Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2019 | Nov. 06, 2019 | |
Document and Entity Information: | ||
Entity Registrant Name | HomeTrust Bancshares, Inc. | |
Entity Central Index Key | 0001538263 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 17,744,534 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Assets | ||
Cash | $ 52,082 | $ 40,909 |
Interest-bearing deposits | 65,011 | 30,134 |
Cash and cash equivalents | 117,093 | 71,043 |
Commercial paper | 254,302 | 241,446 |
Certificates of deposit in other banks | 50,117 | 52,005 |
Debt securities available for sale, at fair value | 165,714 | 121,786 |
Other investments, at cost | 45,900 | 45,378 |
Loans held for sale | 289,319 | 18,175 |
Total loans, net of deferred loan costs | 2,508,730 | 2,705,190 |
Allowance for loan losses | (21,314) | (21,429) |
Net loans | 2,487,416 | 2,683,761 |
Premises and equipment, net | 58,509 | 61,051 |
Accrued interest receivable | 10,434 | 10,533 |
REO | 2,582 | 2,929 |
Deferred income taxes | 24,257 | 26,523 |
BOLI | 90,499 | 90,254 |
Goodwill | 25,638 | 25,638 |
Core deposit intangibles | 2,088 | 2,499 |
Other assets | 31,441 | 23,157 |
Total assets acquired | 3,655,309 | 3,476,178 |
Liabilities | ||
Deposits | 2,494,194 | 2,327,257 |
Borrowings | 685,000 | 680,000 |
Other liabilities | 63,047 | 60,025 |
Total liabilities assumed | 3,242,241 | 3,067,282 |
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, 17,818,145 shares issued and outstanding at September 30, 2019; 17,984,105 at June 30, 2019 | 178 | 180 |
Additional paid in capital | 186,359 | 190,315 |
Retained earnings | 232,315 | 224,545 |
Unearned ESOP shares | (6,744) | (6,877) |
Accumulated other comprehensive income | 960 | 733 |
Total stockholders' equity | 413,068 | 408,896 |
Total Liabilities and Stockholders' Equity | $ 3,655,309 | $ 3,476,178 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2019 | Jun. 30, 2019 |
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 | 17,818,145 | 17,984,105 |
Common stock shares outstanding | 17,818,145 | 17,984,105 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and Dividend Income | ||
Loans | $ 32,266 | $ 28,728 |
Securities available for sale | 896 | 856 |
Commercial paper and interest-bearing deposits in other banks | 2,253 | 1,857 |
Other investments | 832 | 839 |
Total interest and dividend income | 36,247 | 32,280 |
Interest Expense | ||
Deposits | 5,853 | 2,750 |
Borrowings | 3,321 | 3,258 |
Total interest expense | 9,174 | 6,008 |
Net Interest Income | 27,073 | 26,272 |
Provision for loan losses | 0 | 0 |
Net Interest Income after Provision for Loan Losses | 27,073 | 26,272 |
Noninterest Income | ||
Service charges and fees on deposit accounts | 2,443 | 2,401 |
Loan income and fees | 882 | 328 |
Gain on sale of loans held for sale | 2,299 | 1,670 |
BOLI income | 697 | 536 |
Other, net | 1,339 | 678 |
Total noninterest income | 7,660 | 5,613 |
Noninterest Expense | ||
Salaries and employee benefits | 13,912 | 12,685 |
Net occupancy expense | 2,342 | 2,326 |
Computer services | 2,024 | 1,849 |
Telephone, postage, and supplies | 802 | 769 |
Marketing and advertising | 679 | 417 |
Deposit insurance premiums | 0 | 304 |
Loss (gain) on sale and impairment of REO | (19) | 179 |
REO expense | 258 | 175 |
Core deposit intangible amortization | 411 | 565 |
Other | 3,124 | 2,614 |
Total noninterest expense | 23,533 | 21,883 |
Income Before Income Taxes | 11,200 | 10,002 |
Income Tax Expense | 2,396 | 2,212 |
Net Income | $ 8,804 | $ 7,790 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.51 | $ 0.43 |
Diluted (in dollars per share) | $ 0.49 | $ 0.41 |
Average shares outstanding: | ||
Basic (in shares) | 17,097,647 | 18,125,637 |
Diluted (in shares) | 17,753,657 | 18,880,476 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 8,804 | $ 7,790 |
Other Comprehensive Income (Loss) | ||
Gains (losses) arising during the period | 295 | (378) |
Deferred income tax benefit (expense) | (68) | 87 |
Total other comprehensive income (loss) | 227 | (291) |
Comprehensive Income | $ 9,031 | $ 7,499 |
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, 2018 | 19,041,668 | |||||
Balance at beginning of period at Jun. 30, 2018 | $ 409,242 | $ 191 | $ 217,480 | $ 200,575 | $ (7,406) | $ (1,598) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,790 | 7,790 | ||||
Shares repurchased (in shares) | (128,300) | |||||
Stock repurchased | (3,724) | $ (1) | (3,723) | |||
Forfeited restricted stock (in shares) | (2,000) | |||||
Retired stock (in shares) | (588) | |||||
Retired stock | $ 0 | 0 | ||||
Exercised stock options (in shares) | 28,500 | 28,500 | ||||
Exercised stock options | $ 410 | 410 | ||||
Stock option expense | 185 | 185 | ||||
Restricted stock expense | 199 | 199 | ||||
ESOP shares allocated | 384 | 252 | 132 | |||
Other comprehensive income | (291) | (291) | ||||
Balance at end of period (in shares) at Sep. 30, 2018 | 18,939,280 | |||||
Balance at end of period at Sep. 30, 2018 | $ 414,195 | $ 190 | 214,803 | 208,365 | (7,274) | (1,889) |
Balance at beginning of period (in shares) at Jun. 30, 2019 | 17,984,105 | 17,984,105 | ||||
Balance at beginning of period at Jun. 30, 2019 | $ 408,896 | $ 180 | 190,315 | 224,545 | (6,877) | 733 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 8,804 | 8,804 | ||||
Cash dividends declared on common stock, $0.06/common share | (1,034) | (1,034) | ||||
Shares repurchased (in shares) | (189,160) | |||||
Stock repurchased | $ (4,800) | $ (2) | (4,798) | |||
Forfeited restricted stock (in shares) | (3,200) | |||||
Granted restricted stock (in shares) | 13,000 | |||||
Exercised stock options (in shares) | 13,400 | 13,400 | ||||
Exercised stock options | $ 194 | 194 | ||||
Stock option expense | 198 | 198 | ||||
Restricted stock expense | 245 | 245 | ||||
ESOP shares allocated | 338 | 205 | 133 | |||
Other comprehensive income | $ 227 | 227 | ||||
Balance at end of period (in shares) at Sep. 30, 2019 | 17,818,145 | 17,818,145 | ||||
Balance at end of period at Sep. 30, 2019 | $ 413,068 | $ 178 | $ 186,359 | $ 232,315 | $ (6,744) | $ 960 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities: | ||
Net income | $ 8,804 | $ 7,790 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Provision for loan losses | 0 | 0 |
Depreciation | 1,223 | 935 |
Deferred income tax expense | 2,198 | 1,710 |
Net amortization and accretion | (1,705) | (1,497) |
Loss (gain) on sale and impairment of REO | (19) | 179 |
Gain on sale of loans held for sale | (2,299) | (1,670) |
Origination of loans held for sale | (77,778) | (43,134) |
Proceeds from sales of loans held for sale | 62,122 | 45,698 |
Decrease in deferred loan fees, net | (250) | (54) |
Increase (decrease) in accrued interest receivable and other assets | 419 | (935) |
Amortization of core deposit intangibles | 411 | 565 |
BOLI income | (697) | (536) |
ESOP compensation expense | 338 | 384 |
Restricted stock and stock option expense | 443 | 384 |
Decrease in other liabilities | (2,274) | (1,953) |
Net cash provided by (used for) operating activities | (9,064) | 7,866 |
Investing Activities: | ||
Purchase of securities available for sale | (49,375) | 0 |
Proceeds from maturities of securities available for sale | 1,900 | 1,215 |
Net purchases of commercial paper | (11,159) | (7,712) |
Purchase of certificates of deposit in other banks | (5,130) | (3,237) |
Maturities of certificates of deposit in other banks | 7,018 | 11,790 |
Principal repayments of mortgage-backed securities | 3,748 | 4,404 |
Net purchases of other investments | (522) | (2,065) |
Net increase in loans | (56,538) | (66,912) |
Purchase of BOLI | (25) | (25) |
Proceeds from redemption of BOLI | 477 | 7 |
Purchase of premises and equipment | (383) | (1,079) |
Purchase of operating lease equipment | (1,606) | 0 |
Proceeds from sale of REO | 412 | 293 |
Net cash used in investing activities | (111,183) | (63,321) |
Financing Activities: | ||
Net increase in deposits | 166,937 | 6,791 |
Net increase in other borrowings | 5,000 | 40,000 |
Common stock repurchased | (4,800) | (3,724) |
Cash dividends paid | (1,034) | 0 |
Exercised stock options | 194 | 410 |
Net cash provided by financing activities | 166,297 | 43,477 |
Net Increase (Decrease) in Cash and Cash Equivalents | 46,050 | (11,978) |
Cash and Cash Equivalents at Beginning of Period | 71,043 | 70,746 |
Cash and Cash Equivalents at End of Period | 117,093 | 58,768 |
Cash paid during the period for: | ||
Interest | 9,011 | 5,618 |
Income taxes | 5 | 0 |
Noncash transactions: | ||
Unrealized gain (loss) in value of securities available for sale, net of income taxes | 227 | (291) |
Transfer of loans to REO | 46 | 74 |
Transfer of loans held for sale to total loans | 3,614 | 5,794 |
Transfer of one-to-four family loans to held for sale | 256,803 | $ 0 |
Transfer of land from property and equipment to other assets for new finance lease accounting | 2,052 | |
New ROU asset and lease liabilities from adoption of new lease accounting | $ 5,296 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2019 | |
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 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 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, 2019 (" 2019 Form 10-K") filed with the SEC on September 13, 2019 . The results of operations for the three months ended September 30, 2019 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2020 . 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) the valuation of goodwill and other intangible assets, and (iii) 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 2019 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. Leases On July 1, 2019, the Company adopted ASU 2016-02, Leases (“Topic 842”), and subsequent related ASUs. The new leasing standard modifies the accounting, presentation, and disclosures for both lessees and lessors. The Company elected the modified retrospective transition option which allows for application of the Topic 842 guidance at the adoption date. Therefore, comparative prior period financial information was not adjusted and will continue to be reported under the previous accounting guidance of ASC 840, Leases (“ASC 840”) . No cumulative-effect adjustment to retained earnings as of July 1, 2019 was necessary as a result of adopting the new standard. The Company elected the “package of practical expedients” permitted under the transition guidance which allows the Company not to reassess its prior conclusions regarding lease identification, lease classification of existing leases, and treatment of initial direct costs on existing leases. Any lease arrangements and significant modifications entered into subsequent to the adoption date are accounted for in accordance with the new standard. Lessee Topic 842 Accounting The new leasing standard requires recognition of operating leases on the consolidated balance sheets as ROU assets and lease liabilities. ROU assets represent our right to use underlying assets for the lease terms and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments for operating leases and the implicit rate in the lease for our one finance lease. For operating leases, the Company recognized lease liabilities, with corresponding ROU assets, based on the present value of unpaid lease payments for existing operating leases longer than twelve months as of July 1, 2019. The ROU assets were adjusted per Topic 842 transition guidance for existing lease-related balances of accrued and prepaid rent, and unamortized lease incentives provided by lessors. As a result, the Company recognized ROU assets of approximately $5.3 million in other assets and corresponding lease liabilities of approximately $5.3 million in other liabilities as of July 1, 2019. The July 1, 2019 incremental borrowing rates determined on a collateralized basis for the remaining lease terms were utilized when determining the present value of lease payments at the date of initial adoption. For our finance lease, the Company leases land for one of its retail locations. Upon adoption of Topic 842, the Company reclassed $2.1 million from land to ROU assets in other assets. In addition, the corresponding liability of $1.9 million , which was disclosed separately on the balance sheet was reclassed to other liabilities. The Company elected the lessee practical expedient to not separate lease and non-lease components. The Company also elected the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term and is recorded in net occupancy expense. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. Finance lease cost is recognized as a single lease cost using the effective interest method and is recorded in net occupancy expense. Lessee Accounting Prior to Adoption of Topic 842 Prior to the adoption of ASC 842, the Company applied the guidance of ASC 840. Under ASC 840, operating lease arrangements were off-balance sheet and ROU assets and lease liabilities were not recognized. Operating lease rent expense was recognized on a straight-line basis over the lease term and recorded in net occupancy expense. Common area maintenance, property taxes, and other operating expenses related to leased premises were also recognized in net occupancy expenses, consistent with similar costs for owned locations. Lessor Topic 842 Prior to the adoption of Topic 842, we determined the lease classification at commencement date. Leases not classified as sales-type or direct financing leases are classified as operating leases. The primary accounting criteria we use for lease classification are (i) review to determine if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, ii) review to determine if the lease grants the lessee a purchase option that the lessee is reasonably certain to exercise, (iii) determine if the lease term is for a major part of the remaining economic life of the underlying asset and (iv) determine if the present value of the sum of the lease payments and any residual value guarantees equals or exceeds substantially all of the fair value of the underlying asset. We do not lease equipment of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Company elected a lessor accounting policy to exclude from revenue and expenses sales taxes and other similar taxes assessed by a governmental authority on lease revenue-producing transactions and collected by the lessor from a lessee. Operating Leases - Assets leased under an operating lease are carried at cost less accumulated depreciation. These assets are depreciated to their estimated residual value using the straight-line method over the lesser of the lease term or estimated useful life of the asset. Assets received at the end of the lease, which are intended to be sold, are marked to the lower of cost or fair value less selling costs with the adjustment recorded in other noninterest income. At the inception of each operating lease, we record a residual value for the leased equipment based on our estimate of the future value of the equipment at the end of the lease term or end of the equipment’s estimated useful life as indicated by industry data. O perating leases have higher risk because a smaller percentage of the equipment's value is covered by contractual cash flows over the term of the lease. If the market value of leased equipment under operating leases decreases at a rate greater than we projected, whether due to rapid technological or economic obsolescence, unusual wear and tear on the equipment, excessive use of the equipment, recession or other adverse economic conditions, or other factors, it could adversely affect the current values or the residual values of such equipment. The Company seeks to mitigate these risks by maintaining relatively young fleet of leased assets with wide operator bases, which can facilitate attractive lease and utilization rates. The Company manages and evaluates residual values by performing periodic reviews of estimated residual values and monitoring levels of residual realizations. A change in estimated operating lease residual values would result in a change in future depreciation expense. Any impairments are recognized at the time a change is identified. Rental revenue on operating leases is recognized on a straight-line basis over the lease term and is included in other noninterest income. Finance Leases - The Company’s finance leases are classified as direct financing lease under ASC 842. The Company’s finance lease activity primarily relates to leasing of new equipment with the equipment purchase price equal to fair value and therefore there is no selling profit or loss at lease commencement. When there is no selling profit or loss, initial direct costs are deferred at the commencement date and included in the measurement of the net investment in the lease. A lease receivable is recorded for finance leases at present value discounted using the rate implicit in the lease. The lease receivable includes lease payments not yet paid and the guarantee of the residual value by the lessee or unrelated third party, as applicable. Interest income is recognized over the lease term at a constant periodic discount rate on the remaining balance of the lease net investment using the rate implicit in the lease. After the commencement date, lease payments collected are applied to reduce net investment and recognize interest income. The recognition of interest income is suspended, and an account is placed on non-accrual status when, in the opinion of management, full collection of all principal and interest due is doubtful. All future interest income accruals, as well as amortization of deferred fees, costs, and purchase premiums or discounts are suspended. Subsequent lease payments received are applied to the outstanding net investment balance until such time as the account is collected, charged-off or returned to accrual status. Finance leases that are nonaccrual do not accrue interest income; however, payments designated by the borrower as interest payments may be recorded as interest income. To qualify for this treatment, the remaining recorded investment in the lease must be deemed fully collectible. The recognition of interest income on finance leases is suspended, and all previously accrued but uncollected revenue is reversed, when lease payments are contractually delinquent for 90 days or more. Accounts, including accounts that have been modified, are returned to accrual status when, in the opinion of management, collection of remaining lease receivables are reasonably assured, and there is a sustained period of repayment performance, generally for a minimum of six months. Certain finance leases also have residual values at the inception of the lease which are based on our estimate of the future value of the equipment at the end of the lease term or end of the equipment’s estimated useful life as indicated by industry data. Finance leases bear the least risk because contractual payments usually cover approximately 90% of the equipment's cost at the inception of the lease. A change in estimated finance lease residual values during the lease term may impact the loss allowance as a decrease in the residual value may cause an impairment to be recorded on the finance lease. Lessor Accounting Prior to Adoption of Topic 842 Lessor accounting was not fundamentally changed by Topic 842 and remains similar to the prior accounting model, with updates to align with certain changes to the lessee model (e.g., certain definitions, such as initial direct costs, have been updated) and the new revenue recognition standard. The new rules did not have a significant impact on our classification of leases as finance or operating. The new lease guidance has a narrower definition of initial direct costs that may be capitalized and allocated internal costs and professional fees to negotiate and arrange the lease agreement that would have been incurred regardless of lease execution no longer qualify as initial direct cost. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, "Leases (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 were effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018-10, "Codification Improvements to Topic 842, Leases" and ASU 2018-11 "Leases (Topic 842): Targeted Improvements." ASU 2018-10 made 16 narrow-scope amendments to ASC 842. The amendments in ASU 2018-11 are intended to provide entities with relief from the costs of implementing certain aspects of the the new lease accounting standard. Specifically, an entity can elect not to recast the comparative periods presented when transitioning to ASC 842 and provides a lessor with the option to not separate lease and nonlease components when certain conditions are met. This ASU also provides a new transition method in addition to the existing transition method contained in ASU No. 2016-02 to allow entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. These amendments have the same effective date as ASU 2016-02. The Company adopted this ASU on July 1, 2019. The adoption increased other assets and liabilities by approximately $ 5.3 million as a result of ROU assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements. The adoption of this ASU did not have an effect on the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders' Equity. However, additional disclosures required by this ASU have been included in “Note 1 - Summary of Significant Accounting Policies” and "Note 11 - Leases" to the Company’s consolidated financial statements. 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. This ASU is effective for interim and annual reporting 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 has selected a third-party vendor to provide ongoing support under the new methodology. The Bank's project team is currently evaluating our current expected loss methodology of our loan and investment portfolios to identify the necessary modifications in accordance with this standard and expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the Bank is also in the process of compiling historical data that will be used to calculate expected credit losses on its loan portfolio and intends to run parallel models during the latter part of fiscal year 2020 to ensure it is fully compliant with the ASU at the adoption date. A valuation adjustment to our allowance for loan losses or investment portfolio that is identified in this process will be reflected as a one-time adjustment in equity rather than earnings. Once adopted, the Company expects its allowance for loan losses to increase, however, until its evaluation is complete the magnitude of the increase will be unknown. 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 Company adopted this ASU on July 1, 2019. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this ASU removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The adoption of ASU No. 2018-13 is not expected to have a material impact on the Company's Consolidated Financial Statements. In November 2018, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses." This update clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The effective date and transition requirements for this ASU are the same as ASU 2016-13. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In December 2018, the FASB issued ASU 2018-20, "Leases (Topic 842): Narrow-Scope Improvements for Lessors." The amendments in this update permit lessors, as an accounting policy election, to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. A lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures. For certain lessor costs, the lessor must exclude from variable payments, and therefore revenue, lessor costs paid by lessees directly to third parties from variable payments. In addition, the lessor must account for costs excluded from the consideration of a contract that are paid by the lessor and reimbursed by the lessee as variable payments. A lessor will record those reimbursed costs as revenue. The amendments in this ASU related to recognizing variable payments for contracts with lease and nonlease components require lessors to allocate (rather than recognize as currently required) certain variable payments to the lease and nonlease components when the changes in facts and circumstances on which the variable payment is based occur. After the allocation, the amount of variable payments allocated to the lease components will be recognized as income in profit or loss in accordance with Topic 842, while the amount of variable payments allocated to nonlease components will be recognized in accordance with other Topics, such as Topic 606. The effective date and transition requirements for this ASU are the same as ASU 2016-02. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In March 2019, the FASB issued ASU 2019-01, "Leases (Topic 842): Codification Improvements." The amendments in this update include the following items: i) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; ii) requiring cash received from lessors from sales-type and direct financing leases to be presented in the cash flow statement within investing activities; and iii) clarifying interim disclosure requirements. The effective date and transition requirements for the first and second items of this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the third item of this ASU is the same as ASU 2016-02. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In April 2019, the FASB issued ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. The items within this ASU are not expected to have a significant effect on current accounting practice. The effective date and transition requirements for the amendments to Financial Instruments (ASU 2016-01) are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the amendments to Financial Instruments-Credit Losses (ASU 2016-13) are the same as ASU 2016-13 noted above. The effective date and transition requirements for the amendments to Derivatives and Hedging (ASU 2017-12) are the same as ASU 2017-12 noted above.The adoption of ASU No. 2019-04 is not expected to have a material impact on the Company's Consolidated Financial Statements. In May 2019, the FASB issued ASU 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief." The amendments in this update allow companies to irrevocably elect, upon the adoption of ASU 2016-13, the fair value option for financial instruments that i) were previously recorded at amortized cost and ii) are within the scope of the credit losses guidance in ASC 326-20, iii) are eligible for the fair value option under ASC 825-10, and iv) are not held-to-maturity debt securities. The effective date and transition requirements for this ASU is the same as ASU 2016-13. The adoption of ASU No. 2019-05 is not expected to have a material impact on the Company's Consolidated Financial Statements. In July 2019, the FASB issued ASU 2019-07, "Codification Updates to SEC Sections." This ASU amends certain paragraphs in the ASC to reflect the issuance of SEC final rules on Disclosure Update and Simplification and Investment Company Reporting Modernization and other miscellaneous updates. The amendments became effective upon issuance. The adoption did not have a material effect on the Company's Consolidated Financial Statements. |
Debt Securities
Debt Securities | 3 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | Debt Securities Securities available for sale consist of the following at the dates indicated: September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government Agencies $ 14,113 $ 153 $ (5 ) $ 14,261 Residential MBS of U.S. Government Agencies and GSEs 72,477 757 (141 ) 73,093 Municipal Bonds 23,885 495 (3 ) 24,377 Corporate Bonds 53,992 47 (56 ) 53,983 Total $ 164,467 $ 1,452 $ (205 ) $ 165,714 June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government Agencies $ 15,099 $ 122 $ (11 ) $ 15,210 Residential MBS of U.S. Government Agencies and GSEs 74,778 586 (184 ) 75,180 Municipal Bonds 24,896 423 (7 ) 25,312 Corporate Bonds 6,061 43 (20 ) 6,084 Total $ 120,834 $ 1,174 $ (222 ) $ 121,786 Debt securities available for sale by contractual maturity at September 30, 2019 are shown below. MBS 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. September 30, 2019 Amortized Cost Estimated Fair Value Due within one year $ 23,625 $ 23,615 Due after one year through five years 59,316 59,616 Due after five years through ten years 5,513 5,826 Due after ten years 3,536 3,564 Mortgage-backed securities 72,477 73,093 Total $ 164,467 $ 165,714 The Company had no sales of securities available for sale during the three months ended September 30, 2019 and 2018. There were no gross realized gains or losses for the three months ended September 30, 2019 and 2018. Securities available for sale with costs totaling $93,499 and $94,337 and market values of $94,208 and $94,876 at September 30, 2019 and June 30, 2019 , 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 September 30, 2019 and June 30, 2019 were as follows: September 30, 2019 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 $ — $ — $ 5,995 $ (5 ) $ 5,995 $ (5 ) Residential MBS of U.S. Government Agencies and GSEs 9,771 (30 ) 16,113 (111 ) 25,884 (141 ) Municipal Bonds 3,706 (3 ) 427 — 4,133 (3 ) Corporate Bonds 47,708 (56 ) — — 47,708 (56 ) Total $ 61,185 $ (89 ) $ 22,535 $ (116 ) $ 83,720 $ (205 ) June 30, 2019 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 $ — $ — $ 6,988 $ (11 ) $ 6,988 $ (11 ) Residential MBS of U.S. Government Agencies and GSEs 1,144 (3 ) 24,242 (181 ) 25,386 (184 ) Municipal Bonds — — 4,895 (7 ) 4,895 (7 ) Corporate Bonds 393 (5 ) 3,630 (15 ) 4,023 (20 ) Total $ 1,537 $ (8 ) $ 39,755 $ (214 ) $ 41,292 $ (222 ) The total number of securities with unrealized losses at September 30, 2019 , and June 30, 2019 were 91 and 100 , 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 subsequent to the purchase dates of the securities. The Company had no other-than-temporary impairment losses during the three months ended September 30, 2019 . |
Other Investments
Other Investments | 3 Months Ended |
Sep. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Other Investments | Other Investments Other investments, at cost consist of the following at the dates indicated: September 30, 2019 June 30, 2019 FHLB of Atlanta stock $ 32,181 $ 31,969 FRB stock 7,345 7,335 SBIC investments 6,374 6,074 Total $ 45,900 $ 45,378 As a requirement for membership, the Bank invests in the stock of both the FHLB of Atlanta and the 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. SBIC investments are equity securities without a readily determinable fair value. |
Loans
Loans | 3 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans | Loans Loans consist of the following at the dates indicated: September 30, 2019 June 30, 2019 Retail consumer loans: One-to-four family $ 396,649 $ 660,591 HELOCs - originated 141,129 139,435 HELOCs - purchased 104,324 116,972 Construction and land/lots 85,319 80,602 Indirect auto finance 147,808 153,448 Consumer 11,400 11,416 Total retail consumer loans 886,629 1,162,464 Commercial loans: Commercial real estate 990,787 927,261 Construction and development 203,494 210,916 Commercial and industrial 158,706 160,471 Equipment finance 154,479 132,058 Municipal finance 114,382 112,016 Total commercial loans 1,621,848 1,542,722 Total loans 2,508,477 2,705,186 Deferred loan costs, net 253 4 Total loans, net of deferred loan costs 2,508,730 2,705,190 Allowance for loan losses (21,314 ) (21,429 ) Loans, net $ 2,487,416 $ 2,683,761 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 follows: Pass Special Mention Substandard Doubtful Loss Total September 30, 2019 Retail consumer loans: One-to-four family $ 381,231 $ 2,108 $ 7,466 $ 368 $ 15 $ 391,188 HELOCs - originated 138,744 547 1,504 100 9 140,904 HELOCs - purchased 103,848 — 476 — — 104,324 Construction and land/lots 84,789 5 159 — — 84,953 Indirect auto finance 146,967 — 841 — — 147,808 Consumer 11,351 — 43 1 5 11,400 Commercial loans: Commercial real estate 963,018 9,599 11,315 — — 983,932 Construction and development 200,758 652 1,387 1 — 202,798 Commercial and industrial 156,047 718 283 — — 157,048 Equipment finance 153,457 — 1,022 — — 154,479 Municipal finance 114,099 283 — — — 114,382 Total loans $ 2,454,309 $ 13,912 $ 24,496 $ 470 $ 29 $ 2,493,216 Pass Special Mention Substandard Doubtful Loss Total June 30, 2019 Retail consumer loans: One-to-four family $ 644,159 $ 2,089 $ 8,072 $ 384 $ 19 $ 654,723 HELOCs - originated 137,001 766 1,434 — 9 139,210 HELOCs - purchased 116,306 — 666 — — 116,972 Construction and land/lots 79,995 71 164 — — 80,230 Indirect auto finance 152,393 13 1,042 — — 153,448 Consumer 11,375 1 33 3 4 11,416 Commercial loans: Commercial real estate 901,214 8,066 10,306 — — 919,586 Construction and development 207,827 790 1,357 1 — 209,975 Commercial and industrial 157,325 877 600 — — 158,802 Equipment finance 131,674 — 384 — — 132,058 Municipal finance 111,721 295 — — — 112,016 Total loans $ 2,650,990 $ 12,968 $ 24,058 $ 388 $ 32 $ 2,688,436 The Company's total purchased credit impaired ("PCI") loans by segment, class, and risk grade at the dates indicated follows: Pass Special Mention Substandard Doubtful Loss Total September 30, 2019 Retail consumer loans: One-to-four family $ 3,981 $ 214 $ 1,266 $ — $ — $ 5,461 HELOCs - originated 225 — — — — 225 Construction and land/lots 140 — 226 — — 366 Commercial loans: Commercial real estate 3,703 1,881 1,271 — — 6,855 Construction and development 342 — 354 — — 696 Commercial and industrial 1,655 — — — 3 1,658 Total loans $ 10,046 $ 2,095 $ 3,117 $ — $ 3 $ 15,261 Pass Special Mention Substandard Doubtful Loss Total June 30, 2019 Retail consumer loans: One-to-four family $ 4,124 $ 248 $ 1,496 $ — $ — $ 5,868 HELOCs - originated 225 — — — — 225 Construction and land/lots 142 — 230 — — 372 Commercial loans: Commercial real estate 4,503 1,903 1,300 — — 7,706 Construction and development 453 — 488 — — 941 Commercial and industrial 1,666 — — — 3 1,669 Total loans $ 11,113 $ 2,151 $ 3,514 $ — $ 3 $ 16,781 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 September 30, 2019 Retail consumer loans: One-to-four family $ 2,511 $ 1,883 $ 4,394 $ 392,255 $ 396,649 HELOCs - originated 437 204 641 140,488 141,129 HELOCs - purchased 108 298 406 103,918 104,324 Construction and land/lots — 6 6 85,313 85,319 Indirect auto finance 566 110 676 147,132 147,808 Consumer 5 12 17 11,383 11,400 Commercial loans: Commercial real estate 1,000 2,664 3,664 987,123 990,787 Construction and development — 1,170 1,170 202,324 203,494 Commercial and industrial 95 118 213 158,493 158,706 Equipment finance 1,012 629 1,641 152,838 154,479 Municipal finance — — — 114,382 114,382 Total loans $ 5,734 $ 7,094 $ 12,828 $ 2,495,649 $ 2,508,477 Past Due Total 30-89 Days 90 Days+ Total Current Loans June 30, 2019 Retail consumer loans: One-to-four family $ 1,615 $ 1,389 $ 3,004 $ 657,587 $ 660,591 HELOCs - originated 226 231 457 138,978 139,435 HELOCs - purchased — 485 485 116,487 116,972 Construction and land/lots 138 6 144 80,458 80,602 Indirect auto finance 459 237 696 152,752 153,448 Consumer 6 8 14 11,402 11,416 Commercial loans: Commercial real estate 2,279 516 2,795 924,466 927,261 Construction and development — 1,133 1,133 209,783 210,916 Commercial and industrial 207 99 306 160,165 160,471 Equipment finance 649 384 1,033 131,025 132,058 Municipal finance — — — 112,016 112,016 Total loans $ 5,579 $ 4,488 $ 10,067 $ 2,695,119 $ 2,705,186 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 follows: September 30, 2019 June 30, 2019 Nonaccruing 90 Days + & still accruing Nonaccruing 90 Days + & still accruing Retail consumer loans: One-to-four family $ 3,348 $ — $ 3,223 $ — HELOCs - originated 584 — 372 — HELOCs - purchased 476 — 666 — Construction and land/lots 6 — 6 — Indirect auto finance 317 — 463 — Consumer 24 — 21 — Commercial loans: Commercial real estate 3,398 — 3,559 — Construction and development 1,387 — 1,357 — Commercial and industrial 319 — 307 — Equipment finance 1,022 — 384 — Total loans $ 10,881 $ — $ 10,358 $ — PCI loans totaling $1,234 at September 30, 2019 and $1,344 at June 30, 2019 are excluded from nonaccruing loans due to the accretion of discounts established in accordance with the acquisition method of accounting for business combinations. 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 September 30, 2019 . The Company's loans that were performing under the payment terms of TDRs that were excluded from nonaccruing loans above at the dates indicated follows: September 30, 2019 June 30, 2019 Performing TDRs included in impaired loans $ 24,590 $ 23,116 An analysis of the allowance for loan losses by segment for the periods shown is as follows: Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 PCI Retail Consumer Commercial Total PCI Retail Consumer Commercial Total Balance at beginning of period $ 201 $ 6,419 $ 14,809 $ 21,429 $ 483 $ 7,527 $ 13,050 $ 21,060 Provision for (recovery of) loan losses (7 ) (448 ) 455 — (188 ) (64 ) 252 — Charge-offs — (395 ) (35 ) (430 ) — (416 ) (2 ) (418 ) Recoveries — 152 163 315 — 205 85 290 Balance at end of period $ 194 $ 5,728 $ 15,392 $ 21,314 $ 295 $ 7,252 $ 13,385 $ 20,932 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 September 30, 2019 Retail consumer loans: One-to-four family $ 60 $ 70 $ 1,547 $ 1,677 $ 5,461 $ 5,452 $ 385,736 $ 396,649 HELOCs - originated — 9 1,108 1,117 225 9 140,895 141,129 HELOCs - purchased — — 471 471 — — 104,324 104,324 Construction and land/lots — — 1,357 1,357 366 315 84,638 85,319 Indirect auto finance — — 1,028 1,028 — 11 147,797 147,808 Consumer — 5 133 138 — 5 11,395 11,400 Commercial loans: Commercial real estate 113 38 8,223 8,374 6,855 8,305 975,627 990,787 Construction and development 4 5 3,148 3,157 696 1,275 201,523 203,494 Commercial and industrial 17 — 1,941 1,958 1,658 — 157,048 158,706 Equipment finance — 67 1,517 1,584 — 1,022 153,457 154,479 Municipal finance — — 453 453 — — 114,382 114,382 Total $ 194 $ 194 $ 20,926 $ 21,314 $ 15,261 $ 16,394 $ 2,476,822 $ 2,508,477 June 30, 2019 Retail consumer loans: One-to-four family $ 62 $ 74 $ 2,375 $ 2,511 $ 5,868 $ 5,318 $ 649,405 $ 660,591 HELOCs - originated — 7 1,060 1,067 225 7 139,203 139,435 HELOCs - purchased — — 518 518 — — 116,972 116,972 Construction and land/lots — — 1,265 1,265 372 323 79,907 80,602 Indirect auto finance — — 927 927 — — 153,448 153,448 Consumer — 4 189 193 — 4 11,412 11,416 Commercial loans: Commercial real estate 118 28 7,890 8,036 7,706 8,692 910,863 927,261 Construction and development 4 5 3,187 3,196 941 1,397 208,578 210,916 Commercial and industrial 17 2 1,957 1,976 1,669 2 158,800 160,471 Equipment finance — — 1,305 1,305 — — 132,058 132,058 Municipal finance — — 435 435 — — 112,016 112,016 Total $ 201 $ 120 $ 21,108 $ 21,429 $ 16,781 $ 15,743 $ 2,672,662 $ 2,705,186 Loans acquired through 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, excluding PCI loans, 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 September 30, 2019 Retail consumer loans: One-to-four family $ 17,678 $ 12,747 $ 2,315 $ 15,062 $ 496 HELOCs - originated 2,611 675 1,288 1,963 12 HELOCs - purchased 476 476 — 476 2 Construction and land/lots 1,692 795 315 1,110 27 Indirect auto finance 585 191 216 407 2 Consumer 295 11 35 46 7 Commercial loans: Commercial real estate 9,674 6,620 2,771 9,391 45 Construction and development 2,482 846 794 1,640 8 Commercial and industrial 8,985 345 — 345 4 Equipment finance 1,022 393 629 1,022 67 Total impaired loans $ 45,500 $ 23,099 $ 8,363 $ 31,462 $ 670 June 30, 2019 Retail consumer loans: One-to-four family $ 18,302 $ 12,461 $ 3,152 $ 15,613 $ 472 HELOCs - originated 2,410 564 1,219 1,783 46 HELOCs - purchased 666 — 666 666 — Construction and land/lots 1,917 957 323 1,280 26 Indirect auto finance 601 353 137 490 2 Consumer 379 7 41 48 6 Commercial loans: Commercial real estate 10,127 6,434 3,404 9,838 36 Construction and development 2,574 940 791 1,731 7 Commercial and industrial 10,173 354 768 1,122 6 Equipment finance 462 — 384 384 — Total impaired loans $ 47,611 $ 22,070 $ 10,885 $ 32,955 $ 601 The table above includes $15,068 and $17,212 , of impaired loans that were not individually evaluated at September 30, 2019 and June 30, 2019 , respectively, because these loans did not meet the Company's threshold for individual impairment evaluation. The recorded allowance above includes $476 and $481 related to these loans that were not individually evaluated at September 30, 2019 and June 30, 2019 , respectively. The Company's average recorded investment in impaired loans and interest income recognized on impaired loans for the three months ended September 30, 2019 and 2018 follows: Three Months Ended September 30, 2019 September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Retail consumer loans: One-to-four family $ 15,338 $ 206 $ 19,280 $ 290 HELOCs - originated 1,873 29 1,319 18 HELOCs - purchased 571 3 186 3 Construction and land/lots 1,195 24 1,593 39 Indirect auto finance 448 5 327 4 Consumer 47 3 806 27 Commercial loans: Commercial real estate 9,614 77 4,754 93 Construction and development 1,686 14 1,940 29 Commercial and industrial 734 10 219 17 Equipment finance 703 8 — — Total loans $ 32,209 $ 379 $ 30,424 $ 520 A summary of changes in the accretable yield for PCI loans for the three months ended September 30, 2019 and 2018 follows: Three Months Ended September 30, 2019 September 30, 2018 Accretable yield, beginning of period $ 5,259 $ 5,734 Reclass from nonaccretable yield (1) 115 10 Other changes, net (2) (14 ) 137 Interest income (444 ) (429 ) Accretable yield, end of period $ 4,916 $ 5,452 ______________________________________ (1) Represents changes attributable to expected loss 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 months ended September 30, 2019 and 2018 , the following tables present a breakdown of the types of concessions made on TDRs by loan class: Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 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 Extended payment terms: Retail consumer: One-to-four family 1 $ 14 $ 14 — $ — $ — Total 1 $ 14 $ 14 — $ — $ — Other TDRs: Retail consumer: One-to-four family 3 $ 35 $ 34 5 $ 244 $ 243 Indirect auto finance 4 68 65 1 33 32 Consumer — — — 1 2 2 Total 7 $ 103 $ 99 7 $ 279 $ 277 Total 8 $ 117 $ 113 7 $ 279 $ 277 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. The following tables present loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three months ended September 30, 2019 and 2018 : Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Number of Loans Recorded Investment Number of Loans Recorded Investment Other TDRs: Retail consumer: One-to-four family 2 $ 122 — $ — Consumer 1 2 — — Total 3 $ 124 — $ — Total 3 $ 124 — $ — 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 on a loan-by-loan basis 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 | 3 Months Ended |
