Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Sep. 05, 2017 | Dec. 31, 2016 | |
Document Information [Abstract] | |||
Entity Registrant Name | First Northwest Bancorp | ||
Entity Central Index Key | 1,556,727 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Common Stock, Shares Outstanding | 11,889,407 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 183,040,416 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
ASSETS | ||
Cash and due from banks | $ 14,510 | $ 12,841 |
Interest-bearing deposits in banks | 9,782 | 9,809 |
Investment securities available for sale, at fair value | 228,593 | 267,857 |
Investment securities held to maturity, at amortized cost | 51,872 | 56,038 |
Loans held for sale | 0 | 917 |
Loans receivable (net of allowance for loan losses of $8,523 and $7,239) | 726,786 | 619,844 |
Federal Home Loan Bank (FHLB) stock, at cost | 4,368 | 4,403 |
Accrued interest receivable | 3,020 | 2,802 |
Premises and equipment, net | 13,236 | 13,519 |
Mortgage servicing rights, net | 986 | 998 |
Bank-owned life insurance, net | 28,413 | 18,282 |
Real estate owned and repossessed assets | 104 | 81 |
Prepaid expenses and other assets | 6,006 | 2,711 |
Total assets | 1,087,676 | 1,010,102 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 823,760 | 723,287 |
Borrowings | 77,427 | 80,672 |
Accrued interest payable | 208 | 189 |
Accrued expenses and other liabilities | 7,417 | 15,173 |
Advances from borrowers for taxes and insurance | 1,143 | 1,040 |
Total liabilities | 909,955 | 820,361 |
Commitments and Contingencies | ||
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 11,902,146 at June 30, 2017; issued and outstanding 12,676,660 at June 30, 2016 | 119 | 127 |
Additional paid-in capital | 112,058 | 122,595 |
Retained earnings | 77,515 | 77,301 |
Accumulated other comprehensive (loss) income, net of tax | (434) | 1,895 |
Unearned employee stock ownership plan (ESOP) shares | (11,537) | (12,177) |
Total shareholders' equity | 177,721 | 189,741 |
Total liabilities and shareholders' equity | $ 1,087,676 | $ 1,010,102 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 8,523 | $ 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 | 11,902,146 | 12,676,660 |
Common stock, shares outstanding | 11,902,146 | 12,670,660 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
INTEREST INCOME | |||
Interest and fees on loans receivable | $ 29,274 | $ 23,691 | $ 22,046 |
Interest on mortgage-backed and related securities | 4,779 | 5,223 | 3,466 |
Interest on investment securities | 2,555 | 3,096 | 1,850 |
Interest-bearing deposits and other | 70 | 58 | 113 |
FHLB dividends | 126 | 104 | 12 |
Total interest income | 36,804 | 32,172 | 27,487 |
INTEREST EXPENSE | |||
Deposits | 2,859 | 2,169 | 1,669 |
Borrowings | 2,300 | 2,601 | 2,923 |
Total interest expense | 5,159 | 4,770 | 4,592 |
Net interest income | 31,645 | 27,402 | 22,895 |
PROVISION FOR LOAN LOSSES | 1,260 | 233 | 0 |
Net interest income after provision for loan losses | 30,385 | 27,169 | 22,895 |
NONINTEREST INCOME | |||
Loan and deposit service fees | 3,511 | 3,570 | 3,404 |
Mortgage servicing fees, net | 232 | 255 | 305 |
Net gain on sale of loans | 757 | 234 | 548 |
Net gain on sale of investment securities | 0 | 1,567 | 0 |
Increase in cash surrender value of bank-owned life insurance, net | 701 | 114 | 102 |
Income from death benefit on bank-owned life insurance, net | 768 | 0 | 0 |
Other income | 205 | 437 | 348 |
Total noninterest income | 6,174 | 6,177 | 4,707 |
NONINTEREST EXPENSE | |||
Compensation and benefits | 17,245 | 14,523 | 12,703 |
Real estate owned and repossessed assets expense (income), net | 17 | (307) | 165 |
Data processing | 2,665 | 2,704 | 2,521 |
Occupancy and equipment | 3,879 | 3,492 | 3,058 |
Supplies, postage, and telephone | 714 | 668 | 663 |
Regulatory assessments and state taxes | 504 | 485 | 334 |
Advertising | 685 | 797 | 433 |
Charitable contributions | 0 | 0 | 9,870 |
Professional fees | 1,415 | 1,757 | 1,063 |
FDIC insurance premium | 251 | 424 | 544 |
FHLB prepayment penalty | 0 | 1,193 | 0 |
Other | 2,404 | 2,161 | 1,692 |
Total noninterest expense | 29,779 | 27,897 | 33,046 |
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES | 6,780 | 5,449 | (5,444) |
PROVISION (BENEFIT) FOR INCOME TAXES | 1,662 | 1,457 | (354) |
NET INCOME (LOSS) | $ 5,118 | $ 3,992 | $ (5,090) |
Basic and diluted earnings (loss) per share (in dollars per share) | $ 0.46 | $ 0.33 | $ (0.42) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $ 5,118 | $ 3,992 | $ (5,090) |
Unrealized (loss) gain on securities: | |||
Unrealized holding (loss) gain, net of tax (benefit) provision of $(1,194), $1,128, and $(295), respectively | (2,329) | 2,179 | (582) |
Reclassification adjustment for net gains on sales of securities realized in income, net of taxes of $0, $(533), and $0, respectively | 0 | (1,034) | 0 |
Other comprehensive (loss) income, net of tax | (2,329) | 1,145 | (582) |
COMPREHENSIVE INCOME (LOSS) | $ 2,789 | $ 5,137 | $ (5,672) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized holding (loss) gain, tax (benefit) provision | $ (1,194) | $ 1,128 | $ (295) |
Reclassification adjustments for net gains on sales of securities realized in income, tax | $ 0 | $ (533) | $ 0 |
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 (Loss), Net of Tax |
BEGINNING BALANCE at Jun. 30, 2014 | $ 80,995 | $ 79,663 | $ 1,332 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (5,090) | (5,090) | ||||
Other comprehensive loss, net of tax benefit | (582) | (582) | ||||
Share-based compensation | 0 | |||||
Proceeds from initial stock offering, net of expenses (in shares) | 13,100,360 | |||||
Proceeds from initial stock offering, net of expenses | 126,941 | $ 131 | $ 126,810 | |||
Allocation of ESOP shares | (11,799) | $ (11,799) | ||||
Allocation of ESOP shares | 216 | (1) | 217 | |||
Payments for repurchase of common stock | 0 | |||||
ENDING BALANCE, shares at Jun. 30, 2015 | 13,100,360 | |||||
ENDING BALANCE at Jun. 30, 2015 | 190,681 | $ 131 | 126,809 | 74,573 | (11,582) | 750 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 3,992 | 3,992 | ||||
Other comprehensive loss, net of tax benefit | 1,145 | 1,145 | ||||
Share-based compensation | 0 | |||||
Proceeds from initial stock offering, net of expenses | 1,145 | |||||
Allocation of ESOP shares | (1,253) | (1,253) | ||||
Allocation of ESOP shares | 677 | 19 | 658 | |||
Common stock repurchased (in shares) | (423,700) | |||||
Common stock repurchased | $ (4) | (4,233) | (1,264) | |||
Payments for repurchase of common stock | $ (5,501) | |||||
ENDING BALANCE, shares at Jun. 30, 2016 | 12,670,660 | 12,676,660 | ||||
ENDING 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 (loss) | 5,118 | 5,118 | ||||
Other comprehensive loss, net of tax benefit | (2,329) | (2,329) | ||||
Share-based compensation | 977 | 977 | ||||
Allocation of ESOP shares | 763 | 123 | 640 | |||
Common stock repurchased (in shares) | (1,164,514) | |||||
Common stock repurchased | $ (12) | (11,633) | (4,904) | |||
Payments for repurchase of common stock | (16,549) | |||||
Restricted stock awards net of forfeitures (in shares) | 390,000 | |||||
Restricted stock awards net of forfeitures | $ 0 | $ 4 | (4) | |||
ENDING BALANCE, shares at Jun. 30, 2017 | 11,902,146 | 11,902,146 | ||||
ENDING BALANCE at Jun. 30, 2017 | $ 177,721 | $ 119 | $ 112,058 | $ 77,515 | $ (11,537) | $ (434) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 5,118 | $ 3,992 | $ (5,090) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation | 1,200 | 1,100 | 973 |
Amortization and accretion of premiums and discounts on investments, net | 1,067 | 1,441 | 1,307 |
Amortization of deferred loan fees, net | (29) | 1 | 80 |
Amortization of mortgage servicing rights | 234 | 259 | 276 |
Additions to mortgage servicing rights | (222) | (70) | (197) |
Provision for loan losses | 1,260 | 233 | 0 |
Gain on sale of real estate owned and repossessed assets, net | (40) | (546) | (201) |
Deferred federal income taxes | (1,153) | (907) | (1,001) |
Allocation of ESOP shares | 763 | 677 | 216 |
Share-based compensation | 977 | 0 | 0 |
Gain on sale of loans, net | (757) | (234) | (548) |
Gain on sale of securities available for sale, net | 0 | (1,567) | 0 |
Real estate owned and repossessed assets market value adjustments | 32 | 140 | 212 |
Increase in cash surrender value of life insurance, net | (701) | (114) | (102) |
Income from death benefit on bank-owned life insurance, net | (768) | 0 | 0 |
Origination of loans held for sale | (32,736) | (8,570) | (22,037) |
Proceeds from loans held for sale | 34,410 | 7,997 | 23,088 |
Change in assets and liabilities: | |||
Increase in accrued interest receivable | (218) | (256) | (274) |
Decrease (increase) in prepaid expenses and other assets | 396 | (890) | 750 |
Increase (decrease) in accrued interest payable | 19 | (76) | 3 |
(Decrease) increase in accrued expenses and other liabilities | (7,756) | 7,951 | 1,372 |
Net cash from operating activities | 1,135 | 10,582 | (1,173) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of securities available for sale | (41,509) | (123,194) | (149,036) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 76,459 | 47,481 | 27,147 |
Proceeds from sales of securities available for sale | 0 | 109,065 | 0 |
Purchase of securities held to maturity | 0 | 0 | (14,897) |
Proceeds from maturities, calls, and principal repayments of securities held to maturity | 3,884 | 5,178 | 6,251 |
Proceeds from FHLB stock redemption | 35 | 404 | 5,240 |
Purchase of bank-owned life insurance | (10,000) | 0 | 0 |
Proceeds from sale of real estate owned and repossessed assets | 207 | 3,591 | 1,470 |
Loan originations, net of repayments, impairments, and recoveries | (108,395) | (133,543) | 5,633 |
Purchase of premises and equipment, net | (956) | (2,060) | (1,266) |
Net cash from investing activities | (80,275) | (93,078) | (119,458) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase in deposits | 100,473 | 76,123 | 46,765 |
Proceeds from FHLB advances | 290,645 | 160,223 | 17,150 |
Repayment of FHLB advances | (293,890) | (169,475) | (32,250) |
Repayment of notes payable | 0 | (109) | 0 |
Net increase (decrease) in advances from borrowers for taxes and insurance | 103 | 108 | (106) |
Purchase of ESOP shares | 0 | (1,253) | (11,799) |
Proceeds from issuance of common stock, net of expenses | 0 | 0 | 126,941 |
Repurchase of common stock | (16,549) | (5,501) | 0 |
Net cash from financing activities | 80,782 | 60,116 | 146,701 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,642 | (22,380) | 26,070 |
CASH AND CASH EQUIVALENTS, beginning of period | 22,650 | 45,030 | 18,960 |
CASH AND CASH EQUIVALENTS, end of period | 24,292 | 22,650 | 45,030 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest on deposits and borrowings | 5,140 | 4,846 | 4,589 |
Income taxes | 2,506 | 2,086 | 330 |
NONCASH INVESTING ACTIVITIES | |||
Unrealized (loss) gain on securities available for sale | (3,523) | 1,740 | (877) |
Loans transferred to real estate owned and repossessed assets, net of deferred loan fees and allowance for loan losses | $ 222 | $ 1,352 | $ 2,585 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of operations - First Northwest Bancorp, a Washington corporation ("First Northwest"), was formed in connection with the conversion of First Federal Savings and Loan Association of Port Angeles ("First Federal" or the "Bank") from the mutual to the stock form of organization. First Northwest and the Bank are collectively referred to as the "Company." The conversion and the Company's initial stock offering were completed January 29, 2015 , through the sale and issuance of 12,167,000 shares of common stock of the Company at a price of $10.00 per share in a subscription offering. 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. 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 financial statements and related data, relates primarily to the Bank. The Bank provides commercial and consumer banking services to individuals and businesses in our primary market area and have expanded our lending activities to other regions of western Washington State in order to diversify our loan portfolio and increase our net interest margin. These services include deposit and lending transactions that are supplemented with borrowing and investing activities. Plan of conversion and change in corporate form - On January 29, 2015 , in accordance with a Plan of Conversion (Plan) adopted by its Board of Directors and as approved by its members, the Bank converted from a mutual savings bank to a stock savings bank and became the wholly-owned subsidiary of First Northwest, a bank holding company registered with the Board of Governors of the Federal Reserve System ("Federal Reserve"). Deferred conversion costs of $4.1 million were deducted from the proceeds of the shares sold in the offering during the third quarter of fiscal year 2015. The net proceeds of the issuance of capital stock were $117.6 million . From the net proceeds, First Northwest made a capital contribution of $58.4 million to the Bank and a $400,000 cash contribution to the Foundation. Pursuant to the Plan, the Bank’s Board of Directors adopted an ESOP which purchased in the open market 8% of the common stock originally issued for a total of 1,048,029 shares. As of June 30, 2017 , 1,048,029 shares, or 100.0% of the total, had been purchased. As of June 30, 2017 , First Northwest has allocated 121,695 shares from the total shares purchased to participants. At the time of conversion, the Bank established a liquidation account in an amount equal to its total net worth, approximately $79.7 million , as of June 30, 2014, the latest statement of financial condition appearing in First Northwest's prospectus. The liquidation account will be maintained for the benefit of eligible depositors who continue to maintain their accounts at the Bank after the conversion. The liquidation account will be reduced annually to the extent that eligible depositors have reduced their qualifying deposits. Subsequent increases will not restore an eligible holder’s interest in the liquidation account. In the event of a complete liquidation, each eligible depositor will be entitled to receive a distribution from the liquidation account in an amount proportionate to the current adjusted qualifying balances for accounts then held. The liquidation account balance is not available for payment of dividends, and the Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. Use of estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make assumptions. These assumptions result in estimates that affect the reported amounts of assets and liabilities, revenues and expenses, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. 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, mortgage servicing rights, fair value of financial instruments, deferred tax assets and liabilities, and the valuation of impaired loans. The conversion has been accounted for as a change in corporate form with the historic basis of the Bank's assets, liabilities, and equity unchanged. 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. 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, in order to receive a historic tax credit. This investment meets the criteria for reporting under the equity method of accounting. All material intercompany accounts and transactions have been eliminated in consolidation. Subsequent events - The Company has evaluated subsequent events for potential recognition and disclosure. Cash and cash equivalents - Cash and cash equivalents consist of currency on hand, due from banks, and interest-bearing deposits with financial institutions with an original maturity of three months or less. The amounts on deposit fluctuate and, at times, exceed the insured limit by the FDIC, which potentially subjects First Federal to credit risk. First Federal has not experienced any losses due to balances exceeding FDIC insurance limits. Restricted assets - Federal Reserve Board regulations require maintenance of certain minimum reserve balances on deposit with the Federal Reserve Bank of San Francisco. The amount required to be on deposit was approximately $8.8 million and $6.7 million at June 30, 2017 and 2016 , respectively. First Federal was in compliance with its reserve requirements at June 30, 2017 and 2016 . Investment securities - Investment securities are classified into one of three categories: (1) held-to-maturity, (2) available-for-sale, or (3) trading. First Federal had no trading securities at June 30, 2017 or 2016 . Investment securities are categorized as held-to-maturity when First Federal has the positive intent and ability to hold those securities to maturity. Securities that are held-to-maturity are stated at cost and adjusted for amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income. Investment securities categorized as available for sale are generally held for investment purposes (to maturity), although unanticipated future events may result in the sale of some securities. Available-for-sale securities are recorded at fair value, with the unrealized holding gain or loss reported in other comprehensive income (OCI), net of tax, as a separate component of shareholders' equity. Realized gains or losses are determined using the amortized cost basis of securities sold using the specific identification method and are included in earnings. Dividend and interest income on investments are recognized when earned. Premiums and discounts are recognized in interest income using the level yield method over the period to maturity. The Company reviews investment securities for other-than-temporary impairment (OTTI) on a quarterly basis. For debt securities, the Company considers whether management intends to sell a security or if it is likely that the Company will be required to sell the security before recovery of the amortized cost basis of the investment, which may be maturity. For debt securities, if management intends to sell the security or it is likely that the Company will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized as OTTI and charged against earnings. If management does not intend to sell the security and it is not likely that the Company will be required to sell the security, but management does not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, i.e. the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to OCI. Impairment losses related to all other factors are presented as separate categories within OCI. If there is an indication of additional credit losses, the security is re-evaluated according to the procedures described above. Federal Home Loan Bank stock - First Federal’s investment in Federal Home Loan Bank of Des Moines (FHLB) stock is carried at cost, which approximates fair value. As a member of the FHLB system, First Federal is required to maintain a minimum investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. At June 30, 2017 and 2016 , First Federal’s minimum investment requirement was approximately $4.4 million . First Federal was in compliance with the FHLB minimum investment requirement at June 30, 2017 and 2016 . First Federal may request redemption at par value of any stock in excess of the amount First Federal is required to hold. Stock redemptions are granted at the discretion of the FHLB. Management evaluates FHLB stock for impairment based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB compared with the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. Based on its evaluation, First Federal did not recognize an OTTI loss on its FHLB stock at June 30, 2017 and 2016 . Loans held for sale - Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value. Fair value is determined based upon market prices from third-party purchasers and brokers. Net unrealized losses, if any, are recognized through a valuation allowance by charges to earnings. Gains or losses on the sale of loans are recognized at the time of sale and determined by the difference between net sale proceeds and the net book value of the loan less the estimated fair value of any retained mortgage servicing rights. Loans receivable - Loans are stated at the amount of unpaid principal, net of charge-offs, unearned income, allowance for loan loss (ALLL) and any deferred fees or costs. Interest on loans is calculated using the simple interest method based on the month end balance of the principal amount outstanding and is credited to income as earned. The estimated life is adjusted for prepayments. Each loan segment and class inherently contains differing credit risk profiles depending on the unique aspects of that segment or class of loans. For example, borrowers tend to consider their primary residence and access to transportation for employment-related purposes as basic requirements; accordingly, many consumers prioritize making payments on real estate first-mortgage loans and vehicle loans. Conversely, second-mortgage real estate loans or unsecured loans may not be supported by sufficient collateral; thus, in the event of financial hardship, borrowers may tend to place less importance on maintaining these loans as current and the Bank may not have adequate collateral to provide a secondary source of repayment in the event of default. Notwithstanding the various risk profiles unique to each class of loan, management believes that the credit risk for all loans is similarly dependent on essentially the same factors, including the financial strength of the borrower, the cash flow available to service maturing debt obligations, the condition and value of underlying collateral, the financial strength of any guarantors, and other factors. Loans are classified as impaired when, based on current information and events, it is probable that First Federal will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows discounted at each loan’s effective interest rate or, for collateral dependent loans, at fair value of the collateral, less selling costs. If the measurement of each impaired loan’s value is less than the recorded investment in the loan, First Federal recognizes this impairment and adjusts the carrying value of the loan to fair value through the allowance for loan losses. This can be accomplished by charging off the impaired portion of the loan or establishing a specific component to be provided for in the allowance for loan losses. The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent, unless the credit is well secured and in process of collection. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. For those loans placed on non-accrual status due to payment delinquency, return to accrual status will generally not occur until the borrower demonstrates repayment ability over a period of not less than six months. Loan fees - Loan origination fees and certain direct origination costs are deferred and amortized as an adjustment to the yield of the loan over the contractual life using the effective interest method. In the event a loan is sold, the remaining deferred loan origination fees and/or costs are recognized as a component of gains or losses on the sale of loans. Allowance for loan losses - First Federal 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 ultimate recovery of loans is susceptible to future market factors beyond First Federal’s control, which may result in losses or recoveries differing significantly from those provided in the consolidated financial statements. In addition, various regulatory agencies, as an integral part of their examination processes, periodically review First Federal’s allowance for loan losses. Such agencies may require First Federal to recognize additional provisions for loan losses based on their judgment using information available to them at the time of their examination. Allowances for losses on specific problem loans are charged to income when it is determined that the value of these loans and properties, in the judgment of management, is impaired. First Federal accounts for impaired loans in accordance with Accounting Standards Codification (ASC) 310-10-35, Receivables—Overall—Subsequent Measurement . A loan is considered impaired when, based on current information and events, it is probable that First Federal will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan has been identified as being impaired, the amount of the impairment is measured by using discounted cash flows, except when it is determined that the sole source of repayment for the loan is the operation or liquidation of the underlying collateral. In such cases, impairment is measured at current fair value generally based on a current appraisal of the collateral, reduced by estimated selling costs. When the measurement of the impaired loan is less than the recorded investment in the loan (including collected interest that has been applied to principal, net deferred loan fees or costs, and unamortized premiums or discounts), loan impairment is recognized by establishing or adjusting an allocation of the allowance for loan losses. Uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. The impairment amount for small balance homogeneous loans is calculated using the adjusted historical loss rate for the class and risk category related to each loan, unless the loan is subject to a troubled debt restructuring ("TDR"). A TDR is a loan for which First Federal, for reasons related to the borrower’s financial difficulties, grants a concession to the borrower that First Federal would not otherwise consider. The loan terms that have been modified or restructured due to the borrower’s financial difficulty include, but are not limited to, a reduction in the stated interest rate; an extension of the maturity; an interest rate below market; a reduction in the face amount of the debt; a reduction in the accrued interest; or extension, deferral, renewal, or rewrite of the original loan terms. The restructured loans may be classified “special mention” or “substandard” depending on the severity of the modification. Loans that were paid current at the time of modification may be upgraded in their classification after a sustained period of repayment performance, usually six months or longer, and there is reasonable assurance that repayment will continue. Loans that are past due at the time of modification are classified “substandard” and placed on nonaccrual status. 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. Reserve for unfunded commitments - Management maintains a reserve for unfunded commitments to absorb probable losses associated with off-balance sheet commitments to lend funds such as unused lines of credit and the undisbursed portion of construction loans. Management determines the adequacy of the reserve based on reviews of individual exposures, current economic conditions, and other relevant factors. The reserve is based on estimates and ultimate losses may vary from the current estimates. The reserve is evaluated on a regular basis and necessary adjustments are reported in earnings during the period in which they become known. The reserve for unfunded commitments is included in "Accrued expenses and other liabilities" on the consolidated balance sheets. Real estate owned and repossessed assets - Real estate owned and repossessed assets include real estate and personal property acquired through foreclosure or repossession, and may include in-substance foreclosed properties. In-substance foreclosed properties are those properties for which the Bank has taken physical possession, regardless of whether formal foreclosure proceedings have taken place. At the time of foreclosure, foreclosed real estate is recorded at the fair value less estimated costs to sell, which becomes the property’s new cost basis. Any write-downs based on the asset’s fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less estimated costs to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Subsequent gains, losses, and expenses recognized on the sale of these properties are included in noninterest expense. The amounts ultimately recovered on foreclosed assets may differ substantially from the carrying value of the assets due to future market factors beyond management's control. Mortgage servicing rights - Originated servicing rights are recorded when mortgage loans are originated and subsequently sold with the servicing rights retained. Servicing assets are initially recognized at fair value on the consolidated balance sheets and amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial asset. To determine the fair value of servicing rights, management uses a valuation model that calculates the present value of future cash flows. Assumptions used in the valuation model include market discount rates and anticipated prepayment speeds. In addition, estimates of the cost of servicing per loan, an inflation rate, ancillary income per loan, and default rates are used. The initial fair value relating to the servicing rights is capitalized and amortized into noninterest income in proportion to, and over the period of, estimated future net servicing income. Management assesses impairment of the mortgage servicing rights based on recalculations of the present value of remaining future cash flows using updated market discount rates and prepayment speeds. Subsequent loan prepayments and changes in prepayment assumptions in excess of those forecasted can adversely impact the carrying value of the servicing rights. Impairment is assessed on a stratified basis with any impairment recognized through a valuation allowance for each impaired stratum. The servicing rights are stratified based on the predominant risk characteristics of the underlying loans: fixed-rate loans and adjustable-rate loans. The effect of changes in market interest rates on estimated rates of loan prepayments is the predominant risk characteristic for mortgage servicing rights. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, and default rates and losses. Mortgage servicing income represents fees earned for servicing loans. Fees for servicing mortgage loans are generally based upon a percentage of the principal balance of the loans serviced, as well as related ancillary income such as late charges. Servicing income is recognized as earned, unless collection is doubtful. The caption in the consolidated statement of operations “ Mortgage servicing fees, net ” includes mortgage servicing income, amortization of mortgage servicing rights, the effects of mortgage servicing run-off, and impairment. Income taxes - First Federal accounts for income taxes in accordance with the provisions of ASC 740-10, Income Taxes , which requires the use of the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for their future tax consequences, attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Premises and equipment - Premises and equipment are stated at cost less accumulated depreciation. Depreciation is recognized and computed on the straight-line method over the estimated useful lives as follows: Buildings 37.5 - 50 years Furniture, fixtures, and equipment 3 - 10 years Software 3 years Automobiles 5 years Transfers of financial assets - Transfers of an entire financial asset, a group of financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from First Federal, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) First Federal does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. The mortgage loans that are sold with recourse provisions are accounted for as sales until such time as the loan defaults. Periodically, First Federal sells mortgage loans with “life of the loan” recourse provisions, requiring First Federal to repurchase the loan at any time if it defaults. The remaining balance of such loans at June 30, 2017 and 2016 , was approximately $6.5 million and $7.2 million , respectively. Of these loans, one loan was repurchased for $100,000 during the year ended June 30, 2017 . Two loans were also repurchased in the amount of $151,000 during the year ended June 30, 2016 . There is an associated allowance of $33,000 and $57,000 at June 30, 2017 and 2016 , respectively, included in “accrued expenses and other liabilities” on the consolidated balance sheets related to these loans. Bank-owned life insurance - The carrying amount of life insurance approximates fair value. Fair value of life insurance is estimated using the cash surrender value, less applicable surrender charges. The change in cash surrender value is included in noninterest income. An additional $10.0 million of life insurance was purchased in August 2016. Off-balance-sheet credit-related financial instruments - In the ordinary course of business, First Federal has entered into commitments to extend credit, including commitments under lines of credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. Advertising costs - First Federal expenses advertising costs as they are incurred. Comprehensive income (loss) - Accounting principles generally require that recognized revenue, expenses, and gains and losses be included in net income (loss) . Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income (loss) , are components of comprehensive income (loss) . Fair value measurements - Fair values of financial instruments are estimated using relevant market information and other assumptions (Note 14). Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Segment information - First Federal is engaged in the business of attracting deposits and providing lending services. Substantially all income is derived from a diverse base of commercial, mortgage, and consumer lending activities and investments. The Company’s activities are considered to be a single industry segment for financial reporting purposes. Employee Stock Ownership Plan - The cost of shares issued to the ESOP but not yet allocated to participants is shown as a reduction of shareholders' equity. Compensation expense is based on the market price of shares as they are committed to be released to participants' accounts. Dividends on allocated ESOP shares reduce retained earnings while dividends on unearned ESOP shares reduce debt and accrued interest. Earnings (loss) per Share - Basic earnings (loss) per share ("EPS") is computed by dividing net income or (loss), reduced by earnings allocated to participating shares of restricted stock, by the weighted-average number of common shares outstanding during the period. As ESOP shares are committed to be released they become outstanding for EPS calculation purposes. ESOP shares not committed to be released are not considered outstanding for basic or diluted EPS calculations. The basic EPS calculation excludes the dilutive effect of all common stock equivalents. Diluted earnings per share reflects the weighted-average potential dilution that could occur if all potentially dilutive securities or other commitments to issue common stock were exercised or converted into common stock using the treasury stock method. According to the provisions of ASC 260, Earnings per Share , nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared or accumulated and participation rights in undistributed earnings. At this time the Company has no share-based payment awards nor paid a dividend. Recently issued accounting pronouncements - In August 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-14, Revenue from Contracts with Customers (Topic 606) , which defers the effective date of ASU No. 2014-09 one year. ASU No. 2014-09 created Topic 606 and supersedes Topic 605, Revenue Recognition. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU No. 2015-14 is effective for public entities for interim and annual periods beginning after December 15, 2017; early adoption is permitted for interim and annual periods beginning after December 15, 2016. For financial repo |
Securities
Securities | 12 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 , are summarized as follows: June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Investment Securities Municipal bonds $ 21,540 $ 686 $ (3 ) $ 22,223 U.S. Treasury and government agency issued bonds (Agency bonds) 5,050 — (124 ) 4,926 U.S. government agency issued asset-backed securities (ABS agency) 7,883 — (235 ) 7,648 Corporate issued asset-backed securities (ABS corporate) 9,921 — (108 ) 9,813 U.S. Small Business Administration securities (SBA) 14,195 36 (53 ) 14,178 Total $ 58,589 $ 722 $ (523 ) $ 58,788 Mortgage-Backed Securities U.S. government agency issued mortgage-backed securities (MBS agency) $ 144,380 $ 110 $ (1,054 ) $ 143,436 Corporate issued mortgage-backed securities (MBS corporate) 26,324 126 (81 ) 26,369 Total $ 170,704 $ 236 $ (1,135 ) $ 169,805 Total securities available for sale $ 229,293 $ 958 $ (1,658 ) $ 228,593 Held to Maturity Investment Securities Municipal bonds $ 14,120 $ 306 $ — $ 14,426 SBA 443 — (1 ) 442 Total $ 14,563 $ 306 $ (1 ) $ 14,868 Mortgage-Backed Securities MBS agency $ 37,309 $ 566 $ (122 ) $ 37,753 Total securities held to maturity $ 51,872 $ 872 $ (123 ) $ 52,621 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: June 30, 2016 Cost Gross Gains Gross Losses Estimated Value (In thousands) Available for Sale Investment Securities 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 Total $ 84,421 $ 1,767 $ (1,144 ) $ 85,044 Mortgage-Backed Securities MBS agency $ 139,449 $ 2,228 $ (28 ) $ 141,649 MBS corporate 41,164 100 (100 ) 41,164 Total $ 180,613 $ 2,328 $ (128 ) $ 182,813 Total securities available for sale $ 265,034 $ 4,095 $ (1,272 ) $ 267,857 Held to Maturity Investment Securities Municipal bonds $ 14,425 $ 633 $ — $ 15,058 SBA 497 1 — 498 Total $ 14,922 $ 634 $ — $ 15,556 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 table 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, 2017 : 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 Investment Securities Municipal bonds $ (3 ) $ 116 $ — $ — $ (3 ) $ 116 Agency and US treasury bonds (52 ) 2,498 (72 ) 2,428 (124 ) 4,926 ABS Agency — — (235 ) 7,647 (235 ) 7,647 ABS corporate — — (108 ) 9,813 (108 ) 9,813 SBA (53 ) 8,405 — — (53 ) 8,405 Total $ (108 ) $ 11,019 $ (415 ) $ 19,888 $ (523 ) $ 30,907 Mortgage-Backed Securities MBS agency $ (968 ) $ 102,738 $ (86 ) $ 4,978 $ (1,054 ) $ 107,716 MBS corporate (81 ) 6,894 — — (81 ) 6,894 Total $ (1,049 ) $ 109,632 $ (86 ) $ 4,978 $ (1,135 ) $ 114,610 Held to Maturity Investment Securities SBA $ (1 ) $ 261 $ — $ — $ (1 ) $ 261 Mortgage-Backed Securities MBS agency $ (121 ) $ 18,522 $ (1 ) $ 597 $ (122 ) $ 19,119 The following table 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 Investment Securities Agency bonds $ (3 ) $ 2,497 $ — $ — $ (3 ) $ 2,497 ABS Agency — — (816 ) 7,935 (816 ) 7,935 ABS Corporate (325 ) 21,521 — — (325 ) 21,521 Total $ (328 ) $ 24,018 $ (816 ) $ 7,935 $ (1,144 ) $ 31,953 Mortgage-Backed Securities MBS agency $ — $ — $ (28 ) $ 6,771 $ (28 ) $ 6,771 MBS corporate (100 ) 26,120 — — (100 ) 26,120 Total $ (100 ) $ 26,120 $ (28 ) $ 6,771 $ (128 ) $ 32,891 Held to Maturity Mortgage-Backed Securities MBS agency $ — $ 652 $ (1 ) $ 89 $ (1 ) $ 741 The Company may hold certain investment securities in an unrealized loss position that are not considered OTTI. At June 30, 2017 , there were 42 investment securities with $1.8 million of unrealized losses and a fair value of approximately $164.9 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 . Management believes that the unrealized losses on 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 years ended June 30, 2017 , 2016 and 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. June 30, 2017 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 — — 2,518 2,550 Due after five through ten years 19,009 18,919 3,260 3,233 Due after ten years 151,695 150,886 31,531 31,970 Total mortgage-backed securities 170,704 169,805 37,309 37,753 All other investment securities: Due within one year — — — — Due after one through five years 6,890 6,848 — — Due after five through ten years 22,042 22,124 9,637 9,817 Due after ten years 29,657 29,816 4,926 5,051 Total all other investment securities 58,589 58,788 14,563 14,868 Total investment securities $ 229,293 $ 228,593 $ 51,872 $ 52,621 June 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 — — 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 Sales of available-for-sale securities were as follows: Years Ended June 30, 2017 2016 2015 (In thousands) Proceeds $ — $ 109,065 $ — Gross gains — 1,727 — Gross losses — (160 ) — |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable | Loans Receivable Loans receivable consist of the following at the dates indicated: June 30, 2017 2016 (In thousands) Real Estate: One- to four-family $ 328,243 $ 308,471 Multi-family 58,101 46,125 Commercial real estate 202,038 161,182 Construction and land 71,630 50,351 Total real estate loans 660,012 566,129 Consumer: Home equity 35,869 33,909 Other consumer 21,043 9,023 Total consumer loans 56,912 42,932 Commercial business loans 17,073 16,924 Total loans 733,997 625,985 Less: Net deferred loan fees 904 1,182 Premium on purchased loans, net (2,216 ) (2,280 ) Allowance for loan losses 8,523 7,239 Total loans receivable, net $ 726,786 $ 619,844 Loans, by the earlier of next repricing date or maturity, at the dates indicated: June 30, 2017 2016 (In thousands) Adjustable-rate loans Due within one year $ 109,039 $ 91,638 After one but within five years 213,265 180,031 After five but within ten years 90,873 58,812 After ten years 5,299 — 418,476 330,481 Fixed-rate loans Due within one year 7,632 9,035 After one but within five years 34,436 38,202 After five but within ten years 58,360 43,059 After ten years 215,093 205,208 315,521 295,504 $ 733,997 $ 625,985 The adjustable-rate loans have interest rate adjustment limitations and are generally indexed to multiple indices. Future market factors may affect the correlation of adjustable loan interest rates with the rates First Federal pays on the short-term deposits that have been primarily used to fund such loans. The following tables summarize changes in the ALLL and the loan portfolio by segment and impairment method at or for the periods shown: At or For the Year Ended June 30, 2017 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 (34 ) 170 467 82 (90 ) 376 836 (547 ) 1,260 Charge-offs — — — — (81 ) (252 ) (5 ) (338 ) Recoveries 113 — — 2 156 89 2 362 Ending balance $ 3,071 $ 511 $ 1,735 $ 683 $ 818 $ 523 $ 1,168 $ 14 $ 8,523 At June 30, 2017 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,071 $ 511 $ 1,735 $ 683 $ 818 $ 523 $ 1,168 $ 14 $ 8,523 General reserve 2,988 510 1,718 682 797 501 961 14 8,171 Specific reserve 83 1 17 1 21 22 207 — 352 Total loans $ 328,243 $ 58,101 $ 202,038 $ 71,630 $ 35,869 $ 21,043 $ 17,073 $ — $ 733,997 General reserves (1) 323,592 57,983 200,467 71,602 35,160 21,021 16,784 — 726,609 Specific reserves (2) 4,651 118 1,571 28 709 22 289 — 7,388 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. At or For the Year Ended 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) ALLL: Beginning balance $ 3,143 $ 251 $ 998 $ 336 $ 1,052 $ 321 $ 251 $ 759 $ 7,111 Provision for loan losses (140 ) 90 288 247 (205 ) 102 49 (198 ) 233 Charge-offs (75 ) — (18 ) (17 ) (77 ) (172 ) (7 ) — (366 ) Recoveries 64 — — 33 63 59 42 — 261 Ending balance $ 2,992 $ 341 $ 1,268 $ 599 $ 833 $ 310 $ 335 $ 561 $ 7,239 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. At or For the Year Ended June 30, 2015 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,408 $ 475 $ 1,491 $ 397 $ 1,289 $ 389 $ 388 $ 235 $ 8,072 Provision for loan losses 81 (224 ) (493 ) (29 ) 40 64 37 524 — Charge-offs (430 ) — — (49 ) (325 ) (178 ) (177 ) — (1,159 ) Recoveries 84 — — 17 48 46 3 — 198 Ending balance $ 3,143 $ 251 $ 998 $ 336 $ 1,052 $ 321 $ 251 $ 759 $ 7,111 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 TDR loans. The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: June 30, 2017 2016 Recorded Less Charge-off) Unpaid Balance Related Allowance Recorded Unpaid Balance Related (In thousands) With no allowance recorded: One- to four-family $ 646 $ 845 $ — $ 2,386 $ 2,728 $ — Multi-family — — — — — — Commercial real estate 297 406 — 475 558 — Construction and land — — — — — — Home equity 379 410 — 138 203 — Other consumer — 124 — — 47 — Commercial business — — — — — — Total 1,322 1,785 — 2,999 3,536 — With an allowance recorded: One- to four-family 4,005 4,295 83 3,715 3,910 60 Multi-family 118 118 1 122 122 1 Commercial real estate 1,274 1,278 17 1,182 1,187 11 Construction and land 28 52 1 91 115 11 Home equity 330 398 21 492 527 19 Other consumer 22 50 22 111 137 63 Commercial business 289 289 207 360 360 196 Total 6,066 6,480 352 6,073 6,358 361 Total impaired loans: One- to four-family 4,651 5,140 83 6,101 6,638 60 Multi-family 118 118 1 122 122 1 Commercial real estate 1,571 1,684 17 1,657 1,745 11 Construction and land 28 52 1 91 115 11 Home equity 709 808 21 630 730 19 Other consumer 22 174 22 111 184 63 Commercial business 289 289 207 360 360 196 Total $ 7,388 $ 8,265 $ 352 $ 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: Years Ended June 30, 2017 2016 2015 Average Recorded Investment Interest Average Recorded Investment Interest Average Recorded Investment Interest (In thousands) With no allowance recorded: One- to four-family $ 1,623 $ 12 $ 2,178 $ 69 $ 4,018 $ 162 Multi-family — — 284 — 543 17 Commercial real estate 383 — 325 12 1,284 21 Construction and land — — 14 — 237 4 Home equity 232 6 186 7 221 8 Other consumer — 4 3 3 — 2 Commercial business — — 19 — 26 4 Total 2,238 22 3,009 91 6,329 218 With an allowance recorded: One- to four-family 3,897 213 3,928 200 3,223 227 Multi-family 120 6 166 6 128 6 Commercial real estate 1,229 68 1,098 69 1,504 49 Construction and land 39 2 141 9 185 14 Home equity 353 23 503 31 593 28 Other consumer 53 — 149 9 101 8 Commercial business 338 15 367 22 454 23 Total 6,029 327 6,352 346 6,188 355 Total impaired loans: One- to four-family 5,520 225 6,106 269 7,241 389 Multi-family 120 6 450 6 671 23 Commercial real estate 1,612 68 1,423 81 2,788 70 Construction and land 39 2 155 9 422 18 Home equity 585 29 689 38 814 36 Other consumer 53 4 152 12 101 10 Commercial business 338 15 386 22 480 27 Total $ 8,267 $ 349 $ 9,361 $ 437 $ 12,517 $ 573 Interest income recognized on a cash basis on impaired loans for the years ended June 30, 2017 , 2016 and 2015 , was $313,000 , $376,000 , and $473,000 , respectively. The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: June 30, 2017 2016 (In thousands) One- to four-family $ 1,042 $ 2,413 Commercial real estate 426 474 Construction and land 28 91 Home equity 398 167 Other consumer 21 112 Total nonaccrual loans $ 1,915 $ 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 June 30, 2017 and June 30, 2016 . The following table presents past due loans, net of partial loan charge-offs, by class, as of June 30, 2017 : 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 $ — $ 206 $ — $ 206 $ 328,037 $ 328,243 Multi-family — — — — 58,101 58,101 Commercial real estate — — — — 202,038 202,038 Construction and land — 34 20 54 71,576 71,630 Total real estate loans — 240 20 260 659,752 660,012 Consumer: Home equity 21 294 10 325 35,544 35,869 Other consumer 28 73 — 101 20,942 21,043 Total consumer loans 49 367 10 426 56,486 56,912 Commercial business loans — — — — 17,073 17,073 Total loans $ 49 $ 607 $ 30 $ 686 $ 733,311 $ 733,997 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 June 30, 2017 and June 30, 2016 , First Federal had $3.3 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 June 30, 2017 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One- to four-family $ 321,596 $ 3,680 $ 1,153 $ 1,814 $ 328,243 Multi-family 56,103 1,880 118 — 58,101 Commercial real estate 188,956 10,243 2,232 607 202,038 Construction and land 65,175 2,197 4,161 97 71,630 Total real estate loans 631,830 18,000 7,664 2,518 660,012 Consumer: Home equity 34,913 215 57 684 35,869 Other consumer 20,676 159 173 35 21,043 Total consumer loans 55,589 374 230 719 56,912 Commercial business loans 14,143 1,464 1,451 15 17,073 Total loans $ 701,562 $ 19,838 $ 9,345 $ 3,252 $ 733,997 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 June 30, 2017 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One- to four-family $ 1,042 $ 327,201 $ 328,243 Multi-family — 58,101 58,101 Commercial real estate 426 201,612 202,038 Construction and land 28 71,602 71,630 Consumer: Home equity 398 35,471 35,869 Other consumer 21 21,022 21,043 Commercial business loans — 17,073 17,073 Total loans $ 1,915 $ 732,082 $ 733,997 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 loans — 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 troubled debt restructuring, First Federal classifies the loan as impaired for purposes of determining the allowance for loan losses. This requires the loan to be evaluated individually for impairment, generally based on the expected cash flows under the new terms discounted at the loan’s original effective interest rates. For TDR loans that subsequently default, the method of determining impairment is generally the fair value of the collateral less estimated selling costs. The following is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: June 30, 2017 2016 (In thousands) Total TDR loans $ 6,145 $ 6,545 Allowance for loan losses related to TDR loans 315 267 Total nonaccrual TDR loans 673 944 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the year ended June 30, 2017 , by type of concession granted: Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 3 $ 95 $ 89 $ 244 $ 428 Commercial real estate 1 — — 134 134 4 $ 95 $ 89 $ 378 $ 562 Post-modification outstanding recorded investment One- to four-family 3 $ 92 $ 87 $ 236 $ 415 Commercial real estate 1 — — 129 129 4 $ 92 $ 87 $ 365 $ 544 The following is a summary of TDR loans which incurred a payment default within 12 months of the restructure date during the year ended June 30, 2017 . Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ — $ — $ 50 $ 50 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the year ended June 30, 2016 , by type of concession granted: Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 6 $ 19 $ — $ 481 $ 500 6 $ 19 $ — $ 481 $ 500 Post-modification outstanding recorded investment One- to four-family 4 $ 18 $ — $ 484 $ 502 4 $ 18 $ — $ 484 $ 502 The following is a summary of TDR loans which incurred a payment default within 12 months of the restructure date during the year ended June 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 newly restructured and renewals or modifications of existing TDR loans by class that occurred during the year ended June 30, 2015 , by type of concession granted: Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 1 $ — $ 151 $ — $ 151 Home equity 1 — 50 — 50 Commercial business 1 — 105 — 105 3 $ — $ 306 $ — $ 306 Post-modification outstanding recorded investment One- to four-family 1 $ — $ 154 $ — $ 154 Home equity 1 — 50 — 50 Commercial business 1 — 105 — 105 3 $ — $ 309 $ — $ 309 There were no TDR loans which incurred a payment default within 12 months of the restructure date during the year ended June 30, 2015 . No additional funds are committed to be advanced in connection with impaired loans at June 30, 2017 . The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. June 30, 2017 June 30, 2016 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One- to four-family $ 3,608 $ 421 $ 4,029 $ 3,473 $ 812 $ 4,285 Multi-family 118 — 118 122 — 122 Commercial real estate 1,145 252 1,397 1,182 132 1,314 Home equity 312 — 312 464 — 464 Commercial business loans 289 — 289 360 — 360 Total TDR loans $ 5,472 $ 673 $ 6,145 $ 5,601 $ 944 $ 6,545 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. |
Real Estate Owned and Repossess
Real Estate Owned and Repossessed Assets | 12 Months Ended |
Jun. 30, 2017 | |
Real Estate Owned and Repossessed Assets Disclosure [Abstract] | |
Real Estate Owned and Repossessed Assets | Real Estate Owned and Repossessed Assets The following table presents the activity in real estate owned and repossessed assets for the periods shown: June 30, 2017 2016 2015 (In thousands) Beginning balance $ 81 $ 1,914 $ 810 Loans transferred to foreclosed assets 222 1,352 2,585 Sales (207 ) (3,591 ) (1,470 ) Market value adjustments (32 ) (140 ) (212 ) Net gain on sales 40 546 201 Ending balance $ 104 $ 81 $ 1,914 The following table presents the breakout of real estate owned and repossessed assets by type as of: June 30, 2017 2016 (In thousands) One- to four-family residential properties $ 86 $ — Land — 22 Personal property 18 59 $ 104 $ 81 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment consist of the following at June 30, 2017 and 2016 : June 30, 2017 2016 (In thousands) Land $ 2,560 $ 2,560 Buildings 6,074 6,074 Building improvements 8,928 8,505 Furniture, fixtures, and equipment 7,348 7,071 Software 1,447 1,430 Automobiles 81 81 Construction in progress 75 184 26,513 25,905 Less accumulated depreciation and amortization (13,277 ) (12,386 ) $ 13,236 $ 13,519 Depreciation expense was $1.2 million , $1.1 million , and $973,000 for the years ended June 30 , 2017 , 2016 , and 2015 , respectively. Operating rental payments for buildings were $305,000 , $144,000 , and $126,000 for the years ended June 30 , 2017 , 2016 , and 2015 , respectively. Operating lease commitments - The Bank has lease agreements with unaffiliated parties for four locations. The lease terms for our three branches and one loan production office are not individually material. Lease expirations range from one to twenty years . All lease agreements require the Bank to pay its pro-rata share of building operating expenses. The minimum annual lease payments under non-cancelable operating leases with initial or remaining terms of one year or more through the initial lease term are as follows: June 30, Twelve-month period ending: (In thousands) 2018 $ 347 2019 325 2020 298 2021 308 2022 222 Thereafter 2,128 Total minimum payments required $ 3,628 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Jun. 30, 2017 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights Loans serviced for FHLB, Fannie Mae, and Freddie Mac are not included in the accompanying consolidated balance sheets. The unpaid principal balances of serviced loans, primarily mortgage loans, were $176.3 million and $187.7 million at June 30, 2017 and 2016 , respectively. Mortgage servicing rights for the years ended June 30 are as follows: 2017 2016 2015 (In thousands) Balance at beginning of period $ 998 $ 1,187 $ 1,266 Additions 222 70 197 Amortization (234 ) (259 ) (276 ) Balance at end of period $ 986 $ 998 $ 1,187 There was no valuation allowance for mortgage servicing rights for the years ended June 30 , 2017 , 2016 , and 2015 , respectively. The key economic assumptions used in determining the fair value of mortgage servicing rights at June 30 are as follows: 2017 2016 2015 Constant prepayment rate 12.6 % 11.0 % 13.0 % Weighted-average life (years) 5.7 5.8 5.7 Yield to maturity discount 9.8 % 9.3 % 9.9 % The fair values of mortgage servicing rights are approximately $1.6 million and $1.7 million at June 30, 2017 and 2016 , respectively. The following represents servicing and late fees earned in connection with mortgage servicing rights and is included in the accompanying consolidated financial statements as a component of noninterest income for the years ended June 30 : 2017 2016 2015 (In thousands) Servicing fees $ 464 $ 502 $ 561 Late fees 17 18 23 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits The aggregate amount of time deposits in excess of the FDIC insured limit, currently $250,000, at June 30, 2017 and 2016 , was $68.0 million and $43.5 million , respectively. Deposits and weighted-average interest rates at the dates indicated are as follows: Weighted- Average Interest Rate June 30, 2017 Weighted- Average Interest Rate June 30, 2016 (In thousands) Savings 0.06% $ 98,894 0.04% $ 91,656 Transaction accounts 0.01% 245,889 0.01% 213,442 Money market accounts 0.31% 267,503 0.26% 259,076 Certificates of deposit and jumbo certificates 1.19% 211,474 1.09% 159,113 $ 823,760 $ 723,287 Weighted-average interest rate 0.42 % 0.34 % Maturities of certificates at the dates indicated are as follows: June 30, 2017 (In thousands) Within one year or less $ 106,448 After one year through two years 59,137 After two years through three years 25,767 After three years through four years 9,569 After four years through five years 10,498 After five years 55 $ 211,474 Deposits at June 30, 2017 and 2016 , include $54.5 million and $51.2 million , respectively, in public fund deposits. Investment securities with a carrying value of $41.8 million and $47.4 million were pledged as collateral for these deposits at June 30, 2017 and 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: Years Ended June 30, 2017 2016 2015 (In thousands) Savings $ 42 $ 36 $ 38 Transaction accounts 17 14 10 Money market accounts 828 609 436 Certificates of deposit and jumbo certificates 1,972 1,510 1,185 $ 2,859 $ 2,169 $ 1,669 |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings FHLB Borrowings First Federal is a member of the FHLB. As a member, First Federal has a committed line of credit of up to 40% of total assets, subject to the amount of FHLB stock ownership and certain collateral requirements. First Federal has entered into borrowing arrangements with the FHLB to borrow funds primarily under long-term, fixed-rate advance agreements. First Federal also has overnight borrowings through FHLB which renew daily until paid. All borrowings are secured by collateral consisting of single-family, home equity, and multi-family loans receivable in the amounts of $244.2 million and $209.2 million ; and investment securities with a carrying value of $3.4 million and $5.1 million , at June 30, 2017 and 2016 , respectively, pledged as collateral. FHLB advances outstanding at June 30, 2017 and 2016 , were as follows: June 30, 2017 2016 (In thousands) Long-term advances $ 60,000 $ 60,000 Overnight advances 17,427 20,672 The maximum and average outstanding balances and average interest rates on overnight advances were as follows: June 30, 2017 2016 2015 (In thousands) Maximum outstanding at any month-end $ 47,338 $ 50,233 $ 1,000 Monthly average outstanding 24,208 11,200 83 Weighted-average daily interest rates Annual 0.79 % 0.35 % 0.29 % Period End 1.28 % 0.42 % 0.29 % Interest expense during the year 192 42 1 At June 30, 2017 and 2016 , FHLB long-term, fixed-rate advances and are scheduled to mature as follows: Weighted-Average Interest Rate 2017 Weighted-Average 2016 (In thousands) Within one year or less —% $ — —% $ — After one year through two years — — — — After two years through three years 3.24 30,000 — — After three years through four years 3.80 30,000 3.24 30,000 After four years through five years — — 3.80 30,000 After five years — — — — $ 60,000 $ 60,000 The maximum and average outstanding balances and average interest rates on FHLB long-term, fixed-rate advances were as follows: June 30, 2017 2016 2015 (In thousands) Maximum outstanding at any month-end $ 60,000 $ 89,924 $ 89,924 Monthly average outstanding 60,000 75,808 89,924 Weighted-average interest rates Annual 3.52 % 3.35 % 3.24 % Period End 3.52 % 3.52 % 3.24 % Interest expense during the year 2,108 2,559 2,917 |
Federal Taxes on Income
