Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2014 | Feb. 04, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | HBNK | |
Entity Registrant Name | HAMPDEN BANCORP, INC. | |
Entity Central Index Key | 1375320 | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 5,554,440 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $9,234 | $9,437 |
Federal funds sold and other short-term investments | 14,567 | 3,230 |
Cash and cash equivalents | 23,801 | 12,667 |
Securities available for sale, at fair value | 130,844 | 133,936 |
Securities held to maturity, at cost | 7,371 | 9,302 |
Federal Home Loan Bank of Boston stock, at cost | 6,949 | 6,648 |
Loans held for sale | 1,281 | 330 |
Loans, net of allowance for loan losses of $5,794 at December 31, 2014 and $5,651 at June 30, 2014 | 509,845 | 507,635 |
Other real estate owned | 502 | 309 |
Premises and equipment, net | 4,591 | 4,668 |
Accrued interest receivable | 1,708 | 1,688 |
Deferred tax asset, net | 4,156 | 4,182 |
Bank-owned life insurance | 17,708 | 17,459 |
Other assets | 2,345 | 2,673 |
Total assets | 711,101 | 701,497 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Interest-bearing deposits | 406,262 | 407,508 |
Non-interest bearing deposits | 82,630 | 84,224 |
Total deposits | 488,892 | 491,732 |
Short-term borrowings | 12,000 | 4,000 |
Long-term debt | 118,803 | 112,446 |
Mortgagors' escrow accounts | 1,176 | 1,184 |
Accrued expenses and other liabilities | 4,508 | 4,976 |
Total liabilities | 625,379 | 614,338 |
Commitments and contingencies (Notes 1 and 5) | ||
Preferred stock ($.01 par value, 5,000,000 shares authorized, none issued or outstanding) | 0 | 0 |
Common stock ($.01 par value, 25,000,000 shares authorized; 8,082,254 issued at December 31, 2014 and 8,034,027 issued at June 30, 2014; 5,541,004 outstanding at December 31, 2014 and 5,651,130 outstanding at June 30, 2014) | 80 | 80 |
Additional paid-in capital | 80,908 | 80,389 |
Unearned compensation - ESOP (296,798 shares unallocated at December 31, 2014 and 317,998 shares unallocated at June 30, 2014) | -2,968 | -3,180 |
Unearned compensation - equity incentive plan | -5 | -8 |
Retained earnings | 38,201 | 37,697 |
Accumulated other comprehensive income | 181 | 158 |
Treasury stock, at cost (2,541,250 shares at December 31, 2014 and 2,382,897 shares at June 30, 2014) | -30,675 | -27,977 |
Total stockholders' equity | 85,722 | 87,159 |
Total liabilities and stockholders' equity | $711,101 | $701,497 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Loans, allowance for loan losses | $5,794 | $5,651 |
Preferred stock, par value (USD per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (shares) | 0 | 0 |
Preferred stock, outstanding (shares) | 0 | 0 |
Common stock, par value (USD per share) | $0.01 | $0.01 |
Common stock, shares authorized (shares) | 25,000,000 | 25,000,000 |
Common stock, issued (shares) | 8,082,254 | 8,034,027 |
Common stock, outstanding (shares) | 5,541,004 | 5,651,130 |
Unearned compensation - ESOP, shares unallocated (shares) | 296,798 | 317,998 |
Treasury stock, shares (shares) | 2,541,250 | 2,382,897 |
Consolidated_Statements_of_Net
Consolidated Statements of Net Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Interest and dividend income: | ||||
Loans, including fees | $5,810 | $5,728 | $11,734 | $11,237 |
Debt securities: | ||||
Taxable | 618 | 673 | 1,254 | 1,291 |
Tax-exempt | 24 | 12 | 49 | 17 |
Dividends | 26 | 6 | 52 | 10 |
Federal funds sold and other short-term investments | 8 | 9 | 12 | 22 |
Total interest and dividend income | 6,486 | 6,428 | 13,101 | 12,577 |
Interest expense: | ||||
Deposits | 726 | 745 | 1,458 | 1,547 |
Borrowings: | ||||
Short-term | 11 | 10 | 23 | 19 |
Long-term | 544 | 576 | 1,084 | 1,026 |
Total interest expense | 1,281 | 1,331 | 2,565 | 2,592 |
Net interest income | 5,205 | 5,097 | 10,536 | 9,985 |
Provision for loan losses | 0 | 150 | 150 | 250 |
Net interest income, after provision for loan losses | 5,205 | 4,947 | 10,386 | 9,735 |
Non-interest income: | ||||
Customer service fees | 545 | 560 | 1,095 | 1,130 |
Gain on sales of loans, net | 103 | 100 | 219 | 185 |
Increase in cash surrender value of bank-owned life insurance | 124 | 129 | 249 | 260 |
Other | 84 | 122 | 263 | 439 |
Total non-interest income | 856 | 911 | 1,826 | 2,014 |
Non-interest expense: | ||||
Salaries and employee benefits | 2,485 | 2,278 | 4,968 | 4,499 |
Occupancy and equipment | 444 | 467 | 884 | 930 |
Data processing services | 255 | 212 | 530 | 414 |
Advertising | 183 | 112 | 265 | 256 |
Net (gain) loss on other real estate owned | 9 | 15 | -36 | 19 |
FDIC insurance and assessment | 98 | 99 | 188 | 196 |
Professional fees | 1,462 | 590 | 1,818 | 950 |
Other general and administrative | 596 | 487 | 1,236 | 1,001 |
Total non-interest expense | 5,532 | 4,260 | 9,853 | 8,265 |
Income before income taxes | 529 | 1,598 | 2,359 | 3,484 |
Income tax provision | 359 | 577 | 1,017 | 1,256 |
Net income | $170 | $1,021 | $1,342 | $2,228 |
Earnings per share: | ||||
Basic (USD per share) | $0.03 | $0.19 | $0.26 | $0.42 |
Diluted (USD per share) | $0.03 | $0.19 | $0.25 | $0.41 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 5,209,693 | 5,300,289 | 5,262,145 | 5,287,594 |
Diluted (in shares) | 5,343,116 | 5,443,078 | 5,392,725 | 5,422,530 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $170 | $1,021 | $1,342 | $2,228 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) on available-for-sale securities | 439 | -411 | 49 | -1,404 |
Tax effect | 158 | -148 | 26 | -506 |
Other comprehensive income (loss), net-of-tax | 281 | -263 | 23 | -898 |
Comprehensive income | $451 | $758 | $1,365 | $1,330 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Unearned Compensation- ESOP | Unearned Compensation- Equity Incentive Plan | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, except Share data | ||||||||
Beginning balance at Jun. 30, 2013 | $83,659 | $80 | $79,926 | ($3,604) | ($16) | $34,450 | $346 | ($27,523) |
Beginning balance (in shares) at Jun. 30, 2013 | 5,629,099 | |||||||
Comprehensive income | 1,330 | 2,228 | -898 | |||||
Issuance of common stock for exercise of stock options (in shares) | 37,631 | |||||||
Issuance of common stock for exercise of stock options | 163 | 163 | ||||||
Cash dividends paid | -632 | -632 | ||||||
Common stock repurchased (in shares) | -17,882 | |||||||
Common stock repurchased | -274 | -274 | ||||||
Stock-based compensation | 22 | 18 | 4 | |||||
Tax benefit from Equity Incentive Plan vesting | 1 | 1 | ||||||
ESOP shares allocated or committed to be allocated | 345 | 133 | 212 | |||||
Ending balance at Dec. 31, 2013 | 84,614 | 80 | 80,241 | -3,392 | -12 | 36,046 | -552 | -27,797 |
Ending balance (in shares) at Dec. 31, 2013 | 5,648,848 | |||||||
Beginning balance at Jun. 30, 2014 | 87,159 | 80 | 80,389 | -3,180 | -8 | 37,697 | 158 | -27,977 |
Beginning balance (in shares) at Jun. 30, 2014 | 5,651,130 | |||||||
Comprehensive income | 1,365 | 1,342 | 23 | |||||
Issuance of common stock for exercise of stock options (in shares) | 48,227 | |||||||
Issuance of common stock for exercise of stock options | 327 | 327 | ||||||
Cash dividends paid | -838 | -838 | ||||||
Common stock repurchased (in shares) | -158,353 | |||||||
Common stock repurchased | -2,698 | -2,698 | ||||||
Stock-based compensation | 25 | 22 | 3 | |||||
Tax benefit from Equity Incentive Plan vesting | 1 | 1 | ||||||
ESOP shares allocated or committed to be allocated | 381 | 169 | 212 | |||||
Ending balance at Dec. 31, 2014 | $85,722 | $80 | $80,908 | ($2,968) | ($5) | $38,201 | $181 | ($30,675) |
Ending balance (in shares) at Dec. 31, 2014 | 5,541,004 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends paid, per share (USD per share) | $0.16 | $0.12 |
ESOP shares allocated or committed to be allocated (shares) | 21,200 | 21,200 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net income | $1,342 | $2,228 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 150 | 250 |
Changes in fair value of mortgage servicing rights | 15 | -68 |
Net amortization of securities premiums | 153 | 221 |
Depreciation and amortization | 389 | 353 |
Loans originated for sale | -13,793 | -11,108 |
Proceeds from loan sales | 13,061 | 11,914 |
Gain on sales of loans, net | -219 | -185 |
Net (gain) loss on other real estate owned | -36 | 19 |
Increase in cash surrender value of bank-owned life insurance | -249 | -260 |
Deferred tax provision | 0 | 1 |
Employee Stock Ownership Plan expense | 381 | 345 |
Stock-based compensation | 25 | 22 |
Tax benefit from Equity Incentive Plan vesting | -1 | -1 |
Net change in: | ||
Accrued interest receivable | -20 | -9 |
Other assets | 313 | -46 |
Accrued expenses and other liabilities | -468 | -1,343 |
Net cash provided by operating activities | 1,043 | 2,333 |
Cash flows from investing activities: Activity in available-for-sale securities: | ||
Maturities and calls | 5,505 | 800 |
Principal payments | 13,301 | 16,612 |
Purchases | -13,887 | -22,814 |
Purchase of loans | -1,905 | -2,640 |
Net loan originations | -921 | -44,529 |
Proceeds from sales of other real estate owned | 309 | 389 |
Purchase of Federal Home Loan Bank stock | -301 | -1,669 |
Purchase of premises and equipment | -311 | -181 |
Net cash provided (used) by investing activities | 1,790 | -54,032 |
Cash flows from financing activities: | ||
Net change in deposits | -2,840 | 2,341 |
Net change in short-term borrowings | 8,000 | 17,500 |
Proceeds from issuance of long-term debt | 20,000 | 38,131 |
Repayment of long-term debt | -13,643 | -16,249 |
Net change in mortgagors' escrow accounts | -8 | 42 |
Tax benefit from Equity Incentive Plan vesting | 1 | 1 |
Issuance of common stock for exercise of stock options | 327 | 163 |
Repurchase of common stock | -2,698 | -274 |
Payment of dividends on common stock | -838 | -632 |
Net cash provided by financing activities | 8,301 | 41,023 |
