Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Document Information [Abstract] | ||
Entity Registrant Name | First Northwest Bancorp | |
Entity Central Index Key | 1,556,727 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 | |
Common Stock, Shares Outstanding | 13,100,360 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
ASSETS | ||
Cash and due from banks | $ 10,171 | $ 10,590 |
Interest-bearing deposits in banks | 28,402 | 34,440 |
Investment securities available for sale, at fair value | 318,180 | 299,040 |
Investment securities held to maturity, at amortized cost | 59,873 | 61,524 |
Loans held for sale | 68 | 110 |
Loans receivable (net of allowance for loan losses of $7,076 and $7,111) | 497,324 | 487,887 |
Federal Home Loan Bank (FHLB) stock, at cost | 4,797 | 4,807 |
Accrued interest receivable | 2,664 | 2,546 |
Premises and equipment, net | 12,773 | 12,580 |
Mortgage servicing rights, net | 1,122 | 1,187 |
Bank-owned life insurance, net | 18,207 | 18,168 |
Real estate owned and repossessed assets | 563 | 1,914 |
Prepaid expenses and other assets | 3,987 | 2,009 |
Total assets | 958,131 | 936,802 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Deposits | 666,943 | 647,164 |
Borrowings | 89,924 | 90,033 |
Accrued interest payable | 243 | 265 |
Accrued expenses and other liabilities | 7,233 | 7,727 |
Advances from borrowers for taxes and insurance | 1,530 | 932 |
Total liabilities | 765,873 | 746,121 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 75,000,000 shares; issued and outstanding 13,100,360 at September 30, 2015, and June 30, 2015 | 131 | 131 |
Additional paid-in capital | 126,808 | 126,809 |
Retained earnings | 75,801 | 74,573 |
Accumulated other comprehensive income, net of tax | 1,342 | 750 |
Unearned employee stock ownership plan (ESOP) shares | (11,824) | (11,582) |
Total stockholders' equity | 192,258 | 190,681 |
Total liabilities and stockholders' equity | $ 958,131 | $ 936,802 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 7,076 | $ 7,111 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 13,100,360 | 13,100,360 |
Common stock, shares outstanding | 13,100,360 | 13,100,360 |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME | ||
Interest and fees on loans receivable | $ 5,502 | $ 5,529 |
Interest on mortgage-backed and related securities | 1,202 | 776 |
Interest on investment securities | 789 | 317 |
Interest-bearing deposits and other | 20 | 5 |
FHLB dividends | 11 | 3 |
Total interest income | 7,524 | 6,630 |
INTEREST EXPENSE | ||
Deposits | 501 | 371 |
Borrowings | 726 | 736 |
Total interest expense | 1,227 | 1,107 |
Net interest income | 6,297 | 5,523 |
PROVISION FOR LOAN LOSSES | 0 | 0 |
Net interest income after provision for loan losses | 6,297 | 5,523 |
NONINTEREST INCOME | ||
Loan and deposit service fees | 929 | 835 |
Mortgage servicing fees, net of amortization | 58 | 73 |
Net gain on sale of loans | 42 | 97 |
Increase in cash surrender value of bank-owned life insurance | 39 | 40 |
Other income | 195 | 97 |
Total noninterest income | 1,263 | 1,142 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 3,273 | 3,040 |
Real estate owned and repossessed assets (income) expenses, net | (342) | 84 |
Data processing | 655 | 610 |
Occupancy and equipment | 813 | 794 |
Supplies, postage, and telephone | 139 | 160 |
Regulatory assessments and state taxes | 94 | 85 |
Advertising | 189 | 128 |
Professional fees | 460 | 169 |
FDIC insurance premium | 124 | 136 |
Other | 510 | 311 |
Total noninterest expense | 5,915 | 5,517 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 1,645 | 1,148 |
PROVISION FOR INCOME TAXES | 417 | 299 |
NET INCOME | $ 1,228 | $ 849 |
Basic and diluted earnings per share (in dollars per share) | $ 0.10 |
Consolidated Income Statements5
Consolidated Income Statements (Unaudited) (Parenthetical) | Sep. 30, 2014shares |
Income Statement [Abstract] | |
Number of shares outstanding | 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 1,228 | $ 849 |
Unrealized gain on securities: | ||
Unrealized holding gain, net of taxes of $308 and $27, respectively | 592 | 51 |
Other comprehensive income, net of tax | 592 | 51 |
COMPREHENSIVE INCOME | $ 1,820 | $ 900 |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding gain (loss), tax | $ 308 | $ 27 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income, Net of Tax |
BEGINNING BALANCE at Jun. 30, 2014 | $ 80,995 | $ 79,663 | $ 1,332 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 849 | 849 | ||||
Other comprehensive income, net of tax | 51 | 51 | ||||
ENDING BALANCE at Sep. 30, 2014 | 81,895 | 80,512 | 1,383 | |||
BEGINNING BALANCE at Jun. 30, 2015 | $ 190,681 | $ 131 | $ 126,809 | 74,573 | $ (11,582) | 750 |
Shares, beginning balance at Jun. 30, 2015 | 13,100,360 | 13,100,360 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 1,228 | 1,228 | ||||
Other comprehensive income, net of tax | 592 | 592 | ||||
ESOP shares purchased | (390) | (390) | ||||
ESOP shares allocated | $ 147 | (1) | 148 | |||
Shares, ending balance at Sep. 30, 2015 | 13,100,360 | 13,100,360 | ||||
ENDING BALANCE at Sep. 30, 2015 | $ 192,258 | $ 131 | $ 126,808 | $ 75,801 | $ (11,824) | $ 1,342 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 1,228 | $ 849 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 246 | 248 |
Amortization and accretion of premiums and discounts on investments, net | 389 | 320 |
Amortization of deferred loan fees, net | 4 | 43 |
Amortization of mortgage servicing rights | 78 | 83 |
Additions to mortgage servicing rights | (13) | (21) |
Gain on sale of real estate owned and repossessed assets, net | (430) | (17) |
Deferred federal income taxes | (191) | 0 |
Allocation of ESOP shares | 147 | 0 |
Gain on sale of loans | (42) | (97) |
Write-down on real estate owned and repossessed assets | 46 | 53 |
Increase in cash surrender value of life insurance | (39) | (40) |
Origination of loans held for sale | (1,374) | (4,261) |
Proceeds from loans held for sale | 1,458 | 4,607 |
Change in assets and liabilities: | ||
(Increase) decrease in accrued interest receivable | (118) | 125 |
Increase in prepaid expenses and other assets | (1,978) | (556) |
Decrease in accrued interest payable | (22) | (11) |
(Decrease) increase in accrued expenses and other liabilities | (609) | 1,935 |
Net cash from operating activities | (1,220) | 3,260 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | (29,761) | 0 |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 11,208 | 6,383 |
Proceeds from maturities, calls, and principal repayments of securities held to maturity | 1,573 | 1,852 |
Proceeds from FHLB stock redemption | 10 | 100 |
Proceeds from sale of real estate owned and repossessed assets | 2,723 | 152 |
Loan originations, net of repayments, write-offs, and recoveries | (10,429) | 6,928 |
Purchase of premises and equipment, net | (439) | (187) |
Net cash from investing activities | (25,115) | 15,228 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 19,779 | 4,764 |
Proceeds from FHLB advances | 0 | 17,100 |
Repayment of FHLB advances | 0 | (32,200) |
Repayment of notes payable | (109) | 0 |
Net increase in advances from borrowers for taxes and insurance | 598 | 340 |
Purchase of ESOP shares | (390) | 0 |
Net cash from financing activities | 19,878 | (9,996) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (6,457) | 8,492 |
CASH AND CASH EQUIVALENTS, beginning of period | 45,030 | 18,960 |
CASH AND CASH EQUIVALENTS, end of period | 38,573 | 27,452 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest on deposits and other borrowings | 1,249 | 1,118 |
Income taxes | 850 | 150 |
NONCASH INVESTING ACTIVITIES | ||
Unrealized gain on securities available for sale | 900 | 78 |
Net loans transferred to real estate owned and repossessed assets | $ 988 | $ 28 |
Basis of Presentation and Criti
Basis of Presentation and Critical Accounting Policies | 3 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Critical Accounting Policies | Basis of Presentation and Critical Accounting Policies Organization and Nature of business - First Northwest Bancorp, a Washington corporation, became the holding company of First Federal Savings and Loan Association of Port Angeles, on January 29, 2015, upon completion of the Bank's conversion from a mutual to stock form of organization (the "Conversion"). In connection with the Conversion, the Company issued an aggregate of 12,167,000 shares of common stock at an offering price of $10.00 per share for gross proceeds of $121.7 million . An additional 933,360 shares of Company common stock and $400,000 in cash were contributed to the First Federal Community Foundation ("Foundation"), a charitable foundation that was established in connection with the Conversion, resulting in the issuance of a total of 13,100,360 shares. The Company received $117.6 million in net proceeds from the stock offering of which $58.4 million were contributed to the Bank upon Conversion. The Bank intends to use this additional capital for future lending and investment activities and for general and other corporate purposes subject to regulatory limitations. Pursuant to the Bank's Plan of Conversion (the "Plan") adopted by its Board of Directors, and as approved by its members, the Company established an employee stock ownership plan ("ESOP") which intends to purchase in the open market 8% of the common stock for a total of 1,048,029 shares with funds borrowed from the Company. As of September 30, 2015 , 984,999 shares, or 94.0% of the total, have been purchased by the ESOP. First Northwest's business activities generally are limited to passive investment activities and oversight of its investment in First Federal. Accordingly, the information set forth in this report, including the consolidated unaudited financial statements and related data, relates primarily to the Bank. The Bank provides commercial and consumer banking services to individuals and businesses located primarily on the Olympic Peninsula in the State of Washington. These services include deposit and lending transactions that are supplemented with other borrowing and investing activities. Basis of presentation - The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles (GAAP) for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2015 . In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements in accordance with GAAP have been included. Operating results for the three months ended September 30, 2015 , are not necessarily indicative of the results that may be expected for the year ended June 30, 2016 . In preparing the unaudited interim consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to a determination of the allowance for loan losses (ALLL), mortgage servicing rights, fair value of financial instruments, deferred tax assets and liabilities, and the valuation of impaired loans and real estate owned and repossessed assets. The Company completed its stock offering and became a public company on January 29, 2015 , and therefore earnings per share and share calculations prior to that date are not meaningful. The Conversion was accounted for as a change in corporate form with the historic basis of the Bank's assets, liabilities, and equity unchanged as a result. Principles of consolidation - The accompanying consolidated financial statements include the accounts of First Northwest Bancorp; its wholly owned subsidiary, First Federal; and First Federal's wholly owned subsidiary, North Olympic Peninsula Services, Inc. ("NOPS"), and majority-owned Craft3 Development IV, LLC. NOPS owns a building currently rented in whole to First Federal. Craft3 is a partnership investment formed to provide a loan qualifying under the New Markets Tax Credit ("NMTC") rules. The Craft3 partnership was a seven year commitment, commensurate with the NMTC period, which expired June 6, 2015. First Federal has entered into a membership redemption and assignment agreement to terminate its membership interest in the Craft3 partnership effective September 30, 2015. All material intercompany accounts and transactions have been eliminated in consolidation. Subsequent Events - The Company has evaluated subsequent events for potential recognition and disclosure and determined there are no such events or transactions requiring recognition or disclosure. Recently issued accounting pronouncements - In September 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-16, Business Combinations (Topic 805) . The ASU simplifies accounting for business combinations by not requiring retrospective adjustments of estimated amounts. Instead, the effect on earnings by line item as a result of changes in provisional amounts will be separately disclosed in the period for which the accounting of the combination is complete. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of ASU No. 2015-16 is not expected to have a material impact on the Company's consolidated financial statements. Reclassifications - Certain amounts in the unaudited interim consolidated financial statements for prior periods have been reclassified to conform to the current unaudited financial statement presentation with no effect on net income or stockholders' equity. |
Securities