Federal Taxes on Income | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Federal Taxes on Income | Federal Taxes on Income The provision (benefit) for income taxes for the years ended June 30 is summarized as follows: 2017 2016 2015 (In thousands) Current $ 2,815 $ 2,364 $ 647 Deferred (1,153 ) (907 ) (1,001 ) $ 1,662 $ 1,457 $ (354 ) A reconciliation of the tax provision (benefit) based on statutory corporate tax rates, estimated to be 34% , on pre-tax income and the provision (benefit) shown in the accompanying consolidated statements of income for the years ended June 30 is summarized as follows: 2017 2016 2015 (In thousands) Income taxes computed at statutory rates $ 2,305 $ 1,853 $ (1,851 ) Tax credits (78 ) — (195 ) Tax-exempt income (320 ) (358 ) (218 ) Bank-owned life insurance income (499 ) (39 ) (35 ) Deferred tax asset valuation allowance — — 1,917 Other, net 254 1 28 $ 1,662 $ 1,457 $ (354 ) As a result of the bad debt deductions taken in years prior to 1988, retained earnings include accumulated earnings of approximately $6.4 million , on which federal income taxes have not been provided. If, in the future, this portion of retained earnings is used for any purpose other than to absorb losses on loans or on property acquired through foreclosure, federal income taxes may be imposed at the then-prevailing corporate tax rates. The Company does not contemplate that such amounts will be used for any purpose that would create a federal income tax liability; therefore, no provision has been made. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws, and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. During the year ended June 30, 2015, the Company contributed $400,000 in cash and $9.3 million in common stock to the Foundation. Under current Federal income tax regulations, charitable contribution deductions are limited to 10% of taxable income. Accordingly, the $9.7 million contribution created a carryforward for income tax purposes with a deferred tax asset of $3.3 million and related valuation allowance of $1.9 million for financial statement reporting purposes. At June 30, 2017 , the balance of the contribution carryforward totaled $8.0 million . The contribution carryforward 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. There was a valuation allowance of $1.9 million at both June 30, 2017 and 2016 . The Company applies the provisions of FASB ASC 740 that require the application of a more-likely-than-not recognition criterion for the reporting of uncertain tax positions on its financial statements. The Company had no unrecognized tax assets at June 30, 2017 and June 30, 2016 . During the years ended June 30, 2017 and 2016 , the Company recognized no interest and penalties. The Company recognizes interest and penalties in income tax expense. The Company files income tax returns in the U.S. federal jurisdiction and is no longer subject to U.S. federal income tax examinations by tax authorities for years ending before June 30, 2014 . The components of net deferred tax assets and liabilities at June 30 are summarized as follows: 2017 2016 (In thousands) Deferred tax assets Allowance for loan losses $ 2,957 $ 2,527 Unrealized loss on securities available for sale 238 — Accrued compensation 952 535 Nonaccrual loans 6 15 Real estate owned — 36 ESOP timing differences 111 69 Restricted stock awards 332 — Contribution carryforward 2,716 2,976 Total deferred tax assets 7,312 6,158 Deferred tax liabilities Deferred loan fees 474 537 Unrealized gain on securities available for sale — 960 FHLB stock dividends 801 807 Accumulated depreciation 1,249 1,281 Deferred investment gain 11 — Other, net 24 152 Total deferred tax liabilities 2,559 3,737 Deferred tax asset, net 4,753 2,421 Deferred tax asset valuation allowance (1,898 ) (1,917 ) Deferred tax asset, net of valuation allowance $ 2,855 $ 504 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jun. 30, 2017 | |
Compensation Related Costs [Abstract] | |
Benefit Plans | Benefit Plans Multi-employer Pension Plan The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions (the Pentegra DB Plan), a tax-qualified defined-benefit pension plan that covered substantially all employees after one year of continuous employment. Pension benefits vested over a period of five years of credited service. The Pentegra DB Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 12004. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. The Pentegra Defined Benefit Plan was frozen and no new benefits were allowed as of February 1, 2010. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The table below presents the funded status (market value of plan assets divided by funding target) of the plan as of July 1: 2016 2015 Source Valuation Report Valuation Report Our plan 106.3% 106.8% There was no change to the funded status of the plan as of June 30, 2017 . First Federal’s contributions to the Pentegra DB Plan are not more than 5% of the total contributions to the Pentegra DB Plan. First Federal’s policy is to fund pension costs as accrued. Total contributions during the years ended June 30 were: 2017 2016 2015 Date Paid Amount Date Paid Amount Date Paid Amount (In thousands) 10/12/2016 $ 75 10/14/2015 $ 74 12/26/2014 $ 700 12/19/2016 524 1/4/2016 425 $ 599 $ 499 $ 700 Nonqualified Deferred Compensation Plan First Federal also sponsors a nonqualified Deferred Compensation Plan for members of the Board of Directors and eligible officer-level employees. This plan, approved by the Board on February 1, 2012, allows eligible participants to defer and invest a portion of their earnings in a selection of investment options identified in the plan at no expense to First Federal. All deferrals are remitted to Pentegra, the Plan Administrator, and held in a trust. The aggregate balance held in trust at June 30, 2017 , was $566,000 . The Company also has agreements with certain key officers that provide for potential payments upon retirement, disability, termination, change in control and death. 401(k) Plan During the year ended June 30, 1994, First Federal began participation in a multi-employer 401(k) plan funded by employees and a Bank matching program. In December 2012, the Plan converted to a single-employer 401(k) plan. Beginning July 1, 2015, employees may contribute up to 100% of their pre-tax compensation to the 401(k) plan, an increase from the 20% limitation in prior plan years. First Federal provides matching funds of 50% limited to the first 6% of salary contributed. First Federal's contributions were $177,000 , $159,000 , and $163,000 during the years ended June 30, 2017 , 2016 , and 2015 , respectively. Employee Stock Ownership Plan In connection with the mutual to stock conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company 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 originally issued in the mutual to stock conversion. As of June 30, 2017 , 1,048,029 shares, or 100.0% of the total, have been purchased in the open market at an average price of $ 12.45 per share with funds borrowed from First Northwest. The Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to First Northwest over a period of 20 years, bearing estimated interest at 2.46% . 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 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. Annual principal and interest payments of $835,000 and $810,000 , and $274,000 , were made by the ESOP during the years ended June 30, 2017 , 2016 , and 2015 , respectively. 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 will be recorded as a reduction of retained earnings; dividends on unallocated ESOP shares will be recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the years ended June 30, 2017 , 2016 , and 2015 , was $763,000 , $677,000 and $216,000 , respectively. Shares held by the ESOP as of the dates indicated are as follows: June 30, 2017 June 30, 2016 (Dollars in thousands) Allocated shares 121,695 70,356 Unallocated shares 926,334 977,673 Total ESOP shares 1,048,029 1,048,029 Fair value of unallocated shares $ 14,608 $ 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 . Under the EIP stock options may be granted that, upon exercise, result in the issuance of up to 1,310,036 shares of common stock and up to 524,014 shares of restricted stock may be awarded. Shares of common stock issued under the EIP may be authorized but unissued shares or repurchased shares. During the year ended June 30, 2017 , the Company purchased and retired 523,014 shares of common stock to be used for future stock awards. During the year ended June 30, 2017 , 402,500 shares of restricted stock were awarded and no stock options were granted. There were no awards or related expenses during years ended June 30, 2016 and 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. On July 7, 2017 , the Company reissued 50,000 shares of common stock and granted them as restricted share awards to certain employees pursuant to the EIP. The restricted shares will vest in equal installments of 20% per year over a five -year period. For the year ended June 30, 2017 , total compensation expense for the EIP was $977,000 . Included in the above compensation expense for the year ended June 30, 2017 , was directors' compensation of $383,000 . The following table provides a summary of changes in non-vested restricted stock awards for the year ended June 30, 2017 : For the Year Ended June 30, 2017 Weighted-Average Grant Date Shares Fair Value Non-vested at July 1, 2016 — Granted 402,500 $ 12.70 Vested — Forfeited (12,500 ) 12.70 Non-vested at June 30, 2017 390,000 Expected to vest assuming a 3% forfeiture rate over the vesting term 378,300 As of June 30, 2017 , there was $4.0 million of total unrecognized compensation cost 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 years . |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements Under Federal regulations, pre-conversion retained earnings are restricted for the protection of pre-conversion depositors. The Company is a bank holding company under the supervision of the Federal Reserve Bank of San Francisco. Bank holding companies are subject to capital adequacy requirements of the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended, and the regulations of the Federal Reserve Board. The Bank is a federally insured institution and thereby is subject to the capital requirements established by the FDIC. The Federal Reserve Board capital requirements generally parallel the FDIC requirements. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table that follows) of total and Tier I capital to risk-weighted assets (as defined in the regulations) and of Tier 1 capital to average assets. Effective January 1, 2015 (with some changes transitioned into full effectiveness over two to four years), the Bank is subject to capital requirements which created a required ratio for common equity Tier 1 (“CET1”) capital, increased the leverage and Tier 1 capital ratios, changed the risk-weightings of certain assets for purposes of the risk-based capital ratios, created an additional capital conservation buffer over the required capital ratios and changed what qualifies as capital for purposes of meeting these various capital requirements. The Bank is required to maintain additional levels of Tier 1 common equity over the minimum risk-based capital levels before it may pay dividends, repurchase shares or pay discretionary bonuses. The minimum requirements are a ratio of common equity Tier 1 capital (CET1 capital) to total risk-weighted assets the (“CET1 risk-based ratio”) of 4.5% , a Tier 1 capital ratio of 6.0% , a total capital ratio of 8.0% , and a leverage ratio of 4.0% . In addition to the capital requirements, there were a number of changes in what constitutes regulatory capital, subject to a certain transition period. These changes include the phasing-out of certain instruments as qualifying capital. The Bank does not have any of these instruments. Mortgage servicing and deferred tax assets over designated percentages of CET1 are deducted from capital, subject to a transition period ending December 31, 2017. CET1 consists of Tier 1 capital less all capital components that are not considered common equity. In addition, Tier 1 capital includes accumulated other comprehensive income, which includes all unrealized gains and losses on available for sale debt and equity securities, subject to a transition period ending December 31, 2017. Because of the Bank’s asset size, the Bank is not considered an advanced approaches banking organization and has elected to permanently opt-out of the inclusion of unrealized gains and losses on available for sale debt and equity securities in its capital calculations. The requirements also include changes in the risk-weighting of assets to better reflect credit risk and other risk exposure. These include a 150% risk weight (up from 100% ) for certain high volatility commercial real estate acquisition, development and construction loans and for non-residential mortgage loans that are 90 days past due or otherwise in nonaccrual status; a 20% (up from 0% ) credit conversion factor for the unused portion of a commitment with an original maturity of one year or less that is not unconditionally cancellable; and a 250% risk weight (up from 100% ) for mortgage servicing and deferred tax assets that are not deducted from capital. In addition to the minimum CET1, Tier 1 and total capital ratios, the Bank has to maintain a capital conservation buffer consisting of additional CET1 capital above the required minimum levels in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses based on percentages of eligible retained income that could be utilized for such actions. This new capital conservation buffer requirement was phased in starting in January 2016 at 0.625% of risk-weighted assets and will increase each year until fully implemented to an amount equal to 2.5% of risk-weighted assets in January 2019. As of June 30, 2017, the conservation buffer was 1.25% . Under the new standards, in order to be considered well-capitalized, the Bank must maintain a CET1 risk-based ratio of 6.5% (new), a Tier 1 risk-based ratio of 8% (increased from 6% ), a total risk-based capital ratio of 10% (unchanged) and a leverage ratio of 5% (unchanged). As of June 30, 2017 , the most recent regulatory notifications categorized First Federal as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, CET1 risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed First Federal’s category. At periodic intervals, banking regulators routinely examine First Northwest and First Federal as part of their legally prescribed oversight of the banking industry. A future examination could include a review of certain transactions or other amounts reported in the Company's consolidated financial statements. Based on these examinations, the regulators can direct that the Company's consolidated financial statements be adjusted in accordance with their findings. In view of the uncertain regulatory environment in which First Northwest and First Federal operate, the extent, if any, to which a forthcoming regulatory examination may ultimately result in adjustments to the accompanying consolidated financial statements cannot presently be determined. At June 30, 2017 , First Northwest and First Federal each exceeded all regulatory capital requirements. Actual and required capital amounts and ratios are presented in the following table: Actual For Capital Adequacy Purposes To Be Categorized Action Provision Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2017 Common equity tier 1 capital Bank only $ 139,466 19.23 % $ 32,632 4.50 % $ 47,135 6.50 % Consolidated company 177,982 24.40 32,823 4.50 47,411 6.50 Tier 1 risk-based capital Bank only 139,466 19.23 43,509 6.00 58,013 8.00 Consolidated company 177,982 24.40 43,764 6.00 58,352 8.00 Total risk-based capital Bank only 148,167 20.43 58,013 8.00 72,516 10.00 Consolidated company 186,683 25.59 58,352 8.00 72,939 10.00 Tier 1 leverage capital Bank only 139,466 13.22 42,204 4.00 52,755 5.00 Consolidated company 177,982 16.46 43,257 4.00 54,071 5.00 As of June 30, 2016 (1) Common equity tier 1 capital Bank only $ 132,800 21.36 % $ 27,982 4.50 % $ 40,419 6.50 % Consolidated company 187,846 29.92 28,252 4.50 40,809 6.50 Tier 1 risk-based capital Bank only 132,800 21.36 37,310 6.00 49,746 8.00 Consolidated company 187,846 29.92 37,670 6.00 50,227 8.00 Total risk-based capital Bank only 140,237 22.55 49,746 8.00 62,183 10.00 Consolidated company 195,283 31.10 50,227 8.00 62,783 10.00 Tier 1 leverage capital Bank only 132,800 13.77 38,566 4.00 48,208 5.00 Consolidated company 187,846 18.73 40,124 4.00 50,155 5.00 (1) As a former small bank holding company, First Northwest Bancorp was not required to comply with regulatory capital ratios until March 31, 2017. Ratios were calculated voluntarily during the fiscal year ended June 30, 2016 in preparation of the filing requirement. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Certain directors and executive officers are also customers who transact business with First Federal. All loans and commitments included in such transactions were made in compliance with applicable laws on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons and do not involve more than the normal risk of collectability or present any other unfavorable features. The following table presents the activity in loans to directors and executive officers for the periods shown: At or For the Year Ended June 30, 2017 2016 2015 (In thousands) Beginning balance $ 1,456 $ 817 $ 1,226 Loan advances 73 715 36 Loan repayments (282 ) (76 ) (49 ) Reclassifications 1 (144 ) — (396 ) Ending balance $ 1,103 $ 1,456 $ 817 1 Represents loans that were once considered related party but are no longer considered related party or loans that were not related party that subsequently became related party loans. Deposits and certificates from related parties totaled $1.9 million and $1.4 million at June 30, 2017 and 2016 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies First Federal is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments generally represent a commitment to extend credit in the form of loans. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. First Federal’s exposure to credit loss, in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, is represented by the contractual notional amount of those instruments. First Federal uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Management does not anticipate any material loss as a result of these transactions. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established by the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of these commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. First Federal evaluates each customer’s creditworthiness on a case-by-case basis. First Federal did not incur any significant losses on its commitments for the years ended June 30, 2017 and 2016 . The following financial instruments were outstanding whose contract amounts represent credit risk at June 30 : 2017 2016 (In thousands) Commitments to grant loans $ 670 $ 1,111 Standby letters of credit 183 401 Unfunded commitments under lines of credit or existing loans 67,800 65,151 Legal contingencies - Various legal claims may arise from time to time in the normal course of business, which, in the opinion of management, have no current material effect on First Federal’s consolidated financial statements. Significant group concentrations of credit risk - Concentration of credit risk is the risk associated with a lack of diversification, such as having substantial loan concentrations in a specific type of loan within First Federal’s loan portfolio, thereby exposing First Federal to greater risks resulting from adverse economic, political, regulatory, geographic, industrial, or credit developments. Loans to one borrower are subject to the state banking regulations general limitation of 20 percent of First Federal’s equity, excluding accumulated other comprehensive income. At June 30, 2017 and 2016 , First Federal’s most significant concentration of credit risk was in loans secured by real estate. These loans totaled approximately $697.5 million and $600.0 million , or 95.0% and 95.9% , of First Federal’s total loan portfolio at June 30, 2017 and 2016 , respectively. Real estate construction, including land acquisition and land development, commercial real estate, multi-family, home equity, and one- to four-family residential loans are included in the total loans secured by real estate for purposes of this calculation. After a period of decline the real estate market has begun to recover, which has helped stabilize nonperforming loans and the allowance for loan losses. At June 30, 2017 and 2016 , First Federal’s most significant investment concentration of credit risk was with the U.S. Government, its agencies, and Government-Sponsored Enterprises (GSEs). First Federal’s exposure, which results from positions in securities issued by the U.S. Government, its agencies, and securities guaranteed by GSEs, was $238.7 million and $261.3 million , or 83.8% and 79.6% , of First Federal’s total investment portfolio (including FHLB stock) at June 30, 2017 and 2016 , respectively. |
Fair Value Accounting and Measu
Fair Value Accounting and Measurement | 12 Months Ended |
Jun. 30, 2017 | |
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 and liabilities measured at fair value on a recurring basis at the dates indicated: June 30, 2017 Quoted Prices in or Liabilities Significant Inputs Significant Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available for sale Municipal bonds $ — $ 22,223 $ — $ 22,223 Agency bonds — 4,926 — 4,926 ABS agency — 7,648 — 7,648 ABS corporate — 9,813 — 9,813 SBA — 14,178 — 14,178 MBS agency — 143,436 — 143,436 MBS corporate — 26,369 — 26,369 $ — $ 228,593 $ — $ 228,593 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 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: June 30, 2017 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 7,388 $ 7,388 Real estate owned and repossessed assets — — 104 104 $ — $ — $ 7,492 $ 7,492 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 During the year ended June 30, 2017 , there were no impaired loans with discounts to appraisal disposition value. The following tables present the techniques used to value assets measured at fair value on a nonrecurring basis at the dates indicated: June 30, 2017 Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) 1 (In thousands) Real estate owned and repossessed assets $ 104 Market comparable Discount to appraisal 0% - 10% (5%) 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: June 30, 2017 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 24,292 $ 24,292 $ 24,292 $ — $ — Investment securities available for sale 228,593 228,593 — 228,593 — Investment securities held to maturity 51,872 52,621 — 52,621 — Loans receivable, net 726,786 723,848 — — 723,848 FHLB stock 4,368 4,368 — 4,368 — Accrued interest receivable 3,020 3,020 — 3,020 — Mortgage servicing rights, net 986 1,600 — — 1,600 Financial liabilities Demand deposits $ 612,286 $ 612,286 $ 612,286 $ — $ — Time deposits 211,474 211,072 — 211,072 — Borrowings 77,427 80,338 — 80,338 — Accrued interest payable 208 208 — 208 — — 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, loans held for sale, FHLB stock, accrued interest receivable, and accrued interest payable. FHLB stock is not publicly traded, however, it may be redeemed on a dollar-for-dollar basis, for any amount the Bank is not required to hold, subject to the FHLB's discretion. The fair value is therefore equal to the book value. Securities - Fair values for investment securities are primarily measured using information from a third-party pricing service. The pricing service uses evaluated pricing models based on market data. In the event that limited or less transparent information is provided by the third-party pricing service, fair value is estimated using secondary pricing services or non-binding third-party broker quotes. Loans receivable, net - Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including fixed and variable one- to four-family residential real estate, commercial, and consumer loans. There is an accurate and reliable secondary market for one- to four-family residential mortgage production, and available market benchmarks are used to establish discount factors for estimating fair value for these types of loans. Commercial and consumer loans use market benchmarks when available; however, due to the varied term structures and credit issues involved, they mainly rely on cash flow projections and repricing characteristics within the loan portfolio. These amounts are discounted further by embedded probable losses expected to be realized in the portfolio. Valuations of impaired loans, real estate owned and repossessed assets are periodically performed by management, and the fair values of these loans are carried at the fair value of the underlying collateral less estimated costs to sell. Fair value of the underlying collateral may be determined using an appraisal performed by a qualified independent appraiser. Mortgage servicing rights - The estimated fair value of mortgage servicing rights is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Deposits - The fair value of deposits with no stated maturity, such as non-interest bearing deposits, savings and interest checking accounts, and money market accounts, is equal to the amount payable on demand as of June 30, 2017 and 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. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share are 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. Basic and diluted earnings per share are the same amount at June 30, 2017 as the Company does not have any additional potential dilutive common shares. The following table presents a reconciliation of the components used to compute basic and diluted earnings (loss) per share for the periods shown. Years Ended June 30, 2017 2016 2015 (In thousands, except share data) Numerator: Net income (loss) $ 5,118 $ 3,992 $ (5,090 ) Denominator: Basic weighted average common shares outstanding 11,084,726 12,049,621 12,165,071 Dilutive restricted stock grants 85,314 — — Diluted weighted average common shares outstanding 11,170,040 12,049,621 12,165,071 Basic earnings (loss) per share $ 0.46 $ 0.33 (0.42 ) Diluted earnings (loss) per share $ 0.46 $ 0.33 (0.42 ) As of December 15, 2015, the ESOP had purchased 1,048,029 shares of First Northwest Bancorp in the open market. Unallocated ESOP shares are not included as outstanding shares for basic or diluted earnings per share calculations. As of June 30, 2017 , 2016 , and 2015 , 121,695 , 70,356 and 17,509 shares have been allocated to employees through the ESOP while 926,334 , 977,673 and 935,290 shares remain unallocated, respectively. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Parent Company Only Financial Statements Presented below are the condensed balance sheet, statement of operations, and statement of cash flows for First Northwest Bancorp. FIRST NORTHWEST BANCORP Condensed Balance Sheets (In thousands) June 30, 2017 2016 ASSETS Cash and due from banks $ 1,560 $ 5,532 Investment securities available for sale, at fair value 24,260 35,535 Investment in bank 139,206 134,524 ESOP loan receivable 11,846 12,379 Accrued interest receivable 104 139 Prepaid expenses and other assets 947 1,987 Total assets $ 177,923 $ 190,096 LIABILITIES AND SHAREHOLDERS' EQUITY Payable to subsidiary $ 45 $ — Other liabilities 157 355 Total liabilities 202 355 Shareholders' equity 177,721 189,741 Total liabilities and shareholders' equity $ 177,923 $ 190,096 FIRST NORTHWEST BANCORP Condensed Statements of Income (In thousands) Years Ended June 30, 2017 2016 2015 Operating income: Interest and fees on loans receivable $ 302 $ 305 $ 106 Interest on mortgage-backed and related securities 322 251 24 Interest on investment securities 225 418 114 Gain on sale of securities — 4 — Total operating income 849 978 244 Operating expenses: Charitable contributions — — 9,734 Other expenses 587 607 89 Total operating expenses 587 607 9,823 Income (loss) before provision (benefit) for income taxes and equity in undistributed earnings of subsidiary 262 371 (9,579 ) Provision (benefit) for income taxes 70 128 (1,335 ) Income (loss) before equity in undistributed earnings of subsidiary 192 243 (8,244 ) Equity in undistributed earnings of subsidiary 4,926 3,749 3,154 Net income (loss) $ 5,118 $ 3,992 $ (5,090 ) FIRST NORTHWEST BANCORP Condensed Statement of Cash Flows (In thousands) Years Ended June 30, 2017 2016 2015 Cash flows from operating activities: Net income (loss) $ 5,118 $ 3,992 $ (5,090 ) Adjustments to reconcile net income (loss) to net cash from operating activities: Equity in undistributed earnings of subsidiary (4,926 ) (3,749 ) (3,154 ) Amortization of premiums and accretion of discounts on investments, net 172 201 80 Gain on sale of securities available for sale — (4 ) — Change in receivable from subsidiary — 185 (185 ) Change in payable to subsidiary 45 — — Change in other assets 1,253 (371 ) (1,850 ) Change in other liabilities (198 ) 248 107 Net cash from operating activities 1,464 502 (10,092 ) Cash flows from investing activities: Purchase of securities available for sale — (13,629 ) (41,106 ) Proceeds from maturities, calls, and principal repayments of securities available for sale 10,580 4,758 967 Proceeds from sales of securities available for sale — 13,475 — Investment in subsidiary — — (58,404 ) ESOP loan origination — (1,253 ) (11,798 ) ESOP loan repayment 533 504 168 Net cash from investing activities 11,113 3,855 (110,173 ) Cash flows from financing activities: Proceeds from issuance of common stock, net of expenses — — 126,941 Repurchase of common stock (16,549 ) (5,501 ) — Net cash from financing activities (16,549 ) (5,501 ) 126,941 Net (decrease) increase in cash (3,972 ) (1,144 ) 6,676 Cash and cash equivalents at beginning of period 5,532 6,676 — Cash and cash equivalents at end of period $ 1,560 $ 5,532 $ 6,676 NONCASH INVESTING ACTIVITIES Unrealized (loss) gain on securities available for sale $ (523 ) $ 667 $ (393 ) |
Summarized Consolidated Quarter
