[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended
|
December 31, 2018
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from ________________ to _________________
|
Commission File Number 000-28304
|
Delaware
|
33-0704889
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification No.)
|
Title of class:
|
As of February 4, 2019
|
|
Common stock, $ 0.01 par value, per share
|
7,509,855 shares
|
PART 1 -
|
FINANCIAL INFORMATION
|
Page
|
|
ITEM 1 -
|
Financial Statements. The Unaudited Interim Condensed Consolidated Financial Statements of
Provident Financial Holdings, Inc. filed as a part of the report are as follows:
|
||
Condensed Consolidated Statements of Financial Condition
|
|||
as of December 31, 2018 and June 30, 2018
|
1 | ||
Condensed Consolidated Statements of Operations
|
|||
for the Quarters and Six Months Ended December 31, 2018 and 2017
|
2 | ||
Condensed Consolidated Statements of Comprehensive Income
|
|||
for the Quarters and Six Months Ended December 31, 2018 and 2017
|
3 | ||
Condensed Consolidated Statements of Stockholders' Equity
|
|||
for the Quarters and Six Months Ended December 31, 2018 and 2017
|
4 | ||
Condensed Consolidated Statements of Cash Flows
|
|||
for the Six Months Ended December 31, 2018 and 2017
|
6 | ||
Notes to Unaudited Interim Condensed Consolidated Financial Statements
|
7 | ||
ITEM 2 -
|
Management's Discussion and Analysis of Financial Condition and Results of Operations:
|
||
General
|
51 | ||
Safe-Harbor Statement
|
52 | ||
Critical Accounting Policies
|
53 | ||
Executive Summary and Operating Strategy
|
53 | ||
Off-Balance Sheet Financing Arrangements and Contractual Obligations
|
54 | ||
Comparison of Financial Condition at December 31, 2018 and June 30, 2018
|
55 | ||
Comparison of Operating Results
|
|||
for the Quarters and Six Months Ended December 31, 2018 and 2017
|
57 | ||
Asset Quality
|
68 | ||
Loan Volume Activities
|
76 | ||
Liquidity and Capital Resources
|
77 | ||
Supplemental Information
|
80 | ||
ITEM 3 -
|
Quantitative and Qualitative Disclosures about Market Risk
|
80 | |
ITEM 4 -
|
Controls and Procedures
|
84 | |
PART II -
|
OTHER INFORMATION
|
||
ITEM 1 -
|
Legal Proceedings
|
85 | |
ITEM 1A -
|
Risk Factors
|
85 | |
ITEM 2 -
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
86 | |
ITEM 3 -
|
Defaults Upon Senior Securities
|
86 | |
ITEM 4 -
|
Mine Safety Disclosures
|
86 | |
ITEM 5 -
|
Other Information
|
86 | |
ITEM 6 -
|
Exhibits
|
86 | |
SIGNATURES
|
89 |
December 31, 2018 |
June 30,
2018 |
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
67,359
|
$
|
43,301
|
||||
Investment securities – held to maturity, at cost
|
84,990
|
87,813
|
||||||
Investment securities – available for sale, at fair value
|
6,563
|
7,496
|
||||||
Loans held for investment, net of allowance for loan losses of
$7,061 and $7,385, respectively; includes $4,995 and $5,234 at fair value, respectively
|
875,413
|
902,685
|
||||||
Loans held for sale, at fair value
|
57,562
|
96,298
|
||||||
Accrued interest receivable
|
3,156
|
3,212
|
||||||
Real estate owned, net
|
—
|
906
|
||||||
Federal Home Loan Bank ("FHLB") – San Francisco stock
|
8,199
|
8,199
|
||||||
Premises and equipment, net
|
8,601
|
8,696
|
||||||
Prepaid expenses and other assets
|
15,327
|
16,943
|
||||||
Total assets
|
$
|
1,127,170
|
$
|
1,175,549
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Liabilities:
|
||||||||
Non interest-bearing deposits
|
$
|
78,866
|
$
|
86,174
|
||||
Interest-bearing deposits
|
794,018
|
821,424
|
||||||
Total deposits
|
872,884
|
907,598
|
||||||
Borrowings
|
111,135
|
126,163
|
||||||
Accounts payable, accrued interest and other liabilities
|
20,474
|
21,331
|
||||||
Total liabilities
|
1,004,493
|
1,055,092
|
||||||
Commitments and Contingencies (Notes 7 and 11)
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock, $.01 par value (2,000,000 shares authorized;
none issued and outstanding)
|
—
|
—
|
||||||
Common stock, $.01 par value (40,000,000 shares authorized;
18,053,115 and 18,033,115 shares issued; 7,506,855 and
7,421,426 shares outstanding, respectively)
|
181
|
181
|
||||||
Additional paid-in capital
|
95,913
|
94,957
|
||||||
Retained earnings
|
192,306
|
190,616
|
||||||
Treasury stock at cost (10,546,260 and 10,611,689 shares, respectively)
|
(165,892
|
)
|
(165,507
|
)
|
||||
Accumulated other comprehensive income, net of tax
|
169
|
210
|
||||||
Total stockholders' equity
|
122,677
|
120,457
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,127,170
|
$
|
1,175,549
|
Quarter Ended
December 31, |
Six Months Ended
December 31, |
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans receivable, net
|
$
|
10,331
|
$
|
9,735
|
$
|
20,505
|
$
|
19,892
|
||||||||
Investment securities
|
444
|
319
|
789
|
576
|
||||||||||||
FHLB – San Francisco stock
|
278
|
143
|
421
|
284
|
||||||||||||
Interest-earning deposits
|
387
|
168
|
725
|
358
|
||||||||||||
Total interest income
|
11,440
|
10,365
|
22,440
|
21,110
|
||||||||||||
Interest expense:
|
||||||||||||||||
Checking and money market deposits
|
117
|
112
|
225
|
215
|
||||||||||||
Savings deposits
|
147
|
149
|
298
|
298
|
||||||||||||
Time deposits
|
630
|
625
|
1,251
|
1,264
|
||||||||||||
Borrowings
|
715
|
728
|
1,478
|
1,464
|
||||||||||||
Total interest expense
|
1,609
|
1,614
|
3,252
|
3,241
|
||||||||||||
Net interest income
|
9,831
|
8,751
|
19,188
|
17,869
|
||||||||||||
(Recovery) provision for loan losses
|
(217
|
)
|
(11
|
)
|
(454
|
)
|
158
|
|||||||||
Net interest income, after (recovery) provision for loan losses
|
10,048
|
8,762
|
19,642
|
17,711
|
||||||||||||
Non-interest income:
|
||||||||||||||||
Loan servicing and other fees
|
277
|
317
|
601
|
680
|
||||||||||||
Gain on sale of loans, net
|
2,263
|
4,317
|
5,395
|
9,164
|
||||||||||||
Deposit account fees
|
509
|
536
|
1,014
|
1,094
|
||||||||||||
Loss on sale and operations of real estate owned acquired in the
settlement of loans, net
|
(7
|
)
|
(22
|
)
|
(6
|
)
|
(62
|
)
|
||||||||
Card and processing fees
|
392
|
373
|
790
|
754
|
||||||||||||
Other
|
161
|
220
|
350
|
463
|
||||||||||||
Total non-interest income
|
3,595
|
5,741
|
8,144
|
12,093
|
||||||||||||
Non-interest expense:
|
||||||||||||||||
Salaries and employee benefits
|
7,211
|
8,633
|
15,461
|
17,902
|
||||||||||||
Premises and occupancy
|
1,274
|
1,260
|
2,619
|
2,574
|
||||||||||||
Equipment
|
495
|
375
|
916
|
737
|
||||||||||||
Professional expenses
|
411
|
521
|
858
|
1,041
|
||||||||||||
Sales and marketing expenses
|
253
|
301
|
422
|
504
|
||||||||||||
Deposit insurance premiums and regulatory assessments
|
172
|
218
|
337
|
402
|
||||||||||||
Other (1)
|
1,059
|
1,905
|
1,966
|
5,787
|
||||||||||||
Total non-interest expense
|
10,875
|
13,213
|
22,579
|
28,947
|
||||||||||||
Income before income taxes
|
2,768
|
1,290
|
5,207
|
857
|
||||||||||||
Provision for income taxes (2)
|
810
|
2,067
|
1,426
|
1,859
|
||||||||||||
Net income (loss)
|
$
|
1,958
|
$
|
(777
|
)
|
$
|
3,781
|
$
|
(1,002
|
)
|
||||||
Basic earnings (loss) per share
|
$
|
0.26
|
$
|
(0.10
|
)
|
$
|
0.51
|
$
|
(0.13
|
)
|
||||||
Diluted earnings (loss) per share
|
$
|
0.26
|
$
|
(0.10
|
)
|
$
|
0.50
|
$
|
(0.13
|
)
|
||||||
Cash dividends per share
|
$
|
0.14
|
$
|
0.14
|
$
|
0.28
|
$
|
0.28
|
For the Quarters Ended
December 31, |
For the Six Months Ended
December 31, |
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Net income (loss)
|
$
|
1,958
|
$
|
(777
|
)
|
$
|
3,781
|
$
|
(1,002
|
)
|
||||||
Change in unrealized holding loss on securities available for sale
|
(28
|
)
|
(80
|
)
|
(58
|
)
|
(78
|
)
|
||||||||
Reclassification adjustment for net loss on securities available
for sale included in net loss
|
—
|
45
|
—
|
45
|
||||||||||||
Other comprehensive loss, before income taxes
|
(28
|
)
|
(35
|
)
|
(58
|
)
|
(33
|
)
|
||||||||
Income tax benefit
|
(8
|
)
|
(15
|
)
|
(17
|
)
|
(14
|
)
|
||||||||
Other comprehensive loss
|
(20
|
)
|
(20
|
)
|
(41
|
)
|
(19
|
)
|
||||||||
Total comprehensive income (loss)
|
$
|
1,938
|
$
|
(797
|
)
|
$
|
3,740
|
$
|
(1,021
|
)
|
Common
Stock
|
Additional |
Accumulated
Other
Comprehensive
|
||||||||||||||||||||||||||
Shares
|
Amount
|
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Income (Loss),
Net of Tax
|
Total
|
||||||||||||||||||||||
Balance at September 30, 2018
|
7,500,860
|
$
|
181
|
$
|
95,795
|
$
|
191,399
|
$
|
(165,884
|
)
|
$
|
189
|
$
|
121,680
|
||||||||||||||
Net income
|
1,958
|
1,958
|
||||||||||||||||||||||||||
Other comprehensive loss
|
(20
|
)
|
(20
|
)
|
||||||||||||||||||||||||
Purchase of treasury stock (1)
|
(505
|
)
|
(8
|
)
|
(8
|
)
|
||||||||||||||||||||||
Exercise of stock options
|
5,000
|
73
|
73
|
|||||||||||||||||||||||||
Distribution of restricted stock
|
1,500
|
—
|
||||||||||||||||||||||||||
Amortization of restricted stock
|
33
|
33
|
||||||||||||||||||||||||||
Stock options expense
|
12
|
12
|
||||||||||||||||||||||||||
Cash dividends (2)
|
(1,051
|
)
|
(1,051
|
)
|
||||||||||||||||||||||||
Balance at December 31, 2018
|
7,506,855
|
$
|
181
|
$
|
95,913
|
$
|
192,306
|
$
|
(165,892
|
)
|
$
|
169
|
$
|
122,677
|
(1)
|
Includes the repurchase of 505 shares of distributed restricted stock in settlement of employee withholding tax obligations.
|
(2)
|
Cash dividends of $0.14 per share were paid in the quarter ended December 31, 2018.
|
Common
Stock
|
Additional |
Accumulated
Other
Comprehensive
|
||||||||||||||||||||||||||
Shares
|
Amount
|
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Income (Loss),
Net of Tax
|
Total
|
||||||||||||||||||||||
Balance at September 30, 2017
|
7,609,552
|
$
|
180
|
$
|
93,669
|
$
|
191,451
|
$
|
(160,609
|
)
|
$
|
230
|
$
|
124,921
|
||||||||||||||
Net loss
|
(777
|
)
|
(777
|
)
|
||||||||||||||||||||||||
Other comprehensive loss
|
(20
|
)
|
(20
|
)
|
||||||||||||||||||||||||
Purchase of treasury stock
|
(140,526
|
)
|
(2,702
|
)
|
(2,702
|
)
|
||||||||||||||||||||||
Exercise of stock options
|
5,750
|
84
|
84
|
|||||||||||||||||||||||||
Amortization of restricted stock
|
142
|
142
|
||||||||||||||||||||||||||
Stock options expense
|
116
|
116
|
||||||||||||||||||||||||||
Cash dividends (1)
|
(1,064
|
)
|
(1,064
|
)
|
||||||||||||||||||||||||
Balance at December 31, 2017
|
7,474,776
|
$
|
180
|
$
|
94,011
|
$
|
189,610
|
$
|
(163,311
|
)
|
$
|
210
|
$
|
120,700
|
(1)
|
Cash dividends of $0.14 per share were paid in the quarter ended December 31, 2017.
|
Common
Stock
|
Additional |
Accumulated
Other
Comprehensive
|
||||||||||||||||||||||||||
Shares
|
Amount
|
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Income (Loss),
Net of Tax
|
Total
|
||||||||||||||||||||||
Balance at June 30, 2018
|
7,421,426
|
$
|
181
|
$
|
94,957
|
$
|
190,616
|
$
|
(165,507
|
)
|
$
|
210
|
$
|
120,457
|
||||||||||||||
Net income
|
3,781
|
3,781
|
||||||||||||||||||||||||||
Other comprehensive loss
|
(41
|
)
|
(41
|
)
|
||||||||||||||||||||||||
Purchase of treasury stock (1)
|
(21,071
|
)
|
(385
|
)
|
(385
|
)
|
||||||||||||||||||||||
Exercise of stock options
|
20,000
|
226
|
226
|
|||||||||||||||||||||||||
Distribution of restricted stock
|
86,500
|
—
|
||||||||||||||||||||||||||
Amortization of restricted stock
|
397
|
397
|
||||||||||||||||||||||||||
Stock options expense
|
333
|
333
|
||||||||||||||||||||||||||
Cash dividends (2)
|
(2,091
|
)
|
(2,091
|
)
|
||||||||||||||||||||||||
Balance at December 31, 2018
|
7,506,855
|
$
|
181
|
$
|
95,913
|
$
|
192,306
|
$
|
(165,892
|
)
|
$
|
169
|
$
|
122,677
|
Common
Stock
|
Additional |
Accumulated
Other
Comprehensive
|
||||||||||||||||||||||||||
Shares
|
Amount
|
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Income (Loss),
Net of Tax
|
Total
|
||||||||||||||||||||||
Balance at June 30, 2017
|
7,714,052
|
$
|
180
|
$
|
93,209
|
$
|
192,754
|
$
|
(158,142
|
)
|
$
|
229
|
$
|
128,230
|
||||||||||||||
Net loss
|
(1,002
|
)
|
(1,002
|
)
|
||||||||||||||||||||||||
Other comprehensive loss
|
(19
|
)
|
(19
|
)
|
||||||||||||||||||||||||
Purchase of treasury stock
|
(266,526
|
)
|
(5,152
|
)
|
(5,152
|
)
|
||||||||||||||||||||||
Exercise of stock options
|
27,250
|
261
|
261
|
|||||||||||||||||||||||||
Amortization of restricted stock
|
291
|
291
|
||||||||||||||||||||||||||
Forfeitures of restricted stock
|
17
|
(17
|
)
|
—
|
||||||||||||||||||||||||
Stock options expense
|
233
|
233
|
||||||||||||||||||||||||||
Cash dividends (1)
|
(2,142
|
)
|
(2,142
|
)
|
||||||||||||||||||||||||
Balance at December 31, 2017
|
7,474,776
|
$
|
180
|
$
|
94,011
|
$
|
189,610
|
$
|
(163,311
|
)
|
$
|
210
|
$
|
120,700
|
Six Months Ended
December 31,
|
||||||||
2018
|
2017
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
3,781
|
$
|
(1,002
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,664
|
1,582
|
||||||
(Recovery) provision for loan losses
|
(454
|
)
|
158
|
|||||
Recovery of losses on real estate owned
|
—
|
(552
|
)
|
|||||
Gain on sale of loans, net
|
(5,395
|
)
|
(9,164
|
)
|
||||
(Gain) loss on sale of real estate owned, net
|
(9
|
)
|
580
|
|||||
Stock-based compensation
|
730
|
524
|
||||||
Provision (benefit) for deferred income taxes
|
733
|
(79
|
)
|
|||||
(Decrease) increase in accounts payable, accrued interest and other liabilities
|
(482
|
)
|
3,278
|
|||||
Decrease (increase) in prepaid expenses and other assets
|
546
|
(306
|
)
|
|||||
Loans originated for sale
|
(342,738
|
)
|
(724,156
|
)
|
||||
Proceeds from sale of loans
|
386,778
|
753,571
|
||||||
Net cash provided by operating activities
|
45,154
|
24,434
|
||||||
Cash flows from investing activities:
|
||||||||
Decrease in loans held for investment, net
|
27,554
|
17,548
|
||||||
Maturity of investment securities held to maturity
|
200
|
—
|
||||||
Principal payments from investment securities held to maturity
|
15,782
|
10,837
|
||||||
Principal payments from investment securities available for sale
|
875
|
885
|
||||||
Purchase of investment securities held to maturity
|
(13,669
|
)
|
(38,511
|
)
|
||||
Proceeds from sale of real estate owned
|
915
|
1,587
|
||||||
Purchase of premises and equipment
|
(348
|
)
|
(1,589
|
)
|
||||
Net cash provided by (used for) investing activities
|
31,309
|
(9,243
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Decrease in deposits, net
|
(34,714
|
)
|
(18,733
|
)
|
||||
Repayments of short-term borrowings, net
|
(15,000
|
)
|
(15,000
|
)
|
||||
Repayments of long-term borrowings
|
(28
|
)
|
(37
|
)
|
||||
Exercise of stock options
|
226
|
261
|
||||||
Withholding taxes on stock based compensation
|
(413
|
)
|
(41
|
)
|
||||
Cash dividends
|
(2,091
|
)
|
(2,142
|
)
|
||||
Treasury stock purchases
|
(385
|
)
|
(5,152
|
)
|
||||
Net cash used for financing activities
|
(52,405
|
)
|
(40,844
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
24,058
|
(25,653
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
43,301
|
72,826
|
||||||
Cash and cash equivalents at end of period
|
$
|
67,359
|
$
|
47,173
|
||||
Supplemental information:
|
||||||||
Cash paid for interest
|
$
|
3,263
|
$
|
3,252
|
||||
Cash paid for income taxes
|
$
|
1,525
|
$
|
2,350
|
||||
Transfer of loans held for sale to held for investment
|
$
|
724
|
$
|
521
|
||||
Real estate acquired in the settlement of loans
|
$
|
—
|
$
|
700
|
(In Thousands, Except Earnings Per Share)
|
For the Quarters Ended
December 31, |
For the Six Months Ended
December 31, |
||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net income (loss) – numerator for basic earnings per share
and diluted earnings per share - available to common
stockholders
|
$
|
1,958
|
$
|
(777
|
)
|
$
|
3,781
|
$
|
(1,002
|
)
|
||||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings per share:
|
||||||||||||||||
Weighted-average shares
|
7,506
|
7,566
|
7,468
|
7,630
|
||||||||||||
Effect of dilutive shares:
|
||||||||||||||||
Stock options
|
89
|
—
|
90
|
—
|
||||||||||||
Restricted stock
|
7
|
—
|
21
|
—
|
||||||||||||
Denominator for diluted earnings per share:
|
||||||||||||||||
Adjusted weighted-average shares and assumed
conversions
|
7,602
|
7,566
|
7,579
|
7,630
|
||||||||||||
Basic (loss) earnings per share
|
$
|
0.26
|
$
|
(0.10
|
)
|
$
|
0.51
|
$
|
(0.13
|
)
|
||||||
Diluted (loss) earnings per share
|
$
|
0.26
|
$
|
(0.10
|
)
|
$
|
0.50
|
$
|
(0.13
|
)
|
For the Quarter Ended December 31, 2018
|
||||||||||||
(In Thousands)
|
Provident
Bank |
Provident
Bank Mortgage |
Consolidated
Totals |
|||||||||
Net interest income
|
$
|
9,525
|
$
|
306
|
$
|
9,831
|
||||||
Recovery from the allowance for loan losses
|
(217
|
)
|
—
|
(217
|
)
|
|||||||
Net interest income, after recovery from the allowance for loan losses
|
9,742
|
306
|
10,048
|
|||||||||
Non-interest income:
|
||||||||||||
Loan servicing and other fees (1)
|
(149
|
)
|
426
|
277
|
||||||||
Gain on sale of loans, net (2)
|
—
|
2,263
|
2,263
|
|||||||||
Deposit account fees
|
509
|
—
|
509
|
|||||||||
Loss on sale and operations of real estate owned
acquired in the settlement of loans, net
|
(7
|
)
|
—
|
(7
|
)
|
|||||||
Card and processing fees
|
392
|
—
|
392
|
|||||||||
Other
|
161
|
—
|
161
|
|||||||||
Total non-interest income
|
906
|
2,689
|
3,595
|
|||||||||
Non-interest expense:
|
||||||||||||
Salaries and employee benefits
|
4,300
|
2,911
|
7,211
|
|||||||||
Premises and occupancy
|
897
|
377
|
1,274
|
|||||||||
Operating and administrative expenses
|
1,067
|
1,323
|
2,390
|
|||||||||
Total non-interest expense
|
6,264
|
4,611
|
10,875
|
|||||||||
Income (loss) before income taxes
|
4,384
|
(1,616
|
)
|
2,768
|
||||||||
Provision (benefit) for income taxes
|
1,287
|
(477
|
)
|
810
|
||||||||
Net income (loss)
|
$
|
3,097
|
$
|
(1,139
|
)
|
$
|
1,958
|
|||||
Total assets, end of period
|
$
|
1,069,379
|
$
|
57,791
|
$
|
1,127,170
|
(1)
|
Includes an inter-company charge of $258 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment.
|
(2)
|
Includes an inter-company charge of $14 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
|
For the Quarter Ended December 31, 2017
|
||||||||||||
(In Thousands)
|
Provident
Bank |
Provident
Bank Mortgage |
Consolidated
Totals |
|||||||||
Net interest income
|
$
|
8,217
|
$
|
534
|
$
|
8,751
|
||||||
Recovery from the allowance for loan losses
|
(11
|
)
|
—
|
(11
|
)
|
|||||||
Net interest income, after recovery from the allowance for loan losses
|
8,228
|
534
|
8,762
|
|||||||||
Non-interest income:
|
||||||||||||
Loan servicing and other fees (1)
|
108
|
209
|
317
|
|||||||||
Gain on sale of loans, net (2)
|
22
|
4,295
|
4,317
|
|||||||||
Deposit account fees
|
536
|
—
|
536
|
|||||||||
Loss on sale and operations of real estate owned
acquired in the settlement of loans, net
|
(22
|
)
|
—
|
(22
|
)
|
|||||||
Card and processing fees
|
373
|
—
|
373
|
|||||||||
Other
|
220
|
—
|
220
|
|||||||||
Total non-interest income
|
1,237
|
4,504
|
5,741
|
|||||||||
Non-interest expense:
|
||||||||||||
Salaries and employee benefits
|
4,449
|
4,184
|
8,633
|
|||||||||
Premises and occupancy
|
822
|
438
|
1,260
|
|||||||||
Operating and administrative expenses (3)
|
1,189
|
2,131
|
3,320
|
|||||||||
Total non-interest expense
|
6,460
|
6,753
|
13,213
|
|||||||||
Income (loss) before income taxes
|
3,005
|
(1,715
|
)
|
1,290
|
||||||||
Provision (benefit) for income taxes (4)
|
2,532
|
(465
|
)
|
2,067
|
||||||||
Net income (loss)
|
$
|
473
|
$
|
(1,250
|
)
|
$
|
(777
|
)
|
||||
Total assets, end of period
|
$
|
1,065,204
|
$
|
96,927
|
$
|
1,162,131
|
(1)
|
Includes an inter-company charge of $99 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment.
|
(2)
|
Includes an inter-company charge of $79 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
|
(3)
|
Includes $650,000 of litigation settlement expense for the second quarter of fiscal 2018, all of which was allocated to PBM.
|
(4)
|
Includes a net tax charge of $1.8 million resulting from the revaluation of net deferred tax assets consistent with the Tax Cuts and Jobs Act for the quarter ended December 31, 2017.
|
For the Six Months Ended December 31, 2018
|
||||||||||||
(In Thousands)
|
Provident
Bank |
Provident
Bank Mortgage |
Consolidated
Totals |
|||||||||
Net interest income
|
$
|
18,525
|
$
|
663
|
$
|
19,188
|
||||||
(Recovery) provision for loan losses
|
(549
|
)
|
95
|
(454
|
)
|
|||||||
Net interest income, after (recovery) provision for loan losses
|
19,074
|
568
|
19,642
|
|||||||||
Non-interest income:
|
||||||||||||
Loan servicing and other fees (1)
|
(16
|
)
|
617
|
601
|
||||||||
Gain on sale of loans, net (2)
|
34
|
5,361
|
5,395
|
|||||||||
Deposit account fees
|
1,014
|
—
|
1,014
|
|||||||||
Loss on sale and operations of real estate owned
acquired in the settlement of loans, net
|
(6
|
)
|
—
|
(6
|
)
|
|||||||
Card and processing fees
|
790
|
—
|
790
|
|||||||||
Other
|
350
|
—
|
350
|
|||||||||
Total non-interest income
|
2,166
|
5,978
|
8,144
|
|||||||||
Non-interest expense:
|
||||||||||||
Salaries and employee benefits
|
9,136
|
6,325
|
15,461
|
|||||||||
Premises and occupancy
|
1,805
|
814
|
2,619
|
|||||||||
Operating and administrative expenses
|
1,993
|
2,506
|
4,499
|
|||||||||
Total non-interest expense
|
12,934
|
9,645
|
22,579
|
|||||||||
Income (loss) before income taxes
|
8,306
|
(3,099
|
)
|
5,207
|
||||||||
Provision (benefit) for income taxes
|
2,342
|
(916
|
)
|
1,426
|
||||||||
Net income (loss)
|
$
|
5,964
|
$
|
(2,183
|
)
|
$
|
3,781
|
|||||
Total assets, end of period
|
$
|
1,069,379
|
$
|
57,791
|
$
|
1,127,170
|
(1)
|
Includes an inter-company charge of $426 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment.
|
(2)
|
Includes an inter-company charge of $20 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
|
For the Six Months Ended December 31, 2017
|
||||||||||||
(In Thousands)
|
Provident
Bank |
Provident
Bank Mortgage |
Consolidated
Totals |
|||||||||
Net interest income
|
$
|
16,767
|
$
|
1,102
|
$
|
17,869
|
||||||
Provision for loan losses
|
158
|
—
|
158
|
|||||||||
Net interest income, after provision for loan losses
|
16,609
|
1,102
|
17,711
|
|||||||||
Non-interest income:
|
||||||||||||
Loan servicing and other fees (1)
|
155
|
525
|
680
|
|||||||||
Gain on sale of loans, net (2)
|
22
|
9,142
|
9,164
|
|||||||||
Deposit account fees
|
1,094
|
—
|
1,094
|
|||||||||
Loss on sale and operations of real estate owned
acquired in the settlement of loans, net
|
(62
|
)
|
—
|
(62
|
)
|
|||||||
Card and processing fees
|
754
|
—
|
754
|
|||||||||
Other
|
463
|
—
|
463
|
|||||||||
Total non-interest income
|
2,426
|
9,667
|
12,093
|
|||||||||
Non-interest expense:
|
||||||||||||
Salaries and employee benefits
|
8,951
|
8,951
|
17,902
|
|||||||||
Premises and occupancy
|
1,649
|
925
|
2,574
|
|||||||||
Operating and administrative expenses (3)
|
3,440
|
5,031
|
8,471
|
|||||||||
Total non-interest expense
|
14,040
|
14,907
|
28,947
|
|||||||||
Income (loss) before income taxes
|
4,995
|
(4,138
|
)
|
857
|
||||||||
Provision (benefit) for income taxes (4)
|
3,343
|
(1,484
|
)
|
1,859
|
||||||||
Net income (loss)
|
$
|
1,652
|
$
|
(2,654
|
)
|
$
|
(1,002
|
)
|
||||
Total assets, end of period
|
$
|
1,065,204
|
$
|
96,927
|
$
|
1,162,131
|
(1)
|
Includes an inter-company charge of $339 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment.
|
(2)
|
Includes an inter-company charge of $138 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
|
(3)
|
Includes $3.4 million of litigation settlement expense for the first six months of fiscal 2018, of which $2.1 million was allocated to PBM.
|
(4)
|
Includes a net tax charge of $1.8 million resulting from the revaluation of net deferred tax assets consistent with the Tax Cuts and Jobs Act for the six months ended December 31, 2017.
|
December 31, 2018
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
(Losses)
|
Estimated
Fair
Value
|
Carrying
Value
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Held to maturity:
|
||||||||||||||||||||
U.S. government sponsored enterprise MBS (1)
|
$
|
81,451
|
$
|
369
|
$
|
(285
|
)
|
$
|
81,535
|
$
|
81,451
|
|||||||||
U.S. SBA securities (2)
|
2,939
|
—
|
(18
|
)
|
2,921
|
2,939
|
||||||||||||||
Certificate of deposits
|
600
|
—
|
—
|
600
|
600
|
|||||||||||||||
Total investment securities - held to maturity
|
$
|
84,990
|
$
|
369
|
$
|
(303
|
)
|
$
|
85,056
|
$
|
84,990
|
|||||||||
Available for sale:
|
||||||||||||||||||||
U.S. government agency MBS
|
$
|
3,824
|
$
|
118
|
$
|
—
|
$
|
3,942
|
$
|
3,942
|
||||||||||
U.S. government sponsored enterprise MBS
|
2,213
|
98
|
—
|
2,311
|
2,311
|
|||||||||||||||
Private issue CMO (3)
|
307
|
3
|
—
|
310
|
310
|
|||||||||||||||
Total investment securities - available for sale
|
$
|
6,344
|
$
|
219
|
$
|
—
|
$
|
6,563
|
$
|
6,563
|
||||||||||
Total investment securities
|
$
|
91,334
|
$
|
588
|
$
|
(303
|
)
|
$
|
91,619
|
$
|
91,553
|
(1)
|
Mortgage-Backed Securities ("MBS").
|
(2)
|
Small Business Administration ("SBA").
|
(3)
|
Collateralized Mortgage Obligations ("CMO").
|
June 30, 2018
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
(Losses)
|
Estimated
Fair
Value
|
Carrying
Value
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Held to maturity:
|
||||||||||||||||||||
U.S. government sponsored enterprise MBS
|
$
|
84,227
|
$
|
203
|
$
|
(762
|
)
|
$
|
83,668
|
$
|
84,227
|
|||||||||
U.S. SBA securities
|
2,986
|
—
|
(15
|
)
|
2,971
|
2,986
|
||||||||||||||
Certificate of deposits
|
600
|
—
|
—
|
600
|
600
|
|||||||||||||||
Total investment securities - held to maturity
|
$
|
87,813
|
$
|
203
|
$
|
(777
|
)
|
$
|
87,239
|
$
|
87,813
|
|||||||||
Available for sale:
|
||||||||||||||||||||
U.S. government agency MBS
|
$
|
4,234
|
$
|
150
|
$
|
—
|
$
|
4,384
|
$
|
4,384
|
||||||||||
U.S. government sponsored enterprise MBS
|
2,640
|
122
|
—
|
2,762
|
2,762
|
|||||||||||||||
Private issue CMO
|
346
|
4
|
—
|
350
|
350
|
|||||||||||||||
Total investment securities - available for sale
|
$
|
7,220
|
$
|
276
|
$
|
—
|
$
|
7,496
|
$
|
7,496
|
||||||||||
Total investment securities
|
$
|
95,033
|
$
|
479
|
$
|
(777
|
)
|
$
|
94,735
|
$
|
95,309
|
As of December 31, 2018
|
Unrealized Holding
Losses
|
Unrealized Holding
Losses
|
Unrealized Holding
Losses
|
|||||||||||||||||||||
(In Thousands)
|
Less Than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Description of Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
Held to maturity:
|
||||||||||||||||||||||||
U.S. government sponsored enterprise MBS
|
$
|
—
|
$
|
—
|
$
|
37,363
|
$
|
285
|
$
|
37,363
|
$
|
285
|
||||||||||||
U.S. SBA securities
|
2,914
|
18
|
—
|
—
|
2,914
|
18
|
||||||||||||||||||
Total investment securities
|
$
|
2,914
|
$
|
18
|
$
|
37,363
|
$
|
285
|
$
|
40,277
|
$
|
303
|
As of June 30, 2018
|
Unrealized Holding
Losses
|
Unrealized Holding
Losses
|
Unrealized Holding
Losses
|
|||||||||||||||||||||
(In Thousands)
|
Less Than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Description of Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
Held to maturity:
|
||||||||||||||||||||||||
U.S. government sponsored enterprise MBS
|
$
|
47,045
|
$
|
762
|
$
|
—
|
$
|
—
|
$
|
47,045
|
$
|
762
|
||||||||||||
U.S. SBA securities
|
2,964
|
15
|
—
|
—
|
2,964
|
15
|
||||||||||||||||||
Total investment securities
|
$
|
50,009
|
$
|
777
|
$
|
—
|
$
|
—
|
$
|
50,009
|
$
|
777
|
December 31, 2018
|
June 30, 2018
|
|||||||||||||||
(In Thousands)
|
Amortized
Cost |
Estimated
Fair Value |
Amortized
Cost |
Estimated
Fair Value |
||||||||||||
Held to maturity:
|
||||||||||||||||
Due in one year or less
|
$
|
600
|
$
|
600
|
$
|
600
|
$
|
600
|
||||||||
Due after one through five years
|
35,169
|
34,918
|
24,961
|
24,569
|
||||||||||||
Due after five through ten years
|
17,537
|
17,689
|
22,847
|
22,477
|
||||||||||||
Due after ten years
|
31,684
|
31,849
|
39,405
|
39,593
|
||||||||||||
Total investment securities - held to maturity
|
$
|
84,990
|
$
|
85,056
|
$
|
87,813
|
$
|
87,239
|
||||||||
Available for sale:
|
||||||||||||||||
Due in one year or less
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Due after one through five years
|
—
|
—
|
—
|
—
|
||||||||||||
Due after five through ten years
|
—
|
—
|
—
|
—
|
||||||||||||
Due after ten years
|
6,344
|
6,563
|
7,220
|
7,496
|
||||||||||||
Total investment securities - available for sale
|
$
|
6,344
|
$
|
6,563
|
$
|
7,220
|
$
|
7,496
|
||||||||
Total investment securities
|
$
|
91,334
|
$
|
91,619
|
$
|
95,033
|
$
|
94,735
|
(In Thousands)
|
December 31,
2018 |
June 30,
2018 |
||||||
Mortgage loans:
|
||||||||
Single-family
|
$
|
312,499
|
$
|
314,808
|
||||
Multi-family
|
447,033
|
476,008
|
||||||
Commercial real estate
|
112,830
|
109,726
|
||||||
Construction (1)
|
3,986
|
3,174
|
||||||
Other
|
167
|
167
|
||||||
Commercial business loans (2)
|
455
|
500
|
||||||
Consumer loans (3)
|
103
|
109
|
||||||
Total loans held for investment, gross
|
877,073
|
904,492
|
||||||
Advance payments of escrows
|
95
|
18
|
||||||
Deferred loan costs, net
|
5,306
|
5,560
|
||||||
Allowance for loan losses
|
(7,061
|
)
|
(7,385
|
)
|
||||
Total loans held for investment, net
|
$
|
875,413
|
$
|
902,685
|
(1)
|
Net of $5.7 million and $4.3 million of undisbursed loan funds as of December 31, 2018 and June 30, 2018, respectively
|
(2)
|
Net of $1.5 million and $495 of undisbursed lines of credit as of December 31, 2018 and June 30, 2018, respectively.
