Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 05, 2014 | Dec. 31, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'PROVIDENT FINANCIAL HOLDINGS INC | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001010470 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 9,191,464 | ' |
Entity Public Float | ' | ' | $137.80 |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Provident_Financial_Holdings_I
Provident Financial Holdings, Inc. Consolidated Statements of Financial Condition (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $118,937 | $193,839 |
Held-to-maturity Securities, Current | 800 | 0 |
Investment securities – available for sale, at fair value | 16,347 | 19,510 |
Loans held for investment, net of allowance for loan losses of $9,744 and $14,935, respectively | 772,141 | 748,397 |
Loans held for sale, at fair value | 158,883 | 188,050 |
Accrued interest receivable | 2,483 | 2,992 |
Real estate owned, net | 2,467 | 2,296 |
Federal Home Loan Bank (“FHLBâ€) – San Francisco stock | 7,056 | 15,273 |
Premises and equipment, net | 6,369 | 6,691 |
Prepaid expenses and other assets | 20,146 | 33,993 |
Total assets | 1,105,629 | 1,211,041 |
Liabilities: | ' | ' |
Non interest-bearing deposits | 58,654 | 57,835 |
Interest-bearing deposits | 839,216 | 865,175 |
Total deposits | 897,870 | 923,010 |
Borrowings | 41,431 | 106,491 |
Accounts payable, accrued interest and other liabilities | 20,466 | 21,566 |
Total liabilities | 959,767 | 1,051,067 |
Commitments and Contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $0.01 par value (2,000,000 shares authorized; none issued and outstanding) | 0 | 0 |
Common stock, $0.01 par value (40,000,000 shares authorized; 17,714,365 and 17,661,865 shares issued; 9,312,269 and 10,386,399 shares outstanding, respectively) | 177 | 177 |
Additional paid-in capital | 88,259 | 87,742 |
Retained earnings | 182,458 | 179,816 |
Treasury stock at cost (8,402,096 and 7,275,466 shares, respectively) | -125,418 | -108,315 |
Accumulated other comprehensive income, net of tax | 386 | 554 |
Total stockholders’ equity | 145,862 | 159,974 |
Total liabilities and stockholders’ equity | $1,105,629 | $1,211,041 |
Provident_Financial_Holdings_I1
Provident Financial Holdings, Inc. Consolidated Statements of Financial Condition - Parenthetical (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for loan losses on Loans held for investment | $9,744 | $14,935 |
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 | 17,714,365 | 17,661,865 |
Common stock shares outstanding | 9,312,269 | 10,386,399 |
Treasury stock shares | 8,402,096 | 7,275,466 |
Provident_Financial_Holdings_I2
Provident Financial Holdings, Inc. Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Interest income: | ' | ' | ' |
Loans receivable, net | $36,424 | $42,905 | $50,505 |
Investment securities | 339 | 428 | 528 |
FHLB – San Francisco stock | 793 | 438 | 99 |
Interest-earning deposits | 503 | 390 | 303 |
Total interest income | 38,059 | 44,161 | 51,435 |
Interest expense: | ' | ' | ' |
Deposits | 5,495 | 6,585 | 8,415 |
Borrowings | 1,841 | 4,219 | 6,290 |
Total interest expense | 7,336 | 10,804 | 14,705 |
Net interest income | 30,723 | 33,357 | 36,730 |
(Recovery) provision for loan losses | -3,380 | -1,499 | 5,777 |
Net interest income, after (recovery) provision for loan losses | 34,103 | 34,856 | 30,953 |
Non-interest income: | ' | ' | ' |
Loan servicing and other fees | 1,077 | 1,093 | 733 |
Gain on sale of loans, net | 25,799 | 68,493 | 38,017 |
Deposit account fees | 2,469 | 2,449 | 2,438 |
Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net | 18 | 916 | -120 |
Gain on sale of premises and equipment | ' | ' | -120 |
Card and processing fees | 1,370 | 1,292 | 1,282 |
Other | 942 | 957 | 800 |
Total non-interest income | 31,675 | 75,200 | 43,150 |
Non-interest expense: | ' | ' | ' |
Salaries and employee benefits | 38,044 | 50,450 | 39,283 |
Premises and occupancy | 4,468 | 4,432 | 3,763 |
Equipment expense | 1,830 | 1,830 | 1,488 |
Professional expense | 1,832 | 1,858 | 1,904 |
Sales and marketing expense | 1,761 | 1,859 | 1,187 |
Deposit insurance premium and regulatory assessments | 945 | 1,066 | 1,296 |
Other | 5,288 | 5,848 | 6,444 |
Total non-interest expense | 54,168 | 67,343 | 55,365 |
Income before income taxes | 11,610 | 42,713 | 18,738 |
Provision for income taxes | 5,004 | 16,916 | 7,928 |
Net income | $6,606 | $25,797 | $10,810 |
Basic earnings per share (in dollars per share) | $0.67 | $2.43 | $0.96 |
Diluted earnings per share (in dollars per share) | $0.65 | $2.38 | $0.96 |
Cash dividends per share (in dollars per share) | $0.40 | $0.24 | $0.14 |
Provident_Financial_Holdings_I3
Provident Financial Holdings, Inc. Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $6,606 | $25,797 | $10,810 |
Change in unrealized holding losses on securities available for sale and interest-only strips | -290 | -124 | -21 |
Reclassification of (gains) losses to net income | 0 | 0 | 0 |
Other comprehensive loss, before income tax benefit | -290 | -124 | -21 |
Income tax benefit | 122 | 52 | 9 |
Other comprehensive loss | -168 | -72 | -12 |
Total comprehensive income | $6,438 | $25,725 | $10,798 |
Provident_Financial_Holdings_I4
Provident Financial Holdings, Inc. Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Compre-hensive Income (Loss), Net of Tax | Total Stockholder's Equity | |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balances at beginning of period-Amount at Jun. 30, 2011 | ' | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net income | $10,810 | ' | ' | $10,810 | ' | ' | $10,810 | |
Other comprehensive loss | -12 | ' | ' | ' | ' | -12 | -12 | |
Purchase of treasury stock - Shares | [1] | ' | -683,127 | ' | ' | ' | ' | ' |
Purchase of treasury stock - Amount | [1] | ' | ' | ' | ' | -6,693 | ' | -6,693 |
Distribution of restricted stock - Shares | ' | 111,500 | ' | ' | ' | ' | ' | |
Distribution of restricted stock - Amount | ' | ' | ' | ' | ' | ' | 0 | |
Exercise of stock options - Shares | ' | 9,000 | ' | ' | ' | ' | ' | |
Exercise of stock options - Amount | -72 | ' | 72 | ' | ' | ' | 72 | |
Amortization of restricted stock | ' | ' | 609 | ' | ' | ' | 609 | |
Stock options expense | ' | ' | 645 | ' | ' | ' | 645 | |
Cash dividends | ' | ' | ' | -1,572 | ' | ' | -1,572 | |
Balances at end of period-Amount at Jun. 30, 2012 | ' | 176 | 86,758 | 156,560 | -99,343 | 626 | 144,777 | |
Shares outstanding, ending balance at Jun. 30, 2012 | ' | 10,856,027 | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net income | 25,797 | ' | ' | 25,797 | ' | ' | 25,797 | |
Other comprehensive loss | -72 | ' | ' | ' | ' | -72 | -72 | |
Purchase of treasury stock - Shares | [1] | ' | -584,678 | ' | ' | ' | ' | ' |
Purchase of treasury stock - Amount | [1] | ' | ' | ' | ' | -8,959 | ' | -8,959 |
Forfeiture of restricted stock | ' | ' | 13 | ' | 13 | ' | 0 | |
Distribution of restricted stock - Shares | ' | 73,050 | ' | ' | ' | ' | ' | |
Distribution of restricted stock - Amount | ' | ' | ' | ' | ' | ' | 0 | |
Exercise of stock options - Shares | ' | 42,000 | ' | ' | ' | ' | ' | |
Exercise of stock options - Amount | -296 | 1 | 295 | ' | ' | ' | 296 | |
Amortization of restricted stock | ' | ' | 310 | ' | ' | ' | 310 | |
Stock options expense | ' | ' | 458 | ' | ' | ' | 458 | |
Tax effect from stock-based compensation | ' | ' | -92 | ' | ' | ' | -92 | |
Cash dividends | ' | ' | ' | -2,541 | ' | ' | -2,541 | |
Repurchased of distributed restricted stock - Shares | 12,779 | ' | ' | ' | ' | ' | ' | |
Balances at end of period-Amount at Jun. 30, 2013 | 159,974 | 177 | 87,742 | 179,816 | -108,315 | 554 | 159,974 | |
Shares outstanding, ending balance at Jun. 30, 2013 | 10,386,399 | 10,386,399 | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net income | 6,606 | ' | ' | 6,606 | ' | ' | 6,606 | |
Other comprehensive loss | -168 | ' | ' | ' | ' | -168 | -168 | |
Purchase of treasury stock - Shares | [1] | ' | -1,126,630 | ' | ' | ' | ' | ' |
Purchase of treasury stock - Amount | [1] | ' | ' | ' | ' | -17,182 | ' | -17,182 |
Forfeiture of restricted stock | ' | ' | 51 | ' | 51 | ' | 0 | |
Exercise of stock options - Shares | ' | 52,500 | ' | ' | ' | ' | ' | |
Exercise of stock options - Amount | -385 | 0 | 385 | ' | ' | ' | 385 | |
Amortization of restricted stock | ' | ' | 209 | ' | ' | ' | 209 | |
Award of restricted stock | ' | ' | -130 | ' | -130 | ' | 0 | |
Stock options expense | ' | ' | 317 | ' | ' | ' | 317 | |
Tax effect from stock-based compensation | ' | ' | -315 | ' | ' | ' | -315 | |
Cash dividends | ' | ' | ' | -3,964 | ' | ' | -3,964 | |
Repurchased of distributed restricted stock - Shares | 13,591 | ' | ' | ' | ' | ' | ' | |
Balances at end of period-Amount at Jun. 30, 2014 | $145,862 | $177 | $88,259 | $182,458 | ($125,418) | $386 | $145,862 | |
Shares outstanding, ending balance at Jun. 30, 2014 | 9,312,269 | 9,312,269 | ' | ' | ' | ' | ' | |
[1] | Includes the repurchase of 12,779 shares in fiscal 2012 and 13,591 shares in fiscal 2013 of distributed restricted stock. |
Provident_Financial_Holdings_I5
Provident Financial Holdings, Inc. Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $6,606 | $25,797 | $10,810 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' | ' |
Depreciation and amortization | 1,658 | 1,746 | 1,357 |
(Recovery) provision for loan losses | -3,380 | -1,499 | 5,777 |
Recovery of losses on real estate owned | -25 | -98 | -1,002 |
Gain on sale of loans, net | -25,799 | -68,493 | -38,017 |
(Gain) loss on sale of real estate owned, net | -288 | -1,213 | 287 |
Stock-based compensation | 526 | 768 | 1,254 |
(Benefit) provision for deferred income taxes | -1,041 | 4,275 | 1,282 |
Tax effect from stock-based compensation | 315 | 92 | 0 |
(Decrease) increase in accounts payable, accrued interest and other liabilities | -2,110 | 1,051 | 2,372 |
Decrease in prepaid expenses and other assets | 149 | 2,589 | 2,688 |
Loans originated for sale | -1,967,622 | -3,496,531 | -2,516,637 |
Proceeds from sale of loans | 2,039,528 | 3,586,581 | 2,517,505 |
Net cash provided by (used for) operating activities | 48,517 | 55,065 | -12,324 |
Cash flows from investing activities: | ' | ' | ' |
(Increase) decrease in loans held for investment, net | -25,911 | 40,816 | 62,149 |
Payments to Acquire Investments | -800 | 0 | 0 |
Principal payments from investment securities | 2,910 | 3,295 | 3,341 |
Redemption of FHLB – San Francisco stock | 8,217 | 6,982 | 4,721 |
Proceeds from sale of real estate owned | 4,156 | 13,408 | 19,895 |
Purchase of premises and equipment | -715 | -1,111 | -2,595 |
Net cash (used for) provided by investing activities | -12,143 | 63,390 | 87,511 |
Cash flows from financing activities: | ' | ' | ' |
(Decrease) increase in deposits, net | -25,140 | -38,401 | 15,644 |
Proceeds from long-term borrowings | 0 | 0 | 10,000 |
Repayments of long-term borrowings | -65,060 | -20,055 | -90,052 |
Treasury stock purchases | -17,182 | -8,959 | -6,693 |
Proceeds from exercise of stock options | 385 | 296 | 72 |
Tax effect from stock-based compensation | -315 | -92 | 0 |
Cash dividends | -3,964 | -2,541 | -1,572 |
Net cash used for financing activities | -111,276 | -69,752 | -72,601 |
Net (decrease) increase in cash and cash equivalents | -74,902 | 48,703 | 2,586 |
Cash and cash equivalents at beginning of year | 193,839 | 145,136 | ' |
Cash and cash equivalents at end of year | 118,937 | 193,839 | 145,136 |
Supplemental information: | ' | ' | ' |
Cash paid for interest | 7,712 | 10,935 | 15,249 |
Cash paid for income taxes | 6,216 | 15,195 | 5,110 |
Transfer of loans held for sale to held for investment | 4,299 | 4,601 | 2,567 |
Real estate acquired in the settlement of loans | $4,810 | $10,976 | $24,113 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Organization and Summary of Significant Accounting Policies | ' | ||||||
Organization and Summary of Significant Accounting Policies | |||||||
Basis of presentation | |||||||
The consolidated financial statements include the accounts of Provident Financial Holdings, Inc., and its wholly owned subsidiary, Provident Savings Bank, F.S.B. (collectively, the “Corporation”). All inter-company balances and transactions have been eliminated. | |||||||
Provident Savings Bank, F.S.B. (the “Bank”) converted from a federally chartered mutual savings bank to a federally chartered stock savings bank effective June 27, 1996. Provident Financial Holdings, Inc., a Delaware corporation organized by the Bank, acquired all of the capital stock of the Bank issued in the conversion; the transaction was recorded on a book value basis. | |||||||
The Corporation operates in two business segments: community banking through the Bank and mortgage banking through Provident Bank Mortgage (“PBM”), a division of Provident Bank. The Bank's activities include attracting deposits, offering banking services and originating multi-family, commercial real estate, commercial business and, to a lesser extent, construction and consumer loans. Deposits are collected primarily from 15 banking locations located in Riverside and San Bernardino counties in California. PBM's activities include originating single-family loans, primarily first mortgages for sale to investors and to a lesser extent, for investment by the Bank. Loans are primarily originated in Southern California and Northern California by loan agents employed by the Bank, from its banking locations and freestanding lending offices. PBM operates wholesale loan production offices in Pleasanton and Rancho Cucamonga, California and retail loan production offices in City of Industry, Elk Grove, Escondido, Glendora, Livermore, Rancho Cucamonga, Redding, Riverside (3), Roseville, San Rafael, Santa Barbara and Westlake Village, California. | |||||||
Use of estimates | |||||||
The accounting and reporting policies of the Corporation conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets, the valuation of loan servicing assets, the valuation of real estate owned, the determination of the loan repurchase reserve, the valuation of derivative financial instruments and deferred compensation costs. | |||||||
The following accounting policies, together with those disclosed elsewhere in the consolidated financial statements, represent the significant accounting policies of Provident Financial Holdings, Inc. and the Bank. | |||||||
Cash and cash equivalents | |||||||
Cash and cash equivalents include cash on hand and due from banks, as well as overnight deposits placed at correspondent banks. | |||||||
Investment securities | |||||||
The Corporation classifies its qualifying investments as available for sale or held to maturity. The Corporation’s policy of classifying investments as held to maturity is based upon its ability and management’s positive intent to hold such securities to maturity. Securities held to maturity are carried at amortized historical cost. All other securities are classified as available for sale and are carried at fair value. Fair value generally is determined based upon quoted market prices. Changes in net unrealized gains (losses) on securities available for sale are included in accumulated other comprehensive income, net of tax. Gains and losses on dispositions of investment securities are included in non-interest income and are determined using the specific identification method. Purchase premiums and discounts are amortized over the expected average life of the securities using the effective interest method. | |||||||
Investment securities are reviewed annually for possible other-than-temporary impairment (“OTTI”). For debt securities, an OTTI is evident if the Corporation intends to sell the debt security or will more likely than not be required to sell the debt security before full recovery of the entire amortized cost basis is realized. However, even if the Corporation does not intend to sell the debt security and will not likely be required to sell the debt security before recovery of its entire amortized cost basis, the Corporation must evaluate expected cash flows to be received and determine if a credit loss has occurred. In the event of a credit loss, the credit component of the impairment is recognized within non-interest income and the non-credit component is recognized through accumulated other comprehensive income, net of tax. For equity securities, management evaluates the securities in an unrealized loss position in the available-for-sale portfolio for OTTI on the basis of the duration of the decline in value of the security and severity of that decline as well as the Corporation’s intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in the market value. If it is determined that the impairment on an equity security is other than temporary, an impairment loss equal to the difference between the carrying value of the security and its fair value is recognized within non-interest income. | |||||||
PBM activities | |||||||
Mortgage loans are originated for both investment and sale to the secondary market. Since the Corporation is primarily a single-family adjustable-rate mortgage (“ARM”) lender for its own portfolio, a high percentage of fixed-rate loans are originated for sale to institutional investors. | |||||||
Accounting Standards Codification (“ASC”) No. 825, “Financial Instruments,” allows for the option to report certain financial assets and liabilities at fair value initially and at subsequent measurement dates with changes in fair value included in earnings. The option may be applied instrument by instrument, but it is irrevocable. The Corporation has elected the fair value option on PBM loans held for sale. Fair value is generally determined by measuring the value of outstanding loan sale commitments in comparison to investors’ current yield requirements as calculated on the aggregate loan basis. Loans are generally sold without recourse, other than standard representations and warranties, except those loans that were sold to the FHLB – San Francisco under the Mortgage Partnership Finance (“MPF”) program which has a specific recourse provision, which is described below. A high percentage of loans are sold on a servicing released basis. In some transactions, primarily loans sold under the MPF program, the Corporation may retain the servicing rights in order to generate servicing income. Where the Corporation continues to service loans after sale, investors are paid their share of the principal collections together with interest at an agreed-upon rate, which generally differs from the loan’s contractual interest rate. | |||||||
Loans sold to the FHLB – San Francisco under the MPF program have a recourse liability. The FHLB – San Francisco absorbs the first four basis points of loss by establishing a first loss account and a credit scoring process is used to calculate the maximum recourse amount for the Bank. All losses above the Bank’s maximum recourse are the responsibility of the FHLB – San Francisco. The FHLB – San Francisco pays the Bank a credit enhancement fee on a monthly basis to compensate the Bank for accepting the recourse obligation. On October 6, 2006, the FHLB – San Francisco announced that it would no longer offer new commitments to purchase mortgage loans from its members, but it would retain its existing portfolio of mortgage loans. As of June 30, 2014, the Bank serviced $38.6 million of loans under this program and has established a recourse liability of $274,000 as compared to $52.1 million of loans serviced and a recourse liability of $746,000 at June 30, 2013. A net realized loss of $139,000, $194,000 and $439,000 was recognized in fiscal 2014, 2013 and 2012, respectively, under this program. The recourse liability and recognized losses in fiscal 2014, 2013 and 2012 were attributable to the cumulative loan losses which have largely extinguished the first loss account established by the FHLB – San Francisco. | |||||||
Occasionally, the Bank is required to repurchase loans sold to Freddie Mac, Fannie Mae or other 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 years ended June 30, 2014, 2013 and 2012, the Bank repurchased $437,000, $1.4 million and $1.6 million of single-family loans, respectively. Other repurchase requests were settled for $666,000, $5.6 million and $439,000 in fiscal 2014, 2013 and 2012, respectively, which did not result in the repurchase of the loan itself. In addition to the specific recourse liability for the MPF program, the Bank has established a recourse liability of $630,000 and $1.4 million for loans sold to other investors as of June 30, 2014 and 2013, respectively. | |||||||
In December 2012, the Bank entered into a global settlement with the Bank’s largest legacy loan investor, which eliminated all past, current and future repurchase claims from this particular investor. The settlement agreement was executed and paid in February 2013. The settlement required the accrual of an additional recourse provision of $1.5 million during the second quarter of fiscal 2013 which fully funded the settlement amount in addition to the recourse reserve that had already been provided in prior periods for this investor. This investor purchased approximately 39% percent of the Corporation’s total loan sale volume from January 1, 2005 through December 31, 2011 and accounted for approximately 64% percent of all recourse claims paid prior to the settlement. | |||||||
Activity in the recourse liability for the years ended June 30, 2014 and 2013 was as follows: | |||||||
(In Thousands) | 2014 | 2013 | |||||
Balance, beginning of year | $ | 2,111 | $ | 6,183 | |||
Recourse (recovery) provision | (469 | ) | 1,739 | ||||
Net settlements in lieu of loan repurchases | (738 | ) | (5,811 | ) | |||
Balance, end of the year | $ | 904 | $ | 2,111 | |||
The Bank is obligated to refund loan sale premiums to investors when a loan pays off within a specific time period following the loan sale; the time period ranges from three to six months, depending upon the loan sale agreement. Total loan sale premium refunds in fiscal 2014, 2013 and 2012 were $750,000, $299,000 and $131,000, respectively. As of June 30, 2014 and 2013, the Bank’s recourse liability was $113,000 and $89,000, respectively, for future loan sale premium refunds. | |||||||
Gains or losses on the sale of loans, including fees received or paid, are recognized at the time of sale and are determined by the difference between the net sales proceeds and the allocated book value of the loans sold. When loans are sold with servicing retained, the carrying value of the loans is allocated between the portion sold and the portion retained (i.e., mortgage servicing assets and interest-only strips), based on estimates of their respective fair values. | |||||||
Mortgage servicing assets (“MSA”) are amortized in proportion to and over the period of the estimated net servicing income and are carried at the lower of cost or fair value. The fair value of MSA is based on the present value of estimated net future cash flows related to contractually specified servicing fees. The Bank periodically evaluates MSA for impairment, which is measured as the excess of cost over fair value. This review is performed on a disaggregated basis, based on loan type and interest rate. MSA at June 30, 2014 had a carrying value of $295,000 and a fair value of $357,000, compared to a carrying value of $334,000 and a fair value of $395,000 at June 30, 2013. For additional information, see Note 4 of the Notes to Consolidated Financial Statements, “Mortgage Loan Servicing and Loans Originated for Sale.” | |||||||
Rights to future income from serviced loans that exceed contractually specified servicing fees are recorded as interest-only strips. Interest-only strips are carried at fair value, utilizing the same assumptions that are used to value the related servicing assets, with any unrealized gain or loss, net of tax, recorded as a component of accumulated other comprehensive income. Interest-only strips are included in prepaid expenses and other assets in the accompanying Consolidated Statements of Financial Condition. As of June 30, 2014 and 2013, the fair value of the interest-only strips was $62,000 and $98,000, respectively, and the net unrealized gain after statutory taxes of the interest-only strips was $35,000 and $56,000, respectively. | |||||||
Loans held for sale | |||||||
Loans held for sale consist primarily of long-term fixed-rate loans secured by first trust deeds on single-family residences, the majority of which are Federal Housing Administration (“FHA”), United States Department of Veterans Affairs (“VA”), Fannie Mae and Freddie Mac loan products. The loans are generally offered to customers located in (a) Southern California, primarily in Riverside and San Bernardino counties, commonly known as the Inland Empire, and to a lesser extent in Orange, Los Angeles, San Diego and other surrounding counties and (b) Northern California, primarily Alameda, Marin, Placer and Shasta and other surrounding counties. The loans have been hedged with loan sale commitments, To-be-Announced ("TBA") Mortgage-Backed-Securities ("MBS") trades and option contracts. The loan sale settlement period is generally between 20 to 30 days from the date of the loan funding. The Corporation adopted ASC 820, “Fair Value Measurements and Disclosures,” and elected the fair value option (ASC 825, “Financial Instruments”) on loans held for sale. | |||||||
Loans held for investment | |||||||
Loans held for investment consist primarily of long-term adjustable rate loans secured by first trust deeds on single-family residences, other residential property, commercial property and land. Additionally, multi-family and commercial real estate loans are becoming a substantial part of loans held for investment. These loans are generally offered to customers and businesses located in the same areas of Southern and Northern California described above. | |||||||
Loan origination fees and certain direct origination expenses are deferred and amortized to interest income over the contractual life of the loan using the effective interest method. Amortization is discontinued for non-performing loans. Interest receivable represents, for the most part, the current month’s interest, which will be included as a part of the borrower’s next monthly loan payment. Interest receivable is accrued only if deemed collectible. Loans are placed on non-performing status when they become 90 days past due or if the loan is deemed impaired. When a loan is placed on non-performing status, interest accrued but not received is reversed against interest income. Interest income on non-performing loans is subsequently recognized only to the extent that cash is received and the principal balance is deemed collectible. If the principal balance is not deemed collectible, the entire payment received (principal and interest) is applied to the outstanding loan balance. Non-performing loans that become current as to both principal and interest are returned to accrual status after demonstrating satisfactory payment history and when future payments are expected to be collected. | |||||||
Allowance for loan losses | |||||||
The allowance for loan losses involves significant judgment and assumptions by management, which has a material impact on the carrying value of net loans. Management considers the accounting estimate related to the allowance for loan losses a critical accounting estimate because it is highly susceptible to changes from period to period, requiring management to make assumptions about probable incurred losses inherent in the loan portfolio at the balance sheet date. The impact of a sudden large loss could deplete the allowance and require increased provisions to replenish the allowance, which would negatively affect earnings. | |||||||
The allowance is based on two principles of accounting: (i) ASC 450, “Contingencies,” which requires that losses be accrued when they are probable of occurring and can be estimated; and (ii) ASC 310, “Receivables,” which requires that losses be accrued for non-performing loans that may be determined on an individually evaluated basis or based on an aggregated pooling method where the allowance is developed primarily by using historical charge-off statistics. The allowance has two components: collectively evaluated allowances and individually evaluated allowances. Each of these components is based upon estimates that can change over time. The allowance is based on historical experience and as a result can differ from actual losses incurred in the future. Additionally, differences may result from qualitative factors such as unemployment data, gross domestic product, interest rates, retail sales, the value of real estate and real estate market conditions. The historical data is reviewed at least quarterly and adjustments are made as needed. Various techniques are used to arrive at an individually evaluated allowance, including discounted cash flows and the fair market value of collateral. The use of these techniques is inherently subjective and the actual losses could be greater or less than the estimates. Management considers, based on currently available information, the allowance for loan losses sufficient to absorb probable losses inherent in loans held for investment. | |||||||
Allowance for unfunded loan commitments | |||||||
The Corporation maintains the allowance for unfunded loan commitments at a level that is adequate to absorb estimated probable losses related to these unfunded credit facilities. The Corporation determines the adequacy of the allowance based on periodic evaluations of the unfunded credit facilities, including an assessment of the probability of commitment usage, credit risk factors for loans outstanding to these same customers, and the terms and expiration dates of the unfunded credit facilities. The allowance for unfunded loan commitments is recorded in other liabilities on the Consolidated Statements of Financial Condition. Net adjustments to the allowance for unfunded loan commitments are included in other non-interest expense on the Consolidated Statements of Operations. | |||||||
Troubled debt restructuring (“restructured loans”) | |||||||
A restructured loan is a loan which the Corporation, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Corporation would not otherwise consider. These financial difficulties include, but are not limited to, the borrowers default status on any of their debts, bankruptcy and recent changes in their financial circumstances (loss of job, etc.). | |||||||
The loan terms which have been modified or restructured due to a borrower’s financial difficulty, include but are not limited to: | |||||||
a) | A reduction in the stated interest rate. | ||||||
b) | An extension of the maturity at an interest rate below market. | ||||||
c) | A reduction in the accrued interest. | ||||||
d) | Extensions, deferrals, renewals and rewrites. | ||||||
e) | Loans that have been discharged in a Chapter 7 Bankruptcy that have not been reaffirmed by the borrower. | ||||||
To qualify for restructuring, a borrower must provide evidence of creditworthiness such as, current financial statements, 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 Corporation measures the allowance for loan losses of restructured loans based on the difference between the loan's original carrying amount and the present value of expected future cash flows discounted at the original effective yield of the loan. Based on the OCC's guidance with respect to restructured loans and to conform to general practices within the banking industry, the Corporation maintains certain restructured loans on accrual status, provided there is reasonable assurance of repayment and performance, consistent with the modified terms based upon a current, well-documented credit evaluation. | |||||||
Other restructured loans are classified as “Substandard” and placed on non-performing status. 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 or 12 months for those loans that were restructured more than once. Once 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 corroborating characteristics to be upgraded, such as: satisfactory cash flow, satisfactory guarantor support, and additional collateral support, among others. | |||||||
Non-performing loans | |||||||
The Corporation assesses loans individually and classifies loans when the accrual of interest has been discontinued, loans have been restructured or management has serious doubts about the future collectibility of principal and interest, even though the loans may currently be performing. Factors considered in determining classification include, but are not limited to, expected future cash flows, the financial condition of the borrower and current economic conditions. The Corporation measures each non-performing loan based on ASC 310, establishes a collectively evaluated or individually evaluated allowance and charges off those loans or portions of loans deemed uncollectible. | |||||||
Real estate owned | |||||||
Real estate acquired through foreclosure is initially recorded at the lesser of the loan balance at the time of foreclosure or the fair value of the real estate acquired, less estimated selling costs. Subsequent to foreclosure, the Corporation charges current earnings for estimated losses if the carrying value of the property exceeds its fair value. Gains or losses on the sale of real estate are recognized upon disposition of the property. Costs relating to improvement, maintenance and repairs of the property are expensed as incurred under gain (loss) on sale and operations of real estate owned acquired in the settlement of loans within the consolidated Statements of Operations. | |||||||
Impairment of long-lived assets | |||||||
The Corporation reviews its long-lived assets for impairment annually or when events or circumstances indicate that the carrying amount of these assets may not be recoverable. Long-lived assets include buildings, land, fixtures, furniture and equipment. An asset is considered impaired when the expected discounted cash flows over the remaining useful life are less than the net book value. When impairment is indicated for an asset, the amount of impairment loss is the excess of the net book value over its fair value. | |||||||
Premises and equipment | |||||||
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed primarily on a straight-line basis over the estimated useful lives as follows: | |||||||
Buildings | 10 to 40 years | ||||||
Furniture and fixtures | 3 to 10 years | ||||||
Automobiles | 3 years | ||||||
Computer equipment | 3 to 5 years | ||||||
Leasehold improvements are amortized over the lesser of their respective lease terms or the useful life of the improvement, which ranges from one to 10 years. Maintenance and repair costs are charged to operations as incurred. | |||||||
Income taxes | |||||||
The Corporation accounts for income taxes in accordance with ASC 740, “Income Taxes.” ASC 740 requires the affirmative evaluation that it is more likely than not, based on the technical merits of a tax position, that an enterprise is entitled to economic benefits resulting from positions taken in income tax returns. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements. | |||||||
ASC 740 requires that when determining the need for a valuation allowance against a deferred tax asset, management must assess both positive and negative evidence with regard to the realizability of the tax losses represented by that asset. To the extent available sources of taxable income are insufficient to absorb tax losses, a valuation allowance is necessary. Sources of taxable income for this analysis include prior years’ tax returns, the expected reversals of taxable temporary differences between book and tax income, prudent and feasible tax-planning strategies, and future taxable income. The deferred income tax asset related to the allowance will be realized when actual charge-offs are made against the allowance. Based on the availability of loss carry-backs and projected taxable income during the periods for which loss carry-forwards are available, management believes it is more likely than not the Corporation will realize the deferred tax asset. The Corporation continues to monitor the deferred tax asset on a quarterly basis for a valuation allowance. The future realization of these tax benefits primarily hinges on adequate future earnings to utilize the tax benefit. Prospective earnings or losses, tax law changes or capital changes could prompt the Corporation to reevaluate the assumptions which may be used to establish a valuation allowance. As of June 30, 2014, the estimated deferred tax asset was $5.6 million, a $1.2 million or 27 percent increase, from $4.4 million at June 30, 2013. The Corporation maintains net deferred income tax assets for deductible temporary tax differences, such as loss reserves, deferred compensation, non-accrued interest and unrealized gains. The increase in the deferred tax asset resulted primarily from items related to non-accruing loans, fair value adjustments, loss reserve adjustments and FHLB stock dividend redemptions. The Corporation did not have any liabilities for uncertain tax positions or any known unrecognized tax benefit at June 30, 2014 or 2013. | |||||||
Bank owned life insurance (“BOLI”) | |||||||
ASC 715-60-35, "Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements," requires an employer to recognize obligations associated with endorsement split-dollar life insurance arrangements that extend into the participant's post-employment benefit cost for the continuing life insurance or based on the future death benefit depending on the contractual terms of the underlying agreement. The Corporation adopted ASC 715-60-35 using the latter option, i.e., based on the future death benefit. The Bank purchases BOLI policies on the lives of certain executive officers while they are employed by the Bank and is the owner and beneficiary of the policies. The Bank invests in BOLI to provide an efficient form of funding for long-term retirement and other employee benefits costs. The Bank records these BOLI policies within prepaid expenses and other assets in the Consolidated Statements of Financial Condition at each policy’s respective cash surrender value, with changes recorded in other non-interest income in the Consolidated Statements of Operations. | |||||||
Cash dividend | |||||||
A declaration or payment of dividends is at the discretion of the Corporation’s Board of Directors, who take into account the Corporation’s financial condition, results of operations, tax considerations, capital requirements, industry standards, economic conditions and other factors, including the regulatory restrictions which affect the payment of dividends by the Bank to the Corporation. Under Delaware law, dividends may be paid either out of surplus or, if there is no surplus, out of net profits for the current fiscal year and/or the preceding fiscal year in which the dividend is declared. For additional information, see Note 22 of the Notes to Consolidated Financial Statements regarding the subsequent event related to the cash dividend. | |||||||
Stock repurchases | |||||||
The Corporation repurchases its common stock consistent with Board-approved stock repurchase plans. During fiscal 2014, the Corporation repurchased 1.1 million shares under the March 2013, November 2013 and May 2014 stock repurchase programs with an average cost of $15.25 per share. The March 2013 program authorized the repurchase of up to 5% of outstanding shares, or 522,523 shares, of which the remaining authorized shares available for repurchase were 399,792 at the beginning fiscal 2014. The November 2013 program authorized the repurchase of up to 5% of outstanding shares, or 499,905 shares; and the May 2014 program authorized the repurchase of up to 5% of outstanding shares, or 476,960 shares. The March 2013 program was completed in November 2013; and the November 2013 program was completed in May 2014. As of June 30, 2014, a total of 226,933 shares have been purchased under the May 2014 stock repurchase program (at an average cost of $14.51 per share), or 48%, of the shares authorized, leaving 250,027 shares available for future purchases. | |||||||
Earnings per common share (“EPS”) | |||||||
Basic EPS represents net income divided by the weighted average common shares outstanding during the period excluding any potential dilutive effects. Diluted EPS gives effect to any potential issuance of common stock that would have caused basic EPS to be lower as if the issuance had already occurred. Accordingly, diluted EPS reflects an increase in the weighted average shares outstanding as a result of the assumed exercise of stock options and the vesting of restricted stock. The computation of diluted EPS does not assume exercise of stock options and vesting of restricted stock that would have an anti-dilutive effect on EPS. | |||||||
Stock-based compensation | |||||||
ASC 718, “Compensation – Stock Compensation,” requires companies to recognize in the statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and directors. The adoption of ASC 718 resulted in stock-based compensation expense related to issued and unvested stock option grants. The stock-based compensation expense, inclusive of restricted stock expense, for the years ended June 30, 2014, 2013 and 2012 was $526,000, $768,000 and $1.3 million, respectively. | |||||||
Employee Stock Ownership Plan ("ESOP") | |||||||
The Corporation recognizes compensation expense when the Bank contributes funds to the ESOP for the purchase of the Corporation’s common stock to be allocated to the ESOP participants. Since the contributions are discretionary, the benefits payable under the ESOP cannot be estimated. | |||||||
Restricted stock | |||||||
The Corporation recognizes compensation expense over the vesting period of the shares awarded, equal to the fair value of the shares at the award date. | |||||||
Post retirement benefits | |||||||
The estimated obligation for post retirement health care and life insurance benefits is determined based on an actuarial computation of the cost of current and future benefits for the eligible (grandfathered) retirees and employees. The post retirement benefit liability is included in accounts payable, accrued interest and other liabilities in the Consolidated Statement of Financial Condition. Effective July 1, 2003, the Corporation discontinued the post retirement health care and life insurance benefits to any employee not previously qualified (grandfathered) for these benefits. At June 30, 2014 and 2013, the accrued liability for post retirement benefits was $232,000 and $253,000, respectively, which was fully funded consistent with actuarially determined estimates of the future obligation. | |||||||
Comprehensive income (loss) | |||||||
ASC 220, “Comprehensive Income,” requires that realized revenue, expenses, gains and losses be included in net income (loss). Unrealized gains (losses) on available for sale securities, are reported as a separate component of the stockholders’ equity section of the Consolidated Statements of Financial Condition and the change in the unrealized gains (losses) are reported on the Consolidated Statements of Comprehensive Income. | |||||||
Accounting standard updates (“ASU”) | |||||||
