Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35593 | |
Entity Registrant Name | HOMETRUST BANCSHARES, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 45-5055422 | |
Entity Address, Address Line One | 10 Woodfin Street | |
Entity Address, City or Town | Asheville | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28801 | |
City Area Code | 828 | |
Local Phone Number | 259-3939 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | HTBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,616,594 | |
Entity Central Index Key | 0001538263 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | [1] |
Assets | |||
Cash | $ 24,621 | $ 31,908 | |
Interest-bearing deposits | 139,474 | 89,714 | |
Cash and cash equivalents | 164,095 | 121,622 | |
Commercial paper, net | 238,445 | 304,967 | |
Certificates of deposit in other banks | 42,015 | 55,689 | |
Debt securities available for sale, at fair value (amortized cost of $160,521 and $124,918 at March 31, 2021 and June 30, 2020, respectively) | 162,417 | 127,537 | |
Other investments, at cost | 28,899 | 38,946 | |
Loans held for sale | 86,708 | 77,177 | |
Total loans, net of deferred loan costs | 2,690,153 | 2,769,119 | |
Allowance for credit losses | (36,059) | (28,072) | |
Total loans | 2,654,094 | 2,741,047 | |
Premises and equipment, net | 70,886 | 58,462 | |
Accrued interest receivable | 8,271 | 12,312 | |
REO | 143 | 337 | |
Deferred income taxes | 16,889 | 16,334 | |
BOLI | 93,877 | 92,187 | |
Goodwill | 25,638 | 25,638 | |
Core deposit intangibles | 473 | 1,078 | |
Other assets | 55,763 | 49,519 | |
Total assets acquired | 3,648,613 | 3,722,852 | |
Liabilities | |||
Deposits | 2,908,478 | 2,785,756 | |
Borrowings | 275,000 | 475,000 | |
Other liabilities | 58,683 | 53,833 | |
Total liabilities assumed | 3,242,161 | 3,314,589 | |
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, 16,655,347 shares issued and outstanding at March 31, 2021; 17,021,357 at June 30, 2020 | 167 | 170 | |
Additional paid in capital | 162,010 | 169,648 | |
Retained earnings | 248,767 | 242,776 | |
Unearned ESOP shares | (5,951) | (6,348) | |
Accumulated other comprehensive income | 1,459 | 2,017 | |
Total stockholders' equity | 406,452 | 408,263 | |
Total Liabilities and Stockholders' Equity | $ 3,648,613 | $ 3,722,852 | |
[1] | Derived from audited financial statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Debt securities available for sale, at fair value, amortized cost | $ 160,521 | $ 124,918 |
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 | 16,655,347 | 17,021,357 |
Common stock shares outstanding | 16,655,347 | 17,021,357 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Interest and Dividend Income | ||||
Loans | $ 27,629 | $ 29,781 | $ 84,564 | $ 94,166 |
Commercial paper and interest-bearing deposits | 611 | 1,794 | 2,106 | 5,959 |
Securities available for sale | 496 | 912 | 1,528 | 2,901 |
Other investments | 585 | 550 | 1,729 | 2,154 |
Total interest and dividend income | 29,321 | 33,037 | 89,927 | 105,180 |
Interest Expense | ||||
Deposits | 1,996 | 5,971 | 7,596 | 18,145 |
Borrowings | 1,632 | 1,757 | 5,007 | 7,619 |
Total interest expense | 3,628 | 7,728 | 12,603 | 25,764 |
Net Interest Income | 25,693 | 25,309 | 77,324 | 79,416 |
Total provision (benefit) for credit losses | (4,100) | 5,400 | (6,180) | 5,800 |
Net Interest Income after Provision (Benefit) for Credit Losses | 29,793 | 19,909 | 83,504 | 73,616 |
Noninterest Income | ||||
Service charges and fees on deposit accounts | 2,194 | 2,304 | 6,707 | 7,352 |
Loan income and fees | 636 | 294 | 1,679 | 2,047 |
Gain on sale of loans held for sale | 4,881 | 1,503 | 11,929 | 7,577 |
BOLI income | 508 | 518 | 1,551 | 1,724 |
Other, net | 2,459 | 1,756 | 6,795 | 4,409 |
Total noninterest income | 10,678 | 6,375 | 28,661 | 23,109 |
Noninterest Expense | ||||
Salaries and employee benefits | 15,784 | 14,455 | 46,691 | 42,537 |
Net occupancy expense | 2,456 | 2,246 | 7,010 | 6,972 |
Computer services | 2,581 | 2,023 | 7,108 | 6,032 |
Telephone, postage, and supplies | 812 | 862 | 2,345 | 2,462 |
Marketing and advertising | 319 | 396 | 971 | 1,716 |
Deposit insurance premiums | 363 | 462 | 1,361 | 474 |
Loss (gain) on sale and impairment of REO | (14) | (15) | (49) | 88 |
REO expense | 98 | 250 | 511 | 746 |
Core deposit intangible amortization | 165 | 334 | 605 | 1,118 |
Prepayment penalty on borrowings | 3,656 | 0 | 3,656 | 0 |
Other | 4,286 | 3,890 | 12,740 | 10,332 |
Total noninterest expense | 30,506 | 24,903 | 82,949 | 72,477 |
Income Before Income Taxes | 9,965 | 1,381 | 29,216 | 24,248 |
Income Tax Expense | 2,096 | 188 | 6,133 | 5,060 |
Net Income | $ 7,869 | $ 1,193 | $ 23,083 | $ 19,188 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.49 | $ 0.07 | $ 1.42 | $ 1.12 |
Diluted (in dollars per share) | $ 0.48 | $ 0.07 | $ 1.40 | $ 1.08 |
Average shares outstanding: | ||||
Basic (in shares) | 15,979,590 | 16,688,646 | 16,139,059 | 16,898,391 |
Diluted (in shares) | 16,485,718 | 17,258,428 | 16,339,130 | 17,524,252 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 7,869 | $ 1,193 | $ 23,083 | $ 19,188 |
Other Comprehensive Income (Loss) | ||||
Gains (losses) arising during the period | (839) | 395 | (724) | 419 |
Deferred income tax benefit (expense) | 193 | (91) | 166 | (96) |
Total other comprehensive income (loss) | (646) | 304 | (558) | 323 |
Comprehensive Income | $ 7,223 | $ 1,497 | $ 22,525 | $ 19,511 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative-effect adjustment due to the adoption of ASU 2016-13 | Common Stock | Additional Paid In Capital | Retained Earnings | Retained EarningsCumulative-effect adjustment due to the adoption of ASU 2016-13 | Unearned ESOP Shares | Accumulated Other Comprehensive Income (loss) |
Balance at beginning of period (in shares) at Jun. 30, 2019 | 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 | 19,188 | 19,188 | ||||||
Cash dividends declared on common stock, $0.23/common share | (3,408) | (3,408) | ||||||
Shares repurchased (in shares) | (1,032,221) | |||||||
Stock repurchased | (23,222) | $ (11) | (23,211) | |||||
Forfeited restricted stock (in shares) | (3,200) | |||||||
Forfeited restricted stock | 0 | |||||||
Retired stock (in shares) | (7,950) | |||||||
Retired stock | (215) | (215) | ||||||
Granted restricted stock (in shares) | 54,306 | |||||||
Granted restricted stock | $ 0 | |||||||
Exercised stock options (in shares) | 106,914 | 106,914 | ||||||
Exercised stock options | $ 1,541 | $ 2 | 1,539 | |||||
Stock option expense | 556 | 556 | ||||||
Restricted stock expense | 785 | 785 | ||||||
ESOP shares allocated | 996 | 599 | 397 | |||||
Other comprehensive income (loss) | 323 | 323 | ||||||
Balance at end of period (in shares) at Mar. 31, 2020 | 17,101,954 | |||||||
Balance at end of period at Mar. 31, 2020 | 405,440 | $ 171 | 170,368 | 240,325 | (6,480) | 1,056 | ||
Balance at beginning of period (in shares) at Jun. 30, 2019 | 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] | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Balance at end of period (in shares) at Jun. 30, 2020 | 17,021,357 | 17,021,357 | ||||||
Balance at end of period at Jun. 30, 2020 | $ 408,263 | $ (13,358) | $ 170 | 169,648 | 242,776 | $ (13,358) | (6,348) | 2,017 |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 17,664,384 | |||||||
Balance at beginning of period at Dec. 31, 2019 | 416,995 | $ 177 | 182,366 | 240,312 | (6,612) | 752 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,193 | 1,193 | ||||||
Cash dividends declared on common stock, $0.23/common share | (1,180) | (1,180) | ||||||
Shares repurchased (in shares) | (635,800) | |||||||
Stock repurchased | (13,003) | $ (7) | (12,996) | |||||
Forfeited restricted stock | (215) | (215) | ||||||
Retired stock (in shares) | (7,950) | |||||||
Retired stock | $ 0 | |||||||
Granted restricted stock (in shares) | 41,306 | |||||||
Granted restricted stock | $ 0 | |||||||
Exercised stock options (in shares) | 40,014 | |||||||
Exercised stock options | 578 | $ 1 | 577 | |||||
Stock option expense | 168 | 168 | ||||||
Restricted stock expense | 290 | 290 | ||||||
ESOP shares allocated | 310 | 178 | 132 | |||||
Other comprehensive income (loss) | 304 | 304 | ||||||
Balance at end of period (in shares) at Mar. 31, 2020 | 17,101,954 | |||||||
Balance at end of period at Mar. 31, 2020 | $ 405,440 | $ 171 | 170,368 | 240,325 | (6,480) | 1,056 | ||
Balance at beginning of period (in shares) at Jun. 30, 2020 | 17,021,357 | 17,021,357 | ||||||
Balance at beginning of period at Jun. 30, 2020 | $ 408,263 | $ (13,358) | $ 170 | 169,648 | 242,776 | $ (13,358) | (6,348) | 2,017 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 23,083 | 23,083 | ||||||
Cash dividends declared on common stock, $0.23/common share | (3,734) | (3,734) | ||||||
Shares repurchased (in shares) | (566,455) | |||||||
Stock repurchased | (11,723) | $ (6) | (11,717) | |||||
Forfeited restricted stock (in shares) | (6,575) | |||||||
Forfeited restricted stock | 0 | $ 0 | ||||||
Retired stock (in shares) | (9,106) | |||||||
Retired stock | $ (204) | (204) | ||||||
Granted restricted stock (in shares) | 43,260 | |||||||
Granted restricted stock | $ 0 | $ 0 | ||||||
Exercised stock options (in shares) | 172,866 | 172,866 | ||||||
Exercised stock options | $ 2,490 | $ 3 | 2,487 | |||||
Stock option expense | 473 | 473 | ||||||
Restricted stock expense | 976 | 976 | ||||||
ESOP shares allocated | 744 | 347 | 397 | |||||
Other comprehensive income (loss) | $ (558) | (558) | ||||||
Balance at end of period (in shares) at Mar. 31, 2021 | 16,655,347 | 16,655,347 | ||||||
Balance at end of period at Mar. 31, 2021 | $ 406,452 | $ 167 | 162,010 | 248,767 | (5,951) | 1,459 | ||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 16,791,027 | |||||||
Balance at beginning of period at Dec. 31, 2020 | 404,724 | $ 168 | 166,352 | 242,182 | (6,083) | 2,105 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 7,869 | 7,869 | ||||||
Cash dividends declared on common stock, $0.23/common share | (1,284) | (1,284) | ||||||
Shares repurchased (in shares) | (289,333) | |||||||
Stock repurchased | (6,544) | $ (3) | (6,541) | |||||
Forfeited restricted stock (in shares) | 0 | |||||||
Forfeited restricted stock | 0 | $ 0 | ||||||
Retired stock (in shares) | (8,473) | |||||||
Retired stock | $ (195) | (195) | ||||||
Granted restricted stock (in shares) | 43,260 | |||||||
Granted restricted stock | $ 0 | $ 0 | ||||||
Exercised stock options (in shares) | 118,866 | |||||||
Exercised stock options | 1,714 | $ 2 | 1,712 | |||||
Stock option expense | 156 | 156 | ||||||
Restricted stock expense | 333 | 333 | ||||||
ESOP shares allocated | 325 | 193 | 132 | |||||
Other comprehensive income (loss) | $ (646) | (646) | ||||||
Balance at end of period (in shares) at Mar. 31, 2021 | 16,655,347 | 16,655,347 | ||||||
Balance at end of period at Mar. 31, 2021 | $ 406,452 | $ 167 | $ 162,010 | $ 248,767 | $ (5,951) | $ 1,459 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, dividends, declared (in dollars per share) | $ 80 | $ 70 | $ 230 | $ 200 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities: | ||
Net income | $ 23,083 | $ 19,188 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision (benefit) for credit losses | (6,180) | 5,800 |
Depreciation | 7,042 | 4,137 |
Deferred income tax expense | 3,600 | 4,677 |
Net amortization and accretion | (1,248) | (4,275) |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | 3,656 | 0 |
Loss (gain) on sale and impairment of REO | (49) | 88 |
Gain on sale of loans held for sale | (11,929) | (7,577) |
Origination of loans held for sale | (464,173) | (226,834) |
Proceeds from sales of loans held for sale | 443,380 | 200,512 |
Increase in deferred loan costs, net | (541) | (1,017) |
Decrease (increase) in accrued interest receivable and other assets | 1,238 | (571) |
Amortization of core deposit intangibles | 605 | 1,118 |
BOLI income | (1,551) | (1,724) |
ESOP compensation expense | 744 | 996 |
Restricted stock and stock option expense | 1,449 | 1,341 |
Increase (decrease) in other liabilities | 2,552 | (12,515) |
Net cash provided by (used in) operating activities | 1,678 | (16,656) |
Investing Activities: | ||
Purchase of securities available for sale | (95,636) | (75,530) |
Proceeds from maturities of securities available for sale | 47,272 | 27,823 |
Net proceeds (purchases) of commercial paper | 67,081 | (35,949) |
Purchase of certificates of deposit in other banks | (4,930) | (24,200) |
Maturities of certificates of deposit in other banks | 18,604 | 18,661 |
Principal repayments of mortgage-backed securities | 11,749 | 10,902 |
Net redemptions of other investments | 10,047 | 4,177 |
Proceeds from sale of loans not originated for sale | 0 | 154,870 |
Net decrease (increase) in loans | 103,407 | (99,116) |
Purchase of BOLI | (139) | (111) |
Proceeds from redemption of BOLI | 0 | 477 |
Purchase of premises and equipment | (15,095) | (2,321) |
Purchase of operating lease equipment | (7,812) | (11,047) |
Proceeds from sale of REO | 352 | 1,812 |
Net cash provided by (used in) investing activities | 134,900 | (29,552) |
Financing Activities: | ||
Net increase in deposits | 122,722 | 227,530 |
Net decrease in borrowings | (203,656) | (145,000) |
Common stock repurchased | (11,723) | (23,222) |
Cash dividends paid | (3,734) | (3,408) |
Retired stock | (204) | (215) |
Exercised stock options | 2,490 | 1,541 |
Net cash provided by (used in) financing activities | (94,105) | 57,226 |
Net Increase in Cash and Cash Equivalents | 42,473 | 11,018 |
Cash and Cash Equivalents at Beginning of Period | 121,622 | 71,043 |
Cash and Cash Equivalents at End of Period | 164,095 | 82,061 |
Cash paid during the period for: | ||
Interest | 13,302 | 26,708 |
Income taxes | 472 | 1,300 |
Noncash transactions: | ||
Unrealized gain in value of securities available for sale, net of income taxes | (558) | 323 |
Transfer of loans to REO | 108 | 46 |
Transfer of loans held for sale to total loans | 14,702 | 96,962 |
Transfer of one-to-four family loans to held for sale | 0 | 240,453 |
Transfer of land from property and equipment to other assets for new finance lease accounting | 0 | 2,052 |
ROU asset and lease liabilities for operating lease accounting | $ 599 | $ 5,296 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
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, 2020 ("2020 Form 10-K") filed with the SEC on September 11, 2020. The results of operations for the nine months ended March 31, 2021 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2021. 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 two 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 credit losses on loans and (ii) the valuation of goodwill and other intangible assets. These policies and judgments, estimates and assumptions are described in greater detail in notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in the Company's 2020 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. Operating, Accounting and Reporting Considerations related to COVID-19 The COVID-19 pandemic has negatively impacted the global economy. In response to this crisis, the CARES Act was passed by Congress and signed into law on March 27, 2020. The CARES Act provides an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy by supporting individuals and businesses through loans, grants, tax changes, and other types of relief. Some of the provisions applicable to the Company include, but are not limited to: • Accounting for Loan Modifications - The CARES Act provides that a financial institution may elect to suspend (i) the requirements under GAAP for certain loan modifications that would otherwise be categorized as a TDR and (ii) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. The Bank has elected this as a policy change. • PPP - The CARES Act established the PPP, an expansion of the SBA's 7(a) loan program and the Economic Injury Disaster Loan Program, administered directly by the SBA. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law providing $900 billion in stimulus relief for the COVID-19 pandemic. The legislation extends certain relief provisions from the March CARES Act that were set to expire at the end of 2020. This new legislation extends the relief to financial institutions to suspend TDR assessment and reporting requirements under GAAP for loan modifications to the earlier of 60 days after the national emergency termination date or January 1, 2022. The legislation includes additional funding for businesses that did not receive PPP funds under the CARES Act, especially minority- and women-owned businesses. In addition, it allows businesses another opportunity to borrow PPP funds if they can show losses of 25% or more in 2020 based on their 2020 revenue. The Company expects a smaller number of applications to be made by its customers for these additional PPP funds. Also in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau, in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to: • Accounting for Loan Modifications - A loan modification that does not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payment. • Past Due Reporting - With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, these loans would not be considered past due during the period of the deferral. • Nonaccrual Status and Charge-offs - While short-term COVID-19 modifications are in effect, these loans generally should not be reported as nonaccrual or as classified. See "Note 6 – Loans and Allowance for Credit Losses on Loans" for more information on COVID-19 specific loans that have been modified or in deferral. Adoption of CECL standard On July 1, 2020, the Company adopted ASU No. 2016-13, "Financial Instruments-Credit Losses ("Topic 326"): Measurement of Credit Losses on Financial Instruments", sometimes referred to herein as ASU 2016-13. Topic 326 was subsequently amended by ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; ASU No. 2019-05, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; and ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This standard applies to all financial assets measured at amortized cost and off balance sheet credit exposures, including loans, investment securities and unfunded commitments. The Company applied the standard’s provisions using the modified retrospective method as a cumulative effect adjustment to retained earnings as of July 1, 2020. With this transition method, the Company did not have to restate comparative prior periods presented in the financial statements related to Topic 326, but will present comparative prior period disclosures using the previous accounting guidance for the allowance for loan losses. This adoption method is considered a change in accounting principle requiring additional disclosure regarding the nature of and reason for the change, which is solely a result of the adoption of the required standard. ACL – Investment Securities Management uses a systematic methodology to determine its ACL for investment securities held to maturity. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the held-to-maturity portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. Management monitors the held-to-maturity portfolio to determine whether a valuation account would need to be recorded. The Company currently has no investment securities held to maturity. Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on investment securities and does not record an allowance for credit losses on accrued interest receivable. As of March 31, 2021, the accrued interest receivable for investment securities available for sale was $588. The Company’s estimate of expected credit losses includes a measure of the expected risk of credit loss even if that risk is remote. However, the Company does not measure expected credit losses on an investment security in which historical credit loss information adjusted for current conditions and reasonable and supportable forecast results in an expectation that nonpayment of the amortized cost basis is zero. Management does not expect nonpayment of the amortized cost basis to be zero solely on the basis of the current value of collateral securing the security but, instead, also considers the nature of the collateral, potential future changes in collateral values, default rates, delinquency rates, third-party guarantees, credit ratings, interest rate changes since purchase, volatility of the security’s fair value and historical loss information for financial assets secured with similar collateral. The Company performed an analysis that determined that the following securities have a zero expected credit loss: U.S. government agencies, residential MBS of U.S. government agencies and GSEs, and municipal bonds. All of the U.S. government agencies and U.S. government agency backed securities have the full faith and credit backing of the United States Government or one of its agencies. Municipal bonds that do not have a zero expected credit loss will be evaluated quarterly to determine whether there is a credit loss associated with a decline in fair value. Management no longer evaluates securities for OTTI, as ASC Subtopic 326-30, "Financial Instruments—Credit Losses—Available-for-Sale Debt Securities," changes the accounting for recognizing impairment on available-for-sale debt securities. Each quarter management evaluates impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value. Management considers the nature of the collateral, potential future changes in collateral values, default rates, delinquency rates, third-party guarantees, credit ratings, interest rate changes since purchase, volatility of the security’s fair value and historical loss information for financial assets secured with similar collateral among other factors. Credit losses are calculated individually, rather than collectively, using a DCF method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses in the Consolidated Statements of Income. ACL - Loans and leases The ACL reflects management’s estimate of losses that will result from the inability of its borrowers to make required loan payments. The Company established the incremental increase in the ACL at adoption of the CECL standard through the cumulative effect adjustment to equity and subsequent adjustments will be made through a provision for credit losses charged against earnings. Management records loans charged off against the ACL and subsequent recoveries, if any, increase the ACL when they are recognized. Management uses a systematic methodology to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. The Company’s ACL recorded in the balance sheet reflects management’s best estimate within the range of expected credit losses. The Company recognizes in net income the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s ACL is calculated using collectively evaluated and individually evaluated loans. The Company collectively evaluates loans that share similar risk characteristics. In general, management has segmented loans by regulatory call code category and collectively evaluates loans within the retail and commercial categories. Loans within the retail consumer category include: one-to-four family, HELOCs - originated, HELOCs - purchased, construction and land/lots, indirect auto finance, and consumer. Loans within the commercial category include: commercial real estate, construction and development, commercial and industrial, equipment finance, and municipal leases. For collectively evaluated loans, the Company uses a DCF method for each loan in a pool, and the results are aggregated at the pool level. A periodic tendency to default and absolute loss given default are applied to a projective model of the loan’s cash flow while considering prepayment and principal curtailment effects. The analysis produces expected cash flows for each instrument in the pool by pairing loan-level term information (maturity date, payment amount, interest rate, etc.) with top-down pool assumptions (default rates, prepayment speeds). The Company has identified the following portfolio segments for the current calculation: one-to-four family construction, one-to-four family mortgage – jr. lien, one-to-four family mortgage – sr. lien, commercial and industrial, commercial leases, construction – multi-family, construction – non-owner occupied, construction – owner occupied, consumer – auto, consumer – other, consumer – revolving, farmland, land and lot, multifamily, municipal leases, non-owner occupied CRE, owner occupied CRE, and HELOCs. PPP loans are fully guaranteed by the SBA; therefore, management estimates a zero reserve for PPP loans within its allowance for credit losses. Management has determined that the peer loss experience provides the best basis for its assessment of expected credit losses to determine the ACL. The Company utilized peer call report data to measure historical credit loss experience with similar risk characteristics within the segments over an economic cycle. Management reviewed the historical loss information to appropriately adjust for differences in current asset specific risk characteristics. Management also considered further adjustments to historical loss information for current conditions and reasonable and supportable forecasts that differ from the conditions that existed for the period over which historical information was evaluated. For all segment models for collectively evaluated loans (except for HELOCs), the Company incorporated one macroeconomic driver using a statistical regression modeling methodology. The HELOC segment incorporated two macroeconomic drivers. Due to the low loss rates of municipal leases and the expectation of them remaining low, management has elected to separately pool these loans. Management has elected to use readily available municipal default rates and loss given defaults in order to calculate expected credit losses. Management considers forward-looking information in estimating expected credit losses. The Company uses the Fannie Mae quarterly economic forecast which is a baseline outlook for the United States economy. Management has evaluated the appropriateness of the reasonable and supportable forecast for the current period along with the inputs used in the estimation of expected credit losses. For the contractual term that extends beyond the reasonable and supportable forecast period, the Company reverts to historical loss information within four quarters using a straight-line approach. Management may apply different reversion techniques depending on the economic environment for the financial asset portfolio and as of the current period has utilized a linear reversion technique. Management has evaluated the appropriateness of a reversion period for the current period and noted that it was reasonable. Included in its systematic methodology to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures, management considers the need to qualitatively adjust expected credit losses for information not already captured in the loss estimation process. These qualitative adjustments can either increase or decrease the quantitative model estimation (i.e. formulaic model results). Each period the Company considers qualitative factors that are relevant within the qualitative framework that include the following: 1) lending policies and procedures, 2) credit review function, 3) experience and depth of management and staff, 4) external factors, and 5) actual and expected changes in economic and business conditions. When a loan no longer shares similar risk characteristics with its segment, the asset is assessed to determine whether it should be included in another pool or should be individually evaluated. For these individually evaluated loans, the Company maintains specific book balance thresholds for retail or consumer loans, commercial loans, municipal and equipment leases, and unsecured commercial loans. Management would adjust these thresholds if future analysis suggests a change is needed based on the credit environment at that time. Generally, individually evaluated loans other than TDRs are on nonaccrual status. Based on the thresholds above, financial assets will generally remain in pools unless they meet the dollar threshold or foreclosure is probable. The expected credit losses on individually evaluated loans will be estimated based on DCF analysis unless the loan meets the criteria for use of the fair value of collateral, either by virtue of an expected foreclosure or through meeting the definition of collateral dependent. Financial assets that have been individually evaluated can be returned to a pool for purposes of estimating the expected credit loss insofar as their credit profile improves and that the repayment terms are not considered to be unique to the asset. Management measures expected credit losses over the contractual term of the loans. When determining the contractual term, the Company considers expected prepayments but is precluded from considering expected extensions, renewals, or modifications, unless the Company reasonably expects it will execute a TDR with a borrower. In the event of a reasonably-expected TDR, the Company factors the reasonably-expected TDR into the current expected credit losses estimate. The effects of a TDR are recorded when an individual asset is specifically identified as a reasonably-expected TDR. The Company identifies the point at which it offers the modification to the borrower as the point at which the TDR is reasonably expected for both commercial and consumer loans. The Company uses a DCF methodology to calculate the effect of the concession provided to the borrower in TDR within the ACL. PCD assets are defined as acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company’s assessment. The Company records acquired PCD loans by adding the expected credit losses (i.e., ACL) to the purchase price of the financial assets rather than recording through the provision for credit losses in the income statement. The expected credit loss, as of the acquisition day, of a PCD loan is added to the ACL. The non-credit discount or premium is the difference between the unpaid principal balance and the amortized cost basis as of the acquisition date. Subsequent to the acquisition date, the change in the ACL on PCD loans is recognized through the provision for credit losses. The non-credit discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the PCD loan on a level-yield basis. In accordance with the transition requirements within the standard, the Company’s PCI loans were treated as PCD loans. The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an ACL on accrued interest receivable. The Company has a variety of assets that have a component that qualifies as an off-balance sheet exposure. These primarily include undrawn portions of revolving lines of credit and standby letters of credit. The expected losses associated with these exposures within the unfunded portion of the expected credit loss will be recorded as a liability on the balance sheet with an offset to the provision for credit losses. Management has determined that a majority of the Company’s off-balance-sheet credit exposures are not unconditionally cancellable. See "Note 6 – Loans and Allowance for Credit Losses on Loans" for additional details related to the Company's off-balance-sheet credit exposure. The current adjustment to the ACL for unfunded commitments would be recognized through the provision for credit losses in the Statement of Income. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. The Company adopted this ASU on July 1, 2020, applying the modified-retrospective method. Related to the implementation of this ASU, the Company recorded additional ACL on financial instruments of $15,059, additional deferred tax assets of $3,989, additional reserve for unfunded commitments of $2,288, and a reduction to retained earnings of $13,358. The adoption of this ASU did not have an effect on AFS debt securities. See "Note 1 – Summary of Significant Accounting Policies" and "Note 6 – Loans and Allowance for Credit Losses on Loans" for additional details related to the adoption of this ASU. See table below for impact of this ASU on the Company's consolidated balance sheet: July 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: ACL on commercial paper $ (250) $ — $ (250) ACL on loans: Retail consumer loans $ (17,692) $ (6,956) $ (10,736) Commercial loans (25,189) (21,116) (4,073) Total ACL on loans $ (42,881) $ (28,072) $ (14,809) Deferred income taxes $ 20,323 $ 16,334 $ 3,989 Liabilities: Liability for credit losses on off-balance sheet credit exposures $ 2,288 $ — $ 2,288 Equity: Retained earnings $ 229,418 $ 242,776 $ (13,358) 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 remove, modify, and add certain disclosure requirements related to fair value measurements in ASC 820. The Company adopted this ASU on July 1, 2020. The adoption did not have a material effect 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 Company adopted this ASU on July 1, 2020. 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 Company adopted the amendments to Financial Instruments (ASU 2016-01) on July 1, 2020 . The Company adopted the amendments to Financial Instruments-Credit Losses (ASU 2016-13) on July 1, 2020 . The Company adopted the amendments to Derivatives and Hedging (ASU 2017-12) on July 1, 2019 . The adoption did not have a material effect 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 Company adopted this ASU on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In November 2019, the FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses." This ASU clarifies certain aspects of the amendments in ASU 2016-13 and is 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 Company adopted this ASU on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This ASU is part of the FASB's simplification initiative to reduce complexity in accounting standards. 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 first and second items of this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of ASU No. 2019-12 is not expected to have a material impact on the Company's Consolidated Financial Statements. In January 2020, the FASB issued ASU 2020-01, "Investment—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU clarified the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-03, "Codification Improvements to Financial Instruments." This ASU makes certain narrow-scope amendments to the following: i) clarified that all entities are required to provide fair value option disclosures; ii) clarified the applicability of the portfolio exception in ASC 820 to nonfinancial items; iii) aligned disclosures for depository and lending institutions (Topic 942) with guidance in Topic 320; iv) added cross-references to guidance in ASC 470-50 on line-of-credit or revolving-debt arrangements; v) added cross-references to net asset value practical expedient in ASC 820-10; vi) clarified the interaction between ASC 842 and ASC 326; and vii) clarified the interaction between ASC 326 and ASC 860-20. The amendments for issues i, ii, iv, and v became effective upon issuance and did not have a material effect on the Company's Consolidated Financial Statements. The Company adopted the amendments related to issue iii, vi, and vii on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In September 2020, the FASB issued ASU 2020-06, "Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)." This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. Specifically the ASU removes: i) major separation models required under GAAP and ii) certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contract to qualify for the exception. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted.The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs." This ASU clarified that entities should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-09, "Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762." This ASU updates financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affinities whose securities are pledged as collateral for registered securities. The amendments in this ASU are effective January 4, 2021.The adoption did not have an effect on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-10, "Codification Improvements." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. This ASU, i) removes references to various FASB Concepts Statements, ii) situates all disclosure guidance in the appropriate disclosure section of the Codification, and iii) makes other improvements and technical corrections to the Codification. The items within this ASU are not expected to have a significant effect on current accounting practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. |
Debt Securities
Debt Securities | 9 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | Debt Securities Securities available for sale consist of the following at the dates indicated: March 31, 2021 Amortized Gross Gross Estimated U.S. government agencies $ 18,970 $ 159 $ (21) $ 19,108 Residential MBS of U.S. government agencies and GSEs 41,053 1,300 (116) 42,237 Municipal bonds 9,112 488 — 9,600 Corporate bonds 91,386 232 (146) 91,472 Total $ 160,521 $ 2,179 $ (283) $ 162,417 June 30, 2020 Amortized Gross Gross Estimated U.S. government agencies $ 3,957 $ 216 $ — $ 4,173 Residential MBS of U.S. government agencies and GSEs 46,629 1,776 (50) 48,355 Municipal bonds 16,090 541 — 16,631 Corporate bonds 58,242 270 (134) 58,378 Total $ 124,918 $ 2,803 $ (184) $ 127,537 Debt securities available for sale by contractual maturity at March 31, 2021 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. March 31, 2021 Amortized Estimated Due within one year $ 36,400 $ 36,466 Due after one year through five years 81,053 81,489 Due after five years through ten years 2,015 2,225 Due after ten years — — Mortgage-backed securities 41,053 42,237 Total $ 160,521 $ 162,417 The Company had no sales of securities available for sale during the three and nine months ended March 31, 2021 and 2020. There were no gross realized gains or losses for the three and nine months ended March 31, 2021 and 2020. Securities available for sale with costs totaling $92,815 and $82,888 and market values of $94,031 and $84,456 at March 31, 2021 and June 30, 2020, respectively, were pledged as collateral to secure various public deposits and other borrowings. The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2021 and June 30, 2020 were as follows: March 31, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government agencies $ 14,979 $ (21) $ — $ — $ 14,979 $ (21) Residential MBS of U.S. government agencies and GSEs 4,674 (85) 1,516 (31) 6,190 (116) Corporate bonds 48,823 (146) — — 48,823 (146) Total $ 68,476 $ (252) $ 1,516 $ (31) $ 69,992 $ (283) June 30, 2020 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Residential MBS of U.S. government agencies and GSEs $ 227 $ (10) $ 2,435 $ (40) $ 2,662 $ (50) Corporate bonds 11,779 (134) — — 11,779 (134) Total $ 12,006 $ (144) $ 2,435 $ (40) $ 14,441 $ (184) The total number of securities with unrealized losses at March 31, 2021, and June 30, 2020 were 14 and 24, respectively. Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. All debt securities available for sale in an unrealized loss position as of March 31, 2021 continue to perform as scheduled and management does not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of management's evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, management considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. Management does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that securities will be required to be sold. See "Note 1 – Summary of Significant Account Policies" for further discussion. Management continues to monitor all of its securities with a high degree of scrutiny. There can be no assurance that management will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods. |
Other Investments
Other Investments | 9 Months Ended |
Mar. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Other Investments | Other Investments Other investments, at cost consist of the following at the dates indicated: March 31, 2021 June 30, 2020 FHLB of Atlanta stock $ 12,152 $ 23,309 FRB stock 7,379 7,368 SBIC investments 9,368 8,269 Total $ 28,899 $ 38,946 |
Loans Held For Sale
Loans Held For Sale | 9 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans Held For Sale | Loans Held For Sale Loans held for sale as of the dates indicated consist of the following: March 31, 2021 June 30, 2020 One-to-four family $ 45,182 $ 28,152 SBA 7,090 1,240 HELOCs 34,436 47,785 Total $ 86,708 $ 77,177 |
Loans
Loans | 9 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans | Loans and Allowance for Credit Losses on Loans Loans consist of the following at the dates indicated: March 31, 2021 June 30, 2020 (1) Commercial loans: Commercial real estate $ 1,088,178 $ 1,052,906 Construction and development 162,820 215,934 Commercial and industrial 140,579 154,825 Equipment finance 291,950 229,239 Municipal finance 129,141 127,987 PPP 73,090 80,697 Total commercial loans 1,885,758 1,861,588 Retail consumer loans: One-to-four family 430,001 473,693 HELOCs - originated 131,867 137,447 HELOCs - purchased 46,086 71,781 Construction and land/lots 68,118 81,859 Indirect auto finance 119,656 132,303 Consumer 8,667 10,259 Total retail consumer loans 804,395 907,342 Total loans 2,690,153 2,768,930 Deferred loan costs, net (2) — 189 Total loans, net of deferred loan costs 2,690,153 2,769,119 Allowance for credit losses (36,059) (28,072) Loans, net $ 2,654,094 $ 2,741,047 ___________ (1) The June 30, 2020 information in the above table reflects the loan portfolio prior to the adoption of ASU 2016-13. This information was reported as shown in the below tables under "Loans and Allowance for Loan Losses - Pre ASU 2016-13", with the acquired loans being net of earned income and related discounts, which includes the credit discount on the acquired credit impaired loans. (2) In accordance with the adoption of ASU 2016-13, the loan portfolio is shown at the amortized cost basis as of March 31, 2021, to include net deferred cost of $1,420 and unamortized discount total related to loans acquired of $4,998. Accrued interest receivable at March 31, 2021 of $7,688 is accounted for separately from the amortized cost basis. The ACL at June 30, 2020 includes the valuation allowance on PCI loans of $182. All qualifying one-to-four family first mortgage loans, HELOCs, commercial real estate loans, and FHLB of Atlanta stock are pledged as collateral by a blanket pledge to secure any outstanding FHLB advances. Loans are monitored for credit quality on a recurring basis and the composition of the loans outstanding by credit quality indicator is provided below. Loan credit quality indicators are developed through review of individual borrowers on an ongoing basis. Generally, loans are monitored for performance on a quarterly basis with the credit quality indicators adjusted as needed. The indicators represent the rating for loans as of the date presented based on the most recent assessment performed. These credit quality indicators are defined as follows: Pass —A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification. Special Mention —A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification. Substandard —A substandard asset is inadequately protected by the current net worth and paying capacity of the obligor, or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected. Doubtful —An asset classified doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. Loss —Assets classified loss are considered uncollectible and of such little value that their continuing to be carried as an asset is not warranted. This classification is not necessarily equivalent to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be effected in the future. The following table presents the credit risk profile by risk grade for commercial loans by origination year: Term Loans By Origination Fiscal Year March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total Commercial real estate Risk rating: Pass $ 134,202 $ 181,796 $ 142,372 $ 171,079 $ 161,912 $ 233,191 $ 33,651 $ 1,058,203 Special mention — — — 15,197 1,268 3,182 143 19,790 Substandard — — 148 628 5,416 3,987 — 10,179 Doubtful — — — — — — — — Loss — 6 — — — — — 6 Total commercial real estate $ 134,202 $ 181,802 $ 142,520 $ 186,904 $ 168,596 $ 240,360 $ 33,794 $ 1,088,178 Construction and development Risk rating: Pass $ 9,493 $ 9,101 $ 6,849 $ 5,415 $ 1,594 $ 7,331 $ 119,362 $ 159,145 Special mention — — — — — 319 2,858 3,177 Substandard — — — — — 498 — 498 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and development $ 9,493 $ 9,101 $ 6,849 $ 5,415 $ 1,594 $ 8,148 $ 122,220 $ 162,820 Commercial and industrial Risk rating: Pass $ 25,006 $ 16,553 $ 19,337 $ 11,806 $ 16,399 $ 11,302 $ 30,287 $ 130,690 Special mention — — 1,194 — 53 123 3,261 4,631 Substandard 33 — 300 4,824 — 99 — 5,256 Doubtful — — — — — — — — Loss — — — — — 2 — 2 Total commercial and industrial $ 25,039 $ 16,553 $ 20,831 $ 16,630 $ 16,452 $ 11,526 $ 33,548 $ 140,579 Equipment finance Risk rating: Pass $ 110,595 $ 113,114 $ 62,000 $ 5,460 $ — $ — $ — $ 291,169 Special mention — 304 176 — — — — 480 Substandard — — — — — — — — Doubtful — — 301 — — — — 301 Loss — — — — — — — — Total equipment finance $ 110,595 $ 113,418 $ 62,477 $ 5,460 $ — $ — $ — $ 291,950 Municipal leases Risk rating: Pass $ 6,697 $ 19,030 $ 14,251 $ 18,977 $ 10,241 $ 51,242 $ 8,430 $ 128,868 Special mention — — — — — 273 — 273 Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total municipal leases $ 6,697 $ 19,030 $ 14,251 $ 18,977 $ 10,241 $ 51,515 $ 8,430 $ 129,141 PPP Risk rating: Pass $ 29,667 $ 43,423 $ — $ — $ — $ — $ — $ 73,090 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total PPP $ 29,667 $ 43,423 $ — $ — $ — $ — $ — $ 73,090 Total commercial loans Risk rating: Pass $ 315,660 $ 383,017 $ 244,809 $ 212,737 $ 190,146 $ 303,066 $ 191,730 $ 1,841,165 Special mention — 304 1,370 15,197 1,321 3,897 6,262 28,351 Substandard 33 — 448 5,452 5,416 4,584 — 15,933 Doubtful — — 301 — — — — 301 Loss — 6 — — — 2 — 8 Total commercial loans $ 315,693 $ 383,327 $ 246,928 $ 233,386 $ 196,883 $ 311,549 $ 197,992 $ 1,885,758 The following table presents the credit risk profile by risk grade for consumer loans by origination year: Term Loans By Origination Fiscal Year March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total One-to-four family Risk rating: Pass $ 60,542 $ 58,360 $ 56,263 $ 45,972 $ 40,624 $ 156,075 $ 2,495 $ 420,331 Special mention — — — — 28 1,402 — 1,430 Substandard 248 988 — 218 89 6,177 — 7,720 Doubtful — — — — — 195 — 195 Loss — — — — — 325 — 325 Total one-to-four family $ 60,790 $ 59,348 $ 56,263 $ 46,190 $ 40,741 $ 164,174 $ 2,495 $ 430,001 HELOCs - originated Risk rating: Pass $ 2,386 $ 978 $ 1,440 $ 192 $ 768 $ 9,686 $ 114,870 $ 130,320 Special mention — — — — — 273 — 273 Substandard — — — — 38 1,112 124 1,274 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - originated $ 2,386 $ 978 $ 1,440 $ 192 $ 806 $ 11,071 $ 114,994 $ 131,867 HELOCs - purchased Risk rating: Pass $ — $ — $ — $ — $ — $ — $ 46,086 $ 46,086 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - purchased $ — $ — $ — $ — $ — $ — $ 46,086 $ 46,086 Construction and land/lots Risk rating: Pass $ 3,122 $ 13,305 $ 4,212 $ 527 $ — $ 4,438 $ 41,995 $ 67,599 Special mention — — — — — — — — Substandard — — — 98 — 421 — 519 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and land/lots $ 3,122 $ 13,305 $ 4,212 $ 625 $ — $ 4,859 $ 41,995 $ 68,118 Indirect auto finance Risk rating: Pass $ 33,168 $ 31,016 $ 18,993 $ 22,467 $ 9,539 $ 3,087 $ — $ 118,270 Special mention — 0 — — — — — — — Substandard 56 371 249 376 207 123 — 1,382 Doubtful — — — — — — — — Loss 2 1 1 — — — — 4 Total indirect auto finance $ 33,226 $ 31,388 $ 19,243 $ 22,843 $ 9,746 $ 3,210 $ — $ 119,656 Total consumer loans Risk rating: Pass $ 1,049 $ 1,079 $ 5,583 $ 321 $ 109 $ 95 $ 370 $ 8,606 Special mention — — — — — — — — Substandard — 16 4 7 — 4 29 60 Doubtful — — — — — — — — Loss — 1 — — — — — 1 Total consumer loans $ 1,049 $ 1,096 $ 5,587 $ 328 $ 109 $ 99 $ 399 $ 8,667 Total retail consumer loans Risk rating: Pass $ 100,267 $ 104,738 $ 86,491 $ 69,479 $ 51,040 $ 173,381 $ 205,816 $ 791,212 Special mention — — — — 28 1,675 — 1,703 Substandard 304 1,375 253 699 334 7,837 153 10,955 Doubtful — — — — — 195 — 195 Loss 2 2 1 — — 325 — 330 Total retail consumer loans $ 100,573 $ 106,115 $ 86,745 $ 70,178 $ 51,402 $ 183,413 $ 205,969 $ 804,395 The following table presents the credit risk profile by risk grade for total non-purchased and purchased performing consumer and commercial loans, prior to the adoption of ASU 2016-13: Pass Special Substandard Doubtful Loss Total June 30, 2020 Commercial loans: Commercial real estate $ 1,028,709 $ 7,580 $ 10,779 $ — $ 16 $ 1,047,084 Construction and development 212,370 2,723 250 1 — 215,344 Commercial and industrial 130,202 20,439 2,622 — — 153,263 Equipment finance 228,288 150 801 — — 229,239 Municipal finance 127,706 281 — — — 127,987 PPP 80,697 — — — — 80,697 Retail consumer loans: One-to-four family 458,248 1,724 9,042 206 — 469,220 HELOCs - originated 134,697 902 1,848 — — 137,447 HELOCs - purchased 71,119 — 662 — — 71,781 Construction and land/lots 81,112 — 402 — — 81,514 Indirect auto finance 130,975 — 1,328 — — 132,303 Consumer 9,894 4 361 — — 10,259 Total loans $ 2,694,017 $ 33,803 $ 28,095 $ 207 $ 16 $ 2,756,138 The following table presents the credit risk profile by risk grade for PCI consumer and commercial loans, prior to the adoption of ASU 2016-13: Pass Special Substandard Doubtful Loss Total June 30, 2020 Commercial loans: Commercial real estate $ 3,181 $ 1,742 $ 899 $ — $ — $ 5,822 Construction and development 271 — 319 — — 590 Commercial and industrial 1,556 — 3 — 3 1,562 Retail consumer loans: One-to-four family 2,994 465 1,014 — — 4,473 Construction and land/lots 108 — 237 — — 345 Total loans $ 8,110 $ 2,207 $ 2,472 $ — $ 3 $ 12,792 The following table presents an aging analysis of past due loans (includes nonaccrual loans) by segment and class: Past Due Total 30-89 Days 90 Days+ Total Current Loans March 31, 2021 Commercial loans: Commercial real estate $ — $ 1,863 $ 1,863 $ 1,086,315 $ 1,088,178 Construction and development — 37 37 162,783 162,820 Commercial and industrial 12 22 34 140,545 140,579 Equipment finance — 328 328 291,622 291,950 Municipal finance — — — 129,141 129,141 PPP — — — 73,090 73,090 Retail consumer loans: One-to-four family 824 2,046 2,870 427,131 430,001 HELOCs - originated 32 78 110 131,757 131,867 HELOCs - purchased 50 97 147 45,939 46,086 Construction and land/lots — — — 68,118 68,118 Indirect auto finance 385 362 747 118,909 119,656 Consumer 271 27 298 8,369 8,667 Total loans $ 1,574 $ 4,860 $ 6,434 $ 2,683,719 $ 2,690,153 The following table presents an aging analysis of past due loans by segment and class, prior to the adoption of ASU 2016-13: Past Due Total 30-89 Days 90 Days+ Total Current Loans June 30, 2020 Commercial loans: Commercial real estate $ 4,528 $ 2,892 $ 7,420 $ 1,045,486 $ 1,052,906 Construction and development 293 341 634 215,300 215,934 Commercial and industrial — 91 91 154,734 154,825 Equipment finance 303 498 801 228,438 229,239 Municipal finance — — — 127,987 127,987 PPP — — — 80,697 80,697 Retail consumer loans: One-to-four family 1,679 3,147 4,826 468,867 473,693 HELOCs - originated 442 310 752 136,695 137,447 HELOCs - purchased 214 47 261 71,520 71,781 Construction and land/lots — 252 252 81,607 81,859 Indirect auto finance 756 285 1,041 131,262 132,303 Consumer 30 25 55 10,204 10,259 Total loans $ 8,245 $ 7,888 $ 16,133 $ 2,752,797 $ 2,768,930 The following table presents recorded investment in loans on nonaccrual status, by segment and class, including restructured loans. It also includes interest income recognized on nonaccrual loans for the nine months ended March 31, 2021. March 31, 2021 June 30, 2020 90 Days + & still accruing as of March 31, 2021 Nonaccrual with no allowance as of March 31, 2021 Interest income recognized Commercial loans: Commercial real estate $ 7,764 $ 8,869 $ — $ 4,369 $ 371 Construction and development 498 465 — 80 53 Commercial and industrial 59 259 — 22 68 Equipment finance 310 801 — 291 104 Municipal finance — — — — — Retail consumer loans: One-to-four family 3,132 3,582 — 812 161 HELOCs - originated 253 531 — — 36 HELOCs - purchased 245 662 — — 39 Construction and land/lots 22 37 — — — Indirect auto finance 642 668 — — 66 Consumer 300 49 — — 7 Total loans $ 13,225 $ 15,923 $ — $ 5,574 $ 905 The decrease in the nonaccrual balance in the above schedule, compared to June 30, 2020 , is mainly due to one large commercial nonaccrual loan paying off partially offset by the addition to nonaccrual loans of $486 of PCI loans, formerly accounted for as credit impaired loans, prior to the adoption of ASU 2016-13. These loans were previously excluded from nonaccrual loans. The adoption of CECL resulted in the discontinuation of pool-level accounting for acquired credit impaired loans which was replaced with a loan-level evaluation for nonaccrual status. 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. 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: March 31, 2021 June 30, 2020 Performing TDRs $ 11,941 $ 13,153 The following table presents a breakdown of the provision (benefit) for credit losses included in our Consolidated Statements of Income: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Provision (benefit) for credit losses: Loans $ (3,970) $ 5,400 $ (6,370) $ 5,800 Off-balance-sheet credit exposure (130) — 10 — Commercial paper — — 180 — Total provision (benefit) for credit losses $ (4,100) $ 5,400 $ (6,180) $ 5,800 The following table presents an analysis of the ACL on loans by segment: Three Months Ended Nine Months Ended March 31, 2021 March 31, 2021 Commercial Retail Total Commercial Retail Total Balance at beginning of period $ 24,899 $ 14,945 $ 39,844 $ 21,116 $ 6,956 $ 28,072 Impact of adoption ASU 2016-13 — — — 4,073 10,736 14,809 Provision (benefit) for credit losses (1,750) (2,220) (3,970) (1,750) (4,620) (6,370) Charge-offs (107) (318) (425) (1,510) (1,253) (2,763) Recoveries 356 254 610 1,469 842 2,311 Net recoveries (charge-offs) 249 (64) 185 (41) (411) (452) Balance at end of period $ 23,398 $ 12,661 $ 36,059 $ 23,398 $ 12,661 $ 36,059 The following table presents an analysis of the allowance for loan losses by segment, prior to the adoption of ASU 2016-13: Three Months Ended Nine Months Ended March 31, 2020 March 31, 2020 PCI Commercial Retail Total PCI Commercial Retail Total Balance at beginning of period $ 152 $ 16,479 $ 5,400 $ 22,031 $ 201 $ 14,809 $ 6,419 $ 21,429 Provision for (recovery of) loan losses 30 3,851 1,519 5,400 (19) 5,899 (80) 5,800 Charge-offs — (706) (295) (1,001) — (1,448) (678) (2,126) Recoveries — 61 359 420 — 425 1,322 1,747 Balance at end of period $ 182 $ 19,685 $ 6,983 $ 26,850 $ 182 $ 19,685 $ 6,983 $ 26,850 The following table presents ending balances of loans and the related ACL, by segment and class: Allowance for Credit Losses Total Loans Receivable Loans Loans Total Loans Loans Total March 31, 2021 Commercial loans: Commercial real estate $ 83 $ 12,184 $ 12,267 $ 6,252 $ 1,081,926 $ 1,088,178 Construction and development — 1,837 1,837 8 162,812 162,820 Commercial and industrial — 2,645 2,645 780 139,799 140,579 Equipment finance 7 6,196 6,203 364 291,586 291,950 Municipal finance — 446 446 — 129,141 129,141 PPP — — — — 73,090 73,090 Retail consumer loans: One-to-four family 6 6,550 6,556 2,323 427,678 430,001 HELOCs - originated — 1,591 1,591 — 131,867 131,867 HELOCs - purchased — 556 556 — 46,086 46,086 Construction and land/lots — 1,006 1,006 — 68,118 68,118 Indirect auto finance — 2,745 2,745 — 119,656 119,656 Consumer — 207 207 — 8,667 8,667 Total $ 96 $ 35,963 $ 36,059 $ 9,727 $ 2,680,426 $ 2,690,153 The following table presents ending balances of loans and the related allowance, by segment and class, prior to the adoption of ASU 2016-13: Allowance for Loan Losses Total Loans Receivable PCI Loans Loans Total PCI Loans Loans Total June 30, 2020 Commercial loans: Commercial real estate $ 113 $ 961 $ 10,731 $ 11,805 $ 5,822 $ 7,924 $ 1,039,160 $ 1,052,906 Construction and development 4 5 3,599 3,608 590 299 215,045 215,934 Commercial and industrial 15 31 2,153 2,199 1,562 852 152,411 154,825 Equipment finance — 209 2,598 2,807 — 801 228,438 229,239 Municipal finance — — 697 697 — — 127,987 127,987 PPP — — — — — — 80,697 80,697 Retail consumer loans: One-to-four family 17 52 2,400 2,469 4,473 4,304 464,916 473,693 HELOCs - originated — — 1,344 1,344 — — 137,447 137,447 HELOCs - purchased — — 430 430 — — 71,781 71,781 Construction and land/lots 33 — 1,409 1,442 345 296 81,218 81,859 Indirect auto finance — — 1,136 1,136 — 10 132,293 132,303 Consumer — — 135 135 — — 10,259 10,259 Total $ 182 $ 1,258 $ 26,632 $ 28,072 $ 12,792 $ 14,486 $ 2,741,652 $ 2,768,930 Prior to the adoption of ASU 2016-13, loans acquired through acquisitions were initially excluded from the allowance for loan losses in accordance with the acquisition method of accounting for business combinations. The Company recorded these loans at fair value, which includes a credit discount; therefore, no allowance for loan losses was established for these acquired loans at acquisition. A provision for loan losses was recorded for any further deterioration in these acquired loans subsequent to the acquisition. The following table presents impaired loans and the related allowance, by segment and class, excluding PCI loans, prior to the adoption of ASU 2016-13: Total Impaired Loans Unpaid Recorded Recorded Total Related June 30, 2020 Commercial loans: Commercial real estate $ 10,401 $ 8,062 $ 1,068 $ 9,130 $ 976 Construction and development 1,785 818 80 898 11 Commercial and industrial 9,782 1,058 26 1,084 34 Equipment finance 2,631 303 498 801 209 Retail consumer loans: One-to-four family 16,560 10,805 3,374 14,179 412 HELOCs - originated 2,087 1,585 53 1,638 43 HELOCs - purchased 662 662 — 662 3 Construction and land/lots 1,585 749 296 1,045 13 Indirect auto finance 1,075 486 241 727 5 Consumer 297 38 27 65 2 Total impaired loans $ 46,865 $ 24,566 $ 5,663 $ 30,229 $ 1,708 The table above includes $15,743, of impaired loans that were not individually evaluated because these loans did not meet the Company's threshold for individual impairment evaluation. The recorded allowance above includes $450 related to these loans that were not individually evaluated. The following table presents average recorded investments in impaired loans and interest income recognized on impaired loans, prior to the adoption of ASU 2016-13: Three Months Ended Nine Months Ended March 31, 2020 March 31, 2020 Average Interest Average Interest Commercial loans: Commercial real estate $ 8,728 $ 59 $ 8,496 $ 237 Construction and development 712 10 1,323 36 Commercial and industrial 1,119 11 812 103 Equipment finance 727 3 664 6 Retail consumer loans: One-to-four family 14,189 175 14,861 560 HELOCs - originated 1,724 23 1,706 76 HELOCs - purchased 474 30 524 37 Construction and land/lots 1,091 19 1,174 63 Indirect auto finance 625 8 506 42 Consumer 53 3 229 9 Total loans $ 29,442 $ 341 $ 30,295 $ 1,169 The following table presents a summary of changes in the accretable yield for PCI loans, prior to the adoption of ASU 2016-13: Three Months Ended Nine Months Ended March 31, 2020 March 31, 2020 Accretable yield, beginning of period $ 4,355 $ 5,259 Reclass from nonaccretable yield (1) 171 421 Other changes, net (2) (23) (332) Interest income (378) (1,223) Accretable yield, end of period $ 4,125 $ 4,125 ______________________________________ (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. In estimating ECL, ASC 326 prescribes that if foreclosure is probable, a CDA is required to be measured at the fair value of collateral, but as a practical expedient, if foreclosure is not probable, fair value measurement is optional. For those CDA loans measured at the fair value of collateral, a credit loss expense is recorded for loan amounts in excess of fair value. The following table provides a breakdown between loans identified as CDAs and non-CDAs, by segment and class, and securing collateral, as well as collateral coverage for those loans at March 31, 2021: Type of Collateral and Extent to Which Collateral Secures Financial Assets Residential Property Investment Property Commercial Property Business Assets Financial Assets Not Considered Collateral Dependent Total Commercial loans: Commercial real estate $ — $ 3,800 $ 2,452 $ — $ 1,081,926 $ 1,088,178 Construction and development — 80 — — 162,740 162,820 Commercial and industrial — — — 25 140,554 140,579 Equipment finance — — — 79 291,871 291,950 Municipal finance — — — — 129,141 129,141 PPP — — — — 73,090 73,090 Retail consumer loans: One-to-four family 812 — — — 429,189 430,001 HELOCs - originated — — — — 131,867 131,867 HELOCs - purchased — — — — 46,086 46,086 Construction and land/lots — — — — 68,118 68,118 Indirect auto finance — — — — 119,656 119,656 Consumer — — — — 8,667 8,667 Total $ 812 $ 3,880 $ 2,452 $ 104 $ 2,682,905 $ 2,690,153 Total Collateral Value $ 1,034 $ 3,924 $ 2,506 $ 180 For the three and nine months ended March 31, 2021 and 2020, the following table presents a breakdown of the types of concessions made on TDRs by loan class: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number Pre Post Number Pre Post Commercial: Commercial real estate — $ — $ — 1 $ 30 $ 30 Retail consumer: One-to-four family 2 212 212 2 319 317 HELOCs - originated 2 53 74 — — — Indirect auto finance 3 28 32 — — — Consumer — — — — — — Total 7 $ 293 $ 318 3 $ 349 $ 347 Nine Months Ended March 31, 2021 Nine Months Ended March 31, 2020 Number Pre Post Number Pre Post Below market interest rate: Commercial: Commercial real estate — $ — $ — 1 $ 88 $ 87 Total — — — 1 88 87 Extended payment terms: Commercial: Commercial and industrial — — — 1 826 826 Retail consumer: One-to-four family — — — 2 70 67 Total — — — 3 896 893 Other TDRs: Commercial: Commercial real estate — — — 1 30 30 Construction and development — — — 1 182 79 Commercial and industrial 1 4,408 4,407 — — — Retail consumer: One-to-four family 4 269 261 4 353 348 HELOCs - originated 2 53 74 — — — Construction and land/lots 1 225 219 — — — Indirect auto finance 11 150 110 4 68 57 Total 19 $ 5,105 $ 5,071 10 $ 633 $ 514 Total 19 $ 5,105 $ 5,071 14 $ 1,617 $ 1,494 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 table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number of Recorded Number of Recorded Other TDRs: Retail consumer: Indirect auto finance 1 $ 1 — $ — Total 1 $ 1 — $ — Nine Months Ended March 31, 2021 Nine Months Ended March 31, 2020 Number of Recorded Number of Recorded Other TDRs: Retail consumer: One-to-four family — $ — 2 $ 49 Indirect auto finance 2 26 — — Total 2 $ 26 2 $ 49 In determining the ACL, management considers TDRs for all loan classes, and the subsequent nonperformance in accordance with their modified terms, by measuring a reserve 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. Off-Balance-Sheet Credit Exposure The Company maintains a separate reserve for credit losses on off-balance-sheet credit exposures, including unfunded loan commitments, which is included in other liabilities on the consolidated balance sheet. The reserve for credit losses on off-balance-sheet credit exposures is adjusted as a provision for credit losses in the consolidated statement of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of ECLs on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company's other loan portfolio segments described above, as these unfunded commitments share similar risk characteristics as its loan portfolio segments. The Company has identified the unfunded portion of certain lines of credit as unconditionally cancellable credit exposures, meaning the Company can cancel the unfunded commitment at any time. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. At March 31, 2021, the liability for credit losses on off-balance-sheet credit exposures included in other liabilities was $2,298. Modifications in Response to COVID-19 Beginning in March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. The CARES Act along with a joint agency statement issued by banking agencies and confirmed by FASB staff that short-term modifications made in response to COVID-19 are not TDRs. Accordingly, the Company does not account for such loan modifications as TDRs. As of March 31, 2021, the Company had outstanding modifications totaling $1,182 and $81,328 in retail consumer loans and commercial loans, respectively. The Bank is offering payment and financial relief programs for borrowers impacted by COVID-19. These programs include loan payment deferrals for up to 90 days (which can be renewed for another 90 days under certain circumstances) waived late fees, and suspension of foreclosure proceedings and repossessions. Since March 2020, the Company has received numerous requests from borrowers for some type of payment relief; however, the majority of these payment deferrals have ended and borrowers are again making regular loan payments. The breakout of loans deferred by loan type as of the dates indicated is as follows: Principal and Interest Payment Deferrals by Loan Types (1) (2) March 31, 2021 June 30, 2020 Deferral Percent of Total Loan Portfolio Deferral Percent of Total Loan Portfolio Lodging $ — — % $ 108,171 4.0 % Other commercial real estate, construction and development, and commercial and industrial 2,193 0.1 367,443 13.7 Equipment finance 2,382 0.1 33,693 1.3 One-to-four family — — 36,821 1.4 Other consumer loans 1,182 — 5,203 0.2 Total $ 5,757 0.2 % $ 551,331 20.6 % __________________________ (1) Modified loans are not included in classified assets or nonperforming assets. (2) Principal and interest is being deferred A majority of loans placed on principal and interest payment deferral during the pandemic had come out of deferral by March 31, 2021. However, the Company has allowed for continued relief to borrowers in the form of interest-only payments for certain loans recently coming out of full deferral. At March 31, 2021, the Company had $76,753 in commercial loans on interest-only payments for a period of time no greater than 12 months before requiring that they return to their original contractual payments. |