Net change in cash and cash equivalents | 11,134 | -10,676 |
Cash and cash equivalents at beginning of period | 12,667 | 25,618 |
Cash and cash equivalents at end of period | 23,801 | 14,942 |
Supplemental cash flow information: | ||
Interest paid on deposits | 1,458 | 1,547 |
Interest paid on borrowings | 1,098 | 1,053 |
Income taxes paid | 1,690 | 1,220 |
Transfers from loans to other real estate owned | $466 | $461 |
Basis_of_Presentation_and_Cons
Basis of Presentation and Consolidation | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation |
The consolidated financial statements include the accounts of Hampden Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries, Hampden Bank (the “Bank”) and Hampden LS, Inc. Hampden Bank is a Massachusetts chartered stock savings bank. The Company contributed funds to Hampden LS, Inc. to enable it to make a 15-year loan to the employee stock ownership plan (the “ESOP”) to allow it to purchase shares of the Company’s common stock as part of the completion of the Company’s initial public offering. Hampden Bank has three wholly-owned subsidiaries, Hampden Investment Corporation and Hampden Investment Corporation II, which engage in buying, selling, holding and otherwise dealing in securities, and Hampden Insurance Agency, which ceased selling insurance products in November of 2000 and remains inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the information reflects all adjustments (consisting solely of normal recurring adjustments) that are necessary for a fair presentation. The results shown for the interim periods ended December 31, 2014 are not necessarily indicative of the results to be obtained for a full year. These consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended June 30, 2014 included in the Company’s most recent Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (“SEC”) on September 12, 2014. | |
In preparing the consolidated interim financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the date of the statement of financial condition and reported amounts of revenues and expenses for the periods presented. 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 and deferred income taxes. | |
On November 3, 2014, the board of directors of the Company unanimously approved a merger agreement between the Company and Berkshire Hills Bancorp, Inc. ("Berkshire Hills"). The Company is holding a special meeting on Thursday, March 12, 2015 at 10:00 a.m., Eastern Time, at the Sheraton Springfield Monarch Place Hotel, Springfield, Massachusetts 01144, for its stockholders of record on January 29, 2015, to vote on the proposals necessary to complete the merger. If the merger agreement is approved and the merger is subsequently completed, the Company will merge with and into Berkshire Hills, the Company's separate corporate existence will thereupon cease and Berkshire Hills will continue as the surviving corporation. The expenses associated with this merger totaled $695,000 for the six months ended December 31, 2014. | |
Under the terms of the merger agreement, each outstanding share of the Company's common stock will be converted into the right to receive 0.81 shares of Berkshire Hills' common stock. Berkshire Hills' common stock is listed on the New York Stock Exchange under the symbol ‘‘BHLB.’’ Completion of the merger is subject to the receipt of regulatory approvals and the approval of the stockholders of the Company, as well as customary conditions. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In January 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU was issued to clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the ASU amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and the ASU is to be adopted using either a modified retrospective transition method or a prospective transition method. The Company does not believe this ASU will have a material effect on the Company's consolidated financial statements for the interim and annual periods other than the additional disclosures required. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||||||
Basic earnings per share (“EPS”) excludes dilution and is calculated by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the applicable period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents (such as stock options and unvested restricted stock) were issued during the period. Unallocated common shares held by the ESOP are shown as a reduction in stockholders' equity and are included in the weighted-average number of common shares outstanding for both basic and diluted EPS calculations as they are committed to be released. | ||||||||||||||||
Earnings per common share have been computed based upon the following: | ||||||||||||||||
Three Months Ended December 31, | Six Months Ended | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income available to common stock (in thousands) | $ | 170 | $ | 1,021 | $ | 1,342 | $ | 2,228 | ||||||||
Average number of shares issued | 8,052,517 | 8,020,607 | 8,043,998 | 8,012,352 | ||||||||||||
Less: average unallocated ESOP shares | (303,763 | ) | (346,159 | ) | (309,081 | ) | (351,477 | ) | ||||||||
Less: average treasury stock | (2,537,261 | ) | (2,371,759 | ) | (2,470,851 | ) | (2,370,760 | ) | ||||||||
Less: average unvested restricted stock awards | (1,800 | ) | (2,400 | ) | (1,921 | ) | (2,521 | ) | ||||||||
Average number of basic shares outstanding | 5,209,693 | 5,300,289 | 5,262,145 | 5,287,594 | ||||||||||||
Plus: dilutive unvested restricted stock awards | 1,269 | 1,380 | 1,329 | 1,427 | ||||||||||||
Plus: dilutive stock option shares | 132,154 | 141,409 | 129,251 | 133,509 | ||||||||||||
Average number of diluted shares outstanding | 5,343,116 | 5,443,078 | 5,392,725 | 5,422,530 | ||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.19 | $ | 0.26 | $ | 0.42 | ||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.19 | $ | 0.25 | $ | 0.41 | ||||||||
Dividends
Dividends | 6 Months Ended |
Dec. 31, 2014 | |
Dividends [Abstract] | |
Dividends | Dividends |
On November 4, 2014, the Company declared a cash dividend of $0.08 per common share which was paid on November 28, 2014 to stockholders of record as of the close of business on November 14, 2014. | |
On February 3, 2014, the Company announced that its Board of Directors had declared a cash dividend of $0.08 per common share. The dividend will be paid on February 27, 2014 to shareholders of record as of February 13, 2014. |
Loan_Commitments
Loan Commitments | 6 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan Commitments | Loan Commitments |
Outstanding loan commitments totaled $124.6 million at December 31, 2014 and $134.1 million at June 30, 2014. Loan commitments primarily consist of commitments to originate new loans as well as the outstanding unused portions of home equity, business and other lines of credit, and unused portions of construction loans. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 6 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities | ||||||||||||||||||||
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: | |||||||||||||||||||||
Level 1: | Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. | ||||||||||||||||||||
Level 2: | Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; and quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology are derived principally from or can be corroborated by observable market data by correlation or other means. | ||||||||||||||||||||
Level 3: | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||||||
Where assets or liabilities are measured at fair value, transfers between levels are recognized at the end of the reporting period, if applicable. | |||||||||||||||||||||
Methods and assumptions for valuing the Company’s financial instruments are set forth below. Estimated fair values are calculated based on the value without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications or estimated transaction costs. | |||||||||||||||||||||
Cash and cash equivalents: The carrying amounts of cash and short-term investments approximate fair values. | |||||||||||||||||||||
Securities: The securities measured at fair value utilizing Level 1 and Level 2 inputs are government-sponsored enterprises, corporate bonds and other obligations, mortgage-backed securities and common stocks. The fair values used by the Company are obtained from an independent pricing service which are not adjusted by management and, represents either quoted market prices for identical securities, quoted market prices for comparable securities or fair values determined by pricing models that consider observable market data, such as interest rate volatilities, credit spreads and prices from market makers and live trading systems and other market indicators, industry and economic events. Municipal securities are valued utilizing Level 3 inputs. Since there is no readily available market pricing and no active market to sell these securities, management believes that the amortized cost of these securities approximates fair value based on their relatively short terms to maturity. | |||||||||||||||||||||
Federal Home Loan Bank of Boston ("FHLB") stock: The carrying amount of FHLB stock approximates fair value based upon the redemption provisions of the FHLB. | |||||||||||||||||||||
Loans held for sale: Fair value of loans held for sale are estimated based on commitments on hand from investors or prevailing market prices. | |||||||||||||||||||||
Loans: Fair values for loans are estimated using discounted cash flow analysis, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. This analysis assumes no prepayment. Fair values for non-performing loans are estimated using discounted cash flow analysis or underlying collateral values, where applicable. | |||||||||||||||||||||