ASU 2011-11: | |||||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued ASU 2011-11, “Balance Sheet (Topic 210) -Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU enhances disclosures required by GAAP by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either Section 210-20-45 or Section 815-10-45. This information enables users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of set off associated with certain financial instruments and derivative instruments in the scope of this ASU. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this ASU did not have a material impact on the Corporation's consolidated financial statements; however, there was a significant impact related to the footnotes to the financial statements upon adoption as disclosed in Note 21. | |||||||
ASU 2013-01: | |||||||
In January 2013, the FASB issued ASU 2013-01, "Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities." This ASU amends ASU 2011-11 to clarify that the scope applies to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to master netting or similar arrangements. Other types of financial assets and liabilities subject to master netting or similar arrangements are not subject to the disclosure requirements in ASU 2011-11. The amendments were effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of this ASU did not have a material impact on the Corporation's consolidated financial statements; however, there was a significant impact related to the footnotes to the financial statements upon adoption as disclosed in Note 21. | |||||||
ASU 2013-11: | |||||||
In July 2013, the FASB issued ASU 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The Corporation's adoption of this ASU is not expected to have a material impact on its consolidated financial statements. | |||||||
ASU 2014-04: | |||||||
In January 2014, the FASB issued ASU 2014-04, "Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." The amendments in this ASU are intended to reduce diversity in practice by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. Holding foreclosed real estate property presents different operational and economic risk to creditors compared with holding an impaired loan. Therefore, consistency in the timing of loan derecognition and presentation of foreclosed real estate properties is of qualitative significance to users of the creditor’s financial statements. Additionally, the disclosure of the amount of foreclosed residential real estate properties and of the recorded investment in consumer mortgage loans secured by residential real estate properties that are in the process of foreclosure is expected to provide decision-useful information to many users of the creditor’s financial statements. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Corporation's adoption of this ASU is not expected to have a material impact on its consolidated financial statements. | |||||||
ASU 2014-14: | |||||||
In August 2014, the FASB issued ASU 2014-14," Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure." Current GAAP provides classification and measurement guidance for situations in which a creditor obtains a debtor’s assets in satisfaction of a receivable, including receipt of assets through foreclosure, but does not provide specific guidance on how to classify and measure foreclosed loans that are government guaranteed. Current GAAP also does not provide guidance on how to determine the unit of account; that is, whether a single asset should be recognized or whether two separate assets should be recognized (real estate and a guarantee receivable). In practice, most creditors derecognize the loan and recognize a single asset. Some creditors recognize a nonfinancial asset (other real estate owned), while others recognize a financial asset (typically, a guarantee receivable). Regardless of the classification of the asset (or assets), measurement of the asset (or total measurement of the assets) in practice generally represents the amount recoverable under the guarantee. The amendments in this ASU should reduce diversity in practice by providing guidance on how to classify and measure certain government-guaranteed mortgage loans upon foreclosure. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Corporation's adoption of this ASU is not expected to have a material impact on its consolidated financial statements. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||
Investment Securities | |||||||||||||||||||||
The amortized cost and estimated fair value of investment securities as of June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||
30-Jun-14 | Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | |||||||||||||||||
Cost | Gains | (Losses) | Value | Value | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Held to maturity | |||||||||||||||||||||
Certificate of deposits | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | |||||||||||
Total investment securities - held to maturity | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | |||||||||||
Available for sale | |||||||||||||||||||||
U.S. government agency MBS | $ | 8,772 | $ | 337 | $ | — | $ | 9,109 | $ | 9,109 | |||||||||||
U.S. government sponsored enterprise MBS | 6,128 | 257 | — | 6,385 | 6,385 | ||||||||||||||||
Private issue CMO (1) | 841 | 12 | — | 853 | 853 | ||||||||||||||||
Total investment securities - available for sale | $ | 15,741 | $ | 606 | $ | — | $ | 16,347 | $ | 16,347 | |||||||||||
Total investment securities | $ | 16,541 | $ | 606 | $ | — | $ | 17,147 | $ | 17,147 | |||||||||||
(1) | Collateralized Mortgage Obligations (“CMO”). | ||||||||||||||||||||
30-Jun-13 | Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | |||||||||||||||||
Cost | Gains | (Losses) | Value | Value | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||
U.S. government agency MBS | $ | 10,361 | $ | 455 | $ | — | $ | 10,816 | $ | 10,816 | |||||||||||
U.S. government sponsored enterprise MBS | 7,255 | 420 | — | 7,675 | 7,675 | ||||||||||||||||
Private issue CMO | 1,036 | 1 | (18 | ) | 1,019 | 1,019 | |||||||||||||||
Total investment securities | $ | 18,652 | $ | 876 | $ | (18 | ) | $ | 19,510 | $ | 19,510 | ||||||||||
In fiscal 2014, 2013 and 2012, the Corporation received MBS principal payments of $2.9 million, $3.3 million and $3.3 million, respectively, and did not purchase or sell investment securities, other than in fiscal 2014 when the Corporation placed an $800,000 investment in time deposits at four minority-owned financial institutions to help fulfill the Company’s Community Reinvestment Act obligation. | |||||||||||||||||||||
As of June 30, 2014, the Corporation held investments with no unrealized loss position. This compares to June 30, 2013 when the Corporation held investment with unrealized loss position of $18,000, consisting of the following: | |||||||||||||||||||||
As of June 30, 2013 | 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 | |||||||||||||||
Private issue CMO | $ | 848 | $ | 18 | $ | — | $ | — | $ | 848 | $ | 18 | |||||||||
Total | $ | 848 | $ | 18 | $ | — | $ | — | $ | 848 | $ | 18 | |||||||||
As of June 30, 2013, the unrealized holding loss was less than 12 months on one adjustable rate private issue CMO, primarily the result of market interest rate movement and perceived credit and liquidity concerns. Based on the nature of the investment, management concluded that such unrealized loss was not other than temporary as of June 30, 2013. The Corporation does not believe that there are any other-than-temporary impairments at June 30, 2014 and 2013; and no impairment losses have been recorded for fiscal 2014, 2013 and 2012. The Corporation intends and has the ability to hold the CMO securities until maturity and will not likely be required to sell the CMO security before realizing a full recovery. | |||||||||||||||||||||
Contractual maturities of investment securities as of June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||
(In Thousands) | Amortized | Estimated | Amortized | Estimated | |||||||||||||||||
Cost | Fair | Cost | Fair | ||||||||||||||||||
Value | Value | ||||||||||||||||||||
Held to maturity | |||||||||||||||||||||
Due in one year or less | $ | 800 | $ | 800 | $ | — | $ | — | |||||||||||||
Due after one through five years | — | — | — | — | |||||||||||||||||
Due after five through ten years | — | — | — | — | |||||||||||||||||
Due after ten years | — | — | — | — | |||||||||||||||||
Total investment securities - held to maturity | $ | 800 | $ | 800 | $ | — | $ | — | |||||||||||||
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 | 15,741 | 16,347 | 18,652 | 19,510 | |||||||||||||||||
Total investment securities - available for sale | $ | 15,741 | $ | 16,347 | $ | 18,652 | $ | 19,510 | |||||||||||||
Total investment securities | $ | 16,541 | $ | 17,147 | $ | 18,652 | $ | 19,510 | |||||||||||||
Loans_Held_For_Investment
Loans Held For Investment | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||||||
Loans Held For Investment | ' | ||||||||||||||||||
Loans Held for Investment | |||||||||||||||||||
Loans held for investment consisted of the following at June 30, 2014 and 2013: | |||||||||||||||||||
(In Thousands) | 30-Jun-14 | June 30, | |||||||||||||||||
2013 | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 377,997 | $ | 404,341 | |||||||||||||||
Multi-family | 301,211 | 262,316 | |||||||||||||||||
Commercial real estate | 96,803 | 92,488 | |||||||||||||||||
Construction | 2,869 | 292 | |||||||||||||||||
Commercial business loans | 1,237 | 1,687 | |||||||||||||||||
Consumer loans | 306 | 437 | |||||||||||||||||
Total loans held for investment, gross | 780,423 | 761,561 | |||||||||||||||||
Undisbursed loan funds | (1,090 | ) | (292 | ) | |||||||||||||||
Deferred loan costs, net | 2,552 | 2,063 | |||||||||||||||||
Allowance for loan losses | (9,744 | ) | (14,935 | ) | |||||||||||||||
Total loans held for investment, net | $ | 772,141 | $ | 748,397 | |||||||||||||||
As of June 30, 2014, the Corporation had $23.3 million in mortgage loans that were subject to negative amortization, consisting of $18.7 million in multi-family loans, $3.7 million in single-family loans and $856,000 in commercial real estate loans. This compares to $33.3 million of negative amortization mortgage loans at June 30, 2013, consisting of $24.4 million in multi-family loans, $5.1 million in single-family loans and $3.8 million in commercial real estate loans. During fiscal 2014 and 2013, no loan interest income was added to the negative amortization loan balance. Negative amortization involves a greater risk to the Corporation because the loan principal balance may increase by a range of 110% to 115% of the original loan amount during the period of negative amortization and because the loan payment may increase beyond the means of the borrower when loan principal amortization is required. Also, the Corporation has originated interest-only ARM loans, which typically have a fixed interest rate for the first two to five years coupled with an interest only payment, followed by a periodic adjustable rate and a fully amortizing loan payment. As of June 30, 2014 and 2013, the interest-only ARM loans totaled $170.7 million and $188.5 million, or 21.8% and 24.7% of gross loans held for investment, respectively. | |||||||||||||||||||
The following table sets forth information at June 30, 2014 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 4% of loans held for investment at June 30, 2014, down from 5% at June 30, 2013. 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. | |||||||||||||||||||
Adjustable Rate | |||||||||||||||||||
(In Thousands) | Within One Year | After | After | After | Fixed Rate | Total | |||||||||||||
One Year | 3 Years | 5 Years | |||||||||||||||||
Through 3 Years | Through 5 Years | Through 10 Years | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 331,852 | $ | 10,509 | $ | 12,216 | $ | 7,925 | $ | 15,495 | $ | 377,997 | |||||||
Multi-family | 94,646 | 39,494 | 152,610 | 8,264 | 6,197 | 301,211 | |||||||||||||
Commercial real estate | 35,613 | 6,163 | 44,935 | — | 10,092 | 96,803 | |||||||||||||
Construction | 2,869 | — | — | — | — | 2,869 | |||||||||||||
Commercial business loans | 328 | — | 125 | — | 784 | 1,237 | |||||||||||||
Consumer loans | 294 | — | — | — | 12 | 306 | |||||||||||||
Total loans held for investment, gross | $ | 465,602 | $ | 56,166 | $ | 209,886 | $ | 16,189 | $ | 32,580 | $ | 780,423 | |||||||
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. Provisions for loan losses are charged 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 the Corporation to significantly increase 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. | |||||||||||||||||||
In compliance with the regulatory reporting requirements of the Office of the Comptroller of the Currency (“OCC”), the Bank’s primary federal regulator, 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 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 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, individually evaluated allowances are calculated based on their fair values and if their fair values are higher than their loan balances, no allowances are required. | |||||||||||||||||||
The following tables summarize the Corporation’s allowance for loan losses at June 30, 2014 and 2013: | |||||||||||||||||||
(In Thousands) | 30-Jun-14 | June 30, | |||||||||||||||||
2013 | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 5,476 | $ | 8,949 | |||||||||||||||
Multi-family | 3,142 | 4,689 | |||||||||||||||||
Commercial real estate | 989 | 1,053 | |||||||||||||||||
Construction | 35 | — | |||||||||||||||||
Commercial business loans | 51 | 78 | |||||||||||||||||
Consumer loans | 10 | 12 | |||||||||||||||||
Total collectively evaluated allowance | 9,703 | 14,781 | |||||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | — | 113 | |||||||||||||||||
Commercial business loans | 41 | 41 | |||||||||||||||||
Total individually evaluated allowance | 41 | 154 | |||||||||||||||||
Total loan loss allowance | $ | 9,744 | $ | 14,935 | |||||||||||||||
The following summarizes the components of the net change in the allowance for loan losses for the periods indicated: | |||||||||||||||||||
(In Thousands) | Year Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Balance, beginning of year | $ | 14,935 | $ | 21,483 | $ | 30,482 | |||||||||||||
(Recovery) provision for loan losses | (3,380 | ) | (1,499 | ) | 5,777 | ||||||||||||||
Recoveries | 929 | 762 | 375 | ||||||||||||||||
Charge-offs | (2,740 | ) | (5,811 | ) | (15,151 | ) | |||||||||||||
Balance, end of year | $ | 9,744 | $ | 14,935 | $ | 21,483 | |||||||||||||
The following tables identify the Corporation’s total recorded investment in non-performing loans by type, net of allowance for loan losses or charge-offs at June 30, 2014 and 2013: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 5,480 | $ | (1,148 | ) | $ | 4,332 | ||||||||||||
Without a related allowance (2) | 6,067 | — | 6,067 | ||||||||||||||||
Total single-family loans | 11,547 | (1,148 | ) | 10,399 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 956 | (354 | ) | 602 | |||||||||||||||
Without a related allowance (2) | 2,491 | — | 2,491 | ||||||||||||||||
Total multi-family loans | 3,447 | (354 | ) | 3,093 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 2,352 | — | 2,352 | ||||||||||||||||
Total commercial real estate loans | 2,352 | — | 2,352 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 138 | (46 | ) | 92 | |||||||||||||||
Total commercial business loans | 138 | (46 | ) | 92 | |||||||||||||||
Total non-performing loans | $ | 17,484 | $ | (1,548 | ) | $ | 15,936 | ||||||||||||
(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. | ||||||||||||||||||
June 30, 2013 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 9,908 | $ | (2,350 | ) | $ | 7,558 | ||||||||||||
Without a related allowance (2) | 5,665 | — | 5,665 | ||||||||||||||||
Total single-family loans | 15,573 | (2,350 | ) | 13,223 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 4,519 | (1,320 | ) | 3,199 | |||||||||||||||
Without a related allowance (2) | 558 | — | 558 | ||||||||||||||||
Total multi-family loans | 5,077 | (1,320 | ) | 3,757 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 4,572 | — | 4,572 | ||||||||||||||||
Total commercial real estate loans | 4,572 | — | 4,572 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 189 | (59 | ) | 130 | |||||||||||||||
Total commercial business loans | 189 | (59 | ) | 130 | |||||||||||||||
Total non-performing loans | $ | 25,411 | $ | (3,729 | ) | $ | 21,682 | ||||||||||||
(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. | ||||||||||||||||||
At June 30, 2014 and 2013, there were no commitments to lend additional funds to those borrowers whose loans were classified as non-performing. | |||||||||||||||||||
The following table describes the aging analysis (length of time on non-performing status) of non-performing loans, net of allowance for loan losses or charge-offs, as of June 30, 2014 and 2013: | |||||||||||||||||||
As of June 30, 2014 (In Thousands) | 3 Months or | Over 3 to | Over 6 to | Over 12 | |||||||||||||||
Less | 6 Months | 12 Months | Months | Total | |||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 1,433 | $ | — | $ | 2,655 | $ | 6,311 | $ | 10,399 | |||||||||
Multi-family | 413 | — | 165 | 2,515 | 3,093 | ||||||||||||||
Commercial real estate | — | 455 | 576 | 1,321 | 2,352 | ||||||||||||||
Commercial business loans | — | — | — | 92 | 92 | ||||||||||||||
Total | $ | 1,846 | $ | 455 | $ | 3,396 | $ | 10,239 | $ | 15,936 | |||||||||
As of June 30, 2013 (In Thousands) | 3 Months or | Over 3 to | Over 6 to | Over 12 | |||||||||||||||
Less | 6 Months | 12 Months | Months | Total | |||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 2,089 | $ | 1,650 | $ | 1,801 | $ | 7,683 | $ | 13,223 | |||||||||
Multi-family | 2,109 | 383 | — | 1,265 | 3,757 | ||||||||||||||
Commercial real estate | 1,183 | — | 1,744 | 1,645 | 4,572 | ||||||||||||||
Commercial business loans | — | — | — | 130 | 130 | ||||||||||||||
Total | $ | 5,381 | $ | 2,033 | $ | 3,545 | $ | 10,723 | $ | 21,682 | |||||||||
During the fiscal years ended June 30, 2014, 2013 and 2012, the Corporation’s average investment in non-performing loans was $17.0 million, $24.2 million and $34.4 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 the fiscal years ended June 30, 2014, 2013 and 2012, interest income of $546,000, $885,000 and $1.6 million, respectively, was recognized, based on cash receipts from loan payments on non-performing loans. Foregone interest income, which would have been recorded had the non-performing loans been current in accordance with their original terms, amounted to $800,000 , $878,000 and $876,000 for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, and was not included in the loan interest income; while $498,000, $542,000 and $0, respectively, were collected and applied to the net loan balances. | |||||||||||||||||||
The effect of the non-performing loans on interest income for the years ended June 30, 2014, 2013 and 2012 is presented below: | |||||||||||||||||||
(In Thousands) | Year Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Contractual interest due | $ | 1,346 | $ | 1,763 | $ | 2,432 | |||||||||||||
Interest recognized | (546 | ) | (885 | ) | (1,556 | ) | |||||||||||||
Net foregone interest | $ | 800 | $ | 878 | $ | 876 | |||||||||||||
For the fiscal year ended June 30, 2014, there was one loan with an outstanding balance of $221,000 that was newly modified from its original terms, re-underwritten and identified as a restructured loan. Subsequent to the modification, this loan was paid off in fiscal 2014. This compares to no loans that were restructured during the fiscal year ended June 30, 2013. During the fiscal year ended June 30, 2014 and 2013, no restructured loans were in default within a 12-month period subsequent to their original restructuring. Additionally, during the fiscal year ended June 30, 2014, there were two restructured loans for $810,000 whose modifications were extended beyond the initial maturity of the modification. For the fiscal year ended June 30, 2013, one restructured loan with a total balance of $131,000 had its modification extended beyond the initial maturity of the modification. | |||||||||||||||||||
As of June 30, 2014, the net outstanding balance of the Corporation's 17 restructured loans was $6.0 million: one was classified as special mention and remains on accrual status ($343,000); and 16 were classified as substandard ($5.6 million, all of which are on non-accrual status). 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 June 30, 2014, $3.7 million, or 62 percent, of the restructured loans were current with respect to their payment status. As of June 30, 2013, the net outstanding balance the Corporation's of 26 restructured loans was $9.5 million: one loan was classified as special mention and remains on accrual status ($434,000); and 25 loans were classified as substandard ($9.1 million, all on non-accrual status). As of June 30, 2013, $6.5 million, 68 percent, of the restructured loans had a current payment status. | |||||||||||||||||||
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 or 12 months for those loans that were restructured more than once. Once 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 (which are sometimes referred to in this report as “preferred loans”) must also demonstrate a combination of the following characteristics to be upgraded to the pass category: satisfactory cash flow, satisfactory guarantor support, and additional collateral support, among others. | |||||||||||||||||||
The following table summarizes at the dates indicated the restructured loan balances, net of allowance for loan losses or charge-offs, by loan type and non-accrual versus accrual status at June 30, 2014 and 2013: | |||||||||||||||||||
(In Thousands) | June 30, 2014 | June 30, 2013 | |||||||||||||||||
Restructured loans on non-accrual status: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 2,957 | $ | 5,094 | |||||||||||||||
Multi-family | 1,760 | 2,521 | |||||||||||||||||
Commercial real estate | 800 | 1,354 | |||||||||||||||||
Commercial business loans | 92 | 123 | |||||||||||||||||
Total | 5,609 | 9,092 | |||||||||||||||||
Restructured loans on accrual status: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | 343 | 434 | |||||||||||||||||
Total | 343 | 434 | |||||||||||||||||
Total restructured loans | $ | 5,952 | $ | 9,526 | |||||||||||||||
The following table shows the restructured loans by type, net of allowance for loan losses or charge-offs, at June 30, 2014 and 2013: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 994 | $ | (248 | ) | $ | 746 | ||||||||||||
Without a related allowance (2) | 2,554 | — | 2,554 | ||||||||||||||||
Total single-family loans | 3,548 | (248 | ) | 3,300 | |||||||||||||||
Multi-family: | |||||||||||||||||||
Without a related allowance (2) | 1,760 | — | 1,760 | ||||||||||||||||
Total multi-family loans | 1,760 | — | 1,760 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 800 | — | 800 | ||||||||||||||||
Total commercial real estate loans | 800 | — | 800 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 138 | (46 | ) | 92 | |||||||||||||||
Total commercial business loans | 138 | (46 | ) | 92 | |||||||||||||||
Total restructured loans | $ | 6,246 | $ | (294 | ) | $ | 5,952 | ||||||||||||
(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. | ||||||||||||||||||
June 30, 2013 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 3,774 | $ | (795 | ) | $ | 2,979 | ||||||||||||
Without a related allowance (2) | 2,549 | — | 2,549 | ||||||||||||||||
Total single-family loans | 6,323 | (795 | ) | 5,528 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 3,266 | (1,006 | ) | 2,260 | |||||||||||||||
Without a related allowance (2) | 261 | — | 261 | ||||||||||||||||
Total multi-family loans | 3,527 | (1,006 | ) | 2,521 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 1,354 | — | 1,354 | ||||||||||||||||
Total commercial real estate loans | 1,354 | — | 1,354 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 180 | (57 | ) | 123 | |||||||||||||||
Total commercial business loans | 180 | (57 | ) | 123 | |||||||||||||||
Total restructured loans | $ | 11,384 | $ | (1,858 | ) | $ | 9,526 | ||||||||||||
(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. | ||||||||||||||||||
In the ordinary course of business, the Bank makes loans to its directors, officers and employees on substantially the same terms prevailing at the time of origination for comparable transactions with unaffiliated borrowers. The following is a summary of related-party loan activity: | |||||||||||||||||||
(In Thousands) | Year Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Balance, beginning of year | $ | 2,024 | $ | 2,030 | $ | 2,036 | |||||||||||||
Originations | 691 | 3,581 | 2,807 | ||||||||||||||||
Sales and payments | (704 | ) | (3,587 | ) | (2,813 | ) | |||||||||||||
Balance, end of year | $ | 2,011 | $ | 2,024 | $ | 2,030 | |||||||||||||
As of June 30, 2014 and 2013, all of the related-party loans were performing in accordance with their original contractual terms. |
Mortgage_Loan_Servicing_and_Lo
Mortgage Loan Servicing and Loans Originated for Sale | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Transfers and Servicing [Abstract] | ' | |||||||||
Mortgage Loan Servicing and Loans Originated for Sale | ' | |||||||||
Mortgage Loan Servicing and Loans Originated for Sale | ||||||||||
The following summarizes the unpaid principal balance of loans serviced for others by the Corporation at the dates indicated: | ||||||||||
As of June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Loans serviced for Freddie Mac | $ | 4,574 | $ | 4,160 | $ | 4,727 | ||||
Loans serviced for Fannie Mae | 38,470 | 34,023 | 24,063 | |||||||
Loans serviced for FHLB – San Francisco | 38,602 | 52,096 | 68,013 | |||||||
Loans serviced for other investors | 1,088 | 1,877 | 2,072 | |||||||
Total loans serviced for others | $ | 82,734 | $ | 92,156 | $ | 98,875 | ||||
MSA are recorded when loans are sold to investors and the servicing of those loans is retained by the Bank. MSA are subject to interest rate risk and may become impaired when interest rates fall and the borrowers refinance or prepay their mortgage loans. The MSA are derived primarily from single-family loans. | ||||||||||
Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and processing foreclosures. Income from servicing loans is reported as loan servicing and other fees in the Corporation’s Consolidated Statements of Operations, and the amortization of MSA is reported as a reduction to the loan servicing income. Loan servicing income includes servicing fees from investors and certain fees collected from borrowers, such as late payment fees. As of June 30, 2014 and 2013, the Corporation held borrowers’ escrow balances related to loans serviced for others of $263,000 and $283,000, respectively. | ||||||||||
In estimating fair values of the MSA at June 30, 2014 and 2013, the Corporation used a weighted-average constant prepayment rate (“CPR”) of 38.24% and 24.90%, respectively, and a weighted-average discount rate of 9.14% and 9.11%, respectively. The CPR was derived from an independent third party and the weighted-average discount rate was derived from market data. The MSA, which is included in prepaid expenses and other assets in the Consolidated Statements of Financial Condition, had a carrying value of $295,000 and a fair value of $357,000 at June 30, 2014. This compares to the MSA at June 30, 2013 which had a carrying value of $334,000 and a fair value of $395,000. An allowance may be recorded to adjust the carrying value of each category of MSA to the lower of cost or market. As of June 30, 2014, a total allowance of $259,000 was required for five categories of MSA, compared to a total allowance of $200,000 for five categories of MSA as of June 30, 2013. Total additions to the MSA during the years ended June 30, 2014, 2013 and 2012 were $80,000, $104,000 and $106,000, respectively. Total amortization of the MSA during the years ended June 30, 2014, 2013 and 2012 was $60,000, $61,000 and $45,000, respectively. | ||||||||||
Loans sold to the FHLB – San Francisco were completed under the MPF Program, which entitles the Bank to a credit enhancement fee collected from FHLB – San Francisco on a monthly basis are described in Note 1 under PBM activities. | ||||||||||
The following table summarizes the Corporation’s MSA for years ended June 30, 2014 and 2013: | ||||||||||
Year Ended June 30, | ||||||||||
(Dollars In Thousands) | 2014 | 2013 | ||||||||
MSA balance, beginning of fiscal year | $ | 534 | $ | 491 | ||||||
Additions | 80 | 104 | ||||||||
Amortization | (60 | ) | (61 | ) | ||||||
MSA balance, end of fiscal year, before allowance | 554 | 534 | ||||||||
Allowance | (259 | ) | (200 | ) | ||||||
MSA balance, end of fiscal year | $ | 295 | $ | 334 | ||||||
Fair value, beginning of fiscal year | $ | 395 | $ | 398 | ||||||
Fair value, end of fiscal year | $ | 357 | $ | 395 | ||||||
Allowance, beginning of fiscal year | $ | 200 | $ | 164 | ||||||
Impairment provision | 59 | 36 | ||||||||
Allowance, end of fiscal year | $ | 259 | $ | 200 | ||||||
Key Assumptions: | ||||||||||
Weighted-average discount rate | 9.14 | % | 9.11 | % | ||||||
Weighted-average prepayment speed | 38.24 | % | 24.9 | % | ||||||
The following table summarizes the estimated future amortization of MSA for the next five years and thereafter: | ||||||||||
Amount | ||||||||||
Year Ending June 30, | (In Thousands) | |||||||||
2015 | $ | 98 | ||||||||
2016 | 63 | |||||||||
2017 | 22 | |||||||||
2018 | 12 | |||||||||
2019 | 7 | |||||||||
Thereafter | 352 | |||||||||
Total estimated amortization expense | $ | 554 | ||||||||
The following table represents the hypothetical effect on the fair value of the Corporation’s MSA using an unfavorable shock analysis of certain key valuation assumptions as of June 30, 2014 and 2013. This analysis is presented for hypothetical purposes only. As the amounts indicate, changes in fair value based on changes in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear. | ||||||||||
Year Ended June 30, | ||||||||||
(Dollars In Thousands) | 2014 | 2013 | ||||||||
MSA net carrying value | $ | 295 | $ | 334 | ||||||
CPR assumption (weighted-average) | 38.24 | % | 24.9 | % | ||||||
Impact on fair value with 10% adverse change in prepayment speed | $ | (16 | ) | $ | (18 | ) | ||||
Impact on fair value with 20% adverse change in prepayment speed | $ | (31 | ) | $ | (33 | ) | ||||
Discount rate assumption (weighted-average) | 9.14 | % | 9.11 | % | ||||||
Impact on fair value with 10% adverse change in discount rate | $ | (12 | ) | $ | (12 | ) | ||||
Impact on fair value with 20% adverse change in discount rate | $ | (24 | ) | $ | (24 | ) | ||||
The Corporation has also recorded interest-only strips with a fair value of $62,000, comprised of gross unrealized gains of $61,000 and an unamortized cost of $1,000 at June 30, 2014. This compares to interest-only strips at June 30, 2013 with a fair value of $98,000, comprised of gross unrealized gains of $96,000 and an unamortized cost of $2,000. There were no additions to interest-only strips during fiscal 2014, 2013 or 2012. Total amortization of the interest-only strips during the years ended June 30, 2014, 2013 and 2012 were $1,000, $1,000 and $1,000, respectively. | ||||||||||
Loans sold consisted of the following for the years indicated: | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Loans sold: | ||||||||||
Servicing – released | $ | 1,990,087 | $ | 3,506,027 | $ | 2,460,281 | ||||
Servicing – retained | 9,189 | 16,331 | 13,121 | |||||||
Total loans sold | $ | 1,999,276 | $ | 3,522,358 | $ | 2,473,402 | ||||
During the years ended June 30, 2014, 2013 and 2012, the Corporation sold 12%, 20% and 43%, respectively, of its loans originated for sale to a single investor, other than Freddie Mac or Fannie Mae. If the Corporation is unable to sell loans to this investor, find alternative investors, or change its loan programs to meet investor guidelines, it may have a significant negative impact on the Corporation’s results of operations. | ||||||||||
Loans held for sale, at fair value, at June 30, 2014 and 2013 consisted of the following: | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
Fixed rate | $ | 155,034 | $ | 183,999 | ||||||
Adjustable rate | 3,849 | 4,051 | ||||||||
Total loans held for sale, at fair value | $ | 158,883 | $ | 188,050 | ||||||
Real_Estate_Owned
Real Estate Owned | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Real Estate [Abstract] | ' | |||||||||
Real Estate Owned | ' | |||||||||
Real Estate Owned | ||||||||||
Real estate owned at June 30, 2014 and 2013 consisted of the following: | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
Real estate owned | $ | 2,586 | $ | 2,440 | ||||||
Allowance for estimated real estate owned losses | (119 | ) | (144 | ) | ||||||
Total real estate owned, net | $ | 2,467 | $ | 2,296 | ||||||
Real estate owned was primarily the result of real estate acquired in the settlement of loans. As of June 30, 2014, real estate owned was comprised of two single-family residences and two commercial real estate properties located in Southern California. This compares to 10 real estate owned properties at June 30, 2013, primarily comprised of single-family residences located in Southern California. | ||||||||||
During fiscal 2014, the Corporation acquired nine real estate owned properties in the settlement of loans and sold 15 properties for a net gain of $288,000. In fiscal 2013, the Corporation acquired 25 real estate owned properties in the settlement of loans and sold 39 properties for a net gain of $1.2 million. | ||||||||||
A summary of the disposition and operations of real estate owned acquired in the settlement of loans for the years ended June 30, 2014, 2013 and 2012 consisted of the following: | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Net gains (losses) on sale | $ | 288 | $ | 1,213 | $ | (287 | ) | |||
Net operating expenses | (295 | ) | (395 | ) | (835 | ) | ||||
Recovery from the allowance for estimated real estate owned losses | 25 | 98 | 1,002 | |||||||
Gain (loss) on sale and operations of real estate owned acquired in | $ | 18 | $ | 916 | $ | (120 | ) | |||
the settlement of loans, net | ||||||||||
Premises_and_Equipment_Premise
Premises and Equipment Premises and Equipment | 12 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Premises and Equipment | ' | ||||||
Premises and Equipment | |||||||
Premises and equipment at June 30, 2014 and 2013 consisted of the following: | |||||||
June 30, | |||||||
(In Thousands) | 2014 | 2013 | |||||
Land | $ | 2,853 | $ | 2,853 | |||
Buildings | 8,342 | 8,135 | |||||
Leasehold improvements | 2,963 | 2,917 | |||||
Furniture and equipment | 5,578 | 5,542 | |||||
Automobiles | 151 | 140 | |||||
19,887 | 19,587 | ||||||
Less accumulated depreciation and amortization | (13,518 | ) | (12,896 | ) | |||
Total premises and equipment, net | $ | 6,369 | $ | 6,691 | |||
Depreciation and amortization expense for the years ended June 30, 2014, 2013 and 2012 amounted to $1.0 million, $1.0 million and $800,000, respectively. |
Deposits
Deposits | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Banking and Thrift [Abstract] | ' | |||||||||
Deposits | ' | |||||||||
Deposits | ||||||||||
Deposits at June 30, 2014 and 2013 consisted of the following: | ||||||||||
June 30, 2014 | June 30, 2013 | |||||||||
(Dollars in Thousands) | Interest Rate | Amount | Interest Rate | Amount | ||||||
Checking deposits – non interest-bearing | — | $ | 58,654 | — | $ | 57,835 | ||||
Checking deposits – interest-bearing (1) | 0% - 0.35% | 202,769 | 0% - 0.25% | 206,784 | ||||||
Savings deposits (1) | 0% - 1.00% | 239,429 | 0% - 1.00% | 229,779 | ||||||
Money market deposits (1) | 0% - 2.00% | 26,125 | 0% - 2.00% | 26,399 | ||||||
Time deposits (1) | ||||||||||
Under $100 (2) | 0.00% - 3.90% | 184,895 | 0.00% - 4.88% | 206,039 | ||||||
$100 and over | 0.10% - 3.79% | 185,998 | 0.10% - 4.88% | 196,174 | ||||||
Total deposits | $ | 897,870 | $ | 923,010 | ||||||
Weighted-average interest rate on deposits | 0.56 | % | 0.66 | % | ||||||
(1) | Certain interest-bearing checking, savings, money market and time deposits require a minimum balance to earn interest. | |||||||||
(2) | Includes brokered deposits of $3.0 million and $4.7 million at June 30, 2014 and 2013, respectively. | |||||||||
The aggregate annual maturities of time deposits at June 30, 2014 and 2013 were as follows: | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
One year or less | $ | 173,519 | $ | 255,594 | ||||||
Over one to two years | 104,042 | 93,919 | ||||||||
Over two to three years | 52,705 | 33,193 | ||||||||
Over three to four years | 8,761 | 9,010 | ||||||||
Over four to five years | 31,711 | 8,930 | ||||||||
Over five years | 155 | 1,567 | ||||||||
Total time deposits | $ | 370,893 | $ | 402,213 | ||||||
Interest expense on deposits for the periods indicated is summarized as follows: | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Checking deposits – interest-bearing | $ | 290 | $ | 283 | $ | 481 | ||||
Savings deposits | 606 | 578 | 763 | |||||||
Money market deposits | 95 | 117 | 156 | |||||||
Time deposits | 4,504 | 5,607 | 7,015 | |||||||
Total interest expense on deposits | $ | 5,495 | $ | 6,585 | $ | 8,415 | ||||
The Corporation is required to maintain reserve balances with the Federal Reserve Bank of San Francisco. Such reserves are calculated based on deposit balances and are offset by the cash balances maintained by the Bank. The cash balances maintained by the Bank at June 30, 2014 and 2013 were sufficient to cover the reserve requirements. |
Borrowings
Borrowings | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Banking and Thrift [Abstract] | ' | |||||||||
Borrowings | ' | |||||||||
Borrowings | ||||||||||
Advances from the FHLB – San Francisco, which mature on various dates through 2021, are collateralized by pledges of certain real estate loans with an aggregate balance at June 30, 2014 and 2013 of $727.4 million and $685.4 million, respectively. In addition, the Bank pledged investment securities totaling $833,000 at June 30, 2014 to collateralize its FHLB – San Francisco advances under the Securities-Backed Credit (“SBC”) program as compared to $1.0 million at June 30, 2013. At June 30, 2014, the Bank’s FHLB – San Francisco borrowing capacity, which is limited to 35% of total assets reported on the Bank’s quarterly Call Report, was approximately $393.8 million as compared to $427.5 million at June 30, 2013 which was similarly limited. As of June 30, 2014 and 2013, the remaining/available borrowing facility was $344.8 million and $310.9 million, respectively, and the remaining/available collateral was $537.8 million and $369.4 million, respectively. As of June 30, 2014 and 2013, the Bank has also secured a $14.4 million and $17.2 million discount window facility, respectively, at the Federal Reserve Bank of San Francisco, collateralized by investment securities with a fair market value of $15.2 million and $18.1 million, respectively. | ||||||||||
Borrowings at June 30, 2014 and 2013 consisted of the following: | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
FHLB – San Francisco advances | $ | 41,431 | $ | 106,491 | ||||||
In addition to the total borrowings described above, the Bank utilized its borrowing facility for letters of credit and MPF credit enhancement. The outstanding letters of credit at June 30, 2014 and 2013 were $5.0 million and $7.5 million, respectively; and the outstanding MPF credit enhancement at these dates was $2.5 million and $2.5 million, respectively. | ||||||||||
As a member of the FHLB – San Francisco, the Bank is required to maintain a minimum investment in FHLB – San Francisco capital stock. The Bank held the required stock investment of $7.1 million and no excess capital stock at June 30, 2014, as compared to the required investment of $8.7 million and excess capital stock of $6.6 million at June 30, 2013. | ||||||||||
In fiscal 2014 and 2013, the FHLB – San Francisco redeemed $8.2 million and $7.0 million of excess capital stock. In fiscal 2014, 2013 and 2012, the FHLB – San Francisco distributed $793,000, $438,000 and $99,000 of cash dividends, respectively, to the Bank. | ||||||||||
The following tables set forth certain information regarding borrowings by the Bank at the dates and for the years indicated: | ||||||||||
At or For the Year Ended June 30, | ||||||||||
(Dollars in Thousands) | 2014 | 2013 | 2012 | |||||||
Balance outstanding at the end of year: | $ | 41,431 | $ | 106,491 | $ | 126,546 | ||||
FHLB – San Francisco advances | ||||||||||
Weighted-average rate at the end of year: | 3.18 | % | 3.55 | % | 3.53 | % | ||||
FHLB – San Francisco advances | ||||||||||
Maximum amount of borrowings outstanding at any month end: | $ | 81,486 | $ | 126,542 | $ | 216,577 | ||||
FHLB – San Francisco advances | ||||||||||
Average short-term borrowings during the year | ||||||||||
with respect to (1): | ||||||||||
FHLB – San Francisco advances | $ | 13,333 | $ | 61,667 | $ | 57,500 | ||||
Weighted-average short-term borrowing rate during the year | ||||||||||
with respect to (1): | ||||||||||
FHLB – San Francisco advances | 3.14 | % | 3.87 | % | 3.54 | % | ||||
(1) Borrowings with a remaining term of 12 months or less. | ||||||||||
The aggregate annual contractual maturities of borrowings at June 30, 2014 and 2013 are as follows: | ||||||||||
June 30, | ||||||||||
(Dollars in Thousands) | 2014 | 2013 | ||||||||
Within one year | $ | — | $ | 65,000 | ||||||
Over one to two years | — | — | ||||||||
Over two to three years | — | — | ||||||||
Over three to four years | 10,080 | — | ||||||||
Over four to five years | 10,000 | 10,101 | ||||||||
Over five years | 21,351 | 31,390 | ||||||||
Total borrowings | $ | 41,431 | $ | 106,491 | ||||||
Weighted average interest rate | 3.18 | % | 3.55 | % | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
Income Taxes | ||||||||||||||||||||
ASC 740, “Income Taxes,” requires the affirmative evaluation that it is more likely than not, based on the technical merits of a tax position, that an enterprise is entitled to economic benefits resulting from positions taken in income tax returns. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements. Management has determined that there are no unrecognized tax benefits to be reported in the Corporation’s financial statements. | ||||||||||||||||||||
The Corporation utilizes the asset and liability method of accounting for income taxes whereby deferred tax assets are recognized for deductible temporary differences and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. The provision for income taxes for the periods indicated consisted of the following: | ||||||||||||||||||||
(In Thousands) | Year Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | 4,272 | $ | 9,585 | $ | 4,984 | ||||||||||||||
State | 1,773 | 3,056 | 1,662 | |||||||||||||||||
6,045 | 12,641 | 6,646 | ||||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | (611 | ) | 2,454 | 947 | ||||||||||||||||
State | (430 | ) | 1,821 | 335 | ||||||||||||||||
(1,041 | ) | 4,275 | 1,282 | |||||||||||||||||
Provision for income taxes | $ | 5,004 | $ | 16,916 | $ | 7,928 | ||||||||||||||
The Corporation's tax effect from non-qualified equity compensation in fiscal 2014 and 2013 was $(315,000) and $(92,000), repectively, while there were no deferred tax benefits from non-qualified equity compensation in fiscal 2012. | ||||||||||||||||||||
The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to net income before income taxes as a result of the following differences for the periods indicated: | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In Thousands) | Amount | Tax | Amount | Tax | Amount | Tax | ||||||||||||||
