Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'sws | ' |
Entity Registrant Name | 'SWS GROUP INC | ' |
Entity Central Index Key | '0000878520 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 33,068,118 |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Assets | ' | ' |
Cash and cash equivalents | $87,763,000 | $111,046,000 |
Restricted cash and cash equivalents | ' | 30,047,000 |
Assets segregated for regulatory purposes | 189,961,000 | 164,737,000 |
Receivable from brokers, dealers and clearing organizations | 1,869,238,000 | 1,698,474,000 |
Receivable from clients, net of allowances | 264,038,000 | 286,446,000 |
Loans, net (including $51,295 of loans measured at fair value at March 31, 2014 and $13,757 at June 30, 2013) | 558,041,000 | 608,583,000 |
Securities owned, at fair value | 288,969,000 | 209,633,000 |
Securities held to maturity | 13,553,000 | 17,423,000 |
Securities purchased under agreements to resell | 97,504,000 | 51,996,000 |
Goodwill | 7,552,000 | 7,552,000 |
Securities available for sale | 575,679,000 | 503,276,000 |
Other assets | 97,928,000 | 91,160,000 |
Total assets | 4,050,226,000 | 3,780,373,000 |
Liabilities and Stockholders' Equity | ' | ' |
Short-term borrowings | 50,000,000 | 131,500,000 |
Payable to brokers, dealers and clearing organizations | 1,795,811,000 | 1,532,971,000 |
Payable to clients | 359,494,000 | 335,655,000 |
Deposits | 995,601,000 | 993,719,000 |
Securities sold under agreements to repurchase | 69,961,000 | 37,012,000 |
Securities sold, not yet purchased, at fair value | 177,460,000 | 134,735,000 |
Drafts payable | 30,624,000 | 28,889,000 |
Advances from Federal Home Loan Bank (the "FHLB") | 92,430,000 | 97,565,000 |
Long-term debt, net | 86,537,000 | 83,102,000 |
Stock purchase warrants ("warrants") | 31,033,000 | 24,197,000 |
Other liabilities | 54,215,000 | 65,742,000 |
Total liabilities | 3,743,166,000 | 3,465,087,000 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock of $1.00 par value. Authorized 100,000 shares; none issued | ' | ' |
Common stock of $0.10 par value. Authorized 60,000,000 shares, issued 33,312,140 and outstanding 32,754,033 shares at March 31, 2014; issued 33,312,140 and outstanding 32,629,213 shares at June 30,2013 | 3,331,000 | 3,331,000 |
Additional paid-in capital | 324,221,000 | 325,030,000 |
Accumulated deficit | -10,134,000 | -3,361,000 |
Accumulated other comprehensive income - unrealized holding loss, net of tax of $(4,067) at December 31, 2013 and $(2,963) at June 30, 2013 | -7,331,000 | -5,334,000 |
Deferred compensation, net | 3,176,000 | 3,352,000 |
Treasury stock (558,107 shares at March 31, 2013 and 682,927 shares at June 30, 2013, at cost) | -6,203,000 | -7,732,000 |
Total stockholders' equity | 307,060,000 | 315,286,000 |
Total liabilities and stockholders' equity | $4,050,226,000 | $3,780,373,000 |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Statements Of Financial Condition [Abstract] | ' | ' |
Loans measured at fair value | $51,295 | $13,757 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 33,312,140 | 33,312,140 |
Common stock, shares outstanding | 32,754,033 | 32,629,213 |
Unrealized holding loss, tax | ($4,067) | ($2,963) |
Treasury stock, shares | 558,107 | 682,927 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 |
Revenues: | ' | ' | ' | ' |
Net revenues from clearing operations | $2,170 | $2,082 | $6,676 | $6,398 |
Commissions | 30,247 | 31,275 | 90,558 | 94,965 |
Interest | 22,273 | 22,800 | 65,501 | 72,696 |
Investment banking, advisory and administrative fees | 9,704 | 9,196 | 31,103 | 31,361 |
Net gains on principal transactions | 8,203 | 5,511 | 23,843 | 25,163 |
Other | 4,891 | 7,191 | 19,785 | 18,953 |
Total revenue | 77,488 | 78,055 | 237,466 | 249,536 |
Interest expense | 11,814 | 11,301 | 34,311 | 33,328 |
Net revenues | 65,674 | 66,754 | 203,155 | 216,208 |
Non-interest expenses: | ' | ' | ' | ' |
Commissions and other employee compensation | 48,753 | 52,077 | 150,082 | 158,338 |
Occupancy, equipment and computer service costs | 7,676 | 7,829 | 23,157 | 23,089 |
Communications | 3,384 | 3,371 | 10,094 | 9,925 |
Floor brokerage and clearing organization charges | 1,189 | 951 | 3,374 | 2,913 |
Advertising and promotional | 459 | 922 | 1,721 | 2,327 |
Recapture of loan loss | -1,578 | ' | -4,869 | -1,450 |
Other | 7,217 | 7,320 | 19,507 | 23,780 |
Total non-interest expenses | 67,100 | 72,470 | 203,066 | 218,922 |
Unrealized loss on warrants valuation | -6,745 | -3,840 | -6,836 | -264 |
Loss before income tax (benefit) expense | -8,171 | -9,556 | -6,747 | -2,978 |
Income tax (benefit) expense | 586 | -3,838 | 27 | -1,985 |
Net loss | -8,757 | -5,718 | -6,774 | -993 |
Other comprehensive loss: | ' | ' | ' | ' |
Net losses recognized in other comprehensive loss net of tax of $(404) and $0 for the three months ended March 31,, 2014 and December 31, 2013, and $(503) and $0 for the nine months ended March 31, 2014 and December 31, 2013, respectively, on cash flow hedging | -751 | ' | -934 | ' |
Net gains (losses) recognized in other comprehensive loss, net of tax of $1,513 and $(397) for the 3 months ended March 31, 2014 and December 31, 2013, respectively, and $(600) and $(692) for the nine months ended March 31, 2014 and December 31, 2013, respectively, on available for sale securities | 2,811 | -725 | -1,063 | -1,260 |
Net loss recognized in other comprehensive (loss) income | 2,060 | -725 | -1,997 | -1,260 |
Comprehensive loss | ($6,697) | ($6,443) | ($8,771) | ($2,253) |
Loss per share - basic | ' | ' | ' | ' |
Net loss | ($0.27) | ($0.17) | ($0.21) | ($0.03) |
Weighted average shares outstanding - basic | 33,020,499 | 32,896,805 | 32,987,933 | 32,857,860 |
Loss per share - diluted | ' | ' | ' | ' |
Net loss | ($0.27) | ($0.17) | ($0.21) | ($0.03) |
Weighted average shares outstanding - diluted | 33,020,499 | 32,896,805 | 32,987,933 | 32,857,860 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 |
Consolidated Statements Of Comprehensive Loss [Abstract] | ' | ' | ' | ' |
Net gains (losses) on cash flow hedging, tax | ($404) | $0 | ($503) | $0 |
Net holding gains (losses), tax | $1,513 | ($397) | ($600) | ($692) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($6,774) | ($993) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 4,076 | 4,103 |
Accretion of discount on long-term debt | 3,435 | 2,963 |
Amortization of deferred debt issuance costs | 369 | 369 |
Increase in fair value of warrants | 6,836 | 264 |
Amortization of premiums /discounts on loans purchased | -22 | -92 |
Amortization of premiums /discounts on investment securities | 1,856 | 1,436 |
Amortization of prepayment penalty on advances from FHLB | 34 | 22 |
Provision for doubtful accounts on receivables from customers | 720 | 720 |
(Recapture) provision of loan loss and write downs on real estate owned ("REO") | -4,606 | 24 |
Deferred income tax (benefit) expense | -3,547 | 2,626 |
Allowance for deferred tax asset | 3,325 | -256 |
Deferred compensation for deferred compensation plan and restricted stock plans | -1,759 | -1,035 |
Gain on sale of loans | -558 | -1,513 |
Loss on fixed assets transactions | 196 | 3 |
Gain on sale of available for sale investment securities | -483 | -3,645 |
(Gain) loss on sale of REO and other repossessed assets | -569 | 752 |
Gain on issuer's redemption of investment securities | ' | -7 |
Loss (Gain) on earnings of unconsolidated ventures | 803 | -616 |
Dividend received on investments | -15 | -13 |
Gain on fair value option of loans | -368 | ' |
Loss on interest rate swaps | 251 | ' |
Change in operating assets and liabilities: | ' | ' |
Decrease in restricted cash | 49 | ' |
Increase in assets segregated for regulatory purposes | -25,224 | -743 |
Net change in broker, dealer and clearing organization accounts | 92,076 | -56,525 |
Net change in client accounts | 45,527 | -5,173 |
Increase in securities owned | -79,336 | -102,101 |
Increase in securities purchased under agreements to resell | -45,508 | -19,372 |
Increase (decrease) in other assets | 686 | 6,475 |
Increase iin drafts payable | 1,735 | 1,706 |
Increase in securities sold, not yet purchased | 42,725 | 49,077 |
Decrease in other liabilities | -9,784 | -3,691 |
Net cash (used in) provided by operating activities | 26,146 | -125,235 |
Cash flows from investing activities: | ' | ' |
Purchase of fixed assets and capitalized improvements on REO | -3,315 | -3,091 |
Proceeds from the sale of fixed assets and real estate | 9,305 | 17,629 |
Loan originations and purchases | -1,723,683 | -4,431,223 |
Loan repayments | 1,769,190 | 4,603,333 |
Purchase of investment securities | -177,085 | -161,736 |
Proceeds from the issuer's redemption of investment securities | ' | 12,000 |
Cash received on investments | 39,501 | 36,289 |
Proceeds from the sale of loans held for investment | 6,200 | 11,580 |
Proceeds from the sale of FHLB stock | 213 | 744 |
Purchases of FHLB stock | -45 | ' |
Proceeds from the sale/maturity of available for sale securities | 52,916 | 29,611 |
Cash paid to unwind interest rate swap position | -458 | ' |
Investment in unconsolidated subsidiaries | -300 | -180 |
Net cash provided by investing activities | -27,561 | 114,956 |
Cash flows from financing activities: | ' | ' |
Payments on short-term borrowings | -1,916,403 | -1,779,350 |
Cash proceeds from short-term borrowings | 1,864,903 | 1,897,850 |
Increase (decrease) in deposits | 1,882 | -16,113 |
Advances from the FHLB | 5,540 | ' |
Payments on advances from the FHLB | -10,709 | -12,029 |
Fee payment for FHLB restructuring | ' | -166 |
Cash proceeds on securities sold under agreements to repurchase | 32,949 | 17,336 |
Proceeds related to deferred compensation plan | 258 | 206 |
Purchase of treasury stock related to deferred compensation plan | -288 | -121 |
Net cash (used in) provided by financing activities | -21,868 | 107,613 |
Net increase (decrease) in cash and cash equivalents | -23,283 | 97,334 |
Cash and cash equivalents at beginning of period | 111,046 | 81,826 |
Cash and cash equivalents at end of period | 87,763 | 179,160 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Grants of restricted stock | 2,071 | 676 |
Foreclosures on loans | 4,652 | 11,076 |
Investments sold not settled | 13,039 | ' |
Cash paid during the year for: | ' | ' |
Interest | 29,568 | 38,882 |
Income taxes | ' | ' |
General_And_Basis_Of_Presentat
General And Basis Of Presentation | 9 Months Ended | |
Mar. 31, 2014 | ||
General And Basis Of Presentation [Abstract] | ' | |
General And Basis Of Presentation | ' | |
GENERAL AND BASIS OF PRESENTATION | ||
The interim consolidated financial statements as of March 31, 2014, and for the three and nine-months ended March 31, 2014 and March 29, 2013, are unaudited; however, in the opinion of management, these interim statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes as of and for the fiscal year ended June 30, 2013 filed on September 6, 2013 on the Annual Report on Form 10-K (the “Fiscal 2013 Form 10-K”). Amounts as of June 30, 2013 are derived from the audited consolidated financial statements filed on the Fiscal 2013 Form 10-K. All significant inter-company balances and transactions have been eliminated upon consolidation. | ||
The consolidated financial statements include the accounts of SWS Group, Inc. (“SWS Group”) and the consolidated active subsidiaries listed below (collectively with SWS Group, “SWS” or the “Company”). Each of the subsidiaries listed below are 100% owned. | ||
Southwest Securities, Inc. | "Southwest Securities" | |
SWS Financial Services, Inc. | "SWS Financial" | |
Southwest Financial Insurance Agency, Inc. | ||
Southwest Insurance Agency, Inc. | collectively, “SWS Insurance” | |
SWS Banc Holding, Inc. | "SWS Banc" | |
Southwest Securities, FSB | "Bank" | |
Southwest Securities is a New York Stock Exchange ("NYSE") member broker/dealer. Southwest Securities and SWS Financial are members of the Financial Industry Regulatory Authority (“FINRA”). Southwest Securities and SWS Financial are also registered with the Securities and Exchange Commission (the "SEC") as broker/dealers under the Securities Exchange Act of 1934, as amended ("Exchange Act"), and as registered investment advisers under the Investment Advisers Act of 1940, as amended. | ||
SWS Insurance holds insurance agency licenses in 44 states for the purpose of facilitating the sale of insurance and annuities for Southwest Securities and its correspondents. The Company retains no underwriting risk related to the insurance and annuity products that SWS Insurance sells. | ||
The Bank is a federally chartered savings bank regulated by the Office of the Comptroller of the Currency ("OCC"). The Board of Governors of the Federal Reserve System (“FRB”) supervises and regulates SWS Group and SWS Banc. SWS Banc is a wholly-owned subsidiary of SWS Group and became the sole shareholder of the Bank in 2004. | ||
Reclassifications. “Investment banking, advisory and administrative fees” on the Consolidated Statements of Comprehensive Loss of $726,000 and $2,350,000 for the three and nine-months ended March 29, 2013 were reclassified to conform to the fiscal 2014 presentation. In previous periods the amounts were presented in “Net gains on principal transactions” on the Consolidated Statements of Comprehensive Loss. | ||
Change in Fiscal Year End and Consolidated Financial Statements. On May 23, 2013, the Board of Directors of the Company, acting on the recommendation of the Federal Reserve Bank of Dallas, approved a change to the Company’s fiscal year end from the last Friday of June to June 30th. This change was effective for the Company’s fiscal year ended June 30, 2013. Because the transition period was less than one month, no transition report was filed with the SEC. | ||
Prior to June 30, 2013, the quarterly consolidated financial statements of SWS were prepared as of the last Friday of the month, except for the second fiscal quarter which was prepared as of December 31, 2012, and the Bank’s financial statements were prepared on the last day of the quarter. Any individually material transactions were reviewed and recorded in the appropriate quarterly period. | ||
Merger Agreement. On March 31, 2014, the Company entered into an Agreement and Plan of Merger (“Merger Agreement”) with Hilltop Holdings, Inc. (“Hilltop”) and a wholly-owned subsidiary of Hilltop, whereby if the merger contemplated therein is completed, the Company will become a wholly-owned subsidiary of Hilltop. If the merger is completed, each share of SWS Group common stock will be converted into the right to receive $1.94 of cash and 0.2496 of a share of Hilltop common stock. It is currently anticipated that the completion of the merger will occur by the end of 2014 subject to the receipt of SWS Group stockholder approval, regulatory approvals and other customary closing conditions. | ||
During the three-months ended March 31, 2014, the Company incurred expenses of approximately $2,356,000 in legal and professional fees recorded in other expenses on the Consolidated Statements of Comprehensive Loss in connection with the proposed merger with Hilltop. Additional costs are expected to be incurred until the merger is completed. | ||
Regulatory. The final provisions of the Volcker Rule of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) were issued December 10, 2013, with an effective date of April 1, 2014 and a compliance date of July 21, 2015. The Volcker Rule provisions of the Dodd-Frank Act require the federal financial regulatory agencies to adopt rules that prohibit banks, bank holding companies, and their affiliates from engaging in proprietary trading and investing in and sponsoring certain unregistered investment companies (including hedge funds and private equity funds), subject to certain exceptions. The Company’s securities trading and investment activities at the holding company, the broker/dealer and the Bank are subject to these final provisions. The final rules are highly complex, and many aspects of their application remain uncertain. | ||
Based on management’s interpretation of the final provisions of the rule, the Bank’s equity method investments would be excluded from the definition of a “covered” fund as these investments would meet the definition of “public welfare investment” funds, “designed primarily to promote the public welfare.” Currently, the Bank invests in these funds as a cost effective way of meeting its obligations under the Community Reinvestment Act of 1977 (“CRA”). One of these investments also meets the definition of a small business investment company. SWS Group’s equity method investment in a venture capital fund would also be excluded from the definition of a “covered” fund as this investment meets the definition of a small business investment company. In addition, at March 31, 2014, the Bank’s investment portfolio does not contain other securities subject to the Volcker Rule such as collateralized loan obligations (CLO’s) or non-agency collateralized mortgage obligations (CMO’s). The Bank’s held to maturity and available for sale investments are all exempt from the Volcker Rule as these securities are investments in U.S. government, agency and municipal obligations, which are permitted under the provisions of the Volcker Rule. | ||
According to the Volcker Rule, proprietary trading involves a short-term intent, usually 60 days or less. Banking entities are prohibited from engaging in proprietary trading including the purchase or sale of any security, derivative, commodity future or option for the purpose of short-term gain unless certain exemptions apply. Exempted activities include the following: 1) underwriting; 2) market making; 3) risk mitigating hedging; 4) trading in certain government securities; 5) employee compensation plans and 6) transactions entered into on behalf of clients. Management has reviewed the processes and procedures in regard to proprietary trading and believes that the Company is currently in compliance with the provisions of the Volcker Rule regarding proprietary trading. | ||
Update of Significant Accounting Policies. A summary of the Company’s significant accounting policies is included in “Note 1. Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in the Company’s Fiscal 2013 Form 10-K. Except as discussed herein, there have been no significant accounting changes since June 30, 2013. | ||
Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) and the SEC recently issued the following accounting pronouncements, which are applicable to SWS. Any other new accounting pronouncements that are not specifically identified in SWS’s disclosures are not applicable to SWS: | ||
Accounting Standards Update (“ASU”) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”).” In July 2013, the FASB issued ASU 2013-11 which explicitly states the guidance for the presentation of unrecognized tax benefits when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exits. This pronouncement clarifies the presentation of the unrecognized tax benefit as there is not currently a standard industry practice. This pronouncement states an unrecognized tax benefit, or portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to the deferred tax asset for a net operating loss carryforward, a similar loss, or a tax credit carryforward. The presentation is limited if the net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date due to tax law or the entity does not recognize its deferred tax asset. In addition, the unrecognized tax benefit should be presented as a liability separate from the deferred tax asset. The adoption of ASU 2013-11 will not impact the Company’s results of operations or financial position, but will impact the Company’s disclosures about the presentation of the deferred tax liability and asset. ASU 2013-11 is effective for annual reporting periods beginning after December 15, 2013; the Company’s first quarter of fiscal 2015. The Company is in the process of evaluating the impact of ASU 2013-11 on its financial statements and processes. | ||
ASU 2014-4, “Receivables—Troubled Debt Restructuring by Creditors (“ASU 2014-04”).” In January 2014, the FASB issued ASU 2014-04 to clarify that when an in substance repossession or foreclosure occurs, a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014-04 is effective for annual reporting periods beginning after December 15, 2014; the Company’s first quarter of fiscal 2016. The Company is in the process of evaluating the impact of ASU 2014-04 on its financial statements and processes. | ||
Cash_And_Cash_Equivalents
Cash And Cash Equivalents | 9 Months Ended |
Mar. 31, 2014 | |
Cash And Cash Equivalents [Abstract] | ' |
Cash And Cash Equivalents | ' |
CASH AND CASH EQUIVALENTS | |
For the purposes of the Consolidated Statements of Cash Flows, SWS considers cash to include cash on hand and in bank accounts. In addition, SWS considers funds due from banks and interest bearing deposits in other banks to be cash. Highly liquid debt instruments purchased with maturities of three months or less, when acquired, are considered to be cash equivalents. The Federal Deposit Insurance Corporation (“FDIC”) insures deposit accounts up to $250,000. At March 31, 2014 and June 30, 2013, cash balances included $70,226,000 and $37,833,000, respectively, that were not federally insured because they exceeded federal insurance limits. This at-risk amount is subject to fluctuation on a daily basis, but management does not believe there is significant risk on these deposits. | |
The Bank is required to maintain reserve balances on hand or with the Federal Reserve Bank of Dallas. At March 31, 2014 and June 30, 2013, these reserve balances amounted to $1,510,000 and $1,649,000, respectively. | |
Restricted_Cash_And_Cash_Equiv
Restricted Cash And Cash Equivalents | 9 Months Ended |
Mar. 31, 2014 | |
Restricted Cash And Cash Equivalents [Abstract] | ' |
Restricted Cash And Cash Equivalents | ' |
RESTRICTED CASH AND CASH EQUIVALENTS | |
Restricted cash and cash equivalents represents funds received from Hilltop and Oak Hill Capital Partners III, L.P. (“OHCP”) and Oak Hill Capital Management Partners III, L.P. (collectively with OHCP, “Oak Hill”) upon completion of the $100,000,000, five year, unsecured credit agreement from Hilltop and Oak Hill (the “Credit Agreement”) that was entered into on July 29, 2011. The Company is required to keep these funds in a restricted account until the Company’s Board of Directors, Hilltop and Oak Hill determine the amount(s) to be distributed to the Company’s subsidiaries. See additional discussion in, “Debt Issued with Stock Purchase Warrants”. Upon approval of the Board of Directors, Hilltop and Oak Hill, SWS Group contributed $20,000,000 of this cash in the second quarter of fiscal 2012 to the Bank as capital, loaned Southwest Securities $20,000,000 in the third quarter of fiscal 2012 to use in general operations by reducing Southwest Securities’ use of short-term borrowings for the financing of its day-to-day cash management needs, reduced its intercompany payable to Southwest Securities by $20,000,000 and contributed $10,000,000 in capital to Southwest Securities in the fourth quarter of fiscal 2012. On March 28, 2013, the $20,000,000 loan from SWS Group to Southwest Securities was repaid and the Company’s Board of Directors, Hilltop and Oak Hill approved a $20,000,000 capital contribution to Southwest Securities. The remaining $30,000,000 was loaned to Southwest Securities to use in general operations by reducing Southwest Securities’ use of short-term borrowings for the financing of its day-to-day cash management needs in the third quarter of fiscal 2014. Restricted cash and cash equivalents are excluded from cash and cash equivalents in the Consolidated Statements of Financial Condition and Consolidated Statements of Cash Flows. The Company held restricted cash and cash equivalents in money market funds. | |
Assets_Segregated_For_Regulato
Assets Segregated For Regulatory Purposes | 9 Months Ended |
Mar. 31, 2014 | |
Assets Segregated For Regulatory Purposes [Abstract] | ' |
Assets Segregated For Regulatory Purposes | ' |
ASSETS SEGREGATED FOR REGULATORY PURPOSES | |
At March 31, 2014, SWS held cash of approximately $189,961,000 segregated in special reserve bank accounts for the exclusive benefit of customers under Rule 15c3-3 of the Exchange Act. SWS had no reserve deposits in special reserve bank accounts for the Proprietary Accounts of Introducing Brokers (the "PAIB") at March 31, 2014. | |
At June 30, 2013, SWS held cash of approximately $164,737,000 segregated in special reserve bank accounts for the exclusive benefit of customers under Rule 15c3-3 of the Exchange Act. SWS had no reserve deposits in special reserve bank accounts for the PAIB at June 30, 2013. | |
Receivable_From_And_Payable_To
Receivable From And Payable To Brokers, Dealers And Clearing Organizations | 9 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Receivable From And Payable To Brokers, Dealers And Clearing Organizations [Abstract] | ' | |||||||||
Receivable From And Payable To Brokers, Dealers And Clearing Organizations | ' | |||||||||
RECEIVABLE FROM AND PAYABLE TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS | ||||||||||
At March 31, 2014 and June 30, 2013, SWS had receivable from and payable to brokers, dealers and clearing organizations related to the following (in thousands): | ||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||
Receivable: | ||||||||||
Securities failed to deliver | $ 22,508 | $ 9,708 | ||||||||
Securities borrowed | 1,779,143 | 1,546,376 | ||||||||
Correspondent broker/dealers | 22,076 | 45,435 | ||||||||
Clearing organizations | 38,772 | 25,285 | ||||||||
Other | 6,739 | 71,670 | ||||||||
$ 1,869,238 | $ 1,698,474 | |||||||||
Payable: | ||||||||||
Securities failed to receive | $ 28,213 | $ 39,024 | ||||||||
Securities loaned | 1,711,638 | 1,471,319 | ||||||||
Correspondent broker/dealers | 13,662 | 16,352 | ||||||||
Other | 42,298 | 6,276 | ||||||||
$ 1,795,811 | $ 1,532,971 | |||||||||
SWS participates in the securities borrowing and lending business by borrowing and lending securities other than those of its clients. SWS obtains or releases collateral as prices of the underlying securities fluctuate. Both of these activities are reported on a gross basis by counterparty. The following table provides information about these receivables and related collateral amounts at March 31, 2014 and June 30, 2013. | ||||||||||
31-Mar-14 | ||||||||||
(in thousands) | Gross amounts not offset in the statement of financial position | |||||||||
Description | Gross amounts | Gross amounts | Net amounts of | Financial instruments | Cash collateral | Net amount | ||||
of recognized | offset in the | assets presented in the statement of | ||||||||
assets/ | statement of | financial position | ||||||||
liabilities | financial position | |||||||||
Securities Borrowed | $ 1,779,143 | $ - | $ 1,779,143 | $ (1,778,243) | $ - | $ 900 | ||||
Securities Loaned (1) | 1,711,638 | - | 1,711,638 | -1,711,638 | - | - | ||||
30-Jun-13 | ||||||||||
(in thousands) | Gross amounts not offset in the statement of financial position | |||||||||
Description | Gross amounts | Gross amounts | Net amounts of | Financial instruments | Cash collateral | Net amount | ||||
of recognized | offset in the | assets presented in the statement of | ||||||||
assets/ | statement of | financial position | ||||||||
liabilities | financial position | |||||||||
Securities Borrowed | $ 1,546,376 | $ - | $ 1,546,376 | $ (1,546,376) | $ - | $ - | ||||
Securities Loaned (1) | 1,471,319 | - | 1,471,319 | -1,471,319 | - | - | ||||
____________________ | ||||||||||
(1) Under securities lending agreements, SWS had repledged $1,679,444,000 and $1,452,911,000 at March 31, 2014 and June 30, 2013, respectively. | ||||||||||
Loans_And_Allowance_For_Probab
Loans And Allowance For Probable Loan Losses | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Loans And Allowance For Probable Loan Losses [Abstract] | ' | |||||||||||||
Loans And Allowance For Probable Loan Losses | ' | |||||||||||||
LOANS AND ALLOWANCE FOR PROBABLE LOAN LOSSES | ||||||||||||||
The Bank grants loans to customers primarily within Texas and New Mexico. Although the Bank has a diversified loan portfolio, a substantial portion of its portfolio is dependent upon the general economic conditions in Texas and New Mexico. | ||||||||||||||
Loans receivable at March 31, 2014 and June 30, 2013 are summarized as follows and include unamortized discounts and premiums and deferred loan fees and costs of $579,000 and $997,000 at March 31, 2014 and June 30, 2013, respectively (in thousands): | ||||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ 9,897 | $ 2,662 | ||||||||||||
Multifamily | 41,398 | 11,095 | ||||||||||||
51,295 | 13,757 | |||||||||||||
Other loans receivable: | ||||||||||||||
Residential construction | 785 | 1,367 | ||||||||||||
Lot and land development | 5,955 | 8,988 | ||||||||||||
1-4 family | 164,979 | 233,947 | ||||||||||||
Commercial real estate | 178,444 | 213,452 | ||||||||||||
Multifamily | 92,300 | 88,738 | ||||||||||||
Commercial loans | 69,709 | 58,718 | ||||||||||||
Consumer loans | 2,666 | 1,959 | ||||||||||||
514,838 | 607,169 | |||||||||||||
566,133 | 620,926 | |||||||||||||
Allowance for probable loan losses | -8,092 | -12,343 | ||||||||||||
$ 558,041 | $ 608,583 | |||||||||||||
At March 31, 2014 and June 30, 2013, the 1-4 family loans included $72,546,000 and $174,037,000, respectively, of purchased mortgage loans held for investment. The loans, which are subject to policies and procedures governing credit underwriting standards and funding requirements, consisted of participations in newly originated residential loans from various mortgage bankers nationwide purchased at par. | ||||||||||||||
The Bank’s liquidity has increased due to lower mortgage purchase program volumes. Because the volumes have not been replaced with current loan originations, the Bank made two loan purchases in the quarter ended March 31, 2014. The loans purchased were all single family residence mortgages and totaled approximately $40,000,000. | ||||||||||||||
The analysis of the allowance for loan losses for the three and nine-months ended March 31, 2014 and 2013 and the recorded investment in loans receivable at March 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||||
Three-Months Ended | ||||||||||||||
31-Mar-14 | ||||||||||||||
Residential Construction | Lot and | 1-4 Family | Commercial Real Estate | Multifamily | Commercial | Consumer | Total | |||||||
Land Development | ||||||||||||||
Allowance for credit losses: | ||||||||||||||
Balance at beginning of period | $ 6 | $ 124 | $ 1,319 | $ 3,069 | $ 2,893 | $ 2,018 | $ 19 | $ 9,448 | ||||||
Charge-offs | - | - | -189 | - | - | - | - | -189 | ||||||
Recoveries | 14 | 102 | 26 | 266 | - | 3 | - | 411 | ||||||
Net recoveries (charge-offs) | 14 | 102 | -163 | 266 | - | 3 | - | 222 | ||||||
(Recapture) provision charged | ||||||||||||||
to operations | -19 | -178 | 715 | -1,453 | -409 | -229 | -5 | -1,578 | ||||||
Balance at end of period | $ 1 | $ 48 | $ 1,871 | $ 1,882 | $ 2,484 | $ 1,792 | $ 14 | $ 8,092 | ||||||
Ending balance: individually | ||||||||||||||
evaluated for impairment | $ - | $ - | $ 177 | $ 129 | $ - | $ 149 | $ - | $ 455 | ||||||
Ending balance: collectively | ||||||||||||||
evaluated for impairment | $ 1 | $ 48 | $ 1,694 | $ 1,753 | $ 2,484 | $ 1,643 | $ 14 | $ 7,637 | ||||||
Financing receivables: | ||||||||||||||
Balance at end of period | $ 785 | $ 5,955 | $ 164,979 | $ 178,444 | $ 92,300 | $ 69,709 | $ 2,666 | $ 514,838 | ||||||
Ending balance: individually | ||||||||||||||
evaluated for impairment | $ 564 | $ 930 | $ 6,552 | $ 7,687 | $ - | $ 4,347 | $ - | $ 20,080 | ||||||
Ending balance: collectively | ||||||||||||||
evaluated for impairment | $ 221 | $ 5,025 | $ 158,427 | $ 170,757 | $ 92,300 | $ 65,362 | $ 2,666 | $ 494,758 | ||||||
Three-Months Ended | ||||||||||||||
31-Mar-13 | ||||||||||||||
Residential Construction | Lot and | 1-4 Family | Commercial Real Estate | Multifamily | Commercial | Consumer | Total | |||||||
Land Development | ||||||||||||||
Allowance for credit losses: | ||||||||||||||
Balance at beginning of period | $ 135 | $ 674 | $ 2,759 | $ 7,768 | $ 1,831 | $ 5,464 | $ 6 | $ 18,637 | ||||||
Charge-offs | - | - | - | - | - | -51 | - | -51 | ||||||
Recoveries | 8 | 5 | 19 | 109 | - | 34 | 5 | 180 | ||||||
Net recoveries (charge-offs) | 8 | 5 | 19 | 109 | - | -17 | 5 | 129 | ||||||
(Recapture) provision charged to | ||||||||||||||
operations | -24 | -157 | -1,090 | -2,607 | 5,445 | -1,563 | -4 | - | ||||||
Balance at end of period | $ 119 | $ 522 | $ 1,688 | $ 5,270 | $ 7,276 | $ 3,884 | $ 7 | $ 18,766 | ||||||
Ending balance: individually | ||||||||||||||
evaluated for impairment | $ 23 | $ 254 | $ 383 | $ 1,159 | $ - | $ 2,090 | $ - | $ 3,909 | ||||||
Ending balance: collectively | ||||||||||||||
evaluated for impairment | $ 96 | $ 268 | $ 1,305 | $ 4,111 | $ 7,276 | $ 1,794 | $ 7 | $ 14,857 | ||||||
Financing receivables: | ||||||||||||||
Balance at end of period | $ 2,167 | $ 10,221 | $ 265,631 | $ 242,721 | $ 75,468 | $ 62,887 | $ 1,602 | $ 660,697 | ||||||
Ending balance: individually | ||||||||||||||
evaluated for impairment | $ 619 | $ 2,761 | $ 10,611 | $ 14,049 | $ - | $ 4,619 | $ - | $ 32,659 | ||||||
Ending balance: collectively | ||||||||||||||
evaluated for impairment | $ 1,548 | $ 7,460 | $ 255,020 | $ 228,672 | $ 75,468 | $ 58,268 | $ 1,602 | $ 628,038 | ||||||
Nine-Months Ended | ||||||||||||||
31-Mar-14 | ||||||||||||||
Residential Construction | Lot and | 1-4 Family | Commercial Real Estate | Multifamily | Commercial | Consumer | Total | |||||||
Land Development | ||||||||||||||
Allowance for credit losses: | ||||||||||||||
Balance at beginning of period | $ 49 | $ 374 | $ 1,528 | $ 3,290 | $ 3,567 | $ 3,530 | $ 5 | $ 12,343 | ||||||
Charge-offs | - | -4 | -286 | -51 | - | -67 | - | -408 | ||||||
Recoveries | 77 | 112 | 87 | 705 | - | 45 | - | 1,026 | ||||||
Net recoveries (charge-offs) | 77 | 108 | -199 | 654 | - | -22 | - | 618 | ||||||
(Recapture) provision charged | ||||||||||||||
to operations | -125 | -434 | 542 | -2,062 | -1,083 | -1,716 | 9 | -4,869 | ||||||
Balance at end of period | $ 1 | $ 48 | $ 1,871 | $ 1,882 | $ 2,484 | $ 1,792 | $ 14 | $ 8,092 | ||||||
Nine-Months Ended | ||||||||||||||
31-Mar-13 | ||||||||||||||
Residential Construction | Lot and | 1-4 Family | Commercial Real Estate | Multifamily | Commercial | Consumer | Total | |||||||
Land Development | ||||||||||||||
Allowance for credit losses: | ||||||||||||||
Balance at beginning of period | $ 350 | $ 1,310 | $ 3,235 | $ 10,628 | $ 2,866 | $ 4,004 | $ 9 | $ 22,402 | ||||||
Charge-offs | - | -182 | -163 | -1,113 | - | -1,659 | - | -3,117 | ||||||
Recoveries | 44 | 192 | 88 | 192 | - | 405 | 10 | 931 | ||||||
Net recoveries (charge-offs) | 44 | 10 | -75 | -921 | - | -1,254 | 10 | -2,186 | ||||||
(Recapture) provision charged to | ||||||||||||||
operations | -275 | -798 | -1,472 | -4,437 | 4,410 | 1,134 | -12 | -1,450 | ||||||
Balance at end of period | $ 119 | $ 522 | $ 1,688 | $ 5,270 | $ 7,276 | $ 3,884 | $ 7 | $ 18,766 | ||||||
As of March 31, 2014 and 2013, the ratio of loan loss allowance to ending loan balance, excluding purchased mortgage loans held for investment and loans measured at fair value, was 1.83% and 4.07%, respectively. There was no loan loss allowance for purchased mortgage loans held for investment because they are held on average for 25 days or less, which substantially reduces credit risk. | ||||||||||||||
Loans receivable on non-accrual status as of March 31, 2014 and June 30, 2013 were as follows (in thousands): | ||||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||
