 | 140,879 |
Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 11,315 | 7,882 |
Retail Consumer Loans | Pass | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 642,998 | 655,424 |
Retail Consumer Loans | Pass | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 139,824 | 153,676 |
Retail Consumer Loans | Pass | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 66,914 | 48,728 |
Retail Consumer Loans | Pass | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 160,203 | 140,780 |
Retail Consumer Loans | Pass | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 11,276 | 7,828 |
Retail Consumer Loans | Special Mention | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 5,628 | 4,715 |
Retail Consumer Loans | Special Mention | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 639 | 809 |
Retail Consumer Loans | Special Mention | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 409 | 479 |
Retail Consumer Loans | Special Mention | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Retail Consumer Loans | Special Mention | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 9 | 12 |
Retail Consumer Loans | Substandard | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 13,087 | 14,769 |
Retail Consumer Loans | Substandard | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,169 | 2,100 |
Retail Consumer Loans | Substandard | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 289 | 341 |
Retail Consumer Loans | Substandard | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 461 | 97 |
Retail Consumer Loans | Substandard | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 21 | 34 |
Retail Consumer Loans | Doubtful | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 901 | 1,101 |
Retail Consumer Loans | Doubtful | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 154 | 188 |
Retail Consumer Loans | Doubtful | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 54 | 60 |
Retail Consumer Loans | Doubtful | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 1 |
Retail Consumer Loans | Doubtful | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3 | 0 |
Retail Consumer Loans | Loss | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 12 | 11 |
Retail Consumer Loans | Loss | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 6 | 7 |
Retail Consumer Loans | Loss | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Retail Consumer Loans | Loss | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 1 |
Retail Consumer Loans | Loss | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 6 | 8 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 799,061 | 713,025 |
Commercial Loans | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 181,742 | 195,337 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 130,183 | 117,761 |
Commercial Loans | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 784,617 | 700,060 |
Commercial Loans | Pass | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 178,771 | 192,025 |
Commercial Loans | Pass | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 126,888 | 113,923 |
Commercial Loans | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 7,161 | 5,847 |
Commercial Loans | Special Mention | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 600 | 992 |
Commercial Loans | Special Mention | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,596 | 883 |
Commercial Loans | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 7,283 | 7,118 |
Commercial Loans | Substandard | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,371 | 2,320 |
Commercial Loans | Substandard | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,696 | 2,954 |
Commercial Loans | Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Commercial Loans | Doubtful | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Commercial Loans | Doubtful | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Commercial Loans | Loss | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Commercial Loans | Loss | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Commercial Loans | Loss | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3 | 1 |
Purchased Credit Impaired (PCI) Loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 23,986 | 31,541 |
Purchased Credit Impaired (PCI) Loans | Pass | ||
Financing Receivable, Recorded Investment | ||
Total loans | 11,730 | 15,571 |
Purchased Credit Impaired (PCI) Loans | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3,978 | 3,486 |
Purchased Credit Impaired (PCI) Loans | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 8,278 | 12,274 |
Purchased Credit Impaired (PCI) Loans | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 210 |
Purchased Credit Impaired (PCI) Loans | Loss | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 7,410 | 8,069 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 257 | 288 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 455 | 528 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2 | 18 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Pass | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,806 | 3,115 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Pass | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 257 | 258 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Pass | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 455 | 487 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Pass | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2 | 4 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Special Mention | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,113 | 1,129 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Special Mention | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Special Mention | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Special Mention | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 14 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Substandard | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3,491 | 3,615 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Substandard | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 30 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Substandard | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 41 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Substandard | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Doubtful | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 210 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Doubtful | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Doubtful | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Doubtful | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Loss | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Loss | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Loss | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Loss | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 11,271 | 17,383 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,437 | 2,629 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,154 | 2,626 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 5,613 | 8,909 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Pass | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 570 | 338 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Pass | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,027 | 2,460 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,860 | 2,299 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Special Mention | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Special Mention | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 5 | 44 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,798 | 6,175 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Substandard | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,867 | 2,291 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Substandard | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 122 | 122 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Doubtful | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Doubtful | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Loss | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Loss | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Loss | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | $ 0 | $ 0 |