Rate | Rate | Rate | ||||||||||||||||||
Federal income tax at statutory rate | $ | 3,982 | 34.3 | % | $ | 14,950 | 35 | % | $ | 6,558 | 35 | % | ||||||||
State income tax | 813 | 7 | % | 3,002 | 7 | % | 1,300 | 6.9 | % | |||||||||||
Changes in taxes resulting from: | ||||||||||||||||||||
Bank-owned life insurance | (65 | ) | (0.6 | )% | (64 | ) | (0.1 | )% | (66 | ) | (0.4 | )% | ||||||||
Non-deductible expenses | 30 | 0.3 | % | 63 | 0.1 | % | 33 | 0.2 | % | |||||||||||
Non-deductible stock-based compensation | (22 | ) | (0.2 | )% | 82 | 0.2 | % | 110 | 0.6 | % | ||||||||||
Release of FIN 48 tax liabilities | — | — | % | (825 | ) | (1.9 | )% | — | — | % | ||||||||||
Other | 266 | 2.3 | % | (292 | ) | (0.7 | )% | (7 | ) | — | % | |||||||||
Effective income tax | $ | 5,004 | 43.1 | % | $ | 16,916 | 39.6 | % | $ | 7,928 | 42.3 | % | ||||||||
Deferred tax assets at June 30, 2014 and 2013 by jurisdiction were as follows: | ||||||||||||||||||||
(In Thousands) | June 30, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Deferred taxes - federal | $ | 4,185 | $ | 3,465 | ||||||||||||||||
Deferred taxes - state | 1,403 | 960 | ||||||||||||||||||
Total net deferred tax assets | $ | 5,588 | $ | 4,425 | ||||||||||||||||
Net deferred tax assets at June 30, 2014 and 2013 were comprised of the following: | ||||||||||||||||||||
(In Thousands) | June 30, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Loss reserves | $ | 6,852 | $ | 9,341 | ||||||||||||||||
Non-accrued interest | 647 | 420 | ||||||||||||||||||
Deferred compensation | 2,982 | 3,106 | ||||||||||||||||||
Accrued vacation | 315 | 323 | ||||||||||||||||||
State taxes | 131 | 924 | ||||||||||||||||||
Other | 507 | 202 | ||||||||||||||||||
Total deferred tax assets | 11,434 | 14,316 | ||||||||||||||||||
FHLB - San Francisco stock cash dividends | (956 | ) | (2,069 | ) | ||||||||||||||||
Unrealized gain on derivative financial instruments, at fair value | (522 | ) | (2,916 | ) | ||||||||||||||||
Unrealized gain on loans held for sale, at fair value | (711 | ) | (1,422 | ) | ||||||||||||||||
Unrealized gain on investment securities | (254 | ) | (360 | ) | ||||||||||||||||
Unrealized gain on interest-only strips | (25 | ) | (41 | ) | ||||||||||||||||
Deferred loan costs | (2,862 | ) | (2,577 | ) | ||||||||||||||||
Depreciation | (516 | ) | (506 | ) | ||||||||||||||||
Total deferred tax liabilities | (5,846 | ) | (9,891 | ) | ||||||||||||||||
Net deferred tax assets | $ | 5,588 | $ | 4,425 | ||||||||||||||||
The net deferred tax assets were included in prepaid expenses and other assets in the Consolidated Statements of Financial Condition. The Corporation analyzes the deferred tax assets to determine whether a valuation allowance is required based on the more likely than not criteria that such assets will be realized principally through future taxable income. This criteria takes into account the actual earnings and the estimates of profitability. The Corporation may carryback net federal tax losses to the preceding five taxable years and forward to the succeeding 20 taxable years. At June 30, 2014, the Corporation had no federal and state net tax loss carryforwards. Based on management's consideration of historical and anticipated future income before income taxes, as well as the reversal period for the items giving rise to the deferred tax assets and liabilities, a valuation allowance was not considered necessary at June 30, 2014 and 2013 and management believes it is more likely than not the Corporation will realize its deferred tax asset. | ||||||||||||||||||||
In fiscal year ended June 30, 2012, the Corporation recorded an $825,000 tax liability against the deferred tax asset as a result of a prior period adjustment for fiscal 2009 and an $825,000 charge against retained earnings in stockholders' equity, pursuant to ASC 740-10. The liability was established as a result of certain income items for tax reporting purposes from 2006 through 2007 resulting in an overpayment of taxes and an understatement of the deferred tax liability. The understatement was the result of the early recognition of taxable income in closed tax years that should have been recognized in open tax years. The prior period adjustment was presented as a reduction in other assets and retained earnings. The early recognition of this liability could be argued by the Internal Revenue Service to not relieve the Corporation of once again recognizing that same taxable income in the appropriate subsequent open tax years. Therefore to eliminate this possibility, the Corporation pursued several remedies including filing a request for accounting method change with federal tax authorities to effectively recover the overpayment of taxes or eliminate any potential duplicate recognition. In August 2012, the Corporation received a notification from the tax authorities indicating the acceptance of the accounting method change attributable to the Corporation’s overstatement of certain income items. As a result, the Corporation reversed the $825,000 tax liability which was recorded in the fiscal year ended June 30, 2012, decreasing the provision for income taxes for the fiscal year ended June 30, 2013. | ||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended June 30, 2014, 2013, and 2012 is as follows: | ||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
Balance of prior fiscal year end | $ | 1,961 | $ | 1,961 | $ | 1,961 | ||||||||||||||
Additions based on tax positions related to the current year | — | — | — | |||||||||||||||||
Addition for tax positions of prior years | — | — | — | |||||||||||||||||
Reduction for tax positions of prior years | — | — | — | |||||||||||||||||
Settlements | — | — | — | |||||||||||||||||
Balance at June 30 | $ | 1,961 | $ | 1,961 | $ | 1,961 | ||||||||||||||
Retained earnings at June 30, 2014 included approximately $9.0 million (pre-1988 bad debt reserve for tax purposes) for which federal income tax of $3.1 million had not been provided. If the amounts that qualify as deductions for federal income tax purposes are later used for purposes other than for bad debt losses, including distribution in liquidation, they will be subject to federal income tax at the then-current corporate tax rate. If those amounts are not so used, they will not be subject to tax even in the event the Bank were to convert its charter from a thrift to a bank. | ||||||||||||||||||||
The Corporation files income tax returns for the United States and state of California jurisdictions. The Internal Revenue Service has audited the Bank’s income tax returns through 1996 and the California Franchise Tax Board has audited the Bank through 1990. Also, the Internal Revenue Service completed a review of the Corporation’s income tax returns for fiscal 2006 and 2007; and the California Franchise Tax Board completed a review of the Corporation’s income tax returns for fiscal 2007 and 2008. During fiscal 2014, the California Franchise Tax Board completed their tax review for the fiscal years 2009 and 2010; and the Corporation paid an additional $36,000 for fiscal 2010 income taxes. Tax years subsequent to fiscal 2010 remain subject to federal examination, while the California state tax returns for years subsequent to fiscal 2010 are subject to examination by state taxing authorities. The Corporation believes that it has adequately provided or paid income tax obligations not yet resolved with federal and state tax authorities. | ||||||||||||||||||||
It is the Corporation’s policy to record any penalties or interest charges arising from federal or state taxes as a component of income tax expense. For the fiscal year ended June 30, 2014 and 2013, there were no tax penalties or interest charges. For fiscal 2012, the Corporation paid $14,000 in interest charges and paid no penalties. |
Capital_Capital
Capital Capital | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
Capital | ' | |||||||||||||
Capital | ||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | ||||||||||||||
Quantitative measures established by federal regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of Tier 1 Leverage Capital (as defined) to Total Assets (as defined) and of Tier 1 and Total Risk-Based Capital (as defined in the regulations) to Risk-Weighted Assets (as defined). Management believes, as of June 30, 2014 and 2013, that the Bank met all its capital adequacy requirements. | ||||||||||||||
As of June 30, 2014 and 2013, the Bank was categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized” the Bank must maintain minimum Tier 1 Leverage Capital (to total assets), Tier 1 Risk-Based Capital (to risk-weighted assets) and Total Risk-Based Capital (to risk-weighted assets), as set forth in the following table. Management is not aware of any conditions or events since the notification that have changed the Bank’s category. | ||||||||||||||
The Bank may not declare or pay cash dividends on or repurchase any of its shares of common stock, if the effect would cause stockholders’ equity to be reduced below applicable regulatory capital maintenance requirements or if such declaration and payment would otherwise violate regulatory requirements. In fiscal 2014, 2013 and 2012, the Bank declared $27.5 million, $10.0 million and $8.0 million of cash dividends to its parent, the Corporation, respectively. | ||||||||||||||
Federal regulations require that institutions with investments in subsidiaries conducting real estate investment and joint venture activities to maintain sufficient capital over the minimum regulatory requirements. The Bank maintains capital in excess of the minimum requirements. | ||||||||||||||
The Bank’s actual capital amounts and ratios as of June 30, 2014 and 2013 were as follows: | ||||||||||||||
(Dollars in Thousands) | Actual | For Capital Adequacy | To Be Well Capitalized | |||||||||||
Purposes | Under Prompt Corrective | |||||||||||||
Action Provisions | ||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||
As of June 30, 2014 | ||||||||||||||
Tier 1 Leverage Capital | $ | 138,490 | 12.53 | % | $ | 44,198 | > 4.0% | $ | 55,247 | > 5.0% | ||||
Tier 1 Risk-Based Capital | $ | 138,490 | 18.72 | % | N/A | N/A | $ | 44,390 | > 6.0% | |||||
Total Risk-Based Capital | $ | 147,817 | 19.98 | % | $ | 59,186 | > 8.0% | $ | 73,983 | > 10.0% | ||||
As of June 30, 2013 | ||||||||||||||
Tier 1 Leverage Capital | $ | 158,737 | 13.12 | % | $ | 48,408 | > 4.0% | $ | 60,510 | > 5.0% | ||||
Tier 1 Risk-Based Capital | $ | 158,737 | 21.36 | % | N/A | N/A | $ | 44,582 | > 6.0% | |||||
Total Risk-Based Capital | $ | 168,201 | 22.64 | % | $ | 59,442 | > 8.0% | $ | 74,303 | > 10.0% | ||||
Benefit_Plans_Benefit_Plans
Benefit Plans Benefit Plans | 12 Months Ended |
Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Benefit Plans | ' |
Benefit Plans | |
The Corporation has a 401(k) defined-contribution plan covering all employees meeting specific age and service requirements. Under the plan, employees may contribute to the plan from their pretax compensation up to the limits set by the Internal Revenue Service. The Corporation makes matching contributions up to 3% of a participants’ pretax compensation. Participants vest immediately in their own contributions with 100% vesting in the Corporation’s contributions occurring after six years of credited service. The Corporation’s expense for the plan was approximately $707,000, $852,000 and $563,000 for the years ended June 30, 2014, 2013 and 2012, respectively. | |
The Corporation has a multi-year employment agreement and a post-retirement compensation agreement with one executive officer and a post-retirement compensation agreement with another executive officer, which requires payments of certain benefits upon retirement. At June 30, 2014 and 2013, the accrued liability of the post-retirement compensation agreements was $4.7 million and $4.4 million, respectively; costs are being accrued and expensed annually. For fiscal 2014 and 2013, the accrued expense for these liabilities was $351,000 and $471,000, respectively. The current obligation for these post-retirement benefits was fully funded consistent with contractual requirements and actuarially determined estimates of the total future obligation. The Corporation invests in BOLI to provide sufficient funding for these post-retirement obligations. As of June 30, 2014 and 2013, the total outstanding cash surrender value of the BOLI was $6.7 million and $6.5 million, respectively. For fiscal 2014, 2013 and 2012, the total net non-taxable income from the BOLI was $190,000, $182,000 and $189,000, respectively. | |
Employee Stock Ownership Plan | |
The Corporation established an ESOP on June 27, 1996 for all employees who are age 21 or older and have completed one year of service with the Corporation during which they have served a minimum of 1,000 hours. | |
Initially the Corporation had a leveraged ESOP plan, but subsequent to March 31, 2011, the Corporation elected an unleveraged ESOP plan which recognizes compensation expense when the Corporation contributes funds to the ESOP for the purchase of the Corporation’s common stock to be allocated to the ESOP participants. The Corporation's contribution to the ESOP plan is discretionary. During fiscal 2014, there were 20,000 shares and 15,781 shares that were purchased in the open market to fulfill the annual discretionary allocation for calendar 2014 and 2013, respectively. This compares to fiscal 2013 when the Corporation purchased 44,219 shares and 60,000 shares in the open market to fulfill the annual discretionary allocation for calendar 2013 and 2012, respectively. Since the annual contributions are discretionary, the benefits payable under the ESOP cannot be estimated. | |
Benefits generally become 100% vested after six years of credited service. Vesting accelerates upon retirement, death or disability of the participant or in the event of a change in control of the Corporation. Forfeitures are reallocated among remaining participating employees in the same proportion as contributions. Benefits are payable upon death, retirement, early retirement, disability or separation from service. | |
The net expense related to the ESOP for the years ended June 30, 2014, 2013 and 2012 was $558,000, $1.4 million and $375,000, respectively. Available ESOP shares are allocated every calendar year end and the total shares allocated at December 31, 2013, 2012 and 2011 were 60,000 shares each year. |
Incentive_Plans
Incentive Plans | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||
Incentive Plans | ' | |||||||||
Incentive Plans | ||||||||||
As of June 30, 2014, the Corporation had five share-based compensation plans, which are described below. These plans are the 2013 Equity Incentive Plan ("2013 Plan"), 2010 Equity Incentive Plan (“2010 Plan”), the 2006 Equity Incentive Plan (“2006 Plan”), the 2003 Stock Option Plan and the 1996 Stock Option Plan. For the years ended June 30, 2014, 2013 and 2012, the compensation cost for these plans was $526,000, $768,000 and $1.3 million, respectively. Net income tax expense recognized in the Consolidated Statements of Operations for share-based compensation plans for the years ended June 30, 2014 and 2013 was $315,000 and $92,000, respectively; and no income tax benefit was recognized in the year ended June 30, 2012. | ||||||||||
Equity Incentive Plan. The Corporation established and the shareholders approved the 2013 Plan, the 2010 Plan and the 2006 Plan 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 authorizes 365,000 stock options and 185,000 shares of restricted stock. The 2006 Plan also provides that no person may be granted more than 73,000 stock options or 27,750 shares of restricted stock in any one year. | ||||||||||
Equity Incentive Plan - Stock Options. Under the 2013 Plan, the 2010 Plan and 2006 Plan (collectively, “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. | ||||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||
Expected volatility range | 55.1 | % | 55.2 | % | — | % | ||||
Weighted-average volatility | 55.1 | % | 55.2 | % | — | % | ||||
Expected dividend yield | 2.6 | % | 1.2 | % | — | % | ||||
Expected term (in years) | 7.7 | 7.7 | 0 | |||||||
Risk-free interest rate | 2.3 | % | 1.2 | % | — | % | ||||
In fiscal 2014, there were 20,000 options granted under the Plans with 50% vesting after two years of service and 50% vesting after four years of service. Also in fiscal 2014, the weighted-average fair value of the options granted as of the grant date was $6.80 per option, while 52,500 options were exercised and 31,300 options were forfeited. In fiscal 2013, there were 20,000 options granted under the Plans with 50% vesting after two years of service and 50% vesting after four years of service. Also in fiscal 2013, the weighted-average fair value of the options granted as of the grant date was $8.35 per option, while 42,000 options were exercised and 24,000 options were forfeited. There was no activity under the Plans in fiscal 2012, except the exercise of 9,000 options. As of June 30, 2014 and 2013, there were 499,750 options and 188,450 options, respectively, available for future grants under the Plans. | ||||||||||
The following tables summarize the stock option activity in the Plans during the years ended June 30, 2014, 2013 and 2012: | ||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | ||||||
Average | Average | Intrinsic | ||||||||
Exercise | Remaining | Value | ||||||||
Price | Contractual | $0 | ||||||||
Term (Years) | ||||||||||
Outstanding at June 30, 2011 | 766,800 | $ | 12.07 | |||||||
Granted | — | $ | — | |||||||
Exercised | (9,000 | ) | $ | 7.03 | ||||||
Forfeited | — | $ | — | |||||||
Outstanding at June 30, 2012 | 757,800 | $ | 12.13 | 7.32 | $ | 2,463 | ||||
Vested and expected to vest at June 30, 2012 | 660,800 | $ | 12.82 | 7.08 | $ | 2,066 | ||||
Exercisable at June 30, 2012 | 345,800 | $ | 17.73 | 5.35 | $ | 774 | ||||
Outstanding at June 30, 2012 | 757,800 | $ | 12.13 | |||||||
Granted | 20,000 | $ | 16.47 | |||||||
Exercised | (42,000 | ) | $ | 7.03 | ||||||
Forfeited | (24,000 | ) | $ | 7.41 | ||||||
Outstanding at June 30, 2013 | 711,800 | $ | 12.71 | 6.43 | $ | 4,429 | ||||
Vested and expected to vest at June 30, 2013 | 668,900 | $ | 12.99 | 6.32 | $ | 4,100 | ||||
Exercisable at June 30, 2013 | 497,300 | $ | 14.62 | 5.71 | $ | 2,785 | ||||
Outstanding at June 30, 2013 | 711,800 | $ | 12.71 | |||||||
Granted | 20,000 | $ | 15.14 | |||||||
Exercised | (52,500 | ) | $ | 7.34 | ||||||
Forfeited | (31,300 | ) | $ | 20.64 | ||||||
Outstanding at June 30, 2014 | 648,000 | $ | 12.84 | 5.55 | $ | 3,680 | ||||
Vested and expected to vest at June 30, 2014 | 603,400 | $ | 13.13 | 5.42 | $ | 3,386 | ||||
Exercisable at June 30, 2014 | 425,000 | $ | 14.89 | 4.6 | $ | 2,212 | ||||
As of June 30, 2014 and 2013, there was $392,000 and $700,000 of unrecognized compensation expense, respectively, related to unvested share-based compensation arrangements with respect to stock options issued under the Plans. The expense is expected to be recognized over a weighted-average period of 1.0 year and 2.2 years, respectively. The forfeiture rate during fiscal 2014 and 2013 was 20 percent for both periods, and was calculated by using the historical forfeiture experience of all fully vested stock option grants and is reviewed annually. | ||||||||||
Equity Incentive Plan – 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. | ||||||||||
In fiscal 2014, a total of 15,000 shares of restricted stock were awarded with 50% vesting after two years of service and 50% vesting after four years of service; additionally 5,750 shares were forfeited. There was no restricted stock awarded in fiscal 2013, and the only activity consisted of the vesting and distribution of 73,050 shares and the forfeiture of 1,500 shares. In fiscal 2012, no restricted stock was awarded or forfeited, while 111,500 shares were vested and distributed. As of June 30, 2014 and 2013, there were 460,350 and 169,600 shares, respectively, available for future awards. | ||||||||||
The following table summarizes the restricted stock activity in the years ended June 30, 2014, 2013 and 2012: | ||||||||||
Unvested Shares | Shares | Weighted-Average | ||||||||
Award Date | ||||||||||
Fair Value | ||||||||||
Unvested at June 30, 2011 | 258,300 | $ | 7.75 | |||||||
Awarded | — | $ | — | |||||||
Vested | (111,500 | ) | $ | 8.56 | ||||||
Forfeited | — | $ | — | |||||||
Unvested at June 30, 2012 | 146,800 | $ | 7.13 | |||||||
Expected to vest at June 30, 2012 | 117,440 | $ | 7.13 | |||||||
Unvested at June 30, 2012 | 146,800 | $ | 7.13 | |||||||
Awarded | — | $ | — | |||||||
Vested | (73,050 | ) | $ | 7.19 | ||||||
Forfeited | (1,500 | ) | $ | 7.07 | ||||||
Unvested at June 30, 2013 | 72,250 | $ | 7.07 | |||||||
Expected to vest at June 30, 2013 | 57,800 | $ | 7.07 | |||||||
Unvested at June 30, 2013 | 72,250 | $ | 7.07 | |||||||
Awarded | 15,000 | $ | 13.96 | |||||||
Vested | — | $ | — | |||||||
Forfeited | (5,750 | ) | $ | 7.07 | ||||||
Unvested at June 30, 2014 | 81,500 | $ | 8.34 | |||||||
Expected to vest at June 30, 2014 | 65,200 | $ | 8.34 | |||||||
As of June 30, 2014 and 2013, the unrecognized compensation expense was $472,000 and $505,000, respectively, related to unvested share-based compensation arrangements with respect to restricted stock issued under the Plans, and reported as a reduction to stockholders’ equity. This expense is expected to be recognized over a weighted-average period of 2.1 years and 2.0 years, respectively. Similar to stock options, a forfeiture rate of 20 percent has been applied to the restricted stock compensation expense calculations in fiscal 2014 and 2013. No restricted shares were vested and distributed in the fiscal year ended June 30, 2014. For the fiscal years ended June 30, 2013 and 2012, the fair value of shares vested and distributed was $1.1 million and $922,000, respectively. | ||||||||||
Stock Option Plans. The Corporation established the 2003 Stock Option Plan and the 1996 Stock Option Plan (collectively, the “Stock Option Plans”) for key employees and eligible directors under which options to acquire up to 352,500 shares and 1.15 million shares of common stock, respectively, may be granted. Under the Stock Option Plans, stock options may not be granted at a price less than the fair market value at the date of the grant. Stock options typically vest over a five-year period on a pro-rata basis as long as the employee or director remains in service to the Corporation. The stock options are exercisable after vesting for up to the remaining term of the original grant. The maximum term of the stock options granted is 10 years. | ||||||||||
The fair value of each stock 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. | ||||||||||
In fiscal 2014, 2013 and 2012, there was no activity under the Stock Option Plans, except forfeitures of 317,700 shares, 7,500 shares and 62,700 shares, respectively. As of June 30, 2014, there were no stock options available for future grants under the Stock Option Plans. At June 30, 2013, the number of stock options available for future grants under the 2003 Stock Option Plan was 14,900 stock options. The remaining available stock options under the 1996 Stock Option Plan and the 2003 Stock Option Plan expired in January 2007 and November 2013, respectively. | ||||||||||
The following is a summary of the activity in the Stock Option Plans for the years ended June 30, 2014, 2013 and 2012: | ||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | ||||||
Average | Average | Intrinsic | ||||||||
Exercise | Remaining | Value | ||||||||
Price | Contractual | $0 | ||||||||
Term (Years) | ||||||||||
Outstanding at June 30, 2011 | 482,900 | $ | 22.23 | |||||||
Granted | — | $ | — | |||||||
Exercised | — | $ | — | |||||||
Forfeited | (62,700 | ) | $ | 9.67 | ||||||
Outstanding at June 30, 2012 | 420,200 | $ | 24.11 | 2.47 | $ | — | ||||
Vested and expected to vest at June 30, 2012 | 418,200 | $ | 24.13 | 2.46 | $ | — | ||||
Exercisable at June 30, 2012 | 410,200 | $ | 24.21 | 2.41 | $ | — | ||||
Outstanding at June 30, 2012 | 420,200 | $ | 24.11 | |||||||
Granted | — | $ | — | |||||||
Exercised | — | $ | — | |||||||
Forfeited | (7,500 | ) | $ | 13.67 | ||||||
Outstanding at June 30, 2013 | 412,700 | $ | 24.3 | 1.51 | $ | — | ||||
Vested and expected to vest at June 30, 2013 | 412,700 | $ | 24.3 | 1.51 | $ | — | ||||
Exercisable at June 30, 2013 | 412,700 | $ | 24.3 | 1.51 | $ | — | ||||
Outstanding at June 30, 2013 | 412,700 | $ | 24.3 | |||||||
Granted | — | $ | — | |||||||
Exercised | — | $ | — | |||||||
Forfeited | (317,700 | ) | $ | 24.58 | ||||||
Outstanding at June 30, 2014 | 95,000 | $ | 23.33 | 2.06 | $ | — | ||||
Vested and expected to vest at June 30, 2014 | 95,000 | $ | 23.33 | 2.06 | $ | — | ||||
Exercisable at June 30, 2014 | 95,000 | $ | 23.33 | 2.06 | $ | — | ||||
As of June 30, 2014 and 2013, there was no unrecognized compensation expense. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings 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 Corporation. | |||||||||||||
As of June 30, 2014, 2013 and 2012, there were outstanding options to purchase 743,000 shares, 1.1 million shares and 1.2 million shares of the Corporation’s common stock, respectively, of which 269,000 shares, 606,500 shares and 594,000 shares, respectively, were excluded from the diluted EPS computation as their effect was anti-dilutive. As of June 30, 2014, 2013 and 2012, there were outstanding restricted stock awards of 81,500 shares, 72,250 shares and 146,800 shares, respectively. | |||||||||||||
The following table provides the basic and diluted EPS computations for the fiscal years ended June 30, 2014, 2013 and 2012, respectively: | |||||||||||||
(Dollars in Thousands, Except Share Amount) | For the Year Ended June 30, 2014 | ||||||||||||
Income | Shares | Per-Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
Basic EPS | $ | 6,606 | 9,926,323 | $ | 0.67 | ||||||||
Effect of dilutive shares: | |||||||||||||
Stock options | 153,219 | ||||||||||||
Restricted stock | 31,243 | ||||||||||||
Diluted EPS | $ | 6,606 | 10,110,785 | $ | 0.65 | ||||||||
(Dollars in Thousands, Except Share Amount) | For the Year Ended June 30, 2013 | ||||||||||||
Income | Shares | Per-Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
Basic EPS | $ | 25,797 | 10,601,145 | $ | 2.43 | ||||||||
Effect of dilutive shares: | |||||||||||||
Stock options | 160,861 | ||||||||||||
Restricted stock | 73,194 | ||||||||||||
Diluted EPS | $ | 25,797 | 10,835,200 | $ | 2.38 | ||||||||
(Dollars in Thousands, Except Share Amount) | For the Year Ended June 30, 2012 | ||||||||||||
Income | Shares | Per-Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
Basic EPS | $ | 10,810 | 11,222,797 | $ | 0.96 | ||||||||
Effect of dilutive shares: | |||||||||||||
Stock options | 23,941 | ||||||||||||
Restricted stock | 40,467 | ||||||||||||
Diluted EPS | $ | 10,810 | 11,287,205 | $ | 0.96 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Periodically, there have been various claims and lawsuits involving the Corporation, such as claims to enforce liens, condemnation proceedings on properties in which the Corporation holds security interests, claims involving the making and servicing of real property loans and other issues in the ordinary course of and incident to the Corporation’s business. The Corporation is not a party to any pending legal proceedings that it believes would have a material adverse effect on the financial condition, operations or cash flows of the Corporation, except as set forth below. | ||||
On December 17, 2012, a lawsuit was filed against the Bank claiming for damages, restitution and injunctive relief for alleged misclassification of certain employees as exempt rather than non-exempt, resulting failure to pay appropriate overtime compensation, to provide meal and rest periods, to pay waiting penalties and to provide accurate wage statements. The plaintiff seeks unspecified monetary relief. The Bank believes that there are substantial defenses to this lawsuit and has defended vigorously. The Bank has accrued a $300,000 litigation reserve in the event the Bank is subjected to an unfavorable litigation result. | ||||
The Corporation conducts a portion of its operations in leased facilities and has maintenance contracts under non-cancelable agreements classified as operating leases. The following is a schedule of the Corporation’s operating lease obligations: | ||||
Amount | ||||
Year Ending June 30, | (In Thousands) | |||
2015 | $ | 2,272 | ||
2016 | 1,759 | |||
2017 | 1,304 | |||
2018 | 804 | |||
2019 | 341 | |||
Thereafter | 186 | |||
Total minimum payments required | $ | 6,666 | ||
Lease expense under operating leases was approximately $2.4 million, $2.2 million and $1.9 million for the years ended June 30, 2014, 2013 and 2012, respectively. | ||||
The Bank sold single-family mortgage loans to unrelated third parties with standard representation and warranty provisions in the ordinary course of its mortgage banking activities. Under these provisions, the Bank is required to repurchase any previously sold loan for which the representations or warranties of the Bank prove to be inaccurate, incomplete or misleading. In the event of a borrower default or fraud, pursuant to a breeched representation or warranty, the Bank may be required to reimburse the investor for any losses suffered. As of June 30, 2014, the Bank maintained a recourse liability related to these representations and warranties of $584,000, which consisted of $300,000 in non-contingent recourse liability and $284,000 in contingent recourse liability. This compares to a recourse liability of $1.3 million at June 30, 2013, comprised of $600,000 in non-contingent recourse liability and $716,000 in contingent recourse liability. In addition, the Bank maintained a recourse liability of $274,000 and $746,000 at June 30, 2014 and 2013, respectively, for loans sold to the FHLB – San Francisco under the MPF program, and a recourse liability of $46,000 and $48,000 at June 30, 2014 and 2013, respectively, for FHA mortgage insurance reserve. | ||||
In the ordinary course of business, the Corporation enters into contracts with third parties under which the third parties provide services on behalf of the Corporation. In many of these contracts, the Corporation agrees to indemnify the third party service provider under certain circumstances. The terms of the indemnity vary from contract to contract and the amount of the indemnification liability, if any, cannot be determined. The Corporation also enters into other contracts and agreements; such as, loan sale agreements, litigation settlement agreements, confidentiality agreements, loan servicing agreements, leases and subleases, among others, in which the Corporation agrees to indemnify third parties for acts by the Corporation’s agents, assignees and/or sub-lessees, and employees. Due to the nature of these indemnification provisions, the Corporation cannot calculate its aggregate potential exposure under them. | ||||
Pursuant to their bylaws, the Corporation and its subsidiaries provide indemnification to directors, officers and, in some cases, employees and agents against certain liabilities incurred as a result of their service on behalf of or at the request of the Corporation and its subsidiaries. It is not possible for the Corporation to determine the aggregate potential exposure resulting from the obligation to provide this indemnity. |
Derivative_and_Other_Financial
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | ' | |||||||||||||
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 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 June 30, 2014 and 2013, the Corporation had commitments to extend credit (on loans to be held for investment and loans to be held for sale) of $134.8 million and $262.5 million, respectively. | ||||||||||||||
The following table provides information at the dates indicated regarding 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: | ||||||||||||||
Commitments | June 30, | June 30, | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars In Thousands) | ||||||||||||||
Undisbursed loan funds – Construction loans | $ | 1,090 | $ | 292 | ||||||||||
Undisbursed lines of credit – Mortgage loans | 616 | 774 | ||||||||||||
Undisbursed lines of credit – Commercial business loans | 1,222 | 952 | ||||||||||||
Undisbursed lines of credit – Consumer loans | 774 | 779 | ||||||||||||
Commitments to extend credit on loans to be held for investment | 2,247 | 6,872 | ||||||||||||
Total | $ | 5,949 | $ | 9,669 | ||||||||||
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, TBA MBS trades, put option contracts and call option contracts are recorded at fair value on the Consolidated Statements of Financial Condition. At June 30, 2014, $2.6 million was included in other assets and $1.4 million was included in other liabilities; at June 30, 2013, $7.4 million was included in other assets and $1.1 million 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 the Consolidated Statements of Operations. | ||||||||||||||
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 years ended June 30, 2014 and 2013: | ||||||||||||||
For the Year Ended | ||||||||||||||
June 30, | ||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||
Balance, beginning of the year | $ | 115 | $ | 66 | ||||||||||
(Recovery) provision | (54 | ) | 49 | |||||||||||
Balance, end of the year | $ | 61 | $ | 115 | ||||||||||
The net impact of derivative financial instruments on the gain on sale of loans contained in the Consolidated Statements of Operations for the years ended June 30, 2014, 2013 and 2012 was as follows: | ||||||||||||||
(In Thousands) | For the Year Ended June 30, | |||||||||||||
Derivative Financial Instruments | 2014 | 2013 | 2012 | |||||||||||
Commitments to extend credit on loans to be held for sale | $ | 3,598 | $ | (5,013 | ) | $ | 3,343 | |||||||
Mandatory loan sale commitments and TBA MBS trades | (8,233 | ) | 8,121 | (1,895 | ) | |||||||||
Option contracts | (18 | ) | 214 | (360 | ) | |||||||||
Total net (loss) gain | $ | (4,653 | ) | $ | 3,322 | $ | 1,088 | |||||||
The outstanding derivative financial instruments at the dates indicated were as follows: | ||||||||||||||
(In Thousands) | June 30, 2014 | June 30, 2013 | ||||||||||||
Derivative Financial Instruments | Amount | Fair | Amount | Fair | ||||||||||
Value | Value | |||||||||||||
Commitments to extend credit on loans to be held for sale (1) | $ | 132,567 | $ | 2,566 | $ | 255,635 | $ | (1,032 | ) | |||||
Best efforts loan sale commitments | (18,069 | ) | — | (29,847 | ) | — | ||||||||
Mandatory loan sale commitments and TBA MBS trades | (258,021 | ) | (1,428 | ) | (410,897 | ) | 6,805 | |||||||
Option contracts | (10,000 | ) | — | (10,000 | ) | 589 | ||||||||
Total | $ | (153,523 | ) | $ | 1,138 | $ | (195,109 | ) | $ | 6,362 | ||||
(1) | Net of 28.0% percent at June 30, 2014 and 23.6% percent at June 30, 2013 of commitments, which management has estimated may not fund. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||
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 sale at fair value: | |||||||||||||||||||
Aggregate | |||||||||||||||||||
Unpaid | Net | ||||||||||||||||||
Aggregate | Principal | Unrealized | |||||||||||||||||
(In Thousands) | Fair Value | Balance | Gain (Loss) | ||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||
Loans held for sale, measured at fair value | $ | 158,883 | $ | 152,192 | $ | 6,691 | |||||||||||||
As of June 30, 2013: | |||||||||||||||||||
Loans held for sale, measured at fair value | $ | 188,050 | $ | 188,545 | $ | (495 | ) | ||||||||||||
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: | |||||||||||||||||||
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. | |||||||||||||||||
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, loans held for sale at fair value, interest-only strips and derivative financial instruments; while non-performing loans, MSA and real estate owned are measured at fair value on a nonrecurring basis. | |||||||||||||||||||
Investment securities are primarily comprised of U.S. government agency MBS, U.S. government sponsored enterprise MBS and a private issue CMO. The Corporation utilizes unadjusted quoted prices in active markets for identical securities for its fair value measurement of debt securities, quoted prices in active and less than 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 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, for which the charge-off will occur when the loan becomes 60 days delinquent (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 MSA is calculated using the present value method; which includes a third party’s prepayment projections of similar instruments, weighted-average coupon rates and the estimated average life (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 calculated 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 at the time of foreclosure or the listing price, net of estimated disposition 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 table presents information at the dates indicated about the Corporation’s assets measured at fair value on a recurring basis: | |||||||||||||||||||
Fair Value Measurement at June 30, 2014 Using: | |||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Investment securities: | |||||||||||||||||||
U.S. government agency MBS | $ | — | $ | 9,109 | $ | — | $ | 9,109 | |||||||||||
U.S. government sponsored enterprise MBS | — | 6,385 | — | 6,385 | |||||||||||||||
Private issue CMO | — | — | 853 | 853 | |||||||||||||||
Investment securities | — | 15,494 | 853 | 16,347 | |||||||||||||||
Loans held for sale, at fair value | — | 158,883 | — | 158,883 | |||||||||||||||
Interest-only strips | — | — | 62 | 62 | |||||||||||||||
Derivative assets: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | — | — | 2,570 | 2,570 | |||||||||||||||
Derivative assets | — | — | 2,570 | 2,570 | |||||||||||||||
Total assets | $ | — | $ | 174,377 | $ | 3,485 | $ | 177,862 | |||||||||||
Liabilities: | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | — | $ | — | $ | 4 | $ | 4 | |||||||||||
Mandatory loan sale commitments | — | — | 93 | 93 | |||||||||||||||
TBA MBS trades | — | 1,335 | — | 1,335 | |||||||||||||||
Derivative liabilities | — | 1,335 | 97 | 1,432 | |||||||||||||||
Total liabilities | $ | — | $ | 1,335 | $ | 97 | $ | 1,432 | |||||||||||
Fair Value Measurement at June 30, 2013 Using: | |||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Investment securities: | |||||||||||||||||||
U.S. government agency MBS | $ | — | $ | 10,816 | $ | — | $ | 10,816 | |||||||||||
U.S. government sponsored enterprise MBS | — | 7,675 | — | 7,675 | |||||||||||||||
Private issue CMO | — | — | 1,019 | 1,019 | |||||||||||||||
Investment securities | — | 18,491 | 1,019 | 19,510 | |||||||||||||||
Loans held for sale, at fair value | — | 188,050 | — | 188,050 | |||||||||||||||
Interest-only strips | — | — | 98 | 98 | |||||||||||||||
Derivative assets: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | — | — | 1,338 | 1,338 | |||||||||||||||
Mandatory loan sale commitments | — | — | 405 | 405 | |||||||||||||||
TBA MBS trades | — | 7,251 | — | 7,251 | |||||||||||||||
Option contracts | — | — | 589 | 589 | |||||||||||||||
Derivative assets | — | 7,251 | 2,332 | 9,583 | |||||||||||||||
Total assets | $ | — | $ | 213,792 | $ | 3,449 | $ | 217,241 | |||||||||||
Liabilities: | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | — | $ | — | $ | 2,370 | $ | 2,370 | |||||||||||
Mandatory loan sale commitments | — | — | 322 | 322 | |||||||||||||||
TBA MBS trades | — | 529 | — | 529 | |||||||||||||||
Derivative liabilities | — | 529 | 2,692 | 3,221 | |||||||||||||||
Total liabilities | $ | — | $ | 529 | $ | 2,692 | $ | 3,221 | |||||||||||
The following is a reconciliation of the beginning and ending balances during the periods shown of recurring fair value measurements recognized in the Consolidated Statements of Financial Condition using Level 3 inputs: | |||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||
Using Significant Other Unobservable Inputs | |||||||||||||||||||
(Level 3) | |||||||||||||||||||
Loan | Manda- | ||||||||||||||||||
Commit- | tory | ||||||||||||||||||
Private | Interest- | ments to | Commit- | ||||||||||||||||
Issue | Only | Originate (1) | ments (2) | Option | |||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | |||||||||||||||
Beginning balance at June 30, 2013 | $ | 1,019 | $ | 98 | $ | (1,032 | ) | $ | 83 | $ | 589 | $ | 757 | ||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||
Included in earnings | — | — | 3,598 | (207 | ) | (18 | ) | 3,373 | |||||||||||
Included in other comprehensive loss | 28 | (36 | ) | — | — | — | (8 | ) | |||||||||||
Purchases | — | — | — | — | 603 | 603 | |||||||||||||
Issuances | — | — | — | — | — | — | |||||||||||||
Settlements | (194 | ) | — | — | 31 | (1,174 | ) | (1,337 | ) | ||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | |||||||||||||
Ending balance at June 30, 2014 | $ | 853 | $ | 62 | $ | 2,566 | $ | (93 | ) | $ | — | $ | 3,388 | ||||||
(1) | Consists of commitments to extend credit on loans to be held for sale. | ||||||||||||||||||
(2) | Consists of mandatory loan sale commitments. | ||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||
Using Significant Other Unobservable Inputs | |||||||||||||||||||
(Level 3) | |||||||||||||||||||
Loan | Manda- | ||||||||||||||||||
Commit- | tory | ||||||||||||||||||
Private | Interest- | ments to | Commit- | ||||||||||||||||
Issue | Only | Originate (1) | ments (2) | Option | |||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | |||||||||||||||
Beginning balance at June 30, 2012 | $ | 1,242 | $ | 130 | $ | 3,981 | $ | (163 | ) | $ | 36 | $ | 5,226 | ||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||
Included in earnings | — | — | (5,013 | ) | 156 | 214 | (4,643 | ) | |||||||||||
Included in other comprehensive loss | (16 | ) | (31 | ) | — | — | — | (47 | ) | ||||||||||
Purchases | — | — | — | — | 1,084 | 1,084 | |||||||||||||
Issuances | — | — | — | — | — | — | |||||||||||||
Settlements | (207 | ) | (1 | ) | — | 90 | (745 | ) | (863 | ) | |||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | |||||||||||||
Ending balance at June 30, 2013 | $ | 1,019 | $ | 98 | $ | (1,032 | ) | $ | 83 | $ | 589 | $ | 757 | ||||||
(1) | Consists of commitments to extend credit on loans to be held for sale. | ||||||||||||||||||
(2) | Consists of mandatory loan sale commitments. | ||||||||||||||||||
The following fair value hierarchy table presents information about the Corporation’s assets measured at fair value at the dates indicated on a nonrecurring basis: | |||||||||||||||||||
Fair Value Measurement at June 30, 2014 Using: | |||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Non-performing loans | $ | — | $ | 10,910 | $ | 5,026 | $ | 15,936 | |||||||||||
Mortgage servicing assets | — | — | 241 | 241 | |||||||||||||||
Real estate owned, net | — | 2,467 | — | 2,467 | |||||||||||||||
Total | $ | — | $ | 13,377 | $ | 5,267 | $ | 18,644 | |||||||||||
Fair Value Measurement at June 30, 2013 Using: | |||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Non-performing loans | $ | — | $ | 11,650 | $ | 10,032 | $ | 21,682 | |||||||||||
Mortgage servicing assets | — | — | 174 | 174 | |||||||||||||||
Real estate owned, net | — | 2,296 | — | 2,296 | |||||||||||||||
Total | $ | — | $ | 13,946 | $ | 10,206 | $ | 24,152 | |||||||||||
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 June 30, 2014: | |||||||||||||||||||
(Dollars In Thousands) | Fair Value | Valuation | Unobservable Inputs | Range (1) | Impact to | ||||||||||||||