Securities | 3 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at September 30, 2015 , are summarized as follows: September 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 27,014 $ 378 $ (129 ) $ 27,263 U.S. Treasury and government agency issued bonds (Agency bonds) 23,447 219 (21 ) 23,645 U.S. government agency issued asset-backed securities (ABS agency) 9,404 — (876 ) 8,528 Corporate issued asset-backed securities (ABS corporate) 29,665 — — 29,665 U.S. Small Business Administration securities (SBA) 32,939 539 (27 ) 33,451 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 176,575 2,490 (283 ) 178,782 Corporate issued mortgage-backed securities (MBS corporate) 17,153 — (307 ) 16,846 Total securities available for sale $ 316,197 $ 3,626 $ (1,643 ) $ 318,180 Held to Maturity Municipal bonds $ 14,915 $ 487 $ (2 ) $ 15,400 SBA 615 2 — 617 Mortgage-backed securities: MBS agency 44,343 1,353 (12 ) 45,684 Total securities held to maturity $ 59,873 $ 1,842 $ (14 ) $ 61,701 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at June 30, 2015 , are summarized as follows: June 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 17,387 $ 122 $ (235 ) $ 17,274 Agency bonds 23,948 10 (184 ) 23,774 ABS agency 9,647 — (446 ) 9,201 ABS corporate 29,634 — — 29,634 SBA 33,955 519 (146 ) 34,328 Mortgage-backed securities: MBS agency 175,239 2,241 (603 ) 176,877 MBS corporate 8,147 — (195 ) 7,952 Total securities available for sale $ 297,957 $ 2,892 $ (1,809 ) $ 299,040 Held to Maturity Municipal bonds $ 15,149 $ 424 $ (20 ) $ 15,553 SBA 875 3 (1 ) 877 Mortgage-backed securities: MBS agency 45,500 889 (309 ) 46,080 Total securities held to maturity $ 61,524 $ 1,316 $ (330 ) $ 62,510 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of September 30, 2015 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (125 ) $ 4,465 $ (4 ) $ 555 $ (129 ) $ 5,020 Agency bonds (21 ) 3,571 — — (21 ) 3,571 ABS agency — — (876 ) 8,528 (876 ) 8,528 SBA (3 ) 4,643 (24 ) 5,814 (27 ) 10,457 Mortgage-backed securities: MBS agency (170 ) 27,061 (113 ) 10,245 (283 ) 37,306 MBS corporate (307 ) 13,570 — — (307 ) 13,570 Total available for sale $ (626 ) $ 53,310 $ (1,017 ) $ 25,142 $ (1,643 ) $ 78,452 Held to Maturity Municipal bonds $ — $ — $ (2 ) $ 981 $ (2 ) $ 981 SBA — — — — — — Mortgage-backed securities: MBS agency — — (12 ) 2,921 (12 ) 2,921 Total held to maturity $ — $ — $ (14 ) $ 3,902 $ (14 ) $ 3,902 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of June 30, 2015 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (204 ) $ 9,809 $ (31 ) $ 3,801 $ (235 ) $ 13,610 Agency bonds (184 ) 20,792 — — (184 ) 20,792 ABS agency — — (446 ) 9,201 (446 ) 9,201 SBA (140 ) 11,823 (6 ) 4,122 (146 ) 15,945 Mortgage-backed securities: MBS agency (459 ) 63,631 (144 ) 11,091 (603 ) 74,722 MBS corporate (195 ) 4,164 — — (195 ) 4,164 Total available for sale $ (1,182 ) $ 110,219 $ (627 ) $ 28,215 $ (1,809 ) $ 138,434 Held to Maturity Municipal bonds $ — $ — $ (20 ) $ 1,298 $ (20 ) $ 1,298 SBA — — (1 ) 244 (1 ) 244 Mortgage-backed securities: MBS agency (272 ) 14,628 (37 ) 3,059 (309 ) 17,687 Total held to maturity $ (272 ) $ 14,628 $ (58 ) $ 4,601 $ (330 ) $ 19,229 The Company may hold certain investment securities in an unrealized loss position that are not considered other than temporarily impaired (OTTI). At September 30, 2015 , there were 27 investment securities with $1.7 million of unrealized losses and a fair value of approximately $82.4 million . At June 30, 2015 , there were 54 investment securities with $2.1 million of unrealized losses and a fair value of approximately $157.7 million . The unrealized losses on investment and mortgage-backed securities were caused by interest rate changes. Certain investments in a loss position are guaranteed by government entities or government sponsored entities. It is expected that securities in a loss position would not be settled at a price less than the amortized cost of the investment. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and the Company does not intend to sell the securities and believes it is not likely it will be required to sell these investments until a market price recovery or maturity, these investments are not considered other than temporarily impaired. There were no OTTI losses during the three months ended September 30, 2015 or 2014 . The amortized cost and estimated fair value of investment and mortgage-backed securities by contractual maturity are shown in the following tables at the dates indicated. Actual maturities may differ from contractual maturities for investments where borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2015 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Investment Securities Due within one year $ 8,007 $ 8,007 $ 265 $ 266 Due after one through five years 14,763 14,917 — — Due after five through ten years 28,600 28,976 9,902 10,164 Due after ten years 71,099 70,652 5,363 5,587 $ 122,469 $ 122,552 $ 15,530 $ 16,017 Mortgage-backed Securities Due within one year $ — $ — $ 12 $ 12 Due after one through five years — — 3,113 3,184 Due after five through ten years 5,807 5,929 2,525 2,563 Due after ten years 187,921 189,699 38,693 39,925 $ 193,728 $ 195,628 $ 44,343 $ 45,684 June 30, 2015 Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Investment Securities Due within one year $ 7,982 $ 7,982 $ 260 $ 261 Due after one through five years 10,966 10,945 165 166 Due after five through ten years 28,836 28,820 9,921 10,126 Due after ten years 66,787 66,464 5,678 5,877 $ 114,571 $ 114,211 $ 16,024 $ 16,430 Mortgage-backed Securities Due within one year $ — $ — $ 32 $ 34 Due after one through five years — — 1 1 Due after five through ten years 5,912 5,988 6,207 6,303 Due after ten years 177,474 178,841 39,260 39,742 $ 183,386 $ 184,829 $ 45,500 $ 46,080 During the three months ended September 30, 2015 and 2014 , the Company did not sell any investment securities. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable | Loans Receivable Loans receivable consisted of the following at the dates indicated: September 30, 2015 June 30, 2015 (In thousands) Real Estate: One-to-four family $ 258,313 $ 256,696 Multi-family 34,623 33,086 Commercial real estate 131,469 125,623 Construction and land 22,142 19,127 Total real estate loans 446,547 434,532 Consumer: Home equity 35,424 36,387 Other consumer 7,793 8,198 Total consumer loans 43,217 44,585 Commercial business loans 13,858 14,764 Total loans 503,622 493,881 Less: Net deferred loan fees 1,103 840 Premium on purchased loans, net (1,881 ) (1,957 ) Allowance for loan losses 7,076 7,111 Total loans receivable, net $ 497,324 $ 487,887 Allowance for Loan Losses. The Company maintains a general allowance for loan losses based on evaluating known and inherent risks in the loan portfolio, including management’s continuing analysis of the factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, actual loan loss experience, and current and anticipated economic conditions. The reserve is an estimate based upon factors and trends identified by management at the time the financial statements are prepared. The following tables summarize changes in the ALLL and loan portfolio by segment and impairment method for the periods shown: At or For the Three Months Ended September 30, 2015 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,143 $ 251 $ 998 $ 336 $ 1,052 $ 321 $ 251 $ 759 $ 7,111 Provision for loan losses (113 ) 9 42 36 (79 ) 2 (122 ) 225 — Charge-offs (7 ) — — — (39 ) (50 ) (7 ) — (103 ) Recoveries 4 — — — 12 11 41 — 68 Ending balance $ 3,027 $ 260 $ 1,040 $ 372 $ 946 $ 284 $ 163 $ 984 $ 7,076 At September 30, 2015 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,027 $ 260 $ 1,040 $ 372 $ 946 $ 284 $ 163 $ 984 $ 7,076 General reserve 2,838 260 967 349 901 206 120 984 6,625 Specific reserve 189 — 73 23 45 78 43 — 451 Total loans $ 258,313 $ 34,623 $ 131,469 $ 22,142 $ 35,424 $ 7,793 $ 13,858 $ — $ 503,622 General reserves (1) 252,024 33,998 130,117 21,967 34,796 7,631 13,457 — 493,990 Specific reserves (2) 6,289 625 1,352 175 628 162 401 — 9,632 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. At or For the Three Months Ended September 30, 2014 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total ALLL: (In thousands) Beginning balance $ 3,408 $ 475 $ 1,491 $ 397 $ 1,289 $ 389 $ 388 $ 235 $ 8,072 Provision for loan losses 351 (58 ) (221 ) 79 (149 ) (9 ) (182 ) 189 — Charge-offs (19 ) — — (45 ) — (56 ) — — (120 ) Recoveries 6 — — — 11 14 — — 31 Ending balance $ 3,746 $ 417 $ 1,270 $ 431 $ 1,151 $ 338 $ 206 $ 424 $ 7,983 At June 30, 2015 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,143 $ 251 $ 998 $ 336 $ 1,052 $ 321 $ 251 $ 759 $ 7,111 General reserve 2,982 251 923 318 998 244 207 759 6,682 Specific reserve 161 — 75 18 54 77 44 — 429 Total loans $ 256,696 $ 33,086 $ 125,623 $ 19,127 $ 36,387 $ 8,198 $ 14,764 $ — $ 493,881 General reserves (1) 249,290 32,456 124,260 18,968 35,752 8,034 14,361 — 483,121 Specific reserves (2) 7,406 630 1,363 159 635 164 403 — 10,760 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. Impaired loans. A loan is considered impaired when First Federal has determined that it may be unable to collect payments of principal or interest when due under the contractual terms of the loan. In the process of identifying loans as impaired, management takes into consideration factors that include payment history and status, collateral value, financial condition of the borrower, and the probability of collecting scheduled payments in the future. Minor payment delays and insignificant payment shortfalls typically do not result in a loan being classified as impaired. The significance of payment delays and shortfalls is considered by management on a case-by-case basis after taking into consideration the totality of circumstances surrounding the loans and the borrowers, including payment history and amounts of any payment shortfall, length and reason for delay, and likelihood of return to stable performance. Impairment is measured on a loan-by-loan basis for all loans in the portfolio except smaller balance homogeneous loans and certain qualifying troubled debt restructuring ("TDR") loans. The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: September 30, 2015 June 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 2,991 $ 3,668 $ — $ 3,502 $ 4,162 $ — Multi-family 500 500 — 503 503 — Commercial real estate 353 415 — 355 416 — Construction and land 16 47 — 17 48 — Home equity 257 347 — 209 322 — Other consumer — 7 — — 10 — Commercial business — — — — 180 — Total 4,117 4,984 — 4,586 5,641 — With an allowance recorded: One-to-four family 3,298 3,367 189 3,904 4,157 161 Multi-family 125 125 — 127 126 — Commercial real estate 999 999 73 1,008 1,008 75 Construction and land 159 183 23 142 166 18 Home equity 371 387 45 426 441 54 Other consumer 162 189 78 164 181 77 Commercial business 401 401 43 403 403 44 Total 5,515 5,651 451 6,174 6,482 429 Total impaired loans: One-to-four family 6,289 7,035 189 7,406 8,319 161 Multi-family 625 625 — 630 629 — Commercial real estate 1,352 1,414 73 1,363 1,424 75 Construction and land 175 230 23 159 214 18 Home equity 628 734 45 635 763 54 Other consumer 162 196 78 164 191 77 Commercial business 401 401 43 403 583 44 Total $ 9,632 $ 10,635 $ 451 $ 10,760 $ 12,123 $ 429 The following tables present the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three Months Ended Three Months Ended September 30, 2015 September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 3,003 $ 42 $ 4,026 $ 113 Multi-family 334 4 595 5 Commercial real estate 354 6 1,912 6 Construction and land 16 1 311 11 Home equity 283 5 320 4 Other consumer 11 — — 1 Total 4,001 58 7,164 140 With an allowance recorded: One-to-four family 3,399 60 3,336 52 Multi-family 293 1 130 1 Commercial real estate 1,002 12 2,637 33 Construction and land 148 5 158 7 Home equity 368 7 660 16 Other consumer 167 5 52 1 Commercial business 401 6 424 6 Total 5,778 96 7,397 116 Total impaired loans: One-to-four family 6,402 102 7,362 165 Multi-family 627 5 725 6 Commercial real estate 1,356 18 4,549 39 Construction and land 164 6 469 18 Home equity 651 12 980 20 Other consumer 178 5 52 2 Commercial business 401 6 424 6 Total $ 9,779 $ 154 $ 14,561 $ 256 Interest income recognized on a cash basis on impaired loans for the three months ended September 30, 2015 and 2014 , was $87,000 , and $124,000 , respectively. The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: September 30, 2015 June 30, 2015 (In thousands) One-to-four family $ 3,134 $ 4,232 Commercial real estate 144 147 Construction and land 175 159 Home equity 179 181 Other consumer 162 164 Total nonaccrual loans $ 3,794 $ 4,883 Past due loans. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. There were no loans past due 90 days or more and still accruing interest at September 30, 2015 and June 30, 2015 . The following table presents past due loans, net of partial loan charge-offs, by class, as of September 30, 2015 : 30-59 Past Due 60-89 Past Due 90 Days Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ — $ 382 $ 536 $ 918 $ 257,395 $ 258,313 Multi-family — — — — 34,623 34,623 Commercial real estate — — — — 131,469 131,469 Construction and land — 38 87 125 22,017 22,142 Total real estate loans — 420 623 1,043 445,504 446,547 Consumer: Home equity 110 9 99 218 35,206 35,424 Other consumer 91 30 21 142 7,651 7,793 Total consumer loans 201 39 120 360 42,857 43,217 Commercial business loans — — — — 13,858 13,858 Total loans $ 201 $ 459 $ 743 $ 1,403 $ 502,219 $ 503,622 The following table presents past due loans, net of partial loan charge-offs, by class, as of June 30, 2015 : 30-59 Past Due 60-89 Past Due 90 Days Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ — $ 1,230 $ 704 $ 1,934 $ 254,762 $ 256,696 Multi-family — — — — 33,086 33,086 Commercial real estate — — — — 125,623 125,623 Construction and land — 114 23 137 18,990 19,127 Total real estate loans — 1,344 727 2,071 432,461 434,532 Consumer: Home equity 81 15 98 194 36,193 36,387 Other consumer 58 89 10 157 8,041 8,198 Total consumer loans 139 104 108 351 44,234 44,585 Commercial business loans — — — — 14,764 14,764 Total loans $ 139 $ 1,448 $ 835 $ 2,422 $ 491,459 $ 493,881 Credit quality indicator. Federal regulations provide for the classification of lower quality loans and other assets, such as debt and equity securities, as substandard, doubtful, or loss; risk ratings 6, 7, and 8 in our 8-point risk rating system, respectively. An asset is considered substandard if it is inadequately protected by the current net worth and pay capacity of the borrower or of any collateral pledged. Substandard assets include those characterized by the distinct possibility that First Federal will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. When First Federal classifies problem assets as either substandard or doubtful, it may establish a specific allowance to address the risk specifically or First Federal may allow the loss to be addressed in the general allowance. General allowances represent loss allowances that have been established to recognize the inherent risk associated with lending activities but that, unlike specific allowances, have not been specifically allocated to particular problem assets. When an insured institution classifies problem assets as a loss, it is required to charge off such assets in the period in which they are deemed uncollectible. Assets that do not currently expose First Federal to sufficient risk to warrant classification as substandard or doubtful but possess identified weaknesses are designated as either watch or special mention assets; risk ratings 4 and 5 in our risk rating system, respectively. At September 30, 2015 and June 30, 2015 , First Federal had $7.4 million and $9.9 million , respectively, of loans classified as substandard and no loans classified as doubtful or loss. Loans not otherwise classified are considered pass graded loans and are rated 1-3 in our risk rating system. Additionally, First Federal categorizes loans as performing or nonperforming based on payment activity. Loans that are more than 90 days past due and nonaccrual loans are considered nonperforming. The following table represents the internally assigned grade as of September 30, 2015 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 250,036 $ 3,253 $ 806 $ 4,218 $ 258,313 Multi-family 27,867 6,131 — 625 34,623 Commercial real estate 119,903 10,156 423 987 131,469 Construction and land 21,567 258 66 251 22,142 Total real estate loans 419,373 19,798 1,295 6,081 446,547 Consumer: Home equity 34,079 560 128 657 35,424 Other consumer 7,287 256 29 221 7,793 Total consumer loans 41,366 816 157 878 43,217 Commercial business loans 8,159 5,194 60 445 13,858 Total loans $ 468,898 $ 25,808 $ 1,512 $ 7,404 $ 503,622 The following table represents the internally assigned grade as of June 30, 2015 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 247,491 $ 2,458 $ 794 $ 5,953 $ 256,696 Multi-family 22,907 9,550 — 629 33,086 Commercial real estate 106,072 12,960 5,134 1,457 125,623 Construction and land 18,426 351 113 237 19,127 Total real estate loans 394,896 25,319 6,041 8,276 434,532 Consumer: Home equity 