Residential construction | $ 560 | $ 601 | ||||||||||||
Lot and land development | 927 | 2,418 | ||||||||||||
1-4 family | 5,724 | 7,792 | ||||||||||||
Commercial real estate | 3,303 | 7,611 | ||||||||||||
Commercial loans | 3,874 | 4,024 | ||||||||||||
$ 14,388 | $ 22,446 | |||||||||||||
Loans are classified as non-performing when they are 90 days or more past due as to principal or interest or when reasonable doubt exists as to timely collectibility. The Bank uses a standardized review process to determine which loans should be placed on non-accrual status. At the time a loan is placed on non-accrual status, previously accrued and uncollected interest is reversed against interest income. Interest income on non-accrual loans is subsequently recognized to the extent cash payments are received for loans where full collection is likely. For loans where full collection is not likely, interest payments are applied to the outstanding principal and interest income is only recognized if full payment is made. The average recorded investment in non-accrual loans for the nine-months ended March 31, 2014 and the twelve-months ended June 30, 2013 was approximately $17,211,000 and $25,516,000, respectively. There was $2,000 and $31,000 of interest income recorded on the non-accrual loans, prior to being placed on non-accrual status, in the three and nine-months ended March 31, 2014 and approximately $7,000 and $39,000 of interest income for the three and nine-months ended March 31, 2013. | ||||||||||||||
The following tables highlight the Bank’s recorded investment and unpaid principal balance for impaired loans by type as well as the related allowance, average recorded investment and interest income recognized as of March 31, 2014 and June 30, 2013 (in thousands): | ||||||||||||||
Recorded Investment(1) | Unpaid Principal Balance(1) | Related Allowance | Average Recorded Investment(2) | Interest Income Recognized(3) | ||||||||||
31-Mar-14 | ||||||||||||||
With no related allowance recorded: | ||||||||||||||
Residential construction | $ 564 | $ 742 | $ - | $ 460 | $ - | |||||||||
Lot and land development | 930 | 1,200 | - | 139 | - | |||||||||
1-4 family | 5,197 | 6,975 | - | 5,509 | 6 | |||||||||
Commercial real estate | 5,017 | 5,136 | - | 6,244 | 182 | |||||||||
Commercial loans | 3,933 | 3,984 | - | 4,141 | 8 | |||||||||
15,641 | 18,037 | - | 16,493 | 196 | ||||||||||
Recorded Investment(1) | Unpaid Principal Balance(1) | Related Allowance | Average Recorded Investment(2) | Interest Income Recognized(3) | ||||||||||
31-Mar-14 | ||||||||||||||
With an allowance recorded: | ||||||||||||||
Residential construction | $ - | $ - | $ - | $ 119 | $ - | |||||||||
Lot and land development | - | - | - | 1,247 | - | |||||||||
1-4 family | 1,355 | 1,429 | 177 | 2,330 | 28 | |||||||||
Commercial real estate | 2,670 | 3,757 | 129 | 2,052 | - | |||||||||
Commercial loans | 414 | 488 | 149 | 2,191 | 16 | |||||||||
4,439 | 5,674 | 455 | 7,939 | 44 | ||||||||||
31-Mar-14 | ||||||||||||||
Total | ||||||||||||||
Residential construction | $ 564 | $ 742 | $ - | $ 579 | $ - | |||||||||
Lot and land development | 930 | 1,200 | - | 1,386 | - | |||||||||
1-4 family | 6,552 | 8,404 | 177 | 7,839 | 34 | |||||||||
Commercial real estate | 7,687 | 8,893 | 129 | 8,296 | 182 | |||||||||
Commercial loans | 4,347 | 4,472 | 149 | 6,332 | 24 | |||||||||
$ 20,080 | $ 23,711 | $ 455 | $ 24,432 | $ 240 | ||||||||||
30-Jun-13 | ||||||||||||||
With no related allowance recorded: | ||||||||||||||
Residential construction | $ 383 | $ 471 | $ - | $ 438 | $ - | |||||||||
Lot and land development | 102 | 324 | - | 807 | - | |||||||||
1-4 family | 5,818 | 7,712 | - | 7,674 | 17 | |||||||||
Commercial real estate | 9,006 | 12,239 | - | 7,785 | 167 | |||||||||
Commercial loans | 4,430 | 5,092 | - | 1,582 | 26 | |||||||||
19,739 | 25,838 | - | 18,286 | 210 | ||||||||||
Recorded Investment(1) | Unpaid Principal Balance(1) | Related Allowance | Average Recorded Investment(2) | Interest Income Recognized(3) | ||||||||||
30-Jun-13 | ||||||||||||||
With an allowance recorded: | ||||||||||||||
Residential construction | $ 222 | $ 283 | $ 23 | $ 191 | $ - | |||||||||
Lot and land development | 2,326 | 2,543 | 233 | 1,879 | - | |||||||||
1-4 family | 3,543 | 3,870 | 178 | 6,398 | 67 | |||||||||
Commercial real estate | 3,265 | 4,188 | 105 | 10,048 | 15 | |||||||||
Commercial loans | 3,037 | 3,032 | 2,090 | 2,288 | 129 | |||||||||
12,393 | 13,916 | 2,629 | 20,804 | 211 | ||||||||||
30-Jun-13 | ||||||||||||||
Total | ||||||||||||||
Residential construction | $ 605 | $ 754 | $ 23 | $ 629 | $ - | |||||||||
Lot and land development | 2,428 | 2,867 | 233 | 2,686 | - | |||||||||
1-4 family | 9,361 | 11,582 | 178 | 14,072 | 84 | |||||||||
Commercial real estate | 12,271 | 16,427 | 105 | 17,833 | 182 | |||||||||
Commercial loans | 7,467 | 8,124 | 2,090 | 3,870 | 155 | |||||||||
$ 32,132 | $ 39,754 | $ 2,629 | $ 39,090 | $ 421 | ||||||||||
____________________ | ||||||||||||||
-1 | The difference between the unpaid principal balance and the recorded investment of impaired loans with no related allowance recorded is primarily comprised of partial charge-offs that were previously recognized. | |||||||||||||
-2 | Represents the average recorded investment for the nine-months ended March 31, 2014 and the twelve-months ended June 30, 2013, respectively. | |||||||||||||
-3 | Represents interest income recognized on impaired loans for the nine-months ended March 31, 2014 and the twelve-months ended June 30, 2013, respectively. | |||||||||||||
The Bank prepares a criticized and classified loan report that it uses to assist in calculating an adequate allowance for loan losses. The following tables summarize this report and highlight the overall quality of the Bank’s financing receivables as of March 31, 2014 and June 30, 2013 (in thousands): | ||||||||||||||
Pass | Special Mention(1) | Substandard(2) | Total | |||||||||||
31-Mar-14 | ||||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ 9,897 | $ - | $ - | $ 9,897 | ||||||||||
Multifamily | 41,398 | - | - | 41,398 | ||||||||||
51,295 | - | - | 51,295 | |||||||||||
Other loans receivable: | ||||||||||||||
Residential construction | 225 | - | 560 | 785 | ||||||||||
Lot and land development | 4,711 | - | 1,244 | 5,955 | ||||||||||
1-4 family | 158,990 | - | 5,989 | 164,979 | ||||||||||
Commercial real estate | 150,756 | 4,540 | 23,148 | 178,444 | ||||||||||
Multifamily | 92,300 | - | - | 92,300 | ||||||||||
Commercial loans | 62,826 | 2,782 | 4,101 | 69,709 | ||||||||||
Consumer loans | 2,666 | - | - | 2,666 | ||||||||||
472,474 | 7,322 | 35,042 | 514,838 | |||||||||||
$ 523,769 | $ 7,322 | $ 35,042 | $ 566,133 | |||||||||||
Pass | Special Mention(1) | Substandard(2) | Total | |||||||||||
30-Jun-13 | ||||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ 2,662 | $ - | $ - | $ 2,662 | ||||||||||
Multifamily | 11,095 | - | - | 11,095 | ||||||||||
13,757 | - | - | 13,757 | |||||||||||
Other loans receivable: | ||||||||||||||
Residential construction | 766 | - | 601 | 1,367 | ||||||||||
Lot and land development | 5,605 | - | 3,383 | 8,988 | ||||||||||
1-4 family | 225,434 | 234 | 8,279 | 233,947 | ||||||||||
Commercial real estate | 171,085 | 7,631 | 34,736 | 213,452 | ||||||||||
Multifamily | 88,046 | - | 692 | 88,738 | ||||||||||
Commercial loans | 47,680 | 1,324 | 9,714 | 58,718 | ||||||||||
Consumer loans | 1,959 | - | - | 1,959 | ||||||||||
540,575 | 9,189 | 57,405 | 607,169 | |||||||||||
$ 554,332 | $ 9,189 | $ 57,405 | $ 620,926 | |||||||||||
____________________ | ||||||||||||||
-1 | These loans are currently protected by the current sound worth and paying capacity of the obligor, but have a potential weakness that would create a higher credit risk. | |||||||||||||
-2 | These loans exhibit well-defined weaknesses that could jeopardize the ultimate collection of all or part of the debt. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate for substandard assets, does not have to exist in individual assets classified as “Substandard.” | |||||||||||||
The following tables highlight the age of the Bank’s past due financing receivables as of March 31, 2014 and June 30, 2013 (in thousands): | ||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Financing Receivables | Recorded Investment > 90 Days and Accruing | ||||||||
31-Mar-14 | ||||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ - | $ - | $ - | $ - | $ 9,897 | $ 9,897 | $ - | |||||||
Multifamily | - | - | - | - | 41,398 | 41,398 | - | |||||||
- | - | - | - | 51,295 | 51,295 | - | ||||||||
Other loans receivable: | ||||||||||||||
Residential construction | - | - | - | - | 785 | 785 | - | |||||||
Lot and land development | 16 | 112 | 14 | 142 | 5,813 | 5,955 | - | |||||||
1-4 family | 2,308 | - | 816 | 3,124 | 161,855 | 164,979 | - | |||||||
Commercial real estate | 5,005 | 907 | 523 | 6,435 | 172,009 | 178,444 | - | |||||||
Multifamily | - | - | - | - | 92,300 | 92,300 | - | |||||||
Commercial loans | 394 | - | 3,676 | 4,070 | 65,639 | 69,709 | - | |||||||
Consumer loans | 3 | - | - | 3 | 2,663 | 2,666 | - | |||||||
7,726 | 1,019 | 5,029 | 13,774 | 501,064 | 514,838 | - | ||||||||
$ 7,726 | $ 1,019 | $ 5,029 | $ 13,774 | $ 552,359 | $ 566,133 | $ - | ||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Financing Receivables | Recorded Investment > 90 Days and Accruing | ||||||||
30-Jun-13 | ||||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ - | $ - | $ - | $ - | $ 2,662 | $ 2,662 | $ - | |||||||
Multifamily | - | - | - | - | 11,095 | 11,095 | - | |||||||
- | - | - | - | 13,757 | 13,757 | - | ||||||||
Other loans receivable: | ||||||||||||||
Residential construction | - | - | - | - | 1,367 | 1,367 | - | |||||||
Lot and land development | 173 | 370 | 80 | 623 | 8,365 | 8,988 | - | |||||||
1-4 family | 914 | 234 | 2,816 | 3,964 | 229,983 | 233,947 | - | |||||||
Commercial real estate | 1,396 | 1,153 | 4,826 | 7,375 | 206,077 | 213,452 | - | |||||||
Multifamily | 692 | - | - | 692 | 88,046 | 88,738 | - | |||||||
Commercial loans | 750 | 3,812 | 135 | 4,697 | 54,021 | 58,718 | - | |||||||
Consumer loans | - | - | - | - | 1,959 | 1,959 | - | |||||||
3,925 | 5,569 | 7,857 | 17,351 | 589,818 | 607,169 | - | ||||||||
$ 3,925 | $ 5,569 | $ 7,857 | $ 17,351 | $ 603,575 | $ 620,926 | $ - | ||||||||
In certain circumstances, the Bank modifies the terms of its loans to a troubled borrower. Modifications may include extending the maturity date, reducing the stated interest rate, rescheduling future cash flows or some combination thereof. The Bank accounts for the modification as a troubled debt restructuring (“TDR”). | ||||||||||||||
Loans that have been modified in a TDR continue to be considered restructured until paid in full. These loans, including loans restructured in the prior 12 months that defaulted during the period, are individually evaluated for impairment taking into consideration payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. A specific allowance for an impaired loan that has been modified in a TDR is established when the loan’s fair value is lower than its recorded investment. In addition, the historical loss rates of loans modified in TDRs, by portfolio segment, are factored into the formula utilized to determine the general allowance for probable loan losses. | ||||||||||||||
The table below presents the recorded investment in loans modified in TDRs as of March 31, 2014 and June 30, 2013 (in thousands): | ||||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||
Residential construction | $ 564 | $ 605 | ||||||||||||
Lot and land development | 916 | 4,927 | ||||||||||||
1-4 family | 5,533 | 7,690 | ||||||||||||
Commercial real estate | 7,104 | 4,574 | ||||||||||||
Commercial | 708 | 497 | ||||||||||||
$ 14,825 | $ 18,293 | |||||||||||||
The allowance for loan losses associated with loans modified in TDRs as of March 31, 2014 and June 30, 2013, was $445,000 and $447,000, respectively. The recorded investment includes $5,826,000 and $6,685,000 of loans on accrual status as of March 31, 2014 and June 30, 2013, respectively. Loans modified in TDRs are placed on accrual status when a reasonable period of payment performance by the borrower demonstrates the ability and capacity to meet the restructured terms. | ||||||||||||||
The following table summarizes the financial effects of loan modifications accounted for as TDRs that occurred during the three and nine-months ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||
Three-Months Ended | Nine-Months Ended | |||||||||||||
31-Mar-14 | 31-Mar-14 | |||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment(1) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment(1) | |||||||||
1-4 family | 3 | $ 212 | $ 212 | 3 | $ 212 | $ 212 | ||||||||
Commercial real estate | 3 | 3,991 | 3,991 | 3 | 3,991 | 3,991 | ||||||||
Commercial | - | - | - | 1 | 168 | 168 | ||||||||
6 | $ 4,203 | $ 4,203 | 7 | $ 4,371 | $ 4,371 | |||||||||
Three-Months Ended | Nine-Months End | |||||||||||||
31-Mar-13 | 31-Mar-13 | |||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment(1) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment(1) | |||||||||
Residential construction | - | $ - | $ - | 4 | $ 648 | $ 648 | ||||||||
Lot and land development | 2 | 514 | 514 | 9 | 3,742 | 3,742 | ||||||||
1-4 family | 3 | 361 | 361 | 8 | 1,669 | 1,656 | ||||||||
Commercial real estate | 1 | 278 | 278 | 3 | 374 | 374 | ||||||||
Commercial | - | - | - | 1 | 213 | 213 | ||||||||
6 | $ 1,153 | $ 1,153 | 25 | $ 6,646 | $ 6,633 | |||||||||
____________ | ||||||||||||||
(1) Post-modification balances include direct charge-offs recorded at the time of modification. | ||||||||||||||
The table below summarizes the type of loan modifications made and the post modification outstanding recorded investment for TDRs during the three and nine-months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||
Amount of TDR Loan Modifications | ||||||||||||||
Type of Modification | Three-Months Ended | Nine-Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-14 | |||||||||||||
Maturity date extension | $ 103 | $ 103 | ||||||||||||
Rescheduled future cash flows | 3,991 | 4,159 | ||||||||||||
Combination of maturity date extension | ||||||||||||||
and reduction of the stated interest rate | 109 | 109 | ||||||||||||
$ 4,203 | $ 4,371 | |||||||||||||
Amount of TDR Loan Modifications | ||||||||||||||
Type of Modification | Three-Months Ended | Nine-Months Ended | ||||||||||||
31-Mar-13 | 31-Mar-13 | |||||||||||||
Maturity date extension | $ 249 | $ 363 | ||||||||||||
Reduction of the stated interest rate | - | 60 | ||||||||||||
Rescheduled future cash flows | 278 | 983 | ||||||||||||
Combination of maturity date extension | ||||||||||||||
and rescheduling of future cash flows | 350 | 2,996 | ||||||||||||
Combination of maturity date extension | ||||||||||||||
and reduction of the stated interest rate | - | 26 | ||||||||||||
Combination of maturity date extension, | ||||||||||||||
reduction of the stated interest rate, | ||||||||||||||
and rescheduling of future cash flows | 84 | 2,013 | ||||||||||||
Combination of reduction of the stated interest rate | ||||||||||||||
and rescheduling of future cash flows | 192 | 192 | ||||||||||||
$ 1,153 | $ 6,633 | |||||||||||||
Loan modifications accounted for as TDRs within the previous 12 months that subsequently defaulted (a payment default is defined as a loan 60 days or more past due) during the three and nine-months ended March 31, 2014 and 2013 are summarized in the following table (dollars in thousands): | ||||||||||||||
Three-Months Ended | Nine-Months Ended | |||||||||||||
31-Mar-14 | 31-Mar-14 | |||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||
1-4 family | - | $ - | 2 | $ 272 | ||||||||||
Three-Months Ended | Nine-Months Ended | |||||||||||||
31-Mar-13 | 31-Mar-13 | |||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||
1-4 family | 2 | $ 658 | 2 | $ 658 | ||||||||||
The Bank has elected to measure certain loans at fair value. See discussion in “Note 1(x). Fair Value of Financial Instruments” and “Note 1(g). Loans and Allowance for Loan Losses” in the Notes to the Consolidated Financial Statements in the Fiscal 2013 Form 10-K. The Bank recognized interest income on loans measured at fair value separately from other changes in fair value. As of March 31, 2014, there were no loans measured at fair value on non-accrual status or 90 days or more past due and still accruing. | ||||||||||||||
The following tables summarize the amortized cost, gross unrealized gains and losses and the fair value of loans measured at fair value at March 31, 2014 and June 30, 2013 for the Bank (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains (1) | Losses (1) | Value | |||||||||||
31-Mar-14 | ||||||||||||||
Commercial real estate | $ 9,875 | $ 80 | $ (58) | $ 9,897 | ||||||||||
Multifamily | 41,197 | 246 | -45 | 41,398 | ||||||||||
$ 51,072 | $ 326 | $ (103) | $ 51,295 | |||||||||||
Gross | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Losses (1) | Value | ||||||||||||
30-Jun-13 | ||||||||||||||
Commercial real estate | $ 2,787 | $ (125) | $ 2,662 | |||||||||||
Multifamily | 11,115 | -20 | 11,095 | |||||||||||
$ 13,902 | $ (145) | $ 13,757 | ||||||||||||
____________ | ||||||||||||||
(1) Unrealized gains (losses) are recorded in other revenues on the Consolidated Statements of Comprehensive Loss. | ||||||||||||||
Securities_Owned_And_Securitie
Securities Owned And Securities Sold, Not Yet Purchased | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Securities Owned And Securities Sold, Not Yet Purchased [Abstract] | ' | ||||
Securities Owned And Securities Sold, Not Yet Purchased | ' | ||||
SECURITIES OWNED AND SECURITIES SOLD, NOT YET PURCHASED | |||||
Securities owned and securities sold, not yet purchased at March 31, 2014 and June 30, 2013 consisted of the following (in thousands): | |||||
31-Mar-14 | 30-Jun-13 | ||||
Securities owned: | |||||
Corporate equity securities | $ 1,143 | $ 1,520 | |||
Municipal obligations | 67,719 | 30,116 | |||
U.S. government and government agency obligations | 84,670 | 41,529 | |||
Corporate obligations | 96,155 | 127,899 | |||
Other | 39,282 | 8,569 | |||
$ 288,969 | $ 209,633 | ||||
Securities sold, not yet purchased: | |||||
Corporate equity securities | $ 3 | $ - | |||
Municipal obligations | - | 10 | |||
U.S. government and government agency obligations | 97,949 | 54,086 | |||
Corporate obligations | 79,508 | 80,639 | |||
$ 177,460 | $ 134,735 | ||||
Securities owned and securities sold, not yet purchased are carried at fair value. See additional discussion in “Fair Value of Financial Instruments”. | |||||
Some of these securities were pledged as collateral to secure short-term borrowings (see “Short-Term Borrowings”) and as security deposits at clearing organizations for the Company’s clearing business. At March 31, 2014 and June 30, 2013, securities pledged as security deposits at clearing organizations were $6,349,000 and $3,000,000, respectively. | |||||
The Company also enters into “to-be-announced” securities (“TBAs”) in order to assist clients (generally small to mid-size mortgage loan originators) in hedging the interest rate risk associated with the mortgages owned by the clients. In general, the Company will enter into a TBA purchase agreement with the client and then immediately enter into a TBA sale agreement with identical terms and the same settlement date with a separate counter-party. The Company earns revenue through a commission charged to the customer. Because the Company has purchased and sold the same security, it is no longer exposed to market movements of the underlying TBA. At March 31, 2014, the Company had unsettled TBA purchase contracts and offsetting TBA sale agreements in the notional amount of $812,501,000. | |||||
Securities_Held_To_Maturity
Securities Held To Maturity | 9 Months Ended | |||||
Mar. 31, 2014 | ||||||
Securities Held To Maturity [Abstract] | ' | |||||
Securities Held To Maturity | ' | |||||
SECURITIES HELD TO MATURITY | ||||||
Securities held to maturity consisted of the following (in thousands): | ||||||
31-Mar-14 | 30-Jun-13 | |||||
Government National Mortgage | ||||||
Association ("GNMA") Securities | $ 13,553 | $ 17,423 | ||||
In March 2011, the Bank purchased GNMA securities at a cost of $35,525,000, including a premium of $525,000. The premium is amortized over the period from the date of purchase to the stated maturity date (15 years) of the GNMA securities using the interest method. These securities are classified as held to maturity and are accounted for at amortized cost. The weighted average yield on this investment is expected to be 2.4% and the weighted average maturity is expected to be 2.1 years. | ||||||
The Bank recorded $19,000 and $60,000 in amortization of the premiums during the three and nine-months ended March 31, 2014, respectively. During the three and nine-months ended March 31, 2014, the Bank received $1,129,000 and $4,154,000 of principal and interest payments, respectively, recording $106,000 and $344,000 in interest, respectively. | ||||||
The Bank recorded $28,000 and $89,000 in amortization of the premiums during the three and nine-months ended March 31, 2013, respectively. During the three and nine-months ended March 31, 2013, the Bank received $2,344,000 and $6,832,000 of principal and interest payments, respectively, recording $156,000 and $515,000 in interest, respectively. | ||||||
The amortized cost, estimated fair value and unrecognized holding gain of securities held to maturity at March 31, 2014, by contractual maturity date, are shown below (in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. | ||||||
Securities Held to Maturity | ||||||
Amortized Cost | Fair Value | Unrecognized Holding gain | ||||
Due after ten years | $ 13,553 | $ 13,899 | $ 346 | |||
Securities_Purchased_Sold_Unde
Securities Purchased /Sold Under Agreements To Resell/Repurchase | 9 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Securities Purchased /Sold Under Agreements To Resell/Repurchase [Abstract] | ' | |||||||||
Securities Purchased /Sold under Agreements to Resell/Repurchase | ' | |||||||||
SECURITIES PURCHASED/SOLD UNDER AGREEMENTS TO RESELL/REPURCHASE | ||||||||||
At March 31, 2014 and June 30, 2013, SWS held reverse repurchase agreements collateralized by U.S. government and government agency obligations and securities sold under repurchase agreements. These securities are reported on a gross basis in the Consolidated Statements of Financial Condition. | ||||||||||
Securities sold under repurchase agreements, which are secured borrowings, generally mature within one to four days from the transaction date. Securities sold under repurchase agreements are reflected at the amount of cash received in connection with the transactions. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The Company monitors the fair value of the underlying securities on a daily basis. Interest on these amounts is accrued and is included in the Consolidated Statements of Financial Condition in other liabilities. | ||||||||||
The following table provides information about these instruments and any related collateral amounts at March 31, 2014 and June 30, 2013. | ||||||||||
31-Mar-14 | ||||||||||
(in thousands) | Gross amounts not offset in the statement of financial position | |||||||||
Description | Gross amounts | Gross amounts | Net amounts of | Financial instruments | Cash collateral | Net amount | ||||
of recognized | offset in the | assets presented in the statement of | ||||||||
assets/ | statement of | financial position | ||||||||
liabilities | financial position | |||||||||
Reverse | ||||||||||
Repurchase | ||||||||||
Agreements | $ 97,504 | $ - | $ 97,504 | $ (97,416) | $ - | $ 88 | ||||
Repurchase | ||||||||||
Agreements | 69,961 | - | 69,961 | -69,628 | - | 333 | ||||
30-Jun-13 | ||||||||||
(in thousands) | Gross amounts not offset in the statement of financial position | |||||||||
Description | Gross amounts | Gross amounts | Net amounts of | Financial instruments | Cash collateral | Net amount | ||||
of recognized | offset in the | assets presented in the statement of | ||||||||
assets/ | statement of | financial position | ||||||||
liabilities | financial position | |||||||||
Reverse | ||||||||||
Repurchase | ||||||||||
Agreements | $ 51,996 | $ - | $ 51,996 | $ (51,808) | $ - | $ 188 | ||||
Repurchase | ||||||||||
Agreements | 37,012 | - | 37,012 | -37,012 | - | - | ||||
Securities_Available_For_Sale
Securities Available For Sale | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Securities Available For Sale [Abstract] | ' | ||||||
Securities Available For Sale | ' | ||||||
SECURITIES AVAILABLE FOR SALE | |||||||
SWS Group owns shares of common stock of Westwood Group, Inc. (“Westwood”), which it classifies as securities available for sale. In addition to the shares of common stock owned by SWS Group, the Bank owns U.S. government and government agency and municipal obligations that are available for sale. The unrealized holding gains (losses), net of tax, related to these securities are recorded as a separate component of stockholders’ equity on the Consolidated Statements of Financial Condition. | |||||||
The following tables summarize the cost of equity securities, amortized cost of debt securities and market value of these investments at March 31, 2014 and June 30, 2013 (dollars in thousands): | |||||||
Original/ | Gross | Gross | Gross | ||||
Shares | Amortized | Unrealized | Unrealized | Realized | Market | ||
Held | Cost | Gains | Losses | Losses | Value | ||
Mar-14 | |||||||
Westwood common stock | 2,219 | $ 7 | $ 222 | $ - | $ (90) | $ 139 | |
Municipal obligations | N/A | 44,454 | 173 | -678 | - | 43,949 | |
Continuous unrealized loss less than | |||||||
12 months: | |||||||
U.S. government and government | |||||||
agency obligations | N/A | 507,461 | 350 | -10,415 | - | 497,396 | |
Continuous unrealized loss for 12 | |||||||
months or greater: | |||||||
U.S. government and government | |||||||
agency obligations | N/A | 35,597 | - | -1,402 | - | 34,195 | |
$ 587,519 | $ 745 | $ (12,495) | $ (90) | $ 575,679 | |||
Original/ | Gross | Gross | Gross | ||||
Shares | Amortized | Unrealized | Unrealized | Realized | Market | ||
Held | Cost | Gains | Losses | Losses | Value | ||
Jun-13 | |||||||
Westwood common stock | 3,405 | $ 7 | $ 170 | $ - | $ (31) | $ 146 | |
Continuous unrealized loss less than | |||||||
12 months: | |||||||
U.S. government and government | |||||||
agency obligations | N/A | 479,970 | 138 | -9,239 | - | 470,869 | |
Municipal obligations | N/A | 29,289 | - | -1,065 | - | 28,224 | |
Continuous unrealized loss for 12 | |||||||
months or greater: | |||||||
U.S. government and government | |||||||
agency obligations | N/A | 4,127 | - | -90 | - | 4,037 | |
$ 513,393 | $ 308 | $ (10,394) | $ (31) | $ 503,276 | |||
In fiscal 2014 and 2013, the Bank purchased U.S. government and government agency and municipal obligations securities at a cost of $177,085,000 and $319,836,000, including a net premium of $2,335,000 and $6,279,000, respectively. The premium is amortized over the period from the date of purchase to the stated maturity date (weighted average of 4.39 years at March 31, 2014 and 4.04 years at June 30, 2013) using the interest method. | |||||||
During the three and nine-months ended March 31, 2014, the Bank recorded $619,000 and $1,796,000, respectively, in amortization of the premium and received $15,233,000 and $45,308,000, respectively, of principal and interest payments, recording $3,764,000 and $9,617,000, respectively, in interest income on these securities. During the three and nine-months ended March 31, 2013, the Bank recorded $439,000 and $1,347,000, respectively, in amortization of the premium and received $11,423,000 and $32,579,000, respectively, of principal and interest payments, recording $1,754,000 and $5,347,000, respectively, in interest income on these securities. | |||||||
During the first three quarters of fiscal 2014, U.S. government and municipal obligations of $27,635,000 matured and during the first three quarters of fiscal 2013, municipal obligations of $495,000 matured and the issuer redeemed $12,000,000 of U.S. government agency securities, purchased at a discount, at par, resulting in a gain of $7,000. | |||||||
During the first three quarters of fiscal 2013, the Company recognized a realized gain of $3,550,000 in net gains on principal transactions and a $2,308,000 (the $3,550,000 net of tax) reclassification adjustment from accumulated other comprehensive income from the sale of shares of U.S. Home Systems, Inc. (USHS) common stock owned by SWS Group at June 29, 2012. Also, during the first three quarters of fiscal 2014 and 2013, the Bank sold $37,837,000 and $24,557,000 in securities, recognizing gains of $483,000 and $95,000 in other revenue and a $314,000 (the $483,000 net of tax) and $62,000 (the $95,000 net of tax) reclassification adjustment from accumulated other comprehensive income, respectively. | |||||||
Investments_And_Variable_Inter
Investments And Variable Interest Entities | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investments And Variable Interest Entities [Abstract] | ' | |||||||
Investments And Variable Interest Entities | ' | |||||||
INVESTMENTS AND VARIABLE INTEREST ENTITIES | ||||||||
Investments. | ||||||||
SWS has interests in four investment partnerships that it accounts for under the equity method, which approximates fair value. One is a limited partnership venture capital fund in which SWS has invested $5,000,000. Based on a review of the fair value of this limited partnership interest, SWS determined that its share of the investments made by the limited partnership should be valued at $530,000 as of March 31, 2014 and $513,000 as of June 30, 2013. SWS recorded net gains of $13,000 and $17,000 on this investment for the three and nine-months ended March 31, 2014, respectively, and recorded net gains of $16,000 and $48,000 for the three and nine-months ended March 29, 2013, respectively. In fiscal 2013, SWS received cash distributions of $340,000 from this investment. The limited partnership venture capital fund has entered into an agreement with the Small Business Administration (“SBA”) for a self-liquidation plan. | ||||||||
Two investments are limited partnership equity funds to which the Bank has commitments of $3,000,000 and $2,000,000, respectively, and are considered cost effective ways of meeting its obligations under the CRA. As of March 31, 2014 and June 30, 2013, the Bank’s recorded investments in these partnerships were $3,012,000 and $3,782,000, respectively. During the three and nine-months ended March 31, 2014, the Bank recorded net losses of $1,016,000 and $770,000, respectively, related to these investments. In comparison, during the three and nine-months ended March 31, 2013, the Bank recorded a net loss of $418,000 and a net gain of $568,000, respectively, related to these investments. During the nine-months ended March 31, 2014, the Bank received no cash distributions and during the nine-months ended March 31, 2013, the Bank received $2,400,000, from these investments. | ||||||||
On January 28, 2009, the Bank executed a $4,500,000 loan agreement with one of the partnerships. The loan was amended on November 16, 2009 to increase the note amount to $5,000,000. The loan was renewed on September 26, 2012 with a maturity date of January 2, 2013. At December 31, 2012, the loan was paid in full. Prior to December 31, 2012, for the three and six-months ended December 31, 2012, the Bank earned approximately $55,000 and $111,000 in interest income, respectively. | ||||||||
On December 31, 2012, the Bank executed a new $5,000,000 loan agreement with one of the partnerships with a maturity date of December 31, 2015. At March 31, 2014, the outstanding balance was $3,152,000. The loan bears interest at a rate of 4.25% per annum and interest is due monthly. The Bank earned approximately $33,000 and $89,000 in interest income for the three and nine-months ended March 31, 2014, respectively, and approximately $30,000 in interest income for the three-months ended March 31, 2013 on the loan. | ||||||||
In April 2012, the Bank acquired an interest in a private investment fund to obtain additional credit for its obligations under the CRA. The Bank has committed to invest $3,000,000 in the fund and to date, has contributed $480,000 in the fund, including $300,000 invested pursuant to capital calls in November 2013 and March 2014. For the three-months ended March 31, 2014, no amounts were recorded to reflect a change in market value. For the nine-months ended March 31, 2014, the Bank recorded net losses of $50,000. There were no net gains or losses recorded by the Bank for the three and nine-months ended March 31, 2013. The recorded investment in this fund was $312,000 and $62,000 at March 31, 2014 and June 30, 2013, respectively. | ||||||||
Variable Interest Entities. | ||||||||
The Company’s variable interest entity (“VIE”) policies are discussed in “Note 10. Investments and Variable Interest Entities” in the Notes to the Consolidated Financial Statements in the Fiscal 2013 Form 10-K. | ||||||||
The loans to commercial borrowers noted in the table below, which have been modified as a troubled debt restructuring, triggering a reconsideration event, meet the definition of a VIE because the legal entities have a total equity investment at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support, leading to the borrowers request for a loan modification. The Company, however, does not meet the definition of a primary beneficiary of the legal entities even though the Company has customary lender’s rights and remedies, as provided in the related promissory notes and loan agreements. The Company does not possess the power to direct the activities of the legal entities that most significantly impact the legal entities economic performance nor does the Company have the obligation to absorb potentially significant losses or the right to receive potentially significant benefits from the legal entities. Accordingly, the legal entities are not consolidated in the Company’s financial statements. | ||||||||
The following table presents the carrying amount and maximum exposure to loss associated with the Company’s variable interests in unconsolidated VIEs as of March 31, 2014 and June 30, 2013 (dollars in thousands): | ||||||||
31-Mar-14 | 30-Jun-13 | |||||||
Number of VIEs | Carrying Amount of Assets | Maximum Exposure to Loss | Number of VIEs | Carrying Amount of Assets | Maximum Exposure to Loss | |||
Loans to commercial | ||||||||
borrowers | 11 | $ 5,598 | $ 4,277 | 17 | $ 10,639 | $ 9,072 | ||
The carrying amount of the Company’s recorded investment in these loans is included in loans, net of allowance for loan losses in the Consolidated Statements of Financial Condition. See additional discussion in “Loans and Allowance for Probable Loan Losses” for information related to the loans modified in TDRs. | ||||||||
REO_And_Other_Repossessed_Asse
REO And Other Repossessed Assets | 9 Months Ended |
Mar. 31, 2014 | |
REO And Other Repossessed Assets [Abstract] | ' |
REO And Other Repossessed Assets | ' |
REO AND OTHER REPOSSESSED ASSETS | |
REO and other repossessed assets are valued at the lower of cost or market, less a selling discount and are included in other assets in the Consolidated Statements of Financial Condition. For those investments where the REO is valued at market, the value is determined by third party appraisals or if the REO is subject to a sales contract, by the accepted sales amount. In addition, under certain circumstances, the Bank adjusts appraised values to more accurately reflect the economic conditions of the area at the time of valuation or to reflect changes in market value occurring subsequent to the appraisal date. There were $62,000 and $263,000 of subsequent write-downs required to reflect current fair value for the three and nine-months ended March 31, 2014, respectively, and $549,000 and $1,475,000 of subsequent write-downs were required for the three and nine-months ended March 31, 2013, respectively. | |