As of | Techniques | (Weighted Average) | Valuation | ||||||||||||||||
June 30, | from an | ||||||||||||||||||
2014 | Increase in | ||||||||||||||||||
Inputs (2) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Securities available-for sale: Private issue CMO | $ | 853 | Market comparable | Comparability adjustment | 0.5% - 1.5% (1.4%) | Increase | |||||||||||||
pricing | |||||||||||||||||||
Non-performing loans | $ | 81 | Discounted cash flow | Default rates | 0.0% - 30.0% (0.0%) | Decrease | |||||||||||||
Non-performing loans | $ | 4,945 | Relative value analysis | Loss severity | 20.0% - 38.0% (18.6%) | Decrease | |||||||||||||
Mortgage servicing assets | $ | 241 | Discounted cash flow | Prepayment speed (CPR) | 13.5% - 61.1% (43.1%) | Decrease | |||||||||||||
Discount rate | 9.0% - 10.5% (9.2%) | Decrease | |||||||||||||||||
Interest-only strips | $ | 62 | Discounted cash flow | Prepayment speed (CPR) | 9.3% - 61.8% (44.3%) | Decrease | |||||||||||||
Discount rate | 9.00% | Decrease | |||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 2,570 | Relative value analysis | TBA MBS broker quotes | 97.5% – 105.0% | Decrease | |||||||||||||
(102.2%) of par | |||||||||||||||||||
Fall-out ratio (3) | 23.2% - 28.4% (28.0%) | Decrease | |||||||||||||||||
Liabilities: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 4 | Relative value analysis | TBA MBS broker quotes | 100.0% – 101.5% | Increase | |||||||||||||
(101.5%) of par | |||||||||||||||||||
Fall-out ratio (3) | 23.2% - 28.4% (28.0%) | Increase | |||||||||||||||||
Mandatory loan sale commitments | $ | 93 | Relative value analysis | Investor quotes | 108.1% of par | Increase | |||||||||||||
TBA MBS broker quotes | 103.7% - 109.1% (105.3%) of par | Increase | |||||||||||||||||
0.00% | |||||||||||||||||||
Roll-forward costs (4) | Increase | ||||||||||||||||||
(1) | The range is based on the historical 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. | ||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Corporation’s assets and liabilities include the following: CMO offered quotes, prepayment speeds, discount rates, TBA MBS quotes, fallout ratios, investor 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 June 30, 2014 and 2013 were as follows: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Carrying | Fair | |||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | |||||||||||||||||||
Loans held for investment, net | $ | 772,141 | $ | 778,851 | — | — | $ | 778,851 | |||||||||||
FHLB – San Francisco stock | $ | 7,056 | $ | 7,056 | — | $ | 7,056 | — | |||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | $ | 897,870 | $ | 875,440 | — | — | $ | 875,440 | |||||||||||
Borrowings | $ | 41,431 | $ | 44,424 | — | — | $ | 44,424 | |||||||||||
June 30, 2013 | |||||||||||||||||||
(In Thousands) | Carrying | Fair | |||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | |||||||||||||||||||
Loans held for investment, net | $ | 748,397 | $ | 742,256 | — | — | $ | 742,256 | |||||||||||
FHLB – San Francisco stock | $ | 15,273 | $ | 15,273 | — | $ | 15,273 | — | |||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | $ | 923,010 | $ | 903,654 | — | — | $ | 903,654 | |||||||||||
Borrowings | $ | 106,491 | $ | 110,404 | — | — | $ | 110,404 | |||||||||||
Loans held for investment: 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. The allowance for loan losses is subtracted as an estimate of the underlying credit risk. | |||||||||||||||||||
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 based on management estimates, consistent with 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. The fair values of investment securities, commitments to extend credit on loans held for sale, mandatory commitments and option contracts are determined from the independent management services or brokers; while the fair value of MSA and interest-only strips are determined using the internally developed models which are based on discounted cash flow analysis. The fair value of non-performing loans is determined by calculating discounted cash flows, relative value analysis or collateral value, less selling costs. | |||||||||||||||||||
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 year ended June 30, 2014, 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. |
Reportable_Segments
Reportable Segments | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Reportable Segments | ' | |||||||||
Reportable Segments | ||||||||||
The segment reporting is organized consistent with the Corporation’s executive summary and operating strategy. The business activities of the Corporation consist primarily of the Bank and PBM, a division of the Bank. The Bank's operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s full service offices and investing those funds in single-family, multi-family, commercial real estate, construction, commercial business, consumer and other mortgage loans. PBM operations primarily consist of the origination, purchase and sale of mortgage loans secured by single-family residences. The following table and discussion explain the results of the Corporation’s two major reportable segments, the Bank and PBM. | ||||||||||
The following tables illustrate the Corporation’s operating segments for the years ended June 30, 2014, 2013 and 2012, respectively: | ||||||||||
For the Year Ended June 30, 2014 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 26,734 | $ | 3,989 | $ | 30,723 | ||||
Recovery from the allowance for loan losses | (3,080 | ) | (300 | ) | (3,380 | ) | ||||
Net interest income, after recovery from the allowance for loan losses | 29,814 | 4,289 | 34,103 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees | 504 | 573 | 1,077 | |||||||
Gain on sale of loans, net | 411 | 25,388 | 25,799 | |||||||
Deposit account fees | 2,469 | — | 2,469 | |||||||
Gain on sale and operations of real estate owned | 15 | 3 | 18 | |||||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 1,370 | — | 1,370 | |||||||
Other | 942 | — | 942 | |||||||
Total non-interest income | 5,711 | 25,964 | 31,675 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 15,435 | 22,609 | 38,044 | |||||||
Premises and occupancy | 2,601 | 1,867 | 4,468 | |||||||
Operating and administrative expenses | 4,272 | 7,384 | 11,656 | |||||||
Total non-interest expense | 22,308 | 31,860 | 54,168 | |||||||
Income (loss) before taxes | 13,217 | (1,607 | ) | 11,610 | ||||||
Provision (benefit) for income taxes | 5,629 | (625 | ) | 5,004 | ||||||
Net income (loss) | $ | 7,588 | $ | (982 | ) | $ | 6,606 | |||
Total assets, end of period | $ | 946,260 | $ | 159,369 | $ | 1,105,629 | ||||
Year Ended June 30, 2013 | ||||||||||
(In Thousands) | Provident | |||||||||
Provident | Bank | Consolidated | ||||||||
Bank | Mortgage | Total | ||||||||
Net interest income | $ | 27,835 | $ | 5,522 | $ | 33,357 | ||||
Recovery from the allowance for loan losses | (1,229 | ) | (270 | ) | (1,499 | ) | ||||
Net interest income, after recovery from the allowance for loan losses | 29,064 | 5,792 | 34,856 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees | 903 | 190 | 1,093 | |||||||
(Loss) gain on sale of loans, net | (84 | ) | 68,577 | 68,493 | ||||||
Deposit account fees | 2,449 | — | 2,449 | |||||||
Gain on sale and operations of real estate owned | 703 | 213 | 916 | |||||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 1,292 | — | 1,292 | |||||||
Other | 957 | — | 957 | |||||||
Total non-interest income | 6,220 | 68,980 | 75,200 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 17,745 | 32,705 | 50,450 | |||||||
Premises and occupancy | 2,705 | 1,727 | 4,432 | |||||||
Operating and administrative expenses | 4,636 | 7,825 | 12,461 | |||||||
Total non-interest expenses | 25,086 | 42,257 | 67,343 | |||||||
Income before income taxes | 10,198 | 32,515 | 42,713 | |||||||
Provision for income taxes | 3,245 | 13,671 | 16,916 | |||||||
Net income | $ | 6,953 | $ | 18,844 | $ | 25,797 | ||||
Total assets, end of fiscal year | $ | 1,022,413 | $ | 188,628 | $ | 1,211,041 | ||||
Year Ended June 30, 2012 | ||||||||||
(In Thousands) | Provident | |||||||||
Provident | Bank | Consolidated | ||||||||
Bank | Mortgage | Total | ||||||||
Net interest income | $ | 30,514 | $ | 6,216 | $ | 36,730 | ||||
Provision (recovery) for loan losses | 5,932 | (155 | ) | 5,777 | ||||||
Net interest income, after provision (recovery) for loan losses | 24,582 | 6,371 | 30,953 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees | 627 | 106 | 733 | |||||||
(Loss) gain on sale of loans, net | (1,057 | ) | 39,074 | 38,017 | ||||||
Deposit account fees | 2,438 | — | 2,438 | |||||||
(Loss) gain on sale and operations of real estate owned | (191 | ) | 71 | (120 | ) | |||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 1,282 | — | 1,282 | |||||||
Other | 800 | — | 800 | |||||||
Total non-interest income | 3,899 | 39,251 | 43,150 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 15,756 | 23,527 | 39,283 | |||||||
Premises and occupancy | 2,449 | 1,314 | 3,763 | |||||||
Operating and administrative expenses | 4,903 | 7,416 | 12,319 | |||||||
Total non-interest expenses | 23,108 | 32,257 | 55,365 | |||||||
Income before income taxes | 5,373 | 13,365 | 18,738 | |||||||
Provision for income taxes | 2,309 | 5,619 | 7,928 | |||||||
Net income | $ | 3,064 | $ | 7,746 | $ | 10,810 | ||||
Total assets, end of fiscal year | $ | 1,028,829 | $ | 232,088 | $ | 1,260,917 | ||||
The information above was derived from the internal management reporting system used by management to measure performance of the segments. | ||||||||||
The Corporation’s internal transfer pricing arrangements determined by management primarily consist of the following: | ||||||||||
1 | Borrowings for PBM are indexed monthly to the higher of the three-month FHLB – San Francisco advance rate on the first Friday of the month plus 50 basis points or the Bank’s cost of funds for the prior month. | |||||||||
2 | PBM receives servicing released premiums for new loans transferred to the Bank’s loans held for investment. The servicing released premiums in the years ended June 30, 2014, 2013 and 2012 were $216,000, $73,000 and $3,000, respectively. | |||||||||
3 | PBM receives a premium (gain on sale of loans) or a discount (loss on sale of loans) for the new loans transferred to the Bank’s loans held for investment. The loss on sale of loans in the years ended June 30, 2014, 2013 and 2012 was $12,000, $16,000 and $2,000, respectively. | |||||||||
4 | Loan servicing costs are charged to PBM by the Bank based on the number of loans held for sale at fair value multiplied by a fixed fee which is subject to management’s review. The loan servicing costs in the years ended June 30, 2014, 2013 and 2012 were $74,000, $110,000 and $81,000, respectively. | |||||||||
5 | The Bank allocates quality assurance costs to PBM for its loan production, subject to management’s review. Quality assurance costs allocated to PBM in the years ended June 30, 2014, 2013 and 2012 were $360,000, $321,000 and $240,000, respectively. | |||||||||
6 | The Bank allocates loan vault service costs to PBM for its loan production, subject to management’s review. The loan vault service costs allocated to PBM in the years ended June 30, 2014, 2013 and 2012 were $133,000, $240,000 and $88,000, respectively. | |||||||||
7 | Office rents for PBM offices located in the Bank branches or offices are internally charged based on the square footage used. Office rents allocated to PBM in the years ended June 30, 2014, 2013 and 2012 were $194,000, $186,000 and $169,000, respectively. | |||||||||
8 | A management fee, which is subject to regular review, is charged to PBM for services provided by the Bank. The management fee in the years ended June 30, 2014, 2013 and 2012 was $1.9 million, $1.7 million and $1.5 million, respectively. |
Holding_Company_Condensed_Fina
Holding Company Condensed Financial Information Holding Company Condensed Financial Information | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||
Holding Company Condensed Financial Information | ' | |||||||||
Holding Company Condensed Financial Information | ||||||||||
This information should be read in conjunction with the other notes to the consolidated financial statements. The following is the condensed statements of financial condition for Provident Financial Holdings (Holding Company only) as of June 30, 2014 and 2013 and condensed statements of operations, comprehensive income and cash flows for the years ended June 30, 2014, 2013 and 2012. | ||||||||||
Condensed Statements of Financial Condition | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
Assets | ||||||||||
Cash and cash equivalents | $ | 6,627 | $ | 532 | ||||||
Investment in subsidiary | 139,252 | 159,622 | ||||||||
Other assets | 19 | 59 | ||||||||
$ | 145,898 | $ | 160,213 | |||||||
Liabilities and Stockholders’ Equity | ||||||||||
Other liabilities | $ | 36 | $ | 239 | ||||||
Stockholders’ equity | 145,862 | 159,974 | ||||||||
$ | 145,898 | $ | 160,213 | |||||||
Condensed Statements of Operations | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Interest and other income | $ | 20 | $ | 9 | $ | 13 | ||||
General and administrative expenses | 838 | 791 | 750 | |||||||
Loss before equity in net earnings of the subsidiary | (818 | ) | (782 | ) | (737 | ) | ||||
Equity in net earnings of the subsidiary | 7,087 | 26,250 | 11,237 | |||||||
Income before income tax benefit | 6,269 | 25,468 | 10,500 | |||||||
Income tax benefit | (337 | ) | (329 | ) | (310 | ) | ||||
Net income | $ | 6,606 | $ | 25,797 | $ | 10,810 | ||||
Condensed Statements of Comprehensive Income | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Net income | $ | 6,606 | $ | 25,797 | $ | 10,810 | ||||
Other comprehensive income | — | — | — | |||||||
Total comprehensive income | $ | 6,606 | $ | 25,797 | $ | 10,810 | ||||
Condensed Statements of Cash Flows | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 6,606 | $ | 25,797 | $ | 10,810 | ||||
Adjustments to reconcile net income to net cash | ||||||||||
used for operating activities: | ||||||||||
Equity in net earnings of the subsidiary | (7,087 | ) | (26,250 | ) | (11,237 | ) | ||||
Decrease (increase) in other assets | 40 | 20 | (49 | ) | ||||||
(Decrease) increase in other liabilities | (203 | ) | 201 | (6 | ) | |||||
Net cash used for operating activities | (644 | ) | (232 | ) | (482 | ) | ||||
Cash flow from investing activities: | ||||||||||
Cash dividend received from the Bank | 27,500 | 10,000 | 8,000 | |||||||
Net cash provided by investing activities | 27,500 | 10,000 | 8,000 | |||||||
Cash flow from financing activities: | ||||||||||
Exercise of stock options | 385 | 296 | 72 | |||||||
Treasury stock purchases | (17,182 | ) | (8,959 | ) | (6,693 | ) | ||||
Cash dividends | (3,964 | ) | (2,541 | ) | (1,572 | ) | ||||
Net cash used for financing activities | (20,761 | ) | (11,204 | ) | (8,193 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 6,095 | (1,436 | ) | (675 | ) | |||||
Cash and cash equivalents at beginning of year | 532 | 1,968 | 2,643 | |||||||
Cash and cash equivalents at end of year | $ | 6,627 | $ | 532 | $ | 1,968 | ||||
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||||
Quarterly Results of Operations (Unaudited) | ||||||||||||||||
The following tables set forth the quarterly financial data for the years ended June 30, 2014 and 2013: | ||||||||||||||||
For Fiscal Year 2014 | ||||||||||||||||
(Dollars In Thousands, Except Per Share Amount) | For the | Fourth | Third | Second | First | |||||||||||
Year Ended | Quarter | Quarter | Quarter | Quarter | ||||||||||||
June 30, | ||||||||||||||||
2014 | ||||||||||||||||
Interest income | $ | 38,059 | $ | 9,272 | $ | 9,158 | $ | 9,513 | $ | 10,116 | ||||||
Interest expense | 7,336 | 1,615 | 1,708 | 1,858 | 2,155 | |||||||||||
Net interest income | 30,723 | 7,657 | 7,450 | 7,655 | 7,961 | |||||||||||
Recovery from the allowance for loan losses | (3,380 | ) | (691 | ) | (849 | ) | (898 | ) | (942 | ) | ||||||
Net interest income, after recovery from the | 34,103 | 8,348 | 8,299 | 8,553 | 8,903 | |||||||||||
allowance for loan losses | ||||||||||||||||
Non-interest income | 31,675 | 9,557 | 6,791 | 7,144 | 8,183 | |||||||||||
Non-interest expense | 54,168 | 14,214 | 12,553 | 12,871 | 14,530 | |||||||||||
Income before income taxes | 11,610 | 3,691 | 2,537 | 2,826 | 2,556 | |||||||||||
Provision for income taxes | 5,004 | 1,600 | 1,138 | 1,223 | 1,043 | |||||||||||
Net income | $ | 6,606 | $ | 2,091 | $ | 1,399 | $ | 1,603 | $ | 1,513 | ||||||
Basic earnings per share | $ | 0.67 | $ | 0.22 | $ | 0.14 | $ | 0.16 | $ | 0.15 | ||||||
Diluted earnings per share | $ | 0.65 | $ | 0.22 | $ | 0.14 | $ | 0.16 | $ | 0.14 | ||||||
For Fiscal Year 2013 | ||||||||||||||||
(Dollars In Thousands, Except Per Share Amount) | For the | Fourth | Third | Second | First | |||||||||||
Year Ended | Quarter | Quarter | Quarter | Quarter | ||||||||||||
June 30, | ||||||||||||||||
2013 | ||||||||||||||||
Interest income | $ | 44,161 | $ | 10,085 | $ | 10,612 | $ | 11,617 | $ | 11,847 | ||||||
Interest expense | 10,804 | 2,502 | 2,546 | 2,845 | 2,911 | |||||||||||
Net interest income | 33,357 | 7,583 | 8,066 | 8,772 | 8,936 | |||||||||||
(Recovery) provision for loan losses | (1,499 | ) | (1,538 | ) | (517 | ) | 23 | 533 | ||||||||
Net interest income, after (recovery) provision | 34,856 | 9,121 | 8,583 | 8,749 | 8,403 | |||||||||||
for loan losses | ||||||||||||||||
Non-interest income | 75,200 | 17,618 | 15,388 | 20,035 | 22,159 | |||||||||||
Non-interest expense | 67,343 | 17,519 | 15,729 | 16,769 | 17,326 | |||||||||||
Income before income taxes | 42,713 | 9,220 | 8,242 | 12,015 | 13,236 | |||||||||||
Provision for income taxes | 16,916 | 3,963 | 3,372 | 5,075 | 4,506 | |||||||||||
Net income | $ | 25,797 | $ | 5,257 | $ | 4,870 | $ | 6,940 | $ | 8,730 | ||||||
Basic earnings per share | $ | 2.43 | $ | 0.51 | $ | 0.46 | $ | 0.65 | $ | 0.81 | ||||||
Diluted earnings per share | $ | 2.38 | $ | 0.49 | $ | 0.45 | $ | 0.64 | $ | 0.8 | ||||||
Reclassification_Adjustment_of
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Equity [Abstract] | ' | |||||||||
Reclassification Adjustment of Accumulated Other Comprehensive Income (AOCI) | ' | |||||||||
Reclassification adjustment of Accumulated Other Comprehensive Income ("AOCI") | ||||||||||
The following table provides the changes in AOCI by component for the years ended June 30, 2014, 2013 and 2012: | ||||||||||
Unrealized Gains and Losses on | ||||||||||
(Dollars In Thousands, Net of Statutory Taxes) | Investment Securities Available for Sale | Interest-Only Strips | Total | |||||||
Beginning balance at June 30, 2011 | $ | 524 | $ | 114 | $ | 638 | ||||
Other comprehensive income (loss) before reclassifications | 28 | (40 | ) | (12 | ) | |||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive income (loss) | 28 | (40 | ) | (12 | ) | |||||
Ending balance at June 30, 2012 | 552 | 74 | 626 | |||||||
Other comprehensive loss before reclassifications | (54 | ) | (18 | ) | (72 | ) | ||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive loss | (54 | ) | (18 | ) | (72 | ) | ||||
Ending balance at June 30, 2013 | 498 | 56 | 554 | |||||||
Other comprehensive loss before reclassifications | (147 | ) | (21 | ) | (168 | ) | ||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive loss | (147 | ) | (21 | ) | (168 | ) | ||||
Ending balance at June 30, 2014 | $ | 351 | $ | 35 | $ | 386 | ||||
There were no significant items reclassified out of AOCI for the years ended June 30, 2014, 2013 and 2012. |
Offsetting_Derivative_and_Othe
Offsetting Derivative and Other Financial Instruments (Notes) | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||
Offsetting Derivative and Other Financial Instruments [Text Block] | ' | ||||||||||||||||||
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 offset of assets and liabilities between the parties. When the Corporation has more than one outstanding derivative transaction with a single counterparty, the offset 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 offset, 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 Consolidated Statements of Financial Condition on a net basis for each type of derivative. 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 Consolidated Statements of Financial Condition, and the gross amount not offset in the Corporation’s Consolidated Statements of Financial Condition as of the dates indicated. | |||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||
Net | |||||||||||||||||||
Gross | Amount | ||||||||||||||||||
Amount | of Assets | Gross Amount Not | |||||||||||||||||
Offset in the | Presented in | Offset in the Consolidated | |||||||||||||||||
Gross | Consolidated | the 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 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
Net | |||||||||||||||||||
Gross | Amount | ||||||||||||||||||
Amount | of Liabilities | Gross Amount Not | |||||||||||||||||
Offset in the | Presented in | Offset in the Consolidated | |||||||||||||||||
Gross | Consolidated | the Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Liabilities | Condition | Condition | Instruments | Pledged | Amount | |||||||||||||
Liabilities | |||||||||||||||||||
Derivatives | $ | 1,428 | $ | — | $ | 1,428 | $ | — | $ | — | $ | 1,428 | |||||||
Total | $ | 1,428 | $ | — | $ | 1,428 | $ | — | $ | — | $ | 1,428 | |||||||
As of June 30, 2013: | |||||||||||||||||||
Net | |||||||||||||||||||
Gross | Amount | ||||||||||||||||||
Amount | of Assets | Gross Amount Not | |||||||||||||||||
Offset in the | Presented in | Offset in the Consolidated | |||||||||||||||||
Gross | Consolidated | the 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 | $ | 8,245 | $ | 579 | $ | 7,666 | $ | — | $ | — | $ | 7,666 | |||||||
Total | $ | 8,245 | $ | 579 | $ | 7,666 | $ | — | $ | — | $ | 7,666 | |||||||
Net | |||||||||||||||||||
Gross | Amount | ||||||||||||||||||
Amount | of Liabilities | Gross Amount Not | |||||||||||||||||
Offset in the | Presented in | Offset in the Consolidated | |||||||||||||||||
Gross | Consolidated | the Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Liabilities | Condition | Condition | Instruments | Pledged | Amount | |||||||||||||
Liabilities | |||||||||||||||||||
Derivatives | $ | 851 | $ | 579 | $ | 272 | $ | — | $ | — | $ | 272 | |||||||
Total | $ | 851 | $ | 579 | $ | 272 | $ | — | $ | — | $ | 272 | |||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Event | |
On July 22, 2014, the Corporation announced that the Corporation’s Board of Directors declared a quarterly cash dividend of $0.11 per share, reflecting a 10% increase from $0.10 per share paid on June 11, 2014. Shareholders of the Corporation’s common stock at the close of business on August 12, 2014 were entitled to receive the cash dividend, which was paid on September 3, 2014. | |
On August 29, 2014, the Bank's Board of Directors declared a $25.0 million cash dividend from the Bank to the Corporation, which was paid on September 5, 2014. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Consolidation | ' | ||
The consolidated financial statements include the accounts of Provident Financial Holdings, Inc., and its wholly owned subsidiary, Provident Savings Bank, F.S.B. (collectively, the “Corporation”). All inter-company balances and transactions have been eliminated. | |||
Use of estimates | ' | ||
Use of estimates | |||
The accounting and reporting policies of the Corporation conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of deferred tax assets, the valuation of loan servicing assets, the valuation of real estate owned, the determination of the loan repurchase reserve, the valuation of derivative financial instruments and deferred compensation costs. | |||
Cash and cash equivalents | ' | ||
Cash and cash equivalents | |||
Cash and cash equivalents include cash on hand and due from banks, as well as overnight deposits placed at correspondent banks. | |||
Investment securities | ' | ||
Investment securities | |||
The Corporation classifies its qualifying investments as available for sale or held to maturity. The Corporation’s policy of classifying investments as held to maturity is based upon its ability and management’s positive intent to hold such securities to maturity. Securities held to maturity are carried at amortized historical cost. All other securities are classified as available for sale and are carried at fair value. Fair value generally is determined based upon quoted market prices. Changes in net unrealized gains (losses) on securities available for sale are included in accumulated other comprehensive income, net of tax. Gains and losses on dispositions of investment securities are included in non-interest income and are determined using the specific identification method. Purchase premiums and discounts are amortized over the expected average life of the securities using the effective interest method. | |||
Investment securities are reviewed annually for possible other-than-temporary impairment (“OTTI”). For debt securities, an OTTI is evident if the Corporation intends to sell the debt security or will more likely than not be required to sell the debt security before full recovery of the entire amortized cost basis is realized. However, even if the Corporation does not intend to sell the debt security and will not likely be required to sell the debt security before recovery of its entire amortized cost basis, the Corporation must evaluate expected cash flows to be received and determine if a credit loss has occurred. In the event of a credit loss, the credit component of the impairment is recognized within non-interest income and the non-credit component is recognized through accumulated other comprehensive income, net of tax. For equity securities, management evaluates the securities in an unrealized loss position in the available-for-sale portfolio for OTTI on the basis of the duration of the decline in value of the security and severity of that decline as well as the Corporation’s intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in the market value. If it is determined that the impairment on an equity security is other than temporary, an impairment loss equal to the difference between the carrying value of the security and its fair value is recognized within non-interest income. | |||
Loans held for sale | ' | ||
Loans held for sale | |||
Loans held for sale consist primarily of long-term fixed-rate loans secured by first trust deeds on single-family residences, the majority of which are Federal Housing Administration (“FHA”), United States Department of Veterans Affairs (“VA”), Fannie Mae and Freddie Mac loan products. The loans are generally offered to customers located in (a) Southern California, primarily in Riverside and San Bernardino counties, commonly known as the Inland Empire, and to a lesser extent in Orange, Los Angeles, San Diego and other surrounding counties and (b) Northern California, primarily Alameda, Marin, Placer and Shasta and other surrounding counties. The loans have been hedged with loan sale commitments, To-be-Announced ("TBA") Mortgage-Backed-Securities ("MBS") trades and option contracts. The loan sale settlement period is generally between 20 to 30 days from the date of the loan funding. The Corporation adopted ASC 820, “Fair Value Measurements and Disclosures,” and elected the fair value option (ASC 825, “Financial Instruments”) on loans held for sale. | |||
Loans held for investment | ' | ||
Loans held for investment | |||
Loans held for investment consist primarily of long-term adjustable rate loans secured by first trust deeds on single-family residences, other residential property, commercial property and land. Additionally, multi-family and commercial real estate loans are becoming a substantial part of loans held for investment. These loans are generally offered to customers and businesses located in the same areas of Southern and Northern California described above. | |||
Loan origination fees and certain direct origination expenses are deferred and amortized to interest income over the contractual life of the loan using the effective interest method. Amortization is discontinued for non-performing loans. Interest receivable represents, for the most part, the current month’s interest, which will be included as a part of the borrower’s next monthly loan payment. Interest receivable is accrued only if deemed collectible. Loans are placed on non-performing status when they become 90 days past due or if the loan is deemed impaired. When a loan is placed on non-performing status, interest accrued but not received is reversed against interest income. Interest income on non-performing loans is subsequently recognized only to the extent that cash is received and the principal balance is deemed collectible. If the principal balance is not deemed collectible, the entire payment received (principal and interest) is applied to the outstanding loan balance. Non-performing loans that become current as to both principal and interest are returned to accrual status after demonstrating satisfactory payment history and when future payments are expected to be collected. | |||
Allowance for loan losses | ' | ||
Allowance for loan losses | |||
The allowance for loan losses involves significant judgment and assumptions by management, which has a material impact on the carrying value of net loans. Management considers the accounting estimate related to the allowance for loan losses a critical accounting estimate because it is highly susceptible to changes from period to period, requiring management to make assumptions about probable incurred losses inherent in the loan portfolio at the balance sheet date. The impact of a sudden large loss could deplete the allowance and require increased provisions to replenish the allowance, which would negatively affect earnings. | |||
The allowance is based on two principles of accounting: (i) ASC 450, “Contingencies,” which requires that losses be accrued when they are probable of occurring and can be estimated; and (ii) ASC 310, “Receivables,” which requires that losses be accrued for non-performing loans that may be determined on an individually evaluated basis or based on an aggregated pooling method where the allowance is developed primarily by using historical charge-off statistics. The allowance has two components: collectively evaluated allowances and individually evaluated allowances. Each of these components is based upon estimates that can change over time. The allowance is based on historical experience and as a result can differ from actual losses incurred in the future. Additionally, differences may result from qualitative factors such as unemployment data, gross domestic product, interest rates, retail sales, the value of real estate and real estate market conditions. The historical data is reviewed at least quarterly and adjustments are made as needed. Various techniques are used to arrive at an individually evaluated allowance, including discounted cash flows and the fair market value of collateral. The use of these techniques is inherently subjective and the actual losses could be greater or less than the estimates. Management considers, based on currently available information, the allowance for loan losses sufficient to absorb probable losses inherent in loans held for investment. | |||
Allowance for unfunded loan commitments | ' | ||
Allowance for unfunded loan commitments | |||
The Corporation maintains the allowance for unfunded loan commitments at a level that is adequate to absorb estimated probable losses related to these unfunded credit facilities. The Corporation determines the adequacy of the allowance based on periodic evaluations of the unfunded credit facilities, including an assessment of the probability of commitment usage, credit risk factors for loans outstanding to these same customers, and the terms and expiration dates of the unfunded credit facilities. The allowance for unfunded loan commitments is recorded in other liabilities on the Consolidated Statements of Financial Condition. Net adjustments to the allowance for unfunded loan commitments are included in other non-interest expense on the Consolidated Statements of Operations. | |||
Troubled debt restructuring | ' | ||
Troubled debt restructuring (“restructured loans”) | |||
A restructured loan is a loan which the Corporation, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Corporation would not otherwise consider. These financial difficulties include, but are not limited to, the borrowers default status on any of their debts, bankruptcy and recent changes in their financial circumstances (loss of job, etc.). | |||
The loan terms which have been modified or restructured due to a borrower’s financial difficulty, include but are not limited to: | |||
a) | A reduction in the stated interest rate. | ||
b) | An extension of the maturity at an interest rate below market. | ||
c) | A reduction in the accrued interest. | ||
d) | Extensions, deferrals, renewals and rewrites. | ||
e) | Loans that have been discharged in a Chapter 7 Bankruptcy that have not been reaffirmed by the borrower. | ||
To qualify for restructuring, a borrower must provide evidence of creditworthiness such as, current financial statements, 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 Corporation measures the allowance for loan losses of restructured loans based on the difference between the loan's original carrying amount and the present value of expected future cash flows discounted at the original effective yield of the loan. Based on the OCC's guidance with respect to restructured loans and to conform to general practices within the banking industry, the Corporation maintains certain restructured loans on accrual status, provided there is reasonable assurance of repayment and performance, consistent with the modified terms based upon a current, well-documented credit evaluation. | |||
Other restructured loans are classified as “Substandard” and placed on non-performing status. 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 or 12 months for those loans that were restructured more than once. Once 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 corroborating characteristics to be upgraded, such as: satisfactory cash flow, satisfactory guarantor support, and additional collateral support, among others. | |||
Non-performing loans | ' | ||
Non-performing loans | |||
The Corporation assesses loans individually and classifies loans when the accrual of interest has been discontinued, loans have been restructured or management has serious doubts about the future collectibility of principal and interest, even though the loans may currently be performing. Factors considered in determining classification include, but are not limited to, expected future cash flows, the financial condition of the borrower and current economic conditions. The Corporation measures each non-performing loan based on ASC 310, establishes a collectively evaluated or individually evaluated allowance and charges off those loans or portions of loans deemed uncollectible. | |||
Non-performing loans | ' | ||
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. | |||
Real estate owned | ' | ||
Real estate owned | |||
Real estate acquired through foreclosure is initially recorded at the lesser of the loan balance at the time of foreclosure or the fair value of the real estate acquired, less estimated selling costs. Subsequent to foreclosure, the Corporation charges current earnings for estimated losses if the carrying value of the property exceeds its fair value. Gains or losses on the sale of real estate are recognized upon disposition of the property. Costs relating to improvement, maintenance and repairs of the property are expensed as incurred under gain (loss) on sale and operations of real estate owned acquired in the settlement of loans within the consolidated Statements of Operations. | |||
Impairment of long-lived assets | ' | ||
Impairment of long-lived assets | |||
The Corporation reviews its long-lived assets for impairment annually or when events or circumstances indicate that the carrying amount of these assets may not be recoverable. Long-lived assets include buildings, land, fixtures, furniture and equipment. An asset is considered impaired when the expected discounted cash flows over the remaining useful life are less than the net book value. When impairment is indicated for an asset, the amount of impairment loss is the excess of the net book value over its fair value. | |||
Premises and equipment | ' | ||
Premises and equipment | |||
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed primarily on a straight-line basis over the estimated useful lives as follows: | |||
Buildings | 10 to 40 years | ||
Furniture and fixtures | 3 to 10 years | ||
Automobiles | 3 years | ||
Computer equipment | 3 to 5 years | ||
Leasehold improvements are amortized over the lesser of their respective lease terms or the useful life of the improvement, which ranges from one to 10 years. Maintenance and repair costs are charged to operations as incurred. | |||
Income taxes | ' | ||
Income taxes | |||
The Corporation accounts for income taxes in accordance with ASC 740, “Income Taxes.” ASC 740 requires the affirmative evaluation that it is more likely than not, based on the technical merits of a tax position, that an enterprise is entitled to economic benefits resulting from positions taken in income tax returns. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements. | |||
ASC 740 requires that when determining the need for a valuation allowance against a deferred tax asset, management must assess both positive and negative evidence with regard to the realizability of the tax losses represented by that asset. To the extent available sources of taxable income are insufficient to absorb tax losses, a valuation allowance is necessary. Sources of taxable income for this analysis include prior years’ tax returns, the expected reversals of taxable temporary differences between book and tax income, prudent and feasible tax-planning strategies, and future taxable income. The deferred income tax asset related to the allowance will be realized when actual charge-offs are made against the allowance. Based on the availability of loss carry-backs and projected taxable income during the periods for which loss carry-forwards are available, management believes it is more likely than not the Corporation will realize the deferred tax asset. The Corporation continues to monitor the deferred tax asset on a quarterly basis for a valuation allowance. The future realization of these tax benefits primarily hinges on adequate future earnings to utilize the tax benefit. Prospective earnings or losses, tax law changes or capital changes could prompt the Corporation to reevaluate the assumptions which may be used to establish a valuation allowance. | |||
The Corporation files income tax returns for the United States and state of California jurisdictions. The Internal Revenue Service has audited the Bank’s income tax returns through 1996 and the California Franchise Tax Board has audited the Bank through 1990. Also, the Internal Revenue Service completed a review of the Corporation’s income tax returns for fiscal 2006 and 2007; and the California Franchise Tax Board completed a review of the Corporation’s income tax returns for fiscal 2007 and 2008. During fiscal 2014, the California Franchise Tax Board completed their tax review for the fiscal years 2009 and 2010; and the Corporation paid an additional $36,000 for fiscal 2010 income taxes. Tax years subsequent to fiscal 2010 remain subject to federal examination, while the California state tax returns for years subsequent to fiscal 2010 are subject to examination by state taxing authorities. The Corporation believes that it has adequately provided or paid income tax obligations not yet resolved with federal and state tax authorities. | |||
Bank owned life insurance (BOLI) | ' | ||
Bank owned life insurance (“BOLI”) | |||
ASC 715-60-35, "Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements," requires an employer to recognize obligations associated with endorsement split-dollar life insurance arrangements that extend into the participant's post-employment benefit cost for the continuing life insurance or based on the future death benefit depending on the contractual terms of the underlying agreement. The Corporation adopted ASC 715-60-35 using the latter option, i.e., based on the future death benefit. The Bank purchases BOLI policies on the lives of certain executive officers while they are employed by the Bank and is the owner and beneficiary of the policies. The Bank invests in BOLI to provide an efficient form of funding for long-term retirement and other employee benefits costs. The Bank records these BOLI policies within prepaid expenses and other assets in the Consolidated Statements of Financial Condition at each policy’s respective cash surrender value, with changes recorded in other non-interest income in the Consolidated Statements of Operations. | |||
Cash dividend and stock repurchases | ' | ||
Cash dividend | |||
A declaration or payment of dividends is at the discretion of the Corporation’s Board of Directors, who take into account the Corporation’s financial condition, results of operations, tax considerations, capital requirements, industry standards, economic conditions and other factors, including the regulatory restrictions which affect the payment of dividends by the Bank to the Corporation. Under Delaware law, dividends may be paid either out of surplus or, if there is no surplus, out of net profits for the current fiscal year and/or the preceding fiscal year in which the dividend is declared. For additional information, see Note 22 of the Notes to Consolidated Financial Statements regarding the subsequent event related to the cash dividend. | |||
Stock repurchases | |||
The Corporation repurchases its common stock consistent with Board-approved stock repurchase plans. During fiscal 2014, the Corporation repurchased 1.1 million shares under the March 2013, November 2013 and May 2014 stock repurchase programs with an average cost of $15.25 per share. | |||
Earnings per common share (EPS) | ' | ||
Earnings per common share (“EPS”) | |||
Basic EPS represents net income divided by the weighted average common shares outstanding during the period excluding any potential dilutive effects. Diluted EPS gives effect to any potential issuance of common stock that would have caused basic EPS to be lower as if the issuance had already occurred. Accordingly, diluted EPS reflects an increase in the weighted average shares outstanding as a result of the assumed exercise of stock options and the vesting of restricted stock. The computation of diluted EPS does not assume exercise of stock options and vesting of restricted stock that would have an anti-dilutive effect on EPS. | |||
Stock-based compensation | ' | ||
Stock-based compensation | |||
ASC 718, “Compensation – Stock Compensation,” requires companies to recognize in the statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and directors. The adoption of ASC 718 resulted in stock-based compensation expense related to issued and unvested stock option grants. | |||
Employee Stock Ownership Plan (ESOP) | ' | ||
Employee Stock Ownership Plan ("ESOP") | |||
The Corporation recognizes compensation expense when the Bank contributes funds to the ESOP for the purchase of the Corporation’s common stock to be allocated to the ESOP participants. Since the contributions are discretionary, the benefits payable under the ESOP cannot be estimated. | |||