Loans - Schedule of Past Due Fi
Loans - Schedule of Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 13,494 | $ 15,222 |
Current | 2,433,329 | 2,337,193 |
Total Loans Receivable | 2,446,823 | 2,352,415 |
30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 5,466 | 5,997 |
30-89 Days | Purchased Credit Impaired (PCI) Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,422 | 854 |
90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 8,028 | 9,225 |
90 Days | Purchased Credit Impaired (PCI) Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,541 | 4,211 |
Retail Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 1,218,867 | 1,202,479 |
Retail Consumer Loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 5,702 | 7,486 |
Current | 664,334 | 676,603 |
Total Loans Receivable | 670,036 | 684,089 |
Retail Consumer Loans | One-to-four family | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,019 | 3,496 |
Retail Consumer Loans | One-to-four family | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,683 | 3,990 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 433 | 96 |
Current | 160,231 | 140,783 |
Total Loans Receivable | 160,664 | 140,879 |
Retail Consumer Loans | Indirect auto finance | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 385 | 96 |
Retail Consumer Loans | Indirect auto finance | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 48 | 0 |
Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 15 | 19 |
Current | 11,302 | 7,881 |
Total Loans Receivable | 11,317 | 7,900 |
Retail Consumer Loans | Consumer loans | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 12 | 5 |
Retail Consumer Loans | Consumer loans | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3 | 14 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 664 | 1,311 |
Current | 142,385 | 155,757 |
Total Loans Receivable | 143,049 | 157,068 |
Retail Consumer Loans | HELOCs - originated | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 233 | 1,037 |
Retail Consumer Loans | HELOCs - originated | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 431 | 274 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Current | 165,680 | 162,407 |
Total Loans Receivable | 165,680 | 162,407 |
Retail Consumer Loans | HELOCs - purchased | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Retail Consumer Loans | HELOCs - purchased | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 100 | 261 |
Current | 68,021 | 49,875 |
Total Loans Receivable | 68,121 | 50,136 |
Retail Consumer Loans | Construction and land/lots | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 32 | 132 |
Retail Consumer Loans | Construction and land/lots | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 68 | 129 |
Commercial Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 1,227,956 | 1,149,936 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,788 | 3,909 |
Current | 806,544 | 726,499 |
Total Loans Receivable | 810,332 | 730,408 |
Commercial Loans | Commercial real estate | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,413 | 809 |
Commercial Loans | Commercial real estate | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,375 | 3,100 |
Commercial Loans | Construction and development loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,372 | 1,272 |
Current | 181,807 | 196,694 |
Total Loans Receivable | 184,179 | 197,966 |
Commercial Loans | Construction and development loans | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 352 | 385 |
Commercial Loans | Construction and development loans | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,020 | 887 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 420 | 868 |
Current | 131,917 | 119,519 |
Total Loans Receivable | 132,337 | 120,387 |
Commercial Loans | Commercial and industrial | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 20 | 37 |
Commercial Loans | Commercial and industrial | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 400 | 831 |
Commercial Loans | Municipal leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Current | 101,108 | 101,175 |
Total Loans Receivable | 101,108 | 101,175 |
Commercial Loans | Municipal leases | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial Loans | Municipal leases | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 0 | $ 0 |
Loans - Schedule of Past Due Lo
Loans - Schedule of Past Due Loans Still Accruing and Nonaccruing Interest (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | $ 12,651 | $ 13,666 |
90 Days & still accruing | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 3,760 | 6,664 |
Retail Consumer Loans | One to four family loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 5,356 | 6,453 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 304 | 1 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 17 | 29 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 815 | 1,291 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 189 | 192 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 166 | 245 |
90 Days & still accruing | 0 | 0 |
Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 3,202 | 2,756 |
90 Days & still accruing | 0 | 0 |
Commercial Loans | Construction and development loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 2,137 | 1,766 |
90 Days & still accruing | 0 | 0 |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 367 | 827 |
90 Days & still accruing | 0 | 0 |
Commercial Loans | Municipal leases | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 98 | 106 |
90 Days & still accruing | $ 0 | $ 0 |
Loans - Schedule of Troubled De
Loans - Schedule of Troubled Debt Restructurings Performing and Excluded from Nonaccruing Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Performing financing receivable | ||
Financing Receivable, Modifications | ||
Performing TDRs included in impaired loans | $ 24,977 | $ 27,043 |
Loans - Schedule of Allowance f
Loans - Schedule of Allowance for Credit Losses on Financing Receivables Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | $ 21,090 | $ 20,986 | $ 21,151 | $ 21,292 |
Provision for (recovery of) loan losses | 0 | 0 | 0 | 0 |
Charge-offs | (616) | (716) | (1,851) | (1,965) |
Recoveries | 998 | 827 | 2,172 | 1,770 |
Balance at end of period | 21,472 | 21,097 | 21,472 | 21,097 |