Real Estate Owned
Real Estate Owned | 9 Months Ended |
Mar. 31, 2021 | |
Real Estate Owned [Abstract] | |
Real Estate Owned | Real Estate Owned The activity within REO for the periods shown is as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Balance at beginning of period $ 252 $ 1,451 $ 337 $ 2,929 Transfers from loans — — 108 46 Sales, net of gain or loss (109) (376) (302) (1,722) Writedowns — — — (178) Balance at end of period $ 143 $ 1,075 $ 143 $ 1,075 At March 31, 2021 and June 30, 2020 , the Bank had $0 and $97, 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 $0 and $1,318 at March 31, 2021 and June 30, 2020 , respectively. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Mar. 31, 2021 | |
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 March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Numerator: Net income $ 7,869 $ 1,193 $ 23,083 $ 19,188 Allocation of earnings to participating securities (72) (11) (209) (167) Numerator for basic EPS - Net income available to common stockholders $ 7,797 $ 1,182 $ 22,874 $ 19,021 Effect of dilutive securities: Dilutive effect to participating securities 2 2 2 6 Numerator for diluted EPS $ 7,799 $ 1,184 $ 22,876 $ 19,027 Denominator: Weighted-average common shares outstanding - basic 15,979,590 16,688,646 16,139,059 16,898,391 Effect of dilutive shares 506,128 569,782 200,071 625,861 Weighted-average common shares outstanding - diluted 16,485,718 17,258,428 16,339,130 17,524,252 Net income per share - basic $ 0.49 $ 0.07 $ 1.42 $ 1.12 Net income per share - diluted $ 0.48 $ 0.07 $ 1.40 $ 1.08 |
Equity Incentive Plan
Equity Incentive Plan | 9 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plan | Equity Incentive PlanThe 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, directors emeritus, 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 plan would be issued out of authorized but unissued shares, some or all of which may be repurchased shares. As of June 30, 2013, the Company had repurchased all 846,400 shares on the open market for issuance under the 2013 Omnibus Incentive Plan, for $13,297, at an average cost of $15.71 per share. The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three and nine months ended March 31, 2021 and 2020, respectively: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Share-based compensation expense $ 489 $ 458 $ 1,449 $ 1,341 Tax benefit $ 115 $ 108 $ 341 $ 315 The table below presents stock option activity for the nine months ended March 31, 2021 and 2020: Options Weighted- Remaining Aggregate Options outstanding at June 30, 2019 1,657,214 $ 17.59 5.0 $ 12,909 Granted 61,000 26.40 — — Exercised 106,914 14.41 — — Forfeited 800 17.35 — — Options outstanding at March 31, 2020 1,610,500 $ 18.13 4.6 $ 1,617 Exercisable at March 31, 2020 1,298,000 $ 15.45 3.7 $ 1,617 Non-vested at March 31, 2020 312,500 $ 25.86 8.2 $ — Options outstanding at June 30, 2020 1,615,500 $ 18.12 4.4 $ 1,711 Granted 44,750 22.92 — — Exercised 172,866 14.40 — — Forfeited 26,900 25.77 — — Options outstanding at March 31, 2021 1,460,484 $ 18.57 3.9 $ 9,268 Exercisable at March 31, 2021 1,220,734 $ 17.24 3.2 $ 9,152 Non-vested at March 31, 2021 239,750 $ 25.31 7.7 $ 116 Assumptions used in estimating the fair value of options granted during the nine months ended March 31, 2021 and March 31, 2020 are presented below: March 31, 2021 March 31, 2020 Weighted-average volatility 28.30 % 17.77 % Expected dividend yield 1.35 % 0.98 % Risk-free interest rate 0.72 % 1.50 % Expected life (years) 6.5 6.5 Weighted-average fair value of options granted $ 5.61 $ 4.79 At March 31, 2021, the Company had $1,460 of unrecognized compensation expense related to 239,750 stock options scheduled to vest over a five-year vesting period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 2.0 years at March 31, 2021. At March 31, 2020, the Company had $1,853 of unrecognized compensation expense related to 312,500 stock options originally scheduled to vest over five-year vesting period. The weighted average period over which compensation cost related to non-vested awards expected to be recognized was 2.0 years at March 31, 2020. The table below presents restricted stock award activity for the nine months ended March 31, 2021 and 2020: Restricted Weighted- Aggregate Non-vested at June 30, 2019 123,800 $ 24.65 $ 3,322 Granted 65,556 26.76 — Vested 37,425 22.90 — Forfeited 3,200 20.62 — Non-vested at March 31, 2020 148,731 $ 26.11 $ 2,638 Non-vested at June 30, 2020 144,046 $ 25.89 $ 2,305 Granted 56,547 22.92 — Vested 45,296 25.17 — Forfeited 7,650 25.65 — Non-vested at March 31, 2021 147,647 $ 24.98 $ 2,118,734 The table above includes non-vested performance-based restrictive stock units totaling 28,852 and 21,625 at March 31, 2021 and 2020, respectively. Each issuance of these stock units is scheduled to vest over 3.0 years assuming certain performance metrics are met. three three |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Loan Commitments – Legally binding commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. In the normal course of business, there are various outstanding commitments to extend credit that are not reflected in the consolidated financial statements. At March 31, 2021 and June 30, 2020, respectively, loan commitments (excluding $217,142 and $141,557 of undisbursed portions of construction loans) totaled $146,578 and $57,798 of which $24,883 and $10,678 were variable rate commitments and $121,695 and $47,120 were fixed rate commitments. The fixed rate loans had interest rates ranging from 1.08% to 8.78% at March 31, 2021 and 1.74% to 8.54% at June 30, 2020, and terms ranging from three 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 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 – In response to COVID-19, the FRB reduced the reserve requirements to zero on March 15, 2020. Prior to this change the Bank was required by regulation to maintain a varying cash reserve balance with the FRB. Guarantees – Standby letters of credit obligate the Company to meet certain financial obligations of its customers, if, under the contractual terms of the agreement, the customers are unable to do so. The financial standby letters of credit issued by the Company are irrevocable and payment is only guaranteed upon the borrower's failure to perform its obligations to the beneficiary. Total commitments under standby letters of credit as of March 31, 2021 and June 30, 2020 were $9,213 and $7,766, respectively. There was no liability recorded for these letters of credit at March 31, 2021 or June 30, 2020, 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 | 9 Months Ended |
Mar. 31, 2021 | |
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 – Fair Value of Financial Instruments" of the Notes to Consolidated Financial Statements contained in the Company’s 2020 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. 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. Individually Evaluated Loans The Company does not record loans at fair value on a recurring basis. From time to time, however, a loan is individually evaluated and an allowance for credit loss is established. Loans for which it is probable that payment of principal and interest will not be made in accordance with the contractual terms of the loan agreement are individually evaluated. Once a loan is identified, the fair value is estimated using one of two ways, which include collateral value and discounted cash flows. The Company reviews all individually evaluated loans each quarter to determine if an allowance is necessary. Those individually evaluated 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. Loans are considered collateral dependent if repayment is expected solely from the collateral. For these collateral dependent 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 individually evaluated 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. Individually evaluated 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 loans as a nonrecurring Level 3 in the fair value hierarchy. Real Estate Owned REO is considered held for sale and is adjusted to fair value less estimated selling costs upon transfer of the loan to foreclosed assets. Fair value is based upon independent market prices, appraised value of the collateral or management's estimation of the value of the collateral. The Company considers all REO that has been charged off or received an allowance during the period as nonrecurring Level 3. Financial Assets Recorded at Fair Value on a Recurring Basis The following table presents financial assets measured at fair value on a recurring basis at the dates indicated: March 31, 2021 Description Total Level 1 Level 2 Level 3 U.S government agencies $ 19,108 $ — $ 19,108 $ — Residential MBS of U.S. government agencies and GSEs 42,237 — 42,237 — Municipal bonds 9,600 — 9,600 — Corporate bonds 91,472 — 91,472 — Total $ 162,417 $ — $ 162,417 $ — June 30, 2020 Description Total Level 1 Level 2 Level 3 U.S government agencies $ 4,173 $ — $ 4,173 $ — Residential MBS of U.S. government agencies and GSEs 48,355 — 48,355 — Municipal bonds 16,631 — 16,631 — Corporate bonds 58,378 — 58,378 — Total $ 127,537 $ — $ 127,537 $ — There were no transfers between levels during the nine months ended March 31, 2021. The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated: March 31, 2021 Description Total Level 1 Level 2 Level 3 Individually evaluated loans $ 10,188 $ — $ — $ 10,188 June 30, 2020 Description Total Level 1 Level 2 Level 3 Individually evaluated loans $ 9,168 $ — $ — $ 9,168 REO 97 — — 97 Total $ 9,265 $ — $ — $ 9,265 Quantitative information about Level 3 fair value measurements during the period ended March 31, 2021 is shown in the table below: Nonrecurring measurements: Fair Value at March 31, 2021 Valuation Unobservable Range Weighted Individually evaluated loans $ 10,188 Discounted appraisals and discounted cash flows Collateral discounts 0% - 52% 0% - 2% 17% The stated carrying value and estimated fair value amounts of financial instruments as of March 31, 2021 and June 30, 2020, are summarized below: March 31, 2021 Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and interest-bearing deposits $ 164,095 $ 164,095 $ 164,095 $ — $ — Commercial paper 238,445 238,445 238,445 — — Certificates of deposit in other banks 42,015 42,015 — 42,015 — Securities available for sale 162,417 162,417 — 162,417 — Loans, net 2,654,094 2,633,221 — — 2,633,221 Loans held for sale 86,708 88,292 — — 88,292 FHLB stock 12,152 12,152 12,152 — — FRB stock 7,379 7,379 7,379 — — SBIC investments 9,368 9,368 — — 9,368 Accrued interest receivable 8,271 8,271 — 582 7,689 Liabilities: Noninterest-bearing and NOW deposits 1,255,951 1,255,951 — 1,255,951 — Money market accounts 927,519 927,519 — 927,519 — Savings accounts 221,537 221,537 — 221,537 — Certificates of deposit 503,471 505,865 — 505,865 — Borrowings 275,000 291,259 — 291,259 — Accrued interest payable 388 388 — 388 — June 30, 2020 Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and interest-bearing deposits $ 121,622 $ 121,622 $ 121,622 $ — $ — Commercial paper 304,967 304,967 304,967 — — Certificates of deposit in other banks 55,689 55,689 — 55,689 — Securities available for sale 127,537 127,537 — 127,537 — Loans, net 2,741,047 2,692,265 — — 2,692,265 Loans held for sale 77,177 78,129 — — 78,129 FHLB stock 23,309 23,309 23,309 — — FRB stock 7,368 7,368 7,368 — — SBIC investments 8,269 8,269 — — 8,269 Accrued interest receivable 12,312 12,312 208 744 11,360 Liabilities: Noninterest-bearing and NOW deposits 1,012,200 1,012,200 — 1,012,200 — Money market accounts 836,738 836,738 — 836,738 — Savings accounts 197,676 197,676 — 197,676 — Certificates of deposit 739,142 745,078 — 745,078 — Borrowings 475,000 511,529 — 511,529 — Accrued interest payable 1,087 1,087 — 1,087 — The Company had off-balance sheet financial commitments, which included approximately $920,221 and $598,136 of commitments to originate loans, undisbursed portions of interim construction loans, and unused lines of credit at March 31, 2021 and June 30, 2020, respectively (see "Note 10 – Commitments and Contingencies"). 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 SBA loans and HELOCs 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 | 9 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases As Lessee - Operating Leases The Company's 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 management's sole discretion. When it is reasonably certain that the Company will exercise its option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At March 31, 2021, the Company had one lease that had not yet commenced for which it had created a ROU asset and a lease liability. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's 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 the Company's Consolidated Balance Sheets. The Company recognizes lease expenses for these leases over the lease term. The following table presents 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: March 31, 2021 June 30, 2020 ROU assets $ 6,208 $ 4,601 Lease liabilities 6,227 4,590 Weighted-average remaining lease terms (years) 4.39 5.02 Weighted-average discount rate 2.82 % 2.97 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 351 2022 1,399 2023 1,347 2024 876 2025 492 Thereafter 2,746 Total of future minimum payments $ 7,211 The following table presents components of operating lease expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease cost (included in occupancy expense) $ 444 $ 436 $ 1,335 $ 1,368 Sublease income (included in other, net noninterest income) (47) (61) (169) (181) Total operating lease expense, net $ 397 $ 375 $ 1,166 $ 1,187 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 March 31, 2021 and June 30, 2020 and is included in other assets. The corresponding lease liability totaled $1,813 and $1,843 at March 31, 2021 and June 30, 2020 , respectively, and is included in other liabilities. For the three and nine months ended March 31, 2021, interest expense on the lease liability totaled $24 and $71, respectively. For the three and nine months ended March 31, 2020, interest expense on the lease liability totaled $24 and $73, respectively.The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 33 2022 134 2023 134 2024 145 2025 146 Thereafter 1,848 Total minimum lease payments 2,440 Less: amount representing interest (627) Present value of net minimum lease payments $ 1,813 Supplemental lease cash flow information for the nine months ended March 31, 2021 and 2020: 2021 2020 ROU assets - noncash additions (operating leases) $ 599 $ 5,296 ROU assets - noncash addition (finance lease) — 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 1,632 1,609 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 100 67 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. The Company's equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of its 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. The Company's 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 5 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. The net book value of leased assets totaled $24,917 and $21,595 with a residual value of $15,596 and $12,370 as of March 31, 2021 and June 30, 2020 , respectively. The following table presents total equipment finance operating lease income and depreciation expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease income $ 1,432 $ 989 $ 4,107 $ 2,215 Depreciation expense 1,417 746 4,371 1,554 The following schedule summarizes aggregate future minimum operating lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 1,494 2022 5,224 2023 3,378 2024 1,286 2025 434 Thereafter 131 Total of future minimum payments $ 11,947 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 March 31, 2021 and 2020, total interest income on equipment finance leases totaled $638 and $420, respectively. For the nine months ended March 31, 2021 and 2020, total interest income on equipment finance leases totaled $1,736 and $1,121, respectively. The following table presents components of finance lease net investment included within equipment finance class of financing receivables: March 31, 2021 June 30, 2020 Lease receivables $ 56,720 $ 44,927 The following schedule summarizes aggregate future minimum finance lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 2,917 2022 16,038 2023 15,504 2024 13,342 2025 9,359 Thereafter 4,875 Total minimum payments 62,035 Less: amount representing interest (5,315) Total $ 56,720 |
Leases | Leases As Lessee - Operating Leases The Company's 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 management's sole discretion. When it is reasonably certain that the Company will exercise its option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At March 31, 2021, the Company had one lease that had not yet commenced for which it had created a ROU asset and a lease liability. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's 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 the Company's Consolidated Balance Sheets. The Company recognizes lease expenses for these leases over the lease term. The following table presents 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: March 31, 2021 June 30, 2020 ROU assets $ 6,208 $ 4,601 Lease liabilities 6,227 4,590 Weighted-average remaining lease terms (years) 4.39 5.02 Weighted-average discount rate 2.82 % 2.97 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 351 2022 1,399 2023 1,347 2024 876 2025 492 Thereafter 2,746 Total of future minimum payments $ 7,211 The following table presents components of operating lease expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease cost (included in occupancy expense) $ 444 $ 436 $ 1,335 $ 1,368 Sublease income (included in other, net noninterest income) (47) (61) (169) (181) Total operating lease expense, net $ 397 $ 375 $ 1,166 $ 1,187 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 March 31, 2021 and June 30, 2020 and is included in other assets. The corresponding lease liability totaled $1,813 and $1,843 at March 31, 2021 and June 30, 2020 , respectively, and is included in other liabilities. For the three and nine months ended March 31, 2021, interest expense on the lease liability totaled $24 and $71, respectively. For the three and nine months ended March 31, 2020, interest expense on the lease liability totaled $24 and $73, respectively.The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 33 2022 134 2023 134 2024 145 2025 146 Thereafter 1,848 Total minimum lease payments 2,440 Less: amount representing interest (627) Present value of net minimum lease payments $ 1,813 Supplemental lease cash flow information for the nine months ended March 31, 2021 and 2020: 2021 2020 ROU assets - noncash additions (operating leases) $ 599 $ 5,296 ROU assets - noncash addition (finance lease) — 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 1,632 1,609 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 100 67 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. The Company's equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of its 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. The Company's 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 5 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. The net book value of leased assets totaled $24,917 and $21,595 with a residual value of $15,596 and $12,370 as of March 31, 2021 and June 30, 2020 , respectively. The following table presents total equipment finance operating lease income and depreciation expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease income $ 1,432 $ 989 $ 4,107 $ 2,215 Depreciation expense 1,417 746 4,371 1,554 The following schedule summarizes aggregate future minimum operating lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 1,494 2022 5,224 2023 3,378 2024 1,286 2025 434 Thereafter 131 Total of future minimum payments $ 11,947 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 March 31, 2021 and 2020, total interest income on equipment finance leases totaled $638 and $420, respectively. For the nine months ended March 31, 2021 and 2020, total interest income on equipment finance leases totaled $1,736 and $1,121, respectively. The following table presents components of finance lease net investment included within equipment finance class of financing receivables: March 31, 2021 June 30, 2020 Lease receivables $ 56,720 $ 44,927 The following schedule summarizes aggregate future minimum finance lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 2,917 2022 16,038 2023 15,504 2024 13,342 2025 9,359 Thereafter 4,875 Total minimum payments 62,035 Less: amount representing interest (5,315) Total $ 56,720 |
Leases | Leases As Lessee - Operating Leases The Company's 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 management's sole discretion. When it is reasonably certain that the Company will exercise its option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At March 31, 2021, the Company had one lease that had not yet commenced for which it had created a ROU asset and a lease liability. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's 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 the Company's Consolidated Balance Sheets. The Company recognizes lease expenses for these leases over the lease term. The following table presents 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: March 31, 2021 June 30, 2020 ROU assets $ 6,208 $ 4,601 Lease liabilities 6,227 4,590 Weighted-average remaining lease terms (years) 4.39 5.02 Weighted-average discount rate 2.82 % 2.97 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 351 2022 1,399 2023 1,347 2024 876 2025 492 Thereafter 2,746 Total of future minimum payments $ 7,211 The following table presents components of operating lease expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease cost (included in occupancy expense) $ 444 $ 436 $ 1,335 $ 1,368 Sublease income (included in other, net noninterest income) (47) (61) (169) (181) Total operating lease expense, net $ 397 $ 375 $ 1,166 $ 1,187 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 March 31, 2021 and June 30, 2020 and is included in other assets. The corresponding lease liability totaled $1,813 and $1,843 at March 31, 2021 and June 30, 2020 , respectively, and is included in other liabilities. For the three and nine months ended March 31, 2021, interest expense on the lease liability totaled $24 and $71, respectively. For the three and nine months ended March 31, 2020, interest expense on the lease liability totaled $24 and $73, respectively.The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 33 2022 134 2023 134 2024 145 2025 146 Thereafter 1,848 Total minimum lease payments 2,440 Less: amount representing interest (627) Present value of net minimum lease payments $ 1,813 Supplemental lease cash flow information for the nine months ended March 31, 2021 and 2020: 2021 2020 ROU assets - noncash additions (operating leases) $ 599 $ 5,296 ROU assets - noncash addition (finance lease) — 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 1,632 1,609 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 100 67 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. The Company's equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of its 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. The Company's 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 5 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. The net book value of leased assets totaled $24,917 and $21,595 with a residual value of $15,596 and $12,370 as of March 31, 2021 and June 30, 2020 , respectively. The following table presents total equipment finance operating lease income and depreciation expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease income $ 1,432 $ 989 $ 4,107 $ 2,215 Depreciation expense 1,417 746 4,371 1,554 The following schedule summarizes aggregate future minimum operating lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 1,494 2022 5,224 2023 3,378 2024 1,286 2025 434 Thereafter 131 Total of future minimum payments $ 11,947 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 March 31, 2021 and 2020, total interest income on equipment finance leases totaled $638 and $420, respectively. For the nine months ended March 31, 2021 and 2020, total interest income on equipment finance leases totaled $1,736 and $1,121, respectively. The following table presents components of finance lease net investment included within equipment finance class of financing receivables: March 31, 2021 June 30, 2020 Lease receivables $ 56,720 $ 44,927 The following schedule summarizes aggregate future minimum finance lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 2,917 2022 16,038 2023 15,504 2024 13,342 2025 9,359 Thereafter 4,875 Total minimum payments 62,035 Less: amount representing interest (5,315) Total $ 56,720 |
Leases | Leases As Lessee - Operating Leases The Company's 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 management's sole discretion. When it is reasonably certain that the Company will exercise its option to renew or extend the lease term, that option is included in estimating the value of the ROU and lease liability. At March 31, 2021, the Company had one lease that had not yet commenced for which it had created a ROU asset and a lease liability. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Most of the Company's 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 the Company's Consolidated Balance Sheets. The Company recognizes lease expenses for these leases over the lease term. The following table presents 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: March 31, 2021 June 30, 2020 ROU assets $ 6,208 $ 4,601 Lease liabilities 6,227 4,590 Weighted-average remaining lease terms (years) 4.39 5.02 Weighted-average discount rate 2.82 % 2.97 % The following schedule summarizes aggregate future minimum lease payments under these operating leases at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 351 2022 1,399 2023 1,347 2024 876 2025 492 Thereafter 2,746 Total of future minimum payments $ 7,211 The following table presents components of operating lease expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease cost (included in occupancy expense) $ 444 $ 436 $ 1,335 $ 1,368 Sublease income (included in other, net noninterest income) (47) (61) (169) (181) Total operating lease expense, net $ 397 $ 375 $ 1,166 $ 1,187 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 March 31, 2021 and June 30, 2020 and is included in other assets. The corresponding lease liability totaled $1,813 and $1,843 at March 31, 2021 and June 30, 2020 , respectively, and is included in other liabilities. For the three and nine months ended March 31, 2021, interest expense on the lease liability totaled $24 and $71, respectively. For the three and nine months ended March 31, 2020, interest expense on the lease liability totaled $24 and $73, respectively.The finance lease has a maturity date of July 2028 and a discount rate of 5.18%. The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 33 2022 134 2023 134 2024 145 2025 146 Thereafter 1,848 Total minimum lease payments 2,440 Less: amount representing interest (627) Present value of net minimum lease payments $ 1,813 Supplemental lease cash flow information for the nine months ended March 31, 2021 and 2020: 2021 2020 ROU assets - noncash additions (operating leases) $ 599 $ 5,296 ROU assets - noncash addition (finance lease) — 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 1,632 1,609 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 100 67 As Lessor - General The Company leases equipment to commercial end users under operating and finance lease arrangements. The Company's equipment finance leases consist mainly of transportation, medical, and agricultural equipment. Many of its 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. The Company's 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 5 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. The net book value of leased assets totaled $24,917 and $21,595 with a residual value of $15,596 and $12,370 as of March 31, 2021 and June 30, 2020 , respectively. The following table presents total equipment finance operating lease income and depreciation expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease income $ 1,432 $ 989 $ 4,107 $ 2,215 Depreciation expense 1,417 746 4,371 1,554 The following schedule summarizes aggregate future minimum operating lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 1,494 2022 5,224 2023 3,378 2024 1,286 2025 434 Thereafter 131 Total of future minimum payments $ 11,947 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 March 31, 2021 and 2020, total interest income on equipment finance leases totaled $638 and $420, respectively. For the nine months ended March 31, 2021 and 2020, total interest income on equipment finance leases totaled $1,736 and $1,121, respectively. The following table presents components of finance lease net investment included within equipment finance class of financing receivables: March 31, 2021 June 30, 2020 Lease receivables $ 56,720 $ 44,927 The following schedule summarizes aggregate future minimum finance lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 2,917 2022 16,038 2023 15,504 2024 13,342 2025 9,359 Thereafter 4,875 Total minimum payments 62,035 Less: amount representing interest (5,315) Total $ 56,720 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