|
(3)
|
Net of $487 and $503 of undisbursed lines of credit as of December 31, 2018 and June 30, 2018, respectively.
|
Adjustable Rate
|
||||||||||||||||||||||||
(In Thousands)
|
Within One
Year
|
After
One Year Through 3 Years
|
After
3 Years Through 5 Years
|
After
5 Years Through 10 Years
|
Fixed Rate
|
Total
|
||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||||||
Single-family
|
$
|
105,981
|
$
|
31,216
|
$
|
100,552
|
$
|
63,034
|
$
|
11,716
|
$
|
312,499
|
||||||||||||
Multi-family
|
129,858
|
162,154
|
142,177
|
12,642
|
202
|
447,033
|
||||||||||||||||||
Commercial real estate
|
41,376
|
35,953
|
35,008
|
—
|
493
|
112,830
|
||||||||||||||||||
Construction
|
2,600
|
—
|
—
|
—
|
1,386
|
3,986
|
||||||||||||||||||
Other
|
—
|
—
|
—
|
—
|
167
|
167
|
||||||||||||||||||
Commercial business loans
|
57
|
—
|
—
|
—
|
398
|
455
|
||||||||||||||||||
Consumer loans
|
103
|
—
|
—
|
—
|
—
|
103
|
||||||||||||||||||
Total loans held for investment,
gross
|
$
|
279,975
|
$
|
229,323
|
$
|
277,737
|
$
|
75,676
|
$
|
14,362
|
$
|
877,073
|
▪
|
Pass - These loans range from minimal credit risk to average, but still acceptable, credit risk. The likelihood of loss is considered remote.
|
▪
|
Special Mention - A special mention loan has potential weaknesses that may be temporary or, if left uncorrected, may result in a loss. While concerns exist, the bank is currently protected and loss is considered unlikely and not imminent.
|
▪
|
Substandard - A substandard loan is inadequately protected by the current sound net worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that may jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.
|
▪
|
Doubtful - A doubtful loan has all of the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable.
|
▪
|
Loss - A loss loan is considered uncollectible and of such little value that continuance as an asset of the institution is not warranted.
|
December 31, 2018 | ||||||||||||||||||||||||||||||||
(In Thousands)
|
Single-
family
|
Multi-
family
|
Commercial
Real Estate
|
Construction
|
Other
Mortgage
|
Commercial
Business
|
Consumer
|
Total
|
||||||||||||||||||||||||
Pass
|
$
|
303,973
|
$
|
443,127
|
$
|
122,830
|
$
|
3,241
|
$
|
167
|
$
|
399
|
$
|
103
|
$
|
863,80
|
||||||||||||||||
Special Mention
|
1,400
|
3,906
|
—
|
—
|
—
|
—
|
5,306
|
|||||||||||||||||||||||||
Substandard
|
7,126
|
—
|
—
|
745
|
—
|
56
|
—
|
7,927
|
||||||||||||||||||||||||
Total loans held for
investment, gross
|
$
|
312,499
|
$
|
447,033
|
$
|
112,830
|
$
|
3,986
|
$
|
167
|
$
|
455
|
$
|
103
|
$
|
877,073
|
June 30, 2018 | ||||||||||||||||||||||||||||||||
(In Thousands)
|
Single-
family
|
Multi-
family
|
Commercial
Real Estate
|
Construction
|
Other
Mortgage
|
Commercial
Business
|
Consumer |
Total
|
||||||||||||||||||||||||
Pass
|
$
|
304,619
|
$
|
472,061
|
$
|
108,786
|
$
|
3,174
|
$
|
167
|
$
|
430
|
$
|
109
|
$
|
889,346
|
||||||||||||||||
Special Mention
|
2,548
|
3,947
|
940
|
—
|
—
|
—
|
—
|
7,435
|
||||||||||||||||||||||||
Substandard
|
7,641
|
—
|
—
|
—
|
—
|
70
|
—
|
7,711
|
||||||||||||||||||||||||
Total loans held for
investment, gross
|
$
|
314,808
|
$
|
476 008
|
$
|
109,726
|
$
|
3,174
|
$
|
167
|
$
|
500
|
$
|
109
|
$
|
904,492
|
(In Thousands)
|
December 31, 2018
|
June 30, 2018 | ||||||
Collectively evaluated for impairment:
|
||||||||
Mortgage loans:
|
||||||||
Single-family
|
$
|
2,520
|
$
|
2,632
|
||||
Multi-family
|
3,280
|
3,492
|
||||||
Commercial real estate
|
1,019
|
1,030
|
||||||
Construction
|
48
|
47
|
||||||
Other
|
3
|
3
|
||||||
Commercial business loans
|
17
|
18
|
||||||
Consumer loans
|
6
|
6
|
||||||
Total collectively evaluated allowance
|
6,893
|
7,228
|
||||||
Individually evaluated for impairment:
|
||||||||
Mortgage loans:
|
||||||||
Single-family
|
159
|
151
|
||||||
Commercial business loans
|
9
|
6
|
||||||
Total individually evaluated allowance
|
168
|
157
|
||||||
Total loan loss allowance
|
$
|
7,061
|
$
|
7,385
|
For the Quarters Ended
December 31, |
For the Six Months Ended
December 31, |
|||||||||||||||
(Dollars in Thousands)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Allowance at beginning of period
|
$
|
7,155
|
$
|
8,063
|
$
|
7,385
|
$
|
8,039
|
||||||||
(Recovery) provision for loan losses
|
(217
|
)
|
(11
|
)
|
(454
|
)
|
158
|
|||||||||
Recoveries:
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
123
|
48
|
155
|
132
|
||||||||||||
Consumer loans
|
—
|
—
|
1
|
—
|
||||||||||||
Total recoveries
|
123
|
48
|
156
|
132
|
||||||||||||
Charge-offs:
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
—
|
(25
|
)
|
(25
|
)
|
(254
|
)
|
|||||||||
Consumer loans
|
—
|
—
|
(1
|
)
|
—
|
|||||||||||
Total charge-offs
|
—
|
(25
|
)
|
(26
|
)
|
(254
|
)
|
|||||||||
Net recoveries (charge-offs)
|
123
|
23
|
130
|
(122
|
)
|
|||||||||||
Balance at end of period
|
$
|
7,061
|
$
|
8,075
|
$
|
7,061
|
$
|
8,075
|
||||||||
Allowance for loan losses as a percentage of gross
loans held for investment at the end of the period
|
0.80
|
%
|
0.90
|
%
|
0.80
|
%
|
0.90
|
%
|
||||||||
Net (recoveries) charge-offs as a percentage of average
loans receivable, net, during the period (annualized)
|
(0.05
|
)%
|
(0.01
|
)%
|
(0.03
|
)%
|
0.02
|
%
|
December 31, 2018
|
||||||||||||||||
(In Thousands)
|
Current
|
30-89 Days
Past Due
|
Non-Accrual (1)
|
Total Loans
Held for
Investment, Gross
|
||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
$
|
306,873
|
$
|
—
|
$
|
5,626
|
$
|
312,499
|
||||||||
Multi-family
|
447,033
|
—
|
—
|
447,033
|
||||||||||||
Commercial real estate
|
112,830
|
—
|
—
|
112,830
|
||||||||||||
Construction
|
3,241
|
—
|
745
|
3,986
|
||||||||||||
Other
|
167
|
—
|
—
|
167
|
||||||||||||
Commercial business loans
|
399
|
—
|
56
|
455
|
||||||||||||
Consumer loans
|
101
|
2
|
—
|
103
|
||||||||||||
Total loans held for investment, gross
|
$
|
870,644
|
$
|
2
|
$
|
6,427
|
$
|
877,073
|
June 30, 2018
|
||||||||||||||||
(In Thousands)
|
Current
|
30-89 Days
Past Due
|
Non-Accrual (1)
|
Total Loans Held for Investment, Gross
|
||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
$
|
307,863
|
$
|
804
|
$
|
6,141
|
$
|
314,808
|
||||||||
Multi-family
|
476,008
|
—
|
—
|
476,008
|
||||||||||||
Commercial real estate
|
109,726
|
—
|
—
|
109,726
|
||||||||||||
Construction
|
3,174
|
—
|
—
|
3,174
|
||||||||||||
Other
|
167
|
—
|
—
|
167
|
||||||||||||
Commercial business loans
|
430
|
—
|
70
|
500
|
||||||||||||
Consumer loans
|
108
|
1
|
—
|
109
|
||||||||||||
Total loans held for investment, gross
|
$
|
897,476
|
$
|
805
|
$
|
6,211
|
$
|
904,492
|
Quarter Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
(In Thousands)
|
Single-
family
|
Multi-
family
|
Commercial
Real Estate
|
Construction
|
Other
|
Commercial
Business
|
Consumer
|
Total
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Allowance at beginning of
period
|
$
|
2,741
|
$
|
3,336
|
$
|
1,012
|
$
|
38
|
$
|
3
|
$
|
19
|
$
|
6
|
$
|
7,155
|
||||||||||||||||
(Recovery) provision for loan
losses
|
(185
|
)
|
(56
|
)
|
7
|
10
|
—
|
|
7
|
—
|
(217
|
)
|
||||||||||||||||||||
Recoveries
|
123
|
—
|
—
|
—
|
—
|
—
|
—
|
123
|
||||||||||||||||||||||||
Charge-offs
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Allowance for loan losses,
end of period
|
$
|
2,679
|
$
|
3,280
|
$
|
1,019
|
$
|
48
|
$
|
3
|
$
|
26
|
$
|
6
|
$
|
7,061
|
||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for
impairment
|
$
|
159
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
9
|
$
|
—
|
$
|
168
|
||||||||||||||||
Collectively evaluated for
impairment
|
2,520
|
3,280
|
1,019
|
48
|
3
|
17
|
6
|
6,893
|
||||||||||||||||||||||||
Allowance for loan losses,
end of period
|
$
|
2,679
|
$
|
3,280
|
$
|
1,019
|
$
|
48
|
$
|
3
|
$
|
26
|
$
|
6
|
$
|
7,061
|
||||||||||||||||
Loans held for investment:
|
||||||||||||||||||||||||||||||||
Individually evaluated for
impairment
|
$
|
5,817
|
$
|
—
|
$
|
—
|
$
|
745
|
$
|
—
|
$
|
56
|
$
|
—
|
$
|
6,618
|
||||||||||||||||
Collectively evaluated for
impairment
|
306,682
|
447,033
|
112,830
|
3,241
|
167
|
399
|
103
|
870,455
|
||||||||||||||||||||||||
Total loans held for investment,
gross
|
$
|
312,499
|
$
|
447,033
|
$
|
112,830
|
$
|
3,986
|
$
|
167
|
$
|
455
|
$
|
103
|
$
|
877,073
|
||||||||||||||||
Allowance for loan losses as
a percentage of gross loans
held for investment
|
0.86
|
%
|
0.73
|
%
|
0.90
|
%
|
1.20
|
%
|
1.80
|
%
|
5.71
|
%
|
5.83
|
%
|
0.80
|
%
|
Quarter Ended December 31, 2017
|
||||||||||||||||||||||||||||
(In Thousands)
|
Single-
family
|
Multi-
family
|
Commercial
Real Estate
|
Construction
|
Commercial
Business
|
Consumer
|
Total
|
|||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Allowance at beginning of
period
|
$
|
3,579
|
$
|
3,431
|
$
|
875
|
$
|
140
|
$
|
31
|
$
|
7
|
$
|
8,063
|
||||||||||||||
(Recovery) provision for loan
losses
|
(299
|
)
|
(136
|
)
|
58
|
364
|
1
|
1
|
(11
|
)
|
||||||||||||||||||
Recoveries
|
48
|
—
|
—
|
—
|
—
|
—
|
48
|
|||||||||||||||||||||
Charge-offs
|
(25
|
)
|
—
|
—
|
—
|
—
|
—
|
(25
|
)
|
|||||||||||||||||||
Allowance for loan
losses, end of period
|
$
|
3,303
|
$
|
3,295
|
$
|
933
|
$
|
504
|
$
|
32
|
$
|
8
|
$
|
8,075
|
||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Individually evaluated for
impairment
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
15
|
$
|
—
|
$
|
15
|
||||||||||||||
Collectively evaluated for
impairment
|
3,303
|
3,295
|
933
|
504
|
17
|
8
|
8,060
|
|||||||||||||||||||||
Allowance for loan
losses, end of period
|
$
|
3,303
|
$
|
3,295
|
$
|
933
|
$
|
504
|
$
|
32
|
$
|
8
|
$
|
8,075
|
||||||||||||||
Loans held for investment:
|
||||||||||||||||||||||||||||
Individually evaluated for
impairment
|
$
|
7,038
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
76
|
$
|
—
|
$
|
7,114
|
||||||||||||||
Collectively evaluated for
impairment
|
306,799
|
463,786
|
103,366
|
7,072
|
402
|
144
|
881,569
|
|||||||||||||||||||||
Total loans held for
investment, gross
|
$
|
313,837
|
$
|
463,786
|
$
|
103,366
|
$
|
7,072
|
$
|
478
|
$
|
144
|
$
|
888,683
|
||||||||||||||
Allowance for loan losses as
a percentage of gross loans
held for investment
|
1.05
|
%
|
0.71
|
%
|
0.90
|
%
|
7.13
|
%
|
6.69
|
%
|
5.56
|
%
|
0.90
|
%
|
Six Months Ended December 31, 2018 | ||||||||||||||||||||||||||||||||
(In Thousands)
|
Single-
family
|
Multi-
family
|
Commercial
Real Estate
|
Construction
|
Other
|
Commercial
Business
|
Consumer
|
Total | ||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Allowance at beginning of period
|
$
|
2,783
|
$
|
3,492
|
$
|
1,030
|
$
|
47
|
$
|
$ 3
|
$
|
24
|
$
|
6
|
$
|
7,385
|
||||||||||||||||
(Recovery) provision for loan losses
|
(234
|
)
|
(212
|
)
|
(11
|
)
|
1
|
—
|
2
|
—
|
(454
|
)
|
||||||||||||||||||||
Recoveries
|
155
|
—
|
—
|
—
|
—
|
—
|
1
|
156
|
||||||||||||||||||||||||
Charge-offs
|
(25
|
)
|
—
|
—
|
—
|
—
|
—
|
(1
|
)
|
(26
|
)
|
|||||||||||||||||||||
Allowance for loan losses,
end of period
|
$
|
2,679
|
$
|
3,280
|
$
|
1,019
|
$
|
48
|
$
|
$ 3
|
$
|
26
|
$
|
6
|
$
|
7,061
|
||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
159
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
$ —
|
$
|
9
|
$
|
—
|
$
|
168
|
||||||||||||||||
Collectively evaluated for impairment
|
2,520
|
3,280
|
1,019
|
48
|
3
|
17
|
6
|
6,893
|
||||||||||||||||||||||||
Allowance for loan losses,
end of period
|
$
|
2,679
|
$
|
3,280
|
$
|
1,019
|
$
|
48
|
$
|
$ 3
|
$
|
26
|
$
|
6
|
$
|
7,061
|
||||||||||||||||
Loans held for investment:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
5,817
|
$
|
—
|
$
|
—
|
$
|
745
|
$
|
$ —
|
$
|
56
|
$
|
—
|
$
|
6,618
|
||||||||||||||||
Collectively evaluated for
impairment
|
306,682
|
447,033
|
112,830
|
3,241
|
167
|
399
|
103
|
870,455
|
||||||||||||||||||||||||
Total loans held for investment,
gross
|
$
|
312,499
|
$
|
447,033
|
$
|
112,830
|
$
|
3,986
|
$
|
167
|
$
|
455
|
$
|
103
|
$
|
877,073
|
||||||||||||||||
Allowance for loan losses as
a percentage of gross loans
held for investment
|
0.86
|
%
|
0.73
|
%
|
0.90
|
%
|
1.20
|
%
|
1.80
|
%
|
5.71
|
%
|
5.83
|
%
|
0.80
|
%
|
Six Months Ended December 31, 2017
|
||||||||||||||||||||||||||||
(In Thousands)
|
Single-
family
|
Multi-
family
|
Commercial
Real Estate
|
Construction
|
Commercial
Business
|
Consumer
|
Total
|
|||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Allowance at beginning of
period
|
$
|
3,601
|
$
|
3,420
|
$
|
879
|
$
|
96
|
$
|
36
|
$
|
7
|
$
|
8,039
|
||||||||||||||
(Recovery) provision for
loan losses
|
(176
|
)
|
(125
|
)
|
54
|
408
|
(4
|
)
|
1
|
158
|
||||||||||||||||||
Recoveries
|
132
|
—
|
—
|
—
|
—
|
—
|
132
|
|||||||||||||||||||||
Charge-offs
|
(254
|
)
|
—
|
—
|
—
|
—
|
—
|
(254
|
)
|
|||||||||||||||||||
Allowance for loan
losses, end of period
|
$
|
3,303
|
$
|
3,295
|
$
|
933
|
$
|
504
|
$
|
32
|
$
|
8
|
$
|
8,075
|
||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Individually evaluated for
impairment
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
15
|
$
|
—
|
$
|
15
|
||||||||||||||
Collectively evaluated for
impairment
|
3,303
|
3,295
|
933
|
504
|
17
|
8
|
8,060
|
|||||||||||||||||||||
Allowance for loan
losses, end of period
|
$
|
3,303
|
$
|
3,295
|
$
|
933
|
$
|
504
|
$
|
32
|
$
|
8
|
$
|
8,075
|
||||||||||||||
Loans held for investment:
|
||||||||||||||||||||||||||||
Individually evaluated for
impairment
|
$
|
7,038
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
76
|
$
|
—
|
$
|
7,114
|
||||||||||||||
Collectively evaluated for
impairment
|
306,799
|
463,786
|
103,366
|
7,072
|
402
|
144
|
881,569
|
|||||||||||||||||||||
Total loans held for
investment, gross
|
$
|
313,837
|
$
|
463,786
|
$
|
103,366
|
$
|
7,072
|
$
|
478
|
$
|
144
|
$
|
888,683
|
||||||||||||||
Allowance for loan losses
as a percentage of gross
loans held for investment
|
1.05
|
%
|
0.71
|
%
|
0.90
|
%
|
7.13
|
%
|
6.69
|
%
|
5.56
|
%
|
0.90
|
%
|
At December 31, 2018
|
||||||||||||||||||||
Unpaid
|
Net
|
|||||||||||||||||||
Principal
|
Related
|
Recorded
|
Recorded
|
|||||||||||||||||
(In Thousands)
|
Balance
|
Charge-offs
|
Investment
|
Allowance (1)
|
Investment
|
|||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
Single-family:
|
||||||||||||||||||||
With a related allowance
|
$
|
2,856
|
$
|
—
|
$
|
2,856
|
$
|
(393
|
)
|
$
|
2,463
|
|||||||||
Without a related allowance (2)
|
3,368
|
(561
|
)
|
2,807
|
—
|
2,807
|
||||||||||||||
Total single-family
|
6,224
|
(561
|
)
|
5,663
|
(393
|
)
|
5,270
|
|||||||||||||
Construction:
|
||||||||||||||||||||
Without a related allowance (3)
|
745
|
—
|
745
|
—
|
745
|
|||||||||||||||
Total construction
|
745
|
—
|
745
|
—
|
745
|
|||||||||||||||
Commercial business loans:
|
||||||||||||||||||||
With a related allowance
|
56
|
—
|
56
|
(9
|
)
|
47
|
||||||||||||||
Total commercial business loans
|
56
|
—
|
56
|
(9
|
)
|
47
|
||||||||||||||
Total non-performing loans
|
$
|
7,025
|
$
|
(561
|
)
|
$
|
6,464
|
$
|
(402
|
)
|
$
|
6,062
|
At June 30, 2018
|
||||||||||||||||||||
Unpaid
|
Net
|
|||||||||||||||||||
Principal
|
Related
|
Recorded
|
Recorded
|
|||||||||||||||||
(In Thousands)
|
Balance
|
Charge-offs
|
Investment
|
Allowance (1)
|
Investment
|
|||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
Single-family:
|
||||||||||||||||||||
With a related allowance
|
$
|
1,333
|
$
|
—
|
$
|
1,333
|
$
|
(185
|
)
|
$
|
1,148
|
|||||||||
Without a related allowance (2)
|
5,569
|
(724
|
)
|
4,845
|
—
|
4,845
|
||||||||||||||
Total single-family
|
6,902
|
(724
|
)
|
6,178
|
(185
|
)
|
5,993
|
|||||||||||||
Commercial business loans:
|
||||||||||||||||||||
With a related allowance
|
70
|
—
|
70
|
(6
|
)
|
64
|
||||||||||||||
Total commercial business loans
|
70
|
—
|
70
|
(6
|
)
|
64
|
||||||||||||||
Total non-performing loans
|
$
|
6,972
|
$
|
(724
|
)
|
$
|
6,248
|
$
|
(191
|
)
|
$
|
6,057
|
Quarter Ended December 31,
|
||||||||||||||||
2018
|
2017
|
|||||||||||||||
Average
|
Interest
|
Average
|
Interest
|
|||||||||||||
Recorded
|
Income
|
Recorded
|
Income
|
|||||||||||||
(In Thousands)
|
Investment
|
Recognized
|
Investment
|
Recognized
|
||||||||||||
Without related allowances:
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
$
|
3,326
|
$
|
189
|
$
|
7,301
|
$
|
—
|
||||||||
Construction
|
745
|
—
|
—
|
—
|
||||||||||||
4,071
|
189
|
7,301
|
—
|
|||||||||||||
With related allowances:
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
2,487
|
36
|
786
|
8
|
||||||||||||
Commercial business loans
|
60
|
1
|
76
|
2
|
||||||||||||
2,547
|
37
|
862
|
10
|
|||||||||||||
Total
|
$
|
6,618
|
$
|
226
|
$
|
8,163
|
$
|
10
|
Six Months Ended December 31,
|
||||||||||||||||
2018
|
2017
|
|||||||||||||||
Average
|
Interest
|
Average
|
Interest
|
|||||||||||||
Recorded
|
Income
|
Recorded
|
Income
|
|||||||||||||
(In Thousands) |
Investment
|
Recognized
|
Investment
|
Recognized
|
||||||||||||
Without related allowances:
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
$
|
3,963
|
$
|
229
|
$
|
7,659
|
$
|
135
|
||||||||
Commercial real estate
|
—
|
—
|
34
|
13
|
||||||||||||
Construction
|
496
|
—
|
—
|
496
|
||||||||||||
4,459
|
229
|
7,693
|
148
|
|||||||||||||
With related allowances:
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
2,279
|
60
|
608
|
19
|
||||||||||||
Commercial business loans
|
64
|
2
|
77
|
3
|
||||||||||||
2,343
|
62
|
685
|
22
|
|||||||||||||
Total
|
$
|
6,802
|
$
|
291
|
$
|
8,378
|
$
|
170
|
At
|
At
|
|||||||
(In Thousands)
|
December 31,
2018
|
June 30,
2018
|
||||||
Restructured loans on non-accrual status:
|
||||||||
Mortgage loans:
|
||||||||
Single-family
|
$
|
2,698
|
$
|
3,328
|
||||
Commercial business loans
|
47
|
64
|
||||||
Total
|
2,745
|
3,392
|
||||||
Restructured loans on accrual status:
|
||||||||
Mortgage loans:
|
||||||||
Single-family
|
1,425
|
1,788
|
||||||
Total
|
1,425
|
1,788
|
||||||
Total restructured loans
|
$
|
4,170
|
$
|
5,180
|
At December 31, 2018
|
||||||||||||||||||||
Unpaid
|
Net
|
|||||||||||||||||||
Principal
|
Related
|
Recorded
|
Recorded
|
|||||||||||||||||
(In Thousands)
|
Balance
|
Charge-offs
|
Investment
|
Allowance (1)
|
Investment
|
|||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
Single-family:
|
||||||||||||||||||||
With a related allowance
|
$
|
2,214
|
$
|
—
|
$
|
2,214
|
$
|
(124
|
)
|
$
|
2,090
|
|||||||||
Without a related allowance (2)
|
2,407
|
(374
|
)
|
2,033
|
—
|
2,033
|
||||||||||||||
Total single-family
|
4,621
|
(374
|
)
|
4,247
|
(124
|
)
|
4,123
|
|||||||||||||
Commercial business loans:
|
||||||||||||||||||||
With a related allowance
|
56
|
—
|
56
|
(9
|
)
|
47
|
||||||||||||||
Total commercial business loans
|
56
|
—
|
56
|
(9
|
)
|
47
|
||||||||||||||
Total restructured loans
|
$
|
4,677
|
$
|
(374
|
)
|
$
|
4,303
|
$
|
(133
|
)
|
$
|
4,170
|
At June 30, 2018
|
||||||||||||||||||||
Unpaid
|
Net
|
|||||||||||||||||||
Principal
|
Related
|
Recorded
|
Recorded
|
|||||||||||||||||
(In Thousands)
|
Balance
|
Charge-offs
|
Investment
|
Allowance (1)
|
Investment
|
|||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
Single-family
|
||||||||||||||||||||
With a related allowance
|
$
|
2,228
|
$
|
—
|
$
|
2,228
|
$
|
(151
|
)
|
$
|
2,077
|
|||||||||
Without a related allowance (2)
|
3,450
|
(411
|
)
|
3,039
|
—
|
3,039
|
||||||||||||||
Total single-family
|
5,678
|
(411
|
)
|
5,267
|
(151
|
)
|
5,116
|
|||||||||||||
Commercial business loans:
|
||||||||||||||||||||
With a related allowance
|
70
|
—
|
70
|
(6
|
)
|
64
|
||||||||||||||
Total commercial business loans
|
70
|
—
|
70
|
(6
|
)
|
64
|
||||||||||||||
Total restructured loans
|
$
|
5,748
|
$
|
(411
|
)
|
$
|
5,337
|
$
|
(157
|
)
|
$
|
5,180
|
Commitments
|
December 31, 2018 |
June 30, 2018
|
||||||
(In Thousands)
|
||||||||
Undisbursed loan funds – Construction loans
|
$
|
5,747
|
$
|
4,302
|
||||
Undisbursed lines of credit – Commercial business loans
|
1,488
|
495
|
||||||
Undisbursed lines of credit – Consumer loans
|
487
|
503
|
||||||
Commitments to extend credit on loans to be held for investment
|
7,376
|
9,352
|
||||||
Total
|
$
|
15,098
|
$
|
14,652
|
For the Quarters Ended
December 31, |
For the Six Months Ended
December 31, |
|||||||||||||||
(In Thousands)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Balance, beginning of the period
|
$
|
149
|
$
|
213
|
$
|
157
|
$
|
277
|
||||||||
Provision (recovery)
|
1
|
(25
|
)
|
(7
|
)
|
(89
|
)
|
|||||||||
Balance, end of the period
|
$
|
150
|
$
|
188
|
$
|
150
|
$
|
188
|
For the Quarters Ended
December 31, |
For the Six Months Ended
December 31, |
|||||||||||||||
Derivative Financial Instruments
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Commitments to extend credit on loans to be held for sale
|
$
|
8
|
$
|
29
|
$
|
(321
|
)
|
$
|
(93
|
)
|
||||||
Mandatory loan sale commitments and TBA MBS trades
|
(928
|
)
|
(582
|
)
|
(249
|
)
|
(791
|
)
|
||||||||
Option contracts, net
|
—
|
—
|
—
|
(37
|
)
|
|||||||||||
Total net loss
|
$
|
(920
|
)
|
$
|
(553
|
)
|
$
|
(570
|
)
|
$
|
(921
|
)
|
December 31, 2018
|
June 30, 2018
|
|||||||||||||||
Derivative Financial Instruments
|
Amount
|
Fair
Value |
Amount
|
Fair
Value |
||||||||||||
(In Thousands)
|
||||||||||||||||
Commitments to extend credit on loans to be held for sale (1)
|
$
|
27,260
|
$
|
504
|
$
|
56,906
|
$
|
825
|
||||||||
Best efforts loan sale commitments
|
(12,795
|
)
|
—
|
(29,502
|
)
|
—
|
||||||||||
Mandatory loan sale commitments and TBA MBS trades
|
(66,721
|
)
|
(689
|
)
|
(117,759
|
)
|
(440
|
)
|
||||||||
Total
|
$
|
(52,256
|
)
|
$
|
(185
|
)
|
$
|
(90,355
|
)
|
$
|
385
|
(1)
|
Net of 26.3% at December 31, 2018 and 24.7% at June 30, 2018 of commitments which management has estimated may not fund.
|
For the Quarters Ended
December 31,
|
For the Six Months Ended
December 31, |
|||||||||||||||
Recourse Liability
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Balance, beginning of the period
|
$
|
250
|
$
|
305
|
$
|
283
|
$
|
305
|
||||||||
Recovery from recourse liability
|
—
|
(22
|
)
|
(33
|
)
|
(22
|
)
|
|||||||||
Net settlements in lieu of loan repurchases
|
—
|
—
|
—
|
—
|
||||||||||||
Balance, end of the period
|
$
|
250
|
$
|
283
|
$
|
250
|
$
|
283
|
(In Thousands)
|
Aggregate
Fair Value
|
Aggregate
Unpaid
Principal
Balance
|
Net
Unrealized
(Loss) Gain
|
|||||||||
As of December 31, 2018:
|
||||||||||||
Loans held for investment, at fair value
|
$
|
4,995
|
$
|
5,261
|
$
|
(266
|
)
|
|||||
Loans held for sale, at fair value
|
$
|
57,562
|
$
|
55,648
|
$
|
1,914
|
||||||
As of June 30, 2018:
|
||||||||||||
Loans held for investment, at fair value
|
$
|
5,234
|
$
|
5,546
|
$
|
(312
|
)
|
|||||
Loans held for sale, at fair value
|
$
|
96,298
|
$
|
93,791
|
$
|
2,507
|
Level 1
|
-
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access at the measurement date.
|
Level 2
|
-
|
Observable inputs other than Level 1 such as: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated to observable market data for substantially the full term of the asset or liability.
|
Level 3
|
-
|
Unobservable inputs for the asset or liability that use significant assumptions, including assumptions of risks. These unobservable assumptions reflect the Corporation's estimate of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of pricing models, discounted cash flow models and similar techniques.
|
Fair Value Measurement at December 31, 2018 Using:
|
||||||||||||||||
(In Thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets:
|
||||||||||||||||
Investment securities - available for sale:
|
||||||||||||||||
U.S. government agency MBS
|
$
|
—
|
$
|
3,942
|
$
|
—
|
$
|
3,942
|
||||||||
U.S. government sponsored enterprise MBS
|
—
|
2,311
|
—
|
2,311
|
||||||||||||
Private issue CMO
|
—
|
—
|
310
|
310
|
||||||||||||
Investment securities - available for sale
|
—
|
6,253
|
310
|
6,563
|
||||||||||||
Loans held for investment, at fair value
|
—
|
—
|
4,995
|
4,995
|
||||||||||||
Loans held for sale, at fair value
|
—
|
57,562
|
—
|
57,562
|
||||||||||||
Interest-only strips
|
—
|
—
|
21
|
21
|
||||||||||||
Derivative assets:
|
||||||||||||||||
Commitments to extend credit on loans to be held for sale
|
—
|
—
|
505
|
505
|
||||||||||||
Mandatory loan sale commitments
|
—
|
—
|
1
|
1
|
||||||||||||
Derivative assets
|
—
|
—
|
506
|
506
|
||||||||||||
Total assets
|
$
|
—
|
$
|
63,815
|
$
|
5,832
|
$
|
69,647
|
||||||||
Liabilities:
|
||||||||||||||||
Derivative liabilities:
|
||||||||||||||||
Commitments to extend credit on loans to be held for sale
|
$
|
—
|
$
|
—
|
$
|
1
|
$
|
1
|
||||||||
Mandatory loan sale commitments
|
—
|
—
|
10
|
10
|
||||||||||||
TBA MBS trades
|
—
|
680
|
—
|
680
|
||||||||||||
Derivative liabilities
|
—
|
680
|
11
|
691
|
||||||||||||
Total liabilities
|
$
|
—
|
$
|
680
|
$
|
11
|
$
|
691
|
Fair Value Measurement at June 30, 2018 Using:
|
||||||||||||||||
(In Thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets:
|
||||||||||||||||
Investment securities - available for sale:
|
||||||||||||||||
U.S. government agency MBS
|
$
|
—
|
$
|
4,384
|
$
|
—
|
$
|
4,384
|
||||||||
U.S. government sponsored enterprise MBS
|
—
|
2,762
|
—
|
2,762
|
||||||||||||
Private issue CMO
|
—
|
—
|
350
|
350
|
||||||||||||
Investment securities - available for sale
|
—
|
7,146
|
350
|
7,496
|
||||||||||||
Loans held for investment, at fair value
|
—
|
—
|
5,234
|
5,234
|
||||||||||||
Loans held for sale, at fair value
|
—
|
96,298
|
—
|
96,298
|
||||||||||||
Interest-only strips
|
—
|
—
|
23
|
23
|
||||||||||||
Derivative assets:
|
||||||||||||||||
Commitments to extend credit on loans to be held for sale
|
—
|
—
|
849
|
849
|
||||||||||||
Derivative assets
|
—
|
—
|
849
|
849
|
||||||||||||
Total assets
|
$
|
—
|
$
|
103,444
|
$
|
6,456
|
$
|
109,900
|
||||||||
Liabilities:
|
||||||||||||||||
Derivative liabilities:
|
||||||||||||||||
Commitments to extend credit on loans to be held for sale
|
$
|
—
|
$
|
—
|
$
|
24
|
$
|
24
|
||||||||
Mandatory loan sale commitments
|
—
|
—
|
32
|
32
|
||||||||||||
TBA MBS trades
|
—
|
408
|
—
|
408
|
||||||||||||
Derivative liabilities
|
—
|
408
|
56
|
464
|
||||||||||||
Total liabilities
|
$
|
—
|
$
|
408
|
$
|
56
|
$
|
464
|
For the Quarter Ended December 31, 2018
|
||||||||||||||||||||||||
Fair Value Measurement
Using Significant Other Unobservable Inputs
(Level 3)
|
||||||||||||||||||||||||
(In Thousands)
|
Private
Issue
CMO
|
Loans Held
For
Investment, at
fair value (1)
|
Interest-
Only
Strips
|
Loan
Commitments
to Originate (2)
|
Mandatory
Commitments (3)
|
|
Total | |||||||||||||||||
Beginning balance at September 30, 2018
|
$
|
316
|
$
|
4,945
|
$
|
24
|
$
|
496
|
$
|
(9
|
)
|
$
|
5,772
|
|||||||||||
Total gains or losses (realized/unrealized):
|
||||||||||||||||||||||||
Included in earnings
|
—
|
95
|
—
|
8
|
(1
|
)
|
102
|
|||||||||||||||||
Included in other comprehensive loss
|
(1
|
)
|
—
|
(3
|
)
|
—
|
—
|
(4
|
)
|
|||||||||||||||
Purchases
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Issuances
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Settlements
|
(5
|
)
|
(45
|
)
|
—
|
—
|
1
|
(49
|
)
|
|||||||||||||||
Transfers in and/or out of Level 3
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Ending balance at December 31, 2018
|
$
|
310
|
$
|
4,995
|
$
|
21
|
$
|
504
|
$
|
(9
|
)
|
$
|
5,821
|
(1)
|
The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan.
