Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
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, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
Common Stock, Shares Outstanding | 12,967,346 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
ASSETS | ||
Cash and due from banks | $ 11,761 | $ 12,841 |
Interest-bearing deposits in banks | 18,042 | 9,809 |
Investment securities available for sale, at fair value | 247,105 | 267,857 |
Investment securities held to maturity, at amortized cost | 54,855 | 56,038 |
Loans held for sale | 147 | 917 |
Loans receivable (net of allowance for loan losses of $7,682 and $7,239) | 664,059 | 619,844 |
Federal Home Loan Bank (FHLB) stock, at cost | 4,176 | 4,403 |
Accrued interest receivable | 2,877 | 2,802 |
Premises and equipment, net | 13,590 | 13,519 |
Mortgage servicing rights, net | 1,048 | 998 |
Bank-owned life insurance, net | 28,452 | 18,282 |
Real estate owned and repossessed assets | 131 | 81 |
Prepaid expenses and other assets | 2,266 | 2,711 |
Total assets | 1,048,509 | 1,010,102 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 776,345 | 723,287 |
Borrowings | 75,090 | 80,672 |
Accrued interest payable | 184 | 189 |
Accrued expenses and other liabilities | 5,908 | 15,173 |
Advances from borrowers for taxes and insurance | 1,708 | 1,040 |
Total liabilities | 859,235 | 820,361 |
Shareholders' 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 12,967,346 at September 30, 2016; issued and outstanding 12,676,660 at June 30,2016 | 130 | 127 |
Additional paid-in capital | 121,885 | 122,595 |
Retained earnings | 77,612 | 77,301 |
Accumulated other comprehensive income, net of tax | 1,659 | 1,895 |
Unearned employee stock ownership plan (ESOP) shares | (12,012) | (12,177) |
Total shareholders' equity | 189,274 | 189,741 |
Total liabilities and shareholders' equity | $ 1,048,509 | $ 1,010,102 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 7,682 | $ 7,239 |
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 | 12,967,346 | 12,676,660 |
Common stock, shares outstanding | 12,967,346 | 12,676,660 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST INCOME | ||
Interest and fees on loans receivable | $ 6,719 | $ 5,502 |
Interest on mortgage-backed securities | 1,124 | 1,202 |
Interest on investment securities | 649 | 789 |
Interest-bearing deposits and other | 13 | 20 |
FHLB dividends | 35 | 11 |
Total interest income | 8,540 | 7,524 |
INTEREST EXPENSE | ||
Deposits | 647 | 501 |
Borrowings | 542 | 726 |
Total interest expense | 1,189 | 1,227 |
Net interest income | 7,351 | 6,297 |
PROVISION FOR LOAN LOSSES | 350 | 0 |
Net interest income after provision for loan losses | 7,001 | 6,297 |
NONINTEREST INCOME | ||
Loan and deposit service fees | 913 | 929 |
Mortgage servicing fees, net of amortization | 63 | 58 |
Net gain on sale of loans | 269 | 42 |
Increase in cash surrender value of bank-owned life insurance | 170 | 39 |
Other income | 29 | 195 |
Total noninterest income | 1,444 | 1,263 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 4,160 | 3,273 |
Real estate owned and repossessed assets expenses (income), net | 39 | (342) |
Data processing | 764 | 655 |
Occupancy and equipment | 897 | 813 |
Supplies, postage, and telephone | 150 | 139 |
Regulatory assessments and state taxes | 134 | 94 |
Advertising | 129 | 189 |
Professional fees | 357 | 460 |
FDIC insurance premium | 119 | 124 |
Other | 711 | 510 |
Total noninterest expense | 7,460 | 5,915 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 985 | 1,645 |
PROVISION FOR INCOME TAXES | 334 | 417 |
NET INCOME | $ 651 | $ 1,228 |
Basic and diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 651 | $ 1,228 |
Unrealized (loss) gain on securities: | ||
Unrealized holding (loss) gain, net of taxes of $(120) and $308, respectively | (236) | 592 |
Other comprehensive (loss) income, net of tax | (236) | 592 |
COMPREHENSIVE INCOME | $ 415 | $ 1,820 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding gain (loss), tax | $ (120) | $ 308 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income, Net of Tax |
Shares, beginning balance at Jun. 30, 2015 | 13,100,360 | |||||
Beginning balance at Jun. 30, 2015 | $ 190,681 | $ 131 | $ 126,809 | $ 74,573 | $ (11,582) | $ 750 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,228 | 1,228 | ||||
Other comprehensive income (loss), net of tax | 592 | 592 | ||||
Purchase of ESOP shares | (390) | (390) | ||||
ESOP shares committed to be released | 147 | (1) | 148 | |||
Shares, ending balance at Sep. 30, 2015 | 13,100,360 | |||||
Ending balance at Sep. 30, 2015 | $ 192,258 | $ 131 | 126,808 | 75,801 | (11,824) | 1,342 |
Shares, beginning balance at Jun. 30, 2016 | 12,676,660 | 12,676,660 | ||||
Beginning balance at Jun. 30, 2016 | $ 189,741 | $ 127 | 122,595 | 77,301 | (12,177) | 1,895 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 651 | 651 | ||||
Common stock repurchased, shares | (99,314) | |||||
Common stock repurchased | (1,333) | $ (1) | (992) | (340) | ||
Restricted stock awards net of forfeitures, shares | 390,000 | |||||
Restricted stock awards net of forfeitures | 0 | $ 4 | (4) | |||
Other comprehensive income (loss), net of tax | (236) | (236) | ||||
Share-based compensation | 256 | 256 | ||||
ESOP shares committed to be released | $ 195 | 30 | 165 | |||
Shares, ending balance at Sep. 30, 2016 | 12,967,346 | 12,967,346 | ||||
Ending balance at Sep. 30, 2016 | $ 189,274 | $ 130 | $ 121,885 | $ 77,612 | $ (12,012) | $ 1,659 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 651 | $ 1,228 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 304 | 246 |
Amortization and accretion of premiums and discounts on investments, net | 388 | 389 |
Amortization of deferred loan fees, net | 101 | 4 |
Amortization of mortgage servicing rights, net | 55 | 78 |
Additions to mortgage servicing rights, net | (105) | (13) |
Provision for loan losses | 350 | 0 |
Gain on sale of real estate owned and repossessed assets, net | 0 | (430) |
Deferred federal income taxes | 530 | (191) |
Allocation of ESOP shares | 195 | 147 |
Stock compensation expense | 256 | 0 |
Gain on sale of loans, net | (269) | (42) |
Impairment of real estate owned and repossessed assets | 32 | 46 |
Increase in cash surrender value of life insurance, net | (170) | (39) |
Origination of loans held for sale | (10,339) | (1,374) |
Proceeds from loans held for sale | 11,378 | 1,458 |
Change in assets and liabilities: | ||
Increase in accrued interest receivable | (75) | (118) |
Decrease (increase) in prepaid expenses and other assets | 445 | (1,978) |
Decrease in accrued interest payable | (5) | (22) |
Decrease in accrued expenses and other liabilities | (9,674) | (609) |
Net cash from operating activities | (5,952) | (1,220) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | 0 | (29,761) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 20,083 | 11,208 |
Proceeds from maturities, calls, and principal repayments of securities held to maturity | 1,107 | 1,573 |
Proceeds from FHLB stock redemption | 227 | 10 |
Purchase of bank-owned life insurance | (10,000) | 0 |
Proceeds from sale of real estate owned and repossessed assets | 0 | 2,723 |
Loan originations, net of repayments, charge-offs, and recoveries | (44,748) | (10,429) |
Purchase of premises and equipment | (375) | (439) |
Net cash from investing activities | (33,706) | (25,115) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 53,058 | 19,779 |
Proceeds from FHLB advances | 47,774 | 0 |
Repayment of FHLB advances | (53,356) | 0 |
Repayment of notes payable | 0 | (109) |
Net increase in advances from borrowers for taxes and insurance | 668 | 598 |
Purchase of ESOP shares | 0 | (390) |
Repurchase of common stock | (1,333) | 0 |
Net cash from financing activities | 46,811 | 19,878 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 7,153 | (6,457) |
CASH AND CASH EQUIVALENTS, beginning of period | 22,650 | 45,030 |
CASH AND CASH EQUIVALENTS, end of period | 29,803 | 38,573 |
Cash paid during the year for: | ||
Interest on deposits and other borrowings | 1,194 | 1,249 |
Income taxes | 1,450 | 850 |
NONCASH INVESTING ACTIVITIES | ||
Unrealized (loss) gain on securities available for sale | (356) | 900 |
Loans transferred to real estate owned and repossessed assets, net of deferred loan fees and allowance for loan losses | $ 82 | $ 988 |
Basis of Presentation and Criti
Basis of Presentation and Critical Accounting Policies | 3 Months Ended |
Sep. 30, 2016 | |
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. 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 purchased in the open market, with funds borrowed from the Company, 8% of the common stock issued in the Conversion for a total of 1,048,029 shares. 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, 2016 . 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, 2016 , are not necessarily indicative of the results that may be expected for the year ended June 30, 2017 . 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. The Company completed its stock offering and became a public company on January 29, 2015 . 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"), majority-owned Craft3 Development IV, LLC ("Craft3"), and majority-owned 202 Master Tenant, LLC ("Master Tenant"). NOPS was dissolved on February 12, 2016, at which time the building owned by NOPS and rented in whole to First Federal became the property of the Bank. 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 subsequently entered a membership redemption and assignment agreement which terminated its membership interest in the Craft3 partnership effective September 30, 2015. In August 2016 First Federal entered into a partnership with the Peninsula College Foundation forming 202 Master Tenant, LLC. An initial equity contribution of $274,000 was made in September 2016 with a final contribution of $1.1 million due once a historic tax credit has been granted and all remaining items outlined in the agreement satisfied. 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 March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting . This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The Company has early-adopted this ASU. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The ASU provides specific guidance on eight classification issues in order to achieve more consistent reporting. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The adoption of ASU No. 2016-15 will not 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 shareholders' equity. |
Securities
Securities | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 21,592 $ 1,281 $ — $ 22,873 U.S. Treasury and government agency issued bonds (Agency bonds) 10,050 — (12 ) 10,038 U.S. government agency issued asset-backed securities (ABS agency) 8,548 — (720 ) 7,828 Corporate issued asset-backed securities (ABS corporate) 29,697 133 (110 ) 29,720 U.S. Small Business Administration securities (SBA) 8,981 128 — 9,109 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 128,626 1,655 (51 ) 130,230 Corporate issued mortgage-backed securities (MBS corporate) 37,144 222 (59 ) 37,307 Total securities available for sale $ 244,638 $ 3,419 $ (952 ) $ 247,105 Held to Maturity Municipal bonds $ 14,351 $ 511 $ — $ 14,862 SBA 483 1 — 484 Mortgage-backed securities: MBS agency 40,021 2,027 (2 ) 42,046 Total securities held to maturity $ 54,855 $ 2,539 $ (2 ) $ 57,392 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, 2016 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 21,609 $ 1,570 $ — $ 23,179 Agency bonds 15,036 15 (3 ) 15,048 ABS agency 8,751 — (816 ) 7,935 ABS corporate 29,690 16 (325 ) 29,381 SBA 9,335 166 — 9,501 Mortgage-backed securities: MBS agency 139,449 2,228 (28 ) 141,649 MBS corporate 41,164 100 (100 ) 41,164 Total securities available for sale $ 265,034 $ 4,095 $ (1,272 ) $ 267,857 Held to Maturity Municipal bonds $ 14,425 $ 633 $ — $ 15,058 SBA 497 1 — 498 Mortgage-backed securities: MBS agency 41,116 2,257 (1 ) 43,372 Total securities held to maturity $ 56,038 $ 2,891 $ (1 ) $ 58,928 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, 2016 : 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 Agency bonds $ (12 ) $ 2,488 $ — $ — $ (12 ) $ 2,488 ABS agency — — (720 ) 7,829 (720 ) 7,829 ABS corporate (110 ) 21,740 — — (110 ) 21,740 Mortgage-backed securities: MBS agency (25 ) 3,636 (26 ) 2,599 (51 ) 6,235 MBS corporate (18 ) 7,631 (41 ) 9,482 (59 ) 17,113 Total available for sale $ (165 ) $ 35,495 $ (787 ) $ 19,910 $ (952 ) $ 55,405 Held to Maturity Mortgage-backed securities: MBS agency $ (1 ) $ 742 $ (1 ) $ 83 $ (2 ) $ 825 Total held to maturity $ (1 ) $ 742 $ (1 ) $ 83 $ (2 ) $ 825 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, 2016 : 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 Agency bonds $ (3 ) $ 2,497 $ — $ — $ (3 ) $ 2,497 ABS agency — — (816 ) 7,935 (816 ) 7,935 ABS corporate (325 ) 21,521 — — (325 ) 21,521 Mortgage-backed securities: MBS agency — — (28 ) 6,771 (28 ) 6,771 MBS corporate (100 ) 26,120 — — (100 ) 26,120 Total available for sale $ (428 ) $ 50,138 $ (844 ) $ 14,706 $ (1,272 ) $ 64,844 Held to Maturity Mortgage-backed securities: MBS agency $ — $ 652 $ (1 ) $ 89 $ (1 ) $ 741 Total held to maturity $ — $ 652 $ (1 ) $ 89 $ (1 ) $ 741 The Company may hold certain investment securities in an unrealized loss position that are not considered other than temporarily impaired ("OTTI"). At September 30, 2016 , there were 17 investment securities with $954,000 of unrealized losses and a fair value of approximately $56.2 million . At June 30, 2016 , there were 15 investment securities with $1.3 million of unrealized losses and a fair value of approximately $65.6 million . We believe that the unrealized losses on our investment securities relate principally to the general change in interest rates and illiquidity, and not credit quality, that has occurred since the initial purchase, and such unrecognized losses or gains will continue to vary with general interest rate level fluctuations in the future. Certain investments in a loss position are guaranteed by government entities or government sponsored entities. The Company does not intend to sell the securities in an unrealized loss position and believes it is not likely it will be required to sell these investments prior to a market price recovery or maturity. There were no OTTI losses during the three months ended September 30, 2016 or 2015 . The amortized cost and estimated fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated. Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; therefore, these securities are shown separately. September 30, 2016 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years — — 1,995 2,040 Due after five through ten years 17,795 18,259 3,373 3,432 Due after ten years 147,975 149,278 34,653 36,574 Total mortgage-backed securities 165,770 167,537 40,021 42,046 All other investment securities: Due within one year — — — — Due after one through five years 6,793 6,878 — — Due after five through ten years 39,143 39,453 9,653 9,968 Due after ten years 32,932 33,237 5,181 5,378 Total all other investment securities 78,868 79,568 14,834 15,346 Total investment securities $ 244,638 $ 247,105 $ 54,855 $ 57,392 June 30, 2016 Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years — — 2,263 2,324 Due after five through ten years 18,089 18,668 3,701 3,768 Due after ten years 162,524 164,145 35,152 37,280 Total mortgage-backed securities 180,613 182,813 41,116 43,372 All other investment securities: Due within one year 7,000 6,921 — — Due after one through five years 11,780 11,950 — — Due after five through ten years 14,440 14,668 9,711 10,094 Due after ten years 51,201 51,505 5,211 5,462 Total all other investment securities 84,421 85,044 14,922 15,556 Total investment securities $ 265,034 $ 267,857 $ 56,038 $ 58,928 There were no sales of securities available-for-sale during the three months ended September 30, 2016 or 2015 . |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable | Loans Receivable Loans receivable consisted of the following at the dates indicated: September 30, 2016 June 30, 2016 (In thousands) Real Estate: One-to-four family $ 328,772 $ 308,471 Multi-family 48,042 46,125 Commercial real estate 179,642 161,182 Construction and land 52,303 50,351 Total real estate loans 608,759 566,129 Consumer: Home equity 33,753 33,909 Other consumer 10,627 9,023 Total consumer loans 44,380 42,932 Commercial business loans 17,036 16,924 Total loans 670,175 625,985 Less: Net deferred loan fees 1,137 1,182 Premium on purchased loans, net (2,703 ) (2,280 ) Allowance for loan losses 7,682 7,239 Total loans receivable, net $ 664,059 $ 619,844 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, 2016 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 $ 2,992 $ 341 $ 1,268 $ 599 $ 833 $ 310 $ 335 $ 561 $ 7,239 Provision for loan losses (128 ) 14 143 (14 ) (32 ) 23 590 (246 ) 350 Charge-offs — — — — (2 ) (23 ) — — (25 ) Recoveries 85 — — — 11 21 1 — 118 Ending balance $ 2,949 $ 355 $ 1,411 $ 585 $ 810 $ 331 $ 926 $ 315 $ 7,682 At September 30, 2016 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 2,949 $ 355 $ 1,411 $ 585 $ 810 $ 331 $ 926 $ 315 $ 7,682 General reserve 2,887 354 1,400 577 799 303 730 315 7,365 Specific reserve 62 1 11 8 11 28 196 — 317 Total loans $ 328,772 $ 48,042 $ 179,642 $ 52,303 $ 33,753 $ 10,627 $ 17,036 $ — $ 670,175 General reserves (1) 322,820 47,921 178,006 52,215 33,270 10,599 16,678 — 661,509 Specific reserves (2) 5,952 121 1,636 88 483 28 358 — 8,666 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. 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 ALLL: (In thousands) 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 June 30, 2016 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 2,992 $ 341 $ 1,268 $ 599 $ 833 $ 310 $ 335 $ 561 $ 7,239 General reserve 2,932 340 1,257 588 814 247 139 561 6,878 Specific reserve 60 1 11 11 19 63 196 — 361 Total loans $ 308,471 $ 46,125 $ 161,182 $ 50,351 $ 33,909 $ 9,023 $ 16,924 $ — $ 625,985 General reserves (1) 302,370 46,003 159,525 50,260 33,279 8,912 16,564 — 616,913 Specific reserves (2) 6,101 122 1,657 91 630 111 360 — 9,072 (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, 2016 June 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 2,084 $ 2,422 $ — $ 2,386 $ 2,728 $ — Multi-family — — — — — — Commercial real estate 462 553 — 475 558 — Construction and land — — — — — — Home equity 146 213 — 138 203 — Other consumer — 13 — — 47 — Commercial business — — — — — — Total 2,692 3,201 — 2,999 3,536 — With an allowance recorded: One-to-four family 3,868 4,088 62 3,715 3,910 60 Multi-family 121 121 1 122 122 1 Commercial real estate 1,174 1,177 11 1,182 1,187 11 Construction and land 88 112 8 91 115 11 Home equity 337 371 11 492 527 19 Other consumer 28 71 28 111 137 63 Commercial business 358 358 196 360 360 196 Total 5,974 6,298 317 6,073 6,358 361 Total impaired loans: One-to-four family 5,952 6,510 62 6,101 6,638 60 Multi-family 121 121 1 122 122 1 Commercial real estate 1,636 1,730 11 1,657 1,745 11 Construction and land 88 112 8 91 115 11 Home equity 483 584 11 630 730 19 Other consumer 28 84 28 111 184 63 Commercial business 358 358 196 360 360 196 Total $ 8,666 $ 9,499 $ 317 $ 9,072 $ 9,894 $ 361 The following table presents 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, 2016 September 30, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 2,274 $ 32 $ 3,003 $ 42 Multi-family — — 334 4 Commercial real estate 468 2 354 6 Construction and land — — 16 1 Home equity 139 2 283 5 Other consumer — — 11 — Commercial business — — — — Total 2,881 36 4,001 58 With an allowance recorded: One-to-four family 3,705 66 3,399 60 Multi-family 121 2 293 1 Commercial real estate 1,177 17 1,002 12 Construction and land 89 8 148 5 Home equity 370 7 368 7 Other consumer 84 1 167 5 Commercial business 358 5 401 6 Total 5,904 106 5,778 96 Total impaired loans: One-to-four family 5,979 98 6,402 102 Multi-family 121 2 627 5 Commercial real estate 1,645 19 1,356 18 Construction and land 89 8 164 6 Home equity 509 9 651 12 Other consumer 84 1 178 5 Commercial business 358 5 401 6 Total $ 8,785 $ 142 $ 9,779 $ 154 Interest income recognized on a cash basis on impaired loans for the three months ended September 30, 2016 and 2015 , was $91,000 and $87,000 , respectively. The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: September 30, 2016 June 30, 2016 (In thousands) One-to-four family $ 2,143 $ 2,413 Commercial real estate 462 474 Construction and land 88 91 Home equity 143 167 Other consumer 29 112 Total nonaccrual loans $ 2,865 $ 3,257 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, 2016 and June 30, 2016 . The following table presents past due loans, net of partial loan charge-offs, by class, as of September 30, 2016 : 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 $ — $ 125 $ 280 $ 405 $ 328,367 $ 328,772 Multi-family — — — — 48,042 48,042 Commercial real estate — — — — 179,642 179,642 Construction and land — 36 46 82 52,221 52,303 Total real estate loans — 161 326 487 608,272 608,759 Consumer: Home equity 348 — — 348 33,405 33,753 Other consumer 50 42 — 92 10,535 10,627 Total consumer loans 398 42 — 440 43,940 44,380 Commercial business loans — — — — 17,036 17,036 Total loans $ 398 $ 203 $ 326 $ 927 $ 669,248 $ 670,175 The following table presents past due loans, net of partial loan charge-offs, by class, as of June 30, 2016 : 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 $ 662 $ 88 $ 466 $ 1,216 $ 307,255 $ 308,471 Multi-family — — — — 46,125 46,125 Commercial real estate — — — — 161,182 161,182 Construction and land — — 46 46 50,305 50,351 Total real estate loans 662 88 512 1,262 564,867 566,129 Consumer: Home equity 344 — 2 346 33,563 33,909 Other consumer 105 — — 105 8,918 9,023 Total consumer loans 449 — 2 451 42,481 42,932 Commercial business loans — — — — 16,924 16,924 Total loans $ 1,111 $ 88 $ 514 $ 1,713 $ 624,272 $ 625,985 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, 2016 and June 30, 2016 , First Federal had $4.0 million and $4.6 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, 2016 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 323,664 $ 1,567 $ 797 $ 2,744 $ 328,772 Multi-family 41,900 6,021 121 — 48,042 Commercial real estate 172,663 4,114 2,321 544 179,642 Construction and land 51,442 35 684 142 52,303 Total real estate loans 589,669 11,737 3,923 3,430 608,759 Consumer: Home equity 32,574 629 59 491 33,753 Other consumer 10,245 209 138 35 10,627 Total consumer loans 42,819 838 197 526 44,380 Commercial business loans 15,526 — 1,485 25 17,036 Total loans $ 648,014 $ 12,575 $ 5,605 $ 3,981 $ 670,175 The following table represents the internally assigned grade as of June 30, 2016 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 302,841 $ 2,100 $ 367 $ 3,163 $ 308,471 Multi-family 39,955 6,048 122 — 46,125 Commercial real estate 153,783 5,736 1,105 558 161,182 Construction and land 45,986 3,560 643 162 50,351 Total real estate loans 542,565 17,444 2,237 3,883 566,129 Consumer: Home equity 32,661 634 76 538 33,909 Other consumer 8,632 190 83 118 9,023 Total consumer loans 41,293 824 159 656 42,932 Commercial business loans 15,080 1,454 360 30 16,924 Total loans $ 598,938 $ 19,722 $ 2,756 $ 4,569 $ 625,985 The following table represents the credit risk profile based on payment activity as of September 30, 2016 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 2,143 $ 326,629 $ 328,772 Multi-family — 48,042 48,042 Commercial real estate 462 179,180 179,642 Construction and land 88 52,215 52,303 Consumer: Home equity 143 33,610 33,753 Other consumer 29 10,598 10,627 Commercial business — 17,036 17,036 Total loans $ 2,865 $ 667,310 $ 670,175 The following table represents the credit risk profile based on payment activity as of June 30, 2016 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 2,413 $ 306,058 $ 308,471 Multi-family — 46,125 46,125 Commercial real estate 474 160,708 161,182 Construction and land 91 50,260 50,351 Consumer: Home equity 167 33,742 33,909 Other consumer 112 8,911 9,023 Commercial business — 16,924 16,924 Total loans $ 3,257 $ 622,728 $ 625,985 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 initially 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. Certain qualifying TDR loans are subsequently measured for impairment using the factor for the corresponding segment and risk rating. 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, 2016 2016 (In thousands) Total TDR loans $ 6,265 $ 6,545 Allowance for loan losses related to TDR loans 274 267 Total nonaccrual TDR loans 566 944 There were no new TDR loans, or renewals or modifications of existing TDR loans during the three months ended September 30, 2016 and 2015 . The following is a summary of TDR loans which incurred a payment default within 12 months of the restructure date during the three months ended September 30, 2016 . Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ — $ — $ 86 $ 86 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 . No additional funds are committed to be advanced in connection with impaired loans at September 30, 2016 . The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. September 30, 2016 June 30, 2016 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 3,707 $ 438 $ 4,145 $ 3,473 $ 812 $ 4,285 Multi-family 121 — 121 122 — 122 Commercial real estate 1,173 128 1,301 1,182 132 1,314 Home equity 340 — 340 464 — 464 Commercial business 358 — 358 360 — 360 Total TDR loans $ 5,699 $ 566 $ 6,265 $ 5,601 $ 944 $ 6,545 |