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, 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 two 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 credit losses on loans and (ii) the valuation of goodwill and other intangible assets. These policies and judgments, estimates and assumptions are described in greater detail in notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in the Company's 2020 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. |
Adoption of CECL Standard | Adoption of CECL standard On July 1, 2020, the Company adopted ASU No. 2016-13, "Financial Instruments-Credit Losses ("Topic 326"): Measurement of Credit Losses on Financial Instruments", sometimes referred to herein as ASU 2016-13. Topic 326 was subsequently amended by ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; ASU No. 2019-05, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; and ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This standard applies to all financial assets measured at amortized cost and off balance sheet credit exposures, including loans, investment securities and unfunded commitments. The Company applied the standard’s provisions using the modified retrospective method as a cumulative effect adjustment to retained earnings as of July 1, 2020. With this transition method, the Company did not have to restate comparative prior periods presented in the financial statements related to Topic 326, but will present comparative prior period disclosures using the previous accounting guidance for the allowance for loan losses. This adoption method is considered a change in accounting principle requiring additional disclosure regarding the nature of and reason for the change, which is solely a result of the adoption of the required standard. ACL – Investment Securities Management uses a systematic methodology to determine its ACL for investment securities held to maturity. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the held-to-maturity portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. Management monitors the held-to-maturity portfolio to determine whether a valuation account would need to be recorded. The Company currently has no investment securities held to maturity. Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on investment securities and does not record an allowance for credit losses on accrued interest receivable. As of March 31, 2021, the accrued interest receivable for investment securities available for sale was $588. The Company’s estimate of expected credit losses includes a measure of the expected risk of credit loss even if that risk is remote. However, the Company does not measure expected credit losses on an investment security in which historical credit loss information adjusted for current conditions and reasonable and supportable forecast results in an expectation that nonpayment of the amortized cost basis is zero. Management does not expect nonpayment of the amortized cost basis to be zero solely on the basis of the current value of collateral securing the security but, instead, also considers the nature of the collateral, potential future changes in collateral values, default rates, delinquency rates, third-party guarantees, credit ratings, interest rate changes since purchase, volatility of the security’s fair value and historical loss information for financial assets secured with similar collateral. The Company performed an analysis that determined that the following securities have a zero expected credit loss: U.S. government agencies, residential MBS of U.S. government agencies and GSEs, and municipal bonds. All of the U.S. government agencies and U.S. government agency backed securities have the full faith and credit backing of the United States Government or one of its agencies. Municipal bonds that do not have a zero expected credit loss will be evaluated quarterly to determine whether there is a credit loss associated with a decline in fair value. Management no longer evaluates securities for OTTI, as ASC Subtopic 326-30, "Financial Instruments—Credit Losses—Available-for-Sale Debt Securities," changes the accounting for recognizing impairment on available-for-sale debt securities. Each quarter management evaluates impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value. Management considers the nature of the collateral, potential future changes in collateral values, default rates, delinquency rates, third-party guarantees, credit ratings, interest rate changes since purchase, volatility of the security’s fair value and historical loss information for financial assets secured with similar collateral among other factors. Credit losses are calculated individually, rather than collectively, using a DCF method, whereby management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses in the Consolidated Statements of Income. ACL - Loans and leases The ACL reflects management’s estimate of losses that will result from the inability of its borrowers to make required loan payments. The Company established the incremental increase in the ACL at adoption of the CECL standard through the cumulative effect adjustment to equity and subsequent adjustments will be made through a provision for credit losses charged against earnings. Management records loans charged off against the ACL and subsequent recoveries, if any, increase the ACL when they are recognized. Management uses a systematic methodology to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. The Company’s ACL recorded in the balance sheet reflects management’s best estimate within the range of expected credit losses. The Company recognizes in net income the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s ACL is calculated using collectively evaluated and individually evaluated loans. The Company collectively evaluates loans that share similar risk characteristics. In general, management has segmented loans by regulatory call code category and collectively evaluates loans within the retail and commercial categories. Loans within the retail consumer category include: one-to-four family, HELOCs - originated, HELOCs - purchased, construction and land/lots, indirect auto finance, and consumer. Loans within the commercial category include: commercial real estate, construction and development, commercial and industrial, equipment finance, and municipal leases. For collectively evaluated loans, the Company uses a DCF method for each loan in a pool, and the results are aggregated at the pool level. A periodic tendency to default and absolute loss given default are applied to a projective model of the loan’s cash flow while considering prepayment and principal curtailment effects. The analysis produces expected cash flows for each instrument in the pool by pairing loan-level term information (maturity date, payment amount, interest rate, etc.) with top-down pool assumptions (default rates, prepayment speeds). The Company has identified the following portfolio segments for the current calculation: one-to-four family construction, one-to-four family mortgage – jr. lien, one-to-four family mortgage – sr. lien, commercial and industrial, commercial leases, construction – multi-family, construction – non-owner occupied, construction – owner occupied, consumer – auto, consumer – other, consumer – revolving, farmland, land and lot, multifamily, municipal leases, non-owner occupied CRE, owner occupied CRE, and HELOCs. PPP loans are fully guaranteed by the SBA; therefore, management estimates a zero reserve for PPP loans within its allowance for credit losses. Management has determined that the peer loss experience provides the best basis for its assessment of expected credit losses to determine the ACL. The Company utilized peer call report data to measure historical credit loss experience with similar risk characteristics within the segments over an economic cycle. Management reviewed the historical loss information to appropriately adjust for differences in current asset specific risk characteristics. Management also considered further adjustments to historical loss information for current conditions and reasonable and supportable forecasts that differ from the conditions that existed for the period over which historical information was evaluated. For all segment models for collectively evaluated loans (except for HELOCs), the Company incorporated one macroeconomic driver using a statistical regression modeling methodology. The HELOC segment incorporated two macroeconomic drivers. Due to the low loss rates of municipal leases and the expectation of them remaining low, management has elected to separately pool these loans. Management has elected to use readily available municipal default rates and loss given defaults in order to calculate expected credit losses. Management considers forward-looking information in estimating expected credit losses. The Company uses the Fannie Mae quarterly economic forecast which is a baseline outlook for the United States economy. Management has evaluated the appropriateness of the reasonable and supportable forecast for the current period along with the inputs used in the estimation of expected credit losses. For the contractual term that extends beyond the reasonable and supportable forecast period, the Company reverts to historical loss information within four quarters using a straight-line approach. Management may apply different reversion techniques depending on the economic environment for the financial asset portfolio and as of the current period has utilized a linear reversion technique. Management has evaluated the appropriateness of a reversion period for the current period and noted that it was reasonable. Included in its systematic methodology to determine its ACL for loans held for investment and certain off-balance-sheet credit exposures, management considers the need to qualitatively adjust expected credit losses for information not already captured in the loss estimation process. These qualitative adjustments can either increase or decrease the quantitative model estimation (i.e. formulaic model results). Each period the Company considers qualitative factors that are relevant within the qualitative framework that include the following: 1) lending policies and procedures, 2) credit review function, 3) experience and depth of management and staff, 4) external factors, and 5) actual and expected changes in economic and business conditions. When a loan no longer shares similar risk characteristics with its segment, the asset is assessed to determine whether it should be included in another pool or should be individually evaluated. For these individually evaluated loans, the Company maintains specific book balance thresholds for retail or consumer loans, commercial loans, municipal and equipment leases, and unsecured commercial loans. Management would adjust these thresholds if future analysis suggests a change is needed based on the credit environment at that time. Generally, individually evaluated loans other than TDRs are on nonaccrual status. Based on the thresholds above, financial assets will generally remain in pools unless they meet the dollar threshold or foreclosure is probable. The expected credit losses on individually evaluated loans will be estimated based on DCF analysis unless the loan meets the criteria for use of the fair value of collateral, either by virtue of an expected foreclosure or through meeting the definition of collateral dependent. Financial assets that have been individually evaluated can be returned to a pool for purposes of estimating the expected credit loss insofar as their credit profile improves and that the repayment terms are not considered to be unique to the asset. Management measures expected credit losses over the contractual term of the loans. When determining the contractual term, the Company considers expected prepayments but is precluded from considering expected extensions, renewals, or modifications, unless the Company reasonably expects it will execute a TDR with a borrower. In the event of a reasonably-expected TDR, the Company factors the reasonably-expected TDR into the current expected credit losses estimate. The effects of a TDR are recorded when an individual asset is specifically identified as a reasonably-expected TDR. The Company identifies the point at which it offers the modification to the borrower as the point at which the TDR is reasonably expected for both commercial and consumer loans. The Company uses a DCF methodology to calculate the effect of the concession provided to the borrower in TDR within the ACL. PCD assets are defined as acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company’s assessment. The Company records acquired PCD loans by adding the expected credit losses (i.e., ACL) to the purchase price of the financial assets rather than recording through the provision for credit losses in the income statement. The expected credit loss, as of the acquisition day, of a PCD loan is added to the ACL. The non-credit discount or premium is the difference between the unpaid principal balance and the amortized cost basis as of the acquisition date. Subsequent to the acquisition date, the change in the ACL on PCD loans is recognized through the provision for credit losses. The non-credit discount or premium is accreted or amortized, respectively, into interest income over the remaining life of the PCD loan on a level-yield basis. In accordance with the transition requirements within the standard, the Company’s PCI loans were treated as PCD loans. The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an ACL on accrued interest receivable. The Company has a variety of assets that have a component that qualifies as an off-balance sheet exposure. These primarily include undrawn portions of revolving lines of credit and standby letters of credit. The expected losses associated with these exposures within the unfunded portion of the expected credit loss will be recorded as a liability on the balance sheet with an offset to the provision for credit losses. Management has determined that a majority of the Company’s off-balance-sheet credit exposures are not unconditionally cancellable. See "Note 6 – Loans and Allowance for Credit Losses on Loans" for additional details related to the Company's off-balance-sheet credit exposure. The current adjustment to the ACL for unfunded commitments would be recognized through the provision for credit losses in the Statement of Income. |
Recent Accounting Pronouncements | In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The ASU significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. The Company adopted this ASU on July 1, 2020, applying the modified-retrospective method. Related to the implementation of this ASU, the Company recorded additional ACL on financial instruments of $15,059, additional deferred tax assets of $3,989, additional reserve for unfunded commitments of $2,288, and a reduction to retained earnings of $13,358. The adoption of this ASU did not have an effect on AFS debt securities. See "Note 1 – Summary of Significant Accounting Policies" and "Note 6 – Loans and Allowance for Credit Losses on Loans" for additional details related to the adoption of this ASU. See table below for impact of this ASU on the Company's consolidated balance sheet: July 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: ACL on commercial paper $ (250) $ — $ (250) ACL on loans: Retail consumer loans $ (17,692) $ (6,956) $ (10,736) Commercial loans (25,189) (21,116) (4,073) Total ACL on loans $ (42,881) $ (28,072) $ (14,809) Deferred income taxes $ 20,323 $ 16,334 $ 3,989 Liabilities: Liability for credit losses on off-balance sheet credit exposures $ 2,288 $ — $ 2,288 Equity: Retained earnings $ 229,418 $ 242,776 $ (13,358) 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 remove, modify, and add certain disclosure requirements related to fair value measurements in ASC 820. The Company adopted this ASU on July 1, 2020. The adoption did not have a material effect 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 Company adopted this ASU on July 1, 2020. 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 Company adopted the amendments to Financial Instruments (ASU 2016-01) on July 1, 2020 . The Company adopted the amendments to Financial Instruments-Credit Losses (ASU 2016-13) on July 1, 2020 . The Company adopted the amendments to Derivatives and Hedging (ASU 2017-12) on July 1, 2019 . The adoption did not have a material effect 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 Company adopted this ASU on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In November 2019, the FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses." This ASU clarifies certain aspects of the amendments in ASU 2016-13 and is 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 Company adopted this ASU on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This ASU is part of the FASB's simplification initiative to reduce complexity in accounting standards. 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 first and second items of this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of ASU No. 2019-12 is not expected to have a material impact on the Company's Consolidated Financial Statements. In January 2020, the FASB issued ASU 2020-01, "Investment—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU clarified the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-03, "Codification Improvements to Financial Instruments." This ASU makes certain narrow-scope amendments to the following: i) clarified that all entities are required to provide fair value option disclosures; ii) clarified the applicability of the portfolio exception in ASC 820 to nonfinancial items; iii) aligned disclosures for depository and lending institutions (Topic 942) with guidance in Topic 320; iv) added cross-references to guidance in ASC 470-50 on line-of-credit or revolving-debt arrangements; v) added cross-references to net asset value practical expedient in ASC 820-10; vi) clarified the interaction between ASC 842 and ASC 326; and vii) clarified the interaction between ASC 326 and ASC 860-20. The amendments for issues i, ii, iv, and v became effective upon issuance and did not have a material effect on the Company's Consolidated Financial Statements. The Company adopted the amendments related to issue iii, vi, and vii on July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements. In September 2020, the FASB issued ASU 2020-06, "Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)." This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. Specifically the ASU removes: i) major separation models required under GAAP and ii) certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contract to qualify for the exception. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021 and early adoption is permitted.The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs." This ASU clarified that entities should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-09, "Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762." This ASU updates financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affinities whose securities are pledged as collateral for registered securities. The amendments in this ASU are effective January 4, 2021.The adoption did not have an effect on the Company's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-10, "Codification Improvements." The amendments in this update are part of the FASB's ongoing project to improve codification and correcting unintended application. This ASU, i) removes references to various FASB Concepts Statements, ii) situates all disclosure guidance in the appropriate disclosure section of the Codification, and iii) makes other improvements and technical corrections to the Codification. The items within this ASU are not expected to have a significant effect on current accounting practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020 and early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company's Consolidated Financial Statements. |
Accounting Changes and Error Co
Accounting Changes and Error Corrections (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of ASU on Consolidated Balance Sheet | See table below for impact of this ASU on the Company's consolidated balance sheet: July 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Assets: ACL on commercial paper $ (250) $ — $ (250) ACL on loans: Retail consumer loans $ (17,692) $ (6,956) $ (10,736) Commercial loans (25,189) (21,116) (4,073) Total ACL on loans $ (42,881) $ (28,072) $ (14,809) Deferred income taxes $ 20,323 $ 16,334 $ 3,989 Liabilities: Liability for credit losses on off-balance sheet credit exposures $ 2,288 $ — $ 2,288 Equity: Retained earnings $ 229,418 $ 242,776 $ (13,358) |
Debt Securities (Tables)
Debt Securities (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Securities available for sale consist of the following at the dates indicated: March 31, 2021 Amortized Gross Gross Estimated U.S. government agencies $ 18,970 $ 159 $ (21) $ 19,108 Residential MBS of U.S. government agencies and GSEs 41,053 1,300 (116) 42,237 Municipal bonds 9,112 488 — 9,600 Corporate bonds 91,386 232 (146) 91,472 Total $ 160,521 $ 2,179 $ (283) $ 162,417 June 30, 2020 Amortized Gross Gross Estimated U.S. government agencies $ 3,957 $ 216 $ — $ 4,173 Residential MBS of U.S. government agencies and GSEs 46,629 1,776 (50) 48,355 Municipal bonds 16,090 541 — 16,631 Corporate bonds 58,242 270 (134) 58,378 Total $ 124,918 $ 2,803 $ (184) $ 127,537 |
Investments Classified by Contractual Maturity Date | Debt securities available for sale by contractual maturity at March 31, 2021 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. March 31, 2021 Amortized Estimated Due within one year $ 36,400 $ 36,466 Due after one year through five years 81,053 81,489 Due after five years through ten years 2,015 2,225 Due after ten years — — Mortgage-backed securities 41,053 42,237 Total $ 160,521 $ 162,417 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2021 and June 30, 2020 were as follows: March 31, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government agencies $ 14,979 $ (21) $ — $ — $ 14,979 $ (21) Residential MBS of U.S. government agencies and GSEs 4,674 (85) 1,516 (31) 6,190 (116) Corporate bonds 48,823 (146) — — 48,823 (146) Total $ 68,476 $ (252) $ 1,516 $ (31) $ 69,992 $ (283) June 30, 2020 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Residential MBS of U.S. government agencies and GSEs $ 227 $ (10) $ 2,435 $ (40) $ 2,662 $ (50) Corporate bonds 11,779 (134) — — 11,779 (134) Total $ 12,006 $ (144) $ 2,435 $ (40) $ 14,441 $ (184) |
Other Investments (Tables)
Other Investments (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Investment | Other investments, at cost consist of the following at the dates indicated: March 31, 2021 June 30, 2020 FHLB of Atlanta stock $ 12,152 $ 23,309 FRB stock 7,379 7,368 SBIC investments 9,368 8,269 Total $ 28,899 $ 38,946 |
Loans Held For Sale (Tables)
Loans Held For Sale (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Held for Sale | Loans held for sale as of the dates indicated consist of the following: March 31, 2021 June 30, 2020 One-to-four family $ 45,182 $ 28,152 SBA 7,090 1,240 HELOCs 34,436 47,785 Total $ 86,708 $ 77,177 Loans consist of the following at the dates indicated: March 31, 2021 June 30, 2020 (1) Commercial loans: Commercial real estate $ 1,088,178 $ 1,052,906 Construction and development 162,820 215,934 Commercial and industrial 140,579 154,825 Equipment finance 291,950 229,239 Municipal finance 129,141 127,987 PPP 73,090 80,697 Total commercial loans 1,885,758 1,861,588 Retail consumer loans: One-to-four family 430,001 473,693 HELOCs - originated 131,867 137,447 HELOCs - purchased 46,086 71,781 Construction and land/lots 68,118 81,859 Indirect auto finance 119,656 132,303 Consumer 8,667 10,259 Total retail consumer loans 804,395 907,342 Total loans 2,690,153 2,768,930 Deferred loan costs, net (2) — 189 Total loans, net of deferred loan costs 2,690,153 2,769,119 Allowance for credit losses (36,059) (28,072) Loans, net $ 2,654,094 $ 2,741,047 ___________ (1) The June 30, 2020 information in the above table reflects the loan portfolio prior to the adoption of ASU 2016-13. This information was reported as shown in the below tables under "Loans and Allowance for Loan Losses - Pre ASU 2016-13", with the acquired loans being net of earned income and related discounts, which includes the credit discount on the acquired credit impaired loans. (2) In accordance with the adoption of ASU 2016-13, the loan portfolio is shown at the amortized cost basis as of March 31, 2021, to include net deferred cost of $1,420 and unamortized discount total related to loans acquired of $4,998. Accrued interest receivable at March 31, 2021 of $7,688 is accounted for separately from the amortized cost basis. The ACL at June 30, 2020 includes the valuation allowance on PCI loans of $182. Type of Collateral and Extent to Which Collateral Secures Financial Assets Residential Property Investment Property Commercial Property Business Assets Financial Assets Not Considered Collateral Dependent Total Commercial loans: Commercial real estate $ — $ 3,800 $ 2,452 $ — $ 1,081,926 $ 1,088,178 Construction and development — 80 — — 162,740 162,820 Commercial and industrial — — — 25 140,554 140,579 Equipment finance — — — 79 291,871 291,950 Municipal finance — — — — 129,141 129,141 PPP — — — — 73,090 73,090 Retail consumer loans: One-to-four family 812 — — — 429,189 430,001 HELOCs - originated — — — — 131,867 131,867 HELOCs - purchased — — — — 46,086 46,086 Construction and land/lots — — — — 68,118 68,118 Indirect auto finance — — — — 119,656 119,656 Consumer — — — — 8,667 8,667 Total $ 812 $ 3,880 $ 2,452 $ 104 $ 2,682,905 $ 2,690,153 Total Collateral Value $ 1,034 $ 3,924 $ 2,506 $ 180 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans held for sale as of the dates indicated consist of the following: March 31, 2021 June 30, 2020 One-to-four family $ 45,182 $ 28,152 SBA 7,090 1,240 HELOCs 34,436 47,785 Total $ 86,708 $ 77,177 Loans consist of the following at the dates indicated: March 31, 2021 June 30, 2020 (1) Commercial loans: Commercial real estate $ 1,088,178 $ 1,052,906 Construction and development 162,820 215,934 Commercial and industrial 140,579 154,825 Equipment finance 291,950 229,239 Municipal finance 129,141 127,987 PPP 73,090 80,697 Total commercial loans 1,885,758 1,861,588 Retail consumer loans: One-to-four family 430,001 473,693 HELOCs - originated 131,867 137,447 HELOCs - purchased 46,086 71,781 Construction and land/lots 68,118 81,859 Indirect auto finance 119,656 132,303 Consumer 8,667 10,259 Total retail consumer loans 804,395 907,342 Total loans 2,690,153 2,768,930 Deferred loan costs, net (2) — 189 Total loans, net of deferred loan costs 2,690,153 2,769,119 Allowance for credit losses (36,059) (28,072) Loans, net $ 2,654,094 $ 2,741,047 ___________ (1) The June 30, 2020 information in the above table reflects the loan portfolio prior to the adoption of ASU 2016-13. This information was reported as shown in the below tables under "Loans and Allowance for Loan Losses - Pre ASU 2016-13", with the acquired loans being net of earned income and related discounts, which includes the credit discount on the acquired credit impaired loans. (2) In accordance with the adoption of ASU 2016-13, the loan portfolio is shown at the amortized cost basis as of March 31, 2021, to include net deferred cost of $1,420 and unamortized discount total related to loans acquired of $4,998. Accrued interest receivable at March 31, 2021 of $7,688 is accounted for separately from the amortized cost basis. The ACL at June 30, 2020 includes the valuation allowance on PCI loans of $182. Type of Collateral and Extent to Which Collateral Secures Financial Assets Residential Property Investment Property Commercial Property Business Assets Financial Assets Not Considered Collateral Dependent Total Commercial loans: Commercial real estate $ — $ 3,800 $ 2,452 $ — $ 1,081,926 $ 1,088,178 Construction and development — 80 — — 162,740 162,820 Commercial and industrial — — — 25 140,554 140,579 Equipment finance — — — 79 291,871 291,950 Municipal finance — — — — 129,141 129,141 PPP — — — — 73,090 73,090 Retail consumer loans: One-to-four family 812 — — — 429,189 430,001 HELOCs - originated — — — — 131,867 131,867 HELOCs - purchased — — — — 46,086 46,086 Construction and land/lots — — — — 68,118 68,118 Indirect auto finance — — — — 119,656 119,656 Consumer — — — — 8,667 8,667 Total $ 812 $ 3,880 $ 2,452 $ 104 $ 2,682,905 $ 2,690,153 Total Collateral Value $ 1,034 $ 3,924 $ 2,506 $ 180 |