|
(2)
|
Consists of commitments to extend credit on loans to be held for sale.
|
(3)
|
Consists of mandatory loan sale commitments.
|
For the Quarter Ended December 31, 2017
|
||||||||||||||||||||||||
Fair Value Measurement
Using Significant Other Unobservable Inputs
(Level 3)
|
||||||||||||||||||||||||
(In Thousands)
|
Private
Issue
CMO
|
Loans Held
For
Investment,
at fair value (1)
|
Interest-
Only
Strips
|
Loan
Commit-
ments to
Originate (2)
|
Manda-
tory
Commit-
ments (3)
|
Total
|
||||||||||||||||||
Beginning balance at September 30, 2017
|
$
|
448
|
$
|
6,924
|
$
|
28
|
$
|
687
|
$
|
(4
|
)
|
$
|
8,083
|
|||||||||||
Total gains or losses (realized/unrealized):
|
||||||||||||||||||||||||
Included in earnings
|
—
|
38
|
—
|
29
|
(20
|
)
|
47
|
|||||||||||||||||
Included in other comprehensive loss
|
—
|
—
|
(2
|
)
|
—
|
—
|
(2
|
)
|
||||||||||||||||
Purchases
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Issuances
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Settlements
|
(29
|
)
|
(1,805
|
)
|
—
|
—
|
—
|
(1,834
|
)
|
|||||||||||||||
Transfers in and/or out of Level 3
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Ending balance at December 31, 2017
|
$
|
419
|
$
|
5,157
|
$
|
26
|
$
|
716
|
$
|
(24
|
)
|
$
|
6,294
|
(1)
|
The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan.
|
(2)
|
Consists of commitments to extend credit on loans to be held for sale.
|
(3)
|
Consists of mandatory loan sale commitments.
|
For the Six Months Ended December 31, 2018
|
||||||||||||||||||||||||
Fair Value Measurement
Using Significant Other Unobservable Inputs
(Level 3)
|
||||||||||||||||||||||||
(In Thousands)
|
Private
Issue
CMO
|
Loans Held
For
Investment, at
fair value (1)
|
Interest-
Only
Strips
|
Loan
Commitments
to Originate (2)
|
Mandatory
Commitments (3)
|
Total | ||||||||||||||||||
Beginning balance at June 30, 2018
|
$
|
350
|
$
|
5,234
|
$
|
23
|
$
|
825
|
$
|
(32
|
)
|
$
|
6,400
|
|||||||||||
Total gains or losses (realized/unrealized):
|
||||||||||||||||||||||||
Included in earnings
|
—
|
46
|
—
|
(321
|
)
|
21
|
(254
|
)
|
||||||||||||||||
Included in other comprehensive loss
|
(1
|
)
|
—
|
(2
|
)
|
—
|
—
|
(3
|
)
|
|||||||||||||||
Purchases
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Issuances
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Settlements
|
(39
|
)
|
(755
|
)
|
—
|
—
|
2
|
(792
|
)
|
|||||||||||||||
Transfers in and/or out of Level 3
|
—
|
470
|
—
|
—
|
—
|
470
|
||||||||||||||||||
Ending balance at December 31, 2018
|
$
|
310
|
$
|
4,995
|
$
|
21
|
$
|
504
|
$
|
(9
|
)
|
$
|
5,821
|
(1)
|
The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan.
|
(2)
|
Consists of commitments to extend credit on loans to be held for sale.
|
(3)
|
Consists of mandatory loan sale commitments.
|
For the Six Months Ended December 31, 2017
|
||||||||||||||||||||||||||||
Fair Value Measurement
Using Significant Other Unobservable Inputs
(Level 3)
|
||||||||||||||||||||||||||||
(In Thousands)
|
Private
Issue
CMO
|
Loans Held
For
Investment, at
fair value (1)
|
Interest-
Only
Strips
|
Loan
Commit-
ments to
Originate (2)
|
Manda-
tory
Commit-
ments (3)
|
Option
Contracts
|
Total
|
|||||||||||||||||||||
Beginning balance at June 30, 2017
|
$
|
461
|
$
|
6,445
|
$
|
31
|
$
|
809
|
$
|
47
|
$
|
37
|
$
|
7,830
|
||||||||||||||
Total gains or losses (realized/unrealized):
|
||||||||||||||||||||||||||||
Included in earnings
|
—
|
46
|
—
|
(93
|
)
|
(73
|
)
|
(37
|
)
|
(157
|
)
|
|||||||||||||||||
Included in other comprehensive loss
|
1
|
—
|
(5
|
)
|
—
|
—
|
—
|
(4
|
)
|
|||||||||||||||||||
Purchases
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
Issuances
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
Settlements
|
(43
|
)
|
(1,856
|
)
|
—
|
—
|
2
|
—
|
(1,897
|
)
|
||||||||||||||||||
Transfers in and/or out of Level 3
|
—
|
522
|
—
|
—
|
—
|
—
|
522
|
|||||||||||||||||||||
Ending balance at December 31, 2017
|
$
|
419
|
$
|
5,157
|
$
|
26
|
$
|
716
|
$
|
(24
|
)
|
$
|
—
|
$
|
6,294
|
(1)
|
The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan.
|
(2)
|
Consists of commitments to extend credit on loans to be held for sale.
|
(3)
|
Consists of mandatory loan sale commitments.
|
Fair Value Measurement at December 31, 2018 Using:
|
||||||||||||||||
(In Thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Non-performing loans
|
$
|
—
|
$
|
4,313
|
$
|
1,749
|
$
|
6,062
|
||||||||
Mortgage servicing assets
|
—
|
—
|
513
|
513
|
||||||||||||
Real estate owned, net
|
—
|
—
|
—
|
—
|
||||||||||||
Total
|
$
|
—
|
$
|
4,313
|
$
|
2,262
|
$
|
6,575
|
Fair Value Measurement at June 30, 2018 Using:
|
||||||||||||||||
(In Thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Non-performing loans
|
$
|
—
|
$
|
4,845
|
$
|
1,212
|
$
|
6,057
|
||||||||
Mortgage servicing assets
|
—
|
—
|
135
|
135
|
||||||||||||
Real estate owned, net
|
—
|
906
|
—
|
906
|
||||||||||||
Total
|
$
|
—
|
$
|
5,751
|
$
|
1,347
|
$
|
7,098
|
(Dollars In Thousands)
|
Fair Value
As of December 31, 2018 |
Valuation
Techniques
|
Unobservable Inputs
|
Range (1)
(Weighted Average)
|
Impact to
Valuation
from an
Increase in
Inputs (2)
|
|||||
Assets:
|
||||||||||
Securities available - for sale: Private issue CMO
|
$
|
310
|
Market comparable pricing
|
Comparability adjustment
|
0.8% – 1.0% (0.9%)
|
|
Increase
|
|||
Loans held for investment,
at fair value
|
$
|
4,995
|
Relative value
analysis |
Broker quotes
Credit risk factors |
96.7% – 103.5%
(99.6%) of par 1.2% - 100.0% (4.7%) |
Increase
Decrease |
||||
Non-performing loans
|
$
|
712
|
Discounted cash flow
|
Default rates
|
5.0%
|
|
Decrease
|
|||
Non-performing loans
|
$
|
1,037
|
Relative value analysis
|
Loss severity
|
20.0% - 30.0% (23.0%)
|
|
Decrease
|
|||
Mortgage servicing assets
|
$
|
513
|
Discounted cash flow
|
Prepayment speed (CPR)
Discount rate
|
8.3% - 60.0% (18.2%)9.0% - 10.5% (9.2%)
|
|
Decrease
Decrease |
|||
Interest-only strips
|
$
|
21
|
Discounted cash flow
|
Prepayment speed (CPR)
Discount rate
|
11.4% - 30.5% (28.1%)9.0%
|
|
Decrease
Decrease |
|||
Commitments to extend credit on loans to be held for sale
|
$
|
505
|
Relative value analysis
|
TBA-MBS broker quotes
Fall-out ratio (3)
|
98.3% – 104.6%
(101.6%) of par 16.9% - 28.2% (26.3%) |
Increase
Decrease |
||||
Mandatory loan sale commitments
|
$
|
1
|
Relative value analysis
|
TBA MBS broker quotes
Roll-forward costs (4)
|
104.0% of par
0.023% |
Decrease
Decrease |
||||
Liabilities:
|
||||||||||
Commitments to extend credit on loans to be held for sale
|
$
|
1
|
Relative value analysis
|
TBA-MBS broker quotes
Fall-out ratio (3)
|
102.6% – 102.6%
(102.6%) of par 16.9% - 28.2% (26.3%) |
Decrease
Decrease |
||||
Mandatory loan sale commitments
|
$
|
10
|
Relative value analysis
|
TBA MBS broker quotes
Roll-forward costs (4)
|
102.4% - 103.4%
(102.9%) of par 0.023% |
Increase
Increase |
(1)
|
The range is based on the estimated fair values and management estimates.
|
(2)
|
Unless otherwise noted, this column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.
|
(3)
|
The percentage of commitments to extend credit on loans to be held for sale which management has estimated may not fund.
|
(4)
|
An estimated cost to roll forward the mandatory loan sale commitments which management has estimated may not be delivered to the corresponding investors in a timely manner.
|
December 31, 2018
|
||||||||||||||||||||
(In Thousands)
|
Carrying
Amount |
Fair
Value |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Investment securities - held to maturity
|
$
|
84,990
|
$
|
85,056
|
—
|
$
|
85,056
|
$
|
—
|
|||||||||||
Loans held for investment, not recorded at fair value
|
$
|
870,418
|
$
|
842,908
|
—
|
—
|
$
|
842,908
|
||||||||||||
FHLB – San Francisco stock
|
$
|
8,199
|
$
|
8,199
|
—
|
$
|
8,199
|
—
|
||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
$
|
872,884
|
$
|
843,671
|
—
|
—
|
$
|
843,671
|
||||||||||||
Borrowings
|
$
|
111,135
|
$
|
109,680
|
—
|
—
|
$
|
109,680
|
June 30, 2018
|
||||||||||||||||||||||||
(In Thousands)
|
Carrying
Amount |
Fair
Value |
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Financial assets:
|
||||||||||||||||||||||||
Investment securities - held to maturity
|
$
|
87,813
|
$
|
87,239
|
—
|
$
|
87,239
|
—
|
||||||||||||||||
Loans held for investment, not recorded at fair value
|
$
|
897,451
|
$
|
873,112
|
—
|
—
|
$
|
873,112
|
||||||||||||||||
FHLB – San Francisco stock
|
$
|
8,199
|
$
|
8,199
|
—
|
$
|
—
|
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||||||||||
Deposits
|
$
|
907,598
|
$
|
877,641
|
—
|
—
|
$
|
877,641
|
||||||||||||||||
Borrowings
|
$
|
126,163
|
$
|
123,778
|
—
|
—
|
$
|
123,778
|
For the Quarter Ended December 31, 2018
|
||||||||||||||||
Options
|
Shares
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
($000)
|
||||||||||||
Outstanding at September 30, 2018
|
514,000
|
$
|
12.84
|
|||||||||||||
Granted
|
—
|
$
|
—
|
|||||||||||||
Exercised
|
(5,000
|
)
|
$
|
14.59
|
||||||||||||
Forfeited
|
—
|
$
|
—
|
|||||||||||||
Outstanding at December 31, 2018
|
509,000
|
$
|
12.83
|
4.80
|
$
|
1,485
|
||||||||||
Vested and expected to vest at December 31, 2018
|
506,400
|
$
|
12.79
|
4.78
|
$
|
1,485
|
||||||||||
Exercisable at December 31, 2018
|
496,000
|
$
|
12.65
|
4.72
|
$
|
1,485
|
For the Six Months Ended December 31, 2018
|
||||||||||||||||
Options
|
Shares
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
($000)
|
||||||||||||
Outstanding at June 30, 2018
|
529,000
|
$
|
12.77
|
|||||||||||||
Granted
|
—
|
$
|
—
|
|||||||||||||
Exercised
|
(20,000
|
)
|
$
|
11.31
|
||||||||||||
Forfeited
|
—
|
$
|
—
|
|||||||||||||
Outstanding at December 31, 2018
|
509,000
|
$
|
12.83
|
4.80
|
$
|
1,485
|
||||||||||
Vested and expected to vest at December 31, 2018
|
506,400
|
$
|
12.79
|
4.78
|
$
|
1,485
|
||||||||||
Exercisable at December 31, 2018
|
496,000
|
$
|
12.65
|
4.72
|
$
|
1,485
|
For the Quarter Ended
December 31, 2018
|
|||
Unvested Shares
|
Shares
|
Weighted-
Average
Award Date
Fair Value
|
|
Unvested at September 30, 2018
|
13,500
|
$18.20
|
|
Granted
|
—
|
$—
|
|
Vested
|
(1,500
|
)
|
$17.35
|
Forfeited
|
—
|
$—
|
|
Unvested at December 31, 2018
|
12,000
|
$18.31
|
|
Expected to vest at December 31, 2018
|
9,600
|
$18.31
|
For the Six Months Ended
December 31, 2018
|
|||
Unvested Shares
|
Shares
|
Weighted-
Average
Award Date
Fair Value
|
|
Unvested at June 30, 2018
|
98,500
|
$14.35
|
|
Granted
|
—
|
$—
|
|
Vested
|
(86,500
|
)
|
$13.80
|
Forfeited
|
—
|
$—
|
|
Unvested at December 31, 2018
|
12,000
|
$18.31
|
|
Expected to vest at December 31, 2018
|
9,600
|
$18.31
|
For the Quarter Ended December 31, 2018
|
|||||||||
Unrealized gains and losses on
|
|||||||||
(In Thousands)
|
Investment securities
available for sale
|
Interest-
only strips
|
Total
|
||||||
Beginning balance at September 30, 2018
|
$
|
172
|
$
|
17
|
$
|
189
|
|||
Other comprehensive loss before reclassifications
|
(18
|
)
|
(2
|
)
|
(20
|
)
|
|||
Amount reclassified from accumulated other comprehensive income
|
—
|
—
|
—
|
||||||
Net other comprehensive loss
|
(18
|
)
|
(2
|
)
|
(20
|
)
|
|||
Ending balance at December 31, 2018
|
$
|
154
|
$
|
15
|
$
|
169
|
For the Quarter Ended December 31, 2017
|
|||||||||
Unrealized gains and losses on
|
|||||||||
(In Thousands)
|
Investment securities
available for sale
|
Interest-
only strips
|
Total
|
||||||
Beginning balance at September 30, 2017
|
$
|
214
|
$
|
16
|
$
|
230
|
|||
Other comprehensive loss before reclassifications
|
(61
|
)
|
(4
|
)
|
(65
|
)
|
|||
Amount reclassified from accumulated other comprehensive income
|
42
|
3
|
45
|
||||||
Net other comprehensive loss
|
(19
|
)
|
(1
|
)
|
(20
|
)
|
|||
Ending balance at December 31, 2017
|
$
|
195
|
$
|
15
|
$
|
210
|
For the Six Months Ended December 31, 2018
|
|||||||||
Unrealized gains and losses on
|
|||||||||
(In Thousands)
|
Investment securities
available for sale
|
Interest-
only strips
|
Total
|
||||||
Beginning balance at June 30, 2018
|
$
|
194
|
$
|
16
|
$
|
210
|
|||
Other comprehensive loss before reclassifications
|
(40
|
)
|
(1
|
)
|
(41
|
)
|
|||
Amount reclassified from accumulated other comprehensive income
|
—
|
—
|
—
|
||||||
Net other comprehensive loss
|
(40
|
)
|
(1
|
)
|
(41
|
)
|
|||
Ending balance at December 31, 2018
|
$
|
154
|
$
|
15
|
$
|
169
|
For the Six Months Ended December 31, 2017
|
|||||||||
Unrealized gains and losses on
|
|||||||||
(In Thousands)
|
Investment securities
available for sale
|
Interest-
only strips
|
Total
|
||||||
Beginning balance at June 30, 2017
|
$
|
211
|
$
|
18
|
$
|
229
|
|||
Other comprehensive loss before reclassifications
|
(58
|
)
|
(6
|
)
|
(64
|
)
|
|||
Amount reclassified from accumulated other comprehensive income
|
42
|
3
|
45
|
||||||
Net other comprehensive loss
|
(16
|
)
|
(3
|
)
|
(19
|
)
|
|||
Ending balance at December 31, 2017
|
$
|
195
|
$
|
15
|
$
|
210
|
Gross
|
Net
|
|||||||||||||||||
Amount
|
Amount
|
|||||||||||||||||
Offset in the
|
of Assets in
|
Gross Amount Not Offset in
|
||||||||||||||||
Condensed
|
the Condensed
|
the Condensed Consolidated
|
||||||||||||||||
Gross
|
Consolidated
|
Consolidated
|
Statements of Financial Condition
|
|||||||||||||||
Amount of
|
Statements
|
Statements
|
Cash
|
|||||||||||||||
Recognized
|
of Financial
|
of Financial
|
Financial
|
Collateral
|
Net
|
|||||||||||||
(In Thousands)
|
Assets
|
Condition
|
Condition
|
Instruments
|
Received
|
Amount
|
||||||||||||
Assets
|
||||||||||||||||||
Derivatives
|
$
|
1
|
$
|
—
|
$
|
1
|
$
|
—
|
$
|
—
|
$
|
1
|
||||||
Total
|
$
|
1
|
$
|
—
|
$
|
1
|
$
|
—
|
$
|
—
|
$
|
1
|
Gross
|
Net
|
|||||||||||||||||
Amount
|
Amount
|
|||||||||||||||||
Offset in the
|
of Liabilities in
|
Gross Amount Not Offset in
|
||||||||||||||||
Condensed
|
the Condensed
|
the Condensed Consolidated
|
||||||||||||||||
Gross
|
Consolidated
|
Consolidated
|
Statements of Financial Condition
|
|||||||||||||||
Amount of
|
Statements
|
Statements
|
Cash
|
|||||||||||||||
Recognized
|
of Financial
|
of Financial
|
Financial
|
Collateral
|
Net
|
|||||||||||||
(In Thousands)
|
Liabilities
|
Condition
|
Condition
|
Instruments
|
Received
|
Amount
|
||||||||||||
Liabilities
|
||||||||||||||||||
Derivatives
|
$
|
690
|
$
|
—
|
$
|
690
|
$
|
—
|
$
|
—
|
$
|
690
|
||||||
Total
|
$
|
690
|
$
|
—
|
$
|
690
|
$
|
—
|
$
|
—
|
$
|
690
|
Gross
|
Net
|
|||||||||||||||||
Amount
|
Amount
|
|||||||||||||||||
Offset in the
|
of Assets in
|
Gross Amount Not Offset in
|
||||||||||||||||
Condensed
|
the Condensed
|
the Condensed Consolidated
|
||||||||||||||||
Gross
|
Consolidated
|
Consolidated
|
Statements of Financial Condition
|
|||||||||||||||
Amount of
|
Statements
|
Statements
|
Cash
|
|||||||||||||||
Recognized
|
of Financial
|
of Financial
|
Financial
|
Collateral
|
Net
|
|||||||||||||
(In Thousands)
|
Assets
|
Condition
|
Condition
|
Instruments
|
Received
|
Amount
|
||||||||||||
Assets
|
||||||||||||||||||
Derivatives
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Total
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
Gross
|
Net
|
|||||||||||||||||
Amount
|
Amount
|
|||||||||||||||||
Offset in the
|
of Liabilities in
|
Gross Amount Not Offset in
|
||||||||||||||||
Condensed
|
the Condensed
|
the Condensed Consolidated
|
||||||||||||||||
Gross
|
Consolidated
|
Consolidated
|
Statements of Financial Condition
|
|||||||||||||||
Amount of
|
Statements
|
Statements
|
Cash
|
|||||||||||||||
Recognized
|
of Financial
|
of Financial
|
Financial
|
Collateral
|
Net
|
|||||||||||||
(In Thousands)
|
Liabilities
|
Condition
|
Condition
|
Instruments
|
Received
|
Amount
|
||||||||||||
Liabilities
|
||||||||||||||||||
Derivatives
|
$
|
440
|
$
|
—
|
$
|
440
|
$
|
—
|
$
|
—
|
$
|
440
|
||||||
Total
|
$
|
440
|
$
|
—
|
$
|
440
|
$
|
—
|
$
|
—
|
$
|
440
|
For the Quarters Ended
December 31, |
For the Six Months Ended
December 31, |
|||||||||||
Type of Services
|
2018
|
2017
|
2018
|
2017
|
||||||||
(In Thousands)
|
||||||||||||
Asset management fees
|
$
|
56
|
$
|
88
|
$
|
138
|
$
|
207
|
||||
Debit card and ATM fees
|
413
|
394
|
832
|
796
|
||||||||
Deposit related fees
|
519
|
543
|
1,038
|
1,110
|
||||||||
Loan related fees
|
1
|
(11
|
)
|
13
|
(36
|
)
|
||||||
BOLI (1)
|
47
|
67
|
93
|
134
|
||||||||
Loan servicing fees (1)
|
277
|
317
|
601
|
680
|
||||||||
Net gain on sale of loans (1)
|
2,263
|
4,317
|
5,395
|
9,164
|
||||||||
Other
|
19
|
26
|
34
|
38
|
||||||||
Total non-interest income
|
$
|
3,595
|
$
|
5,741
|
$
|
8,144
|
$
|
12,093
|
(1)
|
Not in scope of ASC 606.
|
Statutory Tax Rates
|
Q2FY2019
|
Q2FY2018
|
FY2019
|
FY2018
|
Federal Tax Rate
|
21.00%
|
28.06%
|
21.00%
|
28.06%
|
State Tax Rate
|
10.84%
|
10.84%
|
10.84%
|
10.84%
|
Combined Statutory Tax Rate (1)
|
29.56%
|
35.86%
|
29.56%
|
35.86%
|
1)
|
On January 29, 2019, the Corporation announced that the Corporation's Board of Directors declared a quarterly cash dividend of $0.14 per share. Shareholders of the Corporation's common stock at the close of business on February 19, 2019 will be entitled to receive the cash dividend. The cash dividend will be payable on March 12, 2019.
|
2)
|
On January 30, 2019, the Corporation announced that Bank will close its La Quinta Branch effective at the close of business on May 10, 2019. The Bank anticipates an annual operational cost savings of approximately $473,000, primarily in salaries and employee benefits expenses and premises and occupancy expenses subsequent to the branch closure. Total one-time charges for the branch closure will be approximately $18,000.
|
3)
|
On February 4, 2019, the Corporation announced that the Corporation's Board of Directors determined that it was in the long-term best interests of the Corporation to exit the operations of the Corporation's mortgage banking segment conducted through PBM. The Corporation estimates that it will incur one-time costs of approximately $3.6 million to $4.0 million during the remainder of fiscal 2019, which amounts include costs for severance, retention, personnel, premises, occupancy, depreciation, and costs related to termination of data processing and other contractual arrangements. For additional information, see the Form 8-K the Corporation filed with the SEC on February 4, 2019.
|
Payments Due by Period
|
|||||||||||||||
(In Thousands)
|
Less than
1 year
|
1 to less
than 3
years
|
3 to
5 years
|
Over
5 years
|
Total
|
||||||||||
Operating obligations
|
$
|
2,392
|
$
|
4,383
|
$
|
1,667
|
$
|
640
|
$
|
9,082
|
|||||
Pension benefits
|
253
|
505
|
505
|
6,282
|
7,545
|
||||||||||
Time deposits
|
123,764
|
78,701
|
24,035
|
945
|
227,445
|
||||||||||
FHLB – San Francisco advances
|
12,713
|
35,594
|
32,695
|
40,755
|
121,757
|
||||||||||
FHLB – San Francisco letter of credit
|
10,000
|
—
|
—
|
—
|
10,000
|
||||||||||
FHLB – San Francisco MPF credit enhancement (1)
|
—
|
—
|
—
|
2,458
|
2,458
|
||||||||||
Total
|
$
|
149,122
|
$
|
119,183
|
$
|
58,902
|
$
|
51,080
|
$
|
378,287
|
(1)
|
Represents the potential future obligation for loans previously sold by the Bank to the FHLB – San Francisco under its Mortgage Partnership Finance ("MPF") program. As of December 31, 2018, the Bank serviced $10.9 million of loans under this program. The estimated amounts by period are based on historical loss experience.
|
(Dollars In Thousands)
|
Inland
Empire
|
Southern
California (1)
|
Other
California
|
Other
States
|
Total
|
|||||||||||||||||||||
Loan Category
|
Balance
|
% | Balance | % | Balance | % | Balance | % | Balance | % | ||||||||||||||||
Single-family
|
$
|
109,742
|
35
|
%
|
$
|
146,372
|
47
|
%
|
$
|
55,334
|
18
|
%
|
$
|
1,051
|
—
|
%
|
$
|
312,499
|
100
|
%
|
||||||
Multi-family
|
72,201
|
16
|
%
|
267,774
|
60
|
%
|
106,726
|
24
|
%
|
332
|
—
|
%
|
447,033
|
100
|
%
|
|||||||||||
Commercial real estate
|
32,224
|
29
|
%
|
52,928
|
47
|
%
|
27,678
|
24
|
%
|
—
|
—
|
%
|
112,830
|
100
|
%
|
|||||||||||
Construction
|
139
|
4
|
%
|
3,404
|
85
|
%
|
443
|
11
|
%
|
—
|
—
|
%
|
3,986
|
100
|
%
|
|||||||||||
Other
|
—
|
—
|
%
|
—
|
—
|
%
|
167
|
100
|
%
|
—
|
—
|
%
|
167
|
100
|
%
|
|||||||||||
Total
|
$
|
214,306
|
24
|
%
|
$
|
470,4781
|
54
|
%
|
$
|
190,348
|
22
|
%
|
$
|
1,383
|
—
|
%
|
$
|
876,515
|
100
|
%
|
(1)
|
Other than the Inland Empire.
|
(Dollars In Thousands)
|
Inland
Empire
|
Southern
California (1)
|
Other
California
|
Other
States
|
Total
|
|||||||||||||||||||||
Loan Category
|
Balance | % | Balance | % | Balance | % | Balance | % | Balance | % | ||||||||||||||||
Single-family
|
$
|
110,510
|
35
|
%
|
$
|
149,261
|
48
|
%
|
$
|
53,960
|
17
|
%
|
$
|
1,077
|
—
|
%
|
$
|
314,808
|
100
|
%
|
||||||
Multi-family
|
76,473
|
16
|
%
|
287,174
|
60
|
%
|
109,684
|
23
|
%
|
2,677
|
1
|
%
|
476,008
|
100
|
%
|
|||||||||||
Commercial real estate
|
32,224
|
29
|
%
|
47,903
|
44
|
%
|
29,599
|
27
|
%
|
—
|
—
|
%
|
109,726
|
100
|
%
|
|||||||||||
Construction
|
49
|
1
|
%
|
2,685
|
85
|
%
|
440
|
14
|
%
|
—
|
—
|
%
|
3,174
|
100
|
%
|
|||||||||||
Other
|
—
|
—
|
%
|
—
|
—
|
%
|
167
|
100
|
%
|
—
|
—
|
%
|
167
|
100
|
%
|
|||||||||||
Total
|
$
|
219,256
|
24
|
%
|
$
|
487,0231
|
54
|
%
|
$
|
193,850
|
21
|
%
|
$
|
3,754
|
1
|
%
|
$
|
903,883
|
100
|
%
|
(1)
|
Other than the Inland Empire.
|
Quarter Ended
December 31, 2018 |
Quarter Ended
December 31, 2017 |
||||||||||||||||
(Dollars In Thousands)
|
Average
Balance |
Interest
|
Yield/
Cost |
Average
Balance |
Interest
|
Yield/
Cost |
|||||||||||
Interest-earning assets:
|
|||||||||||||||||
Loans receivable, net (1)
|
$
|
941,192
|
$
|
10,331
|
4.39
|
%
|
$
|
990,906
|
$
|
9,735
|
3.93
|
%
|
|||||
Investment securities
|
93,468
|
444
|
1.90
|
%
|
88,588
|
319
|
1.44
|
%
|
|||||||||
FHLB – San Francisco stock
|
8,199
|
278
|
13.56
|
%
|
8,108
|
143
|
7.05
|
%
|
|||||||||
Interest-earning deposits
|
67,760
|
387
|
2.23
|
%
|
50,725
|
168
|
1.30
|
%
|
|||||||||
Total interest-earning assets
|
1,110,619
|
11,440
|
4.12
|
%
|
1,138,327
|
10,365
|
3.64
|
%
|
|||||||||
Non interest-earning assets
|
31,683
|
33,498
|
|||||||||||||||
Total assets
|
$
|
1,142,302
|
$
|
1,171,825
|
|||||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||
Checking and money market accounts (2)
|
$
|
379,752
|
$
|
117
|
0.12
|
%
|
$
|
373,632
|
$
|
112
|
0.12
|
%
|
|||||
Savings accounts
|
282,410
|
147
|
0.21
|
%
|
289,990
|
149
|
0.20
|
%
|
|||||||||
Time deposits
|
227,395
|
630
|
1.10
|
%
|
252,588
|
625
|
0.98
|
%
|
|||||||||
Total deposits
|
889,557
|
894
|
0.40
|
%
|
916,210
|
886
|
0.38
|
%
|
|||||||||
Borrowings
|
111,141
|
715
|
2.55
|
%
|
111,521
|
728
|
2.59
|
%
|
|||||||||
Total interest-bearing liabilities
|
1,000,698
|
1,609
|
0.64
|
%
|
1,027,731
|
1,614
|
0.62
|
%
|
|||||||||
Non interest-bearing liabilities
|
19,587
|
19,932
|
|||||||||||||||
Total liabilities
|
1,020,285
|
1,047,663
|
|||||||||||||||
Stockholders' equity
|
122,017
|
124,162
|
|||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,142,302
|
$
|
1,171,825
|
|||||||||||||
Net interest income
|
$
|
9,831
|
$
|
8,751
|
|||||||||||||
Interest rate spread (3)
|
3.48
|
%
|
3.02
|
%
|
|||||||||||||
Net interest margin (4)
|
3.54
|
%
|
3.08
|
%
|
|||||||||||||
Ratio of average interest-earning assets to
average interest-bearing liabilities
|
110.98
|
%
|
110.76
|
%
|
|||||||||||||
Return (loss) on average assets
|
0.69
|
%
|
(0.27)
|
%
|
|||||||||||||
Return (loss) on average equity
|
6.42
|
%
|
(2.50)
|
%
|
(1)
|
Includes loans held for sale and non-performing loans, as well as net deferred loan cost amortization of $268 and $409 for the quarters ended December 31, 2018 and 2017, respectively.
|
(2)
|
Includes the average balance of non interest-bearing checking accounts of $82.8 million and $78.6 million during the quarters ended December 31, 2018 and 2017, respectively.
|
(3)
|
Represents the difference between the weighted-average yield on all interest-earning assets and the weighted-average rate on all interest-bearing liabilities.
|
(4)
|
Represents net interest income before provision for loan losses as a percentage of average interest-earning assets.
|
Six Months Ended
December 31, 2018 |
Six Months Ended
December 31, 2017 |
||||||||||||||||
(Dollars In Thousands)
|
Average
Balance |
Interest
|
Yield/
Cost |
Average
Balance |
Interest
|
Yield/
Cost |
|||||||||||
Interest-earning assets:
|
|||||||||||||||||
Loans receivable, net (1)
|
$
|
954,148
|
$
|
20,505
|
4.30
|
%
|
$
|
999,242
|
$
|
19,892
|
3.98
|
%
|
|||||
Investment securities
|
92,384
|
789
|
1.71
|
%
|
82,029
|
576
|
1.40
|
%
|
|||||||||
FHLB – San Francisco stock
|
8,199
|
421
|
10.27
|
%
|
8,108
|
284
|
7.01
|
%
|
|||||||||
Interest-earning deposits
|
67,552
|
725
|
2.10
|
%
|
55,085
|
358
|
1.27
|
%
|
|||||||||
Total interest-earning assets
|
1,122,283
|
22,440
|
4.00
|
%
|
1,144,464
|
21,110
|
3.69
|
%
|
|||||||||
Non interest-earning assets
|
30,982
|
32,514
|
|||||||||||||||
Total assets
|
$
|
1,153,265
|
$
|
1,176,978
|
|||||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||
Checking and money market accounts (2)
|
$
|
378,702
|
$
|
225
|
0.12
|
%
|
$
|
373,425
|
$
|
215
|
0.11
|
%
|
|||||
Savings accounts
|
285,441
|
298
|
0.21
|
%
|
288,347
|
298
|
0.21
|
%
|
|||||||||
Time deposits
|
232,074
|
1,251
|
1.07
|
%
|
257,856
|
1,264
|
0.97
|
%
|
|||||||||
Total deposits
|
896,217
|
1,774
|
0.39
|
%
|
919,628
|
1,777
|
0.38
|
%
|
|||||||||
Borrowings
|
115,577
|
1,478
|
2.54
|
%
|
112,834
|
1,464
|
2.57
|
%
|
|||||||||
Total interest-bearing liabilities
|
1,011,794
|
3,252
|
0.64
|
%
|
1,032,462
|
3,241
|
0.62
|
%
|
|||||||||
Non interest-bearing liabilities
|
19,960
|
18,408
|
|||||||||||||||
Total liabilities
|
1,031,754
|
1,050,870
|
|||||||||||||||
Stockholders' equity
|
121,511
|
126,108
|
|||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,153,265
|
$
|
1,176,978
|
|||||||||||||
Net interest income
|
$
|
19,188
|
$
|
17,869
|
|||||||||||||
Interest rate spread (3)
|
3.36
|
%
|
3.07
|
%
|
|||||||||||||
Net interest margin (4)
|
3.42
|
%
|
3.12
|
%
|
|||||||||||||
Ratio of average interest-earning assets to
average interest-bearing liabilities
|
110.92
|
%
|
110.85
|
%
|
|||||||||||||
Return (loss) on average assets
|
0.66
|
%
|
(0.17)
|
%
|
|||||||||||||
Return (loss) on average equity
|
6.22
|
%
|
(1.59)
|
%
|
(1)
|
Includes loans held for sale and non-performing loans, as well as net deferred loan cost amortization of $644 and $616 for the six months ended December 31, 2018 and 2017, respectively.