Servicing_Assets
Servicing Assets | 9 Months Ended |
Mar. 31, 2014 | |
Servicing Assets [Abstract] | ' |
Servicing Assets | ' |
SERVICING ASSETS | |
During fiscal 2014 and 2013, the Bank sold $5,934,000 of SBA loans resulting in a gain of $493,000 and $17,664,000 of SBA loans resulting in a gain of $2,253,000, respectively. In addition, during the three-months ended March 31, 2014, the Bank, in connection with the fiscal 2014 sales, recorded servicing assets of $116,000. At March 31, 2014 and June 30, 2013, the servicing assets had a value of $493,000 and $412,000, respectively. The Bank accounts for its servicing rights in accordance with Accounting Standards Codification (“ASC”) 860-50, “Servicing Assets and Liabilities,” at amortized cost. The codification requires that servicing rights acquired through the origination of loans, which are sold with servicing rights retained, are recognized as separate assets. Servicing assets are recorded as the difference between the contractual servicing fees and adequate compensation for performing the servicing, and are periodically reviewed and adjusted for any impairment. The amount of impairment recognized, if any, is the amount by which the servicing assets exceed their fair value. For the three and nine-months ended March 31, 2014, the Bank recorded impairment charges of $(17,000) and $16,000, respectively. There were no impairment charges for the three and nine-months ended March 31, 2013. Fair value of the servicing assets is estimated using discounted cash flows based on current market interest rates. See “Note 1(x). Fair Value of Financial Instruments” in the Notes to the Consolidated Financial Statement in the Fiscal 2013 Form 10-K and “Fair Value Financial Instruments”. Servicing rights are amortized in proportion to and over the period of the related net servicing income. | |
Interest_Rate_Swaps
Interest Rate Swaps | 9 Months Ended |
Mar. 31, 2014 | |
Interest Rate Swaps [Abstract] | ' |
Interest Rate Swaps | ' |
INTEREST RATE SWAPS | |
The Company’s interest rate swap policies are discussed in “Note 1(m). Interest Rate Swaps in Cash Flow Hedging Relationships” in the Notes to the Consolidated Financial Statements in the Fiscal 2013 Form 10-K. | |
In fiscal 2013 and the first three-quarters of fiscal 2014, the Bank entered into forward-start interest rate swaps to mitigate risk from its exposure to variability in interest payments on the Bank’s variable rate deposits. The Bank’s forward-start interest rate swaps exchange fixed for variable interest payments beginning at a pre-specified date in the future according to the terms of the swap agreements and are designated as cash flow hedges. As of March 31, 2014 and June 30, 2013, the notional amount of interest rate swap agreements designated as cash flow hedging instruments was $115,000,000 with a net fair value of $653,000, and $100,000,000 with a net fair value of $1,789,000, respectively, included in other assets and other liabilities, on the Consolidated Statements of Financial Condition. During the three and nine-months ended March 31, 2014, the Bank recognized net losses of $494,000 and $145,000 in other revenue on the Consolidated Statements of Comprehensive Loss as a result of the termination of two liability position swaps and cash flow hedging ineffectiveness, with a loss of $286,000 for the three and nine-months ended March 31, 2014 related to the termination of $446,000 of liability position swaps and a loss of $208,000 and gain of $141,000 for the three and nine-months ended March 31, 2014, respectively, for hedging ineffectiveness. | |
In addition, interest rate swaps are used by the Bank to manage interest rate risk on certain fixed rate loans funded with variable rate deposits which exposes the Bank to potential variability in its net interest margin. These fixed rate loans include terms matching the interest rate swaps and are recorded at fair value under the fair value option election. See discussion in “Loans and Allowance for Probable Loan Losses” for information regarding these loans valued at fair value. As of March 31, 2014 and June 30, 2013, the notional amount of interest rate swaps outstanding related to fixed rate loan transactions was $51,071,000 with a net fair value of $50,000, and $13,902,000 with a fair value of $145,000, respectively, included in other assets and other liabilities on the Consolidated Statements of Financial Condition. During the three-months ended December 31, 2013, the Bank paid its counterparty $12,000 to terminate one interest rate swap. | |
For the three and nine-months ended March 31, 2014, net losses recognized in other revenue on the Consolidated Statements of Comprehensive Loss as a result of changes in fair value of the interest rate swaps, not designated as cash flow hedges, were $266,000 and $106,000, respectively. As the Bank did not invest in interest rate swaps at March 31, 2013, there were no gains or losses recognized for the three and nine-months ended March 31, 2013. | |
ShortTerm_Borrowings
Short-Term Borrowings | 9 Months Ended |
Mar. 31, 2014 | |
Short-Term Borrowings [Abstract] | ' |
Short-Term Borrowings | ' |
SHORT-TERM BORROWINGS | |
Brokerage. | |
Uncommitted lines of credit | |
Southwest Securities has credit arrangements with commercial banks, which include broker loan lines up to $400,000,000. These lines of credit are used primarily to finance securities owned, securities held for correspondent broker/dealer accounts, receivables in customers’ margin accounts and underwriting activities. These lines may also be used to release pledged collateral against day loans. These credit arrangements are provided on an “as offered” basis and are not committed lines of credit. These arrangements can be terminated at any time by the lender. Any outstanding balance under these credit arrangements is due on demand and bears interest at rates indexed to the federal funds rate (0.06% at March 31, 2014 and 0.07% at June 30, 2013). The total amount of borrowings available under these lines of credit is reduced by the amount available under the options trading unsecured letter of credit, referenced below. At March 31, 2014, the amount outstanding under these secured arrangements was $50,000,000, which was collateralized by securities held for firm accounts valued at $111,194,000. At June 30, 2013, the amount outstanding under these secured arrangements was $86,500,000, which was collateralized by securities held for firm accounts valued at $120,568,000. | |
At March 31, 2014 and June 30, 2013, Southwest Securities had a $20,000,000 unsecured line of credit that is due on demand and bears interest at rates indexed to the federal funds rate. This credit arrangement is provided on an “as offered” basis and is not a committed line of credit. The total amount of borrowings available under this line of credit is reduced by the amount outstanding on the line and under any unsecured letters of credit at the time of borrowing. At March 31, 2014 and June 30, 2013, there were no amounts outstanding on this line. At March 31, 2014 and June 30, 2013, the total amount available for borrowing was $20,000,000. | |
Committed lines of credit | |
On January 28, 2011, Southwest Securities entered into an agreement with an unaffiliated bank for a $45,000,000 committed revolving credit facility. The commitment fee is 37.5 basis points per annum, and when drawn, the interest rate is equal to the federal funds rate plus 125 basis points. The agreement provides that Southwest Securities must maintain a tangible net worth of at least $150,000,000. The agreement was renewed on January 23, 2014 and has the same terms as the initial agreement. As of March 31, 2014, there were no outstanding amounts under the committed revolving credit facility and as of June 30, 2013, there was $45,000,000 outstanding. The secured borrowing was collateralized by securities with a value of $68,605,000 at June 30, 2013. | |
Letters of credit | |
At June 30, 2013, SWS had an irrevocable letter of credit agreement pledged to support customer open options positions with an options clearing organization. Until drawn, the letter of credit bears interest at a rate of 0.5% per annum and is renewable semi-annually. If drawn, the letter of credit bears interest at a rate of 0.5% per annum plus a fee. At June 30, 2013, the maximum amount available under this letter of credit agreement was $75,000,000. At June 30, 2013, the Company had outstanding, undrawn letters of credit of $50,000,000, bearing interest at a rate of 0.5% per annum. The letter of credit was fully collateralized by marketable securities held in client and non-client margin accounts with a value of $71,035,000 at June 30, 2013. The letter of credit was not renewed in the third quarter of fiscal 2014. | |
The Company also pledges customer securities to the Option Clearing Corporation to support open customer positions. At March 31, 2014, the Company had pledged $81,809,073 to support these open customer positions. | |
In addition to using customer securities to collateralize short-term borrowings, SWS also loans client securities as collateral in conjunction with SWS’s securities lending activities. At March 31, 2014, approximately $337,688,000 of client securities under customer margin loans was available to be pledged, of which SWS had pledged $32,194,000 under securities loan agreements. At June 30, 2013, approximately $329,013,000 of client securities under customer margin loans was available to be pledged, of which SWS had pledged $18,408,000 under securities loan agreements. | |
Banking. | |
In the second quarter of fiscal 2010, the Bank entered into a secured line of credit agreement with the Federal Reserve Bank of Dallas. This line of credit is secured by the Bank's commercial loan portfolio. This line is due on demand and bears interest at a rate equal to the federal funds target rate plus 50 basis points. At March 31, 2014 and June 30, 2013, the total amount available under this line was $40,479,000 and $28,267,000, respectively. There was no amount outstanding at March 31, 2014 and June 30, 2013. | |
Deposits
Deposits | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Deposits [Abstract] | ' | ||||||||||||
Deposits | ' | ||||||||||||
DEPOSITS | |||||||||||||
The Bank’s deposits at March 31, 2014 and June 30, 2013 consisted of the following (dollars in thousands): | |||||||||||||
31-Mar-14 | 30-Jun-13 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Noninterest bearing demand accounts | $ 58,242 | 5.8 | % | $ 55,221 | 5.5 | % | |||||||
Interest bearing demand accounts | 8,993 | 0.9 | 7,723 | 0.8 | |||||||||
Savings accounts | 883,823 | 88.8 | 883,229 | 88.9 | |||||||||
Limited access money market accounts | 17,461 | 1.8 | 17,212 | 1.7 | |||||||||
Certificates of deposit, less than $100,000 | 16,015 | 1.6 | 17,829 | 1.8 | |||||||||
Certificates of deposit, $100,000 and greater | 11,067 | 1.1 | 12,505 | 1.3 | |||||||||
$ 995,601 | 100.0 | % | $ 993,719 | 100.0 | % | ||||||||
The weighted average interest rate on the Bank’s deposits was approximately 0.04% at both March 31, 2014 and June 30, 2013, respectively. | |||||||||||||
At March 31, 2014, scheduled maturities of certificates of deposit were as follows (in thousands): | |||||||||||||
1 Year or Less | > 1 Year Through 2 Years | > 2 Years Through 3 Years | > 3 Years Through 4 Years | Thereafter | Total | ||||||||
Certificates of deposit, less than $100,000 | $ 13,057 | $ 1,877 | $ 379 | $ 337 | $ 365 | $ 16,015 | |||||||
Certificates of deposit, $100,000 and greater | 9,159 | 1,343 | 463 | 102 | - | 11,067 | |||||||
$ 22,216 | $ 3,220 | $ 842 | $ 439 | $ 365 | $ 27,082 | ||||||||
The Bank is funded primarily by core deposits, with interest- bearing savings accounts from Southwest Securities’ customers making up a significant source of these deposits. | |||||||||||||
Advances_From_The_Federal_Home
Advances From The Federal Home Loan Bank | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Advances From The Federal Home Loan Bank [Abstract] | ' | |||
Advances From The Federal Home Loan Bank | ' | |||
ADVANCES FROM THE FEDERAL HOME LOAN BANK | ||||
At March 31, 2014 and June 30, 2013, advances from the FHLB were due as follows (in thousands): | ||||
31-Mar-14 | 30-Jun-13 | |||
Maturity: | ||||
Due in one year | $ 10,127 | $ 15,486 | ||
Due in two years | 4,620 | 1,859 | ||
Due in five years | 52,018 | 48,956 | ||
Due in seven years | 12,195 | 12,809 | ||
Due in ten years | 4,710 | 8,424 | ||
Due in twenty years | 8,858 | 10,163 | ||
92,528 | 97,697 | |||
Restructuring prepayment penalty | -98 | -132 | ||
$ 92,430 | $ 97,565 | |||
The advances from the FHLB had interest rates ranging from less than 1% to 6% and were collateralized by approximately $193,154,000 in qualifying loans at March 31, 2014 (calculated at December 31, 2013). The weighted average interest rate was 2.6% at March 31, 2014. At June 30, 2013 (calculated at March 31, 2013), the advances from the FHLB had interest rates from less than 1% to 6% and were collateralized by approximately $181,000,000 in qualifying loans. The weighted average interest rate was 2.7% at June 30, 2013. | ||||
During the second quarter of fiscal 2013, the Bank restructured a portion of its fixed-rate FHLB advances with lower-cost FHLB advances. Upon restructuring, the Bank incurred a $166,000 prepayment penalty, which is being amortized using the effective interest method over the contractual term of the restructured advances. Amortization expense for the three and nine-months ended March 31, 2014 was $11,000 and $34,000. Amortization expense for the three and nine-months ended March 31, 2013 was $11,000 and $22,000, respectively. | ||||
At March 31, 2014, the Bank had net borrowing capacity with the FHLB of $102,149,000. | ||||
Debt_Issued_With_Stock_Purchas
Debt Issued With Stock Purchase Warrants | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Debt Issued With Stock Purchase Warrants [Abstract] | ' | |||
Debt Issued With Stock Purchase Warrants | ' | |||
DEBT ISSUED WITH STOCK PURCHASE WARRANTS | ||||
On March 20, 2011, the Company entered into a Funding Agreement (the “Funding Agreement”) with Hilltop and Oak Hill. On July 29, 2011, after receipt of stockholder and regulatory approval, the Company completed the following transactions contemplated by the Funding Agreement: | ||||
· | entered into a $100,000,000, five year, unsecured credit agreement with Hilltop and Oak Hill that accrues interest at a rate of 8% per annum; | |||
· | issued warrants to Hilltop and Oak Hill allowing each to purchase up to 8,695,652 shares of the Company’s common stock; and | |||
· | granted Hilltop and Oak Hill certain rights, including certain registration rights, preemptive rights, and the right for each to appoint one person to the Company’s Board of Directors for so long as each owns 9.9% or more of all of the outstanding shares of the Company’s common stock or securities convertible into at least 9.9% of the Company’s outstanding common stock. | |||
On July 29, 2011, in connection with the loans made by Hilltop and Oak Hill under the Credit Agreement, the Company issued a warrant to Hilltop to purchase up to 8,695,652 shares of common stock (and in certain cases described below, shares of Non-Voting Perpetual Participating Preferred Stock, Series A (the “Series A Preferred Stock”), and warrants to Oak Hill to purchase up to 8,695,652 shares of common stock (and in certain cases described below, shares of Series A Preferred Stock). These warrants are exercisable for five years and have a fixed exercise price of $5.75 per share, subject to standard anti-dilution adjustments for extraordinary corporate transactions, such as stock splits, dividends and combinations, the issuance of stock purchase rights, debt or asset distributions (including cash), tender offers or exchange offers and entry into certain business combinations. In addition, the warrants have a weighted average anti-dilution adjustment in the event the Company issues shares of common stock at less than 90% of the market price of the common stock on the date prior to the pricing of such shares. For each of Hilltop and Oak Hill, the warrants represent approximately 17% of the Company’s common stock for each investor as of March 31, 2014 (assuming that the warrants are exercised in full). | ||||
The warrants provide that the Company would only issue shares of Series A Preferred Stock upon the exercise of warrants if it is necessary to prevent Hilltop or Oak Hill from owning or being deemed to own shares of the Company’s common stock in excess of the “Ownership Limit” provided in the warrants. The “Ownership Limit” is 24.9% of any class of the securities of the Company or such level that Hilltop or Oak Hill reasonably determines would prevent them from being deemed to control the Company for purposes of the federal banking laws and regulations specified in the warrants. No shares of Series A Preferred Stock are issued or outstanding at March 31, 2014 and June 30, 2013. For additional discussion concerning the Series A Preferred Stock see the discussion in “Preferred Stock.” | ||||
The warrants are recorded as a liability in the Consolidated Statements of Financial Condition at fair value. Initial and subsequent valuations of the warrants use a binomial valuation model. At initial valuation, July 29, 2011, the closing stock price was $5.45 per share yielding a fair value of $24,136,000. At March 31, 2014 and June 30, 2013, the closing stock prices used in the binomial valuation model were $7.48 and $5.45, respectively, and the warrants were valued at $31,033,000 and $24,197,000, respectively. The change in fair value for the three and nine-months ended March 31, 2014 of $6,745,000 and $6,836,000, respectively, was reflected as an unrealized loss on warrants valuation on the Consolidated Statements of Comprehensive Loss. The change in fair value for the three and nine-months ended March 29, 2013 of $3,840,000 and $264,000, respectively, was reflected as an unrealized loss on warrants valuation on the Consolidated Statements of Comprehensive Loss. The warrants are classified as Level 3 in the fair value hierarchy as disclosed in “Fair Value of Financial Instruments.” | ||||
The loan is recorded as a liability with an 8% interest rate, a five year term and an effective interest rate of 14.9%. At July 29, 2011, the discount on the loan was initially valued at $24,136,000 and is being accreted using the effective interest method. For the three and nine-months ended March 31, 2014, the Company recorded $1,187,000 and $3,435,000, respectively, in accretion expense on the discount. In comparison, for the three and nine-months ended March 31, 2013, the Company recorded $1,024,000 and $2,963,000, respectively, in accretion expense on the discount. The resulting long-term debt balance at March 31, 2014 and June 30, 2013 was $86,537,000 and $83,102,000, respectively. For both the three and nine-months ended March 31, 2014 and March 29, 2013, the cash portion of the interest expense paid on the loan to Hilltop and Oak Hill was $2,000,000 and $6,000,000, respectively. | ||||
At July 29, 2011, legal and accounting fees, printing costs and other expenses associated with the loan and warrants totaled $2,459,000 and are being amortized on a straight-line method, which approximates the effective interest method, over the term of the loan. For both the three and nine-months ended March 31, 2014 and March 29, 2013, interest expense charged to operations was $123,000 and $369,000, respectively. | ||||
The Company recorded total interest expense for this obligation for the three and nine-months ended March 31, 2014 on the Consolidated Statements of Comprehensive Loss of $3,310,000 and $9,804,000, respectively, while total interest expense for this obligation for the three and nine-months ended March 29, 2013 was $3,147,000 and $9,332,000, respectively. | ||||
The Credit Agreement contains customary financial covenants which require the Company to, among other things: | ||||
· | maintain a tangible net worth at least equal to the sum of $275,000,000 and 20% of cumulative consolidated net income (as defined in the Credit Agreement) for each fiscal quarter for which consolidated net income is positive; | |||
· | maintain a minimum unrestricted cash balance (as defined in the Credit Agreement) of at least $4,000,000; | |||
· | maintain an excess net capital balance at Southwest Securities of at least $100,000,000 as of the end of each calendar month; and | |||
· | maintain a total risk-based capital ratio, Tier I risk-based capital ratio and leverage ratio for the Bank that ensures the Bank is considered well capitalized or is required by federal law or regulation or action or directive by the Federal Reserve Board. | |||
In addition, the covenants limit the Company’s and certain of the Company’s subsidiaries’ ability to, among other things: | ||||
· | incur additional indebtedness; | |||
· | dispose of or acquire certain assets; | |||
· | pay dividends on the Company’s capital stock; | |||
· | make investments, including acquisitions; and | |||
· | enter into transactions with affiliates. | |||
The Company was in compliance with the financial covenants under the Credit Agreement as of March 31, 2014. Should the Company determine it needs additional debt at SWS Group, the Company would require regulatory approval and approval from Hilltop and Oak Hill. | ||||
If the proposed merger with Hilltop occurs, Hilltop’s warrant to acquire the Company’s common stock, if outstanding, will be cancelled. | ||||
Concurrently with the execution of the Merger Agreement, Oak Hill and the Company entered into a Letter Agreement dated March 31, 2014 (the “Oak Hill Letter Agreement”). Pursuant to the Oak Hill Letter Agreement and the Merger Agreement, at the closing of the proposed merger with Hilltop, Oak Hill will deliver to the Company the certificates evidencing its warrants and any loans of Oak Hill to the Company then outstanding under the Credit Agreement, and SWS will issue and deliver to Oak Hill, in exchange for its warrants and loans, the following consideration: (i) the merger consideration that Oak Hill would have been entitled to receive upon consummation of the merger if its warrants had been exercised immediately prior to the effective time of the merger and (ii) an amount equal to the Applicable Premium (as defined in the Credit Agreement, being a calculation of the present value of all required interest payments due on a loan through its maturity date on the date the loan is repaid) calculated as if the loans held by Oak Hill were prepaid in full as of the closing date of the merger. | ||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Taxes [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
INCOME TAXES | ||||||||
Income tax expense (benefit) for the three and nine-months ended March 31, 2014 and March 29, 2013 (effective rate of -7.2% and 40.2% in the three-month periods ended March 31, 2014 and March 29, 2013, respectively, and -0.4% and 66.7% in the nine-months ended March 31, 2014 and March 29, 2013, respectively) differs from the amount that would otherwise have been calculated by applying the federal corporate tax rate (35% in fiscal years 2014 and 2013) to loss before income tax expense (benefit) and is comprised of the following (in thousands): | ||||||||
Three-Months Ended | Nine-Months Ended | |||||||
31-Mar-14 | 29-Mar-13 | 31-Mar-14 | 29-Mar-13 | |||||
Income tax benefit at the statutory rate | $ (2,860) | $ (3,344) | $ (2,361) | $ (1,042) | ||||
Tax exempt interest | -293 | -220 | -759 | -724 | ||||
Tax exempt income from company-owned | ||||||||
life insurance ("COLI") | -31 | -277 | -564 | -384 | ||||
State income taxes, net of federal tax benefit | 77 | -66 | 65 | -415 | ||||
Non-deductible meals and entertainment | 23 | 77 | 88 | 156 | ||||
Non-deductible compensation | 58 | 247 | 104 | 763 | ||||
Valuation allowance | 3,546 | -256 | 3,390 | -256 | ||||
Other, net | 66 | 1 | 64 | -83 | ||||
$ 586 | $ (3,838) | $ 27 | $ (1,985) | |||||
The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities as of March 31, 2014 and June 30, 2013 are presented below (in thousands): | ||||||||
31-Mar-14 | 30-Jun-13 | |||||||
Deferred tax assets: | ||||||||
Employee compensation plans | $ 10,102 | $ 11,378 | ||||||
Net operating loss carryforward | 11,940 | 10,507 | ||||||
Allowance for probable loan losses | 2,673 | 3,400 | ||||||
Securities available for sale | 4,190 | 3,589 | ||||||
Bad debt reserve | 1,871 | 2,177 | ||||||
Deferred rent | 1,912 | 1,631 | ||||||
State taxes | 909 | 909 | ||||||
Investment in unconsolidated ventures | 994 | 909 | ||||||
Deferred income on loans | 772 | 810 | ||||||
REO | 431 | 139 | ||||||
Long-term debt | 2,538 | - | ||||||
Other | 911 | 513 | ||||||
Gross deferred tax assets | 39,243 | 35,962 | ||||||
Valuation allowance | -34,195 | -30,870 | ||||||
Net deferred tax assets | 5,048 | 5,092 | ||||||
Deferred tax liabilities: | ||||||||
Interest rate swaps in cash flow hedging relationships | $ (123) | $ (626) | ||||||
Fixed assets, net | -196 | -426 | ||||||
Investment in unconsolidated ventures | - | -120 | ||||||
Long-term debt | - | -82 | ||||||
Other | -539 | -249 | ||||||
Total gross deferred tax liabilities | -858 | -1,503 | ||||||
Net deferred tax assets – included in other assets on the | ||||||||
Consolidated Statements of Financial Condition | $ 4,190 | $ 3,589 | ||||||
At June 30, 2013, the Company established an allowance for deferred tax assets associated with all of its deferred tax assets, except for the Bank’s securities available for sale. Based on activity in the current period, the allowance increased $3,325,000 from June 30, 2013 to March 31, 2014. Despite the valuation allowance, these assets remain available to offset future taxable income. | ||||||||
Management did not establish a valuation allowance for the deferred tax asset generated on the Bank’s unrealized losses of its securities available for sale of $4,190,000, because the Bank currently has the intent and ability to hold these securities until they recover in value. The Company intends to maintain a valuation allowance with respect to its deferred tax assets, other than the Bank’s securities available for sale, until sufficient positive evidence exists to support its reduction or reversal. | ||||||||
The Company had a deferred tax asset for net operating losses for federal income tax purposes of approximately $11,940,000 and $10,507,000 at March 31, 2014 and June 30, 2013, respectively. In order to utilize the operating loss carryforwards, the Company must generate sufficient taxable income within the applicable carryforward period. If certain substantial changes in the Company’s ownership occur, there would be an annual limitation on the amount of the carryforwards that could be utilized. | ||||||||
At March 31, 2014, the Company had approximately $142,000 of unrecognized tax benefits. The Company’s net liability for unrecognized tax benefits decreased $153,000 from June 30, 2013 to March 31, 2014 primarily due to the reversal of positions from the completion of tax audits and expirations of statutes of limitations. While the Company expects that the net liability for uncertain tax positions will change during the next 12 months, the Company does not believe that the change will have a significant impact on its consolidated financial position or results of operations. | ||||||||
The Company recognizes interest and penalties on income taxes in income tax expense. Included in the net liability is accrued interest and penalties of $34,000 and $9,000, net of federal expense and benefit, respectively, as of March 31, 2014 and June 30, 2013, respectively. For the three and nine-months ended March 31, 2014, the Company recognized approximately $7,000 and $25,000, net of federal expense, respectively, in interest and penalties in income tax expense, while for the three and nine-months ended March 31, 2013, the Company recognized approximately $2,000 and $(193,000), net of federal expense (benefit), respectively, in interest and penalties in income tax expense. The total amount of unrecognized income tax benefits that, if recognized, would reduce income tax expense was approximately $108,000 and $286,000 as of March 31, 2014 and June 30, 2013, respectively. | ||||||||
With limited exception, SWS is no longer subject to U.S. federal, state or local tax audits by taxing authorities for years preceding 2010. The examination of the Company’s federal tax returns for 2008 through 2011 has concluded with no material adjustments. The Joint Committee completed its review with no exceptions, thereby concluding the matter. | ||||||||
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||
Regulatory Capital Requirements | ' | ||||||||||||||||
REGULATORY CAPITAL REQUIREMENTS | |||||||||||||||||
Brokerage. At March 31, 2014 and June 30, 2013, the net capital position of Southwest Securities was as follows (in thousands): | |||||||||||||||||
31-Mar-14 | 30-Jun-13 | ||||||||||||||||
Net capital | $ 148,201 | $ 141,112 | |||||||||||||||
Less: required net capital | 6,747 | 6,843 | |||||||||||||||
Excess net capital | $ 141,454 | $ 134,269 | |||||||||||||||
Net capital as a percent of aggregate debit items | 43.9 | % | 41.2 | % | |||||||||||||
Net capital in excess of 5% aggregate debit items | $ 131,334 | $ 124,005 | |||||||||||||||
At March 31, 2014 and June 30, 2013, the net capital position of SWS Financial was as follows (in thousands): | |||||||||||||||||
31-Mar-14 | 30-Jun-13 | ||||||||||||||||
Net capital | $ 935 | $ 713 | |||||||||||||||
Less: required net capital | 250 | 250 | |||||||||||||||
Excess net capital | $ 685 | $ 463 | |||||||||||||||
For more information, see the discussion in “Note 18. Regulatory Capital Requirements” in the Notes to the Consolidated Financial Statements in the Fiscal 2013 Form 10-K. | |||||||||||||||||
Banking. The Bank is subject to various regulatory capital requirements administered by federal agencies. Quantitative measures, established by regulation to ensure capital adequacy, require maintaining minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in 12 CFR 165 and 12 CFR 167) to risk-weighted assets (as defined) and of Tier I (core) capital (as defined) to adjusted assets (as defined). Federal statutes and OCC regulations have established five capital categories for federal savings banks: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. The federal banking agencies have jointly specified by regulation the relevant capital level for each category. An institution is defined as well-capitalized when its total risk-based capital ratio is at least 10.00%, its Tier I risk-based capital ratio is at least 6.00%, its Tier I (core) capital ratio is at least 5.00%, and it is not subject to any federal supervisory order or directive to meet a specific capital level. At March 31, 2014, the Bank met all capital requirements to which it was subject and satisfied the requirements to be defined as well capitalized. | |||||||||||||||||
Until terminated on January 14, 2013, the Bank was restricted by and subject to the Order to Cease and Desist, Order No. WN-11-003, effective on February 4, 2011 (the “Order”), originally issued by the Office of Thrift Supervision and then administered by the OCC. In connection with the termination of the Order on January 14, 2013, the Bank committed to the OCC that the Bank would, among other things: (i) adhere to the Bank’s written business and capital plan as amended from time to time and (ii) maintain a Tier I (core) capital ratio at least equal to nine percent (9%) and a total risk-based capital ratio of at least twelve percent (12%). | |||||||||||||||||
The Bank’s capital amounts and ratios at March 31, 2014 and June 30, 2013 were as follows (dollars in thousands): | |||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||
31-Mar-14 | |||||||||||||||||
Total risk-based capital | $ 184,452 | 27.4 | % | $ 53,934 | 8.0 | % | $ 67,418 | 10.0 | % | ||||||||
Tier I risk-based capital | 176,360 | 26.2 | 26,967 | 4.0 | 40,451 | 6.0 | |||||||||||
Tier I (core) capital | 176,360 | 13.9 | 50,819 | 4.0 | 63,524 | 5.0 | |||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||
30-Jun-13 | |||||||||||||||||
Total risk-based capital | $ 181,909 | 24.9 | % | $ 58,465 | 8.0 | % | $ 73,081 | 10.0 | % | ||||||||
Tier I risk-based capital | 172,734 | 23.6 | 29,233 | 4.0 | 43,849 | 6.0 | |||||||||||
Tier I (core) capital | 172,734 | 13.5 | 51,081 | 4.0 | 63,851 | 5.0 | |||||||||||
Employee_Benefits
Employee Benefits | 9 Months Ended |
Mar. 31, 2014 | |
Employee Benefits [Abstract] | ' |
Employee Benefits | ' |
EMPLOYEE BENEFITS | |
Restricted Stock Plan. During the first nine-months of fiscal 2014, the Board of Directors approved grants to various officers and employees totaling 199,891 shares of restricted stock with a weighted average market value of $5.64 per share. During the first nine-months of fiscal 2013, the Board of Directors approved grants to various officers and employees totaling 65,079 shares of restricted stock with a weighted average market value of $4.84 per share. As a result of these grants, SWS recorded deferred compensation in additional paid in capital of approximately $1,443,000. For the three and nine-months ended March 31, 2014 SWS recognized compensation expense related to restricted stock grants of approximately $261,000 and $641,000, respectively. For the three and nine-months ended March 29, 2013, SWS recognized compensation expense related to restricted stock grants of approximately $275,000 and $883,000, respectively. | |
Upon vesting of the shares granted under the Company’s restricted stock plans, the grantees may choose to sell a portion of their vested shares to the Company to cover the tax liabilities arising from the vesting. | |
During the nine-months ended March 31, 2014, the Company repurchased 1,094 shares of common stock with a market value of approximately $6,100, at an average price of $5.55 per share, in connection with income tax withholding obligations arising from vesting of restricted stock awards. During the nine-months ended March 29, 2013, the Company repurchased 4,647 shares of common stock with a market value of approximately $27,000 or an average price of $5.78 per share, in connection with income tax withholding obligations arising from vesting of restricted stock awards. | |
At March 31, 2014, the total number of shares outstanding under the Restricted Stock Plan was 417,137 and the total number of shares available for future issuance was 2,383,016. | |
Repurchase_Of_Treasury_Stock
Repurchase Of Treasury Stock | 9 Months Ended |
Mar. 31, 2014 | |
Repurchase Of Treasury Stock [Abstract] | ' |
Repurchase Of Treasury Stock | ' |
REPURCHASE OF TREASURY STOCK | |
Periodically, SWS repurchases shares of common stock under a plan approved by the Board of Directors. Prior to February 28, 2013, SWS was authorized to repurchase 500,000 shares of common stock from time to time in the open market. During fiscal year 2013, SWS Group did not repurchase any shares of common stock under this plan. As of March 31, 2014, the Company was not authorized to repurchase shares of common stock under a repurchase plan and did not intend to repurchase any shares of common stock. Any repurchase of shares of common stock by the Company would require approval from the Company’s Board of Directors, Hilltop, Oak Hill and regulatory authorities. | |