Mortgage servicing rights: Mortgage servicing rights (“MSR”) are the rights of a mortgage servicer to collect mortgage payments and forward them, after deducting a fee, to the mortgage lender. The fair value of servicing rights is estimated using a present value cash flow model. The fair value of MSR is highly sensitive to changes in assumptions. Changes in prepayment speed assumptions generally have the most significant impact on the fair value of our MSR. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSR. As interest rates rise, mortgage loan prepayments slow down, which results in an increase in the fair value of MSR. Thus, any measurement of the fair value of our MSR is limited by the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different point in time. | |||||||||||||||||||||
Deposits and mortgage escrow accounts: The fair values for non-certificate accounts and mortgage escrow accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificate accounts are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||||||
Short-term borrowings: The carrying amount of short-term borrowings approximates fair value. | |||||||||||||||||||||
Long-term debt: The fair values of the Company's advances are estimated using discounted cash flow analysis based on current market borrowing rates for similar types of borrowing arrangements. | |||||||||||||||||||||
Accrued interest: The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||||||
Off-balance-sheet instruments: Fair values for off-balance-sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The estimated fair value of off-balance sheet financial instruments at December 31, 2014 and June 30, 2014 were not material. | |||||||||||||||||||||
The Company does not measure any liabilities at fair value on either a recurring or non-recurring basis. | |||||||||||||||||||||
The following table presents the balances of assets measured at fair value on a recurring basis as of December 31, 2014 and June 30, 2014: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
December 31, 2014 | (In Thousands) | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Debt securities | $ | — | $ | 130,765 | $ | — | $ | 130,765 | |||||||||||||
Marketable equity securities | 79 | — | — | 79 | |||||||||||||||||
Mortgage servicing rights | — | — | 856 | 856 | |||||||||||||||||
Total | $ | 79 | $ | 130,765 | $ | 856 | $ | 131,700 | |||||||||||||
June 30, 2014 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Debt securities | $ | — | $ | 133,857 | $ | — | $ | 133,857 | |||||||||||||
Marketable equity securities | 79 | — | — | 79 | |||||||||||||||||
Mortgage servicing rights | — | — | 792 | 792 | |||||||||||||||||
Total | $ | 79 | $ | 133,857 | $ | 792 | $ | 134,728 | |||||||||||||
The table below presents, for the three and six months ended December 31, 2014 and 2013, the changes in Level 3 assets that are measured at fair value on a recurring basis: | |||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Beginning balance | $ | 870 | $ | 830 | $ | 792 | $ | 654 | |||||||||||||
Changes in fair value | (53 | ) | (76 | ) | (15 | ) | 68 | ||||||||||||||
Capitalized servicing assets | 39 | 29 | 79 | 61 | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | |||||||||||||||||
Ending balance | $ | 856 | $ | 783 | $ | 856 | $ | 783 | |||||||||||||
Also, the Company may be required, from time to time, to measure certain other financial assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the carrying value of the related individual assets as of December 31, 2014 and June 30, 2014, all classified in Level 3 fair value hierarchy: | |||||||||||||||||||||
December 31, | June 30, | ||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Impaired loans | $ | 455 | $ | 461 | |||||||||||||||||
Other real estate owned ("OREO") | 502 | 309 | |||||||||||||||||||
Total | $ | 957 | $ | 770 | |||||||||||||||||
During the six months ended December 31, 2014 and 2013 there were no transfers between Levels 1, 2, or 3. | |||||||||||||||||||||
The amount of impaired loans represents the carrying value of loans that include adjustments which are based on the estimated fair value of the underlying collateral. The fair value of collateral used by the Company represents the current tax assessed value, discounted by 20%. This data includes information such as selling price of similar properties, expected future cash flows or earnings of the subject property based on current market expectations, as well as relevant legal, physical and economic factors. If the impaired loan is being actively marketed, the Company uses the realtor’s market analysis or listing price discounted by 10% and less 5% for realtor commission, instead of the tax assessment. The Company had a $592,000 and a $641,000 loss on impaired loans for the three and six months ended December 31, 2014, respectively. There was no gain or loss for the three and six months ended December 31, 2013. Any resulting losses are recognized in earnings through the provision for loan losses. The Company charges off any collateral shortfall on collateral dependent impaired loans. | |||||||||||||||||||||
The Company classifies property acquired through foreclosure or acceptance of a deed in lieu of foreclosure as OREO in its consolidated financial statements. When property is placed into OREO, it is recorded at the fair value less estimated costs to sell at the date of foreclosure or acceptance of deed in lieu of foreclosure. At the time of transfer to OREO, any excess of carrying value over fair value is charged to the allowance for loan losses. Management, or its designee, inspects all OREO property periodically. Holding costs and declines in fair value result in charges to expense after the property is acquired. The Company had a $9,000 loss on OREO for the three months ended December 31, 2014 and a $36,000 gain on OREO for the six months ended December 31, 2014. The Company had a $15,000 and a $19,000 loss on OREO for the three and six months ended December 31, 2013, respectively. | |||||||||||||||||||||
The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||||||
The carrying amounts and related estimated fair values of the Company's financial instruments are as follows. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
December 31, 2014 | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 23,801 | $ | 23,801 | $ | — | $ | — | $ | 23,801 | |||||||||||
Securities available for sale | 130,844 | 79 | 130,765 | — | 130,844 | ||||||||||||||||
Securities held to maturity | 7,371 | — | — | 7,371 | 7,371 | ||||||||||||||||
Federal Home Loan Bank stock | 6,949 | — | — | 6,949 | 6,949 | ||||||||||||||||
Loans held for sale | 1,281 | — | 1,281 | — | 1,281 | ||||||||||||||||
Loans, net | 509,845 | — | — | 516,233 | 516,233 | ||||||||||||||||
Accrued interest receivable | 1,708 | — | — | 1,708 | 1,708 | ||||||||||||||||
Mortgage servicing rights (1) | 856 | — | — | 856 | 856 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 488,892 | — | — | 496,672 | 496,672 | ||||||||||||||||
Short-term borrowings | 12,000 | — | 12,000 | — | 12,000 | ||||||||||||||||
Long-term debt | 118,803 | — | 120,144 | — | 120,144 | ||||||||||||||||
Mortgagors' escrow accounts | 1,176 | — | — | 1,176 | 1,176 | ||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,667 | $ | 12,667 | $ | — | $ | — | $ | 12,667 | |||||||||||
Securities available for sale | 133,936 | 79 | 133,857 | — | 133,936 | ||||||||||||||||
Securities held to maturity | 9,302 | — | — | 9,302 | 9,302 | ||||||||||||||||
Federal Home Loan Bank stock | 6,648 | — | — | 6,648 | 6,648 | ||||||||||||||||
Loans held for sale | 330 | — | 330 | — | 330 | ||||||||||||||||
Loans, net | 507,635 | — | — | 513,765 | 513,765 | ||||||||||||||||
Accrued interest receivable | 1,688 | — | — | 1,688 | 1,688 | ||||||||||||||||
Mortgage servicing rights (1) | 792 | — | — | 792 | 792 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 491,732 | — | — | 493,500 | 493,500 | ||||||||||||||||
Short-term borrowings | 4,000 | — | 4,000 | — | 4,000 | ||||||||||||||||
Long-term debt | 112,446 | — | 113,823 | — | 113,823 | ||||||||||||||||
Mortgagors' escrow accounts | 1,184 | — | — | 1,184 | 1,184 | ||||||||||||||||
(1) Included in other assets |
Investment_Securities
Investment Securities | 6 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Investment Securities | Investment Securities | |||||||||||||||||||||||
The amortized cost and estimated fair value of the Company's investment securities, with gross unrealized gains and losses, follows: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate bonds | $ | 3,021 | $ | 38 | $ | — | $ | 3,059 | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 125,977 | 1,561 | (1,343 | ) | 126,195 | |||||||||||||||||||
Non-agency | 1,513 | 6 | (8 | ) | 1,511 | |||||||||||||||||||
Total debt securities | 130,511 | 1,605 | (1,351 | ) | 130,765 | |||||||||||||||||||
Marketable equity securities | 51 | 28 | — | 79 | ||||||||||||||||||||
Total securities available for sale | $ | 130,562 | $ | 1,633 | $ | (1,351 | ) | $ | 130,844 | |||||||||||||||
Held to Maturity | ||||||||||||||||||||||||
Municipal bonds | $ | 7,371 | $ | — | $ | — | $ | 7,371 | ||||||||||||||||
Total securities held to maturity | $ | 7,371 | $ | — | $ | — | $ | 7,371 | ||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate bonds | $ | 3,026 | $ | 60 | $ | — | $ | 3,086 | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 128,938 | 1,629 | (1,494 | ) | 129,073 | |||||||||||||||||||
Non-agency | 1,688 | 15 | (5 | ) | 1,698 | |||||||||||||||||||
Total debt securities | 133,652 | 1,704 | (1,499 | ) | 133,857 | |||||||||||||||||||
Marketable equity securities | 51 | 28 | — | 79 | ||||||||||||||||||||
Total securities available for sale | $ | 133,703 | $ | 1,732 | $ | (1,499 | ) | $ | 133,936 | |||||||||||||||
Held to Maturity | ||||||||||||||||||||||||
Municipal bonds | $ | 9,302 | $ | — | $ | — | $ | 9,302 | ||||||||||||||||