|
(2)
|
Includes the average balance of non interest-bearing checking accounts of $82.5 million and $79.1 million during the six months ended December 31, 2018 and 2017, respectively.
|
(3)
|
Represents the difference between the weighted-average yield on all interest-earning assets and the weighted-average rate on all interest-bearing liabilities.
|
(4)
|
Represents net interest income before provision for loan losses as a percentage of average interest-earning assets.
|
Quarter Ended December 31, 2018 Compared
To Quarter Ended December 31, 2017 Increase (Decrease) Due to |
||||||||||||
(In Thousands)
|
Rate
|
Volume
|
Rate/
Volume |
Net
|
||||||||
Interest-earning assets:
|
||||||||||||
Loans receivable (1)
|
$
|
1,141
|
$
|
(488
|
)
|
$
|
(57
|
)
|
$
|
596
|
||
Investment securities
|
101
|
18
|
6
|
125
|
||||||||
FHLB – San Francisco stock
|
132
|
2
|
1
|
135
|
||||||||
Interest-earning deposits
|
124
|
55
|
40
|
219
|
||||||||
Total net change in income on interest-earning assets
|
1,498
|
(413
|
)
|
(10
|
)
|
1,075
|
||||||
Interest-bearing liabilities:
|
||||||||||||
Checking and money market accounts
|
—
|
5
|
—
|
5
|
||||||||
Savings accounts
|
2
|
(4
|
)
|
—
|
(2
|
)
|
||||||
Time deposits
|
75
|
(62
|
)
|
(8
|
)
|
5
|
||||||
Borrowings
|
(11
|
)
|
(2
|
)
|
—
|
(13
|
)
|
|||||
Total net change in expense on interest-bearing liabilities
|
66
|
(63
|
)
|
(8
|
)
|
(5
|
)
|
|||||
Net increase (decrease) in net interest income
|
$
|
1,432
|
$
|
(350
|
)
|
$
|
(2
|
)
|
$
|
1,080
|
(1)
|
Includes loans held for sale and non-performing loans. For purposes of calculating volume, rate and rate/volume variances, non-performing loans were included in the weighted-average balance outstanding.
|
Six Months Ended December 31, 2018 Compared
To Six Months Ended December 31, 2017 Increase (Decrease) Due to |
||||||||||||
(In Thousands)
|
Rate
|
Volume
|
Rate/
Volume |
Net
|
||||||||
Interest-earning assets:
|
||||||||||||
Loans receivable (1)
|
$
|
1,582
|
$
|
(897
|
)
|
$
|
(72
|
)
|
$
|
(613
|
)
|
|
Investment securities
|
125
|
72
|
16
|
213
|
||||||||
FHLB – San Francisco stock
|
133
|
3
|
1
|
137
|
||||||||
Interest-bearing deposits
|
236
|
79
|
52
|
367
|
||||||||
Total net change in income on interest-earning assets
|
2,076
|
(743
|
)
|
(3
|
)
|
1,330
|
||||||
Interest-bearing liabilities:
|
||||||||||||
Checking and money market accounts
|
7
|
3
|
—
|
10
|
||||||||
Savings accounts
|
—
|
—
|
—
|
—
|
||||||||
Time deposits
|
126
|
(126
|
)
|
(13
|
)
|
(13
|
)
|
|||||
Borrowings
|
(22
|
)
|
36
|
—
|
14
|
|||||||
Total net change in expense on interest-bearing liabilities
|
111
|
(87
|
)
|
(13
|
)
|
11
|
||||||
Net increase (decrease) in net interest income
|
$
|
1,965
|
$
|
(656
|
)
|
$
|
10
|
$
|
1,319
|
(1)
|
Includes loans held for sale and non-performing loans. For purposes of calculating volume, rate and rate/volume variances, non-performing loans were included in the weighted-average balance outstanding.
|
For the Quarters Ended
December 31,
|
For the Six Months Ended
December 31, |
|||||||||||
Recourse Liability
|
2018
|
2017
|
2018
|
2017
|
||||||||
(In Thousands)
|
||||||||||||
Balance, beginning of the period
|
$
|
250
|
$
|
305
|
$
|
283
|
$
|
305
|
||||
Recovery from recourse liability
|
—
|
(22
|
)
|
(33
|
)
|
(22
|
)
|
|||||
Net settlements in lieu of loan repurchases
|
—
|
—
|
—
|
—
|
||||||||
Balance, end of the period
|
$
|
250
|
$
|
283
|
$
|
250
|
$
|
283
|
(Dollars In Thousands)
|
Outstanding
Balance (1)
|
Weighted-
Average
FICO (2)
|
Weighted-
Average
LTV (3)
|
Weighted-
Average
Seasoning (4)
|
||
Interest only
|
$
|
1,500
|
619
|
75%
|
0.97 years
|
|
Stated income (5)
|
$
|
59,732
|
733
|
58%
|
13.11 years
|
|
FICO less than or equal to 660
|
$
|
7,618
|
637
|
66%
|
7.86 years
|
|
Over 30-year amortization
|
$
|
8,024
|
720
|
63%
|
13.42 years
|
(1)
|
The outstanding balance presented on this table may overlap more than one category. Of the outstanding balance, $2.9 million of "stated income," $306 of "FICO less than or equal to 660," and $215 of "over 30-year amortization" balances were non-performing.
|
(2)
|
Based on borrower's FICO scores at the time of loan origination. The FICO score represents the creditworthiness of a borrower based on the borrower's credit history, as reported by an independent third party. A higher FICO score indicates a greater degree of creditworthiness. Bank regulators have issued guidance stating that a FICO score of 660 and below is indicative of a "subprime" borrower.
|
(3)
|
LTV is the ratio derived by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate collateral.
|
(4)
|
Seasoning describes the number of years since the funding date of the loan.
|
(5)
|
Stated income is defined as borrower stated income on his/her loan application which was not subject to verification during the loan origination process.
|
(Dollars In Thousands)
|
Balance
|
Non-Performing (1)
|
30 - 89 Days
Delinquent (1)
|
||
Fully amortize in the next 12 months
|
$
|
—
|
—%
|
—%
|
|
Fully amortize between 1 year and 5 years
|
1,500
|
—%
|
—%
|
||
Fully amortize after 5 years
|
—
|
—%
|
—%
|
||
Total
|
$
|
1,500
|
—%
|
—%
|
(1)
|
As a percentage of each category.
|
(Dollars In Thousands)
|
Balance (1)
|
Non-Performing (1)
|
30 - 89 Days
Delinquent (1)
|
||
Interest rate reset in the next 12 months
|
$
|
59,018
|
4%
|
—%
|
|
Interest rate reset between 1 year and 5 years
|
—
|
—%
|
—%
|
||
Interest rate reset after 5 years
|
714
|
100%
|
—%
|
||
Total
|
$
|
59,732
|
5%
|
—%
|
(1)
|
As a percentage of each category.
|
Calendar Year of Origination
|
||||||||||
(Dollars In Thousands)
|
2010 &
Prior |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
Total |
Loan balance (in thousands)
|
$97,932
|
$726
|
$1,986
|
$2,139
|
$5,338
|
$10,345
|
$28,709
|
$69,363
|
$82,824
|
$299,362
|
Weighted-average LTV (1)
|
58%
|
59%
|
53%
|
45%
|
62%
|
68%
|
64%
|
72%
|
71%
|
66%
|
Weighted-average age (in years)
|
13.24
|
7.33
|
6.34
|
5.50
|
4.44
|
3.59
|
2.48
|
1.61
|
0.48
|
5.38
|
Weighted-average FICO (2)
|
730
|
724
|
758
|
752
|
755
|
740
|
752
|
738
|
745
|
739
|
Number of loans
|
362
|
3
|
10
|
20
|
17
|
15
|
56
|
107
|
140
|
730
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown (%)
|
|
|
|
|
|
|
|
|
|
|
Inland Empire
|
37%
|
45%
|
16%
|
45%
|
33%
|
20%
|
26%
|
32%
|
41%
|
35%
|
Southern California (3)
|
51%
|
55%
|
52%
|
22%
|
36%
|
49%
|
34%
|
46%
|
50%
|
48%
|
Other California (4)
|
11%
|
—%
|
32%
|
33%
|
31%
|
31%
|
40%
|
22%
|
9%
|
17%
|
Other States
|
1%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
Total
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
(1)
|
LTV is the ratio derived by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate collateral.
|
(2)
|
At time of loan origination.
|
(3)
|
Other than the Inland Empire.
|
(4)
|
Other than the Inland Empire and Southern California.
|
Calendar Year of Origination
|
||||||||||
(Dollars In Thousands)
|
2010 &
Prior |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
Total |
Loan balance (in thousands)
|
$13,171
|
$3,417
|
$10,002
|
$30,051
|
$54,410
|
$72,546
|
$112,763
|
$73,505
|
$77,168
|
$447,033
|
Weighted-average LTV (1)
|
35%
|
48%
|
48%
|
49%
|
50%
|
52%
|
48%
|
49%
|
46%
|
48%
|
Weighted-average DCR (2)
|
1.74x
|
1.73x
|
1.89x
|
1.77x
|
1.69x
|
1.66x
|
1.67x
|
1.67x
|
1.57x
|
1.67x
|
Weighted-average age (in years)
|
14.27
|
7.25
|
6.30
|
5.37
|
4.51
|
3.46
|
2.50
|
1.56
|
0.59
|
3.08
|
Weighted-average FICO (3)
|
719
|
750
|
744
|
767
|
767
|
755
|
762
|
751
|
757
|
757
|
Number of loans
|
36
|
5
|
14
|
50
|
78
|
116
|
138
|
118
|
93
|
648
|
|
|
|
|
|
|
|
|
|
|
|
Geographic breakdown (%)
|
|
|
|
|
|
|
|
|
|
|
Inland Empire
|
42%
|
—%
|
1%
|
38%
|
17%
|
18%
|
10%
|
18%
|
11%
|
16%
|
Southern California (4)
|
51%
|
82%
|
78%
|
44%
|
47%
|
60%
|
61%
|
64%
|
68%
|
60%
|
Other California (5)
|
5%
|
18%
|
21%
|
18%
|
36%
|
22%
|
29%
|
18%
|
21%
|
24%
|
Other States
|
2%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
Total
|
100%
|
—%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
(1)
|
LTV is the ratio derived by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate collateral.
|
(2)
|
Debt Coverage Ratio ("DCR") at time of origination.
|
(3)
|
At time of loan origination.
|
(4)
|
Other than the Inland Empire.
|
(5)
|
Other than the Inland Empire and Southern California.
|
(Dollars In Thousands)
|
Balance
|
Non-
Performing (1)
|
30 - 89 Days
Delinquent
|
Percentage
Not Fully
Amortizing (1)
|
||
Interest rate reset or mature in the next 12 months
|
$
|
129,858
|
—%
|
—%
|
7%
|
|
Interest rate reset or mature between 1 year and 5 years
|
304,331
|
—%
|
—%
|
2%
|
||
Interest rate reset or mature after 5 years
|
12,844
|
—%
|
—%
|
—%
|
||
Total
|
$
|
447,033
|
—%
|
—%
|
3%
|
(1)
|
As a percentage of each category.
|
Calendar Year of Origination
|
||||||||||
(Dollars In Thousands)
|
2010 &
Prior |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
Total (5)(6)
|
Loan balance (in thousands)
|
$573
|
$—
|
$9,862
|
$8,842
|
$18,699
|
$19,412
|
$15,947
|
$19,485
|
$20,010
|
$112,830
|
Weighted-average LTV (1)
|
35%
|
—%
|
43%
|
48%
|
43%
|
40%
|
48%
|
43%
|
44%
|
44%
|
Weighted-average DCR (2)
|
1.38x
|
—x
|
1.97x
|
1.61x
|
1.95x
|
1.80x
|
1.57x
|
1.82x
|
1.61x
|
1.76x
|
Weighted-average age (in years)
|
10.34
|
—
|
6.27
|
5.46
|
4.35
|
3.45
|
2.61
|
1.37
|
0.54
|
3.04
|
Weighted-average FICO (2)
|
712
|
—
|
741
|
763
|
753
|
757
|
758
|
773
|
754
|
758
|
Number of loans
|
5
|
—
|
8
|
14
|
22
|
25
|
22
|
23
|
29
|
148
|
|
|
|
|
|
|
|
|
|||
Geographic breakdown (%):
|
|
|
|
|
|
|
|
|
||
Inland Empire
|
69%
|
—%
|
75%
|
24%
|
40%
|
31%
|
11%
|
26%
|
10%
|
29%
|
Southern California (3)
|
31%
|
—%
|
25%
|
46%
|
45%
|
32%
|
65%
|
52%
|
55%
|
47%
|
Other California (4)
|
—%
|
—%
|
—%
|
30%
|
15%
|
37%
|
24%
|
22%
|
35%
|
24%
|
Other States
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
Total
|
100%
|
—%
|
—%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
(1)
|
LTV is the ratio derived by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate collateral.
|
(2)
|
At time of loan origination.
|
(3)
|
Other than the Inland Empire.
|
(4)
|
Other than the Inland Empire and Southern California.
|
(5)
|
Comprised of the following: $48.8 million in Mixed Use; $17.8 million in Office; $17.7 million in Retail; $8.7 million in Mobile Home Parks; $7.8 million in Warehouse; $4.3 million in Medical/Dental Office; $2.7 million in Mini-Storage; $2.0 million in Restaurant/Fast Food; $1.5 million in Automotive – Non Gasoline and $1.5 million in Light Industrial/Manufacturing.
|
(6)
|
Consisting of $106.4 million or 94.3 percent in investment properties and $6.4 million or 5.7 percent in owner occupied properties.
|
(Dollars In Thousands)
|
Balance
|
Non-
Performing (1)
|
30 - 89 Days
Delinquent
|
Percentage
Not Fully
Amortizing (1)
|
||
Interest rate reset or mature in the next 12 months
|
$
|
41,377
|
—%
|
—%
|
81%
|
|
Interest rate reset or mature between 1 year and 5 years
|
71,453
|
—%
|
—%
|
91%
|
||
Interest rate reset or mature after 5 years
|
—
|
—%
|
—%
|
—%
|
||
Total
|
$
|
112,830
|
—%
|
—%
|
88%
|
(1)
|
As a percentage of each category.
|
(In Thousands)
|
At December 31,
2018 |
At June 30,
2018 |
||||
Loans on non-accrual status (excluding restructured loans):
|
||||||
Mortgage loans:
|
||||||
Single-family
|
$
|
2,572
|
$
|
2,665
|
||
Construction
|
745
|
—
|
||||
Total
|
3,317
|
2,665
|
||||
Accruing loans past due 90 days or more
|
—
|
—
|
||||
Restructured loans on non-accrual status:
|
||||||
Mortgage loans:
|
||||||
Single-family
|
2,698
|
3,328
|
||||
Commercial business loans
|
47
|
64
|
||||
Total
|
2,745
|
3,292
|
||||
Total non-performing loans
|
6,062
|
6,057
|
||||
Real estate owned, net
|
—
|
906
|
||||
Total non-performing assets
|
$
|
6,062
|
$
|
6,963
|
||
Non-performing loans as a percentage of loans held for investment, net
of allowance for loan losses
|
0.69
|
%
|
0.67
|
%
|
||
Non-performing loans as a percentage of total assets
|
0.54
|
%
|
0.52
|
%
|
||
Non-performing assets as a percentage of total assets
|
0.54
|
%
|
0.59
|
%
|
Calendar Year of Origination
|
|||||||||||||||||||||||||||||||||
(In Thousands)
|
2010 & Prior |
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | Total | |||||||||||||||||||||||
Mortgage loans:
|
|||||||||||||||||||||||||||||||||
Single-family
|
$
|
3,818
|
$
|
—
|
$
|
85
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
1,367
|
$
|
—
|
$
|
5,270
|
|||||||||||||
Construction
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
745
|
745
|
|||||||||||||||||||||||
Commercial business loans
|
47
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
47
|
|||||||||||||||||||||||
Total
|
$
|
3,865
|
$
|
—
|
$
|
85
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
1,367
|
$
|
745
|
$
|
6,062
|
(In Thousands)
|
Inland Empire
|
Southern
California (1)
|
Other
California (2)
|
Other States
|
Total
|
|||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
$
|
1,874
|
$
|
2,141
|
$
|
1,255
|
$
|
—
|
$
|
5,270
|
||||||
Construction
|
—
|
745
|
—
|
—
|
745
|
|||||||||||
Commercial business loans
|
47
|
—
|
—
|
—
|
47
|
|||||||||||
Total
|
$
|
1,921
|
$
|
2,886
|
$
|
1,255
|
$
|
—
|
$
|
6,062
|
(1)
|
Other than the Inland Empire.
|
(2)
|
Other than the Inland Empire and Southern California.
|
At December 31,
2018 |
At June 30,
2018 |
||||||||||
(Dollars In Thousands)
|
Balance
|
Count
|
Balance
|
Count
|
|||||||
Special mention loans:
|
|||||||||||
Mortgage loans:
|
|||||||||||
Single-family
|
$
|
1,400
|
6
|
$
|
2,584
|
8
|
|||||
Multi-family
|
3,906
|
3
|
3,947
|
3
|
|||||||
Commercial real estate
|
—
|
—
|
940
|
1
|
|||||||
Total special mention loans
|
5,306
|
9
|
7,471
|
12
|
|||||||
Substandard loans:
|
|||||||||||
Mortgage loans:
|
|||||||||||
Single-family
|
6,695
|
23
|
7,391
|
24
|
|||||||
Construction
|
745
|
1
|
—
|
—
|
|||||||
Commercial business loans
|
47
|
1
|
64
|
1
|
|||||||
Total substandard loans
|
7,487
|
25
|
7,455
|
25
|
|||||||
Total classified loans
|
12,793
|
34
|
14,926
|
37
|
|||||||
Real estate owned:
|
|||||||||||
Single-family
|
—
|
—
|
906
|
2
|
|||||||
Total real estate owned
|
—
|
—
|
906
|
2
|
|||||||
Total classified assets
|
$
|
12,793
|
34
|
$
|
15,832
|
39
|
|
For the Quarters Ended
December 31, |
For the Six Months Ended
December 31, |
|||||||||||
(In Thousands)
|
2018 | 2017 | 2018 | 2017 | |||||||||
Loans originated for sale: | |||||||||||||
Retail originations
|
$
|
87,913
|
$
|
183,787
|
$
|
215,046
|
$
|
397,088
|
|||||
Wholesale originations
|
58,504
|
148,077
|
127,692
|
327,068
|
|||||||||
Total loans originated for sale (1)
|
146,417
|
331,864
|
342,738
|
724,156
|
|||||||||
Loans sold:
|
|||||||||||||
Servicing released
|
(165,484
|
)
|
(351,720
|
)
|
(376,534
|
)
|
(725,183
|
)
|
|||||
Servicing retained
|
(2,026
|
)
|
(9,660
|
)
|
(2,784
|
)
|
(17,248
|
)
|
|||||
Total loans sold (2)
|
(167,510
|
)
|
(361,380
|
)
|
(379,318
|
)
|
(742,431
|
)
|
|||||
Loans originated for investment:
|
|||||||||||||
Mortgage loans:
|
|||||||||||||
Single-family
|
24,180
|
12,362
|
41,396
|
39,698
|
|||||||||
Multi-family
|
5,446
|
9,473
|
18,155
|
21,667
|
|||||||||
Commercial real estate
|
3,175
|
8,478
|
8,480
|
12,970
|
|||||||||
Construction
|
1,863
|
1,475
|
3,343
|
2,409
|
|||||||||
Consumer loans
|
—
|
2
|
—
|
3
|
|||||||||
Total loans originated for investment (3)
|
34,664
|
31,790
|
71,374
|
76,747
|
|||||||||
Loans purchased for investment:
|
|||||||||||||
Mortgage loans:
|
|||||||||||||
Multi-family
|
4,622
|
2,241
|
4,622
|
2,241
|
|||||||||
Commercial real estate
|
—
|
868
|
—
|
868
|
|||||||||
Total loans purchased for investment (3)
|
4,622
|
3,109
|
4,622
|
3,109
|
|||||||||
Mortgage loan principal payments
|
(41,163
|
)
|
(57,390
|
)
|
(104,092
|
)
|
(100,751
|
)
|
|||||
Real estate acquired in settlement of loans
|
—
|
(700
|
)
|
—
|
(700
|
)
|
|||||||
Increase (decrease) in other items, net (4)
|
60
|
(22
|
)
|
(1,332
|
)
|
968
|
|||||||
Net decrease in loans held for investment and loans held for
sale at fair value
|
$
|
(22,910
|
)
|
$
|
(52,729
|
)
|
$
|
(66,008
|
)
|
$
|
(38,902
|
)
|
(1)
|
Includes PBM loans originated for sale during the quarters and six months ended December 31, 2018 and 2017 totaling $146.4 million, $331.9 million, $342.7 million and $724.2 million, respectively.
|
(2)
|
Includes PBM loans sold during the quarters and six months ended December 31, 2018 and 2017 totaling $167.5 million, $361.4 million, $379.3 million and $742.4 million, respectively.
|
(3)
|
Includes PBM loans originated and purchased for investment during the quarters and six months ended December 31, 2018 and 2017 totaling $24.1 million, $12.4 million, $40.0 million and $37.8 million, respectively.
|
(4)
|
Includes net changes in undisbursed loan funds, deferred loan fees or costs, allowance for loan losses, fair value of loans held for investment, fair value of loans held for sale, advance payments of escrows and repurchases.
|
Regulatory Requirements
|
||||||||||||||||||||||||||||||
Actual
|
Minimum for Capital
Adequacy Purposes
|
Minimum to Be
Well Capitalized
|
||||||||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||||||||
Provident Financial Holdings, Inc.:
|
||||||||||||||||||||||||||||||
As of December 31, 2018
|
||||||||||||||||||||||||||||||
Tier 1 leverage capital (to adjusted average assets)
|
$
|
122,485
|
10.72
|
%
|
$
|
45,685
|
4.00
|
%
|
$
|
57,106
|
5.00
|
%
|
||||||||||||||||||
Common Equity Tier 1 ("CET1") capital (to risk-
weighted assets)
|
$
|
122,485
|
18.48
|
%
|
$
|
42,257
|
6.38
|
%
|
$
|
43,085
|
6.50
|
%
|
||||||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
$
|
122,485
|
18.48
|
%
|
$
|
52,199
|
7.88
|
%
|
$
|
53,028
|
8.00
|
%
|
||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
129,696
|
19.57
|
%
|
$
|
65,456
|
9.88
|
%
|
$
|
66,285
|
10.00
|
%
|
||||||||||||||||||
As of June 30, 2018
|
||||||||||||||||||||||||||||||
Tier 1 leverage capital (to adjusted assets)
|
$
|
120,218
|
10.29
|
%
|
$
|
46,719
|
4.00
|
%
|
$
|
58,399
|
5.00
|
%
|
||||||||||||||||||
CET1 capital (to risk-weighted assets)
|
$
|
120,218
|
17.37
|
%
|
$
|
44,132
|
6.38
|
%
|
$
|
44,998
|
6.50
|
%
|
||||||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
$
|
120,218
|
17.37
|
%
|
$
|
54,516
|
7.88
|
%
|
$
|
55,382
|
8.00
|
%
|
||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
127,760
|
18.46
|
%
|
$
|
68,362
|
9.88
|
%
|
$
|
69,227
|
10.00
|
%
|
||||||||||||||||||
Provident Savings Bank, F.S.B.:
|
||||||||||||||||||||||||||||||
As of December 31, 2018
|
||||||||||||||||||||||||||||||
Tier 1 leverage capital (to adjusted average assets)
|
$
|
113,792
|
9.96
|
%
|
$
|
45,684
|
4.00
|
%
|
$
|
57,105
|
5.00
|
%
|
||||||||||||||||||
CET1 capital (to risk-weighted assets)
|
$
|
113,792
|
17.17
|
%
|
$
|
42,256
|
6.38
|
%
|
$
|
43,085
|
6.50
|
%
|
||||||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
$
|
113,792
|
17.17
|
%
|
$
|
52,199
|
7.88
|
%
|
$
|
53,027
|
8.00
|
%
|
||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
121,003
|
18.26
|
%
|
$
|
65,456
|
9.88
|
%
|
$
|
66,284
|
10.00
|
%
|
||||||||||||||||||
As of June 30, 2018
|
||||||||||||||||||||||||||||||
Tier 1 leverage capital (to adjusted assets)
|
$
|
116,369
|
9.96
|
%
|
$
|
46,716
|
4.00
|
%
|
$
|
58,394
|
5.00
|
%
|
||||||||||||||||||
CET1 capital (to risk-weighted assets)
|
$
|
116,369
|
16.81
|
%
|
$
|
44,125
|
6.38
|
%
|
$
|
44,990
|
6.50
|
%
|
||||||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
$
|
116,369
|
16.81
|
%
|
$
|
54,507
|
7.88
|
%
|
$
|
55,372
|
8.00
|
%
|
||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
123,911
|
17.90
|
%
|
$
|
68,350
|
9.88
|
%
|
$
|
69,215
|
10.00
|
%
|
At
December 31, 2018 |
At
June 30, 2018 |
At
December 31, 2017 |
|
Loans serviced for others (in thousands)
|
$123,294
|
$128,409
|
$127,088
|
Book value per share
|
$16.34
|
$16.23
|
$16.15
|
Basis Points ("bp")
Change in Rates
|
Net
Portfolio
Value
|
NPV
Change (1)
|
Portfolio
Value of
Assets
|
NPV as Percentage
of Portfolio Value
Assets (2)
|
Sensitivity
Measure (3)
|
||||||
+400 bp
|
$
|
241,427
|
$
|
123,479
|
$
|
1,229,892
|
19.63%
|
+921 bp
|
|||
+300 bp
|
$
|
216,894
|
$
|
98,946
|
$
|
1,211,292
|
17.91%
|
+749 bp
|
|||
+200 bp
|
$
|
188,062
|
$
|
70,114
|
$
|
1,188,611
|
15.82%
|
+540 bp
|
|||
+100 bp
|
$
|
154,714
|
$
|
36,766
|
$
|
1,161,806
|
13.32%
|
+290 bp
|
|||
0 bp
|
$
|
117,948
|
$
|
—
|
$
|
1,131,645
|
10.42%
|
0 bp
|
|||
-100 bp
|
$
|
110,957
|
$
|
(6,991
|
)
|
$
|
1,124,294
|
9.87%
|
-55 bp
|
(1)
|
Represents the increase (decrease) of the NPV at the indicated interest rate change in comparison to the NPV at December 31, 2018 ("base case").
|
(2)
|
Derived from the NPV divided by the portfolio value of total assets.
|
(3)
|
Derived from the change in the NPV ratio from the base case amount assuming the indicated change in interest rates (expressed in basis points).
|
At December 31, 2018
|
At June 30, 2018
|
|
(-100 bp rate shock)
|
(-100 bp rate shock)
|
|
Pre-Shock NPV Ratio: NPV as a % of PV Assets
|
10.42%
|
10.24%
|
Post-Shock NPV Ratio: NPV as a % of PV Assets
|
9.87%
|
9.62%
|
Sensitivity Measure: Change in NPV Ratio
|
-55 bp
|
-62 bp
|
Term to Contractual Repricing, Estimated Repricing, or Contractual
Maturity (1)
|
|||||||||||||||||
As of December 31, 2018
|
|||||||||||||||||
12 months or less
|
Greater than
1 year to 3
years
|
Greater than
3 years to 5
years
|
Greater than
5 years or
non-sensitive
|
Total
|
|||||||||||||
(Dollars In thousands)
|
|||||||||||||||||
Repricing Assets:
|
|||||||||||||||||
Cash and cash equivalents
|
$
|
61,030
|
$
|
—
|
$
|
—
|
$
|
6,329
|
$
|
67,359
|
|||||||
Investment securities
|
38,848
|
—
|
—
|
52,705
|
91,553
|
||||||||||||
Loans held for investment
|
278,915
|
229,289
|
277,651
|
89,558
|
875,413
|
||||||||||||
Loans held for sale
|
57,562
|
—
|
—
|
—
|
57,562
|
||||||||||||
FHLB - San Francisco stock
|
8,199
|
—
|
—
|
—
|
8,199
|
||||||||||||
Other assets
|
3,156
|
—
|
—
|
23,928
|
27,084
|
||||||||||||
Total assets
|
447,710
|
229,289
|
277,651
|
172,520
|
1,127,170
|
||||||||||||
Repricing Liabilities and Equity:
|
|||||||||||||||||
Checking deposits - non-interest bearing
|
—
|
—
|
—
|
78,866
|
78,866
|
||||||||||||
Checking deposits - interest bearing
|
38,482
|
76,965
|
76,965
|
64,137
|
256,549
|
||||||||||||
Savings deposits
|
55,429
|
110,858
|
110,858
|
—
|
277,145
|
||||||||||||
Money market deposits
|
18,314
|
18,313
|
—
|
—
|
36,627
|
||||||||||||
Time deposits
|
122,217
|
76,853
|
23,694
|
933
|
223,697
|
||||||||||||
Borrowings
|
10,000
|
31,135
|
30,000
|
40,000
|
111,135
|
||||||||||||
Other liabilities
|
346
|
—
|
—
|
20,128
|
20,474
|
||||||||||||
Stockholders' equity
|
—
|
—
|
—
|
122,677
|
122,677
|
||||||||||||
Total liabilities and stockholders' equity
|
244,788
|
314,124
|
241,517
|
326,741.
|
1,127,170
|
||||||||||||
Repricing gap positive (negative)
|
$
|
202,922
|
$
|
(84,835
|
)
|
$
|
36,134
|
$
|
(154,221
|
)
|
$
|
—
|
|||||
Cumulative repricing gap:
|
|||||||||||||||||
Dollar amount
|
$
|
202,922
|
$
|
118,087
|
$
|
154,221
|
$
|
—
|
$
|
—
|
|||||||
Percent of total assets
|
18
|
%
|
10
|
%
|
14
|
%
|
—
|
%
|
—
|
%
|
•
|
The Corporation's current balance sheet and repricing characteristics;
|
•
|
Forecasted balance sheet growth consistent with the business plan;
|
•
|
Current interest rates and yield curves and management estimates of projected interest rates;
|
•
|
Embedded options, interest rate floors, periodic caps and lifetime caps;
|
•
|
Repricing characteristics for market rate sensitive instruments;
|
•
|
Loan, investment, deposit and borrowing cash flows;
|
•
|
Loan prepayment estimates for each type of loan; and
|
•
|
Immediate, permanent and parallel movements in interest rates of plus 400, 300, 200 and 100 and minus 100 basis points.
|
At December 31, 2018
|
At June 30, 2018
|
|||
Basis Point (bp)
Change in Rates
|
Change in
Net Interest Income
|
Basis Point (bp)
Change in Rates
|
Change in
Net Interest Income
|
|
+400 bp
|
7.56%
|
+400 bp
|
7.84%
|
|
+300 bp
|
6.74%
|
+300 bp
|
6.83%
|
|
+200 bp
|
5.80%
|
+200 bp
|
5.73%
|
|
+100 bp
|
4.53%
|
+100 bp
|
4.53%
|
|
-100 bp
|
(6.02)%
|
-100 bp
|
(3.98)%
|
Period
|
(a) Total
Number of
Shares Purchased
|
(b) Average
Price Paid
per Share
|
(c) Total Number of
Shares Purchased as
Part of Publicly
Announced Plan
|
(d) Maximum
Number of Shares
that May Yet Be
Purchased Under the
Plan (1)
|
||||
October 1 – 31, 2018
|
505
|
$
|
17.01
|
—
|
373,000
|
|||
November 1 – 30, 2018
|
—
|
$
|
—
|
—
|
373,000
|
|||
December 1 – 31, 2018
|
—
|
$
|
—
|
—
|
373,000
|
|||
Total
|
505
|
$
|
17.01
|
—
|
373,000
|
(1)
|
Represents the remaining shares available for future purchases under the April 2018 stock repurchase plan.
|
101
|
The following materials from the Corporation's Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, formatted in Extensible Business Reporting Language (XBRL): (1) Condensed Consolidated Statements of Financial Condition; (2) Condensed Consolidated Statements of Operations; (3) Condensed Consolidated Statements of Comprehensive Income; (4) Condensed Consolidated Statements of Stockholders' Equity; (5) Condensed Consolidated Statements of Cash Flows; and (6) Selected Notes to Condensed Consolidated Financial Statements.
|
Provident Financial Holdings, Inc.
|
|
Date: February 8, 2019
|
/s/ Craig G. Blunden
|
Craig G. Blunden
|
|
Chairman and Chief Executive Officer
(Principal Executive Officer)
|
|
Date: February 8, 2019
|
/s/ Donavon P. Ternes
|
Donavon P. Ternes
|
|
President, Chief Operating Officer and
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
101
|
The following materials from the Corporation's Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, formatted in Extensible Business Reporting Language (XBRL): (1) Condensed Consolidated Statements of Financial Condition; (2) Condensed Consolidated Statements of Operations; (3) Condensed Consolidated Statements of Comprehensive Income; (4) Condensed Consolidated Statements of Stockholders' Equity; (5) Condensed Consolidated Statements of Cash Flows; and (6) Selected Notes to Condensed Consolidated Financial Statements.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Provident Financial Holdings, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 8, 2019
|
/s/ Craig G. Blunden
|
Craig G. Blunden
|
|
Chairman and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Provident Financial Holdings, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 8, 2019
|
/s/ Donavon P. Ternes
|
Donavon P. Ternes
|
|
President, Chief Operating Officer and
Chief Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation as of the dates and for the periods presented in the financial statements included in such Report.
|
Date: February 8, 2019
|
/s/ Craig G. Blunden
|
Craig G. Blunden
|
|
Chairman and Chief Executive Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation as of the dates and for the periods presented in the financial statements included in such Report.