The trustee under the deferred compensation plan periodically purchases the Company’s common stock in the open market in accordance with the terms of the plan. This stock is classified as treasury stock in the consolidated financial statements, but participates in dividends declared by SWS. The plan purchased 50,000 shares of common stock during the nine-months ended March 31, 2014 at a cost of $288,000, or $5.76 per share. The plan purchased 20,675 shares during the nine-months ended March 29, 2013 at a cost of $121,000, or $5.86 per share. During the nine-months ended March 31, 2014 and March 29, 2013, 37,575 and 24,867 shares, respectively, were sold or distributed pursuant to the plan. | |
Preferred_Stock
Preferred Stock | 9 Months Ended |
Mar. 31, 2014 | |
Preferred Stock [Abstract] | ' |
Preferred Stock | ' |
PREFERRED STOCK | |
On March 17, 2011 in conjunction with the transaction with Hilltop and Oak Hill, the Board of Directors created the Series A Preferred Stock, par value $1.00 per share. The Company has 17,400 authorized shares of Series A Preferred Stock, and no shares were issued or outstanding at March 31, 2014 and June 30, 2013. If any shares of Series A Preferred Stock are issued, the Series A Preferred Stock will not be entitled to vote with the common stock and will be convertible into shares of common stock at a fixed conversion ratio of 1,000 shares of common stock for each share of Series A Preferred Stock outstanding. The conversion ratio is subject to certain anti-dilution adjustments for extraordinary corporate transactions, such as stock splits, dividends and combinations, the issuance of stock purchase rights, debt or asset distributions (including cash), tender offers or exchange offers and entry into a shareholder rights plan. Each share of Series A Preferred Stock would automatically convert into shares of common stock if such shares were transferred by Hilltop or Oak Hill to a non-affiliate. See additional discussion concerning the Series A Preferred Stock in “Debt Issued with Stock Purchase Warrants.” | |
Interest_Income_And_Interest_E
Interest Income And Interest Expense | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Interest Income And Interest Expense [Abstract] | ' | ||||||||
Interest Income and Interest Expense | ' | ||||||||
INTEREST INCOME AND INTEREST EXPENSE | |||||||||
For the three and nine-months ended March 31, 2014 and March 29, 2013 and, for the Bank, the three and nine-months ended March 31, 2014 and 2013, the components of interest income and expense were as follows (in thousands): | |||||||||
For the Three-Months Ended | For the Nine-Months Ended | ||||||||
Mar-14 | Mar-13 | Mar-14 | Mar-13 | ||||||
Interest income: | |||||||||
Customer margin accounts | $ 2,185 | $ 1,997 | $ 6,683 | $ 6,276 | |||||
Assets segregated for regulatory purposes | 31 | 30 | 96 | 90 | |||||
Stock borrowed | 9,372 | 8,756 | 26,115 | 25,502 | |||||
Loans | 6,255 | 8,519 | 20,023 | 29,633 | |||||
Bank investments | 2,971 | 1,688 | 8,383 | 4,921 | |||||
Other | 1,459 | 1,810 | 4,201 | 6,274 | |||||
$ 22,273 | $ 22,800 | $ 65,501 | $ 72,696 | ||||||
Interest expense: | |||||||||
Customer funds on deposit | $ 26 | $ 60 | $ 93 | $ 173 | |||||
Stock loaned | 7,130 | 6,571 | 19,885 | 18,854 | |||||
Deposits | 86 | 102 | 271 | 372 | |||||
Federal Home Loan Bank | 610 | 627 | 1,927 | 2,060 | |||||
Long-term debt | 3,310 | 3,147 | 9,804 | 9,332 | |||||
Other | 652 | 794 | 2,331 | 2,537 | |||||
11,814 | 11,301 | 34,311 | 33,328 | ||||||
Total net interest revenue | $ 10,459 | $ 11,499 | $ 31,190 | $ 39,368 | |||||
Loss_Per_Share_EPS
Loss Per Share ("EPS") | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Loss Per Share ("EPS") [Abstract] | ' | |||||||
Earnings (Loss) Per Share ("EPS") | ' | |||||||
LOSS PER SHARE (“EPS”) | ||||||||
The following reconciles the weighted average shares outstanding used in the basic and diluted EPS computations for the three and nine-months ended March 31, 2014 and March 29, 2013 (in thousands, except share and per share amounts): | ||||||||
Three-Months Ended | Nine-Months Ended | |||||||
31-Mar-14 | 29-Mar-13 | 31-Mar-14 | 29-Mar-13 | |||||
Adjusted net loss | $ (8,757) | $ (5,718) | $ (6,774) | $ (993) | ||||
Weighted average shares outstanding – basic | 33,020,499 | 32,896,805 | 32,987,933 | 32,857,860 | ||||
Effect of dilutive securities | - | - | - | - | ||||
Weighted average shares outstanding – diluted | 33,020,499 | 32,896,805 | 32,987,933 | 32,857,860 | ||||
Loss per share – basic | ||||||||
Net loss | $ (0.27) | $ (0.17) | $ (0.21) | $ (0.03) | ||||
Loss per share – diluted | ||||||||
Net loss | $ (0.27) | $ (0.17) | $ (0.21) | $ (0.03) | ||||
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (paid or unpaid) are treated as participating securities and are factored into the calculation of EPS, except in periods with a net loss, when they are excluded. | ||||||||
As a result of the net loss for the three and nine-months ended March 31, 2014 and March 29, 2013, the warrants to acquire 17,391,304 shares of common stock were anti-dilutive and were excluded from the calculation of diluted weighted average shares outstanding and diluted EPS. | ||||||||
The Company did not declare a dividend during the nine-months ended March 31, 2014 and March 29, 2013. | ||||||||
On a quarterly basis, the Board of Directors determines whether the Company will pay a cash dividend. The payment and rate of dividends on the Company’s common stock is subject to several factors including limitations imposed by the terms of the Credit Agreement with Hilltop and Oak Hill, regulatory approval, operating results, the Company’s financial requirements, and the availability of funds from the Company’s subsidiaries, including the broker/dealer subsidiaries, which may be subject to restrictions under the net capital rules of the SEC and FINRA, and the Bank, which may be subject to restrictions by federal banking agencies. Specifically, the Credit Agreement with Hilltop and Oak Hill only allows the Company to pay a quarterly cash dividend of $0.01 per share when the Company is not in default of any terms of the Credit Agreement. The Company currently intends to retain earnings to fund operations and does not plan to pay dividends on its common stock in the near future. | ||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting | ' | |||||||
SEGMENT REPORTING | ||||||||
SWS operates the following four business segments: | ||||||||
· | Clearing: The clearing segment provides clearing and execution services (generally on a fully disclosed basis) for securities broker/dealers, for bank affiliated firms and firms specializing in high volume trading. | |||||||
· | Retail Brokerage: The retail brokerage segment includes retail securities products and services (equities, mutual funds and fixed income products), insurance products and managed accounts and encompasses the activities of the Company’s employees that are registered representatives and the Company’s independent representatives who are under contract with SWS Financial. | |||||||
· | Institutional Brokerage: The institutional brokerage segment serves institutional customers in securities lending, investment banking and public finance, fixed income sales and trading, proprietary trading and agency execution services. | |||||||
· | Banking: The Bank offers traditional banking products and services and focuses on small business lending and short-term funding for mortgage bankers. | |||||||
Clearing and institutional brokerage services are offered exclusively through Southwest Securities. The Bank and its subsidiary comprise the banking segment. Retail brokerage services are offered through Southwest Securities (the Private Client Group and the Investment Management Group departments), SWS Insurance and SWS Financial (which contracts with independent representatives for the administration of their securities business). | ||||||||
SWS's segments are managed separately based on types of products and services offered and their related client bases. The segments are consistent with how the Company manages its resources and assesses its performance. Management assesses performance based primarily on income before income taxes and net interest revenue (expense). As a result, SWS reports net interest revenue (expense) by segment. SWS's business segment information is prepared using the following methodologies: | ||||||||
· | the financial results for each segment are determined using the same policies as those described in “Note 1. Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in the Fiscal 2013 Form 10-K; | |||||||
· | segment financial information includes the allocation of interest based on each segment’s earned interest spreads; | |||||||
· | information system and operational expenses are allocated based on each segment’s usage; | |||||||
· | shared securities execution facilities expenses are allocated to the segments based on production levels; | |||||||
· | money market fee revenue is allocated based on each segment’s average balances; and | |||||||
· | clearing charges are allocated based on clearing levels from each segment. | |||||||
Intersegment balances are eliminated upon consolidation and have been applied to the appropriate segment. | ||||||||
The "other" category includes SWS Group, corporate administration and SWS Capital. SWS Capital is a dormant entity that holds approximately $20,000 of assets. SWS Group is a holding company that owns various investments. | ||||||||
The following table presents the Company’s operations by the segments outlined above for the three and nine-months ended March 31, 2014 and March 29, 2013: | ||||||||
UNAUDITED FINANCIAL INFORMATION | ||||||||
(in thousands) | Clearing | Retail Brokerage | Institutional Brokerage | Banking | Other Consolidated Entities | Consolidated SWS Group, Inc. | ||
Three-months ended | ||||||||
31-Mar-14 | ||||||||
Operating revenue | $ 3,567 | $ 26,902 | $ 25,060 | $ (235) | $ (79) | $ 55,215 | ||
Net intersegment revenues | -185 | 185 | -5 | 792 | -787 | - | ||
Net interest revenue | 1,551 | 820 | 2,789 | 8,530 | -3,231 | 10,459 | ||
Net revenues | 5,118 | 27,722 | 27,849 | 8,295 | -3,310 | 65,674 | ||
Non-interest expenses | 4,139 | 25,367 | 21,763 | 6,228 | 9,603 | 67,100 | ||
Other losses | - | - | - | - | -6,745 | -6,745 | ||
Depreciation and amortization | 5 | 200 | 76 | 357 | 717 | 1,355 | ||
Net income (loss) before taxes | 979 | 2,355 | 6,086 | 2,067 | -19,658 | -8,171 | ||
Three-months ended | ||||||||
29-Mar-13 | ||||||||
Operating revenue | $ 3,060 | $ 26,982 | $ 23,329 | $ 1,062 | $ 822 | $ 55,255 | ||
Net intersegment revenues | -182 | 176 | -74 | 846 | -766 | - | ||
Net interest revenue | 1,451 | 815 | 2,836 | 9,478 | -3,081 | 11,499 | ||
Net revenues | 4,511 | 27,797 | 26,165 | 10,540 | -2,259 | 66,754 | ||
Non-interest expenses | 5,128 | 27,489 | 21,334 | 9,354 | 9,165 | 72,470 | ||
Other losses | - | - | - | - | -3,840 | -3,840 | ||
Depreciation and amortization | 16 | 220 | 104 | 442 | 580 | 1,362 | ||
Net income (loss) before taxes | -617 | 308 | 4,831 | 1,186 | -15,264 | -9,556 | ||
UNAUDITED FINANCIAL INFORMATION | ||||||||
(in thousands) | Clearing | Retail Brokerage | Institutional Brokerage | Banking | Other Consolidated Entities | Consolidated SWS Group, Inc. | ||
Nine-months ended | ||||||||
31-Mar-14 | ||||||||
Operating revenue | $ 10,574 | $ 82,844 | $ 75,682 | $ 1,638 | $ 1,227 | $ 171,965 | ||
Net intersegment revenues | -544 | 544 | -16 | 2,472 | -2,456 | - | ||
Net interest revenue | 4,519 | 2,787 | 7,435 | 26,208 | -9,759 | 31,190 | ||
Net revenues | 15,093 | 85,631 | 83,117 | 27,846 | -8,532 | 203,155 | ||
Non-interest expenses | 13,002 | 78,022 | 64,877 | 19,260 | 27,905 | 203,066 | ||
Other losses | - | - | - | - | -6,836 | -6,836 | ||
Depreciation and amortization | 16 | 652 | 239 | 1,141 | 2,028 | 4,076 | ||
Net income (loss) before taxes | 2,091 | 7,609 | 18,240 | 8,586 | -43,273 | -6,747 | ||
Assets (*) | 257,178 | 221,020 | 2,209,620 | 1,262,386 | 10,345 | 3,960,549 | ||
Nine-months ended | ||||||||
29-Mar-13 | ||||||||
Operating revenue | $ 9,556 | $ 79,463 | $ 82,409 | $ 1,822 | $ 3,590 | $ 176,840 | ||
Net intersegment revenues | -535 | 524 | -133 | 2,607 | -2,463 | - | ||
Net interest revenue | 4,634 | 2,524 | 9,209 | 32,122 | -9,121 | 39,368 | ||
Net revenues | 14,190 | 81,987 | 91,618 | 33,944 | -5,531 | 216,208 | ||
Non-interest expenses | 14,727 | 80,832 | 67,523 | 28,505 | 27,335 | 218,922 | ||
Other losses | - | - | - | - | -264 | -264 | ||
Depreciation and amortization | 50 | 658 | 313 | 1,308 | 1,774 | 4,103 | ||
Net income (loss) before taxes | -537 | 1,155 | 24,095 | 5,439 | -33,130 | -2,978 | ||
Assets (*) | 264,528 | 219,729 | 2,078,603 | 1,275,842 | 63,878 | 3,902,580 | ||
________ | ||||||||
(*) Assets are reconciled to total assets as presented in the March 31, 2014 and March 29, 2013 Consolidated Statements of Financial Condition as follows (in thousands): | ||||||||
31-Mar-14 | 29-Mar-13 | |||||||
Amount as presented above | $ 3,960,549 | $ 3,902,580 | ||||||
Reconciling items: | ||||||||
Unallocated assets: | ||||||||
Cash | 19,901 | 17,262 | ||||||
Receivables from brokers, dealers and clearing | ||||||||
organizations | 29,247 | 32,536 | ||||||
Receivable from clients, net of allowances | 22,832 | 27,536 | ||||||
Other assets | 30,853 | 16,661 | ||||||
Unallocated eliminations | -13,156 | -90 | ||||||
Total assets | $ 4,050,226 | $ 3,996,485 | ||||||
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 9 Months Ended |
Mar. 31, 2014 | |
Commitments, Contingencies and Guarantees [Abstract] | ' |
Commitments, Contingencies And Guarantees | ' |
COMMITMENTS, CONTINGENCIES AND GUARANTEES | |
Commitments and Contingencies. | |
Litigation. In the general course of its brokerage business and the business of clearing for other brokerage firms, SWS Group and/or its subsidiaries have been named as defendants in various lawsuits and arbitration proceedings. These claims allege, among other things, violations of various federal and state securities laws. The Bank is also involved in certain legal claims and actions arising in the ordinary course of business. Management believes that resolution of these claims will not result in any material adverse effect on SWS’s consolidated financial condition, results of operations or cash flows. | |
The Company has been named as a defendant in three lawsuits related to a $35,000,000 bond offering that was 40% underwritten by M.L. Stern & Co., LLC. SWS Group purchased M.L. Stern & Co., LLC in 2008. The offering took place in November 2005, and the lawsuit was filed in November 2009. | |
The lawsuits are in the discovery stage and the ultimate amount of liability associated with them cannot currently be determined. However, the Company believes it is at least reasonably possible that a loss related to this matter will be incurred. At March 31, 2014 and June 30, 2013, the Company had a recorded liability of approximately $1,000,000 related to this matter. | |
Merger Litigation. Two putative class actions on behalf of purported stockholders of the Company challenging the proposed merger of the Company and Hilltop are pending in the Court of Chancery of the State of Delaware. Both lawsuits name as defendants the Company, the members of the Board of Directors, Hilltop, and Peruna LLC. | |
The complaints generally allege, among other things, that the Board of Directors breached its fiduciary duties to stockholders by failing to take steps to maximize stockholder value or to engage in a fair sale process before approving the merger, and that the other defendants aided and abetted such breaches of fiduciary duty. The complaints allege, among other things, that the Board of Directors labored under conflicts of interest, and that certain provisions of the Merger Agreement unduly restrict the Company’s ability to negotiate with other potential bidders. The complaints seek relief that includes, among other things, an injunction prohibiting the consummation of the merger, rescission to the extent the merger terms have already been implemented, damages for the alleged breaches of fiduciary duty, and the payment of plaintiffs’ attorneys’ fees and costs. The plaintiffs in both actions have served initial discovery requests directed at all defendants. | |
The Company believes the lawsuits are without merit and intends to defend against them vigorously. There can be no assurance, however, with regard to the outcome of these lawsuits. Currently, a loss resulting from these claims is not considered probable or reasonably estimable in amount. | |
Contingency. In February 2011, a limited partnership venture capital fund in which the Company invested received a proposed assessment of transferee liability from the Internal Revenue Service (“IRS”) for the tax period ended December 31, 2005. The proposed assessment is approximately $8,000,000, not including penalties of approximately $3,000,000. The Company would be responsible for approximately $1,870,000 of the proposed assessment including penalties based on its partnership interest. Interest is also accruing on this proposed assessment. As of March 31, 2014, the Company has not accrued an amount on the financial statements due to the uncertainty regarding the proposed assessment. The matter relates to certain transactions that occurred during 2005 concerning one of the limited partnership venture capital fund’s subsidiaries. The limited partnership venture capital fund engaged tax counsel and filed a tax court petition in February 2014. Management of the limited partnership venture capital fund believes that the ultimate outcome will be favorable; however, the limited partnership venture capital fund can give no assurance that it will prevail. | |
Bank’s Equity Investments. The Bank has committed to invest $3,000,000 and $2,000,000 in two limited partnership equity funds. These commitments end in fiscal 2017 and fiscal 2020, respectively, unless the limited partners elect to terminate the commitment period at an earlier date in accordance with the terms of the partnership agreement. Also, in April 2012, the Bank acquired an interest in a private investment fund to obtain additional credit for its obligations under the CRA. The Bank has committed to invest $3,000,000 in the fund. As of March 31, 2014, $480,000 in contributions have been made by the Bank to this fund. The commitment in the private investment fund expires in fiscal 2022 with the possibility of two one-year extensions. | |
Underwriting. Through its participation in underwriting corporate and municipal securities, SWS could expose itself to material risk that securities SWS has committed to purchase cannot be sold at the initial offering price. Federal and state securities laws and regulations also affect the activities of underwriters and impose substantial potential liabilities for violations in connection with sales of securities by underwriters to the public. At March 31, 2014, the Company had $540,000 of potential liabilities due under outstanding underwriting arrangements. | |
Guarantees. The Bank faces the risk of credit loss under commitments to extend credit and stand-by letters of credit up to the contractual amount of these instruments in the event of breach by the other party to the instrument. The Bank uses the same credit policies in making commitments and conditional obligations as it does for instruments reported on the Consolidated Statements of Financial Condition. | |
As of March 31, 2014, the Bank had issued stand-by letters of credit in the amount of $137,000. The recourse provision of the letters of credit allows the amount of the letters of credit to become a part of the fully collateralized loans with total repayment as a first lien. The collateral on these letters of credit consists of real estate, certificates of deposit, equipment, accounts receivable or furniture and fixtures. | |
In the ordinary course of business, the Bank enters into loan agreements where the Bank commits to lend a specified amount of money to a borrower. At any point in time, there could be amounts that have not been advanced on the loan to the borrower, representing unfunded commitments, as well as amounts that have been disbursed but repaid, which are available for re-borrowing under a revolving line of credit. As of March 31, 2014, the Bank had commitments of $57,521,000 relating to revolving lines of credit and unfunded commitments. In addition, as of March 31, 2014, the Bank had approved unfunded new loans in the amount of $43,759,000. | |
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire unused, the total Bank’s commitments do not necessarily represent future cash requirements. The Bank evaluates the customer’s creditworthiness on a case-by-case basis. The amount and type of collateral obtained, if deemed necessary by the Bank upon extension of credit, varies and is based on management’s credit evaluation of the counterparty. The Bank did not incur any significant losses on its commitments in the first nine-months of fiscal 2014. In addition, management does not believe the Bank will incur material losses as a result of its outstanding commitments at March 31, 2014. | |
The Company provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies counterparties against potential losses caused by the breach of those representations and warranties. These indemnification obligations generally are standard contractual indemnities and are entered into in the normal course of business. The maximum potential amount of future payments that the Company could be required to make under these indemnities cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for these indemnities. | |
Southwest Securities is a member of multiple exchanges and clearinghouses. Under the membership agreements, members are generally required to guarantee the performance of other members. Additionally, if a member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral. SWS’s maximum potential liability under these arrangements cannot be quantified. However, the potential for the Company to be required to make payments under these arrangements is unlikely. Accordingly, the Company has not recorded any contingent liability in the consolidated financial statements for these arrangements. | |
Affiliate_Transactions
Affiliate Transactions | 9 Months Ended |
Mar. 31, 2014 | |
Affiliate Transactions [Abstract] | ' |
Affiliate Transactions | ' |
AFFILIATE TRANSACTIONS | |
Clients and correspondents of SWS have the option to invest in a savings account called Bank Insured Deposits at the Bank. These funds are FDIC insured up to $250,000. The funds are considered core deposits and are the primary funding source for the Bank. The Bank’s total core deposits were $995,873,000 and $993,871,000 at March 31, 2014 and June 30, 2013, respectively. At March 31, 2014 and June 30, 2013, clients of Southwest Securities had invested $878,261,000 and $878,434,000, respectively, in Bank Insured Deposits at the Bank. | |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Fair Value Of Financial Instruments [Abstract] | ' | |||||||
Fair Value Of Financial Instruments | ' | |||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||
The Company’s fair value policies are discussed in “Note 1(x). Fair Value of Financial Instruments” in the Notes to the Consolidated Financial Statements in the Fiscal 2013 Form 10-K. | ||||||||
Recurring Fair Value Measurements. | ||||||||
The following tables summarize by level within the fair value hierarchy “Loans measured at fair value,” “Securities owned, at fair value,” “Securities available for sale,” “Interest Rate Swaps”, “Securities sold, not yet purchased, at fair value” and “Warrants” which were measured at fair value on a recurring basis at March 31, 2014 and June 30, 2013. | ||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||
31-Mar-14 | ||||||||
ASSETS | ||||||||
Loans measured at fair value | ||||||||
Loans measured at fair value | $ - | $ - | $ 51,295 | $ 51,295 | ||||
$ - | $ - | $ 51,295 | $ 51,295 | |||||
Securities owned, at fair value | ||||||||
Corporate equity securities | $ 668 | $ - | $ 475 | $ 1,143 | ||||
Municipal obligations | - | 67,719 | - | 67,719 | ||||
U.S. government and government agency obligations | 6,989 | 77,681 | - | 84,670 | ||||
Corporate obligations | - | 96,067 | 88 | 96,155 | ||||
Other | 982 | 38,300 | - | 39,282 | ||||
$ 8,639 | $ 279,767 | $ 563 | $ 288,969 | |||||
Securities available for sale | ||||||||
Westwood common stock | $ 139 | $ - | $ - | $ 139 | ||||
U.S. government and government agency obligations | - | 531,591 | - | 531,591 | ||||
Municipal obligations | - | 43,949 | - | 43,949 | ||||
$ 139 | $ 575,540 | $ - | $ 575,679 | |||||
Interest Rate Swaps | ||||||||
Interest Rate Swaps | $ - | $ 703 | $ - | $ 703 | ||||
$ - | $ 703 | $ - | $ 703 | |||||
LIABILITIES | ||||||||
Securities sold, not yet purchased, at fair value | ||||||||
Corporate equity securities | $ 3 | $ - | $ - | $ 3 | ||||
U.S. government and government agency obligations | 87,399 | 10,550 | - | 97,949 | ||||
Corporate obligations | - | 79,508 | - | 79,508 | ||||
$ 87,402 | $ 90,058 | $ - | $ 177,460 | |||||
Warrants | ||||||||
Warrants | $ - | $ - | $ 31,033 | $ 31,033 | ||||
$ - | $ - | $ 31,033 | $ 31,033 | |||||
Net assets (liabilities) | $ (78,624) | $ 765,952 | $ 20,825 | $ 708,153 | ||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||
30-Jun-13 | ||||||||
ASSETS | ||||||||
Loans measured at fair value | ||||||||
Loans measured at fair value | $ - | $ 13,757 | $ - | $ 13,757 | ||||
$ - | $ 13,757 | $ - | $ 13,757 | |||||
Securities owned, at fair value | ||||||||
Corporate equity securities | $ 895 | $ - | $ 625 | $ 1,520 | ||||
Municipal obligations | - | 30,116 | - | 30,116 | ||||
U.S. government and government agency obligations | 3,300 | 38,229 | - | 41,529 | ||||
Corporate obligations | - | 127,779 | 120 | 127,899 | ||||
Other | 692 | 7,877 | - | 8,569 | ||||
$ 4,887 | $ 204,001 | $ 745 | $ 209,633 | |||||
Securities available for sale | ||||||||
Westwood common stock | $ 146 | $ - | $ - | $ 146 | ||||
U.S. government and government agency obligations | - | 474,906 | - | 474,906 | ||||
Municipal obligations | - | 28,224 | - | 28,224 | ||||
$ 146 | $ 503,130 | $ - | $ 503,276 | |||||
Interest Rate Swaps | ||||||||
Interest Rate Swaps | $ - | $ 1,934 | $ - | $ 1,934 | ||||
$ - | $ 1,934 | $ - | $ 1,934 | |||||
LIABILITIES | ||||||||
Securities sold, not yet purchased, at fair value | ||||||||
Municipal obligations | $ - | $ 10 | $ - | $ 10 | ||||
U.S. government and government agency obligations | 45,415 | 8,671 | - | 54,086 | ||||
Corporate obligations | - | 80,639 | - | 80,639 | ||||
$ 45,415 | $ 89,320 | $ - | $ 134,735 | |||||
Warrants | ||||||||
Warrants | $ - | $ - | $ 24,197 | $ 24,197 | ||||
$ - | $ - | $ 24,197 | $ 24,197 | |||||
Net assets (liabilities) | $ (40,382) | $ 633,502 | $ (23,452) | $ 569,668 | ||||
The following table provides a reconciliation of the beginning and ending balances for the major classes of assets and (liabilities) measured at fair value using significant unobservable inputs (Level 3): | ||||||||
(in thousands) | Loans | Corporate Equity Securities | Corporate Obligations | Warrants | Total | |||
Ending balance at June 30, 2013 | $ - | $ 625 | $ 120 | $ (24,197) | $ (23,452) | |||
Redemption/sale of security | -50 | - | - | -50 | ||||
Unrealized loss | - | -32 | - | -32 | ||||
Decrease in warrants valuation | ||||||||
(unrealized gain) | - | - | 1,967 | 1,967 | ||||
Ending balance at September 30, 2013 | $ - | $ 575 | $ 88 | $ (22,230) | $ (21,567) | |||
Redemption/sale of security | -75 | -75 | ||||||
Unrealized loss | - | - | -8 | - | -8 | |||
Transfers from Level 2 to Level 3 | 35,333 | - | - | - | 35,333 | |||
Increase in warrants valuation | ||||||||
(unrealized loss) | - | - | - | -2,058 | -2,058 | |||
Ending balance at December 31, 2013 | $ 35,333 | $ 500 | $ 80 | $ (24,288) | $ 11,625 | |||
Redemption/sale of security | -25 | - | - | -25 | ||||
Unrealized gain | 173 | - | 8 | - | 181 | |||
Loan pay downs | -191 | - | - | - | -191 | |||
Loan originations with the | ||||||||
execution of interest rate swaps | 15,980 | - | - | - | 15,980 | |||
Increase in warrants valuation | ||||||||
(unrealized loss) | - | - | - | -6,745 | -6,745 | |||
Ending balance at March 31, 2014 | $ 51,295 | $ 475 | $ 88 | $ (31,033) | $ 20,825 | |||
At the end of each respective quarterly reporting period, the Company recognizes transfers of financial instruments between levels. During the nine-months ended March 31, 2014, the Company transferred the loans measured at fair value from level 2 to level 3 due to a lack of observable data to support a level 2 valuation. | ||||||||
Changes in unrealized gains (losses) and realized gains (losses) for corporate obligations and corporate equity securities are presented in net gains on principal transactions on the Consolidated Statements of Comprehensive Loss. Changes in unrealized gain (loss) for the warrants are presented in unrealized gain (loss) on warrants valuation on the Consolidated Statements of Comprehensive Loss. The total unrealized loss included in earnings related to assets and liabilities still held for the three and nine-months ended March 31, 2014 was $6,745,000 and $8,843,000, respectively. The total unrealized gains included in earnings related to assets and liabilities still held for the three and nine-months ended March 31, 2014 was $181,000 and $2,343,000, respectively. In comparison, the total unrealized loss included in earnings related to assets and liabilities still held for the three and nine-months ended March 29, 2013 was $3,840,000 and $264,000, respectively. | ||||||||
In the third quarter of fiscal 2013, the Company sold one municipal auction rate bond and redeemed one auction rate preferred security valued at the time of sale at $20,304,000 and $25,000, respectively, recognizing no gain or loss on the transactions. In the first quarter of fiscal 2013, a total unrealized loss of $702,000, representing a write-down on the municipal auction rate bond, was recognized. | ||||||||
The following table highlights, for each asset and liability measured at fair value on a recurring basis and categorized within Level 3 of the fair value hierarchy, the significant unobservable inputs used in the fair value measurement as of March 31, 2014 (dollars in thousands): | ||||||||
Asset/Liability | Fair Value | Valuation Technique(s) | Unobservable Inputs | Range (Weighted-Average) | ||||
Loans measured at fair value | ||||||||
Loans measured at fair value | $ 51,295 | Discounted cash flow | Discount Rate | 4.15%-5.29% | ||||
-4.68% | ||||||||
Securities owned, at fair value | ||||||||
Corporate equity securities- auction rate preferred | 475 | Analysis of comparable securities | N/A | N/A | ||||
Corporate obligations | 88 | Discounted cash flow | N/A | N/A | ||||
Warrants | ||||||||
Warrants | 31,033 | Binomial Model | Derived Volatility | 24% - 33% (30%) | ||||
The loans are independently valued quarterly using a discounted cash flow model which factors in the relevant contractual loan terms and then present valued back to a market-based discount rate. The market based discount rate is based on how the subject loans would be priced as of the valuation date and therefore include normal credit loss expectations, given the underlying underwriting standards including loan to value ratio and debt coverage ratios for the subject portfolio. The rate at which the loans are discounted is based upon London Interbank Offered Rate (LIBOR) Bank preferential return and terms of the loan. | ||||||||
At March 31, 2014, the Company held 19 auction rate preferred securities that, based on observed values of comparable securities, were valued at their par value of $475,000. Since June 2010, the Company has held up to $1,825,000 in Level 3 auction rate preferred securities, of which $1,350,000 have been redeemed at par. The remaining $475,000 of auction rate preferred securities are similar to those that were previously redeemed, and the Company anticipates that the remaining securities will also be redeemed at par. While a liquidity discount has been considered for these securities, the Company does not believe a discount is warranted. To the extent these securities are redeemed at a price below par, the Company would consider revaluing any remaining securities at a discounted price. | ||||||||
The Company holds $3,505,000 of corporate obligation bonds currently valued at $88,000. The corporate bonds are valued using a discounted cash flow model with observable market data, however, due to the distressed nature of these bonds, the Company has determined that these bonds should be valued at Level 3. | ||||||||
The warrants issued to Hilltop and Oak Hill are valued quarterly using a binomial model that considers the following variables: price and volatility of the Company’s stock, treasury yield, annual dividend and the remaining life of the warrants. The derived volatility estimate considers both the historical and implied forward volatility of the Company’s common stock. The primary drivers of the value of the warrants are the price and volatility of the Company’s common stock. As the volatility and/or stock price increase, the value of the warrants increase as well. The movement of these two variables will amplify or offset one another depending on the direction and velocity of their movements. In addition, the warrants will lose time value as they near their contractual expiration date. | ||||||||
Non-Recurring Fair Value Measurements. | ||||||||
Certain financial and non-financial instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances; for example, when there is evidence of impairment or in other situations where the lower of cost or fair value method of accounting is applied. | ||||||||
The following table summarizes by level within the fair value hierarchy the Company’s financial and non-financial instruments which were measured at fair value on a non-recurring basis at March 31, 2014 and June 30, 2013 (in thousands): | ||||||||
Mar-14 | Level 1 | Level 2 | Level 3 | Total | ||||
Impaired loans (1) | $ - | $ - | $ 9,670 | $ 9,670 | ||||
REO | - | - | 5,880 | 5,880 | ||||
Impaired servicing assets | - | - | 493 | 493 | ||||
$ - | $ - | $ 16,043 | $ 16,043 | |||||
Jun-13 | ||||||||
Impaired loans (1) | $ - | $ - | $ 20,086 | $ 20,086 | ||||
REO | - | - | 10,165 | 10,165 | ||||
$ - | $ - | $ 30,251 | $ 30,251 | |||||
_____________ | ||||||||
(1) Includes certain impaired loans measured at fair value through the allocation of specific valuation allowances or principal charge-offs. | ||||||||
For the nine-months ended March 31, 2014 and the year ended June 30, 2013, adjustments to the fair value of impaired loans resulted in a charge to earnings as a provision for loan loss of $207,000 and $3,718,000, respectively. For the nine-months ended March 31, 2014 and the year ended June 30, 2013, adjustments to the fair value of REO property held at March 31, 2014 and June 30, 2013, respectively, resulted in a charge to earnings as a write-down of REOs of $172,000 and $1,396,000, respectively. For the nine-months ended March 31, 2014, adjustments to the fair value of servicing assets resulted in a charge to earnings as an impairment for servicing assets of $16,000. | ||||||||
Other Fair Value Disclosures. | ||||||||