Restricted stock | ' | ||
Restricted stock | |||
The Corporation recognizes compensation expense over the vesting period of the shares awarded, equal to the fair value of the shares at the award date. | |||
Post retirement benefits | ' | ||
Post retirement benefits | |||
The estimated obligation for post retirement health care and life insurance benefits is determined based on an actuarial computation of the cost of current and future benefits for the eligible (grandfathered) retirees and employees. The post retirement benefit liability is included in accounts payable, accrued interest and other liabilities in the Consolidated Statement of Financial Condition. Effective July 1, 2003, the Corporation discontinued the post retirement health care and life insurance benefits to any employee not previously qualified (grandfathered) for these benefits. | |||
Comprehensive income (loss) | ' | ||
Comprehensive income (loss) | |||
ASC 220, “Comprehensive Income,” requires that realized revenue, expenses, gains and losses be included in net income (loss). Unrealized gains (losses) on available for sale securities, are reported as a separate component of the stockholders’ equity section of the Consolidated Statements of Financial Condition and the change in the unrealized gains (losses) are reported on the Consolidated Statements of Comprehensive Income. | |||
Impaired financing receivables | ' | ||
In compliance with the regulatory reporting requirements of the Office of the Comptroller of the Currency (“OCC”), the Bank’s primary federal regulator, 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 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 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. | |||
Commitments on undisbursed funds held for investment | ' | ||
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, TBA MBS trades, put option contracts and call option contracts are recorded at fair value on the Consolidated Statements of Financial Condition. At June 30, 2014, $2.6 million was included in other assets and $1.4 million was included in other liabilities; at June 30, 2013, $7.4 million was included in other assets and $1.1 million 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 the Consolidated Statements of Operations. | |||
Off-balance sheet credit exposure | ' | ||
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 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 June 30, 2014 and 2013, the Corporation had commitments to extend credit (on loans to be held for investment and loans to be held for sale) of $134.8 million and $262.5 million, respectively. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Activity in Recourse Liability | ' | ||||||
Activity in the recourse liability for the years ended June 30, 2014 and 2013 was as follows: | |||||||
(In Thousands) | 2014 | 2013 | |||||
Balance, beginning of year | $ | 2,111 | $ | 6,183 | |||
Recourse (recovery) provision | (469 | ) | 1,739 | ||||
Net settlements in lieu of loan repurchases | (738 | ) | (5,811 | ) | |||
Balance, end of the year | $ | 904 | $ | 2,111 | |||
Schedule of Estimated Useful Lives | ' | ||||||
Depreciation is computed primarily on a straight-line basis over the estimated useful lives as follows: | |||||||
Buildings | 10 to 40 years | ||||||
Furniture and fixtures | 3 to 10 years | ||||||
Automobiles | 3 years | ||||||
Computer equipment | 3 to 5 years | ||||||
Premises and equipment at June 30, 2014 and 2013 consisted of the following: | |||||||
June 30, | |||||||
(In Thousands) | 2014 | 2013 | |||||
Land | $ | 2,853 | $ | 2,853 | |||
Buildings | 8,342 | 8,135 | |||||
Leasehold improvements | 2,963 | 2,917 | |||||
Furniture and equipment | 5,578 | 5,542 | |||||
Automobiles | 151 | 140 | |||||
19,887 | 19,587 | ||||||
Less accumulated depreciation and amortization | (13,518 | ) | (12,896 | ) | |||
Total premises and equipment, net | $ | 6,369 | $ | 6,691 | |||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | ||||||||||||||||||||
The amortized cost and estimated fair value of investment securities as of June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||
30-Jun-14 | Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | |||||||||||||||||
Cost | Gains | (Losses) | Value | Value | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Held to maturity | |||||||||||||||||||||
Certificate of deposits | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | |||||||||||
Total investment securities - held to maturity | $ | 800 | $ | — | $ | — | $ | 800 | $ | 800 | |||||||||||
Available for sale | |||||||||||||||||||||
U.S. government agency MBS | $ | 8,772 | $ | 337 | $ | — | $ | 9,109 | $ | 9,109 | |||||||||||
U.S. government sponsored enterprise MBS | 6,128 | 257 | — | 6,385 | 6,385 | ||||||||||||||||
Private issue CMO (1) | 841 | 12 | — | 853 | 853 | ||||||||||||||||
Total investment securities - available for sale | $ | 15,741 | $ | 606 | $ | — | $ | 16,347 | $ | 16,347 | |||||||||||
Total investment securities | $ | 16,541 | $ | 606 | $ | — | $ | 17,147 | $ | 17,147 | |||||||||||
(1) | Collateralized Mortgage Obligations (“CMO”). | ||||||||||||||||||||
30-Jun-13 | Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Carrying | |||||||||||||||||
Cost | Gains | (Losses) | Value | Value | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Available for sale | |||||||||||||||||||||
U.S. government agency MBS | $ | 10,361 | $ | 455 | $ | — | $ | 10,816 | $ | 10,816 | |||||||||||
U.S. government sponsored enterprise MBS | 7,255 | 420 | — | 7,675 | 7,675 | ||||||||||||||||
Private issue CMO | 1,036 | 1 | (18 | ) | 1,019 | 1,019 | |||||||||||||||
Total investment securities | $ | 18,652 | $ | 876 | $ | (18 | ) | $ | 19,510 | $ | 19,510 | ||||||||||
Schedule of Investments with Unrealized Loss Position | ' | ||||||||||||||||||||
As of June 30, 2014, the Corporation held investments with no unrealized loss position. This compares to June 30, 2013 when the Corporation held investment with unrealized loss position of $18,000, consisting of the following: | |||||||||||||||||||||
As of June 30, 2013 | 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 | |||||||||||||||
Private issue CMO | $ | 848 | $ | 18 | $ | — | $ | — | $ | 848 | $ | 18 | |||||||||
Total | $ | 848 | $ | 18 | $ | — | $ | — | $ | 848 | $ | 18 | |||||||||
Investments Classified by Contractual Maturity | ' | ||||||||||||||||||||
Contractual maturities of investment securities as of June 30, 2014 and 2013 were as follows: | |||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||
(In Thousands) | Amortized | Estimated | Amortized | Estimated | |||||||||||||||||
Cost | Fair | Cost | Fair | ||||||||||||||||||
Value | Value | ||||||||||||||||||||
Held to maturity | |||||||||||||||||||||
Due in one year or less | $ | 800 | $ | 800 | $ | — | $ | — | |||||||||||||
Due after one through five years | — | — | — | — | |||||||||||||||||
Due after five through ten years | — | — | — | — | |||||||||||||||||
Due after ten years | — | — | — | — | |||||||||||||||||
Total investment securities - held to maturity | $ | 800 | $ | 800 | $ | — | $ | — | |||||||||||||
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 | 15,741 | 16,347 | 18,652 | 19,510 | |||||||||||||||||
Total investment securities - available for sale | $ | 15,741 | $ | 16,347 | $ | 18,652 | $ | 19,510 | |||||||||||||
Total investment securities | $ | 16,541 | $ | 17,147 | $ | 18,652 | $ | 19,510 | |||||||||||||
Loans_Held_For_Investment_Tabl
Loans Held For Investment (Tables) | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Loans Held for Investment | ' | ||||||||||||||||||
Loans held for investment consisted of the following at June 30, 2014 and 2013: | |||||||||||||||||||
(In Thousands) | 30-Jun-14 | June 30, | |||||||||||||||||
2013 | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 377,997 | $ | 404,341 | |||||||||||||||
Multi-family | 301,211 | 262,316 | |||||||||||||||||
Commercial real estate | 96,803 | 92,488 | |||||||||||||||||
Construction | 2,869 | 292 | |||||||||||||||||
Commercial business loans | 1,237 | 1,687 | |||||||||||||||||
Consumer loans | 306 | 437 | |||||||||||||||||
Total loans held for investment, gross | 780,423 | 761,561 | |||||||||||||||||
Undisbursed loan funds | (1,090 | ) | (292 | ) | |||||||||||||||
Deferred loan costs, net | 2,552 | 2,063 | |||||||||||||||||
Allowance for loan losses | (9,744 | ) | (14,935 | ) | |||||||||||||||
Total loans held for investment, net | $ | 772,141 | $ | 748,397 | |||||||||||||||
Schedule of Loans Held for Investment, Contractual Repricing | ' | ||||||||||||||||||
Adjustable Rate | |||||||||||||||||||
(In Thousands) | Within One Year | After | After | After | Fixed Rate | Total | |||||||||||||
One Year | 3 Years | 5 Years | |||||||||||||||||
Through 3 Years | Through 5 Years | Through 10 Years | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 331,852 | $ | 10,509 | $ | 12,216 | $ | 7,925 | $ | 15,495 | $ | 377,997 | |||||||
Multi-family | 94,646 | 39,494 | 152,610 | 8,264 | 6,197 | 301,211 | |||||||||||||
Commercial real estate | 35,613 | 6,163 | 44,935 | — | 10,092 | 96,803 | |||||||||||||
Construction | 2,869 | — | — | — | — | 2,869 | |||||||||||||
Commercial business loans | 328 | — | 125 | — | 784 | 1,237 | |||||||||||||
Consumer loans | 294 | — | — | — | 12 | 306 | |||||||||||||
Total loans held for investment, gross | $ | 465,602 | $ | 56,166 | $ | 209,886 | $ | 16,189 | $ | 32,580 | $ | 780,423 | |||||||
Schedule of Allowance for Loan Losses | ' | ||||||||||||||||||
The following tables summarize the Corporation’s allowance for loan losses at June 30, 2014 and 2013: | |||||||||||||||||||
(In Thousands) | 30-Jun-14 | June 30, | |||||||||||||||||
2013 | |||||||||||||||||||
Collectively evaluated for impairment: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 5,476 | $ | 8,949 | |||||||||||||||
Multi-family | 3,142 | 4,689 | |||||||||||||||||
Commercial real estate | 989 | 1,053 | |||||||||||||||||
Construction | 35 | — | |||||||||||||||||
Commercial business loans | 51 | 78 | |||||||||||||||||
Consumer loans | 10 | 12 | |||||||||||||||||
Total collectively evaluated allowance | 9,703 | 14,781 | |||||||||||||||||
Individually evaluated for impairment: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | — | 113 | |||||||||||||||||
Commercial business loans | 41 | 41 | |||||||||||||||||
Total individually evaluated allowance | 41 | 154 | |||||||||||||||||
Total loan loss allowance | $ | 9,744 | $ | 14,935 | |||||||||||||||
The following summarizes the components of the net change in the allowance for loan losses for the periods indicated: | |||||||||||||||||||
(In Thousands) | Year Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Balance, beginning of year | $ | 14,935 | $ | 21,483 | $ | 30,482 | |||||||||||||
(Recovery) provision for loan losses | (3,380 | ) | (1,499 | ) | 5,777 | ||||||||||||||
Recoveries | 929 | 762 | 375 | ||||||||||||||||
Charge-offs | (2,740 | ) | (5,811 | ) | (15,151 | ) | |||||||||||||
Balance, end of year | $ | 9,744 | $ | 14,935 | $ | 21,483 | |||||||||||||
Schedule of Recorded Investment in Non-Performing Loans | ' | ||||||||||||||||||
The following tables identify the Corporation’s total recorded investment in non-performing loans by type, net of allowance for loan losses or charge-offs at June 30, 2014 and 2013: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 5,480 | $ | (1,148 | ) | $ | 4,332 | ||||||||||||
Without a related allowance (2) | 6,067 | — | 6,067 | ||||||||||||||||
Total single-family loans | 11,547 | (1,148 | ) | 10,399 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 956 | (354 | ) | 602 | |||||||||||||||
Without a related allowance (2) | 2,491 | — | 2,491 | ||||||||||||||||
Total multi-family loans | 3,447 | (354 | ) | 3,093 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 2,352 | — | 2,352 | ||||||||||||||||
Total commercial real estate loans | 2,352 | — | 2,352 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 138 | (46 | ) | 92 | |||||||||||||||
Total commercial business loans | 138 | (46 | ) | 92 | |||||||||||||||
Total non-performing loans | $ | 17,484 | $ | (1,548 | ) | $ | 15,936 | ||||||||||||
(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. | ||||||||||||||||||
June 30, 2013 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 9,908 | $ | (2,350 | ) | $ | 7,558 | ||||||||||||
Without a related allowance (2) | 5,665 | — | 5,665 | ||||||||||||||||
Total single-family loans | 15,573 | (2,350 | ) | 13,223 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 4,519 | (1,320 | ) | 3,199 | |||||||||||||||
Without a related allowance (2) | 558 | — | 558 | ||||||||||||||||
Total multi-family loans | 5,077 | (1,320 | ) | 3,757 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 4,572 | — | 4,572 | ||||||||||||||||
Total commercial real estate loans | 4,572 | — | 4,572 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 189 | (59 | ) | 130 | |||||||||||||||
Total commercial business loans | 189 | (59 | ) | 130 | |||||||||||||||
Total non-performing loans | $ | 25,411 | $ | (3,729 | ) | $ | 21,682 | ||||||||||||
(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. | ||||||||||||||||||
Schedule of Aging Analysis of Non-Performing Loans | ' | ||||||||||||||||||
The following table describes the aging analysis (length of time on non-performing status) of non-performing loans, net of allowance for loan losses or charge-offs, as of June 30, 2014 and 2013: | |||||||||||||||||||
As of June 30, 2014 (In Thousands) | 3 Months or | Over 3 to | Over 6 to | Over 12 | |||||||||||||||
Less | 6 Months | 12 Months | Months | Total | |||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 1,433 | $ | — | $ | 2,655 | $ | 6,311 | $ | 10,399 | |||||||||
Multi-family | 413 | — | 165 | 2,515 | 3,093 | ||||||||||||||
Commercial real estate | — | 455 | 576 | 1,321 | 2,352 | ||||||||||||||
Commercial business loans | — | — | — | 92 | 92 | ||||||||||||||
Total | $ | 1,846 | $ | 455 | $ | 3,396 | $ | 10,239 | $ | 15,936 | |||||||||
Effect of Nonperforming Loans on Interest Income | ' | ||||||||||||||||||
The effect of the non-performing loans on interest income for the years ended June 30, 2014, 2013 and 2012 is presented below: | |||||||||||||||||||
(In Thousands) | Year Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Contractual interest due | $ | 1,346 | $ | 1,763 | $ | 2,432 | |||||||||||||
Interest recognized | (546 | ) | (885 | ) | (1,556 | ) | |||||||||||||
Net foregone interest | $ | 800 | $ | 878 | $ | 876 | |||||||||||||
Schedule of Troubled Debt Restructurings by Nonaccrual Versus Accrual Status | ' | ||||||||||||||||||
The following table summarizes at the dates indicated the restructured loan balances, net of allowance for loan losses or charge-offs, by loan type and non-accrual versus accrual status at June 30, 2014 and 2013: | |||||||||||||||||||
(In Thousands) | June 30, 2014 | June 30, 2013 | |||||||||||||||||
Restructured loans on non-accrual status: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | $ | 2,957 | $ | 5,094 | |||||||||||||||
Multi-family | 1,760 | 2,521 | |||||||||||||||||
Commercial real estate | 800 | 1,354 | |||||||||||||||||
Commercial business loans | 92 | 123 | |||||||||||||||||
Total | 5,609 | 9,092 | |||||||||||||||||
Restructured loans on accrual status: | |||||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family | 343 | 434 | |||||||||||||||||
Total | 343 | 434 | |||||||||||||||||
Total restructured loans | $ | 5,952 | $ | 9,526 | |||||||||||||||
The following table shows the restructured loans by type, net of allowance for loan losses or charge-offs, at June 30, 2014 and 2013: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 994 | $ | (248 | ) | $ | 746 | ||||||||||||
Without a related allowance (2) | 2,554 | — | 2,554 | ||||||||||||||||
Total single-family loans | 3,548 | (248 | ) | 3,300 | |||||||||||||||
Multi-family: | |||||||||||||||||||
Without a related allowance (2) | 1,760 | — | 1,760 | ||||||||||||||||
Total multi-family loans | 1,760 | — | 1,760 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 800 | — | 800 | ||||||||||||||||
Total commercial real estate loans | 800 | — | 800 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 138 | (46 | ) | 92 | |||||||||||||||
Total commercial business loans | 138 | (46 | ) | 92 | |||||||||||||||
Total restructured loans | $ | 6,246 | $ | (294 | ) | $ | 5,952 | ||||||||||||
(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. | ||||||||||||||||||
June 30, 2013 | |||||||||||||||||||
(In Thousands) | Allowance | ||||||||||||||||||
Recorded | for Loan | Net | |||||||||||||||||
Investment | Losses (1) | Investment | |||||||||||||||||
Mortgage loans: | |||||||||||||||||||
Single-family: | |||||||||||||||||||
With a related allowance | $ | 3,774 | $ | (795 | ) | $ | 2,979 | ||||||||||||
Without a related allowance (2) | 2,549 | — | 2,549 | ||||||||||||||||
Total single-family loans | 6,323 | (795 | ) | 5,528 | |||||||||||||||
Multi-family: | |||||||||||||||||||
With a related allowance | 3,266 | (1,006 | ) | 2,260 | |||||||||||||||
Without a related allowance (2) | 261 | — | 261 | ||||||||||||||||
Total multi-family loans | 3,527 | (1,006 | ) | 2,521 | |||||||||||||||
Commercial real estate: | |||||||||||||||||||
Without a related allowance (2) | 1,354 | — | 1,354 | ||||||||||||||||
Total commercial real estate loans | 1,354 | — | 1,354 | ||||||||||||||||
Commercial business loans: | |||||||||||||||||||
With a related allowance | 180 | (57 | ) | 123 | |||||||||||||||
Total commercial business loans | 180 | (57 | ) | 123 | |||||||||||||||
Total restructured loans | $ | 11,384 | $ | (1,858 | ) | $ | 9,526 | ||||||||||||
(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. | ||||||||||||||||||
Summary of Related Party Loan Activity | ' | ||||||||||||||||||
The following is a summary of related-party loan activity: | |||||||||||||||||||
(In Thousands) | Year Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Balance, beginning of year | $ | 2,024 | $ | 2,030 | $ | 2,036 | |||||||||||||
Originations | 691 | 3,581 | 2,807 | ||||||||||||||||
Sales and payments | (704 | ) | (3,587 | ) | (2,813 | ) | |||||||||||||
Balance, end of year | $ | 2,011 | $ | 2,024 | $ | 2,030 | |||||||||||||
Mortgage_Loan_Servicing_and_Lo1
Mortgage Loan Servicing and Loans Originated for Sale (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Transfers and Servicing [Abstract] | ' | |||||||||
Schedule of Mortgage Loans Serviced for Others | ' | |||||||||
The following summarizes the unpaid principal balance of loans serviced for others by the Corporation at the dates indicated: | ||||||||||
As of June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Loans serviced for Freddie Mac | $ | 4,574 | $ | 4,160 | $ | 4,727 | ||||
Loans serviced for Fannie Mae | 38,470 | 34,023 | 24,063 | |||||||
Loans serviced for FHLB – San Francisco | 38,602 | 52,096 | 68,013 | |||||||
Loans serviced for other investors | 1,088 | 1,877 | 2,072 | |||||||
Total loans serviced for others | $ | 82,734 | $ | 92,156 | $ | 98,875 | ||||
Schedule of Mortgage Servicing Assets | ' | |||||||||
The following table summarizes the Corporation’s MSA for years ended June 30, 2014 and 2013: | ||||||||||
Year Ended June 30, | ||||||||||
(Dollars In Thousands) | 2014 | 2013 | ||||||||
MSA balance, beginning of fiscal year | $ | 534 | $ | 491 | ||||||
Additions | 80 | 104 | ||||||||
Amortization | (60 | ) | (61 | ) | ||||||
MSA balance, end of fiscal year, before allowance | 554 | 534 | ||||||||
Allowance | (259 | ) | (200 | ) | ||||||
MSA balance, end of fiscal year | $ | 295 | $ | 334 | ||||||
Fair value, beginning of fiscal year | $ | 395 | $ | 398 | ||||||
Fair value, end of fiscal year | $ | 357 | $ | 395 | ||||||
Allowance, beginning of fiscal year | $ | 200 | $ | 164 | ||||||
Impairment provision | 59 | 36 | ||||||||
Allowance, end of fiscal year | $ | 259 | $ | 200 | ||||||
Key Assumptions: | ||||||||||
Weighted-average discount rate | 9.14 | % | 9.11 | % | ||||||
Weighted-average prepayment speed | 38.24 | % | 24.9 | % | ||||||
Schedule of Estimated Future Amortization of Mortgage Servicing Assets | ' | |||||||||
The following table summarizes the estimated future amortization of MSA for the next five years and thereafter: | ||||||||||
Amount | ||||||||||
Year Ending June 30, | (In Thousands) | |||||||||
2015 | $ | 98 | ||||||||
2016 | 63 | |||||||||
2017 | 22 | |||||||||
2018 | 12 | |||||||||
2019 | 7 | |||||||||
Thereafter | 352 | |||||||||
Total estimated amortization expense | $ | 554 | ||||||||
Schedule of Mortgage Servicing Assets, Hypothetical Effect on Fair Value | ' | |||||||||
The following table represents the hypothetical effect on the fair value of the Corporation’s MSA using an unfavorable shock analysis of certain key valuation assumptions as of June 30, 2014 and 2013. This analysis is presented for hypothetical purposes only. As the amounts indicate, changes in fair value based on changes in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear. | ||||||||||
Year Ended June 30, | ||||||||||
(Dollars In Thousands) | 2014 | 2013 | ||||||||
MSA net carrying value | $ | 295 | $ | 334 | ||||||
CPR assumption (weighted-average) | 38.24 | % | 24.9 | % | ||||||
Impact on fair value with 10% adverse change in prepayment speed | $ | (16 | ) | $ | (18 | ) | ||||
Impact on fair value with 20% adverse change in prepayment speed | $ | (31 | ) | $ | (33 | ) | ||||
Discount rate assumption (weighted-average) | 9.14 | % | 9.11 | % | ||||||
Impact on fair value with 10% adverse change in discount rate | $ | (12 | ) | $ | (12 | ) | ||||
Impact on fair value with 20% adverse change in discount rate | $ | (24 | ) | $ | (24 | ) | ||||
Schedule of Mortgage Servicing Assets Sold | ' | |||||||||
Loans sold consisted of the following for the years indicated: | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Loans sold: | ||||||||||
Servicing – released | $ | 1,990,087 | $ | 3,506,027 | $ | 2,460,281 | ||||
Servicing – retained | 9,189 | 16,331 | 13,121 | |||||||
Total loans sold | $ | 1,999,276 | $ | 3,522,358 | $ | 2,473,402 | ||||
Schedule of Mortgage Servicing Assets Held For Sale | ' | |||||||||
Loans held for sale, at fair value, at June 30, 2014 and 2013 consisted of the following: | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
Fixed rate | $ | 155,034 | $ | 183,999 | ||||||
Adjustable rate | 3,849 | 4,051 | ||||||||
Total loans held for sale, at fair value | $ | 158,883 | $ | 188,050 | ||||||
Real_Estate_Owned_Tables
Real Estate Owned (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Real Estate [Abstract] | ' | |||||||||
Schedule of Real Estate Owned | ' | |||||||||
Real estate owned at June 30, 2014 and 2013 consisted of the following: | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
Real estate owned | $ | 2,586 | $ | 2,440 | ||||||
Allowance for estimated real estate owned losses | (119 | ) | (144 | ) | ||||||
Total real estate owned, net | $ | 2,467 | $ | 2,296 | ||||||
Schedule of Real Estate Owned, Gains (Losses) From Settlement of Loans | ' | |||||||||
A summary of the disposition and operations of real estate owned acquired in the settlement of loans for the years ended June 30, 2014, 2013 and 2012 consisted of the following: | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Net gains (losses) on sale | $ | 288 | $ | 1,213 | $ | (287 | ) | |||
Net operating expenses | (295 | ) | (395 | ) | (835 | ) | ||||
Recovery from the allowance for estimated real estate owned losses | 25 | 98 | 1,002 | |||||||
Gain (loss) on sale and operations of real estate owned acquired in | $ | 18 | $ | 916 | $ | (120 | ) | |||
the settlement of loans, net | ||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Property, Plant and Equipment [Abstract] | ' | ||||||
Schedule of Premises and Equipment | ' | ||||||
Depreciation is computed primarily on a straight-line basis over the estimated useful lives as follows: | |||||||
Buildings | 10 to 40 years | ||||||
Furniture and fixtures | 3 to 10 years | ||||||
Automobiles | 3 years | ||||||
Computer equipment | 3 to 5 years | ||||||
Premises and equipment at June 30, 2014 and 2013 consisted of the following: | |||||||
June 30, | |||||||
(In Thousands) | 2014 | 2013 | |||||
Land | $ | 2,853 | $ | 2,853 | |||
Buildings | 8,342 | 8,135 | |||||
Leasehold improvements | 2,963 | 2,917 | |||||
Furniture and equipment | 5,578 | 5,542 | |||||
Automobiles | 151 | 140 | |||||
19,887 | 19,587 | ||||||
Less accumulated depreciation and amortization | (13,518 | ) | (12,896 | ) | |||
Total premises and equipment, net | $ | 6,369 | $ | 6,691 | |||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Banking and Thrift [Abstract] | ' | |||||||||
Schedule of Deposits | ' | |||||||||
Deposits at June 30, 2014 and 2013 consisted of the following: | ||||||||||
June 30, 2014 | June 30, 2013 | |||||||||
(Dollars in Thousands) | Interest Rate | Amount | Interest Rate | Amount | ||||||
Checking deposits – non interest-bearing | — | $ | 58,654 | — | $ | 57,835 | ||||
Checking deposits – interest-bearing (1) | 0% - 0.35% | 202,769 | 0% - 0.25% | 206,784 | ||||||
Savings deposits (1) | 0% - 1.00% | 239,429 | 0% - 1.00% | 229,779 | ||||||
Money market deposits (1) | 0% - 2.00% | 26,125 | 0% - 2.00% | 26,399 | ||||||
Time deposits (1) | ||||||||||
Under $100 (2) | 0.00% - 3.90% | 184,895 | 0.00% - 4.88% | 206,039 | ||||||
$100 and over | 0.10% - 3.79% | 185,998 | 0.10% - 4.88% | 196,174 | ||||||
Total deposits | $ | 897,870 | $ | 923,010 | ||||||
Weighted-average interest rate on deposits | 0.56 | % | 0.66 | % | ||||||
(1) | Certain interest-bearing checking, savings, money market and time deposits require a minimum balance to earn interest. | |||||||||
(2) | Includes brokered deposits of $3.0 million and $4.7 million at June 30, 2014 and 2013, respectively. | |||||||||
Schedule of Annual Maturities of Time Deposits | ' | |||||||||
The aggregate annual maturities of time deposits at June 30, 2014 and 2013 were as follows: | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
One year or less | $ | 173,519 | $ | 255,594 | ||||||
Over one to two years | 104,042 | 93,919 | ||||||||
Over two to three years | 52,705 | 33,193 | ||||||||
Over three to four years | 8,761 | 9,010 | ||||||||
Over four to five years | 31,711 | 8,930 | ||||||||
Over five years | 155 | 1,567 | ||||||||
Total time deposits | $ | 370,893 | $ | 402,213 | ||||||
Schedule of Interest Expense on Deposits | ' | |||||||||
Interest expense on deposits for the periods indicated is summarized as follows: | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Checking deposits – interest-bearing | $ | 290 | $ | 283 | $ | 481 | ||||
Savings deposits | 606 | 578 | 763 | |||||||
Money market deposits | 95 | 117 | 156 | |||||||
Time deposits | 4,504 | 5,607 | 7,015 | |||||||
Total interest expense on deposits | $ | 5,495 | $ | 6,585 | $ | 8,415 | ||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Banking and Thrift [Abstract] | ' | |||||||||
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | ' | |||||||||
Borrowings at June 30, 2014 and 2013 consisted of the following: | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
FHLB – San Francisco advances | $ | 41,431 | $ | 106,491 | ||||||
Summary of Federal Home Loan Bank, Advances | ' | |||||||||
The following tables set forth certain information regarding borrowings by the Bank at the dates and for the years indicated: | ||||||||||
At or For the Year Ended June 30, | ||||||||||
(Dollars in Thousands) | 2014 | 2013 | 2012 | |||||||
Balance outstanding at the end of year: | $ | 41,431 | $ | 106,491 | $ | 126,546 | ||||
FHLB – San Francisco advances | ||||||||||
Weighted-average rate at the end of year: | 3.18 | % | 3.55 | % | 3.53 | % | ||||
FHLB – San Francisco advances | ||||||||||
Maximum amount of borrowings outstanding at any month end: | $ | 81,486 | $ | 126,542 | $ | 216,577 | ||||
FHLB – San Francisco advances | ||||||||||
Average short-term borrowings during the year | ||||||||||
with respect to (1): | ||||||||||
FHLB – San Francisco advances | $ | 13,333 | $ | 61,667 | $ | 57,500 | ||||
Weighted-average short-term borrowing rate during the year | ||||||||||
with respect to (1): | ||||||||||
FHLB – San Francisco advances | 3.14 | % | 3.87 | % | 3.54 | % | ||||
(1) Borrowings with a remaining term of 12 months or less. | ||||||||||
Schedule of Federal Home Loan Bank, Advances, Annual Contractual Maturities | ' | |||||||||
The aggregate annual contractual maturities of borrowings at June 30, 2014 and 2013 are as follows: | ||||||||||
June 30, | ||||||||||
(Dollars in Thousands) | 2014 | 2013 | ||||||||
Within one year | $ | — | $ | 65,000 | ||||||
Over one to two years | — | — | ||||||||
Over two to three years | — | — | ||||||||
Over three to four years | 10,080 | — | ||||||||
Over four to five years | 10,000 | 10,101 | ||||||||
Over five years | 21,351 | 31,390 | ||||||||
Total borrowings | $ | 41,431 | $ | 106,491 | ||||||
Weighted average interest rate | 3.18 | % | 3.55 | % | ||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Provision for Income Taxes | ' | |||||||||||||||||||
The provision for income taxes for the periods indicated consisted of the following: | ||||||||||||||||||||
(In Thousands) | Year Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | 4,272 | $ | 9,585 | $ | 4,984 | ||||||||||||||
State | 1,773 | 3,056 | 1,662 | |||||||||||||||||
6,045 | 12,641 | 6,646 | ||||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | (611 | ) | 2,454 | 947 | ||||||||||||||||
State | (430 | ) | 1,821 | 335 | ||||||||||||||||
(1,041 | ) | 4,275 | 1,282 | |||||||||||||||||
Provision for income taxes | $ | 5,004 | $ | 16,916 | $ | 7,928 | ||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||||||||
The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to net income before income taxes as a result of the following differences for the periods indicated: | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In Thousands) | Amount | Tax | Amount | Tax | Amount | Tax | ||||||||||||||
Rate | Rate | Rate | ||||||||||||||||||
Federal income tax at statutory rate | $ | 3,982 | 34.3 | % | $ | 14,950 | 35 | % | $ | 6,558 | 35 | % | ||||||||
State income tax | 813 | 7 | % | 3,002 | 7 | % | 1,300 | 6.9 | % | |||||||||||
Changes in taxes resulting from: | ||||||||||||||||||||
Bank-owned life insurance | (65 | ) | (0.6 | )% | (64 | ) | (0.1 | )% | (66 | ) | (0.4 | )% | ||||||||
Non-deductible expenses | 30 | 0.3 | % | 63 | 0.1 | % | 33 | 0.2 | % | |||||||||||
Non-deductible stock-based compensation | (22 | ) | (0.2 | )% | 82 | 0.2 | % | 110 | 0.6 | % | ||||||||||
Release of FIN 48 tax liabilities | — | — | % | (825 | ) | (1.9 | )% | — | — | % | ||||||||||
Other | 266 | 2.3 | % | (292 | ) | (0.7 | )% | (7 | ) | — | % | |||||||||
Effective income tax | $ | 5,004 | 43.1 | % | $ | 16,916 | 39.6 | % | $ | 7,928 | 42.3 | % | ||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||||||||||
Deferred tax assets at June 30, 2014 and 2013 by jurisdiction were as follows: | ||||||||||||||||||||
(In Thousands) | June 30, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Deferred taxes - federal | $ | 4,185 | $ | 3,465 | ||||||||||||||||
Deferred taxes - state | 1,403 | 960 | ||||||||||||||||||
Total net deferred tax assets | $ | 5,588 | $ | 4,425 | ||||||||||||||||
Net deferred tax assets at June 30, 2014 and 2013 were comprised of the following: | ||||||||||||||||||||
(In Thousands) | June 30, | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Loss reserves | $ | 6,852 | $ | 9,341 | ||||||||||||||||
Non-accrued interest | 647 | 420 | ||||||||||||||||||
Deferred compensation | 2,982 | 3,106 | ||||||||||||||||||
Accrued vacation | 315 | 323 | ||||||||||||||||||
State taxes | 131 | 924 | ||||||||||||||||||
Other | 507 | 202 | ||||||||||||||||||
Total deferred tax assets | 11,434 | 14,316 | ||||||||||||||||||
FHLB - San Francisco stock cash dividends | (956 | ) | (2,069 | ) | ||||||||||||||||
Unrealized gain on derivative financial instruments, at fair value | (522 | ) | (2,916 | ) | ||||||||||||||||
Unrealized gain on loans held for sale, at fair value | (711 | ) | (1,422 | ) | ||||||||||||||||
Unrealized gain on investment securities | (254 | ) | (360 | ) | ||||||||||||||||
Unrealized gain on interest-only strips | (25 | ) | (41 | ) | ||||||||||||||||
Deferred loan costs | (2,862 | ) | (2,577 | ) | ||||||||||||||||
Depreciation | (516 | ) | (506 | ) | ||||||||||||||||
Total deferred tax liabilities | (5,846 | ) | (9,891 | ) | ||||||||||||||||
Net deferred tax assets | $ | 5,588 | $ | 4,425 | ||||||||||||||||
Schedule of Unrecognized Tax Benefits | ' | |||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended June 30, 2014, 2013, and 2012 is as follows: | ||||||||||||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
Balance of prior fiscal year end | $ | 1,961 | $ | 1,961 | $ | 1,961 | ||||||||||||||
Additions based on tax positions related to the current year | — | — | — | |||||||||||||||||
Addition for tax positions of prior years | — | — | — | |||||||||||||||||
Reduction for tax positions of prior years | — | — | — | |||||||||||||||||
Settlements | — | — | — | |||||||||||||||||
Balance at June 30 | $ | 1,961 | $ | 1,961 | $ | 1,961 | ||||||||||||||
Capital_Capital_Tables
Capital Capital (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ' | |||||||||||||
The Bank’s actual capital amounts and ratios as of June 30, 2014 and 2013 were as follows: | ||||||||||||||
(Dollars in Thousands) | Actual | For Capital Adequacy | To Be Well Capitalized | |||||||||||
Purposes | Under Prompt Corrective | |||||||||||||
Action Provisions | ||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||
As of June 30, 2014 | ||||||||||||||
Tier 1 Leverage Capital | $ | 138,490 | 12.53 | % | $ | 44,198 | > 4.0% | $ | 55,247 | > 5.0% | ||||
Tier 1 Risk-Based Capital | $ | 138,490 | 18.72 | % | N/A | N/A | $ | 44,390 | > 6.0% | |||||
Total Risk-Based Capital | $ | 147,817 | 19.98 | % | $ | 59,186 | > 8.0% | $ | 73,983 | > 10.0% | ||||
As of June 30, 2013 | ||||||||||||||
Tier 1 Leverage Capital | $ | 158,737 | 13.12 | % | $ | 48,408 | > 4.0% | $ | 60,510 | > 5.0% | ||||
Tier 1 Risk-Based Capital | $ | 158,737 | 21.36 | % | N/A | N/A | $ | 44,582 | > 6.0% | |||||
Total Risk-Based Capital | $ | 168,201 | 22.64 | % | $ | 59,442 | > 8.0% | $ | 74,303 | > 10.0% | ||||
Incentive_Plans_Tables
Incentive Plans (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||
Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||
Expected volatility range | 55.1 | % | 55.2 | % | — | % | ||||
Weighted-average volatility | 55.1 | % | 55.2 | % | — | % | ||||
Expected dividend yield | 2.6 | % | 1.2 | % | — | % | ||||
Expected term (in years) | 7.7 | 7.7 | 0 | |||||||
Risk-free interest rate | 2.3 | % | 1.2 | % | — | % | ||||
Schedule of Share-based Compensation, Unvested Restricted Stock Units Award Activity | ' | |||||||||
The following table summarizes the restricted stock activity in the years ended June 30, 2014, 2013 and 2012: | ||||||||||
Unvested Shares | Shares | Weighted-Average | ||||||||
Award Date | ||||||||||
Fair Value | ||||||||||
Unvested at June 30, 2011 | 258,300 | $ | 7.75 | |||||||
Awarded | — | $ | — | |||||||
Vested | (111,500 | ) | $ | 8.56 | ||||||
Forfeited | — | $ | — | |||||||
Unvested at June 30, 2012 | 146,800 | $ | 7.13 | |||||||
Expected to vest at June 30, 2012 | 117,440 | $ | 7.13 | |||||||
Unvested at June 30, 2012 | 146,800 | $ | 7.13 | |||||||
Awarded | — | $ | — | |||||||
Vested | (73,050 | ) | $ | 7.19 | ||||||
Forfeited | (1,500 | ) | $ | 7.07 | ||||||
Unvested at June 30, 2013 | 72,250 | $ | 7.07 | |||||||
Expected to vest at June 30, 2013 | 57,800 | $ | 7.07 | |||||||
Unvested at June 30, 2013 | 72,250 | $ | 7.07 | |||||||
Awarded | 15,000 | $ | 13.96 | |||||||
Vested | — | $ | — | |||||||
Forfeited | (5,750 | ) | $ | 7.07 | ||||||
Unvested at June 30, 2014 | 81,500 | $ | 8.34 | |||||||
Expected to vest at June 30, 2014 | 65,200 | $ | 8.34 | |||||||
Equity Incentive Plans | ' | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||
Schedule of Incentive Plan Stock Option Activity | ' | |||||||||
The following tables summarize the stock option activity in the Plans during the years ended June 30, 2014, 2013 and 2012: | ||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | ||||||
Average | Average | Intrinsic | ||||||||
Exercise | Remaining | Value | ||||||||
Price | Contractual | $0 | ||||||||
Term (Years) | ||||||||||
Outstanding at June 30, 2011 | 766,800 | $ | 12.07 | |||||||
Granted | — | $ | — | |||||||
Exercised | (9,000 | ) | $ | 7.03 | ||||||
Forfeited | — | $ | — | |||||||
Outstanding at June 30, 2012 | 757,800 | $ | 12.13 | 7.32 | $ | 2,463 | ||||
Vested and expected to vest at June 30, 2012 | 660,800 | $ | 12.82 | 7.08 | $ | 2,066 | ||||
Exercisable at June 30, 2012 | 345,800 | $ | 17.73 | 5.35 | $ | 774 | ||||
Outstanding at June 30, 2012 | 757,800 | $ | 12.13 | |||||||
Granted | 20,000 | $ | 16.47 | |||||||
Exercised | (42,000 | ) | $ | 7.03 | ||||||
Forfeited | (24,000 | ) | $ | 7.41 | ||||||
Outstanding at June 30, 2013 | 711,800 | $ | 12.71 | 6.43 | $ | 4,429 | ||||
Vested and expected to vest at June 30, 2013 | 668,900 | $ | 12.99 | 6.32 | $ | 4,100 | ||||
Exercisable at June 30, 2013 | 497,300 | $ | 14.62 | 5.71 | $ | 2,785 | ||||
Outstanding at June 30, 2013 | 711,800 | $ | 12.71 | |||||||
Granted | 20,000 | $ | 15.14 | |||||||
Exercised | (52,500 | ) | $ | 7.34 | ||||||
Forfeited | (31,300 | ) | $ | 20.64 | ||||||
Outstanding at June 30, 2014 | 648,000 | $ | 12.84 | 5.55 | $ | 3,680 | ||||
Vested and expected to vest at June 30, 2014 | 603,400 | $ | 13.13 | 5.42 | $ | 3,386 | ||||
Exercisable at June 30, 2014 | 425,000 | $ | 14.89 | 4.6 | $ | 2,212 | ||||
Stock Option Plans | ' | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||
Schedule of Incentive Plan Stock Option Activity | ' | |||||||||
The following is a summary of the activity in the Stock Option Plans for the years ended June 30, 2014, 2013 and 2012: | ||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | ||||||
Average | Average | Intrinsic | ||||||||
Exercise | Remaining | Value | ||||||||
Price | Contractual | $0 | ||||||||
Term (Years) | ||||||||||
Outstanding at June 30, 2011 | 482,900 | $ | 22.23 | |||||||
Granted | — | $ | — | |||||||
Exercised | — | $ | — | |||||||
Forfeited | (62,700 | ) | $ | 9.67 | ||||||
Outstanding at June 30, 2012 | 420,200 | $ | 24.11 | 2.47 | $ | — | ||||
Vested and expected to vest at June 30, 2012 | 418,200 | $ | 24.13 | 2.46 | $ | — | ||||
Exercisable at June 30, 2012 | 410,200 | $ | 24.21 | 2.41 | $ | — | ||||
Outstanding at June 30, 2012 | 420,200 | $ | 24.11 | |||||||
Granted | — | $ | — | |||||||
Exercised | — | $ | — | |||||||
Forfeited | (7,500 | ) | $ | 13.67 | ||||||
Outstanding at June 30, 2013 | 412,700 | $ | 24.3 | 1.51 | $ | — | ||||
Vested and expected to vest at June 30, 2013 | 412,700 | $ | 24.3 | 1.51 | $ | — | ||||
Exercisable at June 30, 2013 | 412,700 | $ | 24.3 | 1.51 | $ | — | ||||
Outstanding at June 30, 2013 | 412,700 | $ | 24.3 | |||||||
Granted | — | $ | — | |||||||
Exercised | — | $ | — | |||||||
Forfeited | (317,700 | ) | $ | 24.58 | ||||||
Outstanding at June 30, 2014 | 95,000 | $ | 23.33 | 2.06 | $ | — | ||||
Vested and expected to vest at June 30, 2014 | 95,000 | $ | 23.33 | 2.06 | $ | — | ||||
Exercisable at June 30, 2014 | 95,000 | $ | 23.33 | 2.06 | $ | — | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||
The following table provides the basic and diluted EPS computations for the fiscal years ended June 30, 2014, 2013 and 2012, respectively: | |||||||||||||
(Dollars in Thousands, Except Share Amount) | For the Year Ended June 30, 2014 | ||||||||||||
Income | Shares | Per-Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
Basic EPS | $ | 6,606 | 9,926,323 | $ | 0.67 | ||||||||
Effect of dilutive shares: | |||||||||||||
Stock options | 153,219 | ||||||||||||
Restricted stock | 31,243 | ||||||||||||
Diluted EPS | $ | 6,606 | 10,110,785 | $ | 0.65 | ||||||||
(Dollars in Thousands, Except Share Amount) | For the Year Ended June 30, 2013 | ||||||||||||
Income | Shares | Per-Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
Basic EPS | $ | 25,797 | 10,601,145 | $ | 2.43 | ||||||||
Effect of dilutive shares: | |||||||||||||
Stock options | 160,861 | ||||||||||||
Restricted stock | 73,194 | ||||||||||||
Diluted EPS | $ | 25,797 | 10,835,200 | $ | 2.38 | ||||||||
(Dollars in Thousands, Except Share Amount) | For the Year Ended June 30, 2012 | ||||||||||||
Income | Shares | Per-Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
Basic EPS | $ | 10,810 | 11,222,797 | $ | 0.96 | ||||||||
Effect of dilutive shares: | |||||||||||||
Stock options | 23,941 | ||||||||||||
Restricted stock | 40,467 | ||||||||||||
Diluted EPS | $ | 10,810 | 11,287,205 | $ | 0.96 | ||||||||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
The following is a schedule of the Corporation’s operating lease obligations: | ||||
Amount | ||||
Year Ending June 30, | (In Thousands) | |||
2015 | $ | 2,272 | ||
2016 | 1,759 | |||
2017 | 1,304 | |||
2018 | 804 | |||
2019 | 341 | |||
Thereafter | 186 | |||
Total minimum payments required | $ | 6,666 | ||
Derivative_and_Other_Financial1
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Schedule of Undisbursed Funds Commitments | ' | |||||||||||||
The following table provides information at the dates indicated regarding 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: | ||||||||||||||
Commitments | June 30, | June 30, | ||||||||||||
2014 | 2013 | |||||||||||||
(Dollars In Thousands) | ||||||||||||||
Undisbursed loan funds – Construction loans | $ | 1,090 | $ | 292 | ||||||||||
Undisbursed lines of credit – Mortgage loans | 616 | 774 | ||||||||||||
Undisbursed lines of credit – Commercial business loans | 1,222 | 952 | ||||||||||||
Undisbursed lines of credit – Consumer loans | 774 | 779 | ||||||||||||
Commitments to extend credit on loans to be held for investment | 2,247 | 6,872 | ||||||||||||
Total | $ | 5,949 | $ | 9,669 | ||||||||||
Schedule of Allowance for Loan Losses of Undisbursed Funds and Commitments on Loans Held for Investment | ' | |||||||||||||
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 years ended June 30, 2014 and 2013: | ||||||||||||||
For the Year Ended | ||||||||||||||
June 30, | ||||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||
Balance, beginning of the year | $ | 115 | $ | 66 | ||||||||||
(Recovery) provision | (54 | ) | 49 | |||||||||||
Balance, end of the year | $ | 61 | $ | 115 | ||||||||||
Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans | ' | |||||||||||||
The net impact of derivative financial instruments on the gain on sale of loans contained in the Consolidated Statements of Operations for the years ended June 30, 2014, 2013 and 2012 was as follows: | ||||||||||||||
(In Thousands) | For the Year Ended June 30, | |||||||||||||
Derivative Financial Instruments | 2014 | 2013 | 2012 | |||||||||||
Commitments to extend credit on loans to be held for sale | $ | 3,598 | $ | (5,013 | ) | $ | 3,343 | |||||||
Mandatory loan sale commitments and TBA MBS trades | (8,233 | ) | 8,121 | (1,895 | ) | |||||||||
Option contracts | (18 | ) | 214 | (360 | ) | |||||||||
Total net (loss) gain | $ | (4,653 | ) | $ | 3,322 | $ | 1,088 | |||||||
Schedule of Outstanding Derivative Instruments | ' | |||||||||||||
The outstanding derivative financial instruments at the dates indicated were as follows: | ||||||||||||||
(In Thousands) | June 30, 2014 | June 30, 2013 | ||||||||||||
Derivative Financial Instruments | Amount | Fair | Amount | Fair | ||||||||||
Value | Value | |||||||||||||