34,969 501 86 831 36,387 Other consumer 7,622 213 77 286 8,198 Total consumer loans 42,591 714 163 1,117 44,585 Commercial business loans 8,449 5,795 62 458 14,764 Total loans $ 445,936 $ 31,828 $ 6,266 $ 9,851 $ 493,881 The following table represents the credit risk profile based on payment activity as of September 30, 2015 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 3,134 $ 255,179 $ 258,313 Multi-family — 34,623 34,623 Commercial real estate 144 131,325 131,469 Construction and land 175 21,967 22,142 Consumer: Home equity 179 35,245 35,424 Other consumer 162 7,631 7,793 Commercial business loans — 13,858 13,858 Total loans $ 3,794 $ 499,828 $ 503,622 The following table represents the credit risk profile based on payment activity as of June 30, 2015 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 4,232 $ 252,464 $ 256,696 Multi-family — 33,086 33,086 Commercial real estate 147 125,476 125,623 Construction and land 159 18,968 19,127 Consumer: Home equity 181 36,206 36,387 Other consumer 164 8,034 8,198 Commercial business loans — 14,764 14,764 Total loans $ 4,883 $ 488,998 $ 493,881 Troubled debt restructuring. A TDR is a loan to a borrower who is experiencing financial difficulty that has been modified from its original terms and conditions in such a way that First Federal is granting the borrower a concession of some kind. First Federal has granted a variety of concessions to borrowers in the form of loan modifications. The modifications granted can generally be described in the following categories: Rate modification - A modification in which the interest rate is changed. Term modification - A modification in which the maturity date, timing of payments, or frequency of payments is changed. Payment modification - A modification in which the dollar amount of the payment is changed. Interest-only modifications in which a loan is converted to interest-only payments for a period of time are included in this category. Combination modification - Any other type of modification, including the use of multiple categories above. Upon identifying a receivable as a TDR loan, First Federal classifies the loan as impaired for purposes of determining the allowance for loan losses. This requires the loan to be evaluated individually for impairment, generally based on the expected cash flows under the new terms discounted at the loan’s original effective interest rates. For TDR loans that subsequently default, the method of determining impairment is generally the fair value of the collateral less estimated selling costs. TDR loans may be upgraded in their classification and placed on accrual status once there is a sustained period of repayment performance, usually six months or longer, and there is a reasonable assurance that repayment will continue. First Federal allows reclassification of a troubled debt restructuring back into the general loan pool (as a non-troubled debt restructuring) if the borrower is able to refinance the loan at then-current market rates and meet all of the underwriting criteria of First Federal required of other borrowers. The refinance must be based on the borrower’s ability to repay the debt and no special concessions of rate and/or term are granted to the borrower. The following is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: September 30, June 30, 2015 2015 (In thousands) Total TDR loans $ 7,613 $ 7,746 Allowance for loan losses related to TDR loans 296 272 Total nonaccrual TDR loans 1,869 5,676 There were no new TDR loans, or renewals or modifications of existing TDR loans during the three months ended September 30, 2015 and 2014 . There were no TDR loans which incurred a payment default within 12 months of the restructure date during the three months ended September 30, 2015 and 2014 . No additional funds are committed to be advanced in connection with impaired loans at September 30, 2015 . The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. September 30, 2015 June 30, 2015 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 3,059 $ 1,652 $ 4,711 $ 1,844 $ 3,079 $ 4,923 Multi-family 625 — 625 — 629 629 Commercial real estate 1,209 144 1,353 147 1,216 1,363 Construction and land — — — — — — Home equity 450 73 523 79 349 428 Other consumer — — — — — — Commercial business loans 401 — 401 — 403 403 Total TDR loans $ 5,744 $ 1,869 $ 7,613 $ 2,070 $ 5,676 $ 7,746 |
Deposits
Deposits | 3 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits The aggregate amount of time deposits in excess of the Federal Deposit Insurance Corporation ("FDIC") insured limit, currently $250,000, at September 30, 2015 and June 30, 2015 , was $37.5 million and $36.3 million , respectively. Deposits and weighted-average interest rates at the dates indicated are as follows: Weighted-Average Interest Rate September 30, 2015 Weighted-Average Interest Rate June 30, 2015 (In thousands) Savings 0.04 % $ 89,167 0.04 % $ 88,129 Transaction accounts 0.01 % 199,110 0.01 % 183,890 Insured money market accounts 0.23 % 232,632 0.17 % 227,217 Certificates of deposit and jumbo certificates 0.95 % 146,034 0.94 % 147,928 $ 666,943 $ 647,164 Weighted-average interest rate 0.30 % 0.28 % Maturities of certificates at the dates indicated are as follows: September 30, 2015 June 30, 2015 (In thousands) Within one year or less $ 76,688 $ 71,474 After one year through two years 26,045 33,336 After two years through three years 20,514 19,225 After three years through four years 12,553 14,504 After four years through five years 10,035 9,183 After five years 199 206 $ 146,034 $ 147,928 Deposits at September 30, 2015 and June 30, 2015 , include $47.2 million and $44.2 million , respectively, in public fund deposits. Investment securities with a carrying value of $45.6 million and $42.7 million were pledged as collateral for these deposits at September 30, 2015 and June 30, 2015 , respectively. This exceeds the minimum collateral requirements established by the Washington Public Deposit Protection Commission. Interest on deposits by type for the periods shown was as follows: Three Months Ended September 30, 2015 2014 (In thousands) Savings $ 9 $ 9 Transaction accounts 3 3 Insured money market accounts 141 94 Certificates of deposit and jumbo certificates 348 265 $ 501 $ 371 |
Federal Taxes on Income
Federal Taxes on Income | 3 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Federal Taxes on Income | Federal Taxes on Income As a result of the bad debt deductions taken in years prior to 1988, retained earnings include accumulated earnings of approximately $6.4 million , on which federal income taxes have not been provided. If, in the future, this portion of retained earnings is used for any purpose other than to absorb losses on loans or on property acquired through foreclosure, federal income taxes may be imposed at the then-prevailing corporate tax rates. The Company does not contemplate that such amounts will be used for any purpose that would create a federal income tax liability; therefore, no provision has been made. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws, and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. Under current Federal income tax regulations, charitable contribution deductions are limited to 10% of taxable income. The Company currently has a deferred tax asset of $3.3 million and related valuation allowance of $1.9 million for financial statement reporting purposes related to its contribution to the Foundation. The contribution carryforward and related valuation allowance will expire in 2020. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company evaluates whether its deferred tax assets will be realized and adjusts the amount of its valuation allowance, if necessary. The valuation allowance was $1.9 million and $1.9 million at September 30, 2015 and June 30, 2015 , respectively. The total net deferred tax asset (liability) was $(115,000) and $188,000 at September 30, 2015 and June 30, 2015 , respectively. The Company applies the provisions of FASB ASC 740 that require the application of a more-likely-than-not recognition criterion for the reporting of uncertain tax positions on its financial statements. The Company had no unrecognized tax assets at September 30, 2015 and June 30, 2015 . During the three months ended September 30, 2015 and the year ended June 30, 2015 , the Company recognized no interest and penalties. The Company recognizes interest and penalties in income tax expense. The Company files income tax returns in the U.S. federal jurisdiction and is no longer subject to U.S. federal income tax examinations by tax authorities for years ending before June 30, 2012 . |
Earnings per Share
Earnings per Share | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share are computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Basic and diluted earnings per share are the same amount at September 30, 2015 as the Company does not have any additional potential dilutive common shares. The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three months ended September 30, 2015 and 2014 . Three Months Ended September 30, 2015 2014 Numerator: Net income $ 1,228 $ 849 Denominator: Denominator for basic and diluted earnings per share - weighted average common shares outstanding 12,144,859 na(1) Basic and diluted earnings per share $ 0.10 (1) Earnings per share and share calculations are not applicable (na) as the Company completed its stock offering and became a public company on January 29, 2015. As of September 30, 2015 , the ESOP had purchased 984,999 shares in the open market. Unallocated shares are not included as outstanding for both basic and diluted earnings per share calculations. As of September 30, 2015 , there were 955,501 shares in the ESOP that remain unallocated. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefits | Employee Benefits Employee Stock Ownership Plan In connection with the Conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company and the Bank who have been credited with at least 1,000 hours of service during a 12 -month period are eligible to participate in the ESOP. Pursuant to the Plan, the ESOP intends to purchase in the open market 8% of the common stock for a total of 1,048,029 shares with funds borrowed from the Company. As of September 30, 2015 , 984,999 shares, or 94.0% of the total, have been purchased in the open market at an average price of $ 12.37 per share. It is anticipated that the Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to the Company over a period of 20 years. At September 30, 2015 , the weighted average interest rate paid on the ESOP loan payable was 2.45% per annum. Shares purchased by the ESOP with the loan proceeds are held in a suspense account and allocated to ESOP participants on a pro rata basis as principal and interest payments are made annually by the ESOP to the Company. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. Payments of principal and interest are due annually on June 30 . No payment of principal or interest was made during the three months ended September 30, 2015 . As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for EPS computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the three months ended September 30, 2015 was $148,000 . Shares held by the ESOP as of the dates indicated are as follows: September 30, 2015 June 30, 2015 (Dollars in thousands) Allocated shares 17,510 17,510 Committed to be released shares 11,988 — Unallocated shares 955,501 935,289 Total ESOP shares 984,999 952,799 Fair value of unallocated shares $ 11,829 $ 11,532 |
Fair Value Accounting and Measu
Fair Value Accounting and Measurement | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting and Measurement | Fair Value Accounting and Measurement Fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants in the Company’s principal market. The Company has established and documented its process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, management determines the fair value of the Company’s assets and liabilities using valuation models or third-party pricing services, both of which rely on market-based parameters when available, such as interest rate yield curves, option volatilities and credit spreads, or unobservable inputs. Unobservable inputs may be based on management’s judgment, assumptions, and estimates related to credit quality, liquidity, interest rates, and other relevant inputs. Any changes to valuation methodologies are reviewed by management to ensure they are relevant and justified. Valuation methodologies are refined as more market-based data becomes available. A three-level valuation hierarchy is used in determining fair value that is based on the transparency of the inputs used in the valuation process. The inputs used in determining fair value in each of the three levels of the hierarchy are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Either: (i) quoted prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. Level 3 - Unobservable inputs. The hierarchy gives the highest ranking to Level 1 inputs and the lowest ranking to Level 3 inputs. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the overall fair value measurement. Qualitative disclosures of valuation techniques - Securities available for sale: where quoted prices are available in an active market, securities are classified as Level 1. Level 1 instruments include highly liquid government bonds, securities issued by the U.S. Treasury, and exchange-traded equity securities. If quoted prices are not available, management determines fair value using pricing models, quoted prices of similar securities, which are considered Level 2, or discounted cash flows. In certain cases, where there is limited activity in the market for a particular instrument, assumptions must be made to determine their fair value. Such instruments are classified as Level 3. Assets and liabilities measured at fair value on a recurring basis - Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly, or quarterly). The following tables show the Company’s assets measured at fair value on a recurring basis at the dates indicated: September 30, 2015 Quoted Prices in or Liabilities Significant Inputs Significant Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 27,263 $ — $ 27,263 Agency bonds — 23,645 — 23,645 ABS agency — 8,528 — 8,528 ABS corporate — 29,665 — 29,665 SBA — 33,451 — 33,451 MBS agency — 178,782 — 178,782 MBS corporate — 16,846 — 16,846 $ — $ 318,180 $ — $ 318,180 June 30, 2015 Quoted Prices in Significant Significant (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 17,274 $ — $ 17,274 Agency bonds — 23,774 — 23,774 ABS agency — 9,201 — 9,201 ABS corporate — 29,634 — 29,634 SBA — 34,328 — 34,328 MBS agency — 176,877 — 176,877 MBS corporate — 7,952 — 7,952 $ — $ 299,040 $ — $ 299,040 Assets and liabilities measured at fair value on a nonrecurring basis - Assets are considered to be fair valued on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the consolidated balance sheets. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements that require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated: September 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 9,632 $ 9,632 Real estate owned and repossessed assets — — 563 563 $ — $ — $ 10,195 $ 10,195 June 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 10,760 $ 10,760 Real estate owned and repossessed assets — — 1,914 1,914 $ — $ — $ 12,674 $ 12,674 The following tables present the techniques used to value assets measured at fair value on a nonrecurring basis at the dates indicated: September 30, 2015 Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) 1 (In thousands) Impaired loans $ 9,632 Market comparable Discount to appraisal 0% - 25% (2%) Real estate owned and repossessed assets 563 Market comparable Discount to appraisal 0% - 30% (1%) 1 Discount to appraisal disposition value. June 30, 2015 Fair Value Valuation Technique Unobservable Input Range 1 (In thousands) Impaired loans $ 10,760 Market comparable Discount to appraisal 0% - 25% (2%) Real estate owned and repossessed assets 1,914 Market comparable Discount to appraisal 0% - 8% (1%) 1 Discount to appraisal disposition value. The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: September 30, 2015 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 38,573 $ 38,573 $ 38,573 $ — $ — Investment securities available for sale 318,180 318,180 — 318,180 — Investment securities held to maturity 59,873 61,701 — 61,701 — Loans held for sale 68 68 — 68 — Loans receivable, net 497,324 505,625 — — 505,625 FHLB stock 4,797 4,797 — 4,797 — Accrued interest receivable 2,664 2,664 — 2,664 — Mortgage servicing rights, net 1,122 1,717 — — 1,717 Financial liabilities Demand deposits $ 520,909 $ 520,909 $ 520,909 $ — $ — Time deposits 146,034 146,763 — 146,763 — Borrowings 89,924 94,760 — 94,760 — Accrued interest payable 243 243 — 243 — — June 30, 2015 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 45,030 $ 45,030 $ 45,030 $ — $ — Investment securities available for sale 299,040 299,040 — 299,040 — Investment securities held to maturity 61,524 62,510 — 62,510 — Loans held for sale 110 110 — 110 — Loans receivable, net 487,887 493,270 — — 493,270 FHLB stock 4,807 4,807 — 4,807 — Accrued interest receivable 2,546 2,546 — 2,546 — Mortgage servicing rights, net 1,187 1,837 — — 1,837 Financial liabilities Demand deposits $ 499,236 $ 499,236 $ 499,236 $ — $ — Time deposits 147,928 148,436 — 148,436 — Borrowings 90,033 93,426 — 93,426 — Accrued interest payable 265 265 — 265 — Financial assets and liabilities other than investment securities are not traded in active markets. Estimated fair values require subjective judgments and are approximate. The estimates of fair value in the previous table are not necessarily representative of amounts that could be realized in actual market transactions, or of the underlying value of the Company. Fair value estimates, methods, and assumptions are set forth below for the Company's financial instruments: Financial instruments with book value equal to fair value - The fair value of financial instruments that are short-term or reprice frequently and that have little or no risk are considered to have a fair value equal to book value. These instruments include cash and due from banks, interest bearing deposits with banks, loans held for sale, FHLB stock, accrued interest receivable, and accrued interest payable. FHLB stock is not publicly traded, however, it may be redeemed on a dollar-for-dollar basis, for any amount the Bank is not required to hold, subject to the FHLB's discretion. The fair value is therefore equal to the book value. Securities - Fair values for investment securities are primarily measured using information from a third-party pricing service. The pricing service uses evaluated pricing models based on market data. In the event that limited or less transparent information is provided by the third-party pricing service, fair value is estimated using secondary pricing services or non-binding third-party broker quotes. Loans receivable, net - Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including fixed and variable one- to four-family residential real estate, commercial, and consumer loans. There is an accurate and reliable secondary market for one- to four-family residential mortgage production, and available market benchmarks are used to establish discount factors for estimating fair value for these types of loans. Commercial and consumer loans use market benchmarks when available; however, due to the varied term structures and credit issues involved, they mainly rely on cash flow projections and repricing characteristics within the loan portfolio. These amounts are discounted further by embedded probable losses expected to be realized in the portfolio. Valuations of impaired loans, real estate owned and repossessed assets are periodically performed by management, and the fair values of these loans are carried at the fair value of the underlying collateral less estimated costs to sell. Fair value of the underlying collateral may be determined using an appraisal performed by a qualified independent appraiser. Mortgage servicing rights - The estimated fair value of mortgage servicing rights is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Deposits - The fair value of deposits with no stated maturity, such as non-interest bearing deposits, savings and interest checking accounts, and money market accounts, is equal to the amount payable on demand as of September 30, 2015 and June 30, 2015 . The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. Borrowings - The fair value of FHLB advances and other borrowings are calculated using a discounted cash flow method, adjusted for market interest rates and terms to maturity. Off-balance-sheet financial instruments - Commitments to extend credit represent all off-balance-sheet financial instruments. The fair value of these commitments is not significant. |
Basis of Presentation and Cri18
Basis of Presentation and Critical Accounting Policies - (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation - The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles (GAAP) for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2015 . In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements in accordance with GAAP have been included. Operating results for the three months ended September 30, 2015 , are not necessarily indicative of the results that may be expected for the year ended June 30, 2016 . In preparing the unaudited interim consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to a determination of the allowance for loan losses (ALLL), mortgage servicing rights, fair value of financial instruments, deferred tax assets and liabilities, and the valuation of impaired loans and real estate owned and repossessed assets. The Company completed its stock offering and became a public company on January 29, 2015 , and therefore earnings per share and share calculations prior to that date are not meaningful. The Conversion was accounted for as a change in corporate form with the historic basis of the Bank's assets, liabilities, and equity unchanged as a result. |
Principles of consolidation | Principles of consolidation - The accompanying consolidated financial statements include the accounts of First Northwest Bancorp; its wholly owned subsidiary, First Federal; and First Federal's wholly owned subsidiary, North Olympic Peninsula Services, Inc. ("NOPS"), and majority-owned Craft3 Development IV, LLC. NOPS owns a building currently rented in whole to First Federal. Craft3 is a partnership investment formed to provide a loan qualifying under the New Markets Tax Credit ("NMTC") rules. The Craft3 partnership was a seven year commitment, commensurate with the NMTC period, which expired June 6, 2015. First Federal has entered into a membership redemption and assignment agreement to terminate its membership interest in the Craft3 partnership effective September 30, 2015. All material intercompany accounts and transactions have been eliminated in consolidation. |
Subsequent Events | Subsequent Events - The Company has evaluated subsequent events for potential recognition and disclosure and determined there are no such events or transactions requiring recognition or disclosure. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements - In September 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-16, Business Combinations (Topic 805) . The ASU simplifies accounting for business combinations by not requiring retrospective adjustments of estimated amounts. Instead, the effect on earnings by line item as a result of changes in provisional amounts will be separately disclosed in the period for which the accounting of the combination is complete. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of ASU No. 2015-16 is not expected to have a material impact on the Company's consolidated financial statements. |
Reclassifications | Reclassifications - Certain amounts in the unaudited interim consolidated financial statements for prior periods have been reclassified to conform to the current unaudited financial statement presentation with no effect on net income or stockholders' equity. |
Securities - (Tables)
Securities - (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized costs and fair values of securities available-for-sale | The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at September 30, 2015 , are summarized as follows: September 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 27,014 $ 378 $ (129 ) $ 27,263 U.S. Treasury and government agency issued bonds (Agency bonds) 23,447 219 (21 ) 23,645 U.S. government agency issued asset-backed securities (ABS agency) 9,404 — (876 ) 8,528 Corporate issued asset-backed securities (ABS corporate) 29,665 — — 29,665 U.S. Small Business Administration securities (SBA) 32,939 539 (27 ) 33,451 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 176,575 2,490 (283 ) 178,782 Corporate issued mortgage-backed securities (MBS corporate) 17,153 — (307 ) 16,846 Total securities available for sale $ 316,197 $ 3,626 $ (1,643 ) $ 318,180 Held to Maturity Municipal bonds $ 14,915 $ 487 $ (2 ) $ 15,400 SBA 615 2 — 617 Mortgage-backed securities: MBS agency 44,343 1,353 (12 ) 45,684 Total securities held to maturity $ 59,873 $ 1,842 $ (14 ) $ 61,701 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at June 30, 2015 , are summarized as follows: June 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 17,387 $ 122 $ (235 ) $ 17,274 Agency bonds 23,948 10 (184 ) 23,774 ABS agency 9,647 — (446 ) 9,201 ABS corporate 29,634 — — 29,634 SBA 33,955 519 (146 ) 34,328 Mortgage-backed securities: MBS agency 175,239 2,241 (603 ) 176,877 MBS corporate 8,147 — (195 ) 7,952 Total securities available for sale $ 297,957 $ 2,892 $ (1,809 ) $ 299,040 Held to Maturity Municipal bonds $ 15,149 $ 424 $ (20 ) $ 15,553 SBA 875 3 (1 ) 877 Mortgage-backed securities: MBS agency 45,500 889 (309 ) 46,080 Total securities held to maturity $ 61,524 $ 1,316 $ (330 ) $ 62,510 |
Schedule of available-for-sale securities in a continuous unrealized loss position | The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of September 30, 2015 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (125 ) $ 4,465 $ (4 ) $ 555 $ (129 ) $ 5,020 Agency bonds (21 ) 3,571 — — (21 ) 3,571 ABS agency — — (876 ) 8,528 (876 ) 8,528 SBA (3 ) 4,643 (24 ) 5,814 (27 ) 10,457 Mortgage-backed securities: MBS agency (170 ) 27,061 (113 ) 10,245 (283 ) 37,306 MBS corporate (307 ) 13,570 — — (307 ) 13,570 Total available for sale $ (626 ) $ 53,310 $ (1,017 ) $ 25,142 $ (1,643 ) $ 78,452 Held to Maturity Municipal bonds $ — $ — $ (2 ) $ 981 $ (2 ) $ 981 SBA — — — — — — Mortgage-backed securities: MBS agency — — (12 ) 2,921 (12 ) 2,921 Total held to maturity $ — $ — $ (14 ) $ 3,902 $ (14 ) $ 3,902 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of June 30, 2015 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (204 ) $ 9,809 $ (31 ) $ 3,801 $ (235 ) $ 13,610 Agency bonds (184 ) 20,792 — — (184 ) 20,792 ABS agency — — (446 ) 9,201 (446 ) 9,201 SBA (140 ) 11,823 (6 ) 4,122 (146 ) 15,945 Mortgage-backed securities: MBS agency (459 ) 63,631 (144 ) 11,091 (603 ) 74,722 MBS corporate (195 ) 4,164 — — (195 ) 4,164 Total available for sale $ (1,182 ) $ 110,219 $ (627 ) $ 28,215 $ (1,809 ) $ 138,434 Held to Maturity Municipal bonds $ — $ — $ (20 ) $ 1,298 $ (20 ) $ 1,298 SBA — — (1 ) 244 (1 ) 244 Mortgage-backed securities: MBS agency (272 ) 14,628 (37 ) 3,059 (309 ) 17,687 Total held to maturity $ (272 ) $ 14,628 $ (58 ) $ 4,601 $ (330 ) $ 19,229 |
Schedule of held-to-maturity securities in a continuous unrealized loss position | The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of September 30, 2015 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (125 ) $ 4,465 $ (4 ) $ 555 $ (129 ) $ 5,020 Agency bonds (21 ) 3,571 — — (21 ) 3,571 ABS agency — — (876 ) 8,528 (876 ) 8,528 SBA (3 ) 4,643 (24 ) 5,814 (27 ) 10,457 Mortgage-backed securities: MBS agency (170 ) 27,061 (113 ) 10,245 (283 ) 37,306 MBS corporate (307 ) 13,570 — — (307 ) 13,570 Total available for sale $ (626 ) $ 53,310 $ (1,017 ) $ 25,142 $ (1,643 ) $ 78,452 Held to Maturity Municipal bonds $ — $ — $ (2 ) $ 981 $ (2 ) $ 981 SBA — — — — — — Mortgage-backed securities: MBS agency — — (12 ) 2,921 (12 ) 2,921 Total held to maturity $ — $ — $ (14 ) $ 3,902 $ (14 ) $ 3,902 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of June 30, 2015 : Less Than Twelve Months Twelve Months or Longer Total Gross Losses Fair Value Gross Losses Fair Value Gross Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (204 ) $ 9,809 $ (31 ) $ 3,801 $ (235 ) $ 13,610 Agency bonds (184 ) 20,792 — — (184 ) 20,792 ABS agency — — (446 ) 9,201 (446 ) 9,201 SBA (140 ) 11,823 (6 ) 4,122 (146 ) 15,945 Mortgage-backed securities: MBS agency (459 ) 63,631 (144 ) 11,091 (603 ) 74,722 MBS corporate (195 ) 4,164 — — (195 ) 4,164 Total available for sale $ (1,182 ) $ 110,219 $ (627 ) $ 28,215 $ (1,809 ) $ 138,434 Held to Maturity Municipal bonds $ — $ — $ (20 ) $ 1,298 $ (20 ) $ 1,298 SBA — — (1 ) 244 (1 ) 244 Mortgage-backed securities: MBS agency (272 ) 14,628 (37 ) 3,059 (309 ) 17,687 Total held to maturity $ (272 ) $ 14,628 $ (58 ) $ 4,601 $ (330 ) $ 19,229 |
Schedule of amortized cost and estimated fair value of investment securities by contractual maturity | The amortized cost and estimated fair value of investment and mortgage-backed securities by contractual maturity are shown in the following tables at the dates indicated. Actual maturities may differ from contractual maturities for investments where borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2015 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Investment Securities Due within one year $ 8,007 $ 8,007 $ 265 $ 266 Due after one through five years 14,763 14,917 — — Due after five through ten years 28,600 28,976 9,902 10,164 Due after ten years 71,099 70,652 5,363 5,587 $ 122,469 $ 122,552 $ 15,530 $ 16,017 Mortgage-backed Securities Due within one year $ — $ — $ 12 $ 12 Due after one through five years — — 3,113 3,184 Due after five through ten years 5,807 5,929 2,525 2,563 Due after ten years 187,921 189,699 38,693 39,925 $ 193,728 $ 195,628 $ 44,343 $ 45,684 June 30, 2015 Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Investment Securities Due within one year $ 7,982 $ 7,982 $ 260 $ 261 Due after one through five years 10,966 10,945 165 166 Due after five through ten years 28,836 28,820 9,921 10,126 Due after ten years 66,787 66,464 5,678 5,877 $ 114,571 $ 114,211 $ 16,024 $ 16,430 Mortgage-backed Securities Due within one year $ — $ — $ 32 $ 34 Due after one through five years — — 1 1 Due after five through ten years 5,912 5,988 6,207 6,303 Due after ten years 177,474 178,841 39,260 39,742 $ 183,386 $ 184,829 $ 45,500 $ 46,080 |