|
Date: February 8, 2019
|
/s/ Donavon P. Ternes
|
Donavon P. Ternes
|
|
President, Chief Operating Officer and
Chief Financial Officer
|
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Feb. 04, 2019 |
|
Document and Entity Information | ||
Entity Registrant Name | PROVIDENT FINANCIAL HOLDINGS INC | |
Entity Central Index Key | 0001010470 | |
Trading Symbol | prov | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,509,855 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
Condensed Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for loan losses on Loans held for investment (in dollars) | $ 7,061 | $ 7,385 |
Loans held for investment fair value (in dollars) | $ 4,995 | $ 5,234 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 2,000,000 | 2,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 40,000,000 | 40,000,000 |
Common stock shares issued | 18,053,115 | 18,033,115 |
Common stock shares outstanding | 7,506,855 | 7,421,426 |
Treasury stock shares | 10,546,260 | 10,611,689 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||
Loans receivable, net | $ 10,331 | $ 9,735 | $ 20,505 | $ 19,892 | |||||||||||||||||||||||||||
Investment securities | 444 | 319 | 789 | 576 | |||||||||||||||||||||||||||
FHLB - San Francisco stock | 278 | 143 | 421 | 284 | |||||||||||||||||||||||||||
Interest-earning deposits | 387 | 168 | 725 | 358 | |||||||||||||||||||||||||||
Total interest income | 11,440 | 10,365 | 22,440 | 21,110 | |||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||
Checking and money market deposits | 117 | 112 | 225 | 215 | |||||||||||||||||||||||||||
Savings deposits | 147 | 149 | 298 | 298 | |||||||||||||||||||||||||||
Time deposits | 630 | 625 | 1,251 | 1,264 | |||||||||||||||||||||||||||
Borrowings | 715 | 728 | 1,478 | 1,464 | |||||||||||||||||||||||||||
Total interest expense | 1,609 | 1,614 | 3,252 | 3,241 | |||||||||||||||||||||||||||
Net interest income | 9,831 | 8,751 | 19,188 | 17,869 | |||||||||||||||||||||||||||
(Recovery) provision for loan losses | (217) | (11) | (454) | 158 | |||||||||||||||||||||||||||
Net interest income, after (recovery) provision for loan losses | 10,048 | 8,762 | 19,642 | 17,711 | |||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||
Gain on sale of loans, net | [2] | 2,263 | [1] | 4,317 | [3] | 5,395 | [4] | 9,164 | [5] | ||||||||||||||||||||||
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (7) | (22) | (6) | (62) | |||||||||||||||||||||||||||
Other | 161 | 220 | 350 | 463 | |||||||||||||||||||||||||||
Total non-interest income | 3,595 | 5,741 | 8,144 | 12,093 | |||||||||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||||||||||
Salaries and employee benefits | 7,211 | 8,633 | 15,461 | 17,902 | |||||||||||||||||||||||||||
Premises and occupancy | 1,274 | 1,260 | 2,619 | 2,574 | |||||||||||||||||||||||||||
Equipment | 495 | 375 | 916 | 737 | |||||||||||||||||||||||||||
Professional expenses | 411 | 521 | 858 | 1,041 | |||||||||||||||||||||||||||
Sales and marketing expenses | 253 | 301 | 422 | 504 | |||||||||||||||||||||||||||
Deposit insurance premiums and regulatory assessments | 172 | 218 | 337 | 402 | |||||||||||||||||||||||||||
Other | [6] | 1,059 | 1,905 | 1,966 | 5,787 | ||||||||||||||||||||||||||
Total non-interest expense | 10,875 | 13,213 | 22,579 | 28,947 | |||||||||||||||||||||||||||
Income before income taxes | 2,768 | 1,290 | 5,207 | 857 | |||||||||||||||||||||||||||
Provision for income taxes | [7] | 810 | 2,067 | 1,426 | 1,859 | ||||||||||||||||||||||||||
Net income (loss) | $ 1,958 | $ (777) | $ 3,781 | $ (1,002) | |||||||||||||||||||||||||||
Basic earnings (loss) per share (in dollars per share) | $ 0.26 | $ (0.10) | $ 0.51 | $ (0.13) | |||||||||||||||||||||||||||
Diluted earnings (loss) per share (in dollars per share) | 0.26 | (0.10) | 0.50 | (0.13) | |||||||||||||||||||||||||||
Cash dividends per share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 | |||||||||||||||||||||||||||
Loan servicing and other fees | |||||||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||
Total non-interest income | [2] | $ 277 | [8] | $ 317 | [9] | $ 601 | [10] | $ 680 | [11] | ||||||||||||||||||||||
Deposit account fees | |||||||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||
Total non-interest income | 509 | 536 | 1,014 | 1,094 | |||||||||||||||||||||||||||
Card and processing fees | |||||||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||
Total non-interest income | $ 392 | $ 373 | $ 790 | $ 754 | |||||||||||||||||||||||||||
|
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2017 |
|
Income Statement [Abstract] | ||
Litigation settlement expense | $ 650 | $ 3,400 |
Revaluation of net deferred tax assets | $ 1,800 | $ 1,800 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 1,958 | $ (777) | $ 3,781 | $ (1,002) |
Change in unrealized holding loss on securities available for sale | (28) | (80) | (58) | (78) |
Reclassification adjustment for net loss on securities available for sale included in net loss | 45 | 45 | ||
Other comprehensive loss, before income taxes | (28) | (35) | (58) | (33) |
Income tax benefit | (8) | (15) | (17) | (14) |
Other comprehensive loss | (20) | (20) | (41) | (19) |
Total comprehensive income (loss) | $ 1,938 | $ (797) | $ 3,740 | $ (1,021) |
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss), Net of Tax |
Total |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at Jun. 30, 2017 | $ 180 | $ 93,209 | $ 192,754 | $ (158,142) | $ 229 | $ 128,230 | |||||||||||||
Balance (in shares) at Jun. 30, 2017 | 7,714,052 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | (1,002) | (1,002) | |||||||||||||||||
Other comprehensive loss | (19) | (19) | |||||||||||||||||
Purchase of treasury stock | (5,152) | (5,152) | |||||||||||||||||
Purchase of treasury stock (in shares) | (266,526) | ||||||||||||||||||
Exercise of stock options | 261 | 261 | |||||||||||||||||
Exercise of stock options (in shares) | 27,250 | ||||||||||||||||||
Amortization of restricted stock | 291 | 291 | |||||||||||||||||
Forfeiture of restricted stock | 17 | (17) | |||||||||||||||||
Stock options expense | 233 | 233 | |||||||||||||||||
Cash dividends | [1] | (2,142) | (2,142) | ||||||||||||||||
Balance at Dec. 31, 2017 | $ 180 | 94,011 | 189,610 | (163,311) | 210 | 120,700 | |||||||||||||
Balance (in shares) at Dec. 31, 2017 | 7,474,776 | ||||||||||||||||||
Balance at Sep. 30, 2017 | $ 180 | 93,669 | 191,451 | (160,609) | 230 | 124,921 | |||||||||||||
Balance (in shares) at Sep. 30, 2017 | 7,609,552 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | (777) | (777) | |||||||||||||||||
Other comprehensive loss | (20) | (20) | |||||||||||||||||
Purchase of treasury stock | (2,702) | (2,702) | |||||||||||||||||
Purchase of treasury stock (in shares) | (140,526) | ||||||||||||||||||
Exercise of stock options | 84 | 84 | |||||||||||||||||
Exercise of stock options (in shares) | 5,750 | ||||||||||||||||||
Amortization of restricted stock | 142 | 142 | |||||||||||||||||
Stock options expense | 116 | 116 | |||||||||||||||||
Cash dividends | [2] | (1,064) | (1,064) | ||||||||||||||||
Balance at Dec. 31, 2017 | $ 180 | 94,011 | 189,610 | (163,311) | 210 | 120,700 | |||||||||||||
Balance (in shares) at Dec. 31, 2017 | 7,474,776 | ||||||||||||||||||
Balance at Jun. 30, 2018 | $ 181 | 94,957 | 190,616 | (165,507) | 210 | $ 120,457 | |||||||||||||
Balance (in shares) at Jun. 30, 2018 | 7,421,426 | 7,421,426 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | 3,781 | $ 3,781 | |||||||||||||||||
Other comprehensive loss | (41) | (41) | |||||||||||||||||
Purchase of treasury stock | [3] | (385) | (385) | ||||||||||||||||
Purchase of treasury stock (in shares) | [3] | (21,071) | |||||||||||||||||
Exercise of stock options | 226 | 226 | |||||||||||||||||
Exercise of stock options (in shares) | 20,000 | ||||||||||||||||||
Distribution of restricted stock (in shares) | 86,500 | ||||||||||||||||||
Amortization of restricted stock | 397 | 397 | |||||||||||||||||
Stock options expense | 333 | 333 | |||||||||||||||||
Cash dividends | [4] | (2,091) | (2,091) | ||||||||||||||||
Balance at Dec. 31, 2018 | $ 181 | 95,913 | 192,306 | (165,892) | 169 | $ 122,677 | |||||||||||||
Balance (in shares) at Dec. 31, 2018 | 7,506,855 | 7,506,855 | |||||||||||||||||
Balance at Sep. 30, 2018 | $ 181 | 95,795 | 191,399 | (165,884) | 189 | $ 121,680 | |||||||||||||
Balance (in shares) at Sep. 30, 2018 | 7,500,860 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net income (loss) | 1,958 | 1,958 | |||||||||||||||||
Other comprehensive loss | (20) | (20) | |||||||||||||||||
Purchase of treasury stock | [5] | (8) | (8) | ||||||||||||||||
Purchase of treasury stock (in shares) | [5] | (505) | |||||||||||||||||
Exercise of stock options | 73 | 73 | |||||||||||||||||
Exercise of stock options (in shares) | 5,000 | ||||||||||||||||||
Distribution of restricted stock (in shares) | 1,500 | ||||||||||||||||||
Amortization of restricted stock | 33 | 33 | |||||||||||||||||
Stock options expense | 12 | 12 | |||||||||||||||||
Cash dividends | [6] | (1,051) | (1,051) | ||||||||||||||||
Balance at Dec. 31, 2018 | $ 181 | $ 95,913 | $ 192,306 | $ (165,892) | $ 169 | $ 122,677 | |||||||||||||
Balance (in shares) at Dec. 31, 2018 | 7,506,855 | 7,506,855 | |||||||||||||||||
|
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Number of shares repurchase of distributed restricted stock in settlement of employee withholding tax obligations | 505 | 21,071 | ||
Cash dividends per share | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 |
Basis of Presentation |
6 Months Ended |
---|---|
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation
The unaudited interim condensed consolidated financial statements included herein reflect all adjustments which are, in the opinion of management, necessary to present a fair statement of the results of operations for the interim periods presented. All such adjustments are of a normal, recurring nature. The condensed consolidated statement of financial condition at June 30, 2018 is derived from the audited consolidated financial statements of Provident Financial Holdings, Inc. and its wholly-owned subsidiary, Provident Savings Bank, F.S.B. (the “Bank”) (collectively, the “Corporation”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. It is recommended that these unaudited interim condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended June 30, 2018. The results of operations for the quarter and six months ended December 31, 2018 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2019. |
Accounting Standard Updates ("ASU") |
6 Months Ended |
---|---|
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standard Updates ("ASU") | Note 2: Accounting Standard Updates (“ASU”)
There have been no accounting standard updates or changes in the status of their adoption that are significant to the Corporation as previously disclosed in Note 1 of the Corporation's Annual Report on Form 10-K for the year ended June 30, 2018, other than:
ASU 2014-09: In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers," which created FASB Accounting Standards Codification (ASC) Topic 606 ("ASC 606"). ASC 606 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 was effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. The Corporation adopted ASC 606 on July 1, 2018 using the modified retrospective approach. Therefore, the comparative information has not been adjusted and continues to be reported under superseded ASC 605. There was no cumulative effect adjustment as of July 1, 2018, and there were no material changes to the timing or amount of revenue recognized for the six months ended December 31, 2018; however, additional disclosures were incorporated in the footnotes upon adoption. The majority of the Company's revenue is comprised of interest income from financial assets, which is explicitly excluded from the scope of ASC 606. The Corporation elected to apply the practical expedient pursuant to ASC 606 and therefore does not disclose information about remaining performance obligations that have an original expected term of one year or less and allows the Corporation to expense costs related to obtaining a contract as incurred when the original amortization period would have been one year or less. See Note 12 for additional discussion. ASU 2018-11 In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." This ASU introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard, ASC 606, Revenue From Contracts With Customers. The new leases standard represents a wholesale change to lease accounting and will most likely result in significant implementation challenges during the transition period and beyond. This ASU will be effective for annual periods beginning after December 15, 2018 (i.e., calendar periods beginning on January 1, 2019), and interim periods therein, early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, Leases, Targeted Improvements, which allows entities the option of initially applying the new leases standard at the adoption date (such as January 1, 2019, for calendar year- end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Corporation plans to adopt ASU 2018-11 on July 1, 2019. Management is currently assessing the impact of ASU 2016-02 on the Corporation's financial position and results of operations but does not believe that adoption of ASU 2018-11 will have a material impact on its consolidated financial statements.
ASU 2018-13 In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements on fair value measurements to improve their effectiveness. The guidance permits entities to consider materiality when evaluating fair value measurement disclosures and, among other modifications, requires certain new disclosures related to Level 3 fair value measurements. The guidance will be effective beginning January 1, 2020, with early adoption permitted. The guidance only affects disclosures in the notes to the consolidated financial statements and will not affect the Corporation’s financial position or results of operations. |
Earnings (Loss) Per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Note 3: Earnings (Loss) Per Share
Basic earnings (loss) per share ("EPS") excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the earnings of the entity.
As of December 31, 2018 and 2017, there were outstanding options to purchase 509,000 shares and 585,500 shares of the Corporation's common stock, respectively. Of those shares, as of December 31, 2018 and 2017, there were 45,000 shares and 585,500 shares, respectively, which were excluded from the diluted EPS computation as their effect was anti-dilutive. As of December 31, 2018, there were outstanding restricted stock awards of 12,000 shares which have a dilutive effect; and as of December 31, 2017, there were outstanding restricted stock awards of 109,000 shares with no dilutive effect.
The following table provides the basic and diluted EPS computations for the quarters and six months ended December 31, 2018 and 2017, respectively.
|
Operating Segment Reports |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Reports | Note 4: Operating Segment Reports
The Corporation operates in two business segments: community banking through the Bank and mortgage banking through Provident Bank Mortgage ("PBM"), a division of the Bank.
The following tables set forth condensed consolidated statements of operations and total assets for the Corporation's operating segments for the quarters and six months ended December 31, 2018 and 2017, respectively.
|
Investment Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Note 5: Investment Securities
The amortized cost and estimated fair value of investment securities as of December 31, 2018 and June 30, 2018 were as follows:
In the second quarters of fiscal 2019 and 2018, the Corporation received MBS principal payments of $8.3 million and $5.8 million, respectively, and there were no sales of investment securities during these periods. The Corporation purchased U.S. government sponsored enterprise MBS totaling $13.5 million and $28.4 million, to be held to maturity, respectively. For the first six months of fiscal 2019 and 2018, the Corporation received MBS principal payments of $16.7 million and $11.7 million, respectively, and there were no sales of investment securities during these periods. In the first six months of fiscal 2019 and 2018, the Corporation purchased U.S. government sponsored enterprise MBS totaling $13.5 million and $38.5 million, to be held to maturity, respectively.
The Corporation held investments with an unrealized loss position of $303,000 at December 31, 2018 and $777,000 at June 30, 2018.
The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value. At December 31, 2018, $285,000 of the total $303,000 unrealized holding losses were 12 months or more; while at June 30, 2018, all of the unrealized holding loss was less than 12 months. The Corporation does not believe that there were any other-than-temporary impairments on the investment securities at December 31, 2018 and 2017; therefore, no impairment losses were recorded for the quarters and six months ended December 31, 2018 and 2017.
Contractual maturities of investment securities as of December 31, 2018 and June 30, 2018 were as
follows:
|
Loans Held For Investment |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held For Investment | Note 6: Loans Held for Investment
Loans held for investment, net of fair value adjustments, consisted of the following:
The following table sets forth information at December 31, 2018 regarding the dollar amount of loans held for investment that are contractually repricing during the periods indicated, segregated between adjustable rate loans and fixed rate loans. Fixed-rate loans comprised 2% of loans held for investment at both December 31, 2018 and June 30, 2018. Adjustable rate loans having no stated repricing dates that reprice when the index they are tied to reprices (e.g. prime rate index) and checking account overdrafts are reported as repricing within one year. The table does not include any estimate of prepayments which may cause the Corporation's actual repricing experience to differ materially from that shown.
The Corporation has developed an internal loan grading system to evaluate and quantify the Bank's loans held for investment portfolio with respect to quality and risk. Management continually evaluates the credit quality of the Corporation's loan portfolio and conducts a quarterly review of the adequacy of the allowance for loan losses using quantitative and qualitative methods. The Corporation has adopted an internal risk rating policy in which each loan is rated for credit quality with a rating of pass, special mention, substandard, doubtful or loss. The two primary components that are used during the loan review process to determine the proper allowance levels are individually evaluated allowances and collectively evaluated allowances. Quantitative loan loss factors are developed by determining the historical loss experience, expected future cash flows, discount rates and collateral fair values, among others. Qualitative loan loss factors are developed by assessing general economic indicators such as gross domestic product, retail sales, unemployment rates, employment growth, California home sales and median California home prices. The Corporation assigns individual factors for the quantitative and qualitative methods for each loan category and each internal risk rating.
The Corporation categorizes all of the loans held for investment into risk categories based on relevant information about the ability of the borrower to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. A description of the general characteristics of the risk grades is as follows:
The following tables summarize gross loans held for investment, net of fair value adjustments, by loan types and risk category at the dates indicated:
The allowance for loan losses is maintained at a level sufficient to provide for estimated losses based on evaluating known and inherent risks in the loans held for investment and upon management's continuing analysis of the factors underlying the quality of the loans held for investment. These factors include changes in the size and composition of the loans held for investment, actual loan loss experience, current economic conditions, detailed analysis of individual loans for which full collectability may not be assured, and determination of the realizable value of the collateral securing the loans. The provision (recovery) for (from) the allowance for loan losses is charged (credited) against operations on a quarterly basis, as necessary, to maintain the allowance at appropriate levels. Although management believes it uses the best information available to make such determinations, there can be no assurance that regulators, in reviewing the Corporation's loans held for investment, will not request a significant increase in its allowance for loan losses. Future adjustments to the allowance for loan losses may be necessary and results of operations could be significantly and adversely affected as a result of economic, operating, regulatory, and other conditions beyond the Corporation's control.
Non-performing loans are charged-off to their fair market values in the period the loans, or portion thereof, are deemed uncollectible, generally after the loan becomes 150 days delinquent for real estate secured first trust deed loans and 120 days delinquent for commercial business or real estate secured second trust deed loans. For loans that were modified from their original terms, were re-underwritten and identified in the Corporation's asset quality reports as troubled debt restructurings ("restructured loans"), the charge-off occurs when the loan becomes 90 days delinquent; and where borrowers file bankruptcy, the charge-off occurs when the loan becomes 60 days delinquent. The amount of the charge-off is determined by comparing the loan balance to the estimated fair value of the underlying collateral, less disposition costs, with the loan balance in excess of the estimated fair value charged-off against the allowance for loan losses. The allowance for loan losses for non-performing loans is determined by applying Accounting Standards Codification ("ASC") 310, "Receivables." For restructured loans that are less than 90 days delinquent, the allowance for loan losses are segregated into (a) individually evaluated allowances for those loans with applicable discounted cash flow calculations still in their restructuring period, classified lower than pass, and containing an embedded loss component or (b) collectively evaluated allowances based on the aggregated pooling method. For non-performing loans less than 60 days delinquent where the borrower has filed bankruptcy, the collectively evaluated allowances are assigned based on the aggregated pooling method. For non-performing commercial real estate loans, an individually evaluated allowance is derived based on the loan's discounted cash flow fair value (for restructured loans) or collateral fair value less estimated selling costs and if the fair value is higher than the loan balance, no allowance is required.
The following table summarizes the Corporation's allowance for loan losses at December 31, 2018 and June 30, 2018:
The following table is provided to disclose additional details on the Corporation's allowance for loan losses:
The following tables denote the past due status of the Corporation's gross loans held for investment, net of fair value adjustments, at the dates indicated.
(1) All loans 90 days or greater past due are placed on non-accrual status.
(1) All loans 90 days or greater past due are placed on non-accrual status.
The following tables summarize the Corporation's allowance for loan losses and recorded investment in gross loans, by portfolio type, at the dates and for the periods indicated.
The following tables identify the Corporation's total recorded investment in non-performing loans by type at the dates and for the periods indicated. Generally, a loan is placed on non-accrual status when it becomes 90 days past due as to principal or interest or if the loan is deemed impaired, after considering economic and business conditions and collection efforts, where the borrower's financial condition is such that collection of the contractual principal or interest on the loan is doubtful. In addition, interest income is not recognized on any loan where management has determined that collection is not reasonably assured. A non-performing loan may be restored to accrual status when delinquent principal and interest payments are brought current, the borrower(s) has demonstrated sustained payment performance and future monthly principal and interest payments are expected to be collected on a timely basis. Loans with a related allowance reserve have been individually evaluated for impairment using either a discounted cash flow analysis or, for collateral dependent loans, current appraisals less costs to sell, to establish realizable value. This analysis may identify a specific impairment amount needed or may conclude that no reserve is needed. Loans that are not individually evaluated for impairment are included in pools of homogeneous loans for evaluation of related allowance reserves.
(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan, and fair value credit adjustments.
(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.
(3) There was no related allowance for loan losses because the loans, net of undisbursed loan funds, have been charged-off to their fair value or the fair value of the collateral is higher than the net loan balance.
(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan, and fair value credit adjustments.
(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.
At both December 31, 2018 and June 30, 2018, there were no commitments to lend additional funds to those borrowers whose loans were classified as non-performing, except for one construction loan with undisbursed loan funds at December 31, 2018.
For the quarters ended December 31, 2018 and 2017, the Corporation's average recorded investment in non-performing loans was $6.6 million and $8.2 million, respectively. The Corporation records payments on non-performing loans utilizing the cash basis or cost recovery method of accounting during the periods when the loans are on non-performing status. For both quarters ended December 31, 2018 and 2017, interest income of $226,000 and $10,000, respectively, was recognized, based on cash receipts from loan payments on non-performing loans and $48,000 and $80,000, respectively, was collected and applied to reduce the loan balances under the cost recovery method.
For the six months ended December 31, 2018 and 2017, the Corporation's average recorded investment in non-performing loans was $6.8 million and $8.4 million, respectively. For the six months ended December 31, 2018 and 2017, interest income of $291,000 and $170,000, respectively, was recognized, based on cash receipts from loan payments on non-performing loans and $104,000 and $174,000, respectively, was collected and applied to reduce the loan balances under the cost recovery method.
The following table presents the average recorded investment in non-performing loans and the related interest income recognized for the quarters and six months ended December 31, 2018 and 2017:
For the quarter ended December 31, 2018, no new loans were restructured from their original terms and classified as restructured loans, while one restructured loan was paid off. For the six months ended December 31, 2018, no new loans were restructured from their original terms and classified as restructured loans, while one restructured loan was upgraded to the "pass" category and one restructured loan was paid off. For the quarters and six months ended December 31, 2017, there were no loans that were newly modified from their original terms, re-underwritten or identified in the Corporation's asset quality reports as restructured loans. During the quarters and six months ended December 31, 2018 and 2017, no restructured loans were in default within a 12-month period subsequent to their original restructuring. Additionally, during the quarter and six months ended December 31, 2018, there was one loan whose modification was extended beyond the initial maturity of the modification; while during the quarter and six months ended December 31, 2017, there were no loans whose modification was extended beyond the initial maturity of the modification. At both December 31, 2018 and June 30, 2018, there were no commitments to lend additional funds to those borrowers whose loans were restructured.
As of December 31, 2018, the Corporation held nine restructured loans with a net outstanding balance of $4.2 million: one loan was classified as substandard and remains on accrual status ($1.4 million); and eight loans were classified as substandard on non-accrual status ($2.8 million). As of June 30, 2018, the Corporation held 11 restructured loans with a net outstanding balance of $5.2 million: one loan was classified as special mention on accrual status ($389,000); one loan was classified as substandard on accrual status ($1.4 million); and nine loans were classified as substandard on non-accrual status ($3.4 million). Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Assets that do not currently expose the Corporation to sufficient risk to warrant adverse classification but possess weaknesses are designated as special mention and are closely monitored by the Corporation. As of December 31, 2018 and June 30, 2018, $2.9 million or 70%, and $2.9 million or 56%, respectively, of the restructured loans were current with respect to their modified payment terms.
The Corporation upgrades restructured single-family loans to the pass category if the borrower has demonstrated satisfactory contractual payments for at least six consecutive months; 12 months for those loans that were restructured more than once; and if the borrower has demonstrated satisfactory contractual payments beyond 12 consecutive months, the loan is no longer categorized as a restructured loan. In addition to the payment history described above, multi-family, commercial real estate, construction and commercial business loans must also demonstrate a combination of the following characteristics to be upgraded: satisfactory cash flow, satisfactory guarantor support, and additional collateral support, among others.
To qualify for restructuring, a borrower must provide evidence of their creditworthiness such as, current financial statements, their most recent income tax returns, current paystubs, current W-2s, and most recent bank statements, among other documents, which are then verified by the Corporation. The Corporation re-underwrites the loan with the borrower's updated financial information, new credit report, current loan balance, new interest rate, remaining loan term, updated property value and modified payment schedule, among other considerations, to determine if the borrower qualifies.
The following table summarizes at the dates indicated the restructured loan balances, net of allowance for loan losses, by loan type and non-accrual versus accrual status:
The following tables identify the Corporation's total recorded investment in restructured loans by type at the dates and for the periods indicated.
(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.
(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.
(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.
(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.
During the quarter ended December 31, 2018, no properties were acquired in the settlement of loans, while one previously foreclosed upon property was sold. This compares to the quarter ended December 31, 2017 when one property was acquired in the settlement of loans, while no previously foreclosed upon properties were sold. For the six months ended December 31, 2018, no properties were acquired in the settlement of loans, while two previously foreclosed upon properties were sold. This compares to the six months ended December 31, 2017 when one property was acquired in the settlement of loans, while two previously foreclosed upon properties were sold. As of December 31, 2018, there was no outstanding real estate owned property. This compares to two real estate owned properties located in California with a total net fair value of $906,000 at June 30, 2018. A new appraisal was obtained on each of the properties at the time of foreclosure and fair value was derived by using the lower of the appraised value or the listing price of the property, net of selling costs. Any initial loss was recorded as a charge to the allowance for loan losses before being transferred to real estate owned. Subsequent to transfer to real estate owned, if there is further deterioration in real estate values, specific real estate owned loss reserves are established and charged to the statement of operations. In addition, the Corporation records costs to carry real estate owned as real estate operating expenses as incurred.
|
Derivative and Other Financial Instruments with Off-Balance Sheet Risks |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | Note 7: Derivative and Other Financial Instruments with Off-Balance Sheet Risks
The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit in the form of originating loans or providing funds under existing lines of credit, loan sale commitments to third parties and option contracts. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the accompanying Condensed Consolidated Statements of Financial Condition. The Corporation's exposure to credit loss, in the event of non-performance by the counterparty to these financial instruments, is represented by the contractual amount of these instruments. The Corporation uses the same credit policies in entering into financial instruments with off-balance sheet risk as it does for on-balance sheet instruments. As of December 31, 2018 and June 30, 2018, the Corporation had commitments to extend credit (on loans to be held for investment and loans to be held for sale) of $34.6 million and $66.3 million, respectively.
The following table provides information at the dates indicated regarding undisbursed funds on construction loans, undisbursed funds to borrowers on existing lines of credit with the Corporation as well as commitments to originate loans to be held for investment at the dates indicated below.
The following table provides information regarding the allowance for loan losses for the undisbursed funds and commitments to extend credit on loans to be held for investment for the quarters and six months ended December 31, 2018 and 2017.
In
accordance with ASC 815, "Derivatives and Hedging," and interpretations of the Derivatives Implementation Group of the FASB, the fair value of the commitments to extend credit on loans to be held for sale, loan sale commitments, to be announced ("TBA") MBS trades, put option contracts and call option contracts are recorded at fair value on the Condensed Consolidated Statements of Financial Condition. At December 31, 2018, $506,000 was included in other assets and $691,000 was included in other liabilities; at June 30, 2018, $849,000 was included in other assets and $464,000 was included in other liabilities. The Corporation does not apply hedge accounting to its derivative financial instruments; therefore, all changes in fair value are recorded in earnings.
The net impact of derivative financial instruments recorded within the gain on sale of loans contained in the Condensed Consolidated Statements of Operations during the quarters and six months ended December 31, 2018 and 2017 was as follows:
The outstanding derivative financial instruments and other loan sale agreements at the dates indicated were as follows:
Occasionally, the Corporation is required to repurchase loans sold to Freddie Mac, Fannie Mae or other institutional investors if it is determined that such loans do not meet the credit requirements of the investor, or if one of the parties involved in the loan misrepresented pertinent facts, committed fraud, or if such loans were 90-days past due within 120 days of the loan funding date. During the first six months of fiscal 2019, the Corporation repurchased three loans totaling $253,000, including two loans that were fully charged off ($25,000). In comparison, the Corporation did not repurchase any loans from investors during the first six months of fiscal 2018 pursuant to the recourse/repurchase covenants contained in the loan sale agreements. Additional repurchase requests may have been settled that did not result in the repurchase of the loan itself. The primary reasons for honoring the repurchase requests are borrower fraud, undisclosed liabilities on borrower applications, and documentation, verification
and appraisal disputes. For the first six months of fiscal 2019 and 2018, the Corporation recorded a $33,000 recovery and a $22,000 recovery from the recourse liability, respectively, and did not settle any claims. As of December 31, 2018, the total recourse reserve for loans sold that are subject to repurchase decreased to $250,000, as compared to $283,000 at June 30, 2018 and $283,000 at December 31, 2017.
Beginning in 2008, in connection with the downturn in the real estate market, the Corporation implemented tighter underwriting standards to reduce potential loan repurchase requests, including requiring higher credit scores, generally lower debt-to-income ratios, and verification of income and assets, among other criteria. Despite management's diligent estimate of the recourse reserve, the Corporation is still subject to risks and uncertainties associated with potentially higher loan repurchase claims from investors, and there are no assurances that the current recourse reserve will be sufficient to cover all future recourse claims.
The following table shows the summary of the recourse liability for the quarters and six months ended December 31, 2018 and 2017:
|
Fair Value of Financial Instruments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Note 8: Fair Value of Financial Instruments
The Corporation adopted ASC 820, "Fair Value Measurements and Disclosures," and elected the fair value option pursuant to ASC 825, "Financial Instruments" on loans originated for sale by PBM. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 825 permits entities to elect to measure many financial instruments and certain other assets and liabilities at fair value on an instrument-by-instrument basis (the "Fair Value Option") at specified election dates. At each subsequent reporting date, an entity is required to report unrealized gains and losses on items in earnings for which the fair value option has been elected. The objective of the Fair Value Option is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions.
The following table describes the difference at the dates indicated between the aggregate fair value and the aggregate unpaid principal balance of loans held for investment at fair value and loans held for sale at fair value:
ASC 820-10-65-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly," provides additional guidance for estimating fair value in accordance with ASC 820, "Fair Value Measurements," when the volume and level of activity for the asset or liability have significantly decreased.
ASC 820 establishes a three-level valuation hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows:
ASC 820 requires the Corporation to maximize the use of observable inputs and minimize the use of unobservable inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation.
The Corporation's financial assets and liabilities measured at fair value on a recurring basis consist of investment securities available for sale, loans held for investment at fair value, loans held for sale at fair value, interest-only strips and derivative
financial instruments; while non-performing loans, mortgage servicing assets ("MSA") and real estate owned are measured at fair value on a nonrecurring basis.
Investment securities - available for sale are primarily comprised of U.S. government agency MBS, U.S. government sponsored enterprise MBS and privately issued CMO. The Corporation utilizes quoted prices in active markets for similar securities for its fair value measurement of MBS and debt securities (Level 2) and broker price indications for similar securities in non-active markets for its fair value measurement of the CMO (Level 3).
Derivative financial instruments are comprised of commitments to extend credit on loans to be held for sale, mandatory loan sale commitments, TBA MBS trades and option contracts. The fair value of TBA MBS trades is determined using
quoted secondary-market prices (Level 2). The fair values of other derivative financial instruments are determined by quoted prices for a similar commitment or commitments, adjusted for the specific attributes of each commitment (Level 3).
Loans held for investment at fair value are primarily single-family loans which have been transferred from loans held for sale. The fair value is determined by the management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan (Level 3).
Loans held for sale at fair value are primarily single-family loans. The fair value is determined, when possible, using quoted secondary-market prices such as mandatory loan sale commitments. If no such quoted price exists, the fair value of a loan is determined by quoted prices for a similar loan or loans, adjusted for the specific attributes of each loan (Level 2).
Non-performing loans are loans which are inadequately protected by the current net worth and paying capacity of the borrowers or of the collateral pledged. The non-performing loans are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. The fair value of a non-performing loan is determined based on an observable market price or current appraised value of the underlying collateral. Appraised and reported values may be discounted based on management's historical knowledge, changes in market conditions from the time of valuation, and/or management's expertise and knowledge of the borrower. For non-performing loans which are restructured loans, the fair value is derived from discounted cash flow analysis (Level 3), except those which are in the process of foreclosure or 90 days delinquent for which the fair value is derived from the appraised value of its collateral (Level 2). For other non-performing loans which are not restructured loans, other than non-performing commercial real estate loans, the fair value is derived from relative value analysis: historical experience and management estimates by loan type for which collectively evaluated allowances are assigned (Level 3); or the appraised value of its collateral for loans which are in the process of foreclosure or where borrowers file bankruptcy (Level 2). For non-performing commercial real estate loans, the fair value is derived from the appraised value of its collateral (Level 2). Non-performing loans are reviewed and evaluated on at least a quarterly basis for additional allowance and adjusted accordingly, based on the same factors identified above. This loss is not recorded directly as an adjustment to current earnings or other comprehensive income (loss), but rather as a component in determining the overall adequacy of the allowance for loan losses. These adjustments to the estimated fair value of non-performing loans may result in increases or decreases to the provision for loan losses recorded in current earnings.
The Corporation uses the amortization method for its MSA, which amortizes the MSA in proportion to and over the period of estimated net servicing income and assesses the MSA for impairment based on fair value at each reporting date. The fair value of the MSA is derived using the present value method; which includes a third party's prepayment projections of similar instruments, weighted-average coupon rates, estimated servicing costs and discount interest rates (Level 3).
The rights to future income from serviced loans that exceed contractually specified servicing fees are recorded as interest-only strips. The fair value of interest-only strips is derived using the same assumptions that are used to value the related MSA (Level 3).
The fair value of real estate owned is derived from the lower of the appraised value or the listing price, net of estimated selling costs (Level 2).
The Corporation's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Corporation's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
The following fair value hierarchy tables present information at the dates indicated about the Corporation's assets measured at fair value on a recurring basis:
The following tables summarize reconciliations of the beginning and ending balances during the periods shown of recurring fair value measurements recognized in the Condensed Consolidated Statements of Financial Condition using Level 3 inputs:
The following fair value hierarchy tables present information about the Corporation's assets measured at fair value at the dates indicated on a nonrecurring basis:
The following table presents additional information about valuation techniques and inputs used for assets and liabilities, including derivative financial instruments, which are measured at fair value and categorized within Level 3 as of December 31, 2018:
The significant unobservable inputs used in the fair value measurement of the Corporation's assets and liabilities include the following: prepayment speeds, discount rates, MBS – TBA quotes, fallout ratios, broker quotes and roll-forward costs, among others. Significant increases or decreases in any of these inputs in isolation could result in significantly lower or higher fair value measurement. The various unobservable inputs used to determine valuations may have similar or diverging impacts on valuation.