Deposits
Deposits | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 and June 30, 2016 , was $53.5 million and $43.5 million , respectively. Deposits and weighted-average interest rates at the dates indicated are as follows: Weighted-Average Interest Rate September 30, 2016 Weighted-Average Interest Rate June 30, 2016 (Dollars in thousands) Savings 0.04 % $ 96,720 0.04 % $ 91,656 Transaction accounts 0.01 % 234,923 0.01 % 213,442 Money market accounts 0.27 % 276,230 0.26 % 259,076 Certificates of deposit and jumbo certificates 1.11 % 168,472 1.09 % 159,113 $ 776,345 $ 723,287 Weighted-average interest rate 0.34 % 0.34 % Maturities of certificates at the dates indicated are as follows: September 30, 2016 June 30, 2016 (In thousands) Within one year or less $ 57,862 $ 61,903 After one year through two years 55,059 45,368 After two years through three years 31,703 30,169 After three years through four years 11,741 11,150 After four years through five years 12,033 10,434 After five years 74 89 $ 168,472 $ 159,113 Deposits at September 30, 2016 and June 30, 2016 , include $58.1 million and $51.2 million , respectively, in public fund deposits. Investment securities with a carrying value of $46.7 million and $47.4 million were pledged as collateral for these deposits at September 30, 2016 and June 30, 2016 , 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, 2016 2015 (In thousands) Savings $ 10 $ 9 Transaction accounts 4 3 Insured money market accounts 187 141 Certificates of deposit and jumbo certificates 446 348 $ 647 $ 501 |
Federal Taxes on Income
Federal Taxes on Income | 3 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Federal Taxes on Income | Federal Taxes on Income 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. Due to this limitation, the Company currently has a 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 effective tax rates were 33.9% and 25.3% for the three months ended September 30, 2016 and 2015 , respectively. The Company's tax rate is reduced from the statutory tax rate in part as a result of permanent tax exclusions of noninterest income from bank-owned life insurance ("BOLI") and tax-exempt interest. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing income available to common shareholders 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. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share. Certain of the Company's nonvested restricted stock awards qualify as participating securities. 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, 2016 and 2015 . Three Months Ended September 30, 2016 2015 Numerator: Net income $ 651 $ 1,228 Denominator: Basic weighted average common shares outstanding 11,647,106 12,144,859 Dilutive restricted stock grants 186,399 — Diluted weighted average common shares outstanding 11,833,505 12,144,859 Basic earnings per share $ 0.06 $ 0.10 Diluted earnings per share $ 0.06 $ 0.10 As of September 30, 2016 , the ESOP had purchased 1,048,029 shares in the open market. Unallocated shares are not included as outstanding for either basic or diluted earnings per share calculations. As of September 30, 2016 , there were 964,461 shares in the ESOP that remain unallocated. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Sep. 30, 2016 | |
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 purchased in the open market 8% of the common stock issued in the Conversion for a total of 1,048,029 shares at an average price of $ 12.45 per share with funds borrowed from the Company. 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, 2016 , the weighted average interest rate paid on the ESOP loan payable was 2.46% 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, 2016 . 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, 2016 and 2015 was $195,000 and $148,000 , respectively. Shares held by the ESOP as of the dates indicated are as follows: September 30, 2016 June 30, 2016 (Dollars in thousands) Allocated shares 70,356 70,356 Committed to be released shares 13,212 — Unallocated shares 964,461 977,673 Total ESOP shares 1,048,029 1,048,029 Fair value of unallocated shares $ 13,011 $ 12,456 Stock-based Compensation On November 16, 2015 , the Company's shareholders approved the First Northwest Bancorp 2015 Equity Incentive Plan (the "EIP"), which provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units to eligible participants. The cost of awards under the EIP generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the EIP is 1,834,050 . Shares of common stock issued under the EIP may be authorized but unissued shares or repurchased shares. During the three months ended September 30, 2016 , 402,500 shares of restricted stock were awarded and no stock options were granted. There were no awards or related expenses during the three months ended September 30, 2015 . Awarded shares of restricted stock vest over five years from the date of grant as long as the eligible participant remains in service to the Company. The Company recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the award date. For the three months ended September 30, 2016 , total compensation expense for the EIP was $256,000 . The following table provides a summary of changes in non-vested restricted stock awards for the three months ended September 30, 2016 : For the Three Months Ended September 30, 2016 Weighted-Average Grant Date Shares Fair Value Non-vested at June 30, 2016 — Granted 402,500 $ 12.70 Vested — Forfeited (12,500 ) Non-vested at September 30, 2016 390,000 Expected to vest assuming a 3% forfeiture rate over the vesting term 378,300 As of September 30, 2016 , there was $4.8 million of total unrecognized compensation costs related to non-vested shares granted as restricted stock awards. The cost is expected to be recognized over the remaining weighted-average vesting period of approximately 4.75 years. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 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 purchased in the open market 8% of the common stock issued in the Conversion for a total of 1,048,029 shares at an average price of $ 12.45 per share with funds borrowed from the Company. 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, 2016 , the weighted average interest rate paid on the ESOP loan payable was 2.46% 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, 2016 . 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, 2016 and 2015 was $195,000 and $148,000 , respectively. Shares held by the ESOP as of the dates indicated are as follows: September 30, 2016 June 30, 2016 (Dollars in thousands) Allocated shares 70,356 70,356 Committed to be released shares 13,212 — Unallocated shares 964,461 977,673 Total ESOP shares 1,048,029 1,048,029 Fair value of unallocated shares $ 13,011 $ 12,456 Stock-based Compensation On November 16, 2015 , the Company's shareholders approved the First Northwest Bancorp 2015 Equity Incentive Plan (the "EIP"), which provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units to eligible participants. The cost of awards under the EIP generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the EIP is 1,834,050 . Shares of common stock issued under the EIP may be authorized but unissued shares or repurchased shares. During the three months ended September 30, 2016 , 402,500 shares of restricted stock were awarded and no stock options were granted. There were no awards or related expenses during the three months ended September 30, 2015 . Awarded shares of restricted stock vest over five years from the date of grant as long as the eligible participant remains in service to the Company. The Company recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the award date. For the three months ended September 30, 2016 , total compensation expense for the EIP was $256,000 . The following table provides a summary of changes in non-vested restricted stock awards for the three months ended September 30, 2016 : For the Three Months Ended September 30, 2016 Weighted-Average Grant Date Shares Fair Value Non-vested at June 30, 2016 — Granted 402,500 $ 12.70 Vested — Forfeited (12,500 ) Non-vested at September 30, 2016 390,000 Expected to vest assuming a 3% forfeiture rate over the vesting term 378,300 As of September 30, 2016 , there was $4.8 million of total unrecognized compensation costs related to non-vested shares granted as restricted stock awards. The cost is expected to be recognized over the remaining weighted-average vesting period of approximately 4.75 years. |
Fair Value Accounting and Measu
Fair Value Accounting and Measurement | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 Quoted Prices in or Liabilities Significant Inputs Significant Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 22,873 $ — $ 22,873 Agency bonds — 10,038 — 10,038 ABS agency — 7,828 — 7,828 ABS corporate — 29,720 — 29,720 SBA — 9,109 — 9,109 MBS agency — 130,230 — 130,230 MBS corporate — 37,307 — 37,307 $ — $ 247,105 $ — $ 247,105 June 30, 2016 Quoted Prices in Significant Significant (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 23,179 $ — $ 23,179 Agency bonds — 15,048 — 15,048 ABS agency — 7,935 — 7,935 ABS corporate — 29,381 — 29,381 SBA — 9,501 — 9,501 MBS agency — 141,649 — 141,649 MBS corporate — 41,164 — 41,164 $ — $ 267,857 $ — $ 267,857 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, 2016 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 8,666 $ 8,666 Real estate owned and repossessed assets — — 131 131 $ — $ — $ 8,797 $ 8,797 June 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 9,072 $ 9,072 Real estate owned and repossessed assets — — 81 81 $ — $ — $ 9,153 $ 9,153 At September 30, 2016 and June 30, 2016 , there were no impaired loans with discounts to appraisal disposition value or other unobservable inputs. The following tables present the techniques used to value assets measured at fair value on a nonrecurring basis at the dates indicated: September 30, 2016 Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) 1 (In thousands) Real estate owned and repossessed assets $ 131 Market comparable Discount to appraisal 0%-10% (2%) 1 Discount to appraisal disposition value. June 30, 2016 Fair Value Valuation Technique Unobservable Input Range 1 (In thousands) Real estate owned and repossessed assets $ 81 Market comparable Discount to appraisal 0% - 10% (5%) 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, 2016 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 29,803 $ 29,803 $ 29,803 $ — $ — Investment securities available for sale 247,105 247,105 — 247,105 — Investment securities held to maturity 54,855 57,392 — 57,392 — Loans held for sale 147 147 — 147 — Loans receivable, net 664,059 673,337 — — 673,337 FHLB stock 4,176 4,176 — 4,176 — Accrued interest receivable 2,877 2,877 — 2,877 — Mortgage servicing rights, net 1,048 1,653 — — 1,653 Financial liabilities Demand deposits $ 607,873 $ 607,873 $ 607,873 $ — $ — Time deposits 168,472 777,425 — 777,425 — Borrowings 75,090 79,853 — 79,853 — Accrued interest payable 184 184 — 184 — — June 30, 2016 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 22,650 $ 22,650 $ 22,650 $ — $ — Investment securities available for sale 267,857 267,857 — 267,857 — Investment securities held to maturity 56,038 58,928 — 58,928 — Loans held for sale 917 917 — 917 — Loans receivable, net 619,844 631,754 — — 631,754 FHLB stock 4,403 4,403 — 4,403 — Accrued interest receivable 2,802 2,802 — 2,802 — Mortgage servicing rights, net 998 1,703 — — 1,703 Financial liabilities Demand deposits $ 564,174 $ 564,174 $ 564,174 $ — $ — Time deposits 159,113 160,354 — 160,354 — Borrowings 80,672 85,867 — 85,867 — Accrued interest payable 189 189 — 189 — 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, 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 held for sale - The fair value of loans held for sale is based on quoted market prices from Federal Home Loan Mortgage Corporation ("Freddie Mac"), which are updated daily and represent prices at which loans are exchanged in high volumes and in a liquid market. 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, 2016 and June 30, 2016 . 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, 2016 | |