Summarized Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jun. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Consolidated Quarterly Financial Data (Unaudited) | Summarized Consolidated Quarterly Financial Data (Unaudited) The following table presents summarized consolidated quarterly data for each of the last two years. First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except share data) 2017 Total interest income $ 8,540 $ 8,920 $ 9,408 $ 9,935 Total interest expense 1,189 1,252 1,303 1,415 Net interest income 7,351 7,668 8,105 8,520 Provision for loan losses 350 410 215 285 Net interest income after provision for loan losses 7,001 7,258 7,890 8,235 Total noninterest income 1,444 1,329 2,201 1,199 Total noninterest expense 7,460 6,880 7,498 7,939 Income before provision for federal income tax expense 985 1,707 2,593 1,495 Provision for federal income tax expense 334 519 429 380 Net income $ 651 $ 1,188 $ 2,164 $ 1,115 Basic earnings per share $ 0.06 $ 0.11 $ 0.20 $ 0.10 Diluted earnings per share $ 0.06 $ 0.11 $ 0.20 $ 0.10 2016 Total interest income $ 7,524 $ 7,941 $ 8,161 $ 8,546 Total interest expense 1,227 1,181 1,155 1,207 Net interest income 6,297 6,760 7,006 7,339 Provision for loan losses — — — 233 Net interest income after provision for loan losses 6,297 6,760 7,006 7,106 Total noninterest income 1,263 1,878 1,051 1,985 Total noninterest expense 5,915 7,683 6,862 7,437 Income before provision for federal income tax expense 1,645 955 1,195 1,654 Provision for federal income tax expense 417 242 298 500 Net income $ 1,228 $ 713 $ 897 $ 1,154 Basic earnings per share $ 0.10 $ 0.06 $ 0.07 $ 0.10 Diluted earnings per share $ 0.10 $ 0.06 $ 0.07 $ 0.10 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On July 25, 2017, the Board of Directors of First Northwest Bancorp determined, in accordance with the Company’s Bylaws, that the Company’s fiscal year end should begin on January 1 and end on December 31 of each year, starting on January 1, 2018. The Company will file with the Securities and Exchange Commission an annual report on Form 10-K for the current fiscal year ended on June 30, 2017. The transition period of July 1, 2017 to December 31, 2017 will be covered on a Form 10-KT. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of estimates | Use of estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make assumptions. These assumptions result in estimates that affect the reported amounts of assets and liabilities, revenues and expenses, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. 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, mortgage servicing rights, fair value of financial instruments, deferred tax assets and liabilities, and the valuation of impaired loans. The conversion has been accounted for as a change in corporate form with the historic basis of the Bank's assets, liabilities, and equity unchanged. |
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. 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, in order to receive a historic tax credit. This investment meets the criteria for reporting under the equity method of accounting. 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. |
Cash and cash equivalents | Cash and cash equivalents - Cash and cash equivalents consist of currency on hand, due from banks, and interest-bearing deposits with financial institutions with an original maturity of three months or less. The amounts on deposit fluctuate and, at times, exceed the insured limit by the FDIC, which potentially subjects First Federal to credit risk. First Federal has not experienced any losses due to balances exceeding FDIC insurance limits. |
Restricted assets | Restricted assets - Federal Reserve Board regulations require maintenance of certain minimum reserve balances on deposit with the Federal Reserve Bank of San Francisco. |
Investment securities | Investment securities - Investment securities are classified into one of three categories: (1) held-to-maturity, (2) available-for-sale, or (3) trading. First Federal had no trading securities at June 30, 2017 or 2016 . Investment securities are categorized as held-to-maturity when First Federal has the positive intent and ability to hold those securities to maturity. Securities that are held-to-maturity are stated at cost and adjusted for amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income. Investment securities categorized as available for sale are generally held for investment purposes (to maturity), although unanticipated future events may result in the sale of some securities. Available-for-sale securities are recorded at fair value, with the unrealized holding gain or loss reported in other comprehensive income (OCI), net of tax, as a separate component of shareholders' equity. Realized gains or losses are determined using the amortized cost basis of securities sold using the specific identification method and are included in earnings. Dividend and interest income on investments are recognized when earned. Premiums and discounts are recognized in interest income using the level yield method over the period to maturity. The Company reviews investment securities for other-than-temporary impairment (OTTI) on a quarterly basis. For debt securities, the Company considers whether management intends to sell a security or if it is likely that the Company will be required to sell the security before recovery of the amortized cost basis of the investment, which may be maturity. For debt securities, if management intends to sell the security or it is likely that the Company will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized as OTTI and charged against earnings. If management does not intend to sell the security and it is not likely that the Company will be required to sell the security, but management does not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, i.e. the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to OCI. Impairment losses related to all other factors are presented as separate categories within OCI. If there is an indication of additional credit losses, the security is re-evaluated according to the procedures described above. |
Federal Home Loan Bank stock | Federal Home Loan Bank stock - First Federal’s investment in Federal Home Loan Bank of Des Moines (FHLB) stock is carried at cost, which approximates fair value. As a member of the FHLB system, First Federal is required to maintain a minimum investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. At June 30, 2017 and 2016 , First Federal’s minimum investment requirement was approximately $4.4 million . First Federal was in compliance with the FHLB minimum investment requirement at June 30, 2017 and 2016 . First Federal may request redemption at par value of any stock in excess of the amount First Federal is required to hold. Stock redemptions are granted at the discretion of the FHLB. Management evaluates FHLB stock for impairment based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB compared with the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. Based on its evaluation, First Federal did not recognize an OTTI loss on its FHLB stock at June 30, 2017 and 2016 . |
Loans held for sale | Loans held for sale - Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value. Fair value is determined based upon market prices from third-party purchasers and brokers. Net unrealized losses, if any, are recognized through a valuation allowance by charges to earnings. Gains or losses on the sale of loans are recognized at the time of sale and determined by the difference between net sale proceeds and the net book value of the loan less the estimated fair value of any retained mortgage servicing rights. |
Loans receivable | Loans receivable - Loans are stated at the amount of unpaid principal, net of charge-offs, unearned income, allowance for loan loss (ALLL) and any deferred fees or costs. Interest on loans is calculated using the simple interest method based on the month end balance of the principal amount outstanding and is credited to income as earned. The estimated life is adjusted for prepayments. Each loan segment and class inherently contains differing credit risk profiles depending on the unique aspects of that segment or class of loans. For example, borrowers tend to consider their primary residence and access to transportation for employment-related purposes as basic requirements; accordingly, many consumers prioritize making payments on real estate first-mortgage loans and vehicle loans. Conversely, second-mortgage real estate loans or unsecured loans may not be supported by sufficient collateral; thus, in the event of financial hardship, borrowers may tend to place less importance on maintaining these loans as current and the Bank may not have adequate collateral to provide a secondary source of repayment in the event of default. Notwithstanding the various risk profiles unique to each class of loan, management believes that the credit risk for all loans is similarly dependent on essentially the same factors, including the financial strength of the borrower, the cash flow available to service maturing debt obligations, the condition and value of underlying collateral, the financial strength of any guarantors, and other factors. Loans are classified as impaired when, based on current information and events, it is probable that First Federal will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows discounted at each loan’s effective interest rate or, for collateral dependent loans, at fair value of the collateral, less selling costs. If the measurement of each impaired loan’s value is less than the recorded investment in the loan, First Federal recognizes this impairment and adjusts the carrying value of the loan to fair value through the allowance for loan losses. This can be accomplished by charging off the impaired portion of the loan or establishing a specific component to be provided for in the allowance for loan losses. The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent, unless the credit is well secured and in process of collection. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. For those loans placed on non-accrual status due to payment delinquency, return to accrual status will generally not occur until the borrower demonstrates repayment ability over a period of not less than six months. |
Loan fees | Loan fees - Loan origination fees and certain direct origination costs are deferred and amortized as an adjustment to the yield of the loan over the contractual life using the effective interest method. In the event a loan is sold, the remaining deferred loan origination fees and/or costs are recognized as a component of gains or losses on the sale of loans. |
Allowance for loan losses | Allowance for loan losses - First Federal 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 ultimate recovery of loans is susceptible to future market factors beyond First Federal’s control, which may result in losses or recoveries differing significantly from those provided in the consolidated financial statements. In addition, various regulatory agencies, as an integral part of their examination processes, periodically review First Federal’s allowance for loan losses. Such agencies may require First Federal to recognize additional provisions for loan losses based on their judgment using information available to them at the time of their examination. Allowances for losses on specific problem loans are charged to income when it is determined that the value of these loans and properties, in the judgment of management, is impaired. First Federal accounts for impaired loans in accordance with Accounting Standards Codification (ASC) 310-10-35, Receivables—Overall—Subsequent Measurement . A loan is considered impaired when, based on current information and events, it is probable that First Federal will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan has been identified as being impaired, the amount of the impairment is measured by using discounted cash flows, except when it is determined that the sole source of repayment for the loan is the operation or liquidation of the underlying collateral. In such cases, impairment is measured at current fair value generally based on a current appraisal of the collateral, reduced by estimated selling costs. When the measurement of the impaired loan is less than the recorded investment in the loan (including collected interest that has been applied to principal, net deferred loan fees or costs, and unamortized premiums or discounts), loan impairment is recognized by establishing or adjusting an allocation of the allowance for loan losses. Uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. The impairment amount for small balance homogeneous loans is calculated using the adjusted historical loss rate for the class and risk category related to each loan, unless the loan is subject to a troubled debt restructuring ("TDR"). A TDR is a loan for which First Federal, for reasons related to the borrower’s financial difficulties, grants a concession to the borrower that First Federal would not otherwise consider. The loan terms that have been modified or restructured due to the borrower’s financial difficulty include, but are not limited to, a reduction in the stated interest rate; an extension of the maturity; an interest rate below market; a reduction in the face amount of the debt; a reduction in the accrued interest; or extension, deferral, renewal, or rewrite of the original loan terms. The restructured loans may be classified “special mention” or “substandard” depending on the severity of the modification. Loans that were paid current at the time of modification may be upgraded in their classification after a sustained period of repayment performance, usually six months or longer, and there is reasonable assurance that repayment will continue. Loans that are past due at the time of modification are classified “substandard” and placed on nonaccrual status. 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. |
Reserve for unfunded commitments | Reserve for unfunded commitments - Management maintains a reserve for unfunded commitments to absorb probable losses associated with off-balance sheet commitments to lend funds such as unused lines of credit and the undisbursed portion of construction loans. Management determines the adequacy of the reserve based on reviews of individual exposures, current economic conditions, and other relevant factors. The reserve is based on estimates and ultimate losses may vary from the current estimates. The reserve is evaluated on a regular basis and necessary adjustments are reported in earnings during the period in which they become known. The reserve for unfunded commitments is included in "Accrued expenses and other liabilities" on the consolidated balance sheets. |
Real estate owned and repossessed assets | Real estate owned and repossessed assets - Real estate owned and repossessed assets include real estate and personal property acquired through foreclosure or repossession, and may include in-substance foreclosed properties. In-substance foreclosed properties are those properties for which the Bank has taken physical possession, regardless of whether formal foreclosure proceedings have taken place. At the time of foreclosure, foreclosed real estate is recorded at the fair value less estimated costs to sell, which becomes the property’s new cost basis. Any write-downs based on the asset’s fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less estimated costs to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Subsequent gains, losses, and expenses recognized on the sale of these properties are included in noninterest expense. The amounts ultimately recovered on foreclosed assets may differ substantially from the carrying value of the assets due to future market factors beyond management's control. |
Mortgage servicing rights | Mortgage servicing rights - Originated servicing rights are recorded when mortgage loans are originated and subsequently sold with the servicing rights retained. Servicing assets are initially recognized at fair value on the consolidated balance sheets and amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial asset. To determine the fair value of servicing rights, management uses a valuation model that calculates the present value of future cash flows. Assumptions used in the valuation model include market discount rates and anticipated prepayment speeds. In addition, estimates of the cost of servicing per loan, an inflation rate, ancillary income per loan, and default rates are used. The initial fair value relating to the servicing rights is capitalized and amortized into noninterest income in proportion to, and over the period of, estimated future net servicing income. Management assesses impairment of the mortgage servicing rights based on recalculations of the present value of remaining future cash flows using updated market discount rates and prepayment speeds. Subsequent loan prepayments and changes in prepayment assumptions in excess of those forecasted can adversely impact the carrying value of the servicing rights. Impairment is assessed on a stratified basis with any impairment recognized through a valuation allowance for each impaired stratum. The servicing rights are stratified based on the predominant risk characteristics of the underlying loans: fixed-rate loans and adjustable-rate loans. The effect of changes in market interest rates on estimated rates of loan prepayments is the predominant risk characteristic for mortgage servicing rights. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, and default rates and losses. Mortgage servicing income represents fees earned for servicing loans. Fees for servicing mortgage loans are generally based upon a percentage of the principal balance of the loans serviced, as well as related ancillary income such as late charges. Servicing income is recognized as earned, unless collection is doubtful. The caption in the consolidated statement of operations “ Mortgage servicing fees, net ” includes mortgage servicing income, amortization of mortgage servicing rights, the effects of mortgage servicing run-off, and impairment. |
Income taxes | Income taxes - First Federal accounts for income taxes in accordance with the provisions of ASC 740-10, Income Taxes , which requires the use of the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for their future tax consequences, attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. |
Premises and equipment | Premises and equipment - Premises and equipment are stated at cost less accumulated depreciation. Depreciation is recognized and computed on the straight-line method over the estimated useful lives as follows: Buildings 37.5 - 50 years Furniture, fixtures, and equipment 3 - 10 years Software 3 years Automobiles 5 years |
Transfers of financial assets | Transfers of financial assets - Transfers of an entire financial asset, a group of financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from First Federal, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) First Federal does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. The mortgage loans that are sold with recourse provisions are accounted for as sales until such time as the loan defaults. Periodically, First Federal sells mortgage loans with “life of the loan” recourse provisions, requiring First Federal to repurchase the loan at any time if it defaults. |
Bank-owned life insurance | Bank-owned life insurance - The carrying amount of life insurance approximates fair value. Fair value of life insurance is estimated using the cash surrender value, less applicable surrender charges. The change in cash surrender value is included in noninterest income. |
Off-balance-sheet credit-related financial instruments | Off-balance-sheet credit-related financial instruments - In the ordinary course of business, First Federal has entered into commitments to extend credit, including commitments under lines of credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. |
Advertising costs | Advertising costs - First Federal expenses advertising costs as they are incurred. |
Comprehensive income (loss) | Comprehensive income (loss) - Accounting principles generally require that recognized revenue, expenses, and gains and losses be included in net income (loss) . Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income (loss) , are components of comprehensive income (loss) . |
Fair value measurements | Fair value measurements - Fair values of financial instruments are estimated using relevant market information and other assumptions (Note 14). Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Segment information | Segment information - First Federal is engaged in the business of attracting deposits and providing lending services. Substantially all income is derived from a diverse base of commercial, mortgage, and consumer lending activities and investments. The Company’s activities are considered to be a single industry segment for financial reporting purposes. |
Employee Stock Ownership Plan | Employee Stock Ownership Plan - The cost of shares issued to the ESOP but not yet allocated to participants is shown as a reduction of shareholders' equity. Compensation expense is based on the market price of shares as they are committed to be released to participants' accounts. Dividends on allocated ESOP shares reduce retained earnings while dividends on unearned ESOP shares reduce debt and accrued interest. |
Earnings (loss) per Share | Earnings (loss) per Share - Basic earnings (loss) per share ("EPS") is computed by dividing net income or (loss), reduced by earnings allocated to participating shares of restricted stock, by the weighted-average number of common shares outstanding during the period. As ESOP shares are committed to be released they become outstanding for EPS calculation purposes. ESOP shares not committed to be released are not considered outstanding for basic or diluted EPS calculations. The basic EPS calculation excludes the dilutive effect of all common stock equivalents. Diluted earnings per share reflects the weighted-average potential dilution that could occur if all potentially dilutive securities or other commitments to issue common stock were exercised or converted into common stock using the treasury stock method. According to the provisions of ASC 260, Earnings per Share , nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared or accumulated and participation rights in undistributed earnings. At this time the Company has no share-based payment awards nor paid a dividend. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements - In August 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-14, Revenue from Contracts with Customers (Topic 606) , which defers the effective date of ASU No. 2014-09 one year. ASU No. 2014-09 created Topic 606 and supersedes Topic 605, Revenue Recognition. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU No. 2015-14 is effective for public entities for interim and annual periods beginning after December 15, 2017; early adoption is permitted for interim and annual periods beginning after December 15, 2016. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. With respect to noninterest income, the Company anticipates completing the review of revenue streams and underlying revenue contracts within the scope of the guidance no later than November 2017. The Company will develop processes and procedures as a component of the review project to ensure it is fully compliant with these amendments. To date, the Company has not yet identified any significant changes in the timing of revenue recognition when considering the amended accounting guidance; however, the Company’s implementation efforts are ongoing and such assessments may change prior to the January 1, 2018 implementation date. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The main provisions of this ASU address the valuation and impairment of equity securities along with enhanced disclosures about those investments. Equity securities with readily determinable fair values will be treated in the same manner as other financial instruments. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of ASU 2016-01 is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The principal change required by this ASU relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASU 2016-02 also changes disclosure requirements related to leasing activities, and requires certain qualitative disclosures along with specific quantitative disclosures. The amendments in ASU 2016-02 are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of the amendments in ASU 2016-02 is permitted. The Company expects to compile an inventory of all leased assets to determine the impact of ASU 2016-02 on its financial condition and results of operations. Once adopted, we expect to report higher assets and liabilities on our Consolidated Balance Sheets as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under noncancelable operating lease agreements, which currently are not reflected in our Consolidated Balance Sheets. We do not expect the guidance to have a material impact on the Consolidated Statements of Income or Consolidated Statements of Changes in Shareholders' Equity. In March 2016, the FASB issued 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 adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Loss , which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model (CECL) will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company will change processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. At this time, we do not anticipate an increase to the ALLL as a result of the implementation of this ASU. The Company continues to review the requirements of ASU 2016-13 and has reviewed preliminary testing of processes and procedures to ensure it is fully compliant with the amendments at the adoption date. 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 is not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323) . This ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (EITF) meetings. The SEC staff view is that a registrant should evaluate ASU updates that have not yet been adopted to determine the appropriate financial disclosures about the potential material effects of the ASU on the financial statements when adopted. If a registrant does not know or cannot reasonably estimate the impact of an ASU, then in addition to making a statement to that effect, the registrant should consider additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact. The staff expects the additional qualitative disclosures to include a description of the effect of the accounting policies expected to be applied compared to current accounting policies. Also, the registrant should describe the status of its process to implement the new standards and the significant implementation matters yet to be addressed. The amendments specifically addressed recent FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13). The Company has adopted the amendments in this ASU and appropriate disclosures have been included in this Note. In March 2017, the FASB issued ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . The ASU shortens the amortization period for certain callable debt securities held at a premium using the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU provides clarity on the guidance related to stock compensation when there have been changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting under ASC 718. The ASU provides the three following criteria must be met in order to not account for the effect of the modification of terms or conditions: the fair value, the vesting conditions and the classification as an equity or liability instrument of the modified award is the same as the original award immediately before the original award is modified. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The adoption of ASU No. 2017-09 is not expected to have a material impact on the Company's consolidated financial statements. |
Reclassifications | Reclassifications - Certain reclassifications have been made to the 2016 and 2015 consolidated financial statements to conform to the 2017 presentation with no effect on net income or equity. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of premises and equipment useful lives | Depreciation is recognized and computed on the straight-line method over the estimated useful lives as follows: Buildings 37.5 - 50 years Furniture, fixtures, and equipment 3 - 10 years Software 3 years Automobiles 5 years Premises and equipment consist of the following at June 30, 2017 and 2016 : June 30, 2017 2016 (In thousands) Land $ 2,560 $ 2,560 Buildings 6,074 6,074 Building improvements 8,928 8,505 Furniture, fixtures, and equipment 7,348 7,071 Software 1,447 1,430 Automobiles 81 81 Construction in progress 75 184 26,513 25,905 Less accumulated depreciation and amortization (13,277 ) (12,386 ) $ 13,236 $ 13,519 |
Securities - (Tables)
Securities - (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 , are summarized as follows: June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Investment Securities Municipal bonds $ 21,540 $ 686 $ (3 ) $ 22,223 U.S. Treasury and government agency issued bonds (Agency bonds) 5,050 — (124 ) 4,926 U.S. government agency issued asset-backed securities (ABS agency) 7,883 — (235 ) 7,648 Corporate issued asset-backed securities (ABS corporate) 9,921 — (108 ) 9,813 U.S. Small Business Administration securities (SBA) 14,195 36 (53 ) 14,178 Total $ 58,589 $ 722 $ (523 ) $ 58,788 Mortgage-Backed Securities U.S. government agency issued mortgage-backed securities (MBS agency) $ 144,380 $ 110 $ (1,054 ) $ 143,436 Corporate issued mortgage-backed securities (MBS corporate) 26,324 126 (81 ) 26,369 Total $ 170,704 $ 236 $ (1,135 ) $ 169,805 Total securities available for sale $ 229,293 $ 958 $ (1,658 ) $ 228,593 Held to Maturity Investment Securities Municipal bonds $ 14,120 $ 306 $ — $ 14,426 SBA 443 — (1 ) 442 Total $ 14,563 $ 306 $ (1 ) $ 14,868 Mortgage-Backed Securities MBS agency $ 37,309 $ 566 $ (122 ) $ 37,753 Total securities held to maturity $ 51,872 $ 872 $ (123 ) $ 52,621 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: June 30, 2016 Cost Gross Gains Gross Losses Estimated Value (In thousands) Available for Sale Investment Securities 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 Total $ 84,421 $ 1,767 $ (1,144 ) $ 85,044 Mortgage-Backed Securities MBS agency $ 139,449 $ 2,228 $ (28 ) $ 141,649 MBS corporate 41,164 100 (100 ) 41,164 Total $ 180,613 $ 2,328 $ (128 ) $ 182,813 Total securities available for sale $ 265,034 $ 4,095 $ (1,272 ) $ 267,857 Held to Maturity Investment Securities Municipal bonds $ 14,425 $ 633 $ — $ 15,058 SBA 497 1 — 498 Total $ 14,922 $ 634 $ — $ 15,556 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 table 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, 2017 : 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 Investment Securities Municipal bonds $ (3 ) $ 116 $ — $ — $ (3 ) $ 116 Agency and US treasury bonds (52 ) 2,498 (72 ) 2,428 (124 ) 4,926 ABS Agency — — (235 ) 7,647 (235 ) 7,647 ABS corporate — — (108 ) 9,813 (108 ) 9,813 SBA (53 ) 8,405 — — (53 ) 8,405 Total $ (108 ) $ 11,019 $ (415 ) $ 19,888 $ (523 ) $ 30,907 Mortgage-Backed Securities MBS agency $ (968 ) $ 102,738 $ (86 ) $ 4,978 $ (1,054 ) $ 107,716 MBS corporate (81 ) 6,894 — — (81 ) 6,894 Total $ (1,049 ) $ 109,632 $ (86 ) $ 4,978 $ (1,135 ) $ 114,610 Held to Maturity Investment Securities SBA $ (1 ) $ 261 $ — $ — $ (1 ) $ 261 Mortgage-Backed Securities MBS agency $ (121 ) $ 18,522 $ (1 ) $ 597 $ (122 ) $ 19,119 The following table 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 Investment Securities Agency bonds $ (3 ) $ 2,497 $ — $ — $ (3 ) $ 2,497 ABS Agency — — (816 ) 7,935 (816 ) 7,935 ABS Corporate (325 ) 21,521 — — (325 ) 21,521 Total $ (328 ) $ 24,018 $ (816 ) $ 7,935 $ (1,144 ) $ 31,953 Mortgage-Backed Securities MBS agency $ — $ — $ (28 ) $ 6,771 $ (28 ) $ 6,771 MBS corporate (100 ) 26,120 — — (100 ) 26,120 Total $ (100 ) $ 26,120 $ (28 ) $ 6,771 $ (128 ) $ 32,891 Held to Maturity Mortgage-Backed Securities MBS agency $ — $ 652 $ (1 ) $ 89 $ (1 ) $ 741 |