Loans Receivable - (Tables)
Loans Receivable - (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of loans receivable balances | Loans receivable consisted of the following at the dates indicated: September 30, 2015 June 30, 2015 (In thousands) Real Estate: One-to-four family $ 258,313 $ 256,696 Multi-family 34,623 33,086 Commercial real estate 131,469 125,623 Construction and land 22,142 19,127 Total real estate loans 446,547 434,532 Consumer: Home equity 35,424 36,387 Other consumer 7,793 8,198 Total consumer loans 43,217 44,585 Commercial business loans 13,858 14,764 Total loans 503,622 493,881 Less: Net deferred loan fees 1,103 840 Premium on purchased loans, net (1,881 ) (1,957 ) Allowance for loan losses 7,076 7,111 Total loans receivable, net $ 497,324 $ 487,887 |
Schedule of activity in allowance for loan losses | The following tables summarize changes in the ALLL and loan portfolio by segment and impairment method for the periods shown: At or For the Three Months Ended September 30, 2015 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,143 $ 251 $ 998 $ 336 $ 1,052 $ 321 $ 251 $ 759 $ 7,111 Provision for loan losses (113 ) 9 42 36 (79 ) 2 (122 ) 225 — Charge-offs (7 ) — — — (39 ) (50 ) (7 ) — (103 ) Recoveries 4 — — — 12 11 41 — 68 Ending balance $ 3,027 $ 260 $ 1,040 $ 372 $ 946 $ 284 $ 163 $ 984 $ 7,076 At September 30, 2015 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,027 $ 260 $ 1,040 $ 372 $ 946 $ 284 $ 163 $ 984 $ 7,076 General reserve 2,838 260 967 349 901 206 120 984 6,625 Specific reserve 189 — 73 23 45 78 43 — 451 Total loans $ 258,313 $ 34,623 $ 131,469 $ 22,142 $ 35,424 $ 7,793 $ 13,858 $ — $ 503,622 General reserves (1) 252,024 33,998 130,117 21,967 34,796 7,631 13,457 — 493,990 Specific reserves (2) 6,289 625 1,352 175 628 162 401 — 9,632 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. At or For the Three Months Ended September 30, 2014 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total ALLL: (In thousands) Beginning balance $ 3,408 $ 475 $ 1,491 $ 397 $ 1,289 $ 389 $ 388 $ 235 $ 8,072 Provision for loan losses 351 (58 ) (221 ) 79 (149 ) (9 ) (182 ) 189 — Charge-offs (19 ) — — (45 ) — (56 ) — — (120 ) Recoveries 6 — — — 11 14 — — 31 Ending balance $ 3,746 $ 417 $ 1,270 $ 431 $ 1,151 $ 338 $ 206 $ 424 $ 7,983 At June 30, 2015 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,143 $ 251 $ 998 $ 336 $ 1,052 $ 321 $ 251 $ 759 $ 7,111 General reserve 2,982 251 923 318 998 244 207 759 6,682 Specific reserve 161 — 75 18 54 77 44 — 429 Total loans $ 256,696 $ 33,086 $ 125,623 $ 19,127 $ 36,387 $ 8,198 $ 14,764 $ — $ 493,881 General reserves (1) 249,290 32,456 124,260 18,968 35,752 8,034 14,361 — 483,121 Specific reserves (2) 7,406 630 1,363 159 635 164 403 — 10,760 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. |
Schedules of impaired loans | The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: September 30, 2015 June 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 2,991 $ 3,668 $ — $ 3,502 $ 4,162 $ — Multi-family 500 500 — 503 503 — Commercial real estate 353 415 — 355 416 — Construction and land 16 47 — 17 48 — Home equity 257 347 — 209 322 — Other consumer — 7 — — 10 — Commercial business — — — — 180 — Total 4,117 4,984 — 4,586 5,641 — With an allowance recorded: One-to-four family 3,298 3,367 189 3,904 4,157 161 Multi-family 125 125 — 127 126 — Commercial real estate 999 999 73 1,008 1,008 75 Construction and land 159 183 23 142 166 18 Home equity 371 387 45 426 441 54 Other consumer 162 189 78 164 181 77 Commercial business 401 401 43 403 403 44 Total 5,515 5,651 451 6,174 6,482 429 Total impaired loans: One-to-four family 6,289 7,035 189 7,406 8,319 161 Multi-family 625 625 — 630 629 — Commercial real estate 1,352 1,414 73 1,363 1,424 75 Construction and land 175 230 23 159 214 18 Home equity 628 734 45 635 763 54 Other consumer 162 196 78 164 191 77 Commercial business 401 401 43 403 583 44 Total $ 9,632 $ 10,635 $ 451 $ 10,760 $ 12,123 $ 429 The following tables present the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three Months Ended Three Months Ended September 30, 2015 September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 3,003 $ 42 $ 4,026 $ 113 Multi-family 334 4 595 5 Commercial real estate 354 6 1,912 6 Construction and land 16 1 311 11 Home equity 283 5 320 4 Other consumer 11 — — 1 Total 4,001 58 7,164 140 With an allowance recorded: One-to-four family 3,399 60 3,336 52 Multi-family 293 1 130 1 Commercial real estate 1,002 12 2,637 33 Construction and land 148 5 158 7 Home equity 368 7 660 16 Other consumer 167 5 52 1 Commercial business 401 6 424 6 Total 5,778 96 7,397 116 Total impaired loans: One-to-four family 6,402 102 7,362 165 Multi-family 627 5 725 6 Commercial real estate 1,356 18 4,549 39 Construction and land 164 6 469 18 Home equity 651 12 980 20 Other consumer 178 5 52 2 Commercial business 401 6 424 6 Total $ 9,779 $ 154 $ 14,561 $ 256 |
Schedule of recorded investments in nonaccrual loans | The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: September 30, 2015 June 30, 2015 (In thousands) One-to-four family $ 3,134 $ 4,232 Commercial real estate 144 147 Construction and land 175 159 Home equity 179 181 Other consumer 162 164 Total nonaccrual loans $ 3,794 $ 4,883 |
Schedule of past due loans by class | The following table presents past due loans, net of partial loan charge-offs, by class, as of September 30, 2015 : 30-59 Past Due 60-89 Past Due 90 Days Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ — $ 382 $ 536 $ 918 $ 257,395 $ 258,313 Multi-family — — — — 34,623 34,623 Commercial real estate — — — — 131,469 131,469 Construction and land — 38 87 125 22,017 22,142 Total real estate loans — 420 623 1,043 445,504 446,547 Consumer: Home equity 110 9 99 218 35,206 35,424 Other consumer 91 30 21 142 7,651 7,793 Total consumer loans 201 39 120 360 42,857 43,217 Commercial business loans — — — — 13,858 13,858 Total loans $ 201 $ 459 $ 743 $ 1,403 $ 502,219 $ 503,622 The following table presents past due loans, net of partial loan charge-offs, by class, as of June 30, 2015 : 30-59 Past Due 60-89 Past Due 90 Days Past Due Total Past Due Current Total Loans (In thousands) Real Estate: One-to-four family $ — $ 1,230 $ 704 $ 1,934 $ 254,762 $ 256,696 Multi-family — — — — 33,086 33,086 Commercial real estate — — — — 125,623 125,623 Construction and land — 114 23 137 18,990 19,127 Total real estate loans — 1,344 727 2,071 432,461 434,532 Consumer: Home equity 81 15 98 194 36,193 36,387 Other consumer 58 89 10 157 8,041 8,198 Total consumer loans 139 104 108 351 44,234 44,585 Commercial business loans — — — — 14,764 14,764 Total loans $ 139 $ 1,448 $ 835 $ 2,422 $ 491,459 $ 493,881 |
Schedule of risk category of loans | The following table represents the internally assigned grade as of September 30, 2015 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 250,036 $ 3,253 $ 806 $ 4,218 $ 258,313 Multi-family 27,867 6,131 — 625 34,623 Commercial real estate 119,903 10,156 423 987 131,469 Construction and land 21,567 258 66 251 22,142 Total real estate loans 419,373 19,798 1,295 6,081 446,547 Consumer: Home equity 34,079 560 128 657 35,424 Other consumer 7,287 256 29 221 7,793 Total consumer loans 41,366 816 157 878 43,217 Commercial business loans 8,159 5,194 60 445 13,858 Total loans $ 468,898 $ 25,808 $ 1,512 $ 7,404 $ 503,622 The following table represents the internally assigned grade as of June 30, 2015 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 247,491 $ 2,458 $ 794 $ 5,953 $ 256,696 Multi-family 22,907 9,550 — 629 33,086 Commercial real estate 106,072 12,960 5,134 1,457 125,623 Construction and land 18,426 351 113 237 19,127 Total real estate loans 394,896 25,319 6,041 8,276 434,532 Consumer: Home equity 34,969 501 86 831 36,387 Other consumer 7,622 213 77 286 8,198 Total consumer loans 42,591 714 163 1,117 44,585 Commercial business loans 8,449 5,795 62 458 14,764 Total loans $ 445,936 $ 31,828 $ 6,266 $ 9,851 $ 493,881 The following table represents the credit risk profile based on payment activity as of September 30, 2015 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 3,134 $ 255,179 $ 258,313 Multi-family — 34,623 34,623 Commercial real estate 144 131,325 131,469 Construction and land 175 21,967 22,142 Consumer: Home equity 179 35,245 35,424 Other consumer 162 7,631 7,793 Commercial business loans — 13,858 13,858 Total loans $ 3,794 $ 499,828 $ 503,622 The following table represents the credit risk profile based on payment activity as of June 30, 2015 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 4,232 $ 252,464 $ 256,696 Multi-family — 33,086 33,086 Commercial real estate 147 125,476 125,623 Construction and land 159 18,968 19,127 Consumer: Home equity 181 36,206 36,387 Other consumer 164 8,034 8,198 Commercial business loans — 14,764 14,764 Total loans $ 4,883 $ 488,998 $ 493,881 |
Schedule of troubled debt restructured loans | The following is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: September 30, June 30, 2015 2015 (In thousands) Total TDR loans $ 7,613 $ 7,746 Allowance for loan losses related to TDR loans 296 272 Total nonaccrual TDR loans 1,869 5,676 The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. September 30, 2015 June 30, 2015 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 3,059 $ 1,652 $ 4,711 $ 1,844 $ 3,079 $ 4,923 Multi-family 625 — 625 — 629 629 Commercial real estate 1,209 144 1,353 147 1,216 1,363 Construction and land — — — — — — Home equity 450 73 523 79 349 428 Other consumer — — — — — — Commercial business loans 401 — 401 — 403 403 Total TDR loans $ 5,744 $ 1,869 $ 7,613 $ 2,070 $ 5,676 $ 7,746 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of deposits | Deposits and weighted-average interest rates at the dates indicated are as follows: Weighted-Average Interest Rate September 30, 2015 Weighted-Average Interest Rate June 30, 2015 (In thousands) Savings 0.04 % $ 89,167 0.04 % $ 88,129 Transaction accounts 0.01 % 199,110 0.01 % 183,890 Insured money market accounts 0.23 % 232,632 0.17 % 227,217 Certificates of deposit and jumbo certificates 0.95 % 146,034 0.94 % 147,928 $ 666,943 $ 647,164 Weighted-average interest rate 0.30 % 0.28 % |
Schedule of maturities of time deposits | Maturities of certificates at the dates indicated are as follows: September 30, 2015 June 30, 2015 (In thousands) Within one year or less $ 76,688 $ 71,474 After one year through two years 26,045 33,336 After two years through three years 20,514 19,225 After three years through four years 12,553 14,504 After four years through five years 10,035 9,183 After five years 199 206 $ 146,034 $ 147,928 |
Schedule of interest on deposits | Interest on deposits by type for the periods shown was as follows: Three Months Ended September 30, 2015 2014 (In thousands) Savings $ 9 $ 9 Transaction accounts 3 3 Insured money market accounts 141 94 Certificates of deposit and jumbo certificates 348 265 $ 501 $ 371 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three months ended September 30, 2015 and 2014 . Three Months Ended September 30, 2015 2014 Numerator: Net income $ 1,228 $ 849 Denominator: Denominator for basic and diluted earnings per share - weighted average common shares outstanding 12,144,859 na(1) Basic and diluted earnings per share $ 0.10 (1) Earnings per share and share calculations are not applicable (na) as the Company completed its stock offering and became a public company on January 29, 2015. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Employee Stock Ownership (ESOP) | Shares held by the ESOP as of the dates indicated are as follows: September 30, 2015 June 30, 2015 (Dollars in thousands) Allocated shares 17,510 17,510 Committed to be released shares 11,988 — Unallocated shares 955,501 935,289 Total ESOP shares 984,999 952,799 Fair value of unallocated shares $ 11,829 $ 11,532 |
Fair Value Accounting and Mea24
Fair Value Accounting and Measurement - (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following tables show the Company’s assets measured at fair value on a recurring basis at the dates indicated: September 30, 2015 Quoted Prices in or Liabilities Significant Inputs Significant Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 27,263 $ — $ 27,263 Agency bonds — 23,645 — 23,645 ABS agency — 8,528 — 8,528 ABS corporate — 29,665 — 29,665 SBA — 33,451 — 33,451 MBS agency — 178,782 — 178,782 MBS corporate — 16,846 — 16,846 $ — $ 318,180 $ — $ 318,180 June 30, 2015 Quoted Prices in Significant Significant (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 17,274 $ — $ 17,274 Agency bonds — 23,774 — 23,774 ABS agency — 9,201 — 9,201 ABS corporate — 29,634 — 29,634 SBA — 34,328 — 34,328 MBS agency — 176,877 — 176,877 MBS corporate — 7,952 — 7,952 $ — $ 299,040 $ — $ 299,040 |
Schedule of assets measured at fair value on a nonrecurring basis | The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated: September 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 9,632 $ 9,632 Real estate owned and repossessed assets — — 563 563 $ — $ — $ 10,195 $ 10,195 June 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 10,760 $ 10,760 Real estate owned and repossessed assets — — 1,914 1,914 $ — $ — $ 12,674 $ 12,674 |
Schedule of valuation techniques to value assets measured at fair value | The following tables present the techniques used to value assets measured at fair value on a nonrecurring basis at the dates indicated: September 30, 2015 Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) 1 (In thousands) Impaired loans $ 9,632 Market comparable Discount to appraisal 0% - 25% (2%) Real estate owned and repossessed assets 563 Market comparable Discount to appraisal 0% - 30% (1%) 1 Discount to appraisal disposition value. June 30, 2015 Fair Value Valuation Technique Unobservable Input Range 1 (In thousands) Impaired loans $ 10,760 Market comparable Discount to appraisal 0% - 25% (2%) Real estate owned and repossessed assets 1,914 Market comparable Discount to appraisal 0% - 8% (1%) 1 Discount to appraisal disposition value. |