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, 2016 . 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, 2016 , are not necessarily indicative of the results that may be expected for the year ended June 30, 2017 . 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. The Company completed its stock offering and became a public company on January 29, 2015 . 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"), majority-owned Craft3 Development IV, LLC ("Craft3"), and majority-owned 202 Master Tenant, LLC ("Master Tenant"). NOPS was dissolved on February 12, 2016, at which time the building owned by NOPS and rented in whole to First Federal became the property of the Bank. 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 subsequently entered a membership redemption and assignment agreement which terminated its membership interest in the Craft3 partnership effective September 30, 2015. In August 2016 First Federal entered into a partnership with the Peninsula College Foundation forming 202 Master Tenant, LLC. An initial equity contribution of $274,000 was made in September 2016 with a final contribution of $1.1 million due once a historic tax credit has been granted and all remaining items outlined in the agreement satisfied. 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 March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting . This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. ASU 2016-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The Company has early-adopted this ASU. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The ASU provides specific guidance on eight classification issues in order to achieve more consistent reporting. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The adoption of ASU No. 2016-15 will not 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 shareholders' equity. |
Securities - (Tables)
Securities - (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 21,592 $ 1,281 $ — $ 22,873 U.S. Treasury and government agency issued bonds (Agency bonds) 10,050 — (12 ) 10,038 U.S. government agency issued asset-backed securities (ABS agency) 8,548 — (720 ) 7,828 Corporate issued asset-backed securities (ABS corporate) 29,697 133 (110 ) 29,720 U.S. Small Business Administration securities (SBA) 8,981 128 — 9,109 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 128,626 1,655 (51 ) 130,230 Corporate issued mortgage-backed securities (MBS corporate) 37,144 222 (59 ) 37,307 Total securities available for sale $ 244,638 $ 3,419 $ (952 ) $ 247,105 Held to Maturity Municipal bonds $ 14,351 $ 511 $ — $ 14,862 SBA 483 1 — 484 Mortgage-backed securities: MBS agency 40,021 2,027 (2 ) 42,046 Total securities held to maturity $ 54,855 $ 2,539 $ (2 ) $ 57,392 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, 2016 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 21,609 $ 1,570 $ — $ 23,179 Agency bonds 15,036 15 (3 ) 15,048 ABS agency 8,751 — (816 ) 7,935 ABS corporate 29,690 16 (325 ) 29,381 SBA 9,335 166 — 9,501 Mortgage-backed securities: MBS agency 139,449 2,228 (28 ) 141,649 MBS corporate 41,164 100 (100 ) 41,164 Total securities available for sale $ 265,034 $ 4,095 $ (1,272 ) $ 267,857 Held to Maturity Municipal bonds $ 14,425 $ 633 $ — $ 15,058 SBA 497 1 — 498 Mortgage-backed securities: MBS agency 41,116 2,257 (1 ) 43,372 Total securities held to maturity $ 56,038 $ 2,891 $ (1 ) $ 58,928 |
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, 2016 : 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 Agency bonds $ (12 ) $ 2,488 $ — $ — $ (12 ) $ 2,488 ABS agency — — (720 ) 7,829 (720 ) 7,829 ABS corporate (110 ) 21,740 — — (110 ) 21,740 Mortgage-backed securities: MBS agency (25 ) 3,636 (26 ) 2,599 (51 ) 6,235 MBS corporate (18 ) 7,631 (41 ) 9,482 (59 ) 17,113 Total available for sale $ (165 ) $ 35,495 $ (787 ) $ 19,910 $ (952 ) $ 55,405 Held to Maturity Mortgage-backed securities: MBS agency $ (1 ) $ 742 $ (1 ) $ 83 $ (2 ) $ 825 Total held to maturity $ (1 ) $ 742 $ (1 ) $ 83 $ (2 ) $ 825 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, 2016 : 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 Agency bonds $ (3 ) $ 2,497 $ — $ — $ (3 ) $ 2,497 ABS agency — — (816 ) 7,935 (816 ) 7,935 ABS corporate (325 ) 21,521 — — (325 ) 21,521 Mortgage-backed securities: MBS agency — — (28 ) 6,771 (28 ) 6,771 MBS corporate (100 ) 26,120 — — (100 ) 26,120 Total available for sale $ (428 ) $ 50,138 $ (844 ) $ 14,706 $ (1,272 ) $ 64,844 Held to Maturity Mortgage-backed securities: MBS agency $ — $ 652 $ (1 ) $ 89 $ (1 ) $ 741 Total held to maturity $ — $ 652 $ (1 ) $ 89 $ (1 ) $ 741 |
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, 2016 : 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 Agency bonds $ (12 ) $ 2,488 $ — $ — $ (12 ) $ 2,488 ABS agency — — (720 ) 7,829 (720 ) 7,829 ABS corporate (110 ) 21,740 — — (110 ) 21,740 Mortgage-backed securities: MBS agency (25 ) 3,636 (26 ) 2,599 (51 ) 6,235 MBS corporate (18 ) 7,631 (41 ) 9,482 (59 ) 17,113 Total available for sale $ (165 ) $ 35,495 $ (787 ) $ 19,910 $ (952 ) $ 55,405 Held to Maturity Mortgage-backed securities: MBS agency $ (1 ) $ 742 $ (1 ) $ 83 $ (2 ) $ 825 Total held to maturity $ (1 ) $ 742 $ (1 ) $ 83 $ (2 ) $ 825 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, 2016 : 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 Agency bonds $ (3 ) $ 2,497 $ — $ — $ (3 ) $ 2,497 ABS agency — — (816 ) 7,935 (816 ) 7,935 ABS corporate (325 ) 21,521 — — (325 ) 21,521 Mortgage-backed securities: MBS agency — — (28 ) 6,771 (28 ) 6,771 MBS corporate (100 ) 26,120 — — (100 ) 26,120 Total available for sale $ (428 ) $ 50,138 $ (844 ) $ 14,706 $ (1,272 ) $ 64,844 Held to Maturity Mortgage-backed securities: MBS agency $ — $ 652 $ (1 ) $ 89 $ (1 ) $ 741 Total held to maturity $ — $ 652 $ (1 ) $ 89 $ (1 ) $ 741 |
Schedule of amortized cost and estimated fair value of investment securities by contractual maturity | The amortized cost and estimated fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated. Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; therefore, these securities are shown separately. September 30, 2016 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years — — 1,995 2,040 Due after five through ten years 17,795 18,259 3,373 3,432 Due after ten years 147,975 149,278 34,653 36,574 Total mortgage-backed securities 165,770 167,537 40,021 42,046 All other investment securities: Due within one year — — — — Due after one through five years 6,793 6,878 — — Due after five through ten years 39,143 39,453 9,653 9,968 Due after ten years 32,932 33,237 5,181 5,378 Total all other investment securities 78,868 79,568 14,834 15,346 Total investment securities $ 244,638 $ 247,105 $ 54,855 $ 57,392 June 30, 2016 Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years — — 2,263 2,324 Due after five through ten years 18,089 18,668 3,701 3,768 Due after ten years 162,524 164,145 35,152 37,280 Total mortgage-backed securities 180,613 182,813 41,116 43,372 All other investment securities: Due within one year 7,000 6,921 — — Due after one through five years 11,780 11,950 — — Due after five through ten years 14,440 14,668 9,711 10,094 Due after ten years 51,201 51,505 5,211 5,462 Total all other investment securities 84,421 85,044 14,922 15,556 Total investment securities $ 265,034 $ 267,857 $ 56,038 $ 58,928 |
Loans Receivable - (Tables)
Loans Receivable - (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of loans receivable balances | Loans receivable consisted of the following at the dates indicated: September 30, 2016 June 30, 2016 (In thousands) Real Estate: One-to-four family $ 328,772 $ 308,471 Multi-family 48,042 46,125 Commercial real estate 179,642 161,182 Construction and land 52,303 50,351 Total real estate loans 608,759 566,129 Consumer: Home equity 33,753 33,909 Other consumer 10,627 9,023 Total consumer loans 44,380 42,932 Commercial business loans 17,036 16,924 Total loans 670,175 625,985 Less: Net deferred loan fees 1,137 1,182 Premium on purchased loans, net (2,703 ) (2,280 ) Allowance for loan losses 7,682 7,239 Total loans receivable, net $ 664,059 $ 619,844 |
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, 2016 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 $ 2,992 $ 341 $ 1,268 $ 599 $ 833 $ 310 $ 335 $ 561 $ 7,239 Provision for loan losses (128 ) 14 143 (14 ) (32 ) 23 590 (246 ) 350 Charge-offs — — — — (2 ) (23 ) — — (25 ) Recoveries 85 — — — 11 21 1 — 118 Ending balance $ 2,949 $ 355 $ 1,411 $ 585 $ 810 $ 331 $ 926 $ 315 $ 7,682 At September 30, 2016 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 2,949 $ 355 $ 1,411 $ 585 $ 810 $ 331 $ 926 $ 315 $ 7,682 General reserve 2,887 354 1,400 577 799 303 730 315 7,365 Specific reserve 62 1 11 8 11 28 196 — 317 Total loans $ 328,772 $ 48,042 $ 179,642 $ 52,303 $ 33,753 $ 10,627 $ 17,036 $ — $ 670,175 General reserves (1) 322,820 47,921 178,006 52,215 33,270 10,599 16,678 — 661,509 Specific reserves (2) 5,952 121 1,636 88 483 28 358 — 8,666 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. 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 ALLL: (In thousands) 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 June 30, 2016 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 2,992 $ 341 $ 1,268 $ 599 $ 833 $ 310 $ 335 $ 561 $ 7,239 General reserve 2,932 340 1,257 588 814 247 139 561 6,878 Specific reserve 60 1 11 11 19 63 196 — 361 Total loans $ 308,471 $ 46,125 $ 161,182 $ 50,351 $ 33,909 $ 9,023 $ 16,924 $ — $ 625,985 General reserves (1) 302,370 46,003 159,525 50,260 33,279 8,912 16,564 — 616,913 Specific reserves (2) 6,101 122 1,657 91 630 111 360 — 9,072 (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, 2016 June 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 2,084 $ 2,422 $ — $ 2,386 $ 2,728 $ — Multi-family — — — — — — Commercial real estate 462 553 — 475 558 — Construction and land — — — — — — Home equity 146 213 — 138 203 — Other consumer — 13 — — 47 — Commercial business — — — — — — Total 2,692 3,201 — 2,999 3,536 — With an allowance recorded: One-to-four family 3,868 4,088 62 3,715 3,910 60 Multi-family 121 121 1 122 122 1 Commercial real estate 1,174 1,177 11 1,182 1,187 11 Construction and land 88 112 8 91 115 11 Home equity 337 371 11 492 527 19 Other consumer 28 71 28 111 137 63 Commercial business 358 358 196 360 360 196 Total 5,974 6,298 317 6,073 6,358 361 Total impaired loans: One-to-four family 5,952 6,510 62 6,101 6,638 60 Multi-family 121 121 1 122 122 1 Commercial real estate 1,636 1,730 11 1,657 1,745 11 Construction and land 88 112 8 91 115 11 Home equity 483 584 11 630 730 19 Other consumer 28 84 28 111 184 63 Commercial business 358 358 196 360 360 196 Total $ 8,666 $ 9,499 $ 317 $ 9,072 $ 9,894 $ 361 The following table presents 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, 2016 September 30, 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 2,274 $ 32 $ 3,003 $ 42 Multi-family — — 334 4 Commercial real estate 468 2 354 6 Construction and land — — 16 1 Home equity 139 2 283 5 Other consumer — — 11 — Commercial business — — — — Total 2,881 36 4,001 58 With an allowance recorded: One-to-four family 3,705 66 3,399 60 Multi-family 121 2 293 1 Commercial real estate 1,177 17 1,002 12 Construction and land 89 8 148 5 Home equity 370 7 368 7 Other consumer 84 1 167 5 Commercial business 358 5 401 6 Total 5,904 106 5,778 96 Total impaired loans: One-to-four family 5,979 98 6,402 102 Multi-family 121 2 627 5 Commercial real estate 1,645 19 1,356 18 Construction and land 89 8 164 6 Home equity 509 9 651 12 Other consumer 84 1 178 5 Commercial business 358 5 401 6 Total $ 8,785 $ 142 $ 9,779 $ 154 |
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, 2016 June 30, 2016 (In thousands) One-to-four family $ 2,143 $ 2,413 Commercial real estate 462 474 Construction and land 88 91 Home equity 143 167 Other consumer 29 112 Total nonaccrual loans $ 2,865 $ 3,257 |
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, 2016 : 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 $ — $ 125 $ 280 $ 405 $ 328,367 $ 328,772 Multi-family — — — — 48,042 48,042 Commercial real estate — — — — 179,642 179,642 Construction and land — 36 46 82 52,221 52,303 Total real estate loans — 161 326 487 608,272 608,759 Consumer: Home equity 348 — — 348 33,405 33,753 Other consumer 50 42 — 92 10,535 10,627 Total consumer loans 398 42 — 440 43,940 44,380 Commercial business loans — — — — 17,036 17,036 Total loans $ 398 $ 203 $ 326 $ 927 $ 669,248 $ 670,175 The following table presents past due loans, net of partial loan charge-offs, by class, as of June 30, 2016 : 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 $ 662 $ 88 $ 466 $ 1,216 $ 307,255 $ 308,471 Multi-family — — — — 46,125 46,125 Commercial real estate — — — — 161,182 161,182 Construction and land — — 46 46 50,305 50,351 Total real estate loans 662 88 512 1,262 564,867 566,129 Consumer: Home equity 344 — 2 346 33,563 33,909 Other consumer 105 — — 105 8,918 9,023 Total consumer loans 449 — 2 451 42,481 42,932 Commercial business loans — — — — 16,924 16,924 Total loans $ 1,111 $ 88 $ 514 $ 1,713 $ 624,272 $ 625,985 |