Retail Consumer Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 8,191 | 9,813 | 8,585 | 11,549 |
Provision for (recovery of) loan losses | (172) | (980) | (423) | (2,485) |
Charge-offs | (240) | (317) | (767) | (891) |
Recoveries | 393 | 363 | 777 | 706 |
Balance at end of period | 8,172 | 8,879 | 8,172 | 8,879 |
Commercial Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 12,333 | 10,837 | 11,839 | 9,382 |
Provision for (recovery of) loan losses | (67) | 842 | 345 | 2,372 |
Charge-offs | (31) | (399) | (739) | (1,074) |
Recoveries | 605 | 464 | 1,395 | 1,064 |
Balance at end of period | 12,840 | 11,744 | 12,840 | 11,744 |
Purchased Credit Impaired (PCI) Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 566 | 336 | 727 | 361 |
Provision for (recovery of) loan losses | 239 | 138 | 78 | 113 |
Charge-offs | (345) | 0 | (345) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | $ 460 | $ 474 | $ 460 | $ 474 |
Loans - Schedule of Ending Bala
Loans - Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | $ 21,472 | $ 21,090 | $ 21,151 | $ 21,097 | $ 20,986 | $ 21,292 |
Allowance for loan losses, Loans individually evaluated for impairment | 421 | 1,543 | ||||
Allowance for loan losses, Loans collectively evaluated | 20,591 | 18,881 | ||||
Allowance for loan losses, Total | 21,472 | 21,151 | ||||
Total loans receivable, PCI | 2,422,837 | 2,320,874 | ||||
Total loans receivable, Loans individually evaluated for impairment | 16,868 | 20,942 | ||||
Total loans receivable, Loans collectively evaluated | 2,405,969 | 2,299,932 | ||||
Total loans | 2,446,823 | 2,352,415 | ||||
Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 460 | 566 | 727 | 474 | 336 | 361 |
Total loans receivable, PCI | 23,986 | 31,541 | ||||
Retail Consumer Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 8,172 | 8,191 | 8,585 | 8,879 | 9,813 | 11,549 |
Total loans | 1,218,867 | 1,202,479 | ||||
Retail Consumer Loans | One to four family loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 228 | 863 | ||||
Allowance for loan losses, Loans collectively evaluated | 3,490 | 3,585 | ||||
Allowance for loan losses, Total | 3,844 | 4,476 | ||||
Total loans receivable, PCI | 662,626 | 676,020 | ||||
Total loans receivable, Loans individually evaluated for impairment | 8,336 | 10,305 | ||||
Total loans receivable, Loans collectively evaluated | 654,290 | 665,715 | ||||
Total loans | 670,036 | 684,089 | ||||
Retail Consumer Loans | One to four family loans | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 126 | 28 | ||||
Total loans receivable, PCI | 7,410 | 8,069 | ||||
Retail Consumer Loans | Indirect auto finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 0 | 1 | ||||
Allowance for loan losses, Loans collectively evaluated | 1,083 | 880 | ||||
Allowance for loan losses, Total | 1,083 | 881 | ||||
Total loans receivable, PCI | 160,664 | 140,879 | ||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 1 | ||||
Total loans receivable, Loans collectively evaluated | 160,664 | 140,878 | ||||
Total loans | 160,664 | 140,879 | ||||
Retail Consumer Loans | Indirect auto finance | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 0 | 0 | ||||
Total loans receivable, PCI | 0 | 0 | ||||
Retail Consumer Loans | Consumer loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 5 | 8 | ||||
Allowance for loan losses, Loans collectively evaluated | 56 | 49 | ||||
Allowance for loan losses, Total | 61 | 57 | ||||
Total loans receivable, PCI | 11,315 | 7,882 | ||||
Total loans receivable, Loans individually evaluated for impairment | 5 | 8 | ||||
Total loans receivable, Loans collectively evaluated | 11,310 | 7,874 | ||||
Total loans | 11,317 | 7,900 | ||||
Retail Consumer Loans | Consumer loans | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 0 | 0 | ||||
Total loans receivable, PCI | 2 | 18 | ||||
Retail Consumer Loans | HELOCs - originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 6 | 44 | ||||
Allowance for loan losses, Loans collectively evaluated | 1,244 | 1,340 | ||||
Allowance for loan losses, Total | 1,250 | 1,384 | ||||
Total loans receivable, PCI | 142,792 | 156,780 | ||||
Total loans receivable, Loans individually evaluated for impairment | 453 | 12 | ||||
Total loans receivable, Loans collectively evaluated | 142,339 | 156,768 | ||||
Total loans | 143,049 | 157,068 | ||||
Retail Consumer Loans | HELOCs - originated | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 0 | 0 | ||||
Total loans receivable, PCI | 257 | 288 | ||||
Retail Consumer Loans | HELOCs - purchased | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, Loans collectively evaluated | 821 | 838 | ||||
Allowance for loan losses, Total | 821 | 838 | ||||
Total loans receivable, PCI | 165,680 | 162,407 | ||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | ||||
Total loans receivable, Loans collectively evaluated | 165,680 | 162,407 | ||||
Total loans | 165,680 | 162,407 | ||||
Retail Consumer Loans | HELOCs - purchased | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 0 | 0 | ||||
Total loans receivable, PCI | 0 | 0 | ||||
Retail Consumer Loans | Construction and land/lots | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 21 | 88 | ||||
Allowance for loan losses, Loans collectively evaluated | 1,218 | 889 | ||||
Allowance for loan losses, Total | 1,239 | 977 | ||||
Total loans receivable, PCI | 67,666 | 49,608 | ||||
Total loans receivable, Loans individually evaluated for impairment | 595 | 634 | ||||
Total loans receivable, Loans collectively evaluated | 67,071 | 48,974 | ||||
Total loans | 68,121 | 50,136 | ||||
Retail Consumer Loans | Construction and land/lots | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 0 | 0 | ||||
Total loans receivable, PCI | 455 | 528 | ||||
Commercial Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 12,840 | $ 12,333 | 11,839 | $ 11,744 | $ 10,837 | $ 9,382 |
Total loans | 1,227,956 | 1,149,936 | ||||
Commercial Loans | Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 149 | 239 | ||||
Allowance for loan losses, Loans collectively evaluated | 7,911 | 6,600 | ||||
Allowance for loan losses, Total | 8,228 | 7,351 | ||||
Total loans receivable, PCI | 799,061 | 713,025 | ||||
Total loans receivable, Loans individually evaluated for impairment | 4,457 | 6,284 | ||||
Total loans receivable, Loans collectively evaluated | 794,604 | 706,741 | ||||
Total loans | 810,332 | 730,408 | ||||
Commercial Loans | Commercial real estate | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 168 | 512 | ||||
Total loans receivable, PCI | 11,271 | 17,383 | ||||
Commercial Loans | Construction and development loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 9 | 13 | ||||
Allowance for loan losses, Loans collectively evaluated | 2,989 | 2,982 | ||||
Allowance for loan losses, Total | 3,149 | 3,166 | ||||
Total loans receivable, PCI | 181,742 | 195,337 | ||||
Total loans receivable, Loans individually evaluated for impairment | 2,380 | 2,184 | ||||
Total loans receivable, Loans collectively evaluated | 179,362 | 193,153 | ||||
Total loans | 184,179 | 197,966 | ||||
Commercial Loans | Construction and development loans | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 151 | 171 | ||||
Total loans receivable, PCI | 2,437 | 2,629 | ||||
Commercial Loans | Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 3 | 287 | ||||