Schedule of the carrying value and estimated fair value of financial instruments | The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: September 30, 2015 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 38,573 $ 38,573 $ 38,573 $ — $ — Investment securities available for sale 318,180 318,180 — 318,180 — Investment securities held to maturity 59,873 61,701 — 61,701 — Loans held for sale 68 68 — 68 — Loans receivable, net 497,324 505,625 — — 505,625 FHLB stock 4,797 4,797 — 4,797 — Accrued interest receivable 2,664 2,664 — 2,664 — Mortgage servicing rights, net 1,122 1,717 — — 1,717 Financial liabilities Demand deposits $ 520,909 $ 520,909 $ 520,909 $ — $ — Time deposits 146,034 146,763 — 146,763 — Borrowings 89,924 94,760 — 94,760 — Accrued interest payable 243 243 — 243 — — June 30, 2015 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 45,030 $ 45,030 $ 45,030 $ — $ — Investment securities available for sale 299,040 299,040 — 299,040 — Investment securities held to maturity 61,524 62,510 — 62,510 — Loans held for sale 110 110 — 110 — Loans receivable, net 487,887 493,270 — — 493,270 FHLB stock 4,807 4,807 — 4,807 — Accrued interest receivable 2,546 2,546 — 2,546 — Mortgage servicing rights, net 1,187 1,837 — — 1,837 Financial liabilities Demand deposits $ 499,236 $ 499,236 $ 499,236 $ — $ — Time deposits 147,928 148,436 — 148,436 — Borrowings 90,033 93,426 — 93,426 — Accrued interest payable 265 265 — 265 — |
Basis of Presentation and Cri25
Basis of Presentation and Critical Accounting Policies - (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 29, 2015 | Sep. 30, 2015 | Jun. 30, 2015 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of shares issued | 13,100,360 | ||
Gross proceeds from stock offering | $ 121,700 | ||
Proceeds from initial public offering | 117,600 | ||
Capital contribution to subsidiary | $ 58,400 | ||
Employee Stock Ownership Plan (ESOP), percentage of shares to be purchased | 8.00% | ||
Employee Stock Ownership Plan (ESOP), number of shares to be purchased | 1,048,029 | ||
Employee Stock Ownership Plan (ESOP), total shares | 984,999 | 952,799 | |
Employee Stock Ownership Plan (ESOP), percentage of shares purchased | 94.00% | ||
Contributions to charitable organization | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Value of charitable consideration, cash portion | $ 400 | ||
Craft3 | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Length of commitment | 7 years | ||
IPO | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of shares issued | 12,167,000 | ||
Share price (in dollars per share) | $ 10 | ||
Secondary Offering | Contributions to charitable organization | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of shares issued | 933,360 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | $ 316,197 | $ 297,957 |
Gross Unrealized Gains | 3,626 | 2,892 |
Gross Unrealized Losses | (1,643) | (1,809) |
Estimated Fair Value | 318,180 | 299,040 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 59,873 | 61,524 |
Gross Unrealized Gains | 1,842 | 1,316 |
Gross Unrealized Losses | (14) | (330) |
Estimated Fair Value | 61,701 | 62,510 |
Investment Securities | ||
Held-to-maturity Securities [Abstract] | ||
Estimated Fair Value | 16,017 | 16,430 |
Investment Securities | Municipal bonds | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 27,014 | 17,387 |
Gross Unrealized Gains | 378 | 122 |
Gross Unrealized Losses | (129) | (235) |
Estimated Fair Value | 27,263 | 17,274 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 14,915 | 15,149 |
Gross Unrealized Gains | 487 | 424 |
Gross Unrealized Losses | (2) | (20) |
Estimated Fair Value | 15,400 | 15,553 |
Investment Securities | U.S. Treasury and government agency issued bonds (Agency bonds) | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 23,447 | 23,948 |
Gross Unrealized Gains | 219 | 10 |
Gross Unrealized Losses | (21) | (184) |
Estimated Fair Value | 23,645 | 23,774 |
Investment Securities | U.S. government agency issued asset-backed securities (ABS agency) | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 9,404 | 9,647 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (876) | (446) |
Estimated Fair Value | 8,528 | 9,201 |
Investment Securities | Corporate issued asset-backed securities (ABS corporate) | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 29,665 | 29,634 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 29,665 | 29,634 |
Investment Securities | SBA | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 32,939 | 33,955 |
Gross Unrealized Gains | 539 | 519 |
Gross Unrealized Losses | (27) | (146) |
Estimated Fair Value | 33,451 | 34,328 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 615 | 875 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Losses | 0 | (1) |
Estimated Fair Value | 617 | 877 |
Mortgage-backed Securities | ||
Held-to-maturity Securities [Abstract] | ||
Estimated Fair Value | 45,684 | 46,080 |
Mortgage-backed Securities | U.S. government agency issued mortgage-backed securities (MBS agency) | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 176,575 | 175,239 |
Gross Unrealized Gains | 2,490 | 2,241 |
Gross Unrealized Losses | (283) | (603) |
Estimated Fair Value | 178,782 | 176,877 |
Held-to-maturity Securities [Abstract] | ||
Amortized Cost | 44,343 | 45,500 |
Gross Unrealized Gains | 1,353 | 889 |
Gross Unrealized Losses | (12) | (309) |
Estimated Fair Value | 45,684 | 46,080 |
Mortgage-backed Securities | Corporate issued mortgage-backed securities (MBS corporate) | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Amortized Cost | 17,153 | 8,147 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (307) | (195) |
Estimated Fair Value | $ 16,846 | $ 7,952 |
Securities - Securities in a Co
Securities - Securities in a Continuous Unrealized Gross Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | $ (626) | $ (1,182) |
Twelve Months or Longer, Gross Unrealized Losses | (1,017) | (627) |
Total, Gross Unrealized Losses | (1,643) | (1,809) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 53,310 | 110,219 |
Twelve Months or Longer, Fair Value | 25,142 | 28,215 |
Total, Fair Value | 78,452 | 138,434 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (272) |
Twelve Months or Longer, Gross Unrealized Losses | (14) | (58) |
Total, Gross Unrealized Losses | (14) | (330) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 0 | 14,628 |
Twelve Months or Longer, Fair Value | 3,902 | 4,601 |
Total, Fair Value | 3,902 | 19,229 |
Investment Securities | Municipal bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | (125) | (204) |
Twelve Months or Longer, Gross Unrealized Losses | (4) | (31) |
Total, Gross Unrealized Losses | (129) | (235) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 4,465 | 9,809 |
Twelve Months or Longer, Fair Value | 555 | 3,801 |
Total, Fair Value | 5,020 | 13,610 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | 0 |
Twelve Months or Longer, Gross Unrealized Losses | (2) | (20) |
Total, Gross Unrealized Losses | (2) | (20) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 0 | 0 |
Twelve Months or Longer, Fair Value | 981 | 1,298 |
Total, Fair Value | 981 | 1,298 |
Investment Securities | Agency bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | (21) | (184) |
Twelve Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Gross Unrealized Losses | (21) | (184) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 3,571 | 20,792 |
Twelve Months or Longer, Fair Value | 0 | 0 |
Total, Fair Value | 3,571 | 20,792 |
Investment Securities | ABS agency | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | 0 |
Twelve Months or Longer, Gross Unrealized Losses | (876) | (446) |
Total, Gross Unrealized Losses | (876) | (446) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 0 | 0 |
Twelve Months or Longer, Fair Value | 8,528 | 9,201 |
Total, Fair Value | 8,528 | 9,201 |
Investment Securities | SBA | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | (3) | (140) |
Twelve Months or Longer, Gross Unrealized Losses | (24) | (6) |
Total, Gross Unrealized Losses | (27) | (146) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 4,643 | 11,823 |
Twelve Months or Longer, Fair Value | 5,814 | 4,122 |
Total, Fair Value | 10,457 | 15,945 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | 0 |
Twelve Months or Longer, Gross Unrealized Losses | 0 | (1) |
Total, Gross Unrealized Losses | 0 | (1) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 0 | 0 |
Twelve Months or Longer, Fair Value | 0 | 244 |
Total, Fair Value | 0 | 244 |
Mortgage-backed Securities | MBS agency | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | (170) | (459) |
Twelve Months or Longer, Gross Unrealized Losses | (113) | (144) |
Total, Gross Unrealized Losses | (283) | (603) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 27,061 | 63,631 |
Twelve Months or Longer, Fair Value | 10,245 | 11,091 |
Total, Fair Value | 37,306 | 74,722 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (272) |
Twelve Months or Longer, Gross Unrealized Losses | (12) | (37) |
Total, Gross Unrealized Losses | (12) | (309) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 0 | 14,628 |
Twelve Months or Longer, Fair Value | 2,921 | 3,059 |
Total, Fair Value | 2,921 | 17,687 |
Mortgage-backed Securities | MBS corporate | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less Than Twelve Months, Gross Unrealized Losses | (307) | (195) |
Twelve Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Gross Unrealized Losses | (307) | (195) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less Than Twelve Months, Fair Value | 13,570 | 4,164 |
Twelve Months or Longer, Fair Value | 0 | 0 |
Total, Fair Value | $ 13,570 | $ 4,164 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value by Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Held-to-maturity Securities, Estimated Fair Value | ||
Total | $ 61,701 | $ 62,510 |
Investment Securities | ||
Available-for-sale Securities, Amortized Cost | ||
Due within one year | 8,007 | 7,982 |
Due after one through five years | 14,763 | 10,966 |
Due after five through ten years | 28,600 | 28,836 |
Due after ten years | 71,099 | 66,787 |
Total | 122,469 | 114,571 |
Available-for-sale Securities, Estimated Fair Value | ||
Due within one year | 8,007 | 7,982 |
Due after one through five years | 14,917 | 10,945 |
Due after five through ten years | 28,976 | 28,820 |
Due after ten years | 70,652 | 66,464 |
Total | 122,552 | 114,211 |
Held-to-maturity Securities, Amortized Cost | ||
Due within one year | 265 | 260 |
Due after one through five years | 0 | 165 |
Due after five through ten years | 9,902 | 9,921 |
Due after ten years | 5,363 | 5,678 |
Total | 15,530 | 16,024 |
Held-to-maturity Securities, Estimated Fair Value | ||
Due within one year | 266 | 261 |
Due after one through five years | 0 | 166 |
Due after five through ten years | 10,164 | 10,126 |
Due after ten years | 5,587 | 5,877 |
Total | 16,017 | 16,430 |
Mortgage-backed Securities | ||
Available-for-sale Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 5,807 | 5,912 |
Due after ten years | 187,921 | 177,474 |
Total | 193,728 | 183,386 |
Available-for-sale Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 5,929 | 5,988 |
Due after ten years | 189,699 | 178,841 |
Total | 195,628 | 184,829 |
Held-to-maturity Securities, Amortized Cost | ||
Due within one year | 12 | 32 |
Due after one through five years | 3,113 | 1 |
Due after five through ten years | 2,525 | 6,207 |
Due after ten years | 38,693 | 39,260 |
Total | 44,343 | 45,500 |
Held-to-maturity Securities, Estimated Fair Value | ||
Due within one year | 12 | 34 |
Due after one through five years | 3,184 | 1 |
Due after five through ten years | 2,563 | 6,303 |
Due after ten years | 39,925 | 39,742 |
Total | $ 45,684 | $ 46,080 |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Millions | Sep. 30, 2015USD ($)security | Jun. 30, 2015USD ($)security |
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities in an unrealized loss position | security | 27 | 54 |
Continuous unrealized losses | $ 1.7 | $ 2.1 |
Continuous unrealized losses, fair value | $ 82.4 | $ 157.7 |
Loans Receivable - Balance of L
Loans Receivable - Balance of Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 503,622 | $ 493,881 | ||
Net deferred loan fees | 1,103 | 840 | ||
Premium on purchased loans, net | (1,881) | (1,957) | ||
Allowance for loan losses | 7,076 | 7,111 | $ 7,983 | $ 8,072 |
Total loans receivable, net | 497,324 | 487,887 | ||
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 446,547 | 434,532 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 43,217 | 44,585 | ||
Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 13,858 | 14,764 | ||
Allowance for loan losses | 163 | 251 | 206 | 388 |
Commercial real estate | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 131,469 | 125,623 | ||
Allowance for loan losses | 1,040 | 998 | 1,270 | 1,491 |
Construction and land | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 22,142 | 19,127 | ||
Allowance for loan losses | 372 | 336 | 431 | 397 |
Home equity | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 35,424 | 36,387 | ||
Allowance for loan losses | 946 | 1,052 | 1,151 | 1,289 |
Other | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 7,793 | 8,198 | ||
Allowance for loan losses | 284 | 321 | 338 | 389 |
One-to-four family | Real estate loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 258,313 | 256,696 | ||
Allowance for loan losses | 3,027 | 3,143 | 3,746 | 3,408 |
Multi-family | Real estate loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 34,623 | 33,086 | ||
Allowance for loan losses | $ 260 | $ 251 | $ 417 | $ 475 |
Loans Receivable - Allowance fo
Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | $ 7,111 | $ 8,072 | |||
Provision for loan losses | 0 | 0 | |||
Charge-offs | (103) | (120) | |||
Recoveries | 68 | 31 | |||
Ending balance | 7,076 | 7,983 | |||
Total ALLL | 7,111 | 8,072 | $ 7,076 | $ 7,111 | |
General reserve | 6,625 | 6,682 | |||
Specific reserve | 451 | 429 | |||
Total Loans | 503,622 | 493,881 | |||
General reserves | [1] | 493,990 | 483,121 | ||
Specific reserves | [2] | 9,632 | 10,760 | ||
Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Total Loans | 446,547 | 434,532 | |||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Total Loans | 43,217 | 44,585 | |||
Commercial business | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 251 | 388 | |||
Provision for loan losses | (122) | (182) | |||
Charge-offs | (7) | 0 | |||
Recoveries | 41 | 0 | |||
Ending balance | 163 | 206 | |||
Total ALLL | 251 | 388 | 163 | 251 | |
General reserve | 120 | 207 | |||
Specific reserve | 43 | 44 | |||
Total Loans | 13,858 | 14,764 | |||
General reserves | [1] | 13,457 | 14,361 | ||
Specific reserves | [2] | 401 | 403 | ||
Unallocated | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 759 | 235 | |||
Provision for loan losses | 225 | 189 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 984 | 424 | |||
Total ALLL | 759 | 235 | 984 | 759 | |
General reserve | 984 | 759 | |||
Specific reserve | 0 | 0 | |||
Total Loans | 0 | 0 | |||
General reserves | [1] | 0 | 0 | ||
Specific reserves | [2] | 0 | 0 | ||
Commercial real estate | Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 998 | 1,491 | |||
Provision for loan losses | 42 | (221) | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 1,040 | 1,270 | |||
Total ALLL | 998 | 1,491 | 1,040 | 998 | |
General reserve | 967 | 923 | |||
Specific reserve | 73 | 75 | |||
Total Loans | 131,469 | 125,623 | |||
General reserves | [1] | 130,117 | 124,260 | ||
Specific reserves | [2] | 1,352 | 1,363 | ||
Construction and land | Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 336 | 397 | |||
Provision for loan losses | 36 | 79 | |||
Charge-offs | 0 | (45) | |||
Recoveries | 0 | 0 | |||
Ending balance | 372 | 431 | |||