Schedule of risk category of loans | The following table represents the internally assigned grade as of September 30, 2016 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 323,664 $ 1,567 $ 797 $ 2,744 $ 328,772 Multi-family 41,900 6,021 121 — 48,042 Commercial real estate 172,663 4,114 2,321 544 179,642 Construction and land 51,442 35 684 142 52,303 Total real estate loans 589,669 11,737 3,923 3,430 608,759 Consumer: Home equity 32,574 629 59 491 33,753 Other consumer 10,245 209 138 35 10,627 Total consumer loans 42,819 838 197 526 44,380 Commercial business loans 15,526 — 1,485 25 17,036 Total loans $ 648,014 $ 12,575 $ 5,605 $ 3,981 $ 670,175 The following table represents the internally assigned grade as of June 30, 2016 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One-to-four family $ 302,841 $ 2,100 $ 367 $ 3,163 $ 308,471 Multi-family 39,955 6,048 122 — 46,125 Commercial real estate 153,783 5,736 1,105 558 161,182 Construction and land 45,986 3,560 643 162 50,351 Total real estate loans 542,565 17,444 2,237 3,883 566,129 Consumer: Home equity 32,661 634 76 538 33,909 Other consumer 8,632 190 83 118 9,023 Total consumer loans 41,293 824 159 656 42,932 Commercial business loans 15,080 1,454 360 30 16,924 Total loans $ 598,938 $ 19,722 $ 2,756 $ 4,569 $ 625,985 The following table represents the credit risk profile based on payment activity as of September 30, 2016 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 2,143 $ 326,629 $ 328,772 Multi-family — 48,042 48,042 Commercial real estate 462 179,180 179,642 Construction and land 88 52,215 52,303 Consumer: Home equity 143 33,610 33,753 Other consumer 29 10,598 10,627 Commercial business — 17,036 17,036 Total loans $ 2,865 $ 667,310 $ 670,175 The following table represents the credit risk profile based on payment activity as of June 30, 2016 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 2,413 $ 306,058 $ 308,471 Multi-family — 46,125 46,125 Commercial real estate 474 160,708 161,182 Construction and land 91 50,260 50,351 Consumer: Home equity 167 33,742 33,909 Other consumer 112 8,911 9,023 Commercial business — 16,924 16,924 Total loans $ 3,257 $ 622,728 $ 625,985 |
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, 2016 2016 (In thousands) Total TDR loans $ 6,265 $ 6,545 Allowance for loan losses related to TDR loans 274 267 Total nonaccrual TDR loans 566 944 There were no new TDR loans, or renewals or modifications of existing TDR loans during the three months ended September 30, 2016 and 2015 . The following is a summary of TDR loans which incurred a payment default within 12 months of the restructure date during the three months ended September 30, 2016 . Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ — $ — $ 86 $ 86 The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. September 30, 2016 June 30, 2016 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 3,707 $ 438 $ 4,145 $ 3,473 $ 812 $ 4,285 Multi-family 121 — 121 122 — 122 Commercial real estate 1,173 128 1,301 1,182 132 1,314 Home equity 340 — 340 464 — 464 Commercial business 358 — 358 360 — 360 Total TDR loans $ 5,699 $ 566 $ 6,265 $ 5,601 $ 944 $ 6,545 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 Weighted-Average Interest Rate June 30, 2016 (Dollars in thousands) Savings 0.04 % $ 96,720 0.04 % $ 91,656 Transaction accounts 0.01 % 234,923 0.01 % 213,442 Money market accounts 0.27 % 276,230 0.26 % 259,076 Certificates of deposit and jumbo certificates 1.11 % 168,472 1.09 % 159,113 $ 776,345 $ 723,287 Weighted-average interest rate 0.34 % 0.34 % |
Schedule of maturities of time deposits | Maturities of certificates at the dates indicated are as follows: September 30, 2016 June 30, 2016 (In thousands) Within one year or less $ 57,862 $ 61,903 After one year through two years 55,059 45,368 After two years through three years 31,703 30,169 After three years through four years 11,741 11,150 After four years through five years 12,033 10,434 After five years 74 89 $ 168,472 $ 159,113 |
Schedule of interest on deposits | Interest on deposits by type for the periods shown was as follows: Three Months Ended September 30, 2016 2015 (In thousands) Savings $ 10 $ 9 Transaction accounts 4 3 Insured money market accounts 187 141 Certificates of deposit and jumbo certificates 446 348 $ 647 $ 501 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 and 2015 . Three Months Ended September 30, 2016 2015 Numerator: Net income $ 651 $ 1,228 Denominator: Basic weighted average common shares outstanding 11,647,106 12,144,859 Dilutive restricted stock grants 186,399 — Diluted weighted average common shares outstanding 11,833,505 12,144,859 Basic earnings per share $ 0.06 $ 0.10 Diluted earnings per share $ 0.06 $ 0.10 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 June 30, 2016 (Dollars in thousands) Allocated shares 70,356 70,356 Committed to be released shares 13,212 — Unallocated shares 964,461 977,673 Total ESOP shares 1,048,029 1,048,029 Fair value of unallocated shares $ 13,011 $ 12,456 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of changes in non-vested restricted stock awards | The following table provides a summary of changes in non-vested restricted stock awards for the three months ended September 30, 2016 : For the Three Months Ended September 30, 2016 Weighted-Average Grant Date Shares Fair Value Non-vested at June 30, 2016 — Granted 402,500 $ 12.70 Vested — Forfeited (12,500 ) Non-vested at September 30, 2016 390,000 Expected to vest assuming a 3% forfeiture rate over the vesting term 378,300 |
Fair Value Accounting and Mea25
Fair Value Accounting and Measurement - (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
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, 2016 Quoted Prices in or Liabilities Significant Inputs Significant Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 22,873 $ — $ 22,873 Agency bonds — 10,038 — 10,038 ABS agency — 7,828 — 7,828 ABS corporate — 29,720 — 29,720 SBA — 9,109 — 9,109 MBS agency — 130,230 — 130,230 MBS corporate — 37,307 — 37,307 $ — $ 247,105 $ — $ 247,105 June 30, 2016 Quoted Prices in Significant Significant (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 23,179 $ — $ 23,179 Agency bonds — 15,048 — 15,048 ABS agency — 7,935 — 7,935 ABS corporate — 29,381 — 29,381 SBA — 9,501 — 9,501 MBS agency — 141,649 — 141,649 MBS corporate — 41,164 — 41,164 $ — $ 267,857 $ — $ 267,857 |
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, 2016 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 8,666 $ 8,666 Real estate owned and repossessed assets — — 131 131 $ — $ — $ 8,797 $ 8,797 June 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 9,072 $ 9,072 Real estate owned and repossessed assets — — 81 81 $ — $ — $ 9,153 $ 9,153 |
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, 2016 Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) 1 (In thousands) Real estate owned and repossessed assets $ 131 Market comparable Discount to appraisal 0%-10% (2%) 1 Discount to appraisal disposition value. June 30, 2016 Fair Value Valuation Technique Unobservable Input Range 1 (In thousands) Real estate owned and repossessed assets $ 81 Market comparable Discount to appraisal 0% - 10% (5%) 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, 2016 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 29,803 $ 29,803 $ 29,803 $ — $ — Investment securities available for sale 247,105 247,105 — 247,105 — Investment securities held to maturity 54,855 57,392 — 57,392 — Loans held for sale 147 147 — 147 — Loans receivable, net 664,059 673,337 — — 673,337 FHLB stock 4,176 4,176 — 4,176 — Accrued interest receivable 2,877 2,877 — 2,877 — Mortgage servicing rights, net 1,048 1,653 — — 1,653 Financial liabilities Demand deposits $ 607,873 $ 607,873 $ 607,873 $ — $ — Time deposits 168,472 777,425 — 777,425 — Borrowings 75,090 79,853 — 79,853 — Accrued interest payable 184 184 — 184 — — June 30, 2016 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 22,650 $ 22,650 $ 22,650 $ — $ — Investment securities available for sale 267,857 267,857 — 267,857 — Investment securities held to maturity 56,038 58,928 — 58,928 — Loans held for sale 917 917 — 917 — Loans receivable, net 619,844 631,754 — — 631,754 FHLB stock 4,403 4,403 — 4,403 — Accrued interest receivable 2,802 2,802 — 2,802 — Mortgage servicing rights, net 998 1,703 — — 1,703 Financial liabilities Demand deposits $ 564,174 $ 564,174 $ 564,174 $ — $ — Time deposits 159,113 160,354 — 160,354 — Borrowings 80,672 85,867 — 85,867 — Accrued interest payable 189 189 — 189 — |
Basis of Presentation and Cri26
Basis of Presentation and Critical Accounting Policies - (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 29, 2015 | Sep. 30, 2016 | Aug. 31, 2016 | Sep. 30, 2016 |
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 | $ 274 | ||
Percentage of shares to be purchased | 8.00% | |||
Number of shares to be purchased | 1,048,029 | |||
Contingent capital contribution to subsidiary | $ 1,100 | |||
Craft3 | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Length of commitment | 7 years | |||
Contributions to charitable organization | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Value of charitable consideration, cash portion | $ 400 | |||
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, 2016 | Jun. 30, 2016 |
Available for Sale | ||
Amortized Cost | $ 244,638 | $ 265,034 |
Gross Unrealized Gains | 3,419 | 4,095 |
Gross Unrealized Losses | (952) | (1,272) |
Estimated Fair Value | 247,105 | 267,857 |
Held to Maturity | ||
Amortized Cost | 54,855 | 56,038 |
Gross Unrealized Gains | 2,539 | 2,891 |
Gross Unrealized Losses | (2) | (1) |
Estimated Fair Value | 57,392 | 58,928 |
Investment Securities | ||
Held to Maturity | ||
Estimated Fair Value | 15,346 | 15,556 |
Investment Securities | Municipal bonds | ||
Available for Sale | ||
Amortized Cost | 21,592 | 21,609 |
Gross Unrealized Gains | 1,281 | 1,570 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 22,873 | 23,179 |
Held to Maturity | ||
Amortized Cost | 14,351 | 14,425 |
Gross Unrealized Gains | 511 | 633 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 14,862 | 15,058 |
Investment Securities | U.S. Treasury and government agency issued bonds (Agency bonds) | ||
Available for Sale | ||
Amortized Cost | 10,050 | 15,036 |
Gross Unrealized Gains | 0 | 15 |
Gross Unrealized Losses | (12) | (3) |
Estimated Fair Value | 10,038 | 15,048 |
Investment Securities | U.S. government agency issued asset-backed securities (ABS agency) | ||
Available for Sale | ||
Amortized Cost | 8,548 | 8,751 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (720) | (816) |
Estimated Fair Value | 7,828 | 7,935 |
Investment Securities | Corporate issued asset-backed securities (ABS corporate) | ||
Available for Sale | ||
Amortized Cost | 29,697 | 29,690 |
Gross Unrealized Gains | 133 | 16 |
Gross Unrealized Losses | (110) | (325) |
Estimated Fair Value | 29,720 | 29,381 |
Investment Securities | SBA | ||
Available for Sale | ||
Amortized Cost | 8,981 | 9,335 |
Gross Unrealized Gains | 128 | 166 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 9,109 | 9,501 |
Held to Maturity | ||
Amortized Cost | 483 | 497 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 484 | 498 |
Mortgage-backed Securities | ||
Held to Maturity | ||
Estimated Fair Value | 42,046 | 43,372 |
Mortgage-backed Securities | U.S. government agency issued mortgage-backed securities (MBS agency) | ||
Available for Sale | ||
Amortized Cost | 128,626 | 139,449 |
Gross Unrealized Gains | 1,655 | 2,228 |
Gross Unrealized Losses | (51) | (28) |
Estimated Fair Value | 130,230 | 141,649 |
Held to Maturity | ||
Amortized Cost | 40,021 | 41,116 |
Gross Unrealized Gains | 2,027 | 2,257 |
Gross Unrealized Losses | (2) | (1) |
Estimated Fair Value | 42,046 | 43,372 |
Mortgage-backed Securities | Corporate issued mortgage-backed securities (MBS corporate) | ||
Available for Sale | ||
Amortized Cost | 37,144 | 41,164 |
Gross Unrealized Gains | 222 | 100 |
Gross Unrealized Losses | (59) | (100) |
Estimated Fair Value | $ 37,307 | $ 41,164 |