Sep. 30, 2019 | |
Real Estate Owned [Abstract] | |
Real Estate Owned | Real Estate Owned The activity within REO for the periods shown is as follows: Three Months Ended September 30, 2019 2018 Balance at beginning of period $ 2,929 $ 3,684 Transfers from loans 46 74 Sales, net of gain or loss (381 ) (344 ) Writedowns (12 ) (128 ) Balance at end of period $ 2,582 $ 3,286 At September 30, 2019 and June 30, 2019, the Bank had $ 671 and $ 1,018 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 $ 144 and $ 243 at September 30, 2019 and June 30, 2019, respectively. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Sep. 30, 2019 | |
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 as of the dates indicated: Three Months Ended September 30, 2019 2018 Numerator: Net income $ 8,804 $ 7,790 Allocation of earnings to participating securities (68 ) (55 ) Numerator for basic EPS - Net income available to common stockholders $ 8,736 $ 7,735 Effect of dilutive securities: Dilutive effect to participating securities 8 2 Numerator for diluted EPS $ 8,744 $ 7,737 Denominator: Weighted-average common shares outstanding - basic 17,097,647 18,125,637 Effect of dilutive shares 656,010 754,839 Weighted-average common shares outstanding - diluted 17,753,657 18,880,476 Net income per share - basic $ 0.51 $ 0.43 Net income per share - diluted $ 0.49 $ 0.41 Potential dilutive shares are excluded from the computation of earnings per share if their effect is anti-dilutive. There were 470,800 stock options that were anti-dilutive for the three months ended September 30, 2019, respectively. There were 420,700 stock options that were anti-dilutive for the three months ended September 30, 2018. |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Sep. 30, 2019 | |
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. 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, in the case of restricted stock awards, may be repurchased shares. The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three months ended September 30, 2019 and 2018, respectively: Three Months Ended September 30, 2019 2018 Share based compensation expense $ 443 $ 384 Tax benefit $ 104 $ 88 The table below presents stock option activity for the three months ended September 30, 2019 and 2018 : Options Weighted- Remaining Aggregate Options outstanding at June 30, 2018 1,718,270 $ 17.29 5.9 $ 18,664 Exercised 28,500 14.41 — — Forfeited 4,000 14.37 — — Options outstanding at September 30, 2018 1,685,770 $ 17.34 5.7 $ 19,902 Exercisable at September 30, 2018 1,198,970 $ 14.51 4.5 $ 17,553 Non-vested at September 30, 2018 486,800 $ 24.32 6.5 $ 2,349 Options outstanding at June 30, 2019 1,657,214 $ 17.59 5.0 $ 12,909 Granted 25,000 25.37 — — Exercised 13,400 14.50 — — Forfeited 800 17.35 — — Options outstanding at September 30, 2019 1,668,014 $ 17.73 4.9 $ 13,969 Exercisable at September 30, 2019 1,266,214 $ 15.40 3.8 $ 13,509 Non-vested at September 30, 2019 401,800 $ 25.07 8.1 $ 460 Assumptions used in estimating the fair value of options granted during the three months ended September 30, 2019 and 2018 are presented below: September 30, September 30, 2019 2018 Weighted-average volatility 17.84 % — % Expected dividend yield 0.95 % — % Risk-free interest rate 1.55 % — % Expected life (years) 6.5 — Weighted-average fair value of options granted $ 4.67 $ — At September 30, 2019 , the Company had $2,052 of unrecognized compensation expense related to 401,800 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 1.7 years at September 30, 2019 . At September 30, 2018 , the Company had $2,585 of unrecognized compensation expense related to 486,800 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 2.1 years at September 30, 2018 . The table below presents restricted stock award activity for the three months ended September 30, 2019 and 2018 : Restricted stock awards Weighted- average grant date fair value Aggregate Intrinsic Value Non-vested at June 30, 2018 133,410 $ 22.85 $ 3,755 Vested 2,800 16.27 — Forfeited 2,000 14.37 — Non-vested at September 30, 2018 128,610 $ 23.13 $ 3,749 Non-vested at June 30, 2019 123,800 $ 24.65 $ 2,258 Granted 13,000 25.37 — Vested 400 19.02 — Forfeited 3,200 20.62 — Non-vested at September 30, 2019 133,200 $ 24.83 $ 2,256 The table above includes performance-based restrictive stock units totaling 10,375 which were granted during the year ended June 30, 2019. These stock units are scheduled to vest over 3.0 years assuming certain performance metrics are met. At September 30, 2019 , unrecognized compensation expense was $2,579 related to 133,200 shares of restricted stock originally scheduled to vest over three-, 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 1.7 years at September 30, 2019 . At September 30, 2018 , unrecognized compensation expense was $2,337 related to 128,610 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 1.9 years at September 30, 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 and June 30, 2019 , respectively, loan commitments (excluding $165,382 and $181,477 of undisbursed portions of construction loans) totaled $89,664 and $93,432 of which $23,396 and $34,631 were variable rate commitments and $66,268 and $58,801 were fixed rate commitments. The fixed rate loans had interest rates ranging from 2.25% to 8.75% at September 30, 2019 and 2.69% to 8.59% at June 30, 2019 , 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 $372,329 and $353,663 at September 30, 2019 and June 30, 2019 , 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 certain one-to-four family 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 September 30, 2019 or June 30, 2019 . The Company grants construction and permanent loans collateralized primarily by residential and commercial real estate to customers throughout its primary market areas. In addition, the Company grants equipment financing throughout the eastern United States and municipal financing to customers throughout North and South Carolina. The Company’s loan portfolio can be affected by the general economic conditions within these market areas. Management believes that the Company has no significant concentration of credit in the loan portfolio. 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 September 30, 2019 and June 30, 2019 was $126 , and $2,633 , 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 September 30, 2019 and June 30, 2019 were $8,162 and $9,460 , respectively. There was no liability recorded for these letters of credit at September 30, 2019 or June 30, 2019 , respectively. Litigation – From time to time, t he Company is involved in 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 | 3 Months Ended |
Sep. 30, 2019 | |
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. The fair value of financial instruments presented in this note are based on the same methodology as presented in Note 21 of the Notes to Consolidated Financial Statements contained in the Company’s 2019 Form 10-K. 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 1 securities include those traded on an active exchange, such as the New York Stock Exchange or U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities and debentures issued by government sponsored enterprises, municipal bonds, and corporate debt securities. The Company has no Level 3 securities. Impaired 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. 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. Once a loan is identified as individually impaired, the fair value is estimated using one of two methods, 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 on commitments on hand from investors or, if commitments have not yet been obtained, what investors are currently offering for loans with similar characteristics. 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: September 30, 2019 Description Total Level 1 Level 2 Level 3 U.S Government Agencies $ 14,261 $ — $ 14,261 $ — Residential MBS of U.S. Government Agencies and GSEs 73,093 — 73,093 — Municipal Bonds 24,377 — 24,377 — Corporate Bonds 53,983 — 53,983 — Total $ 165,714 $ — $ 165,714 $ — June 30, 2019 Description Total Level 1 Level 2 Level 3 U.S Government Agencies $ 15,210 $ — $ 15,210 $ — Residential MBS of U.S. Government Agencies and GSEs 75,180 — 75,180 — Municipal Bonds 25,312 — 25,312 — Corporate Bonds 6,084 — 6,084 — Total $ 121,786 $ — $ 121,786 $ — There were no transfers between levels during the three months ended September 30, 2019 . The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated: September 30, 2019 Description Total Level 1 Level 2 Level 3 Impaired loans $ 995 $ — $ — $ 995 REO 80 — — 80 Total $ 1,075 $ — $ — $ 1,075 June 30, 2019 Description Total Level 1 Level 2 Level 3 Impaired loans $ 9,071 $ — $ — $ 9,071 REO 1,804 — — 1,804 Total $ 10,875 $ — $ — $ 10,875 Quantitative information about Level 3 fair value measurements during the period ended September 30, 2019 is shown in the table below: Fair Value at September 30, 2019 Valuation Techniques Unobservable Input Range Weighted Average Nonrecurring measurements: Impaired loans, net $ 995 Discounted appraisals and discounted cash flows Collateral discounts 0% - 28% 0% - 3% 5% REO $ 80 Discounted appraisals Collateral discounts 8% - 15% 12% The stated carrying value and estimated fair value amounts of financial instruments as of September 30, 2019 and June 30, 2019 , are summarized below: September 30, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and interest-bearing deposits $ 117,093 $ 117,093 $ 117,093 $ — $ — Commercial paper 254,302 254,302 254,302 — — Certificates of deposit in other banks 50,117 50,117 — 50,117 — Securities available for sale 165,714 165,714 — 165,714 — Loans, net 2,487,416 2,427,833 — — 2,427,833 Loans held for sale 289,319 291,481 — — 291,481 FHLB stock 32,181 32,181 32,181 — — FRB stock 7,345 7,345 7,345 — — SBIC investments 6,374 6,374 — — 6,374 Accrued interest receivable 10,434 10,434 — 1,292 9,142 Liabilities: Noninterest-bearing and NOW deposits 776,994 776,994 — 776,994 — Money market accounts 769,000 769,000 — 769,000 — Savings accounts 169,872 169,872 — 169,872 — Certificates of deposit 778,328 779,555 — 779,555 — Borrowings 685,000 698,451 — 698,451 — Accrued interest payable 2,416 2,416 — 2,416 — June 30, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and interest-bearing deposits $ 71,043 $ 71,043 $ 71,043 $ — $ — Commercial paper 241,446 241,446 241,446 — — Certificates of deposit in other banks 52,005 52,005 — 52,005 — Securities available for sale 121,786 121,786 — 121,786 — Loans, net 2,683,761 2,604,827 — — 2,604,827 Loans held for sale 18,175 18,591 — — 18,591 FHLB stock 31,969 31,969 31,969 — — FRB stock 7,335 7,335 7,335 — — SBIC investments 6,074 6,074 — — 6,074 Accrued interest receivable 10,533 10,533 350 750 9,433 Liabilities: Noninterest-bearing and NOW deposits 746,617 746,617 — 746,617 — Money market accounts 691,172 691,172 — 691,172 — Savings accounts 177,278 177,278 — 177,278 — Certificates of deposit 712,190 712,485 — 712,485 — Borrowings 680,000 688,418 — 688,418 — Accrued interest payable 2,252 2,252 — 2,252 — The Company had off-balance sheet financial commitments, which included approximately $627,375 and $628,572 of commitments to originate loans, undisbursed portions of interim construction loans, and unused lines of credit at September 30, 2019 and June 30, 2019 , respectively (see Note 9). 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 mortgage 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. The fair value of U.S. Small Business Administration ("SBA") loans held for sale is based on what investors are currently offering for loans with similar characteristics. 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. A liquidity premium assumption is used as an estimate for the additional return required by an investor of assets that are potentially considered illiquid. 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. SBIC investments – No ready market exists for these investments and they have no quoted market value. SBIC investments are valued at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions of identical or similar investments. 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. 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. |
Leases
Leases | 3 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases As Lessee - Operating Leases Company operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at our sole discretion. When it is reasonably certain that we will exercise our option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2019, we did not have any leases that had not yet commenced for which we had created a ROU asset and a lease liability. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of our lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheets; we recognize lease expenses for these leases over the lease term. The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2019 ROU assets $ 5,105 Lease liabilities 5,102 Weighted-average remaining lease terms 5.45 Weighted-average discount rate 3.13 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,003 2021 1,123 2022 1,026 2023 989 2022 522 Thereafter 896 Total of future minimum payments $ 5,559 The following table presents components of operating lease expense for the three months ended September 30, 2019: Operating lease cost (included in occupancy expense) $ 473 Sublease income (included in other, net noninterest income) (64 ) Total operating lease expense, net 409 As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2019 and is included in other assets. The amount was previously recorded in premises and equipment, net. The corresponding lease liability totaled $1,870 at September 30, 2019 and is included in other liabilities. Interest expense on the lease liability totaled $24 for the three months ended September 30, 2019. The finance lease has a maturity date of July 2028 and a discount rate of 5.18% . Upon adoption of ASC 842, the capital lease obligation for June 30, 2019 was also reclassified to other liabilities. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 100 2021 134 2022 134 2023 134 2023 145 Thereafter 1,993 Total minimum lease payments 2,640 Less: amount representing interest (770 ) Present value of net minimum lease payments $ 1,870 Supplemental lease cash flow information for the three months ended September 30, 2019: ROU assets - noncash additions (operating leases) $ 5,296 ROU assets - noncash addition (finance lease) 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 558 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. Our equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of our operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. Our leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 4 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. Leased assets totaled $ 11,252 with a residual value of $ 6,450 as of September 30, 2019. For the three months ended September 30, 2019, total equipment finance operating lease income totaled $ 568 and depreciation expense totaled $ 350 . The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,823 2021 5,423 2022 2,540 2023 1,746 2022 663 Thereafter — Total of future minimum payments $ 12,195 As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2019, total interest income on equipment finance leases totaled $ 319 . The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2019 Lease receivables $ 25,145 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 5,240 2021 6,927 2022 6,093 2023 5,494 2024 3,244 Thereafter 994 Total minimum payments 27,992 Less: amount representing interest (2,847 ) Total $ 25,145 |
Leases | Leases As Lessee - Operating Leases Company operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at our sole discretion. When it is reasonably certain that we will exercise our option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2019, we did not have any leases that had not yet commenced for which we had created a ROU asset and a lease liability. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of our lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheets; we recognize lease expenses for these leases over the lease term. The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2019 ROU assets $ 5,105 Lease liabilities 5,102 Weighted-average remaining lease terms 5.45 Weighted-average discount rate 3.13 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,003 2021 1,123 2022 1,026 2023 989 2022 522 Thereafter 896 Total of future minimum payments $ 5,559 The following table presents components of operating lease expense for the three months ended September 30, 2019: Operating lease cost (included in occupancy expense) $ 473 Sublease income (included in other, net noninterest income) (64 ) Total operating lease expense, net 409 As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2019 and is included in other assets. The amount was previously recorded in premises and equipment, net. The corresponding lease liability totaled $1,870 at September 30, 2019 and is included in other liabilities. Interest expense on the lease liability totaled $24 for the three months ended September 30, 2019. The finance lease has a maturity date of July 2028 and a discount rate of 5.18% . Upon adoption of ASC 842, the capital lease obligation for June 30, 2019 was also reclassified to other liabilities. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 100 2021 134 2022 134 2023 134 2023 145 Thereafter 1,993 Total minimum lease payments 2,640 Less: amount representing interest (770 ) Present value of net minimum lease payments $ 1,870 Supplemental lease cash flow information for the three months ended September 30, 2019: ROU assets - noncash additions (operating leases) $ 5,296 ROU assets - noncash addition (finance lease) 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 558 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. Our equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of our operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. Our leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 4 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. Leased assets totaled $ 11,252 with a residual value of $ 6,450 as of September 30, 2019. For the three months ended September 30, 2019, total equipment finance operating lease income totaled $ 568 and depreciation expense totaled $ 350 . The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,823 2021 5,423 2022 2,540 2023 1,746 2022 663 Thereafter — Total of future minimum payments $ 12,195 As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2019, total interest income on equipment finance leases totaled $ 319 . The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2019 Lease receivables $ 25,145 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 5,240 2021 6,927 2022 6,093 2023 5,494 2024 3,244 Thereafter 994 Total minimum payments 27,992 Less: amount representing interest (2,847 ) Total $ 25,145 |