Total ALLL | 336 | 397 | 372 | 336 | |
General reserve | 349 | 318 | |||
Specific reserve | 23 | 18 | |||
Total Loans | 22,142 | 19,127 | |||
General reserves | [1] | 21,967 | 18,968 | ||
Specific reserves | [2] | 175 | 159 | ||
Home equity | Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 1,052 | 1,289 | |||
Provision for loan losses | (79) | (149) | |||
Charge-offs | (39) | 0 | |||
Recoveries | 12 | 11 | |||
Ending balance | 946 | 1,151 | |||
Total ALLL | 1,052 | 1,289 | 946 | 1,052 | |
General reserve | 901 | 998 | |||
Specific reserve | 45 | 54 | |||
Total Loans | 35,424 | 36,387 | |||
General reserves | [1] | 34,796 | 35,752 | ||
Specific reserves | [2] | 628 | 635 | ||
Other | Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 321 | 389 | |||
Provision for loan losses | 2 | (9) | |||
Charge-offs | (50) | (56) | |||
Recoveries | 11 | 14 | |||
Ending balance | 284 | 338 | |||
Total ALLL | 321 | 389 | 284 | 321 | |
General reserve | 206 | 244 | |||
Specific reserve | 78 | 77 | |||
Total Loans | 7,793 | 8,198 | |||
General reserves | [1] | 7,631 | 8,034 | ||
Specific reserves | [2] | 162 | 164 | ||
One-to-four family | Real estate loans | Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 3,143 | 3,408 | |||
Provision for loan losses | (113) | 351 | |||
Charge-offs | (7) | (19) | |||
Recoveries | 4 | 6 | |||
Ending balance | 3,027 | 3,746 | |||
Total ALLL | 3,143 | 3,408 | 3,027 | 3,143 | |
General reserve | 2,838 | 2,982 | |||
Specific reserve | 189 | 161 | |||
Total Loans | 258,313 | 256,696 | |||
General reserves | [1] | 252,024 | 249,290 | ||
Specific reserves | [2] | 6,289 | 7,406 | ||
Multi-family | Real estate loans | Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Beginning balance | 251 | 475 | |||
Provision for loan losses | 9 | (58) | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 260 | 417 | |||
Total ALLL | $ 251 | $ 475 | 260 | 251 | |
General reserve | 260 | 251 | |||
Specific reserve | 0 | 0 | |||
Total Loans | 34,623 | 33,086 | |||
General reserves | [1] | 33,998 | 32,456 | ||
Specific reserves | [2] | $ 625 | $ 630 | ||
[1] | Loans collectively evaluated for general reserves | ||||
[2] | Loans individually evaluated for specific reserves |
Loans Receivable - Impaired Loa
Loans Receivable - Impaired Loans By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, No Allowance Recorded | $ 4,117 | $ 4,586 | |
Recorded Investment, Allowance Recorded | 5,515 | 6,174 | |
Recorded Investment | 9,632 | 10,760 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 4,984 | 5,641 | |
Unpaid Principal Balance, Allowance Recorded | 5,651 | 6,482 | |
Unpaid Principal Balance | 10,635 | 12,123 | |
Related Allowance | 451 | 429 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 4,001 | $ 7,164 | |
Average Recorded Investment, Allowance Recorded | 5,778 | 7,397 | |
Average Recorded Investment | 9,779 | 14,561 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 58 | 140 | |
Interest Income Recognized, Allowance Recorded | 96 | 116 | |
Interest Income Recognized | 154 | 256 | |
Interest income recognized on impaired loans | 87 | 124 | |
Commercial business | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, No Allowance Recorded | 0 | 0 | |
Recorded Investment, Allowance Recorded | 401 | 403 | |
Recorded Investment | 401 | 403 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 0 | 180 | |
Unpaid Principal Balance, Allowance Recorded | 401 | 403 | |
Unpaid Principal Balance | 401 | 583 | |
Related Allowance | 43 | 44 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, Allowance Recorded | 401 | 424 | |
Average Recorded Investment | 401 | 424 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, Allowance Recorded | 6 | 6 | |
Interest Income Recognized | 6 | 6 | |
Commercial real estate | Real Estate | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, No Allowance Recorded | 353 | 355 | |
Recorded Investment, Allowance Recorded | 999 | 1,008 | |
Recorded Investment | 1,352 | 1,363 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 415 | 416 | |
Unpaid Principal Balance, Allowance Recorded | 999 | 1,008 | |
Unpaid Principal Balance | 1,414 | 1,424 | |
Related Allowance | 73 | 75 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 354 | 1,912 | |
Average Recorded Investment, Allowance Recorded | 1,002 | 2,637 | |
Average Recorded Investment | 1,356 | 4,549 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 6 | 6 | |
Interest Income Recognized, Allowance Recorded | 12 | 33 | |
Interest Income Recognized | 18 | 39 | |
Construction and land | Real Estate | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, No Allowance Recorded | 16 | 17 | |
Recorded Investment, Allowance Recorded | 159 | 142 | |
Recorded Investment | 175 | 159 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 47 | 48 | |
Unpaid Principal Balance, Allowance Recorded | 183 | 166 | |
Unpaid Principal Balance | 230 | 214 | |
Related Allowance | 23 | 18 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 16 | 311 | |
Average Recorded Investment, Allowance Recorded | 148 | 158 | |
Average Recorded Investment | 164 | 469 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 1 | 11 | |
Interest Income Recognized, Allowance Recorded | 5 | 7 | |
Interest Income Recognized | 6 | 18 | |
Home equity | Consumer | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, No Allowance Recorded | 257 | 209 | |
Recorded Investment, Allowance Recorded | 371 | 426 | |
Recorded Investment | 628 | 635 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 347 | 322 | |
Unpaid Principal Balance, Allowance Recorded | 387 | 441 | |
Unpaid Principal Balance | 734 | 763 | |
Related Allowance | 45 | 54 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 283 | 320 | |
Average Recorded Investment, Allowance Recorded | 368 | 660 | |
Average Recorded Investment | 651 | 980 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 5 | 4 | |
Interest Income Recognized, Allowance Recorded | 7 | 16 | |
Interest Income Recognized | 12 | 20 | |
Other | Consumer | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, No Allowance Recorded | 0 | 0 | |
Recorded Investment, Allowance Recorded | 162 | 164 | |
Recorded Investment | 162 | 164 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 7 | 10 | |
Unpaid Principal Balance, Allowance Recorded | 189 | 181 | |
Unpaid Principal Balance | 196 | 191 | |
Related Allowance | 78 | 77 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 11 | 0 | |
Average Recorded Investment, Allowance Recorded | 167 | 52 | |
Average Recorded Investment | 178 | 52 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 0 | 1 | |
Interest Income Recognized, Allowance Recorded | 5 | 1 | |
Interest Income Recognized | 5 | 2 | |
One-to-four family | Real estate loans | Real Estate | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, No Allowance Recorded | 2,991 | 3,502 | |
Recorded Investment, Allowance Recorded | 3,298 | 3,904 | |
Recorded Investment | 6,289 | 7,406 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 3,668 | 4,162 | |
Unpaid Principal Balance, Allowance Recorded | 3,367 | 4,157 | |
Unpaid Principal Balance | 7,035 | 8,319 | |
Related Allowance | 189 | 161 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 3,003 | 4,026 | |
Average Recorded Investment, Allowance Recorded | 3,399 | 3,336 | |
Average Recorded Investment | 6,402 | 7,362 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 42 | 113 | |
Interest Income Recognized, Allowance Recorded | 60 | 52 | |
Interest Income Recognized | 102 | 165 | |
Multi-family | Real estate loans | Real Estate | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investment, No Allowance Recorded | 500 | 503 | |
Recorded Investment, Allowance Recorded | 125 | 127 | |
Recorded Investment | 625 | 630 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 500 | 503 | |
Unpaid Principal Balance, Allowance Recorded | 125 | 126 | |
Unpaid Principal Balance | 625 | 629 | |
Related Allowance | 0 | $ 0 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 334 | 595 | |
Average Recorded Investment, Allowance Recorded | 293 | 130 | |
Average Recorded Investment | 627 | 725 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 4 | 5 | |
Interest Income Recognized, Allowance Recorded | 1 | 1 | |
Interest Income Recognized | $ 5 | $ 6 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | $ 3,794 | $ 4,883 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 175 | 159 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 179 | 181 |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 162 | 164 |
One-to-four family | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 3,134 | 4,232 |
Multi-family | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | $ 144 | $ 147 |
Loans Receivable - Reconciliati
Loans Receivable - Reconciliation of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,403 | $ 2,422 |
Current | 502,219 | 491,459 |
Total Loans | 503,622 | 493,881 |
Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,043 | 2,071 |
Current | 445,504 | 432,461 |
Total Loans | 446,547 | 434,532 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 131,469 | 125,623 |
Total Loans | 131,469 | 125,623 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 125 | 137 |
Current | 22,017 | 18,990 |
Total Loans | 22,142 | 19,127 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 360 | 351 |
Current | 42,857 | 44,234 |
Total Loans | 43,217 | 44,585 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 218 | 194 |
Current | 35,206 | 36,193 |
Total Loans | 35,424 | 36,387 |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 142 | 157 |
Current | 7,651 | 8,041 |
Total Loans | 7,793 | 8,198 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 13,858 | 14,764 |
Total Loans | 13,858 | 14,764 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 201 | 139 |
30-59 Days Past Due | Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
30-59 Days Past Due | Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
30-59 Days Past Due | Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
30-59 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 201 | 139 |
30-59 Days Past Due | Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 110 | 81 |
30-59 Days Past Due | Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 91 | 58 |
30-59 Days Past Due | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 459 | 1,448 |
60-89 Days Past Due | Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 420 | 1,344 |
60-89 Days Past Due | Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
60-89 Days Past Due | Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38 | 114 |
60-89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 39 | 104 |
60-89 Days Past Due | Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9 | 15 |
60-89 Days Past Due | Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30 | 89 |
60-89 Days Past Due | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 743 | 835 |
90 Days or More Past Due | Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 623 | 727 |
90 Days or More Past Due | Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
90 Days or More Past Due | Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 87 | 23 |
90 Days or More Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 120 | 108 |
90 Days or More Past Due | Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 99 | 98 |
90 Days or More Past Due | Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21 | 10 |
90 Days or More Past Due | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
One-to-four family | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 918 | 1,934 |
Current | 257,395 | 254,762 |
Total Loans | 258,313 | 256,696 |
One-to-four family | 30-59 Days Past Due | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
One-to-four family | 60-89 Days Past Due | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 382 | 1,230 |
One-to-four family | 90 Days or More Past Due | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 536 | 704 |
Multi-family | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 34,623 | 33,086 |
Total Loans | 34,623 | 33,086 |
Multi-family | 30-59 Days Past Due | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family | 60-89 Days Past Due | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family | 90 Days or More Past Due | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 503,622 | $ 493,881 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 468,898 | 445,936 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 25,808 | 31,828 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,512 | 6,266 |
Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,404 | 9,851 |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,794 | 4,883 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 499,828 | 488,998 |
Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 446,547 | 434,532 |
Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 419,373 | 394,896 |
Real Estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,798 | 25,319 |
Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,295 | 6,041 |
Real Estate | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,081 | 8,276 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 131,469 | 125,623 |
Real Estate | Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 119,903 | 106,072 |
Real Estate | Commercial real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,156 | 12,960 |
Real Estate | Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 423 | 5,134 |
Real Estate | Commercial real estate | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 987 | 1,457 |
Real Estate | Commercial real estate | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 144 | 147 |
Real Estate | Commercial real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 131,325 | 125,476 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 22,142 | 19,127 |
Real Estate | Construction and land | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,567 | 18,426 |
Real Estate | Construction and land | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 258 | 351 |
Real Estate | Construction and land | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 66 | 113 |
Real Estate | Construction and land | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 251 | 237 |
Real Estate | Construction and land | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 175 | 159 |
Real Estate | Construction and land | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,967 | 18,968 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 43,217 | 44,585 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 41,366 | 42,591 |
Consumer | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 816 | 714 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 157 | 163 |
Consumer | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 878 | 1,117 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,424 | 36,387 |
Consumer | Home equity | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 34,079 | 34,969 |
Consumer | Home equity | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 560 | 501 |
Consumer | Home equity | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 128 | 86 |