Securities - Securities in a Co
Securities - Securities in a Continuous Unrealized Gross Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Gross Unrealized Losses | ||
Less Than Twelve Months | $ (165) | $ (428) |
Twelve Months or Longer | (787) | (844) |
Total | (952) | (1,272) |
Fair Value | ||
Less Than Twelve Months | 35,495 | 50,138 |
Twelve Months or Longer | 19,910 | 14,706 |
Total | 55,405 | 64,844 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (1) | 0 |
Twelve Months or Longer | (1) | (1) |
Total | (2) | (1) |
Fair Value | ||
Less Than Twelve Months | 742 | 652 |
Twelve Months or Longer | 83 | 89 |
Total | 825 | 741 |
Investment Securities | Agency bonds | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (12) | (3) |
Twelve Months or Longer | 0 | 0 |
Total | (12) | (3) |
Fair Value | ||
Less Than Twelve Months | 2,488 | 2,497 |
Twelve Months or Longer | 0 | 0 |
Total | 2,488 | 2,497 |
Investment Securities | ABS agency | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | (720) | (816) |
Total | (720) | (816) |
Fair Value | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | 7,829 | 7,935 |
Total | 7,829 | 7,935 |
Investment Securities | ABS corporate | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (110) | (325) |
Twelve Months or Longer | 0 | 0 |
Total | (110) | (325) |
Fair Value | ||
Less Than Twelve Months | 21,740 | 21,521 |
Twelve Months or Longer | 0 | 0 |
Total | 21,740 | 21,521 |
Mortgage-backed Securities | MBS agency | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (25) | 0 |
Twelve Months or Longer | (26) | (28) |
Total | (51) | (28) |
Fair Value | ||
Less Than Twelve Months | 3,636 | 0 |
Twelve Months or Longer | 2,599 | 6,771 |
Total | 6,235 | 6,771 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (1) | 0 |
Twelve Months or Longer | (1) | (1) |
Total | (2) | (1) |
Fair Value | ||
Less Than Twelve Months | 742 | 652 |
Twelve Months or Longer | 83 | 89 |
Total | 825 | 741 |
Mortgage-backed Securities | MBS corporate | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (18) | (100) |
Twelve Months or Longer | (41) | 0 |
Total | (59) | (100) |
Fair Value | ||
Less Than Twelve Months | 7,631 | 26,120 |
Twelve Months or Longer | 9,482 | 0 |
Total | $ 17,113 | $ 26,120 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | ||
Sep. 30, 2016USD ($)security | Sep. 30, 2015USD ($) | Jun. 30, 2016USD ($)security | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of securities in an unrealized loss position | security | 17 | 15 | |
Continuous unrealized losses | $ 954,000 | $ 1,300,000 | |
Continuous unrealized losses, fair value | 56,200,000 | $ 65,600,000 | |
OTTI losses | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value by Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Available-for-sale Securities, Amortized Cost | ||
Total | $ 244,638 | $ 265,034 |
Available-for-sale Securities, Estimated Fair Value | ||
Total | 247,105 | 267,857 |
Held-to-maturity Securities, Amortized Cost | ||
Total | 54,855 | 56,038 |
Held-to-maturity Securities, Estimated Fair Value | ||
Total | 57,392 | 58,928 |
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 | 17,795 | 18,089 |
Due after ten years | 147,975 | 162,524 |
Total | 165,770 | 180,613 |
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 | 18,259 | 18,668 |
Due after ten years | 149,278 | 164,145 |
Total | 167,537 | 182,813 |
Held-to-maturity Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 1,995 | 2,263 |
Due after five through ten years | 3,373 | 3,701 |
Due after ten years | 34,653 | 35,152 |
Total | 40,021 | 41,116 |
Held-to-maturity Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 2,040 | 2,324 |
Due after five through ten years | 3,432 | 3,768 |
Due after ten years | 36,574 | 37,280 |
Total | 42,046 | 43,372 |
Investment Securities | ||
Available-for-sale Securities, Amortized Cost | ||
Due within one year | 0 | 7,000 |
Due after one through five years | 6,793 | 11,780 |
Due after five through ten years | 39,143 | 14,440 |
Due after ten years | 32,932 | 51,201 |
Total | 78,868 | 84,421 |
Available-for-sale Securities, Estimated Fair Value | ||
Due within one year | 0 | 6,921 |
Due after one through five years | 6,878 | 11,950 |
Due after five through ten years | 39,453 | 14,668 |
Due after ten years | 33,237 | 51,505 |
Total | 79,568 | 85,044 |
Held-to-maturity Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 9,653 | 9,711 |
Due after ten years | 5,181 | 5,211 |
Total | 14,834 | 14,922 |
Held-to-maturity Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 9,968 | 10,094 |
Due after ten years | 5,378 | 5,462 |
Total | $ 15,346 | $ 15,556 |
Loans Receivable - Balance of L
Loans Receivable - Balance of Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 670,175 | $ 625,985 | ||
Net deferred loan fees | 1,137 | 1,182 | ||
Premium on purchased loans, net | (2,703) | (2,280) | ||
Allowance for loan losses | 7,682 | 7,239 | $ 7,076 | $ 7,111 |
Total loans receivable, net | 664,059 | 619,844 | ||
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 608,759 | 566,129 | ||
Real Estate | Real estate loans | One-to-four family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 328,772 | 308,471 | ||
Allowance for loan losses | 2,949 | 2,992 | 3,027 | 3,143 |
Real Estate | Real estate loans | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 48,042 | 46,125 | ||
Allowance for loan losses | 355 | 341 | 260 | 251 |
Real Estate | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 179,642 | 161,182 | ||
Allowance for loan losses | 1,411 | 1,268 | 1,040 | 998 |
Real Estate | Construction and land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 52,303 | 50,351 | ||
Allowance for loan losses | 585 | 599 | 372 | 336 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 44,380 | 42,932 | ||
Consumer | Home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 33,753 | 33,909 | ||
Allowance for loan losses | 810 | 833 | 946 | 1,052 |
Consumer | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 10,627 | 9,023 | ||
Allowance for loan losses | 331 | 310 | 284 | 321 |
Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 17,036 | 16,924 | ||
Allowance for loan losses | $ 926 | $ 335 | $ 163 | $ 251 |
Loans Receivable - Allowance fo
Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 7,239 | $ 7,111 | ||
Provision for loan losses | 350 | 0 | ||
Charge-offs | (25) | (103) | ||
Recoveries | 118 | 68 | ||
Ending balance | 7,682 | 7,076 | ||
Total ALLL | 7,239 | 7,111 | $ 7,682 | $ 7,239 |
General reserve | 7,365 | 6,878 | ||
Specific reserve | 317 | 361 | ||
Total Loans | 670,175 | 625,985 | ||
General reserves | 661,509 | 616,913 | ||
Specific reserves | 8,666 | 9,072 | ||
Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Total Loans | 608,759 | 566,129 | ||
Real Estate | Real estate loans | One-to-four family | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 2,992 | 3,143 | ||
Provision for loan losses | (128) | (113) | ||
Charge-offs | 0 | (7) | ||
Recoveries | 85 | 4 | ||
Ending balance | 2,949 | 3,027 | ||
Total ALLL | 2,992 | 3,143 | 2,949 | 2,992 |
General reserve | 2,887 | 2,932 | ||
Specific reserve | 62 | 60 | ||
Total Loans | 328,772 | 308,471 | ||
General reserves | 322,820 | 302,370 | ||
Specific reserves | 5,952 | 6,101 | ||
Real Estate | Real estate loans | Multi-family | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 341 | 251 | ||
Provision for loan losses | 14 | 9 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 355 | 260 | ||
Total ALLL | 341 | 251 | 355 | 341 |
General reserve | 354 | 340 | ||
Specific reserve | 1 | 1 | ||
Total Loans | 48,042 | 46,125 | ||
General reserves | 47,921 | 46,003 | ||
Specific reserves | 121 | 122 | ||
Real Estate | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,268 | 998 | ||
Provision for loan losses | 143 | 42 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 1,411 | 1,040 | ||
Total ALLL | 1,268 | 998 | 1,411 | 1,268 |
General reserve | 1,400 | 1,257 | ||
Specific reserve | 11 | 11 | ||
Total Loans | 179,642 | 161,182 | ||
General reserves | 178,006 | 159,525 | ||
Specific reserves | 1,636 | 1,657 | ||
Real Estate | Construction and land | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 599 | 336 | ||
Provision for loan losses | (14) | 36 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 585 | 372 | ||
Total ALLL | 599 | 336 | 585 | 599 |
General reserve | 577 | 588 | ||
Specific reserve | 8 | 11 | ||
Total Loans | 52,303 | 50,351 | ||
General reserves | 52,215 | 50,260 | ||
Specific reserves | 88 | 91 | ||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Total Loans | 44,380 | 42,932 | ||
Consumer | Home equity | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 833 | 1,052 | ||
Provision for loan losses | (32) | (79) | ||
Charge-offs | (2) | (39) | ||
Recoveries | 11 | 12 | ||
Ending balance | 810 | 946 | ||
Total ALLL | 833 | 1,052 | 810 | 833 |
General reserve | 799 | 814 | ||
Specific reserve | 11 | 19 | ||
Total Loans | 33,753 | 33,909 | ||
General reserves | 33,270 | 33,279 | ||
Specific reserves | 483 | 630 | ||
Consumer | Other | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 310 | 321 | ||
Provision for loan losses | 23 | 2 | ||
Charge-offs | (23) | (50) | ||
Recoveries | 21 | 11 | ||
Ending balance | 331 | 284 | ||
Total ALLL | 310 | 321 | 331 | 310 |
General reserve | 303 | 247 | ||
Specific reserve | 28 | 63 | ||
Total Loans | 10,627 | 9,023 | ||
General reserves | 10,599 | 8,912 | ||
Specific reserves | 28 | 111 | ||
Commercial business | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 335 | 251 | ||
Provision for loan losses | 590 | (122) | ||
Charge-offs | 0 | (7) | ||
Recoveries | 1 | 41 | ||
Ending balance | 926 | 163 | ||
Total ALLL | 335 | 251 | 926 | 335 |
General reserve | 730 | 139 | ||
Specific reserve | 196 | 196 | ||
Total Loans | 17,036 | 16,924 | ||
General reserves | 16,678 | 16,564 | ||
Specific reserves | 358 | 360 | ||
Unallocated | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 561 | 759 | ||
Provision for loan losses | (246) | 225 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 315 | 984 | ||
Total ALLL | $ 561 | $ 759 | 315 | 561 |
General reserve | 315 | 561 | ||
Specific reserve | 0 | 0 | ||
Total Loans | 0 | 0 | ||
General reserves | 0 | 0 | ||
Specific reserves | $ 0 | $ 0 |
Loans Receivable - Impaired Loa
Loans Receivable - Impaired Loans By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | $ 2,692 | $ 2,999 | |
Recorded Investment, Allowance Recorded | 5,974 | 6,073 | |
Recorded Investment | 8,666 | 9,072 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 3,201 | 3,536 | |
Unpaid Principal Balance, Allowance Recorded | 6,298 | 6,358 | |
Unpaid Principal Balance | 9,499 | 9,894 | |
Related Allowance | 317 | 361 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 2,881 | $ 4,001 | |
Average Recorded Investment, Allowance Recorded | 5,904 | 5,778 | |
Average Recorded Investment | 8,785 | 9,779 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 36 | 58 | |
Interest Income Recognized, Allowance Recorded | 106 | 96 | |
Interest Income Recognized | 142 | 154 | |
Interest income recognized on impaired loans | 91 | 87 | |
Real Estate | Real estate loans | One-to-four family | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 2,084 | 2,386 | |
Recorded Investment, Allowance Recorded | 3,868 | 3,715 | |
Recorded Investment | 5,952 | 6,101 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 2,422 | 2,728 | |
Unpaid Principal Balance, Allowance Recorded | 4,088 | 3,910 | |
Unpaid Principal Balance | 6,510 | 6,638 | |
Related Allowance | 62 | 60 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 2,274 | 3,003 | |
Average Recorded Investment, Allowance Recorded | 3,705 | 3,399 | |
Average Recorded Investment | 5,979 | 6,402 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 32 | 42 | |
Interest Income Recognized, Allowance Recorded | 66 | 60 | |
Interest Income Recognized | 98 | 102 | |
Real Estate | Real estate loans | Multi-family | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 0 | 0 | |
Recorded Investment, Allowance Recorded | 121 | 122 | |
Recorded Investment | 121 | 122 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 0 | 0 | |
Unpaid Principal Balance, Allowance Recorded | 121 | 122 | |
Unpaid Principal Balance | 121 | 122 | |
Related Allowance | 1 | 1 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 0 | 334 | |
Average Recorded Investment, Allowance Recorded | 121 | 293 | |
Average Recorded Investment | 121 | 627 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 0 | 4 | |