Allowance for loan losses, Loans collectively evaluated | 1,302 | 1,221 | ||||
Allowance for loan losses, Total | 1,320 | 1,524 | ||||
Total loans receivable, PCI | 130,183 | 117,761 | ||||
Total loans receivable, Loans individually evaluated for impairment | 642 | 1,514 | ||||
Total loans receivable, Loans collectively evaluated | 129,541 | 116,247 | ||||
Total loans | 132,337 | 120,387 | ||||
Commercial Loans | Commercial and industrial | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 15 | 16 | ||||
Total loans receivable, PCI | 2,154 | 2,626 | ||||
Commercial Loans | Municipal leases | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, Loans individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses, Loans collectively evaluated | 477 | 497 | ||||
Allowance for loan losses, Total | 477 | 497 | ||||
Total loans receivable, PCI | 101,108 | 101,175 | ||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | ||||
Total loans receivable, Loans collectively evaluated | 101,108 | 101,175 | ||||
Total loans | 101,108 | 101,175 | ||||
Commercial Loans | Municipal leases | Purchased Credit Impaired (PCI) Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses, PCI | 0 | 0 | ||||
Total loans receivable, PCI | $ 0 | $ 0 |
Loans - Schedule of Impaired Lo
Loans - Schedule of Impaired Loans and Related Allowance by Segment and Class (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Financing Receivable, Impaired | ||
Unpaid principal balance | $ 50,629 | $ 56,354 |
Recorded investment with a recorded allowance | 28,316 | 27,644 |
Recorded investment with no recorded allowance | 10,147 | 15,321 |
Total | 38,463 | 42,965 |
Related recorded allowance | 1,053 | 1,584 |
Loans excluded from recorded investment due to accretion of discounts | 3,760 | |
Impaired loans not individually evaluated | 21,595 | 22,023 |
Recorded allowance of impaired loans not individually evaluated | 632 | 41 |
Purchased Credit Impaired (PCI) Loans | ||
Financing Receivable, Impaired | ||
Loans excluded from recorded investment due to accretion of discounts | 6,677 | |
Retail Consumer Loans | One to four family loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 27,014 | 28,469 |
Recorded investment with a recorded allowance | 18,958 | 17,353 |
Recorded investment with no recorded allowance | 4,858 | 7,773 |
Total | 23,816 | 25,126 |
Related recorded allowance | 782 | 881 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 3,189 | 4,070 |
Recorded investment with a recorded allowance | 1,402 | 2,270 |
Recorded investment with no recorded allowance | 559 | 532 |
Total | 1,961 | 2,802 |
Related recorded allowance | 10 | 49 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 189 | 192 |
Recorded investment with a recorded allowance | 189 | 0 |
Recorded investment with no recorded allowance | 0 | 192 |
Total | 189 | 192 |
Related recorded allowance | 1 | 0 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 2,382 | 2,817 |
Recorded investment with a recorded allowance | 1,127 | 1,310 |
Recorded investment with no recorded allowance | 451 | 468 |
Total | 1,578 | 1,778 |
Related recorded allowance | 56 | 88 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 365 | 22 |
Recorded investment with a recorded allowance | 288 | 0 |
Recorded investment with no recorded allowance | 16 | 1 |
Total | 304 | 1 |
Related recorded allowance | 2 | 1 |
Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 508 | 552 |
Recorded investment with a recorded allowance | 8 | 15 |
Recorded investment with no recorded allowance | 39 | 27 |
Total | 47 | 42 |
Related recorded allowance | 6 | 8 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 6,717 | 8,307 |
Recorded investment with a recorded allowance | 4,780 | 4,721 |
Recorded investment with no recorded allowance | 1,728 | 3,186 |
Total | 6,508 | 7,907 |
Related recorded allowance | 170 | 253 |
Commercial Loans | Construction and development loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 4,109 | 3,768 |
Recorded investment with a recorded allowance | 970 | 1,024 |
Recorded investment with no recorded allowance | 1,853 | 1,617 |
Total | 2,823 | 2,641 |
Related recorded allowance | 16 | 16 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 6,058 | 7,757 |
Recorded investment with a recorded allowance | 496 | 845 |
Recorded investment with no recorded allowance | 643 | 1,231 |
Total | 1,139 | 2,076 |
Related recorded allowance | 10 | 288 |
Commercial Loans | Municipal leases | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 98 | 400 |
Recorded investment with a recorded allowance | 98 | 106 |
Recorded investment with no recorded allowance | 0 | 294 |
Total | 98 | 400 |
Related recorded allowance | $ 0 | 0 |
Scenario, Previously Reported | Purchased Credit Impaired (PCI) Loans | ||
Financing Receivable, Impaired | ||
Loans excluded from recorded investment due to accretion of discounts | $ 13,425 |
Loans - Schedule of Average Rec
Loans - Schedule of Average Recorded Investment in Loans, Interest Income Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Impaired | ||||
Average recorded investment | $ 39,615 | $ 43,837 | $ 41,004 | $ 44,376 |
Interest income recognized | 495 | 509 | 1,426 | 1,478 |
Retail Consumer Loans | One to four family loans | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 23,988 | 25,262 | 24,495 | 25,963 |
Interest income recognized | 325 | 300 | 916 | 881 |
Retail Consumer Loans | Indirect auto finance | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 295 | 166 | 192 | 111 |
Interest income recognized | 4 | 1 | 17 | 9 |
Retail Consumer Loans | Consumer loans | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 39 | 32 | 39 | 30 |
Interest income recognized | 4 | 5 | 12 | 15 |
Retail Consumer Loans | HELOCs - originated | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 2,280 | 2,315 | 2,566 | 2,649 |
Interest income recognized | 36 | 32 | 83 | 98 |
Retail Consumer Loans | HELOCs - purchased | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 189 | 0 | 190 | 0 |
Interest income recognized | 4 | 0 | 10 | 0 |
Retail Consumer Loans | Construction and land/lots | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 1,594 | 1,906 | 1,633 | 1,654 |
Interest income recognized | 28 | 29 | 82 | 105 |
Commercial Loans | Commercial real estate | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 6,818 | 8,305 | 7,196 | 7,716 |
Interest income recognized | 54 | 83 | 161 | 221 |
Commercial Loans | Construction and development loans | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 3,050 | 2,816 | 2,852 | 2,594 |
Interest income recognized | 18 | 14 | 71 | 35 |
Commercial Loans | Commercial and industrial | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 1,264 | 2,628 | 1,665 | 3,249 |
Interest income recognized | 22 | 39 | 68 | 96 |
Commercial Loans | Municipal leases | ||||
Financing Receivable, Impaired | ||||
Average recorded investment | 98 | 407 | 176 | 410 |
Interest income recognized | $ 0 | $ 6 | $ 6 | $ 18 |
Loans - Schedule of Changes in
Loans - Schedule of Changes in Accretable Yield for Purchased Impaired Loans (Details) - Purchased Credit Impaired (PCI) Loans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | $ 0 | $ 1,288 | $ 0 | $ 1,288 |
Changes in Accretable Yield [Roll Forward] | ||||