Consumer | Home equity | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 657 | 831 |
Consumer | Home equity | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 179 | 181 |
Consumer | Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,245 | 36,206 |
Consumer | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,793 | 8,198 |
Consumer | Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,287 | 7,622 |
Consumer | Other | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 256 | 213 |
Consumer | Other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 29 | 77 |
Consumer | Other | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 221 | 286 |
Consumer | Other | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 162 | 164 |
Consumer | Other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,631 | 8,034 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,858 | 14,764 |
Commercial business | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,159 | 8,449 |
Commercial business | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,194 | 5,795 |
Commercial business | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 60 | 62 |
Commercial business | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 445 | 458 |
Commercial business | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial business | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,858 | 14,764 |
One-to-four family | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 258,313 | 256,696 |
One-to-four family | Real Estate | Real estate loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 250,036 | 247,491 |
One-to-four family | Real Estate | Real estate loans | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,253 | 2,458 |
One-to-four family | Real Estate | Real estate loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 806 | 794 |
One-to-four family | Real Estate | Real estate loans | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,218 | 5,953 |
One-to-four family | Real Estate | Real estate loans | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,134 | 4,232 |
One-to-four family | Real Estate | Real estate loans | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 255,179 | 252,464 |
Multi-family | Real Estate | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 34,623 | 33,086 |
Multi-family | Real Estate | Real estate loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 27,867 | 22,907 |
Multi-family | Real Estate | Real estate loans | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,131 | 9,550 |
Multi-family | Real Estate | Real estate loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Multi-family | Real Estate | Real estate loans | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 625 | 629 |
Multi-family | Real Estate | Real estate loans | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Multi-family | Real Estate | Real estate loans | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 34,623 | $ 33,086 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Loans and Leases Receivable Disclosure [Abstract] | ||
Total TDR loans | $ 7,613 | $ 7,746 |
Allowance for loan losses related to TDR loans | 296 | 272 |
Total nonaccrual TDR loans | $ 1,869 | $ 5,676 |
Loans Receivable - Troubled D37
Loans Receivable - Troubled Debt Restructured Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | $ 5,744 | $ 2,070 |
Nonaccrual loans | 1,869 | 5,676 |
Total TDR loans | 7,613 | 7,746 |
Commercial business | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 401 | 0 |
Nonaccrual loans | 0 | 403 |
Total TDR loans | 401 | 403 |
Commercial real estate | Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 1,209 | 147 |
Nonaccrual loans | 144 | 1,216 |
Total TDR loans | 1,353 | 1,363 |
Construction and land | Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 0 | 0 |
Home equity | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 450 | 79 |
Nonaccrual loans | 73 | 349 |
Total TDR loans | 523 | 428 |
Other | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 0 | 0 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 0 | 0 |
One-to-four family | Real estate loans | Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 3,059 | 1,844 |
Nonaccrual loans | 1,652 | 3,079 |
Total TDR loans | 4,711 | 4,923 |
Multi-family | Real estate loans | Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 625 | 0 |
Nonaccrual loans | 0 | 629 |
Total TDR loans | $ 625 | $ 629 |
Loans Receivable - Narrative (D
Loans Receivable - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015USD ($)contract | Sep. 30, 2014contract | Jun. 30, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ | $ 503,622 | $ 493,881 | |
Number of troubled debt restructuring loans | 0 | 0 | |
Number of loans modified within 12 months prior for which there was a payment default | 0 | 0 | |
Sub-standard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ | $ 7,404 | $ 9,851 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Weighted Average Rate of Deposits, by Type [Abstract] [Abstract] | |||
Weighted-Average Interest Rate, Savings | 0.04% | 0.04% | |
Weighted-Average Interest Rate, Transaction accounts | 0.01% | 0.01% | |
Weighted-Average Interest Rate, Insured money market accounts | 0.23% | 0.17% | |
Weighted-Average Interest Rate, Certificates of deposit and jumbo certificates | 0.95% | 0.94% | |
Deposits, by Type [Abstract] | |||
Savings | $ 89,167 | $ 88,129 | |
Transaction accounts | 199,110 | 183,890 | |
Insured money market accounts | 232,632 | 227,217 | |
Certificates of deposit and jumbo certificates | 146,034 | 147,928 | |
Total Deposits | $ 666,943 | $ 647,164 | |
Weighted-average interest rate | 0.30% | 0.28% | |
Time Deposits, Fiscal Year Maturity [Abstract] | |||
Within one year or less | $ 76,688 | $ 71,474 | |
After one year through two years | 26,045 | 33,336 | |
After two years through three years | 20,514 | 19,225 | |
After three years through four years | 12,553 | 14,504 | |
After four years through five years | 10,035 | 9,183 | |
After five years | 199 | 206 | |
Total time deposits | 146,034 | $ 147,928 | |
Interest Expense, Deposits [Abstract] | |||
Savings | 9 | $ 9 | |
Transaction accounts | 3 | 3 | |
Insured money market accounts | 141 | 94 | |
Certificates of deposit and jumbo certificates | 348 | 265 | |
Interest expense | $ 501 | $ 371 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Jun. 30, 2015 |
Banking and Thrift [Abstract] | ||
Time deposits, $250,000 or more | $ 37.5 | $ 36.3 |
Public fund deposits | 47.2 | 44.2 |
Investment securities pledged as collateral, carrying value | $ 45.6 | $ 42.7 |
Federal Taxes on Income (Detail
Federal Taxes on Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Jun. 30, 2015 | |
Operating Loss Carryforwards [Line Items] | ||
Retained earnings on which federal income taxes have not been provided | $ 6,400,000 | |
Deferred tax asset carryforward | 3,300,000 | |
Valuation allowance | 1,900,000 | $ 1,900,000 |
Deferred net tax asset (liability) | (115,000) | 188,000 |
Unrecognized tax assets | 0 | 0 |
Interest and penalties recognized | $ 0 | $ 0 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Numerator: | |||
Net income | $ 1,228 | $ 849 | |
Denominator for basic and diluted earnings per share - | |||
Weighted average common shares outstanding | 12,144,859 | ||
Basic and diluted earnings per share (in dollars per share) | $ 0.10 | ||
Employee Stock Ownership Plan (ESOP), total shares | 984,999 | 952,799 | |
Unallocated shares | 955,501 | 935,289 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Jan. 29, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Minimum service period (over 12 month period) | 1000 hours | ||
Requisite service period | 12 months | ||
Percentage of shares to be purchased | 8.00% | ||
Number of shares to be purchased | 1,048,029 | ||
Percentage of shares purchased | 94.00% | ||
Average purchase price (in dollars per share) | $ 12.37 | ||
ESOP loan payable, amortization period | 20 years | ||
ESOP loan payable, estimated interest rate | 2.45% | ||
Allocation of ESOP shares | $ 148 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |||
Allocated shares | 17,510 | 17,510 | |
Committed to be released shares | 11,988 | 0 | |
Unallocated shares | 955,501 | 935,289 | |
Total ESOP shares | 984,999 | 952,799 | |
Fair value of unallocated shares | $ 11,829 | $ 11,532 |
Fair Value Accounting and Mea44
Fair Value Accounting and Measurement - Company Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 318,180 | $ 299,040 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 318,180 | 299,040 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 318,180 | 299,040 |
Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 27,263 | 17,274 |
Recurring | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 23,645 | 23,774 |
Recurring | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 8,528 | 9,201 |
Recurring | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 29,665 | 29,634 |
Recurring | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 33,451 | 34,328 |
Recurring | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 178,782 | 176,877 |
Recurring | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 16,846 | 7,952 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 318,180 | 299,040 |
Recurring | Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 27,263 | 17,274 |
Recurring | Significant Other Observable Inputs (Level 2) | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 23,645 | 23,774 |
Recurring | Significant Other Observable Inputs (Level 2) | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 8,528 | 9,201 |
Recurring | Significant Other Observable Inputs (Level 2) | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 29,665 | 29,634 |
Recurring | Significant Other Observable Inputs (Level 2) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 33,451 | 34,328 |
Recurring | Significant Other Observable Inputs (Level 2) | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 178,782 | 176,877 |
Recurring | Significant Other Observable Inputs (Level 2) | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 16,846 | 7,952 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 0 | $ 0 |
Fair Value Accounting and Mea45
Fair Value Accounting and Measurement - Schedule of Assets On A Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | $ 9,632 | $ 10,760 | ||
Real estate owned and repossessed assets | $ 563 | $ 1,914 | ||
Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value inputs, discount to appraisal rate | 2.00% | [1] | 2.00% | [2] |
Impaired loans | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value inputs, discount to appraisal rate | 0.00% | [1] | 0.00% | [2] |
Impaired loans | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value inputs, discount to appraisal rate | 25.00% | [1] | 25.00% | [2] |
Real estate owned and repossessed assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value inputs, discount to appraisal rate | 1.00% | [1] | 1.00% | [2] |
Real estate owned and repossessed assets | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value inputs, discount to appraisal rate | 0.00% | [1] | 0.00% | [2] |
Real estate owned and repossessed assets | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value inputs, discount to appraisal rate | 30.00% | [1] | 8.00% | [2] |
Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | $ 9,632 | $ 10,760 | ||
Real estate owned and repossessed assets | 563 | 1,914 | ||
Total assets measured at fair value | 10,195 | 12,674 | ||
Nonrecurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Real estate owned and repossessed assets | 0 | 0 | ||
Total assets measured at fair value | 0 | 0 | ||
Nonrecurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Real estate owned and repossessed assets | 0 | 0 | ||
Total assets measured at fair value | 0 | 0 | ||
Nonrecurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 9,632 | 10,760 | ||
Real estate owned and repossessed assets | 563 | 1,914 | ||
Total assets measured at fair value | $ 10,195 | $ 12,674 | ||
[1] | Discount to appraisal disposition value. | |||
[2] | Discount to appraisal disposition value. |
Fair Value Accounting and Mea46
Fair Value Accounting and Measurement - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Financial assets | ||
Investment securities available for sale | $ 318,180 | $ 299,040 |
Investment securities held to maturity | 61,701 | 62,510 |
Accrued interest receivable | 2,664 | 2,546 |
Financial liabilities | ||
Accrued interest payable | 243 | 265 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 38,573 | 45,030 |
Investment securities available for sale | 318,180 | 299,040 |
Investment securities held to maturity | 59,873 | 61,524 |
Loans held for sale | 68 | 110 |
Loans receivable, net | 497,324 | 487,887 |
FHLB stock | 4,797 | 4,807 |
Accrued interest receivable | 2,664 | 2,546 |
Mortgage servicing rights, net | 1,122 | 1,187 |
Financial liabilities | ||
Borrowings | 89,924 | 90,033 |
Accrued interest payable | 243 | 265 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 38,573 | 45,030 |
Investment securities available for sale | 318,180 | 299,040 |
Investment securities held to maturity | 61,701 | 62,510 |
Loans held for sale | 68 | 110 |
Loans receivable, net | 505,625 | 493,270 |
FHLB stock | 4,797 | 4,807 |
Accrued interest receivable | 2,664 | 2,546 |
Mortgage servicing rights, net | 1,717 | 1,837 |
Financial liabilities | ||
Borrowings | 94,760 | 93,426 |
Accrued interest payable | 243 | 265 |
Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 38,573 | 45,030 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Financial liabilities | ||
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 318,180 | 299,040 |
Investment securities held to maturity | 61,701 | 62,510 |
Loans held for sale | 68 | 110 |
Loans receivable, net | 0 | 0 |
FHLB stock | 4,797 | 4,807 |
Accrued interest receivable | 2,664 | 2,546 |
Mortgage servicing rights, net | 0 | 0 |
Financial liabilities | ||
Borrowings | 94,760 | 93,426 |
Accrued interest payable | 243 | 265 |
Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 505,625 | 493,270 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 1,717 | 1,837 |
Financial liabilities | ||
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Demand deposits | Carrying Value | ||
Financial liabilities | ||
Deposits | 520,909 | 499,236 |
Demand deposits | Fair Value | ||
Financial liabilities | ||
Deposits | 520,909 | 499,236 |
Demand deposits | Level 1 | ||
Financial liabilities | ||
Deposits | 520,909 | 499,236 |
Demand deposits | Level 2 | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Demand deposits | Level 3 | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Time deposits | Carrying Value | ||
Financial liabilities | ||
Deposits | 146,034 | 147,928 |
Time deposits | Fair Value | ||
Financial liabilities | ||
Deposits | 146,763 | 148,436 |
Time deposits | Level 1 | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Time deposits | Level 2 | ||
Financial liabilities | ||
Deposits | 146,763 | 148,436 |
Time deposits | Level 3 | ||
Financial liabilities | ||
Deposits | $ 0 | $ 0 |