The Company’s fair value policies for instruments measured at fair value in accordance with the disclosure requirements of ASC 820 “Fair Value Measurements and Disclosures” are discussed in “Note 1(x). Fair Value of Financial Instruments – Other Fair Value Disclosures” in the Notes to the Consolidated Financial Statements in the Fiscal 2013 Form 10-K. The recorded amounts, fair value and level of fair value hierarchy of the Company’s financial instruments at March 31, 2014 and June 30, 2013 were as follows (in thousands): | ||||||||
31-Mar-14 | 30-Jun-13 | |||||||
Level | Recorded Value | Fair Value | Recorded Value | Fair Value | ||||
Financial assets: | ||||||||
Cash and cash equivalents | 1 | $ 87,763 | $ 87,763 | $ 111,046 | $ 111,046 | |||
Restricted cash and cash equivalents | 1 | - | - | 30,047 | 30,047 | |||
Securities held to maturity: | ||||||||
GNMA securities | 2 | 13,553 | 13,899 | 17,423 | 17,965 | |||
Loans, net: | ||||||||
Purchase mortgage loans held for investment | 3 | 72,546 | 72,429 | 174,037 | 173,738 | |||
Other loans held for investment | 3 | 434,200 | 488,171 | 420,789 | 437,916 | |||
Servicing assets | 3 | 493 | 493 | 412 | 414 | |||
Financial liabilities: | ||||||||
Short-Term Borrowings | 1 | 50,000 | 50,000 | 131,500 | 131,500 | |||
Deposits: | ||||||||
Deposits with no stated maturity | 2 | 968,519 | 952,991 | 963,385 | 959,578 | |||
Time deposits | 2 | 27,082 | 27,309 | 30,334 | 30,736 | |||
Advances from FHLB | 2 | 92,430 | 93,888 | 97,565 | 100,408 | |||
Long-term debt | 3 | 86,537 | 97,165 | 83,102 | 86,822 | |||
Receivable_From_And_Payable_To1
Receivable From And Payable To Brokers, Dealers And Clearing Organizations (Tables) | 9 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Receivable From And Payable To Brokers, Dealers And Clearing Organizations [Abstract] | ' | |||||||||
Receivable From And Payable To Brokers, Dealers And Clearing Organizations | ' | |||||||||
31-Mar-14 | 30-Jun-13 | |||||||||
Receivable: | ||||||||||
Securities failed to deliver | $ 22,508 | $ 9,708 | ||||||||
Securities borrowed | 1,779,143 | 1,546,376 | ||||||||
Correspondent broker/dealers | 22,076 | 45,435 | ||||||||
Clearing organizations | 38,772 | 25,285 | ||||||||
Other | 6,739 | 71,670 | ||||||||
$ 1,869,238 | $ 1,698,474 | |||||||||
Payable: | ||||||||||
Securities failed to receive | $ 28,213 | $ 39,024 | ||||||||
Securities loaned | 1,711,638 | 1,471,319 | ||||||||
Correspondent broker/dealers | 13,662 | 16,352 | ||||||||
Other | 42,298 | 6,276 | ||||||||
$ 1,795,811 | $ 1,532,971 | |||||||||
Securities Borrowed And Loaned, Offset And Not Offset In Statement Of Financial Position | ' | |||||||||
31-Mar-14 | ||||||||||
(in thousands) | Gross amounts not offset in the statement of financial position | |||||||||
Description | Gross amounts | Gross amounts | Net amounts of | Financial instruments | Cash collateral | Net amount | ||||
of recognized | offset in the | assets presented in the statement of | ||||||||
assets/ | statement of | financial position | ||||||||
liabilities | financial position | |||||||||
Securities Borrowed | $ 1,779,143 | $ - | $ 1,779,143 | $ (1,778,243) | $ - | $ 900 | ||||
Securities Loaned (1) | 1,711,638 | - | 1,711,638 | -1,711,638 | - | - | ||||
30-Jun-13 | ||||||||||
(in thousands) | Gross amounts not offset in the statement of financial position | |||||||||
Description | Gross amounts | Gross amounts | Net amounts of | Financial instruments | Cash collateral | Net amount | ||||
of recognized | offset in the | assets presented in the statement of | ||||||||
assets/ | statement of | financial position | ||||||||
liabilities | financial position | |||||||||
Securities Borrowed | $ 1,546,376 | $ - | $ 1,546,376 | $ (1,546,376) | $ - | $ - | ||||
Securities Loaned (1) | 1,471,319 | - | 1,471,319 | -1,471,319 | - | - | ||||
____________________ | ||||||||||
(1) Under securities lending agreements, SWS had repledged $1,679,444,000 and $1,452,911,000 at March 31, 2014 and June 30, 2013, respectively. | ||||||||||
Loans_And_Allowance_For_Probab1
Loans And Allowance For Probable Loan Losses (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Loans And Allowance For Probable Loan Losses [Abstract] | ' | |||||||||||||
Summary Of Loans Receivable | ' | |||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ 9,897 | $ 2,662 | ||||||||||||
Multifamily | 41,398 | 11,095 | ||||||||||||
51,295 | 13,757 | |||||||||||||
Other loans receivable: | ||||||||||||||
Residential construction | 785 | 1,367 | ||||||||||||
Lot and land development | 5,955 | 8,988 | ||||||||||||
1-4 family | 164,979 | 233,947 | ||||||||||||
Commercial real estate | 178,444 | 213,452 | ||||||||||||
Multifamily | 92,300 | 88,738 | ||||||||||||
Commercial loans | 69,709 | 58,718 | ||||||||||||
Consumer loans | 2,666 | 1,959 | ||||||||||||
514,838 | 607,169 | |||||||||||||
566,133 | 620,926 | |||||||||||||
Allowance for probable loan losses | -8,092 | -12,343 | ||||||||||||
$ 558,041 | $ 608,583 | |||||||||||||
Analysis of Allowance for Probable Loan Losses and Recorded Investment in Loans Receivable | ' | |||||||||||||
Three-Months Ended | ||||||||||||||
31-Mar-14 | ||||||||||||||
Residential Construction | Lot and | 1-4 Family | Commercial Real Estate | Multifamily | Commercial | Consumer | Total | |||||||
Land Development | ||||||||||||||
Allowance for credit losses: | ||||||||||||||
Balance at beginning of period | $ 6 | $ 124 | $ 1,319 | $ 3,069 | $ 2,893 | $ 2,018 | $ 19 | $ 9,448 | ||||||
Charge-offs | - | - | -189 | - | - | - | - | -189 | ||||||
Recoveries | 14 | 102 | 26 | 266 | - | 3 | - | 411 | ||||||
Net recoveries (charge-offs) | 14 | 102 | -163 | 266 | - | 3 | - | 222 | ||||||
(Recapture) provision charged | ||||||||||||||
to operations | -19 | -178 | 715 | -1,453 | -409 | -229 | -5 | -1,578 | ||||||
Balance at end of period | $ 1 | $ 48 | $ 1,871 | $ 1,882 | $ 2,484 | $ 1,792 | $ 14 | $ 8,092 | ||||||
Ending balance: individually | ||||||||||||||
evaluated for impairment | $ - | $ - | $ 177 | $ 129 | $ - | $ 149 | $ - | $ 455 | ||||||
Ending balance: collectively | ||||||||||||||
evaluated for impairment | $ 1 | $ 48 | $ 1,694 | $ 1,753 | $ 2,484 | $ 1,643 | $ 14 | $ 7,637 | ||||||
Financing receivables: | ||||||||||||||
Balance at end of period | $ 785 | $ 5,955 | $ 164,979 | $ 178,444 | $ 92,300 | $ 69,709 | $ 2,666 | $ 514,838 | ||||||
Ending balance: individually | ||||||||||||||
evaluated for impairment | $ 564 | $ 930 | $ 6,552 | $ 7,687 | $ - | $ 4,347 | $ - | $ 20,080 | ||||||
Ending balance: collectively | ||||||||||||||
evaluated for impairment | $ 221 | $ 5,025 | $ 158,427 | $ 170,757 | $ 92,300 | $ 65,362 | $ 2,666 | $ 494,758 | ||||||
Three-Months Ended | ||||||||||||||
31-Mar-13 | ||||||||||||||
Residential Construction | Lot and | 1-4 Family | Commercial Real Estate | Multifamily | Commercial | Consumer | Total | |||||||
Land Development | ||||||||||||||
Allowance for credit losses: | ||||||||||||||
Balance at beginning of period | $ 135 | $ 674 | $ 2,759 | $ 7,768 | $ 1,831 | $ 5,464 | $ 6 | $ 18,637 | ||||||
Charge-offs | - | - | - | - | - | -51 | - | -51 | ||||||
Recoveries | 8 | 5 | 19 | 109 | - | 34 | 5 | 180 | ||||||
Net recoveries (charge-offs) | 8 | 5 | 19 | 109 | - | -17 | 5 | 129 | ||||||
(Recapture) provision charged to | ||||||||||||||
operations | -24 | -157 | -1,090 | -2,607 | 5,445 | -1,563 | -4 | - | ||||||
Balance at end of period | $ 119 | $ 522 | $ 1,688 | $ 5,270 | $ 7,276 | $ 3,884 | $ 7 | $ 18,766 | ||||||
Ending balance: individually | ||||||||||||||
evaluated for impairment | $ 23 | $ 254 | $ 383 | $ 1,159 | $ - | $ 2,090 | $ - | $ 3,909 | ||||||
Ending balance: collectively | ||||||||||||||
evaluated for impairment | $ 96 | $ 268 | $ 1,305 | $ 4,111 | $ 7,276 | $ 1,794 | $ 7 | $ 14,857 | ||||||
Financing receivables: | ||||||||||||||
Balance at end of period | $ 2,167 | $ 10,221 | $ 265,631 | $ 242,721 | $ 75,468 | $ 62,887 | $ 1,602 | $ 660,697 | ||||||
Ending balance: individually | ||||||||||||||
evaluated for impairment | $ 619 | $ 2,761 | $ 10,611 | $ 14,049 | $ - | $ 4,619 | $ - | $ 32,659 | ||||||
Ending balance: collectively | ||||||||||||||
evaluated for impairment | $ 1,548 | $ 7,460 | $ 255,020 | $ 228,672 | $ 75,468 | $ 58,268 | $ 1,602 | $ 628,038 | ||||||
Nine-Months Ended | ||||||||||||||
31-Mar-14 | ||||||||||||||
Residential Construction | Lot and | 1-4 Family | Commercial Real Estate | Multifamily | Commercial | Consumer | Total | |||||||
Land Development | ||||||||||||||
Allowance for credit losses: | ||||||||||||||
Balance at beginning of period | $ 49 | $ 374 | $ 1,528 | $ 3,290 | $ 3,567 | $ 3,530 | $ 5 | $ 12,343 | ||||||
Charge-offs | - | -4 | -286 | -51 | - | -67 | - | -408 | ||||||
Recoveries | 77 | 112 | 87 | 705 | - | 45 | - | 1,026 | ||||||
Net recoveries (charge-offs) | 77 | 108 | -199 | 654 | - | -22 | - | 618 | ||||||
(Recapture) provision charged | ||||||||||||||
to operations | -125 | -434 | 542 | -2,062 | -1,083 | -1,716 | 9 | -4,869 | ||||||
Balance at end of period | $ 1 | $ 48 | $ 1,871 | $ 1,882 | $ 2,484 | $ 1,792 | $ 14 | $ 8,092 | ||||||
Nine-Months Ended | ||||||||||||||
31-Mar-13 | ||||||||||||||
Residential Construction | Lot and | 1-4 Family | Commercial Real Estate | Multifamily | Commercial | Consumer | Total | |||||||
Land Development | ||||||||||||||
Allowance for credit losses: | ||||||||||||||
Balance at beginning of period | $ 350 | $ 1,310 | $ 3,235 | $ 10,628 | $ 2,866 | $ 4,004 | $ 9 | $ 22,402 | ||||||
Charge-offs | - | -182 | -163 | -1,113 | - | -1,659 | - | -3,117 | ||||||
Recoveries | 44 | 192 | 88 | 192 | - | 405 | 10 | 931 | ||||||
Net recoveries (charge-offs) | 44 | 10 | -75 | -921 | - | -1,254 | 10 | -2,186 | ||||||
(Recapture) provision charged to | ||||||||||||||
operations | -275 | -798 | -1,472 | -4,437 | 4,410 | 1,134 | -12 | -1,450 | ||||||
Balance at end of period | $ 119 | $ 522 | $ 1,688 | $ 5,270 | $ 7,276 | $ 3,884 | $ 7 | $ 18,766 | ||||||
Loans Receivable on Non-Accrual Status | ' | |||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||
Residential construction | $ 560 | $ 601 | ||||||||||||
Lot and land development | 927 | 2,418 | ||||||||||||
1-4 family | 5,724 | 7,792 | ||||||||||||
Commercial real estate | 3,303 | 7,611 | ||||||||||||
Commercial loans | 3,874 | 4,024 | ||||||||||||
$ 14,388 | $ 22,446 | |||||||||||||
Recorded Investment and Unpaid Principal Balance for Impaired Loans by Type and Related Allowance, Average Recorded Investment and Interest Income Recognized | ' | |||||||||||||
Recorded Investment(1) | Unpaid Principal Balance(1) | Related Allowance | Average Recorded Investment(2) | Interest Income Recognized(3) | ||||||||||
31-Mar-14 | ||||||||||||||
With no related allowance recorded: | ||||||||||||||
Residential construction | $ 564 | $ 742 | $ - | $ 460 | $ - | |||||||||
Lot and land development | 930 | 1,200 | - | 139 | - | |||||||||
1-4 family | 5,197 | 6,975 | - | 5,509 | 6 | |||||||||
Commercial real estate | 5,017 | 5,136 | - | 6,244 | 182 | |||||||||
Commercial loans | 3,933 | 3,984 | - | 4,141 | 8 | |||||||||
15,641 | 18,037 | - | 16,493 | 196 | ||||||||||
Recorded Investment(1) | Unpaid Principal Balance(1) | Related Allowance | Average Recorded Investment(2) | Interest Income Recognized(3) | ||||||||||
31-Mar-14 | ||||||||||||||
With an allowance recorded: | ||||||||||||||
Residential construction | $ - | $ - | $ - | $ 119 | $ - | |||||||||
Lot and land development | - | - | - | 1,247 | - | |||||||||
1-4 family | 1,355 | 1,429 | 177 | 2,330 | 28 | |||||||||
Commercial real estate | 2,670 | 3,757 | 129 | 2,052 | - | |||||||||
Commercial loans | 414 | 488 | 149 | 2,191 | 16 | |||||||||
4,439 | 5,674 | 455 | 7,939 | 44 | ||||||||||
31-Mar-14 | ||||||||||||||
Total | ||||||||||||||
Residential construction | $ 564 | $ 742 | $ - | $ 579 | $ - | |||||||||
Lot and land development | 930 | 1,200 | - | 1,386 | - | |||||||||
1-4 family | 6,552 | 8,404 | 177 | 7,839 | 34 | |||||||||
Commercial real estate | 7,687 | 8,893 | 129 | 8,296 | 182 | |||||||||
Commercial loans | 4,347 | 4,472 | 149 | 6,332 | 24 | |||||||||
$ 20,080 | $ 23,711 | $ 455 | $ 24,432 | $ 240 | ||||||||||
30-Jun-13 | ||||||||||||||
With no related allowance recorded: | ||||||||||||||
Residential construction | $ 383 | $ 471 | $ - | $ 438 | $ - | |||||||||
Lot and land development | 102 | 324 | - | 807 | - | |||||||||
1-4 family | 5,818 | 7,712 | - | 7,674 | 17 | |||||||||
Commercial real estate | 9,006 | 12,239 | - | 7,785 | 167 | |||||||||
Commercial loans | 4,430 | 5,092 | - | 1,582 | 26 | |||||||||
19,739 | 25,838 | - | 18,286 | 210 | ||||||||||
Recorded Investment(1) | Unpaid Principal Balance(1) | Related Allowance | Average Recorded Investment(2) | Interest Income Recognized(3) | ||||||||||
30-Jun-13 | ||||||||||||||
With an allowance recorded: | ||||||||||||||
Residential construction | $ 222 | $ 283 | $ 23 | $ 191 | $ - | |||||||||
Lot and land development | 2,326 | 2,543 | 233 | 1,879 | - | |||||||||
1-4 family | 3,543 | 3,870 | 178 | 6,398 | 67 | |||||||||
Commercial real estate | 3,265 | 4,188 | 105 | 10,048 | 15 | |||||||||
Commercial loans | 3,037 | 3,032 | 2,090 | 2,288 | 129 | |||||||||
12,393 | 13,916 | 2,629 | 20,804 | 211 | ||||||||||
30-Jun-13 | ||||||||||||||
Total | ||||||||||||||
Residential construction | $ 605 | $ 754 | $ 23 | $ 629 | $ - | |||||||||
Lot and land development | 2,428 | 2,867 | 233 | 2,686 | - | |||||||||
1-4 family | 9,361 | 11,582 | 178 | 14,072 | 84 | |||||||||
Commercial real estate | 12,271 | 16,427 | 105 | 17,833 | 182 | |||||||||
Commercial loans | 7,467 | 8,124 | 2,090 | 3,870 | 155 | |||||||||
$ 32,132 | $ 39,754 | $ 2,629 | $ 39,090 | $ 421 | ||||||||||
____________________ | ||||||||||||||
-1 | The difference between the unpaid principal balance and the recorded investment of impaired loans with no related allowance recorded is primarily comprised of partial charge-offs that were previously recognized. | |||||||||||||
-2 | Represents the average recorded investment for the nine-months ended March 31, 2014 and the twelve-months ended June 30, 2013, respectively. | |||||||||||||
-3 | Represents interest income recognized on impaired loans for the nine-months ended March 31, 2014 and the twelve-months ended June 30, 2013, respectively. | |||||||||||||
Summary of Overall Quality of the Bank's Financing Receivables, Excluding Loans Held For Sale | ' | |||||||||||||
Pass | Special Mention(1) | Substandard(2) | Total | |||||||||||
31-Mar-14 | ||||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ 9,897 | $ - | $ - | $ 9,897 | ||||||||||
Multifamily | 41,398 | - | - | 41,398 | ||||||||||
51,295 | - | - | 51,295 | |||||||||||
Other loans receivable: | ||||||||||||||
Residential construction | 225 | - | 560 | 785 | ||||||||||
Lot and land development | 4,711 | - | 1,244 | 5,955 | ||||||||||
1-4 family | 158,990 | - | 5,989 | 164,979 | ||||||||||
Commercial real estate | 150,756 | 4,540 | 23,148 | 178,444 | ||||||||||
Multifamily | 92,300 | - | - | 92,300 | ||||||||||
Commercial loans | 62,826 | 2,782 | 4,101 | 69,709 | ||||||||||
Consumer loans | 2,666 | - | - | 2,666 | ||||||||||
472,474 | 7,322 | 35,042 | 514,838 | |||||||||||
$ 523,769 | $ 7,322 | $ 35,042 | $ 566,133 | |||||||||||
Pass | Special Mention(1) | Substandard(2) | Total | |||||||||||
30-Jun-13 | ||||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ 2,662 | $ - | $ - | $ 2,662 | ||||||||||
Multifamily | 11,095 | - | - | 11,095 | ||||||||||
13,757 | - | - | 13,757 | |||||||||||
Other loans receivable: | ||||||||||||||
Residential construction | 766 | - | 601 | 1,367 | ||||||||||
Lot and land development | 5,605 | - | 3,383 | 8,988 | ||||||||||
1-4 family | 225,434 | 234 | 8,279 | 233,947 | ||||||||||
Commercial real estate | 171,085 | 7,631 | 34,736 | 213,452 | ||||||||||
Multifamily | 88,046 | - | 692 | 88,738 | ||||||||||
Commercial loans | 47,680 | 1,324 | 9,714 | 58,718 | ||||||||||
Consumer loans | 1,959 | - | - | 1,959 | ||||||||||
540,575 | 9,189 | 57,405 | 607,169 | |||||||||||
$ 554,332 | $ 9,189 | $ 57,405 | $ 620,926 | |||||||||||
____________________ | ||||||||||||||
-1 | These loans are currently protected by the current sound worth and paying capacity of the obligor, but have a potential weakness that would create a higher credit risk. | |||||||||||||
-2 | These loans exhibit well-defined weaknesses that could jeopardize the ultimate collection of all or part of the debt. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate for substandard assets, does not have to exist in individual assets classified as “Substandard.” | |||||||||||||
Age of Bank's Past due Financing Receivables | ' | |||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Financing Receivables | Recorded Investment > 90 Days and Accruing | ||||||||
31-Mar-14 | ||||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ - | $ - | $ - | $ - | $ 9,897 | $ 9,897 | $ - | |||||||
Multifamily | - | - | - | - | 41,398 | 41,398 | - | |||||||
- | - | - | - | 51,295 | 51,295 | - | ||||||||
Other loans receivable: | ||||||||||||||
Residential construction | - | - | - | - | 785 | 785 | - | |||||||
Lot and land development | 16 | 112 | 14 | 142 | 5,813 | 5,955 | - | |||||||
1-4 family | 2,308 | - | 816 | 3,124 | 161,855 | 164,979 | - | |||||||
Commercial real estate | 5,005 | 907 | 523 | 6,435 | 172,009 | 178,444 | - | |||||||
Multifamily | - | - | - | - | 92,300 | 92,300 | - | |||||||
Commercial loans | 394 | - | 3,676 | 4,070 | 65,639 | 69,709 | - | |||||||
Consumer loans | 3 | - | - | 3 | 2,663 | 2,666 | - | |||||||
7,726 | 1,019 | 5,029 | 13,774 | 501,064 | 514,838 | - | ||||||||
$ 7,726 | $ 1,019 | $ 5,029 | $ 13,774 | $ 552,359 | $ 566,133 | $ - | ||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Financing Receivables | Recorded Investment > 90 Days and Accruing | ||||||||
30-Jun-13 | ||||||||||||||
Loans measured at fair value: | ||||||||||||||
Commercial real estate | $ - | $ - | $ - | $ - | $ 2,662 | $ 2,662 | $ - | |||||||
Multifamily | - | - | - | - | 11,095 | 11,095 | - | |||||||
- | - | - | - | 13,757 | 13,757 | - | ||||||||
Other loans receivable: | ||||||||||||||
Residential construction | - | - | - | - | 1,367 | 1,367 | - | |||||||
Lot and land development | 173 | 370 | 80 | 623 | 8,365 | 8,988 | - | |||||||
1-4 family | 914 | 234 | 2,816 | 3,964 | 229,983 | 233,947 | - | |||||||
Commercial real estate | 1,396 | 1,153 | 4,826 | 7,375 | 206,077 | 213,452 | - | |||||||
Multifamily | 692 | - | - | 692 | 88,046 | 88,738 | - | |||||||
Commercial loans | 750 | 3,812 | 135 | 4,697 | 54,021 | 58,718 | - | |||||||
Consumer loans | - | - | - | - | 1,959 | 1,959 | - | |||||||
3,925 | 5,569 | 7,857 | 17,351 | 589,818 | 607,169 | - | ||||||||
$ 3,925 | $ 5,569 | $ 7,857 | $ 17,351 | $ 603,575 | $ 620,926 | $ - | ||||||||
Recorded Investment in Loans Modified in TDRs | ' | |||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||
Residential construction | $ 564 | $ 605 | ||||||||||||
Lot and land development | 916 | 4,927 | ||||||||||||
1-4 family | 5,533 | 7,690 | ||||||||||||
Commercial real estate | 7,104 | 4,574 | ||||||||||||
Commercial | 708 | 497 | ||||||||||||
$ 14,825 | $ 18,293 | |||||||||||||
Financial Effects of Loan Modifications Accounted for as TDRs | ' | |||||||||||||
Three-Months Ended | Nine-Months Ended | |||||||||||||
31-Mar-14 | 31-Mar-14 | |||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment(1) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment(1) | |||||||||
1-4 family | 3 | $ 212 | $ 212 | 3 | $ 212 | $ 212 | ||||||||
Commercial real estate | 3 | 3,991 | 3,991 | 3 | 3,991 | 3,991 | ||||||||
Commercial | - | - | - | 1 | 168 | 168 | ||||||||
6 | $ 4,203 | $ 4,203 | 7 | $ 4,371 | $ 4,371 | |||||||||
Three-Months Ended | Nine-Months End | |||||||||||||
31-Mar-13 | 31-Mar-13 | |||||||||||||
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment(1) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment(1) | |||||||||
Residential construction | - | $ - | $ - | 4 | $ 648 | $ 648 | ||||||||
Lot and land development | 2 | 514 | 514 | 9 | 3,742 | 3,742 | ||||||||
1-4 family | 3 | 361 | 361 | 8 | 1,669 | 1,656 | ||||||||
Commercial real estate | 1 | 278 | 278 | 3 | 374 | 374 | ||||||||
Commercial | - | - | - | 1 | 213 | 213 | ||||||||
6 | $ 1,153 | $ 1,153 | 25 | $ 6,646 | $ 6,633 | |||||||||
____________ | ||||||||||||||
(1) Post-modification balances include direct charge-offs recorded at the time of modification. | ||||||||||||||
The Type and the Post Modification Outstanding Recorded Investment of Loan modifications Made for TDRs | ' | |||||||||||||
Amount of TDR Loan Modifications | ||||||||||||||
Type of Modification | Three-Months Ended | Nine-Months Ended | ||||||||||||
31-Mar-14 | 31-Mar-14 | |||||||||||||
Maturity date extension | $ 103 | $ 103 | ||||||||||||
Rescheduled future cash flows | 3,991 | 4,159 | ||||||||||||
Combination of maturity date extension | ||||||||||||||
and reduction of the stated interest rate | 109 | 109 | ||||||||||||
$ 4,203 | $ 4,371 | |||||||||||||
Amount of TDR Loan Modifications | ||||||||||||||
Type of Modification | Three-Months Ended | Nine-Months Ended | ||||||||||||
31-Mar-13 | 31-Mar-13 | |||||||||||||
Maturity date extension | $ 249 | $ 363 | ||||||||||||
Reduction of the stated interest rate | - | 60 | ||||||||||||
Rescheduled future cash flows | 278 | 983 | ||||||||||||
Combination of maturity date extension | ||||||||||||||
and rescheduling of future cash flows | 350 | 2,996 | ||||||||||||
Combination of maturity date extension | ||||||||||||||
and reduction of the stated interest rate | - | 26 | ||||||||||||
Combination of maturity date extension, | ||||||||||||||
reduction of the stated interest rate, | ||||||||||||||
and rescheduling of future cash flows | 84 | 2,013 | ||||||||||||
Combination of reduction of the stated interest rate | ||||||||||||||
and rescheduling of future cash flows | 192 | 192 | ||||||||||||
$ 1,153 | $ 6,633 | |||||||||||||
Loan Modifications Accounted for as TDRs Within the Previous 12 Months that Subsequently Defaulted | ' | |||||||||||||
Three-Months Ended | Nine-Months Ended | |||||||||||||
31-Mar-14 | 31-Mar-14 | |||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||
1-4 family | - | $ - | 2 | $ 272 | ||||||||||
Three-Months Ended | Nine-Months Ended | |||||||||||||
31-Mar-13 | 31-Mar-13 | |||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||
1-4 family | 2 | $ 658 | 2 | $ 658 | ||||||||||
Summary Of Unamortized Cost, Gross Unrealized Gains And Losses And The Fair Value Of Loans Measured At Fair Value | ' | |||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains (1) | Losses (1) | Value | |||||||||||
31-Mar-14 | ||||||||||||||
Commercial real estate | $ 9,875 | $ 80 | $ (58) | $ 9,897 | ||||||||||
Multifamily | 41,197 | 246 | -45 | 41,398 | ||||||||||
$ 51,072 | $ 326 | $ (103) | $ 51,295 | |||||||||||
Gross | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Losses (1) | Value | ||||||||||||
30-Jun-13 | ||||||||||||||
Commercial real estate | $ 2,787 | $ (125) | $ 2,662 | |||||||||||
Multifamily | 11,115 | -20 | 11,095 | |||||||||||
$ 13,902 | $ (145) | $ 13,757 | ||||||||||||
____________ | ||||||||||||||
(1) Unrealized gains (losses) are recorded in other revenues on the Consolidated Statements of Comprehensive Loss. | ||||||||||||||
Securities_Owned_And_Securitie1
Securities Owned And Securities Sold, Not Yet Purchased (Tables) | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Securities Owned And Securities Sold, Not Yet Purchased [Abstract] | ' | ||||
Securities Owned And Securities Sold, Not Yet Purchased | ' | ||||
31-Mar-14 | 30-Jun-13 | ||||
Securities owned: | |||||
Corporate equity securities | $ 1,143 | $ 1,520 | |||
Municipal obligations | 67,719 | 30,116 | |||
U.S. government and government agency obligations | 84,670 | 41,529 | |||
Corporate obligations | 96,155 | 127,899 | |||
Other | 39,282 | 8,569 | |||
$ 288,969 | $ 209,633 | ||||
Securities sold, not yet purchased: | |||||
Corporate equity securities | $ 3 | $ - | |||
Municipal obligations | - | 10 | |||
U.S. government and government agency obligations | 97,949 | 54,086 | |||
Corporate obligations | 79,508 | 80,639 | |||
$ 177,460 | $ 134,735 | ||||
Securities_Held_To_Maturity_Ta
Securities Held To Maturity (Tables) | 9 Months Ended | |||||
Mar. 31, 2014 | ||||||
Securities Held To Maturity [Abstract] | ' | |||||
Schedule Of Held To Maturity Securities | ' | |||||
31-Mar-14 | 30-Jun-13 | |||||
Government National Mortgage | ||||||
Association ("GNMA") Securities | $ 13,553 | $ 17,423 | ||||
Schedule Of Amortized Cost And Estimated Fair Value Of Securities Held To Maturity | ' | |||||
Securities Held to Maturity | ||||||
Amortized Cost | Fair Value | Unrecognized Holding gain | ||||
Due after ten years | $ 13,553 | $ 13,899 | $ 346 | |||
Securities_Purchased_Sold_Unde1
Securities Purchased /Sold Under Agreements To Resell/Repurchase (Tables) | 9 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Securities Purchased /Sold Under Agreements To Resell/Repurchase [Abstract] | ' | |||||||||
Reverse Repurchase Agreements And Repurchase Agreements | ' | |||||||||
31-Mar-14 | ||||||||||
(in thousands) | Gross amounts not offset in the statement of financial position | |||||||||
Description | Gross amounts | Gross amounts | Net amounts of | Financial instruments | Cash collateral | Net amount | ||||
of recognized | offset in the | assets presented in the statement of | ||||||||
assets/ | statement of | financial position | ||||||||
liabilities | financial position | |||||||||
Reverse | ||||||||||
Repurchase | ||||||||||
Agreements | $ 97,504 | $ - | $ 97,504 | $ (97,416) | $ - | $ 88 | ||||
Repurchase | ||||||||||
Agreements | 69,961 | - | 69,961 | -69,628 | - | 333 | ||||
30-Jun-13 | ||||||||||
(in thousands) | Gross amounts not offset in the statement of financial position | |||||||||
Description | Gross amounts | Gross amounts | Net amounts of | Financial instruments | Cash collateral | Net amount | ||||
of recognized | offset in the | assets presented in the statement of | ||||||||
assets/ | statement of | financial position | ||||||||
liabilities | financial position | |||||||||
Reverse | ||||||||||
Repurchase | ||||||||||
Agreements | $ 51,996 | $ - | $ 51,996 | $ (51,808) | $ - | $ 188 | ||||
Repurchase | ||||||||||
Agreements | 37,012 | - | 37,012 | -37,012 | - | - | ||||
Securities_Available_For_Sale_
Securities Available For Sale (Tables) | 9 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Securities Available For Sale [Abstract] | ' | ||||||
Cost Of Equity Securities, Amortized Cost Of Debt Securities And Market Value of Investments | ' | ||||||
Original/ | Gross | Gross | Gross | ||||
Shares | Amortized | Unrealized | Unrealized | Realized | Market | ||
Held | Cost | Gains | Losses | Losses | Value | ||
Mar-14 | |||||||
Westwood common stock | 2,219 | $ 7 | $ 222 | $ - | $ (90) | $ 139 | |
Municipal obligations | N/A | 44,454 | 173 | -678 | - | 43,949 | |
Continuous unrealized loss less than | |||||||
12 months: | |||||||
U.S. government and government | |||||||
agency obligations | N/A | 507,461 | 350 | -10,415 | - | 497,396 | |
Continuous unrealized loss for 12 | |||||||
months or greater: | |||||||
U.S. government and government | |||||||
agency obligations | N/A | 35,597 | - | -1,402 | - | 34,195 | |
$ 587,519 | $ 745 | $ (12,495) | $ (90) | $ 575,679 | |||
Original/ | Gross | Gross | Gross | ||||
Shares | Amortized | Unrealized | Unrealized | Realized | Market | ||
Held | Cost | Gains | Losses | Losses | Value | ||
Jun-13 | |||||||
Westwood common stock | 3,405 | $ 7 | $ 170 | $ - | $ (31) | $ 146 | |
Continuous unrealized loss less than | |||||||
12 months: | |||||||
U.S. government and government | |||||||
agency obligations | N/A | 479,970 | 138 | -9,239 | - | 470,869 | |
Municipal obligations | N/A | 29,289 | - | -1,065 | - | 28,224 | |
Continuous unrealized loss for 12 | |||||||
months or greater: | |||||||
U.S. government and government | |||||||
agency obligations | N/A | 4,127 | - | -90 | - | 4,037 | |
$ 513,393 | $ 308 | $ (10,394) | $ (31) | $ 503,276 | |||
Investments_And_Variable_Inter1
Investments And Variable Interest Entities (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investments And Variable Interest Entities [Abstract] | ' | |||||||
Carrying Amount And Maximum Exposure To Loss Associated With The Company's Variable Interests In Unconsolidated VIEs | ' | |||||||
31-Mar-14 | 30-Jun-13 | |||||||
Number of VIEs | Carrying Amount of Assets | Maximum Exposure to Loss | Number of VIEs | Carrying Amount of Assets | Maximum Exposure to Loss | |||
Loans to commercial | ||||||||
borrowers | 11 | $ 5,598 | $ 4,277 | 17 | $ 10,639 | $ 9,072 | ||
Deposits_Tables
Deposits (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Deposits [Abstract] | ' | ||||||||||||
Bank Core Deposits | ' | ||||||||||||
31-Mar-14 | 30-Jun-13 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Noninterest bearing demand accounts | $ 58,242 | 5.8 | % | $ 55,221 | 5.5 | % | |||||||
Interest bearing demand accounts | 8,993 | 0.9 | 7,723 | 0.8 | |||||||||
Savings accounts | 883,823 | 88.8 | 883,229 | 88.9 | |||||||||
Limited access money market accounts | 17,461 | 1.8 | 17,212 | 1.7 | |||||||||
Certificates of deposit, less than $100,000 | 16,015 | 1.6 | 17,829 | 1.8 | |||||||||
Certificates of deposit, $100,000 and greater | 11,067 | 1.1 | 12,505 | 1.3 | |||||||||
$ 995,601 | 100.0 | % | $ 993,719 | 100.0 | % | ||||||||
Scheduled Maturities Of Certificates of Deposit | ' | ||||||||||||
1 Year or Less | > 1 Year Through 2 Years | > 2 Years Through 3 Years | > 3 Years Through 4 Years | Thereafter | Total | ||||||||
Certificates of deposit, less than $100,000 | $ 13,057 | $ 1,877 | $ 379 | $ 337 | $ 365 | $ 16,015 | |||||||
Certificates of deposit, $100,000 and greater | 9,159 | 1,343 | 463 | 102 | - | 11,067 | |||||||
$ 22,216 | $ 3,220 | $ 842 | $ 439 | $ 365 | $ 27,082 | ||||||||
Advances_From_The_Federal_Home1
Advances From The Federal Home Loan Bank (Tables) | 9 Months Ended | |||
Mar. 31, 2014 | ||||
Advances From The Federal Home Loan Bank [Abstract] | ' | |||
Advances From The Federal Home Loan Bank | ' | |||
31-Mar-14 | 30-Jun-13 | |||
Maturity: | ||||
Due in one year | $ 10,127 | $ 15,486 | ||
Due in two years | 4,620 | 1,859 | ||
Due in five years | 52,018 | 48,956 | ||
Due in seven years | 12,195 | 12,809 | ||
Due in ten years | 4,710 | 8,424 | ||
Due in twenty years | 8,858 | 10,163 | ||
92,528 | 97,697 | |||
Restructuring prepayment penalty | -98 | -132 | ||
$ 92,430 | $ 97,565 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Taxes [Abstract] | ' | |||||||
Summary Of Income Tax Expense (Benefit) | ' | |||||||
Three-Months Ended | Nine-Months Ended | |||||||
31-Mar-14 | 29-Mar-13 | 31-Mar-14 | 29-Mar-13 | |||||
Income tax benefit at the statutory rate | $ (2,860) | $ (3,344) | $ (2,361) | $ (1,042) | ||||
Tax exempt interest | -293 | -220 | -759 | -724 | ||||
Tax exempt income from company-owned | ||||||||
life insurance ("COLI") | -31 | -277 | -564 | -384 | ||||
State income taxes, net of federal tax benefit | 77 | -66 | 65 | -415 | ||||
Non-deductible meals and entertainment | 23 | 77 | 88 | 156 | ||||
Non-deductible compensation | 58 | 247 | 104 | 763 | ||||
Valuation allowance | 3,546 | -256 | 3,390 | -256 | ||||
Other, net | 66 | 1 | 64 | -83 | ||||
$ 586 | $ (3,838) | $ 27 | $ (1,985) | |||||
Schedule Of Tax Effects Of Temporary Differences That Give Rise To Deferred Tax Assets And Deferred Tax Liabilities | ' | |||||||
31-Mar-14 | 30-Jun-13 | |||||||
Deferred tax assets: | ||||||||
Employee compensation plans | $ 10,102 | $ 11,378 | ||||||
Net operating loss carryforward | 11,940 | 10,507 | ||||||
Allowance for probable loan losses | 2,673 | 3,400 | ||||||
Securities available for sale | 4,190 | 3,589 | ||||||
Bad debt reserve | 1,871 | 2,177 | ||||||
Deferred rent | 1,912 | 1,631 | ||||||
State taxes | 909 | 909 | ||||||
Investment in unconsolidated ventures | 994 | 909 | ||||||
Deferred income on loans | 772 | 810 | ||||||
REO | 431 | 139 | ||||||
Long-term debt | 2,538 | - | ||||||
Other | 911 | 513 | ||||||
Gross deferred tax assets | 39,243 | 35,962 | ||||||
Valuation allowance | -34,195 | -30,870 | ||||||
Net deferred tax assets | 5,048 | 5,092 | ||||||
Deferred tax liabilities: | ||||||||
Interest rate swaps in cash flow hedging relationships | $ (123) | $ (626) | ||||||
Fixed assets, net | -196 | -426 | ||||||
Investment in unconsolidated ventures | - | -120 | ||||||
Long-term debt | - | -82 | ||||||
Other | -539 | -249 | ||||||
Total gross deferred tax liabilities | -858 | -1,503 | ||||||
Net deferred tax assets – included in other assets on the | ||||||||
Consolidated Statements of Financial Condition | $ 4,190 | $ 3,589 | ||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
The Bank's Capital Amounts and Ratios | ' | ||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||
31-Mar-14 | |||||||||||||||||
Total risk-based capital | $ 184,452 | 27.4 | % | $ 53,934 | 8.0 | % | $ 67,418 | 10.0 | % | ||||||||
Tier I risk-based capital | 176,360 | 26.2 | 26,967 | 4.0 | 40,451 | 6.0 | |||||||||||
Tier I (core) capital | 176,360 | 13.9 | 50,819 | 4.0 | 63,524 | 5.0 | |||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||
30-Jun-13 | |||||||||||||||||
Total risk-based capital | $ 181,909 | 24.9 | % | $ 58,465 | 8.0 | % | $ 73,081 | 10.0 | % | ||||||||
Tier I risk-based capital | 172,734 | 23.6 | 29,233 | 4.0 | 43,849 | 6.0 | |||||||||||
Tier I (core) capital | 172,734 | 13.5 | 51,081 | 4.0 | 63,851 | 5.0 | |||||||||||
Southwest Securities [Member] | ' | ||||||||||||||||
Net Capital Position | ' | ||||||||||||||||
31-Mar-14 | 30-Jun-13 | ||||||||||||||||
Net capital | $ 148,201 | $ 141,112 | |||||||||||||||
Less: required net capital | 6,747 | 6,843 | |||||||||||||||
Excess net capital | $ 141,454 | $ 134,269 | |||||||||||||||
Net capital as a percent of aggregate debit items | 43.9 | % | 41.2 | % | |||||||||||||
Net capital in excess of 5% aggregate debit items | $ 131,334 | $ 124,005 | |||||||||||||||
SWS Financial Services, Inc. [Member] | ' | ||||||||||||||||
Net Capital Position | ' | ||||||||||||||||
31-Mar-14 | 30-Jun-13 | ||||||||||||||||
Net capital | $ 935 | $ 713 | |||||||||||||||
Less: required net capital | 250 | 250 | |||||||||||||||
Excess net capital | $ 685 | $ 463 | |||||||||||||||
Interest_Income_And_Interest_E1
Interest Income And Interest Expense (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Interest Income And Interest Expense [Abstract] | ' | ||||||||
Interest Income And Interest Expense | ' | ||||||||
For the Three-Months Ended | For the Nine-Months Ended | ||||||||
Mar-14 | Mar-13 | Mar-14 | Mar-13 | ||||||
Interest income: | |||||||||
Customer margin accounts | $ 2,185 | $ 1,997 | $ 6,683 | $ 6,276 | |||||
Assets segregated for regulatory purposes | 31 | 30 | 96 | 90 | |||||
Stock borrowed | 9,372 | 8,756 | 26,115 | 25,502 | |||||
Loans | 6,255 | 8,519 | 20,023 | 29,633 | |||||
Bank investments | 2,971 | 1,688 | 8,383 | 4,921 | |||||
Other | 1,459 | 1,810 | 4,201 | 6,274 | |||||
$ 22,273 | $ 22,800 | $ 65,501 | $ 72,696 | ||||||
Interest expense: | |||||||||
Customer funds on deposit | $ 26 | $ 60 | $ 93 | $ 173 | |||||
Stock loaned | 7,130 | 6,571 | 19,885 | 18,854 | |||||
Deposits | 86 | 102 | 271 | 372 | |||||
Federal Home Loan Bank | 610 | 627 | 1,927 | 2,060 | |||||
Long-term debt | 3,310 | 3,147 | 9,804 | 9,332 | |||||
Other | 652 | 794 | 2,331 | 2,537 | |||||
11,814 | 11,301 | 34,311 | 33,328 | ||||||
Total net interest revenue | $ 10,459 | $ 11,499 | $ 31,190 | $ 39,368 | |||||
Loss_Per_Share_EPS_Tables
Loss Per Share ("EPS") (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Loss Per Share ("EPS") [Abstract] | ' | |||||||
Summary of Basic and Diluted EPS Computations | ' | |||||||
Three-Months Ended | Nine-Months Ended | |||||||
31-Mar-14 | 29-Mar-13 | 31-Mar-14 | 29-Mar-13 | |||||