Accretable yield, beginning of period | 6,221 | 7,519 | 7,080 | 9,532 |
Reclass from nonaccretable yield | 163 | 296 | 441 | 1,368 |
Other changes, net | 222 | 396 | 329 | (345) |
Interest income | (501) | (1,722) | (1,745) | (4,066) |
Accretable yield, end of period | $ 6,105 | $ 7,777 | $ 6,105 | $ 7,777 |
Loans - Schedule of Debt Restru
Loans - Schedule of Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018USD ($)loan | Mar. 31, 2017USD ($)loan | Mar. 31, 2018USD ($)loan | Mar. 31, 2017USD ($)loan | |
Financing Receivable, Modifications | ||||
Number of loans | loan | 5 | 15 | 24 | 31 |
Pre-modification outstanding recorded investment | $ 470 | $ 3,435 | $ 2,081 | $ 4,353 |
Post-modification outstanding recorded investment | $ 465 | $ 3,122 | $ 2,043 | $ 4,018 |
Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 3 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 162 | ||
Post-modification outstanding recorded investment | $ 0 | $ 163 | ||
Extended term | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 5 | 8 | ||
Pre-modification outstanding recorded investment | $ 498 | $ 934 | ||
Post-modification outstanding recorded investment | $ 484 | $ 906 | ||
Other TDR | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 19 | 20 | ||
Pre-modification outstanding recorded investment | $ 1,583 | $ 3,257 | ||
Post-modification outstanding recorded investment | $ 1,559 | $ 2,949 | ||
Retail Consumer Loans | Interest Rate Below Market Reduction [Member] | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 3 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 162 | ||
Post-modification outstanding recorded investment | $ 0 | $ 163 | ||
Retail Consumer Loans | Interest Rate Below Market Reduction [Member] | One to four family loans | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 3 | 0 | 3 |
Pre-modification outstanding recorded investment | $ 0 | $ 162 | $ 0 | $ 162 |
Post-modification outstanding recorded investment | $ 0 | $ 163 | $ 0 | $ 163 |
Retail Consumer Loans | Extended term | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 3 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 515 | ||
Post-modification outstanding recorded investment | $ 0 | $ 499 | ||
Retail Consumer Loans | Extended term | One to four family loans | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 2 | 4 | 5 |
Pre-modification outstanding recorded investment | $ 0 | $ 76 | $ 462 | $ 215 |
Post-modification outstanding recorded investment | $ 0 | $ 60 | $ 450 | $ 195 |
Retail Consumer Loans | Extended term | HELOCs - originated | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 0 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 0 | ||
Post-modification outstanding recorded investment | $ 0 | $ 0 | ||
Retail Consumer Loans | Extended term | Construction and land/lots | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 1 | 1 | ||
Pre-modification outstanding recorded investment | $ 36 | $ 280 | ||
Post-modification outstanding recorded investment | $ 34 | $ 271 | ||
Retail Consumer Loans | Extended term | Consumer loans | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 0 | ||
Post-modification outstanding recorded investment | $ 0 | $ 1 | ||
Retail Consumer Loans | Other TDR | One to four family loans | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 5 | 3 | 19 | 10 |
Pre-modification outstanding recorded investment | $ 470 | $ 135 | $ 1,583 | $ 353 |
Post-modification outstanding recorded investment | $ 465 | $ 136 | $ 1,559 | $ 352 |
Retail Consumer Loans | Other TDR | HELOCs - originated | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | 0 | 2 |
Pre-modification outstanding recorded investment | $ 0 | $ 30 | $ 0 | $ 33 |
Post-modification outstanding recorded investment | $ 0 | $ 30 | $ 0 | $ 32 |
Retail Consumer Loans | Other TDR | Construction and land/lots | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 2 | 0 | 4 |
Pre-modification outstanding recorded investment | $ 0 | $ 150 | $ 0 | $ 404 |
Post-modification outstanding recorded investment | $ 0 | $ 149 | $ 0 | $ 396 |
Commercial Loans | Extended term | Commercial and industrial | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | 0 | 1 |
Pre-modification outstanding recorded investment | $ 0 | $ 439 | $ 0 | $ 439 |
Post-modification outstanding recorded investment | $ 0 | $ 439 | $ 0 | $ 439 |
Commercial Loans | Other TDR | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 5 | 9 | ||
Pre-modification outstanding recorded investment | $ 470 | $ 2,758 | ||
Post-modification outstanding recorded investment | $ 465 | $ 2,460 | ||
Commercial Loans | Other TDR | Commercial and industrial | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 24 | ||
Post-modification outstanding recorded investment | $ 0 | $ 24 | ||
Commercial Loans | Other TDR | Commercial real estate | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 3 | 0 | 3 |
Pre-modification outstanding recorded investment | $ 0 | $ 2,443 | $ 0 | $ 2,443 |
Post-modification outstanding recorded investment | $ 0 | $ 2,145 | $ 0 | $ 2,145 |
Loans - Schedule of Troubled 48
Loans - Schedule of Troubled Debt Restructurings With Payment Default (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018USD ($)loan | Mar. 31, 2017USD ($)loan | Mar. 31, 2018USD ($)loan | Mar. 31, 2017USD ($)loan | |
Financing Receivable, Modifications | ||||
Number of loans | loan | 2 | 6 | ||
Recorded investment | $ | $ 145 | $ 927 | ||
Other TDR | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 2 | 6 | ||
Recorded investment | $ | $ 145 | $ 927 | ||
Retail Consumer Loans | Other TDR | One to four family loans | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 2 | 2 | ||
Recorded investment | $ | $ 145 | $ 27 | ||
Commercial Loans | Other TDR | Commercial and industrial | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 4 | 0 | 4 |
Recorded investment | $ | $ 0 | $ 900 | $ 0 | $ 900 |
Real Estate Owned (Details)
Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2017 | |
Real Estate Properties [Line Items] | |||||
Balance at beginning of period | $ 6,318 | $ 5,956 | |||
Transfers from loans | $ 566 | $ 593 | 1,157 | 1,923 | |
Real Estate Owned, Acquired Through Business Combinations | 0 | 1,511 | 0 | 1,511 | |
Real Estate Owned, Cost Of Sales | 143 | 1,450 | 1,901 | 3,001 | |
Real Estate Owned, Valuation Allowance, Provision | 188 | 34 | 539 | 121 | |
Real estate owned, capital improvements | 0 | 11 | 18 | 11 | |
Balance at end of period | 5,053 | $ 6,279 | 5,053 | $ 6,279 | |
Consumer loans | Retail Consumer Loans | |||||
Real Estate Properties [Line Items] | |||||
Balance at beginning of period | 1,015 | ||||
Balance at end of period | 1,464 | 1,464 | |||
Residential real estate in the process of foreclosure | $ 413 | $ 413 | $ 2,230 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Current: | ||||
Federal | $ 81,000 | $ (41,000) | $ 311,000 | $ 149,000 |
State | 3,000 | 0 | 11,000 | 29,000 |
Total current expense | 84,000 | (41,000) | 322,000 | 178,000 |
Deferred: | ||||
Federal | 2,139,000 | (234,000) | 5,820,000 | 2,123,000 |
State | 166,000 | (50,000) | 572,000 | 691,000 |
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense (Benefit) | 318,000 | 0 | 18,011,000 | 0 |
Total deferred tax expense (benefit) | 2,623,000 | (284,000) | 24,403,000 | 2,814,000 |