Total securities held to maturity | $ | 9,302 | $ | — | $ | — | $ | 9,302 | ||||||||||||||||
Residential mortgage-backed agency securities are mortgage-backed securities that have been issued by the federal government or its agencies or government-sponsored enterprises. Residential mortgage-backed non-agency securities are mortgage-backed securities that have been issued by private mortgage originators. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities by contractual maturity at December 31, 2014 are set forth below. Expected maturities will differ from contractual maturities because the issuer may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | |||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | |||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Within 1 year | $ | 999 | $ | 1,004 | $ | 4,697 | $ | 4,697 | ||||||||||||||||
After 1 year but within 5 years | 2,022 | 2,055 | 1,742 | 1,742 | ||||||||||||||||||||
After 5 years but within 10 years | — | — | 932 | 932 | ||||||||||||||||||||
Total bonds, obligations, and municipals | 3,021 | 3,059 | 7,371 | 7,371 | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 125,977 | 126,195 | — | — | ||||||||||||||||||||
Non-agency | 1,513 | 1,511 | — | — | ||||||||||||||||||||
Total debt securities | $ | 130,511 | $ | 130,765 | $ | 7,371 | $ | 7,371 | ||||||||||||||||
Information pertaining to securities with gross unrealized losses at December 31, 2014 and June 30, 2014, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows: | ||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | ||||||||||||||||||||||
Gross | Fair Value | Gross | Fair Value | Gross | Fair Value | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
December 31, 2014: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | $ | — | $ | — | $ | 1,343 | $ | 67,249 | $ | 1,343 | $ | 67,249 | ||||||||||||
Non-agency | — | — | 8 | 818 | 8 | 818 | ||||||||||||||||||
$ | — | $ | — | $ | 1,351 | $ | 68,067 | $ | 1,351 | $ | 68,067 | |||||||||||||
June 30, 2014: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | $ | 38 | $ | 7,357 | $ | 1,456 | $ | 51,094 | $ | 1,494 | $ | 58,451 | ||||||||||||
Non-agency | 1 | 143 | 4 | 234 | 5 | 377 | ||||||||||||||||||
$ | 39 | $ | 7,500 | $ | 1,460 | $ | 51,328 | $ | 1,499 | $ | 58,828 | |||||||||||||
Management conducts, at least on a quarterly basis, a review of our investment securities to determine if the value of any security has declined below its cost or amortized cost and whether such decline represents other-than-temporary impairment (“OTTI”). There was no impairment charge recognized for the six months ended December 31, 2014 and 2013. | ||||||||||||||||||||||||
At December 31, 2014, 52 debt securities had unrealized losses with an aggregate depreciation of 2.0% from the Company's amortized cost basis. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government, its agencies or government-sponsored enterprises, whether downgrades by bond rating agencies have occurred, and industry analysts' reports. The unrealized losses in residential mortgage-backed securities were primarily caused by interest rate changes. As management has not decided to sell these securities, nor is it likely that the Company will be required to sell these securities, no declines are deemed to be other than temporary. At December 31, 2014, ten securities issued by private mortgage originators had unrealized losses. Such securities had an amortized cost of $826,000 and a fair value of $818,000. All of these investments are “Senior” Class tranches and have underlying credit enhancement. These securities were originated in the period 2002-2005 and are performing in accordance with contractual terms. Management estimates the loss projections for each security by evaluating the industry rating, amount of delinquencies, amount of foreclosure, amount of other real estate owned, average credit scores, average amortized loan to value and credit enhancement. Based on this review, management determined that no OTTI existed as of December 31, 2014. |
Loans
Loans | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the composition of the Company’s loan portfolio in dollar amounts and as a percentage of the total loan portfolio at the dates indicated. | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 106,993 | 20.85 | % | $ | 107,498 | 21.05 | % | $ | (505 | ) | (0.5 | )% | |||||||||||||||||||||||||||||||
Commercial | 207,393 | 40.42 | % | 200,750 | 39.31 | % | 6,643 | 3.3 | % | |||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | 34,904 | 6.8 | % | 36,299 | 7.11 | % | (1,395 | ) | (3.8 | )% | ||||||||||||||||||||||||||||||||||
Second lien | 42,440 | 8.27 | % | 39,845 | 7.8 | % | 2,595 | 6.5 | % | |||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 2,434 | 0.47 | % | 3,807 | 0.75 | % | (1,373 | ) | (36.1 | )% | ||||||||||||||||||||||||||||||||||
Commercial | 34,707 | 6.77 | % | 36,189 | 7.09 | % | (1,482 | ) | (4.1 | )% | ||||||||||||||||||||||||||||||||||
Total mortgage loans on real estate | 428,871 | 83.6 | % | 424,388 | 83.11 | % | 4,483 | 1.1 | % | |||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 53,160 | 10.36 | % | 54,756 | 10.72 | % | (1,596 | ) | (2.9 | )% | ||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 22,125 | 4.31 | % | 21,766 | 4.26 | % | 359 | 1.6 | % | |||||||||||||||||||||||||||||||||||
Automobile and other secured loans | 5,949 | 1.16 | % | 7,172 | 1.4 | % | (1,223 | ) | (17.1 | )% | ||||||||||||||||||||||||||||||||||
Other | 2,928 | 0.57 | % | 2,566 | 0.5 | % | 362 | 14.1 | % | |||||||||||||||||||||||||||||||||||
Total other loans | 84,162 | 16.4 | % | 86,260 | 16.89 | % | (2,098 | ) | (2.4 | )% | ||||||||||||||||||||||||||||||||||
Total loans | 513,033 | 100 | % | 510,648 | 100 | % | ||||||||||||||||||||||||||||||||||||||
Net deferred loan costs | 2,606 | 2,638 | ||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (5,794 | ) | (5,651 | ) | ||||||||||||||||||||||||||||||||||||||||
Total loans, net | $ | 509,845 | $ | 507,635 | ||||||||||||||||||||||||||||||||||||||||
Management performs a quarterly evaluation of the adequacy of the allowance for loan losses. The analysis of the allowance for loan losses has two components: specific and general allocations, which are further described below. | ||||||||||||||||||||||||||||||||||||||||||||
Specific Allocation | ||||||||||||||||||||||||||||||||||||||||||||
Specific allocations are made for loans determined to be impaired. Impairment is measured by determining the present value of expected future cash flows or fair value of collateral for collateral dependent loans. The Company charges off any collateral shortfall on collaterally dependent impaired loans. | ||||||||||||||||||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Impaired loans are generally placed on non-accrual status either when there is reasonable doubt as to the full collection of payments or when the loans become 90 days past due, unless an evaluation clearly indicates that the loan is well secured and in the process of collection. Impairment is measured on a loan by loan basis for commercial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral, adjusted for market conditions and selling expenses, if the loan is collateral dependent. | ||||||||||||||||||||||||||||||||||||||||||||
The Company may periodically agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructure (“TDR”). All TDRs are initially classified as impaired and may be evaluated for removal from impaired status after one year of current payments for a modified loan with a market rate for that borrower at the time of restructuring. | ||||||||||||||||||||||||||||||||||||||||||||
General Allocation | ||||||||||||||||||||||||||||||||||||||||||||
The general allocation is determined by segregating the remaining loans by type of loan and payment history. Consideration is given to historical loss experience and qualitative factors such as delinquency trends, changes in underwriting standards or lending policies, procedures and practices, experience and depth of management and lending staff, and general economic conditions. This analysis establishes loss factors that are applied to the loan groups to determine the amount of the general allocations. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be significantly more than the allowance for loan losses that have been established which could have a material negative effect on financial results. There were no changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the six months ended December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||
On a quarterly basis, management’s Loan Review Committee ("the Committee") reviews the current status of various loan assets in order to evaluate the adequacy of the allowance for loan losses. In this evaluation process specific loans with risk ratings of six (special mention) or higher are analyzed to determine their potential risk of loss. This process concentrates on watch list, non-accrual and classified loans. Any loan determined to be impaired is evaluated for potential loss exposure. Any shortfall results in a charge-off if the likelihood of loss is evaluated as probable. The Company’s policy for charging off uncollectible loans is based on an analysis of the financial condition of the borrower and/or the collateral value. To determine the adequacy of collateral on a particular loan, an estimate of the fair market value of the collateral is based on the most current appraised value, discounted cash flow valuation or other available information. | ||||||||||||||||||||||||||||||||||||||||||||