Commitments to extend credit on loans to be held for sale (1) | $ | 132,567 | $ | 2,566 | $ | 255,635 | $ | (1,032 | ) | |||||
Best efforts loan sale commitments | (18,069 | ) | — | (29,847 | ) | — | ||||||||
Mandatory loan sale commitments and TBA MBS trades | (258,021 | ) | (1,428 | ) | (410,897 | ) | 6,805 | |||||||
Option contracts | (10,000 | ) | — | (10,000 | ) | 589 | ||||||||
Total | $ | (153,523 | ) | $ | 1,138 | $ | (195,109 | ) | $ | 6,362 | ||||
(1) | Net of 28.0% percent at June 30, 2014 and 23.6% percent at June 30, 2013 of commitments, which management has estimated may not fund. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Schedule of Aggregate Fair Value and Aggregate Unpaid Principal Balance of Loans Held for Sale | ' | ||||||||||||||||||
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 sale at fair value: | |||||||||||||||||||
Aggregate | |||||||||||||||||||
Unpaid | Net | ||||||||||||||||||
Aggregate | Principal | Unrealized | |||||||||||||||||
(In Thousands) | Fair Value | Balance | Gain (Loss) | ||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||
Loans held for sale, measured at fair value | $ | 158,883 | $ | 152,192 | $ | 6,691 | |||||||||||||
As of June 30, 2013: | |||||||||||||||||||
Loans held for sale, measured at fair value | $ | 188,050 | $ | 188,545 | $ | (495 | ) | ||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||
The following fair value hierarchy table presents information at the dates indicated about the Corporation’s assets measured at fair value on a recurring basis: | |||||||||||||||||||
Fair Value Measurement at June 30, 2014 Using: | |||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Investment securities: | |||||||||||||||||||
U.S. government agency MBS | $ | — | $ | 9,109 | $ | — | $ | 9,109 | |||||||||||
U.S. government sponsored enterprise MBS | — | 6,385 | — | 6,385 | |||||||||||||||
Private issue CMO | — | — | 853 | 853 | |||||||||||||||
Investment securities | — | 15,494 | 853 | 16,347 | |||||||||||||||
Loans held for sale, at fair value | — | 158,883 | — | 158,883 | |||||||||||||||
Interest-only strips | — | — | 62 | 62 | |||||||||||||||
Derivative assets: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | — | — | 2,570 | 2,570 | |||||||||||||||
Derivative assets | — | — | 2,570 | 2,570 | |||||||||||||||
Total assets | $ | — | $ | 174,377 | $ | 3,485 | $ | 177,862 | |||||||||||
Liabilities: | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | — | $ | — | $ | 4 | $ | 4 | |||||||||||
Mandatory loan sale commitments | — | — | 93 | 93 | |||||||||||||||
TBA MBS trades | — | 1,335 | — | 1,335 | |||||||||||||||
Derivative liabilities | — | 1,335 | 97 | 1,432 | |||||||||||||||
Total liabilities | $ | — | $ | 1,335 | $ | 97 | $ | 1,432 | |||||||||||
Fair Value Measurement at June 30, 2013 Using: | |||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Investment securities: | |||||||||||||||||||
U.S. government agency MBS | $ | — | $ | 10,816 | $ | — | $ | 10,816 | |||||||||||
U.S. government sponsored enterprise MBS | — | 7,675 | — | 7,675 | |||||||||||||||
Private issue CMO | — | — | 1,019 | 1,019 | |||||||||||||||
Investment securities | — | 18,491 | 1,019 | 19,510 | |||||||||||||||
Loans held for sale, at fair value | — | 188,050 | — | 188,050 | |||||||||||||||
Interest-only strips | — | — | 98 | 98 | |||||||||||||||
Derivative assets: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | — | — | 1,338 | 1,338 | |||||||||||||||
Mandatory loan sale commitments | — | — | 405 | 405 | |||||||||||||||
TBA MBS trades | — | 7,251 | — | 7,251 | |||||||||||||||
Option contracts | — | — | 589 | 589 | |||||||||||||||
Derivative assets | — | 7,251 | 2,332 | 9,583 | |||||||||||||||
Total assets | $ | — | $ | 213,792 | $ | 3,449 | $ | 217,241 | |||||||||||
Liabilities: | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | — | $ | — | $ | 2,370 | $ | 2,370 | |||||||||||
Mandatory loan sale commitments | — | — | 322 | 322 | |||||||||||||||
TBA MBS trades | — | 529 | — | 529 | |||||||||||||||
Derivative liabilities | — | 529 | 2,692 | 3,221 | |||||||||||||||
Total liabilities | $ | — | $ | 529 | $ | 2,692 | $ | 3,221 | |||||||||||
Schedule for Reconciliation of Recurring Fair Value Measurements Using Level 3 Inputs | ' | ||||||||||||||||||
The following is a reconciliation of the beginning and ending balances during the periods shown of recurring fair value measurements recognized in the Consolidated Statements of Financial Condition using Level 3 inputs: | |||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||
Using Significant Other Unobservable Inputs | |||||||||||||||||||
(Level 3) | |||||||||||||||||||
Loan | Manda- | ||||||||||||||||||
Commit- | tory | ||||||||||||||||||
Private | Interest- | ments to | Commit- | ||||||||||||||||
Issue | Only | Originate (1) | ments (2) | Option | |||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | |||||||||||||||
Beginning balance at June 30, 2013 | $ | 1,019 | $ | 98 | $ | (1,032 | ) | $ | 83 | $ | 589 | $ | 757 | ||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||
Included in earnings | — | — | 3,598 | (207 | ) | (18 | ) | 3,373 | |||||||||||
Included in other comprehensive loss | 28 | (36 | ) | — | — | — | (8 | ) | |||||||||||
Purchases | — | — | — | — | 603 | 603 | |||||||||||||
Issuances | — | — | — | — | — | — | |||||||||||||
Settlements | (194 | ) | — | — | 31 | (1,174 | ) | (1,337 | ) | ||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | |||||||||||||
Ending balance at June 30, 2014 | $ | 853 | $ | 62 | $ | 2,566 | $ | (93 | ) | $ | — | $ | 3,388 | ||||||
(1) | Consists of commitments to extend credit on loans to be held for sale. | ||||||||||||||||||
(2) | Consists of mandatory loan sale commitments. | ||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||
Using Significant Other Unobservable Inputs | |||||||||||||||||||
(Level 3) | |||||||||||||||||||
Loan | Manda- | ||||||||||||||||||
Commit- | tory | ||||||||||||||||||
Private | Interest- | ments to | Commit- | ||||||||||||||||
Issue | Only | Originate (1) | ments (2) | Option | |||||||||||||||
(In Thousands) | CMO | Strips | Contracts | Total | |||||||||||||||
Beginning balance at June 30, 2012 | $ | 1,242 | $ | 130 | $ | 3,981 | $ | (163 | ) | $ | 36 | $ | 5,226 | ||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||
Included in earnings | — | — | (5,013 | ) | 156 | 214 | (4,643 | ) | |||||||||||
Included in other comprehensive loss | (16 | ) | (31 | ) | — | — | — | (47 | ) | ||||||||||
Purchases | — | — | — | — | 1,084 | 1,084 | |||||||||||||
Issuances | — | — | — | — | — | — | |||||||||||||
Settlements | (207 | ) | (1 | ) | — | 90 | (745 | ) | (863 | ) | |||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | |||||||||||||
Ending balance at June 30, 2013 | $ | 1,019 | $ | 98 | $ | (1,032 | ) | $ | 83 | $ | 589 | $ | 757 | ||||||
(1) | Consists of commitments to extend credit on loans to be held for sale. | ||||||||||||||||||
(2) | Consists of mandatory loan sale commitments. | ||||||||||||||||||
Schedule of Fair Value Assets Measured on Nonrecurring Basis | ' | ||||||||||||||||||
The following fair value hierarchy table presents information about the Corporation’s assets measured at fair value at the dates indicated on a nonrecurring basis: | |||||||||||||||||||
Fair Value Measurement at June 30, 2014 Using: | |||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Non-performing loans | $ | — | $ | 10,910 | $ | 5,026 | $ | 15,936 | |||||||||||
Mortgage servicing assets | — | — | 241 | 241 | |||||||||||||||
Real estate owned, net | — | 2,467 | — | 2,467 | |||||||||||||||
Total | $ | — | $ | 13,377 | $ | 5,267 | $ | 18,644 | |||||||||||
Fair Value Measurement at June 30, 2013 Using: | |||||||||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Non-performing loans | $ | — | $ | 11,650 | $ | 10,032 | $ | 21,682 | |||||||||||
Mortgage servicing assets | — | — | 174 | 174 | |||||||||||||||
Real estate owned, net | — | 2,296 | — | 2,296 | |||||||||||||||
Total | $ | — | $ | 13,946 | $ | 10,206 | $ | 24,152 | |||||||||||
Schedule of Additional Information About Valuation Techniques and Inputs Used for Assets and Liabilities | ' | ||||||||||||||||||
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 June 30, 2014: | |||||||||||||||||||
(Dollars In Thousands) | Fair Value | Valuation | Unobservable Inputs | Range (1) | Impact to | ||||||||||||||
As of | Techniques | (Weighted Average) | Valuation | ||||||||||||||||
June 30, | from an | ||||||||||||||||||
2014 | Increase in | ||||||||||||||||||
Inputs (2) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Securities available-for sale: Private issue CMO | $ | 853 | Market comparable | Comparability adjustment | 0.5% - 1.5% (1.4%) | Increase | |||||||||||||
pricing | |||||||||||||||||||
Non-performing loans | $ | 81 | Discounted cash flow | Default rates | 0.0% - 30.0% (0.0%) | Decrease | |||||||||||||
Non-performing loans | $ | 4,945 | Relative value analysis | Loss severity | 20.0% - 38.0% (18.6%) | Decrease | |||||||||||||
Mortgage servicing assets | $ | 241 | Discounted cash flow | Prepayment speed (CPR) | 13.5% - 61.1% (43.1%) | Decrease | |||||||||||||
Discount rate | 9.0% - 10.5% (9.2%) | Decrease | |||||||||||||||||
Interest-only strips | $ | 62 | Discounted cash flow | Prepayment speed (CPR) | 9.3% - 61.8% (44.3%) | Decrease | |||||||||||||
Discount rate | 9.00% | Decrease | |||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 2,570 | Relative value analysis | TBA MBS broker quotes | 97.5% – 105.0% | Decrease | |||||||||||||
(102.2%) of par | |||||||||||||||||||
Fall-out ratio (3) | 23.2% - 28.4% (28.0%) | Decrease | |||||||||||||||||
Liabilities: | |||||||||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 4 | Relative value analysis | TBA MBS broker quotes | 100.0% – 101.5% | Increase | |||||||||||||
(101.5%) of par | |||||||||||||||||||
Fall-out ratio (3) | 23.2% - 28.4% (28.0%) | Increase | |||||||||||||||||
Mandatory loan sale commitments | $ | 93 | Relative value analysis | Investor quotes | 108.1% of par | Increase | |||||||||||||
TBA MBS broker quotes | 103.7% - 109.1% (105.3%) of par | Increase | |||||||||||||||||
0.00% | |||||||||||||||||||
Roll-forward costs (4) | Increase | ||||||||||||||||||
(1) | The range is based on the historical 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. | ||||||||||||||||||
Schedule of Carrying Amount and Fair Value of Financial Instruments | ' | ||||||||||||||||||
The carrying amount and fair value of the Corporation’s other financial instruments as of June 30, 2014 and 2013 were as follows: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
(In Thousands) | Carrying | Fair | |||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | |||||||||||||||||||
Loans held for investment, net | $ | 772,141 | $ | 778,851 | — | — | $ | 778,851 | |||||||||||
FHLB – San Francisco stock | $ | 7,056 | $ | 7,056 | — | $ | 7,056 | — | |||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | $ | 897,870 | $ | 875,440 | — | — | $ | 875,440 | |||||||||||
Borrowings | $ | 41,431 | $ | 44,424 | — | — | $ | 44,424 | |||||||||||
June 30, 2013 | |||||||||||||||||||
(In Thousands) | Carrying | Fair | |||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets: | |||||||||||||||||||
Loans held for investment, net | $ | 748,397 | $ | 742,256 | — | — | $ | 742,256 | |||||||||||
FHLB – San Francisco stock | $ | 15,273 | $ | 15,273 | — | $ | 15,273 | — | |||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | $ | 923,010 | $ | 903,654 | — | — | $ | 903,654 | |||||||||||
Borrowings | $ | 106,491 | $ | 110,404 | — | — | $ | 110,404 | |||||||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||
The following tables illustrate the Corporation’s operating segments for the years ended June 30, 2014, 2013 and 2012, respectively: | ||||||||||
For the Year Ended June 30, 2014 | ||||||||||
(In Thousands) | Provident | Provident | Consolidated | |||||||
Bank | Bank | Totals | ||||||||
Mortgage | ||||||||||
Net interest income | $ | 26,734 | $ | 3,989 | $ | 30,723 | ||||
Recovery from the allowance for loan losses | (3,080 | ) | (300 | ) | (3,380 | ) | ||||
Net interest income, after recovery from the allowance for loan losses | 29,814 | 4,289 | 34,103 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees | 504 | 573 | 1,077 | |||||||
Gain on sale of loans, net | 411 | 25,388 | 25,799 | |||||||
Deposit account fees | 2,469 | — | 2,469 | |||||||
Gain on sale and operations of real estate owned | 15 | 3 | 18 | |||||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 1,370 | — | 1,370 | |||||||
Other | 942 | — | 942 | |||||||
Total non-interest income | 5,711 | 25,964 | 31,675 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 15,435 | 22,609 | 38,044 | |||||||
Premises and occupancy | 2,601 | 1,867 | 4,468 | |||||||
Operating and administrative expenses | 4,272 | 7,384 | 11,656 | |||||||
Total non-interest expense | 22,308 | 31,860 | 54,168 | |||||||
Income (loss) before taxes | 13,217 | (1,607 | ) | 11,610 | ||||||
Provision (benefit) for income taxes | 5,629 | (625 | ) | 5,004 | ||||||
Net income (loss) | $ | 7,588 | $ | (982 | ) | $ | 6,606 | |||
Total assets, end of period | $ | 946,260 | $ | 159,369 | $ | 1,105,629 | ||||
Year Ended June 30, 2013 | ||||||||||
(In Thousands) | Provident | |||||||||
Provident | Bank | Consolidated | ||||||||
Bank | Mortgage | Total | ||||||||
Net interest income | $ | 27,835 | $ | 5,522 | $ | 33,357 | ||||
Recovery from the allowance for loan losses | (1,229 | ) | (270 | ) | (1,499 | ) | ||||
Net interest income, after recovery from the allowance for loan losses | 29,064 | 5,792 | 34,856 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees | 903 | 190 | 1,093 | |||||||
(Loss) gain on sale of loans, net | (84 | ) | 68,577 | 68,493 | ||||||
Deposit account fees | 2,449 | — | 2,449 | |||||||
Gain on sale and operations of real estate owned | 703 | 213 | 916 | |||||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 1,292 | — | 1,292 | |||||||
Other | 957 | — | 957 | |||||||
Total non-interest income | 6,220 | 68,980 | 75,200 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 17,745 | 32,705 | 50,450 | |||||||
Premises and occupancy | 2,705 | 1,727 | 4,432 | |||||||
Operating and administrative expenses | 4,636 | 7,825 | 12,461 | |||||||
Total non-interest expenses | 25,086 | 42,257 | 67,343 | |||||||
Income before income taxes | 10,198 | 32,515 | 42,713 | |||||||
Provision for income taxes | 3,245 | 13,671 | 16,916 | |||||||
Net income | $ | 6,953 | $ | 18,844 | $ | 25,797 | ||||
Total assets, end of fiscal year | $ | 1,022,413 | $ | 188,628 | $ | 1,211,041 | ||||
Year Ended June 30, 2012 | ||||||||||
(In Thousands) | Provident | |||||||||
Provident | Bank | Consolidated | ||||||||
Bank | Mortgage | Total | ||||||||
Net interest income | $ | 30,514 | $ | 6,216 | $ | 36,730 | ||||
Provision (recovery) for loan losses | 5,932 | (155 | ) | 5,777 | ||||||
Net interest income, after provision (recovery) for loan losses | 24,582 | 6,371 | 30,953 | |||||||
Non-interest income: | ||||||||||
Loan servicing and other fees | 627 | 106 | 733 | |||||||
(Loss) gain on sale of loans, net | (1,057 | ) | 39,074 | 38,017 | ||||||
Deposit account fees | 2,438 | — | 2,438 | |||||||
(Loss) gain on sale and operations of real estate owned | (191 | ) | 71 | (120 | ) | |||||
acquired in the settlement of loans, net | ||||||||||
Card and processing fees | 1,282 | — | 1,282 | |||||||
Other | 800 | — | 800 | |||||||
Total non-interest income | 3,899 | 39,251 | 43,150 | |||||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 15,756 | 23,527 | 39,283 | |||||||
Premises and occupancy | 2,449 | 1,314 | 3,763 | |||||||
Operating and administrative expenses | 4,903 | 7,416 | 12,319 | |||||||
Total non-interest expenses | 23,108 | 32,257 | 55,365 | |||||||
Income before income taxes | 5,373 | 13,365 | 18,738 | |||||||
Provision for income taxes | 2,309 | 5,619 | 7,928 | |||||||
Net income | $ | 3,064 | $ | 7,746 | $ | 10,810 | ||||
Total assets, end of fiscal year | $ | 1,028,829 | $ | 232,088 | $ | 1,260,917 | ||||
Holding_Company_Condensed_Fina1
Holding Company Condensed Financial Information (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||
Condensed Statements of Financial Condition | ' | |||||||||
Condensed Statements of Financial Condition | ||||||||||
June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | ||||||||
Assets | ||||||||||
Cash and cash equivalents | $ | 6,627 | $ | 532 | ||||||
Investment in subsidiary | 139,252 | 159,622 | ||||||||
Other assets | 19 | 59 | ||||||||
$ | 145,898 | $ | 160,213 | |||||||
Liabilities and Stockholders’ Equity | ||||||||||
Other liabilities | $ | 36 | $ | 239 | ||||||
Stockholders’ equity | 145,862 | 159,974 | ||||||||
$ | 145,898 | $ | 160,213 | |||||||
Condensed Statements of Operations | ' | |||||||||
Condensed Statements of Operations | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Interest and other income | $ | 20 | $ | 9 | $ | 13 | ||||
General and administrative expenses | 838 | 791 | 750 | |||||||
Loss before equity in net earnings of the subsidiary | (818 | ) | (782 | ) | (737 | ) | ||||
Equity in net earnings of the subsidiary | 7,087 | 26,250 | 11,237 | |||||||
Income before income tax benefit | 6,269 | 25,468 | 10,500 | |||||||
Income tax benefit | (337 | ) | (329 | ) | (310 | ) | ||||
Net income | $ | 6,606 | $ | 25,797 | $ | 10,810 | ||||
Condensed Statements of Comprehensive Income | ' | |||||||||
Condensed Statements of Comprehensive Income | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Net income | $ | 6,606 | $ | 25,797 | $ | 10,810 | ||||
Other comprehensive income | — | — | — | |||||||
Total comprehensive income | $ | 6,606 | $ | 25,797 | $ | 10,810 | ||||
Condensed Statements of Cash Flows | ' | |||||||||
Condensed Statements of Cash Flows | ||||||||||
Year Ended June 30, | ||||||||||
(In Thousands) | 2014 | 2013 | 2012 | |||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 6,606 | $ | 25,797 | $ | 10,810 | ||||
Adjustments to reconcile net income to net cash | ||||||||||
used for operating activities: | ||||||||||
Equity in net earnings of the subsidiary | (7,087 | ) | (26,250 | ) | (11,237 | ) | ||||
Decrease (increase) in other assets | 40 | 20 | (49 | ) | ||||||
(Decrease) increase in other liabilities | (203 | ) | 201 | (6 | ) | |||||
Net cash used for operating activities | (644 | ) | (232 | ) | (482 | ) | ||||
Cash flow from investing activities: | ||||||||||
Cash dividend received from the Bank | 27,500 | 10,000 | 8,000 | |||||||
Net cash provided by investing activities | 27,500 | 10,000 | 8,000 | |||||||
Cash flow from financing activities: | ||||||||||
Exercise of stock options | 385 | 296 | 72 | |||||||
Treasury stock purchases | (17,182 | ) | (8,959 | ) | (6,693 | ) | ||||
Cash dividends | (3,964 | ) | (2,541 | ) | (1,572 | ) | ||||
Net cash used for financing activities | (20,761 | ) | (11,204 | ) | (8,193 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 6,095 | (1,436 | ) | (675 | ) | |||||
Cash and cash equivalents at beginning of year | 532 | 1,968 | 2,643 | |||||||
Cash and cash equivalents at end of year | $ | 6,627 | $ | 532 | $ | 1,968 | ||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Results of Operations (Unaudited) | ' | |||||||||||||||
The following tables set forth the quarterly financial data for the years ended June 30, 2014 and 2013: | ||||||||||||||||
For Fiscal Year 2014 | ||||||||||||||||
(Dollars In Thousands, Except Per Share Amount) | For the | Fourth | Third | Second | First | |||||||||||
Year Ended | Quarter | Quarter | Quarter | Quarter | ||||||||||||
June 30, | ||||||||||||||||
2014 | ||||||||||||||||
Interest income | $ | 38,059 | $ | 9,272 | $ | 9,158 | $ | 9,513 | $ | 10,116 | ||||||
Interest expense | 7,336 | 1,615 | 1,708 | 1,858 | 2,155 | |||||||||||
Net interest income | 30,723 | 7,657 | 7,450 | 7,655 | 7,961 | |||||||||||
Recovery from the allowance for loan losses | (3,380 | ) | (691 | ) | (849 | ) | (898 | ) | (942 | ) | ||||||
Net interest income, after recovery from the | 34,103 | 8,348 | 8,299 | 8,553 | 8,903 | |||||||||||
allowance for loan losses | ||||||||||||||||
Non-interest income | 31,675 | 9,557 | 6,791 | 7,144 | 8,183 | |||||||||||
Non-interest expense | 54,168 | 14,214 | 12,553 | 12,871 | 14,530 | |||||||||||
Income before income taxes | 11,610 | 3,691 | 2,537 | 2,826 | 2,556 | |||||||||||
Provision for income taxes | 5,004 | 1,600 | 1,138 | 1,223 | 1,043 | |||||||||||
Net income | $ | 6,606 | $ | 2,091 | $ | 1,399 | $ | 1,603 | $ | 1,513 | ||||||
Basic earnings per share | $ | 0.67 | $ | 0.22 | $ | 0.14 | $ | 0.16 | $ | 0.15 | ||||||
Diluted earnings per share | $ | 0.65 | $ | 0.22 | $ | 0.14 | $ | 0.16 | $ | 0.14 | ||||||
For Fiscal Year 2013 | ||||||||||||||||
(Dollars In Thousands, Except Per Share Amount) | For the | Fourth | Third | Second | First | |||||||||||
Year Ended | Quarter | Quarter | Quarter | Quarter | ||||||||||||
June 30, | ||||||||||||||||
2013 | ||||||||||||||||
Interest income | $ | 44,161 | $ | 10,085 | $ | 10,612 | $ | 11,617 | $ | 11,847 | ||||||
Interest expense | 10,804 | 2,502 | 2,546 | 2,845 | 2,911 | |||||||||||
Net interest income | 33,357 | 7,583 | 8,066 | 8,772 | 8,936 | |||||||||||
(Recovery) provision for loan losses | (1,499 | ) | (1,538 | ) | (517 | ) | 23 | 533 | ||||||||
Net interest income, after (recovery) provision | 34,856 | 9,121 | 8,583 | 8,749 | 8,403 | |||||||||||
for loan losses | ||||||||||||||||
Non-interest income | 75,200 | 17,618 | 15,388 | 20,035 | 22,159 | |||||||||||
Non-interest expense | 67,343 | 17,519 | 15,729 | 16,769 | 17,326 | |||||||||||
Income before income taxes | 42,713 | 9,220 | 8,242 | 12,015 | 13,236 | |||||||||||
Provision for income taxes | 16,916 | 3,963 | 3,372 | 5,075 | 4,506 | |||||||||||
Net income | $ | 25,797 | $ | 5,257 | $ | 4,870 | $ | 6,940 | $ | 8,730 | ||||||
Basic earnings per share | $ | 2.43 | $ | 0.51 | $ | 0.46 | $ | 0.65 | $ | 0.81 | ||||||
Diluted earnings per share | $ | 2.38 | $ | 0.49 | $ | 0.45 | $ | 0.64 | $ | 0.8 | ||||||
Reclassification_Adjustment_of1
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Equity [Abstract] | ' | |||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||
The following table provides the changes in AOCI by component for the years ended June 30, 2014, 2013 and 2012: | ||||||||||
Unrealized Gains and Losses on | ||||||||||
(Dollars In Thousands, Net of Statutory Taxes) | Investment Securities Available for Sale | Interest-Only Strips | Total | |||||||
Beginning balance at June 30, 2011 | $ | 524 | $ | 114 | $ | 638 | ||||
Other comprehensive income (loss) before reclassifications | 28 | (40 | ) | (12 | ) | |||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive income (loss) | 28 | (40 | ) | (12 | ) | |||||
Ending balance at June 30, 2012 | 552 | 74 | 626 | |||||||
Other comprehensive loss before reclassifications | (54 | ) | (18 | ) | (72 | ) | ||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive loss | (54 | ) | (18 | ) | (72 | ) | ||||
Ending balance at June 30, 2013 | 498 | 56 | 554 | |||||||
Other comprehensive loss before reclassifications | (147 | ) | (21 | ) | (168 | ) | ||||
Amount reclassified from accumulated other comprehensive income | — | — | — | |||||||
Net other comprehensive loss | (147 | ) | (21 | ) | (168 | ) | ||||
Ending balance at June 30, 2014 | $ | 351 | $ | 35 | $ | 386 | ||||
Offsetting_Derivative_and_Othe1
Offsetting Derivative and Other Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||
Offsetting Assets [Table Text Block] | ' | ||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||
Net | |||||||||||||||||||
Gross | Amount | ||||||||||||||||||
Amount | of Assets | Gross Amount Not | |||||||||||||||||
Offset in the | Presented in | Offset in the Consolidated | |||||||||||||||||
Gross | Consolidated | the 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 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||
As of June 30, 2013: | |||||||||||||||||||
Net | |||||||||||||||||||
Gross | Amount | ||||||||||||||||||
Amount | of Assets | Gross Amount Not | |||||||||||||||||
Offset in the | Presented in | Offset in the Consolidated | |||||||||||||||||
Gross | Consolidated | the 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 | $ | 8,245 | $ | 579 | $ | 7,666 | $ | — | $ | — | $ | 7,666 | |||||||
Total | $ | 8,245 | $ | 579 | $ | 7,666 | $ | — | $ | — | $ | 7,666 | |||||||
Offsetting Liabilities [Table Text Block] | ' | ||||||||||||||||||
Net | |||||||||||||||||||
Gross | Amount | ||||||||||||||||||
Amount | of Liabilities | Gross Amount Not | |||||||||||||||||
Offset in the | Presented in | Offset in the Consolidated | |||||||||||||||||
Gross | Consolidated | the Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Liabilities | Condition | Condition | Instruments | Pledged | Amount | |||||||||||||
Liabilities | |||||||||||||||||||
Derivatives | $ | 851 | $ | 579 | $ | 272 | $ | — | $ | — | $ | 272 | |||||||
Total | $ | 851 | $ | 579 | $ | 272 | $ | — | $ | — | $ | 272 | |||||||
Net | |||||||||||||||||||
Gross | Amount | ||||||||||||||||||
Amount | of Liabilities | Gross Amount Not | |||||||||||||||||
Offset in the | Presented in | Offset in the Consolidated | |||||||||||||||||
Gross | Consolidated | the Consolidated | Statements of Financial Condition | ||||||||||||||||
Amount of | Statements | Statements | Cash | ||||||||||||||||
Recognized | of Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
(In Thousands) | Liabilities | Condition | Condition | Instruments | Pledged | Amount | |||||||||||||
Liabilities | |||||||||||||||||||
Derivatives | $ | 1,428 | $ | — | $ | 1,428 | $ | — | $ | — | $ | 1,428 | |||||||
Total | $ | 1,428 | $ | — | $ | 1,428 | $ | — | $ | — | $ | 1,428 | |||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Basis of Presentation) (Details) | 12 Months Ended |
Jun. 30, 2014 | |
location | |
segment | |
Accounting Policies [Abstract] | ' |
Number of business segments | 2 |
Number of banking locations | 15 |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies (PBM Activites) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 |
Minimum | Maximum | Mortgage Partnership Finance (MPF) Program | Mortgage Partnership Finance (MPF) Program | Other Investors | Other Investors | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | Provident Bank Mortgage (PBM) | ||||
Legacy Loan Investor | Loan Sale Volume | Recourse Claims Paid Prior to Settlement | Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets | Recourse Liability | Recourse Liability | Minimum | Maximum | Mortgage Partnership Finance (MPF) Program | Mortgage Partnership Finance (MPF) Program | Mortgage Partnership Finance (MPF) Program | Other Investors | Other Investors | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse liability, portion covered by FHLB (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.04% | ' | ' | ' | ' |
Loans serviced under MPF program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $38,600,000 | $52,100,000 | ' | ' | ' |
Net loss on recourse liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,000 | 194,000 | 439,000 | ' | ' |
Loan repurchase requirement, period loan is past due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' |
Loan repurchase requirement, period following loan funding date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' |
Repurchases of single-family loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 1,400,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for settlement of repurchase requests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 5,600,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.00% | 64.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse Liability [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse liability, beginning balance | ' | ' | ' | ' | ' | 274,000 | 746,000 | 600,000 | 1,300,000 | 2,111,000 | 6,183,000 | ' | ' | ' | ' | ' | ' | 113,000 | 89,000 | ' | ' | 746,000 | ' | ' | 600,000 | 1,400,000 |
Recourse (recovery) provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | -469,000 | 1,739,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net settlements in lieu of loan repurchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | -738,000 | -5,811,000 | ' | -1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse liability, ending balance | ' | ' | ' | ' | ' | 274,000 | 746,000 | 600,000 | 1,300,000 | 904,000 | 2,111,000 | 6,183,000 | ' | ' | ' | ' | ' | 113,000 | 89,000 | ' | ' | 274,000 | 746,000 | ' | 600,000 | 1,400,000 |
Refund of loan sale premium, term for loan repayment | ' | ' | ' | '3 months | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan sale premium refunds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | 299,000 | 131,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MSA net carrying value | 295,000 | 334,000 | ' | ' | ' | ' | ' | ' | ' | 295,000 | 334,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage servicing assets, fair value | 357,000 | 395,000 | 398,000 | ' | ' | ' | ' | ' | ' | 357,000 | 395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest-only strips, fair value | 62,000 | 98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,000 | 98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on interest-only strips, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,000 | $56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies Organization and Summary of Significant Accounting Policies (Loans Held for Sale) (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Minimum | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Loan sale settlement period | '20 days |
Maximum | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Loan sale settlement period | '30 days |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies (Troubled Debt Restructuring) (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Period of satisfactory contractual payments to remove restructured loan status | '12 months |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies (Premises and Equipment) (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Buildings | Minimum | ' |
Premises and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Buildings | Maximum | ' |
Premises and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Furniture and Fixtures [Member] | Minimum | ' |
Premises and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Furniture and Fixtures [Member] | Maximum | ' |
Premises and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Automobiles | ' |
Premises and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Computer Equipment [Member] | Minimum | ' |
Premises and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Computer Equipment [Member] | Maximum | ' |
Premises and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Leasehold improvements | Minimum | ' |
Premises and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '1 year |
Leasehold improvements | Maximum | ' |
Premises and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Organization_and_Summary_of_Si8
Organization and Summary of Significant Accounting Policies (Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Estimated deferred tax asset | $4,425,000 | $5,588,000 | $4,425,000 | ' |
Decrease) in deferred tax asset, value | ' | 1,200,000 | ' | ' |
Decrease) in deferred tax asset, percent | ' | 27.00% | ' | ' |
Addition for tax positions of prior years | $825,000 | $0 | $0 | $0 |
Organization_and_Summary_of_Si9
Organization and Summary of Significant Accounting Policies (Stock Repurchases) (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Class of Stock [Line Items] | ' | ' |
Stock repurchased during period (in shares) | 13,591 | 12,779 |
Common Stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Stock repurchased during period (in shares) | 1,100,000 | ' |
Stock repurchased during period (in dollars per share) | 15.25 | ' |
Common Stock | March 2013 Stock Repurchase Plan [Member] | Restricted Stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Stock repurchased during period (in shares) | 522,523 | ' |
Common Stock | April 2012 Stock Repurchase Plan [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Stock repurchased during period (in shares) | 226,933 | ' |
Stock repurchased during period (in dollars per share) | 14.51 | ' |
Shares repurchased under program (percent) | 48.00% | ' |
Remaining number of shares authorized to be repurchased under program | 250,027 | 399,792 |
Common Stock | November 2013 Stock Repurchase Plan [Member] | Restricted Stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Stock repurchased during period (in shares) | 499,905 | ' |
Common Stock | May 2014 Stock Repurchase Plan [Member] | Restricted Stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Stock repurchased during period (in shares) | 476,960 | ' |
Recovered_Sheet1
Organization and Summary of Significant Accounting Policies (Stock-based Compensation) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' |
Stock-based compensation expense | $526,000 | $800,000 | $1,300,000 |
Total cash provided by (used for) operating activities or financing activities related to tax effect from stock-based compensation | ' | ' | ($315,000) |
Recovered_Sheet2
Organization and Summary of Significant Accounting Policies (Post Retirement Benefits) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Accrued liability, post retirement benefits | $232 | $253 |
Investment_Securities_Schedule
Investment Securities: Schedule of Available-for-sale Securities Reconciliation (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Restricted | $16,347 | $19,510 | ' | ||
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis | 800 | 0 | ' | ||
Held-to-maturity Securities, Gross Gains, Derivatives | 0 | ' | ' | ||
Held-to-maturity Securities, Gross Gains (Losses), Derivatives | 0 | ' | ' | ||
Held-to-maturity Securities | 800 | 0 | ' | ||
Held-to-maturity Securities, Sold Security, at Carrying Value | 800 | ' | ' | ||
Amortized Cost | 15,741 | 18,652 | ' | ||
Gross Unrealized Gains | 606 | 876 | ' | ||
Gross Unrealized (Losses) | 0 | -18 | ' | ||
Investment securities – available for sale, at fair value | 16,347 | 19,510 | ' | ||
Carrying Value | 16,347 | 19,510 | ' | ||
Principal payments from investment securities | 2,910 | 3,295 | 3,341 | ||
Investment Income, Net, Amortization of Discount and Premium | 16,541 | ' | ' | ||
Unrealized Gain on Securities | 606 | ' | ' | ||
Unrealized Gain (Loss) on Securities | 0 | ' | ' | ||
Investments, Fair Value Disclosure | 17,147 | ' | ' | ||
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 17,147 | ' | ' | ||
Certificates of Deposit [Member] | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis | 800 | ' | ' | ||
Held-to-maturity Securities, Gross Gains, Derivatives | 0 | ' | ' | ||
Held-to-maturity Securities, Gross Gains (Losses), Derivatives | 0 | ' | ' | ||
Held-to-maturity Securities | 800 | ' | ' | ||
Held-to-maturity Securities, Sold Security, at Carrying Value | 800 | ' | ' | ||
U.S. government agency MBS | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Restricted | 9,109 | 10,816 | ' | ||
Amortized Cost | 8,772 | 10,361 | ' | ||
Gross Unrealized Gains | 337 | 455 | ' | ||
Gross Unrealized (Losses) | 0 | 0 | ' | ||
Investment securities – available for sale, at fair value | 9,109 | 10,816 | ' | ||
Carrying Value | 9,109 | 10,816 | ' | ||
U.S. government sponsored enterprise MBS | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Restricted | 6,385 | 7,675 | ' | ||
Amortized Cost | 6,128 | 7,255 | ' | ||
Gross Unrealized Gains | 257 | 420 | ' | ||
Gross Unrealized (Losses) | 0 | 0 | ' | ||
Investment securities – available for sale, at fair value | 6,385 | 7,675 | ' | ||
Carrying Value | 6,385 | 7,675 | ' | ||
Private issue CMO | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Available-for-sale Securities, Restricted | 853 | 1,019 | ' | ||
Amortized Cost | 841 | [1] | 1,036 | [1] | ' |
Gross Unrealized Gains | 12 | [1] | 1 | [1] | ' |
Gross Unrealized (Losses) | 0 | [1] | -18 | [1] | ' |
Investment securities – available for sale, at fair value | 853 | 1,019 | ' | ||
Carrying Value | 853 | 1,019 | ' | ||
Principal Payments Received | ' | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ||
Principal payments from investment securities | ' | ' | $800 | ||
[1] | Collateralized Mortgage Obligations (“CMOâ€). |
Investment_Securities_Mortgage
Investment Securities: Mortgage Backed Securities Policy (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Mortgage backed securities, principal payments received | $2,910,000 | $3,295,000 | $3,341,000 |
Other-than-temporary impairments, investments | $0 | $0 | $0 |
Private issue CMO | Available for sale | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Number of investment securities held | ' | 0 | ' |
Investment_Securities_Investme
Investment Securities Investment Securities: Investments with Unrealized Loss Positions (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Unrealized Holding Losses, Less Than 12 Months, Fair Value | ' | $848 |
Unrealized Holding Losses, Less Than 12 Months, Unrealized Losses | ' | 18 |
Unrealized Holding Losses, 12 Months or More, Fair Value | ' | 0 |
Unrealized Holding Losses, 12 Months or More, Unrealized Losses | ' | 0 |
Unrealized Holding Losses, Fair Value | ' | 848 |
Unrealized Holding Losses, Unrealized Losses | 0 | 18 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | ' | 1 |
Private issue CMO | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Unrealized Holding Losses, Less Than 12 Months, Fair Value | ' | 848 |
Unrealized Holding Losses, Less Than 12 Months, Unrealized Losses | ' | 18 |
Unrealized Holding Losses, 12 Months or More, Fair Value | ' | 0 |
Unrealized Holding Losses, 12 Months or More, Unrealized Losses | ' | 0 |
Unrealized Holding Losses, Fair Value | ' | 848 |
Unrealized Holding Losses, Unrealized Losses | ' | $18 |
Investment_Securities_Schedule1
Investment Securities: Schedule of Available for Sale Securities by Contractual Maturity (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | $800 | $0 |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 800 | 0 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis | 800 | 0 |
Held-to-maturity Securities | 800 | 0 |
Investment Income, Net, Amortization of Discount and Premium | 16,541 | ' |
Investments, Fair Value Disclosure | 17,147 | ' |
Amortized Cost | 15,741 | 18,652 |
Investment securities – available for sale, at fair value | 16,347 | 19,510 |
Available for sale | ' | ' |
Due in one year or less, Amortized Cost | 0 | 0 |
Due after one through five years, Amortized Cost | 0 | 0 |
Due after five through ten years, Amortized Cost | 0 | 0 |
Due after ten years, Amortized Cost | 15,741 | 18,652 |
Total investment securities, Amortized Cost | 15,741 | 18,652 |
Due in one year of less, Estimated Fair Value | 0 | 0 |
Due after one through five years, Estimated Fair Value | 0 | 0 |
Due after five through ten years, Estimated Fair Value | 0 | 0 |
Due after ten years, Estimated Fair Value | 16,347 | 19,510 |
Total investment securities, Estimated Fair Value | $16,347 | $19,510 |
Loans_Held_For_Investment_Sche
Loans Held For Investment: Schedule of Loans Held for Investment (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans held for investment, gross | $780,423 | $761,561 | ' | ' |
Loans and Leases Receivable, Loans in Process | -1,090 | -292 | ' | ' |
Deferred loan costs, net | 2,552 | 2,063 | ' | ' |
Allowance for loan losses | -9,744 | -14,935 | -21,483 | -30,482 |
Total loans held for investment, net | 772,141 | 748,397 | ' | ' |
Mortgage loans, Single-family | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans held for investment, gross | 377,997 | 404,341 | ' | ' |
Mortgage loans, Multi-family | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans held for investment, gross | 301,211 | 262,316 | ' | ' |
Mortgage loans, Commercial real estate | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans held for investment, gross | 96,803 | 92,488 | ' | ' |
Mortgage loans, Construction | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans held for investment, gross | 2,869 | 292 | ' | ' |
Commercial business loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans held for investment, gross | 1,237 | 1,687 | ' | ' |
Consumer loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans held for investment, gross | $306 | $437 | ' | ' |
Loans_Held_For_Investment_Narr
Loans Held For Investment: Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Loans held for investment | $780,423,000 | $761,561,000 | $780,423,000 |
Loan interest income added to negative amortization loan balance | 0 | 0 | 0 |
Interest-only ARM loans as percent of loans held for investment | 21.80% | 24.70% | 21.80% |
Fixed-rate loans as a percentage of total loans held for investment | 4.00% | 5.00% | 4.00% |
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 |
Minimum | ' | ' | ' |
Loan principal, increase due to negative amortization, as a percentage of original loan amount | ' | ' | 110.00% |
Adjustable Rate Mortgage, Term of Fixed Interest Rate | ' | ' | '2 years |
Maximum | ' | ' | ' |
Loan principal, increase due to negative amortization, as a percentage of original loan amount | ' | ' | 115.00% |
Adjustable Rate Mortgage, Term of Fixed Interest Rate | ' | ' | '5 years |
Segregated restructured loans, period of delinquency | ' | ' | '90 days |
Maximum | Bankruptcy | ' | ' | ' |
Allowance for loan losses, pooling method, period of delinquency | ' | ' | '60 days |
Mortgage Loans on Real Estate | Subject to Negative Amortization | ' | ' | ' |
Loans held for investment | 23,300,000 | 33,300,000 | 23,300,000 |
Mortgage loans, Multi-family | ' | ' | ' |
Loans held for investment | 301,211,000 | 262,316,000 | 301,211,000 |
Mortgage loans, Multi-family | Subject to Negative Amortization | ' | ' | ' |
Loans held for investment | 18,700,000 | 24,400,000 | 18,700,000 |
Mortgage loans, Single-family | ' | ' | ' |
Loans held for investment | 377,997,000 | 404,341,000 | 377,997,000 |
Mortgage loans, Single-family | Subject to Negative Amortization | ' | ' | ' |
Loans held for investment | 3,700,000 | 5,100,000 | 3,700,000 |
Mortgage loans, Commercial real estate | ' | ' | ' |
Loans held for investment | 96,803,000 | 92,488,000 | 96,803,000 |
Mortgage loans, Commercial real estate | Subject to Negative Amortization | ' | ' | ' |
Loans held for investment | 900,000 | 3,800,000 | 900,000 |
Adjustable Rate Residential Mortgage | ' | ' | ' |
Loans held for investment | $170,700,000 | $188,500,000 | $170,700,000 |
Loans_Held_For_Investment_Sche1
Loans Held For Investment: Schedule of Loans Held for Investment Contractually Repricing (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Fixed Rate | $32,580 | ' |
Total loans held for investment, gross | 780,423 | 761,561 |
Mortgage loans, Single-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Fixed Rate | 15,495 | ' |
Total loans held for investment, gross | 377,997 | 404,341 |
Mortgage loans, Multi-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Fixed Rate | 6,197 | ' |
Total loans held for investment, gross | 301,211 | 262,316 |
Mortgage loans, Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Fixed Rate | 10,092 | ' |
Total loans held for investment, gross | 96,803 | 92,488 |
Mortgage loans, Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Fixed Rate | 0 | ' |
Total loans held for investment, gross | 2,869 | 292 |
Commercial business loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Fixed Rate | 784 | ' |
Total loans held for investment, gross | 1,237 | 1,687 |
Consumer loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Fixed Rate | 12 | ' |