Total income tax expense | $ 2,707,000 | $ (325,000) | $ 24,725,000 | $ 2,992,000 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Tax at federal income tax rate | $ 2,429 | $ (17) | $ 7,082 | $ 3,425 |
Tax at federal income tax rate, Rate (as a percent) | (28.00%) | (34.00%) | (27.50%) | (34.00%) |
Tax exempt income | $ (270) | $ (343) | $ (811) | $ (1,055) |
Tax Asset Change in Amount on Gain from business combination | $ 0 | $ (63) | $ (1) | $ (91) |
Tax Rate Asset Change in Amount on Gain from business combination | (0.00%) | 124.00% | (0.00%) | (0.00%) |
Tax exempt income, Rate (as a percent) | (3.00%) | (672.00%) | (3.00%) | (10.00%) |
Change in valuation allowance for deferred tax assets, allocated to income tax expense | $ (36) | $ 47 | $ (220) | $ (217) |
Change in valuation allowance for deferred tax assets, allocated to income tax expense, Rate (as a percent) | 0.00% | 92.00% | (1.00%) | (2.00%) |
State tax amount, net of federal benefit | $ (122) | $ 33 | $ (326) | $ (152) |
State tax rate, net of federal benefit | 1.00% | (65.00%) | 1.00% | 2.00% |
Change in deferred tax assets due to North Carolina corporate tax rate decrease, net of federal benefit | $ 0 | $ 0 | $ 133 | $ 490 |
Change in deferred tax assets due to North Carolina corporate tax rate decrease, net of federal benefit (as a percent) | 0.00% | 0.00% | 0.00% | 5.00% |
Other | $ 144 | $ (42) | $ 203 | $ 106 |
Other Income Tax Expense Benefit Rate Continuing Operations | 1.00% | (82.00%) | 1.00% | 1.00% |
Effective Income Tax Rate Reconciliation,Tax Cuts and Jobs Act of 2017, Percent | 4.00% | 0.00% | 70.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount | $ 318 | $ 0 | $ 18,011 | $ 0 |
Income Tax Expense (Benefit), Continuing Operations | $ 2,707 | $ (325) | $ 24,725 | $ 2,992 |
Income Tax Rate Expense Benefit Rate Continuing Operations | 31.00% | (637.00%) | 96.00% | 30.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Deferred tax assets: | ||
Alternative minimum tax credit | $ 4,818 | $ 4,418 |
Deferred tax asset allowance for loan losses | 4,732 | 7,452 |
Deferred compensation and post-retirement benefits | 9,553 | 16,055 |
Accrued vacation and sick leave | 18 | 29 |
Impairments on real estate owned | 901 | 1,337 |
Deferred Tax Assets Other Than Temporary Impairment on Investments | 2,258 | 3,617 |
Net operating loss carryforward | 9,590 | 21,443 |
Deferred tax asset discount from business combination | 2,948 | 3,645 |
Deferred Tax Assets, Tax Deferred Expense, Unrealized Loss On Securities Held for Sale | 387 | 0 |
Stock compensation plans | 2,057 | 2,884 |
Other | 1,336 | 2,687 |
Total gross deferred tax assets | 38,598 | 63,567 |
Less valuation allowance | (336) | (238) |
Deferred tax assets | 38,262 | 63,329 |
Deferred tax (liabilities): | ||
Deferred tax liabilities depreciable basis of fixed assets | 563 | 670 |
Deferred tax liabilities deferred loan fees | 437 | 493 |
Deferred tax liabilities Federal Home Loan Bank Stock, book basis in excess of tax | 89 | 143 |
Unrealized gain on securities available for sale | 0 | (152) |
Other | (2,862) | (4,484) |
Total gross deferred tax liabilities | (3,951) | (5,942) |
Net deferred tax assets | $ 34,311 | $ 57,387 |
Income Taxes - Tax Cut and Jobs
Income Taxes - Tax Cut and Jobs Act 2017 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense (Benefit) | $ 17.7 | |||
Tax at federal income tax rate, Rate (as a percent) | 28.00% | 34.00% | 27.50% | 34.00% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Asset and Liability Policy: Net Operating Loss Carryforwards Included in Deferred Tax Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 45,584 | $ 62,041 |
Recorded tax benefit | $ 9,590 | $ 21,443 |
Income Taxes - Deferred Tax A55
Income Taxes - Deferred Tax Asset and Liability Policy: Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, valuation allowance | $ (336) | $ (238) |
Amount in retained earnings for bad debt reserve with no deferred tax liability | $ 19,570 | $ 19,570 |
Net Income per Share - Schedule
Net Income per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||||
Net income | $ 6,127 | $ 274 | $ 1,028 | $ 7,081 |
Allocation of earnings to participating securities | (45) | (3) | (7) | (78) |
Numerator for basic EPS - Net income available to common stockholders | 6,082 | 271 | 1,021 | 7,003 |
Dilutive effect to participating securities | 2 | 0 | 0 | 2 |
Numerator for diluted EPS | $ 6,084 | $ 271 | $ 1,021 | $ 7,005 |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 18,052,000 | 17,808,920 | 17,997,997 | 17,194,466 |
Effect of dilutive shares | 709,586 | 587,234 | 690,489 | 534,317 |
Weighted-average common shares outstanding - diluted | 18,761,586 | 18,396,154 | 18,688,486 | 17,728,783 |
Net income per share - basic (in dollars per share) | $ 0.34 | $ 0.01 | $ 0.06 | $ 0.40 |
Net income per share - diluted (in dollars per share) | $ 0.32 | $ 0.01 | $ 0.06 | $ 0.40 |
Net Income per Share - Antidilu
Net Income per Share - Antidilutive Stock Options (Details) - shares | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 420,800 | 60,500 |
Equity Incentive Plan - Narrati
Equity Incentive Plan - Narrative (Details) - USD ($) | Jan. 17, 2013 | Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2013 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 17.69% | 16.70% | |||||
Equity incentive plan name | 2013 Omnibus Incentive Plan | ||||||
Number of shares repurchased | 846,400 | ||||||
Shares repurchased, amount | $ 13,297,000 | ||||||
Average price of shares purchased (in usd per share) | $ 15.71 | ||||||
Nonvested, number of shares (in shares) | 494,800 | ||||||
Options outstanding (in shares) | 454,100 | ||||||
Remaining contractual life (years) | 6 years 1 month 29 days | 5 years 10 months 24 days | 5 years 9 months 18 days | 6 years 9 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.83% | 2.41% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months | 6 years 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.82 | $ 7.76 | |||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized | $ 3,741,000 | $ 1,695,000 | |||||
Compensation cost not yet recognized, period for recognition (in years) | 2 years 6 months 15 days | 1 year 6 months | |||||
Stock Options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining contractual life (years) | 5 years | 5 years | |||||
Stock Options | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining contractual life (years) | 7 years | 7 years | |||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost not yet recognized, period for recognition (in years) | 2 years 4 months 2 days | 1 year 9 months 18 days | |||||
Compensation not yet recognized, share-based awards other than options | $ 2,775,000 | $ 2,937,000 | |||||
Non-vested (in shares) | 133,410 | 190,630 | 185,630 | 248,750 | 190,630 | ||
Restricted Stock | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 years | 5 years | |||||
Restricted Stock | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 7 years | 7 years | |||||
2013 Omnibus Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity incentive plan description | provides for awards of restricted stock, restricted stock units, stock options, stock appreciation rights and cash awards to directors, emeritus directors, officers, employees and advisory directors | ||||||
Number of shares authorized (in shares) | 2,962,400 | ||||||