Financing Receivable Credit Quality Indicators | The following table presents the credit risk profile by risk grade for commercial loans by origination year: Term Loans By Origination Fiscal Year March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total Commercial real estate Risk rating: Pass $ 134,202 $ 181,796 $ 142,372 $ 171,079 $ 161,912 $ 233,191 $ 33,651 $ 1,058,203 Special mention — — — 15,197 1,268 3,182 143 19,790 Substandard — — 148 628 5,416 3,987 — 10,179 Doubtful — — — — — — — — Loss — 6 — — — — — 6 Total commercial real estate $ 134,202 $ 181,802 $ 142,520 $ 186,904 $ 168,596 $ 240,360 $ 33,794 $ 1,088,178 Construction and development Risk rating: Pass $ 9,493 $ 9,101 $ 6,849 $ 5,415 $ 1,594 $ 7,331 $ 119,362 $ 159,145 Special mention — — — — — 319 2,858 3,177 Substandard — — — — — 498 — 498 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and development $ 9,493 $ 9,101 $ 6,849 $ 5,415 $ 1,594 $ 8,148 $ 122,220 $ 162,820 Commercial and industrial Risk rating: Pass $ 25,006 $ 16,553 $ 19,337 $ 11,806 $ 16,399 $ 11,302 $ 30,287 $ 130,690 Special mention — — 1,194 — 53 123 3,261 4,631 Substandard 33 — 300 4,824 — 99 — 5,256 Doubtful — — — — — — — — Loss — — — — — 2 — 2 Total commercial and industrial $ 25,039 $ 16,553 $ 20,831 $ 16,630 $ 16,452 $ 11,526 $ 33,548 $ 140,579 Equipment finance Risk rating: Pass $ 110,595 $ 113,114 $ 62,000 $ 5,460 $ — $ — $ — $ 291,169 Special mention — 304 176 — — — — 480 Substandard — — — — — — — — Doubtful — — 301 — — — — 301 Loss — — — — — — — — Total equipment finance $ 110,595 $ 113,418 $ 62,477 $ 5,460 $ — $ — $ — $ 291,950 Municipal leases Risk rating: Pass $ 6,697 $ 19,030 $ 14,251 $ 18,977 $ 10,241 $ 51,242 $ 8,430 $ 128,868 Special mention — — — — — 273 — 273 Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total municipal leases $ 6,697 $ 19,030 $ 14,251 $ 18,977 $ 10,241 $ 51,515 $ 8,430 $ 129,141 PPP Risk rating: Pass $ 29,667 $ 43,423 $ — $ — $ — $ — $ — $ 73,090 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total PPP $ 29,667 $ 43,423 $ — $ — $ — $ — $ — $ 73,090 Total commercial loans Risk rating: Pass $ 315,660 $ 383,017 $ 244,809 $ 212,737 $ 190,146 $ 303,066 $ 191,730 $ 1,841,165 Special mention — 304 1,370 15,197 1,321 3,897 6,262 28,351 Substandard 33 — 448 5,452 5,416 4,584 — 15,933 Doubtful — — 301 — — — — 301 Loss — 6 — — — 2 — 8 Total commercial loans $ 315,693 $ 383,327 $ 246,928 $ 233,386 $ 196,883 $ 311,549 $ 197,992 $ 1,885,758 The following table presents the credit risk profile by risk grade for consumer loans by origination year: Term Loans By Origination Fiscal Year March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Total One-to-four family Risk rating: Pass $ 60,542 $ 58,360 $ 56,263 $ 45,972 $ 40,624 $ 156,075 $ 2,495 $ 420,331 Special mention — — — — 28 1,402 — 1,430 Substandard 248 988 — 218 89 6,177 — 7,720 Doubtful — — — — — 195 — 195 Loss — — — — — 325 — 325 Total one-to-four family $ 60,790 $ 59,348 $ 56,263 $ 46,190 $ 40,741 $ 164,174 $ 2,495 $ 430,001 HELOCs - originated Risk rating: Pass $ 2,386 $ 978 $ 1,440 $ 192 $ 768 $ 9,686 $ 114,870 $ 130,320 Special mention — — — — — 273 — 273 Substandard — — — — 38 1,112 124 1,274 Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - originated $ 2,386 $ 978 $ 1,440 $ 192 $ 806 $ 11,071 $ 114,994 $ 131,867 HELOCs - purchased Risk rating: Pass $ — $ — $ — $ — $ — $ — $ 46,086 $ 46,086 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total HELOCs - purchased $ — $ — $ — $ — $ — $ — $ 46,086 $ 46,086 Construction and land/lots Risk rating: Pass $ 3,122 $ 13,305 $ 4,212 $ 527 $ — $ 4,438 $ 41,995 $ 67,599 Special mention — — — — — — — — Substandard — — — 98 — 421 — 519 Doubtful — — — — — — — — Loss — — — — — — — — Total construction and land/lots $ 3,122 $ 13,305 $ 4,212 $ 625 $ — $ 4,859 $ 41,995 $ 68,118 Indirect auto finance Risk rating: Pass $ 33,168 $ 31,016 $ 18,993 $ 22,467 $ 9,539 $ 3,087 $ — $ 118,270 Special mention — 0 — — — — — — — Substandard 56 371 249 376 207 123 — 1,382 Doubtful — — — — — — — — Loss 2 1 1 — — — — 4 Total indirect auto finance $ 33,226 $ 31,388 $ 19,243 $ 22,843 $ 9,746 $ 3,210 $ — $ 119,656 Total consumer loans Risk rating: Pass $ 1,049 $ 1,079 $ 5,583 $ 321 $ 109 $ 95 $ 370 $ 8,606 Special mention — — — — — — — — Substandard — 16 4 7 — 4 29 60 Doubtful — — — — — — — — Loss — 1 — — — — — 1 Total consumer loans $ 1,049 $ 1,096 $ 5,587 $ 328 $ 109 $ 99 $ 399 $ 8,667 Total retail consumer loans Risk rating: Pass $ 100,267 $ 104,738 $ 86,491 $ 69,479 $ 51,040 $ 173,381 $ 205,816 $ 791,212 Special mention — — — — 28 1,675 — 1,703 Substandard 304 1,375 253 699 334 7,837 153 10,955 Doubtful — — — — — 195 — 195 Loss 2 2 1 — — 325 — 330 Total retail consumer loans $ 100,573 $ 106,115 $ 86,745 $ 70,178 $ 51,402 $ 183,413 $ 205,969 $ 804,395 The following table presents the credit risk profile by risk grade for total non-purchased and purchased performing consumer and commercial loans, prior to the adoption of ASU 2016-13: Pass Special Substandard Doubtful Loss Total June 30, 2020 Commercial loans: Commercial real estate $ 1,028,709 $ 7,580 $ 10,779 $ — $ 16 $ 1,047,084 Construction and development 212,370 2,723 250 1 — 215,344 Commercial and industrial 130,202 20,439 2,622 — — 153,263 Equipment finance 228,288 150 801 — — 229,239 Municipal finance 127,706 281 — — — 127,987 PPP 80,697 — — — — 80,697 Retail consumer loans: One-to-four family 458,248 1,724 9,042 206 — 469,220 HELOCs - originated 134,697 902 1,848 — — 137,447 HELOCs - purchased 71,119 — 662 — — 71,781 Construction and land/lots 81,112 — 402 — — 81,514 Indirect auto finance 130,975 — 1,328 — — 132,303 Consumer 9,894 4 361 — — 10,259 Total loans $ 2,694,017 $ 33,803 $ 28,095 $ 207 $ 16 $ 2,756,138 The following table presents the credit risk profile by risk grade for PCI consumer and commercial loans, prior to the adoption of ASU 2016-13: Pass Special Substandard Doubtful Loss Total June 30, 2020 Commercial loans: Commercial real estate $ 3,181 $ 1,742 $ 899 $ — $ — $ 5,822 Construction and development 271 — 319 — — 590 Commercial and industrial 1,556 — 3 — 3 1,562 Retail consumer loans: One-to-four family 2,994 465 1,014 — — 4,473 Construction and land/lots 108 — 237 — — 345 Total loans $ 8,110 $ 2,207 $ 2,472 $ — $ 3 $ 12,792 |
Past Due Financing Receivables | The following table presents an aging analysis of past due loans (includes nonaccrual loans) by segment and class: Past Due Total 30-89 Days 90 Days+ Total Current Loans March 31, 2021 Commercial loans: Commercial real estate $ — $ 1,863 $ 1,863 $ 1,086,315 $ 1,088,178 Construction and development — 37 37 162,783 162,820 Commercial and industrial 12 22 34 140,545 140,579 Equipment finance — 328 328 291,622 291,950 Municipal finance — — — 129,141 129,141 PPP — — — 73,090 73,090 Retail consumer loans: One-to-four family 824 2,046 2,870 427,131 430,001 HELOCs - originated 32 78 110 131,757 131,867 HELOCs - purchased 50 97 147 45,939 46,086 Construction and land/lots — — — 68,118 68,118 Indirect auto finance 385 362 747 118,909 119,656 Consumer 271 27 298 8,369 8,667 Total loans $ 1,574 $ 4,860 $ 6,434 $ 2,683,719 $ 2,690,153 The following table presents an aging analysis of past due loans by segment and class, prior to the adoption of ASU 2016-13: Past Due Total 30-89 Days 90 Days+ Total Current Loans June 30, 2020 Commercial loans: Commercial real estate $ 4,528 $ 2,892 $ 7,420 $ 1,045,486 $ 1,052,906 Construction and development 293 341 634 215,300 215,934 Commercial and industrial — 91 91 154,734 154,825 Equipment finance 303 498 801 228,438 229,239 Municipal finance — — — 127,987 127,987 PPP — — — 80,697 80,697 Retail consumer loans: One-to-four family 1,679 3,147 4,826 468,867 473,693 HELOCs - originated 442 310 752 136,695 137,447 HELOCs - purchased 214 47 261 71,520 71,781 Construction and land/lots — 252 252 81,607 81,859 Indirect auto finance 756 285 1,041 131,262 132,303 Consumer 30 25 55 10,204 10,259 Total loans $ 8,245 $ 7,888 $ 16,133 $ 2,752,797 $ 2,768,930 |
Schedule of Past Due Loans Still Accruing and Nonaccruing Interest | The following table presents recorded investment in loans on nonaccrual status, by segment and class, including restructured loans. It also includes interest income recognized on nonaccrual loans for the nine months ended March 31, 2021. March 31, 2021 June 30, 2020 90 Days + & still accruing as of March 31, 2021 Nonaccrual with no allowance as of March 31, 2021 Interest income recognized Commercial loans: Commercial real estate $ 7,764 $ 8,869 $ — $ 4,369 $ 371 Construction and development 498 465 — 80 53 Commercial and industrial 59 259 — 22 68 Equipment finance 310 801 — 291 104 Municipal finance — — — — — Retail consumer loans: One-to-four family 3,132 3,582 — 812 161 HELOCs - originated 253 531 — — 36 HELOCs - purchased 245 662 — — 39 Construction and land/lots 22 37 — — — Indirect auto finance 642 668 — — 66 Consumer 300 49 — — 7 Total loans $ 13,225 $ 15,923 $ — $ 5,574 $ 905 |
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: March 31, 2021 June 30, 2020 Performing TDRs $ 11,941 $ 13,153 |
Breakdown of Provision (Benefit) for Credit Losses | The following table presents a breakdown of the provision (benefit) for credit losses included in our Consolidated Statements of Income: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Provision (benefit) for credit losses: Loans $ (3,970) $ 5,400 $ (6,370) $ 5,800 Off-balance-sheet credit exposure (130) — 10 — Commercial paper — — 180 — Total provision (benefit) for credit losses $ (4,100) $ 5,400 $ (6,180) $ 5,800 |
Allowance for Credit Losses on Financing Receivables | The following table presents an analysis of the ACL on loans by segment: Three Months Ended Nine Months Ended March 31, 2021 March 31, 2021 Commercial Retail Total Commercial Retail Total Balance at beginning of period $ 24,899 $ 14,945 $ 39,844 $ 21,116 $ 6,956 $ 28,072 Impact of adoption ASU 2016-13 — — — 4,073 10,736 14,809 Provision (benefit) for credit losses (1,750) (2,220) (3,970) (1,750) (4,620) (6,370) Charge-offs (107) (318) (425) (1,510) (1,253) (2,763) Recoveries 356 254 610 1,469 842 2,311 Net recoveries (charge-offs) 249 (64) 185 (41) (411) (452) Balance at end of period $ 23,398 $ 12,661 $ 36,059 $ 23,398 $ 12,661 $ 36,059 The following table presents an analysis of the allowance for loan losses by segment, prior to the adoption of ASU 2016-13: Three Months Ended Nine Months Ended March 31, 2020 March 31, 2020 PCI Commercial Retail Total PCI Commercial Retail Total Balance at beginning of period $ 152 $ 16,479 $ 5,400 $ 22,031 $ 201 $ 14,809 $ 6,419 $ 21,429 Provision for (recovery of) loan losses 30 3,851 1,519 5,400 (19) 5,899 (80) 5,800 Charge-offs — (706) (295) (1,001) — (1,448) (678) (2,126) Recoveries — 61 359 420 — 425 1,322 1,747 Balance at end of period $ 182 $ 19,685 $ 6,983 $ 26,850 $ 182 $ 19,685 $ 6,983 $ 26,850 |
Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class | The following table presents ending balances of loans and the related ACL, by segment and class: Allowance for Credit Losses Total Loans Receivable Loans Loans Total Loans Loans Total March 31, 2021 Commercial loans: Commercial real estate $ 83 $ 12,184 $ 12,267 $ 6,252 $ 1,081,926 $ 1,088,178 Construction and development — 1,837 1,837 8 162,812 162,820 Commercial and industrial — 2,645 2,645 780 139,799 140,579 Equipment finance 7 6,196 6,203 364 291,586 291,950 Municipal finance — 446 446 — 129,141 129,141 PPP — — — — 73,090 73,090 Retail consumer loans: One-to-four family 6 6,550 6,556 2,323 427,678 430,001 HELOCs - originated — 1,591 1,591 — 131,867 131,867 HELOCs - purchased — 556 556 — 46,086 46,086 Construction and land/lots — 1,006 1,006 — 68,118 68,118 Indirect auto finance — 2,745 2,745 — 119,656 119,656 Consumer — 207 207 — 8,667 8,667 Total $ 96 $ 35,963 $ 36,059 $ 9,727 $ 2,680,426 $ 2,690,153 The following table presents ending balances of loans and the related allowance, by segment and class, prior to the adoption of ASU 2016-13: Allowance for Loan Losses Total Loans Receivable PCI Loans Loans Total PCI Loans Loans Total June 30, 2020 Commercial loans: Commercial real estate $ 113 $ 961 $ 10,731 $ 11,805 $ 5,822 $ 7,924 $ 1,039,160 $ 1,052,906 Construction and development 4 5 3,599 3,608 590 299 215,045 215,934 Commercial and industrial 15 31 2,153 2,199 1,562 852 152,411 154,825 Equipment finance — 209 2,598 2,807 — 801 228,438 229,239 Municipal finance — — 697 697 — — 127,987 127,987 PPP — — — — — — 80,697 80,697 Retail consumer loans: One-to-four family 17 52 2,400 2,469 4,473 4,304 464,916 473,693 HELOCs - originated — — 1,344 1,344 — — 137,447 137,447 HELOCs - purchased — — 430 430 — — 71,781 71,781 Construction and land/lots 33 — 1,409 1,442 345 296 81,218 81,859 Indirect auto finance — — 1,136 1,136 — 10 132,293 132,303 Consumer — — 135 135 — — 10,259 10,259 Total $ 182 $ 1,258 $ 26,632 $ 28,072 $ 12,792 $ 14,486 $ 2,741,652 $ 2,768,930 |
Schedule of Impaired Loans and Related Allowance by Segment and Class | The following table presents impaired loans and the related allowance, by segment and class, excluding PCI loans, prior to the adoption of ASU 2016-13: Total Impaired Loans Unpaid Recorded Recorded Total Related June 30, 2020 Commercial loans: Commercial real estate $ 10,401 $ 8,062 $ 1,068 $ 9,130 $ 976 Construction and development 1,785 818 80 898 11 Commercial and industrial 9,782 1,058 26 1,084 34 Equipment finance 2,631 303 498 801 209 Retail consumer loans: One-to-four family 16,560 10,805 3,374 14,179 412 HELOCs - originated 2,087 1,585 53 1,638 43 HELOCs - purchased 662 662 — 662 3 Construction and land/lots 1,585 749 296 1,045 13 Indirect auto finance 1,075 486 241 727 5 Consumer 297 38 27 65 2 Total impaired loans $ 46,865 $ 24,566 $ 5,663 $ 30,229 $ 1,708 |
Schedule of Average Recorded Investment in Loans, Unpaid Principal Balance and Interest Income Recognized | The following table presents average recorded investments in impaired loans and interest income recognized on impaired loans, prior to the adoption of ASU 2016-13: Three Months Ended Nine Months Ended March 31, 2020 March 31, 2020 Average Interest Average Interest Commercial loans: Commercial real estate $ 8,728 $ 59 $ 8,496 $ 237 Construction and development 712 10 1,323 36 Commercial and industrial 1,119 11 812 103 Equipment finance 727 3 664 6 Retail consumer loans: One-to-four family 14,189 175 14,861 560 HELOCs - originated 1,724 23 1,706 76 HELOCs - purchased 474 30 524 37 Construction and land/lots 1,091 19 1,174 63 Indirect auto finance 625 8 506 42 Consumer 53 3 229 9 Total loans $ 29,442 $ 341 $ 30,295 $ 1,169 |
Impaired Financing Receivable | The following table presents a summary of changes in the accretable yield for PCI loans, prior to the adoption of ASU 2016-13: Three Months Ended Nine Months Ended March 31, 2020 March 31, 2020 Accretable yield, beginning of period $ 4,355 $ 5,259 Reclass from nonaccretable yield (1) 171 421 Other changes, net (2) (23) (332) Interest income (378) (1,223) Accretable yield, end of period $ 4,125 $ 4,125 ______________________________________ (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 and nine months ended March 31, 2021 and 2020, the following table presents a breakdown of the types of concessions made on TDRs by loan class: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number Pre Post Number Pre Post Commercial: Commercial real estate — $ — $ — 1 $ 30 $ 30 Retail consumer: One-to-four family 2 212 212 2 319 317 HELOCs - originated 2 53 74 — — — Indirect auto finance 3 28 32 — — — Consumer — — — — — — Total 7 $ 293 $ 318 3 $ 349 $ 347 Nine Months Ended March 31, 2021 Nine Months Ended March 31, 2020 Number Pre Post Number Pre Post Below market interest rate: Commercial: Commercial real estate — $ — $ — 1 $ 88 $ 87 Total — — — 1 88 87 Extended payment terms: Commercial: Commercial and industrial — — — 1 826 826 Retail consumer: One-to-four family — — — 2 70 67 Total — — — 3 896 893 Other TDRs: Commercial: Commercial real estate — — — 1 30 30 Construction and development — — — 1 182 79 Commercial and industrial 1 4,408 4,407 — — — Retail consumer: One-to-four family 4 269 261 4 353 348 HELOCs - originated 2 53 74 — — — Construction and land/lots 1 225 219 — — — Indirect auto finance 11 150 110 4 68 57 Total 19 $ 5,105 $ 5,071 10 $ 633 $ 514 Total 19 $ 5,105 $ 5,071 14 $ 1,617 $ 1,494 |
Schedule of Trouble Debt Restructurings With Payment Default | The following table presents loans that were modified as TDRs within the previous 12 months and for which there was a payment default during the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Number of Recorded Number of Recorded Other TDRs: Retail consumer: Indirect auto finance 1 $ 1 — $ — Total 1 $ 1 — $ — Nine Months Ended March 31, 2021 Nine Months Ended March 31, 2020 Number of Recorded Number of Recorded Other TDRs: Retail consumer: One-to-four family — $ — 2 $ 49 Indirect auto finance 2 26 — — Total 2 $ 26 2 $ 49 |
Financing Receivable, Payment Deferral | The breakout of loans deferred by loan type as of the dates indicated is as follows: Principal and Interest Payment Deferrals by Loan Types (1) (2) March 31, 2021 June 30, 2020 Deferral Percent of Total Loan Portfolio Deferral Percent of Total Loan Portfolio Lodging $ — — % $ 108,171 4.0 % Other commercial real estate, construction and development, and commercial and industrial 2,193 0.1 367,443 13.7 Equipment finance 2,382 0.1 33,693 1.3 One-to-four family — — 36,821 1.4 Other consumer loans 1,182 — 5,203 0.2 Total $ 5,757 0.2 % $ 551,331 20.6 % __________________________ (1) Modified loans are not included in classified assets or nonperforming assets. (2) Principal and interest is being deferred |
Real Estate Owned (Tables)
Real Estate Owned (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Real Estate Owned [Abstract] | |
Schedule of Real Estate Properties | The activity within REO for the periods shown is as follows: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Balance at beginning of period $ 252 $ 1,451 $ 337 $ 2,929 Transfers from loans — — 108 46 Sales, net of gain or loss (109) (376) (302) (1,722) Writedowns — — — (178) Balance at end of period $ 143 $ 1,075 $ 143 $ 1,075 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
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 March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Numerator: Net income $ 7,869 $ 1,193 $ 23,083 $ 19,188 Allocation of earnings to participating securities (72) (11) (209) (167) Numerator for basic EPS - Net income available to common stockholders $ 7,797 $ 1,182 $ 22,874 $ 19,021 Effect of dilutive securities: Dilutive effect to participating securities 2 2 2 6 Numerator for diluted EPS $ 7,799 $ 1,184 $ 22,876 $ 19,027 Denominator: Weighted-average common shares outstanding - basic 15,979,590 16,688,646 16,139,059 16,898,391 Effect of dilutive shares 506,128 569,782 200,071 625,861 Weighted-average common shares outstanding - diluted 16,485,718 17,258,428 16,339,130 17,524,252 Net income per share - basic $ 0.49 $ 0.07 $ 1.42 $ 1.12 Net income per share - diluted $ 0.48 $ 0.07 $ 1.40 $ 1.08 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The table below presents share-based compensation expense and the estimated related tax benefit for stock options and restricted stock for the three and nine months ended March 31, 2021 and 2020, respectively: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Share-based compensation expense $ 489 $ 458 $ 1,449 $ 1,341 Tax benefit $ 115 $ 108 $ 341 $ 315 |
Equity Incentive Plan Stock Option Activity | The table below presents stock option activity for the nine months ended March 31, 2021 and 2020: Options Weighted- Remaining Aggregate Options outstanding at June 30, 2019 1,657,214 $ 17.59 5.0 $ 12,909 Granted 61,000 26.40 — — Exercised 106,914 14.41 — — Forfeited 800 17.35 — — Options outstanding at March 31, 2020 1,610,500 $ 18.13 4.6 $ 1,617 Exercisable at March 31, 2020 1,298,000 $ 15.45 3.7 $ 1,617 Non-vested at March 31, 2020 312,500 $ 25.86 8.2 $ — Options outstanding at June 30, 2020 1,615,500 $ 18.12 4.4 $ 1,711 Granted 44,750 22.92 — — Exercised 172,866 14.40 — — Forfeited 26,900 25.77 — — Options outstanding at March 31, 2021 1,460,484 $ 18.57 3.9 $ 9,268 Exercisable at March 31, 2021 1,220,734 $ 17.24 3.2 $ 9,152 Non-vested at March 31, 2021 239,750 $ 25.31 7.7 $ 116 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Assumptions used in estimating the fair value of options granted during the nine months ended March 31, 2021 and March 31, 2020 are presented below: March 31, 2021 March 31, 2020 Weighted-average volatility 28.30 % 17.77 % Expected dividend yield 1.35 % 0.98 % Risk-free interest rate 0.72 % 1.50 % Expected life (years) 6.5 6.5 Weighted-average fair value of options granted $ 5.61 $ 4.79 |
Schedule of Nonvested Restricted Stock Units Activity | The table below presents restricted stock award activity for the nine months ended March 31, 2021 and 2020: Restricted Weighted- Aggregate Non-vested at June 30, 2019 123,800 $ 24.65 $ 3,322 Granted 65,556 26.76 — Vested 37,425 22.90 — Forfeited 3,200 20.62 — Non-vested at March 31, 2020 148,731 $ 26.11 $ 2,638 Non-vested at June 30, 2020 144,046 $ 25.89 $ 2,305 Granted 56,547 22.92 — Vested 45,296 25.17 — Forfeited 7,650 25.65 — Non-vested at March 31, 2021 147,647 $ 24.98 $ 2,118,734 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents financial assets measured at fair value on a recurring basis at the dates indicated: March 31, 2021 Description Total Level 1 Level 2 Level 3 U.S government agencies $ 19,108 $ — $ 19,108 $ — Residential MBS of U.S. government agencies and GSEs 42,237 — 42,237 — Municipal bonds 9,600 — 9,600 — Corporate bonds 91,472 — 91,472 — Total $ 162,417 $ — $ 162,417 $ — June 30, 2020 Description Total Level 1 Level 2 Level 3 U.S government agencies $ 4,173 $ — $ 4,173 $ — Residential MBS of U.S. government agencies and GSEs 48,355 — 48,355 — Municipal bonds 16,631 — 16,631 — Corporate bonds 58,378 — 58,378 — Total $ 127,537 $ — $ 127,537 $ — |
Fair Value Measurements, Nonrecurring | The following table presents financial assets measured at fair value on a non-recurring basis at the dates indicated: March 31, 2021 Description Total Level 1 Level 2 Level 3 Individually evaluated loans $ 10,188 $ — $ — $ 10,188 June 30, 2020 Description Total Level 1 Level 2 Level 3 Individually evaluated loans $ 9,168 $ — $ — $ 9,168 REO 97 — — 97 Total $ 9,265 $ — $ — $ 9,265 |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative information about Level 3 fair value measurements during the period ended March 31, 2021 is shown in the table below: Nonrecurring measurements: Fair Value at March 31, 2021 Valuation Unobservable Range Weighted Individually evaluated loans $ 10,188 Discounted appraisals and discounted cash flows Collateral discounts 0% - 52% 0% - 2% 17% |
Fair Value, by Balance Sheet Grouping | The stated carrying value and estimated fair value amounts of financial instruments as of March 31, 2021 and June 30, 2020, are summarized below: March 31, 2021 Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and interest-bearing deposits $ 164,095 $ 164,095 $ 164,095 $ — $ — Commercial paper 238,445 238,445 238,445 — — Certificates of deposit in other banks 42,015 42,015 — 42,015 — Securities available for sale 162,417 162,417 — 162,417 — Loans, net 2,654,094 2,633,221 — — 2,633,221 Loans held for sale 86,708 88,292 — — 88,292 FHLB stock 12,152 12,152 12,152 — — FRB stock 7,379 7,379 7,379 — — SBIC investments 9,368 9,368 — — 9,368 Accrued interest receivable 8,271 8,271 — 582 7,689 Liabilities: Noninterest-bearing and NOW deposits 1,255,951 1,255,951 — 1,255,951 — Money market accounts 927,519 927,519 — 927,519 — Savings accounts 221,537 221,537 — 221,537 — Certificates of deposit 503,471 505,865 — 505,865 — Borrowings 275,000 291,259 — 291,259 — Accrued interest payable 388 388 — 388 — June 30, 2020 Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and interest-bearing deposits $ 121,622 $ 121,622 $ 121,622 $ — $ — Commercial paper 304,967 304,967 304,967 — — Certificates of deposit in other banks 55,689 55,689 — 55,689 — Securities available for sale 127,537 127,537 — 127,537 — Loans, net 2,741,047 2,692,265 — — 2,692,265 Loans held for sale 77,177 78,129 — — 78,129 FHLB stock 23,309 23,309 23,309 — — FRB stock 7,368 7,368 7,368 — — SBIC investments 8,269 8,269 — — 8,269 Accrued interest receivable 12,312 12,312 208 744 11,360 Liabilities: Noninterest-bearing and NOW deposits 1,012,200 1,012,200 — 1,012,200 — Money market accounts 836,738 836,738 — 836,738 — Savings accounts 197,676 197,676 — 197,676 — Certificates of deposit 739,142 745,078 — 745,078 — Borrowings 475,000 511,529 — 511,529 — Accrued interest payable 1,087 1,087 — 1,087 — |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | The following table presents 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: March 31, 2021 June 30, 2020 ROU assets $ 6,208 $ 4,601 Lease liabilities 6,227 4,590 Weighted-average remaining lease terms (years) 4.39 5.02 Weighted-average discount rate 2.82 % 2.97 % |
Lessee, Operating Lease, Liability, Maturity | The following schedule summarizes aggregate future minimum lease payments under these operating leases at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 351 2022 1,399 2023 1,347 2024 876 2025 492 Thereafter 2,746 Total of future minimum payments $ 7,211 |
Lease, Cost | The following table presents components of operating lease expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease cost (included in occupancy expense) $ 444 $ 436 $ 1,335 $ 1,368 Sublease income (included in other, net noninterest income) (47) (61) (169) (181) Total operating lease expense, net $ 397 $ 375 $ 1,166 $ 1,187 Supplemental lease cash flow information for the nine months ended March 31, 2021 and 2020: 2021 2020 ROU assets - noncash additions (operating leases) $ 599 $ 5,296 ROU assets - noncash addition (finance lease) — 2,052 Cash paid for amounts included in the measurement of lease liabilities (operating leases) 1,632 1,609 Cash paid for amounts included in the measurement of lease liabilities (finance leases) 100 67 |
Finance Lease, Liability, Maturity | The following schedule summarizes aggregate future minimum lease payments under this finance lease obligation at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 33 2022 134 2023 134 2024 145 2025 146 Thereafter 1,848 Total minimum lease payments 2,440 Less: amount representing interest (627) Present value of net minimum lease payments $ 1,813 |
Schedule of Total Equipment Finance Operating Lease Income and Depreciation Expense | The following table presents total equipment finance operating lease income and depreciation expense for the three and nine months ended March 31, 2021 and 2020: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Operating lease income $ 1,432 $ 989 $ 4,107 $ 2,215 Depreciation expense 1,417 746 4,371 1,554 |
Lessor, Operating Lease, Payments to be Received, Maturity | The following schedule summarizes aggregate future minimum operating lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 1,494 2022 5,224 2023 3,378 2024 1,286 2025 434 Thereafter 131 Total of future minimum payments $ 11,947 |
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: March 31, 2021 June 30, 2020 Lease receivables $ 56,720 $ 44,927 The following schedule summarizes aggregate future minimum finance lease payments to be received at March 31, 2021: Fiscal year ending June 30: Remaining 2021 $ 2,917 2022 16,038 2023 15,504 2024 13,342 2025 9,359 Thereafter 4,875 Total minimum payments 62,035 Less: amount representing interest (5,315) Total $ 56,720 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Accounting Policies [Abstract] | |
Accrued interest receivable for investment securities available for sale | $ 588 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Assets | ||||||||
ACL on commercial paper | $ 0 | |||||||
ACL on loans | $ (36,059) | $ (39,844) | (28,072) | $ (28,072) | [1] | $ (26,850) | $ (22,031) | $ (21,429) |
Deferred income taxes | 16,889 | 16,334 | 16,334 | [1] | ||||
Liabilities | ||||||||
Liability for credit losses on off-balance sheet credit exposures | 2,298 | 0 | ||||||
Equity: | ||||||||
Retained earnings | 248,767 | 242,776 | 242,776 | [1] | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Assets | ||||||||
ACL on commercial paper | (250) | |||||||
ACL on loans | (42,881) | |||||||
Deferred income taxes | 20,323 | |||||||
Liabilities | ||||||||
Liability for credit losses on off-balance sheet credit exposures | 2,288 | |||||||
Equity: | ||||||||
Retained earnings | 229,418 | |||||||
Cumulative-effect adjustment due to the adoption of ASU 2016-13 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Additional ACL on financial instruments | 15,059 | |||||||
Assets | ||||||||
ACL on commercial paper | (250) | |||||||
ACL on loans | 0 | (14,809) | (14,809) | |||||
Deferred income taxes | 3,989 | |||||||
Liabilities | ||||||||
Liability for credit losses on off-balance sheet credit exposures | 2,288 | |||||||
Equity: | ||||||||
Retained earnings | (13,358) | |||||||
Retail Consumer Loans | ||||||||
Assets | ||||||||
ACL on loans | (12,661) | (14,945) | (6,956) | (6,956) | (6,983) | (5,400) | (6,419) | |
Retail Consumer Loans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Assets | ||||||||
ACL on loans | (17,692) | |||||||
Retail Consumer Loans | Cumulative-effect adjustment due to the adoption of ASU 2016-13 | ||||||||
Assets | ||||||||
ACL on loans | 0 | (10,736) | (10,736) | |||||
Commercial Loans | ||||||||
Assets | ||||||||
ACL on loans | $ (23,398) | (24,899) | (21,116) | (21,116) | $ (19,685) | $ (16,479) | $ (14,809) | |
Commercial Loans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
Assets | ||||||||
ACL on loans | (25,189) | |||||||
Commercial Loans | Cumulative-effect adjustment due to the adoption of ASU 2016-13 | ||||||||
Assets | ||||||||
ACL on loans | $ 0 | $ (4,073) | $ (4,073) | |||||
[1] | Derived from audited financial statements. |
Debt Securities - Available for
Debt Securities - Available for Sale Securities Table (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 160,521 | $ 124,918 | |
Gross Unrealized Gains | 2,179 | 2,803 | |
Gross Unrealized Losses | (283) | (184) | |
Estimated Fair Value | 162,417 | 127,537 | [1] |
U.S. government agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 18,970 | 3,957 | |
Gross Unrealized Gains | 159 | 216 | |
Gross Unrealized Losses | (21) | 0 | |
Estimated Fair Value | 19,108 | 4,173 | |
Residential MBS of U.S. government agencies and GSEs | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 41,053 | 46,629 | |
Gross Unrealized Gains | 1,300 | 1,776 | |
Gross Unrealized Losses | (116) | (50) | |
Estimated Fair Value | 42,237 | 48,355 | |
Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 9,112 | 16,090 | |
Gross Unrealized Gains | 488 | 541 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | 9,600 | 16,631 | |
Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 91,386 | 58,242 | |
Gross Unrealized Gains | 232 | 270 | |
Gross Unrealized Losses | (146) | (134) | |
Estimated Fair Value | $ 91,472 | $ 58,378 | |
[1] | Derived from audited financial statements. |
Debt Securities - Schedule of I
Debt Securities - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | |
Amortized Cost | |||
Due within one year | $ 36,400 | ||
Due after one year through five years | 81,053 | ||
Due after five years through ten years | 2,015 | ||
Due after ten years | 0 | ||
Total | 160,521 | ||
Estimated Fair Value | |||