Adjusted net loss | $ (8,757) | $ (5,718) | $ (6,774) | $ (993) | ||||
Weighted average shares outstanding – basic | 33,020,499 | 32,896,805 | 32,987,933 | 32,857,860 | ||||
Effect of dilutive securities | - | - | - | - | ||||
Weighted average shares outstanding – diluted | 33,020,499 | 32,896,805 | 32,987,933 | 32,857,860 | ||||
Loss per share – basic | ||||||||
Net loss | $ (0.27) | $ (0.17) | $ (0.21) | $ (0.03) | ||||
Loss per share – diluted | ||||||||
Net loss | $ (0.27) | $ (0.17) | $ (0.21) | $ (0.03) | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Summary Of Operating Information By Segments | ' | |||||||
UNAUDITED FINANCIAL INFORMATION | ||||||||
(in thousands) | Clearing | Retail Brokerage | Institutional Brokerage | Banking | Other Consolidated Entities | Consolidated SWS Group, Inc. | ||
Three-months ended | ||||||||
31-Mar-14 | ||||||||
Operating revenue | $ 3,567 | $ 26,902 | $ 25,060 | $ (235) | $ (79) | $ 55,215 | ||
Net intersegment revenues | -185 | 185 | -5 | 792 | -787 | - | ||
Net interest revenue | 1,551 | 820 | 2,789 | 8,530 | -3,231 | 10,459 | ||
Net revenues | 5,118 | 27,722 | 27,849 | 8,295 | -3,310 | 65,674 | ||
Non-interest expenses | 4,139 | 25,367 | 21,763 | 6,228 | 9,603 | 67,100 | ||
Other losses | - | - | - | - | -6,745 | -6,745 | ||
Depreciation and amortization | 5 | 200 | 76 | 357 | 717 | 1,355 | ||
Net income (loss) before taxes | 979 | 2,355 | 6,086 | 2,067 | -19,658 | -8,171 | ||
Three-months ended | ||||||||
29-Mar-13 | ||||||||
Operating revenue | $ 3,060 | $ 26,982 | $ 23,329 | $ 1,062 | $ 822 | $ 55,255 | ||
Net intersegment revenues | -182 | 176 | -74 | 846 | -766 | - | ||
Net interest revenue | 1,451 | 815 | 2,836 | 9,478 | -3,081 | 11,499 | ||
Net revenues | 4,511 | 27,797 | 26,165 | 10,540 | -2,259 | 66,754 | ||
Non-interest expenses | 5,128 | 27,489 | 21,334 | 9,354 | 9,165 | 72,470 | ||
Other losses | - | - | - | - | -3,840 | -3,840 | ||
Depreciation and amortization | 16 | 220 | 104 | 442 | 580 | 1,362 | ||
Net income (loss) before taxes | -617 | 308 | 4,831 | 1,186 | -15,264 | -9,556 | ||
UNAUDITED FINANCIAL INFORMATION | ||||||||
(in thousands) | Clearing | Retail Brokerage | Institutional Brokerage | Banking | Other Consolidated Entities | Consolidated SWS Group, Inc. | ||
Nine-months ended | ||||||||
31-Mar-14 | ||||||||
Operating revenue | $ 10,574 | $ 82,844 | $ 75,682 | $ 1,638 | $ 1,227 | $ 171,965 | ||
Net intersegment revenues | -544 | 544 | -16 | 2,472 | -2,456 | - | ||
Net interest revenue | 4,519 | 2,787 | 7,435 | 26,208 | -9,759 | 31,190 | ||
Net revenues | 15,093 | 85,631 | 83,117 | 27,846 | -8,532 | 203,155 | ||
Non-interest expenses | 13,002 | 78,022 | 64,877 | 19,260 | 27,905 | 203,066 | ||
Other losses | - | - | - | - | -6,836 | -6,836 | ||
Depreciation and amortization | 16 | 652 | 239 | 1,141 | 2,028 | 4,076 | ||
Net income (loss) before taxes | 2,091 | 7,609 | 18,240 | 8,586 | -43,273 | -6,747 | ||
Assets (*) | 257,178 | 221,020 | 2,209,620 | 1,262,386 | 10,345 | 3,960,549 | ||
Nine-months ended | ||||||||
29-Mar-13 | ||||||||
Operating revenue | $ 9,556 | $ 79,463 | $ 82,409 | $ 1,822 | $ 3,590 | $ 176,840 | ||
Net intersegment revenues | -535 | 524 | -133 | 2,607 | -2,463 | - | ||
Net interest revenue | 4,634 | 2,524 | 9,209 | 32,122 | -9,121 | 39,368 | ||
Net revenues | 14,190 | 81,987 | 91,618 | 33,944 | -5,531 | 216,208 | ||
Non-interest expenses | 14,727 | 80,832 | 67,523 | 28,505 | 27,335 | 218,922 | ||
Other losses | - | - | - | - | -264 | -264 | ||
Depreciation and amortization | 50 | 658 | 313 | 1,308 | 1,774 | 4,103 | ||
Net income (loss) before taxes | -537 | 1,155 | 24,095 | 5,439 | -33,130 | -2,978 | ||
Assets (*) | 264,528 | 219,729 | 2,078,603 | 1,275,842 | 63,878 | 3,902,580 | ||
Summary Of Reconciliation Of Assets | ' | |||||||
31-Mar-14 | 29-Mar-13 | |||||||
Amount as presented above | $ 3,960,549 | $ 3,902,580 | ||||||
Reconciling items: | ||||||||
Unallocated assets: | ||||||||
Cash | 19,901 | 17,262 | ||||||
Receivables from brokers, dealers and clearing | ||||||||
organizations | 29,247 | 32,536 | ||||||
Receivable from clients, net of allowances | 22,832 | 27,536 | ||||||
Other assets | 30,853 | 16,661 | ||||||
Unallocated eliminations | -13,156 | -90 | ||||||
Total assets | $ 4,050,226 | $ 3,996,485 | ||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Fair Value Of Financial Instruments [Abstract] | ' | |||||||
Summary Of Fair Value Hierarchy | ' | |||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||
31-Mar-14 | ||||||||
ASSETS | ||||||||
Loans measured at fair value | ||||||||
Loans measured at fair value | $ - | $ - | $ 51,295 | $ 51,295 | ||||
$ - | $ - | $ 51,295 | $ 51,295 | |||||
Securities owned, at fair value | ||||||||
Corporate equity securities | $ 668 | $ - | $ 475 | $ 1,143 | ||||
Municipal obligations | - | 67,719 | - | 67,719 | ||||
U.S. government and government agency obligations | 6,989 | 77,681 | - | 84,670 | ||||
Corporate obligations | - | 96,067 | 88 | 96,155 | ||||
Other | 982 | 38,300 | - | 39,282 | ||||
$ 8,639 | $ 279,767 | $ 563 | $ 288,969 | |||||
Securities available for sale | ||||||||
Westwood common stock | $ 139 | $ - | $ - | $ 139 | ||||
U.S. government and government agency obligations | - | 531,591 | - | 531,591 | ||||
Municipal obligations | - | 43,949 | - | 43,949 | ||||
$ 139 | $ 575,540 | $ - | $ 575,679 | |||||
Interest Rate Swaps | ||||||||
Interest Rate Swaps | $ - | $ 703 | $ - | $ 703 | ||||
$ - | $ 703 | $ - | $ 703 | |||||
LIABILITIES | ||||||||
Securities sold, not yet purchased, at fair value | ||||||||
Corporate equity securities | $ 3 | $ - | $ - | $ 3 | ||||
U.S. government and government agency obligations | 87,399 | 10,550 | - | 97,949 | ||||
Corporate obligations | - | 79,508 | - | 79,508 | ||||
$ 87,402 | $ 90,058 | $ - | $ 177,460 | |||||
Warrants | ||||||||
Warrants | $ - | $ - | $ 31,033 | $ 31,033 | ||||
$ - | $ - | $ 31,033 | $ 31,033 | |||||
Net assets (liabilities) | $ (78,624) | $ 765,952 | $ 20,825 | $ 708,153 | ||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||
30-Jun-13 | ||||||||
ASSETS | ||||||||
Loans measured at fair value | ||||||||
Loans measured at fair value | $ - | $ 13,757 | $ - | $ 13,757 | ||||
$ - | $ 13,757 | $ - | $ 13,757 | |||||
Securities owned, at fair value | ||||||||
Corporate equity securities | $ 895 | $ - | $ 625 | $ 1,520 | ||||
Municipal obligations | - | 30,116 | - | 30,116 | ||||
U.S. government and government agency obligations | 3,300 | 38,229 | - | 41,529 | ||||
Corporate obligations | - | 127,779 | 120 | 127,899 | ||||
Other | 692 | 7,877 | - | 8,569 | ||||
$ 4,887 | $ 204,001 | $ 745 | $ 209,633 | |||||
Securities available for sale | ||||||||
Westwood common stock | $ 146 | $ - | $ - | $ 146 | ||||
U.S. government and government agency obligations | - | 474,906 | - | 474,906 | ||||
Municipal obligations | - | 28,224 | - | 28,224 | ||||
$ 146 | $ 503,130 | $ - | $ 503,276 | |||||
Interest Rate Swaps | ||||||||
Interest Rate Swaps | $ - | $ 1,934 | $ - | $ 1,934 | ||||
$ - | $ 1,934 | $ - | $ 1,934 | |||||
LIABILITIES | ||||||||
Securities sold, not yet purchased, at fair value | ||||||||
Municipal obligations | $ - | $ 10 | $ - | $ 10 | ||||
U.S. government and government agency obligations | 45,415 | 8,671 | - | 54,086 | ||||
Corporate obligations | - | 80,639 | - | 80,639 | ||||
$ 45,415 | $ 89,320 | $ - | $ 134,735 | |||||
Warrants | ||||||||
Warrants | $ - | $ - | $ 24,197 | $ 24,197 | ||||
$ - | $ - | $ 24,197 | $ 24,197 | |||||
Net assets (liabilities) | $ (40,382) | $ 633,502 | $ (23,452) | $ 569,668 | ||||
Reconciliation Of Major Classes of Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs | ' | |||||||
(in thousands) | Loans | Corporate Equity Securities | Corporate Obligations | Warrants | Total | |||
Ending balance at June 30, 2013 | $ - | $ 625 | $ 120 | $ (24,197) | $ (23,452) | |||
Redemption/sale of security | -50 | - | - | -50 | ||||
Unrealized loss | - | -32 | - | -32 | ||||
Decrease in warrants valuation | ||||||||
(unrealized gain) | - | - | 1,967 | 1,967 | ||||
Ending balance at September 30, 2013 | $ - | $ 575 | $ 88 | $ (22,230) | $ (21,567) | |||
Redemption/sale of security | -75 | -75 | ||||||
Unrealized loss | - | - | -8 | - | -8 | |||
Transfers from Level 2 to Level 3 | 35,333 | - | - | - | 35,333 | |||
Increase in warrants valuation | ||||||||
(unrealized loss) | - | - | - | -2,058 | -2,058 | |||
Ending balance at December 31, 2013 | $ 35,333 | $ 500 | $ 80 | $ (24,288) | $ 11,625 | |||
Redemption/sale of security | -25 | - | - | -25 | ||||
Unrealized gain | 173 | - | 8 | - | 181 | |||
Loan pay downs | -191 | - | - | - | -191 | |||
Loan originations with the | ||||||||
execution of interest rate swaps | 15,980 | - | - | - | 15,980 | |||
Increase in warrants valuation | ||||||||
(unrealized loss) | - | - | - | -6,745 | -6,745 | |||
Ending balance at March 31, 2014 | $ 51,295 | $ 475 | $ 88 | $ (31,033) | $ 20,825 | |||
Significant Unobservable Inputs | ' | |||||||
Asset/Liability | Fair Value | Valuation Technique(s) | Unobservable Inputs | Range (Weighted-Average) | ||||
Loans measured at fair value | ||||||||
Loans measured at fair value | $ 51,295 | Discounted cash flow | Discount Rate | 4.15%-5.29% | ||||
-4.68% | ||||||||
Securities owned, at fair value | ||||||||
Corporate equity securities- auction rate preferred | 475 | Analysis of comparable securities | N/A | N/A | ||||
Corporate obligations | 88 | Discounted cash flow | N/A | N/A | ||||
Warrants | ||||||||
Warrants | 31,033 | Binomial Model | Derived Volatility | 24% - 33% (30%) | ||||
Financial And Non-Financial Instruments Measured At Fair Value On A Non-Recurring Basis | ' | |||||||
Mar-14 | Level 1 | Level 2 | Level 3 | Total | ||||
Impaired loans (1) | $ - | $ - | $ 9,670 | $ 9,670 | ||||
REO | - | - | 5,880 | 5,880 | ||||
Impaired servicing assets | - | - | 493 | 493 | ||||
$ - | $ - | $ 16,043 | $ 16,043 | |||||
Jun-13 | ||||||||
Impaired loans (1) | $ - | $ - | $ 20,086 | $ 20,086 | ||||
REO | - | - | 10,165 | 10,165 | ||||
$ - | $ - | $ 30,251 | $ 30,251 | |||||
_____________ | ||||||||
(1) Includes certain impaired loans measured at fair value through the allocation of specific valuation allowances or principal charge-offs. | ||||||||
Recorded Amounts, Fair Value And Level Of Fair Value Hierarchy Of Financial Instruments | ' | |||||||
31-Mar-14 | 30-Jun-13 | |||||||
Level | Recorded Value | Fair Value | Recorded Value | Fair Value | ||||
Financial assets: | ||||||||
Cash and cash equivalents | 1 | $ 87,763 | $ 87,763 | $ 111,046 | $ 111,046 | |||
Restricted cash and cash equivalents | 1 | - | - | 30,047 | 30,047 | |||
Securities held to maturity: | ||||||||
GNMA securities | 2 | 13,553 | 13,899 | 17,423 | 17,965 | |||
Loans, net: | ||||||||
Purchase mortgage loans held for investment | 3 | 72,546 | 72,429 | 174,037 | 173,738 | |||
Other loans held for investment | 3 | 434,200 | 488,171 | 420,789 | 437,916 | |||
Servicing assets | 3 | 493 | 493 | 412 | 414 | |||
Financial liabilities: | ||||||||
Short-Term Borrowings | 1 | 50,000 | 50,000 | 131,500 | 131,500 | |||
Deposits: | ||||||||
Deposits with no stated maturity | 2 | 968,519 | 952,991 | 963,385 | 959,578 | |||
Time deposits | 2 | 27,082 | 27,309 | 30,334 | 30,736 | |||
Advances from FHLB | 2 | 92,430 | 93,888 | 97,565 | 100,408 | |||
Long-term debt | 3 | 86,537 | 97,165 | 83,102 | 86,822 | |||
General_And_Basis_Of_Presentat1
General And Basis Of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 29, 2013 | Mar. 29, 2013 | Mar. 31, 2014 | |
state | Hilltop [Member] | |||
Percentage of subsidiary owned | $100 | ' | ' | ' |
Number of states in which company has licenses to facilitate the sale of insurance | 44 | ' | ' | ' |
Investment banking, advisory and administrative fees reclassified to conform to current presentation | ' | 726,000 | 2,350,000 | ' |
Cash to be received, per share | ' | ' | ' | $1.94 |
Common stock conversion ratio under merger agreement | ' | ' | ' | 0.2496 |
Other expenses in connection with proposed merger | $2,356,000 | ' | ' | ' |
Cash_And_Cash_Equivalents_Deta
Cash And Cash Equivalents (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Cash And Cash Equivalents [Abstract] | ' | ' |
Cash balances not federally insured | $70,226 | $37,833 |
Balances on hand or with the Federal Reserve Bank | $1,510 | $1,649 |
Restricted_Cash_And_Cash_Equiv1
Restricted Cash And Cash Equivalents (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
Jul. 29, 2011 | Jun. 30, 2013 | Dec. 29, 2011 | Mar. 28, 2013 | Jun. 29, 2012 | Mar. 29, 2012 | Jan. 31, 2014 | |
Southwest Securities, FSB [Member] | Southwest Securities [Member] | Southwest Securities [Member] | Southwest Securities [Member] | Subsequent Event [Member] | |||
Southwest Securities [Member] | |||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents | $100,000,000 | $30,047,000 | ' | ' | ' | ' | ' |
Maturity period of unsecured credit agreement | '5 years | ' | ' | ' | ' | ' | ' |
Capital contribution | ' | ' | 20,000,000 | 20,000,000 | 10,000,000 | ' | ' |
Intercompany loans provided | ' | ' | ' | ' | ' | 20,000,000 | 30,000,000 |
Reduction in intercompany payable | ' | ' | ' | ' | 20,000,000 | ' | ' |
Repayment of loan | ' | ' | ' | $20,000,000 | ' | ' | ' |
Recovered_Sheet1
Assets Segregated for Regulatory Purposes (Narrative) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Disclosure Assets Segregated For Regulatory Purposes Narrative [Abstract] | ' | ' |
Cash segregated in special reserve bank accounts | $189,961,000 | $164,737,000 |
Reserve deposits in special reserve bank account for PAIB | $0 | $0 |
Receivable_From_And_Payable_To2
Receivable From And Payable To Brokers, Dealers And Clearing Organizations (Narrative) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Receivable From And Payable To Brokers, Dealers And Clearing Organizations [Abstract] | ' | ' |
Repledged collateral | $1,679,444 | $1,452,911 |
Receivable_From_And_Payable_To3
Receivable From And Payable To Brokers, Dealers And Clearing Organizations (Schedule Of Payable To Brokers, Dealer And Clearing Organizations) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Receivable: | ' | ' | ||
Securities failed to deliver | $22,508 | $9,708 | ||
Securities borrowed | 1,779,143 | 1,546,376 | ||
Correspondent broker/dealers | 22,076 | 45,435 | ||
Clearing organizations | 38,772 | 25,285 | ||
Other | 6,739 | 71,670 | ||
Receivable from brokers, dealers and clearing organizations | 1,869,238 | 1,698,474 | ||
Payable: | ' | ' | ||
Securities failed to receive | 28,213 | 39,024 | ||
Securities loaned | 1,711,638 | [1] | 1,471,319 | [1] |
Correspondent broker/dealers | 13,662 | 16,352 | ||
Other | 42,298 | 6,276 | ||
Payable to brokers, dealers and clearing organizations | $1,795,811 | $1,532,971 | ||
[1] | Under securities lending agreements, SWS had repledged $1,679,444,000 and $1,452,911,000 at March 31, 2014 and June 30, 2013, respectively. |
Receivable_From_And_Payable_To4
Receivable From And Payable To Brokers, Dealers And Clearing Organizations (Securities Borrowing And Lending Business, Receivables And Related Collateral) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Receivable From And Payable To Brokers, Dealers And Clearing Organizations [Abstract] | ' | ' | ||
Securities Borrowed, Gross amounts of recognized assets/liabilities | $1,779,143 | $1,546,376 | ||
Securities Borrowed, Gross amounts offset in the statement of financial position | ' | ' | ||
Securities Borrowed, Net amounts of assets presented in the statement of financial position | 1,779,143 | 1,546,376 | ||
Securities Borrowed, Gross amounts not offset in the statement of financial position, Financial instruments | -1,778,243 | -1,546,376 | ||
Securities Borrowed, Gross amounts not offset in the statement of financial position, Collateral | ' | ' | ||
Securities Borrowed, Gross amounts not offset in the statement of financial position, Net Amount | 900 | ' | ||
Securities Loaned, Gross amounts of recognized assets/liabilities | 1,711,638 | [1] | 1,471,319 | [1] |
Securities Loaned, Gross amounts offset in the statement of financial position | ' | [1] | ' | [1] |
Securities Loaned, Net amounts of assets presented in the statement of financial position | 1,711,638 | [1] | 1,471,319 | [1] |
Securities Loaned, Gross amounts not offset in the statement of financial position, Financial instruments | -1,711,638 | [1] | -1,471,319 | [1] |
Securities Loaned, Gross amounts not offset in the statement of financial position, Collateral | ' | [1] | ' | [1] |
Securities loaned, Gross amounts not offset in the statement of financial position | ' | ' | [1] | |
[1] | Under securities lending agreements, SWS had repledged $1,679,444,000 and $1,452,911,000 at March 31, 2014 and June 30, 2013, respectively. |
Loans_And_Allowance_For_Probab2
Loans And Allowance For Probable Loan Losses (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 | |
loan | |||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' |
Unamortized discounts and premiums | $579,000 | ' | $579,000 | ' | $997,000 |
Number of loan purchases | 2 | ' | ' | ' | ' |
Loan purchases | 40,000,000 | ' | ' | ' | ' |
Allowance to ending loan balance | 1.83% | 4.07% | 1.83% | 4.07% | ' |
Maximum duration of loan held | ' | ' | '25 days | ' | ' |
Allowance for loan losses | ' | ' | 445,000 | ' | 447,000 |
Loans on accrual status | 5,826,000 | ' | 5,826,000 | ' | 6,685,000 |
Average recorded investment in non-accrual loans | 17,211,000 | ' | 17,211,000 | ' | 25,516,000 |
Interest income recorded on the non-accrual loans | 2,000 | 7,000 | 31,000 | 39,000 | ' |
1-4 Family [Member] | ' | ' | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' |
Purchased mortgage loans held for investment | $72,546,000 | ' | $72,546,000 | ' | $174,037,000 |
Loans_And_Allowance_For_Probab3
Loans And Allowance For Probable Loan Losses (Summary Of Loans Receivable) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 29, 2013 |
In Thousands, unless otherwise specified | |||
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | $566,133 | $620,926 | $660,697 |
Allowance for probable loan losses | -8,092 | -12,343 | ' |
Loans, net | 558,041 | 608,583 | ' |
Residential Construction [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 2,167 |
Lot And Land Development [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 10,221 |
1-4 Family [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 265,631 |
Commercial Real Estate [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 242,721 |
Multifamily [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 75,468 |
Commercial Loans [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 62,887 |
Consumer Loans [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 1,602 |
Loans Measured At Fair Value [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 51,295 | 13,757 | ' |
Loans Measured At Fair Value [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 9,897 | 2,662 | ' |
Loans Measured At Fair Value [Member] | Multifamily [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 41,398 | 11,095 | ' |
Other Loans Receivable [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 514,838 | 607,169 | ' |
Other Loans Receivable [Member] | Residential Construction [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 785 | 1,367 | ' |
Other Loans Receivable [Member] | Lot And Land Development [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 5,955 | 8,988 | ' |
Other Loans Receivable [Member] | 1-4 Family [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 164,979 | 233,947 | ' |
Other Loans Receivable [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 178,444 | 213,452 | ' |
Other Loans Receivable [Member] | Multifamily [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 92,300 | 88,738 | ' |
Other Loans Receivable [Member] | Commercial Loans [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | 69,709 | 58,718 | ' |
Other Loans Receivable [Member] | Consumer Loans [Member] | ' | ' | ' |
Loans receivable: | ' | ' | ' |
Loans receivable, net of premiums, discounts and deferred fees | $2,666 | $1,959 | ' |
Loans_And_Allowance_For_Probab4
Loans And Allowance For Probable Loan Losses (Analysis Of Allowance For Probable Loan Losses And Recorded Investments In Loans Receivable) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 |
Allowance for credit losses: | ' | ' | ' | ' | ' |
Balance at beginning of period | $9,448 | $18,637 | $12,343 | $22,402 | ' |
Charge-offs | -189 | -51 | -408 | -3,117 | ' |
Recoveries | 411 | 180 | 1,026 | 931 | ' |
Net recoveries (charge-offs) | 222 | 129 | 618 | -2,186 | ' |
(Recapture) provision charged to operations | -1,578 | ' | -4,869 | -1,450 | ' |
Balance at end of period | 8,092 | 18,766 | 8,092 | 18,766 | ' |
Ending balance: individually evaluated for impairment | 455 | 3,909 | 455 | 3,909 | ' |
Ending balance: collectively evaluated for impairment | 7,637 | 14,857 | 7,637 | 14,857 | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | 566,133 | 660,697 | 566,133 | 660,697 | 620,926 |
Ending balance: individually evaluated for impairment | 20,080 | 32,659 | 20,080 | 32,659 | ' |
Ending balance: collectively evaluated for impairment | 494,758 | 628,038 | 494,758 | 628,038 | ' |
Residential Construction [Member] | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' |
Balance at beginning of period | 6 | 135 | 49 | 350 | ' |
Recoveries | 14 | 8 | 77 | 44 | ' |
Net recoveries (charge-offs) | 14 | 8 | 77 | 44 | ' |
(Recapture) provision charged to operations | -19 | -24 | -125 | -275 | ' |
Balance at end of period | 1 | 119 | 1 | 119 | ' |
Ending balance: individually evaluated for impairment | ' | 23 | ' | 23 | ' |
Ending balance: collectively evaluated for impairment | 1 | 96 | 1 | 96 | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | ' | 2,167 | ' | 2,167 | ' |
Ending balance: individually evaluated for impairment | 564 | 619 | 564 | 619 | ' |
Ending balance: collectively evaluated for impairment | 221 | 1,548 | 221 | 1,548 | ' |
Lot And Land Development [Member] | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' |
Balance at beginning of period | 124 | 674 | 374 | 1,310 | ' |
Charge-offs | ' | ' | -4 | -182 | ' |
Recoveries | 102 | 5 | 112 | 192 | ' |
Net recoveries (charge-offs) | 102 | 5 | 108 | 10 | ' |
(Recapture) provision charged to operations | -178 | -157 | -434 | -798 | ' |
Balance at end of period | 48 | 522 | 48 | 522 | ' |
Ending balance: individually evaluated for impairment | ' | 254 | ' | 254 | ' |
Ending balance: collectively evaluated for impairment | 48 | 268 | 48 | 268 | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | ' | 10,221 | ' | 10,221 | ' |
Ending balance: individually evaluated for impairment | 930 | 2,761 | 930 | 2,761 | ' |
Ending balance: collectively evaluated for impairment | 5,025 | 7,460 | 5,025 | 7,460 | ' |
1-4 Family [Member] | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' |
Balance at beginning of period | 1,319 | 2,759 | 1,528 | 3,235 | ' |
Charge-offs | -189 | ' | -286 | -163 | ' |
Recoveries | 26 | 19 | 87 | 88 | ' |
Net recoveries (charge-offs) | -163 | 19 | -199 | -75 | ' |
(Recapture) provision charged to operations | 715 | -1,090 | 542 | -1,472 | ' |
Balance at end of period | 1,871 | 1,688 | 1,871 | 1,688 | ' |
Ending balance: individually evaluated for impairment | 177 | 383 | 177 | 383 | ' |
Ending balance: collectively evaluated for impairment | 1,694 | 1,305 | 1,694 | 1,305 | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | ' | 265,631 | ' | 265,631 | ' |
Ending balance: individually evaluated for impairment | 6,552 | 10,611 | 6,552 | 10,611 | ' |
Ending balance: collectively evaluated for impairment | 158,427 | 255,020 | 158,427 | 255,020 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' |
Balance at beginning of period | 3,069 | 7,768 | 3,290 | 10,628 | ' |
Charge-offs | ' | ' | -51 | -1,113 | ' |
Recoveries | 266 | 109 | 705 | 192 | ' |
Net recoveries (charge-offs) | 266 | 109 | 654 | -921 | ' |
(Recapture) provision charged to operations | -1,453 | -2,607 | -2,062 | -4,437 | ' |
Balance at end of period | 1,882 | 5,270 | 1,882 | 5,270 | ' |
Ending balance: individually evaluated for impairment | 129 | 1,159 | 129 | 1,159 | ' |
Ending balance: collectively evaluated for impairment | 1,753 | 4,111 | 1,753 | 4,111 | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | ' | 242,721 | ' | 242,721 | ' |
Ending balance: individually evaluated for impairment | 7,687 | 14,049 | 7,687 | 14,049 | ' |
Ending balance: collectively evaluated for impairment | 170,757 | 228,672 | 170,757 | 228,672 | ' |
Multifamily [Member] | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' |
Balance at beginning of period | 2,893 | 1,831 | 3,567 | 2,866 | ' |
(Recapture) provision charged to operations | -409 | 5,445 | -1,083 | 4,410 | ' |
Balance at end of period | 2,484 | 7,276 | 2,484 | 7,276 | ' |
Ending balance: collectively evaluated for impairment | 2,484 | 7,276 | 2,484 | 7,276 | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | ' | 75,468 | ' | 75,468 | ' |
Ending balance: collectively evaluated for impairment | 92,300 | 75,468 | 92,300 | 75,468 | ' |
Commercial Loans [Member] | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' |
Balance at beginning of period | 2,018 | 5,464 | 3,530 | 4,004 | ' |
Charge-offs | ' | -51 | -67 | -1,659 | ' |
Recoveries | 3 | 34 | 45 | 405 | ' |
Net recoveries (charge-offs) | 3 | -17 | -22 | -1,254 | ' |
(Recapture) provision charged to operations | -229 | -1,563 | -1,716 | 1,134 | ' |
Balance at end of period | 1,792 | 3,884 | 1,792 | 3,884 | ' |
Ending balance: individually evaluated for impairment | 149 | 2,090 | 149 | 2,090 | ' |
Ending balance: collectively evaluated for impairment | 1,643 | 1,794 | 1,643 | 1,794 | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | ' | 62,887 | ' | 62,887 | ' |
Ending balance: individually evaluated for impairment | 4,347 | 4,619 | 4,347 | 4,619 | ' |
Ending balance: collectively evaluated for impairment | 65,362 | 58,268 | 65,362 | 58,268 | ' |
Consumer Loans [Member] | ' | ' | ' | ' | ' |
Allowance for credit losses: | ' | ' | ' | ' | ' |
Balance at beginning of period | 19 | 6 | 5 | 9 | ' |
Recoveries | ' | 5 | ' | 10 | ' |
Net recoveries (charge-offs) | ' | 5 | ' | 10 | ' |
(Recapture) provision charged to operations | -5 | -4 | 9 | -12 | ' |
Balance at end of period | 14 | 7 | 14 | 7 | ' |
Ending balance: collectively evaluated for impairment | 14 | 7 | 14 | 7 | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | ' | 1,602 | ' | 1,602 | ' |
Ending balance: collectively evaluated for impairment | 2,666 | 1,602 | 2,666 | 1,602 | ' |
Other Loans Receivable [Member] | ' | ' | ' | ' | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | 514,838 | ' | 514,838 | ' | 607,169 |
Other Loans Receivable [Member] | Residential Construction [Member] | ' | ' | ' | ' | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | 785 | ' | 785 | ' | 1,367 |
Other Loans Receivable [Member] | Lot And Land Development [Member] | ' | ' | ' | ' | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | 5,955 | ' | 5,955 | ' | 8,988 |
Other Loans Receivable [Member] | 1-4 Family [Member] | ' | ' | ' | ' | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | 164,979 | ' | 164,979 | ' | 233,947 |
Other Loans Receivable [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | 178,444 | ' | 178,444 | ' | 213,452 |
Other Loans Receivable [Member] | Multifamily [Member] | ' | ' | ' | ' | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | 92,300 | ' | 92,300 | ' | 88,738 |
Other Loans Receivable [Member] | Commercial Loans [Member] | ' | ' | ' | ' | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | 69,709 | ' | 69,709 | ' | 58,718 |
Other Loans Receivable [Member] | Consumer Loans [Member] | ' | ' | ' | ' | ' |
Financing receivables: | ' | ' | ' | ' | ' |
Balance at end of period | $2,666 | ' | $2,666 | ' | $1,959 |
Loans_And_Allowance_For_Probab5
Loans And Allowance For Probable Loan Losses (Schedule Of Loans Receivable On Non-Accrual Status) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable on non-accrual | $14,388 | $22,446 |
Residential Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable on non-accrual | 560 | 601 |
Lot And Land Development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable on non-accrual | 927 | 2,418 |
1-4 Family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable on non-accrual | 5,724 | 7,792 |
Commercial Real Estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable on non-accrual | 3,303 | 7,611 |
Commercial Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable on non-accrual | $3,874 | $4,024 |
Loans_And_Allowance_For_Probab6
Loans And Allowance For Probable Loan Losses (Schedule Of Recorded Investment And Unpaid Principal Balance For Impaired Loans) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | $20,080 | [1] | $32,132 | [1] |
Unpaid Principal Balance | 23,711 | [1] | 39,754 | [1] |
Related Allowance | 455 | 2,629 | ||
Average Recorded Investment | 24,432 | [2] | 39,090 | [2] |
Interest Income Recognized | 240 | [3] | 421 | [3] |
Residential Construction [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 564 | [1] | 605 | [1] |
Unpaid Principal Balance | 742 | [1] | 754 | [1] |
Related Allowance | ' | 23 | ||
Average Recorded Investment | 579 | [2] | 629 | [2] |
Lot And Land Development [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 930 | [1] | 2,428 | [1] |
Unpaid Principal Balance | 1,200 | [1] | 2,867 | [1] |
Related Allowance | ' | 233 | ||
Average Recorded Investment | 1,386 | [2] | 2,686 | [2] |
1-4 Family [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 6,552 | [1] | 9,361 | [1] |
Unpaid Principal Balance | 8,404 | [1] | 11,582 | [1] |
Related Allowance | 177 | 178 | ||
Average Recorded Investment | 7,839 | [2] | 14,072 | [2] |
Interest Income Recognized | 34 | [3] | 84 | [3] |
Commercial Real Estate [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 7,687 | [1] | 12,271 | [1] |
Unpaid Principal Balance | 8,893 | [1] | 16,427 | [1] |
Related Allowance | 129 | 105 | ||
Average Recorded Investment | 8,296 | [2] | 17,833 | [2] |
Interest Income Recognized | 182 | [3] | 182 | [3] |
Commercial Loans [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 4,347 | [1] | 7,467 | [1] |
Unpaid Principal Balance | 4,472 | [1] | 8,124 | [1] |
Related Allowance | 149 | 2,090 | ||
Average Recorded Investment | 6,332 | [2] | 3,870 | [2] |
Interest Income Recognized | 24 | [3] | 155 | [3] |
With No Related Allowance Recorded | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 15,641 | [1] | 19,739 | [1] |
Unpaid Principal Balance | 18,037 | [1] | 25,838 | [1] |
Average Recorded Investment | 16,493 | 18,286 | [2] | |
Interest Income Recognized | 196 | [3] | 210 | [3] |
With No Related Allowance Recorded | Residential Construction [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 564 | [1] | 383 | [1] |
Unpaid Principal Balance | 742 | [1] | 471 | [1] |
Average Recorded Investment | 460 | 438 | [2] | |
With No Related Allowance Recorded | Lot And Land Development [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 930 | [1] | 102 | [1] |
Unpaid Principal Balance | 1,200 | [1] | 324 | [1] |
Average Recorded Investment | 139 | 807 | [2] | |
With No Related Allowance Recorded | 1-4 Family [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 5,197 | [1] | 5,818 | [1] |
Unpaid Principal Balance | 6,975 | [1] | 7,712 | [1] |
Average Recorded Investment | 5,509 | 7,674 | [2] | |
Interest Income Recognized | 6 | [3] | 17 | [3] |
With No Related Allowance Recorded | Commercial Real Estate [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 5,017 | [1] | 9,006 | [1] |
Unpaid Principal Balance | 5,136 | [1] | 12,239 | [1] |
Average Recorded Investment | 6,244 | 7,785 | [2] | |
Interest Income Recognized | 182 | [3] | 167 | [3] |
With No Related Allowance Recorded | Commercial Loans [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 3,933 | [1] | 4,430 | [1] |
Unpaid Principal Balance | 3,984 | [1] | 5,092 | [1] |
Average Recorded Investment | 4,141 | 1,582 | [2] | |
Interest Income Recognized | 8 | [3] | 26 | [3] |
With an Allowance Recorded | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 4,439 | [1] | 12,393 | |
Unpaid Principal Balance | 5,674 | [1] | 13,916 | |
Related Allowance | 455 | 2,629 | ||
Average Recorded Investment | 7,939 | [2] | 20,804 | [2] |
Interest Income Recognized | 44 | [3] | 211 | [3] |
With an Allowance Recorded | Residential Construction [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | ' | 222 | ||
Unpaid Principal Balance | ' | 283 | ||
Related Allowance | ' | 23 | ||
Average Recorded Investment | 119 | [2] | 191 | [2] |
With an Allowance Recorded | Lot And Land Development [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | ' | 2,326 | ||
Unpaid Principal Balance | ' | 2,543 | ||
Related Allowance | ' | 233 | ||
Average Recorded Investment | 1,247 | [2] | 1,879 | [2] |
With an Allowance Recorded | 1-4 Family [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 1,355 | [1] | 3,543 | |
Unpaid Principal Balance | 1,429 | [1] | 3,870 | |
Related Allowance | 177 | 178 | ||
Average Recorded Investment | 2,330 | [2] | 6,398 | [2] |
Interest Income Recognized | 28 | [3] | 67 | [3] |
With an Allowance Recorded | Commercial Real Estate [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 2,670 | [1] | 3,265 | |
Unpaid Principal Balance | 3,757 | [1] | 4,188 | |
Related Allowance | 129 | 105 | ||
Average Recorded Investment | 2,052 | [2] | 10,048 | [2] |
Interest Income Recognized | ' | 15 | [3] | |
With an Allowance Recorded | Commercial Loans [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Recorded Investment | 414 | [1] | 3,037 | |
Unpaid Principal Balance | 488 | [1] | 3,032 | |
Related Allowance | 149 | 2,090 | ||
Average Recorded Investment | 2,191 | [2] | 2,288 | [2] |
Interest Income Recognized | $16 | [3] | $129 | [3] |
[1] | The difference between the unpaid principal balance and the recorded investment of impaired loans with no related allowance recorded is primarily comprised of partial charge-offs that were previously recognized. | |||
[2] | Represents the average recorded investment for the nine-months ended March 31, 2014 and the twelve-months ended June 30, 2013, respectively. | |||
[3] | Represents interest income recognized on impaired loans for the nine-months ended March 31, 2014 and the twelve-months ended June 30, 2013, respectively. |
Loans_And_Allowance_For_Probab7
Loans And Allowance For Probable Loan Losses (Summary Of Quality Of The Bank's Financing Receivables Excluding Loans Held For Sale) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 29, 2013 | ||
In Thousands, unless otherwise specified | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | $566,133 | $620,926 | $660,697 | ||
Loans Measured At Fair Value [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 51,295 | 13,757 | ' | ||
Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 514,838 | 607,169 | ' | ||
Residential Construction [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 2,167 | ||
Residential Construction [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 785 | 1,367 | ' | ||
Lot And Land Development [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 10,221 | ||
Lot And Land Development [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 5,955 | 8,988 | ' | ||
1-4 Family [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 265,631 | ||
1-4 Family [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 164,979 | 233,947 | ' | ||
Commercial Real Estate [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 242,721 | ||
Commercial Real Estate [Member] | Loans Measured At Fair Value [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 9,897 | 2,662 | ' | ||