Shares held for awards of stock options and stock appreciation rights (in shares) | 2,116,000 | ||||||
Shares held for awards of restricted stock and restricted stock units (in shares) | 846,400 |
Equity Incentive Plan Equity In
Equity Incentive Plan Equity Incentive Plan - Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based compensation expense | $ 569 | $ 451 | $ 2,583 | $ 3,244 |
Share-based compensation expense, tax related benefit | $ 159 | $ 167 | $ 723 | $ 1,200 |
Equity Incentive Plan - Stock O
Equity Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Class of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 360,400 | 60,500 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 26 | $ 24.95 | ||
Options | ||||
Options Outstanding, Beginning of Period (in shares) | 1,470,043 | 1,529,300 | 1,529,300 | |
Exercised (in shares) | 37,400 | 159,443 | ||
Forfeited (in shares) | 24,700 | 1,000 | ||
Expired (in shares) | 43,273 | 1,800 | ||
Options Outstanding, End of period (in shares) | 1,725,070 | 1,513,742 | 1,470,043 | 1,529,300 |
Exercisable (in shares) | 1,230,270 | 1,059,642 | ||
Weighted- average exercise price | ||||
Options Outstanding, Beginning of Period (in usd per share) | $ 15.22 | $ 14.50 | $ 14.50 | |
Exercised (in usd per share) | 14.75 | 15.39 | ||
Forfeited (in usd per share) | 14.43 | 17.35 | ||
Expired (in usd per share) | 23.82 | 14.37 | ||
Options Outstanding, End of Period (in usd per share) | 17.28 | 15.35 | $ 15.22 | $ 14.50 |
Exercisable (in usd per share) | $ 14.51 | $ 15.04 | ||
Remaining contractual life (years) | 6 years 1 month 29 days | 5 years 10 months 24 days | 5 years 9 months 18 days | 6 years 9 months 18 days |
Aggregate intrinsic value (in usd) | $ 15,136 | $ 12,443 | $ 13,533 | $ 6,117 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years | |||
Aggregate intrinsic value (in usd) | $ 14,200 | |||
Non-vested Options | ||||
Nonvested, number of shares (in shares) | 494,800 | |||
Nonvested, weighted average grant date fair value (in dollars per share) | $ 24.16 | |||
Nonvested, contractual term (in years) | 9 years 1 month | |||
Nonvested, intrinsic value | $ 936 | |||
TriSummit Bancorp | ||||
Class of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 86,185 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 23.82 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Nonvested Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Weighted- average grant date fair value | ||||
Aggregate intrinsic value (in usd) | $ 14,200 | |||
Restricted Stock | ||||
Restricted stock awards | ||||
Non-vested, Beginning Balance (in shares) | 185,630 | 248,750 | ||
Granted (in shares) | 55,200 | 47,500 | ||
Vested (in shares) | 100,820 | 104,620 | ||
Non-vested, Ending Balance (in shares) | 133,410 | 190,630 | ||
Weighted- average grant date fair value | ||||
Non-vested, Beginning Balance (in usd per share) | $ 17.46 | $ 14.81 | ||
Granted (in usd per share) | 25.89 | 24.70 | ||
Vested (in usd per share) | 15.14 | 14.58 | ||
Non-vested, Ending Balance (in usd per share) | $ 22.85 | $ 17.38 | ||
Aggregate intrinsic value (in usd) | $ 3,475 | $ 3,411 | $ 4,780 | $ 4,602 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 6,600 | 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 14.37 | $ 17.35 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2017 | |
Other Commitments | |||
Unused commitments to extend credit | $ 53,569 | $ 43,730 | |
Variable rate commitments | 24,900 | $ 21,221 | |
Fixed rate commitments | 28,669 | $ 22,509 | |
Remaining borrowing capacity | 470,586 | 414,373 | |
Required cash reserve | 661 | 2,152 | |
Letters of credit outstanding | $ 9,975 | $ 5,164 | |
Minimum | |||
Other Commitments | |||
Fixed interest rate (as a percent) | 2.04% | 1.95% | |
Loan Commitments Terms | 3 years | ||
Maximum | |||
Other Commitments | |||
Fixed interest rate (as a percent) | 6.15% | 6.25% | |
Loan Commitments Terms | 30 years | ||
Construction and development | |||
Other Commitments | |||
Unused commitments to extend credit | $ 139,090 | $ 158,380 |
Fair Value of Financial Instr63
Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | $ 160,971 | $ 199,667 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 160,971 | 199,667 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
US Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 47,531 | 65,830 |
US Government Agencies | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
US Government Agencies | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 47,531 | 65,830 |
US Government Agencies | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
Government Agencies and Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 75,260 | 92,971 |
Government Agencies and Government Sponsored Enterprises | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
Government Agencies and Government Sponsored Enterprises | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 75,260 | 92,971 |
Government Agencies and Government Sponsored Enterprises | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 32,036 | 34,510 |
Municipal Bonds | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
Municipal Bonds | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 32,036 | 34,510 |
Municipal Bonds | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 6,081 | 6,293 |
Corporate Bonds | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
Corporate Bonds | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 6,081 | 6,293 |
Corporate Bonds | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 63 | 63 |
Equity Securities | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 0 | 0 |
Equity Securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | 63 | 63 |
Equity Securities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a recurring basis | $ 0 | $ 0 |
Fair Value of Financial Instr64
Fair Value of Financial Instruments - Schedule of Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 11,842 | $ 13,200 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 8,172 | 9,156 |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 3,670 | 4,044 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Fair Value, Inputs, Level 1 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Fair Value, Inputs, Level 1 | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 11,842 | 13,200 |
Fair Value, Inputs, Level 3 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 8,172 | 9,156 |
Fair Value, Inputs, Level 3 | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 3,670 | $ 4,044 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments - Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2018 | Jun. 30, 2017 | |
Fair value at December 31, 2015 | $ 11,842 | $ 13,200 |
Other real estate owned | ||
Fair value at December 31, 2015 | 3,670 | 4,044 |
Fair Value, Inputs, Level 3 | ||
Fair value at December 31, 2015 | 11,842 | 13,200 |
Fair Value, Inputs, Level 3 | Other real estate owned | ||
Fair value at December 31, 2015 | 3,670 | $ 4,044 |
Fair Value, Inputs, Level 3 | Nonrecurring measurements | Impaired loans, net | ||
Fair value at December 31, 2015 | $ 8,172 | |
Weighted Average | 4.00% | |
Fair Value, Inputs, Level 3 | Nonrecurring measurements | Other real estate owned | ||
Fair value at December 31, 2015 | $ 3,670 | |