The qualitative factors are assessed based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate - The Company generally does not originate loans with a loan-to-value ratio greater than 80% unless there is private mortgage insurance. All loans in this segment are collateralized by one- to four-family residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Loans in these segments are primarily income-producing properties throughout Massachusetts and Connecticut. The underlying cash flows generated by the properties can be adversely impacted by a downturn in the economy, as evidenced by increased vacancy rates, which in turn will have an effect on the credit quality in this segment. Management requires annual borrower financial statements, obtains rent rolls annually and continually monitors the cash flows of these loans. | ||||||||||||||||||||||||||||||||||||||||||||
Home equity loans - Loans in this segment are secured by first or second mortgages on one- to four-family owner occupied properties, and are generally underwritten in amounts such that the combined first and second mortgage balances generally do not exceed 85% of the value of the property serving as collateral at time of origination. The lines-of-credit are available to be drawn upon for 10 to 20 years, at the end of which time they become term loans amortized over 5 to 10 years. Interest rates on home equity lines normally adjust based on the month-end prime rate published in the Wall Street Journal. | ||||||||||||||||||||||||||||||||||||||||||||
Residential construction loans - Loans in this segment primarily include construction to permanent non-speculative real estate loans. All loans in this segment are collateralized by one- to four-family residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. | ||||||||||||||||||||||||||||||||||||||||||||
Commercial construction loans - Loans in this segment primarily include construction to permanent non-speculative real estate loans. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy, which in turn will have an effect on the credit quality in this segment. | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans - Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy may have an effect on the credit quality in this segment. | ||||||||||||||||||||||||||||||||||||||||||||
Automobile and other secured loans - Loans in this segment include consumer non-real estate secured loans that the Company originates as well as automobile loans that the Company purchases from a third party. The Company has the ability to select the automobile loans it purchases based on its own underwriting standards. | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured home loans - Loans in this segment are secured by first liens on properties located primarily in the Northeast. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates, will have an effect on the credit quality in this segment. The Company has the ability to select the manufactured home loans it purchases based on its own underwriting standards. | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. | ||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Information | ||||||||||||||||||||||||||||||||||||||||||||
The Company utilizes a nine grade internal loan rating system for all loans as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1 – 5: Loans in these categories are considered “pass” rated loans with low to average risk. | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 6: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 7: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 8: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 9: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. These loans are generally charged off at each quarter end. | ||||||||||||||||||||||||||||||||||||||||||||
On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, commercial construction and commercial loans. The Company engages an independent third-party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. All credits rated 6 or worse are reviewed on a quarterly basis by management. At origination, management assigns risk ratings to one- to four-family residential loans, home equity loans, residential construction loans, manufactured home loans, and other consumer loans. The Company updates these risk ratings as needed based primarily on delinquency, bankruptcy, or tax delinquency. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables present the Company’s loans by risk rating at December 31, 2014 and June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home Equity | Home Equity | Residential | Commercial | |||||||||||||||||||||||||||||||||||||||
Real Estate | First Lien | Second Lien | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 103,480 | $ | 194,219 | $ | 34,878 | $ | 42,294 | $ | 2,434 | $ | 32,050 | ||||||||||||||||||||||||||||||||
Loans rated 6 | 489 | 9,505 | — | 25 | — | 2,657 | ||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 2,929 | 3,669 | 26 | 121 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 95 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 106,993 | $ | 207,393 | $ | 34,904 | $ | 42,440 | $ | 2,434 | $ | 34,707 | |||||||||||||||||||||||||||||||||
Commercial | Manufactured | Automobile and Other | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||
Homes | Secured Loans | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 48,666 | $ | 21,809 | $ | 5,949 | $ | 2,924 | $ | 488,703 | ||||||||||||||||||||||||||||||||||
Loans rated 6 | 920 | 25 | — | — | 13,621 | |||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 2,962 | 121 | — | — | 9,828 | |||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 612 | 127 | — | 1 | 835 | |||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | 43 | — | 3 | 46 | |||||||||||||||||||||||||||||||||||||||
$ | 53,160 | $ | 22,125 | $ | 5,949 | $ | 2,928 | $ | 513,033 | |||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home Equity | Home Equity | Residential | Commercial | |||||||||||||||||||||||||||||||||||||||
Real Estate | First Lien | Second Lien | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 104,221 | $ | 184,317 | $ | 36,299 | $ | 39,688 | $ | 3,807 | $ | 36,189 | ||||||||||||||||||||||||||||||||
Loans rated 6 | 523 | 12,447 | — | 7 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 2,608 | 3,986 | — | 150 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 146 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 107,498 | $ | 200,750 | $ | 36,299 | $ | 39,845 | $ | 3,807 | $ | 36,189 | |||||||||||||||||||||||||||||||||
Commercial | Manufactured | Automobile and Other | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||
Homes | Secured Loans | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 49,874 | $ | 21,342 | $ | 7,172 | $ | 2,564 | $ | 485,473 | ||||||||||||||||||||||||||||||||||
Loans rated 6 | 533 | 160 | — | 1 | 13,671 | |||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 4,349 | 59 | — | 1 | 11,153 | |||||||||||||||||||||||||||||||||||||||
Loans rated 8 | — | 205 | — | — | 351 | |||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 54,756 | $ | 21,766 | $ | 7,172 | $ | 2,566 | $ | 510,648 | |||||||||||||||||||||||||||||||||||
The results of the Company’s quarterly loan review process are summarized by, and appropriate recommendations and loan loss allowances are approved by, the Loan Review Committee (the “Committee”). All supporting documentation with regard to the evaluation process, loan loss experience, allowance levels and the schedules of classified loans is maintained by the Company. The Committee is chaired by the Company’s Chief Financial Officer. The allowance for loan losses calculation is presented to the Board of Directors on a quarterly basis with recommendations on its adequacy. | ||||||||||||||||||||||||||||||||||||||||||||
The following are summaries of past due and non-accrual loans as of December 31, 2014 and June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Loans on | ||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | or Greater | Past Due | Non-accrual | ||||||||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 1,267 | $ | 334 | $ | 2,356 | $ | 3,957 | $ | 2,842 | ||||||||||||||||||||||||||||||||||
Commercial | — | — | 100 | 100 | 100 | |||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | 26 | — | — | 26 | — | |||||||||||||||||||||||||||||||||||||||
Second lien | 97 | 10 | — | 107 | 111 | |||||||||||||||||||||||||||||||||||||||
Commercial | 7 | 123 | 2,112 | 2,242 | 2,112 | |||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 577 | 80 | 236 | 893 | 270 | |||||||||||||||||||||||||||||||||||||||
Other | 70 | 1 | — | 71 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 2,044 | $ | 548 | $ | 4,804 | $ | 7,396 | $ | 5,435 | ||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 607 | $ | 236 | $ | 2,437 | $ | 3,280 | $ | 2,755 | ||||||||||||||||||||||||||||||||||
Commercial | 583 | — | — | 583 | 534 | |||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 159 | — | 111 | 270 | 150 | |||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 1,500 | 1,500 | 1,500 | |||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 304 | 27 | 240 | 571 | 240 | |||||||||||||||||||||||||||||||||||||||
Other | 12 | 1 | — | 13 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,665 | $ | 264 | $ | 4,288 | $ | 6,217 | $ | 5,179 | ||||||||||||||||||||||||||||||||||
At December 31, 2014 and June 30, 2014, there were no loans 90 days or greater past due and still accruing. | ||||||||||||||||||||||||||||||||||||||||||||
The following are summaries of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 2,842 | $ | 3,232 | $ | — | $ | 2,755 | $ | 2,814 | $ | — | ||||||||||||||||||||||||||||||||
Commercial | 2,526 | 2,556 | — | 3,147 | 3,147 | — | ||||||||||||||||||||||||||||||||||||||
Commercial construction | 271 | 271 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 111 | 138 | — | 150 | 170 | — | ||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 2,333 | 2,538 | — | 2,952 | 2,952 | — | ||||||||||||||||||||||||||||||||||||||
Manufactured homes | 270 | 295 | — | 239 | 275 | — | ||||||||||||||||||||||||||||||||||||||