Schedule of held-to-maturity securities in a continuous unrealized loss position | The following table 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, 2017 : 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 Investment Securities Municipal bonds $ (3 ) $ 116 $ — $ — $ (3 ) $ 116 Agency and US treasury bonds (52 ) 2,498 (72 ) 2,428 (124 ) 4,926 ABS Agency — — (235 ) 7,647 (235 ) 7,647 ABS corporate — — (108 ) 9,813 (108 ) 9,813 SBA (53 ) 8,405 — — (53 ) 8,405 Total $ (108 ) $ 11,019 $ (415 ) $ 19,888 $ (523 ) $ 30,907 Mortgage-Backed Securities MBS agency $ (968 ) $ 102,738 $ (86 ) $ 4,978 $ (1,054 ) $ 107,716 MBS corporate (81 ) 6,894 — — (81 ) 6,894 Total $ (1,049 ) $ 109,632 $ (86 ) $ 4,978 $ (1,135 ) $ 114,610 Held to Maturity Investment Securities SBA $ (1 ) $ 261 $ — $ — $ (1 ) $ 261 Mortgage-Backed Securities MBS agency $ (121 ) $ 18,522 $ (1 ) $ 597 $ (122 ) $ 19,119 The following table 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 Investment Securities Agency bonds $ (3 ) $ 2,497 $ — $ — $ (3 ) $ 2,497 ABS Agency — — (816 ) 7,935 (816 ) 7,935 ABS Corporate (325 ) 21,521 — — (325 ) 21,521 Total $ (328 ) $ 24,018 $ (816 ) $ 7,935 $ (1,144 ) $ 31,953 Mortgage-Backed Securities MBS agency $ — $ — $ (28 ) $ 6,771 $ (28 ) $ 6,771 MBS corporate (100 ) 26,120 — — (100 ) 26,120 Total $ (100 ) $ 26,120 $ (28 ) $ 6,771 $ (128 ) $ 32,891 Held to Maturity Mortgage-Backed Securities MBS agency $ — $ 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. June 30, 2017 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 — — 2,518 2,550 Due after five through ten years 19,009 18,919 3,260 3,233 Due after ten years 151,695 150,886 31,531 31,970 Total mortgage-backed securities 170,704 169,805 37,309 37,753 All other investment securities: Due within one year — — — — Due after one through five years 6,890 6,848 — — Due after five through ten years 22,042 22,124 9,637 9,817 Due after ten years 29,657 29,816 4,926 5,051 Total all other investment securities 58,589 58,788 14,563 14,868 Total investment securities $ 229,293 $ 228,593 $ 51,872 $ 52,621 June 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 — — 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 |
Summary of sale of available-for-sale securities | Sales of available-for-sale securities were as follows: Years Ended June 30, 2017 2016 2015 (In thousands) Proceeds $ — $ 109,065 $ — Gross gains — 1,727 — Gross losses — (160 ) — |
Loans Receivable - (Tables)
Loans Receivable - (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of loans receivable balances | Loans receivable consist of the following at the dates indicated: June 30, 2017 2016 (In thousands) Real Estate: One- to four-family $ 328,243 $ 308,471 Multi-family 58,101 46,125 Commercial real estate 202,038 161,182 Construction and land 71,630 50,351 Total real estate loans 660,012 566,129 Consumer: Home equity 35,869 33,909 Other consumer 21,043 9,023 Total consumer loans 56,912 42,932 Commercial business loans 17,073 16,924 Total loans 733,997 625,985 Less: Net deferred loan fees 904 1,182 Premium on purchased loans, net (2,216 ) (2,280 ) Allowance for loan losses 8,523 7,239 Total loans receivable, net $ 726,786 $ 619,844 |
Schedule of loans by the earlier of next repricing date or maturity | Loans, by the earlier of next repricing date or maturity, at the dates indicated: June 30, 2017 2016 (In thousands) Adjustable-rate loans Due within one year $ 109,039 $ 91,638 After one but within five years 213,265 180,031 After five but within ten years 90,873 58,812 After ten years 5,299 — 418,476 330,481 Fixed-rate loans Due within one year 7,632 9,035 After one but within five years 34,436 38,202 After five but within ten years 58,360 43,059 After ten years 215,093 205,208 315,521 295,504 $ 733,997 $ 625,985 |
Schedule of activity in allowance for loan losses | The following tables summarize changes in the ALLL and the loan portfolio by segment and impairment method at or for the periods shown: At or For the Year Ended June 30, 2017 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 (34 ) 170 467 82 (90 ) 376 836 (547 ) 1,260 Charge-offs — — — — (81 ) (252 ) (5 ) (338 ) Recoveries 113 — — 2 156 89 2 362 Ending balance $ 3,071 $ 511 $ 1,735 $ 683 $ 818 $ 523 $ 1,168 $ 14 $ 8,523 At June 30, 2017 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,071 $ 511 $ 1,735 $ 683 $ 818 $ 523 $ 1,168 $ 14 $ 8,523 General reserve 2,988 510 1,718 682 797 501 961 14 8,171 Specific reserve 83 1 17 1 21 22 207 — 352 Total loans $ 328,243 $ 58,101 $ 202,038 $ 71,630 $ 35,869 $ 21,043 $ 17,073 $ — $ 733,997 General reserves (1) 323,592 57,983 200,467 71,602 35,160 21,021 16,784 — 726,609 Specific reserves (2) 4,651 118 1,571 28 709 22 289 — 7,388 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. At or For the Year Ended 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) ALLL: Beginning balance $ 3,143 $ 251 $ 998 $ 336 $ 1,052 $ 321 $ 251 $ 759 $ 7,111 Provision for loan losses (140 ) 90 288 247 (205 ) 102 49 (198 ) 233 Charge-offs (75 ) — (18 ) (17 ) (77 ) (172 ) (7 ) — (366 ) Recoveries 64 — — 33 63 59 42 — 261 Ending balance $ 2,992 $ 341 $ 1,268 $ 599 $ 833 $ 310 $ 335 $ 561 $ 7,239 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. At or For the Year Ended June 30, 2015 One-to- four family Multi-family Commercial real estate Construction and land Home equity Other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,408 $ 475 $ 1,491 $ 397 $ 1,289 $ 389 $ 388 $ 235 $ 8,072 Provision for loan losses 81 (224 ) (493 ) (29 ) 40 64 37 524 — Charge-offs (430 ) — — (49 ) (325 ) (178 ) (177 ) — (1,159 ) Recoveries 84 — — 17 48 46 3 — 198 Ending balance $ 3,143 $ 251 $ 998 $ 336 $ 1,052 $ 321 $ 251 $ 759 $ 7,111 |
Schedules of impaired loans | The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: June 30, 2017 2016 Recorded Less Charge-off) Unpaid Balance Related Allowance Recorded Unpaid Balance Related (In thousands) With no allowance recorded: One- to four-family $ 646 $ 845 $ — $ 2,386 $ 2,728 $ — Multi-family — — — — — — Commercial real estate 297 406 — 475 558 — Construction and land — — — — — — Home equity 379 410 — 138 203 — Other consumer — 124 — — 47 — Commercial business — — — — — — Total 1,322 1,785 — 2,999 3,536 — With an allowance recorded: One- to four-family 4,005 4,295 83 3,715 3,910 60 Multi-family 118 118 1 122 122 1 Commercial real estate 1,274 1,278 17 1,182 1,187 11 Construction and land 28 52 1 91 115 11 Home equity 330 398 21 492 527 19 Other consumer 22 50 22 111 137 63 Commercial business 289 289 207 360 360 196 Total 6,066 6,480 352 6,073 6,358 361 Total impaired loans: One- to four-family 4,651 5,140 83 6,101 6,638 60 Multi-family 118 118 1 122 122 1 Commercial real estate 1,571 1,684 17 1,657 1,745 11 Construction and land 28 52 1 91 115 11 Home equity 709 808 21 630 730 19 Other consumer 22 174 22 111 184 63 Commercial business 289 289 207 360 360 196 Total $ 7,388 $ 8,265 $ 352 $ 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: Years Ended June 30, 2017 2016 2015 Average Recorded Investment Interest Average Recorded Investment Interest Average Recorded Investment Interest (In thousands) With no allowance recorded: One- to four-family $ 1,623 $ 12 $ 2,178 $ 69 $ 4,018 $ 162 Multi-family — — 284 — 543 17 Commercial real estate 383 — 325 12 1,284 21 Construction and land — — 14 — 237 4 Home equity 232 6 186 7 221 8 Other consumer — 4 3 3 — 2 Commercial business — — 19 — 26 4 Total 2,238 22 3,009 91 6,329 218 With an allowance recorded: One- to four-family 3,897 213 3,928 200 3,223 227 Multi-family 120 6 166 6 128 6 Commercial real estate 1,229 68 1,098 69 1,504 49 Construction and land 39 2 141 9 185 14 Home equity 353 23 503 31 593 28 Other consumer 53 — 149 9 101 8 Commercial business 338 15 367 22 454 23 Total 6,029 327 6,352 346 6,188 355 Total impaired loans: One- to four-family 5,520 225 6,106 269 7,241 389 Multi-family 120 6 450 6 671 23 Commercial real estate 1,612 68 1,423 81 2,788 70 Construction and land 39 2 155 9 422 18 Home equity 585 29 689 38 814 36 Other consumer 53 4 152 12 101 10 Commercial business 338 15 386 22 480 27 Total $ 8,267 $ 349 $ 9,361 $ 437 $ 12,517 $ 573 |
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: June 30, 2017 2016 (In thousands) One- to four-family $ 1,042 $ 2,413 Commercial real estate 426 474 Construction and land 28 91 Home equity 398 167 Other consumer 21 112 Total nonaccrual loans $ 1,915 $ 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 June 30, 2017 : 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 $ — $ 206 $ — $ 206 $ 328,037 $ 328,243 Multi-family — — — — 58,101 58,101 Commercial real estate — — — — 202,038 202,038 Construction and land — 34 20 54 71,576 71,630 Total real estate loans — 240 20 260 659,752 660,012 Consumer: Home equity 21 294 10 325 35,544 35,869 Other consumer 28 73 — 101 20,942 21,043 Total consumer loans 49 367 10 426 56,486 56,912 Commercial business loans — — — — 17,073 17,073 Total loans $ 49 $ 607 $ 30 $ 686 $ 733,311 $ 733,997 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 loans by risk category | The following table represents the internally assigned grade as of June 30, 2017 , by class of loans: Pass Watch Special Mention Sub- Standard Total (In thousands) Real Estate: One- to four-family $ 321,596 $ 3,680 $ 1,153 $ 1,814 $ 328,243 Multi-family 56,103 1,880 118 — 58,101 Commercial real estate 188,956 10,243 2,232 607 202,038 Construction and land 65,175 2,197 4,161 97 71,630 Total real estate loans 631,830 18,000 7,664 2,518 660,012 Consumer: Home equity 34,913 215 57 684 35,869 Other consumer 20,676 159 173 35 21,043 Total consumer loans 55,589 374 230 719 56,912 Commercial business loans 14,143 1,464 1,451 15 17,073 Total loans $ 701,562 $ 19,838 $ 9,345 $ 3,252 $ 733,997 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 June 30, 2017 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One- to four-family $ 1,042 $ 327,201 $ 328,243 Multi-family — 58,101 58,101 Commercial real estate 426 201,612 202,038 Construction and land 28 71,602 71,630 Consumer: Home equity 398 35,471 35,869 Other consumer 21 21,022 21,043 Commercial business loans — 17,073 17,073 Total loans $ 1,915 $ 732,082 $ 733,997 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 loans — 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: June 30, 2017 2016 (In thousands) Total TDR loans $ 6,145 $ 6,545 Allowance for loan losses related to TDR loans 315 267 Total nonaccrual TDR loans 673 944 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the year ended June 30, 2017 , by type of concession granted: Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 3 $ 95 $ 89 $ 244 $ 428 Commercial real estate 1 — — 134 134 4 $ 95 $ 89 $ 378 $ 562 Post-modification outstanding recorded investment One- to four-family 3 $ 92 $ 87 $ 236 $ 415 Commercial real estate 1 — — 129 129 4 $ 92 $ 87 $ 365 $ 544 The following is a summary of TDR loans which incurred a payment default within 12 months of the restructure date during the year ended June 30, 2017 . Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ — $ — $ 50 $ 50 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the year ended June 30, 2016 , by type of concession granted: Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 6 $ 19 $ — $ 481 $ 500 6 $ 19 $ — $ 481 $ 500 Post-modification outstanding recorded investment One- to four-family 4 $ 18 $ — $ 484 $ 502 4 $ 18 $ — $ 484 $ 502 The following is a summary of TDR loans which incurred a payment default within 12 months of the restructure date during the year ended June 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 newly restructured and renewals or modifications of existing TDR loans by class that occurred during the year ended June 30, 2015 , by type of concession granted: Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 1 $ — $ 151 $ — $ 151 Home equity 1 — 50 — 50 Commercial business 1 — 105 — 105 3 $ — $ 306 $ — $ 306 Post-modification outstanding recorded investment One- to four-family 1 $ — $ 154 $ — $ 154 Home equity 1 — 50 — 50 Commercial business 1 — 105 — 105 3 $ — $ 309 $ — $ 309 There were no TDR loans which incurred a payment default within 12 months of the restructure date during the year ended June 30, 2015 . No additional funds are committed to be advanced in connection with impaired loans at June 30, 2017 . The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. June 30, 2017 June 30, 2016 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One- to four-family $ 3,608 $ 421 $ 4,029 $ 3,473 $ 812 $ 4,285 Multi-family 118 — 118 122 — 122 Commercial real estate 1,145 252 1,397 1,182 132 1,314 Home equity 312 — 312 464 — 464 Commercial business loans 289 — 289 360 — 360 Total TDR loans $ 5,472 $ 673 $ 6,145 $ 5,601 $ 944 $ 6,545 |
Real Estate Owned and Reposse31
Real Estate Owned and Repossessed Assets - (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Real Estate Owned and Repossessed Assets Disclosure [Abstract] | |
Schedule of real estate owned and repossessed assets activity | The following table presents the activity in real estate owned and repossessed assets for the periods shown: June 30, 2017 2016 2015 (In thousands) Beginning balance $ 81 $ 1,914 $ 810 Loans transferred to foreclosed assets 222 1,352 2,585 Sales (207 ) (3,591 ) (1,470 ) Market value adjustments (32 ) (140 ) (212 ) Net gain on sales 40 546 201 Ending balance $ 104 $ 81 $ 1,914 |
Schedule of real estate owned and repossessed assets by type | The following table presents the breakout of real estate owned and repossessed assets by type as of: June 30, 2017 2016 (In thousands) One- to four-family residential properties $ 86 $ — Land — 22 Personal property 18 59 $ 104 $ 81 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and equipment | Depreciation is recognized and computed on the straight-line method over the estimated useful lives as follows: Buildings 37.5 - 50 years Furniture, fixtures, and equipment 3 - 10 years Software 3 years Automobiles 5 years Premises and equipment consist of the following at June 30, 2017 and 2016 : June 30, 2017 2016 (In thousands) Land $ 2,560 $ 2,560 Buildings 6,074 6,074 Building improvements 8,928 8,505 Furniture, fixtures, and equipment 7,348 7,071 Software 1,447 1,430 Automobiles 81 81 Construction in progress 75 184 26,513 25,905 Less accumulated depreciation and amortization (13,277 ) (12,386 ) $ 13,236 $ 13,519 |
Minimum annual lease payments | The minimum annual lease payments under non-cancelable operating leases with initial or remaining terms of one year or more through the initial lease term are as follows: June 30, Twelve-month period ending: (In thousands) 2018 $ 347 2019 325 2020 298 2021 308 2022 222 Thereafter 2,128 Total minimum payments required $ 3,628 |
Mortgage Servicing Rights - (Ta
Mortgage Servicing Rights - (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Transfers and Servicing [Abstract] | |
Schedule of mortgage servicing rights | Mortgage servicing rights for the years ended June 30 are as follows: 2017 2016 2015 (In thousands) Balance at beginning of period $ 998 $ 1,187 $ 1,266 Additions 222 70 197 Amortization (234 ) (259 ) (276 ) Balance at end of period $ 986 $ 998 $ 1,187 |
Schedule of assumptions for fair value of mortgage servicing rights | The key economic assumptions used in determining the fair value of mortgage servicing rights at June 30 are as follows: 2017 2016 2015 Constant prepayment rate 12.6 % 11.0 % 13.0 % Weighted-average life (years) 5.7 5.8 5.7 Yield to maturity discount 9.8 % 9.3 % 9.9 % |
Schedule of servicing fees and late fees | The following represents servicing and late fees earned in connection with mortgage servicing rights and is included in the accompanying consolidated financial statements as a component of noninterest income for the years ended June 30 : 2017 2016 2015 (In thousands) Servicing fees $ 464 $ 502 $ 561 Late fees 17 18 23 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of deposits | Deposits and weighted-average interest rates at the dates indicated are as follows: Weighted- Average Interest Rate June 30, 2017 Weighted- Average Interest Rate June 30, 2016 (In thousands) Savings 0.06% $ 98,894 0.04% $ 91,656 Transaction accounts 0.01% 245,889 0.01% 213,442 Money market accounts 0.31% 267,503 0.26% 259,076 Certificates of deposit and jumbo certificates 1.19% 211,474 1.09% 159,113 $ 823,760 $ 723,287 Weighted-average interest rate 0.42 % 0.34 % |
Schedule of maturities of time deposits | Maturities of certificates at the dates indicated are as follows: June 30, 2017 (In thousands) Within one year or less $ 106,448 After one year through two years 59,137 After two years through three years 25,767 After three years through four years 9,569 After four years through five years 10,498 After five years 55 $ 211,474 |
Schedule of interest on deposits | Interest on deposits by type for the periods shown was as follows: Years Ended June 30, 2017 2016 2015 (In thousands) Savings $ 42 $ 36 $ 38 Transaction accounts 17 14 10 Money market accounts 828 609 436 Certificates of deposit and jumbo certificates 1,972 1,510 1,185 $ 2,859 $ 2,169 $ 1,669 |
Borrowings - (Tables)
Borrowings - (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Federal Home Loan Bank maturities | FHLB advances outstanding at June 30, 2017 and 2016 , were as follows: June 30, 2017 2016 (In thousands) Long-term advances $ 60,000 $ 60,000 Overnight advances 17,427 20,672 The maximum and average outstanding balances and average interest rates on overnight advances were as follows: June 30, 2017 2016 2015 (In thousands) Maximum outstanding at any month-end $ 47,338 $ 50,233 $ 1,000 Monthly average outstanding 24,208 11,200 83 Weighted-average daily interest rates Annual 0.79 % 0.35 % 0.29 % Period End 1.28 % 0.42 % 0.29 % Interest expense during the year 192 42 1 At June 30, 2017 and 2016 , FHLB long-term, fixed-rate advances and are scheduled to mature as follows: Weighted-Average Interest Rate 2017 Weighted-Average 2016 (In thousands) Within one year or less —% $ — —% $ — After one year through two years — — — — After two years through three years 3.24 30,000 — — After three years through four years 3.80 30,000 3.24 30,000 After four years through five years — — 3.80 30,000 After five years — — — — $ 60,000 $ 60,000 The maximum and average outstanding balances and average interest rates on FHLB long-term, fixed-rate advances were as follows: June 30, 2017 2016 2015 (In thousands) Maximum outstanding at any month-end $ 60,000 $ 89,924 $ 89,924 Monthly average outstanding 60,000 75,808 89,924 Weighted-average interest rates Annual 3.52 % 3.35 % 3.24 % Period End 3.52 % 3.52 % 3.24 % Interest expense during the year 2,108 2,559 2,917 |
Federal Taxes on Income (Tables
Federal Taxes on Income (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income tax provision (benefit) summary | The provision (benefit) for income taxes for the years ended June 30 is summarized as follows: 2017 2016 2015 (In thousands) Current $ 2,815 $ 2,364 $ 647 Deferred (1,153 ) (907 ) (1,001 ) $ 1,662 $ 1,457 $ (354 ) |
Income tax provision (benefit) reconciliation | A reconciliation of the tax provision (benefit) based on statutory corporate tax rates, estimated to be 34% , on pre-tax income and the provision (benefit) shown in the accompanying consolidated statements of income for the years ended June 30 is summarized as follows: 2017 2016 2015 (In thousands) Income taxes computed at statutory rates $ 2,305 $ 1,853 $ (1,851 ) Tax credits (78 ) — (195 ) Tax-exempt income (320 ) (358 ) (218 ) Bank-owned life insurance income (499 ) (39 ) (35 ) Deferred tax asset valuation allowance — — 1,917 Other, net 254 1 28 $ 1,662 $ 1,457 $ (354 ) |
Net deferred tax assets and liabilities | The components of net deferred tax assets and liabilities at June 30 are summarized as follows: 2017 2016 (In thousands) Deferred tax assets Allowance for loan losses $ 2,957 $ 2,527 Unrealized loss on securities available for sale 238 — Accrued compensation 952 535 Nonaccrual loans 6 15 Real estate owned — 36 ESOP timing differences 111 69 Restricted stock awards 332 — Contribution carryforward 2,716 2,976 Total deferred tax assets 7,312 6,158 Deferred tax liabilities Deferred loan fees 474 537 Unrealized gain on securities available for sale — 960 FHLB stock dividends 801 807 Accumulated depreciation 1,249 1,281 Deferred investment gain 11 — Other, net 24 152 Total deferred tax liabilities 2,559 3,737 Deferred tax asset, net 4,753 2,421 Deferred tax asset valuation allowance (1,898 ) (1,917 ) Deferred tax asset, net of valuation allowance $ 2,855 $ 504 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Compensation Related Costs [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table provides a summary of changes in non-vested restricted stock awards for the year ended June 30, 2017 : For the Year Ended June 30, 2017 Weighted-Average Grant Date Shares Fair Value Non-vested at July 1, 2016 — Granted 402,500 $ 12.70 Vested — Forfeited (12,500 ) 12.70 Non-vested at June 30, 2017 390,000 Expected to vest assuming a 3% forfeiture rate over the vesting term 378,300 |
Summary of multi-employer defined benefit plan | The table below presents the funded status (market value of plan assets divided by funding target) of the plan as of July 1: 2016 2015 Source Valuation Report Valuation Report Our plan 106.3% 106.8% There was no change to the funded status of the plan as of June 30, 2017 . First Federal’s contributions to the Pentegra DB Plan are not more than 5% of the total contributions to the Pentegra DB Plan. First Federal’s policy is to fund pension costs as accrued. Total contributions during the years ended June 30 were: 2017 2016 2015 Date Paid Amount Date Paid Amount Date Paid Amount (In thousands) 10/12/2016 $ 75 10/14/2015 $ 74 12/26/2014 $ 700 12/19/2016 524 1/4/2016 425 $ 599 $ 499 $ 700 |
Summary of Employee Stock Ownership (ESOP) | Shares held by the ESOP as of the dates indicated are as follows: June 30, 2017 June 30, 2016 (Dollars in thousands) Allocated shares 121,695 70,356 Unallocated shares 926,334 977,673 Total ESOP shares 1,048,029 1,048,029 Fair value of unallocated shares $ 14,608 $ 12,456 |
Regulatory Capital Requiremen38
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of compliance with regulatory capital requirements | Actual and required capital amounts and ratios are presented in the following table: Actual For Capital Adequacy Purposes To Be Categorized Action Provision Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2017 Common equity tier 1 capital Bank only $ 139,466 19.23 % $ 32,632 4.50 % $ 47,135 6.50 % Consolidated company 177,982 24.40 32,823 4.50 47,411 6.50 Tier 1 risk-based capital Bank only 139,466 19.23 43,509 6.00 58,013 8.00 Consolidated company 177,982 24.40 43,764 6.00 58,352 8.00 Total risk-based capital Bank only 148,167 20.43 58,013 8.00 72,516 10.00 Consolidated company 186,683 25.59 58,352 8.00 72,939 10.00 Tier 1 leverage capital Bank only 139,466 13.22 42,204 4.00 52,755 5.00 Consolidated company 177,982 16.46 43,257 4.00 54,071 5.00 As of June 30, 2016 (1) Common equity tier 1 capital Bank only $ 132,800 21.36 % $ 27,982 4.50 % $ 40,419 6.50 % Consolidated company 187,846 29.92 28,252 4.50 40,809 6.50 Tier 1 risk-based capital Bank only 132,800 21.36 37,310 6.00 49,746 8.00 Consolidated company 187,846 29.92 37,670 6.00 50,227 8.00 Total risk-based capital Bank only 140,237 22.55 49,746 8.00 62,183 10.00 Consolidated company 195,283 31.10 50,227 8.00 62,783 10.00 Tier 1 leverage capital Bank only 132,800 13.77 38,566 4.00 48,208 5.00 Consolidated company 187,846 18.73 40,124 4.00 50,155 5.00 (1) As a former small bank holding company, First Northwest Bancorp was not required to comply with regulatory capital ratios until March 31, 2017. Ratios were calculated voluntarily during the fiscal year ended June 30, 2016 in preparation of the filing requirement. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of related party activity | The following table presents the activity in loans to directors and executive officers for the periods shown: At or For the Year Ended June 30, 2017 2016 2015 (In thousands) Beginning balance $ 1,456 $ 817 $ 1,226 Loan advances 73 715 36 Loan repayments (282 ) (76 ) (49 ) Reclassifications 1 (144 ) — (396 ) Ending balance $ 1,103 $ 1,456 $ 817 1 Represents loans that were once considered related party but are no longer considered related party or loans that were not related party that subsequently became related party loans. |
Commitments and Contingencies -
Commitments and Contingencies - (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of financial instruments whose contract amounts represent credit risk | The following financial instruments were outstanding whose contract amounts represent credit risk at June 30 : 2017 2016 (In thousands) Commitments to grant loans $ 670 $ 1,111 Standby letters of credit 183 401 Unfunded commitments under lines of credit or existing loans 67,800 65,151 |
Fair Value Accounting and Mea41
Fair Value Accounting and Measurement - (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
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 and liabilities measured at fair value on a recurring basis at the dates indicated: June 30, 2017 Quoted Prices in or Liabilities Significant Inputs Significant Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available for sale Municipal bonds $ — $ 22,223 $ — $ 22,223 Agency bonds — 4,926 — 4,926 ABS agency — 7,648 — 7,648 ABS corporate — 9,813 — 9,813 SBA — 14,178 — 14,178 MBS agency — 143,436 — 143,436 MBS corporate — 26,369 — 26,369 $ — $ 228,593 $ — $ 228,593 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: June 30, 2017 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 7,388 $ 7,388 Real estate owned and repossessed assets — — 104 104 $ — $ — $ 7,492 $ 7,492 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: June 30, 2017 Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) 1 (In thousands) Real estate owned and repossessed assets $ 104 Market comparable Discount to appraisal 0% - 10% (5%) 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: June 30, 2017 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 24,292 $ 24,292 $ 24,292 $ — $ — Investment securities available for sale 228,593 228,593 — 228,593 — Investment securities held to maturity 51,872 52,621 — 52,621 — Loans receivable, net 726,786 723,848 — — 723,848 FHLB stock 4,368 4,368 — 4,368 — Accrued interest receivable 3,020 3,020 — 3,020 — Mortgage servicing rights, net 986 1,600 — — 1,600 Financial liabilities Demand deposits $ 612,286 $ 612,286 $ 612,286 $ — $ — Time deposits 211,474 211,072 — 211,072 — Borrowings 77,427 80,338 — 80,338 — Accrued interest payable 208 208 — 208 — — 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 — — |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
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 (loss) per share for the periods shown. Years Ended June 30, 2017 2016 2015 (In thousands, except share data) Numerator: Net income (loss) $ 5,118 $ 3,992 $ (5,090 ) Denominator: Basic weighted average common shares outstanding 11,084,726 12,049,621 12,165,071 Dilutive restricted stock grants 85,314 — — Diluted weighted average common shares outstanding 11,170,040 12,049,621 12,165,071 Basic earnings (loss) per share $ 0.46 $ 0.33 (0.42 ) Diluted earnings (loss) per share $ 0.46 $ 0.33 (0.42 ) |
Parent Company Only Financial43
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | FIRST NORTHWEST BANCORP Condensed Balance Sheets (In thousands) June 30, 2017 2016 ASSETS Cash and due from banks $ 1,560 $ 5,532 Investment securities available for sale, at fair value 24,260 35,535 Investment in bank 139,206 134,524 ESOP loan receivable 11,846 12,379 Accrued interest receivable 104 139 Prepaid expenses and other assets 947 1,987 Total assets $ 177,923 $ 190,096 LIABILITIES AND SHAREHOLDERS' EQUITY Payable to subsidiary $ 45 $ — Other liabilities 157 355 Total liabilities 202 355 Shareholders' equity 177,721 189,741 Total liabilities and shareholders' equity $ 177,923 $ 190,096 |
Condensed Statement of Operations | FIRST NORTHWEST BANCORP Condensed Statements of Income (In thousands) Years Ended June 30, 2017 2016 2015 Operating income: Interest and fees on loans receivable $ 302 $ 305 $ 106 Interest on mortgage-backed and related securities 322 251 24 Interest on investment securities 225 418 114 Gain on sale of securities — 4 — Total operating income 849 978 244 Operating expenses: Charitable contributions — — 9,734 Other expenses 587 607 89 Total operating expenses 587 607 9,823 Income (loss) before provision (benefit) for income taxes and equity in undistributed earnings of subsidiary 262 371 (9,579 ) Provision (benefit) for income taxes 70 128 (1,335 ) Income (loss) before equity in undistributed earnings of subsidiary 192 243 (8,244 ) Equity in undistributed earnings of subsidiary 4,926 3,749 3,154 Net income (loss) $ 5,118 $ 3,992 $ (5,090 ) |