Weighted Average | 12.00% | |
Minimum | Fair Value, Inputs, Level 3 | Nonrecurring measurements | Impaired loans, net | ||
Range | 3.00% | |
Minimum | Fair Value, Inputs, Level 3 | Nonrecurring measurements | Other real estate owned | ||
Range | 10.00% | |
Maximum | Fair Value, Inputs, Level 3 | Nonrecurring measurements | Impaired loans, net | ||
Range | 26.00% | |
Maximum | Fair Value, Inputs, Level 3 | Nonrecurring measurements | Other real estate owned | ||
Range | 37.00% |
Fair Value of Financial Instr66
Fair Value of Financial Instruments - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Fair Value, Inputs, Level 1 | Cash and interest-bearing deposits | ||
Financial Instruments Owned | $ 79,396 | $ 86,985 |
Fair Value, Inputs, Level 1 | Commercial paper | ||
Financial Instruments Owned | 239,435 | 149,863 |
Fair Value, Inputs, Level 1 | Certificates of deposit in other banks | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Securities available for sale | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Loans, net | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Loans held for sale | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | FHLB Stock | ||
Financial Instruments Owned | 29,482 | 32,071 |
Fair Value, Inputs, Level 1 | FRB Stock | ||
Financial Instruments Owned | 7,301 | 7,284 |
Fair Value, Inputs, Level 1 | Accrued interest receivable | ||
Financial Instruments Owned | 0 | 331 |
Fair Value, Inputs, Level 1 | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Money market accounts | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Savings accounts | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Certificates of deposit | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Other borrowings | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Accrued interest payable | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Commercial paper | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Certificates of deposit in other banks | ||
Financial Instruments Owned | 84,218 | 132,274 |
Fair Value, Inputs, Level 2 | Securities available for sale | ||
Financial Instruments Owned | 160,971 | 199,667 |
Fair Value, Inputs, Level 2 | Loans, net | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Loans held for sale | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | FHLB Stock | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | FRB Stock | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Accrued interest receivable | ||
Financial Instruments Owned | 1,335 | 1,078 |
Fair Value, Inputs, Level 2 | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 800,809 | 779,549 |
Fair Value, Inputs, Level 2 | Money market accounts | ||
Financial Instruments Owned | 659,791 | 569,607 |
Fair Value, Inputs, Level 2 | Savings accounts | ||
Financial Instruments Owned | 220,497 | 237,149 |
Fair Value, Inputs, Level 2 | Certificates of deposit | ||
Financial Instruments Owned | 493,178 | 458,818 |
Fair Value, Inputs, Level 2 | Other borrowings | ||
Financial Instruments Owned | 624,755 | 696,500 |
Fair Value, Inputs, Level 2 | Accrued interest payable | ||
Financial Instruments Owned | 806 | 512 |
Fair Value, Inputs, Level 3 | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Commercial paper | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Certificates of deposit in other banks | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Securities available for sale | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Loans, net | ||
Financial Instruments Owned | 2,356,454 | 2,230,683 |
Fair Value, Inputs, Level 3 | Loans held for sale | ||
Financial Instruments Owned | 6,192 | 5,719 |
Fair Value, Inputs, Level 3 | FHLB Stock | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | FRB Stock | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Accrued interest receivable | ||
Financial Instruments Owned | 7,881 | 7,349 |
Fair Value, Inputs, Level 3 | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Money market accounts | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Savings accounts | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Certificates of deposit | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Other borrowings | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 3 | Accrued interest payable | ||
Financial Instruments Owned | 0 | 0 |
Carrying Value | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 79,396 | 86,985 |
Carrying Value | Commercial paper | ||
Financial Instruments Owned | 239,435 | 149,863 |
Carrying Value | Certificates of deposit in other banks | ||
Financial Instruments Owned | 84,218 | 132,274 |
Carrying Value | Securities available for sale | ||
Financial Instruments Owned | 160,971 | 199,667 |
Carrying Value | Loans, net | ||
Financial Instruments Owned | 2,424,283 | 2,330,319 |
Carrying Value | Loans held for sale | ||
Financial Instruments Owned | 6,071 | 5,607 |
Carrying Value | FHLB Stock | ||
Financial Instruments Owned | 29,482 | 32,071 |
Carrying Value | FRB Stock | ||
Financial Instruments Owned | 7,301 | 7,284 |
Carrying Value | Accrued interest receivable | ||
Financial Instruments Owned | 9,216 | 8,758 |
Carrying Value | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 800,809 | 779,549 |
Carrying Value | Money market accounts | ||
Financial Instruments Owned | 659,791 | 569,607 |
Carrying Value | Savings accounts | ||
Financial Instruments Owned | 220,497 | 237,149 |
Carrying Value | Certificates of deposit | ||
Financial Instruments Owned | 499,227 | 462,146 |
Carrying Value | Other borrowings | ||
Financial Instruments Owned | 625,000 | 696,500 |
Carrying Value | Accrued interest payable | ||
Financial Instruments Owned | 806 | 512 |
Fair Value | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 79,396 | 86,985 |
Fair Value | Commercial paper | ||
Financial Instruments Owned | 239,435 | 149,863 |
Fair Value | Certificates of deposit in other banks | ||
Financial Instruments Owned | 84,218 | 132,274 |
Fair Value | Securities available for sale | ||
Financial Instruments Owned | 160,971 | 199,667 |
Fair Value | Loans, net | ||
Financial Instruments Owned | 2,356,454 | 2,230,683 |
Fair Value | Loans held for sale | ||
Financial Instruments Owned | 6,192 | 5,719 |
Fair Value | FHLB Stock | ||
Financial Instruments Owned | 29,482 | 32,071 |
Fair Value | FRB Stock | ||
Financial Instruments Owned | 7,301 | 7,284 |
Fair Value | Accrued interest receivable | ||
Financial Instruments Owned | 9,216 | 8,758 |
Fair Value | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 800,809 | 779,549 |
Fair Value | Money market accounts | ||
Financial Instruments Owned | 659,791 | 569,607 |
Fair Value | Savings accounts | ||
Financial Instruments Owned | 220,497 | 237,149 |
Fair Value | Certificates of deposit | ||
Financial Instruments Owned | 493,178 | 458,818 |
Fair Value | Other borrowings | ||
Financial Instruments Owned | 624,755 | 696,500 |
Fair Value | Accrued interest payable | ||
Financial Instruments Owned | $ 806 | $ 512 |
Fair Value of Financial Instr67
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities | ||
Off-balance sheet commitments | $ 663,245 | $ 616,483 |
Securities available for sale | Fair Value, Inputs, Level 3 | ||
Schedule of Available-for-sale Securities | ||
Financial Instruments Owned | $ 0 | $ 0 |