Consumer other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total | 8,353 | 9,030 | — | 9,243 | 9,358 | — | ||||||||||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 530 | 530 | 9 | 537 | 537 | 11 | ||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 448 | 448 | 75 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total | 978 | 978 | 84 | 537 | 537 | 11 | ||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 9,331 | $ | 10,008 | $ | 84 | $ | 9,780 | $ | 9,895 | $ | 11 | ||||||||||||||||||||||||||||||||
Information pertaining to impaired loans for the three and six months ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | |||||||||||||||||||||||||||||||||||||||||
Recorded | Recognized | Recognized | Recorded | Recognized | ||||||||||||||||||||||||||||||||||||||||
Investment on | on a Cash | Investment on | Recognized | |||||||||||||||||||||||||||||||||||||||||
Impaired | Basis | Impaired | on a Cash | |||||||||||||||||||||||||||||||||||||||||
Loans | Loans | Basis | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 2,931 | $ | 17 | $ | 17 | $ | 946 | $ | 18 | $ | 12 | ||||||||||||||||||||||||||||||||
Commercial | 3,353 | 36 | — | 6,192 | 53 | 53 | ||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 115 | 2 | 2 | 238 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 273 | 5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial | 2,670 | 14 | 8 | 4,610 | 71 | 35 | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 272 | — | — | 60 | 1 | — | ||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 9,614 | $ | 74 | $ | 27 | $ | 12,046 | $ | 145 | $ | 101 | ||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2014 | Six Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | |||||||||||||||||||||||||||||||||||||||||
Recorded | Recognized | Recognized | Recorded | Recognized | ||||||||||||||||||||||||||||||||||||||||
Investment on | on a Cash | Investment on | Recognized | |||||||||||||||||||||||||||||||||||||||||
Impaired | Basis | Impaired | on a Cash | |||||||||||||||||||||||||||||||||||||||||
Loans | Loans | Basis | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 2,967 | $ | 31 | $ | 31 | $ | 1,099 | $ | 35 | $ | 26 | ||||||||||||||||||||||||||||||||
Commercial | 3,369 | 69 | — | 6,851 | 106 | 106 | ||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 119 | 5 | 5 | 271 | 4 | 3 | ||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 276 | 9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial | 2,738 | 38 | 25 | 4,720 | 139 | 71 | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 274 | 4 | 4 | 74 | 3 | — | ||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 9,743 | $ | 156 | $ | 65 | $ | 13,015 | $ | 287 | $ | 206 | ||||||||||||||||||||||||||||||||
At December 31, 2014, the Company had one impaired loan that had $129,000 committed to be advanced. The $9.3 million of impaired loans as of December 31, 2014 includes $5.4 million of non-accrual loans and $3.7 million of accruing TDR loans. The remaining $233,000 of impaired loans, all of which are current with payments, are loans that the Company believes, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Of the $9.3 million of impaired loans, $3.9 million, or 42%, are current with all payment terms. As of June 30, 2014, the $9.8 million of impaired loans included $5.2 million of non-accrual loans and $4.6 million of accruing TDRs. Of the $9.8 million of impaired loans, $4.6 million, or 47%, were current with all payment terms as of June 30, 2014. | ||||||||||||||||||||||||||||||||||||||||||||
The Company had no new TDRs during the three and six months ended December 31, 2014 and 2013. As of December 31, 2014 and 2013, there were no TDRs that were restructured within the previous twelve months that had any payment defaults. | ||||||||||||||||||||||||||||||||||||||||||||
Information pertaining to activity in the allowance for loan losses for the three and six months ended December 31, 2014 and 2013, is as follows: | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home | Home | Residential | Commercial | Commercial | Manufactured | Automobile and | Other | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Equity | Equity | Construction | Construction | Homes | Other Secured | Consumer | |||||||||||||||||||||||||||||||||||||
First Lien | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | ||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 831 | $ | 2,416 | $ | 238 | $ | 331 | $ | 32 | $ | 472 | $ | 868 | $ | 518 | $ | 30 | $ | 33 | $ | 5,769 | ||||||||||||||||||||||
Charge-offs | (166 | ) | (148 | ) | — | (37 | ) | — | — | (205 | ) | (31 | ) | — | (5 | ) | (592 | ) | ||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | 617 | — | — | — | 617 | |||||||||||||||||||||||||||||||||
Provision (credit) | 132 | 180 | (18 | ) | 25 | (12 | ) | (6 | ) | (320 | ) | 21 | (5 | ) | 3 | — | ||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 797 | $ | 2,448 | $ | 220 | $ | 319 | $ | 20 | $ | 466 | $ | 960 | $ | 508 | $ | 25 | $ | 31 | $ | 5,794 | ||||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 762 | $ | 2,301 | $ | 234 | $ | 302 | $ | 33 | $ | 315 | $ | 1,066 | $ | 396 | $ | 34 | $ | 34 | $ | 5,477 | ||||||||||||||||||||||
Charge-offs | (98 | ) | (17 | ) | — | — | — | — | — | (34 | ) | (1 | ) | — | (150 | ) | ||||||||||||||||||||||||||||
Recoveries | — | — | 2 | — | — | — | 13 | — | — | — | 15 | |||||||||||||||||||||||||||||||||
Provision (credit) | 25 | 76 | — | — | — | — | — | 49 | — | — | 150 | |||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 689 | $ | 2,360 | $ | 236 | $ | 302 | $ | 33 | $ | 315 | $ | 1,079 | $ | 411 | $ | 33 | $ | 34 | $ | 5,492 | ||||||||||||||||||||||
Six Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | 697 | $ | 2,288 | $ | 204 | $ | 268 | $ | 30 | $ | 472 | $ | 1,216 | $ | 417 | $ | 30 | $ | 29 | $ | 5,651 | ||||||||||||||||||||||
Charge-offs | (198 | ) | (148 | ) | — | (38 | ) | — | — | (205 | ) | (44 | ) | — | (8 | ) | (641 | ) | ||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | 630 | — | 4 | — | 634 | |||||||||||||||||||||||||||||||||
Provision (credit) | 298 | 308 | 16 | 89 | (10 | ) | (6 | ) | (681 | ) | 135 | (9 | ) | 10 | 150 | |||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 797 | $ | 2,448 | $ | 220 | $ | 319 | $ | 20 | $ | 466 | $ | 960 | $ | 508 | $ | 25 | $ | 31 | $ | 5,794 | ||||||||||||||||||||||
Six Months Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 762 | $ | 2,215 | $ | 233 | $ | 302 | $ | 33 | $ | 315 | $ | 1,065 | $ | 432 | $ | 34 | $ | 23 | $ | 5,414 | ||||||||||||||||||||||
Charge-offs | (98 | ) | (20 | ) | — | — | — | — | — | (81 | ) | (1 | ) | — | (200 | ) | ||||||||||||||||||||||||||||
Recoveries | — | — | 3 | — | — | — | 14 | — | — | 11 | 28 | |||||||||||||||||||||||||||||||||
Provision (credit) | 25 | 165 | — | — | — | — | — | 60 | — | — | 250 | |||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 689 | $ | 2,360 | $ | 236 | $ | 302 | $ | 33 | $ | 315 | $ | 1,079 | $ | 411 | $ | 33 | $ | 34 | $ | 5,492 | ||||||||||||||||||||||
Information pertaining to the allowance for loan losses and recorded investment in loans at December 31, 2014, and June 30, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial Real Estate | Home | Home | Residential Construction | Commercial Construction | Commercial | Manufactured Homes | Automobile | Other Consumer | Total | ||||||||||||||||||||||||||||||||||
Equity | Equity | and Other Secured | ||||||||||||||||||||||||||||||||||||||||||
First | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | Lien | |||||||||||||||||||||||||||||||||||||||||||
Allowance: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 9 | $ | — | $ | — | $ | — | $ | — | $ | 75 | $ | — | $ | — | $ | — | $ | 84 | ||||||||||||||||||||||
Non-impaired loans | 797 | 2,439 | 220 | 319 | 20 | 466 | 885 | 508 | 25 | 31 | 5,710 | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 797 | $ | 2,448 | $ | 220 | $ | 319 | $ | 20 | $ | 466 | $ | 960 | $ | 508 | $ | 25 | $ | 31 | $ | 5,794 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 2,842 | $ | 3,056 | $ | — | $ | 111 | $ | — | $ | 271 | $ | 2,781 | $ | 270 | $ | — | $ | — | $ | 9,331 | ||||||||||||||||||||||
Non-impaired loans | 104,151 | 204,337 | 34,904 | 42,329 | 2,434 | 34,436 | 50,379 | 21,855 | 5,949 | 2,928 | 503,702 | |||||||||||||||||||||||||||||||||
Total loans | $ | 106,993 | $ | 207,393 | $ | 34,904 | $ | 42,440 | $ | 2,434 | $ | 34,707 | $ | 53,160 | $ | 22,125 | $ | 5,949 | $ | 2,928 | $ | 513,033 | ||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial Real Estate | Home | Home | Residential Construction | Commercial Construction | Commercial | Manufactured Homes | Automobile | Other Consumer | Total | ||||||||||||||||||||||||||||||||||
Equity | Equity | and Other Secured | ||||||||||||||||||||||||||||||||||||||||||
First | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | Lien | |||||||||||||||||||||||||||||||||||||||||||
Allowance: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 11 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11 | ||||||||||||||||||||||
Non-impaired loans | 697 | 2,277 | 204 | 268 | 30 | 472 | 1,216 | 417 | 30 | 29 | 5,640 | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 697 | $ | 2,288 | $ | 204 | $ | 268 | $ | 30 | $ | 472 | $ | 1,216 | $ | 417 | $ | 30 | $ | 29 | $ | 5,651 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 2,755 | $ | 3,684 | $ | — | $ | 150 | $ | — | $ | — | $ | 2,952 | $ | 239 | $ | — | $ | — | $ | 9,780 | ||||||||||||||||||||||
Non-impaired loans | 104,743 | 197,066 | 36,299 | 39,695 | 3,807 | 36,189 | 51,804 | 21,527 | 7,172 | 2,566 | 500,868 | |||||||||||||||||||||||||||||||||
Total loans | $ | 107,498 | $ | 200,750 | $ | 36,299 | $ | 39,845 | $ | 3,807 | $ | 36,189 | $ | 54,756 | $ | 21,766 | $ | 7,172 | $ | 2,566 | $ | 510,648 | ||||||||||||||||||||||