Total loans held for investment, gross | 306 | 437 |
Within One Year | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 465,602 | ' |
Within One Year | Mortgage loans, Single-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 331,852 | ' |
Within One Year | Mortgage loans, Multi-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 94,646 | ' |
Within One Year | Mortgage loans, Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 35,613 | ' |
Within One Year | Mortgage loans, Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 2,869 | ' |
Within One Year | Commercial business loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 328 | ' |
Within One Year | Consumer loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 294 | ' |
After One Year Through 3 Years | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 56,166 | ' |
After One Year Through 3 Years | Mortgage loans, Single-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 10,509 | ' |
After One Year Through 3 Years | Mortgage loans, Multi-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 39,494 | ' |
After One Year Through 3 Years | Mortgage loans, Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 6,163 | ' |
After One Year Through 3 Years | Mortgage loans, Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 0 | ' |
After One Year Through 3 Years | Commercial business loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 0 | ' |
After One Year Through 3 Years | Consumer loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 0 | ' |
After 3 Years Through 5 Years | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 209,886 | ' |
After 3 Years Through 5 Years | Mortgage loans, Single-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 12,216 | ' |
After 3 Years Through 5 Years | Mortgage loans, Multi-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 152,610 | ' |
After 3 Years Through 5 Years | Mortgage loans, Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 44,935 | ' |
After 3 Years Through 5 Years | Mortgage loans, Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 0 | ' |
After 3 Years Through 5 Years | Commercial business loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 125 | ' |
After 3 Years Through 5 Years | Consumer loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 0 | ' |
After 5 Years Through 10 Years | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 16,189 | ' |
After 5 Years Through 10 Years | Mortgage loans, Single-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 7,925 | ' |
After 5 Years Through 10 Years | Mortgage loans, Multi-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 8,264 | ' |
After 5 Years Through 10 Years | Mortgage loans, Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 0 | ' |
After 5 Years Through 10 Years | Mortgage loans, Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 0 | ' |
After 5 Years Through 10 Years | Commercial business loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | 0 | ' |
After 5 Years Through 10 Years | Consumer loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable, Adjustable Rate | $0 | ' |
Loans_Held_For_Investment_Sche2
Loans Held For Investment: Schedule of Allowance for Loan Losses (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans receivable, collectively evaluated allowance | $9,703 | $14,781 | ' | ' |
Loans receivable, individually evaluated allowance | 41 | 154 | ' | ' |
Total loan loss allowance | 9,744 | 14,935 | 21,483 | 30,482 |
Mortgage loans, Single-family | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans receivable, collectively evaluated allowance | 5,476 | 8,949 | ' | ' |
Loans receivable, individually evaluated allowance | 0 | 113 | ' | ' |
Mortgage loans, Multi-family | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans receivable, collectively evaluated allowance | 3,142 | 4,689 | ' | ' |
Mortgage loans, Commercial real estate | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans receivable, collectively evaluated allowance | 989 | 1,053 | ' | ' |
Mortgage loans, Construction | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans receivable, collectively evaluated allowance | 35 | 0 | ' | ' |
Commercial business loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans receivable, collectively evaluated allowance | 51 | 78 | ' | ' |
Loans receivable, individually evaluated allowance | 41 | 41 | ' | ' |
Consumer loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans receivable, collectively evaluated allowance | $10 | $12 | ' | ' |
Loans_Held_For_Investment_Loan
Loans Held For Investment Loans Held for Investment: Allowance Roll-forward (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Balance, beginning of year | $14,935 | $21,483 | ' | $30,482 |
(Recovery) provision for loan losses | -3,380 | -1,499 | 5,777 | ' |
Recoveries | 929 | 762 | 375 | ' |
Charge-offs | -2,740 | -5,811 | -15,151 | ' |
Balance, end of year | $9,744 | $14,935 | $21,483 | $30,482 |
Loans_Held_For_Investment_Sche3
Loans Held For Investment: Schedule of Recorded Investment in Non-Performing Loans (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Non-performing loans, Recorded Investment | $6,246 | $11,384 | ||
Non-performing loans, Allowance for Loan Losses | -294 | [1] | -1,858 | [1] |
Non-performing loans, Net Investment | 5,952 | 9,526 | ||
Non-performing loans | ' | ' | ||
Non-performing loans, Recorded Investment | 17,484 | 25,411 | ||
Non-performing loans, Allowance for Loan Losses | -1,548 | [1] | -3,729 | [1] |
Non-performing loans, Net Investment | 15,936 | 21,682 | ||
Non-performing loans | Mortgage loans, Single-family | ' | ' | ||
Non-performing loans, With a related allowance, Recorded Investment | 5,480 | 9,908 | ||
Non-performing loans, Without a related allowance, Recorded Investment | 6,067 | [2] | 5,665 | [2] |
Non-performing loans, Recorded Investment | 11,547 | 15,573 | ||
Non-performing loans, Allowance for Loan Losses | -1,148 | [1] | -2,350 | [1] |
Non-performing loans, With a related allowance, Net Investment | 4,332 | 7,558 | ||
Non-performing loans, Net Investment | 10,399 | 13,223 | ||
Non-performing loans | Mortgage loans, Multi-family | ' | ' | ||
Non-performing loans, With a related allowance, Recorded Investment | 956 | 4,519 | ||
Non-performing loans, Without a related allowance, Recorded Investment | 2,491 | [2] | 558 | [2] |
Non-performing loans, Recorded Investment | 3,447 | 5,077 | ||
Non-performing loans, Allowance for Loan Losses | -354 | [1] | -1,320 | [1] |
Non-performing loans, With a related allowance, Net Investment | 602 | 3,199 | ||
Non-performing loans, Net Investment | 3,093 | 3,757 | ||
Non-performing loans | Mortgage loans, Commercial real estate | ' | ' | ||
Non-performing loans, Without a related allowance, Recorded Investment | 2,352 | [2] | 4,572 | [2] |
Non-performing loans, Recorded Investment | 2,352 | 4,572 | ||
Non-performing loans, Allowance for Loan Losses | 0 | [1] | 0 | [1] |
Non-performing loans, Net Investment | 2,352 | 4,572 | ||
Non-performing loans | Commercial business loans | ' | ' | ||
Non-performing loans, With a related allowance, Recorded Investment | 138 | 189 | ||
Non-performing loans, Recorded Investment | 138 | 189 | ||
Non-performing loans, Allowance for Loan Losses | -46 | [1] | -59 | [1] |
Non-performing loans, With a related allowance, Net Investment | 92 | 130 | ||
Non-performing loans, Net Investment | $92 | $130 | ||
[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. |
Loans_Held_For_Investment_Sche4
Loans Held For Investment: Schedule of Aging Analysis of Non-Performing Loans (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonperforming loans, 3 Months or Less | $1,846 | $5,381 |
Nonperforming loans, Over 3 to 6 Months | 455 | 2,033 |
Nonperforming loans, Over 6 to 12 Months | 3,396 | 3,545 |
Nonperforming loans, Over 12 Months | 10,239 | 10,723 |
Nonperforming loans, Total | 15,936 | 21,682 |
Mortgage loans, Single-family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonperforming loans, 3 Months or Less | 1,433 | 2,089 |
Nonperforming loans, Over 3 to 6 Months | 0 | 1,650 |
Nonperforming loans, Over 6 to 12 Months | 2,655 | 1,801 |
Nonperforming loans, Over 12 Months | 6,311 | 7,683 |
Nonperforming loans, Total | 10,399 | 13,223 |
Mortgage loans, Multi-family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonperforming loans, 3 Months or Less | 413 | 2,109 |
Nonperforming loans, Over 3 to 6 Months | 0 | 383 |
Nonperforming loans, Over 6 to 12 Months | 165 | 0 |
Nonperforming loans, Over 12 Months | 2,515 | 1,265 |
Nonperforming loans, Total | 3,093 | 3,757 |
Mortgage loans, Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonperforming loans, 3 Months or Less | 0 | 1,183 |
Nonperforming loans, Over 3 to 6 Months | 455 | 0 |
Nonperforming loans, Over 6 to 12 Months | 576 | 1,744 |
Nonperforming loans, Over 12 Months | 1,321 | 1,645 |
Nonperforming loans, Total | 2,352 | 4,572 |
Commercial business loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Nonperforming loans, 3 Months or Less | 0 | 0 |
Nonperforming loans, Over 3 to 6 Months | 0 | 0 |
Nonperforming loans, Over 6 to 12 Months | 0 | 0 |
Nonperforming loans, Over 12 Months | 92 | 130 |
Nonperforming loans, Total | $92 | $130 |
Loans_Held_For_Investment_Narr1
Loans Held For Investment: Narrative 2 (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
loan | loan | loan | loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Average investment in non-performing loans | ' | ' | $17,000,000 | $24,200,000 | $34,400,000 |
Interest income, non-performing loans, cash basis | ' | ' | 546,000 | 900,000 | 1,600,000 |
Interest lost on non-performing Loans | ' | ' | 800,000 | 878,000 | 876,000 |
Number of modified loans | 17 | 26 | 1 | 0 | ' |
Loans receivable, re-underwritten and identified as restructured loans | ' | ' | 221,000 | ' | ' |
Number of loans modified, extended beyond initial maturity | ' | ' | 2 | 1 | ' |
Loans receivable, modified and extended beyond initial maturity | ' | ' | 810,000 | 100,000 | ' |
Restructured loans | 5,952,000 | 9,526,000 | 5,952,000 | 9,526,000 | ' |
Loans receivable, restructured loans, nonaccrual status | 343,000 | 434,000 | 343,000 | 434,000 | ' |
Loans receivable, restructured loans, accrual status | 5,609,000 | 9,092,000 | 5,609,000 | 9,092,000 | ' |
Percent of total restructured loans on current status | 62.00% | 68.00% | 62.00% | 68.00% | ' |
Collected and Applied to Principal Balance | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Interest lost on non-performing Loans | ' | ' | 498,000 | 542,000 | 0 |
In Default and Required and Additional Provision | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Number of loans modified and require additional provision | ' | ' | 0 | ' | ' |
No Longer Categorized as Restructured | Mortgage loans, Single-family | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loans receivable, restructured loan upgrade, Period of satisfactory contractual payments (more than) | ' | ' | '12 months | ' | ' |
Pass | Upgraded to Pass Category | Mortgage loans, Single-family | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loans receivable, restructured loan upgrade, Period of satisfactory contractual payments (more than) | ' | ' | '6 months | ' | ' |
Pass | Restructured More than Once | Mortgage loans, Single-family | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loans receivable, restructured loan upgrade, Period of satisfactory contractual payments (more than) | ' | ' | '12 months | ' | ' |
Special Mention | Restructured loans on accrual status | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Number of modified loans | 1 | 1 | ' | ' | ' |
Loans receivable, restructured loans, nonaccrual status | 343,000 | 434,000 | 343,000 | 434,000 | ' |
Substandard | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Number of modified loans | 16 | 25 | ' | ' | ' |
Loans receivable, restructured loans, accrual status | 5,600,000 | 9,100,000 | 5,600,000 | 9,100,000 | ' |
Current | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Restructured loans | $3,700,000 | $6,500,000 | $3,700,000 | $6,500,000 | ' |
Loans_Held_For_Investment_Loan1
Loans Held For Investment Loans Held for Investment: Effect of Nonperforming Loans on Interest Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Loans and Leases Receivable Disclosure [Abstract] | ' | ' | ' |
Contractual interest due | $1,346 | $1,763 | $2,432 |
Interest recognized | -546 | -885 | -1,556 |
Net foregone interest | $800 | $878 | $876 |
Loans_Held_For_Investment_Sche5
Loans Held For Investment: Schedule of Troubled Debt Restructurings by Nonaccrual Versus Accrual Status (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured loans on non-accrual status | $5,609 | $9,092 |
Restructured loans on accrual status | 343 | 434 |
Restructured loans | 5,952 | 9,526 |
Mortgage loans, Single-family | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured loans on non-accrual status | 2,957 | 5,094 |
Restructured loans on accrual status | 343 | 434 |
Mortgage loans, Multi-family | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured loans on non-accrual status | 1,760 | 2,521 |
Mortgage loans, Commercial real estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured loans on non-accrual status | 800 | 1,354 |
Commercial business loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Restructured loans on non-accrual status | $92 | $123 |
Loans_Held_For_Investment_Sche6
Loans Held For Investment: Schedule of Restructured Loans by Type, Net of Individually Evaluated Allowances (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Restructured loans, Recorded Investment | $6,246 | $11,384 | ||
Restructured loans, Allowance for Loan Losses | -294 | [1] | -1,858 | [1] |
Restructured loans, Net Investment | 5,952 | 9,526 | ||
Mortgage loans, Single-family | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Restructured loans, With a related allowance, Recorded Investment | 994 | 3,774 | ||
Restructured loans, Without a related allowance, Recorded Investment | 2,554 | [2] | 2,549 | [2] |
Restructured loans, Recorded Investment | 3,548 | 6,323 | ||
Restructured loans, Allowance for Loan Losses | -248 | [1] | -795 | [1] |
Restructured loans, With a related allowance, Net Investment | 746 | 2,979 | ||
Restructured loans, Net Investment | 3,300 | 5,528 | ||
Mortgage loans, Multi-family | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Restructured loans, With a related allowance, Recorded Investment | ' | 3,266 | ||
Restructured loans, Without a related allowance, Recorded Investment | 1,760 | [2] | 261 | [2] |
Restructured loans, Recorded Investment | 1,760 | 3,527 | ||
Restructured loans, Allowance for Loan Losses | 0 | [1] | -1,006 | [1] |
Restructured loans, With a related allowance, Net Investment | ' | 2,260 | ||
Restructured loans, Net Investment | 1,760 | 2,521 | ||
Mortgage loans, Commercial real estate | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Restructured loans, Without a related allowance, Recorded Investment | 800 | [2] | 1,354 | [2] |
Restructured loans, Recorded Investment | 800 | 1,354 | ||
Restructured loans, Allowance for Loan Losses | 0 | [1] | 0 | [1] |
Restructured loans, Net Investment | 800 | 1,354 | ||
Commercial business loans | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Restructured loans, With a related allowance, Recorded Investment | 138 | 180 | ||
Restructured loans, Recorded Investment | 138 | 180 | ||
Restructured loans, Allowance for Loan Losses | -46 | [1] | -57 | [1] |
Restructured loans, With a related allowance, Net Investment | 92 | 123 | ||
Restructured loans, Net Investment | $92 | $123 | ||
[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. |
Loans_Held_For_Investment_Loan2
Loans Held For Investment Loans Held for Investment: Related Party Loan Activity (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
Loans and Leases Receivable, Related Parties [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | $2,024 | $2,030 | ' | $2,036 |
Originations | 691 | 3,581 | 2,807 | ' |
Sales and payments | -704 | -3,587 | -2,813 | ' |
Balance, end of year | $2,011 | $2,024 | $2,030 | $2,036 |
Mortgage_Loan_Servicing_and_Lo2
Mortgage Loan Servicing and Loans Originated for Sale (Loans Serviced for Others) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Loans serviced for others | $82,734 | $92,156 | $98,875 |
Freddie Mac [Member] | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Loans serviced for others | 4,574 | 4,160 | 4,727 |
Fannie Mae [Member] | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Loans serviced for others | 38,470 | 34,023 | 24,063 |
FHLB - San Francisco [Member] | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Loans serviced for others | 38,602 | 52,096 | 68,013 |
Other Investors | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Loans serviced for others | $1,088 | $1,877 | $2,072 |
Mortgage_Loan_Servicing_and_Lo3
Mortgage Loan Servicing and Loans Originated for Sale (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
category | category | ||
Servicing Assets at Fair Value [Line Items] | ' | ' | ' |
CPR assumption (weighted-average) | 38.24% | 24.90% | ' |
Weighted-average discount rate | 9.14% | 9.11% | ' |
MSA net carrying value | $295,000 | $334,000 | ' |
Mortgage servicing assets, fair value | 357,000 | 395,000 | 398,000 |
Allowance for mortgage servicing assets | 259,000 | 200,000 | 164,000 |
Number of categories for mortgage servicing assets | 5 | 5 | ' |
Additions | 80,000 | 104,000 | 106,000 |
Amortization | 60,000 | 61,000 | 45,000 |
Interest-only strips, fair value | 62,000 | 98,000 | ' |
Unrealized gain on interest-only strips, gross | 61,000 | 96,000 | ' |
Interest-only strips, unamortized cost | 1,000 | 2,000 | ' |
Additions to interest-only strips | 0 | 0 | 0 |
Amortization of interest-only strips | 1,000 | 1,000 | 1,000 |
Loans Serviced for Others [Member] | ' | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' | ' |
Escrow balance | $263,000 | $283,000 | ' |
Loans Originated for Sale [Member] | Sales to One Investor [Member] | ' | ' | ' |
Servicing Assets at Fair Value [Line Items] | ' | ' | ' |
Loans originated for sale, sold to a single investor | 12.00% | 20.00% | 43.00% |
Mortgage_Loan_Servicing_and_Lo4
Mortgage Loan Servicing and Loans Originating for Sale (Amortized Value) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Servicing Asset at Amortized Value, Balance [Roll Forward] | ' | ' | ' |
MSA balance, beginning of fiscal year | $334 | ' | ' |
Additions | 80 | 104 | 106 |
Amortization | -60 | -61 | -45 |
MSA balance, end of fiscal year, before allowance | 554 | 534 | 491 |
Allowance | -259 | -200 | -164 |
MSA balance, end of fiscal year | $295 | $334 | ' |
Mortgage_Loan_Servicing_and_Lo5
Mortgage Loan Servicing and Loans Originating for Sale (Fair Value) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Servicing Asset at Fair Value, Amount [Roll Forward] | ' | ' |
Fair value, beginning of fiscal year | $395 | $398 |
Fair value, end of fiscal year | 357 | 395 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ' | ' |
Allowance, beginning of fiscal year | 200 | 164 |
Impairment provision | 59 | 36 |
Allowance, end of fiscal year | $259 | $200 |
Weighted-average discount rate | 9.14% | 9.11% |
Weighted-average prepayment speed | 38.24% | 24.90% |
Mortgage_Loan_Servicing_and_Lo6
Mortgage Loan Servicing and Loans Originating for Sale (Future Amortization) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Transfers and Servicing [Abstract] | ' | ' | ' |
2015 | $98 | ' | ' |
2016 | 63 | ' | ' |
2017 | 22 | ' | ' |
2018 | 12 | ' | ' |
2019 | 7 | ' | ' |
Thereafter | 352 | ' | ' |
Total estimated amortization expense | $554 | $534 | $491 |
Mortgage_Loan_Servicing_and_Lo7
Mortgage Loan Servicing and Loans Originated for Sale (Hypothetical Effect) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Transfers and Servicing [Abstract] | ' | ' |
MSA net carrying value | $295 | $334 |
CPR assumption (weighted-average) | 38.24% | 24.90% |
Impact on fair value with 10% adverse change in prepayment speed | -16 | -18 |
Impact on fair value with 20% adverse change in prepayment speed | -31 | -33 |
Discount rate assumption (weighted-average) | 9.14% | 9.11% |
Impact on fair value with 10% adverse change in discount rate | -12 | -12 |
Impact on fair value with 20% adverse change in discount rate | ($24) | ($24) |
Mortgage_Loan_Servicing_and_Lo8
Mortgage Loan Servicing and Loans Originated for Sale (Loans Sold) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Proceeds from Sale of Loans Held-for-sale | $1,999,276 | $3,522,358 | $2,473,402 |
Servicing - released [Member] | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Proceeds from Sale of Loans Held-for-sale | 1,990,087 | 3,506,027 | 2,460,281 |
Servicing - retained [Member] | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Proceeds from Sale of Loans Held-for-sale | $9,189 | $16,331 | $13,121 |
Mortgage_Loan_Servicing_and_Lo9
Mortgage Loan Servicing and Loans Originated for Sale (Loans Held for Sale) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans held for sale, at fair value | $158,883 | $188,050 |
Fixed rate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans held for sale, at fair value | 155,034 | 183,999 |
Adjustable Rate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans held for sale, at fair value | $3,849 | $4,051 |
Real_Estate_Owned_Table_Detail
Real Estate Owned (Table) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Real estate owned | $2,586 | $2,440 |
Allowance for estimated real estate owned losses | -119 | -144 |
Total real estate owned, net | $2,467 | $2,296 |
Real_Estate_Owned_Narrative_De
Real Estate Owned (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
property | property | ||
Real Estate [Abstract] | ' | ' | ' |
Number of real estate properties owned | 2 | 10 | ' |
number of commercial real estate properties | 2 | ' | ' |
Number of properties acquired in settlement of loans | 9 | 25 | ' |
Number of previously foreclosed properties sold | 15 | 39 | ' |
Net gains (losses) on sale | $288 | $1,213 | ($287) |
Real_Estate_Owned_Gains_Losses
Real Estate Owned (Gains (Losses) on Real Estate Owned) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Real Estate [Abstract] | ' | ' | ' |
Net gains (losses) on sale | $288 | $1,213 | ($287) |
Net operating expenses | -295 | -395 | -835 |
Recovery from the allowance for estimated real estate owned losses | 25 | 98 | 1,002 |
Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net | $18 | $916 | ($120) |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Premises and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | $19,887 | $19,587 | ' |
Less accumulated depreciation and amortization | -13,518 | -12,896 | ' |
Total premises and equipment, net | 6,369 | 6,691 | ' |
Depreciation and amortization expense | 1,000 | 1,000 | 800 |
Land | ' | ' | ' |
Premises and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | 2,853 | 2,853 | ' |
Buildings | ' | ' | ' |
Premises and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | 8,342 | 8,135 | ' |
Leasehold improvements | ' | ' | ' |
Premises and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | 2,963 | 2,917 | ' |
Furniture and equipment | ' | ' | ' |
Premises and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | 5,578 | 5,542 | ' |
Automobiles | ' | ' | ' |
Premises and Equipment [Line Items] | ' | ' | ' |
Premises and equipment, gross | $151 | $140 | ' |
Deposits_Summary_Details
Deposits (Summary) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Deposit Liabilities [Line Items] | ' | ' |
Checking deposits – non interest-bearing | $58,654,000 | $57,835,000 |
Checking deposits – interest-bearing | 202,769,000 | 206,784,000 |
Savings deposits | 239,429,000 | 229,779,000 |
Money market deposits | 26,125,000 | 26,399,000 |
Total deposits | 897,870,000 | 923,010,000 |
Weighted-average interest rate on deposits | 0.56% | 0.66% |
Brokered deposits | 3,000,000 | 4,700,000 |
Under $100 | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Time deposits | 184,895,000 | 206,039,000 |
$100 and over | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Time deposits | $185,998,000 | $196,174,000 |
Minimum | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Checking deposits - interest-bearing, Interest Rate | 0.00% | 0.00% |
Savings deposits, Interest Rate | 0.00% | 0.00% |
Money market deposits, Interest Rate | 0.00% | 0.00% |
Minimum | Under $100 | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Time deposits, Interest Rate | 0.00% | 0.00% |
Minimum | $100 and over | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Time deposits, Interest Rate | 0.10% | 0.10% |
Maximum | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Checking deposits - interest-bearing, Interest Rate | 0.35% | 0.25% |
Savings deposits, Interest Rate | 1.00% | 1.00% |
Money market deposits, Interest Rate | 2.00% | 2.00% |
Maximum | Under $100 | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Time deposits, Interest Rate | 3.90% | 4.88% |
Maximum | $100 and over | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Time deposits, Interest Rate | 3.79% | 4.88% |
Deposits_Time_Deposit_Maturiti
Deposits (Time Deposit Maturities) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
One year or less | $173,519 | $255,594 |
Over one to two years | 104,042 | 93,919 |
Over two to three years | 52,705 | 33,193 |
Over three to four years | 8,761 | 9,010 |
Over four to five years | 31,711 | 8,930 |
Over five years | 155 | 1,567 |
Total time deposits | $370,893 | $402,213 |
Deposits_Interest_Expense_Deta
Deposits (Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Banking and Thrift [Abstract] | ' | ' | ' |
Checking deposits – interest-bearing | $290 | $283 | $481 |
Savings deposits | 606 | 578 | 763 |
Money market deposits | 95 | 117 | 156 |
Time deposits | 4,504 | 5,607 | 7,015 |
Total interest expense on deposits | $5,495 | $6,585 | $8,415 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (San Francisco [Member], USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Federal Home Loan Bank advances, limit on borrowing capacity, amount | $393,800,000 | $427,500,000 | ' |
Federal Home Loan Bank advances, unused borrowing facility | 344,800,000 | 310,900,000 | ' |
Federal Home Loan Bank advances, available collateral | 537,800,000 | 369,400,000 | ' |
FHLB – San Francisco advances | 41,431,000 | 106,491,000 | 126,546,000 |
Outstanding letters of credit | 5,000,000 | 7,500,000 | ' |
Federal Home Loan Bank stock, required investment | 7,100,000 | 8,700,000 | ' |
Federal Home Loan Bank stock, excess investment | 0 | 6,600,000 | ' |
Excess capital stock redeemed by Federal Home Loan Bank | 8,200,000 | 7,000,000 | ' |
Federal Home Loan Bank stock, cash dividends distributed | 793,000 | 438,000 | 99,000 |
Discount Window Facility [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB – San Francisco advances | 14,400,000 | 17,200,000 | ' |
MPF Credit Enhancement [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB – San Francisco advances | 2,500,000 | 2,500,000 | ' |
Maximum | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Federal Home Loan Bank advances, limit on borrowing capacity (percent of total assets) | 35.00% | ' | ' |
Real Estate Loans [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Collateral pledged on Federal Home Loan Bank advances | 727,400,000 | 685,400,000 | ' |
Investment Securities [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Collateral pledged on Federal Home Loan Bank advances | 800,000 | 1,000,000 | ' |
Investment Securities [Member] | Discount Window Facility [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Collateral pledged on Federal Home Loan Bank advances | $15,200,000 | $18,100,000 | ' |
Borrowings_FHLB_Advances_Detai
Borrowings (FHLB Advances) (Details) (San Francisco [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
San Francisco [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB – San Francisco advances | $41,431 | $106,491 | $126,546 |
Borrowings_Borrowings_Weighted
Borrowings Borrowings (Weighted Average Disclosures) (Details) (San Francisco [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
San Francisco [Member] | ' | ' | ' | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' | |||
Balance outstanding at the end of year: FHLB – San Francisco advances | $41,431 | $106,491 | $126,546 | |||
Weighted-average rate at the end of year: FHLB – San Francisco advances | 3.18% | 3.55% | 3.53% | |||
Maximum amount of borrowings outstanding at any month end: FHLB – San Francisco advances | 81,486 | 126,542 | 216,577 | |||
Average short-term borrowings during the year with respect to: FHLB - San Francisco advances | $13,333 | [1] | $61,667 | [1] | $57,500 | [1] |
Weighted-average short-term borrowing rate during the year with respect to: FHLB - San Francisco advances | 3.14% | [1] | 3.87% | [1] | 3.54% | [1] |
[1] | Borrowings with a remaining term of 12 months or less. |
Borrowings_Borrowings_Contract
Borrowings Borrowings (Contractual Maturities) (Details) (San Francisco [Member], USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
San Francisco [Member] | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Within one year | $0 | $65,000 | ' |
Over one to two years | 0 | 0 | ' |
Over two to three years | 0 | 0 | ' |
Over three to four years | 10,080 | 0 | ' |
Over four to five years | 10,000 | 10,101 | ' |
Over five years | 21,351 | 31,390 | ' |
Total borrowings | $41,431 | $106,491 | $126,546 |
Weighted average interest rate | 3.18% | 3.55% | 3.53% |
Income_Taxes_Income_Taxes_Prov
Income Taxes Income Taxes (Provision for Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $4,272 | $9,585 | $4,984 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 1,773 | 3,056 | 1,662 |
Provision for income taxes, current | ' | ' | ' | ' | ' | ' | ' | ' | 6,045 | 12,641 | 6,646 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -611 | 2,454 | 947 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -430 | 1,821 | 335 |
Provision for income taxes, deferred | ' | ' | ' | ' | ' | ' | ' | ' | -1,041 | 4,275 | 1,282 |
Provision for income taxes | $1,600 | $1,138 | $1,223 | $1,043 | $3,963 | $3,372 | $5,075 | $4,506 | $5,004 | $16,916 | $7,928 |
Income_Taxes_Income_Taxes_Effe
Income Taxes Income Taxes (Effective Tax Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax statutory rate, Amount | ' | ' | ' | ' | ' | ' | ' | ' | $3,982 | $14,950 | $6,558 |
State income tax, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 813 | 3,002 | 1,300 |
Changes in taxes resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank-owned life insurance, Amount | ' | ' | ' | ' | ' | ' | ' | ' | -65 | -64 | -66 |
Non-deductible expenses, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 63 | 33 |
Non-deductible stock-based compensation, Amount | ' | ' | ' | ' | ' | ' | ' | ' | -22 | 82 | 110 |
Other, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 266 | -292 | -7 |
Provision for income taxes | 1,600 | 1,138 | 1,223 | 1,043 | 3,963 | 3,372 | 5,075 | 4,506 | 5,004 | 16,916 | 7,928 |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax statutory rate, Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | 34.30% | 35.00% | 35.00% |
State income tax, Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | 6.90% |
Changes in taxes resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank-owned life insurance, Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | -0.60% | -0.10% | -0.40% |
Non-deductible expenses, Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.10% | 0.20% |
Non-deductible stock-based compensation, Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | -0.20% | 0.20% | 0.60% |
Other, Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.30% | -0.70% | 0.00% |
Effective income tax, Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' | 43.10% | 39.60% | 42.30% |
Income Tax Reconciliation, Release of FIN 48 Tax Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ($825) | $0 |
Effective Income Tax Rate Reconciliation, Release of FIN 48 Tax Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | -1.90% | 0.00% |
Income_Taxes_Income_Taxes_Defe
Income Taxes Income Taxes (Deferred Tax Assets) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred taxes - federal | $4,185 | $3,465 |
Deferred taxes - state | 1,403 | 960 |
Total net deferred tax assets | $5,588 | $4,425 |
Income_Taxes_Income_Taxes_Defe1
Income Taxes Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets [Abstract] | ' | ' |
Loss reserves | $6,852 | $9,341 |
Non-accrued interest | 647 | 420 |
Deferred compensation | 2,982 | 3,106 |
Accrued vacation | 315 | 323 |
State taxes | 131 | 924 |
Other | 507 | 202 |
Total deferred tax assets | 11,434 | 14,316 |
Deferred Tax Liabilities [Abstract] | ' | ' |
FHLB - San Francisco stock cash dividends | -956 | -2,069 |
Unrealized gain on derivative financial instruments, at fair value | -522 | -2,916 |
Unrealized gain on loans held for sale, at fair value | -711 | -1,422 |
Unrealized gain on investment securities | -254 | -360 |
Unrealized gain on interest-only strips | -25 | -41 |
Deferred loan costs | -2,862 | -2,577 |
Depreciation | -516 | -506 |
Total deferred tax liabilities | -5,846 | -9,891 |
Total net deferred tax assets | $5,588 | $4,425 |
Income_Taxes_Income_Taxes_Unre
Income Taxes Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' | ' | ' |
Unrecognized tax benefits, beginning balance | ' | $1,961 | $1,961 | ' | $1,961 |
Additions based on tax positions related to the current year | ' | 0 | 0 | 0 | ' |
Addition for tax positions of prior years | 825 | 0 | 0 | 0 | ' |
Reduction for tax positions of prior years | ' | 0 | 0 | 0 | ' |
Settlements | ' | 0 | 0 | 0 | ' |
Unrecognized tax benefits, ending balance | $1,961 | $1,961 | $1,961 | $1,961 | $1,961 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | ' | $36,000 | ' | ' |
Income tax benefit recognized from non-qualified equity compensation | ' | -315,000 | -92,000 | 0 |
Net tax loss carryforwards, federal | ' | 0 | ' | ' |
Retained earnings | ' | 9,000,000 | ' | ' |
Federal income tax | ' | -611,000 | 2,454,000 | 947,000 |
Unrecognized tax benefits, increases from prior period tax positions | 825,000 | 0 | 0 | 0 |
Penalties or interest charges | ' | 0 | ' | ' |
Penalties | ' | ' | 0 | ' |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | ' | 3,100,000 | ' | ' |
State of California | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Interest charges | ' | ' | $14,000 | ' |
Capital_Capital_Details
Capital Capital (Details) (Provident Bank Mortgage (PBM), USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Provident Bank Mortgage (PBM) | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Cash dividends declared | $27,500,000 | $10,000,000 | $8,000,000 |
Tier 1 Leverage Capital, Actual, Amount | 138,490,000 | 158,737,000 | ' |
Tier 1 Risk-Based Capital, Actual, Amount | 138,490,000 | 158,737,000 | ' |
Total Risk-Based Capital, Actual, Amount | 147,817,000 | 168,201,000 | ' |
Tier 1 Leverage Capital, Actual, Ratio | 12.53% | 13.12% | ' |
Tier 1 Risk-Based Capital, Actual, Ratio | 18.72% | 21.36% | ' |
Total Risk-Based Capital, Actual, Ratio | 19.98% | 22.64% | ' |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Amount | 44,198,000 | 48,408,000 | ' |
Total Risk-Based Capital, For Capital Adequacy Purposes, Amount | 59,186,000 | 59,442,000 | ' |
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Ratio (greater than or equal to) | 4.00% | 4.00% | ' |
Total Risk-Based Capital, For Capital Adequacy Purposes, Ratio (greater than or equal to) | 8.00% | 8.00% | ' |
Tier 1 Leverage Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 55,247,000 | 60,510,000 | ' |
Tier 1 Risk-Based Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 44,390,000 | 44,582,000 | ' |
Total Risk-Based Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $73,983,000 | $74,303,000 | ' |
Tier 1 Leverage Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio (greater than or equal to) | 5.00% | 5.00% | ' |
Tier 1 Risk-Based Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio (greater than or equal to) | 6.00% | 6.00% | ' |
Total Risk-Based Capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio (greater than or equal to) | 10.00% | 10.00% | ' |
Benefit_Plans_Benefit_Plans_Po
Benefit Plans Benefit Plans (Post-retirement) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Cash surrender value of bank owned life insurance | $6,700,000 | $6,500,000 | ' |
Bank owned life insurance, non-taxable income | 190,000 | 182,000 | 189,000 |
Executive Officer [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Number of executive officers | 1 | ' | ' |
Post-retirement compensation liability | 4,700,000 | 4,400,000 | ' |
Post-retirement compensation expense | 351,000 | 471,000 | ' |
401(k) defined contribution plan [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employer matching contributions (percent) | 3.00% | ' | ' |
Employee contributions, immediate vesting (percent) | 100.00% | ' | ' |
Vesting term for employer matching contributions | '6 years | ' | ' |
401(k) defined contribution expense | $707,000 | $852,000 | $563,000 |
Benefit_Plans_Benefit_Plans_ES
Benefit Plans Benefit Plans (ESOP) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
ESOP, requisite service period | '1 year | ' | ' |
ESOP, requisite service period (per year) | '1000 hours | ' | ' |
ESOP, number of allocated shares acquired with employer loan | 60,000 | ' | ' |
ESOP, shares purchased to partially fulfill annual discretionary allocation | 20,000 | 44,219 | ' |
Employee Stock Ownership Plan (ESOP), Number of Shares Purchased for the Prior Year Plan | 15,781 | 60,000 | ' |
ESOP, vesting period | '6 years | ' | ' |
ESOP expense | $558 | $1,400 | $375 |
Minimum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
ESOP participation age limit | '21 years | ' | ' |
Incentive_Plans_Incentive_Plan
Incentive Plans Incentive Plans: Equity Incentive Plan Policy: Valuation Assumptions (Details) (Equity Incentive Plans, Stock Options) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Equity Incentive Plans | Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility range | 55.10% | 55.22% | 0.00% |
Weighted-average volatility | 55.10% | 55.22% | 0.00% |
Expected dividend yield | 2.60% | 1.21% | 0.00% |
Expected term | '7 years 8 months 8 days | '7 years 8 months 8 days | '0 years |
Risk-free interest rate | 2.30% | 1.24% | 0.00% |
Incentive_Plans_Equity_Incenti
Incentive Plans: Equity Incentive Plan Policy: Schedule of Incentive Plan Stock Option Activity (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
Shares: | ' | ' | ' | ' |
Oustanding, End of Period | 700,000 | 1,100,000 | 1,200,000 | ' |
Equity Incentive Plans | ' | ' | ' | ' |
Shares: | ' | ' | ' | ' |
Outstanding, Beginning of Period | 711,800 | 757,800 | ' | 766,800 |
Granted | 20,000 | 20,000 | 0 | ' |
Exercised | -52,500 | -42,000 | -9,000 | ' |
Forfeited | -31,300 | -24,000 | 0 | ' |
Oustanding, End of Period | 648,000 | 711,800 | 757,800 | 766,800 |
Vested and expected to vest at year end | 603,400 | 668,900 | 660,800 | ' |
Exercisable at year end | 425,000 | 497,300 | 345,800 | ' |
Weighted-Average Exercise Price (in dollars per share): | ' | ' | ' | ' |
Oustanding, Beginning of Period | $12.71 | $12.13 | ' | $12.07 |
Granted | $15.14 | $16.47 | $0 | ' |
Exercised | $7.34 | $7.03 | $7.03 | ' |
Forfeited | $20.64 | $7.41 | $0 | ' |
Outstanding, End of Period | $12.84 | $12.71 | $12.13 | $12.07 |
Vested and expected to vest at year end | $13.13 | $12.99 | $12.82 | ' |
Exercisable at year end | $14.89 | $14.62 | $17.73 | ' |
Weighted- Average Remaining Contractual Term (Years): | ' | ' | ' | ' |
Outstanding at year end | '5 years 6 months 18 days | '6 years 5 months 5 days | '7 years 3 months 25 days | ' |
Vested and expected to vest at year end | '5 years 5 months 1 day | '6 years 3 months 25 days | '7 years 29 days | ' |
Exercisable at year end | '4 years 7 months 6 days | '5 years 8 months 16 days | '5 years 4 months 6 days | ' |
Aggregate Intrinsic Value ($000): | ' | ' | ' | ' |
Outstanding at year end | $3,680 | $4,429 | $2,463 | ' |
Vested and expected to vest at year end | 3,386 | 4,100 | 2,066 | ' |
Exercisable at year end | $2,212 | $2,785 | $774 | ' |
Incentive_Plans_Equity_Incenti1
Incentive Plans: Equity Incentive Plan Policy: Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Details) (Restricted Stock, Equity Incentive Plans, USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 | |
Restricted Stock | Equity Incentive Plans | ' | ' | ' | ' |
Shares: | ' | ' | ' | ' |
Unvested, Beginning of Period | 72,250 | 146,800 | ' | 258,300 |
Awarded | 15,000 | 0 | 0 | ' |
Vested | 0 | -73,050 | -111,500 | ' |
Forfeited | -5,750 | -1,500 | 0 | ' |
Unvested, End of Period | 81,500 | 72,250 | 146,800 | 258,300 |
Expected to vest at March 31, 2013 | 65,200 | 57,800 | 117,440 | ' |
Weighted-Average Award Date Fair Value (in dollars per share): | ' | ' | ' | ' |
Restricted stock, Nonvested, Weighted Average Award Date Fair Value | $7.07 | $7.13 | ' | $7.75 |
Awarded | $13.96 | $0 | $0 | ' |
Vested | $0 | $7.19 | $8.56 | ' |
Forfeited | $7.07 | $7.07 | $0 | ' |
Restricted stock, Nonvested, Weighted Average Award Date Fair Value | $8.34 | $7.07 | $7.13 | $7.75 |
Expected to vest at March 31, 2013 | $8.34 | $7.07 | $7.13 | ' |
Incentive_Plans_Stock_Option_P
Incentive Plans: Stock Option Plan Policy: Schedule of Stock Option Plan Stock Option Activity (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
Shares: | ' | ' | ' | ' |
Oustanding, End of Period | 700,000 | 1,100,000 | 1,200,000 | ' |
Stock Option Plans | ' | ' | ' | ' |
Shares: | ' | ' | ' | ' |
Outstanding, Beginning of Period | 412,700 | 420,200 | ' | 482,900 |
Granted | 0 | 0 | 0 | ' |
Exercised | 0 | 0 | 0 | ' |
Forfeited | -317,700 | -7,500 | -62,700 | ' |
Oustanding, End of Period | 95,000 | 412,700 | 420,200 | 482,900 |
Vested and expected to vest at year end | 95,000 | 412,700 | 418,200 | ' |
Exercisable at year end | 95,000 | 412,700 | 410,200 | ' |
Weighted-Average Exercise Price (in dollars per share): | ' | ' | ' | ' |
Oustanding, Beginning of Period | $24.30 | $24.11 | ' | $22.23 |
Granted | $0 | $0 | $0 | ' |
Exercised | $0 | $0 | $0 | ' |
Forfeited | $24.58 | $13.67 | $9.67 | ' |
Outstanding, End of Period | $23.33 | $24.30 | $24.11 | $22.23 |
Vested and expected to vest at year end | $23.33 | $24.30 | $24.13 | ' |
Exercisable at year end | $23.33 | $24.30 | $24.21 | ' |
Weighted- Average Remaining Contractual Term (Years): | ' | ' | ' | ' |
Outstanding at year end | '2 years 0 months 22 days | '1 year 6 months 4 days | '2 years 5 months 19 days | ' |
Vested and expected to vest at year end | '2 years 0 months 22 days | '1 year 6 months 4 days | '2 years 5 months 16 days | ' |
Exercisable at year end | '2 years 0 months 22 days | '1 year 6 months 4 days | '2 years 4 months 28 days | ' |
Aggregate Intrinsic Value ($000): | ' | ' | ' | ' |
Outstanding at year end | $0 | $0 | $0 | ' |
Vested and expected to vest at year end | 0 | 0 | 0 | ' |
Exercisable at year end | $0 | $0 | $0 | ' |
Incentive_Plans_Incentive_Plan1
Incentive Plans Incentive Plans: Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2014 | Dec. 31, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Jun. 30, 2014 | Dec. 31, 2006 | Jun. 30, 2014 | Dec. 31, 2006 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Dec. 31, 2003 | Dec. 31, 1996 | |