Commercial Real Estate [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 178,444 | 213,452 | ' | ||
Multifamily [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 75,468 | ||
Multifamily [Member] | Loans Measured At Fair Value [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 41,398 | 11,095 | ' | ||
Multifamily [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 92,300 | 88,738 | ' | ||
Commercial Loans [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 62,887 | ||
Commercial Loans [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 69,709 | 58,718 | ' | ||
Consumer Loans [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | ' | ' | 1,602 | ||
Consumer Loans [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 2,666 | 1,959 | ' | ||
Pass | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 523,769 | 554,332 | ' | ||
Pass | Loans Measured At Fair Value [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 51,295 | 13,757 | ' | ||
Pass | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 472,474 | 540,575 | ' | ||
Pass | Residential Construction [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 225 | 766 | ' | ||
Pass | Lot And Land Development [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 4,711 | 5,605 | ' | ||
Pass | 1-4 Family [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 158,990 | 225,434 | ' | ||
Pass | Commercial Real Estate [Member] | Loans Measured At Fair Value [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 9,897 | 2,662 | ' | ||
Pass | Commercial Real Estate [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 150,756 | 171,085 | ' | ||
Pass | Multifamily [Member] | Loans Measured At Fair Value [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 41,398 | 11,095 | ' | ||
Pass | Multifamily [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 92,300 | 88,046 | ' | ||
Pass | Commercial Loans [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 62,826 | 47,680 | ' | ||
Pass | Consumer Loans [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 2,666 | 1,959 | ' | ||
Special Mention | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 7,322 | [1] | 9,189 | [1] | ' |
Special Mention | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 7,322 | [1] | 9,189 | [1] | ' |
Special Mention | 1-4 Family [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | ' | 234 | [1] | ' | |
Special Mention | Commercial Real Estate [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 4,540 | [1] | 7,631 | [1] | ' |
Special Mention | Commercial Loans [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 2,782 | [1] | 1,324 | [1] | ' |
Substandard | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 35,042 | [2] | 57,405 | [2] | ' |
Substandard | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 35,042 | [2] | 57,405 | [2] | ' |
Substandard | Residential Construction [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 560 | [2] | 601 | [2] | ' |
Substandard | Lot And Land Development [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 1,244 | [2] | 3,383 | [2] | ' |
Substandard | 1-4 Family [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 5,989 | [2] | 8,279 | [2] | ' |
Substandard | Commercial Real Estate [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | 23,148 | [2] | 34,736 | [2] | ' |
Substandard | Multifamily [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | ' | 692 | [2] | ' | |
Substandard | Commercial Loans [Member] | Other Loans Receivable [Member] | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Loans receivable, net of premiums, discounts and deferred fees | $4,101 | [2] | $9,714 | [2] | ' |
[1] | These loans are currently protected by the current sound worth and paying capacity of the obligor, but have a potential weakness that would create a higher credit risk. | ||||
[2] | These loans exhibit well-defined weaknesses that could jeopardize the ultimate collection of all or part of the debt. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate for substandard assets, does not have to exist in individual assets classified as bSubstandard.b |
Loans_And_Allowance_For_Probab8
Loans And Allowance For Probable Loan Losses (Summary Of Age Of The Bank's Past Due Financing Receivables) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 29, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | $7,726 | $3,925 | ' |
60-89 Days Past Due | 1,019 | 5,569 | ' |
90 Days and Greater | 5,029 | 7,857 | ' |
Total Past Due | 13,774 | 17,351 | ' |
Current | 552,359 | 603,575 | ' |
Balance at end of period | 566,133 | 620,926 | 660,697 |
Residential Construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at end of period | ' | ' | 2,167 |
Lot And Land Development [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at end of period | ' | ' | 10,221 |
1-4 Family [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at end of period | ' | ' | 265,631 |
Commercial Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at end of period | ' | ' | 242,721 |
Multifamily [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at end of period | ' | ' | 75,468 |
Commercial Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at end of period | ' | ' | 62,887 |
Consumer Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at end of period | ' | ' | 1,602 |
Loans Measured At Fair Value [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Current | 51,295 | 13,757 | ' |
Balance at end of period | 51,295 | 13,757 | ' |
Loans Measured At Fair Value [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Current | 9,897 | 2,662 | ' |
Balance at end of period | 9,897 | 2,662 | ' |
Loans Measured At Fair Value [Member] | Multifamily [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Current | 41,398 | 11,095 | ' |
Balance at end of period | 41,398 | 11,095 | ' |
Other Loans Receivable [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 7,726 | 3,925 | ' |
60-89 Days Past Due | 1,019 | 5,569 | ' |
90 Days and Greater | 5,029 | 7,857 | ' |
Total Past Due | 13,774 | 17,351 | ' |
Current | 501,064 | 589,818 | ' |
Balance at end of period | 514,838 | 607,169 | ' |
Other Loans Receivable [Member] | Residential Construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Current | 785 | 1,367 | ' |
Balance at end of period | 785 | 1,367 | ' |
Other Loans Receivable [Member] | Lot And Land Development [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 16 | 173 | ' |
60-89 Days Past Due | 112 | 370 | ' |
90 Days and Greater | 14 | 80 | ' |
Total Past Due | 142 | 623 | ' |
Current | 5,813 | 8,365 | ' |
Balance at end of period | 5,955 | 8,988 | ' |
Other Loans Receivable [Member] | 1-4 Family [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 2,308 | 914 | ' |
60-89 Days Past Due | ' | 234 | ' |
90 Days and Greater | 816 | 2,816 | ' |
Total Past Due | 3,124 | 3,964 | ' |
Current | 161,855 | 229,983 | ' |
Balance at end of period | 164,979 | 233,947 | ' |
Other Loans Receivable [Member] | Commercial Real Estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 5,005 | 1,396 | ' |
60-89 Days Past Due | 907 | 1,153 | ' |
90 Days and Greater | 523 | 4,826 | ' |
Total Past Due | 6,435 | 7,375 | ' |
Current | 172,009 | 206,077 | ' |
Balance at end of period | 178,444 | 213,452 | ' |
Other Loans Receivable [Member] | Multifamily [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | ' | 692 | ' |
Total Past Due | ' | 692 | ' |
Current | 92,300 | 88,046 | ' |
Balance at end of period | 92,300 | 88,738 | ' |
Other Loans Receivable [Member] | Commercial Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 394 | 750 | ' |
60-89 Days Past Due | ' | 3,812 | ' |
90 Days and Greater | 3,676 | 135 | ' |
Total Past Due | 4,070 | 4,697 | ' |
Current | 65,639 | 54,021 | ' |
Balance at end of period | 69,709 | 58,718 | ' |
Other Loans Receivable [Member] | Consumer Loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
30-59 Days Past Due | 3 | ' | ' |
Total Past Due | 3 | ' | ' |
Current | 2,663 | 1,959 | ' |
Balance at end of period | $2,666 | $1,959 | ' |
Loans_And_Allowance_For_Probab9
Loans And Allowance For Probable Loan Losses (Recorded Investment In Loans Modified In TDRs) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment in Loans Modified in Trouble Debt Restructuring | $14,825 | $18,293 |
Residential Construction [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment in Loans Modified in Trouble Debt Restructuring | 564 | 605 |
Lot And Land Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment in Loans Modified in Trouble Debt Restructuring | 916 | 4,927 |
1-4 Family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment in Loans Modified in Trouble Debt Restructuring | 5,533 | 7,690 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment in Loans Modified in Trouble Debt Restructuring | 7,104 | 4,574 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment in Loans Modified in Trouble Debt Restructuring | $708 | $497 |
Recovered_Sheet2
Loans And Allowance For Probable Loan Losses (Financial Effects Of Loan Modifications Accounted For As TDRs) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | ||||
contract | contract | contract | contract | |||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | 6 | 6 | 7 | 25 | ||||
Pre-Modification Outstanding Recorded Investment | $4,203 | $1,153 | $4,371 | $6,646 | ||||
Post-Modification Outstanding Recorded Investment | 4,203 | [1] | 1,153 | [1] | 4,371 | [1] | 6,633 | [1] |
Residential Construction [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | ' | ' | ' | 4 | ||||
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | 648 | ||||
Post-Modification Outstanding Recorded Investment | ' | ' | ' | 648 | [1] | |||
Lot And Land Development [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | ' | 2 | ' | 9 | ||||
Pre-Modification Outstanding Recorded Investment | ' | 514 | ' | 3,742 | ||||
Post-Modification Outstanding Recorded Investment | ' | 514 | [1] | ' | 3,742 | [1] | ||
1-4 Family [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | 3 | 3 | 3 | 8 | ||||
Pre-Modification Outstanding Recorded Investment | 212 | 361 | 212 | 1,669 | ||||
Post-Modification Outstanding Recorded Investment | 212 | [1] | 361 | [1] | 212 | [1] | 1,656 | [1] |
Commercial Real Estate [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | 3 | 1 | 3 | 3 | ||||
Pre-Modification Outstanding Recorded Investment | 3,991 | 278 | 3,991 | 374 | ||||
Post-Modification Outstanding Recorded Investment | 3,991 | [1] | 278 | [1] | 3,991 | [1] | 374 | [1] |
Commercial Loans [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | ' | ' | 1 | 1 | ||||
Pre-Modification Outstanding Recorded Investment | ' | ' | 168 | 213 | ||||
Post-Modification Outstanding Recorded Investment | ' | ' | $168 | [1] | $213 | [1] | ||
[1] | Post-modification balances include direct charge-offs recorded at the time of modification. |
Recovered_Sheet3
Loans And Allowance For Probable Loan Losses (The Type And The Post Modification Outstanding Recorded Investment Of Loan Modifications Made For TDRs) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | ||||
Loans And Allowance For Probable Loan Losses [Abstract] | ' | ' | ' | ' | ||||
Maturity date extension | ' | $249 | ' | $363 | ||||
Reduction of the stated interest rate | ' | ' | ' | 60 | ||||
Rescheduled future cash flows | 3,991 | 278 | 4,159 | 983 | ||||
Combination of maturity date extension and rescheduling of future cash flows | ' | 350 | ' | 2,996 | ||||
Combination of maturity date extension and reduction of the stated interest rate | 109 | ' | 109 | 26 | ||||
Combination of maturity date extension, reduction of the stated interest rate, and rescheduling of future cash flows | ' | 84 | ' | 2,013 | ||||
Combination of reduction of the stated interest rate and rescheduling of future cash flows | ' | 192 | ' | 192 | ||||
Post-Modification Outstanding Recorded Investment | $4,203 | [1] | $1,153 | [1] | $4,371 | [1] | $6,633 | [1] |
[1] | Post-modification balances include direct charge-offs recorded at the time of modification. |
Recovered_Sheet4
Loans And Allowance For Probable Loan Losses (Loan Modifications Accounted For As TDRs Within The Previous 12 Months That Subsequently Defaulted) (Detail) (1-4 Family [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 |
contract | contract | contract | contract | |
1-4 Family [Member] | ' | ' | ' | ' |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ' | ' | ' | ' |
Number of Contracts | ' | 2 | 2 | 2 |
Recorded Investment | ' | $658 | $272 | $658 |
Recovered_Sheet5
Loans And Allowance For Probable Loan Losses (Summary Of Amortized Cost, Gross Unrealized Gains And Losses And The Fair Value Of Loans Measured At Fair Value) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 29, 2013 | ||
In Thousands, unless otherwise specified | |||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
Balance at end of period | $566,133 | $620,926 | $660,697 | ||
Commercial Real Estate [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
Balance at end of period | ' | ' | 242,721 | ||
Multifamily [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
Balance at end of period | ' | ' | 75,468 | ||
Loans Measured At Fair Value [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
Amortized Cost | 51,072 | 13,902 | ' | ||
Gross Unrealized Gains | 326 | [1] | ' | ' | |
Gross Unrealized Losses | -103 | -145 | [1] | ' | |
Balance at end of period | 51,295 | 13,757 | ' | ||
Loans Measured At Fair Value [Member] | Commercial Real Estate [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
Amortized Cost | 9,875 | 2,787 | ' | ||
Gross Unrealized Gains | 80 | [1] | ' | ' | |
Gross Unrealized Losses | -58 | -125 | [1] | ' | |
Balance at end of period | 9,897 | 2,662 | ' | ||
Loans Measured At Fair Value [Member] | Multifamily [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
Amortized Cost | 41,197 | 11,115 | ' | ||
Gross Unrealized Gains | 246 | [1] | ' | ' | |
Gross Unrealized Losses | -45 | -20 | [1] | ' | |
Balance at end of period | $41,398 | $11,095 | ' | ||
[1] | Unrealized gains (losses) are recorded in other revenues on the Consolidated Statements of Comprehensive Loss. |
Securities_Owned_And_Securitie2
Securities Owned And Securities Sold, Not Yet Purchased (Narrative) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Securities pledged as security deposits at clearing organization | $6,349 | $3,000 |
TBA Purchase Agreements [Member] | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Notional amount of TBA sale agreements | $812,501 | ' |
Securities_Owned_And_Securitie3
Securities Owned And Securities Sold, Not Yet Purchased (Securities Owned And Securities Sold, Not Yet Purchased) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Securities owned: | ' | ' |
Corporate equity securities | $1,143 | $1,520 |
Municipal obligations | 67,719 | 30,116 |
U.S. government and government agency obligations | 84,670 | 41,529 |
Corporate obligations | 96,155 | 127,899 |
Other | 39,282 | 8,569 |
Total securities owned | 288,969 | 209,633 |
Securities sold, not yet purchased: | ' | ' |
Corporate equity securities | 3 | ' |
Municipal obligations | ' | 10 |
U.S. government and government agency obligations | 97,949 | 54,086 |
Corporate obligations | 79,508 | 80,639 |
Total securities sold, not yet purchased | $177,460 | $134,735 |
Securities_Held_To_Maturity_Na
Securities Held To Maturity (Narrative) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 |
Securities Held To Maturity [Abstract] | ' | ' | ' | ' | ' |
GNMA securities at cost | $35,525 | ' | ' | ' | ' |
GNMA securities premium | 525 | ' | ' | ' | ' |
Premium amortization period | '15 years | ' | ' | ' | ' |
Weighted average yield | 2.40% | ' | ' | ' | ' |
Weighted average maturity | '2 years 1 month 6 days | ' | ' | ' | ' |
Amortization of the premium | ' | 19 | 28 | 60 | 89 |
Principal and interest payments received | ' | 1,129 | 2,344 | 4,154 | 6,832 |
Interest income recorded | ' | $106 | $156 | $344 | $515 |
Securities_Held_To_Maturity_Sc
Securities Held To Maturity (Schedule Of Securities Held To Maturity) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Securities Held To Maturity [Abstract] | ' | ' |
Government National Mortgage Association ("GNMA") Securities | $13,553 | $17,423 |
Securities_Held_To_Maturity_Sc1
Securities Held To Maturity (Schedule Of Amortized Cost And Estimated Fair Value Of Securities Held To Maturity) (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Securities Held To Maturity [Abstract] | ' |
Due after ten years, Amortized cost | $13,553 |
Due after ten years, Fair value | 13,899 |
Unrecognized holding gain | $346 |
Securities_PurchasedSold_Under
Securities Purchased/Sold Under Agreements to Resell/Repurchase (Reverse Repurchase Agreements And Repurchase Agreements) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Securities Purchased /Sold Under Agreements To Resell/Repurchase [Abstract] | ' | ' |
Reverse Repurchase Agreements, Gross amounts of recognized assets/liabilities | $97,504 | $51,996 |
Reverse Repurchase Agreements, Net amounts of assets presented in the statement of financial position | 97,504 | 51,996 |
Reverse Repurchase Agreements, Gross amounts not offset in the statement of financial position, Financial instruments | -97,416 | -51,808 |
Reverse Repurchase Agreements, Gross amounts not offset in the statement of financial position, net of collateral | 88 | 188 |
Repurchase Agreements, Gross amounts of recognized assets/liabilities | 69,961 | 37,012 |
Repurchase Agreements, Net amounts of assets presented in the statement of financial position | 69,961 | 37,012 |
Repurchase Agreements, Gross amounts not offset in the statement of financial position, Financial instruments | -69,628 | -37,012 |
Repurchase Agreements, Gross amounts not offset in the statement of financial position, Net Amount | $333 | ' |
Securities_Available_For_Sale_1
Securities Available For Sale (Narrative) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2011 | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 29, 2013 | |
US Governments, State and Municipal Obligation Member [Member] | US Governments, State and Municipal Obligation Member [Member] | US Governments, State and Municipal Obligation Member [Member] | US Governments, State and Municipal Obligation Member [Member] | US Governments, State and Municipal Obligation Member [Member] | Municipal Obligations [Member] | Common Stock of U.S. Home Systems, Inc. [Member] | Common Stock of U.S. Home Systems, Inc. [Member] | Securities [Member] | Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities purchased by bank | $35,525,000 | ' | ' | ' | ' | $177,085,000 | ' | $177,085,000 | ' | $319,836,000 | ' | ' | ' | ' | ' |
Net premium on U.S. government and government agency and municipal obligations securities | 525,000 | ' | ' | ' | ' | 2,335,000 | ' | 2,335,000 | ' | 6,279,000 | ' | ' | ' | ' | ' |
Net premium amortization period | '15 years | ' | ' | ' | ' | ' | ' | '4 years 4 months 21 days | ' | '4 years 15 days | ' | ' | ' | ' | ' |
Amortization of the premium | ' | 19,000 | 28,000 | 60,000 | 89,000 | 619,000 | 439,000 | 1,796,000 | 1,347,000 | ' | ' | ' | ' | ' | ' |
Principal and interest payments received | ' | 1,129,000 | 2,344,000 | 4,154,000 | 6,832,000 | 15,233,000 | 11,423,000 | 45,308,000 | 32,579,000 | ' | ' | ' | ' | ' | ' |
Interest income | ' | 106,000 | 156,000 | 344,000 | 515,000 | 3,764,000 | 1,754,000 | 9,617,000 | 5,347,000 | ' | ' | ' | ' | ' | ' |
Proceeds from the sale/maturity of available for sale securities | ' | ' | ' | 52,916,000 | 29,611,000 | ' | ' | 27,635,000 | ' | ' | 495,000 | ' | ' | ' | ' |
Gain on sale of U.S. government and government obligations | ' | ' | ' | 483,000 | 3,645,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of securities | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' |
Gain on redemption of securities | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | ' | ' | ' | ' | ' | ' |
Net realized gains on principal transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,550,000 | ' | ' | ' |
Reclassification adjustment from AOCI, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,308,000 | 314,000 | 62,000 |
Reclassification adjustment from AOCI, before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,550,000 | 483,000 | 95,000 |
Proceeds from sale of securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37,837,000 | $24,557,000 |
Securities_Available_For_Sale_2
Securities Available For Sale (Summary Of Cost Of Equity Securities, Amortized Cost Of Debt Securities And Market Value Of Investments) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Original/Amortized Cost | $587,519 | $513,393 |
Gross Unrealized Gains | 745 | 308 |
Gross Unrealized Losses | -12,495 | -10,394 |
Gross Realized Losses | -90 | -31 |
Market Value | 575,679 | 503,276 |
Westwood [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Shares Held | 2,219 | 3,405 |
Original/Amortized Cost | 7 | 7 |
Gross Unrealized Gains | 222 | 170 |
Gross Realized Losses | -90 | -31 |
Market Value | 139 | 146 |
US Government And Government Agency Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Continuous unrealized loss less than 12 months, Original/Amortized Cost | 507,461 | 479,970 |
Continuous unrealized loss for12 months or greater, Original/Amortized Cost | 35,597 | 4,127 |
Continuous unrealized loss less than 12 months, Gross Unrealized Gains | 350 | 138 |
Continuous unrealized loss less than 12 months, Gross Unrealized Losses | -10,415 | -9,239 |
Continuous unrealized loss for12 months or greater, Gross Unrealized Losses | -1,402 | -90 |
Continuous unrealized loss less than 12 months, Market Value | 497,396 | 470,869 |
Continuous unrealized loss for 12 months or greater, Market Value | 34,195 | 4,037 |
Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Continuous unrealized loss less than 12 months, Original/Amortized Cost | 44,454 | 29,289 |
Continuous unrealized loss less than 12 months, Gross Unrealized Gains | 173 | ' |
Continuous unrealized loss less than 12 months, Gross Unrealized Losses | -678 | -1,065 |
Continuous unrealized loss less than 12 months, Market Value | $43,949 | $28,224 |
Investments_And_Variable_Inter2
Investments And Variable Interest Entities (Narrative) (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 29, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2014 | Sep. 26, 2012 | Nov. 16, 2009 | Jan. 29, 2009 | Jan. 28, 2009 | Mar. 29, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Apr. 30, 2012 | Mar. 31, 2014 |
item | Venture Capital Fund [Member] | Venture Capital Fund [Member] | Venture Capital Fund [Member] | Venture Capital Fund [Member] | Venture Capital Fund [Member] | Limited Partnership Equity Funds [Member] | Limited Partnership Equity Funds [Member] | Limited Partnership Equity Funds [Member] | Limited Partnership Equity Funds [Member] | Limited Partnership Equity Funds [Member] | Limited Partnership Equity Funds [Member] | Limited Partnership Equity Funds [Member] | Loan Agreement With Limited Partnership [Member] | Loan Agreement With Limited Partnership [Member] | Loan Agreement With Limited Partnership [Member] | Loan Agreement With Limited Partnership [Member] | Loan Agreement With Limited Partnership [Member] | Loan Agreement With Limited Partnership [Member] | Loan Agreement With Limited Partnership [Member] | Loan Agreement With Limited Partnership [Member] | Loan Agreement With Limited Partnership [Member] | Investments In Private Investment Funds [Member] | Investments In Private Investment Funds [Member] | Investments In Private Investment Funds [Member] | Investments In Private Investment Funds [Member] | Investments In Private Investment Funds [Member] | |
item | item | item | item | Limited Partnership Equity Fund One [Member] | Limited Partnership Equity Fund Two [Member] | item | Invested Pursuant To Capital Calls [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of investment partnerships | 4 | 1 | ' | 1 | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Aggregate commitment for limited partnership equity fund | ' | $5,000,000 | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | ' |
Value of interest in investment funds | ' | 530,000 | ' | 530,000 | ' | 513,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312,000 | 62,000 | ' | ' |
Net gain (loss) on equity method investment equity funds | ' | 13,000 | 16,000 | 17,000 | 48,000 | ' | -1,016,000 | -418,000 | -770,000 | 568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' |
Cash distributions from investment | ' | ' | ' | ' | ' | 340,000 | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank investments from aggregate commitment | ' | ' | ' | ' | ' | ' | 3,012,000 | ' | 3,012,000 | ' | 3,782,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 480,000 | ' | ' | 300,000 |
Loan agreement executed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' |
Increase in note amount post loan amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Bank loan outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,152,000 | ' | ' | ' | 3,152,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank loan interest rate floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33,000 | $30,000 | $55,000 | $111,000 | $89,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-15 | ' | ' | ' | 31-Dec-15 | 2-Jan-13 | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_And_Variable_Inter3
Investments And Variable Interest Entities (Carrying Amount And Maximum Exposure To Loss Associated With The Company's Variable Interests In Unconsolidated VIEs) (Detail) (Loans To Commercial Borrowers [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
entity | entity | |
Loans To Commercial Borrowers [Member] | ' | ' |
Schedule of Variable Interest Entities for Loans to Commercial Borrowers [Line Items] | ' | ' |
Number of VIEs | 11 | 17 |
Carrying Amount of Assets | $5,598 | $10,639 |
Maximum Exposure to Loss | $4,277 | $9,072 |
REO_And_Other_Repossessed_Asse1
REO And Other Repossessed Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 |
REO And Other Repossessed Assets [Abstract] | ' | ' | ' | ' |
Write-downs required to reflect current fair value | $62 | $549 | $263 | $1,475 |
Servicing_Assets_Detail
Servicing Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 |
Servicing Assets [Abstract] | ' | ' | ' | ' | ' |
SBA loans sold | ' | ' | $5,934 | ' | $17,664 |
Gain on sale of SBA loans | ' | ' | 493 | ' | 2,253 |
Servicing asset recorded | ' | 116 | ' | ' | ' |
Servicing assets | 493 | ' | 493 | ' | 412 |
Impairment of servicing assets | ($17) | $0 | $16 | $0 | ' |
Interest_Rate_Swaps_Detail
Interest Rate Swaps (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
item | item | Related To Fixed Rate Loan Transactions [Member] | Related To Fixed Rate Loan Transactions [Member] | Liability Position Swaps [Member] | Liability Position Swaps [Member] | Interest Rate Swaps [Member] | |||
item | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate swap agreements designated as cash flow hedging instruments | $115,000,000 | ' | $115,000,000 | $100,000,000 | $51,071,000 | $13,902,000 | ' | ' | ' |
Fair value of interest rate swap agreements included in other assets | 653,000 | ' | 653,000 | 1,789,000 | 50,000 | 145,000 | ' | ' | ' |
Losses on derivatives | 494,000 | ' | 145,000 | ' | ' | ' | 286,000 | 286,000 | ' |
Losses for cash flow hedging ineffectiveness | 208,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swaps terminated | 2 | ' | 2 | ' | ' | ' | ' | ' | 1 |
Liability position swaps terminated | ' | ' | ' | ' | ' | ' | 446,000 | 446,000 | ' |
Gain for cash flow hedging ineffectiveness | ' | ' | 141,000 | ' | ' | ' | ' | ' | ' |
Paid to terminate interest rate swap | ' | ' | 458,000 | ' | ' | ' | ' | ' | 12,000 |
Losses as a result of changes in fair value of interest rate swaps not designated as cash flow hedges | ' | $266,000 | $106,000 | ' | ' | ' | ' | ' | ' |
ShortTerm_Borrowings_Narrative
Short-Term Borrowings (Narrative) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Jun. 30, 2013 | |
Short-term Debt [Line Items] | ' | ' |
Amount of unsecured letters of credit outstanding | ' | $50,000,000 |
Minimum tangible net worth | 275,000,000 | ' |
Unsecured Credit Facility [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Total amount available for borrowing | 20,000,000 | ' |
Letters Of Credit [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Interest rate of letter of credit | 0.50% | ' |
Maximum amount available under letter of credit agreement | 75,000,000 | ' |
Letter of credit collateralized marketable securities | ' | 71,035,000 |
Unsecured Revolving Credit Facility [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Available client securities under customer margin loans to be pledged | 337,688,000 | 329,013,000 |
Pledged customer securities | 32,194,000 | 18,408,000 |
Commercial Banking [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Federal funds rate plus basis points | 0.005 | ' |
Total amount available for borrowing | 40,479,000 | 28,267,000 |
Southwest Securities [Member] | Uncommitted Credit Facility [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Broker loan lines | 400,000,000 | ' |
Federal funds rate | 0.06% | 0.07% |
Amount outstanding under credit agreements | 50,000,000 | 86,500,000 |
Value of collateralized securities | 111,194,000 | 120,568,000 |
Southwest Securities [Member] | Unsecured Credit Facility [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Broker loan lines | 20,000,000 | 20,000,000 |
Amount of unsecured letters of credit outstanding | 0 | ' |
Southwest Securities [Member] | Committed Lines Of Credit [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Amount of unsecured letters of credit outstanding | 0 | 45,000,000 |
Agreement with an unaffiliated bank secured, uncommitted revolving credit | 45,000,000 | ' |
Commitment fee | 0.00375 | ' |
Federal funds rate plus basis points | 0.0125 | ' |
Minimum tangible net worth | 150,000,000 | ' |
Collateral of secured borrowings | ' | 68,605,000 |
Option Clearing Corporation [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Pledged customer securities | $81,809,073 | ' |
Deposits_Narrative_Detail
Deposits (Narrative) (Detail) | Mar. 31, 2014 | Jun. 30, 2013 |
Deposits [Abstract] | ' | ' |
Weighted average interest rate | 0.04% | 0.04% |
Deposits_Bank_Core_Deposits_De
Deposits (Bank Core Deposits) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deposit [Line Items] | ' | ' |
Noninterest bearing demand accounts | 5.80% | 5.50% |
Interest bearing demand accounts | 0.90% | 0.80% |
Savings accounts | 88.80% | 88.90% |
Limited access money market accounts | 1.80% | 1.70% |
Bank core deposits | 100.00% | 100.00% |
Noninterest bearing demand accounts | $58,242 | $55,221 |
Interest bearing demand accounts | 8,993 | 7,723 |
Savings accounts | 883,823 | 883,229 |
Limited access money market accounts | 17,461 | 17,212 |
Bank core deposits | 995,601 | 993,719 |
Certificates of Deposit Less Than $100,000 [Member] | ' | ' |
Deposit [Line Items] | ' | ' |
Certificates of deposit | 1.60% | 1.80% |
Certificates of deposit, less than $100,000 | 16,015 | 17,829 |
Certificates of Deposit $100,000 and Greater [Member] | ' | ' |
Deposit [Line Items] | ' | ' |
Certificates of deposit | 1.10% | 1.30% |
Certificates of deposit, $100,000 and greater | $11,067 | $12,505 |
Deposits_Scheduled_Maturities_
Deposits (Scheduled Maturities Of Certificates Of Deposit) (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Remaining Contract Maturity Of Fair Value Of Liabilities [Line Items] | ' |
1 Year or Less | $22,216 |
> 1 Year Through 2 Years | 3,220 |
> 2 Years Through 3 Years | 842 |
> 3 Years Through 4 Years | 439 |
Thereafter | 365 |
Total | 27,082 |
Certificates of Deposit Less Than $100,000 [Member] | ' |
Remaining Contract Maturity Of Fair Value Of Liabilities [Line Items] | ' |
1 Year or Less | 13,057 |
> 1 Year Through 2 Years | 1,877 |
> 2 Years Through 3 Years | 379 |
> 3 Years Through 4 Years | 337 |
Thereafter | 365 |
Total | 16,015 |
Certificates of Deposit $100,000 and Greater [Member] | ' |
Remaining Contract Maturity Of Fair Value Of Liabilities [Line Items] | ' |
1 Year or Less | 9,159 |
> 1 Year Through 2 Years | 1,343 |
> 2 Years Through 3 Years | 463 |
> 3 Years Through 4 Years | 102 |
Total | $11,067 |
Advances_From_The_Federal_Home2
Advances From The Federal Home Loan Bank (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 | |
Advances From The Federal Home Loan Bank [Abstract] | ' | ' | ' | ' | ' |
Interest range, FHLB | 1.00% | ' | 1.00% | ' | 1.00% |
Interest range, FHLB | 6.00% | ' | 6.00% | ' | 6.00% |
Collateral value | $193,154,000 | ' | $193,154,000 | ' | $181,000,000 |
Weighted average interest rate | 2.60% | ' | 2.60% | ' | 2.70% |
Prepayment penalty due to restructuring of FHLB advances | 166,000 | ' | 166,000 | ' | ' |
Amortization of prepayment penalty on advances from FHLB | 11,000 | 11,000 | 34,000 | 22,000 | ' |
Borrowing capacity with the FHLB | ' | ' | $102,149,000 | ' | ' |
Advances_From_The_Federal_Home3
Advances From The Federal Home Loan Bank (Schedule Of Advances From The Federal Home Loan Bank) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Advances From The Federal Home Loan Bank [Abstract] | ' | ' |
Due in one year | $10,127 | $15,486 |
Due in two years | 4,620 | 1,859 |
Due in five years | 52,018 | 48,956 |
Due in seven years | 12,195 | 12,809 |
Due in ten years | 4,710 | 8,424 |
Due in twenty years | 8,858 | 10,163 |
Total | 92,528 | 97,697 |
Restructuring prepayment penalty | -98 | -132 |
Federal Home Loan Bank Advances, net | $92,430 | $97,565 |
Debt_Issued_With_Stock_Purchas1
Debt Issued With Stock Purchase Warrants (Narrative) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 29, 2011 | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Unsecured loan | $100,000,000 | ' | ' | ' | ' | ' |
Term of loan | '5 years | ' | ' | ' | ' | ' |
Minimum ownership percentage of outstanding shares for appointment of Director | 9.90% | ' | ' | ' | ' | ' |
Minimum ownership percentage of convertible securities for appointment of Director | 9.90% | ' | ' | ' | ' | ' |
Weighted average anti-dilution rate | ' | ' | ' | 90.00% | ' | ' |
Warrants as a percentage of common stock | ' | ' | ' | 17.00% | ' | ' |
Ownership limit of securities | ' | ' | ' | 24.90% | ' | ' |
Series A preferred stock issued | ' | 0 | ' | 0 | ' | 0 |
Closing stock price | $5.45 | ' | ' | $7.48 | ' | $5.45 |
Fair value of warrants | 24,136,000 | 31,033,000 | ' | 31,033,000 | ' | 24,197,000 |
Unrealized loss on warrants valuation | ' | 6,745,000 | 3,840,000 | 6,836,000 | 264,000 | ' |
Stated loan interest rate | 8.00% | ' | ' | ' | ' | ' |
Effective loan interest rate | 14.90% | ' | ' | ' | ' | ' |
Discount on the loan | 24,136,000 | ' | ' | ' | ' | ' |
Accretion expense on the discount | ' | 1,187,000 | 1,024,000 | 3,435,000 | 2,963,000 | ' |
Long term debt | ' | 86,537,000 | ' | 86,537,000 | ' | 83,102,000 |
Interest expense on the loan | ' | 123,000 | 369,000 | 123,000 | 369,000 | ' |
Legal, accounting, printing costs and other expenses associated with the loan and warrants | 2,459,000 | ' | ' | ' | ' | ' |
Minimum tangible net worth | ' | 275,000,000 | ' | 275,000,000 | ' | ' |
Percentage of net tangible worth of consolidated net income | ' | ' | ' | 20.00% | ' | ' |
Minimum unrestricted cash balance | ' | 4,000,000 | ' | 4,000,000 | ' | ' |
Excess net capital balance | ' | 100,000,000 | ' | 100,000,000 | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Series A preferred stock issued | ' | 0 | ' | 0 | ' | 0 |
Series A preferred stock outstanding | ' | 0 | ' | 0 | ' | 0 |