The Company has transferred a portion of its originated commercial real estate and commercial loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying consolidated balance sheets. The Company and participating lenders share in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties. At December 31, 2014 and June 30, 2014, the Company was servicing loans for participants aggregating $41.3 million and $34.4 million, respectively. |
Basis_of_Presentation_and_Cons1
Basis of Presentation and Consolidation (Policies) | 6 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Basis of Presentation and Consolidation | The consolidated financial statements include the accounts of Hampden Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries, Hampden Bank (the “Bank”) and Hampden LS, Inc. Hampden Bank is a Massachusetts chartered stock savings bank. The Company contributed funds to Hampden LS, Inc. to enable it to make a 15-year loan to the employee stock ownership plan (the “ESOP”) to allow it to purchase shares of the Company’s common stock as part of the completion of the Company’s initial public offering. Hampden Bank has three wholly-owned subsidiaries, Hampden Investment Corporation and Hampden Investment Corporation II, which engage in buying, selling, holding and otherwise dealing in securities, and Hampden Insurance Agency, which ceased selling insurance products in November of 2000 and remains inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the information reflects all adjustments (consisting solely of normal recurring adjustments) that are necessary for a fair presentation. The results shown for the interim periods ended December 31, 2014 are not necessarily indicative of the results to be obtained for a full year. These consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended June 30, 2014 included in the Company’s most recent Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (“SEC”) on September 12, 2014. | |||
In preparing the consolidated interim financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the date of the statement of financial condition and reported amounts of revenues and expenses for the periods presented. 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 and deferred income taxes. | |||
On November 3, 2014, the board of directors of the Company unanimously approved a merger agreement between the Company and Berkshire Hills Bancorp, Inc. ("Berkshire Hills"). The Company is holding a special meeting on Thursday, March 12, 2015 at 10:00 a.m., Eastern Time, at the Sheraton Springfield Monarch Place Hotel, Springfield, Massachusetts 01144, for its stockholders of record on January 29, 2015, to vote on the proposals necessary to complete the merger. If the merger agreement is approved and the merger is subsequently completed, the Company will merge with and into Berkshire Hills, the Company's separate corporate existence will thereupon cease and Berkshire Hills will continue as the surviving corporation. The expenses associated with this merger totaled $695,000 for the six months ended December 31, 2014. | |||
Under the terms of the merger agreement, each outstanding share of the Company's common stock will be converted into the right to receive 0.81 shares of Berkshire Hills' common stock. Berkshire Hills' common stock is listed on the New York Stock Exchange under the symbol ‘‘BHLB.’’ Completion of the merger is subject to the receipt of regulatory approvals and the approval of the stockholders of the Company, as well as customary conditions. | |||
Recent Accounting Policies | Recent Accounting Pronouncements | ||
In January 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The ASU was issued to clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the ASU amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014, and the ASU is to be adopted using either a modified retrospective transition method or a prospective transition method. The Company does not believe this ASU will have a material effect on the Company's consolidated financial statements for the interim and annual periods other than the additional disclosures required. | |||
Fair Value Hierarchy | GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: | ||
Level 1: | Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. | ||
Level 2: | Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; and quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology are derived principally from or can be corroborated by observable market data by correlation or other means. | ||
Level 3: | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share | Earnings per common share have been computed based upon the following: | |||||||||||||||
Three Months Ended December 31, | Six Months Ended | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income available to common stock (in thousands) | $ | 170 | $ | 1,021 | $ | 1,342 | $ | 2,228 | ||||||||
Average number of shares issued | 8,052,517 | 8,020,607 | 8,043,998 | 8,012,352 | ||||||||||||
Less: average unallocated ESOP shares | (303,763 | ) | (346,159 | ) | (309,081 | ) | (351,477 | ) | ||||||||
Less: average treasury stock | (2,537,261 | ) | (2,371,759 | ) | (2,470,851 | ) | (2,370,760 | ) | ||||||||
Less: average unvested restricted stock awards | (1,800 | ) | (2,400 | ) | (1,921 | ) | (2,521 | ) | ||||||||
Average number of basic shares outstanding | 5,209,693 | 5,300,289 | 5,262,145 | 5,287,594 | ||||||||||||
Plus: dilutive unvested restricted stock awards | 1,269 | 1,380 | 1,329 | 1,427 | ||||||||||||
Plus: dilutive stock option shares | 132,154 | 141,409 | 129,251 | 133,509 | ||||||||||||
Average number of diluted shares outstanding | 5,343,116 | 5,443,078 | 5,392,725 | 5,422,530 | ||||||||||||
Basic earnings per share | $ | 0.03 | $ | 0.19 | $ | 0.26 | $ | 0.42 | ||||||||
Diluted earnings per share | $ | 0.03 | $ | 0.19 | $ | 0.25 | $ | 0.41 | ||||||||
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | The following table presents the balances of assets measured at fair value on a recurring basis as of December 31, 2014 and June 30, 2014: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
December 31, 2014 | (In Thousands) | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Debt securities | $ | — | $ | 130,765 | $ | — | $ | 130,765 | |||||||||||||
Marketable equity securities | 79 | — | — | 79 | |||||||||||||||||
Mortgage servicing rights | — | — | 856 | 856 | |||||||||||||||||
Total | $ | 79 | $ | 130,765 | $ | 856 | $ | 131,700 | |||||||||||||
June 30, 2014 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Debt securities | $ | — | $ | 133,857 | $ | — | $ | 133,857 | |||||||||||||
Marketable equity securities | 79 | — | — | 79 | |||||||||||||||||
Mortgage servicing rights | — | — | 792 | 792 | |||||||||||||||||
Total | $ | 79 | $ | 133,857 | $ | 792 | $ | 134,728 | |||||||||||||
Schedule of Level 3 Assets Measured at Fair Value on Recurring Basis | The table below presents, for the three and six months ended December 31, 2014 and 2013, the changes in Level 3 assets that are measured at fair value on a recurring basis: | ||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Beginning balance | $ | 870 | $ | 830 | $ | 792 | $ | 654 | |||||||||||||
Changes in fair value | (53 | ) | (76 | ) | (15 | ) | 68 | ||||||||||||||
Capitalized servicing assets | 39 | 29 | 79 | 61 | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | |||||||||||||||||
Ending balance | $ | 856 | $ | 783 | $ | 856 | $ | 783 | |||||||||||||
Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the carrying value of the related individual assets as of December 31, 2014 and June 30, 2014, all classified in Level 3 fair value hierarchy: | ||||||||||||||||||||
December 31, | June 30, | ||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Impaired loans | $ | 455 | $ | 461 | |||||||||||||||||
Other real estate owned ("OREO") | 502 | 309 | |||||||||||||||||||
Total | $ | 957 | $ | 770 | |||||||||||||||||
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and related estimated fair values of the Company's financial instruments are as follows. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. | ||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
December 31, 2014 | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 23,801 | $ | 23,801 | $ | — | $ | — | $ | 23,801 | |||||||||||
Securities available for sale | 130,844 | 79 | 130,765 | — | 130,844 | ||||||||||||||||
Securities held to maturity | 7,371 | — | — | 7,371 | 7,371 | ||||||||||||||||
Federal Home Loan Bank stock | 6,949 | — | — | 6,949 | 6,949 | ||||||||||||||||
Loans held for sale | 1,281 | — | 1,281 | — | 1,281 | ||||||||||||||||
Loans, net | 509,845 | — | — | 516,233 | 516,233 | ||||||||||||||||
Accrued interest receivable | 1,708 | — | — | 1,708 | 1,708 | ||||||||||||||||
Mortgage servicing rights (1) | 856 | — | — | 856 | 856 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 488,892 | — | — | 496,672 | 496,672 | ||||||||||||||||
Short-term borrowings | 12,000 | — | 12,000 | — | 12,000 | ||||||||||||||||
Long-term debt | 118,803 | — | 120,144 | — | 120,144 | ||||||||||||||||
Mortgagors' escrow accounts | 1,176 | — | — | 1,176 | 1,176 | ||||||||||||||||
June 30, 2014 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,667 | $ | 12,667 | $ | — | $ | — | $ | 12,667 | |||||||||||
Securities available for sale | 133,936 | 79 | 133,857 | — | 133,936 | ||||||||||||||||
Securities held to maturity | 9,302 | — | — | 9,302 | 9,302 | ||||||||||||||||
Federal Home Loan Bank stock | 6,648 | — | — | 6,648 | 6,648 | ||||||||||||||||
Loans held for sale | 330 | — | 330 | — | 330 | ||||||||||||||||
Loans, net | 507,635 | — | — | 513,765 | 513,765 | ||||||||||||||||
Accrued interest receivable | 1,688 | — | — | 1,688 | 1,688 | ||||||||||||||||
Mortgage servicing rights (1) | 792 | — | — | 792 | 792 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 491,732 | — | — | 493,500 | 493,500 | ||||||||||||||||