The carrying amount and fair value of the Corporation's other financial instruments as of December 31, 2018 and June 30, 2018 was as follows:
Investment securities - held to maturity: The investment securities - held to maturity consist of time deposits at CRA qualified minority financial institutions, U.S. SBA securities and U.S. government sponsored enterprise MBS. Due to the short-term nature of the time deposits, the principal balance approximated fair value (Level 2). For the MBS and the U.S. SBA securities, the Corporation utilizes quoted prices in active markets for similar securities for its fair value measurement (Level 2).
Loans held for investment, not recorded at fair value: For loans that reprice frequently at market rates, the carrying amount approximates the fair value. For fixed-rate loans, the fair value is determined by either (i) discounting the estimated future cash flows of such loans over their estimated remaining contractual maturities using a current interest rate at which such loans would be made to borrowers, or (ii) quoted market prices.
FHLB – San Francisco stock: The carrying amount reported for FHLB – San Francisco stock approximates fair value. When redeemed, the Corporation will receive an amount equal to the par value of the stock.
Deposits: The fair value of time deposits is estimated using a discounted cash flow calculation. The discount rate is based upon rates currently offered for deposits of similar remaining maturities. The fair value of transaction accounts (checking, money market and savings accounts) is estimated using a discounted cash flow calculation and management estimates of current market conditions.
Borrowings: The fair value of borrowings has been estimated using a discounted cash flow calculation. The discount rate on such borrowings is based upon rates currently offered for borrowings of similar remaining maturities.
The Corporation has various processes and controls in place to ensure that fair value is reasonably estimated. The Corporation generally determines fair value of their Level 3 assets and liabilities by using internally developed models which primarily utilize discounted cash flow techniques and prices obtained from independent management services or brokers. The Corporation performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process.
While the Corporation believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. During the quarter ended December 31, 2018, there were no significant changes to the Corporation's valuation techniques that had, or are expected to have, a material impact on its consolidated financial position or results of operations.
|
Incentive Plans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Plans | Note 9: Incentive Plans
As of December 31, 2018, the Corporation had two active share-based compensation plans, which are described below. These plans are the 2013 Equity Incentive Plan ("2013 Plan") and the 2010 Equity Incentive Plan ("2010 Plan"). Additionally, the Corporation had one inactive share-based compensation plan - the 2006 Equity Incentive Plan ("2006 Plan") where no new awards can be granted but outstanding grants remain eligible for exercise.
For the quarters ended December 31, 2018 and 2017, the compensation cost for these plans was $45,000 and $258,000, respectively. The income tax (deficit) benefit recognized in the Condensed Consolidated Statements of Operations per adoption of ASU 2016-09 for share-based compensation plans for the quarters ended December 31, 2018 and 2017 was $(2,000) and $7,000, respectively.
For the first six months ended December 31, 2018 and 2017, the compensation cost for these plans was $730,000 and $524,000, respectively. The income tax benefit recognized in the Condensed Consolidated Statements of Operations per adoption of ASU 2016-09 for share-based compensation plans for the six months ended December 31, 2018 and 2017 was $124,000 and $20,000, respectively.
Equity Incentive Plans. The Corporation established and the shareholders approved the 2013 Plan, the 2010 Plan and the 2006 Plan (collectively, "the Plans") for directors, advisory directors, directors emeriti, officers and employees of the Corporation and its subsidiary. The 2013 Plan authorizes 300,000 stock options and 300,000 shares of restricted stock. The 2013 Plan also provides that no person may be granted more than 60,000 stock options or 45,000 shares of restricted stock in any one year. The 2010 Plan authorizes 586,250 stock options and 288,750 shares of restricted stock. The 2010 Plan also provides that no person may be granted more than 117,250 stock options or 43,312 shares of restricted stock in any one year. The 2006 Plan authorized 365,000 stock options and 185,000 shares of restricted stock. The 2006 Plan also provided that no person was granted more than 73,000 stock options or 27,750 shares of restricted stock in any one year.
Equity Incentive Plans - Stock Options. Under the Plans, options may not be granted at a price less than the fair market value at the date of the grant. Options typically vest over a five-year or shorter period as long as the director, advisory director, director emeritus, officer or employee remains in service to the Corporation. The options are exercisable after vesting for up to the remaining term of the original grant. The maximum term of the options granted is 10 years.
The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option valuation model with the following assumptions. The expected volatility is based on implied volatility from historical common stock closing prices for the prior 84 months. The expected dividend yield is based on the most recent quarterly dividend on an annualized basis. The expected term is based on the historical experience of all fully vested stock option grants and is reviewed annually. The risk-free interest rate is based on the U.S. Treasury note rate with a term similar to the underlying stock option on the particular grant date.
During the second quarter of fiscal 2019, no options were granted or forfeited, while 5,000 options were exercised. This compares to the second quarter of fiscal 2018 when no options were granted or forfeited, while 5,750 options were exercised. During the first six months of fiscal 2019, no options were granted or forfeited, while 20,000 options were exercised. This compares to the first six months of fiscal 2018 when no options were granted, while 27,250 options were exercised and 2,500 options were forfeited. As of December 31, 2018 and 2017, there were 147,500 stock options available for future grants under the Plans at both dates.
The following table summarizes the stock option activity in the Plans for the quarter and six months ended December 31, 2018.
As of December 31, 2018 and 2017, there was $76,000 and $652,000 of unrecognized compensation expense, respectively, related to unvested share-based compensation arrangements under the Plans. The expense is expected to be recognized over a weighted-average period of 1.8 years and 1.1 years, respectively. The forfeiture rate during the first six months of fiscal 2019 and 2018 was 20 percent for both periods, and was calculated by using the historical forfeiture experience of stock option grants and is reviewed annually.
Equity Incentive Plans – Restricted Stock. The Corporation used 300,000 shares, 288,750 shares and 185,000 shares of its treasury stock to fund the 2013 Plan, the 2010 Plan and the 2006 Plan, respectively. Awarded shares typically vest over a five-year or shorter period as long as the director, advisory director, director emeriti, officer or employee remains in service to the Corporation. Once vested, a recipient of restricted stock will have all rights of a shareholder, including the power to vote and the right to receive dividends. The Corporation recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the award date.
There were no restricted stock awards and no forfeitures, while there were 1,500 shares of restricted stock vested in the second quarter of fiscal 2019. This compares to no restricted stock activity in the second quarter of fiscal 2018. For the first six months of fiscal 2019, there was no restricted stock activity, other than the vesting of 86,500 shares. This compares to no restricted stock activity, other than the forfeiture of 2,000 shares for the first six months of fiscal 2018. As of December 31, 2018 and 2017, there were 267,750 shares of restricted stock available for future awards under the Plans at both dates.
The following table summarizes the unvested restricted stock activity for the quarter and six months ended December 31, 2018.
As of December 31, 2018 and 2017, the unrecognized compensation expense was $159,000 and $867,000, respectively, related to unvested share-based compensation arrangements under the Plans, and reported as a reduction to stockholders' equity. This expense is expected to be recognized over a weighted-average period of 1.6 years and 1.3 years, respectively. Similar to stock options, a forfeiture rate of 20 percent has been applied for the restricted stock compensation expense calculations in the first six months of fiscal 2019 and 2018.
|
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") | Note 10: Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI")
The following tables provide the changes in AOCI by component for the quarters and six months ended December 31, 2018 and 2017.
|
Offsetting Derivative and Other Financial Instruments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Derivative and Other Financial Instruments | Note 11: Offsetting Derivative and Other Financial Instruments
The Corporation’s derivative transactions are generally governed by International Swaps and Derivatives Association Master Agreements and similar arrangements, which include provisions governing the setoff of assets and liabilities between the parties. When the Corporation has more than one outstanding derivative transaction with a single counterparty, the setoff provisions contained within these agreements generally allow the non-defaulting party the right to reduce its liability to the defaulting party by amounts eligible for setoff, including the collateral received as well as eligible offsetting transactions with that counterparty, irrespective of the currency, place of payment, or booking office. The Corporation’s policy is to present its derivative assets and derivative liabilities on the Condensed Consolidated Statements of Financial Condition on a net basis. The derivative assets and liabilities are comprised of mandatory loan sale commitments, TBA MBS trades and option contracts.
The following tables present the gross and net amounts of derivative assets and liabilities and other financial instruments as reported in the Corporation’s Condensed Consolidated Statement of Financial Condition, and the gross amount not offset in the Corporation’s Condensed Consolidated Statement of Financial Condition as of the dates indicated. As of December 31, 2018:
As of June 30, 2018:
|
Revenue From Contracts With Customers |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contracts With Customers | Note 12: Revenue From Contracts With Customers
In accordance with ASC 606, revenues are recognized when goods or services are transferred to the customer in exchange for the consideration the Company expects to be entitled to receive. The largest portion of the Company's revenue is from interest income, which is not in the scope of ASC 606. All of the Company's revenue from contracts with customers in the scope of ASC 606 is recognized in non-interest income.
If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue as it satisfies a performance obligation. Payments from customers are generally collected at the time services are rendered, monthly, or quarterly. For contracts with customers within the scope of ASC 606, revenue is either earned at a point in time or revenue is earned over time. Examples of revenue earned at a point in time are automated teller machine ("ATM") transaction fees, wire transfer fees, overdraft fees and interchange fees. Revenue is primarily based on the number and type of transactions that are generally derived from transactional information accumulated by our systems and is recognized immediately as the transactions occur or upon providing the service to complete the customer's transaction. The Company is generally the principal in these contracts, with the exception of interchanges fees, in which case the Company is acting as the agent and records revenue net of expenses paid to the principal. Examples of revenue earned over time, which generally occur on a monthly basis, are deposit account maintenance fees, investment advisory fees, merchant revenue, trust and investment management fees and safe deposit box fees. Revenue is generally derived from transactional information accumulated by our systems or those of third-parties and is recognized as the related transactions occur or services are rendered to the customer.
Disaggregation of Revenue:
The following table includes the Company's non-interest income disaggregated by type of services for the quarters and six months ended December 31, 2018 and 2017:
For the quarters and six months ended December 31, 2018 and 2017, substantially all of the Company's revenues within the scope of ASC 606 are for performance obligations satisfied at a specified date.
Revenues recognized in scope of ASC 606:
Asset management fees: Asset management fees are variable, since they are based on the underlying portfolio value, which is subject to market conditions and amounts invested by clients through a third-party provider. Asset management fees are recognized over the period that services are provided, and when the portfolio values are known or can be estimated at the end of each month.
Debit card and ATM fees: Debit and ATM interchange income represents fees earned when a debit card issued by the Bank is used. The Bank earns interchange fees from debit cardholder transactions through a third party payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholders' debit card. Certain expenses directly associated with the debit cards are recorded on a net basis with the interchange income.
Deposit related fees: Fees are earned on the Bank's deposit accounts for various products offered to or services performed for the Bank's customers. Fees include business account fees, non-sufficient fund fees, stop payment fees, wire services, safe deposit box and others. These fees are recognized on a daily, monthly or quarterly basis, depending on the type of service.
Loan related fees: Non-interest loan fee income is earned on loans that the Bank services, excluding loan servicing fees which are not within the scope of ASC 606. Loan related fees include prepayment fees, late charges, brokered loan fees, maintenance fees and others. These fees are recognized on a daily, monthly, quarterly or annual basis, depending on the type of service.
Other: Fees earned on other services, such as merchant services or occasional non-recurring type services, are recognized at the time of the event or the applicable billing cycle.
|
Income Taxes |
6 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | Note 13: Income Taxes
On December 22, 2017, the U.S. Government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. For businesses, the Tax Act reduces the corporate federal tax income rate from a
maximum of 35 percent to a flat 21 percent. The corporate tax rate reduction was effective January 1, 2018. Since the Corporation has a fiscal year end of June 30th, the reduced corporate income tax rate for its fiscal year 2018 resulted in the application of a blended federal statutory income tax rate of 28.06 percent, which is based on the applicable tax rates before and after the Tax Act and corresponding number of days in the fiscal year before and after enactment, and then a flat 21 percent tax rate thereafter.
Under generally accepted accounting principles, the Corporation uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. At June 30, 2017, the Corporation's deferred tax assets and liabilities were determined based on the then-current enacted federal tax rate of 35 percent. As a result of the reduction in the corporate income tax rate under the Tax Act, the Corporation revalued its deferred tax assets and liabilities at December 31, 2017. Deferred tax assets and liabilities realized in fiscal year 2018 were re-measured using the aforementioned blended rate. All remaining deferred tax assets and liabilities were re-measured using the new statutory federal rate of 21 percent. These re-measurements collectively resulted in a discrete tax expense of $1.8 million that was recognized in the second quarter of fiscal 2018.
The estimated combined federal and state statutory tax rates, before discrete items, for the second quarters of fiscal 2019 and 2018 and for fiscal years 2019 and 2018 are as follows:
(1) The combined statutory tax rate is net of the federal tax benefit for the state tax deduction.
The Corporation's effective tax rate may differ from the estimated statutory tax rates described above due to discrete items such as further adjustments to net deferred tax assets, excess tax benefits derived from stock option exercises and non-taxable earnings from bank owned life insurance, among other items.
|
Subsequent Events |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||
Subsequent Events [Abstract] | |||||||
Subsequent Events | Note 14: Subsequent Events
|
Significant Accounting Policies (Policies) |
6 Months Ended |
---|---|
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation
The unaudited interim condensed consolidated financial statements included herein reflect all adjustments which are, in the opinion of management, necessary to present a fair statement of the results of operations for the interim periods presented. All such adjustments are of a normal, recurring nature. The condensed consolidated statement of financial condition at June 30, 2018 is derived from the audited consolidated financial statements of Provident Financial Holdings, Inc. and its wholly-owned subsidiary, Provident Savings Bank, F.S.B. (the “Bank”) (collectively, the “Corporation”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. It is recommended that these unaudited interim condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended June 30, 2018. The results of operations for the quarter and six months ended December 31, 2018 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2019. |
Accounting Standard Updates ("ASU") | Accounting Standard Updates (“ASU”)
There have been no accounting standard updates or changes in the status of their adoption that are significant to the Corporation as previously disclosed in Note 1 of the Corporation's Annual Report on Form 10-K for the year ended June 30, 2018, other than:
ASU 2014-09: In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers," which created FASB Accounting Standards Codification (ASC) Topic 606 ("ASC 606"). ASC 606 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 was effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. The Corporation adopted ASC 606 on July 1, 2018 using the modified retrospective approach. Therefore, the comparative information has not been adjusted and continues to be reported under superseded ASC 605. There was no cumulative effect adjustment as of July 1, 2018, and there were no material changes to the timing or amount of revenue recognized for the six months ended December 31, 2018; however, additional disclosures were incorporated in the footnotes upon adoption. The majority of the Company's revenue is comprised of interest income from financial assets, which is explicitly excluded from the scope of ASC 606. The Corporation elected to apply the practical expedient pursuant to ASC 606 and therefore does not disclose information about remaining performance obligations that have an original expected term of one year or less and allows the Corporation to expense costs related to obtaining a contract as incurred when the original amortization period would have been one year or less. See Note 12 for additional discussion.
ASU 2018-11 In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." This ASU introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard, ASC 606, Revenue From Contracts With Customers. The new leases standard represents a wholesale change to lease accounting and will most likely result in significant implementation challenges during the transition period and beyond. This ASU will be effective for annual periods beginning after December 15, 2018 (i.e., calendar periods beginning on January 1, 2019), and interim periods therein, early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, Leases, Targeted Improvements, which allows entities the option of initially applying the new leases standard at the adoption date (such as January 1, 2019, for calendar year- end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Corporation plans to adopt ASU 2018-11 on July 1, 2019. Management is currently assessing the impact of ASU 2016-02 on the Corporation's financial position and results of operations but does not believe that adoption of ASU 2018-11 will have a material impact on its consolidated financial statements.
ASU 2018-13 In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements on fair value measurements to improve their effectiveness. The guidance permits entities to consider materiality when evaluating fair value measurement disclosures and, among other modifications, requires certain new disclosures related to Level 3 fair value measurements. The guidance will be effective beginning January 1, 2020, with early adoption permitted. The guidance only affects disclosures in the notes to the consolidated financial statements and will not affect the Corporation’s financial position or results of operations. |
Earnings (Loss) Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share, basic and diluted |
|
Operating Segment Reports (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of condensed consolidated statements of operations and total assets for operating segment |
|
Investment Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of available-for-sale securities reconciliation |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments with unrealized loss position |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments classified by contractual maturity |
|
Loans Held For Investment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans held for investment |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans held for investment, contractual repricing |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross loans held for investment by loan types and risk category |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of past due status of gross loans held for investment, net of fair value adjustments |
(1) All loans 90 days or greater past due are placed on non-accrual status.
(1) All loans 90 days or greater past due are placed on non-accrual status.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses and recorded investment |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recorded investment in non-performing loans |
(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan, and fair value credit adjustments.
(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.
(3) There was no related allowance for loan losses because the loans, net of undisbursed loan funds, have been charged-off to their fair value or the fair value of the collateral is higher than the net loan balance.
(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan, and fair value credit adjustments.
(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of troubled debt restructurings by nonaccrual versus accrual status |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recorded investment in restructured loans |
(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.
(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.
(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.
(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.
|
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of undisbursed funds commitments |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses of undisbursed funds and commitments on loans held for investment |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of impact of derivative financial instruments on gain on sale of loans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of outstanding derivative instruments |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of summary of recourse liability |
|
Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of aggregate fair value and aggregate unpaid principal balance of loans held for sale |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value, assets and liabilities measured on recurring basis |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule for reconciliation of recurring fair value measurements using level 3 inputs |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value assets measured on nonrecurring basis |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of additional information about valuation techniques and inputs used for assets and liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of carrying amount and fair value of financial instruments |
|
Incentive Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock option activity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of unvested restricted stock activity |
|
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income |
|
Offsetting Derivative and Other Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross and net amounts of derivative assets | As of December 31, 2018:
As of June 30, 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross and net amounts of derivative liabilities | As of December 31, 2018:
As of June 30, 2018:
|
Revenue From Contracts With Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of non-interest income disaggregated by type of service |
|
Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule of estimated combined federal and state statutory tax rates |
(1) The combined statutory tax rate is net of the federal tax benefit for the state tax deduction.
|
Earnings (Loss) Per Share - Summary of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Numerator: | ||||
Net income (loss) - numerator for basic earnings per share and diluted earnings per share - available to common stockholders | $ 1,958 | $ (777) | $ 3,781 | $ (1,002) |
Denominator for basic earnings per share: | ||||
Weighted-average shares | 7,506 | 7,566 | 7,468 | 7,630 |
Denominator for diluted earnings per share: | ||||
Adjusted weighted-average shares and assumed conversions | 7,602 | 7,566 | 7,579 | 7,630 |
Basic (loss) earnings per share (in dollars per share) | $ 0.26 | $ (0.10) | $ 0.51 | $ (0.13) |
Diluted (loss) earnings per share (in dollars per share) | $ 0.26 | $ (0.10) | $ 0.50 | $ (0.13) |
Stock options | ||||
Denominator for basic earnings per share: | ||||
Effect of dilutive shares | 89 | 0 | 90 | 0 |
Restricted stock | ||||
Denominator for basic earnings per share: | ||||
Effect of dilutive shares | 7 | 0 | 21 | 0 |
Earnings (Loss) Per Share (Detail Textuals) - shares |
6 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options, outstanding | 509,000 | 585,500 |
Antidilutive securities excluded from computation of earnings per share | 45,000 | 585,500 |
Restricted stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Restricted stock awards outstanding, dilutive effect | 12,000 | |
Antidilutive securities excluded from computation of earnings per share | 109,000 |
Operating Segment Reports (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
||||||||||||||||||||||||||||||||
Net interest income | $ 9,831 | $ 8,751 | $ 19,188 | $ 17,869 | ||||||||||||||||||||||||||||||||
(Recovery) provision for loan losses | (217) | (11) | (454) | 158 | ||||||||||||||||||||||||||||||||
Net interest income, after recovery from the allowance for loan losses | 10,048 | 8,762 | 19,642 | 17,711 | ||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | [2] | 2,263 | [1] | 4,317 | [3] | 5,395 | [4] | 9,164 | [5] | |||||||||||||||||||||||||||
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (7) | (22) | (6) | (62) | ||||||||||||||||||||||||||||||||
Other | 161 | 220 | 350 | 463 | ||||||||||||||||||||||||||||||||
Total non-interest income | 3,595 | 5,741 | 8,144 | 12,093 | ||||||||||||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 7,211 | 8,633 | 15,461 | 17,902 | ||||||||||||||||||||||||||||||||
Premises and occupancy | 1,274 | 1,260 | 2,619 | 2,574 | ||||||||||||||||||||||||||||||||
Operating and administrative expenses | 2,390 | 3,320 | [6] | 4,499 | 8,471 | [7] | ||||||||||||||||||||||||||||||
Total non-interest expense | 10,875 | 13,213 | 22,579 | 28,947 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 2,768 | 1,290 | 5,207 | 857 | ||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | [8] | 810 | 2,067 | 1,426 | 1,859 | |||||||||||||||||||||||||||||||
Net income (loss) | 1,958 | (777) | 3,781 | (1,002) | ||||||||||||||||||||||||||||||||
Total assets, end of period | 1,127,170 | 1,162,131 | 1,127,170 | 1,162,131 | $ 1,175,549 | |||||||||||||||||||||||||||||||
Loan servicing and other fees | ||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Total non-interest income | [2] | 277 | [9] | 317 | [10] | 601 | [11] | 680 | [12] | |||||||||||||||||||||||||||
Deposit account fees | ||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Total non-interest income | 509 | 536 | 1,014 | 1,094 | ||||||||||||||||||||||||||||||||
Card and processing fees | ||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Total non-interest income | 392 | 373 | 790 | 754 | ||||||||||||||||||||||||||||||||
Provident Bank | ||||||||||||||||||||||||||||||||||||
Net interest income | 9,525 | 8,217 | 18,525 | 16,767 | ||||||||||||||||||||||||||||||||
(Recovery) provision for loan losses | (217) | (11) | (549) | 158 | ||||||||||||||||||||||||||||||||
Net interest income, after recovery from the allowance for loan losses | 9,742 | 8,228 | 19,074 | 16,609 | ||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | 0 | [1] | 22 | [3] | 34 | [4] | 22 | [5] | ||||||||||||||||||||||||||||
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (7) | (22) | (6) | (62) | ||||||||||||||||||||||||||||||||
Other | 161 | 220 | 350 | 463 | ||||||||||||||||||||||||||||||||
Total non-interest income | 906 | 1,237 | 2,166 | 2,426 | ||||||||||||||||||||||||||||||||
Total non-interest income | 906 | 1,237 | 2,166 | 2,426 | ||||||||||||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 4,300 | 4,449 | 9,136 | 8,951 | ||||||||||||||||||||||||||||||||
Premises and occupancy | 897 | 822 | 1,805 | 1,649 | ||||||||||||||||||||||||||||||||
Operating and administrative expenses | 1,067 | 1,189 | [6] | 1,993 | 3,440 | [7] | ||||||||||||||||||||||||||||||
Total non-interest expense | 6,264 | 6,460 | 12,934 | 14,040 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 4,384 | 3,005 | 8,306 | 4,995 | ||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 1,287 | 2,532 | [13] | 2,342 | 3,343 | |||||||||||||||||||||||||||||||
Net income (loss) | 3,097 | 473 | 5,964 | 1,652 | ||||||||||||||||||||||||||||||||
Total assets, end of period | 1,069,379 | 1,065,204 | 1,069,379 | 1,065,204 | ||||||||||||||||||||||||||||||||
Provident Bank | Loan servicing and other fees | ||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Total non-interest income | (149) | [9] | 108 | [10] | (16) | [11] | 155 | [12] | ||||||||||||||||||||||||||||
Provident Bank | Deposit account fees | ||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Total non-interest income | 509 | 536 | 1,014 | 1,094 | ||||||||||||||||||||||||||||||||
Provident Bank | Card and processing fees | ||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Total non-interest income | 392 | 373 | 790 | 754 | ||||||||||||||||||||||||||||||||
Provident Bank Mortgage | ||||||||||||||||||||||||||||||||||||
Net interest income | 306 | 534 | 663 | 1,102 | ||||||||||||||||||||||||||||||||
(Recovery) provision for loan losses | 0 | 0 | 95 | 0 | ||||||||||||||||||||||||||||||||
Net interest income, after recovery from the allowance for loan losses | 306 | 534 | 568 | 1,102 | ||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | 2,263 | [1] | 4,295 | [3] | 5,361 | [4] | 9,142 | [5] | ||||||||||||||||||||||||||||
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total non-interest income | 2,689 | 4,504 | 5,978 | 9,667 | ||||||||||||||||||||||||||||||||
Total non-interest income | 2,689 | 4,504 | 5,978 | 9,667 | ||||||||||||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 2,911 | 4,184 | 6,325 | 8,951 | ||||||||||||||||||||||||||||||||
Premises and occupancy | 377 | 438 | 814 | 925 | ||||||||||||||||||||||||||||||||
Operating and administrative expenses | 1,323 | 2,131 | [6] | 2,506 | 5,031 | [7] | ||||||||||||||||||||||||||||||
Total non-interest expense | 4,611 | 6,753 | 9,645 | 14,907 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (1,616) | (1,715) | (3,099) | (4,138) | ||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (477) | (465) | [13] | (916) | (1,484) | |||||||||||||||||||||||||||||||
Net income (loss) | (1,139) | (1,250) | (2,183) | (2,654) | ||||||||||||||||||||||||||||||||
Total assets, end of period | 57,791 | 96,927 | 57,791 | 96,927 | ||||||||||||||||||||||||||||||||
Provident Bank Mortgage | Loan servicing and other fees | ||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Total non-interest income | 426 | [9] | 209 | [10] | 617 | [11] | 525 | [12] | ||||||||||||||||||||||||||||
Provident Bank Mortgage | Deposit account fees | ||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Total non-interest income | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Provident Bank Mortgage | Card and processing fees | ||||||||||||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||||||||||||
Total non-interest income | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||
|
Operating Segment Reports (Detail Textuals) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018
USD ($)
Segment
|
Dec. 31, 2017
USD ($)
Segment
|
Dec. 31, 2018
USD ($)
Segment
|
Dec. 31, 2017
USD ($)
Segment
|
|
Segment Reporting Information [Line Items] | ||||
Number of operating segments | Segment | 2 | 2 | 2 | 2 |
Litigation settlement expense | $ 3,400 | |||
Revaluation of net deferred tax assets | $ 1,800 | 1,800 | ||
Provident Bank Mortgage | ||||
Segment Reporting Information [Line Items] | ||||
Payments for origination of mortgage loans held-for-sale | $ 258 | 99 | $ 426 | 339 |
Servicing fees on loans sold | $ 14 | $ 79 | 20 | 138 |
Litigation settlement expense | $ 650 | $ 2,100 |
Investment Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|||||
---|---|---|---|---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Amortized Cost | $ 84,990 | $ 87,813 | |||||
Gross Unrealized Gains | 369 | 203 | |||||
Gross Unrealized (Losses) | (303) | (777) | |||||
Estimated Fair Value | 85,056 | 87,239 | |||||
Carrying Value | 84,990 | 87,813 | |||||
U.S. government sponsored enterprise MBS | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Amortized Cost | 81,451 | [1] | 84,227 | ||||
Gross Unrealized Gains | 369 | [1] | 203 | ||||
Gross Unrealized (Losses) | (285) | [1] | (762) | ||||
Estimated Fair Value | 81,535 | [1] | 83,668 | ||||
Carrying Value | 81,451 | [1] | 84,227 | ||||
U.S. SBA securities | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Amortized Cost | 2,939 | [2] | 2,986 | ||||
Gross Unrealized Gains | 0 | [2] | 0 | ||||
Gross Unrealized (Losses) | (18) | [2] | (15) | ||||
Estimated Fair Value | 2,921 | [2] | 2,971 | ||||
Carrying Value | 2,939 | [2] | 2,986 | ||||
Certificate of deposits | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Amortized Cost | 600 | 600 | |||||
Gross Unrealized Gains | 0 | 0 | |||||
Gross Unrealized (Losses) | 0 | 0 | |||||
Estimated Fair Value | 600 | 600 | |||||
Carrying Value | $ 600 | $ 600 | |||||
|
Investment Securities (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|||
---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | $ 6,344 | $ 7,220 | |||
Gross Unrealized Gains | 219 | 276 | |||
Gross Unrealized (Losses) | 0 | 0 | |||
Estimated Fair Value | 6,563 | 7,496 | |||
Carrying value | 6,563 | 7,496 | |||
U.S. government agency MBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 3,824 | 4,234 | |||
Gross Unrealized Gains | 118 | 150 | |||
Gross Unrealized (Losses) | 0 | 0 | |||
Estimated Fair Value | 3,942 | 4,384 | |||
Carrying value | 3,942 | 4,384 | |||
U.S. government sponsored enterprise MBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 2,213 | 2,640 | |||
Gross Unrealized Gains | 98 | 122 | |||
Gross Unrealized (Losses) | 0 | 0 | |||
Estimated Fair Value | 2,311 | 2,762 | |||
Carrying value | 2,311 | 2,762 | |||
Private issue CMO | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 307 | [1] | 346 | ||
Gross Unrealized Gains | 3 | [1] | 4 | ||
Gross Unrealized (Losses) | 0 | [1] | 0 | ||
Estimated Fair Value | 310 | [1] | 350 | ||
Carrying value | $ 310 | [1] | $ 350 | ||
|
Investment Securities (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 91,334 | $ 95,033 |
Gross Unrealized Gains | 588 | 479 |
Gross Unrealized (Losses) | (303) | (777) |
Estimated Fair Value | 91,619 | 94,735 |
Carrying Value | $ 91,553 | $ 95,309 |
Investment Securities (Details 3) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Holding Losses Less Than 12 Months, Fair Value | $ 2,914 | $ 50,009 |