Condensed Statement of Cash Flows | FIRST NORTHWEST BANCORP Condensed Statement of Cash Flows (In thousands) Years Ended June 30, 2017 2016 2015 Cash flows from operating activities: Net income (loss) $ 5,118 $ 3,992 $ (5,090 ) Adjustments to reconcile net income (loss) to net cash from operating activities: Equity in undistributed earnings of subsidiary (4,926 ) (3,749 ) (3,154 ) Amortization of premiums and accretion of discounts on investments, net 172 201 80 Gain on sale of securities available for sale — (4 ) — Change in receivable from subsidiary — 185 (185 ) Change in payable to subsidiary 45 — — Change in other assets 1,253 (371 ) (1,850 ) Change in other liabilities (198 ) 248 107 Net cash from operating activities 1,464 502 (10,092 ) Cash flows from investing activities: Purchase of securities available for sale — (13,629 ) (41,106 ) Proceeds from maturities, calls, and principal repayments of securities available for sale 10,580 4,758 967 Proceeds from sales of securities available for sale — 13,475 — Investment in subsidiary — — (58,404 ) ESOP loan origination — (1,253 ) (11,798 ) ESOP loan repayment 533 504 168 Net cash from investing activities 11,113 3,855 (110,173 ) Cash flows from financing activities: Proceeds from issuance of common stock, net of expenses — — 126,941 Repurchase of common stock (16,549 ) (5,501 ) — Net cash from financing activities (16,549 ) (5,501 ) 126,941 Net (decrease) increase in cash (3,972 ) (1,144 ) 6,676 Cash and cash equivalents at beginning of period 5,532 6,676 — Cash and cash equivalents at end of period $ 1,560 $ 5,532 $ 6,676 NONCASH INVESTING ACTIVITIES Unrealized (loss) gain on securities available for sale $ (523 ) $ 667 $ (393 ) |
Summarized Consolidated Quart44
Summarized Consolidated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of consolidated quarterly financial data | The following table presents summarized consolidated quarterly data for each of the last two years. First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except share data) 2017 Total interest income $ 8,540 $ 8,920 $ 9,408 $ 9,935 Total interest expense 1,189 1,252 1,303 1,415 Net interest income 7,351 7,668 8,105 8,520 Provision for loan losses 350 410 215 285 Net interest income after provision for loan losses 7,001 7,258 7,890 8,235 Total noninterest income 1,444 1,329 2,201 1,199 Total noninterest expense 7,460 6,880 7,498 7,939 Income before provision for federal income tax expense 985 1,707 2,593 1,495 Provision for federal income tax expense 334 519 429 380 Net income $ 651 $ 1,188 $ 2,164 $ 1,115 Basic earnings per share $ 0.06 $ 0.11 $ 0.20 $ 0.10 Diluted earnings per share $ 0.06 $ 0.11 $ 0.20 $ 0.10 2016 Total interest income $ 7,524 $ 7,941 $ 8,161 $ 8,546 Total interest expense 1,227 1,181 1,155 1,207 Net interest income 6,297 6,760 7,006 7,339 Provision for loan losses — — — 233 Net interest income after provision for loan losses 6,297 6,760 7,006 7,106 Total noninterest income 1,263 1,878 1,051 1,985 Total noninterest expense 5,915 7,683 6,862 7,437 Income before provision for federal income tax expense 1,645 955 1,195 1,654 Provision for federal income tax expense 417 242 298 500 Net income $ 1,228 $ 713 $ 897 $ 1,154 Basic earnings per share $ 0.10 $ 0.06 $ 0.07 $ 0.10 Diluted earnings per share $ 0.10 $ 0.06 $ 0.07 $ 0.10 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - (Details) - USD ($) | Sep. 30, 2015 | Jan. 29, 2015 | Aug. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 15, 2015 | Jun. 30, 2014 |
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued | 13,100,360 | ||||||||
Deferred conversion costs | $ 4,100,000 | ||||||||
Proceeds from initial public offering | $ 117,600,000 | ||||||||
Capital contribution to subsidiary | $ 58,400,000 | ||||||||
Employee stock ownership plan (ESOP), percentage of shares to be purchased | 8.00% | 8.00% | |||||||
Employee stock ownership plan (ESOP), number of shares to be purchased | 1,048,029 | ||||||||
Employee stock ownership plan (ESOP), total shares (in shares) | 1,048,029 | 1,048,029 | 1,048,029 | ||||||
Employee stock ownership plan (ESOP), percentage of shares purchased | 100.00% | ||||||||
Employee stock ownership plan (ESOP), number of allocated shares (in shares) | 121,695 | 70,356 | 17,509 | ||||||
Retained earnings | $ 77,515,000 | $ 77,301,000 | $ 79,700,000 | ||||||
Federal Reserve Bank, minimum reserve balance requirement | 8,800,000 | 6,700,000 | |||||||
Trading securities | 0 | 0 | |||||||
Bank-owned life insurance purchased | $ 10,000,000 | $ 10,000,000 | 0 | $ 0 | |||||
Contributions to charitable organization | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Value of charitable consideration, cash portion | $ 400,000 | $ 400,000 | |||||||
Initial public offering | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued | 12,167,000 | ||||||||
Stock offering price per share (in usd per share) | $ 10 | ||||||||
Secondary offering | Contributions to charitable organization | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued | 933,360 | ||||||||
Partnership | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Length of commitment | 7 years |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Federal Home Loan Bank stock (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
OTTI losses, FHLB stock | $ 0 | $ 0 | $ 0 |
Federal Home Loan Bank of Des Moines | Bank only | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Federal Home Loan Bank stock, minimum investment requirement | 4,400,000 | 4,400,000 | |
OTTI losses, FHLB stock | $ 0 | $ 0 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Premises and Equipment (Details) | 12 Months Ended |
Jun. 30, 2017 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 37 years 6 months |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 50 years |
Furniture, fixtures, and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 3 years |
Furniture, fixtures, and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 10 years |
Software | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 3 years |
Automobiles | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 5 years |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Mortgage Loans (Details) - Bank only - Life of the loan recourse provisions $ in Thousands | 12 Months Ended | |
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | |
Mortgage Loans on Real Estate [Line Items] | ||
Remaining balance of mortgage loans | $ 6,500 | $ 7,200 |
Number of mortgage loans repurchased during period (loans) | loan | 1 | 2 |
Mortgage loans repurchased during period, amount | $ 100 | $ 151 |
Accrued expenses and other liabilities | ||
Mortgage Loans on Real Estate [Line Items] | ||
Allowance associated with mortgage loans | $ 33 | $ 57 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Available for Sale | ||
Amortized Cost | $ 229,293 | $ 265,034 |
Gross Unrealized Gains | 958 | 4,095 |
Gross Unrealized Losses | (1,658) | (1,272) |
Estimated Fair Value | 228,593 | 267,857 |
Held to Maturity | ||
Amortized Cost | 51,872 | 56,038 |
Gross Unrealized Gains | 872 | 2,891 |
Gross Unrealized Losses | (123) | (1) |
Estimated Fair Value | 52,621 | 58,928 |
Investment Securities | ||
Available for Sale | ||
Amortized Cost | 58,589 | 84,421 |
Gross Unrealized Gains | 722 | 1,767 |
Gross Unrealized Losses | (523) | (1,144) |
Estimated Fair Value | 58,788 | 85,044 |
Held to Maturity | ||
Amortized Cost | 14,563 | 14,922 |
Gross Unrealized Gains | 306 | 634 |
Gross Unrealized Losses | (1) | 0 |
Estimated Fair Value | 14,868 | 15,556 |
Investment Securities | Municipal bonds | ||
Available for Sale | ||
Amortized Cost | 21,540 | 21,609 |
Gross Unrealized Gains | 686 | 1,570 |
Gross Unrealized Losses | (3) | 0 |
Estimated Fair Value | 22,223 | 23,179 |
Held to Maturity | ||
Amortized Cost | 14,120 | 14,425 |
Gross Unrealized Gains | 306 | 633 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 14,426 | 15,058 |
Investment Securities | U.S. Treasury and government agency issued bonds (Agency bonds) | ||
Available for Sale | ||
Amortized Cost | 5,050 | 15,036 |
Gross Unrealized Gains | 0 | 15 |
Gross Unrealized Losses | (124) | (3) |
Estimated Fair Value | 4,926 | 15,048 |
Investment Securities | U.S. government agency issued asset-backed securities (ABS agency) | ||
Available for Sale | ||
Amortized Cost | 7,883 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (235) | |
Estimated Fair Value | 7,648 | |
Investment Securities | ABS agency | ||
Available for Sale | ||
Amortized Cost | 8,751 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (816) | |
Estimated Fair Value | 7,935 | |
Investment Securities | Corporate issued asset-backed securities (ABS corporate) | ||
Available for Sale | ||
Amortized Cost | 9,921 | 29,690 |
Gross Unrealized Gains | 0 | 16 |
Gross Unrealized Losses | (108) | (325) |
Estimated Fair Value | 9,813 | 29,381 |
Investment Securities | U.S. Small Business Administration securities (SBA) | ||
Available for Sale | ||
Amortized Cost | 14,195 | 9,335 |
Gross Unrealized Gains | 36 | 166 |
Gross Unrealized Losses | (53) | 0 |
Estimated Fair Value | 14,178 | 9,501 |
Held to Maturity | ||
Amortized Cost | 443 | 497 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (1) | 0 |
Estimated Fair Value | 442 | 498 |
Mortgage-Backed Securities | ||
Available for Sale | ||
Amortized Cost | 170,704 | 180,613 |
Gross Unrealized Gains | 236 | 2,328 |
Gross Unrealized Losses | (1,135) | (128) |
Estimated Fair Value | 169,805 | 182,813 |
Held to Maturity | ||
Estimated Fair Value | 37,753 | 43,372 |
Mortgage-Backed Securities | U.S. government agency issued mortgage-backed securities (MBS agency) | ||
Available for Sale | ||
Amortized Cost | 144,380 | 139,449 |
Gross Unrealized Gains | 110 | 2,228 |
Gross Unrealized Losses | (1,054) | (28) |
Estimated Fair Value | 143,436 | 141,649 |
Held to Maturity | ||
Amortized Cost | 37,309 | 41,116 |
Gross Unrealized Gains | 566 | 2,257 |
Gross Unrealized Losses | (122) | (1) |
Estimated Fair Value | 37,753 | 43,372 |
Mortgage-Backed Securities | Corporate issued mortgage-backed securities (MBS corporate) | ||
Available for Sale | ||
Amortized Cost | 26,324 | 41,164 |
Gross Unrealized Gains | 126 | 100 |
Gross Unrealized Losses | (81) | (100) |
Estimated Fair Value | $ 26,369 | $ 41,164 |
Securities - Securities in a Co
Securities - Securities in a Continuous Unrealized Gross Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Available for Sale, Gross Unrealized Losses | ||
Total, Gross Unrealized Losses | $ (1,800) | $ (1,300) |
Available for Sale, Fair Value | ||
Total, Fair Value | 164,900 | 65,600 |
Investment Securities | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | (108) | (328) |
Twelve Months or Longer, Gross Unrealized Losses | (415) | (816) |
Total, Gross Unrealized Losses | (523) | (1,144) |
Available for Sale, Fair Value | ||
Less Than Twelve Months, Fair Value | 11,019 | 24,018 |
Twelve Months or Longer, Fair Value | 19,888 | 7,935 |
Total, Fair Value | 30,907 | 31,953 |
Investment Securities | Municipal bonds | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | (3) | |
Twelve Months or Longer, Gross Unrealized Losses | 0 | |
Total, Gross Unrealized Losses | (3) | |
Available for Sale, Fair Value | ||
Less Than Twelve Months, Fair Value | 116 | |
Twelve Months or Longer, Fair Value | 0 | |
Total, Fair Value | 116 | |
Investment Securities | Agency bonds | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | (52) | (3) |
Twelve Months or Longer, Gross Unrealized Losses | (72) | 0 |
Total, Gross Unrealized Losses | (124) | (3) |
Available for Sale, Fair Value | ||
Less Than Twelve Months, Fair Value | 2,498 | 2,497 |
Twelve Months or Longer, Fair Value | 2,428 | 0 |
Total, Fair Value | 4,926 | 2,497 |
Investment Securities | ABS agency | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | 0 |
Twelve Months or Longer, Gross Unrealized Losses | (235) | (816) |
Total, Gross Unrealized Losses | (235) | (816) |
Available for Sale, Fair Value | ||
Less Than Twelve Months, Fair Value | 0 | 0 |
Twelve Months or Longer, Fair Value | 7,647 | 7,935 |
Total, Fair Value | 7,647 | 7,935 |
Investment Securities | ABS corporate | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | 0 | (325) |
Twelve Months or Longer, Gross Unrealized Losses | (108) | 0 |
Total, Gross Unrealized Losses | (108) | (325) |
Available for Sale, Fair Value | ||
Less Than Twelve Months, Fair Value | 0 | 21,521 |
Twelve Months or Longer, Fair Value | 9,813 | 0 |
Total, Fair Value | 9,813 | 21,521 |
Investment Securities | SBA | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | (53) | |
Twelve Months or Longer, Gross Unrealized Losses | 0 | |
Total, Gross Unrealized Losses | (53) | |
Available for Sale, Fair Value | ||
Less Than Twelve Months, Fair Value | 8,405 | |
Twelve Months or Longer, Fair Value | 0 | |
Total, Fair Value | 8,405 | |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | (1) | |
Twelve Months or Longer, Gross Unrealized Losses | 0 | |
Total, Gross Unrealized Losses | (1) | |
Held to Maturity, Fair Value | ||
Less Than Twelve Months, Fair Value | 261 | |
Twelve Months or Longer, Fair Value | 0 | |
Total, Fair Value | 261 | |
Mortgage-Backed Securities | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | (1,049) | (100) |
Twelve Months or Longer, Gross Unrealized Losses | (86) | (28) |
Total, Gross Unrealized Losses | (1,135) | (128) |
Available for Sale, Fair Value | ||
Less Than Twelve Months, Fair Value | 109,632 | 26,120 |
Twelve Months or Longer, Fair Value | 4,978 | 6,771 |
Total, Fair Value | 114,610 | 32,891 |
Mortgage-Backed Securities | MBS agency | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | (968) | 0 |
Twelve Months or Longer, Gross Unrealized Losses | (86) | (28) |
Total, Gross Unrealized Losses | (1,054) | (28) |
Available for Sale, Fair Value | ||
Less Than Twelve Months, Fair Value | 102,738 | 0 |
Twelve Months or Longer, Fair Value | 4,978 | 6,771 |
Total, Fair Value | 107,716 | 6,771 |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | (121) | 0 |
Twelve Months or Longer, Gross Unrealized Losses | (1) | (1) |
Total, Gross Unrealized Losses | (122) | (1) |
Held to Maturity, Fair Value | ||
Less Than Twelve Months, Fair Value | 18,522 | 652 |
Twelve Months or Longer, Fair Value | 597 | 89 |
Total, Fair Value | 19,119 | 741 |
Mortgage-Backed Securities | MBS corporate | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months, Gross Unrealized Losses | (81) | (100) |
Twelve Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total, Gross Unrealized Losses | (81) | (100) |
Available for Sale, Fair Value | ||
Less Than Twelve Months, Fair Value | 6,894 | 26,120 |
Twelve Months or Longer, Fair Value | 0 | 0 |
Total, Fair Value | $ 6,894 | $ 26,120 |
Securities - Narrative (Details
Securities - Narrative (Details) | 12 Months Ended | ||
Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($)security | Jun. 30, 2015USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of securities in an unrealized loss position | security | 42 | 15 | |
Continuous unrealized losses | $ 1,800,000 | $ 1,300,000 | |
Continuous unrealized losses, fair value | 164,900,000 | 65,600,000 | |
OTTI losses | $ 0 | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value by Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Available for Sale, Amortized Cost | ||
Total | $ 229,293 | $ 265,034 |
Available for Sale, Estimated Fair Value | ||
Total | 228,593 | 267,857 |
Held to Maturity, Amortized Cost | ||
Total | 51,872 | 56,038 |
Held to Maturity, Estimated Fair Value | ||
Total | 52,621 | 58,928 |
Mortgage-Backed Securities | ||
Available for Sale, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 19,009 | 18,089 |
Due after ten years | 151,695 | 162,524 |
Total | 170,704 | 180,613 |
Available for Sale, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 18,919 | 18,668 |
Due after ten years | 150,886 | 164,145 |
Total | 169,805 | 182,813 |
Held to Maturity, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 2,518 | 2,263 |
Due after five through ten years | 3,260 | 3,701 |
Due after ten years | 31,531 | 35,152 |
Total | 37,309 | 41,116 |
Held to Maturity, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 2,550 | 2,324 |
Due after five through ten years | 3,233 | 3,768 |
Due after ten years | 31,970 | 37,280 |
Total | 37,753 | 43,372 |
Investment Securities | ||
Available for Sale, Amortized Cost | ||
Due within one year | 0 | 7,000 |
Due after one through five years | 6,890 | 11,780 |
Due after five through ten years | 22,042 | 14,440 |
Due after ten years | 29,657 | 51,201 |
Total | 58,589 | 84,421 |
Available for Sale, Estimated Fair Value | ||
Due within one year | 0 | 6,921 |
Due after one through five years | 6,848 | 11,950 |
Due after five through ten years | 22,124 | 14,668 |
Due after ten years | 29,816 | 51,505 |
Total | 58,788 | 85,044 |
Held to Maturity, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 9,637 | 9,711 |
Due after ten years | 4,926 | 5,211 |
Total | 14,563 | 14,922 |
Held to Maturity, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 9,817 | 10,094 |
Due after ten years | 5,051 | 5,462 |
Total | $ 14,868 | $ 15,556 |
Securities - Sale of Available-
Securities - Sale of Available-for-sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 0 | $ 109,065 | $ 0 |
Gross gains | 0 | 1,727 | 0 |
Gross losses | $ 0 | $ (160) | $ 0 |
Loans Receivable - Balance of L
Loans Receivable - Balance of Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 733,997 | $ 625,985 | ||
Net deferred loan fees | 904 | 1,182 | ||
Premium on purchased loans, net | (2,216) | (2,280) | ||
Allowance for loan losses | 8,523 | 7,239 | $ 7,111 | $ 8,072 |
Total loans receivable, net | 726,786 | 619,844 | ||
Residential segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 660,012 | 566,129 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 56,912 | 42,932 | ||
Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 17,073 | 16,924 | ||
Allowance for loan losses | 1,168 | 335 | 251 | 388 |
Real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 697,500 | 600,000 | ||
Commercial real estate | Residential segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 202,038 | 161,182 | ||
Allowance for loan losses | 1,735 | 1,268 | 998 | 1,491 |
Construction and land | Residential segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 71,630 | 50,351 | ||
Allowance for loan losses | 683 | 599 | 336 | 397 |
Home equity | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 35,869 | 33,909 | ||
Allowance for loan losses | 818 | 833 | 1,052 | 1,289 |
Other consumer | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 21,043 | 9,023 | ||
Allowance for loan losses | 523 | 310 | 321 | 389 |
One- to four-family | Real estate loans | Residential segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 328,243 | 308,471 | ||
Allowance for loan losses | 3,071 | 2,992 | 3,143 | 3,408 |
Multifamily | Real estate loans | Residential segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 58,101 | 46,125 | ||
Allowance for loan losses | $ 511 | $ 341 | $ 251 | $ 475 |
Loans Receivable - Loans by Ear
Loans Receivable - Loans by Earlier of Repricing Date or Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 733,997 | $ 625,985 |
Adjustable-rate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due within one year | 109,039 | 91,638 |
After one but within five years | 213,265 | 180,031 |
After five but within ten years | 90,873 | 58,812 |
After ten years | 5,299 | 0 |
Total | 418,476 | 330,481 |
Fixed-rate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due within one year | 7,632 | 9,035 |
After one but within five years | 34,436 | 38,202 |
After five but within ten years | 58,360 | 43,059 |
After ten years | 215,093 | 205,208 |
Total | $ 315,521 | $ 295,504 |
Loans Receivable - Allowance fo
Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning balance | $ 7,239 | $ 7,111 | $ 7,239 | $ 7,111 | $ 8,072 | ||||||||
Provision for loan losses | $ 285 | $ 215 | $ 410 | 350 | $ 233 | $ 0 | $ 0 | 0 | 1,260 | 233 | 0 | ||
Charge-offs | (338) | (366) | (1,159) | ||||||||||
Recoveries | 362 | 261 | 198 | ||||||||||
Ending balance | 8,523 | 7,239 | 8,523 | 7,239 | 7,111 | ||||||||
Total ALLL | 8,523 | 7,239 | 7,239 | 7,111 | 7,239 | 7,111 | 8,072 | $ 8,523 | $ 7,239 | ||||
General reserve | 8,171 | 6,878 | |||||||||||
Specific reserve | 352 | 361 | |||||||||||
Total loans | 733,997 | 625,985 | |||||||||||
General reserves | 726,609 | 616,913 | |||||||||||
Specific reserves | 7,388 | 9,072 | |||||||||||
Residential segment | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Total loans | 660,012 | 566,129 | |||||||||||
Consumer | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Total loans | 56,912 | 42,932 | |||||||||||
Commercial business | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning balance | 335 | 251 | 335 | 251 | 388 | ||||||||
Provision for loan losses | 836 | 49 | 37 | ||||||||||
Charge-offs | (5) | (7) | (177) | ||||||||||
Recoveries | 2 | 42 | 3 | ||||||||||
Ending balance | 1,168 | 335 | 1,168 | 335 | 251 | ||||||||
Total ALLL | 1,168 | 335 | 335 | 251 | 335 | 251 | 388 | 1,168 | 335 | ||||
General reserve | 961 | 139 | |||||||||||
Specific reserve | 207 | 196 | |||||||||||
Total loans | 17,073 | 16,924 | |||||||||||
General reserves | 16,784 | 16,564 | |||||||||||
Specific reserves | 289 | 360 | |||||||||||
Unallocated | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning balance | 561 | 759 | 561 | 759 | 235 | ||||||||
Provision for loan losses | (547) | (198) | 524 | ||||||||||
Charge-offs | 0 | 0 | |||||||||||
Recoveries | 0 | 0 | |||||||||||
Ending balance | 14 | 561 | 14 | 561 | 759 | ||||||||
Total ALLL | 14 | 561 | 561 | 759 | 561 | 759 | 235 | 14 | 561 | ||||
General reserve | 14 | 561 | |||||||||||
Specific reserve | 0 | 0 | |||||||||||
Total loans | 0 | 0 | |||||||||||
General reserves | 0 | 0 | |||||||||||
Specific reserves | 0 | 0 | |||||||||||
Real estate loans | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Total loans | 697,500 | 600,000 | |||||||||||
Real estate loans | One- to four-family | Residential segment | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning balance | 2,992 | 3,143 | 2,992 | 3,143 | 3,408 | ||||||||
Provision for loan losses | (34) | (140) | 81 | ||||||||||
Charge-offs | 0 | (75) | (430) | ||||||||||
Recoveries | 113 | 64 | 84 | ||||||||||
Ending balance | 3,071 | 2,992 | 3,071 | 2,992 | 3,143 | ||||||||
Total ALLL | 3,071 | 2,992 | 2,992 | 3,143 | 2,992 | 3,143 | 3,408 | 3,071 | 2,992 | ||||
General reserve | 2,988 | 2,932 | |||||||||||
Specific reserve | 83 | 60 | |||||||||||
Total loans | 328,243 | 308,471 | |||||||||||
General reserves | 323,592 | 302,370 | |||||||||||
Specific reserves | 4,651 | 6,101 | |||||||||||
Real estate loans | Multifamily | Residential segment | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning balance | 341 | 251 | 341 | 251 | 475 | ||||||||
Provision for loan losses | 170 | 90 | (224) | ||||||||||
Charge-offs | 0 | 0 | 0 | ||||||||||
Recoveries | 0 | 0 | 0 | ||||||||||
Ending balance | 511 | 341 | 511 | 341 | 251 | ||||||||
Total ALLL | 511 | 341 | 341 | 251 | 341 | 251 | 475 | 511 | 341 | ||||
General reserve | 510 | 340 | |||||||||||
Specific reserve | 1 | 1 | |||||||||||
Total loans | 58,101 | 46,125 | |||||||||||
General reserves | 57,983 | 46,003 | |||||||||||
Specific reserves | 118 | 122 | |||||||||||
Commercial real estate | Residential segment | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning balance | 1,268 | 998 | 1,268 | 998 | 1,491 | ||||||||
Provision for loan losses | 467 | 288 | (493) | ||||||||||
Charge-offs | 0 | (18) | 0 | ||||||||||
Recoveries | 0 | 0 | 0 | ||||||||||
Ending balance | 1,735 | 1,268 | 1,735 | 1,268 | 998 | ||||||||
Total ALLL | 1,735 | 1,268 | 1,268 | 998 | 1,268 | 998 | 1,491 | 1,735 | 1,268 | ||||
General reserve | 1,718 | 1,257 | |||||||||||
Specific reserve | 17 | 11 | |||||||||||
Total loans | 202,038 | 161,182 | |||||||||||
General reserves | 200,467 | 159,525 | |||||||||||
Specific reserves | 1,571 | 1,657 | |||||||||||
Construction and land | Residential segment | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning balance | 599 | 336 | 599 | 336 | 397 | ||||||||
Provision for loan losses | 82 | 247 | (29) | ||||||||||
Charge-offs | 0 | (17) | (49) | ||||||||||
Recoveries | 2 | 33 | 17 | ||||||||||
Ending balance | 683 | 599 | 683 | 599 | 336 | ||||||||
Total ALLL | 683 | 599 | 599 | 336 | 599 | 336 | 397 | 683 | 599 | ||||
General reserve | 682 | 588 | |||||||||||
Specific reserve | 1 | 11 | |||||||||||
Total loans | 71,630 | 50,351 | |||||||||||
General reserves | 71,602 | 50,260 | |||||||||||
Specific reserves | 28 | 91 | |||||||||||
Home equity | Consumer | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning balance | 833 | 1,052 | 833 | 1,052 | 1,289 | ||||||||
Provision for loan losses | (90) | (205) | 40 | ||||||||||
Charge-offs | (81) | (77) | (325) | ||||||||||
Recoveries | 156 | 63 | 48 | ||||||||||
Ending balance | 818 | 833 | 818 | 833 | 1,052 | ||||||||
Total ALLL | 818 | 833 | 833 | 1,052 | 833 | 1,052 | 1,289 | 818 | 833 | ||||
General reserve | 797 | 814 | |||||||||||
Specific reserve | 21 | 19 | |||||||||||
Total loans | 35,869 | 33,909 | |||||||||||
General reserves | 35,160 | 33,279 | |||||||||||
Specific reserves | 709 | 630 | |||||||||||
Other consumer | Consumer | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||||||||||
Beginning balance | 310 | 321 | 310 | 321 | 389 | ||||||||
Provision for loan losses | 376 | 102 | 64 | ||||||||||
Charge-offs | (252) | (172) | (178) | ||||||||||
Recoveries | 89 | 59 | 46 | ||||||||||
Ending balance | 523 | 310 | 523 | 310 | 321 | ||||||||
Total ALLL | $ 523 | $ 310 | $ 310 | $ 321 | $ 310 | $ 321 | $ 389 | 523 | 310 | ||||
General reserve | 501 | 247 | |||||||||||
Specific reserve | 22 | 63 | |||||||||||
Total loans | 21,043 | 9,023 | |||||||||||
General reserves | 21,021 | 8,912 | |||||||||||
Specific reserves | $ 22 | $ 111 |
Loans Receivable - Impaired Loa
Loans Receivable - Impaired Loans By Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investments (Loan Balance Less Charge-Off), No Allowance Recorded | $ 1,322 | $ 2,999 | |
Recorded Investments (Loan Balance Less Charge-Off), Allowance Recorded | 6,066 | 6,073 | |
Recorded Investments (Loan Balance Less Charge-Off) | 7,388 | 9,072 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 1,785 | 3,536 | |
Unpaid Principal Balance, Allowance Recorded | 6,480 | 6,358 | |
Unpaid Principal Balance | 8,265 | 9,894 | |
Related Allowance | 352 | 361 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Investment in Impaired Loans, No Allowance Recorded | 2,238 | 3,009 | $ 6,329 |
Average Investment in Impaired Loans, Allowance Recorded | 6,029 | 6,352 | 6,188 |
Average Investment in Impaired Loans | 8,267 | 9,361 | 12,517 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 22 | 91 | 218 |
Interest Income Recognized, Allowance Recorded | 327 | 346 | 355 |
Interest Income Recognized | 349 | 437 | 573 |
Commercial business | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investments (Loan Balance Less Charge-Off), No Allowance Recorded | 0 | 0 | |
Recorded Investments (Loan Balance Less Charge-Off), Allowance Recorded | 289 | 360 | |
Recorded Investments (Loan Balance Less Charge-Off) | 289 | 360 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 0 | 0 | |
Unpaid Principal Balance, Allowance Recorded | 289 | 360 | |
Unpaid Principal Balance | 289 | 360 | |
Related Allowance | 207 | 196 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Investment in Impaired Loans, No Allowance Recorded | 0 | 19 | 26 |
Average Investment in Impaired Loans, Allowance Recorded | 338 | 367 | 454 |
Average Investment in Impaired Loans | 338 | 386 | 480 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 0 | 0 | 4 |
Interest Income Recognized, Allowance Recorded | 15 | 22 | 23 |
Interest Income Recognized | 15 | 22 | 27 |
Real estate loans | One- to four-family | Residential segment | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investments (Loan Balance Less Charge-Off), No Allowance Recorded | 646 | 2,386 | |
Recorded Investments (Loan Balance Less Charge-Off), Allowance Recorded | 4,005 | 3,715 | |
Recorded Investments (Loan Balance Less Charge-Off) | 4,651 | 6,101 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 845 | 2,728 | |
Unpaid Principal Balance, Allowance Recorded | 4,295 | 3,910 | |
Unpaid Principal Balance | 5,140 | 6,638 | |
Related Allowance | 83 | 60 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Investment in Impaired Loans, No Allowance Recorded | 1,623 | 2,178 | 4,018 |
Average Investment in Impaired Loans, Allowance Recorded | 3,897 | 3,928 | 3,223 |
Average Investment in Impaired Loans | 5,520 | 6,106 | 7,241 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 12 | 69 | 162 |
Interest Income Recognized, Allowance Recorded | 213 | 200 | 227 |
Interest Income Recognized | 225 | 269 | 389 |
Real estate loans | Multifamily | Residential segment | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investments (Loan Balance Less Charge-Off), No Allowance Recorded | 0 | 0 | |
Recorded Investments (Loan Balance Less Charge-Off), Allowance Recorded | 118 | 122 | |
Recorded Investments (Loan Balance Less Charge-Off) | 118 | 122 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 0 | 0 | |
Unpaid Principal Balance, Allowance Recorded | 118 | 122 | |
Unpaid Principal Balance | 118 | 122 | |
Related Allowance | 1 | 1 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Investment in Impaired Loans, No Allowance Recorded | 0 | 284 | 543 |
Average Investment in Impaired Loans, Allowance Recorded | 120 | 166 | 128 |
Average Investment in Impaired Loans | 120 | 450 | 671 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 0 | 0 | 17 |
Interest Income Recognized, Allowance Recorded | 6 | 6 | 6 |
Interest Income Recognized | 6 | 6 | 23 |
Commercial real estate | Residential segment | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investments (Loan Balance Less Charge-Off), No Allowance Recorded | 297 | 475 | |
Recorded Investments (Loan Balance Less Charge-Off), Allowance Recorded | 1,274 | 1,182 | |
Recorded Investments (Loan Balance Less Charge-Off) | 1,571 | 1,657 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 406 | 558 | |
Unpaid Principal Balance, Allowance Recorded | 1,278 | 1,187 | |
Unpaid Principal Balance | 1,684 | 1,745 | |
Related Allowance | 17 | 11 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Investment in Impaired Loans, No Allowance Recorded | 383 | 325 | 1,284 |