Leases | Leases As Lessee - Operating Leases Company operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at our sole discretion. When it is reasonably certain that we will exercise our option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2019, we did not have any leases that had not yet commenced for which we had created a ROU asset and a lease liability. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of our lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheets; we recognize lease expenses for these leases over the lease term. The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2019 ROU assets $ 5,105 Lease liabilities 5,102 Weighted-average remaining lease terms 5.45 Weighted-average discount rate 3.13 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,003 2021 1,123 2022 1,026 2023 989 2022 522 Thereafter 896 Total of future minimum payments $ 5,559 The following table presents components of operating lease expense for the three months ended September 30, 2019: Operating lease cost (included in occupancy expense) $ 473 Sublease income (included in other, net noninterest income) (64 ) Total operating lease expense, net 409 As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2019 and is included in other assets. The amount was previously recorded in premises and equipment, net. The corresponding lease liability totaled $1,870 at September 30, 2019 and is included in other liabilities. Interest expense on the lease liability totaled $24 for the three months ended September 30, 2019. The finance lease has a maturity date of July 2028 and a discount rate of 5.18% . Upon adoption of ASC 842, the capital lease obligation for June 30, 2019 was also reclassified to other liabilities. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 100 2021 134 2022 134 2023 134 2023 145 Thereafter 1,993 Total minimum lease payments 2,640 Less: amount representing interest (770 ) Present value of net minimum lease payments $ 1,870 Supplemental lease cash flow information for the three months ended September 30, 2019: ROU assets - noncash additions (operating leases) $ 5,296 ROU assets - noncash addition (finance lease) 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 558 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. Our equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of our operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. Our leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 4 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. Leased assets totaled $ 11,252 with a residual value of $ 6,450 as of September 30, 2019. For the three months ended September 30, 2019, total equipment finance operating lease income totaled $ 568 and depreciation expense totaled $ 350 . The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,823 2021 5,423 2022 2,540 2023 1,746 2022 663 Thereafter — Total of future minimum payments $ 12,195 As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2019, total interest income on equipment finance leases totaled $ 319 . The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2019 Lease receivables $ 25,145 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 5,240 2021 6,927 2022 6,093 2023 5,494 2024 3,244 Thereafter 994 Total minimum payments 27,992 Less: amount representing interest (2,847 ) Total $ 25,145 |
Leases | Leases As Lessee - Operating Leases Company operating leases primarily include office space and bank branches. Certain leases include one or more options to renew, with renewal terms that can extend the lease term up to 15 additional years. The exercise of lease renewal options is at our sole discretion. When it is reasonably certain that we will exercise our option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At September 30, 2019, we did not have any leases that had not yet commenced for which we had created a ROU asset and a lease liability. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of our lease agreements include periodic rate adjustments for inflation. The depreciable life of ROU assets and leasehold improvements are limited to the shorter of the useful life or the expected lease term. Leases with an initial term of 12 months or less are not recorded on our Consolidated Balance Sheets; we recognize lease expenses for these leases over the lease term. The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2019 ROU assets $ 5,105 Lease liabilities 5,102 Weighted-average remaining lease terms 5.45 Weighted-average discount rate 3.13 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,003 2021 1,123 2022 1,026 2023 989 2022 522 Thereafter 896 Total of future minimum payments $ 5,559 The following table presents components of operating lease expense for the three months ended September 30, 2019: Operating lease cost (included in occupancy expense) $ 473 Sublease income (included in other, net noninterest income) (64 ) Total operating lease expense, net 409 As Lessee - Finance Lease The Company currently leases land for one of its branch office locations under a finance lease. The ROU asset for the finance lease totaled $2,052 at September 30, 2019 and is included in other assets. The amount was previously recorded in premises and equipment, net. The corresponding lease liability totaled $1,870 at September 30, 2019 and is included in other liabilities. Interest expense on the lease liability totaled $24 for the three months ended September 30, 2019. The finance lease has a maturity date of July 2028 and a discount rate of 5.18% . Upon adoption of ASC 842, the capital lease obligation for June 30, 2019 was also reclassified to other liabilities. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 100 2021 134 2022 134 2023 134 2023 145 Thereafter 1,993 Total minimum lease payments 2,640 Less: amount representing interest (770 ) Present value of net minimum lease payments $ 1,870 Supplemental lease cash flow information for the three months ended September 30, 2019: ROU assets - noncash additions (operating leases) $ 5,296 ROU assets - noncash addition (finance lease) 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 558 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. Our equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of our operating and finance leases offer the lessee the option to purchase the equipment at fair value or for a nominal fixed purchase option; and most of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual terms. Our leases do not include early termination options, and continued rent payments are due if leased equipment is not returned at the end of the lease. As Lessor - Operating Leases Operating lease income is recognized as a component of noninterest income on a straight-line basis over the lease term. Lease terms range from 1 to 4 years. Assets related to operating leases are included in other assets and the corresponding depreciation expense is recorded on a straight-line basis as a component of other noninterest expense. Leased assets totaled $ 11,252 with a residual value of $ 6,450 as of September 30, 2019. For the three months ended September 30, 2019, total equipment finance operating lease income totaled $ 568 and depreciation expense totaled $ 350 . The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,823 2021 5,423 2022 2,540 2023 1,746 2022 663 Thereafter — Total of future minimum payments $ 12,195 As Lessor - Finance Leases Finance lease income is recognized as a component of loan interest income over the lease term. The finance leases are included as a component of the equipment finance class of financing receivables under the commercial loan segment. For the three months ended September 30, 2019, total interest income on equipment finance leases totaled $ 319 . The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2019 Lease receivables $ 25,145 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 5,240 2021 6,927 2022 6,093 2023 5,494 2024 3,244 Thereafter 994 Total minimum payments 27,992 Less: amount representing interest (2,847 ) Total $ 25,145 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with 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 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, 2019 (" 2019 Form 10-K") filed with the SEC on September 13, 2019 . The results of operations for the three months ended September 30, 2019 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2020 . |
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) the valuation of goodwill and other intangible assets, and (iii) 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 2019 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 February 2016, the FASB issued ASU 2016-02, "Leases (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 were effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018-10, "Codification Improvements to Topic 842, Leases" and ASU 2018-11 "Leases (Topic 842): Targeted Improvements." ASU 2018-10 made 16 narrow-scope amendments to ASC 842. The amendments in ASU 2018-11 are intended to provide entities with relief from the costs of implementing certain aspects of the the new lease accounting standard. Specifically, an entity can elect not to recast the comparative periods presented when transitioning to ASC 842 and provides a lessor with the option to not separate lease and nonlease components when certain conditions are met. This ASU also provides a new transition method in addition to the existing transition method contained in ASU No. 2016-02 to allow entities to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. These amendments have the same effective date as ASU 2016-02. The Company adopted this ASU on July 1, 2019. The adoption increased other assets and liabilities by approximately $ 5.3 million as a result of ROU assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements. The adoption of this ASU did not have an effect on the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders' Equity. However, additional disclosures required by this ASU have been included in “Note 1 - Summary of Significant Accounting Policies” and "Note 11 - Leases" to the Company’s consolidated financial statements. 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. This ASU is effective for interim and annual reporting 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 has selected a third-party vendor to provide ongoing support under the new methodology. The Bank's project team is currently evaluating our current expected loss methodology of our loan and investment portfolios to identify the necessary modifications in accordance with this standard and expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the Bank is also in the process of compiling historical data that will be used to calculate expected credit losses on its loan portfolio and intends to run parallel models during the latter part of fiscal year 2020 to ensure it is fully compliant with the ASU at the adoption date. A valuation adjustment to our allowance for loan losses or investment portfolio that is identified in this process will be reflected as a one-time adjustment in equity rather than earnings. Once adopted, the Company expects its allowance for loan losses to increase, however, until its evaluation is complete the magnitude of the increase will be unknown. 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 Company adopted this ASU on July 1, 2019. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this ASU removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The adoption of ASU No. 2018-13 is not expected to have a material impact on the Company's Consolidated Financial Statements. In November 2018, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses." This update clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The effective date and transition requirements for this ASU are the same as ASU 2016-13. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In December 2018, the FASB issued ASU 2018-20, "Leases (Topic 842): Narrow-Scope Improvements for Lessors." The amendments in this update permit lessors, as an accounting policy election, to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. A lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures. For certain lessor costs, the lessor must exclude from variable payments, and therefore revenue, lessor costs paid by lessees directly to third parties from variable payments. In addition, the lessor must account for costs excluded from the consideration of a contract that are paid by the lessor and reimbursed by the lessee as variable payments. A lessor will record those reimbursed costs as revenue. The amendments in this ASU related to recognizing variable payments for contracts with lease and nonlease components require lessors to allocate (rather than recognize as currently required) certain variable payments to the lease and nonlease components when the changes in facts and circumstances on which the variable payment is based occur. After the allocation, the amount of variable payments allocated to the lease components will be recognized as income in profit or loss in accordance with Topic 842, while the amount of variable payments allocated to nonlease components will be recognized in accordance with other Topics, such as Topic 606. The effective date and transition requirements for this ASU are the same as ASU 2016-02. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In March 2019, the FASB issued ASU 2019-01, "Leases (Topic 842): Codification Improvements." The amendments in this update include the following items: i) determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; ii) requiring cash received from lessors from sales-type and direct financing leases to be presented in the cash flow statement within investing activities; and iii) clarifying interim disclosure requirements. The effective date and transition requirements for the first and second items of this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the third item of this ASU is the same as ASU 2016-02. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In April 2019, the FASB issued ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. The items within this ASU are not expected to have a significant effect on current accounting practice. The effective date and transition requirements for the amendments to Financial Instruments (ASU 2016-01) are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the amendments to Financial Instruments-Credit Losses (ASU 2016-13) are the same as ASU 2016-13 noted above. The effective date and transition requirements for the amendments to Derivatives and Hedging (ASU 2017-12) are the same as ASU 2017-12 noted above.The adoption of ASU No. 2019-04 is not expected to have a material impact on the Company's Consolidated Financial Statements. In May 2019, the FASB issued ASU 2019-05, "Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief." The amendments in this update allow companies to irrevocably elect, upon the adoption of ASU 2016-13, the fair value option for financial instruments that i) were previously recorded at amortized cost and ii) are within the scope of the credit losses guidance in ASC 326-20, iii) are eligible for the fair value option under ASC 825-10, and iv) are not held-to-maturity debt securities. The effective date and transition requirements for this ASU is the same as ASU 2016-13. The adoption of ASU No. 2019-05 is not expected to have a material impact on the Company's Consolidated Financial Statements. In July 2019, the FASB issued ASU 2019-07, "Codification Updates to SEC Sections." This ASU amends certain paragraphs in the ASC to reflect the issuance of SEC final rules on Disclosure Update and Simplification and Investment Company Reporting Modernization and other miscellaneous updates. The amendments became effective upon issuance. The adoption did not have a material effect on the Company's Consolidated Financial Statements. |
Debt Securities (Tables)
Debt Securities (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
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: September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government Agencies $ 14,113 $ 153 $ (5 ) $ 14,261 Residential MBS of U.S. Government Agencies and GSEs 72,477 757 (141 ) 73,093 Municipal Bonds 23,885 495 (3 ) 24,377 Corporate Bonds 53,992 47 (56 ) 53,983 Total $ 164,467 $ 1,452 $ (205 ) $ 165,714 June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Government Agencies $ 15,099 $ 122 $ (11 ) $ 15,210 Residential MBS of U.S. Government Agencies and GSEs 74,778 586 (184 ) 75,180 Municipal Bonds 24,896 423 (7 ) 25,312 Corporate Bonds 6,061 43 (20 ) 6,084 Total $ 120,834 $ 1,174 $ (222 ) $ 121,786 |
Investments Classified by Contractual Maturity Date | Debt securities available for sale by contractual maturity at September 30, 2019 are shown below. MBS 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. September 30, 2019 Amortized Cost Estimated Fair Value Due within one year $ 23,625 $ 23,615 Due after one year through five years 59,316 59,616 Due after five years through ten years 5,513 5,826 Due after ten years 3,536 3,564 Mortgage-backed securities 72,477 73,093 Total $ 164,467 $ 165,714 |
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 September 30, 2019 and June 30, 2019 were as follows: September 30, 2019 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 $ — $ — $ 5,995 $ (5 ) $ 5,995 $ (5 ) Residential MBS of U.S. Government Agencies and GSEs 9,771 (30 ) 16,113 (111 ) 25,884 (141 ) Municipal Bonds 3,706 (3 ) 427 — 4,133 (3 ) Corporate Bonds 47,708 (56 ) — — 47,708 (56 ) Total $ 61,185 $ (89 ) $ 22,535 $ (116 ) $ 83,720 $ (205 ) June 30, 2019 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 $ — $ — $ 6,988 $ (11 ) $ 6,988 $ (11 ) Residential MBS of U.S. Government Agencies and GSEs 1,144 (3 ) 24,242 (181 ) 25,386 (184 ) Municipal Bonds — — 4,895 (7 ) 4,895 (7 ) Corporate Bonds 393 (5 ) 3,630 (15 ) 4,023 (20 ) Total $ 1,537 $ (8 ) $ 39,755 $ (214 ) $ 41,292 $ (222 ) |
Other Investments (Tables)
Other Investments (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Investment | Other investments, at cost consist of the following at the dates indicated: September 30, 2019 June 30, 2019 FHLB of Atlanta stock $ 32,181 $ 31,969 FRB stock 7,345 7,335 SBIC investments 6,374 6,074 Total $ 45,900 $ 45,378 As a requirement for membership, the Bank invests in the stock of both the FHLB of Atlanta and the 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. SBIC investments are equity securities without a readily determinable fair value. |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans consist of the following at the dates indicated: September 30, 2019 June 30, 2019 Retail consumer loans: One-to-four family $ 396,649 $ 660,591 HELOCs - originated 141,129 139,435 HELOCs - purchased 104,324 116,972 Construction and land/lots 85,319 80,602 Indirect auto finance 147,808 153,448 Consumer 11,400 11,416 Total retail consumer loans 886,629 1,162,464 Commercial loans: Commercial real estate 990,787 927,261 Construction and development 203,494 210,916 Commercial and industrial 158,706 160,471 Equipment finance 154,479 132,058 Municipal finance 114,382 112,016 Total commercial loans 1,621,848 1,542,722 Total loans 2,508,477 2,705,186 Deferred loan costs, net 253 4 Total loans, net of deferred loan costs 2,508,730 2,705,190 Allowance for loan losses (21,314 ) (21,429 ) Loans, net $ 2,487,416 $ 2,683,761 |