Hilltop [Member] | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Warrants issuance | 8,695,652 | ' | ' | ' | ' | ' |
Oak Hill [Member] | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Warrants issuance | 8,695,652 | ' | ' | ' | ' | ' |
OakHill and Hilltop [Member] | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Term of warrants, years | '5 years | ' | ' | ' | ' | ' |
Fixed exercise price warrants | $5.75 | ' | ' | ' | ' | ' |
Interest expense on the loan | ' | 2,000,000 | 6,000,000 | 2,000,000 | 6,000,000 | ' |
Debt Issued With Stock Purchase Warrants [Member] | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Total Interest expense on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) | ' | $3,310,000 | $3,147,000 | $9,804,000 | $9,332,000 | ' |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' |
Effective income tax rate | -7.20% | 40.20% | -0.40% | 66.70% | ' |
Federal corporate tax rate | ' | ' | 35.00% | ' | 35.00% |
Decrease in valuation allowance | ' | ' | $3,325 | ' | ' |
Unrealized losses on securities available for sale | 4,190 | ' | 4,190 | ' | 3,589 |
Deferred tax asset for federal net operating losses | 11,940 | ' | 11,940 | ' | 10,507 |
Unrecognized tax benefits | 142 | ' | 142 | ' | ' |
Decrease in unrecognized tax benefits | ' | ' | 153 | ' | ' |
Accrued interest and penalties included in the net liability | 34 | ' | 34 | ' | 9 |
Recognized interest and penalties in income tax expense | 7 | 2 | 25 | -193 | ' |
Unrecognized income tax benefits that would reduce income tax expense if recognized | $108 | ' | $108 | ' | $286 |
Income_Taxes_Summary_Of_Income
Income Taxes (Summary Of Income Tax Expense (Benefit)) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 |
Income Taxes [Abstract] | ' | ' | ' | ' |
Income tax expense at the statutory rate | ($2,860) | ($3,344) | ($2,361) | ($1,042) |
Tax exempt interest | -293 | -220 | -759 | -724 |
Tax exempt expense from company-owned life insurance ("COLI") | -31 | -277 | -564 | -384 |
State income taxes, net of federal tax benefit | 77 | -66 | 65 | -415 |
Non-deductible meals and entertainment | 23 | 77 | 88 | 156 |
Non-deductible compensation | 58 | 247 | 104 | 763 |
Valuation allowance | 3,546 | -256 | 3,390 | -256 |
Other, net | 66 | 1 | 64 | -83 |
Income tax expense (benefit) | $586 | ($3,838) | $27 | ($1,985) |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets And Deferred Tax Liabilities) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Employee compensation plans | $10,102 | $11,378 |
Net operating loss carryforward | 11,940 | 10,507 |
Allowance for probable loan losses | 2,673 | 3,400 |
Securities available for sale | 4,190 | 3,589 |
Bad debt reserve | 1,871 | 2,177 |
Deferred rent | 1,912 | 1,631 |
State taxes | 909 | 909 |
Investment in unconsolidated ventures | 994 | 909 |
Deferred income on loans | 772 | 810 |
REO | 431 | 139 |
Long-term debt | 2,538 | ' |
Other | 911 | 513 |
Gross deferred tax assets | 39,243 | 35,962 |
Valuation allowance | -34,195 | -30,870 |
Net deferred tax assets | 5,048 | 5,092 |
Deferred tax liabilities: | ' | ' |
Interest rate swaps in cash flow hedging relationships | -123 | -626 |
Fixed assets, net | -196 | -426 |
Investment in unconsolidated ventures | ' | -120 |
Long-term debt | ' | -82 |
Other | -539 | -249 |
Total gross deferred tax liabilities | -858 | -1,503 |
Net deferred tax assets - included in other assets on the Consolidated Statements of Financial Condition | $4,190 | $3,589 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements (Narrative) (Detail) | Mar. 31, 2014 | Jun. 30, 2013 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ' | ' |
Tier I risk-based capital ratio in order to be well-capitalized | 6.00% | 6.00% |
Tier I (core) capital ratio required in order to be well-capitalized | 5.00% | 5.00% |
Risk-based capital ratio required in order to be well-capitalized | 10.00% | 10.00% |
Committment In Connection With Termination Of Order To Cease And Desist [Member] | ' | ' |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ' | ' |
Tier I (core) capital ratio required in order to be well-capitalized | 9.00% | ' |
Risk-based capital ratio required in order to be well-capitalized | 12.00% | ' |
Regulatory_Capital_Requirement3
Regulatory Capital Requirements (Schedule Of Net Capital Position Of Southwest Securities) (Detail) (Southwest Securities [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Southwest Securities [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Net Capital, Total | $148,201 | $141,112 |
Less: required net capital | 6,747 | 6,843 |
Excess net capital | 141,454 | 134,269 |
Net capital as a percent of aggregate debit items | 43.90% | 41.20% |
Net capital in excess of 5% aggregate debit items | $131,334 | $124,005 |
Regulatory_Capital_Requirement4
Regulatory Capital Requirements (Schedule Of Net Capital Position Of SWS Financial) (Detail) (SWS Financial Services, Inc. [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
SWS Financial Services, Inc. [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Net Capital, Total | $935 | $713 |
Less: required net capital | 250 | 250 |
Excess net capital | $685 | $463 |
Regulatory_Capital_Requirement5
Regulatory Capital Requirements (Summary Of Bank's Capital Amounts And Ratios) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Regulatory Capital Requirements [Abstract] | ' | ' |
Actual Amount, Total risk-based capital | $184,452 | $181,909 |
Actual Amount, Tier I risk-based capital | 176,360 | 172,734 |
Actual Amount,Tier I (core) capital | 176,360 | 172,734 |
Actual Ratio, Total risk-based capital | 27.40% | 24.90% |
Actual Ratio, Tier I risk-based capital | 26.20% | 23.60% |
Actual Ratio, Tier I (core) capital | 13.90% | 13.50% |
For Capital Adequacy Purposes Amount, Total risk-based capital | 53,934 | 58,465 |
For Capital Adequacy Purposes Amount, Tier I risk-based capital | 26,967 | 29,233 |
For Capital Adequacy Purposes Amount, Tier I (core) capital | 50,819 | 51,081 |
For Capital Adequacy Purposes Ratio, Total risk-based capital | 8.00% | 8.00% |
For Capital Adequacy Purposes Ratio, Tier I risk-based capital | 4.00% | 4.00% |
For Capital Adequacy Purposes Ratio,Tier I (core) capital | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Total risk-based capital | 67,418 | 73,081 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier I risk-based capital | 40,451 | 43,849 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier I (core) capital | $63,524 | $63,851 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Total risk-based capital | 10.00% | 10.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier I risk-based capital | 6.00% | 6.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier I (core) capital | 5.00% | 5.00% |
Employee_Benefits_Narrative_De
Employee Benefits (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 29, 2013 | Mar. 29, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 29, 2013 | |
Shares Repurchased In Connection With Income Tax Withholding Obligations [Member] | Shares Repurchased In Connection With Income Tax Withholding Obligations [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock award grants, shares | ' | ' | ' | ' | ' | ' | ' | 199,891 | 65,079 |
Restricted stock award, weighted average market value per share | ' | ' | ' | ' | ' | ' | ' | $5.64 | $4.84 |
Deferred compensation for restricted stock recorded in additional paid in capital | ' | ' | ' | ' | ' | ' | $1,443,000 | $1,443,000 | ' |
Deferred compensation expense | 275,000 | 883,000 | ' | ' | ' | ' | 261,000 | 641,000 | ' |
Common shares purchased by deferred compensation plan | ' | ' | ' | ' | 1,094 | 4,647 | ' | ' | ' |
Common stock value purchased by deferred compensation plan | ' | ' | $6,203,000 | $7,732,000 | $6,100 | $27,000 | ' | ' | ' |
Common stock price per share, purchased by deferred compensation plan | ' | ' | ' | ' | $5.55 | $5.78 | ' | ' | ' |
Total number of shares outstanding under the Restricted Stock Plan | ' | ' | 417,137 | ' | ' | ' | ' | ' | ' |
Total number of shares available for restricted stock plan future grants | ' | ' | 2,383,016 | ' | ' | ' | ' | ' | ' |
Repurchase_Of_Treasury_Stock_D
Repurchase Of Treasury Stock (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 29, 2013 |
Deferred Compensation Plan [Member] | Deferred Compensation Plan [Member] | |||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' |
Stock repurchase program expiration date | 28-Feb-13 | ' | ' | ' |
Shares authorized to be repurchased | 500,000 | ' | ' | ' |
Common shares purchased by deferred compensation plan | ' | ' | 50,000 | 20,675 |
Common stock value purchased by deferred compensation plan | $6,203,000 | $7,732,000 | $288,000 | $121,000 |
Common stock price per share, purchased by deferred compensation plan | ' | ' | $5.76 | $5.86 |
Common stock sold or distributed pursuant to the plan | ' | ' | 37,575 | 24,867 |
Preferred_Stock_Narrative_Deta
Preferred Stock (Narrative) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Equity [Line Items] | ' | ' |
Preferred Stock ,par value | $1 | $1 |
Authorized shares of series A preferred stock | 100,000 | 100,000 |
Preferred Stock, issued | 0 | 0 |
Series A Preferred Stock [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Preferred Stock ,par value | $1 | ' |
Authorized shares of series A preferred stock | 17,400 | ' |
Preferred Stock, issued | 0 | 0 |
Preferred Stock, outstanding | 0 | 0 |
Preferred stock convertible into shares of common stock at a fixed conversion ratio | 1,000 | ' |
Interest_Income_And_Interest_E2
Interest Income And Interest Expense (Schedule Of Components Of Interest Income And Expense) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | |
Interest expense | $11,814,000 | $11,301,000 | $34,311,000 | $33,328,000 |
Total net interest revenue | 10,459,000 | 11,499,000 | 31,190,000 | 39,368,000 |
Interest Income [Member] | ' | ' | ' | ' |
Customer margin accounts | 2,185,000 | 1,997,000 | 6,683,000 | 6,276,000 |
Assets segregated for regulatory purposes | 31,000 | 30,000 | 96,000 | 90,000 |
Stock borrowed | 9,372,000 | 8,756,000 | 26,115,000 | 25,502,000 |
Loans | 6,255,000 | 8,519,000 | 20,023,000 | 29,633,000 |
Bank investments | 2,971,000 | 1,688,000 | 8,383,000 | 4,921,000 |
Other | 1,459,000 | 1,810,000 | 4,201,000 | 6,274,000 |
Interest income | 22,273,000 | 22,800,000 | 65,501,000 | 72,696,000 |
Interest Expense [Member] | ' | ' | ' | ' |
Customer funds on deposit | 26,000 | 60,000 | 93,000 | 173,000 |
Stock loaned | 7,130,000 | 6,571,000 | 19,885,000 | 18,854,000 |
Deposits | 86,000 | 102,000 | 271,000 | 372,000 |
Federal Home Loan Bank | 610,000 | 627,000 | 1,927,000 | 2,060,000 |
Long-term debt | 3,310,000 | 3,147,000 | 9,804,000 | 9,332,000 |
Other | 652,000 | 794,000 | 2,331,000 | 2,537,000 |
Interest expense | $11,814,000 | $11,301,000 | $34,311,000 | $33,328,000 |
Loss_Per_Share_EPS_Narrative_D
Loss Per Share ("EPS") (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
Loss Per Share ("EPS") [Abstract] | ' | ' |
Anti-dilutive shares excluded from weighted average shares calculation | 17,391,304 | 17,391,304 |
Quarterly cash dividend paid | ' | $0.01 |
Loss_Per_Share_EPS_Summary_of_
Loss Per Share ("EPS") (Summary of Basic And Diluted EPS Computations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 |
Loss Per Share ("EPS") [Abstract] | ' | ' | ' | ' |
Adjusted net loss | ($8,757) | ($5,718) | ($6,774) | ($993) |
Weighted average shares outstanding - basic | 33,020,499 | 32,896,805 | 32,987,933 | 32,857,860 |
Effect of dilutive securities | ' | ' | ' | ' |
Weighted average shares outstanding - diluted | 33,020,499 | 32,896,805 | 32,987,933 | 32,857,860 |
Earnings (loss) per share - basic | ($0.27) | ($0.17) | ($0.21) | ($0.03) |
Earnings (loss) per share - diluted | ($0.27) | ($0.17) | ($0.21) | ($0.03) |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 29, 2013 |
segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Number of business segments | 4 | ' | ' |
Assets | $4,050,226 | $3,780,373 | $3,996,485 |
SWS Capital | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Assets | $20 | ' | ' |
Segment_Reporting_Summary_Of_O
Segment Reporting (Summary Of Operating Information By Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 29, 2013 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | $77,488 | $78,055 | $237,466 | $249,536 | ' | ||||
Net revenues | 65,674 | 66,754 | 203,155 | 216,208 | ' | ||||
Non-interest expenses | 67,100 | 72,470 | 203,066 | 218,922 | ' | ||||
Other gains (losses) | -6,745 | -3,840 | -6,836 | -264 | ' | ||||
Net income (loss) before taxes | -8,171 | -9,556 | -6,747 | -2,978 | ' | ||||
Total assets | 4,050,226 | 3,996,485 | 4,050,226 | 3,996,485 | 3,780,373 | ||||
Operating Segments [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 55,215 | 55,255 | 171,965 | 176,840 | ' | ||||
Net interest revenue | 10,459 | 11,499 | 31,190 | 39,368 | ' | ||||
Net revenues | 65,674 | 66,754 | 203,155 | 216,208 | ' | ||||
Non-interest expenses | 67,100 | 72,470 | 203,066 | 218,922 | ' | ||||
Other gains (losses) | -6,745 | -3,840 | -6,836 | -264 | ' | ||||
Depreciation and amortization | 1,355 | 1,362 | 4,076 | 4,103 | ' | ||||
Net income (loss) before taxes | -8,171 | -9,556 | -6,747 | -2,978 | ' | ||||
Total assets | 3,960,549 | [1] | 3,902,580 | [1] | 3,960,549 | [1] | 3,902,580 | [1] | ' |
Clearing [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 3,567 | 3,060 | 10,574 | 9,556 | ' | ||||
Net interest revenue | 1,551 | 1,451 | 4,519 | 4,634 | ' | ||||
Net revenues | 5,118 | 4,511 | 15,093 | 14,190 | ' | ||||
Non-interest expenses | 4,139 | 5,128 | 13,002 | 14,727 | ' | ||||
Depreciation and amortization | 5 | 16 | 16 | 50 | ' | ||||
Net income (loss) before taxes | 979 | -617 | 2,091 | -537 | ' | ||||
Total assets | 257,178 | [1] | 264,528 | [1] | 257,178 | [1] | 264,528 | [1] | ' |
Clearing [Member] | Net Intersegment Revenue [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | -185 | -182 | -544 | -535 | ' | ||||
Retail Brokerage [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 26,902 | 26,982 | 82,844 | 79,463 | ' | ||||
Net interest revenue | 820 | 815 | 2,787 | 2,524 | ' | ||||
Net revenues | 27,722 | 27,797 | 85,631 | 81,987 | ' | ||||
Non-interest expenses | 25,367 | 27,489 | 78,022 | 80,832 | ' | ||||
Depreciation and amortization | 200 | 220 | 652 | 658 | ' | ||||
Net income (loss) before taxes | 2,355 | 308 | 7,609 | 1,155 | ' | ||||
Total assets | 221,020 | [1] | 219,729 | [1] | 221,020 | [1] | 219,729 | [1] | ' |
Retail Brokerage [Member] | Net Intersegment Revenue [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 185 | 176 | 544 | 524 | ' | ||||
Institutional Brokerage [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 25,060 | 23,329 | 75,682 | 82,409 | ' | ||||
Net interest revenue | 2,789 | 2,836 | 7,435 | 9,209 | ' | ||||
Net revenues | 27,849 | 26,165 | 83,117 | 91,618 | ' | ||||
Non-interest expenses | 21,763 | 21,334 | 64,877 | 67,523 | ' | ||||
Depreciation and amortization | 76 | 104 | 239 | 313 | ' | ||||
Net income (loss) before taxes | 6,086 | 4,831 | 18,240 | 24,095 | ' | ||||
Total assets | 2,209,620 | [1] | 2,078,603 | [1] | 2,209,620 | [1] | 2,078,603 | [1] | ' |
Institutional Brokerage [Member] | Net Intersegment Revenue [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | -5 | -74 | -16 | -133 | ' | ||||
Banking [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | -235 | 1,062 | 1,638 | 1,822 | ' | ||||
Net interest revenue | 8,530 | 9,478 | 26,208 | 32,122 | ' | ||||
Net revenues | 8,295 | 10,540 | 27,846 | 33,944 | ' | ||||
Non-interest expenses | 6,228 | 9,354 | 19,260 | 28,505 | ' | ||||
Depreciation and amortization | 357 | 442 | 1,141 | 1,308 | ' | ||||
Net income (loss) before taxes | 2,067 | 1,186 | 8,586 | 5,439 | ' | ||||
Total assets | 1,262,386 | [1] | 1,275,842 | [1] | 1,262,386 | [1] | 1,275,842 | [1] | ' |
Banking [Member] | Net Intersegment Revenue [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | 792 | 846 | 2,472 | 2,607 | ' | ||||
Other Consolidated Entities [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | -79 | 822 | 1,227 | 3,590 | ' | ||||
Net interest revenue | -3,231 | -3,081 | -9,759 | -9,121 | ' | ||||
Net revenues | -3,310 | -2,259 | -8,532 | -5,531 | ' | ||||
Non-interest expenses | 9,603 | 9,165 | 27,905 | 27,335 | ' | ||||
Other gains (losses) | -6,745 | -3,840 | -6,836 | -264 | ' | ||||
Depreciation and amortization | 717 | 580 | 2,028 | 1,774 | ' | ||||
Net income (loss) before taxes | -19,658 | -15,264 | -43,273 | -33,130 | ' | ||||
Total assets | 10,345 | [1] | 63,878 | [1] | 10,345 | [1] | 63,878 | [1] | ' |
Other Consolidated Entities [Member] | Net Intersegment Revenue [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenue | ($787) | ($766) | ($2,456) | ($2,463) | ' | ||||
[1] | (*) Assets are reconciled to total assets as presented in the March 31, 2014 and March 29, 2013 Consolidated Statements of Financial Condition as follows (in thousands):March 31, 2014March 29, 2013Amount as presented above$B B B B B B B B B 3,960,549B $B B B B B B B B B 3,902,580B Reconciling items:Unallocated assets:Cash 19,901B 17,262B Receivables from brokers, dealers and clearing organizations 29,247B 32,536B Receivable from clients, net of allowances 22,832B 27,536B Other assets 30,853B 16,661B Unallocated eliminations (13,156) (90)Total assets$B B B B B B B B B 4,050,226B $B B B B B B B B B 3,996,485 |
Segment_Reporting_Summary_Of_R
Segment Reporting (Summary Of Reconciliation Of Assets) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 29, 2013 | ||
In Thousands, unless otherwise specified | |||||
Unallocated assets: | ' | ' | ' | ||
Receivables from brokers, dealers and clearing organizations | $1,869,238 | $1,698,474 | ' | ||
Receivable from clients, net of allowances | 264,038 | 286,446 | ' | ||
Other assets | 97,928 | 91,160 | ' | ||
Total assets | 4,050,226 | 3,780,373 | 3,996,485 | ||
Operating Segments [Member] | ' | ' | ' | ||
Unallocated assets: | ' | ' | ' | ||
Total assets | 3,960,549 | [1] | ' | 3,902,580 | [1] |
Unallocated [Member] | ' | ' | ' | ||
Unallocated assets: | ' | ' | ' | ||
Cash | 19,901 | ' | 17,262 | ||
Receivables from brokers, dealers and clearing organizations | 29,247 | ' | 32,536 | ||
Receivable from clients, net of allowances | 22,832 | ' | 27,536 | ||
Other assets | 30,853 | ' | 16,661 | ||
Unallocated eliminations | ($13,156) | ' | ($90) | ||
[1] | (*) Assets are reconciled to total assets as presented in the March 31, 2014 and March 29, 2013 Consolidated Statements of Financial Condition as follows (in thousands):March 31, 2014March 29, 2013Amount as presented above$B B B B B B B B B 3,960,549B $B B B B B B B B B 3,902,580B Reconciling items:Unallocated assets:Cash 19,901B 17,262B Receivables from brokers, dealers and clearing organizations 29,247B 32,536B Receivable from clients, net of allowances 22,832B 27,536B Other assets 30,853B 16,661B Unallocated eliminations (13,156) (90)Total assets$B B B B B B B B B 4,050,226B $B B B B B B B B B 3,996,485 |
Recovered_Sheet6
Commitments Contingencies And Guarantees (Narrative) (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Jun. 30, 2013 | |
Commitments And Contingencies [Line Items] | ' | ' |
Underwritten percentage of offering value | 40.00% | ' |
Bond offering value | $35,000,000 | ' |
Lawsuit liability | 1,000,000 | 1,000,000 |
Investment liability penalty | 3,000,000 | ' |
Potential liability due under outstanding underwriting arrangements | 540,000 | ' |
Maximum potential amount of future payments for letter of credit | 137,000 | ' |
Revolving lines of credit, unfunded commitments | 57,521,000 | ' |
Unfunded new loans | 43,759,000 | ' |
Partnership Interest [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Investment liability penalty | 1,870,000 | ' |
Venture Capital Fund [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Investment liability | 8,000,000 | ' |
Number of possible one-year extensions | 2 | ' |
Investments In Private Investment Funds [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Commitment to invest in limited partnership equity funds | 3,000,000 | ' |
Investment in limited partnership equity funds | 480,000 | ' |
Limited Partnership Equity Fund 1 [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Aggregate commitment for limited partnership equity fund | 3,000,000 | ' |
Limited Partnership Equity Fund 2 [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Aggregate commitment for limited partnership equity fund | $2,000,000 | ' |
Affiliate_Transactions_Narrati
Affiliate Transactions (Narrative) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Value of FDIC insured funds | $250,000 | ' |
Core FDIC deposits | 995,873,000 | 993,871,000 |
Core FDIC deposits | 995,601,000 | 993,719,000 |
Southwest Securities [Member] | ' | ' |
Core FDIC deposits | $878,261,000 | $878,434,000 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 29, 2013 | Sep. 28, 2012 | Mar. 31, 2014 | Mar. 29, 2013 | Jun. 30, 2013 |
security | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss included in earnings related to assets and liabilities | ' | ' | ' | $6,745 | ' | $8,843 | ' | ' |
Unrealized gain included in earnings related to assets and liabilities | ' | ' | 1,967 | ' | ' | ' | ' | ' |
Unrealized gains included in earnings | 181 | 8 | 32 | ' | ' | 2,343 | ' | ' |
Number of auction rate bonds sold | ' | ' | ' | 1 | ' | ' | ' | ' |
Number of auction rate securities redeemed | ' | ' | ' | 1 | ' | ' | ' | ' |
Number of auction rate preferred securities | 19 | ' | ' | ' | ' | 19 | ' | ' |
Auction rate bond value | ' | ' | ' | 20,304 | ' | ' | 20,304 | ' |
Auction rate preferred securities | 475 | ' | ' | ' | ' | 475 | ' | ' |
Auction rate preferred securities - redeemed | ' | ' | ' | 25 | ' | ' | 25 | ' |
Write-down on municipal auction rate bond | ' | ' | ' | ' | 702 | ' | ' | ' |
Adjustments to fair value on impaired loans | ' | ' | ' | ' | ' | 207 | ' | 3,718 |
Adjustments to the fair value of REO | ' | ' | ' | ' | ' | 172 | ' | 1,396 |
Impairment of servicing assets | -17 | ' | ' | 0 | ' | 16 | 0 | ' |
Level 3 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Auction rate preferred securities | 1,825 | ' | ' | ' | ' | 1,825 | ' | ' |
Auction rate preferred securities - redeemed | 1,350 | ' | ' | ' | ' | 1,350 | ' | ' |
Level 3 [Member] | Anticipated Redeemed At Par [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Auction rate preferred securities | 475 | ' | ' | ' | ' | 475 | ' | ' |
Warrants [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain included in earnings related to assets and liabilities | ' | ' | 1,967 | 3,840 | ' | ' | 264 | ' |
Corporate Obligations [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains included in earnings | 8 | 8 | 32 | ' | ' | ' | ' | ' |
Corporate Obligations [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Securities owned, at cost | 3,505 | ' | ' | ' | ' | 3,505 | ' | ' |
Securities owned, at fair value | $88 | ' | ' | ' | ' | $88 | ' | ' |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Summary Of Fair Value Hierarchy) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Jul. 29, 2011 |
In Thousands, unless otherwise specified | |||
Loans measured at fair value | $51,295 | $13,757 | ' |
Securities available for sale | 575,679 | 503,276 | ' |
Securities sold, not yet purchased, at fair value | 177,460 | 134,735 | ' |
Warrants | 31,033 | 24,197 | 24,136 |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Loans measured at fair value | 51,295 | 13,757 | ' |
Securities owned, at fair value | 288,969 | 209,633 | ' |
Securities available for sale | 575,679 | 503,276 | ' |
Interest Rate Swaps | 703 | 1,934 | ' |
Securities sold, not yet purchased, at fair value | 177,460 | 134,735 | ' |
Warrants | 31,033 | 24,197 | ' |
Net assets (liabilities) | 708,153 | 569,668 | ' |
Loans Measured At Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Loans measured at fair value | 51,295 | 13,757 | ' |
Corporate Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 1,143 | 1,520 | ' |
Securities sold, not yet purchased, at fair value | 3 | ' | ' |
Municipal Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 67,719 | 30,116 | ' |
Securities available for sale | 43,949 | 28,224 | ' |
Securities sold, not yet purchased, at fair value | ' | 10 | ' |
U.S. Government and Government Agency Obligations | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 84,670 | 41,529 | ' |
Securities available for sale | 531,591 | 474,906 | ' |
Securities sold, not yet purchased, at fair value | 97,949 | 54,086 | ' |
Corporate Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 96,155 | 127,899 | ' |
Securities sold, not yet purchased, at fair value | 79,508 | 80,639 | ' |
Other [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 39,282 | 8,569 | ' |
Westwood Stock | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities available for sale | 139 | 146 | ' |
Interest Rate Swaps [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Interest Rate Swaps | 703 | 1,934 | ' |
Warrants [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Warrants | 31,033 | 24,197 | ' |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 8,639 | 4,887 | ' |
Securities available for sale | 139 | 146 | ' |
Securities sold, not yet purchased, at fair value | 87,402 | 45,415 | ' |
Net assets (liabilities) | -78,624 | -40,382 | ' |
Level 1 [Member] | Corporate Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 668 | 895 | ' |
Securities sold, not yet purchased, at fair value | 3 | ' | ' |
Level 1 [Member] | U.S. Government and Government Agency Obligations | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 6,989 | 3,300 | ' |
Securities sold, not yet purchased, at fair value | 87,399 | 45,415 | ' |
Level 1 [Member] | Other [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 982 | 692 | ' |
Level 1 [Member] | Westwood Stock | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities available for sale | 139 | 146 | ' |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Loans measured at fair value | ' | 13,757 | ' |
Securities owned, at fair value | 279,767 | 204,001 | ' |
Securities available for sale | 575,540 | 503,130 | ' |
Interest Rate Swaps | 703 | 1,934 | ' |
Securities sold, not yet purchased, at fair value | 90,058 | 89,320 | ' |
Net assets (liabilities) | 765,952 | 633,502 | ' |
Level 2 [Member] | Loans Measured At Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Loans measured at fair value | ' | 13,757 | ' |
Level 2 [Member] | Municipal Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 67,719 | 30,116 | ' |
Securities available for sale | 43,949 | 28,224 | ' |
Securities sold, not yet purchased, at fair value | ' | 10 | ' |
Level 2 [Member] | U.S. Government and Government Agency Obligations | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 77,681 | 38,229 | ' |
Securities available for sale | 531,591 | 474,906 | ' |
Securities sold, not yet purchased, at fair value | 10,550 | 8,671 | ' |
Level 2 [Member] | Corporate Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 96,067 | 127,779 | ' |
Securities sold, not yet purchased, at fair value | 79,508 | 80,639 | ' |
Level 2 [Member] | Other [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 38,300 | 7,877 | ' |
Level 2 [Member] | Interest Rate Swaps [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Interest Rate Swaps | 703 | 1,934 | ' |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Loans measured at fair value | 51,295 | ' | ' |
Securities owned, at fair value | 563 | 745 | ' |
Warrants | 31,033 | 24,197 | ' |
Net assets (liabilities) | 20,825 | -23,452 | ' |
Level 3 [Member] | Loans Measured At Fair Value [Member] | ' | ' | ' |
Loans measured at fair value | 51,295 | ' | ' |
Level 3 [Member] | Loans Measured At Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Loans measured at fair value | 51,295 | ' | ' |
Level 3 [Member] | Corporate Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 475 | 625 | ' |
Level 3 [Member] | Corporate Obligations [Member] | ' | ' | ' |
Securities owned, at fair value | 88 | ' | ' |
Level 3 [Member] | Corporate Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Securities owned, at fair value | 88 | 120 | ' |
Level 3 [Member] | Warrants [Member] | ' | ' | ' |
Warrants | 31,033 | ' | ' |
Level 3 [Member] | Warrants [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Warrants | $31,033 | $24,197 | ' |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Reconciliation Of Major Classes of Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 29, 2013 | Mar. 29, 2013 |
Loans [Member] | Loans [Member] | Corporate Equity Securities [Member] | Corporate Equity Securities [Member] | Corporate Equity Securities [Member] | Corporate Obligations [Member] | Corporate Obligations [Member] | Corporate Obligations [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | $11,625 | ($21,567) | ($23,452) | ($23,452) | $35,333 | ' | $500 | $575 | $625 | $80 | $88 | $120 | ($24,288) | ($22,230) | ($24,197) | ' | ' |
Redemption/sale of security | -25 | -75 | -50 | ' | ' | ' | -25 | -75 | -50 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) | 181 | 8 | 32 | 2,343 | 173 | ' | ' | ' | ' | 8 | 8 | 32 | ' | ' | ' | ' | ' |
Loan pay downs | -191 | ' | ' | ' | -191 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan originations with the execution of interest rate swaps | 15,980 | ' | ' | ' | 15,980 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers from Level 2 to Level 3 | ' | 35,333 | ' | ' | ' | 35,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in warrants valuation (unrealized loss) | -6,745 | -2,058 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,745 | -2,058 | ' | ' | ' |
Increase in warrants valuation (unrealized gain (loss)) | ' | ' | 1,967 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,967 | 3,840 | 264 |
Ending balance | $20,825 | $11,625 | ($21,567) | $20,825 | $51,295 | $35,333 | $475 | $500 | $575 | $88 | $80 | $88 | ($31,033) | ($24,288) | ($22,230) | ' | ' |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Significant Unobservable Inputs) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Jul. 29, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Weighted Average | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||
Loans Measured At Fair Value [Member] | Corporate Equity Securities-Auction Rate Preferred [Member] | Corporate Obligations [Member] | Warrants [Member] | Minimum | Minimum | Maximum | Maximum | Weighted Average | |||||
Loans Measured At Fair Value [Member] | Warrants [Member] | Loans Measured At Fair Value [Member] | Warrants [Member] | Loans Measured At Fair Value [Member] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans measured at fair value | $51,295 | $13,757 | ' | ' | $51,295 | ' | ' | ' | ' | ' | ' | ' | ' |
Securities owned, at fair value | ' | ' | ' | ' | ' | 475 | 88 | ' | ' | ' | ' | ' | ' |
Fair value of warrants | $31,033 | $24,197 | $24,136 | ' | ' | ' | ' | $31,033 | ' | ' | ' | ' | ' |
Valuation Technique(s) | ' | ' | ' | ' | 'Discounted cash flow | 'Analysis of comparable securities | 'Discounted cash flow | 'Binomial Model | ' | ' | ' | ' | ' |
Unobservable Inputs | ' | ' | ' | ' | 'Discount Rate | ' | ' | 'Derived Volatility | ' | ' | ' | ' | ' |
Volatility rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.15% | 24.00% | 5.29% | 33.00% | ' |
Weighted Average Volatility Rate | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | 4.68% |
Fair_Value_Of_Financial_Instru6
Fair Value Of Financial Instruments (Financial And Non-Financial Instruments Measured At Fair Value On A Non-Recurring Basis) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loans | $9,670 | [1] | $20,086 | [1] |
REO | 5,880 | 10,165 | ||
Impaired servicing assets | 493 | 412 | ||
Fair Value Assets Measured on Non Recurring Basis, Total | 16,043 | 30,251 | ||
Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loans | ' | [1] | ' | [1] |
REO | ' | ' | ||
Impaired servicing assets | ' | ' | ||
Fair Value Assets Measured on Non Recurring Basis, Total | ' | ' | ||
Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loans | ' | [1] | ' | [1] |
REO | ' | ' | ||
Impaired servicing assets | ' | ' | ||
Fair Value Assets Measured on Non Recurring Basis, Total | ' | ' | ||
Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Impaired loans | 9,670 | [1] | 20,086 | [1] |
REO | 5,880 | 10,165 | ||
Impaired servicing assets | 493 | ' | ||
Fair Value Assets Measured on Non Recurring Basis, Total | $16,043 | $30,251 | ||
[1] | Includes certain impaired loans measured at fair value through the allocation of specific valuation allowances or principal charge-offs. |
Fair_Value_Of_Financial_Instru7
Fair Value Of Financial Instruments (Recorded Amounts, Fair Value And Level Of Fair Value Hierarchy Of Financial Instruments) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 29, 2013 | Jun. 29, 2012 | Jul. 29, 2011 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | $87,763,000 | $111,046,000 | $179,160,000 | $81,826,000 | ' |
Restricted cash and cash equivalents | ' | 30,047,000 | ' | ' | 100,000,000 |
GNMA securities | 13,553,000 | 17,423,000 | ' | ' | ' |
Short-term borrowings | 50,000,000 | 131,500,000 | ' | ' | ' |
Servicing assets | 493,000 | 412,000 | ' | ' | ' |
Short Term Borrowings | 50,000,000 | 131,500,000 | ' | ' | ' |
Time deposits | 27,082,000 | ' | ' | ' | ' |
Advances from FHLB | 92,430,000 | 97,565,000 | ' | ' | ' |
Long-term debt | 86,537,000 | 83,102,000 | ' | ' | ' |
Level 1 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Servicing assets | ' | ' | ' | ' | ' |
Level 2 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Servicing assets | ' | ' | ' | ' | ' |
Level 3 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Servicing assets | 493,000 | ' | ' | ' | ' |
Recorded Value [Member] | Level 1 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | 87,763,000 | 111,046,000 | ' | ' | ' |
Restricted cash and cash equivalents | ' | 30,047,000 | ' | ' | ' |
Short-term borrowings | 50,000,000 | 131,500,000 | ' | ' | ' |
Short Term Borrowings | 50,000,000 | 131,500,000 | ' | ' | ' |
Recorded Value [Member] | Level 2 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
GNMA securities | 13,553,000 | 17,423,000 | ' | ' | ' |
Deposits with no stated maturity | 968,519,000 | 963,385,000 | ' | ' | ' |
Time deposits | 27,082,000 | 30,334,000 | ' | ' | ' |
Advances from FHLB | 92,430,000 | 97,565,000 | ' | ' | ' |
Recorded Value [Member] | Level 3 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Purchase mortgage loans held for investment | 72,546,000 | 174,037,000 | ' | ' | ' |
Other loans held for investment | 434,200,000 | 420,789,000 | ' | ' | ' |
Servicing assets | 493,000 | 412,000 | ' | ' | ' |
Long-term debt | 86,537,000 | 83,102,000 | ' | ' | ' |
Fair Value [Member] | Level 1 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | 87,763,000 | 111,046,000 | ' | ' | ' |
Restricted cash and cash equivalents | ' | 30,047,000 | ' | ' | ' |
Short-term borrowings | 50,000,000 | 131,500,000 | ' | ' | ' |
Short Term Borrowings | 50,000,000 | 131,500,000 | ' | ' | ' |
Fair Value [Member] | Level 2 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
GNMA securities | 13,899,000 | 17,965,000 | ' | ' | ' |
Deposits with no stated maturity | 952,991,000 | 959,578,000 | ' | ' | ' |
Time deposits | 27,309,000 | 30,736,000 | ' | ' | ' |
Advances from FHLB | 93,888,000 | 100,408,000 | ' | ' | ' |
Fair Value [Member] | Level 3 [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Purchase mortgage loans held for investment | 72,429,000 | 173,738,000 | ' | ' | ' |
Other loans held for investment | 488,171,000 | 437,916,000 | ' | ' | ' |
Servicing assets | 493,000 | 414,000 | ' | ' | ' |
Long-term debt | $97,165,000 | $86,822,000 | ' | ' | ' |