Due within one year | 36,466 | ||
Due after one year through five years | 81,489 | ||
Due after five years through ten years | 2,225 | ||
Due after ten years | 0 | ||
Estimated Fair Value | 162,417 | $ 127,537 | [1] |
Residential MBS of U.S. government agencies and GSEs | |||
Amortized Cost | |||
Total | 41,053 | ||
Estimated Fair Value | |||
Estimated Fair Value | $ 42,237 | $ 48,355 | |
[1] | Derived from audited financial statements. |
Debt Securities - Narrative (De
Debt Securities - Narrative (Details) | 9 Months Ended | |||
Mar. 31, 2021USD ($)security | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($)security | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Estimated Fair Value | $ 162,417,000 | $ 127,537,000 | [1] | |
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 | $ 94,031,000 | $ 84,456,000 | ||
Number of securities with unrealized losses | security | 14 | 24 | ||
Collateral Pledged | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Estimated Fair Value | $ 92,815,000 | $ 82,888,000 | ||
[1] | Derived from audited financial statements. |
Debt Securities - Available f_2
Debt Securities - Available for Sale Securities Continuous Unrealized Loss Position Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | $ 162,417 | $ 127,537 | [1] |
Less than 12 Months, Fair Value | 68,476 | 12,006 | |
12 Months or Longer, Fair Value | 1,516 | 2,435 | |
Total, Fair Value | 69,992 | 14,441 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | |||
12 Months or More, Fair Value | (252) | (144) | |
12 Months or More, Unrealized Losses | (31) | (40) | |
Total, Unrealized Losses | (283) | (184) | |
U.S. government agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | 19,108 | 4,173 | |
Less than 12 Months, Fair Value | 14,979 | ||
12 Months or Longer, Fair Value | 0 | ||
Total, Fair Value | 14,979 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | |||
12 Months or More, Fair Value | (21) | ||
12 Months or More, Unrealized Losses | 0 | ||
Total, Unrealized Losses | (21) | ||
Residential MBS of U.S. government agencies and GSEs | |||
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | 42,237 | 48,355 | |
Less than 12 Months, Fair Value | 4,674 | 227 | |
12 Months or Longer, Fair Value | 1,516 | 2,435 | |
Total, Fair Value | 6,190 | 2,662 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | |||
12 Months or More, Fair Value | (85) | (10) | |
12 Months or More, Unrealized Losses | (31) | (40) | |
Total, Unrealized Losses | (116) | (50) | |
Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | 91,472 | 58,378 | |
Less than 12 Months, Fair Value | 48,823 | 11,779 | |
12 Months or Longer, Fair Value | 0 | 0 | |
Total, Fair Value | 48,823 | 11,779 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] (Deprecated 2018-01-31) | |||
12 Months or More, Fair Value | (146) | (134) | |
12 Months or More, Unrealized Losses | 0 | 0 | |
Total, Unrealized Losses | (146) | (134) | |
Collateral Pledged | |||
Debt Securities, Available-for-sale [Line Items] | |||
Estimated Fair Value | $ 92,815 | $ 82,888 | |
[1] | Derived from audited financial statements. |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | |
Other Investment Not Readily Marketable [Line Items] | |||
FHLB of Atlanta | $ 12,152 | $ 23,309 | |
Federal Reserve Bank of Richmond (FRB) | 7,379 | 7,368 | |
Other investments, at cost | 28,899 | 38,946 | [1] |
Small Business Investment Companies (SBIC) | |||
Other Investment Not Readily Marketable [Line Items] | |||
Nonmarketable Investment Securities | $ 9,368 | $ 8,269 | |
[1] | Derived from audited financial statements. |
Loans Held For Sale (Details)
Loans Held For Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable | |||
Total | $ 86,708 | $ 77,177 | [1] |
One-to-four family | |||
Accounts, Notes, Loans and Financing Receivable | |||
Total | 45,182 | 28,152 | |
SBA | |||
Accounts, Notes, Loans and Financing Receivable | |||
Total | 7,090 | 1,240 | |
HELOCs | |||
Accounts, Notes, Loans and Financing Receivable | |||
Total | $ 34,436 | $ 47,785 | |
[1] | Derived from audited financial statements. |
Loans - Schedule of Accounts, N
Loans - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | $ 2,690,153 | $ 2,768,930 | ||||||
Deferred loan fees, net | 0 | 189 | ||||||
Total loans, net of deferred loan costs | 2,690,153 | 2,769,119 | [1] | |||||
Allowance for credit losses | (36,059) | $ (39,844) | $ (28,072) | (28,072) | [1] | $ (26,850) | $ (22,031) | $ (21,429) |
Total loans | 2,654,094 | 2,741,047 | [1] | |||||
Deferred cost | 1,420 | |||||||
Unamortized discount total related to loans acquired | 4,998 | |||||||
Accrued interest receivable | 7,688 | |||||||
PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 12,792 | |||||||
Allowance for credit losses | (182) | (182) | (152) | (201) | ||||
Commercial Loans | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 1,885,758 | 1,861,588 | ||||||
Total loans, net of deferred loan costs | 1,885,758 | |||||||
Allowance for credit losses | (23,398) | (24,899) | (21,116) | (21,116) | (19,685) | (16,479) | (14,809) | |
Commercial Loans | PPP | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 73,090 | 80,697 | ||||||
Total loans, net of deferred loan costs | 73,090 | |||||||
Allowance for credit losses | 0 | 0 | ||||||
Commercial Loans | PPP | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 0 | |||||||
Allowance for credit losses | 0 | |||||||
Commercial Loans | Commercial real estate | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 1,088,178 | 1,052,906 | ||||||
Total loans, net of deferred loan costs | 1,088,178 | |||||||
Allowance for credit losses | (12,267) | (11,805) | ||||||
Commercial Loans | Commercial real estate | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 5,822 | |||||||
Allowance for credit losses | (113) | |||||||
Commercial Loans | Construction and development | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 162,820 | 215,934 | ||||||
Total loans, net of deferred loan costs | 162,820 | |||||||
Allowance for credit losses | (1,837) | (3,608) | ||||||
Commercial Loans | Construction and development | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 590 | |||||||
Allowance for credit losses | (4) | |||||||
Commercial Loans | Commercial and industrial | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 140,579 | 154,825 | ||||||
Total loans, net of deferred loan costs | 140,579 | |||||||
Allowance for credit losses | (2,645) | (2,199) | ||||||
Commercial Loans | Commercial and industrial | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 1,562 | |||||||
Allowance for credit losses | (15) | |||||||
Commercial Loans | Equipment finance | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 291,950 | 229,239 | ||||||
Total loans, net of deferred loan costs | 291,950 | |||||||
Allowance for credit losses | (6,203) | (2,807) | ||||||
Commercial Loans | Equipment finance | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 0 | |||||||
Allowance for credit losses | 0 | |||||||
Commercial Loans | Municipal finance | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 129,141 | 127,987 | ||||||
Total loans, net of deferred loan costs | 129,141 | |||||||
Allowance for credit losses | (446) | (697) | ||||||
Commercial Loans | Municipal finance | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 0 | |||||||
Allowance for credit losses | 0 | |||||||
Retail Consumer Loans | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 804,395 | 907,342 | ||||||
Total loans, net of deferred loan costs | 804,395 | |||||||
Allowance for credit losses | (12,661) | $ (14,945) | $ (6,956) | (6,956) | $ (6,983) | $ (5,400) | $ (6,419) | |
Retail Consumer Loans | One-to-four family | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 430,001 | 473,693 | ||||||
Total loans, net of deferred loan costs | 430,001 | |||||||
Allowance for credit losses | (6,556) | (2,469) | ||||||
Retail Consumer Loans | One-to-four family | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 4,473 | |||||||
Allowance for credit losses | (17) | |||||||
Retail Consumer Loans | HELOCs - originated | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 131,867 | 137,447 | ||||||
Total loans, net of deferred loan costs | 131,867 | |||||||
Allowance for credit losses | (1,591) | (1,344) | ||||||
Retail Consumer Loans | HELOCs - originated | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 0 | |||||||
Allowance for credit losses | 0 | |||||||
Retail Consumer Loans | HELOCs - purchased | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 46,086 | 71,781 | ||||||
Total loans, net of deferred loan costs | 46,086 | |||||||
Allowance for credit losses | (556) | (430) | ||||||
Retail Consumer Loans | HELOCs - purchased | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 0 | |||||||
Allowance for credit losses | 0 | |||||||
Retail Consumer Loans | Construction and land/lots | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 68,118 | 81,859 | ||||||
Total loans, net of deferred loan costs | 68,118 | |||||||
Allowance for credit losses | (1,006) | (1,442) | ||||||
Retail Consumer Loans | Construction and land/lots | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 345 | |||||||
Allowance for credit losses | (33) | |||||||
Retail Consumer Loans | Indirect auto finance | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 119,656 | 132,303 | ||||||
Total loans, net of deferred loan costs | 119,656 | |||||||
Allowance for credit losses | (2,745) | (1,136) | ||||||
Retail Consumer Loans | Indirect auto finance | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 0 | |||||||
Allowance for credit losses | 0 | |||||||
Retail Consumer Loans | Consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 8,667 | 10,259 | ||||||
Total loans, net of deferred loan costs | 8,667 | |||||||
Allowance for credit losses | $ (207) | (135) | ||||||
Retail Consumer Loans | Consumer | PCI | ||||||||
Accounts, Notes, Loans and Financing Receivable | ||||||||
Total loans | 0 | |||||||
Allowance for credit losses | $ 0 | |||||||
[1] | Derived from audited financial statements. |
Loans - Financing Receivable Cr
Loans - Financing Receivable Credit Quality Indicators, After Adoption of ASU 2016-13 (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | [1] |
Financing Receivable, Recorded Investment | |||
Total loans, net of deferred loan costs | $ 2,690,153 | $ 2,769,119 | |
Commercial Loans | |||
Financing Receivable, Recorded Investment | |||
2021 | 315,693 | ||
2020 | 383,327 | ||
2019 | 246,928 | ||
2018 | 233,386 | ||
2017 | 196,883 | ||
Prior | 311,549 | ||
Revolving | 197,992 | ||
Total loans, net of deferred loan costs | 1,885,758 | ||
Commercial Loans | PPP | |||
Financing Receivable, Recorded Investment | |||
2021 | 29,667 | ||
2020 | 43,423 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 73,090 | ||
Commercial Loans | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 315,660 | ||
2020 | 383,017 | ||
2019 | 244,809 | ||
2018 | 212,737 | ||
2017 | 190,146 | ||
Prior | 303,066 | ||
Revolving | 191,730 | ||
Total loans, net of deferred loan costs | 1,841,165 | ||
Commercial Loans | Pass | PPP | |||
Financing Receivable, Recorded Investment | |||
2021 | 29,667 | ||
2020 | 43,423 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 73,090 | ||
Commercial Loans | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 304 | ||
2019 | 1,370 | ||
2018 | 15,197 | ||
2017 | 1,321 | ||
Prior | 3,897 | ||
Revolving | 6,262 | ||
Total loans, net of deferred loan costs | 28,351 | ||
Commercial Loans | Special Mention | PPP | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 33 | ||
2020 | 0 | ||
2019 | 448 | ||
2018 | 5,452 | ||
2017 | 5,416 | ||
Prior | 4,584 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 15,933 | ||
Commercial Loans | Substandard | PPP | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 301 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 301 | ||
Commercial Loans | Doubtful | PPP | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 6 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 2 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 8 | ||
Commercial Loans | Loss | PPP | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Commercial real estate | |||
Financing Receivable, Recorded Investment | |||
2021 | 134,202 | ||
2020 | 181,802 | ||
2019 | 142,520 | ||
2018 | 186,904 | ||
2017 | 168,596 | ||
Prior | 240,360 | ||
Revolving | 33,794 | ||
Total loans, net of deferred loan costs | 1,088,178 | ||
Commercial Loans | Commercial real estate | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 134,202 | ||
2020 | 181,796 | ||
2019 | 142,372 | ||
2018 | 171,079 | ||
2017 | 161,912 | ||
Prior | 233,191 | ||
Revolving | 33,651 | ||
Total loans, net of deferred loan costs | 1,058,203 | ||
Commercial Loans | Commercial real estate | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 15,197 | ||
2017 | 1,268 | ||
Prior | 3,182 | ||
Revolving | 143 | ||
Total loans, net of deferred loan costs | 19,790 | ||
Commercial Loans | Commercial real estate | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 148 | ||
2018 | 628 | ||
2017 | 5,416 | ||
Prior | 3,987 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 10,179 | ||
Commercial Loans | Commercial real estate | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Commercial real estate | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 6 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 6 | ||
Commercial Loans | Construction and development | |||
Financing Receivable, Recorded Investment | |||
2021 | 9,493 | ||
2020 | 9,101 | ||
2019 | 6,849 | ||
2018 | 5,415 | ||
2017 | 1,594 | ||
Prior | 8,148 | ||
Revolving | 122,220 | ||
Total loans, net of deferred loan costs | 162,820 | ||
Commercial Loans | Construction and development | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 9,493 | ||
2020 | 9,101 | ||
2019 | 6,849 | ||
2018 | 5,415 | ||
2017 | 1,594 | ||
Prior | 7,331 | ||
Revolving | 119,362 | ||
Total loans, net of deferred loan costs | 159,145 | ||
Commercial Loans | Construction and development | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 319 | ||
Revolving | 2,858 | ||
Total loans, net of deferred loan costs | 3,177 | ||
Commercial Loans | Construction and development | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 498 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 498 | ||
Commercial Loans | Construction and development | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Construction and development | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Commercial and industrial | |||
Financing Receivable, Recorded Investment | |||
2021 | 25,039 | ||
2020 | 16,553 | ||
2019 | 20,831 | ||
2018 | 16,630 | ||
2017 | 16,452 | ||
Prior | 11,526 | ||
Revolving | 33,548 | ||
Total loans, net of deferred loan costs | 140,579 | ||
Commercial Loans | Commercial and industrial | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 25,006 | ||
2020 | 16,553 | ||
2019 | 19,337 | ||
2018 | 11,806 | ||
2017 | 16,399 | ||
Prior | 11,302 | ||
Revolving | 30,287 | ||
Total loans, net of deferred loan costs | 130,690 | ||
Commercial Loans | Commercial and industrial | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 1,194 | ||
2018 | 0 | ||
2017 | 53 | ||
Prior | 123 | ||
Revolving | 3,261 | ||
Total loans, net of deferred loan costs | 4,631 | ||
Commercial Loans | Commercial and industrial | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 33 | ||
2020 | 0 | ||
2019 | 300 | ||
2018 | 4,824 | ||
2017 | 0 | ||
Prior | 99 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 5,256 | ||
Commercial Loans | Commercial and industrial | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Commercial and industrial | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 2 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 2 | ||
Commercial Loans | Equipment finance | |||
Financing Receivable, Recorded Investment | |||
2021 | 110,595 | ||
2020 | 113,418 | ||
2019 | 62,477 | ||
2018 | 5,460 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 291,950 | ||
Commercial Loans | Equipment finance | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 110,595 | ||
2020 | 113,114 | ||
2019 | 62,000 | ||
2018 | 5,460 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 291,169 | ||
Commercial Loans | Equipment finance | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 304 | ||
2019 | 176 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 480 | ||
Commercial Loans | Equipment finance | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Equipment finance | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 301 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 301 | ||
Commercial Loans | Equipment finance | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Municipal finance | |||
Financing Receivable, Recorded Investment | |||
2021 | 6,697 | ||
2020 | 19,030 | ||
2019 | 14,251 | ||
2018 | 18,977 | ||
2017 | 10,241 | ||
Prior | 51,515 | ||
Revolving | 8,430 | ||
Total loans, net of deferred loan costs | 129,141 | ||
Commercial Loans | Municipal finance | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 6,697 | ||
2020 | 19,030 | ||
2019 | 14,251 | ||
2018 | 18,977 | ||
2017 | 10,241 | ||
Prior | 51,242 | ||
Revolving | 8,430 | ||
Total loans, net of deferred loan costs | 128,868 | ||
Commercial Loans | Municipal finance | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 273 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 273 | ||
Commercial Loans | Municipal finance | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Municipal finance | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Commercial Loans | Municipal finance | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | |||
Financing Receivable, Recorded Investment | |||
2021 | 100,573 | ||
2020 | 106,115 | ||
2019 | 86,745 | ||
2018 | 70,178 | ||
2017 | 51,402 | ||
Prior | 183,413 | ||
Revolving | 205,969 | ||
Total loans, net of deferred loan costs | 804,395 | ||
Retail Consumer Loans | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 100,267 | ||
2020 | 104,738 | ||
2019 | 86,491 | ||
2018 | 69,479 | ||
2017 | 51,040 | ||
Prior | 173,381 | ||
Revolving | 205,816 | ||
Total loans, net of deferred loan costs | 791,212 | ||
Retail Consumer Loans | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 28 | ||
Prior | 1,675 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 1,703 | ||
Retail Consumer Loans | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 304 | ||
2020 | 1,375 | ||
2019 | 253 | ||
2018 | 699 | ||
2017 | 334 | ||
Prior | 7,837 | ||
Revolving | 153 | ||
Total loans, net of deferred loan costs | 10,955 | ||
Retail Consumer Loans | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 195 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 195 | ||
Retail Consumer Loans | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 2 | ||
2020 | 2 | ||
2019 | 1 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 325 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 330 | ||
Retail Consumer Loans | One-to-four family | |||
Financing Receivable, Recorded Investment | |||
2021 | 60,790 | ||
2020 | 59,348 | ||
2019 | 56,263 | ||
2018 | 46,190 | ||
2017 | 40,741 | ||
Prior | 164,174 | ||
Revolving | 2,495 | ||
Total loans, net of deferred loan costs | 430,001 | ||
Retail Consumer Loans | One-to-four family | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 60,542 | ||
2020 | 58,360 | ||
2019 | 56,263 | ||
2018 | 45,972 | ||
2017 | 40,624 | ||
Prior | 156,075 | ||
Revolving | 2,495 | ||
Total loans, net of deferred loan costs | 420,331 | ||
Retail Consumer Loans | One-to-four family | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 28 | ||
Prior | 1,402 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 1,430 | ||
Retail Consumer Loans | One-to-four family | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 248 | ||
2020 | 988 | ||
2019 | 0 | ||
2018 | 218 | ||
2017 | 89 | ||
Prior | 6,177 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 7,720 | ||
Retail Consumer Loans | One-to-four family | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 195 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 195 | ||
Retail Consumer Loans | One-to-four family | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 325 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 325 | ||
Retail Consumer Loans | HELOCs - originated | |||
Financing Receivable, Recorded Investment | |||
2021 | 2,386 | ||
2020 | 978 | ||
2019 | 1,440 | ||
2018 | 192 | ||
2017 | 806 | ||
Prior | 11,071 | ||
Revolving | 114,994 | ||
Total loans, net of deferred loan costs | 131,867 | ||
Retail Consumer Loans | HELOCs - originated | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 2,386 | ||
2020 | 978 | ||
2019 | 1,440 | ||
2018 | 192 | ||
2017 | 768 | ||
Prior | 9,686 | ||
Revolving | 114,870 | ||
Total loans, net of deferred loan costs | 130,320 | ||
Retail Consumer Loans | HELOCs - originated | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 273 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 273 | ||
Retail Consumer Loans | HELOCs - originated | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 38 | ||
Prior | 1,112 | ||
Revolving | 124 | ||
Total loans, net of deferred loan costs | 1,274 | ||
Retail Consumer Loans | HELOCs - originated | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | HELOCs - originated | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | HELOCs - purchased | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 46,086 | ||
Total loans, net of deferred loan costs | 46,086 | ||
Retail Consumer Loans | HELOCs - purchased | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 46,086 | ||
Total loans, net of deferred loan costs | 46,086 | ||
Retail Consumer Loans | HELOCs - purchased | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | HELOCs - purchased | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | HELOCs - purchased | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | HELOCs - purchased | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | Construction and land/lots | |||
Financing Receivable, Recorded Investment | |||
2021 | 3,122 | ||
2020 | 13,305 | ||
2019 | 4,212 | ||
2018 | 625 | ||
2017 | 0 | ||
Prior | 4,859 | ||
Revolving | 41,995 | ||
Total loans, net of deferred loan costs | 68,118 | ||
Retail Consumer Loans | Construction and land/lots | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 3,122 | ||
2020 | 13,305 | ||
2019 | 4,212 | ||
2018 | 527 | ||
2017 | 0 | ||
Prior | 4,438 | ||
Revolving | 41,995 | ||
Total loans, net of deferred loan costs | 67,599 | ||
Retail Consumer Loans | Construction and land/lots | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | Construction and land/lots | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 98 | ||
2017 | 0 | ||
Prior | 421 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 519 | ||
Retail Consumer Loans | Construction and land/lots | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | Construction and land/lots | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | Indirect auto finance | |||
Financing Receivable, Recorded Investment | |||
2021 | 33,226 | ||
2020 | 31,388 | ||
2019 | 19,243 | ||
2018 | 22,843 | ||
2017 | 9,746 | ||
Prior | 3,210 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 119,656 | ||
Retail Consumer Loans | Indirect auto finance | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 33,168 | ||
2020 | 31,016 | ||
2019 | 18,993 | ||
2018 | 22,467 | ||
2017 | 9,539 | ||
Prior | 3,087 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 118,270 | ||
Retail Consumer Loans | Indirect auto finance | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | Indirect auto finance | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 56 | ||
2020 | 371 | ||
2019 | 249 | ||
2018 | 376 | ||
2017 | 207 | ||
Prior | 123 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 1,382 | ||
Retail Consumer Loans | Indirect auto finance | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | Indirect auto finance | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 2 | ||
2020 | 1 | ||
2019 | 1 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 4 | ||
Retail Consumer Loans | Consumer | |||
Financing Receivable, Recorded Investment | |||
2021 | 1,049 | ||
2020 | 1,096 | ||
2019 | 5,587 | ||
2018 | 328 | ||
2017 | 109 | ||
Prior | 99 | ||
Revolving | 399 | ||
Total loans, net of deferred loan costs | 8,667 | ||
Retail Consumer Loans | Consumer | Pass | |||
Financing Receivable, Recorded Investment | |||
2021 | 1,049 | ||
2020 | 1,079 | ||
2019 | 5,583 | ||
2018 | 321 | ||
2017 | 109 | ||
Prior | 95 | ||
Revolving | 370 | ||
Total loans, net of deferred loan costs | 8,606 | ||
Retail Consumer Loans | Consumer | Special Mention | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | Consumer | Substandard | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 16 | ||
2019 | 4 | ||
2018 | 7 | ||
2017 | 0 | ||
Prior | 4 | ||
Revolving | 29 | ||
Total loans, net of deferred loan costs | 60 | ||
Retail Consumer Loans | Consumer | Doubtful | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | 0 | ||
Retail Consumer Loans | Consumer | Loss | |||
Financing Receivable, Recorded Investment | |||
2021 | 0 | ||
2020 | 1 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total loans, net of deferred loan costs | $ 1 | ||
[1] | Derived from audited financial statements. |
Loans - Financing Receivable _2
Loans - Financing Receivable Credit Quality Indicators, Prior to Adoption of ASU 2016-13 (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | $ 2,756,138 |
Pass | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 2,694,017 |
Special Mention | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 33,803 |
Substandard | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 28,095 |
Doubtful | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 207 |
Loss | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 16 |
Commercial Loans | PPP | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 80,697 |
Commercial Loans | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 1,047,084 |
Commercial Loans | Construction and development | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 215,344 |
Commercial Loans | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 153,263 |
Commercial Loans | Equipment finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 229,239 |
Commercial Loans | Municipal finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 127,987 |
Commercial Loans | Pass | PPP | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 80,697 |
Commercial Loans | Pass | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 1,028,709 |
Commercial Loans | Pass | Construction and development | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 212,370 |
Commercial Loans | Pass | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 130,202 |
Commercial Loans | Pass | Equipment finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 228,288 |
Commercial Loans | Pass | Municipal finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 127,706 |
Commercial Loans | Special Mention | PPP | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Special Mention | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 7,580 |
Commercial Loans | Special Mention | Construction and development | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 2,723 |
Commercial Loans | Special Mention | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 20,439 |
Commercial Loans | Special Mention | Equipment finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 150 |
Commercial Loans | Special Mention | Municipal finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 281 |
Commercial Loans | Substandard | PPP | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Substandard | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 10,779 |
Commercial Loans | Substandard | Construction and development | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 250 |
Commercial Loans | Substandard | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 2,622 |
Commercial Loans | Substandard | Equipment finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 801 |
Commercial Loans | Substandard | Municipal finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Doubtful | PPP | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Doubtful | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Doubtful | Construction and development | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 1 |
Commercial Loans | Doubtful | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Doubtful | Equipment finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Doubtful | Municipal finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Loss | PPP | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Loss | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 16 |
Commercial Loans | Loss | Construction and development | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Loss | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Loss | Equipment finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Commercial Loans | Loss | Municipal finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | One-to-four family | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 469,220 |
Retail Consumer Loans | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 137,447 |
Retail Consumer Loans | HELOCs - purchased | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 71,781 |
Retail Consumer Loans | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 81,514 |
Retail Consumer Loans | Indirect auto finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 132,303 |
Retail Consumer Loans | Consumer | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 10,259 |
Retail Consumer Loans | Pass | One-to-four family | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 458,248 |
Retail Consumer Loans | Pass | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 134,697 |
Retail Consumer Loans | Pass | HELOCs - purchased | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 71,119 |
Retail Consumer Loans | Pass | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 81,112 |
Retail Consumer Loans | Pass | Indirect auto finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 130,975 |
Retail Consumer Loans | Pass | Consumer | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 9,894 |
Retail Consumer Loans | Special Mention | One-to-four family | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 1,724 |
Retail Consumer Loans | Special Mention | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 902 |
Retail Consumer Loans | Special Mention | HELOCs - purchased | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Special Mention | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Special Mention | Indirect auto finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Special Mention | Consumer | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 4 |
Retail Consumer Loans | Substandard | One-to-four family | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 9,042 |
Retail Consumer Loans | Substandard | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 1,848 |
Retail Consumer Loans | Substandard | HELOCs - purchased | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 662 |