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 follows: Pass Special Mention Substandard Doubtful Loss Total September 30, 2019 Retail consumer loans: One-to-four family $ 381,231 $ 2,108 $ 7,466 $ 368 $ 15 $ 391,188 HELOCs - originated 138,744 547 1,504 100 9 140,904 HELOCs - purchased 103,848 — 476 — — 104,324 Construction and land/lots 84,789 5 159 — — 84,953 Indirect auto finance 146,967 — 841 — — 147,808 Consumer 11,351 — 43 1 5 11,400 Commercial loans: Commercial real estate 963,018 9,599 11,315 — — 983,932 Construction and development 200,758 652 1,387 1 — 202,798 Commercial and industrial 156,047 718 283 — — 157,048 Equipment finance 153,457 — 1,022 — — 154,479 Municipal finance 114,099 283 — — — 114,382 Total loans $ 2,454,309 $ 13,912 $ 24,496 $ 470 $ 29 $ 2,493,216 Pass Special Mention Substandard Doubtful Loss Total June 30, 2019 Retail consumer loans: One-to-four family $ 644,159 $ 2,089 $ 8,072 $ 384 $ 19 $ 654,723 HELOCs - originated 137,001 766 1,434 — 9 139,210 HELOCs - purchased 116,306 — 666 — — 116,972 Construction and land/lots 79,995 71 164 — — 80,230 Indirect auto finance 152,393 13 1,042 — — 153,448 Consumer 11,375 1 33 3 4 11,416 Commercial loans: Commercial real estate 901,214 8,066 10,306 — — 919,586 Construction and development 207,827 790 1,357 1 — 209,975 Commercial and industrial 157,325 877 600 — — 158,802 Equipment finance 131,674 — 384 — — 132,058 Municipal finance 111,721 295 — — — 112,016 Total loans $ 2,650,990 $ 12,968 $ 24,058 $ 388 $ 32 $ 2,688,436 The Company's total purchased credit impaired ("PCI") loans by segment, class, and risk grade at the dates indicated follows: Pass Special Mention Substandard Doubtful Loss Total September 30, 2019 Retail consumer loans: One-to-four family $ 3,981 $ 214 $ 1,266 $ — $ — $ 5,461 HELOCs - originated 225 — — — — 225 Construction and land/lots 140 — 226 — — 366 Commercial loans: Commercial real estate 3,703 1,881 1,271 — — 6,855 Construction and development 342 — 354 — — 696 Commercial and industrial 1,655 — — — 3 1,658 Total loans $ 10,046 $ 2,095 $ 3,117 $ — $ 3 $ 15,261 Pass Special Mention Substandard Doubtful Loss Total June 30, 2019 Retail consumer loans: One-to-four family $ 4,124 $ 248 $ 1,496 $ — $ — $ 5,868 HELOCs - originated 225 — — — — 225 Construction and land/lots 142 — 230 — — 372 Commercial loans: Commercial real estate 4,503 1,903 1,300 — — 7,706 Construction and development 453 — 488 — — 941 Commercial and industrial 1,666 — — — 3 1,669 Total loans $ 11,113 $ 2,151 $ 3,514 $ — $ 3 $ 16,781 |
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 September 30, 2019 Retail consumer loans: One-to-four family $ 2,511 $ 1,883 $ 4,394 $ 392,255 $ 396,649 HELOCs - originated 437 204 641 140,488 141,129 HELOCs - purchased 108 298 406 103,918 104,324 Construction and land/lots — 6 6 85,313 85,319 Indirect auto finance 566 110 676 147,132 147,808 Consumer 5 12 17 11,383 11,400 Commercial loans: Commercial real estate 1,000 2,664 3,664 987,123 990,787 Construction and development — 1,170 1,170 202,324 203,494 Commercial and industrial 95 118 213 158,493 158,706 Equipment finance 1,012 629 1,641 152,838 154,479 Municipal finance — — — 114,382 114,382 Total loans $ 5,734 $ 7,094 $ 12,828 $ 2,495,649 $ 2,508,477 Past Due Total 30-89 Days 90 Days+ Total Current Loans June 30, 2019 Retail consumer loans: One-to-four family $ 1,615 $ 1,389 $ 3,004 $ 657,587 $ 660,591 HELOCs - originated 226 231 457 138,978 139,435 HELOCs - purchased — 485 485 116,487 116,972 Construction and land/lots 138 6 144 80,458 80,602 Indirect auto finance 459 237 696 152,752 153,448 Consumer 6 8 14 11,402 11,416 Commercial loans: Commercial real estate 2,279 516 2,795 924,466 927,261 Construction and development — 1,133 1,133 209,783 210,916 Commercial and industrial 207 99 306 160,165 160,471 Equipment finance 649 384 1,033 131,025 132,058 Municipal finance — — — 112,016 112,016 Total loans $ 5,579 $ 4,488 $ 10,067 $ 2,695,119 $ 2,705,186 |
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 follows: September 30, 2019 June 30, 2019 Nonaccruing 90 Days + & still accruing Nonaccruing 90 Days + & still accruing Retail consumer loans: One-to-four family $ 3,348 $ — $ 3,223 $ — HELOCs - originated 584 — 372 — HELOCs - purchased 476 — 666 — Construction and land/lots 6 — 6 — Indirect auto finance 317 — 463 — Consumer 24 — 21 — Commercial loans: Commercial real estate 3,398 — 3,559 — Construction and development 1,387 — 1,357 — Commercial and industrial 319 — 307 — Equipment finance 1,022 — 384 — Total loans $ 10,881 $ — $ 10,358 $ — |
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 follows: September 30, 2019 June 30, 2019 Performing TDRs included in impaired loans $ 24,590 $ 23,116 |
Allowance for Credit Losses on Financing Receivables | An analysis of the allowance for loan losses by segment for the periods shown is as follows: Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 PCI Retail Consumer Commercial Total PCI Retail Consumer Commercial Total Balance at beginning of period $ 201 $ 6,419 $ 14,809 $ 21,429 $ 483 $ 7,527 $ 13,050 $ 21,060 Provision for (recovery of) loan losses (7 ) (448 ) 455 — (188 ) (64 ) 252 — Charge-offs — (395 ) (35 ) (430 ) — (416 ) (2 ) (418 ) Recoveries — 152 163 315 — 205 85 290 Balance at end of period $ 194 $ 5,728 $ 15,392 $ 21,314 $ 295 $ 7,252 $ 13,385 $ 20,932 |
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 September 30, 2019 Retail consumer loans: One-to-four family $ 60 $ 70 $ 1,547 $ 1,677 $ 5,461 $ 5,452 $ 385,736 $ 396,649 HELOCs - originated — 9 1,108 1,117 225 9 140,895 141,129 HELOCs - purchased — — 471 471 — — 104,324 104,324 Construction and land/lots — — 1,357 1,357 366 315 84,638 85,319 Indirect auto finance — — 1,028 1,028 — 11 147,797 147,808 Consumer — 5 133 138 — 5 11,395 11,400 Commercial loans: Commercial real estate 113 38 8,223 8,374 6,855 8,305 975,627 990,787 Construction and development 4 5 3,148 3,157 696 1,275 201,523 203,494 Commercial and industrial 17 — 1,941 1,958 1,658 — 157,048 158,706 Equipment finance — 67 1,517 1,584 — 1,022 153,457 154,479 Municipal finance — — 453 453 — — 114,382 114,382 Total $ 194 $ 194 $ 20,926 $ 21,314 $ 15,261 $ 16,394 $ 2,476,822 $ 2,508,477 June 30, 2019 Retail consumer loans: One-to-four family $ 62 $ 74 $ 2,375 $ 2,511 $ 5,868 $ 5,318 $ 649,405 $ 660,591 HELOCs - originated — 7 1,060 1,067 225 7 139,203 139,435 HELOCs - purchased — — 518 518 — — 116,972 116,972 Construction and land/lots — — 1,265 1,265 372 323 79,907 80,602 Indirect auto finance — — 927 927 — — 153,448 153,448 Consumer — 4 189 193 — 4 11,412 11,416 Commercial loans: Commercial real estate 118 28 7,890 8,036 7,706 8,692 910,863 927,261 Construction and development 4 5 3,187 3,196 941 1,397 208,578 210,916 Commercial and industrial 17 2 1,957 1,976 1,669 2 158,800 160,471 Equipment finance — — 1,305 1,305 — — 132,058 132,058 Municipal finance — — 435 435 — — 112,016 112,016 Total $ 201 $ 120 $ 21,108 $ 21,429 $ 16,781 $ 15,743 $ 2,672,662 $ 2,705,186 |
Schedule of Impaired Loans and Related Allowance by Segment and Class | The Company's impaired loans and the related allowance, by segment and class, excluding PCI loans, 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 September 30, 2019 Retail consumer loans: One-to-four family $ 17,678 $ 12,747 $ 2,315 $ 15,062 $ 496 HELOCs - originated 2,611 675 1,288 1,963 12 HELOCs - purchased 476 476 — 476 2 Construction and land/lots 1,692 795 315 1,110 27 Indirect auto finance 585 191 216 407 2 Consumer 295 11 35 46 7 Commercial loans: Commercial real estate 9,674 6,620 2,771 9,391 45 Construction and development 2,482 846 794 1,640 8 Commercial and industrial 8,985 345 — 345 4 Equipment finance 1,022 393 629 1,022 67 Total impaired loans $ 45,500 $ 23,099 $ 8,363 $ 31,462 $ 670 June 30, 2019 Retail consumer loans: One-to-four family $ 18,302 $ 12,461 $ 3,152 $ 15,613 $ 472 HELOCs - originated 2,410 564 1,219 1,783 46 HELOCs - purchased 666 — 666 666 — Construction and land/lots 1,917 957 323 1,280 26 Indirect auto finance 601 353 137 490 2 Consumer 379 7 41 48 6 Commercial loans: Commercial real estate 10,127 6,434 3,404 9,838 36 Construction and development 2,574 940 791 1,731 7 Commercial and industrial 10,173 354 768 1,122 6 Equipment finance 462 — 384 384 — Total impaired loans $ 47,611 $ 22,070 $ 10,885 $ 32,955 $ 601 |
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 months ended September 30, 2019 and 2018 follows: Three Months Ended September 30, 2019 September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Retail consumer loans: One-to-four family $ 15,338 $ 206 $ 19,280 $ 290 HELOCs - originated 1,873 29 1,319 18 HELOCs - purchased 571 3 186 3 Construction and land/lots 1,195 24 1,593 39 Indirect auto finance 448 5 327 4 Consumer 47 3 806 27 Commercial loans: Commercial real estate 9,614 77 4,754 93 Construction and development 1,686 14 1,940 29 Commercial and industrial 734 10 219 17 Equipment finance 703 8 — — Total loans $ 32,209 $ 379 $ 30,424 $ 520 |
Impaired Financing Receivable | A summary of changes in the accretable yield for PCI loans for the three months ended September 30, 2019 and 2018 follows: Three Months Ended September 30, 2019 September 30, 2018 Accretable yield, beginning of period $ 5,259 $ 5,734 Reclass from nonaccretable yield (1) 115 10 Other changes, net (2) (14 ) 137 Interest income (444 ) (429 ) Accretable yield, end of period $ 4,916 $ 5,452 ______________________________________ (1) Represents changes attributable to expected loss 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 months ended September 30, 2019 and 2018 , the following tables present a breakdown of the types of concessions made on TDRs by loan class: Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 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 Extended payment terms: Retail consumer: One-to-four family 1 $ 14 $ 14 — $ — $ — Total 1 $ 14 $ 14 — $ — $ — Other TDRs: Retail consumer: One-to-four family 3 $ 35 $ 34 5 $ 244 $ 243 Indirect auto finance 4 68 65 1 33 32 Consumer — — — 1 2 2 Total 7 $ 103 $ 99 7 $ 279 $ 277 Total 8 $ 117 $ 113 7 $ 279 $ 277 |
Schedule of Trouble Debt Restructurings With Payment Default | The following tables present loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three months ended September 30, 2019 and 2018 : Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Number of Loans Recorded Investment Number of Loans Recorded Investment Other TDRs: Retail consumer: One-to-four family 2 $ 122 — $ — Consumer 1 2 — — Total 3 $ 124 — $ — Total 3 $ 124 — $ — |
Real Estate Owned (Tables)
Real Estate Owned (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Real Estate Owned [Abstract] | |
Schedule of Real Estate Properties | The activity within REO for the periods shown is as follows: Three Months Ended September 30, 2019 2018 Balance at beginning of period $ 2,929 $ 3,684 Transfers from loans 46 74 Sales, net of gain or loss (381 ) (344 ) Writedowns (12 ) (128 ) Balance at end of period $ 2,582 $ 3,286 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
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 as of the dates indicated: Three Months Ended September 30, 2019 2018 Numerator: Net income $ 8,804 $ 7,790 Allocation of earnings to participating securities (68 ) (55 ) Numerator for basic EPS - Net income available to common stockholders $ 8,736 $ 7,735 Effect of dilutive securities: Dilutive effect to participating securities 8 2 Numerator for diluted EPS $ 8,744 $ 7,737 Denominator: Weighted-average common shares outstanding - basic 17,097,647 18,125,637 Effect of dilutive shares 656,010 754,839 Weighted-average common shares outstanding - diluted 17,753,657 18,880,476 Net income per share - basic $ 0.51 $ 0.43 Net income per share - diluted $ 0.49 $ 0.41 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
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 months ended September 30, 2019 and 2018, respectively: Three Months Ended September 30, 2019 2018 Share based compensation expense $ 443 $ 384 Tax benefit $ 104 $ 88 |
Equity Incentive Plan Stock Option Activity | The table below presents stock option activity for the three months ended September 30, 2019 and 2018 : Options Weighted- Remaining Aggregate Options outstanding at June 30, 2018 1,718,270 $ 17.29 5.9 $ 18,664 Exercised 28,500 14.41 — — Forfeited 4,000 14.37 — — Options outstanding at September 30, 2018 1,685,770 $ 17.34 5.7 $ 19,902 Exercisable at September 30, 2018 1,198,970 $ 14.51 4.5 $ 17,553 Non-vested at September 30, 2018 486,800 $ 24.32 6.5 $ 2,349 Options outstanding at June 30, 2019 1,657,214 $ 17.59 5.0 $ 12,909 Granted 25,000 25.37 — — Exercised 13,400 14.50 — — Forfeited 800 17.35 — — Options outstanding at September 30, 2019 1,668,014 $ 17.73 4.9 $ 13,969 Exercisable at September 30, 2019 1,266,214 $ 15.40 3.8 $ 13,509 Non-vested at September 30, 2019 401,800 $ 25.07 8.1 $ 460 |
Schedule of Nonvested Restricted Stock Units Activity | The table below presents restricted stock award activity for the three months ended September 30, 2019 and 2018 : Restricted stock awards Weighted- average grant date fair value Aggregate Intrinsic Value Non-vested at June 30, 2018 133,410 $ 22.85 $ 3,755 Vested 2,800 16.27 — Forfeited 2,000 14.37 — Non-vested at September 30, 2018 128,610 $ 23.13 $ 3,749 Non-vested at June 30, 2019 123,800 $ 24.65 $ 2,258 Granted 13,000 25.37 — Vested 400 19.02 — Forfeited 3,200 20.62 — Non-vested at September 30, 2019 133,200 $ 24.83 $ 2,256 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
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: September 30, 2019 Description Total Level 1 Level 2 Level 3 U.S Government Agencies $ 14,261 $ — $ 14,261 $ — Residential MBS of U.S. Government Agencies and GSEs 73,093 — 73,093 — Municipal Bonds 24,377 — 24,377 — Corporate Bonds 53,983 — 53,983 — Total $ 165,714 $ — $ 165,714 $ — June 30, 2019 Description Total Level 1 Level 2 Level 3 U.S Government Agencies $ 15,210 $ — $ 15,210 $ — Residential MBS of U.S. Government Agencies and GSEs 75,180 — 75,180 — Municipal Bonds 25,312 — 25,312 — Corporate Bonds 6,084 — 6,084 — Total $ 121,786 $ — $ 121,786 $ — |
Fair Value Measurements, Nonrecurring | The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated: September 30, 2019 Description Total Level 1 Level 2 Level 3 Impaired loans $ 995 $ — $ — $ 995 REO 80 — — 80 Total $ 1,075 $ — $ — $ 1,075 June 30, 2019 Description Total Level 1 Level 2 Level 3 Impaired loans $ 9,071 $ — $ — $ 9,071 REO 1,804 — — 1,804 Total $ 10,875 $ — $ — $ 10,875 |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative information about Level 3 fair value measurements during the period ended September 30, 2019 is shown in the table below: Fair Value at September 30, 2019 Valuation Techniques Unobservable Input Range Weighted Average Nonrecurring measurements: Impaired loans, net $ 995 Discounted appraisals and discounted cash flows Collateral discounts 0% - 28% 0% - 3% 5% REO $ 80 Discounted appraisals Collateral discounts 8% - 15% 12% |
Fair Value, by Balance Sheet Grouping | The stated carrying value and estimated fair value amounts of financial instruments as of September 30, 2019 and June 30, 2019 , are summarized below: September 30, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and interest-bearing deposits $ 117,093 $ 117,093 $ 117,093 $ — $ — Commercial paper 254,302 254,302 254,302 — — Certificates of deposit in other banks 50,117 50,117 — 50,117 — Securities available for sale 165,714 165,714 — 165,714 — Loans, net 2,487,416 2,427,833 — — 2,427,833 Loans held for sale 289,319 291,481 — — 291,481 FHLB stock 32,181 32,181 32,181 — — FRB stock 7,345 7,345 7,345 — — SBIC investments 6,374 6,374 — — 6,374 Accrued interest receivable 10,434 10,434 — 1,292 9,142 Liabilities: Noninterest-bearing and NOW deposits 776,994 776,994 — 776,994 — Money market accounts 769,000 769,000 — 769,000 — Savings accounts 169,872 169,872 — 169,872 — Certificates of deposit 778,328 779,555 — 779,555 — Borrowings 685,000 698,451 — 698,451 — Accrued interest payable 2,416 2,416 — 2,416 — June 30, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and interest-bearing deposits $ 71,043 $ 71,043 $ 71,043 $ — $ — Commercial paper 241,446 241,446 241,446 — — Certificates of deposit in other banks 52,005 52,005 — 52,005 — Securities available for sale 121,786 121,786 — 121,786 — Loans, net 2,683,761 2,604,827 — — 2,604,827 Loans held for sale 18,175 18,591 — — 18,591 FHLB stock 31,969 31,969 31,969 — — FRB stock 7,335 7,335 7,335 — — SBIC investments 6,074 6,074 — — 6,074 Accrued interest receivable 10,533 10,533 350 750 9,433 Liabilities: Noninterest-bearing and NOW deposits 746,617 746,617 — 746,617 — Money market accounts 691,172 691,172 — 691,172 — Savings accounts 177,278 177,278 — 177,278 — Certificates of deposit 712,190 712,485 — 712,485 — Borrowings 680,000 688,418 — 688,418 — Accrued interest payable 2,252 2,252 — 2,252 — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | The following tables present supplemental balance sheet information related to operating leases. ROU assets are included in other assets and lease liabilities are included in other liabilities. Supplemental Balance Sheet Information: September 30, 2019 ROU assets $ 5,105 Lease liabilities 5,102 Weighted-average remaining lease terms 5.45 Weighted-average discount rate 3.13 % |
Lessee, Operating Lease, Liability, Maturity | The following schedule summarizes aggregate future minimum lease payments under these operating leases at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,003 2021 1,123 2022 1,026 2023 989 2022 522 Thereafter 896 Total of future minimum payments $ 5,559 |
Lease, Cost | The following table presents components of operating lease expense for the three months ended September 30, 2019: Operating lease cost (included in occupancy expense) $ 473 Sublease income (included in other, net noninterest income) (64 ) Total operating lease expense, net 409 Supplemental lease cash flow information for the three months ended September 30, 2019: ROU assets - noncash additions (operating leases) $ 5,296 ROU assets - noncash addition (finance lease) 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 558 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 33 |
Finance Lease, Liability, Maturity | The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 100 2021 134 2022 134 2023 134 2023 145 Thereafter 1,993 Total minimum lease payments 2,640 Less: amount representing interest (770 ) Present value of net minimum lease payments $ 1,870 |
Lessor, Operating Lease, Payments to be Received, Maturity | The following schedule summarizes aggregate future minimum operating lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 1,823 2021 5,423 2022 2,540 2023 1,746 2022 663 Thereafter — Total of future minimum payments $ 12,195 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The following table presents components of finance lease net investment included within equipment finance class of financing receivables: September 30, 2019 Lease receivables $ 25,145 The following schedule summarizes aggregate future minimum finance lease payments to be received at September 30, 2019: Fiscal year ending June 30: Remaining 2020 $ 5,240 2021 6,927 2022 6,093 2023 5,494 2024 3,244 Thereafter 994 Total minimum payments 27,992 Less: amount representing interest (2,847 ) Total $ 25,145 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jul. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, Right-of-use asset | $ 5,105 | |