Interest Income Recognized, Allowance Recorded | 2 | 1 | |
Interest Income Recognized | 2 | 5 | |
Real Estate | Commercial real estate | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 462 | 475 | |
Recorded Investment, Allowance Recorded | 1,174 | 1,182 | |
Recorded Investment | 1,636 | 1,657 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 553 | 558 | |
Unpaid Principal Balance, Allowance Recorded | 1,177 | 1,187 | |
Unpaid Principal Balance | 1,730 | 1,745 | |
Related Allowance | 11 | 11 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 468 | 354 | |
Average Recorded Investment, Allowance Recorded | 1,177 | 1,002 | |
Average Recorded Investment | 1,645 | 1,356 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 2 | 6 | |
Interest Income Recognized, Allowance Recorded | 17 | 12 | |
Interest Income Recognized | 19 | 18 | |
Real Estate | Construction and land | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 0 | 0 | |
Recorded Investment, Allowance Recorded | 88 | 91 | |
Recorded Investment | 88 | 91 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 0 | 0 | |
Unpaid Principal Balance, Allowance Recorded | 112 | 115 | |
Unpaid Principal Balance | 112 | 115 | |
Related Allowance | 8 | 11 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 0 | 16 | |
Average Recorded Investment, Allowance Recorded | 89 | 148 | |
Average Recorded Investment | 89 | 164 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 0 | 1 | |
Interest Income Recognized, Allowance Recorded | 8 | 5 | |
Interest Income Recognized | 8 | 6 | |
Consumer | Home equity | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 146 | 138 | |
Recorded Investment, Allowance Recorded | 337 | 492 | |
Recorded Investment | 483 | 630 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 213 | 203 | |
Unpaid Principal Balance, Allowance Recorded | 371 | 527 | |
Unpaid Principal Balance | 584 | 730 | |
Related Allowance | 11 | 19 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 139 | 283 | |
Average Recorded Investment, Allowance Recorded | 370 | 368 | |
Average Recorded Investment | 509 | 651 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 2 | 5 | |
Interest Income Recognized, Allowance Recorded | 7 | 7 | |
Interest Income Recognized | 9 | 12 | |
Consumer | Other | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 0 | 0 | |
Recorded Investment, Allowance Recorded | 28 | 111 | |
Recorded Investment | 28 | 111 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 13 | 47 | |
Unpaid Principal Balance, Allowance Recorded | 71 | 137 | |
Unpaid Principal Balance | 84 | 184 | |
Related Allowance | 28 | 63 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 0 | 11 | |
Average Recorded Investment, Allowance Recorded | 84 | 167 | |
Average Recorded Investment | 84 | 178 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 0 | 0 | |
Interest Income Recognized, Allowance Recorded | 1 | 5 | |
Interest Income Recognized | 1 | 5 | |
Commercial business | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 0 | 0 | |
Recorded Investment, Allowance Recorded | 358 | 360 | |
Recorded Investment | 358 | 360 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 0 | 0 | |
Unpaid Principal Balance, Allowance Recorded | 358 | 360 | |
Unpaid Principal Balance | 358 | 360 | |
Related Allowance | 196 | $ 196 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Recorded Investment, No Allowance Recorded | 0 | 0 | |
Average Recorded Investment, Allowance Recorded | 358 | 401 | |
Average Recorded Investment | 358 | 401 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 0 | 0 | |
Interest Income Recognized, Allowance Recorded | 5 | 6 | |
Interest Income Recognized | $ 5 | $ 6 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | $ 2,865 | $ 3,257 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 2,143 | 2,413 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 462 | 474 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 88 | 91 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 143 | 167 |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | $ 29 | $ 112 |
Loans Receivable - Reconciliati
Loans Receivable - Reconciliation of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 927 | $ 1,713 |
Current | 669,248 | 624,272 |
Total Loans | 670,175 | 625,985 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 398 | 1,111 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 203 | 88 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 326 | 514 |
Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 487 | 1,262 |
Current | 608,272 | 564,867 |
Total Loans | 608,759 | 566,129 |
Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 662 |
Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 161 | 88 |
Real Estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 326 | 512 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 405 | 1,216 |
Current | 328,367 | 307,255 |
Total Loans | 328,772 | 308,471 |
Real Estate | Real estate loans | One-to-four family | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 662 |
Real Estate | Real estate loans | One-to-four family | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 125 | 88 |
Real Estate | Real estate loans | One-to-four family | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 280 | 466 |
Real Estate | Real estate loans | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 48,042 | 46,125 |
Total Loans | 48,042 | 46,125 |
Real Estate | Real estate loans | Multi-family | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Real estate loans | Multi-family | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Real estate loans | Multi-family | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 179,642 | 161,182 |
Total Loans | 179,642 | 161,182 |
Real Estate | Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 82 | 46 |
Current | 52,221 | 50,305 |
Total Loans | 52,303 | 50,351 |
Real Estate | Construction and land | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Construction and land | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 36 | 0 |
Real Estate | Construction and land | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 46 | 46 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 440 | 451 |
Current | 43,940 | 42,481 |
Total Loans | 44,380 | 42,932 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 398 | 449 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42 | 0 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 2 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 348 | 346 |
Current | 33,405 | 33,563 |
Total Loans | 33,753 | 33,909 |
Consumer | Home equity | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 348 | 344 |
Consumer | Home equity | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer | Home equity | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 2 |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 92 | 105 |
Current | 10,535 | 8,918 |
Total Loans | 10,627 | 9,023 |
Consumer | Other | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50 | 105 |
Consumer | Other | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42 | 0 |
Consumer | Other | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 17,036 | 16,924 |
Total Loans | 17,036 | 16,924 |
Commercial business | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial business | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial business | 90 Days or More Past Due | ||
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, 2016 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 670,175 | $ 625,985 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 648,014 | 598,938 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,575 | 19,722 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,605 | 2,756 |
Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,981 | 4,569 |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,865 | 3,257 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 667,310 | 622,728 |
Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 608,759 | 566,129 |
Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 589,669 | 542,565 |
Real Estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,737 | 17,444 |
Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,923 | 2,237 |
Real Estate | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,430 | 3,883 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 328,772 | 308,471 |
Real Estate | Real estate loans | One-to-four family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 323,664 | 302,841 |
Real Estate | Real estate loans | One-to-four family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,567 | 2,100 |
Real Estate | Real estate loans | One-to-four family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 797 | 367 |
Real Estate | Real estate loans | One-to-four family | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,744 | 3,163 |
Real Estate | Real estate loans | One-to-four family | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,143 | 2,413 |
Real Estate | Real estate loans | One-to-four family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 326,629 | 306,058 |
Real Estate | Real estate loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 48,042 | 46,125 |
Real Estate | Real estate loans | Multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 41,900 | 39,955 |
Real Estate | Real estate loans | Multi-family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,021 | 6,048 |
Real Estate | Real estate loans | Multi-family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 121 | 122 |
Real Estate | Real estate loans | Multi-family | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Real estate loans | Multi-family | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Real estate loans | Multi-family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 48,042 | 46,125 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 179,642 | 161,182 |
Real Estate | Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 172,663 | 153,783 |
Real Estate | Commercial real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,114 | 5,736 |
Real Estate | Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,321 | 1,105 |
Real Estate | Commercial real estate | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 544 | 558 |
Real Estate | Commercial real estate | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 462 | 474 |
Real Estate | Commercial real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 179,180 | 160,708 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 52,303 | 50,351 |
Real Estate | Construction and land | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 51,442 | 45,986 |
Real Estate | Construction and land | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35 | 3,560 |
Real Estate | Construction and land | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 684 | 643 |
Real Estate | Construction and land | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 142 | 162 |
Real Estate | Construction and land | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 88 | 91 |
Real Estate | Construction and land | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 52,215 | 50,260 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 44,380 | 42,932 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 42,819 | 41,293 |
Consumer | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 838 | 824 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 197 | 159 |
Consumer | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 526 | 656 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 33,753 | 33,909 |
Consumer | Home equity | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 32,574 | 32,661 |
Consumer | Home equity | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 629 | 634 |
Consumer | Home equity | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 59 | 76 |
Consumer | Home equity | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 491 | 538 |
Consumer | Home equity | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 143 | 167 |
Consumer | Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 33,610 | 33,742 |
Consumer | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,627 | 9,023 |
Consumer | Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,245 | 8,632 |
Consumer | Other | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 209 | 190 |
Consumer | Other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 138 | 83 |
Consumer | Other | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35 | 118 |
Consumer | Other | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 29 | 112 |