Retail Consumer Loans | Substandard | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 402 |
Retail Consumer Loans | Substandard | Indirect auto finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 1,328 |
Retail Consumer Loans | Substandard | Consumer | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 361 |
Retail Consumer Loans | Doubtful | One-to-four family | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 206 |
Retail Consumer Loans | Doubtful | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Doubtful | HELOCs - purchased | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Doubtful | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Doubtful | Indirect auto finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Doubtful | Consumer | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Loss | One-to-four family | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Loss | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Loss | HELOCs - purchased | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Loss | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Loss | Indirect auto finance | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | 0 |
Retail Consumer Loans | Loss | Consumer | |
Financing Receivable, Recorded Investment | |
Non-purchased and purchased performing loans | $ 0 |
Loans - Schedule of PCI Loans C
Loans - Schedule of PCI Loans Credit Quality Indicators (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Financing Receivable, Recorded Investment | |
Total loans | $ 2,756,138 |
Pass | |
Financing Receivable, Recorded Investment | |
Total loans | 2,694,017 |
Special Mention | |
Financing Receivable, Recorded Investment | |
Total loans | 33,803 |
Substandard | |
Financing Receivable, Recorded Investment | |
Total loans | 28,095 |
Doubtful | |
Financing Receivable, Recorded Investment | |
Total loans | 207 |
Loss | |
Financing Receivable, Recorded Investment | |
Total loans | 16 |
Commercial Loans | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 1,047,084 |
Commercial Loans | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 215,344 |
Commercial Loans | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 153,263 |
Commercial Loans | Pass | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 1,028,709 |
Commercial Loans | Pass | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 212,370 |
Commercial Loans | Pass | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 130,202 |
Commercial Loans | Special Mention | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 7,580 |
Commercial Loans | Special Mention | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 2,723 |
Commercial Loans | Special Mention | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 20,439 |
Commercial Loans | Substandard | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 10,779 |
Commercial Loans | Substandard | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 250 |
Commercial Loans | Substandard | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 2,622 |
Commercial Loans | Doubtful | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Commercial Loans | Doubtful | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 1 |
Commercial Loans | Doubtful | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Commercial Loans | Loss | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 16 |
Commercial Loans | Loss | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Commercial Loans | Loss | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Retail Consumer Loans | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 469,220 |
Retail Consumer Loans | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Total loans | 137,447 |
Retail Consumer Loans | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 81,514 |
Retail Consumer Loans | Pass | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 458,248 |
Retail Consumer Loans | Pass | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Total loans | 134,697 |
Retail Consumer Loans | Pass | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 81,112 |
Retail Consumer Loans | Special Mention | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 1,724 |
Retail Consumer Loans | Special Mention | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Total loans | 902 |
Retail Consumer Loans | Special Mention | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Retail Consumer Loans | Substandard | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 9,042 |
Retail Consumer Loans | Substandard | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Total loans | 1,848 |
Retail Consumer Loans | Substandard | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 402 |
Retail Consumer Loans | Doubtful | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 206 |
Retail Consumer Loans | Doubtful | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Retail Consumer Loans | Doubtful | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Retail Consumer Loans | Loss | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Retail Consumer Loans | Loss | HELOCs - originated | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Retail Consumer Loans | Loss | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | |
Financing Receivable, Recorded Investment | |
Total loans | 12,792 |
Purchased Credit Impaired (PCI) Loans | Pass | |
Financing Receivable, Recorded Investment | |
Total loans | 8,110 |
Purchased Credit Impaired (PCI) Loans | Special Mention | |
Financing Receivable, Recorded Investment | |
Total loans | 2,207 |
Purchased Credit Impaired (PCI) Loans | Substandard | |
Financing Receivable, Recorded Investment | |
Total loans | 2,472 |
Purchased Credit Impaired (PCI) Loans | Doubtful | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Loss | |
Financing Receivable, Recorded Investment | |
Total loans | 3 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 5,822 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 590 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 1,562 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Pass | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 3,181 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Pass | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 271 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Pass | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 1,556 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Special Mention | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 1,742 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Special Mention | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Special Mention | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Substandard | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 899 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Substandard | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 319 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Substandard | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 3 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Doubtful | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Doubtful | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Doubtful | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Loss | Commercial real estate | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Loss | Construction and development | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Commercial Loans | Loss | Commercial and industrial | |
Financing Receivable, Recorded Investment | |
Total loans | 3 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 4,473 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 345 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Pass | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 2,994 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Pass | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 108 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Special Mention | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 465 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Special Mention | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Substandard | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 1,014 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Substandard | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 237 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Doubtful | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Doubtful | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Loss | One-to-four family | |
Financing Receivable, Recorded Investment | |
Total loans | 0 |
Purchased Credit Impaired (PCI) Loans | Retail Consumer Loans | Loss | Construction and land/lots | |
Financing Receivable, Recorded Investment | |
Total loans | $ 0 |
Loans - Schedule of Past Due Fi
Loans - Schedule of Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 6,434 | $ 16,133 |
Current | 2,683,719 | 2,752,797 |
Total Loans | 2,690,153 | 2,768,930 |
30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,574 | 8,245 |
90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4,860 | 7,888 |
Commercial Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,885,758 | 1,861,588 |
Commercial Loans | PPP | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Current | 73,090 | 80,697 |
Total Loans | 73,090 | 80,697 |
Commercial Loans | 30-89 Days | PPP | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial Loans | 90 Days+ | PPP | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,863 | 7,420 |
Current | 1,086,315 | 1,045,486 |
Total Loans | 1,088,178 | 1,052,906 |
Commercial Loans | Commercial real estate | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 4,528 |
Commercial Loans | Commercial real estate | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,863 | 2,892 |
Commercial Loans | Construction and development | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 37 | 634 |
Current | 162,783 | 215,300 |
Total Loans | 162,820 | 215,934 |
Commercial Loans | Construction and development | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 293 |
Commercial Loans | Construction and development | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 37 | 341 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 34 | 91 |
Current | 140,545 | 154,734 |
Total Loans | 140,579 | 154,825 |
Commercial Loans | Commercial and industrial | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 12 | 0 |
Commercial Loans | Commercial and industrial | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 22 | 91 |
Commercial Loans | Equipment finance | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 328 | 801 |
Current | 291,622 | 228,438 |
Total Loans | 291,950 | 229,239 |
Commercial Loans | Equipment finance | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 303 |
Commercial Loans | Equipment finance | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 328 | 498 |
Commercial Loans | Municipal finance | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Current | 129,141 | 127,987 |
Total Loans | 129,141 | 127,987 |
Commercial Loans | Municipal finance | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial Loans | Municipal finance | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Retail Consumer Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 804,395 | 907,342 |
Retail Consumer Loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,870 | 4,826 |
Current | 427,131 | 468,867 |
Total Loans | 430,001 | 473,693 |
Retail Consumer Loans | One-to-four family | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 824 | 1,679 |
Retail Consumer Loans | One-to-four family | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,046 | 3,147 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 110 | 752 |
Current | 131,757 | 136,695 |
Total Loans | 131,867 | 137,447 |
Retail Consumer Loans | HELOCs - originated | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 32 | 442 |
Retail Consumer Loans | HELOCs - originated | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 78 | 310 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 147 | 261 |
Current | 45,939 | 71,520 |
Total Loans | 46,086 | 71,781 |
Retail Consumer Loans | HELOCs - purchased | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 50 | 214 |
Retail Consumer Loans | HELOCs - purchased | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 97 | 47 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 252 |
Current | 68,118 | 81,607 |
Total Loans | 68,118 | 81,859 |
Retail Consumer Loans | Construction and land/lots | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Retail Consumer Loans | Construction and land/lots | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 0 | 252 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 747 | 1,041 |
Current | 118,909 | 131,262 |
Total Loans | 119,656 | 132,303 |
Retail Consumer Loans | Indirect auto finance | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 385 | 756 |
Retail Consumer Loans | Indirect auto finance | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 362 | 285 |
Retail Consumer Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 298 | 55 |
Current | 8,369 | 10,204 |
Total Loans | 8,667 | 10,259 |
Retail Consumer Loans | Consumer | 30-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 271 | 30 |
Retail Consumer Loans | Consumer | 90 Days+ | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | $ 27 | $ 25 |
Loans - Schedule of Past Due Lo
Loans - Schedule of Past Due Loans Still Accruing and Nonaccruing Interest (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | $ 13,225 | $ 15,923 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 5,574 | |
Interest income recognized | 905 | |
Purchased Credit Impaired (PCI) Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 486 | |
Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 7,764 | 8,869 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 4,369 | |
Interest income recognized | 371 | |
Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 498 | 465 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 80 | |
Interest income recognized | 53 | |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 59 | 259 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 22 | |
Interest income recognized | 68 | |
Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 310 | 801 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 291 | |
Interest income recognized | 104 | |
Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 0 | 0 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 0 | |
Interest income recognized | 0 | |
Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 3,132 | 3,582 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 812 | |
Interest income recognized | 161 | |
Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 253 | 531 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 0 | |
Interest income recognized | 36 | |
Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 245 | 662 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 0 | |
Interest income recognized | 39 | |
Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 22 | 37 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 0 | |
Interest income recognized | 0 | |
Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 642 | 668 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 0 | |
Interest income recognized | 66 | |
Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Nonaccrual loans | 300 | $ 49 |
90 Days + & still accruing as of March 31, 2021 | 0 | |
Nonaccrual with no allowance as of March 31, 2021 | 0 | |
Interest income recognized | $ 7 |
Loans Loans - Narrative (Detail
Loans Loans - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2021 | Jul. 01, 2020 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable | |||
Nonaccrual loans | $ 13,225 | $ 15,923 | |
Reserve for credit losses for off-balance sheet credit exposures included in other liabilities | 2,298 | $ 0 | |
PCI | |||
Accounts, Notes, Loans and Financing Receivable | |||
Nonaccrual loans | 486 | ||
Coronavirus Aid, Relief, And Economic Securities Act, Short-Term Modifications | Retail Consumer Loans | |||
Accounts, Notes, Loans and Financing Receivable | |||
Total modifications | 1,182 | ||
Coronavirus Aid, Relief, And Economic Securities Act, Short-Term Modifications | Commercial Loans | |||
Accounts, Notes, Loans and Financing Receivable | |||
Total modifications | 81,328 | ||
Amount of loans on interest-only payments | $ 76,753 | ||
Maximum period of interest-only payments | 12 months |
Loans - Schedule of Troubled De
Loans - Schedule of Troubled Debt Restructurings Performing and Excluded from Nonaccruing Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Performing financing receivable | ||
Financing Receivable, Modifications | ||
Performing TDRs | $ 11,941 | $ 13,153 |
Loans - Breakdown of Provision
Loans - Breakdown of Provision (Benefit) For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Provision (benefit) for credit losses: | ||||
Loans | $ (3,970) | $ 5,400 | $ (6,370) | $ 5,800 |
Off-balance-sheet credit exposure | (130) | 0 | 10 | 0 |
Commercial paper | 0 | 0 | 180 | 0 |
Total provision (benefit) for credit losses | $ (4,100) | $ 5,400 | $ (6,180) | $ 5,800 |
Loans - Schedule of Allowance f
Loans - Schedule of Allowance for Credit Losses on Financing Receivables Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | $ 39,844 | $ 22,031 | $ 28,072 | [1] | $ 21,429 |
Provision (benefit) for credit losses | (3,970) | 5,400 | (6,370) | 5,800 | |
Charge-offs | (425) | (1,001) | (2,763) | (2,126) | |
Recoveries | 610 | 420 | 2,311 | 1,747 | |
Net recoveries (charge-offs) | 185 | (452) | |||
Balance at end of period | 36,059 | 26,850 | 36,059 | 26,850 | |
Impact of adoption ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 0 | 14,809 | |||
Retail Consumer Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 14,945 | 5,400 | 6,956 | 6,419 | |
Provision (benefit) for credit losses | (2,220) | 1,519 | (4,620) | (80) | |
Charge-offs | (318) | (295) | (1,253) | (678) | |
Recoveries | 254 | 359 | 842 | 1,322 | |
Net recoveries (charge-offs) | (64) | (411) | |||
Balance at end of period | 12,661 | 6,983 | 12,661 | 6,983 | |
Retail Consumer Loans | Impact of adoption ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 0 | 10,736 | |||
Commercial Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 24,899 | 16,479 | 21,116 | 14,809 | |
Provision (benefit) for credit losses | (1,750) | 3,851 | (1,750) | 5,899 | |
Charge-offs | (107) | (706) | (1,510) | (1,448) | |
Recoveries | 356 | 61 | 1,469 | 425 | |
Net recoveries (charge-offs) | 249 | (41) | |||
Balance at end of period | 23,398 | 19,685 | 23,398 | 19,685 | |
Commercial Loans | Impact of adoption ASU 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | $ 0 | 4,073 | |||
Purchased Credit Impaired (PCI) Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 152 | $ 182 | 201 | ||
Provision (benefit) for credit losses | 30 | (19) | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Balance at end of period | $ 182 | $ 182 | |||
[1] | Derived from audited financial statements. |
Loans - Schedule of Ending Bala
Loans - Schedule of Ending Balances of Loans and the Related Allowance by Segment and Class (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | $ 96 | $ 1,258 | ||||||
Allowance for credit losses, Loans collectively evaluated | 35,963 | 26,632 | ||||||
Allowance for credit losses, Total | 36,059 | $ 39,844 | $ 28,072 | 28,072 | [1] | $ 26,850 | $ 22,031 | $ 21,429 |
Total loans receivable, Loans individually evaluated for impairment | 9,727 | 14,486 | ||||||
Total loans receivable, Loans collectively evaluated | 2,680,426 | 2,741,652 | ||||||
Total loans receivable | 2,690,153 | 2,768,930 | ||||||
Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 182 | 182 | 152 | 201 | ||||
Total loans receivable | 12,792 | |||||||
Retail Consumer Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 12,661 | 14,945 | 6,956 | 6,956 | 6,983 | 5,400 | 6,419 | |
Total loans receivable | 804,395 | 907,342 | ||||||
Retail Consumer Loans | One-to-four family | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 6 | 52 | ||||||
Allowance for credit losses, Loans collectively evaluated | 6,550 | 2,400 | ||||||
Allowance for credit losses, Total | 6,556 | 2,469 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 2,323 | 4,304 | ||||||
Total loans receivable, Loans collectively evaluated | 427,678 | 464,916 | ||||||
Total loans receivable | 430,001 | 473,693 | ||||||
Retail Consumer Loans | One-to-four family | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 17 | |||||||
Total loans receivable | 4,473 | |||||||
Retail Consumer Loans | HELOCs - originated | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | ||||||
Allowance for credit losses, Loans collectively evaluated | 1,591 | 1,344 | ||||||
Allowance for credit losses, Total | 1,591 | 1,344 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | ||||||
Total loans receivable, Loans collectively evaluated | 131,867 | 137,447 | ||||||
Total loans receivable | 131,867 | 137,447 | ||||||
Retail Consumer Loans | HELOCs - originated | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 0 | |||||||
Total loans receivable | 0 | |||||||
Retail Consumer Loans | HELOCs - purchased | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | ||||||
Allowance for credit losses, Loans collectively evaluated | 556 | 430 | ||||||
Allowance for credit losses, Total | 556 | 430 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | ||||||
Total loans receivable, Loans collectively evaluated | 46,086 | 71,781 | ||||||
Total loans receivable | 46,086 | 71,781 | ||||||
Retail Consumer Loans | HELOCs - purchased | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 0 | |||||||
Total loans receivable | 0 | |||||||
Retail Consumer Loans | Construction and land/lots | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | ||||||
Allowance for credit losses, Loans collectively evaluated | 1,006 | 1,409 | ||||||
Allowance for credit losses, Total | 1,006 | 1,442 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 296 | ||||||
Total loans receivable, Loans collectively evaluated | 68,118 | 81,218 | ||||||
Total loans receivable | 68,118 | 81,859 | ||||||
Retail Consumer Loans | Construction and land/lots | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 33 | |||||||
Total loans receivable | 345 | |||||||
Retail Consumer Loans | Indirect auto finance | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | ||||||
Allowance for credit losses, Loans collectively evaluated | 2,745 | 1,136 | ||||||
Allowance for credit losses, Total | 2,745 | 1,136 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 10 | ||||||
Total loans receivable, Loans collectively evaluated | 119,656 | 132,293 | ||||||
Total loans receivable | 119,656 | 132,303 | ||||||
Retail Consumer Loans | Indirect auto finance | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 0 | |||||||
Total loans receivable | 0 | |||||||
Retail Consumer Loans | Consumer | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | ||||||
Allowance for credit losses, Loans collectively evaluated | 207 | 135 | ||||||
Allowance for credit losses, Total | 207 | 135 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | ||||||
Total loans receivable, Loans collectively evaluated | 8,667 | 10,259 | ||||||
Total loans receivable | 8,667 | 10,259 | ||||||
Retail Consumer Loans | Consumer | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 0 | |||||||
Total loans receivable | 0 | |||||||
Commercial Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 23,398 | $ 24,899 | $ 21,116 | 21,116 | $ 19,685 | $ 16,479 | $ 14,809 | |
Total loans receivable | 1,885,758 | 1,861,588 | ||||||
Commercial Loans | PPP | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | ||||||
Allowance for credit losses, Loans collectively evaluated | 0 | 0 | ||||||
Allowance for credit losses, Total | 0 | 0 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | ||||||
Total loans receivable, Loans collectively evaluated | 73,090 | 80,697 | ||||||
Total loans receivable | 73,090 | 80,697 | ||||||
Commercial Loans | Purchased Credit Impaired (PCI) Loans | PPP | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 0 | |||||||
Total loans receivable | 0 | |||||||
Commercial Loans | Commercial real estate | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 83 | 961 | ||||||
Allowance for credit losses, Loans collectively evaluated | 12,184 | 10,731 | ||||||
Allowance for credit losses, Total | 12,267 | 11,805 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 6,252 | 7,924 | ||||||
Total loans receivable, Loans collectively evaluated | 1,081,926 | 1,039,160 | ||||||
Total loans receivable | 1,088,178 | 1,052,906 | ||||||
Commercial Loans | Commercial real estate | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 113 | |||||||
Total loans receivable | 5,822 | |||||||
Commercial Loans | Construction and development | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 5 | ||||||
Allowance for credit losses, Loans collectively evaluated | 1,837 | 3,599 | ||||||
Allowance for credit losses, Total | 1,837 | 3,608 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 8 | 299 | ||||||
Total loans receivable, Loans collectively evaluated | 162,812 | 215,045 | ||||||
Total loans receivable | 162,820 | 215,934 | ||||||
Commercial Loans | Construction and development | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 4 | |||||||
Total loans receivable | 590 | |||||||
Commercial Loans | Commercial and industrial | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 31 | ||||||
Allowance for credit losses, Loans collectively evaluated | 2,645 | 2,153 | ||||||
Allowance for credit losses, Total | 2,645 | 2,199 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 780 | 852 | ||||||
Total loans receivable, Loans collectively evaluated | 139,799 | 152,411 | ||||||
Total loans receivable | 140,579 | 154,825 | ||||||
Commercial Loans | Commercial and industrial | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 15 | |||||||
Total loans receivable | 1,562 | |||||||
Commercial Loans | Equipment finance | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 7 | 209 | ||||||
Allowance for credit losses, Loans collectively evaluated | 6,196 | 2,598 | ||||||
Allowance for credit losses, Total | 6,203 | 2,807 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 364 | 801 | ||||||
Total loans receivable, Loans collectively evaluated | 291,586 | 228,438 | ||||||
Total loans receivable | 291,950 | 229,239 | ||||||
Commercial Loans | Equipment finance | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 0 | |||||||
Total loans receivable | 0 | |||||||
Commercial Loans | Municipal finance | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Loans individually evaluated for impairment | 0 | 0 | ||||||
Allowance for credit losses, Loans collectively evaluated | 446 | 697 | ||||||
Allowance for credit losses, Total | 446 | 697 | ||||||
Total loans receivable, Loans individually evaluated for impairment | 0 | 0 | ||||||
Total loans receivable, Loans collectively evaluated | 129,141 | 127,987 | ||||||
Total loans receivable | $ 129,141 | 127,987 | ||||||
Commercial Loans | Municipal finance | Purchased Credit Impaired (PCI) Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses, Total | 0 | |||||||
Total loans receivable | $ 0 | |||||||
[1] | Derived from audited financial statements. |
Loans - Schedule of Impaired Lo
Loans - Schedule of Impaired Loans and Related Allowance by Segment and Class (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Financing Receivable, Impaired | |
Unpaid principal balance | $ 46,865 |
Recorded investment with a recorded allowance | 24,566 |
Recorded investment with no recorded allowance | 5,663 |
Total | 30,229 |
Related recorded allowance | 1,708 |
Impaired loans not individually evaluated | 15,743 |
Recorded allowance of impaired loans not individually evaluated | 450 |
Commercial Loans | Commercial real estate | |
Financing Receivable, Impaired | |
Unpaid principal balance | 10,401 |
Recorded investment with a recorded allowance | 8,062 |
Recorded investment with no recorded allowance | 1,068 |
Total | 9,130 |
Related recorded allowance | 976 |
Commercial Loans | Construction and development | |
Financing Receivable, Impaired | |
Unpaid principal balance | 1,785 |
Recorded investment with a recorded allowance | 818 |
Recorded investment with no recorded allowance | 80 |
Total | 898 |
Related recorded allowance | 11 |
Commercial Loans | Commercial and industrial | |
Financing Receivable, Impaired | |
Unpaid principal balance | 9,782 |
Recorded investment with a recorded allowance | 1,058 |
Recorded investment with no recorded allowance | 26 |
Total | 1,084 |
Related recorded allowance | 34 |
Commercial Loans | Equipment finance | |
Financing Receivable, Impaired | |
Unpaid principal balance | 2,631 |
Recorded investment with a recorded allowance | 303 |
Recorded investment with no recorded allowance | 498 |
Total | 801 |
Related recorded allowance | 209 |
Retail Consumer Loans | One-to-four family | |
Financing Receivable, Impaired | |
Unpaid principal balance | 16,560 |
Recorded investment with a recorded allowance | 10,805 |
Recorded investment with no recorded allowance | 3,374 |
Total | 14,179 |
Related recorded allowance | 412 |
Retail Consumer Loans | HELOCs - originated | |
Financing Receivable, Impaired | |
Unpaid principal balance | 2,087 |
Recorded investment with a recorded allowance | 1,585 |
Recorded investment with no recorded allowance | 53 |
Total | 1,638 |
Related recorded allowance | 43 |
Retail Consumer Loans | HELOCs - purchased | |
Financing Receivable, Impaired | |
Unpaid principal balance | 662 |
Recorded investment with a recorded allowance | 662 |
Recorded investment with no recorded allowance | 0 |
Total | 662 |
Related recorded allowance | 3 |
Retail Consumer Loans | Construction and land/lots | |
Financing Receivable, Impaired | |
Unpaid principal balance | 1,585 |
Recorded investment with a recorded allowance | 749 |
Recorded investment with no recorded allowance | 296 |
Total | 1,045 |
Related recorded allowance | 13 |
Retail Consumer Loans | Indirect auto finance | |
Financing Receivable, Impaired | |
Unpaid principal balance | 1,075 |
Recorded investment with a recorded allowance | 486 |
Recorded investment with no recorded allowance | 241 |
Total | 727 |
Related recorded allowance | 5 |
Retail Consumer Loans | Consumer | |
Financing Receivable, Impaired | |
Unpaid principal balance | 297 |
Recorded investment with a recorded allowance | 38 |
Recorded investment with no recorded allowance | 27 |
Total | 65 |
Related recorded allowance | $ 2 |
Loans - Schedule of Average Rec
Loans - Schedule of Average Recorded Investment in Loans, Interest Income Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2020 | Mar. 31, 2020 | |
Financing Receivable, Impaired | ||
Average recorded investment | $ 29,442 | $ 30,295 |
Interest income recognized | 341 | 1,169 |
Retail Consumer Loans | One-to-four family | ||
Financing Receivable, Impaired | ||
Average recorded investment | 14,189 | 14,861 |