Average Investment in Impaired Loans, Allowance Recorded | 1,229 | 1,098 | 1,504 |
Average Investment in Impaired Loans | 1,612 | 1,423 | 2,788 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 0 | 12 | 21 |
Interest Income Recognized, Allowance Recorded | 68 | 69 | 49 |
Interest Income Recognized | 68 | 81 | 70 |
Construction and land | Residential segment | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investments (Loan Balance Less Charge-Off), No Allowance Recorded | 0 | 0 | |
Recorded Investments (Loan Balance Less Charge-Off), Allowance Recorded | 28 | 91 | |
Recorded Investments (Loan Balance Less Charge-Off) | 28 | 91 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 0 | 0 | |
Unpaid Principal Balance, Allowance Recorded | 52 | 115 | |
Unpaid Principal Balance | 52 | 115 | |
Related Allowance | 1 | 11 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Investment in Impaired Loans, No Allowance Recorded | 0 | 14 | 237 |
Average Investment in Impaired Loans, Allowance Recorded | 39 | 141 | 185 |
Average Investment in Impaired Loans | 39 | 155 | 422 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 0 | 0 | 4 |
Interest Income Recognized, Allowance Recorded | 2 | 9 | 14 |
Interest Income Recognized | 2 | 9 | 18 |
Home equity | Consumer | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investments (Loan Balance Less Charge-Off), No Allowance Recorded | 379 | 138 | |
Recorded Investments (Loan Balance Less Charge-Off), Allowance Recorded | 330 | 492 | |
Recorded Investments (Loan Balance Less Charge-Off) | 709 | 630 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 410 | 203 | |
Unpaid Principal Balance, Allowance Recorded | 398 | 527 | |
Unpaid Principal Balance | 808 | 730 | |
Related Allowance | 21 | 19 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Investment in Impaired Loans, No Allowance Recorded | 232 | 186 | 221 |
Average Investment in Impaired Loans, Allowance Recorded | 353 | 503 | 593 |
Average Investment in Impaired Loans | 585 | 689 | 814 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 6 | 7 | 8 |
Interest Income Recognized, Allowance Recorded | 23 | 31 | 28 |
Interest Income Recognized | 29 | 38 | 36 |
Other consumer | Consumer | |||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||
Recorded Investments (Loan Balance Less Charge-Off), No Allowance Recorded | 0 | 0 | |
Recorded Investments (Loan Balance Less Charge-Off), Allowance Recorded | 22 | 111 | |
Recorded Investments (Loan Balance Less Charge-Off) | 22 | 111 | |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||
Unpaid Principal Balance, No Allowance Recorded | 124 | 47 | |
Unpaid Principal Balance, Allowance Recorded | 50 | 137 | |
Unpaid Principal Balance | 174 | 184 | |
Related Allowance | 22 | 63 | |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||
Average Investment in Impaired Loans, No Allowance Recorded | 0 | 3 | 0 |
Average Investment in Impaired Loans, Allowance Recorded | 53 | 149 | 101 |
Average Investment in Impaired Loans | 53 | 152 | 101 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Interest Income Recognized, No Allowance Recorded | 4 | 3 | 2 |
Interest Income Recognized, Allowance Recorded | 0 | 9 | 8 |
Interest Income Recognized | $ 4 | $ 12 | $ 10 |
Loans Receivable - Narrative (D
Loans Receivable - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Interest income recognized on impaired loans | $ 313,000 | $ 376,000 | $ 473,000 |
Loans | 733,997,000 | 625,985,000 | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,300,000 | 4,600,000 | |
Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 0 | $ 0 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 733,997 | $ 625,985 |
Recorded investment, nonaccrual loans | 1,915 | 3,257 |
Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 697,500 | 600,000 |
Residential segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 660,012 | 566,129 |
Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 202,038 | 161,182 |
Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 71,630 | 50,351 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 56,912 | 42,932 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 35,869 | 33,909 |
Consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 21,043 | 9,023 |
One- to four-family | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 328,243 | $ 308,471 |
Loans Receivable - Reconciliati
Loans Receivable - Reconciliation of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | $ 686 | $ 1,713 |
Current | 733,311 | 624,272 |
Total loans | 733,997 | 625,985 |
Real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans | 697,500 | 600,000 |
Residential segment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 260 | 1,262 |
Current | 659,752 | 564,867 |
Total loans | 660,012 | 566,129 |
Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
Current | 202,038 | 161,182 |
Total loans | 202,038 | 161,182 |
Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 54 | 46 |
Current | 71,576 | 50,305 |
Total loans | 71,630 | 50,351 |
Consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 426 | 451 |
Current | 56,486 | 42,481 |
Total loans | 56,912 | 42,932 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 325 | 346 |
Current | 35,544 | 33,563 |
Total loans | 35,869 | 33,909 |
Consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 101 | 105 |
Current | 20,942 | 8,918 |
Total loans | 21,043 | 9,023 |
Commercial business loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
Current | 17,073 | 16,924 |
Total loans | 17,073 | 16,924 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 49 | 1,111 |
30 to 59 Days Past Due | Residential segment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 662 |
30 to 59 Days Past Due | Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
30 to 59 Days Past Due | Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
30 to 59 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 49 | 449 |
30 to 59 Days Past Due | Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 21 | 344 |
30 to 59 Days Past Due | Consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 28 | 105 |
30 to 59 Days Past Due | Commercial business loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 607 | 88 |
60 to 89 Days Past Due | Residential segment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 240 | 88 |
60 to 89 Days Past Due | Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
60 to 89 Days Past Due | Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 34 | 0 |
60 to 89 Days Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 367 | 0 |
60 to 89 Days Past Due | Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 294 | 0 |
60 to 89 Days Past Due | Consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 73 | 0 |
60 to 89 Days Past Due | Commercial business loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 30 | 514 |
90 Days or More Past Due | Residential segment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 20 | 512 |
90 Days or More Past Due | Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
90 Days or More Past Due | Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 20 | 46 |
90 Days or More Past Due | Consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 10 | 2 |
90 Days or More Past Due | Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 10 | 2 |
90 Days or More Past Due | Consumer | Other consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
90 Days or More Past Due | Commercial business loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
One- to four-family | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 206 | 1,216 |
Current | 328,037 | 307,255 |
Total loans | 328,243 | 308,471 |
One- to four-family | 30 to 59 Days Past Due | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 662 |
One- to four-family | 60 to 89 Days Past Due | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 206 | 88 |
One- to four-family | 90 Days or More Past Due | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 466 |
Multifamily | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
Current | 58,101 | 46,125 |
Total loans | 58,101 | 46,125 |
Multifamily | 30 to 59 Days Past Due | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
Multifamily | 60 to 89 Days Past Due | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | 0 | 0 |
Multifamily | 90 Days or More Past Due | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past due loans | $ 0 | $ 0 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 733,997 | $ 625,985 |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,915 | 3,257 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 732,082 | 622,728 |
Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 697,500 | 600,000 |
Residential segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 660,012 | 566,129 |
Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 202,038 | 161,182 |
Residential segment | Commercial real estate | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 426 | 474 |
Residential segment | Commercial real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 201,612 | 160,708 |
Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 71,630 | 50,351 |
Residential segment | Construction and land | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 28 | 91 |
Residential segment | Construction and land | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 71,602 | 50,260 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 56,912 | 42,932 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,869 | 33,909 |
Consumer | Home equity | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 398 | 167 |
Consumer | Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,471 | 33,742 |
Consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,043 | 9,023 |
Consumer | Other consumer | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21 | 112 |
Consumer | Other consumer | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,022 | 8,911 |
Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,073 | 16,924 |
Commercial business loans | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial business loans | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,073 | 16,924 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 701,562 | 598,938 |
Pass | Residential segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 631,830 | 542,565 |
Pass | Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 188,956 | 153,783 |
Pass | Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 65,175 | 45,986 |
Pass | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 55,589 | 41,293 |
Pass | Consumer | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 34,913 | 32,661 |
Pass | Consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20,676 | 8,632 |
Pass | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,143 | 15,080 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,838 | 19,722 |
Watch | Residential segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,000 | 17,444 |
Watch | Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,243 | 5,736 |
Watch | Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,197 | 3,560 |
Watch | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 374 | 824 |
Watch | Consumer | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 215 | 634 |
Watch | Consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 159 | 190 |
Watch | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,464 | 1,454 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,345 | 2,756 |
Special Mention | Residential segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,664 | 2,237 |
Special Mention | Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,232 | 1,105 |
Special Mention | Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,161 | 643 |
Special Mention | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 230 | 159 |
Special Mention | Consumer | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 57 | 76 |
Special Mention | Consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 173 | 83 |
Special Mention | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,451 | 360 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,300 | 4,600 |
Substandard | Residential segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,518 | 3,883 |
Substandard | Residential segment | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 607 | 558 |
Substandard | Residential segment | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 97 | 162 |
Substandard | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 719 | 656 |
Substandard | Consumer | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 684 | 538 |
Substandard | Consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35 | 118 |
Substandard | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15 | 30 |
One- to four-family | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 328,243 | 308,471 |
One- to four-family | Residential segment | Real estate loans | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,042 | 2,413 |
One- to four-family | Residential segment | Real estate loans | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 327,201 | 306,058 |
One- to four-family | Pass | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 321,596 | 302,841 |
One- to four-family | Watch | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,680 | 2,100 |
One- to four-family | Special Mention | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,153 | 367 |
One- to four-family | Substandard | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,814 | 3,163 |
Multifamily | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 58,101 | 46,125 |
Multifamily | Residential segment | Real estate loans | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Multifamily | Residential segment | Real estate loans | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 58,101 | 46,125 |
Multifamily | Pass | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 56,103 | 39,955 |
Multifamily | Watch | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,880 | 6,048 |
Multifamily | Special Mention | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 118 | 122 |
Multifamily | Substandard | Residential segment | Real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | Jun. 30, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | |||
Total TDR loans | $ 6,145 | $ 6,545 | |
Allowance for loan losses related to TDR loans | 315 | 267 | |
Total nonaccrual TDR loans | $ 673 | $ 944 | |
Pre-modification, number of contracts | contract | 4 | 6 | 3 |
Pre-modification outstanding recorded investment | $ 562 | $ 500 | $ 306 |
Post-modification outstanding recorded investment, number of contracts | contract | 4 | 4 | 3 |
Post-modification outstanding recorded investment | $ 544 | $ 502 | $ 309 |
Modifications that subsequently defaulted, number of contracts | contract | 0 | ||
Residential segment | Real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
TDR loans that subsequently defaulted | 50 | $ 86 | |
Residential segment | Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Total TDR loans | 1,397 | 1,314 | |
Total nonaccrual TDR loans | $ 252 | 132 | |
Pre-modification, number of contracts | contract | 1 | ||
Pre-modification outstanding recorded investment | $ 134 | ||
Post-modification outstanding recorded investment, number of contracts | contract | 1 | ||
Post-modification outstanding recorded investment | $ 129 | ||
Consumer | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Total TDR loans | 312 | 464 | |
Total nonaccrual TDR loans | 0 | 0 | |
Pre-modification, number of contracts | contract | 1 | ||
Pre-modification outstanding recorded investment | $ 50 | ||
Post-modification outstanding recorded investment, number of contracts | contract | 1 | ||
Post-modification outstanding recorded investment | $ 50 | ||
Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification, number of contracts | contract | 1 | ||
Pre-modification outstanding recorded investment | $ 105 | ||
Post-modification outstanding recorded investment, number of contracts | contract | 1 | ||
Post-modification outstanding recorded investment | $ 105 | ||
Rate Modification | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 95 | 19 | 0 |
Post-modification outstanding recorded investment | 92 | 18 | 0 |
Rate Modification | Residential segment | Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 0 | ||
Post-modification outstanding recorded investment | 0 | ||
Rate Modification | Consumer | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 0 | ||
Post-modification outstanding recorded investment | 0 | ||
Rate Modification | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 0 | ||
Post-modification outstanding recorded investment | 0 | ||
Term Modification | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 89 | 0 | 306 |
Post-modification outstanding recorded investment | 87 | 0 | 309 |
Term Modification | Residential segment | Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 0 | ||
Post-modification outstanding recorded investment | 0 | ||
Term Modification | Consumer | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 50 | ||
Post-modification outstanding recorded investment | 50 | ||
Term Modification | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 105 | ||
Post-modification outstanding recorded investment | 105 | ||
Combination Modification | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 378 | 481 | 0 |
Post-modification outstanding recorded investment | 365 | 484 | 0 |
Combination Modification | Residential segment | Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 134 | ||
Post-modification outstanding recorded investment | 129 | ||
Combination Modification | Consumer | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 0 | ||
Post-modification outstanding recorded investment | 0 | ||
Combination Modification | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 0 | ||
Post-modification outstanding recorded investment | $ 0 | ||
One- to four-family | Residential segment | Real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
Total TDR loans | 4,029 | 4,285 | |
Total nonaccrual TDR loans | $ 421 | $ 812 | |
Pre-modification, number of contracts | contract | 3 | 6 | 1 |
Pre-modification outstanding recorded investment | $ 428 | $ 500 | $ 151 |
Post-modification outstanding recorded investment, number of contracts | contract | 3 | 4 | 1 |
Post-modification outstanding recorded investment | $ 415 | $ 502 | $ 154 |
Modifications that subsequently defaulted, number of contracts | contract | 1 | 1 | |
One- to four-family | Rate Modification | Residential segment | Real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | $ 95 | $ 19 | 0 |
Post-modification outstanding recorded investment | 92 | 18 | 0 |
TDR loans that subsequently defaulted | 0 | 0 | |
One- to four-family | Term Modification | Residential segment | Real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 89 | 0 | 151 |
Post-modification outstanding recorded investment | 87 | 0 | 154 |
TDR loans that subsequently defaulted | 0 | 0 | |
One- to four-family | Combination Modification | Residential segment | Real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 244 | 481 | 0 |
Post-modification outstanding recorded investment | 236 | 484 | $ 0 |
TDR loans that subsequently defaulted | 50 | 86 | |
Multifamily | Residential segment | Real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
Total TDR loans | 118 | 122 | |
Total nonaccrual TDR loans | $ 0 | $ 0 |
Loans Receivable - Troubled D63
Loans Receivable - Troubled Debt Restructured Loans by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | $ 5,472 | $ 5,601 |
Nonaccrual loans | 673 | 944 |
Total TDR loans | 6,145 | 6,545 |
Commercial business loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 289 | 360 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 289 | 360 |
Commercial real estate | Residential segment | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 1,145 | 1,182 |
Nonaccrual loans | 252 | 132 |
Total TDR loans | 1,397 | 1,314 |
Home equity | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 312 | 464 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 312 | 464 |
One- to four-family | Real estate loans | Residential segment | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 3,608 | 3,473 |
Nonaccrual loans | 421 | 812 |
Total TDR loans | 4,029 | 4,285 |
Multifamily | Real estate loans | Residential segment | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 118 | 122 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | $ 118 | $ 122 |
Real Estate Owned and Reposse64
Real Estate Owned and Repossessed Assets - Activity in Real Estate Owned an Repossessed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Real Estate Owned and Repossessed Assets [Roll Forward] | |||
Beginning balance | $ 81 | $ 1,914 | $ 810 |
Loans transferred to foreclosed assets | 222 | 1,352 | 2,585 |
Sales | (207) | (3,591) | (1,470) |
Market value adjustments | (32) | (140) | (212) |
Net gain on sales | 40 | 546 | 201 |
Ending balance | $ 104 | $ 81 | $ 1,914 |
Real Estate Owned and Reposse65
Real Estate Owned and Repossessed Assets - Reconciliation of Real Estate Owned and Repossessed Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Real Estate Owned and Repossessed Assets [Line Items] | ||||
Real estate owned and repossessed assets | $ 104 | $ 81 | $ 1,914 | $ 810 |
One- to four-family residential properties | ||||
Schedule of Real Estate Owned and Repossessed Assets [Line Items] | ||||
Real estate owned and repossessed assets | 86 | 0 | ||
Land | ||||
Schedule of Real Estate Owned and Repossessed Assets [Line Items] | ||||
Real estate owned and repossessed assets | 0 | 22 | ||
Personal property | ||||
Schedule of Real Estate Owned and Repossessed Assets [Line Items] | ||||
Real estate owned and repossessed assets | $ 18 | $ 59 |
Premises and Equipment - Net Pr
Premises and Equipment - Net Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 26,513 | $ 25,905 | |
Less accumulated depreciation and amortization | (13,277) | (12,386) | |
Premises and equipment, net | 13,236 | 13,519 | |
Depreciation expense | 1,200 | 1,100 | $ 973 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 2,560 | 2,560 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 6,074 | 6,074 | |
Operating rental payments | 305 | 144 | $ 126 |
Building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 8,928 | 8,505 | |
Furniture, fixtures, and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 7,348 | 7,071 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 1,447 | 1,430 | |
Automobiles | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 81 | 81 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 75 | $ 184 |
Premises and Equipment - Operat
Premises and Equipment - Operating Lease Commitments (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($)building | |
Minimum | |
Operating Leased Assets [Line Items] | |
Operating lease expiration range | 1 year |
Maximum | |
Operating Leased Assets [Line Items] | |
Operating lease expiration range | 20 years |
Buildings | |
Operating Leased Assets [Line Items] | |
Number of locations subject to lease agreements | building | 4 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 347 |
2,019 | 325 |
2,020 | 298 |
2,021 | 308 |
2,022 | 222 |
Thereafter | 2,128 |
Total minimum payments required | $ 3,628 |
Branch | |
Operating Leased Assets [Line Items] | |
Number of locations subject to lease agreements | building | 3 |
Loan production office | |
Operating Leased Assets [Line Items] | |
Number of locations subject to lease agreements | building | 1 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Transfers and Servicing [Abstract] | |||
Mortgage loans serviced for third parties | $ 176,300,000 | $ 187,700,000 | |
Valuation allowance for mortgage servicing rights | 0 | 0 | $ 0 |
Fair value of mortgage servicing rights | $ 1,600,000 | $ 1,700,000 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Balance at beginning of period | $ 998 | $ 1,187 | $ 1,266 |
Additions | 222 | 70 | 197 |
Amortization | (234) | (259) | (276) |
Balance at end of period | $ 986 | $ 998 | $ 1,187 |
Mortgage Servicing Rights - Ass
Mortgage Servicing Rights - Assumptions (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Transfers and Servicing [Abstract] | |||
Constant prepayment rate | 12.60% | 11.00% | 13.00% |
Weighted-average life (years) | 5 years 8 months 12 days | 5 years 9 months 18 days | 5 years 8 months 12 days |
Yield to maturity discount | 9.80% | 9.30% | 9.90% |
Mortgage Servicing Rights - Ser
Mortgage Servicing Rights - Servicing Fees and Late Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Transfers and Servicing [Abstract] | |||
Servicing fees | $ 464 | $ 502 | $ 561 |
Late fees | $ 17 | $ 18 | $ 23 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted Average Rate of Deposits, by Type [Abstract] [Abstract] | |||
Weighted-Average Interest Rate, Savings | 0.06% | 0.04% | |
Weighted-Average Interest Rate, Transaction accounts | 0.01% | 0.01% | |
Weighted-Average Interest Rate, Insured money market accounts | 0.31% | 0.26% | |
Weighted-Average Interest Rate, Certificates of deposit and jumbo certificates | 1.19% | 1.09% | |
Deposits, by Type [Abstract] | |||
Savings | $ 98,894 | $ 91,656 | |
Transaction accounts | 245,889 | 213,442 | |
Money market accounts | 267,503 | 259,076 | |
Certificates of deposit and jumbo certificates | 211,474 | 159,113 | |
Total Deposits | $ 823,760 | $ 723,287 | |
Weighted-average interest rate | 0.42% | 0.34% | |
Time Deposits, Fiscal Year Maturity [Abstract] | |||
Within one year or less | $ 106,448 | ||
After one year through two years | 59,137 | ||
After two years through three years | 25,767 | ||
After three years through four years | 9,569 | ||
After four years through five years | 10,498 | ||
After five years | 55 | ||
Total time deposits | 211,474 | $ 159,113 | |
Interest Expense, Deposits [Abstract] | |||
Savings | 42 | 36 | $ 38 |
Transaction accounts | 17 | 14 | 10 |
Money market accounts | 828 | 609 | 436 |
Certificates of deposit and jumbo certificates | 1,972 | 1,510 | 1,185 |
Interest expense | $ 2,859 | $ 2,169 | $ 1,669 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Jun. 30, 2016 |
Banking and Thrift [Abstract] | ||
Time deposits, $250,000 or more | $ 68 | $ 43.5 |
Public fund deposits | 54.5 | 51.2 |
Investment securities pledged as collateral, carrying value | $ 41.8 | $ 47.4 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Jun. 30, 2016 |
Short-term Debt [Line Items] | ||
Maximum available credit to bank assets, percentage (up to 40%) | 40.00% | |
Investment Securities | ||
Short-term Debt [Line Items] | ||
Loans receivable pledged as collateral | $ 3.4 | $ 5.1 |
Residential segment | ||
Short-term Debt [Line Items] | ||
Loans receivable pledged as collateral | $ 244.2 | $ 209.2 |
Borrowings - Summary of Outstan
Borrowings - Summary of Outstanding Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Debt Disclosure [Abstract] | ||
Long-term advances | $ 60,000 | $ 60,000 |
Overnight advances | $ 17,427 | $ 20,672 |
Borrowings - Maximum and Averag
Borrowings - Maximum and Average Outstanding Balances and Average Interest Rates (Details) - Federal Home Loan Bank Advances - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Federal Home Loan Bank, Short-term, Variable-rate Revolving Advance (CMA) | |||
Federal Home Loan Bank, Advances, Activity for Year [Abstract] | |||
Maximum outstanding at any month-end | $ 47,338 | $ 50,233 | $ 1,000 |
Monthly average outstanding | $ 24,208 | $ 11,200 | $ 83 |
Weighted-average interest rates, Annual | 0.79% | 0.35% | 0.29% |
Weighted-average interest rates, Period End | 1.28% | 0.42% | 0.29% |
Interest expense during the year | $ 192 | $ 42 | $ 1 |
Federal Home Loan Bank, Long-term, Fixed-rate Advance Agreements | |||
Federal Home Loan Bank, Advances, Activity for Year [Abstract] | |||
Maximum outstanding at any month-end | 60,000 | 89,924 | 89,924 |
Monthly average outstanding | $ 60,000 | $ 75,808 | $ 89,924 |
Weighted-average interest rates, Annual | 3.52% | 3.35% | 3.24% |
Weighted-average interest rates, Period End | 3.52% | 3.52% | 3.24% |
Interest expense during the year | $ 2,108 | $ 2,559 | $ 2,917 |
Borrowings - Schedule of Federa
Borrowings - Schedule of Federal Home Loan Bank Advance Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Rolling Year [Abstract] | ||
Weighted-Average Interest Rate, Within one year or less | 0.00% | 0.00% |
Weighted-Average Interest Rate, After one year through two years | 0.00% | 0.00% |
Weighted-Average Interest Rate, After two years through three years | 3.24% | 0.00% |
Weighted-Average Interest Rate, After three years through four years | 3.80% | 3.24% |
Weighted-Average Interest Rate, After four years through five years | 0.00% | 3.80% |
Weighted-Average Interest Rate, After five years | 0.00% | 0.00% |
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||
Advances maturities, Within one year or less | $ 0 | $ 0 |
Advances maturities, After one year through two years | 0 | 0 |
Advances maturities, After two years through three years | 30,000 | 0 |
Advances maturities, After three years through four years | 30,000 | 30,000 |
Advances maturities, After four years through five years | 0 | 30,000 |
Advances maturities, After five years | 0 | 0 |
Advances maturities, Total | $ 60,000 | $ 60,000 |
Federal Taxes on Income - Summa
Federal Taxes on Income - Summary of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current | $ 2,815 | $ 2,364 | $ 647 | ||||||||
Deferred | (1,153) | (907) | (1,001) | ||||||||
Total provision (benefit) for income taxes | $ 380 | $ 429 | $ 519 | $ 334 | $ 500 | $ 298 | $ 242 | $ 417 | $ 1,662 | $ 1,457 | $ (354) |
Federal Taxes on Income - Recon
Federal Taxes on Income - Reconciliation of Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Estimated statutory corporate tax rate, percentage | 34.00% | 34.00% | |||||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||
Income taxes computed at statutory rates | $ 2,305 | $ 1,853 | $ (1,851) | ||||||||
Tax credits | (78) | 0 | (195) | ||||||||
Tax-exempt income | (320) | (358) | (218) | ||||||||