plan | 2013 Equity Incentive Plan [Member] | 2013 Equity Incentive Plan [Member] | 2013 Equity Incentive Plan [Member] | 2013 Equity Incentive Plan [Member] | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | Equity Incentive Plans | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2010 Equity Incentive Plan | 2006 Equity Incentive Plan | 2006 Equity Incentive Plan | 2006 Equity Incentive Plan | 2006 Equity Incentive Plan | Stock Option Plans | Stock Option Plans | Stock Option Plans | Stock Option Plans | Stock Option Plans | Stock Option Plans | Stock Option Plans | 2003 Stock Option Plan | 1996 Stock Option Plan | |||
Stock Options | Stock Options | Restricted Stock | Restricted Stock | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Restricted Stock | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | ||||||||||
Maximum | Award Vesting Term 1 | Award Vesting Term 2 | Maximum | Award Vesting Term 1 | Award Vesting Term 2 | Maximum | |||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of share-based compensation plans | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | $526,000 | $800,000 | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit recognized for share-based compensation plans | 315,000 | 92,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for Equity Incentive Plan | ' | ' | ' | ' | 300,000 | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 586,250 | ' | ' | 288,750 | ' | 365,000 | ' | 185,000 | ' | ' | ' | ' | ' | ' | ' | 352,500 | 1,150,000 |
Annual limitation on awards granted to an individual under Equity Incentive Plan | ' | ' | ' | 60,000 | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,250 | ' | 43,312 | ' | ' | 73,000 | ' | 27,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '2 years | '4 years | ' | ' | ' | '5 years | '2 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Stock options granted, weighted average grant date fair value | ' | ' | ' | ' | ' | ' | ' | $15.14 | $16.47 | $0 | ' | $6.80 | ' | $8.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum term for stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Term used to calculate expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '84 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '84 months | ' | ' | ' | ' | ' |
Stock options, Exercised | ' | ' | ' | ' | ' | ' | ' | 52,500 | 42,000 | 9,000 | 9,000 | 52,500 | 42,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Stock options, Granted | ' | ' | ' | ' | ' | ' | ' | 20,000 | 20,000 | 0 | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Stock options, Forfeitured | ' | ' | ' | ' | ' | ' | ' | 31,300 | 24,000 | 0 | ' | 31,300 | 24,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 317,700 | 7,500 | 62,700 | 317,700 | 7,500 | 62,700 | ' | ' | ' |
Number of shares available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,450 | 499,750 | 188,450 | ' | ' | ' | ' | 460,350 | 169,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,900 | ' | ' | ' | ' | ' |
Unrecognized share-based compensation expense, stock options | ' | ' | ' | ' | ' | ' | ' | 400,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation cost not yet recognized, weighted average period for recognition (less than) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 0 months 0 days | '2 years 2 months 0 days | ' | ' | ' | ' | '2 years 0 months 20 days | '2 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeiture rate for Equity Incentive Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 8,402,096 | 7,275,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 288,750 | ' | ' | ' | 185,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock, Vesting and distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 73,050 | 111,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock, Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,750 | 1,500 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock, grants in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock, award vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation expense, restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 472,000 | 505,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock, Fair value of shares vested and distributed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $1,100,000 | $922,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Stock options, outstanding | 700,000 | 1,100,000 | 1,200,000 |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 269,000 | 606,500 | 594,000 |
Restricted Stock | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Stock options, outstanding | 81,500 | 72,250 | 146,800 |
Earnings_Per_Share_Schedule_of
Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Numerator), basic and diluted earnings per share | $2,091 | $1,399 | $1,603 | $1,513 | $5,257 | $4,870 | $6,940 | $8,730 | $6,606 | $25,797 | $10,810 |
Basic EPS, Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | 9,926,323 | 10,601,145 | 11,222,797 |
Diluted EPS, Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | 10,110,785 | 10,835,200 | 11,287,205 |
Basic EPS, Per-Share Amount (in dollars per share) | $0.22 | $0.14 | $0.16 | $0.15 | $0.51 | $0.46 | $0.65 | $0.81 | $0.67 | $2.43 | $0.96 |
Diluted EPS, Per-Share Amount (in dollars per share) | $0.22 | $0.14 | $0.16 | $0.14 | $0.49 | $0.45 | $0.64 | $0.80 | $0.65 | $2.38 | $0.96 |
Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 153,219 | 160,861 | 23,941 |
Restricted Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 31,243 | 73,194 | 40,467 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Operating Lease Obligations) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2015 | $2,272 |
2016 | 1,759 |
2017 | 1,304 |
2018 | 804 |
2019 | 341 |
Thereafter | 186 |
Total minimum payments required | $6,666 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Loss Contingencies [Line Items] | ' | ' | ' |
Estimated Litigation Liability | $300,000 | ' | ' |
Lease expense under operating leases | 2,400,000 | 2,200,000 | 1,900,000 |
Other Investors | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Recourse liability | 600,000 | 1,300,000 | ' |
Other Investors | Non-contingent Recourse Liability [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Recourse liability | 300,000 | 600,000 | ' |
Other Investors | Contingent Recourse Liability [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Recourse liability | 284,000 | 700,000 | ' |
Mortgage Partnership Finance (MPF) Program | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Recourse liability | 274,000 | 746,000 | ' |
Federal Housing Administration Certificates and Obligations (FHA) [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Recourse liability | $46,000 | $48,000 | ' |
Derivative_and_Other_Financial2
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Off-Balance-Sheet Credit Exposure, Policy (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Commitments to extend credit | $1,090 | $292 |
Loans Held for Investment and Loans Held for Sale [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Commitments to extend credit | $134,800 | $262,500 |
Derivative_and_Other_Financial3
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Undisbursed Funds Commitments (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Undisbursed funds on existing lines of credit and commitments to originate loans | $5,949 | $9,669 |
Undisbursed Loan Funds - Construction Loans | ' | ' |
Derivative [Line Items] | ' | ' |
Undisbursed funds on existing lines of credit and commitments to originate loans | 1,090 | 292 |
Undisbursed Lines of Credit - Mortgage Loans | ' | ' |
Derivative [Line Items] | ' | ' |
Undisbursed funds on existing lines of credit and commitments to originate loans | 616 | 774 |
Undisbursed Lines of Credit - Commercial Business Loans | ' | ' |
Derivative [Line Items] | ' | ' |
Undisbursed funds on existing lines of credit and commitments to originate loans | 1,222 | 952 |
Undisbursed Lines of Credit - Consumer Loans | ' | ' |
Derivative [Line Items] | ' | ' |
Undisbursed funds on existing lines of credit and commitments to originate loans | 774 | 779 |
Commitments to Extend Credit, Loans to be Held for Investment | ' | ' |
Derivative [Line Items] | ' | ' |
Undisbursed funds on existing lines of credit and commitments to originate loans | $2,247 | $6,872 |
Derivative_and_Other_Financial4
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Commitments on Undisbursed Funds Held for Investment Policy (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative [Line Items] | ' | ' |
Undisbursed commitments to extend credit, Assets | $0 | $7,666 |
Undisbursed commitments to extend credit, Liabilities | 1,428 | 272 |
Other Assets | ' | ' |
Derivative [Line Items] | ' | ' |
Undisbursed commitments to extend credit, Assets | 2,600,000 | 7,400,000 |
Other Liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Undisbursed commitments to extend credit, Liabilities | $1,400,000 | $1,100,000 |
Derivative_and_Other_Financial5
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Allowance for Loan Losses of Undisbursed Funds and Commitments on Loans Held for Investment (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | $14,935 | $21,483 | ' | $30,482 |
(Recovery) provision for loan losses | -3,380 | -1,499 | 5,777 | ' |
Balance, end of year | 9,744 | 14,935 | 21,483 | 30,482 |
Commitments to Extend Credit and Undisbursed Funds | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of year | 115 | 66 | ' | ' |
(Recovery) provision for loan losses | -54 | 49 | ' | ' |
Balance, end of year | $61 | $115 | ' | ' |
Derivative_and_Other_Financial6
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Derivative [Line Items] | ' | ' | ' |
Total derivative financial instruments | ($4,653) | $3,322 | $1,088 |
Commitments to extend credit on loans to be held for sale | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total derivative financial instruments | 3,598 | -5,013 | 3,343 |
Mandatory loan sale commitments and TBA MBS trades | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total derivative financial instruments | -8,233 | 8,121 | -1,895 |
Option contracts | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Total derivative financial instruments | ($18) | $214 | ($360) |
Derivative_and_Other_Financial7
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Outstanding Derivative Instruments (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Amount | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative financial instruments | ($153,523) | ($195,109) | ||
Fair Value | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative financial instruments | 1,138 | 6,362 | ||
Commitments to extend credit on loans to be held for sale | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Commitments estimated may not fund (percent) | 28.00% | 23.60% | ||
Commitments to extend credit on loans to be held for sale | Amount | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative financial instruments | 132,567 | [1] | 255,635 | [1] |
Commitments to extend credit on loans to be held for sale | Fair Value | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative financial instruments | 2,566 | [1] | -1,032 | [1] |
Best efforts loan sale commitments | Amount | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative financial instruments | -18,069 | -29,847 | ||
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 | -258,021 | -410,897 | ||
Mandatory loan sale commitments and TBA MBS trades | Fair Value | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative financial instruments | -1,428 | 6,805 | ||
Put option contracts | Amount | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative financial instruments | -10,000 | -10,000 | ||
Put option contracts | Fair Value | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative financial instruments | $0 | $589 | ||
[1] | Net of 28.0% percent at June 30, 2014 and 23.6% percent at June 30, 2013 of commitments, which management has estimated may not fund. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments: Schedule of Aggregate Fair Value and Aggregate Unpaid Principal Balance of Loans Held for Sale (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Loans held for sale, Aggregate Fair Value | $158,883 | $188,050 |
Loans held for sale, Aggregate Unpaid Principal Balance | 152,192 | 188,545 |
Loans held for sale, Net Unrealized Gain | $6,691 | ($495) |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | $17,147,000 | ' |
Loans held for sale, at fair value | 158,883,000 | 188,050,000 |
Derivative assets | 0 | 7,666 |
Derivative liabilities | 1,428 | 272 |
Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 16,347,000 | 19,510,000 |
Loans held for sale, at fair value | 158,883,000 | 188,050,000 |
Interest-only strips | 62,000 | 98,000 |
Derivative assets | 2,570,000 | 9,583,000 |
Total assets | 177,862,000 | 217,241,000 |
Derivative liabilities | 1,432,000 | 3,221,000 |
Total liabilities | 1,432,000 | 3,221,000 |
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 | 2,570,000 | 1,338,000 |
Derivative liabilities | 4,000 | 2,370,000 |
Recurring | Mandatory loan sale commitments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 405,000 |
Derivative liabilities | 93,000 | 322,000 |
Recurring | TBA MBS trades | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 7,251,000 |
Derivative liabilities | 1,335,000 | 529,000 |
Recurring | Option contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 589,000 |
Recurring | U.S. government agency MBS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 9,109,000 | 10,816,000 |
Recurring | U.S. government sponsored enterprise MBS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 6,385,000 | 7,675,000 |
Recurring | Private issue CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 853,000 | 1,019,000 |
Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 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 | Fair Value, Inputs, 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 | Fair Value, Inputs, 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 | Fair Value, Inputs, Level 1 | TBA MBS trades | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Option contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 0 |
Recurring | Fair Value, Inputs, Level 1 | U.S. government agency MBS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | U.S. government sponsored enterprise MBS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Private issue CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 15,494,000 | 18,491,000 |
Loans held for sale, at fair value | 158,883,000 | 188,050,000 |
Interest-only strips | 0 | 0 |
Derivative assets | 0 | 7,251,000 |
Total assets | 174,377,000 | 213,792,000 |
Derivative liabilities | 1,335,000 | 529,000 |
Total liabilities | 1,335,000 | 529,000 |
Recurring | Fair Value, Inputs, 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 | Fair Value, Inputs, 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 | Fair Value, Inputs, Level 2 | TBA MBS trades | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 7,251,000 |
Derivative liabilities | 1,335,000 | 529,000 |
Recurring | Fair Value, Inputs, Level 2 | Option contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 0 |
Recurring | Fair Value, Inputs, Level 2 | U.S. government agency MBS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 9,109,000 | 10,816,000 |
Recurring | Fair Value, Inputs, Level 2 | U.S. government sponsored enterprise MBS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 6,385,000 | 7,675,000 |
Recurring | Fair Value, Inputs, Level 2 | Private issue CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 853,000 | 1,019,000 |
Loans held for sale, at fair value | 0 | 0 |
Interest-only strips | 62,000 | 98,000 |
Derivative assets | 2,570,000 | 2,332,000 |
Total assets | 3,485,000 | 3,449,000 |
Derivative liabilities | 97,000 | 2,692,000 |
Total liabilities | 97,000 | 2,692,000 |
Recurring | Fair Value, Inputs, 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 | 2,570,000 | 1,338,000 |
Derivative liabilities | 4,000 | 2,370,000 |
Recurring | Fair Value, Inputs, Level 3 | Mandatory loan sale commitments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 405,000 |
Derivative liabilities | 93,000 | 322,000 |
Recurring | Fair Value, Inputs, Level 3 | TBA MBS trades | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | Option contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 589,000 |
Recurring | Fair Value, Inputs, Level 3 | U.S. government agency MBS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | U.S. government sponsored enterprise MBS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | Private issue CMO | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities | $853,000 | $1,019,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments: Schedule of Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Using Level 3 Inputs (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Beginning balance | $757 | $5,226 | ||
Total gains or losses included in earnings | 3,373 | -4,643 | ||
Total gains or losses included in other comprehensive loss | -8 | -47 | ||
Purchases | 603 | 1,084 | ||
Issuances | 0 | 0 | ||
Settlements | -1,337 | -863 | ||
Transfers in and/or out of Level 3 | 0 | 0 | ||
Ending balance | 3,388 | 757 | ||
Private issue CMO | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Beginning balance | 1,019 | 1,242 | ||
Total gains or losses included in earnings | 0 | 0 | ||
Total gains or losses included in other comprehensive loss | 28 | -16 | ||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | -194 | -207 | ||
Transfers in and/or out of Level 3 | 0 | 0 | ||
Ending balance | 853 | 1,019 | ||
Interest-Only Strips | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Beginning balance | 98 | 130 | ||
Total gains or losses included in earnings | 0 | 0 | ||
Total gains or losses included in other comprehensive loss | -36 | -31 | ||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Settlements | 0 | -1 | ||
Transfers in and/or out of Level 3 | 0 | 0 | ||
Ending balance | 62 | 98 | ||
Loan Commitments to Originate | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Beginning balance | -1,032 | [1] | 3,981 | [1] |
Total gains or losses included in earnings | 3,598 | [1] | -5,013 | [1] |
Total gains or losses included in other comprehensive loss | 0 | [1] | 0 | [1] |
Purchases | 0 | [1] | 0 | [1] |
Issuances | 0 | [1] | 0 | [1] |
Settlements | 0 | [1] | 0 | [1] |
Transfers in and/or out of Level 3 | 0 | [1] | 0 | [1] |
Ending balance | 2,566 | [1] | -1,032 | [1] |
Mandatory Commitments | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Beginning balance | 83 | [2] | -163 | [2] |
Total gains or losses included in earnings | -207 | [2] | 156 | [2] |
Total gains or losses included in other comprehensive loss | 0 | [2] | 0 | [2] |
Purchases | 0 | [2] | 0 | [2] |
Issuances | 0 | [2] | 0 | [2] |
Settlements | 31 | [2] | 90 | [2] |
Transfers in and/or out of Level 3 | 0 | [2] | 0 | [2] |
Ending balance | -93 | [2] | 83 | [2] |
Option contracts | ' | ' | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ||
Beginning balance | 589 | 36 | ||
Total gains or losses included in earnings | -18 | 214 | ||
Total gains or losses included in other comprehensive loss | 0 | 0 | ||
Purchases | 603 | 1,084 | ||
Issuances | 0 | 0 | ||
Settlements | -1,174 | -745 | ||
Transfers in and/or out of Level 3 | 0 | 0 | ||
Ending balance | $0 | $589 | ||
[1] | Consists of commitments to extend credit on loans to be held for sale. | |||
[2] | Consists of mandatory loan sale commitments. |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments: Schedule of Fair Value Assets Measured on Nonrecurring Basis (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Mortgage servicing assets, fair value | $357,000 | $395,000 | $398,000 |
Nonrecurring | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impaired Loans, Fair value Disclosure | 15,936,000 | 21,682,000 | ' |
Mortgage servicing assets, fair value | 241,000 | 174,000 | ' |
Real Estate Owned, Fair Value Disclosure | 2,467,000 | 2,296,000 | ' |
Assets measured at fair value, nonrecurring | 18,644,000 | 24,152,000 | ' |
Nonrecurring | Fair Value, Inputs, Level 1 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impaired Loans, Fair value Disclosure | 0 | 0 | ' |
Mortgage servicing assets, fair value | 0 | 0 | ' |
Real Estate Owned, Fair Value Disclosure | 0 | 0 | ' |
Assets measured at fair value, nonrecurring | 0 | 0 | ' |
Nonrecurring | Fair Value, Inputs, Level 2 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impaired Loans, Fair value Disclosure | 10,910,000 | 11,650,000 | ' |
Mortgage servicing assets, fair value | 0 | 0 | ' |
Real Estate Owned, Fair Value Disclosure | 2,467,000 | 2,296,000 | ' |
Assets measured at fair value, nonrecurring | 13,377,000 | 13,946,000 | ' |
Nonrecurring | Fair Value, Inputs, Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impaired Loans, Fair value Disclosure | 5,026,000 | 10,032,000 | ' |
Mortgage servicing assets, fair value | 241,000 | 174,000 | ' |
Real Estate Owned, Fair Value Disclosure | 0 | 0 | ' |
Assets measured at fair value, nonrecurring | $5,267,000 | $10,206,000 | ' |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments: Schedule of Additional Information About Valuation Techniques and Inputs Used for Assets and Liabilities (Details) (Fair Value, Inputs, Level 3, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | |
Commitments to extend credit on loans to be held for sale | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities, fair value | $4 | |
Valuation Techniques | 'Relative value analysis | |
Commitments to extend credit on loans to be held for sale | Minimum | Liability | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | 100.00% | [1] |
Fall-out ratio (percent) | 23.20% | [1],[2] |
Commitments to extend credit on loans to be held for sale | Maximum | Liability | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | 101.50% | [1] |
Fall-out ratio (percent) | 28.40% | [1],[2] |
Commitments to extend credit on loans to be held for sale | Weighted Average | Liability | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | 101.50% | [1] |
Fall-out ratio (percent) | 28.00% | [1],[2] |
Mandatory loan sale commitments | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities, fair value | 93 | |
Valuation Techniques | 'Relative value analysis | |
Mandatory loan sale commitments | Liability | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Investor quotes (percent) | 108.10% | [1] |
Roll-forward costs (percent) | 0.00% | [1],[3] |
Private issue CMO | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets, fair value | 853 | |
Valuation Techniques | 'Market comparable pricing | |
Private issue CMO | Minimum | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Probability of default (percent) | 0.50% | [1] |
Private issue CMO | Maximum | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Probability of default (percent) | 1.50% | [1] |
Private issue CMO | Weighted Average | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Probability of default (percent) | 1.40% | [1] |
Non-performing loans | Discounted Cash Flow | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets, fair value | 81 | |
Valuation Techniques | 'Discounted cash flow | |
Non-performing loans | Relative Value Analysis | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets, fair value | 4,945 | |
Valuation Techniques | 'Relative value analysis | |
Non-performing loans | Minimum | Discounted Cash Flow | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Probability of default (percent) | 0.00% | [1] |
Non-performing loans | Minimum | Relative Value Analysis | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Loss severity (percent) | 20.00% | [1] |
Non-performing loans | Maximum | Discounted Cash Flow | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Probability of default (percent) | 30.00% | [1] |
Non-performing loans | Maximum | Relative Value Analysis | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Loss severity (percent) | 38.00% | [1] |
Non-performing loans | Weighted Average | Discounted Cash Flow | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Probability of default (percent) | 0.00% | [1] |
Non-performing loans | Weighted Average | Relative Value Analysis | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Loss severity (percent) | 18.60% | [1] |
MSA | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets, fair value | 241 | |
Valuation Techniques | 'Discounted cash flow | |
MSA | Minimum | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Prepayment speed (percent) | 13.50% | [1] |
Discount rate (percent) | 9.00% | [1] |
MSA | Maximum | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Prepayment speed (percent) | 61.10% | [1] |
Discount rate (percent) | 10.50% | [1] |
MSA | Weighted Average | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Prepayment speed (percent) | 43.10% | [1] |
Discount rate (percent) | 9.20% | [1] |
Interest-Only Strips | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets, fair value | 62 | |
Valuation Techniques | 'Discounted cash flow | |
Discount rate (percent) | 9.00% | [1] |
Interest-Only Strips | Minimum | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Prepayment speed (percent) | 9.30% | [1] |
Interest-Only Strips | Maximum | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Prepayment speed (percent) | 61.80% | [1] |
Interest-Only Strips | Weighted Average | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Prepayment speed (percent) | 44.30% | [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] | ' | |
Assets, fair value | $2,570 | |
Valuation Techniques | 'Relative value analysis | |
Commitments to extend credit on loans to be held for sale | Minimum | Assets | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | 97.50% | [1] |
Fall-out ratio (percent) | 23.20% | [1],[2] |
Commitments to extend credit on loans to be held for sale | Maximum | Assets | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | 105.00% | [1] |
Fall-out ratio (percent) | 28.40% | [1],[2] |
Commitments to extend credit on loans to be held for sale | Weighted Average | Assets | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | 102.20% | [1] |
Fall-out ratio (percent) | 28.00% | [1],[2] |
Mandatory loan sale commitments | Assets | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Investor quotes (percent) | ' | [1] |
Roll-forward costs (percent) | ' | [1],[3] |
Mandatory loan sale commitments | Minimum | Assets | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | ' | [1] |
Mandatory loan sale commitments | Minimum | Liability | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | 103.70% | [1] |
Mandatory loan sale commitments | Maximum | Assets | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | ' | [1] |
Mandatory loan sale commitments | Maximum | Liability | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | 109.10% | [1] |
Mandatory loan sale commitments | Weighted Average | Assets | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | ' | [1] |
Mandatory loan sale commitments | Weighted Average | Liability | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | 105.30% | [1] |
Option contracts | Assets | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Broker quotes (percent) | ' | [1] |
[1] | The range is based on the historical estimated fair values and management estimates. | |
[2] | The percentage of commitments to extend credit on loans to be held for sale which management has estimated may not fund. | |
[3] | 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. |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instruments: Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for investment, net | $772,141 | $748,397 |
FHLB – San Francisco stock | 7,056 | 15,273 |
Deposits | 897,870 | 923,010 |
Borrowings | 41,431 | 106,491 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for investment, net | 778,851 | 742,256 |
FHLB – San Francisco stock | 7,056 | 15,273 |
Deposits | 875,440 | 903,654 |
Borrowings | 44,424 | 110,404 |
Fair Value | Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for investment, net | 0 | 0 |
FHLB – San Francisco stock | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Fair Value | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for investment, net | 0 | 0 |
FHLB – San Francisco stock | 7,056 | 15,273 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Fair Value | Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans held for investment, net | 778,851 | 742,256 |
FHLB – San Francisco stock | 0 | 0 |
Deposits | 875,440 | 903,654 |
Borrowings | $44,424 | $110,404 |
Reportable_Segments_Schedules_
Reportable Segments (Schedules) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net interest income | $7,657 | $7,450 | $7,655 | $7,961 | $7,583 | $8,066 | $8,772 | $8,936 | $30,723 | $33,357 | $36,730 |
Provision for Loan Losses Expensed | -691 | -849 | -898 | -942 | -1,538 | -517 | 23 | 533 | -3,380 | -1,499 | 5,777 |
Net interest income, after (recovery) provision for loan losses | 8,348 | 8,299 | 8,553 | 8,903 | 9,121 | 8,583 | 8,749 | 8,403 | 34,103 | 34,856 | 30,953 |
Loan servicing and other fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,077 | 1,093 | 733 |
Gain on sale of loans, net | ' | ' | ' | ' | ' | ' | ' | ' | 25,799 | 68,493 | 38,017 |
Deposit account fees | ' | ' | ' | ' | ' | ' | ' | ' | 2,469 | 2,449 | 2,438 |
Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 916 | -120 |
Gain on sale of premises and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -120 |
Card and processing fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,370 | 1,292 | 1,282 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 942 | 957 | 800 |
Total non-interest income | 9,557 | 6,791 | 7,144 | 8,183 | 17,618 | 15,388 | 20,035 | 22,159 | 31,675 | 75,200 | 43,150 |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 38,044 | 50,450 | 39,283 |
Premises and occupancy | ' | ' | ' | ' | ' | ' | ' | ' | 4,468 | 4,432 | 3,763 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 11,656 | 12,461 | 12,319 |
Total non-interest expense | 14,214 | 12,553 | 12,871 | 14,530 | 17,519 | 15,729 | 16,769 | 17,326 | 54,168 | 67,343 | 55,365 |
Income before income taxes | 3,691 | 2,537 | 2,826 | 2,556 | 9,220 | 8,242 | 12,015 | 13,236 | 11,610 | 42,713 | 18,738 |
Provision for income taxes | 1,600 | 1,138 | 1,223 | 1,043 | 3,963 | 3,372 | 5,075 | 4,506 | 5,004 | 16,916 | 7,928 |
Net income | 2,091 | 1,399 | 1,603 | 1,513 | 5,257 | 4,870 | 6,940 | 8,730 | 6,606 | 25,797 | 10,810 |
Total assets, end of period | 1,105,629 | ' | ' | ' | 1,211,041 | ' | ' | ' | 1,105,629 | 1,211,041 | 1,260,917 |
Provident Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 26,734 | 27,835 | 30,514 |
Provision for Loan Losses Expensed | ' | ' | ' | ' | ' | ' | ' | ' | -3,080 | -1,229 | 5,932 |
Net interest income, after (recovery) provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 29,814 | 29,064 | 24,582 |
Loan servicing and other fees | ' | ' | ' | ' | ' | ' | ' | ' | 504 | 903 | 627 |
Gain on sale of loans, net | ' | ' | ' | ' | ' | ' | ' | ' | 411 | -84 | -1,057 |
Deposit account fees | ' | ' | ' | ' | ' | ' | ' | ' | 2,469 | 2,449 | 2,438 |
Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 703 | ' |
Gain on sale of premises and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -191 |
Card and processing fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,370 | 1,292 | 1,282 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 942 | 957 | 800 |
Total non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 5,711 | 6,220 | 3,899 |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 15,435 | 17,745 | 15,756 |
Premises and occupancy | ' | ' | ' | ' | ' | ' | ' | ' | 2,601 | 2,705 | 2,449 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,272 | 4,636 | 4,903 |
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 22,308 | 25,086 | 23,108 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 13,217 | 10,198 | 5,373 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 5,629 | 3,245 | 2,309 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 7,588 | 6,953 | 3,064 |
Total assets, end of period | 946,260 | ' | ' | ' | 1,022,413 | ' | ' | ' | 946,260 | 1,022,413 | 1,028,829 |
Provident Bank Mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3,989 | 5,522 | 6,216 |
Provision for Loan Losses Expensed | ' | ' | ' | ' | ' | ' | ' | ' | -300 | -270 | -155 |
Net interest income, after (recovery) provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 4,289 | 5,792 | 6,371 |
Loan servicing and other fees | ' | ' | ' | ' | ' | ' | ' | ' | 573 | 190 | 106 |
Gain on sale of loans, net | ' | ' | ' | ' | ' | ' | ' | ' | 25,388 | 68,577 | 39,074 |
Deposit account fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 213 | ' |
Gain on sale of premises and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71 |
Card and processing fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 25,964 | 68,980 | 39,251 |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 22,609 | 32,705 | 23,527 |
Premises and occupancy | ' | ' | ' | ' | ' | ' | ' | ' | 1,867 | 1,727 | 1,314 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7,384 | 7,825 | 7,416 |
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 31,860 | 42,257 | 32,257 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,607 | 32,515 | 13,365 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -625 | 13,671 | 5,619 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -982 | 18,844 | 7,746 |
Total assets, end of period | $159,369 | ' | ' | ' | $188,628 | ' | ' | ' | $159,369 | $188,628 | $232,088 |
Reportable_Segments_Reportable
Reportable Segments Reportable Segments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 2 | ' | ' |
(Loss) gain on sale of loans, net | $25,799,000 | $68,493,000 | $38,017,000 |
Loan servicing fees | 1,077,000 | 1,093,000 | 733,000 |
Office rent | 2,400,000 | 2,200,000 | 1,900,000 |
Provident Bank Mortgage (PBM) | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Variable rate basis, term | '3 months | ' | ' |
Variable rate basis, description | 'FHLB – San Francisco | ' | ' |
Basis spread on variable rate | 0.50% | ' | ' |
Provident Bank Mortgage (PBM) | Internal Transfer Pricing Arrangements [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Servicing released premiums | 216,000 | 73,000 | 3,000 |
(Loss) gain on sale of loans, net | 12,000 | 16,000 | 2,000 |
Quality assurance costs | 360,000 | 321,000 | 240,000 |
Loan vault service costs | 133,000 | 240,000 | 88,000 |
Office rent | 194,000 | 186,000 | 169,000 |
Provident Bank | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
(Loss) gain on sale of loans, net | 411,000 | -84,000 | -1,057,000 |
Loan servicing fees | 504,000 | 903,000 | 627,000 |
Provident Bank | Internal Transfer Pricing Arrangements [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Loan servicing fees | 74,000 | 110,000 | 81,000 |
Management fees | $1,900,000 | $1,700,000 | $1,500,000 |
Holding_Company_Condensed_Fina2
Holding Company Condensed Financial Information (Financial Condition) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $118,937 | $193,839 | ' | ' |
Assets | 1,105,629 | 1,211,041 | 1,260,917 | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Stockholders’ equity | 145,862 | 159,974 | ' | ' |
Liabilities and Stockholders’ Equity | 1,105,629 | 1,211,041 | ' | ' |
Provident Financial Holding [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 6,627 | 532 | 1,968 | 2,643 |
Investment in subsidiary | 139,252 | 159,622 | ' | ' |
Other assets | 19 | 59 | ' | ' |
Assets | 145,898 | 160,213 | ' | ' |
Liabilities and Stockholders’ Equity | ' | ' | ' | ' |
Other liabilities | 36 | 239 | ' | ' |
Stockholders’ equity | 145,862 | 159,974 | ' | ' |
Liabilities and Stockholders’ Equity | $145,898 | $160,213 | ' | ' |
Holding_Company_Condensed_Fina3
Holding Company Condensed Financial Information (Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income tax benefit | $3,691 | $2,537 | $2,826 | $2,556 | $9,220 | $8,242 | $12,015 | $13,236 | $11,610 | $42,713 | $18,738 |
Income tax benefit | -1,600 | -1,138 | -1,223 | -1,043 | -3,963 | -3,372 | -5,075 | -4,506 | -5,004 | -16,916 | -7,928 |
Net income | 2,091 | 1,399 | 1,603 | 1,513 | 5,257 | 4,870 | 6,940 | 8,730 | 6,606 | 25,797 | 10,810 |
Provident Financial Holding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 9 | 13 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 838 | 791 | 750 |
Loss before equity in net earnings of the subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -818 | -782 | -737 |
Equity in net earnings of the subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 7,087 | 26,250 | 11,237 |
Income before income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 6,269 | 25,468 | 10,500 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 337 | 329 | 310 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $6,606 | $25,797 | $10,810 |
Holding_Company_Condensed_Fina4
Holding Company Condensed Financial Information (Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $2,091 | $1,399 | $1,603 | $1,513 | $5,257 | $4,870 | $6,940 | $8,730 | $6,606 | $25,797 | $10,810 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -168 | -72 | -12 |
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 6,438 | 25,725 | 10,798 |
Provident Financial Holding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 6,606 | 25,797 | 10,810 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $6,606 | $25,797 | $10,810 |
Holding_Company_Condensed_Fina5
Holding Company Condensed Financial Information (Cash Flows) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
Provident Financial Holding [Member] | Provident Financial Holding [Member] | Provident Financial Holding [Member] | Provident Financial Holding [Member] | ||||||||||||
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $2,091 | $1,399 | $1,603 | $1,513 | $5,257 | $4,870 | $6,940 | $8,730 | $6,606 | $25,797 | $10,810 | $6,606 | $25,797 | $10,810 | ' |
Equity in net earnings of the subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,087 | -26,250 | -11,237 | ' |
Decrease (increase) in other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 20 | -49 | ' |
(Decrease) increase in other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -203 | 201 | -6 | ' |
Net cash provided by (used for) operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 48,517 | 55,065 | -12,324 | -644 | -232 | -482 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend received from the Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,500 | 10,000 | 8,000 | ' |
Net cash (used for) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -12,143 | 63,390 | 87,511 | 27,500 | 10,000 | 8,000 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 385 | 296 | 72 | ' |
Treasury stock purchases | ' | ' | ' | ' | ' | ' | ' | ' | -17,182 | -8,959 | -6,693 | -17,182 | -8,959 | -6,693 | ' |
Cash dividends | ' | ' | ' | ' | ' | ' | ' | ' | -3,964 | -2,541 | -1,572 | -3,964 | -2,541 | -1,572 | ' |
Net cash used for financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -111,276 | -69,752 | -72,601 | -20,761 | -11,204 | -8,193 | ' |
Net (decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -74,902 | 48,703 | 2,586 | 6,095 | -1,436 | -675 | ' |
Cash and cash equivalents at beginning of year | ' | ' | ' | 193,839 | ' | ' | ' | ' | 193,839 | ' | ' | 532 | 1,968 | ' | 2,643 |
Cash and cash equivalents at end of year | $118,937 | ' | ' | ' | $193,839 | ' | ' | ' | $118,937 | $193,839 | ' | $6,627 | $532 | $1,968 | $2,643 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $9,272 | $9,158 | $9,513 | $10,116 | $10,085 | $10,612 | $11,617 | $11,847 | $38,059 | $44,161 | ' |
Interest expense | 1,615 | 1,708 | 1,858 | 2,155 | 2,502 | 2,546 | 2,845 | 2,911 | 7,336 | 10,804 | 14,705 |
Net interest income | 7,657 | 7,450 | 7,655 | 7,961 | 7,583 | 8,066 | 8,772 | 8,936 | 30,723 | 33,357 | 36,730 |
(Recovery) provision for loan losses | 691 | 849 | 898 | 942 | 1,538 | 517 | -23 | -533 | 3,380 | 1,499 | -5,777 |
Net interest income, after (recovery) provision for loan losses | 8,348 | 8,299 | 8,553 | 8,903 | 9,121 | 8,583 | 8,749 | 8,403 | 34,103 | 34,856 | 30,953 |
Non-interest income | 9,557 | 6,791 | 7,144 | 8,183 | 17,618 | 15,388 | 20,035 | 22,159 | 31,675 | 75,200 | 43,150 |
Non-interest expense | 14,214 | 12,553 | 12,871 | 14,530 | 17,519 | 15,729 | 16,769 | 17,326 | 54,168 | 67,343 | 55,365 |
Income before income tax benefit | 3,691 | 2,537 | 2,826 | 2,556 | 9,220 | 8,242 | 12,015 | 13,236 | 11,610 | 42,713 | 18,738 |
Provision for income taxes | 1,600 | 1,138 | 1,223 | 1,043 | 3,963 | 3,372 | 5,075 | 4,506 | 5,004 | 16,916 | 7,928 |
Net income | $2,091 | $1,399 | $1,603 | $1,513 | $5,257 | $4,870 | $6,940 | $8,730 | $6,606 | $25,797 | $10,810 |
Basic earnings per share (in dollars per share) | $0.22 | $0.14 | $0.16 | $0.15 | $0.51 | $0.46 | $0.65 | $0.81 | $0.67 | $2.43 | $0.96 |
Diluted earnings per share (in dollars per share) | $0.22 | $0.14 | $0.16 | $0.14 | $0.49 | $0.45 | $0.64 | $0.80 | $0.65 | $2.38 | $0.96 |
Reclassification_Adjustment_of2
Reclassification Adjustment of Accumulated Other Comprehensive Income ("AOCI") (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2010 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $554 | $626 | ' | $638 |
Other comprehensive income (loss) before reclassifications | -168 | -72 | -12 | ' |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | ' |
Other comprehensive loss | -168 | -72 | -12 | ' |
Ending balance | 386 | 554 | 626 | 638 |
Investment securities, available for sale | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 498 | 552 | ' | 524 |
Other comprehensive income (loss) before reclassifications | -147 | -54 | 28 | ' |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | ' |
Other comprehensive loss | -147 | -54 | 28 | ' |
Ending balance | 351 | 498 | 552 | 524 |
Interest-only strips | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 56 | 74 | ' | 114 |
Other comprehensive income (loss) before reclassifications | -21 | -18 | -40 | ' |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | ' |
Other comprehensive loss | -21 | -18 | -40 | ' |
Ending balance | $35 | $56 | $74 | $114 |
Offsetting_Derivative_and_Othe2
Offsetting Derivative and Other Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Offsetting [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | $1,428 | $851 |
Derivative Asset, Fair Value, Gross Asset | 0 | 8,245 |
Derivative Asset, Gross Amount Offset | 0 | 579 |
Derivative Asset, Net Amount of Assets Offset | 0 | 7,666 |
Derivative Asset, Gross Amount Not Offset, Financial Instruments | 0 | 0 |
Derivative Asset, Gross Amount Not Offset, Cash Collateral Received | 0 | 0 |
Derivative assets | 0 | 7,666 |
Derivative Liability, Gross Amount Offset | 0 | 579 |
Derivative Liability, Net Amount of Assets Offset | 1,428 | 272 |
Derivative Liability, Gross Amount Not Offset, Financial Instruments | 0 | 0 |
Derivative Liability, Gross Amount Not Offset, Cash Collateral Received | 0 | 0 |
Derivative liabilities | $1,428 | $272 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | 1 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Aug. 29, 2014 | Jul. 22, 2014 | Jul. 22, 2014 |
Subsequent Event [Member] | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' |
Quarterly cash dividend declared, common stock | ' | $0.11 | $0.10 |
Increase in quarterly cash dividend (percent) | ' | ' | 10.00% |
Dividends, Common Stock, Cash | $25,000 | ' | ' |