Interest income recognized | 175 | 560 |
Retail Consumer Loans | HELOCs - originated | ||
Financing Receivable, Impaired | ||
Average recorded investment | 1,724 | 1,706 |
Interest income recognized | 23 | 76 |
Retail Consumer Loans | HELOCs - purchased | ||
Financing Receivable, Impaired | ||
Average recorded investment | 474 | 524 |
Interest income recognized | 30 | 37 |
Retail Consumer Loans | Construction and land/lots | ||
Financing Receivable, Impaired | ||
Average recorded investment | 1,091 | 1,174 |
Interest income recognized | 19 | 63 |
Retail Consumer Loans | Indirect auto finance | ||
Financing Receivable, Impaired | ||
Average recorded investment | 625 | 506 |
Interest income recognized | 8 | 42 |
Retail Consumer Loans | Consumer | ||
Financing Receivable, Impaired | ||
Average recorded investment | 53 | 229 |
Interest income recognized | 3 | 9 |
Commercial Loans | Commercial real estate | ||
Financing Receivable, Impaired | ||
Average recorded investment | 8,728 | 8,496 |
Interest income recognized | 59 | 237 |
Commercial Loans | Construction and development | ||
Financing Receivable, Impaired | ||
Average recorded investment | 712 | 1,323 |
Interest income recognized | 10 | 36 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Impaired | ||
Average recorded investment | 1,119 | 812 |
Interest income recognized | 11 | 103 |
Commercial Loans | Equipment finance | ||
Financing Receivable, Impaired | ||
Average recorded investment | 727 | 664 |
Interest income recognized | $ 3 | $ 6 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Changes in Accretable Yield [Roll Forward] | ||
Accretable yield, beginning of period | $ 4,355 | $ 5,259 |
Reclass from nonaccretable yield | 171 | 421 |
Other changes, net | (23) | (332) |
Interest income | (378) | (1,223) |
Accretable yield, end of period | $ 4,125 | $ 4,125 |
Loans - Breakdown Between Loans
Loans - Breakdown Between Loans Identified as CDAs and Non-CDAs (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | $ 2,690,153 | $ 2,768,930 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 1,885,758 | 1,861,588 |
Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 73,090 | 80,697 |
Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 1,088,178 | 1,052,906 |
Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 162,820 | 215,934 |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 140,579 | 154,825 |
Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 291,950 | 229,239 |
Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 129,141 | 127,987 |
Retail Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 804,395 | 907,342 |
Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 430,001 | 473,693 |
Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 131,867 | 137,447 |
Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 46,086 | 71,781 |
Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 68,118 | 81,859 |
Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 119,656 | 132,303 |
Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 8,667 | $ 10,259 |
Residential Property | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 812 | |
Total Collateral Value | 1,034 | |
Residential Property | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 812 | |
Residential Property | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Residential Property | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 3,880 | |
Total Collateral Value | 3,924 | |
Investment Property | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 3,800 | |
Investment Property | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 80 | |
Investment Property | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Investment Property | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 2,452 | |
Total Collateral Value | 2,506 | |
Commercial Property | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 2,452 | |
Commercial Property | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Commercial Property | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 104 | |
Total Collateral Value | 180 | |
Business Assets | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 25 | |
Business Assets | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 79 | |
Business Assets | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Business Assets | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 0 | |
Financial Assets Not Considered Collateral Dependent | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 2,682,905 | |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | PPP | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 73,090 | |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 1,081,926 | |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 162,740 | |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 140,554 | |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 291,871 | |
Financial Assets Not Considered Collateral Dependent | Commercial Loans | Municipal finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 129,141 | |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 429,189 | |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | HELOCs - originated | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 131,867 | |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | HELOCs - purchased | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 46,086 | |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | Construction and land/lots | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 68,118 | |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | Indirect auto finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | 119,656 | |
Financial Assets Not Considered Collateral Dependent | Retail Consumer Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans receivable | $ 8,667 |
Loans - Schedule of Debt Restru
Loans - Schedule of Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Modifications | ||||
Number of loans | loan | 7 | 3 | 19 | 14 |
Pre-modification outstanding recorded investment | $ 293 | $ 349 | $ 5,105 | $ 1,617 |
Post-modification outstanding recorded investment | $ 318 | $ 347 | $ 5,071 | $ 1,494 |
Below Market Interest Rate | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 88 | ||
Post-modification outstanding recorded investment | $ 0 | $ 87 | ||
Extended Payment Terms | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 3 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 896 | ||
Post-modification outstanding recorded investment | $ 0 | $ 893 | ||
Other TDR | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 19 | 10 | ||
Pre-modification outstanding recorded investment | $ 5,105 | $ 633 | ||
Post-modification outstanding recorded investment | $ 5,071 | $ 514 | ||
Commercial Loans | Commercial real estate | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 30 | ||
Post-modification outstanding recorded investment | $ 0 | $ 30 | ||
Commercial Loans | Below Market Interest Rate | Commercial real estate | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 88 | ||
Post-modification outstanding recorded investment | $ 0 | $ 87 | ||
Commercial Loans | Extended Payment Terms | Commercial and industrial | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 826 | ||
Post-modification outstanding recorded investment | $ 0 | $ 826 | ||
Commercial Loans | Other TDR | Commercial real estate | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 30 | ||
Post-modification outstanding recorded investment | $ 0 | $ 30 | ||
Commercial Loans | Other TDR | Construction and development | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 1 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 182 | ||
Post-modification outstanding recorded investment | $ 0 | $ 79 | ||
Commercial Loans | Other TDR | Commercial and industrial | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 1 | 0 | ||
Pre-modification outstanding recorded investment | $ 4,408 | $ 0 | ||
Post-modification outstanding recorded investment | $ 4,407 | $ 0 | ||
Retail Consumer Loans | One-to-four family | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 2 | 2 | ||
Pre-modification outstanding recorded investment | $ 212 | $ 319 | ||
Post-modification outstanding recorded investment | $ 212 | $ 317 | ||
Retail Consumer Loans | HELOCs - originated | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 2 | 0 | ||
Pre-modification outstanding recorded investment | $ 53 | $ 0 | ||
Post-modification outstanding recorded investment | $ 74 | $ 0 | ||
Retail Consumer Loans | Indirect auto finance | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 3 | 0 | ||
Pre-modification outstanding recorded investment | $ 28 | $ 0 | ||
Post-modification outstanding recorded investment | $ 32 | $ 0 | ||
Retail Consumer Loans | Consumer | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 0 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 0 | ||
Post-modification outstanding recorded investment | $ 0 | $ 0 | ||
Retail Consumer Loans | Extended Payment Terms | One-to-four family | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 2 | ||
Pre-modification outstanding recorded investment | $ 0 | $ 70 | ||
Post-modification outstanding recorded investment | $ 0 | $ 67 | ||
Retail Consumer Loans | Other TDR | One-to-four family | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 4 | 4 | ||
Pre-modification outstanding recorded investment | $ 269 | $ 353 | ||
Post-modification outstanding recorded investment | $ 261 | $ 348 | ||
Retail Consumer Loans | Other TDR | HELOCs - originated | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 2 | 0 | ||
Pre-modification outstanding recorded investment | $ 53 | $ 0 | ||
Post-modification outstanding recorded investment | $ 74 | $ 0 | ||
Retail Consumer Loans | Other TDR | Construction and land/lots | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 1 | 0 | ||
Pre-modification outstanding recorded investment | $ 225 | $ 0 | ||
Post-modification outstanding recorded investment | $ 219 | $ 0 | ||
Retail Consumer Loans | Other TDR | Indirect auto finance | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 11 | 4 | ||
Pre-modification outstanding recorded investment | $ 150 | $ 68 | ||
Post-modification outstanding recorded investment | $ 110 | $ 57 |
Loans - Schedule of Troubled _2
Loans - Schedule of Troubled Debt Restructurings With Payment Default (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Modifications | ||||
Number of loans | loan | 1 | 0 | 2 | 2 |
Recorded investment | $ | $ 1 | $ 0 | $ 26 | $ 49 |
Retail Consumer Loans | Other TDR | One-to-four family | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 0 | 2 | ||
Recorded investment | $ | $ 0 | $ 49 | ||
Retail Consumer Loans | Other TDR | Indirect auto finance | ||||
Financing Receivable, Modifications | ||||
Number of loans | loan | 1 | 0 | 2 | 0 |
Recorded investment | $ | $ 1 | $ 0 | $ 26 | $ 0 |
Loans Loans - Schedule of Payme
Loans Loans - Schedule of Payment Deferrals by Loan Type (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable | ||
Deferral | $ 5,757 | $ 551,331 |
Percent of Total Loan Portfolio | 0.20% | 20.60% |
Lodging | ||
Accounts, Notes, Loans and Financing Receivable | ||
Deferral | $ 0 | $ 108,171 |
Percent of Total Loan Portfolio | 0.00% | 4.00% |
Other commercial real estate, construction and development, and commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Deferral | $ 2,193 | $ 367,443 |
Percent of Total Loan Portfolio | 0.10% | 13.70% |
Equipment finance | ||
Accounts, Notes, Loans and Financing Receivable | ||
Deferral | $ 2,382 | $ 33,693 |
Percent of Total Loan Portfolio | 0.10% | 1.30% |
One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Deferral | $ 0 | $ 36,821 |
Percent of Total Loan Portfolio | 0.00% | 1.40% |
Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Deferral | $ 1,182 | $ 5,203 |
Percent of Total Loan Portfolio | 0.00% | 0.20% |
Real Estate Owned (Details)
Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | ||
Real Estate Properties [Line Items] | ||||||
Balance at beginning of period | $ 252 | $ 1,451 | $ 337 | [1] | $ 2,929 | |
Transfers from loans | 0 | 0 | 108 | 46 | ||
Sales, net of gain or loss | (109) | (376) | (302) | (1,722) | ||
Writedowns | 0 | 0 | 0 | (178) | ||
Balance at end of period | 143 | $ 1,075 | 143 | $ 1,075 | ||
Consumer | Retail Consumer Loans | ||||||
Real Estate Properties [Line Items] | ||||||
Balance at beginning of period | 97 | |||||
Balance at end of period | 0 | 0 | ||||
Residential real estate in the process of foreclosure | $ 0 | $ 0 | $ 1,318 | |||
[1] | Derived from audited financial statements. |
Net Income per Share - Schedule
Net Income per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||||
Net income | $ 7,869 | $ 1,193 | $ 23,083 | $ 19,188 |
Allocation of earnings to participating securities | (72) | (11) | (209) | (167) |
Numerator for basic EPS - Net income available to common stockholders | 7,797 | 1,182 | 22,874 | 19,021 |
Dilutive effect to participating securities | 2 | 2 | 2 | 6 |
Numerator for diluted EPS | $ 7,799 | $ 1,184 | $ 22,876 | $ 19,027 |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 15,979,590 | 16,688,646 | 16,139,059 | 16,898,391 |
Effect of dilutive shares | 506,128 | 569,782 | 200,071 | 625,861 |
Weighted-average common shares outstanding - diluted | 16,485,718 | 17,258,428 | 16,339,130 | 17,524,252 |
Net income per share - basic (in dollars per share) | $ 0.49 | $ 0.07 | $ 1.42 | $ 1.12 |
Net income per share - diluted (in dollars per share) | $ 0.48 | $ 0.07 | $ 1.40 | $ 1.08 |
Net Income per Share - Antidilu
Net Income per Share - Antidilutive Stock Options (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 524,850 | 506,800 | 524,850 | 506,800 |
Equity Incentive Plan - Narrati
Equity Incentive Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 17, 2013 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2013 |
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) | 239,750 | 312,500 | ||||
Remaining contractual life (years) | 4 years 4 months 24 days | 3 years 10 months 24 days | 4 years 7 months 6 days | 5 years | ||
Options outstanding (in shares) | 312,500 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost not yet recognized | $ 1,460 | $ 1,853 | ||||
Compensation cost not yet recognized, period for recognition (in years) | 2 years | 2 years | ||||
Stock Options | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Remaining contractual life (years) | 5 years | |||||
Stock Options | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Remaining contractual life (years) | 5 years | |||||
Performance Restricted Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested (in shares) | 28,852 | 21,625 | ||||
Vesting period | 3 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 10 months 24 days | 2 years | ||||
Compensation not yet recognized, share-based awards other than options | $ 3,196 | $ 3,736 | ||||
Non-vested (in shares) | 144,046 | 147,647 | 148,731 | 123,800 | ||
Restricted Stock | Vesting Period One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | 3 years | ||||
Restricted Stock | Vesting Period Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 5 years | 5 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, directors emeritus, 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 | |||||
Shares repurchased (in shares) | 846,400 | |||||
Shares repurchased, amount | $ 13,297 | |||||
Shares repurchased, average cost per share (in usd per share) | $ 15.71 |
Equity Incentive Plan Equity In
Equity Incentive Plan Equity Incentive Plan - Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Share-based compensation expense | $ 489 | $ 458 | $ 1,449 | $ 1,341 |
Share-based compensation expense, tax related benefit | $ 115 | $ 108 | $ 341 | $ 315 |
Equity Incentive Plan - Stock O
Equity Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2019 | |
Options | ||||
Options Outstanding, Beginning of Period (in shares) | 1,610,500 | 1,615,500 | 1,657,214 | |
Granted (in shares) | 44,750 | 61,000 | ||
Exercised (in shares) | 172,866 | 106,914 | ||
Forfeited (in shares) | 26,900 | 800 | ||
Options Outstanding, End of period (in shares) | 1,615,500 | 1,460,484 | 1,610,500 | 1,657,214 |
Exercisable (in shares) | 1,220,734 | 1,298,000 | ||
Weighted- average exercise price | ||||
Options Outstanding, Beginning of Period (in usd per share) | $ 18.13 | $ 18.12 | $ 17.59 | |
Granted (in usd per share) | 22.92 | 26.40 | ||
Exercised (in usd per share) | 14.40 | 14.41 | ||
Forfeited (in usd per share) | 25.77 | 17.35 | ||
Options Outstanding, End of Period (in usd per share) | $ 18.12 | 18.57 | 18.13 | $ 17.59 |
Exercisable (in usd per share) | $ 17.24 | $ 15.45 | ||
Remaining contractual life (years) | 4 years 4 months 24 days | 3 years 10 months 24 days | 4 years 7 months 6 days | 5 years |
Exercisable (in years) | 3 years 2 months 12 days | 3 years 8 months 12 days | ||
Aggregate intrinsic value | $ 1,711 | $ 9,268 | $ 1,617 | $ 12,909 |
Aggregate intrinsic value | $ 9,152 | $ 1,617 | ||
Non-vested Options | ||||
Nonvested, number of shares (in shares) | 239,750 | 312,500 | ||
Nonvested, weighted average grant date fair value (in dollars per share) | $ 25.31 | $ 25.86 | ||
Nonvested, contractual term (in years) | 7 years 8 months 12 days | 8 years 2 months 12 days | ||
Nonvested, intrinsic value | $ 116 | $ 0 |
Equity Incentive Plan - Assumpt
Equity Incentive Plan - Assumptions Used in Estimating Fair Value (Details) - $ / shares | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Weighted-average volatility | 28.30% | 17.77% |
Expected dividend yield | 1.35% | 0.98% |
Risk-free interest rate | 0.72% | 1.50% |
Expected life (years) | 6 years 6 months | 6 years 6 months |
Weighted-average fair value of options granted (in dollars per share) | $ 5.61 | $ 4.79 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Nonvested Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
Weighted- average grant date fair value | ||||
Aggregate intrinsic value | $ 9,152 | $ 1,617 | ||
Restricted Stock | ||||
Restricted stock awards | ||||
Non-vested, Beginning Balance (in shares) | 144,046 | 123,800 | ||
Granted (in shares) | 56,547 | 65,556 | ||
Vested (in shares) | 45,296 | 37,425 | ||
Forfeited (in shares) | 7,650 | 3,200 | ||
Non-vested, Ending Balance (in shares) | 147,647 | 148,731 | ||
Weighted- average grant date fair value | ||||
Non-vested, Beginning Balance (in usd per share) | $ 25.89 | $ 24.65 | ||
Granted (in usd per share) | 22.92 | 26.76 | ||
Vested (in usd per share) | 25.17 | 22.90 | ||
Forfeitures (in dollars per share) | 25.65 | 20.62 | ||
Non-vested, Ending Balance (in usd per share) | $ 24.98 | $ 26.11 | ||
Aggregate intrinsic value | $ 2,118,734 | $ 2,638 | $ 2,305 | $ 3,322 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | |
Other Commitments | ||
Unused commitments to extend credit | $ 146,578 | $ 57,798 |
Variable rate commitments | 24,883 | 10,678 |
Fixed rate commitments | 121,695 | 47,120 |
Remaining borrowing capacity | 556,501 | 398,781 |
Letters of credit outstanding | $ 9,213 | $ 7,766 |
Minimum | ||
Other Commitments | ||
Fixed interest rate (as a percent) | 1.08% | 1.74% |
Loan Commitments Terms | 3 years | |
Maximum | ||
Other Commitments | ||
Fixed interest rate (as a percent) | 8.78% | 8.54% |
Loan Commitments Terms | 30 years | |
Construction and development | ||
Other Commitments | ||
Unused commitments to extend credit | $ 217,142 | $ 141,557 |
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 | Mar. 31, 2021 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 162,417 | $ 127,537 |
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 | 162,417 | 127,537 |
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 | 19,108 | 4,173 |
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 | 19,108 | 4,173 |
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 |
Residential MBS of U.S. government agencies and GSEs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 42,237 | 48,355 |
Residential MBS of U.S. government agencies and GSEs | 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 |
Residential MBS of U.S. government agencies and GSEs | 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 | 42,237 | 48,355 |
Residential MBS of U.S. government agencies and GSEs | 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 | 9,600 | 16,631 |
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 | 9,600 | 16,631 |
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 | 91,472 | 58,378 |
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 | 91,472 | 58,378 |
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 | Mar. 31, 2021 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 9,265 | |
Individually evaluated 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 | $ 10,188 | 9,168 |
REO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | 97 | |
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 | |
Fair Value, Inputs, Level 1 | Individually evaluated 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 | REO | ||
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 | |
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 | |
Fair Value, Inputs, Level 2 | Individually evaluated 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 | REO | ||
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 | |
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 | 9,265 | |
Fair Value, Inputs, Level 3 | Individually evaluated 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 | $ 10,188 | 9,168 |
Fair Value, Inputs, Level 3 | REO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets measured at fair value on a non-recurring basis | $ 97 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) |
Minimum | Fair Value, Inputs, Level 3 | Individually evaluated loans | Collateral discounts | ||
Level 3 fair value measurements during the period | 0 | |
Maximum | Fair Value, Inputs, Level 3 | Individually evaluated loans | Collateral discounts | ||
Level 3 fair value measurements during the period | 0.52 | |
Maximum | Fair Value, Inputs, Level 3 | Individually evaluated loans | Discount Spread | ||
Level 3 fair value measurements during the period | 0.02 | |
Weighted Average | Fair Value, Inputs, Level 3 | Individually evaluated loans | Collateral discounts and discount spread | ||
Level 3 fair value measurements during the period | 0.17 | |
Fair Value, Measurements, Nonrecurring | ||
Fair value | $ 9,265 | |
Fair Value, Measurements, Nonrecurring | Individually evaluated loans | ||
Fair value | $ 10,188 | 9,168 |
Fair Value, Measurements, Nonrecurring | REO | ||
Fair value | 97 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair value | 9,265 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Individually evaluated loans | ||
Fair value | $ 10,188 | 9,168 |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | REO | ||
Fair value | $ 97 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Fair Value, Inputs, Level 1 | Cash and interest-bearing deposits | ||
Financial Instruments Owned | $ 164,095 | $ 121,622 |
Fair Value, Inputs, Level 1 | Commercial paper | ||
Financial Instruments Owned | 238,445 | 304,967 |
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 | 12,152 | 23,309 |
Fair Value, Inputs, Level 1 | FRB Stock | ||
Financial Instruments Owned | 7,379 | 7,368 |
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 | 208 |
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 | 42,015 | 55,689 |
Fair Value, Inputs, Level 2 | Securities available for sale | ||
Financial Instruments Owned | 162,417 | 127,537 |
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 | 582 | 744 |
Fair Value, Inputs, Level 2 | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 1,255,951 | 1,012,200 |
Fair Value, Inputs, Level 2 | Money market accounts | ||
Financial Instruments Owned | 927,519 | 836,738 |
Fair Value, Inputs, Level 2 | Savings accounts | ||
Financial Instruments Owned | 221,537 | 197,676 |
Fair Value, Inputs, Level 2 | Certificates of deposit | ||
Financial Instruments Owned | 505,865 | 745,078 |
Fair Value, Inputs, Level 2 | Other borrowings | ||
Financial Instruments Owned | 291,259 | 511,529 |
Fair Value, Inputs, Level 2 | Accrued interest payable | ||
Financial Instruments Owned | 388 | 1,087 |
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 | 2,633,221 | 2,692,265 |
Fair Value, Inputs, Level 3 | Loans held for sale | ||
Financial Instruments Owned | 88,292 | 78,129 |
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 | 9,368 | 8,269 |
Fair Value, Inputs, Level 3 | Accrued interest receivable | ||
Financial Instruments Owned | 7,689 | 11,360 |
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 | 164,095 | 121,622 |
Carrying Value | Commercial paper | ||
Financial Instruments Owned | 238,445 | 304,967 |
Carrying Value | Certificates of deposit in other banks | ||
Financial Instruments Owned | 42,015 | 55,689 |
Carrying Value | Securities available for sale | ||
Financial Instruments Owned | 162,417 | 127,537 |
Carrying Value | Loans, net | ||
Financial Instruments Owned | 2,654,094 | 2,741,047 |
Carrying Value | Loans held for sale | ||
Financial Instruments Owned | 86,708 | 77,177 |
Carrying Value | FHLB Stock | ||
Financial Instruments Owned | 12,152 | 23,309 |
Carrying Value | FRB Stock | ||
Financial Instruments Owned | 7,379 | 7,368 |
Carrying Value | Small Business Investment Company Funds | ||
Financial Instruments Owned | 9,368 | 8,269 |
Carrying Value | Accrued interest receivable | ||
Financial Instruments Owned | 8,271 | 12,312 |
Carrying Value | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 1,255,951 | 1,012,200 |
Carrying Value | Money market accounts | ||
Financial Instruments Owned | 927,519 | 836,738 |
Carrying Value | Savings accounts | ||
Financial Instruments Owned | 221,537 | 197,676 |
Carrying Value | Certificates of deposit | ||
Financial Instruments Owned | 503,471 | 739,142 |
Carrying Value | Other borrowings | ||
Financial Instruments Owned | 275,000 | 475,000 |
Carrying Value | Accrued interest payable | ||
Financial Instruments Owned | 388 | 1,087 |
Fair Value | Cash and interest-bearing deposits | ||
Financial Instruments Owned | 164,095 | 121,622 |
Fair Value | Commercial paper | ||
Financial Instruments Owned | 238,445 | 304,967 |
Fair Value | Certificates of deposit in other banks | ||
Financial Instruments Owned | 42,015 | 55,689 |
Fair Value | Securities available for sale | ||
Financial Instruments Owned | 162,417 | 127,537 |
Fair Value | Loans, net | ||
Financial Instruments Owned | 2,633,221 | 2,692,265 |
Fair Value | Loans held for sale | ||
Financial Instruments Owned | 88,292 | 78,129 |
Fair Value | FHLB Stock | ||
Financial Instruments Owned | 12,152 | 23,309 |
Fair Value | FRB Stock | ||
Financial Instruments Owned | 7,379 | 7,368 |
Fair Value | Small Business Investment Company Funds | ||
Financial Instruments Owned | 9,368 | 8,269 |
Fair Value | Accrued interest receivable | ||
Financial Instruments Owned | 8,271 | 12,312 |
Fair Value | Noninterest-bearing and NOW deposits | ||
Financial Instruments Owned | 1,255,951 | 1,012,200 |
Fair Value | Money market accounts | ||
Financial Instruments Owned | 927,519 | 836,738 |
Fair Value | Savings accounts | ||
Financial Instruments Owned | 221,537 | 197,676 |
Fair Value | Certificates of deposit | ||
Financial Instruments Owned | 505,865 | 745,078 |
Fair Value | Other borrowings | ||
Financial Instruments Owned | 291,259 | 511,529 |
Fair Value | Accrued interest payable | ||
Financial Instruments Owned | $ 388 | $ 1,087 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Fair Value Disclosures [Abstract] | ||
Fair Value off-balance sheet risks, amount, liability | $ 920,221 | $ 598,136 |
Leases - Supplement Balance She
Leases - Supplement Balance Sheet (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021USD ($)lease | Mar. 31, 2021USD ($)lease | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | |
Leases [Abstract] | ||||
Renewal term (in years) | 15 years | 15 years | ||
Number of leases not yet commenced for which ROU asset and lease liability have been created | lease | 1 | 1 | ||
ROU assets | $ 6,208 | $ 6,208 | $ 4,601 | |
Lease liabilities | $ 6,227 | $ 6,227 | $ 4,590 | |
Weighted-average remaining lease terms (years) | 4 years 4 months 20 days | 4 years 4 months 20 days | 5 years 7 days | |
Weighted-average discount rate | 2.82% | 2.82% | 2.97% | |
Finance lease, right-of-use asset | $ 2,052 | $ 2,052 | $ 2,052 | |
Finance lease, liability | 1,813 | 1,813 | $ 1,843 | |
Finance lease, interest expense | $ 24 | $ 73 | $ 71 | |
Finance lease, discount rate | 5.18% | 5.18% |
Leases - Maturity Schedule for
Leases - Maturity Schedule for Finance and Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Operating Leases | ||
Remaining 2021 | $ 351 | |
2022 | 1,399 | |
2023 | 1,347 | |
2024 | 876 | |
2025 | 492 | |
Thereafter | 2,746 | |
Total of future minimum payments | 7,211 | |
Finance Leases | ||
Remaining 2021 | 33 | |
2022 | 134 | |
2023 | 134 | |
2024 | 145 | |
2025 | 146 | |
Thereafter | 1,848 | |
Total minimum lease payments | 2,440 | |
Less: amount representing interest | (627) | |
Present value of net minimum lease payments | $ 1,813 | $ 1,843 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||||
Operating lease cost (included in occupancy expense) | $ 444 | $ 436 | $ 1,335 | $ 1,368 |
Total operating lease expense, net | (47) | (61) | (169) | (181) |
Total operating lease expense, net | $ 397 | $ 375 | $ 1,166 | $ 1,187 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
ROU assets - noncash additions (operating leases) | $ 599 | $ 5,296 |
ROU assets - noncash addition (finance lease) | 0 | 2,052 |
Cash paid for amounts included in the measurement of lease liabilities (operating leases) | 1,632 | 1,609 |
Cash paid for amounts included in the measurement of lease liabilities (finance leases) | $ 100 | $ 67 |
Leases - Lessor, Narrative (Det
Leases - Lessor, Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Lessor, Lease, Description [Line Items] | |||||
Leased asset | $ 24,917 | $ 24,917 | $ 21,595 | ||
Operating lease, residual value of leased asset | 15,596 | 15,596 | 12,370 | ||
Direct financing lease, interest income | 638 | $ 420 | 1,736 | $ 1,121 | |
Lease receivables | $ 56,720 | $ 56,720 | $ 44,927 | ||
Minimum | |||||
Lessor, Lease, Description [Line Items] | |||||
Term of contract | 1 year | 1 year | |||
Maximum | |||||
Lessor, Lease, Description [Line Items] | |||||
Term of contract | 5 years | 5 years |
Leases - Total Equipment Financ
Leases - Total Equipment Finance Operating Lease Income and Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||||
Operating lease income | $ 1,432 | $ 989 | $ 4,107 | $ 2,215 |
Depreciation expense | $ 1,417 | $ 746 | $ 4,371 | $ 1,554 |
Leases - Lessor, Fiscal Year Ma
Leases - Lessor, Fiscal Year Maturity Schedule (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
Remaining 2021 | $ 1,494 |
2022 | 5,224 |
2023 | 3,378 |
2024 | 1,286 |
2025 | 434 |
Thereafter | 131 |
Total of future minimum payments | 11,947 |
Financing Leases | |
Remaining 2021 | 2,917 |
2022 | 16,038 |
2023 | 15,504 |
2024 | 13,342 |
2025 | 9,359 |
Thereafter | 4,875 |
Total minimum payments | 62,035 |
Less: amount representing interest | (5,315) |
Total | $ 56,720 |