Bank-owned life insurance income | (499) | (39) | (35) | ||||||||
Deferred tax asset valuation allowance | 0 | 0 | 1,917 | ||||||||
Other, net | 254 | 1 | 28 | ||||||||
Total provision (benefit) for income taxes | $ 380 | $ 429 | $ 519 | $ 334 | $ 500 | $ 298 | $ 242 | $ 417 | $ 1,662 | $ 1,457 | $ (354) |
Federal Taxes on Income - Narra
Federal Taxes on Income - Narrative (Details) - USD ($) | Jan. 29, 2015 | Jun. 30, 2017 | Jun. 30, 2016 |
Operating Loss Carryforwards [Line Items] | |||
Retained earnings on which federal income taxes have not been provided | $ 6,400,000 | ||
Deferred tax asset carryforward, charitable contribution | 2,716,000 | $ 2,976,000 | |
Deferred tax asset valuation allowance | 1,898,000 | 1,917,000 | |
Unrecognized tax assets | 0 | 0 | |
Interest and penalties recognized | 0 | 0 | |
Contributions to charitable organization | |||
Operating Loss Carryforwards [Line Items] | |||
Value of charitable consideration, cash portion | $ 400,000 | 400,000 | |
Value of charitable consideration, stock potion, value | $ 8,000,000 | 9,300,000 | |
Value of charitable contribution | 9,700,000 | ||
Deferred tax asset carryforward, charitable contribution | 3,300,000 | ||
Valuation allowance, charitable contribution | $ 1,900,000 |
Federal Taxes on Income - Defer
Federal Taxes on Income - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred tax assets | ||
Allowance for loan losses | $ 2,957 | $ 2,527 |
Unrealized loss on securities available for sale | 238 | 0 |
Accrued compensation | 952 | 535 |
Nonaccrual loans | 6 | 15 |
Real estate owned | 0 | 36 |
ESOP timing differences | 111 | 69 |
Restricted stock awards | 332 | 0 |
Contribution carryforward | 2,716 | 2,976 |
Total deferred tax assets | 7,312 | 6,158 |
Deferred tax liabilities | ||
Deferred loan fees | 474 | 537 |
Unrealized gain on securities available for sale | 0 | 960 |
FHLB stock dividends | 801 | 807 |
Accumulated depreciation | 1,249 | 1,281 |
Deferred investment gain | 11 | 0 |
Other, net | 24 | 152 |
Total deferred tax liabilities | 2,559 | 3,737 |
Deferred tax asset, net | 4,753 | 2,421 |
Deferred tax asset valuation allowance | (1,898) | (1,917) |
Deferred tax asset, net of valuation allowance | $ 2,855 | $ 504 |
Benefit Plans - Pension Plan (D
Benefit Plans - Pension Plan (Details) - Multi-employer plan - pension - Pentegra Defined Benefit Plan - USD ($) $ in Thousands | Dec. 19, 2016 | Oct. 12, 2016 | Jan. 04, 2016 | Oct. 14, 2015 | Dec. 26, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Multiemployer Plans [Line Items] | ||||||||
Requisite service period | 1 year | |||||||
Entity tax identification number | 135,645,888 | |||||||
Benefit vesting period | 5 years | |||||||
Our plan, funded percentage | 106.30% | 106.80% | ||||||
Period contributions | $ 524 | $ 75 | $ 425 | $ 74 | $ 700 | $ 599 | $ 499 | $ 700 |
Bank only | ||||||||
Multiemployer Plans [Line Items] | ||||||||
Company contributions to total plan contributions, percentage (not more than) | 5.00% |
Benefit Plans - Nonqualified De
Benefit Plans - Nonqualified Deferred Compensation Plan and 401(k) Plan (Details) - Bank only - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
401(k) Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Maximum employee contribution per employee, percentage | 100.00% | 20.00% | |
Employer matching contribution, percentage of employees' pay | 50.00% | ||
Employer matching contribution of employee contribution, percentage | 6.00% | ||
Employer contribution amounts | $ 177 | $ 159 | $ 163 |
Board of Directors and Officers | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Aggregate amount held in trust | $ 566 |
Benefit Plans - Employee Stock
Benefit Plans - Employee Stock Ownership Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 15, 2015 | Jan. 29, 2015 | |
Compensation Related Costs [Abstract] | |||||
Minimum service period (over 12 month period) | 1000 hours | ||||
Requisite service period | 12 months | ||||
Percentage of shares to be purchased | 8.00% | 8.00% | |||
Percentage of shares purchased | 100.00% | ||||
Average purchase price (in dollars per share) | $ 12.45 | ||||
ESOP loan payable, amortization period | 20 years | ||||
ESOP loan payable, estimated interest rate | 2.46% | ||||
ESOP loan payable, annual principal and interest payment | $ 835 | $ 810 | $ 274 | ||
Allocation of ESOP shares | $ 763 | $ 677 | $ 216 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |||||
Employee stock ownership plan (ESOP), number of allocated shares (in shares) | 121,695 | 70,356 | 17,509 | ||
Employee stock ownership plan (ESOP), number of suspense shares (in shares) | 926,334 | 977,673 | 935,290 | ||
Employee stock ownership plan (ESOP), total shares (in shares) | 1,048,029 | 1,048,029 | 1,048,029 | ||
Fair value of unallocated shares | $ 14,608 | $ 12,456 |
Benefit Plans - Stock Based Com
Benefit Plans - Stock Based Compensation (Details) - USD ($) | Jul. 07, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Nov. 16, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted in the period (in shares) | 0 | 0 | 0 | ||
Share based compensation expense | $ 0 | $ 0 | |||
First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 1,834,050 | ||||
Share based compensation expense | $ 977,000 | ||||
Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock repurchased and retired (in shares) | 1,164,514 | 423,700 | |||
Common Stock | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 1,310,036 | ||||
Stock repurchased and retired (in shares) | 523,014 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity instruments other than options, granted (in shares) | 402,500 | 0 | 0 | ||
Award vesting period | 5 years | ||||
Compensation cost not yet recognized | $ 4,000,000 | ||||
Compensation cost not yet recognized, recognition period | 4 years | ||||
Restricted Stock | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 524,014 | ||||
Subsequent Event | Restricted Stock | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity instruments other than options, granted (in shares) | 50,000 | ||||
Award vesting period | 5 years | ||||
Subsequent Event | 20% Vested in Year One | Restricted Stock | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 20.00% | ||||
Subsequent Event | 20% Vested in Year Two | Restricted Stock | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 20.00% | ||||
Subsequent Event | 20% Vested in Year Three | Restricted Stock | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 20.00% | ||||
Subsequent Event | 20% Vested in Year Four | Restricted Stock | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 20.00% | ||||
Subsequent Event | 20% Vested in Year Five | Restricted Stock | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 20.00% | ||||
Director | First Northwest Bancorp 2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $ 383,000 |
Benefit Plans - Summary of Chan
Benefit Plans - Summary of Changes in Non-vested Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted (in shares) | 402,500 | 0 | 0 |
Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested at beginning of period | 0 | ||
Vested | 0 | ||
Forfeited | (12,500) | ||
Non-vested at end of period | 390,000 | 0 | |
Expected to vest | 378,300 | ||
Weighted average grant date fair value | $ 12.70 |
Regulatory Capital Requiremen87
Regulatory Capital Requirements (Details) - Bank only | Jan. 01, 2015 | Jan. 01, 2019 | Jun. 30, 2017 | Jun. 30, 2016 | Jan. 01, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Common Equity Tier 1 Capital requirement | 4.50% | 4.50% | 4.50% | |||
Tier 1 Capital requirement | 6.00% | 6.00% | 6.00% | |||
Total Capital requirement | 8.00% | 8.00% | 8.00% | |||
Tier 1 Leverage Capital requirement | 4.00% | 4.00% | 4.00% | |||
Risk weight on nonaccrual loans | 150.00% | 100.00% | ||||
Credit conversion factor | 20.00% | 0.00% | ||||
Risk Weight on mortgage servicing and deferred tax assets | 250.00% | 100.00% | ||||
Common Equity Tier 1, additional capital conservation buffer | 1.25% | 0.625% | ||||
Common Equity Tier 1 Capital required to be categorized as well capitalized | 6.50% | 6.50% | 6.50% | |||
Tier 1 Capital required to be categorized as well capitalized | 8.00% | 8.00% | 8.00% | 6.00% | ||
Total Capital required to be categorized as well capitalized | 10.00% | 10.00% | 10.00% | |||
Tier 1 Leverage Capital required to be categorized as well capitalized | 5.00% | 5.00% | 5.00% | |||
Minimum | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Regulatory capital requirements, transition period | 2 years | |||||
Maximum | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Regulatory capital requirements, transition period | 4 years | |||||
Scenario, Forecast | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Common Equity Tier 1, additional capital conservation buffer | 2.50% |
Regulatory Capital Requiremen88
Regulatory Capital Requirements - Actual and Required Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | Jan. 01, 2015 |
Bank only | ||||
Common Equity Tier 1 Capital [Abstract] | ||||
Common Equity Tier 1 Capital to risk-weighted assets | $ 139,466 | $ 132,800 | ||
Common Equity Tier 1 Capital required for adequacy purposes | 32,632 | 27,982 | ||
Common Equity Tier 1 Capital required to be categorized as well capitalized | $ 47,135 | $ 40,419 | ||
Common Equity Tier 1 Capital to risk-weighted assets, percentage | 19.23% | 21.36% | ||
Common Equity Tier 1 Capital required for adequacy purposes, percentage | 4.50% | 4.50% | 4.50% | |
Common Equity Tier 1 Capital required to be categorized as well capitalized, percentage | 6.50% | 6.50% | 6.50% | |
Tier One Risk Based Capital [Abstract] | ||||
Tier 1 Capital | $ 139,466 | $ 132,800 | ||
Tier 1 Capital required for adequacy purposes | 43,509 | 37,310 | ||
Tier 1 Capital required to be categorized as well capitalized | $ 58,013 | $ 49,746 | ||
Risk Based Ratios [Abstract] | ||||
Tier 1 Capital to risk-weighted assets, percentage | 19.23% | 21.36% | ||
Tier 1 Capital required for adequacy purposes, percentage | 6.00% | 6.00% | 6.00% | |
Tier 1 Capital required to be categorized as well capitalized, percentage | 8.00% | 8.00% | 6.00% | 8.00% |
Total Capital to risk-weighted assets, percentage | 20.43% | 22.55% | ||
Total Capital required for adequacy purposes, percentage | 8.00% | 8.00% | 8.00% | |
Total Capital required to be categorized as well capitalized, percentage | 10.00% | 10.00% | 10.00% | |
Capital [Abstract] | ||||
Total Capital | $ 148,167 | $ 140,237 | ||
Total Capital required for adequacy purposes | 58,013 | 49,746 | ||
Total Capital required to be categorized as well capitalized | 72,516 | 62,183 | ||
Tier One Leverage Capital [Abstract] | ||||
Tier 1 Leverage Capital | 139,466 | 132,800 | ||
Tier 1 Leverage Capital required for adequacy purposes | 42,204 | 38,566 | ||
Tier 1 Leverage Capital required to be categorized as well capitalized | $ 52,755 | $ 48,208 | ||
Leverage Ratios [Abstract] | ||||
Tier 1 Leverage Capital to adjusted average assets, percentage | 13.22% | 13.77% | ||
Tier 1 Leverage Capital required for adequacy purposes, percentage | 4.00% | 4.00% | 4.00% | |
Tier 1 Leverage Capital required to be categorized as well capitalized, percentage | 5.00% | 5.00% | 5.00% | |
Consolidated company | ||||
Common Equity Tier 1 Capital [Abstract] | ||||
Common Equity Tier 1 Capital to risk-weighted assets | $ 177,982 | $ 187,846 | ||
Common Equity Tier 1 Capital required for adequacy purposes | 32,823 | 28,252 | ||
Common Equity Tier 1 Capital required to be categorized as well capitalized | $ 47,411 | $ 40,809 | ||
Common Equity Tier 1 Capital to risk-weighted assets, percentage | 24.40% | 29.92% | ||
Common Equity Tier 1 Capital required for adequacy purposes, percentage | 4.50% | 4.50% | ||
Common Equity Tier 1 Capital required to be categorized as well capitalized, percentage | 6.50% | 6.50% | ||
Tier One Risk Based Capital [Abstract] | ||||
Tier 1 Capital | $ 177,982 | $ 187,846 | ||
Tier 1 Capital required for adequacy purposes | 43,764 | 37,670 | ||
Tier 1 Capital required to be categorized as well capitalized | $ 58,352 | $ 50,227 | ||
Risk Based Ratios [Abstract] | ||||
Tier 1 Capital to risk-weighted assets, percentage | 24.40% | 29.92% | ||
Tier 1 Capital required for adequacy purposes, percentage | 6.00% | 6.00% | ||
Tier 1 Capital required to be categorized as well capitalized, percentage | 8.00% | 8.00% | ||
Total Capital to risk-weighted assets, percentage | 25.59% | 31.10% | ||
Total Capital required for adequacy purposes, percentage | 8.00% | 8.00% | ||
Total Capital required to be categorized as well capitalized, percentage | 10.00% | 10.00% | ||
Capital [Abstract] | ||||
Total Capital | $ 186,683 | $ 195,283 | ||
Total Capital required for adequacy purposes | 58,352 | 50,227 | ||
Total Capital required to be categorized as well capitalized | 72,939 | 62,783 | ||
Tier One Leverage Capital [Abstract] | ||||
Tier 1 Leverage Capital | 177,982 | 187,846 | ||
Tier 1 Leverage Capital required for adequacy purposes | 43,257 | 40,124 | ||
Tier 1 Leverage Capital required to be categorized as well capitalized | $ 54,071 | $ 50,155 | ||
Leverage Ratios [Abstract] | ||||
Tier 1 Leverage Capital to adjusted average assets, percentage | 16.46% | 18.73% | ||
Tier 1 Leverage Capital required for adequacy purposes, percentage | 4.00% | 4.00% | ||
Tier 1 Leverage Capital required to be categorized as well capitalized, percentage | 5.00% | 5.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Deposit and certificates from related parties | $ 1,900 | $ 1,400 | |
Certain directors and executive officers | |||
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Beginning balance | 1,456 | 817 | $ 1,226 |
Loan advances | 73 | 715 | 36 |
Loan repayments | (282) | (76) | (49) |
Reclassifications | (144) | 0 | (396) |
Ending balance | $ 1,103 | $ 1,456 | $ 817 |
Commitments and Contingencies90
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Commitments to grant loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, contracts representing credit risk | $ 670 | $ 1,111 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, contracts representing credit risk | 183 | 401 |
Unfunded commitments under lines of credit or existing loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments, contracts representing credit risk | $ 67,800 | $ 65,151 |
Commitments and Contingencies91
Commitments and Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Product Information [Line Items] | ||
Commitments and contingencies, losses incurred | $ 0 | $ 0 |
Loans | $ 733,997,000 | $ 625,985,000 |
Loans secured by real estate | Credit concentration risk | Loans receivable | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 95.00% | 95.90% |
U.S. Government, Agencies, and Government Sponsored Enterprises securities | Investment concentration Risk | Investments | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 83.80% | 79.60% |
U.S. Government and Government Sponsored Enterprises | ||
Product Information [Line Items] | ||
Investments | $ 238,700,000 | $ 261,300,000 |
Real estate loans | ||
Product Information [Line Items] | ||
Loans | $ 697,500,000 | $ 600,000,000 |
Fair Value Accounting and Mea92
Fair Value Accounting and Measurement - Company Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 228,593 | $ 267,857 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 228,593 | 267,857 |
Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 22,223 | 23,179 |
Recurring | Agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,926 | 15,048 |
Recurring | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 7,648 | 7,935 |
Recurring | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,813 | 29,381 |
Recurring | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 14,178 | 9,501 |
Recurring | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 143,436 | 141,649 |
Recurring | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 26,369 | 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 | |
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 | |
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 | |
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 | 228,593 | 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 | 22,223 | 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 | 4,926 | 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 | 7,648 | 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 | 9,813 | 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 | 14,178 | 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 | 143,436 | 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 | 26,369 | 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 Mea93
Fair Value Accounting and Measurement - Schedule of Assets On A Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 7,388 | $ 9,072 |
Real estate owned and repossessed assets | $ 104 | $ 81 |
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% |
Real estate owned and repossessed assets | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs, discount to appraisal rate | 5.00% | 5.00% |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 7,388 | $ 9,072 |
Real estate owned and repossessed assets | 104 | 81 |
Total assets measured at fair value | 7,492 | 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 | 7,388 | 9,072 |
Real estate owned and repossessed assets | 104 | 81 |
Total assets measured at fair value | $ 7,492 | $ 9,153 |
Fair Value Accounting and Mea94
Fair Value Accounting and Measurement - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financial assets | ||
Investment securities available for sale | $ 228,593 | $ 267,857 |
Investment securities held to maturity | 52,621 | 58,928 |
Accrued interest receivable | 3,020 | 2,802 |
Mortgage servicing rights, net | 1,600 | 1,700 |
Financial liabilities | ||
Accrued interest payable | 208 | 189 |
Carrying Amount | ||
Financial assets | ||
Cash and cash equivalents | 24,292 | 22,650 |
Investment securities available for sale | 228,593 | 267,857 |
Investment securities held to maturity | 51,872 | 56,038 |
Loans held for sale | 917 | |
Loans receivable, net | 726,786 | 619,844 |
FHLB stock | 4,368 | 4,403 |
Accrued interest receivable | 3,020 | 2,802 |
Mortgage servicing rights, net | 986 | 998 |
Financial liabilities | ||
Borrowings | 77,427 | 80,672 |
Accrued interest payable | 208 | 189 |
Carrying Amount | Demand deposits | ||
Financial liabilities | ||
Deposits | 612,286 | 564,174 |
Carrying Amount | Time deposits | ||
Financial liabilities | ||
Deposits | 211,474 | 159,113 |
Estimated Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 24,292 | 22,650 |
Investment securities available for sale | 228,593 | 267,857 |
Investment securities held to maturity | 52,621 | 58,928 |
Loans held for sale | 917 | |
Loans receivable, net | 723,848 | 631,754 |
FHLB stock | 4,368 | 4,403 |
Accrued interest receivable | 3,020 | 2,802 |
Mortgage servicing rights, net | 1,600 | 1,703 |
Financial liabilities | ||
Borrowings | 80,338 | 85,867 |
Accrued interest payable | 208 | 189 |
Estimated Fair Value | Demand deposits | ||
Financial liabilities | ||
Deposits | 612,286 | 564,174 |
Estimated Fair Value | Time deposits | ||
Financial liabilities | ||
Deposits | 211,072 | 160,354 |
Estimated Fair Value | Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 24,292 | 22,650 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 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 |
Estimated Fair Value | Level 1 | Demand deposits | ||
Financial liabilities | ||
Deposits | 612,286 | 564,174 |
Estimated Fair Value | Level 1 | Time deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale | 228,593 | 267,857 |
Investment securities held to maturity | 52,621 | 58,928 |
Loans held for sale | 917 | |
Loans receivable, net | 0 | 0 |
FHLB stock | 4,368 | 4,403 |
Accrued interest receivable | 3,020 | 2,802 |
Mortgage servicing rights, net | 0 | 0 |
Financial liabilities | ||
Borrowings | 80,338 | 85,867 |
Accrued interest payable | 208 | 189 |
Estimated Fair Value | Level 2 | Demand deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Estimated Fair Value | Level 2 | Time deposits | ||
Financial liabilities | ||
Deposits | 211,072 | 160,354 |
Estimated Fair Value | 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 | |
Loans receivable, net | 723,848 | 631,754 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 1,600 | 1,703 |
Financial liabilities | ||
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimated Fair Value | Level 3 | Demand deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Estimated Fair Value | Level 3 | Time deposits | ||
Financial liabilities | ||
Deposits | $ 0 | $ 0 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 15, 2015 | |
Numerator: | ||||||||||||
Net income (loss) | $ 1,115 | $ 2,164 | $ 1,188 | $ 651 | $ 1,154 | $ 897 | $ 713 | $ 1,228 | $ 5,118 | $ 3,992 | $ (5,090) | |
Basic weighted average common shares outstanding | ||||||||||||
Basic weighted average common shares outstanding (in shares) | 11,084,726 | 12,049,621 | 12,165,071 | |||||||||
Dilutive restricted stock grants (in shares) | 85,314 | 0 | 0 | |||||||||
Diluted weighted average common shares outstanding (in shares) | 11,170,040 | 12,049,621 | 12,165,071 | |||||||||
Basic earnings per share (USD per share) | $ 0.10 | $ 0.20 | $ 0.11 | $ 0.06 | $ 0.10 | $ 0.07 | $ 0.06 | $ 0.10 | $ 0.46 | $ 0.33 | $ (0.42) | |
Diluted earnings per share (USD per share) | $ 0.20 | $ 0.11 | $ 0.06 | $ 0.10 | $ 0.07 | $ 0.06 | $ 0.10 | $ 0.46 | $ 0.33 | $ (0.42) | ||
Employee stock ownership plan (ESOP), shares purchased in open market (in shars) | 1,048,029 | 1,048,029 | 1,048,029 | 1,048,029 | 1,048,029 | |||||||
Employee stock ownership plan (ESOP), number of allocated shares (in shares) | 121,695 | 70,356 | 121,695 | 70,356 | 17,509 | |||||||
Employee stock ownership plan (ESOP), number of unallocated shares (in shares) | 926,334 | 977,673 | 926,334 | 977,673 | 935,290 |
Parent Company Only Financial96
Parent Company Only Financial Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
ASSETS | ||||
Cash and due from banks | $ 14,510 | $ 12,841 | ||
Investment securities available for sale, at fair value | 228,593 | 267,857 | ||
Accrued interest receivable | 3,020 | 2,802 | ||
Prepaid expenses and other assets | 6,006 | 2,711 | ||
Total assets | 1,087,676 | 1,010,102 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Total liabilities | 909,955 | 820,361 | ||
Shareholders' equity | 177,721 | 189,741 | $ 190,681 | $ 80,995 |
Total liabilities and shareholders' equity | 1,087,676 | 1,010,102 | ||
Consolidated company | ||||
ASSETS | ||||
Cash and due from banks | 1,560 | 5,532 | ||
Investment securities available for sale, at fair value | 24,260 | 35,535 | ||
Investment in bank | 139,206 | 134,524 | ||
ESOP loan receivable | 11,846 | 12,379 | ||
Accrued interest receivable | 104 | 139 | ||
Prepaid expenses and other assets | 947 | 1,987 | ||
Total assets | 177,923 | 190,096 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Payable to subsidiary | 45 | 0 | ||
Other liabilities | 157 | 355 | ||
Total liabilities | 202 | 355 | ||
Shareholders' equity | 177,721 | 189,741 | ||
Total liabilities and shareholders' equity | $ 177,923 | $ 190,096 |
Parent Company Only Financial97
Parent Company Only Financial Statements - Condensed Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating income: | |||||||||||
Interest and fees on loans receivable | $ 29,274 | $ 23,691 | $ 22,046 | ||||||||
Interest on mortgage-backed and related securities | 4,779 | 5,223 | 3,466 | ||||||||
Interest on investment securities | 2,555 | 3,096 | 1,850 | ||||||||
Gain on sale of securities | 0 | 1,567 | 0 | ||||||||
Total operating income | $ 9,935 | $ 9,408 | $ 8,920 | $ 8,540 | $ 8,546 | $ 8,161 | $ 7,941 | $ 7,524 | 36,804 | 32,172 | 27,487 |
Operating expenses: | |||||||||||
Charitable contributions | 0 | 0 | 9,870 | ||||||||
Other expenses | 2,404 | 2,161 | 1,692 | ||||||||
Total operating expenses | 7,939 | 7,498 | 6,880 | 7,460 | 7,437 | 6,862 | 7,683 | 5,915 | 29,779 | 27,897 | 33,046 |
NET INCOME (LOSS) | $ 1,115 | $ 2,164 | $ 1,188 | $ 651 | $ 1,154 | $ 897 | $ 713 | $ 1,228 | 5,118 | 3,992 | (5,090) |
Consolidated company | |||||||||||
Operating income: | |||||||||||
Interest and fees on loans receivable | 302 | 305 | 106 | ||||||||
Interest on mortgage-backed and related securities | 322 | 251 | 24 | ||||||||
Interest on investment securities | 225 | 418 | 114 | ||||||||
Gain on sale of securities | 0 | 4 | 0 | ||||||||
Total operating income | 849 | 978 | 244 | ||||||||
Operating expenses: | |||||||||||
Charitable contributions | 0 | 0 | 9,734 | ||||||||
Other expenses | 587 | 607 | 89 | ||||||||
Total operating expenses | 587 | 607 | 9,823 | ||||||||
Income (loss) before provision (benefit) for income taxes and equity in undistributed earnings of subsidiary | 262 | 371 | (9,579) | ||||||||
Provision (benefit) for income taxes | 70 | 128 | (1,335) | ||||||||
Income (loss) before equity in undistributed earnings of subsidiary | 192 | 243 | (8,244) | ||||||||
Equity in undistributed earnings of subsidiary | 4,926 | 3,749 | 3,154 | ||||||||
NET INCOME (LOSS) | $ 5,118 | $ 3,992 | $ (5,090) |
Parent Company Only Financial98
Parent Company Only Financial Statements - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ 1,115 | $ 2,164 | $ 1,188 | $ 651 | $ 1,154 | $ 897 | $ 713 | $ 1,228 | $ 5,118 | $ 3,992 | $ (5,090) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||
Amortization and accretion of premiums and discounts on investments, net | 1,067 | 1,441 | 1,307 | ||||||||
Gain on sale of securities available for sale | 0 | (1,567) | 0 | ||||||||
Net cash from operating activities | 1,135 | 10,582 | (1,173) | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of securities available for sale | (41,509) | (123,194) | (149,036) | ||||||||
Proceeds from maturities, calls, and principal repayments of securities available for sale | 76,459 | 47,481 | 27,147 | ||||||||
Proceeds from sales of securities available for sale | 0 | 109,065 | 0 | ||||||||
Net cash from investing activities | (80,275) | (93,078) | (119,458) | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock, net of expenses | 0 | 0 | 126,941 | ||||||||
Repurchase of common stock | (16,549) | (5,501) | 0 | ||||||||
Net cash from financing activities | 80,782 | 60,116 | 146,701 | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,642 | (22,380) | 26,070 | ||||||||
CASH AND CASH EQUIVALENTS, beginning of period | 22,650 | 45,030 | 22,650 | 45,030 | 18,960 | ||||||
CASH AND CASH EQUIVALENTS, end of period | 24,292 | 22,650 | 24,292 | 22,650 | 45,030 | ||||||
NONCASH INVESTING ACTIVITIES | |||||||||||
Unrealized (loss) gain on securities available for sale | (3,523) | 1,740 | (877) | ||||||||
Consolidated company | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | 5,118 | 3,992 | (5,090) | ||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||
Equity in undistributed earnings of subsidiary | (4,926) | (3,749) | (3,154) | ||||||||
Amortization and accretion of premiums and discounts on investments, net | 172 | 201 | 80 | ||||||||
Gain on sale of securities available for sale | 0 | (4) | 0 | ||||||||
Change in receivable from subsidiary | 0 | 185 | (185) | ||||||||
Change in payable to subsidiary | 45 | 0 | 0 | ||||||||
Change in other assets | 1,253 | (371) | (1,850) | ||||||||
Change in other liabilities | (198) | 248 | 107 | ||||||||
Net cash from operating activities | 1,464 | 502 | (10,092) | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of securities available for sale | 0 | (13,629) | (41,106) | ||||||||
Proceeds from maturities, calls, and principal repayments of securities available for sale | 10,580 | 4,758 | 967 | ||||||||
Proceeds from sales of securities available for sale | 0 | 13,475 | 0 | ||||||||
Investment in subsidiary | 0 | 0 | (58,404) | ||||||||
ESOP loan origination | 0 | (1,253) | (11,798) | ||||||||
ESOP loan repayment | 533 | 504 | 168 | ||||||||
Net cash from investing activities | 11,113 | 3,855 | (110,173) | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock, net of expenses | 0 | 0 | 126,941 | ||||||||
Repurchase of common stock | (16,549) | (5,501) | 0 | ||||||||
Net cash from financing activities | (16,549) | (5,501) | 126,941 | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3,972) | (1,144) | 6,676 | ||||||||
CASH AND CASH EQUIVALENTS, beginning of period | $ 5,532 | $ 6,676 | 5,532 | 6,676 | 0 | ||||||
CASH AND CASH EQUIVALENTS, end of period | $ 1,560 | $ 5,532 | 1,560 | 5,532 | 6,676 | ||||||
NONCASH INVESTING ACTIVITIES | |||||||||||
Unrealized (loss) gain on securities available for sale | $ (523) | $ 667 | $ (393) |
Summarized Consolidated Quart99
Summarized Consolidated Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total interest income | $ 9,935 | $ 9,408 | $ 8,920 | $ 8,540 | $ 8,546 | $ 8,161 | $ 7,941 | $ 7,524 | $ 36,804 | $ 32,172 | $ 27,487 |
Total interest expense | 1,415 | 1,303 | 1,252 | 1,189 | 1,207 | 1,155 | 1,181 | 1,227 | 5,159 | 4,770 | 4,592 |
Net interest income | 8,520 | 8,105 | 7,668 | 7,351 | 7,339 | 7,006 | 6,760 | 6,297 | 31,645 | 27,402 | 22,895 |
Provision for loan losses | 285 | 215 | 410 | 350 | 233 | 0 | 0 | 0 | 1,260 | 233 | 0 |
Net interest income after provision for loan losses | 8,235 | 7,890 | 7,258 | 7,001 | 7,106 | 7,006 | 6,760 | 6,297 | 30,385 | 27,169 | 22,895 |
Total noninterest income | 1,199 | 2,201 | 1,329 | 1,444 | 1,985 | 1,051 | 1,878 | 1,263 | 6,174 | 6,177 | 4,707 |
Total noninterest expense | 7,939 | 7,498 | 6,880 | 7,460 | 7,437 | 6,862 | 7,683 | 5,915 | 29,779 | 27,897 | 33,046 |
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES | 1,495 | 2,593 | 1,707 | 985 | 1,654 | 1,195 | 955 | 1,645 | 6,780 | 5,449 | (5,444) |
Provision for federal income tax expense | 380 | 429 | 519 | 334 | 500 | 298 | 242 | 417 | 1,662 | 1,457 | (354) |
NET INCOME (LOSS) | $ 1,115 | $ 2,164 | $ 1,188 | $ 651 | $ 1,154 | $ 897 | $ 713 | $ 1,228 | $ 5,118 | $ 3,992 | $ (5,090) |
Basic earnings per share (USD per share) | $ 0.10 | $ 0.20 | $ 0.11 | $ 0.06 | $ 0.10 | $ 0.07 | $ 0.06 | $ 0.10 | $ 0.46 | $ 0.33 | $ (0.42) |
Diluted earnings per share (USD per share) | $ 0.20 | $ 0.11 | $ 0.06 | $ 0.10 | $ 0.07 | $ 0.06 | $ 0.10 | $ 0.46 | $ 0.33 | $ (0.42) |