Lease liabilities | 5,102 | |
Finance lease, right-of-use asset | 2,052 | |
Finance lease, liability | $ 1,870 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, Right-of-use asset | $ 5,300 | |
Lease liabilities | 5,300 | |
Finance lease, right-of-use asset | 2,100 | |
Finance lease, liability | $ 1,900 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Narrative (Details) - Accounting Standards Update 2016-02 $ in Millions | Jul. 01, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase in other assets | $ 5.3 |
Increase in Other liabilities | $ 5.3 |
Debt Securities - Available for
Debt Securities - Available for Sale Securities Table (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 164,467 | $ 120,834 |
Gross Unrealized Gains | 1,452 | 1,174 |
Gross Unrealized Losses | (205) | (222) |
Estimated Fair Value | 165,714 | 121,786 |
U.S. Government Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,113 | 15,099 |
Gross Unrealized Gains | 153 | 122 |
Gross Unrealized Losses | (5) | (11) |
Estimated Fair Value | 14,261 | 15,210 |
Residential MBS of U.S. Government Agencies and GSEs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 72,477 | 74,778 |
Gross Unrealized Gains | 757 | 586 |
Gross Unrealized Losses | (141) | (184) |
Estimated Fair Value | 73,093 | 75,180 |
Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 23,885 | 24,896 |
Gross Unrealized Gains | 495 | 423 |
Gross Unrealized Losses | (3) | (7) |
Estimated Fair Value | 24,377 | 25,312 |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 53,992 | 6,061 |
Gross Unrealized Gains | 47 | 43 |
Gross Unrealized Losses | (56) | (20) |
Estimated Fair Value | $ 53,983 | $ 6,084 |
Debt Securities - Schedule of I
Debt Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Amortized Cost | ||
Due within one year | $ 23,625 | |
Due after one year through five years | 59,316 | |
Due after five years through ten years | 5,513 | |
Due after ten years | 3,536 | |
Total | 164,467 | |
Estimated Fair Value | ||
Due within one year | 23,615 | |
Due after one year through five years | 59,616 | |
Due after five years through ten years | 5,826 | |
Due after ten years | 3,564 | |
Estimated Fair Value | 165,714 | $ 121,786 |
Government Agencies and Government Sponsored Enterprises | ||
Amortized Cost | ||
Total | 72,477 | |
Estimated Fair Value | ||
Estimated Fair Value | $ 73,093 | $ 75,180 |
Debt Securities - Narrative (De
Debt Securities - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)security | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)security | |
Debt Securities, Available-for-sale [Line Items] | ||||
Estimated Fair Value | $ 165,714,000 | $ 121,786,000 | ||
Proceeds from sale of securities available for sale | 0 | $ 0 | ||
Gross realized gain (loss) | 0 | $ 0 | ||
Securities available for sale pledged as collateral market value | $ 94,208,000 | $ 94,876,000 | ||
Number of securities with unrealized losses | security | 91 | 100 | ||
Other than temporary impairment losses | $ 0 | $ 0 | ||
Collateral Pledged | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Estimated Fair Value | $ 93,499,000 | $ 94,337,000 |
Debt Securities - Available f_2
Debt Securities - Available for Sale Securities Continuous Unrealized Loss Position Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than 12 Months, Fair Value | $ 61,185 | $ 1,537 |
12 Months or Longer, Fair Value | 22,535 | 39,755 |
Total, Fair Value | 83,720 | 41,292 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | ||
12 Months or More, Fair Value | (89) | (8) |
12 Months or More, Unrealized Losses | (116) | (214) |
Total, Unrealized Losses | (205) | (222) |
U.S. Government Agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than 12 Months, Fair Value | 0 | 0 |
12 Months or Longer, Fair Value | 5,995 | 6,988 |
Total, Fair Value | 5,995 | 6,988 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | ||
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | (5) | (11) |
Total, Unrealized Losses | (5) | (11) |
Government Agencies and Government Sponsored Enterprises | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than 12 Months, Fair Value | 9,771 | 1,144 |
12 Months or Longer, Fair Value | 16,113 | 24,242 |
Total, Fair Value | 25,884 | 25,386 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | ||
12 Months or More, Fair Value | (30) | (3) |
12 Months or More, Unrealized Losses | (111) | (181) |
Total, Unrealized Losses | (141) | (184) |
Municipal Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than 12 Months, Fair Value | 3,706 | 0 |
12 Months or Longer, Fair Value | 427 | 4,895 |
Total, Fair Value | 4,133 | 4,895 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | ||
12 Months or More, Fair Value | (3) | 0 |
12 Months or More, Unrealized Losses | 0 | (7) |
Total, Unrealized Losses | (3) | (7) |
Corporate Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Less than 12 Months, Fair Value | 47,708 | 393 |
12 Months or Longer, Fair Value | 0 | 3,630 |
Total, Fair Value | 47,708 | 4,023 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | ||
12 Months or More, Fair Value | (56) | (5) |
12 Months or More, Unrealized Losses | 0 | (15) |
Total, Unrealized Losses | $ (56) | $ (20) |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Other Investment Not Readily Marketable [Line Items] | ||
FHLB of Atlanta | $ 32,181 | $ 31,969 |
Federal Reserve Bank of Richmond (FRB) | 7,345 | 7,335 |
Other investments, at cost | 45,900 | 45,378 |
Small Business Investment Companies (SBIC) | ||
Other Investment Not Readily Marketable [Line Items] | ||
Nonmarketable Investment Securities | $ 6,374 | $ 6,074 |
Loans - Schedule of Accounts, N
Loans - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | $ 2,508,477 | $ 2,705,186 |
Deferred loan fees, net | 253 | 4 |
Total loans, net of deferred loan costs | 2,508,730 | 2,705,190 |
Allowance for loan losses | (21,314) | (21,429) |
Net loans | 2,487,416 | 2,683,761 |
Retail Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 886,629 | 1,162,464 |
Retail Consumer Loans | One to four family loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 396,649 | 660,591 |
Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 141,129 | 139,435 |
Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 104,324 | 116,972 |
Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 85,319 | 80,602 |
Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 147,808 | 153,448 |
Retail Consumer Loans | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 11,400 | 11,416 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 1,621,848 | 1,542,722 |
Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 990,787 | 927,261 |
Commercial Loans | Construction and development loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 203,494 | 210,916 |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 158,706 | 160,471 |
Commercial Loans | Equipment Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | 154,479 | 132,058 |
Commercial Loans | Municipal leases | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans | $ 114,382 | $ 112,016 |
Loans - Financing Receivable Cr
Loans - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | $ 2,493,216 | $ 2,688,436 |
Pass | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 2,454,309 | 2,650,990 |
Special Mention | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 13,912 | 12,968 |
Substandard | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 24,496 | 24,058 |
Doubtful | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 470 | 388 |
Loss | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 29 | 32 |
Retail Consumer Loans | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 391,188 | 654,723 |
Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 11,400 | 11,416 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 140,904 | 139,210 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 104,324 | 116,972 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 84,953 | 80,230 |
Retail Consumer Loans | Pass | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 381,231 | 644,159 |
Retail Consumer Loans | Pass | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 11,351 | 11,375 |
Retail Consumer Loans | Pass | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 138,744 | 137,001 |
Retail Consumer Loans | Pass | HELOCs - purchased | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 103,848 | 116,306 |
Retail Consumer Loans | Pass | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 84,789 | 79,995 |
Retail Consumer Loans | Special Mention | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 2,108 | 2,089 |
Retail Consumer Loans | Special Mention | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 1 |
Retail Consumer Loans | Special Mention | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 547 | 766 |
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 | 5 | 71 |
Retail Consumer Loans | Substandard | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 7,466 | 8,072 |
Retail Consumer Loans | Substandard | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 43 | 33 |
Retail Consumer Loans | Substandard | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 1,504 | 1,434 |
Retail Consumer Loans | Substandard | HELOCs - purchased | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 476 | 666 |
Retail Consumer Loans | Substandard | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 159 | 164 |
Retail Consumer Loans | Doubtful | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 368 | 384 |
Retail Consumer Loans | Doubtful | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 1 | 3 |
Retail Consumer Loans | Doubtful | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 100 | 0 |
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 | 0 | 0 |
Retail Consumer Loans | Loss | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 15 | 19 |
Retail Consumer Loans | Loss | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 5 | 4 |
Retail Consumer Loans | Loss | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 9 | 9 |
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 | 983,932 | 919,586 |
Commercial Loans | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 202,798 | 209,975 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 157,048 | 158,802 |
Commercial Loans | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 154,479 | 132,058 |
Commercial Loans | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 114,382 | 112,016 |
Commercial Loans | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 963,018 | 901,214 |
Commercial Loans | Pass | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 200,758 | 207,827 |
Commercial Loans | Pass | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 156,047 | 157,325 |
Commercial Loans | Pass | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 153,457 | 131,674 |
Commercial Loans | Pass | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 114,099 | 111,721 |
Commercial Loans | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 9,599 | 8,066 |
Commercial Loans | Special Mention | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 652 | 790 |
Commercial Loans | Special Mention | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 718 | 877 |
Commercial Loans | Special Mention | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Commercial Loans | Special Mention | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 283 | 295 |
Commercial Loans | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 11,315 | 10,306 |
Commercial Loans | Substandard | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 1,387 | 1,357 |
Commercial Loans | Substandard | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 283 | 600 |
Commercial Loans | Substandard | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 1,022 | 384 |
Commercial Loans | Substandard | Municipal leases | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
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 | 1 | 1 |
Commercial Loans | Doubtful | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | 0 |
Commercial Loans | Doubtful | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 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 | 0 | 0 |
Commercial Loans | Loss | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Non-purchased and purchased performing loans | 0 | |
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 | Sep. 30, 2019 | Jun. 30, 2019 |
Financing Receivable, Recorded Investment | ||
Total loans | $ 2,493,216 | $ 2,688,436 |
Pass | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,454,309 | 2,650,990 |
Special Mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 13,912 | 12,968 |
Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 24,496 | 24,058 |
Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 470 | 388 |
Loss | ||
Financing Receivable, Recorded Investment | ||
Total loans | 29 | 32 |
Retail Consumer Loans | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 391,188 | 654,723 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 140,904 | 139,210 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 84,953 | 80,230 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 147,808 | 153,448 |
Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 11,400 | 11,416 |
Retail Consumer Loans | Pass | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 381,231 | 644,159 |
Retail Consumer Loans | Pass | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 138,744 | 137,001 |
Retail Consumer Loans | Pass | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 84,789 | 79,995 |
Retail Consumer Loans | Pass | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 146,967 | 152,393 |
Retail Consumer Loans | Pass | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 11,351 | 11,375 |
Retail Consumer Loans | Special Mention | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,108 | 2,089 |
Retail Consumer Loans | Special Mention | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 547 | 766 |
Retail Consumer Loans | Special Mention | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 5 | 71 |
Retail Consumer Loans | Special Mention | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 13 |
Retail Consumer Loans | Special Mention | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 1 |
Retail Consumer Loans | Substandard | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 7,466 | 8,072 |
Retail Consumer Loans | Substandard | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,504 | 1,434 |
Retail Consumer Loans | Substandard | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 159 | 164 |
Retail Consumer Loans | Substandard | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 841 | 1,042 |
Retail Consumer Loans | Substandard | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 43 | 33 |
Retail Consumer Loans | Doubtful | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 368 | 384 |
Retail Consumer Loans | Doubtful | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 100 | 0 |
Retail Consumer Loans | Doubtful | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Retail Consumer Loans | Doubtful | Indirect auto finance | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Retail Consumer Loans | Doubtful | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1 | 3 |
Retail Consumer Loans | Loss | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 15 | 19 |
Retail Consumer Loans | Loss | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 9 | 9 |
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 | 0 |
Retail Consumer Loans | Loss | Consumer loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 5 | 4 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 983,932 | 919,586 |
Commercial Loans | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 202,798 | 209,975 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 157,048 | 158,802 |
Commercial Loans | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Total loans | 154,479 | 132,058 |
Commercial Loans | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 963,018 | 901,214 |
Commercial Loans | Pass | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 200,758 | 207,827 |
Commercial Loans | Pass | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 156,047 | 157,325 |
Commercial Loans | Pass | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Total loans | 153,457 | 131,674 |
Commercial Loans | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 9,599 | 8,066 |
Commercial Loans | Special Mention | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 652 | 790 |
Commercial Loans | Special Mention | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 718 | 877 |
Commercial Loans | Special Mention | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Commercial Loans | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 11,315 | 10,306 |
Commercial Loans | Substandard | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,387 | 1,357 |
Commercial Loans | Substandard | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 283 | 600 |
Commercial Loans | Substandard | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,022 | 384 |
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 | 1 | 1 |
Commercial Loans | Doubtful | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Commercial Loans | Doubtful | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Total loans | 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 | 0 | 0 |
Commercial Loans | Loss | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | |
Purchased Credit Impaired (PCI) Loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 15,261 | 16,781 |
Purchased Credit Impaired (PCI) Loans | Pass | ||
Financing Receivable, Recorded Investment | ||
Total loans | 10,046 | 11,113 |
Purchased Credit Impaired (PCI) Loans | Special Mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 2,095 | 2,151 |
Purchased Credit Impaired (PCI) Loans | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3,117 | 3,514 |
Purchased Credit Impaired (PCI) Loans | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Loss | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3 | 3 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 5,461 | 5,868 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 225 | 225 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 366 | 372 |
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 | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Pass | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3,981 | 4,124 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Pass | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 225 | 225 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Pass | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 140 | 142 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Special Mention | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 214 | 248 |
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 | Substandard | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,266 | 1,496 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Substandard | HELOCs - originated | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Substandard | Construction and land/lots | ||
Financing Receivable, Recorded Investment | ||
Total loans | 226 | 230 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Doubtful | One to four family loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
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 | 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 | Commercial Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 6,855 | 7,706 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 696 | 941 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,658 | 1,669 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3,703 | 4,503 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Pass | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 342 | 453 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Pass | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,655 | 1,666 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,881 | 1,903 |