Consumer | Other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,598 | 8,911 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,036 | 16,924 |
Commercial business | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,526 | 15,080 |
Commercial business | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 1,454 |
Commercial business | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,485 | 360 |
Commercial business | Sub-standard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 25 | 30 |
Commercial business | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial business | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 17,036 | $ 16,924 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016USD ($)contract | Sep. 30, 2015contract | Jun. 30, 2016USD ($) | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Total TDR loans | $ 6,265 | $ 6,545 | |
Allowance for loan losses related to TDR loans | 274 | 267 | |
Total nonaccrual TDR loans | $ 566 | $ 944 | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 0 | ||
Real Estate | Real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | ||
Total Modifications | $ 86 | ||
Real Estate | Real estate loans | Rate Modification | |||
Financing Receivable, Modifications [Line Items] | |||
Total Modifications | 0 | ||
Real Estate | Real estate loans | Term Modification | |||
Financing Receivable, Modifications [Line Items] | |||
Total Modifications | 0 | ||
Real Estate | Real estate loans | Combination Modification | |||
Financing Receivable, Modifications [Line Items] | |||
Total Modifications | $ 86 |
Loans Receivable - Troubled D38
Loans Receivable - Troubled Debt Restructured Loans by Class (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | $ 5,699 | $ 5,601 |
Nonaccrual loans | 566 | 944 |
Total TDR loans | 6,265 | 6,545 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 3,707 | 3,473 |
Nonaccrual loans | 438 | 812 |
Total TDR loans | 4,145 | 4,285 |
Real Estate | Real estate loans | Multi-family | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 121 | 122 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 121 | 122 |
Real Estate | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 1,173 | 1,182 |
Nonaccrual loans | 128 | 132 |
Total TDR loans | 1,301 | 1,314 |
Consumer | Home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 340 | 464 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 340 | 464 |
Commercial business | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 358 | 360 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | $ 358 | $ 360 |
Loans Receivable - Narrative (D
Loans Receivable - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016USD ($)contract | Sep. 30, 2015contract | Jun. 30, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 670,175 | $ 625,985 | |
Number of troubled debt restructuring loans | contract | 0 | 0 | |
Number of loans modified within 12 months prior for which there was a payment default | contract | 0 | ||
Sub-standard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 3,981 | 4,569 | |
Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Loss | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 0 | $ 0 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
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 | 0.27% | 0.26% | |
Weighted-Average Interest Rate, Certificates of deposit and jumbo certificates | 1.11% | 1.09% | |
Deposits, by Type [Abstract] | |||
Savings | $ 96,720 | $ 91,656 | |
Transaction accounts | 234,923 | 213,442 | |
Money market accounts | 276,230 | 259,076 | |
Certificates of deposit and jumbo certificates | 168,472 | 159,113 | |
Total Deposits | $ 776,345 | $ 723,287 | |
Weighted-average interest rate | 0.34% | 0.34% | |
Time Deposits, Fiscal Year Maturity [Abstract] | |||
Within one year or less | $ 57,862 | $ 61,903 | |
After one year through two years | 55,059 | 45,368 | |
After two years through three years | 31,703 | 30,169 | |
After three years through four years | 11,741 | 11,150 | |
After four years through five years | 12,033 | 10,434 | |
After five years | 74 | 89 | |
Total time deposits | 168,472 | $ 159,113 | |
Interest Expense, Deposits [Abstract] | |||
Savings | 10 | $ 9 | |
Transaction accounts | 4 | 3 | |
Insured money market accounts | 187 | 141 | |
Certificates of deposit and jumbo certificates | 446 | 348 | |
Interest expense | $ 647 | $ 501 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Jun. 30, 2016 |
Banking and Thrift [Abstract] | ||
Time deposits, $250,000 or more | $ 53.5 | $ 43.5 |
Public fund deposits | 58.1 | 51.2 |
Investment securities pledged as collateral, carrying value | $ 46.7 | $ 47.4 |
Federal Taxes on Income (Detail
Federal Taxes on Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 1.9 | |
Effective income tax rate | 33.90% | 25.30% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Numerator: | |||
Net income | $ 651 | $ 1,228 | |
Denominator for basic and diluted earnings per share | |||
Basic weighted average common shares outstanding (in shares) | 11,647,106 | 12,144,859 | |
Dilutive restricted stock grants (in shares) | 186,399 | 0 | |
Diluted weighted average common shares outstanding (in shares) | 11,833,505 | 12,144,859 | |
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.10 | |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.10 | |
Total ESOP shares | 1,048,029 | 1,048,029 | |
Unallocated shares | 964,461 | 977,673 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 29, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 |
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 | |||
Average purchase price (in dollars per share) | $ 12.45 | |||
ESOP loan payable, amortization period | 20 years | |||
ESOP loan payable, estimated interest rate | 2.46% | |||
Compensation expense | $ 195 | $ 148 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||||
Allocated shares | 70,356 | 70,356 | ||
Committed to be released shares | 13,212 | 0 | ||
Unallocated shares | 964,461 | 977,673 | ||
Total ESOP shares | 1,048,029 | 1,048,029 | ||
Fair value of unallocated shares | $ 13,011 | $ 12,456 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Nov. 16, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | 0 | |
Restricted Stock Award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 402,500 | |
Vesting period | 5 years | |
Total unrecognized compensation costs | $ 4,800 | |
Remaining weighted-average vesting period | 4 years 9 months | |
First Northwest Bancorp 2015 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized | 1,834,050 | |
Total compensation expense | $ 256 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of non-vested restricted stock awards (Details) - Restricted Stock Award | 3 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Shares | |
Non-vested at June 30, 2016 (in shares) | 0 |
Granted (in shares) | 402,500 |
Vested (in shares) | 0 |
Forfeited (in shares) | (12,500) |
Non-vested at September 30, 2016 (in shares) | 390,000 |
Expected to vest assuming a 3% forfeiture rate over the vesting term (in shares) | 378,300 |
Expected forfeiture rate | 3.00% |
Weighted-Average Grant Date Fair Value | |
Non-vested at June 30, 2016 (in dollars per share) | $ / shares | |
Granted (in dollars per share) | $ / shares | 12.70 |
Vested (in dollars per share) | $ / shares | |
Forfeited (in dollars per share) | $ / shares | |
Non-vested at September 30, 2016 (in dollars per share) | $ / shares |
Fair Value Accounting and Mea47
Fair Value Accounting and Measurement - Company Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 247,105 | $ 267,857 |
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 | 247,105 | 267,857 |
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 | 247,105 | 267,857 |
Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 22,873 | 23,179 |
Recurring | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 10,038 | 15,048 |
Recurring | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 7,828 | 7,935 |
Recurring | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 29,720 | 29,381 |
Recurring | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,109 | 9,501 |
Recurring | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 130,230 | 141,649 |
Recurring | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 37,307 | 41,164 |
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 | 247,105 | 267,857 |
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 | 22,873 | 23,179 |
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 | 10,038 | 15,048 |
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 | 7,828 | 7,935 |
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 | 29,720 | 29,381 |
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 | 9,109 | 9,501 |
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 | 130,230 | 141,649 |
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 | 37,307 | 41,164 |
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 Mea48
Fair Value Accounting and Measurement - Schedule of Assets On A Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | $ 8,666 | $ 9,072 | |
Real estate owned and repossessed assets | $ 131 | 81 | |
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 | 2.00% | 5.00% | |
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% | 0.00% | |
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 | 10.00% | 10.00% | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | $ 8,666 | 9,072 | |
Real estate owned and repossessed assets | 131 | 81 | |
Total assets measured at fair value | 8,797 | 9,153 | |
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 | 8,666 | 9,072 | |
Real estate owned and repossessed assets | 131 | 81 | |
Total assets measured at fair value | $ 8,797 | $ 9,153 |
Fair Value Accounting and Mea49
Fair Value Accounting and Measurement - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Financial assets | ||
Investment securities available for sale | $ 247,105 | $ 267,857 |
Investment securities held to maturity | 57,392 | 58,928 |
Accrued interest receivable | 2,877 | 2,802 |
Financial liabilities | ||
Accrued interest payable | 184 | 189 |
Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 29,803 | 22,650 |
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 1 | Demand deposits | ||
Financial liabilities | ||
Deposits | 607,873 | 564,174 |
Level 1 | Time deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 247,105 | 267,857 |
Investment securities held to maturity | 57,392 | 58,928 |
Loans held for sale | 147 | 917 |
Loans receivable, net | 0 | 0 |
FHLB stock | 4,176 | 4,403 |
Accrued interest receivable | 2,877 | 2,802 |
Mortgage servicing rights, net | 0 | 0 |
Financial liabilities | ||
Borrowings | 79,853 | 85,867 |
Accrued interest payable | 184 | 189 |
Level 2 | Demand deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Level 2 | Time deposits | ||
Financial liabilities | ||
Deposits | 777,425 | 160,354 |
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 | 673,337 | 631,754 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 1,653 | 1,703 |
Financial liabilities | ||
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 3 | Demand deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Level 3 | Time deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 29,803 | 22,650 |
Investment securities available for sale | 247,105 | 267,857 |
Investment securities held to maturity | 54,855 | 56,038 |
Loans held for sale | 147 | 917 |
Loans receivable, net | 664,059 | 619,844 |
FHLB stock | 4,176 | 4,403 |
Accrued interest receivable | 2,877 | 2,802 |
Mortgage servicing rights, net | 1,048 | 998 |
Financial liabilities | ||
Borrowings | 75,090 | 80,672 |
Accrued interest payable | 184 | 189 |
Carrying Value | Demand deposits | ||
Financial liabilities | ||
Deposits | 607,873 | 564,174 |
Carrying Value | Time deposits | ||
Financial liabilities | ||
Deposits | 168,472 | 159,113 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 29,803 | 22,650 |
Investment securities available for sale | 247,105 | 267,857 |
Investment securities held to maturity | 57,392 | 58,928 |
Loans held for sale | 147 | 917 |
Loans receivable, net | 673,337 | 631,754 |
FHLB stock | 4,176 | 4,403 |
Accrued interest receivable | 2,877 | 2,802 |
Mortgage servicing rights, net | 1,653 | 1,703 |
Financial liabilities | ||
Borrowings | 79,853 | 85,867 |
Accrued interest payable | 184 | 189 |
Fair Value | Demand deposits | ||
Financial liabilities | ||
Deposits | 607,873 | 564,174 |
Fair Value | Time deposits | ||
Financial liabilities | ||
Deposits | $ 777,425 | $ 160,354 |