Unrealized Holding Losses Less Than 12 Months, Unrealized Losses | 18 | 777 |
Unrealized Holding Losses 12 Months or More, Fair Value | 37,363 | 0 |
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 285 | 0 |
Unrealized Holding Losses Total, Fair Value | 40,277 | 50,009 |
Unrealized Holding Losses Total, Unrealized Losses | 303 | 777 |
U.S. government sponsored enterprise MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Holding Losses Less Than 12 Months, Fair Value | 0 | 47,045 |
Unrealized Holding Losses Less Than 12 Months, Unrealized Losses | 0 | 762 |
Unrealized Holding Losses 12 Months or More, Fair Value | 37,363 | 0 |
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 285 | 0 |
Unrealized Holding Losses Total, Fair Value | 37,363 | 47,045 |
Unrealized Holding Losses Total, Unrealized Losses | 285 | 762 |
U.S. SBA securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Holding Losses Less Than 12 Months, Fair Value | 2,914 | 2,964 |
Unrealized Holding Losses Less Than 12 Months, Unrealized Losses | 18 | 15 |
Unrealized Holding Losses 12 Months or More, Fair Value | 0 | 0 |
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 0 | 0 |
Unrealized Holding Losses Total, Fair Value | 2,914 | 2,964 |
Unrealized Holding Losses Total, Unrealized Losses | $ 18 | $ 15 |
Investment Securities (Details 4) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Held to maturity, Amortized Cost | ||
Due in one year or less | $ 600 | $ 600 |
Due after one through five years | 35,169 | 24,961 |
Due after five through ten years | 17,537 | 22,847 |
Due after ten years | 31,684 | 39,405 |
Total investment securities - held to maturity, Amortized Cost | 84,990 | 87,813 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 600 | 600 |
Due after one through five years | 34,918 | 24,569 |
Due after five through ten years | 17,689 | 22,477 |
Due after ten years | 31,849 | 39,593 |
Total investment securities - held to maturity, Estimated Fair Value | $ 85,056 | $ 87,239 |
Investment Securities (Details 5) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Available for sale, Amortized Cost | ||
Due in one year or less | $ 0 | $ 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 0 | 0 |
Due after ten years | 6,344 | 7,220 |
Total investment securities - available for sale, Amortized Cost | 6,344 | 7,220 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 0 | 0 |
Due after ten years | 6,563 | 7,496 |
Total investment securities - available for sale, Estimated Fair Value | $ 6,563 | $ 7,496 |
Investment Securities (Detail Textuals) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|
Debt Securities, Available-for-sale [Line Items] | |||||
Principal payments from investment securities available for sale | $ 8,300 | $ 5,800 | $ 16,700 | $ 11,700 | |
Unrealized Holding Losses Total, Unrealized Losses | 303 | 303 | $ 777 | ||
Unrealized Holding Losses 12 Months or More, Unrealized Losses | 285 | 285 | 0 | ||
U.S. government sponsored enterprise MBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Held-to-maturity | 13,500 | $ 28,400 | 13,500 | $ 38,500 | |
Unrealized Holding Losses Total, Unrealized Losses | 285 | 285 | 762 | ||
Unrealized Holding Losses 12 Months or More, Unrealized Losses | $ 285 | $ 285 | $ 0 |
Loans Held For Investment (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Total loans held for investment, gross | $ 877,073 | $ 904,492 | $ 888,683 | ||||||||||
Advance payments of escrows | 95 | 18 | |||||||||||
Deferred loan costs, net | 5,306 | 5,560 | |||||||||||
Allowance for loan losses | (7,061) | $ (7,155) | (7,385) | $ (8,075) | $ (8,063) | $ (8,039) | |||||||
Total loans held for investment, net | 875,413 | 902,685 | |||||||||||
Mortgage loans, Single-family | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Total loans held for investment, gross | 312,499 | 314,808 | |||||||||||
Mortgage loans, Multi-family | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Total loans held for investment, gross | 447,033 | 476,008 | |||||||||||
Mortgage loans, Commercial real estate | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Total loans held for investment, gross | 112,830 | 109,726 | |||||||||||
Mortgage loans, Construction | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Total loans held for investment, gross | [1] | 3,986 | 3,174 | ||||||||||
Mortgage loans other | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Total loans held for investment, gross | 167 | 167 | |||||||||||
Commercial business loans | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Total loans held for investment, gross | [2] | 455 | 500 | ||||||||||
Consumer loans | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Total loans held for investment, gross | [3] | $ 103 | $ 109 | ||||||||||
|
Loans Held For Investment (Parentheticals) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Mortgage loans, Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Undisbursed loan funds | $ 5,700 | $ 4,300 |
Commercial business loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Undisbursed loan funds | 1,500 | 495 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Undisbursed loan funds | $ 487 | $ 503 |
Loans Held For Investment (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Fixed Rate | $ 14,362 | |||||||||
Total loans held for investment, gross | 877,073 | $ 904,492 | $ 888,683 | |||||||
Within One Year | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 279,975 | |||||||||
After One Year Through 3 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 229,323 | |||||||||
After 3 Years Through 5 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 277,737 | |||||||||
After 5 Years Through 10 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 75,676 | |||||||||
Mortgage loans, Single-family | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Fixed Rate | 11,716 | |||||||||
Total loans held for investment, gross | 312,499 | 314,808 | ||||||||
Mortgage loans, Single-family | Within One Year | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 105,981 | |||||||||
Mortgage loans, Single-family | After One Year Through 3 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 31,216 | |||||||||
Mortgage loans, Single-family | After 3 Years Through 5 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 100,552 | |||||||||
Mortgage loans, Single-family | After 5 Years Through 10 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 63,034 | |||||||||
Mortgage loans, Multi-family | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Fixed Rate | 202 | |||||||||
Total loans held for investment, gross | 447,033 | 476,008 | ||||||||
Mortgage loans, Multi-family | Within One Year | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 129,858 | |||||||||
Mortgage loans, Multi-family | After One Year Through 3 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 162,154 | |||||||||
Mortgage loans, Multi-family | After 3 Years Through 5 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 142,177 | |||||||||
Mortgage loans, Multi-family | After 5 Years Through 10 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 12,642 | |||||||||
Mortgage loans, Commercial real estate | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Fixed Rate | 493 | |||||||||
Total loans held for investment, gross | 112,830 | 109,726 | ||||||||
Mortgage loans, Commercial real estate | Within One Year | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 41,376 | |||||||||
Mortgage loans, Commercial real estate | After One Year Through 3 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 35,953 | |||||||||
Mortgage loans, Commercial real estate | After 3 Years Through 5 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 35,008 | |||||||||
Mortgage loans, Commercial real estate | After 5 Years Through 10 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Mortgage loans, Construction | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Fixed Rate | 1,386 | |||||||||
Total loans held for investment, gross | [1] | 3,986 | 3,174 | |||||||
Mortgage loans, Construction | Within One Year | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 2,600 | |||||||||
Mortgage loans, Construction | After One Year Through 3 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Mortgage loans, Construction | After 3 Years Through 5 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Mortgage loans, Construction | After 5 Years Through 10 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Mortgage loans other | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Fixed Rate | 167 | |||||||||
Total loans held for investment, gross | 167 | 167 | ||||||||
Mortgage loans other | Within One Year | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Mortgage loans other | After One Year Through 3 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Mortgage loans other | After 3 Years Through 5 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Mortgage loans other | After 5 Years Through 10 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Commercial business loans | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Fixed Rate | 398 | |||||||||
Total loans held for investment, gross | [2] | 455 | 500 | |||||||
Commercial business loans | Within One Year | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 57 | |||||||||
Commercial business loans | After One Year Through 3 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Commercial business loans | After 3 Years Through 5 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Commercial business loans | After 5 Years Through 10 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Consumer loans | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Fixed Rate | 0 | |||||||||
Total loans held for investment, gross | [3] | 103 | $ 109 | |||||||
Consumer loans | Within One Year | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 103 | |||||||||
Consumer loans | After One Year Through 3 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Consumer loans | After 3 Years Through 5 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | 0 | |||||||||
Consumer loans | After 5 Years Through 10 Years | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans receivable, Adjustable Rate | $ 0 | |||||||||
|
Loans Held For Investment (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Total loans held for investment, gross | $ 877,073 | $ 904,492 | $ 888,683 | |||||||
Pass | ||||||||||
Total loans held for investment, gross | 86,380 | 889,346 | ||||||||
Special Mention | ||||||||||
Total loans held for investment, gross | 5,306 | 7,435 | ||||||||
Substandard | ||||||||||
Total loans held for investment, gross | 7,927 | 7,711 | ||||||||
Single-family | ||||||||||
Total loans held for investment, gross | 312,499 | 314,808 | ||||||||
Single-family | Pass | ||||||||||
Total loans held for investment, gross | 303,973 | 304,619 | ||||||||
Single-family | Special Mention | ||||||||||
Total loans held for investment, gross | 1,400 | 2,548 | ||||||||
Single-family | Substandard | ||||||||||
Total loans held for investment, gross | 7,126 | 7,641 | ||||||||
Multi-family | ||||||||||
Total loans held for investment, gross | 447,033 | 476,008 | ||||||||
Multi-family | Pass | ||||||||||
Total loans held for investment, gross | 443,127 | 472,061 | ||||||||
Multi-family | Special Mention | ||||||||||
Total loans held for investment, gross | 3,906 | 3,947 | ||||||||
Multi-family | Substandard | ||||||||||
Total loans held for investment, gross | 0 | 0 | ||||||||
Commercial Real Estate | ||||||||||
Total loans held for investment, gross | 112,830 | 109,726 | ||||||||
Commercial Real Estate | Pass | ||||||||||
Total loans held for investment, gross | 122,830 | 108,786 | ||||||||
Commercial Real Estate | Special Mention | ||||||||||
Total loans held for investment, gross | 0 | 940 | ||||||||
Commercial Real Estate | Substandard | ||||||||||
Total loans held for investment, gross | 0 | 0 | ||||||||
Mortgage loans, Construction | ||||||||||
Total loans held for investment, gross | [1] | 3,986 | 3,174 | |||||||
Mortgage loans, Construction | Pass | ||||||||||
Total loans held for investment, gross | 3,241 | 3,174 | ||||||||
Mortgage loans, Construction | Special Mention | ||||||||||
Total loans held for investment, gross | 0 | 0 | ||||||||
Mortgage loans, Construction | Substandard | ||||||||||
Total loans held for investment, gross | 745 | 0 | ||||||||
Other Mortgage | ||||||||||
Total loans held for investment, gross | 167 | 167 | ||||||||
Other Mortgage | Pass | ||||||||||
Total loans held for investment, gross | 167 | 167 | ||||||||
Other Mortgage | Special Mention | ||||||||||
Total loans held for investment, gross | 0 | |||||||||
Other Mortgage | Substandard | ||||||||||
Total loans held for investment, gross | 0 | 0 | ||||||||
Commercial Business | ||||||||||
Total loans held for investment, gross | [2] | 455 | 500 | |||||||
Commercial Business | Pass | ||||||||||
Total loans held for investment, gross | 399 | 430 | ||||||||
Commercial Business | Special Mention | ||||||||||
Total loans held for investment, gross | 0 | 0 | ||||||||
Commercial Business | Substandard | ||||||||||
Total loans held for investment, gross | 56 | 70 | ||||||||
Consumer | ||||||||||
Total loans held for investment, gross | [3] | 103 | 109 | |||||||
Consumer | Pass | ||||||||||
Total loans held for investment, gross | 103 | 109 | ||||||||
Consumer | Special Mention | ||||||||||
Total loans held for investment, gross | 0 | 0 | ||||||||
Consumer | Substandard | ||||||||||
Total loans held for investment, gross | $ 0 | $ 0 | ||||||||
|
Loans Held For Investment (Details 3) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total individually evaluated allowance | $ 168 | $ 157 | $ 15 | |||
Total collectively evaluated allowance | 6,893 | 7,228 | 8,060 | |||
Total loan loss allowance | 7,061 | $ 7,155 | 7,385 | 8,075 | $ 8,063 | $ 8,039 |
Mortgage loans, Single-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total individually evaluated allowance | 159 | 151 | 0 | |||
Total collectively evaluated allowance | 2,520 | 2,632 | 3,303 | |||
Total loan loss allowance | 2,679 | 2,741 | 2,783 | 3,303 | 3,579 | 3,601 |
Mortgage loans, Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total individually evaluated allowance | 0 | 0 | ||||
Total collectively evaluated allowance | 3,280 | 3,492 | 3,295 | |||
Total loan loss allowance | 3,280 | 3,336 | 3,492 | 3,295 | 3,431 | 3,420 |
Mortgage loans, Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total individually evaluated allowance | 0 | 0 | ||||
Total collectively evaluated allowance | 1,019 | 1,030 | 933 | |||
Total loan loss allowance | 1,019 | 1,012 | 1,030 | 933 | 875 | 879 |
Construction Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total individually evaluated allowance | 0 | 0 | ||||
Total collectively evaluated allowance | 48 | 47 | 504 | |||
Total loan loss allowance | 48 | 38 | 47 | 504 | 140 | 96 |
Mortgage loans other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total individually evaluated allowance | 0 | |||||
Total collectively evaluated allowance | 3 | 3 | ||||
Total loan loss allowance | 3 | 3 | 3 | |||
Commercial business loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total individually evaluated allowance | 9 | 6 | 15 | |||
Total collectively evaluated allowance | 17 | 18 | 17 | |||
Total loan loss allowance | 26 | 19 | 24 | 32 | 31 | 36 |
Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total individually evaluated allowance | 0 | 0 | ||||
Total collectively evaluated allowance | 6 | 6 | 8 | |||
Total loan loss allowance | $ 6 | $ 6 | $ 6 | $ 8 | $ 7 | $ 7 |
Loans Held For Investment (Details 4) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | $ 7,155 | $ 8,063 | $ 7,385 | $ 8,039 |
(Recovery) provision for loan losses | (217) | (11) | (454) | 158 |
Total recoveries | 123 | 48 | 156 | 132 |
Total charge-offs | 0 | (25) | (26) | (254) |
Net recoveries (charge-offs) | 123 | 23 | 130 | (122) |
Balance, end of the period | $ 7,061 | $ 8,075 | $ 7,061 | $ 8,075 |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.80% | 0.90% | 0.80% | 0.90% |
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized) | (0.05%) | (0.01%) | (0.03%) | 0.02% |
Mortgage loans, Single-family | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | $ 2,741 | $ 3,579 | $ 2,783 | $ 3,601 |
(Recovery) provision for loan losses | (185) | (299) | (234) | (176) |
Total recoveries | 123 | 48 | 155 | 132 |
Total charge-offs | 0 | (25) | (25) | (254) |
Balance, end of the period | $ 2,679 | $ 3,303 | $ 2,679 | $ 3,303 |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.86% | 1.05% | 0.86% | 1.05% |
Mortgage loans, Multi-family | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | $ 3,336 | $ 3,431 | $ 3,492 | $ 3,420 |
(Recovery) provision for loan losses | (56) | (136) | (212) | (125) |
Total recoveries | 0 | 0 | 0 | 0 |
Total charge-offs | 0 | 0 | 0 | 0 |
Balance, end of the period | $ 3,280 | $ 3,295 | $ 3,280 | $ 3,295 |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.73% | 0.71% | 0.73% | 0.71% |
Commercial Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | $ 1,012 | $ 875 | $ 1,030 | $ 879 |
(Recovery) provision for loan losses | 7 | 58 | (11) | 54 |
Total recoveries | 0 | 0 | 0 | 0 |
Total charge-offs | 0 | 0 | 0 | 0 |
Balance, end of the period | $ 1,019 | $ 933 | $ 1,019 | $ 933 |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.90% | 0.90% | 0.90% | 0.90% |
Construction Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | $ 38 | $ 140 | $ 47 | $ 96 |
(Recovery) provision for loan losses | 10 | 364 | 1 | 408 |
Total recoveries | 0 | 0 | 0 | 0 |
Total charge-offs | 0 | 0 | 0 | 0 |
Balance, end of the period | $ 48 | $ 504 | $ 48 | $ 504 |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 1.20% | 7.13% | 1.20% | 7.13% |
Mortgage loans other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | $ 3 | $ 3 | ||
(Recovery) provision for loan losses | 0 | 0 | ||
Total recoveries | 0 | 0 | ||
Total charge-offs | 0 | 0 | ||
Balance, end of the period | $ 3 | $ 3 | ||
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 1.80% | 1.80% | ||
Commercial business loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | $ 19 | $ 31 | $ 24 | $ 36 |
(Recovery) provision for loan losses | 7 | 1 | 2 | (4) |
Total recoveries | 0 | 0 | 0 | 0 |
Total charge-offs | 0 | 0 | 0 | 0 |
Balance, end of the period | $ 26 | $ 32 | $ 26 | $ 32 |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 5.71% | 6.69% | 5.71% | 6.69% |
Consumer loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | $ 6 | $ 7 | $ 6 | $ 7 |
(Recovery) provision for loan losses | 0 | 1 | 0 | 1 |
Total recoveries | 0 | 0 | 1 | 0 |
Total charge-offs | 0 | 0 | (1) | 0 |
Balance, end of the period | $ 6 | $ 8 | $ 6 | $ 8 |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 5.83% | 5.56% | 5.83% | 5.56% |
Loans Held For Investment (Details 5) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|||
---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | $ 870,644 | $ 897,476 | |||
30-89 Days Past Due | 2 | 805 | |||
Non-Accrual | 6,427 | [1] | 6,211 | ||
Total Loans Held for Investment, Gross | 877,073 | 904,492 | |||
Mortgage loans, Single-family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 306,873 | 307,863 | |||
30-89 Days Past Due | 0 | 804 | |||
Non-Accrual | 5,626 | [1] | 6,141 | ||
Total Loans Held for Investment, Gross | 312,499 | 314,808 | |||
Mortgage loans, Multi-family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 447,033 | 476,008 | |||
30-89 Days Past Due | 0 | 0 | |||
Non-Accrual | 0 | [1] | 0 | ||
Total Loans Held for Investment, Gross | 447,033 | 476,008 | |||
Mortgage loans, Commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 112,830 | 109,726 | |||
30-89 Days Past Due | 0 | 0 | |||
Non-Accrual | 0 | [1] | 0 | ||
Total Loans Held for Investment, Gross | 112,830 | 109,726 | |||
Mortgage loans, Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 3,241 | 3,174 | |||
30-89 Days Past Due | 0 | 0 | |||
Non-Accrual | 745 | [1] | 0 | ||
Total Loans Held for Investment, Gross | 3,986 | 3,174 | |||
Mortgage loans other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 167 | 167 | |||
30-89 Days Past Due | 0 | 0 | |||
Non-Accrual | 0 | [1] | 0 | ||
Total Loans Held for Investment, Gross | 167 | 167 | |||
Commercial business loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 399 | 430 | |||
30-89 Days Past Due | 0 | 0 | |||
Non-Accrual | 56 | [1] | 70 | ||
Total Loans Held for Investment, Gross | 455 | 500 | |||
Consumer loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 101 | 108 | |||
30-89 Days Past Due | 2 | 1 | |||
Non-Accrual | 0 | [1] | 0 | ||
Total Loans Held for Investment, Gross | $ 103 | $ 109 | |||
|
Loans Held For Investment (Details 6) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of the period | $ 7,155 | $ 8,063 | $ 7,385 | $ 8,039 | |
(Recovery) provision for loan losses | (217) | (11) | (454) | 158 | |
Total recoveries | 123 | 48 | 156 | 132 | |
Total charge-offs | 0 | (25) | (26) | (254) | |
Net recoveries (charge-offs) | 123 | 23 | 130 | (122) | |
Balance, end of the period | $ 7,061 | $ 8,075 | $ 7,061 | $ 8,075 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.80% | 0.90% | 0.80% | 0.90% | |
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized) | (0.05%) | (0.01%) | (0.03%) | 0.02% | |
Total individually evaluated allowance | $ 168 | $ 15 | $ 168 | $ 15 | $ 157 |
Total collectively evaluated allowance | 6,893 | 8,060 | 6,893 | 8,060 | 7,228 |
Individually Evaluated for Impairment | 6,618 | 7,114 | 6,618 | 7,114 | |
Collectively Evaluated for Impairment | 870,455 | 881,569 | 870,455 | 881,569 | |
Total loans held for investment, gross | 877,073 | 888,683 | 877,073 | 888,683 | 904,492 |
Mortgage loans, Single-family | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of the period | 2,741 | 3,579 | 2,783 | 3,601 | |
(Recovery) provision for loan losses | (185) | (299) | (234) | (176) | |
Total recoveries | 123 | 48 | 155 | 132 | |
Total charge-offs | 0 | (25) | (25) | (254) | |
Balance, end of the period | $ 2,679 | $ 3,303 | $ 2,679 | $ 3,303 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.86% | 1.05% | 0.86% | 1.05% | |
Total individually evaluated allowance | $ 159 | $ 0 | $ 159 | $ 0 | 151 |
Total collectively evaluated allowance | 2,520 | 3,303 | 2,520 | 3,303 | 2,632 |
Individually Evaluated for Impairment | 5,817 | 7,038 | 5,817 | 7,038 | |
Collectively Evaluated for Impairment | 306,682 | 306,799 | 306,682 | 306,799 | |
Total loans held for investment, gross | 312,499 | 313,837 | 312,499 | 313,837 | |
Mortgage loans, Multi-family | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of the period | 3,336 | 3,431 | 3,492 | 3,420 | |
(Recovery) provision for loan losses | (56) | (136) | (212) | (125) | |
Total recoveries | 0 | 0 | 0 | 0 | |
Total charge-offs | 0 | 0 | 0 | 0 | |
Balance, end of the period | $ 3,280 | $ 3,295 | $ 3,280 | $ 3,295 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.73% | 0.71% | 0.73% | 0.71% | |
Total individually evaluated allowance | $ 0 | $ 0 | $ 0 | $ 0 | |
Total collectively evaluated allowance | 3,280 | 3,295 | 3,280 | 3,295 | 3,492 |
Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | |
Collectively Evaluated for Impairment | 447,033 | 463,786 | 447,033 | 463,786 | |
Total loans held for investment, gross | 447,033 | 463,786 | 447,033 | 463,786 | |
Mortgage loans, Commercial real estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of the period | 1,012 | 875 | 1,030 | 879 | |
(Recovery) provision for loan losses | 7 | 58 | (11) | 54 | |
Total recoveries | 0 | 0 | 0 | 0 | |
Total charge-offs | 0 | 0 | 0 | 0 | |
Balance, end of the period | $ 1,019 | $ 933 | $ 1,019 | $ 933 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 0.90% | 0.90% | 0.90% | 0.90% | |
Total individually evaluated allowance | $ 0 | $ 0 | $ 0 | $ 0 | |
Total collectively evaluated allowance | 1,019 | 933 | 1,019 | 933 | 1,030 |
Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | |
Collectively Evaluated for Impairment | 112,830 | 103,366 | 112,830 | 103,366 | |
Total loans held for investment, gross | 112,830 | 103,366 | 112,830 | 103,366 | |
Mortgage loans, Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of the period | 38 | 140 | 47 | 96 | |
(Recovery) provision for loan losses | 10 | 364 | 1 | 408 | |
Total recoveries | 0 | 0 | 0 | 0 | |
Total charge-offs | 0 | 0 | 0 | 0 | |
Balance, end of the period | $ 48 | $ 504 | $ 48 | $ 504 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 1.20% | 7.13% | 1.20% | 7.13% | |
Total individually evaluated allowance | $ 0 | $ 0 | $ 0 | $ 0 | |
Total collectively evaluated allowance | 48 | 504 | 48 | 504 | 47 |
Individually Evaluated for Impairment | 745 | 0 | 745 | 0 | |
Collectively Evaluated for Impairment | 3,241 | 7,072 | 3,241 | 7,072 | |
Total loans held for investment, gross | 3,986 | 7,072 | 3,986 | 7,072 | |
Mortgage loans other | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of the period | 3 | 3 | |||
(Recovery) provision for loan losses | 0 | 0 | |||
Total recoveries | 0 | 0 | |||
Total charge-offs | 0 | 0 | |||
Balance, end of the period | $ 3 | $ 3 | |||
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 1.80% | 1.80% | |||
Total individually evaluated allowance | $ 0 | $ 0 | |||
Total collectively evaluated allowance | 3 | 3 | 3 | ||
Individually Evaluated for Impairment | 0 | 0 | |||
Collectively Evaluated for Impairment | 167 | 167 | |||
Total loans held for investment, gross | 167 | 167 | |||
Commercial business loans | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of the period | 19 | 31 | 24 | 36 | |
(Recovery) provision for loan losses | 7 | 1 | 2 | (4) | |
Total recoveries | 0 | 0 | 0 | 0 | |
Total charge-offs | 0 | 0 | 0 | 0 | |
Balance, end of the period | $ 26 | $ 32 | $ 26 | $ 32 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 5.71% | 6.69% | 5.71% | 6.69% | |
Total individually evaluated allowance | $ 9 | $ 15 | $ 9 | $ 15 | 6 |
Total collectively evaluated allowance | 17 | 17 | 17 | 17 | 18 |
Individually Evaluated for Impairment | 56 | 76 | 56 | 76 | |
Collectively Evaluated for Impairment | 399 | 402 | 399 | 402 | |
Total loans held for investment, gross | 455 | 478 | 455 | 478 | |
Consumer loans | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of the period | 6 | 7 | 6 | 7 | |
(Recovery) provision for loan losses | 0 | 1 | 0 | 1 | |
Total recoveries | 0 | 0 | 1 | 0 | |
Total charge-offs | 0 | 0 | (1) | 0 | |
Balance, end of the period | $ 6 | $ 8 | $ 6 | $ 8 | |
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period | 5.83% | 5.56% | 5.83% | 5.56% | |
Total individually evaluated allowance | $ 0 | $ 0 | $ 0 | $ 0 | |
Total collectively evaluated allowance | 6 | 8 | 6 | 8 | $ 6 |
Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | |
Collectively Evaluated for Impairment | 103 | 144 | 103 | 144 | |
Total loans held for investment, gross | $ 103 | $ 144 | $ 103 | $ 144 |
Loans Held For Investment (Details 7) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||||||||
Unpaid Principal Balance | $ 7,025 | |||||||||
Related Charge-Offs | (561) | |||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||||
Recorded Investment | 6,464 | |||||||||
Related Allowance | [1] | (402) | ||||||||
Recorded Investment, Net of Allowance | 6,062 | |||||||||
Mortgage loans, Single-family | ||||||||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||||||||
With a related allowance Unpaid Principal Balance | 2,856 | $ 1,333 | ||||||||
Without a related allowance, Unpaid Principal Balance | 3,368 | [2] | 5,569 | |||||||
Unpaid Principal Balance | 6,224 | 6,902 | ||||||||
With Related Allowance, Related Charge-Offs | 0 | 0 | ||||||||
With No Related Allowance, Related Charge-Offs | (561) | [2] | (724) | |||||||
Related Charge-Offs | (561) | (724) | ||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||||
With Related Allowance, Recorded Investment | 2,856 | 1,333 | ||||||||
With No Related Allowance, Recorded Investment | 2,807 | [2] | 4,845 | |||||||
Recorded Investment | 5,663 | 6,178 | ||||||||
Related Allowance | (393) | [1] | (185) | |||||||
Recorded Investment, with Related Allowance, Net | 2,463 | 1,148 | ||||||||
Recorded Investment, with No Related Allowance, Net | 2,807 | [2] | 4,845 | |||||||
Recorded Investment, Net of Allowance | 5,270 | 5,993 | ||||||||
Construction Loans | ||||||||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||||||||
Without a related allowance, Unpaid Principal Balance | [3] | 745 | ||||||||
Unpaid Principal Balance | 745 | 6,972 | ||||||||
With No Related Allowance, Related Charge-Offs | [3] | 0 | ||||||||
Related Charge-Offs | 0 | (724) | ||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||||
With No Related Allowance, Recorded Investment | [3] | 745 | ||||||||
Recorded Investment | 745 | 6,248 | ||||||||
Related Allowance | (191) | |||||||||
Recorded Investment, with No Related Allowance, Net | [3] | 745 | ||||||||
Recorded Investment, Net of Allowance | 745 | 6,057 | ||||||||
Commercial business loans | ||||||||||
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | ||||||||||
With a related allowance Unpaid Principal Balance | 56 | 70 | ||||||||
Unpaid Principal Balance | 56 | 70 | ||||||||
With Related Allowance, Related Charge-Offs | 0 | 0 | ||||||||
Related Charge-Offs | 0 | 0 | ||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||||
With Related Allowance, Recorded Investment | 56 | 70 | ||||||||
Recorded Investment | 56 | 70 | ||||||||
Related Allowance | (9) | [1] | (6) | |||||||
Recorded Investment, with Related Allowance, Net | 47 | 64 | ||||||||
Recorded Investment, Net of Allowance | $ 47 | $ 64 | ||||||||
|
Loans Held For Investment (Details 8) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Without related allowances, Average Recorded Investment | $ 4,071 | $ 7,301 | $ 4,459 | $ 7,693 |
With related allowances, Average Recorded Investment | 2,547 | 862 | 2,343 | 685 |
Average Recorded Investment | 6,618 | 8,163 | 6,802 | 8,378 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
Without related allowances, Interest Income Recognized | 189 | 0 | 229 | 148 |
With related allowances, Interest Income Recognized | 37 | 10 | 62 | 22 |
Interest Income Recognized | 226 | 10 | 291 | 170 |
Commercial business loans | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
With related allowances, Average Recorded Investment | 60 | 76 | 64 | 77 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
With related allowances, Interest Income Recognized | 1 | 2 | 2 | 3 |
Commercial Real Estate | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Without related allowances, Average Recorded Investment | 0 | 34 | ||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
Without related allowances, Interest Income Recognized | 0 | 13 | ||
Mortgage loans, Single-family | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Without related allowances, Average Recorded Investment | 3,326 | 7,301 | 3,963 | 7,659 |
With related allowances, Average Recorded Investment | 2,487 | 786 | 2,279 | 608 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
Without related allowances, Interest Income Recognized | 189 | 0 | 229 | 135 |
With related allowances, Interest Income Recognized | 36 | 8 | 60 | 19 |
Mortgage loans, Construction | ||||
Impaired Financing Receivable, Average Recorded Investment [Abstract] | ||||
Without related allowances, Average Recorded Investment | 4,847 | 0 | 496 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | ||||
Without related allowances, Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 496 |
Loans Held For Investment (Details 9) - USD ($) |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Financing Receivable, Modifications [Line Items] | ||
Restructured loans on non-accrual status | $ 2,745,000 | $ 3,392,000 |
Restructured loans on accrual status | 1,425,000 | 1,788,000 |
Restructured loans | 4,170,000 | 5,180,000 |
Mortgage loans, Single-family | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans on non-accrual status | 2,698,000 | 3,328,000 |
Restructured loans on accrual status | 1,425,000 | 1,788,000 |
Commercial business loans | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans on non-accrual status | 47,000 | 64,000 |
Substandard | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans on non-accrual status | 2,800,000 | 3,400,000 |
Substandard | Restructured loans on accrual status | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans on accrual status | $ 1,400,000 | 1,400,000 |
Special Mention | Restructured loans on accrual status | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans on accrual status | $ 389,000 |
Loans Held For Investment (Details 10) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
||||||
---|---|---|---|---|---|---|---|---|
Financing Receivable, Impaired [Line Items] | ||||||||
Restructured Loans, Unpaid Principal Balance | $ 4,677 | $ 5,748 | ||||||
Restructured Loans, Related Charge-offs | (374) | (411) | ||||||
Restructured Loans, Recorded Investment | 4,303 | 5,337 | ||||||
Restructured Loans, Allowance for Loan Losses | [1] | (133) | (157) | |||||
Restructured loans, Net Investment | 4,170 | 5,180 | ||||||
Mortgage loans, Single-family | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Restructured Loans, With Related Allowance, Unpaid Principal Balance | 2,214 | 2,228 | ||||||
Restructured Loans, Without a Related Allowance, Unpaid Principal Balance | 2,407 | 3,450 | [2] | |||||
Restructured Loans, Unpaid Principal Balance | 4,621 | 5,678 | ||||||
Restructured Loans, With Related Allowance, Related Charge-offs | 0 | 0 | ||||||
Restructured Loans, Without a Related Allowance, Related Charge-offs | [2] | (374) | (411) | |||||
Restructured Loans, Related Charge-offs | (374) | (411) | ||||||
Restructured Loans, With a Related Allowance, Recorded Investment | 2,214 | 2,228 | ||||||
Restructured Loans, Without a Related Allowance, Recorded Investment | [2] | 2,033 | 3,039 | |||||
Restructured Loans, Recorded Investment | 4,247 | 5,267 | ||||||
Restructured Loans, Allowance for Loan Losses | [1] | (124) | (151) | |||||
Restructured loans, With a related allowance, Net Investment | 2,090 | 2,077 | ||||||
Restructured Loans, Without a Related Allowance, Net Investment | [2] | 2,033 | 3,039 | |||||
Restructured loans, Net Investment | 4,123 | 5,116 | ||||||
Commercial business loans | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Restructured Loans, With Related Allowance, Unpaid Principal Balance | 56 | 70 | ||||||
Restructured Loans, Unpaid Principal Balance | 56 | 70 | ||||||
Restructured Loans, With Related Allowance, Related Charge-offs | 0 | 0 | ||||||
Restructured Loans, Related Charge-offs | 0 | 0 | ||||||
Restructured Loans, With a Related Allowance, Recorded Investment | 56 | 70 | ||||||
Restructured Loans, Recorded Investment | 56 | 70 | ||||||
Restructured Loans, Allowance for Loan Losses | [1] | (9) | (6) | |||||
Restructured loans, With a related allowance, Net Investment | 47 | 64 | ||||||
Restructured loans, Net Investment | $ 47 | $ 64 | ||||||
|
Loans Held For Investment (Detail Textuals) |
6 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Jun. 30, 2018 |
|
Fixed-rate loans as a percentage of total loans held for investment | 2.00% | 2.00% |
First Trust Deed Loans | ||
Loans deemed uncollectible, period of delinquency | 150 days | |
Commercial Business or Second Trust Deed Loans | ||
Loans deemed uncollectible, period of delinquency | 120 days | |
Troubled Debt Restructurings | ||
Loans deemed uncollectible, period of delinquency | 90 days | |
Bankruptcy | ||
Loans deemed uncollectible, period of delinquency | 60 days | |
Maximum | ||
Segregated restructured loans, period of delinquency | 90 days | |
Maximum | Bankruptcy | ||
Allowance for loan losses, pooling method, period of delinquency | 60 days |
Loans Held For Investment (Detail Textuals 1) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
Loan
|
Dec. 31, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
Loan
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average investment in non-performing loans | $ 6,618,000 | $ 8,163,000 | $ 6,802,000 | $ 8,378,000 | |
Interest income, non-performing loans, cash basis | 226,000 | 10,000 | 291,000 | 170,000 | |
Interest lost on non-performing Loans | 48,000 | $ 80,000 | $ 104,000 | $ 174,000 | |
Number of modified loans | Loan | 9 | 11 | |||
Number of loans modified, extended beyond initial maturity | Loan | 1 | ||||
Restructured loans | 4,170,000 | $ 4,170,000 | $ 5,180,000 | ||
Restructured loans on accrual status | 1,425,000 | 1,425,000 | 1,788,000 | ||
Restructured loans on non-accrual status | 2,745,000 | 2,745,000 | 3,392,000 | ||
Mortgage loans, Single-family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Restructured loans on accrual status | 1,425,000 | 1,425,000 | 1,788,000 | ||
Restructured loans on non-accrual status | 2,698,000 | $ 2,698,000 | $ 3,328,000 | ||
In Default and Required and Additional Provision | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans modified and require additional provision | Loan | 0 | ||||
Pass | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of modified loans | Loan | 1 | ||||
Special Mention | Restructured loans on accrual status | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of modified loans | Loan | 1 | ||||
Restructured loans on accrual status | $ 389,000 | ||||
Substandard | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of modified loans | Loan | 8 | 9 | |||
Restructured loans on non-accrual status | 2,800,000 | $ 2,800,000 | $ 3,400,000 | ||
Substandard | Restructured loans on accrual status | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of modified loans | Loan | 1 | 1 | |||