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 | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,271 | 1,300 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Substandard | Construction and development loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 354 | 488 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Substandard | Commercial and industrial | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
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 | $ 3 | $ 3 |
Loans - Schedule of Past Due Fi
Loans - Schedule of Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 12,828 | $ 10,067 |
Current | 2,495,649 | 2,695,119 |
Total Loans Receivable | 2,508,477 | 2,705,186 |
30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 5,734 | 5,579 |
90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 7,094 | 4,488 |
Retail Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 886,629 | 1,162,464 |
Retail Consumer Loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 4,394 | 3,004 |
Current | 392,255 | 657,587 |
Total Loans Receivable | 396,649 | 660,591 |
Retail Consumer Loans | One-to-four family | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,511 | 1,615 |
Retail Consumer Loans | One-to-four family | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,883 | 1,389 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 641 | 457 |
Current | 140,488 | 138,978 |
Total Loans Receivable | 141,129 | 139,435 |
Retail Consumer Loans | HELOCs - originated | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 437 | 226 |
Retail Consumer Loans | HELOCs - originated | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 204 | 231 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 406 | 485 |
Current | 103,918 | 116,487 |
Total Loans Receivable | 104,324 | 116,972 |
Retail Consumer Loans | HELOCs - purchased | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 108 | 0 |
Retail Consumer Loans | HELOCs - purchased | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 298 | 485 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 6 | 144 |
Current | 85,313 | 80,458 |
Total Loans Receivable | 85,319 | 80,602 |
Retail Consumer Loans | Construction and land/lots | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 138 |
Retail Consumer Loans | Construction and land/lots | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 6 | 6 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 676 | 696 |
Current | 147,132 | 152,752 |
Total Loans Receivable | 147,808 | 153,448 |
Retail Consumer Loans | Indirect auto finance | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 566 | 459 |
Retail Consumer Loans | Indirect auto finance | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 110 | 237 |
Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 17 | 14 |
Current | 11,383 | 11,402 |
Total Loans Receivable | 11,400 | 11,416 |
Retail Consumer Loans | Consumer loans | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 5 | 6 |
Retail Consumer Loans | Consumer loans | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 12 | 8 |
Commercial Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 1,621,848 | 1,542,722 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,664 | 2,795 |
Current | 987,123 | 924,466 |
Total Loans Receivable | 990,787 | 927,261 |
Commercial Loans | Commercial real estate | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,000 | 2,279 |
Commercial Loans | Commercial real estate | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,664 | 516 |
Commercial Loans | Construction and development loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,170 | 1,133 |
Current | 202,324 | 209,783 |
Total Loans Receivable | 203,494 | 210,916 |
Commercial Loans | Construction and development loans | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial Loans | Construction and development loans | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,170 | 1,133 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 213 | 306 |
Current | 158,493 | 160,165 |
Total Loans Receivable | 158,706 | 160,471 |
Commercial Loans | Commercial and industrial | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 95 | 207 |
Commercial Loans | Commercial and industrial | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 118 | 99 |
Commercial Loans | Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,641 | 1,033 |
Current | 152,838 | 131,025 |
Total Loans Receivable | 154,479 | 132,058 |
Commercial Loans | Equipment Finance [Member] | 30-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,012 | 649 |
Commercial Loans | Equipment Finance [Member] | 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 629 | 384 |
Commercial Loans | Municipal leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Current | 114,382 | 112,016 |
Total Loans Receivable | 114,382 | 112,016 |
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 | Sep. 30, 2019 | Jun. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | $ 10,881 | $ 10,358 |
90 Days & still accruing | 0 | 0 |
Purchased Credit Impaired (PCI) Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 1,234 | 1,344 |
Retail Consumer Loans | One to four family loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 3,348 | 3,223 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 584 | 372 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 476 | 666 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 6 | 6 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 317 | 463 |
90 Days & still accruing | 0 | 0 |
Retail Consumer Loans | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 24 | 21 |
90 Days & still accruing | 0 | 0 |
Commercial Loans | Construction and development loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 1,387 | 1,357 |
90 Days & still accruing | 0 | 0 |
Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 3,398 | 3,559 |
90 Days & still accruing | 0 | 0 |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 319 | 307 |
90 Days & still accruing | 0 | 0 |
Commercial Loans | Equipment Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccruing | 1,022 | 384 |
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 | Sep. 30, 2019 | Jun. 30, 2019 |
Performing financing receivable | ||
Financing Receivable, Modifications | ||
Performing TDRs included in impaired loans | $ 24,590 | $ 23,116 |
Loans - Schedule of Allowance f
Loans - Schedule of Allowance for Credit Losses on Financing Receivables Table (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | $ 21,429 | $ 21,060 |
Provision for (recovery of) loan losses | 0 | 0 |
Charge-offs | (430) | (418) |
Recoveries | 315 | 290 |
Balance at end of period | 21,314 | 20,932 |
Retail Consumer Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 6,419 | 7,527 |
Provision for (recovery of) loan losses | (448) | (64) |
Charge-offs | (395) | (416) |
Recoveries | 152 | 205 |
Balance at end of period | 5,728 | 7,252 |
Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 14,809 | 13,050 |
Provision for (recovery of) loan losses | 455 | 252 |
Charge-offs | (35) | (2) |
Recoveries | 163 | 85 |
Balance at end of period | 15,392 | 13,385 |
Purchased Credit Impaired (PCI) Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | 201 | 483 |
Provision for (recovery of) loan losses | (7) | (188) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Balance at end of period | $ 194 | $ 295 |
Loans - Schedule of Ending Bala
Loans - Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, PCI | $ 21,314 | $ 21,429 | $ 20,932 | $ 21,060 |
Allowance for loan losses, Loans individually evaluated for impairment | 194 | 120 | ||
Allowance for loan losses, Loans collectively evaluated | 20,926 | 21,108 | ||
Allowance for loan losses, Total | 21,314 | 21,429 | ||
Total loans receivable, PCI | 2,493,216 | 2,688,436 | ||
Total loans receivable, Loans individually evaluated for impairment | 16,394 | 15,743 | ||
Total loans receivable, Loans collectively evaluated | 2,476,822 | 2,672,662 | ||
Total loans | 2,508,477 | 2,705,186 | ||
Purchased Credit Impaired (PCI) Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, PCI | 194 | 201 | 295 | 483 |
Total loans receivable, PCI | 15,261 | 16,781 | ||
Retail Consumer Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, PCI | 5,728 | 6,419 | 7,252 | 7,527 |
Total loans | 886,629 | 1,162,464 | ||
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 | 70 | 74 | ||
Allowance for loan losses, Loans collectively evaluated | 1,547 | 2,375 | ||
Allowance for loan losses, Total | 1,677 | 2,511 | ||
Total loans receivable, PCI | 391,188 | 654,723 | ||
Total loans receivable, Loans individually evaluated for impairment | 5,452 | 5,318 | ||
Total loans receivable, Loans collectively evaluated | 385,736 | 649,405 | ||
Total loans | 396,649 | 660,591 | ||
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 | 60 | 62 | ||
Total loans receivable, PCI | 5,461 | 5,868 | ||
Retail Consumer Loans | HELOCs - originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Loans individually evaluated for impairment | 9 | 7 | ||
Allowance for loan losses, Loans collectively evaluated | 1,108 | 1,060 | ||
Allowance for loan losses, Total | 1,117 | 1,067 | ||
Total loans receivable, PCI | 140,904 | 139,210 | ||
Total loans receivable, Loans individually evaluated for impairment | 9 | 7 | ||
Total loans receivable, Loans collectively evaluated | 140,895 | 139,203 | ||
Total loans | 141,129 | 139,435 | ||
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 | 225 | 225 | ||
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 | 471 | 518 | ||
Allowance for loan losses, Total | 471 | 518 | ||
Total loans receivable, PCI | 104,324 | 116,972 | ||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | ||
Total loans receivable, Loans collectively evaluated | 104,324 | 116,972 | ||
Total loans | 104,324 | 116,972 | ||
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 | 0 | 0 | ||
Allowance for loan losses, Loans collectively evaluated | 1,357 | 1,265 | ||
Allowance for loan losses, Total | 1,357 | 1,265 | ||
Total loans receivable, PCI | 84,953 | 80,230 | ||
Total loans receivable, Loans individually evaluated for impairment | 315 | 323 | ||
Total loans receivable, Loans collectively evaluated | 84,638 | 79,907 | ||
Total loans | 85,319 | 80,602 | ||
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 | 366 | 372 | ||
Retail Consumer Loans | Indirect auto finance | ||||
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 | 1,028 | 927 | ||
Allowance for loan losses, Total | 1,028 | 927 | ||
Total loans receivable, PCI | 147,808 | 153,448 | ||
Total loans receivable, Loans individually evaluated for impairment | 11 | 0 | ||
Total loans receivable, Loans collectively evaluated | 147,797 | 153,448 | ||
Total loans | 147,808 | 153,448 | ||
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 | 4 | ||
Allowance for loan losses, Loans collectively evaluated | 133 | 189 | ||
Allowance for loan losses, Total | 138 | 193 | ||
Total loans receivable, PCI | 11,400 | 11,416 | ||
Total loans receivable, Loans individually evaluated for impairment | 5 | 4 | ||
Total loans receivable, Loans collectively evaluated | 11,395 | 11,412 | ||
Total loans | 11,400 | 11,416 | ||
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 | 0 | 0 | ||
Commercial Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, PCI | 15,392 | 14,809 | $ 13,385 | $ 13,050 |
Total loans | 1,621,848 | 1,542,722 | ||
Commercial Loans | Construction and development loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Loans individually evaluated for impairment | 5 | 5 | ||
Allowance for loan losses, Loans collectively evaluated | 3,148 | 3,187 | ||
Allowance for loan losses, Total | 3,157 | 3,196 | ||
Total loans receivable, PCI | 202,798 | 209,975 | ||
Total loans receivable, Loans individually evaluated for impairment | 1,275 | 1,397 | ||
Total loans receivable, Loans collectively evaluated | 201,523 | 208,578 | ||
Total loans | 203,494 | 210,916 | ||
Commercial Loans | Construction and development loans | Purchased Credit Impaired (PCI) Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, PCI | 4 | 4 | ||
Total loans receivable, PCI | 696 | 941 | ||
Commercial Loans | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Loans individually evaluated for impairment | 38 | 28 | ||
Allowance for loan losses, Loans collectively evaluated | 8,223 | 7,890 | ||
Allowance for loan losses, Total | 8,374 | 8,036 | ||
Total loans receivable, PCI | 983,932 | 919,586 | ||
Total loans receivable, Loans individually evaluated for impairment | 8,305 | 8,692 | ||
Total loans receivable, Loans collectively evaluated | 975,627 | 910,863 | ||
Total loans | 990,787 | 927,261 | ||
Commercial Loans | Commercial real estate | Purchased Credit Impaired (PCI) Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, PCI | 113 | 118 | ||
Total loans receivable, PCI | 6,855 | 7,706 | ||
Commercial Loans | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Loans individually evaluated for impairment | 0 | 2 | ||
Allowance for loan losses, Loans collectively evaluated | 1,941 | 1,957 | ||
Allowance for loan losses, Total | 1,958 | 1,976 | ||
Total loans receivable, PCI | 157,048 | 158,802 | ||
Total loans receivable, Loans individually evaluated for impairment | 0 | 2 | ||
Total loans receivable, Loans collectively evaluated | 157,048 | 158,800 | ||
Total loans | 158,706 | 160,471 | ||
Commercial Loans | Commercial and industrial | Purchased Credit Impaired (PCI) Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, PCI | 17 | 17 | ||
Total loans receivable, PCI | 1,658 | 1,669 | ||
Commercial Loans | Equipment Finance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Loans individually evaluated for impairment | 67 | 0 | ||
Allowance for loan losses, Loans collectively evaluated | 1,517 | 1,305 | ||
Allowance for loan losses, Total | 1,584 | 1,305 | ||
Total loans receivable, PCI | 154,479 | 132,058 | ||
Total loans receivable, Loans individually evaluated for impairment | 1,022 | 0 | ||
Total loans receivable, Loans collectively evaluated | 153,457 | 132,058 | ||
Total loans | 154,479 | 132,058 | ||
Commercial Loans | Equipment Finance [Member] | 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 | ||
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 | 453 | 435 | ||
Allowance for loan losses, Total | 453 | 435 | ||
Total loans receivable, PCI | 114,382 | 112,016 | ||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | ||
Total loans receivable, Loans collectively evaluated | 114,382 | 112,016 | ||
Total loans | 114,382 | 112,016 | ||
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 | Sep. 30, 2019 | Jun. 30, 2019 |
Financing Receivable, Impaired | ||
Unpaid principal balance | $ 45,500 | $ 47,611 |
Recorded investment with a recorded allowance | 23,099 | 22,070 |
Recorded investment with no recorded allowance | 8,363 | 10,885 |
Total | 31,462 | 32,955 |
Related recorded allowance | 670 | 601 |
Impaired loans not individually evaluated | 15,068 | 17,212 |
Recorded allowance of impaired loans not individually evaluated | 476 | 481 |
Retail Consumer Loans | One to four family loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 17,678 | 18,302 |
Recorded investment with a recorded allowance | 12,747 | 12,461 |
Recorded investment with no recorded allowance | 2,315 | 3,152 |
Total | 15,062 | 15,613 |
Related recorded allowance | 496 | 472 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 2,611 | 2,410 |
Recorded investment with a recorded allowance | 675 | 564 |
Recorded investment with no recorded allowance | 1,288 | 1,219 |
Total | 1,963 | 1,783 |
Related recorded allowance | 12 | 46 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 476 | 666 |
Recorded investment with a recorded allowance | 476 | 0 |
Recorded investment with no recorded allowance | 0 | 666 |
Total | 476 | 666 |
Related recorded allowance | 2 | 0 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 1,692 | 1,917 |
Recorded investment with a recorded allowance | 795 | 957 |
Recorded investment with no recorded allowance | 315 | 323 |
Total | 1,110 | 1,280 |
Related recorded allowance | 27 | 26 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 585 | 601 |
Recorded investment with a recorded allowance | 191 | 353 |
Recorded investment with no recorded allowance | 216 | 137 |
Total | 407 | 490 |
Related recorded allowance | 2 | 2 |
Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 295 | 379 |
Recorded investment with a recorded allowance | 11 | 7 |
Recorded investment with no recorded allowance | 35 | 41 |
Total | 46 | 48 |
Related recorded allowance | 7 | 6 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 9,674 | 10,127 |
Recorded investment with a recorded allowance | 6,620 | 6,434 |
Recorded investment with no recorded allowance | 2,771 | 3,404 |
Total | 9,391 | 9,838 |
Related recorded allowance | 45 | 36 |
Commercial Loans | Construction and development loans | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 2,482 | 2,574 |
Recorded investment with a recorded allowance | 846 | 940 |
Recorded investment with no recorded allowance | 794 | 791 |
Total | 1,640 | 1,731 |
Related recorded allowance | 8 | 7 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 8,985 | 10,173 |
Recorded investment with a recorded allowance | 345 | 354 |
Recorded investment with no recorded allowance | 0 | 768 |
Total | 345 | 1,122 |
Related recorded allowance | 4 | 6 |
Commercial Loans | Equipment Finance [Member] | ||
Financing Receivable, Impaired | ||
Unpaid principal balance | 1,022 | 462 |
Recorded investment with a recorded allowance | 393 | 0 |
Recorded investment with no recorded allowance | 629 | 384 |
Total | 1,022 | 384 |
Related recorded allowance | $ 67 | $ 0 |
Loans - Schedule of Average Rec
Loans - Schedule of Average Recorded Investment in Loans, Interest Income Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Impaired | ||
Average recorded investment | $ 32,209 | $ 30,424 |
Interest income recognized | 379 | 520 |
Retail Consumer Loans | One to four family loans | ||
Financing Receivable, Impaired | ||
Average recorded investment | 15,338 | 19,280 |
Interest income recognized | 206 | 290 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Impaired | ||
Average recorded investment | 1,873 | 1,319 |
Interest income recognized | 29 | 18 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Impaired | ||
Average recorded investment | 571 | 186 |
Interest income recognized | 3 | 3 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Impaired | ||
Average recorded investment | 1,195 | 1,593 |
Interest income recognized | 24 | 39 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Impaired | ||
Average recorded investment | 448 | 327 |
Interest income recognized | 5 | 4 |
Retail Consumer Loans | Consumer loans | ||
Financing Receivable, Impaired | ||
Average recorded investment | 47 | 806 |
Interest income recognized | 3 | 27 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Impaired | ||
Average recorded investment | 9,614 | 4,754 |
Interest income recognized | 77 | 93 |
Commercial Loans | Construction and development loans | ||
Financing Receivable, Impaired | ||
Average recorded investment | 1,686 | 1,940 |
Interest income recognized | 14 | 29 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Impaired | ||
Average recorded investment | 734 | 219 |
Interest income recognized | $ 10 | $ 17 |
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 | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Changes in Accretable Yield [Roll Forward] | ||
Accretable yield, beginning of period | $ 5,259 | $ 5,734 |
Reclass from nonaccretable yield | 115 | 10 |
Other changes, net | (14) | 137 |
Interest income | (444) | (429) |
Accretable yield, end of period | $ 4,916 | $ 5,452 |
Loans - Schedule of Debt Restru
Loans - Schedule of Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | |
Financing Receivable, Modifications | ||
Number of loans | loan | 8 | 7 |
Pre-modification outstanding recorded investment | $ 117 | $ 279 |
Post-modification outstanding recorded investment | $ 113 | $ 277 |