Restructured loans on accrual status | 1,400,000 | $ 1,400,000 | $ 1,400,000 | ||
Current | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Restructured loans | $ 2,900,000 | $ 2,900,000 | $ 2,900,000 | ||
Percent of total restructured loans on current status | 70.00% | 70.00% | 56.00% |
Loans Held For Investment (Detail Textuals 2) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2018
Property
|
Dec. 31, 2017
Property
|
Dec. 31, 2018
Property
|
Dec. 31, 2017
Property
|
Jun. 30, 2018
USD ($)
Property
|
|
Number of properties acquired in settlement of loans | 0 | 1 | 1 | ||
Number of previously foreclosed properties sold | 1 | 0 | 2 | 2 | |
Southern California | |||||
Number of real estate owned properties | 2 | ||||
Real estate owned fair value | $ | $ 906,000 |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Derivative [Line Items] | ||
Total | $ 15,098 | $ 14,652 |
Undisbursed loan funds - Construction loans | ||
Derivative [Line Items] | ||
Total | 5,747 | 4,302 |
Undisbursed lines of credit - Commercial business loans | ||
Derivative [Line Items] | ||
Total | 1,488 | 495 |
Undisbursed lines of credit - Consumer loans | ||
Derivative [Line Items] | ||
Total | 487 | 503 |
Commitments to extend credit on loans to be held for investment | ||
Derivative [Line Items] | ||
Total | $ 7,376 | $ 9,352 |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | $ 7,155 | $ 8,063 | $ 7,385 | $ 8,039 |
Provision (recovery) | 217 | 11 | 454 | (158) |
Balance, end of the period | 7,061 | 8,075 | 7,061 | 8,075 |
Commitments to extend credit and undisbursed funds | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of the period | 149 | 213 | 157 | 277 |
Provision (recovery) | 1 | (25) | (7) | (89) |
Balance, end of the period | $ 150 | $ 188 | $ 150 | $ 188 |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Derivative [Line Items] | ||||
Total net loss | $ (920) | $ (553) | $ (570) | $ (921) |
Commitments to extend credit on loans to be held for sale | ||||
Derivative [Line Items] | ||||
Total net loss | 8 | 29 | (321) | (93) |
Mandatory loan sale commitments and TBA MBS trades | ||||
Derivative [Line Items] | ||||
Total net loss | (928) | (582) | (249) | (791) |
Option contracts, net | ||||
Derivative [Line Items] | ||||
Total net loss | $ 0 | $ 0 | $ 0 | $ (37) |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Details 3) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|||
---|---|---|---|---|---|
Amount | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | $ (52,256) | $ (90,355) | |||
Fair Value | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | (185) | 385 | |||
Commitments to extend credit on loans to be held for sale | Amount | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | [1] | 27,260 | 56,906 | ||
Commitments to extend credit on loans to be held for sale | Fair Value | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | [1] | 504 | 825 | ||
Best efforts loan sale commitments | Amount | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | (12,795) | (29,502) | |||
Best efforts loan sale commitments | Fair Value | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | 0 | 0 | |||
Mandatory loan sale commitments and TBA MBS trades | Amount | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | (66,721) | (117,759) | |||
Mandatory loan sale commitments and TBA MBS trades | Fair Value | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | $ (689) | $ (440) | |||
|
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Details 4) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Summary Of Recourse Liability [Roll Forward] | ||||
Balance, beginning of the period | $ 250 | $ 305 | $ 283 | $ 305 |
Recovery from recourse liability | 0 | (22) | (33) | (22) |
Net settlements in lieu of loan repurchases | 0 | 0 | 0 | 0 |
Balance, end of the period | $ 250 | $ 283 | $ 250 | $ 283 |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Detail Textuals) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
Loan
|
Dec. 31, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
|
Derivative [Line Items] | ||||||||
Derivative assets net amount | $ 1,000 | $ 1,000 | $ 0 | |||||
Derivative liabilities net amount | $ 690,000 | $ 690,000 | $ 440,000 | |||||
Commitments estimated may not fund (percent) | 26.30% | 26.30% | 24.70% | |||||
Number of loans repurchased | Loan | 3 | |||||||
Amount of loans repurchased | $ 253,000 | $ 253,000 | ||||||
Number of fully charged off loans repurchased | Loan | 2 | |||||||
Amount of fully charged off loans repurchased | $ (25,000) | |||||||
Recovery from recourse liability | 0 | $ 22,000 | 33,000 | $ 22,000 | ||||
Total recourse reserve for loans sold | 250,000 | $ 283,000 | 250,000 | $ 283,000 | $ 250,000 | $ 283,000 | $ 305,000 | $ 305,000 |
Other Assets | ||||||||
Derivative [Line Items] | ||||||||
Derivative assets net amount | 506,000 | 506,000 | 849,000 | |||||
Other Liabilities | ||||||||
Derivative [Line Items] | ||||||||
Derivative liabilities net amount | 691,000 | 691,000 | 464,000 | |||||
Loans held for investment and loans held for sale | ||||||||
Derivative [Line Items] | ||||||||
Commitments to extend credit | $ 34,600,000 | $ 34,600,000 | $ 66,300,000 |
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Loans held for investment, Aggregate Fair Value | $ 4,995 | $ 5,234 |
Loans held for investment, Aggregate Unpaid Principal Balance | 5,261 | 5,546 |
Loans held for investment, Net Unrealized (Loss) Gain | (266) | (312) |
Loans held for sale, Aggregate Fair Value | 57,562 | 96,298 |
Loans held for sale, Aggregate Unpaid Principal Balance | 55,648 | 93,791 |
Loans held for sale, Net Unrealized (loss) gain | $ 1,914 | $ 2,507 |
Fair Value of Financial Instruments (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, Aggregate Fair Value | $ 4,995 | $ 5,234 |
Loans held for sale, at fair value | 57,562 | 96,298 |
Derivative assets | 1 | 0 |
Derivative liabilities | 690 | 440 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 6,563 | 7,496 |
Loans held for investment, Aggregate Fair Value | 4,995 | 5,234 |
Loans held for sale, at fair value | 57,562 | 96,298 |
Interest-only strips | 21 | 23 |
Derivative assets | 506 | 849 |
Total assets | 69,647 | 109,900 |
Derivative liabilities | 691 | 464 |
Total liabilities | 691 | 464 |
Recurring | Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 505 | 849 |
Derivative liabilities | 1 | 24 |
Recurring | Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | |
Derivative liabilities | 10 | 32 |
Recurring | TBA MBS trades | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 680 | 408 |
Recurring | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 3,942 | 4,384 |
Recurring | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 2,311 | 2,762 |
Recurring | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 310 | 350 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 0 | 0 |
Loans held for investment, Aggregate Fair Value | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Interest-only strips | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring | Level 1 | Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | TBA MBS trades | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 0 | 0 |
Recurring | Level 1 | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 0 | 0 |
Recurring | Level 1 | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 6,253 | 7,146 |
Loans held for investment, Aggregate Fair Value | 0 | 0 |
Loans held for sale, at fair value | 57,562 | 96,298 |
Interest-only strips | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 63,815 | 103,444 |
Derivative liabilities | 680 | 408 |
Total liabilities | 680 | 408 |
Recurring | Level 2 | Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 2 | Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Recurring | Level 2 | TBA MBS trades | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 680 | 0 |
Recurring | Level 2 | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 3,942 | 4,384 |
Recurring | Level 2 | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 2,311 | 2,762 |
Recurring | Level 2 | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 0 | 0 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 310 | 350 |
Loans held for investment, Aggregate Fair Value | 4,995 | 5,234 |
Loans held for sale, at fair value | 0 | 0 |
Interest-only strips | 21 | 23 |
Derivative assets | 506 | 849 |
Total assets | 5,832 | 6,456 |
Derivative liabilities | 11 | 56 |
Total liabilities | 11 | 56 |
Recurring | Level 3 | Commitments to extend credit on loans to be held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 505 | 849 |
Derivative liabilities | 1 | 24 |
Recurring | Level 3 | Mandatory loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | |
Derivative liabilities | 10 | 32 |
Recurring | Level 3 | TBA MBS trades | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 408 |
Recurring | Level 3 | U.S. government agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 0 | 0 |
Recurring | Level 3 | U.S. government sponsored enterprise MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | 0 | 0 |
Recurring | Level 3 | Private issue CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - available for sale | $ 310 | $ 350 |
Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||
Beginning balance | $ 5,772 | $ 8,083 | $ 6,400 | $ 7,830 | |||||||
Total gains or losses included in earnings | 102 | 47 | (254) | (157) | |||||||
Total gains or losses included in other comprehensive (income) loss | (4) | (2) | (3) | (4) | |||||||
Purchases | 0 | 0 | 0 | 0 | |||||||
Issuances | 0 | 0 | 0 | 0 | |||||||
Settlements | (49) | (1,834) | (792) | (1,897) | |||||||
Transfers in and/or out of Level 3 | 0 | 0 | 470 | 522 | |||||||
Ending balance | 5,821 | 6,294 | 5,821 | 6,294 | |||||||
Private issue CMO | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||
Beginning balance | 316 | 448 | 350 | 461 | |||||||
Total gains or losses included in earnings | 0 | 0 | 0 | 0 | |||||||
Total gains or losses included in other comprehensive (income) loss | (1) | 0 | (1) | 1 | |||||||
Purchases | 0 | 0 | 0 | 0 | |||||||
Issuances | 0 | 0 | 0 | 0 | |||||||
Settlements | (5) | (29) | (39) | (43) | |||||||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | |||||||
Ending balance | 310 | 419 | 310 | 419 | |||||||
Loans held-for investment, at-fair value | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||
Beginning balance | [1] | 4,945 | 6,924 | 5,234 | 6,445 | ||||||
Total gains or losses included in earnings | [1] | 95 | 38 | 46 | 46 | ||||||
Total gains or losses included in other comprehensive (income) loss | [1] | 0 | 0 | 0 | 0 | ||||||
Purchases | [1] | 0 | 0 | 0 | 0 | ||||||
Issuances | [1] | 0 | 0 | 0 | 0 | ||||||
Settlements | [1] | (45) | (1,805) | (755) | (1,856) | ||||||
Transfers in and/or out of Level 3 | [1] | 0 | 0 | 470 | 522 | ||||||
Ending balance | [1] | 4,995 | 5,157 | 4,995 | 5,157 | ||||||
Interest-Only Strips | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||
Beginning balance | 24 | 28 | 23 | 31 | |||||||
Total gains or losses included in earnings | 0 | 0 | 0 | 0 | |||||||
Total gains or losses included in other comprehensive (income) loss | (3) | (2) | (2) | (5) | |||||||
Purchases | 0 | 0 | 0 | 0 | |||||||
Issuances | 0 | 0 | 0 | 0 | |||||||
Settlements | 0 | 0 | 0 | 0 | |||||||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | |||||||
Ending balance | 21 | 26 | 21 | 26 | |||||||
Loan Commitments to Originate | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||
Beginning balance | [2] | 496 | 687 | 825 | 809 | ||||||
Total gains or losses included in earnings | [2] | 8 | 29 | (321) | (93) | ||||||
Total gains or losses included in other comprehensive (income) loss | [2] | 0 | 0 | 0 | 0 | ||||||
Purchases | [2] | 0 | 0 | 0 | 0 | ||||||
Issuances | [2] | 0 | 0 | 0 | 0 | ||||||
Settlements | [2] | 0 | 0 | 0 | 0 | ||||||
Transfers in and/or out of Level 3 | [2] | 0 | 0 | 0 | 0 | ||||||
Ending balance | [2] | 504 | 716 | 504 | 716 | ||||||
Mandatory Commitments | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||
Beginning balance | [3] | (9) | (4) | (32) | 47 | ||||||
Total gains or losses included in earnings | [3] | (1) | (20) | 21 | (73) | ||||||
Total gains or losses included in other comprehensive (income) loss | [3] | 0 | 0 | 0 | 0 | ||||||
Purchases | [3] | 0 | 0 | 0 | 0 | ||||||
Issuances | [3] | 0 | 0 | 0 | 0 | ||||||
Settlements | [3] | 1 | 0 | 2 | 2 | ||||||
Transfers in and/or out of Level 3 | [3] | 0 | 0 | 0 | 0 | ||||||
Ending balance | [3] | $ (9) | (24) | $ (9) | (24) | ||||||
Option contracts | |||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||
Beginning balance | 37 | ||||||||||
Total gains or losses included in earnings | (37) | ||||||||||
Total gains or losses included in other comprehensive (income) loss | 0 | ||||||||||
Purchases | 0 | ||||||||||
Issuances | 0 | ||||||||||
Settlements | 0 | ||||||||||
Transfers in and/or out of Level 3 | 0 | ||||||||||
Ending balance | $ 0 | $ 0 | |||||||||
|
Fair Value of Financial Instruments (Details 3) - Nonrecurring - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-performing loans | $ 6,062 | $ 6,057 |
Mortgage servicing assets | 513 | 135 |
Real estate owned, net | 0 | 906 |
Total | 6,575 | 7,098 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-performing loans | 0 | 0 |
Mortgage servicing assets | 0 | 0 |
Real estate owned, net | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-performing loans | 4,313 | 4,845 |
Mortgage servicing assets | 0 | 0 |
Real estate owned, net | 0 | 906 |
Total | 4,313 | 5,751 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-performing loans | 1,749 | 1,212 |
Mortgage servicing assets | 513 | 135 |
Real estate owned, net | 0 | 0 |
Total | $ 2,262 | $ 1,347 |
Fair Value of Financial Instruments (Details 4) - Level 3 $ in Thousands |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
| ||||||||||
Mandatory loan sale commitments | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on Liability | Increase | [1] | ||||||||
Mandatory loan sale commitments | Relative value analysis | Roll-forward costs | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Liability Fair Value Measurement Input | 0.023% | [2],[3] | ||||||||
Impact to valuation from an increase in inputs on Liability | Increase | [1] | ||||||||
Mandatory loan sale commitments | Minimum | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Liability Fair Value Measurement Input | 102.40% | [3] | ||||||||
Mandatory loan sale commitments | Maximum | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Liability Fair Value Measurement Input | 103.40% | [3] | ||||||||
Mandatory loan sale commitments | Weighted Average | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Liability Fair Value Measurement Input | 102.90% | [3] | ||||||||
Private issue CMO | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets, Fair Value Disclosure | $ 310 | |||||||||
Private issue CMO | Market comparable pricing | Comparability adjustment | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Increase | [1] | ||||||||
Private issue CMO | Minimum | Market comparable pricing | Comparability adjustment | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 0.80% | [3] | ||||||||
Private issue CMO | Maximum | Market comparable pricing | Comparability adjustment | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 1.00% | [3] | ||||||||
Private issue CMO | Weighted Average | Market comparable pricing | Comparability adjustment | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 0.90% | [3] | ||||||||
Loans held-for investment, at-fair value | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets, Fair Value Disclosure | $ 4,995 | |||||||||
Loans held-for investment, at-fair value | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Increase | [1] | ||||||||
Loans held-for investment, at-fair value | Relative value analysis | Credit risk factors | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Loans held-for investment, at-fair value | Minimum | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 96.70% | [3] | ||||||||
Loans held-for investment, at-fair value | Minimum | Relative value analysis | Credit risk factors | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 1.20% | [3] | ||||||||
Loans held-for investment, at-fair value | Maximum | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 103.50% | [3] | ||||||||
Loans held-for investment, at-fair value | Maximum | Relative value analysis | Credit risk factors | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 100.00% | [3] | ||||||||
Loans held-for investment, at-fair value | Weighted Average | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 99.60% | [3] | ||||||||
Loans held-for investment, at-fair value | Weighted Average | Relative value analysis | Credit risk factors | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 4.70% | [3] | ||||||||
Non-performing loans | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets, Fair Value Disclosure | $ 712 | |||||||||
Non-performing loans | Discounted cash flow | Default rates | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Assets Fair Value Measurement Input | 5.00% | [3] | ||||||||
Mortgage servicing assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets, Fair Value Disclosure | $ 513 | |||||||||
Mortgage servicing assets | Discounted cash flow | Prepayment speed (CPR) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Mortgage servicing assets | Discounted cash flow | Discount rate | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Mortgage servicing assets | Minimum | Discounted cash flow | Prepayment speed (CPR) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 8.30% | [3] | ||||||||
Mortgage servicing assets | Minimum | Discounted cash flow | Discount rate | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 9.00% | [3] | ||||||||
Mortgage servicing assets | Maximum | Discounted cash flow | Prepayment speed (CPR) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 60.00% | [3] | ||||||||
Mortgage servicing assets | Maximum | Discounted cash flow | Discount rate | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 10.50% | [3] | ||||||||
Mortgage servicing assets | Weighted Average | Discounted cash flow | Prepayment speed (CPR) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 18.20% | [3] | ||||||||
Mortgage servicing assets | Weighted Average | Discounted cash flow | Discount rate | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 9.20% | [3] | ||||||||
Interest-only strips | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets, Fair Value Disclosure | $ 21 | |||||||||
Interest-only strips | Discounted cash flow | Prepayment speed (CPR) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Interest-only strips | Discounted cash flow | Discount rate | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Assets Fair Value Measurement Input | 9.00% | [3] | ||||||||
Interest-only strips | Minimum | Discounted cash flow | Prepayment speed (CPR) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 11.40% | [3] | ||||||||
Interest-only strips | Maximum | Discounted cash flow | Prepayment speed (CPR) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 30.50% | [3] | ||||||||
Interest-only strips | Weighted Average | Discounted cash flow | Prepayment speed (CPR) | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 28.10% | [3] | ||||||||
Mandatory loan sale commitments | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets, Fair Value Disclosure | $ 1 | |||||||||
Liabilities, fair value | $ 10 | |||||||||
Mandatory loan sale commitments | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Assets Fair Value Measurement Input | 104.00% | [3] | ||||||||
Impact to valuation from an increase in inputs on Liability | Increase | [1] | ||||||||
Mandatory loan sale commitments | Relative value analysis | Roll-forward costs | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Assets Fair Value Measurement Input | 0.023% | [2],[3] | ||||||||
Impact to valuation from an increase in inputs on Liability | Increase | [1] | ||||||||
Non-performing loans one | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets, Fair Value Disclosure | $ 1,037 | |||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Non-performing loans one | Minimum | Relative value analysis | Loss severity | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 20.00% | [3] | ||||||||
Non-performing loans one | Maximum | Relative value analysis | Loss severity | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 30.00% | [3] | ||||||||
Non-performing loans one | Weighted Average | Relative value analysis | Loss severity | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 23.00% | [3] | ||||||||
Commitments to extend credit and undisbursed funds | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets, Fair Value Disclosure | $ 505 | |||||||||
Liabilities, fair value | $ 1 | |||||||||
Commitments to extend credit and undisbursed funds | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Increase | [1] | ||||||||
Impact to valuation from an increase in inputs on Liability | Decrease | [1] | ||||||||
Commitments to extend credit and undisbursed funds | Relative value analysis | Fall-out ratio | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impact to valuation from an increase in inputs on assets | Decrease | [1] | ||||||||
Impact to valuation from an increase in inputs on Liability | Decrease | [1] | ||||||||
Commitments to extend credit and undisbursed funds | Minimum | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 98.30% | [3] | ||||||||
Liability Fair Value Measurement Input | 102.60% | [3] | ||||||||
Commitments to extend credit and undisbursed funds | Minimum | Relative value analysis | Fall-out ratio | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 16.90% | [3],[4] | ||||||||
Liability Fair Value Measurement Input | 16.90% | [3],[4] | ||||||||
Commitments to extend credit and undisbursed funds | Maximum | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 104.60% | [3] | ||||||||
Liability Fair Value Measurement Input | 102.60% | [3] | ||||||||
Commitments to extend credit and undisbursed funds | Maximum | Relative value analysis | Fall-out ratio | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 28.20% | [3],[4] | ||||||||
Liability Fair Value Measurement Input | 28.20% | [3],[4] | ||||||||
Commitments to extend credit and undisbursed funds | Weighted Average | Relative value analysis | Broker quotes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 101.60% | [3] | ||||||||
Liability Fair Value Measurement Input | 102.60% | [3] | ||||||||
Commitments to extend credit and undisbursed funds | Weighted Average | Relative value analysis | Fall-out ratio | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Assets Fair Value Measurement Input | 26.30% | [3],[4] | ||||||||
Liability Fair Value Measurement Input | 26.30% | [3],[4] | ||||||||
|
Fair Value of Financial Instruments (Details 5) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held to maturity | $ 84,990 | $ 87,813 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held to maturity | 0 | 0 |
Loans held for investment, not recorded at fair value | 0 | 0 |
FHLB - San Francisco stock | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held to maturity | 85,056 | 87,239 |
Loans held for investment, not recorded at fair value | 0 | 0 |
FHLB - San Francisco stock | 8,199 | 8,199 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held to maturity | 0 | 0 |
Loans held for investment, not recorded at fair value | 842,908 | 873,112 |
FHLB - San Francisco stock | 0 | 0 |
Deposits | 843,671 | 877,641 |
Borrowings | 109,680 | 123,778 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held to maturity | 84,990 | 87,813 |
Loans held for investment, not recorded at fair value | 870,418 | 897,451 |
FHLB - San Francisco stock | 8,199 | 8,199 |
Deposits | 872,884 | 907,598 |
Borrowings | 111,135 | 126,163 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held to maturity | 85,056 | 87,239 |
Loans held for investment, not recorded at fair value | 842,908 | 873,112 |
FHLB - San Francisco stock | 8,199 | 8,199 |
Deposits | 843,671 | 877,641 |
Borrowings | $ 109,680 | $ 123,778 |
Incentive Plan - Summary of stock option activity (Details) - Equity Incentive Plans $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
|
Shares: | ||
Outstanding, Beginning of Period | shares | 514,000 | 529,000 |
Granted | shares | 0 | 0 |
Exercised | shares | (5,000) | (20,000) |
Forfeited | shares | 0 | 0 |
Outstanding, End of Period | shares | 509,000 | 509,000 |
Vested and expected to vest at December 31, 2018 | shares | 506,400 | 506,400 |
Exercisable at December 31, 2018 | shares | 496,000 | 496,000 |
Weighted-Average Exercise Price (in dollars per share): | ||
Outstanding, Beginning of Period | $ / shares | $ 12.84 | $ 12.77 |
Granted | $ / shares | 0.00 | 0.00 |
Exercised | $ / shares | 14.59 | 11.31 |
Forfeited | $ / shares | 0.00 | 0.00 |
Outstanding, End of Period | $ / shares | 12.83 | 12.83 |
Vested and expected to vest at December 31, 2018 | $ / shares | 12.79 | 12.79 |
Exercisable at December 31, 2018 | $ / shares | $ 12.65 | $ 12.65 |
Weighted- Average Remaining Contractual Term (Years): | ||
Outstanding at year end | 4 years 9 months 18 days | 4 years 9 months 18 days |
Vested and expected to vest at December 31, 2018 | 4 years 9 months 11 days | 4 years 9 months 11 days |
Exercisable at December 31, 2018 | 4 years 8 months 19 days | 4 years 8 months 19 days |
Aggregate Intrinsic Value ($000): | ||
Outstanding at year end | $ | $ 1,485 | $ 1,485 |
Vested and expected to vest at December 31, 2018 | $ | 1,485 | 1,485 |
Exercisable at December 31, 2018 | $ | $ 1,485 | $ 1,485 |
Incentive Plan - Summary of Unvested restricted stock activity (Details 1) - Restricted Stock - Equity Incentive Plans - $ / shares |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
|
Shares | |||
Unvested, Beginning of Period | 13,500 | 98,500 | |
Granted | 0 | 0 | |
Vested | (1,500) | (86,500) | |
Forfeited | 0 | (2,000) | 0 |
Unvested, End of Period | 12,000 | 12,000 | |
Expected to vest at December 31, 2018 | 9,600 | 9,600 | |
Weighted-Average Award Date Fair Value | |||
Unvested, Beginning of Period | $ 18.20 | $ 14.35 | |
Granted | 0.00 | 0.00 | |
Vested | 17.35 | 13.80 | |
Forfeited | 0.00 | 0.00 | |
Unvested, End of Period | 18.31 | 18.31 | |
Expected to vest at December 31, 2018 | $ 18.31 | $ 18.31 |
Incentive Plans (Detail Textuals) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | $ 45,000 | $ 258,000 | $ 730,000 | $ 524,000 | |
Income tax (deficit) benefit recognized from non-qualified equity compensation | $ (2,000) | $ 7,000 | $ 124,000 | $ 20,000 | |
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 10,546,260 | 10,546,260 | 10,611,689 | ||
Equity Incentive Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options, Exercised | 5,000 | 20,000 | |||
Stock options, Granted | 0 | 0 | |||
Stock options, Forfeitured | 0 | 0 | |||
Stock Option | Equity Incentive Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
Maximum term for stock awards | 10 years | ||||
Term used to calculate expected volatility | 84 months | ||||
Stock options, Exercised | 5,000 | 5,750 | 20,000 | 27,250 | |
Stock options, Granted | 0 | 0 | 0 | 0 | |
Stock options, Forfeitured | 0 | 0 | 0 | 2,500 | |
Number of shares available for grant | 147,500 | 147,500 | 147,500 | 147,500 | |
Unrecognized share-based compensation expense, stock options | $ 652,000 | $ 76,000 | $ 652,000 | $ 76,000 | |
Share-based compensation cost not yet recognized, weighted average period for recognition (less than) | 1 year 9 months 18 days | 1 year 1 month 6 days | |||
Forfeiture rate for equity incentive plans | 20.00% | 20.00% | |||
Stock Option | 2013 Equity Incentive Plan ("2013 Plan") | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for Equity Incentive Plan | 300,000 | 300,000 | |||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 60,000 | ||||
Stock Option | 2010 Equity Incentive Plan ("2010 Plan") | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for Equity Incentive Plan | 586,250 | 586,250 | |||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 117,250 | ||||
Stock Option | 2006 Equity Incentive Plan ("2006 Plan") | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for Equity Incentive Plan | 365,000 | 365,000 | |||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 73,000 | ||||
Restricted Stock | Equity Incentive Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
Number of shares available for grant | 267,750 | 267,750 | 267,750 | 267,750 | |
Share-based compensation cost not yet recognized, weighted average period for recognition (less than) | 1 year 7 months 6 days | 1 year 3 months 18 days | |||
Forfeiture rate for equity incentive plans | 20.00% | 20.00% | |||
Restricted stock, grants in period | 0 | 0 | |||
Restricted stock, Forfeited | 0 | 2,000 | 0 | ||
Restricted stock, Vesting and distribution | 1,500 | 86,500 | |||
Unrecognized share-based compensation expense, restricted stock | $ 159,000,000 | $ 867,000,000 | $ 159,000,000 | $ 867,000,000 | |
Restricted Stock | 2013 Equity Incentive Plan ("2013 Plan") | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for Equity Incentive Plan | 300,000 | 300,000 | |||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 45,000 | ||||
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 300,000 | 300,000 | |||
Restricted Stock | 2010 Equity Incentive Plan ("2010 Plan") | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for Equity Incentive Plan | 288,750 | 288,750 | |||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 43,312 | ||||
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 288,750 | 288,750 | |||
Restricted Stock | 2006 Equity Incentive Plan ("2006 Plan") | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for Equity Incentive Plan | 185,000 | 185,000 | |||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 27,750 | ||||
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 185,000 | 185,000 |
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | $ 189 | $ 230 | $ 210 | $ 229 |
Other comprehensive loss before reclassifications | (20) | (65) | (41) | (64) |
Amount reclassified from accumulated other comprehensive income | 0 | 45 | 0 | 45 |
Net other comprehensive loss | (20) | (20) | (41) | (19) |
Ending balance | 169 | 210 | 169 | 210 |
Investment securities available for sale | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | 172 | 214 | 194 | 211 |
Other comprehensive loss before reclassifications | (18) | (61) | (40) | (58) |
Amount reclassified from accumulated other comprehensive income | 0 | 42 | 0 | 42 |
Net other comprehensive loss | (18) | (19) | (40) | (16) |
Ending balance | 154 | 195 | 154 | 195 |
Interest-only strips | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | 17 | 16 | 16 | 18 |
Other comprehensive loss before reclassifications | (2) | (4) | (1) | (6) |
Amount reclassified from accumulated other comprehensive income | 0 | 3 | 0 | 3 |
Net other comprehensive loss | (2) | (1) | (1) | (3) |
Ending balance | $ 15 | $ 15 | $ 15 | $ 15 |
Offsetting Derivative and Other Financial Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
---|---|---|
Offsetting [Abstract] | ||
Derivative Asset, Gross Amount of Recognized Assets | $ 1 | $ 0 |
Derivative Asset, Gross Amount Offset in the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Derivative Asset, Net Amount of Assets in the Condensed Consolidated Statements of Financial Condition | 1 | 0 |
Derivative Asset, Gross Amount Not Offset in the Condensed Consolidated, Financial Instruments | 0 | 0 |
Derivative Asset, Gross Amount Not Offset in the Condensed Consolidated, Cash Collateral Received | 0 | 0 |
Derivative assets, Net Amount | 1 | 0 |
Derivative Liabilities, Gross Amount of Recognized Liabilities | 690 | 440 |
Derivative Liabilities, Gross Amount Offset in the Condensed Consolidated Statements of Financial Condition | 0 | 0 |
Derivative Liabilities, Net Amount of Liabilities in the Condensed Consolidated Statements of Financial Condition | 690 | 440 |
Derivative Liabilities, Gross Amount Not Offset in the Condensed Consolidated Statements of Financial Condition, Financial Instruments | 0 | 0 |
Derivative Liabilities, Gross Amount Not Offset in the Condensed Consolidated Statements of Financial Condition, Cash Collateral Received | 0 | 0 |
Derivative liabilities, Net Amount | $ 690 | $ 440 |
Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||||||||||||||||||||
Net gain on sale of loans | [2] | $ 2,263 | [1] | $ 4,317 | [3] | $ 5,395 | [4] | $ 9,164 | [5] | ||||||||||||||||||
Total non-interest income | 3,595 | 5,741 | 8,144 | 12,093 | |||||||||||||||||||||||
Asset management fees | |||||||||||||||||||||||||||
Total non-interest income | 56 | 88 | 138 | 207 | |||||||||||||||||||||||
Debit card and ATM fees | |||||||||||||||||||||||||||
Total non-interest income | 413 | 394 | 832 | 796 | |||||||||||||||||||||||
Deposit related fees | |||||||||||||||||||||||||||
Total non-interest income | 519 | 543 | 1,038 | 1,110 | |||||||||||||||||||||||
Loan related fees | |||||||||||||||||||||||||||
Total non-interest income | 1 | (11) | 13 | (36) | |||||||||||||||||||||||
BOLI | |||||||||||||||||||||||||||
Total non-interest income | [2] | 47 | 67 | 93 | 134 | ||||||||||||||||||||||
Loan servicing fees | |||||||||||||||||||||||||||
Total non-interest income | [2] | 277 | [6] | 317 | [7] | 601 | [8] | 680 | [9] | ||||||||||||||||||
Other | |||||||||||||||||||||||||||
Total non-interest income | $ 19 | $ 26 | $ 34 | $ 38 | |||||||||||||||||||||||
|
Income Taxes (Details) |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||
Schedule Of Income Tax [Line Items] | |||||||
Federal Tax Rate | 21.00% | 28.06% | 28.06% | ||||
State Tax Rate | 10.84% | 10.84% | 10.84% | ||||
Combined Statutory Tax Rate | [1] | 29.56% | 35.86% | 35.86% | |||
Forecast | |||||||
Schedule Of Income Tax [Line Items] | |||||||
Federal Tax Rate | 21.00% | ||||||
State Tax Rate | 10.84% | ||||||
Combined Statutory Tax Rate | [1] | 29.56% | |||||
|
Income Taxes (Detail Textuals) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Jun. 30, 2018 |
|
Income Tax Examination [Line Items] | ||||
Percentage of corporate federal tax income rate | 21.00% | 28.06% | 28.06% | |
Discrete tax expense | $ 1.8 | |||
Latest tax year | ||||
Income Tax Examination [Line Items] | ||||
Percentage of corporate federal tax income rate | 21.00% | |||
Earliest tax year | ||||
Income Tax Examination [Line Items] | ||||
Percentage of corporate federal tax income rate | 35.00% |
Subsequent Events (Detail Textuals) - Subsequent event - USD ($) |
1 Months Ended | ||
---|---|---|---|
Feb. 04, 2019 |
Jan. 30, 2019 |
Jan. 29, 2019 |
|
Subsequent Event [Line Items] | |||
Dividends declared | Jan. 29, 2019 | ||
Quarterly cash dividend declared, common stock | $ 0.14 | ||
Dividends payable | Mar. 12, 2019 | ||
Dividend Date of Record | Feb. 19, 2019 | ||
Annual operational cost savings | $ 473,000 | ||
One time charges for branch closure | $ 18,000 | ||
Minimum estimatesd one time cost of corporation | $ 3,600,000 | ||
Maximum estimated one time costs of corporation | $ 4,000,000 |
IL*=Y,KNNC1+\11V8O 2(>R>F8IT2?FOLA
M.,WI&0[@-7[H T%5% TX8FTT:YB!F5^)0K4&)0;2/(0SWN"*]Y^A6V &@3IR
MU'.$,B]!J'FB/TU="U? #&,*+GX7R*S$I?HG=NF .">G:-?4.([Y6"^YM$,)
M;T^/+\NZF>TCZQXI_8I6\LG31EPFO];;^]V#4%51WF5%E16WN[*152/KYGUV
M_>%W%7:#L7O[CXTO@JJ%7W>AO@!02P,$% @ @(-(3IE X@4A)B)2 <$:Z
M25$7:9)RAP.+,N'[1C(2)<,HA?MBLD=0L,B/DI,H.8'B*9B"3% \7C LI@L_
M?J!D)M%\J#P'MV8(E0 N/#@>'V(/E,TDFG?$6.[2$*+$\\TRVHX8/% ZD^A>
M[=R5W(+0ML8H7W/+9Q+=O*1"((O&*L%SWTNBK8T1WH9*B&'CHG"PZ@X.;7",
M<+B">5+0]L32WR@DVE88X2NXD+!G ##76"A5*GR?#&TMC/ 67$@YZJA =80U
M#,##0KL4*QZIH^+7=71/ @R+![ H3E&,@<^(RWF,@4_).WD0E^-P
M\Y@5GY)X\C$KY^.,[O)_A"Z5P4AY@)3CWAY&RF<@Y3%2/@4IGXR49Q)* "G'
M'/0\1LIG(!4P4B$%J9",5,!(!8"48\X8 2,5,I *&*F0$NH.,5* &1/P[*IX;2K89J-WE![2A<["CN+W!O(N-$L$"%BT"%:4?ZM',?
M60'$LHTJL6.EBV,U%-L36=Q'EO>1%4#(/_(+0.CF\DUD*(I_M?G>_:+S1U:]
M'X[UY*ULFK+H=]MW9=FH-ESPI:WN7F7;RT&N=DWW-F[?5\,O*<-!4Y[TKT3^
MY:>J^7]02P,$% @ @(-(3A7I@/ &ULE9IM;]LV%(7_BN'OJ<4WO01)@%KBL $;4'38]EE-
ME,2H;7F2DG3_?I*MN.:]1R+SI;'=1T<\$GF/*/+FK6Z^M\]5U2U^[+;[]G;Y
MW'6'Z]6JO7^N=F7[J3Y4^_Y_'NMF5W;]U^9IU1Z:JGPX'K3;KF04Q:M=N=DO
M[VZ.OWUI[F[JEVZ[V5=?FD7[LMN5S7_K:EN_W2[%\OV'KYNGYV[X875W9%!]G[BZ_YEUPTG\N7\
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MV8L1O1CN!8B7B\3>9"E,",3Q6E#Y K3LQ8I>+/=";MW*LBS..DVL<)$WP
%R!2
M1DE<\$@9[?4(*$P&
4M2#
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M@20'%)A[9D>+'B?Y]8'9@#,[?SX39T0*'PEF.C*\D--
M0,8ZB/$DU>O"@'2,H Y3O6//%&9W/9C=(=42STBB1SQ#%/.,H'3/%')W!8*@
M5GST"K=[DO- \=$CTWHG435#>4EM8X(J1NK/AJ!R"8HJ] JU>Z1V+#UZI-HL
MUW/-0!" ",CD2JH6AHI:INH5;O+^;;
MCY!\6RS6;3<1J]^Z-?S43A_??\S:;^O-?S<)RW+WE9S=C_7B]7KW!:#!^V>(
M;OX/4$L#!!0 ( ("#2$X,LMSNF0( # ) 9 >&PO=V]R:W-H965T
M&ULC5;M;ML@%'T5RP]0
M&_R9*(G4?%B;M$E5IVZ_:4(2J[;Q@"3=VP\P<5T@J?_$<'/.X=S+M6%V(?2-
M'3'FWGM=-6SN'SEOIT' MD=<(_9 6MR(?_:$UHB+*3T$K*48[12IK@(8AFE0
MH[+Q%S,5>Z*+&3GQJFSP$_78J:X1_;?$%;G,?>!? \_EX
&P.F#+LGL!@Q"Q"SS"G#8B2LRK 7(V'1
M62>R-P[H,4N;Q=180(WBIHL)P&5$X"S&P8)=6.0\;1R$(^49="V&Q@)HYEYQ
M X3FH<];"\ *9\J,_A5)$1=]MI@^B^ACK':8/I=!G\/TN13Z7$R?[';DS$ 8
M/H?@8U9SA^%S&? Y#)]+@<\EP^)=)>XY-F=?]W\GFHV[*0D=I4RFR'\/KX=B_GH=O(J&'X0%<#^"7
M 4S>'"#T .$Z0.H!TG5 J >$K@,B/2!R'1#K 3$9X _5[2_7,FNR^;0JSY-J
MZ+A3UC4V>XK;AMAT'_;7O_^NO6)U^^GG/&1BZG]V@33S/##\BN%C8F$2DD=C
M9@FB)&-D92*Q'",OZ$SQF%DCYO]3^6T]+D7AL"B\#R!& 5(<0, H@\@1U4E
M,WD>F+AGCCW#(E*0)6!",ML58G"N$N8J0:XAR75@PJMS1$E*VF1I0C$W+K$)
M)4$4X'Q#F&\(\B6]]AR:J001(TT;&H6+64AFO@211$*@E0DE04R@%_-T[3XU3\) ')%< 18)8
O3
[,K74]-](4:CU_.6!W&WZ4]'K/&OE-YMV[7P)RV1]R.:
MX/]77 ]X_LBJE^.I7CR535,6_8'