Extended Maturity | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 1 | 0 |
Pre-modification outstanding recorded investment | $ 14 | $ 0 |
Post-modification outstanding recorded investment | $ 14 | $ 0 |
Other TDR | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 7 | 7 |
Pre-modification outstanding recorded investment | $ 103 | $ 279 |
Post-modification outstanding recorded investment | $ 99 | $ 277 |
Retail Consumer Loans | Extended Maturity | One to four family loans | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 1 | 0 |
Pre-modification outstanding recorded investment | $ 14 | $ 0 |
Post-modification outstanding recorded investment | $ 14 | $ 0 |
Retail Consumer Loans | Other TDR | One to four family loans | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 3 | 5 |
Pre-modification outstanding recorded investment | $ 35 | $ 244 |
Post-modification outstanding recorded investment | $ 34 | $ 243 |
Retail Consumer Loans | Other TDR | Indirect Auto Finance | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 4 | 1 |
Pre-modification outstanding recorded investment | $ 68 | $ 33 |
Post-modification outstanding recorded investment | $ 65 | $ 32 |
Retail Consumer Loans | Other TDR | Consumer loans | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 0 | 1 |
Pre-modification outstanding recorded investment | $ 0 | $ 2 |
Post-modification outstanding recorded investment | $ 0 | $ 2 |
Loans - Schedule of Troubled _2
Loans - Schedule of Troubled Debt Restructurings With Payment Default (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | |
Financing Receivable, Modifications | ||
Number of loans | loan | 3 | 0 |
Recorded investment | $ | $ 124 | $ 0 |
Other TDR | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 3 | 0 |
Recorded investment | $ | $ 124 | $ 0 |
Retail Consumer Loans | Other TDR | One to four family loans | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 2 | 0 |
Recorded investment | $ | $ 122 | $ 0 |
Retail Consumer Loans | Other TDR | Consumer loans | ||
Financing Receivable, Modifications | ||
Number of loans | loan | 1 | 0 |
Recorded investment | $ | $ 2 | $ 0 |
Real Estate Owned (Details)
Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Real Estate Properties [Line Items] | |||
Balance at beginning of period | $ 2,929 | $ 3,684 | |
Transfers from loans | 46 | 74 | |
Real Estate Owned, Cost Of Sales | 381 | 344 | |
Real Estate Owned, Valuation Allowance, Provision | 12 | 128 | |
Balance at end of period | 2,582 | $ 3,286 | |
Consumer loans | Retail Consumer Loans | |||
Real Estate Properties [Line Items] | |||
Balance at beginning of period | 1,018 | ||
Balance at end of period | 671 | ||
Residential real estate in the process of foreclosure | $ 144 | $ 243 |
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 | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||
Net income | $ 8,804 | $ 7,790 |
Allocation of earnings to participating securities | (68) | (55) |
Numerator for basic EPS - Net income available to common stockholders | 8,736 | 7,735 |
Dilutive effect to participating securities | 8 | 2 |
Numerator for diluted EPS | $ 8,744 | $ 7,737 |
Denominator: | ||
Weighted-average common shares outstanding - basic | 17,097,647 | 18,125,637 |
Effect of dilutive shares | 656,010 | 754,839 |
Weighted-average common shares outstanding - diluted | 17,753,657 | 18,880,476 |
Net income per share - basic (in dollars per share) | $ 0.51 | $ 0.43 |
Net income per share - diluted (in dollars per share) | $ 0.49 | $ 0.41 |
Net Income per Share - Antidilu
Net Income per Share - Antidilutive Stock Options (Details) - shares | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 470,800 | 420,700 |
Equity Incentive Plan - Narrati
Equity Incentive Plan - Narrative (Details) - USD ($) $ in Thousands | Jan. 17, 2013 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity incentive plan name | 2013 Omnibus Incentive Plan | |||||
Nonvested, number of shares (in shares) | 401,800 | 486,800 | ||||
Remaining contractual life (years) | 4 years 10 months 24 days | 5 years 8 months 12 days | 5 years | 5 years 10 months 31 days | ||
Options outstanding (in shares) | 486,800 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost not yet recognized | $ 2,052 | $ 2,585 | ||||
Compensation cost not yet recognized, period for recognition (in years) | 1 year 8 months 12 days | 2 years 1 month | ||||
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) | 1 year 8 months 12 days | 1 year 11 months | ||||
Compensation not yet recognized, share-based awards other than options | $ 2,579 | $ 2,337 | ||||
Non-vested (in shares) | 133,200 | 128,610 | 133,410 | 123,800 | ||
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 | ||||
Performance Restricted Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested (in shares) | 10,375 | |||||
Vesting period | 3 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 | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based compensation expense | $ 443 | $ 384 |
Share-based compensation expense, tax related benefit | $ 104 | $ 88 |
Equity Incentive Plan - Stock O
Equity Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2019 | |
Options | |||||
Options Outstanding, Beginning of Period (in shares) | 1,657,214 | 1,718,270 | |||
Granted (in shares) | 25,000 | ||||
Exercised (in shares) | 13,400 | 28,500 | |||
Forfeited (in shares) | 800 | 4,000 | |||
Options Outstanding, End of period (in shares) | 1,668,014 | 1,685,770 | 1,718,270 | ||
Exercisable (in shares) | 1,266,214 | 1,198,970 | |||
Weighted- average exercise price | |||||
Options Outstanding, Beginning of Period (in usd per share) | $ 17.59 | $ 17.29 | |||
Granted (in usd per share) | 25.37 | ||||
Exercised (in usd per share) | 14.50 | 14.41 | |||
Forfeited (in usd per share) | 17.35 | 14.37 | |||
Options Outstanding, End of Period (in usd per share) | 17.73 | 17.34 | $ 17.29 | ||
Exercisable (in usd per share) | $ 15.40 | $ 14.51 | |||
Remaining contractual life (years) | 4 years 10 months 24 days | 5 years 8 months 12 days | 5 years | 5 years 10 months 31 days | |
Aggregate intrinsic value (in usd) | $ 13,969 | $ 19,902 | $ 18,664 | $ 12,909 | |
Exercisable (in years) | 3 years 9 months 18 days | 4 years 6 months | |||
Aggregate intrinsic value (in usd) | $ 13,509 | $ 17,553 | |||
Non-vested Options | |||||
Nonvested, number of shares (in shares) | 401,800 | 486,800 | |||
Nonvested, weighted average grant date fair value (in dollars per share) | $ 25.07 | $ 24.32 | |||
Nonvested, contractual term (in years) | 8 years 1 month 21 days | 6 years 6 months | |||
Nonvested, intrinsic value | $ 460 | $ 2,349 |
Equity Incentive Plan - Assumpt
Equity Incentive Plan - Assumptions Used in Estimating Fair Value (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted-average volatility | 17.84% | 0.00% |
Expected dividend yield | 0.95% | 0.00% |
Risk-free interest rate | 1.55% | 0.00% |
Expected life (years) | 6 years 6 months | 0 years |
Weighted-average fair value of options granted | $ 4.67 | $ 0 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Nonvested Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Weighted- average grant date fair value | ||||
Aggregate intrinsic value (in usd) | $ 13,509 | $ 17,553 | ||
Restricted Stock | ||||
Restricted stock awards | ||||
Non-vested, Beginning Balance (in shares) | 123,800 | 133,410 | ||
Granted (in shares) | 13,000 | |||
Vested (in shares) | 400 | 2,800 | ||
Forfeited (in shares) | 3,200 | 2,000 | ||
Non-vested, Ending Balance (in shares) | 133,200 | 128,610 | ||
Weighted- average grant date fair value | ||||
Non-vested, Beginning Balance (in usd per share) | $ 24.65 | $ 22.85 | ||
Granted (in usd per share) | 25.37 | |||
Vested (in usd per share) | 19.02 | 16.27 | ||
Forfeitures (in dollars per share) | 20.62 | 14.37 | ||
Non-vested, Ending Balance (in usd per share) | $ 24.83 | $ 23.13 | ||
Aggregate intrinsic value (in usd) | $ 2,256 | $ 3,749 | $ 2,258 | $ 3,755 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | |
Other Commitments | |||
Unused commitments to extend credit | $ 89,664 | $ 93,432 | |
Variable rate commitments | 23,396 | $ 34,631 | |
Fixed rate commitments | 66,268 | $ 58,801 | |
Remaining borrowing capacity | 372,329 | 353,663 | |
Required cash reserve | 126 | 2,633 | |
Letters of credit outstanding | $ 8,162 | 9,460 | |
Minimum | |||
Other Commitments | |||
Fixed interest rate (as a percent) | 2.25% | 2.69% | |
Loan Commitments Terms | 3 years | ||
Maximum | |||
Other Commitments | |||
Fixed interest rate (as a percent) | 8.75% | 8.59% | |
Loan Commitments Terms | 30 years | ||
Construction and development | |||
Other Commitments | |||
Unused commitments to extend credit | $ 165,382 | $ 181,477 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 165,714 | $ 121,786 |
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 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 | 165,714 | 121,786 |
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 | 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 non-recurring basis | 14,261 | 15,210 |
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 non-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 non-recurring basis | 14,261 | 15,210 |
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 non-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 non-recurring basis | 73,093 | 75,180 |
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 non-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 non-recurring basis | 73,093 | 75,180 |
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 non-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 non-recurring basis | 24,377 | 25,312 |
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 non-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 non-recurring basis | 24,377 | 25,312 |
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 non-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 non-recurring basis | 53,983 | 6,084 |
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 non-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 non-recurring basis | 53,983 | 6,084 |
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 non-recurring basis | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Fair Value Measurements, Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 1,075 | $ 10,875 |
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 | 995 | 9,071 |
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 | 80 | 1,804 |
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 | 1,075 | 10,875 |
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 | 995 | 9,071 |
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 | $ 80 | $ 1,804 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Jun. 30, 2019 | |
Fair Value, Inputs, Level 3 | Nonrecurring measurements | Impaired loans, net | ||
Weighted Average | 5.00% | |
Fair Value, Inputs, Level 3 | Nonrecurring measurements | Other real estate owned | ||
Weighted Average | 12.00% | |
Fair Value, Measurements, Nonrecurring | ||
Fair value at December 31, 2015 | $ 1,075 | $ 10,875 |
Fair Value, Measurements, Nonrecurring | Other real estate owned | ||
Fair value at December 31, 2015 | 80 | 1,804 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair value at December 31, 2015 | 1,075 | 10,875 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Other real estate owned | ||
Fair value at December 31, 2015 | 80 | $ 1,804 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Nonrecurring measurements | Impaired loans, net | ||
Fair value at December 31, 2015 | 995 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Nonrecurring measurements | Other real estate owned | ||
Fair value at December 31, 2015 | $ 80 | |
Fair Value, Measurements, Nonrecurring | Minimum | Impaired loans, net | ||
Weighted Average | 0.00% | |
Fair Value, Measurements, Nonrecurring | Minimum | Foreclosed real estate | ||
Weighted Average | 8.00% | |
Fair Value, Measurements, Nonrecurring | Maximum | Impaired loans, net | ||
Weighted Average | 28.00% | |
Fair Value, Measurements, Nonrecurring | Maximum | Foreclosed real estate | ||
Weighted Average | 15.00% | |
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring | Minimum | Impaired loans, net | ||
Weighted Average | 0.00% | |
Valuation Technique, Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring | Maximum | Impaired loans, net | ||
Weighted Average | 3.00% |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Fair Value, Inputs, Level 1 | Cash and interest-bearing deposits | ||
Financial Instruments Owned | $ 117,093 | $ 71,043 |
Fair Value, Inputs, Level 1 | Commercial paper | ||
Financial Instruments Owned | 254,302 | 241,446 |
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 | 32,181 | 31,969 |
Fair Value, Inputs, Level 1 | FRB Stock | ||
Financial Instruments Owned | 7,345 | 7,335 |
Fair Value, Inputs, Level 1 | Small Business Investment Company Funds | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 1 | Accrued interest receivable | ||
Financial Instruments Owned | 0 | 350 |
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 | 50,117 | 52,005 |
Fair Value, Inputs, Level 2 | Securities available for sale | ||
Financial Instruments Owned | 165,714 | 121,786 |
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 | Small Business Investment Company Funds | ||
Financial Instruments Owned | 0 | 0 |
Fair Value, Inputs, Level 2 | Accrued interest receivable | ||
Financial Instruments Owned | 1,292 | 750 |
Fair Value, Inputs, Level 2 | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 776,994 | 746,617 |
Fair Value, Inputs, Level 2 | Money market accounts | ||
Financial Instruments Owned | 769,000 | 691,172 |
Fair Value, Inputs, Level 2 | Savings accounts | ||
Financial Instruments Owned | 169,872 | 177,278 |
Fair Value, Inputs, Level 2 | Certificates of deposit | ||
Financial Instruments Owned | 779,555 | 712,485 |
Fair Value, Inputs, Level 2 | Other borrowings | ||
Financial Instruments Owned | 698,451 | 688,418 |
Fair Value, Inputs, Level 2 | Accrued interest payable | ||
Financial Instruments Owned | 2,416 | 2,252 |
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 | 2,427,833 | 2,604,827 |
Fair Value, Inputs, Level 3 | Loans held for sale | ||
Financial Instruments Owned | 291,481 | 18,591 |
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 | Small Business Investment Company Funds | ||
Financial Instruments Owned | 6,374 | 6,074 |
Fair Value, Inputs, Level 3 | Accrued interest receivable | ||
Financial Instruments Owned | 9,142 | 9,433 |
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 | 117,093 | 71,043 |
Carrying Value | Commercial paper | ||
Financial Instruments Owned | 254,302 | 241,446 |
Carrying Value | Certificates of deposit in other banks | ||
Financial Instruments Owned | 50,117 | 52,005 |
Carrying Value | Securities available for sale | ||
Financial Instruments Owned | 165,714 | 121,786 |
Carrying Value | Loans, net | ||
Financial Instruments Owned | 2,487,416 | 2,683,761 |
Carrying Value | Loans held for sale | ||
Financial Instruments Owned | 289,319 | 18,175 |
Carrying Value | FHLB Stock | ||
Financial Instruments Owned | 32,181 | 31,969 |
Carrying Value | FRB Stock | ||
Financial Instruments Owned | 7,345 | 7,335 |
Carrying Value | Small Business Investment Company Funds | ||
Financial Instruments Owned | 6,374 | 6,074 |
Carrying Value | Accrued interest receivable | ||
Financial Instruments Owned | 10,434 | 10,533 |
Carrying Value | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 776,994 | 746,617 |
Carrying Value | Money market accounts | ||
Financial Instruments Owned | 769,000 | 691,172 |
Carrying Value | Savings accounts | ||
Financial Instruments Owned | 169,872 | 177,278 |
Carrying Value | Certificates of deposit | ||
Financial Instruments Owned | 778,328 | 712,190 |
Carrying Value | Other borrowings | ||
Financial Instruments Owned | 685,000 | 680,000 |
Carrying Value | Accrued interest payable | ||
Financial Instruments Owned | 2,416 | 2,252 |
Fair Value | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 117,093 | 71,043 |
Fair Value | Commercial paper | ||
Financial Instruments Owned | 254,302 | 241,446 |
Fair Value | Certificates of deposit in other banks | ||
Financial Instruments Owned | 50,117 | 52,005 |
Fair Value | Securities available for sale | ||
Financial Instruments Owned | 165,714 | 121,786 |
Fair Value | Loans, net | ||
Financial Instruments Owned | 2,427,833 | 2,604,827 |
Fair Value | Loans held for sale | ||
Financial Instruments Owned | 291,481 | 18,591 |
Fair Value | FHLB Stock | ||
Financial Instruments Owned | 32,181 | 31,969 |
Fair Value | FRB Stock | ||
Financial Instruments Owned | 7,345 | 7,335 |
Fair Value | Small Business Investment Company Funds | ||
Financial Instruments Owned | 6,374 | 6,074 |
Fair Value | Accrued interest receivable | ||
Financial Instruments Owned | 10,434 | 10,533 |
Fair Value | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 776,994 | 746,617 |
Fair Value | Money market accounts | ||
Financial Instruments Owned | 769,000 | 691,172 |
Fair Value | Savings accounts | ||
Financial Instruments Owned | 169,872 | 177,278 |
Fair Value | Certificates of deposit | ||
Financial Instruments Owned | 779,555 | 712,485 |
Fair Value | Other borrowings | ||
Financial Instruments Owned | 698,451 | 688,418 |
Fair Value | Accrued interest payable | ||
Financial Instruments Owned | $ 2,416 | $ 2,252 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value off-balance sheet risks, amount, liability | $ 627,375 | $ 628,572 |
Leases - Supplement Balance She
Leases - Supplement Balance Sheet (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Renewal term (in years) | 15 years |
ROU assets | $ 5,105 |
Lease liabilities | $ 5,102 |
Weighted-average remaining lease terms | 5 years 5 months 12 days |
Weighted-average discount rate | 3.13% |
Finance lease, right-of-use asset | $ 2,052 |
Finance lease, liability | 1,870 |
Finance lease, interest expense | $ 24 |
Finance lease, discount rate | 5.18% |
Leases - Maturity Schedule for
Leases - Maturity Schedule for Finance and Operating Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases | |
Remaining 2020 | $ 1,003 |
2021 | 1,123 |
2022 | 1,026 |
2023 | 989 |
2024 | 522 |
Thereafter | 896 |
Total of future minimum payments | 5,559 |
Finance Leases | |
Remaining 2020 | 100 |
2021 | 134 |
2022 | 134 |
2023 | 134 |
2024 | 145 |
Thereafter | 1,993 |
Total minimum lease payments | 2,640 |
Less: amount representing interest | (770) |
Present value of net minimum lease payments | $ 1,870 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost (included in occupancy expense) | $ 473 |
Total operating lease expense, net | (64) |
Total operating lease expense, net | $ 409 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
ROU assets - noncash additions (operating leases) | $ 5,296 |
ROU assets - noncash addition (finance lease) | 2,052 |
Cash paid for amounts included in the measurement of lease liabilities (operating leases) | 558 |
Cash paid for amounts included in the measurement of lease liabilities (finance leases) | $ 33 |
Leases - Lessor, Lease Income (
Leases - Lessor, Lease Income (Details) | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | |
Leased asset | $ 11,252,000 |
Operating lease, residual value of leased asset | 6,450,000 |
Operating lease, lease income | 568,000 |
Depreciation expense | 350 |
Direct financing lease, interest income | 319,000 |
Lease receivables | $ 25,145,000 |
Minimum | |
Lessor, Lease, Description [Line Items] | |
Term of contract | 1 year |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Term of contract | 4 years |
Leases - Lessor, Fiscal Year Ma
Leases - Lessor, Fiscal Year Maturity Schedule (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
Remaining 2020 | $ 1,823 |
2021 | 5,423 |
2022 | 2,540 |
2023 | 1,746 |
2024 | 663 |
Thereafter | 0 |
Total of future minimum payments | 12,195 |
Financing Leases | |
Remaining 2020 | 5,240 |
2021 | 6,927 |
2022 | 6,093 |
2023 | 5,494 |
2024 | 3,244 |
Thereafter | 994 |
Total minimum payments | 27,992 |
Less: amount representing interest | (2,847) |
Total | $ 25,145 |