Short-term borrowings | 4,000 | — | 4,000 | — | 4,000 | ||||||||||||||||
Long-term debt | 112,446 | — | 113,823 | — | 113,823 | ||||||||||||||||
Mortgagors' escrow accounts | 1,184 | — | — | 1,184 | 1,184 | ||||||||||||||||
(1) Included in other assets |
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Securities Available for Sale | The amortized cost and estimated fair value of the Company's investment securities, with gross unrealized gains and losses, follows: | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate bonds | $ | 3,021 | $ | 38 | $ | — | $ | 3,059 | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 125,977 | 1,561 | (1,343 | ) | 126,195 | |||||||||||||||||||
Non-agency | 1,513 | 6 | (8 | ) | 1,511 | |||||||||||||||||||
Total debt securities | 130,511 | 1,605 | (1,351 | ) | 130,765 | |||||||||||||||||||
Marketable equity securities | 51 | 28 | — | 79 | ||||||||||||||||||||
Total securities available for sale | $ | 130,562 | $ | 1,633 | $ | (1,351 | ) | $ | 130,844 | |||||||||||||||
Held to Maturity | ||||||||||||||||||||||||
Municipal bonds | $ | 7,371 | $ | — | $ | — | $ | 7,371 | ||||||||||||||||
Total securities held to maturity | $ | 7,371 | $ | — | $ | — | $ | 7,371 | ||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate bonds | $ | 3,026 | $ | 60 | $ | — | $ | 3,086 | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 128,938 | 1,629 | (1,494 | ) | 129,073 | |||||||||||||||||||
Non-agency | 1,688 | 15 | (5 | ) | 1,698 | |||||||||||||||||||
Total debt securities | 133,652 | 1,704 | (1,499 | ) | 133,857 | |||||||||||||||||||
Marketable equity securities | 51 | 28 | — | 79 | ||||||||||||||||||||
Total securities available for sale | $ | 133,703 | $ | 1,732 | $ | (1,499 | ) | $ | 133,936 | |||||||||||||||
Held to Maturity | ||||||||||||||||||||||||
Municipal bonds | $ | 9,302 | $ | — | $ | — | $ | 9,302 | ||||||||||||||||
Total securities held to maturity | $ | 9,302 | $ | — | $ | — | $ | 9,302 | ||||||||||||||||
Schedule of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities by contractual maturity at December 31, 2014 are set forth below. Expected maturities will differ from contractual maturities because the issuer may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | |||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | |||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Within 1 year | $ | 999 | $ | 1,004 | $ | 4,697 | $ | 4,697 | ||||||||||||||||
After 1 year but within 5 years | 2,022 | 2,055 | 1,742 | 1,742 | ||||||||||||||||||||
After 5 years but within 10 years | — | — | 932 | 932 | ||||||||||||||||||||
Total bonds, obligations, and municipals | 3,021 | 3,059 | 7,371 | 7,371 | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | 125,977 | 126,195 | — | — | ||||||||||||||||||||
Non-agency | 1,513 | 1,511 | — | — | ||||||||||||||||||||
Total debt securities | $ | 130,511 | $ | 130,765 | $ | 7,371 | $ | 7,371 | ||||||||||||||||
Schedule of Securities with Gross Unrealized Losses | Information pertaining to securities with gross unrealized losses at December 31, 2014 and June 30, 2014, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows: | |||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | ||||||||||||||||||||||
Gross | Fair Value | Gross | Fair Value | Gross | Fair Value | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
December 31, 2014: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | $ | — | $ | — | $ | 1,343 | $ | 67,249 | $ | 1,343 | $ | 67,249 | ||||||||||||
Non-agency | — | — | 8 | 818 | 8 | 818 | ||||||||||||||||||
$ | — | $ | — | $ | 1,351 | $ | 68,067 | $ | 1,351 | $ | 68,067 | |||||||||||||
June 30, 2014: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency | $ | 38 | $ | 7,357 | $ | 1,456 | $ | 51,094 | $ | 1,494 | $ | 58,451 | ||||||||||||
Non-agency | 1 | 143 | 4 | 234 | 5 | 377 | ||||||||||||||||||
$ | 39 | $ | 7,500 | $ | 1,460 | $ | 51,328 | $ | 1,499 | $ | 58,828 | |||||||||||||
Loans_Tables
Loans (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loan Balances | The following table sets forth the composition of the Company’s loan portfolio in dollar amounts and as a percentage of the total loan portfolio at the dates indicated. | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Change | % Change | |||||||||||||||||||||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 106,993 | 20.85 | % | $ | 107,498 | 21.05 | % | $ | (505 | ) | (0.5 | )% | |||||||||||||||||||||||||||||||
Commercial | 207,393 | 40.42 | % | 200,750 | 39.31 | % | 6,643 | 3.3 | % | |||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | 34,904 | 6.8 | % | 36,299 | 7.11 | % | (1,395 | ) | (3.8 | )% | ||||||||||||||||||||||||||||||||||
Second lien | 42,440 | 8.27 | % | 39,845 | 7.8 | % | 2,595 | 6.5 | % | |||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 2,434 | 0.47 | % | 3,807 | 0.75 | % | (1,373 | ) | (36.1 | )% | ||||||||||||||||||||||||||||||||||
Commercial | 34,707 | 6.77 | % | 36,189 | 7.09 | % | (1,482 | ) | (4.1 | )% | ||||||||||||||||||||||||||||||||||
Total mortgage loans on real estate | 428,871 | 83.6 | % | 424,388 | 83.11 | % | 4,483 | 1.1 | % | |||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 53,160 | 10.36 | % | 54,756 | 10.72 | % | (1,596 | ) | (2.9 | )% | ||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 22,125 | 4.31 | % | 21,766 | 4.26 | % | 359 | 1.6 | % | |||||||||||||||||||||||||||||||||||
Automobile and other secured loans | 5,949 | 1.16 | % | 7,172 | 1.4 | % | (1,223 | ) | (17.1 | )% | ||||||||||||||||||||||||||||||||||
Other | 2,928 | 0.57 | % | 2,566 | 0.5 | % | 362 | 14.1 | % | |||||||||||||||||||||||||||||||||||
Total other loans | 84,162 | 16.4 | % | 86,260 | 16.89 | % | (2,098 | ) | (2.4 | )% | ||||||||||||||||||||||||||||||||||
Total loans | 513,033 | 100 | % | 510,648 | 100 | % | ||||||||||||||||||||||||||||||||||||||
Net deferred loan costs | 2,606 | 2,638 | ||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (5,794 | ) | (5,651 | ) | ||||||||||||||||||||||||||||||||||||||||
Total loans, net | $ | 509,845 | $ | 507,635 | ||||||||||||||||||||||||||||||||||||||||
Schedule of Loans by Risk Rating | The following tables present the Company’s loans by risk rating at December 31, 2014 and June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home Equity | Home Equity | Residential | Commercial | |||||||||||||||||||||||||||||||||||||||
Real Estate | First Lien | Second Lien | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 103,480 | $ | 194,219 | $ | 34,878 | $ | 42,294 | $ | 2,434 | $ | 32,050 | ||||||||||||||||||||||||||||||||
Loans rated 6 | 489 | 9,505 | — | 25 | — | 2,657 | ||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 2,929 | 3,669 | 26 | 121 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 95 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 106,993 | $ | 207,393 | $ | 34,904 | $ | 42,440 | $ | 2,434 | $ | 34,707 | |||||||||||||||||||||||||||||||||
Commercial | Manufactured | Automobile and Other | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||
Homes | Secured Loans | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 48,666 | $ | 21,809 | $ | 5,949 | $ | 2,924 | $ | 488,703 | ||||||||||||||||||||||||||||||||||
Loans rated 6 | 920 | 25 | — | — | 13,621 | |||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 2,962 | 121 | — | — | 9,828 | |||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 612 | 127 | — | 1 | 835 | |||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | 43 | — | 3 | 46 | |||||||||||||||||||||||||||||||||||||||
$ | 53,160 | $ | 22,125 | $ | 5,949 | $ | 2,928 | $ | 513,033 | |||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home Equity | Home Equity | Residential | Commercial | |||||||||||||||||||||||||||||||||||||||
Real Estate | First Lien | Second Lien | Construction | Construction | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 104,221 | $ | 184,317 | $ | 36,299 | $ | 39,688 | $ | 3,807 | $ | 36,189 | ||||||||||||||||||||||||||||||||
Loans rated 6 | 523 | 12,447 | — | 7 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 2,608 | 3,986 | — | 150 | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 8 | 146 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 107,498 | $ | 200,750 | $ | 36,299 | $ | 39,845 | $ | 3,807 | $ | 36,189 | |||||||||||||||||||||||||||||||||
Commercial | Manufactured | Automobile and Other | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||
Homes | Secured Loans | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 49,874 | $ | 21,342 | $ | 7,172 | $ | 2,564 | $ | 485,473 | ||||||||||||||||||||||||||||||||||
Loans rated 6 | 533 | 160 | — | 1 | 13,671 | |||||||||||||||||||||||||||||||||||||||
Loans rated 7 | 4,349 | 59 | — | 1 | 11,153 | |||||||||||||||||||||||||||||||||||||||
Loans rated 8 | — | 205 | — | — | 351 | |||||||||||||||||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
$ | 54,756 | $ | 21,766 | $ | 7,172 | $ | 2,566 | $ | 510,648 | |||||||||||||||||||||||||||||||||||
Schedule of Past Due and Non-Accrual Loans | The following are summaries of past due and non-accrual loans as of December 31, 2014 and June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total | Loans on | ||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | or Greater | Past Due | Non-accrual | ||||||||||||||||||||||||||||||||||||||||
Past Due | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 1,267 | $ | 334 | $ | 2,356 | $ | 3,957 | $ | 2,842 | ||||||||||||||||||||||||||||||||||
Commercial | — | — | 100 | 100 | 100 | |||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
First lien | 26 | — | — | 26 | — | |||||||||||||||||||||||||||||||||||||||
Second lien | 97 | 10 | — | 107 | 111 | |||||||||||||||||||||||||||||||||||||||
Commercial | 7 | 123 | 2,112 | 2,242 | 2,112 | |||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 577 | 80 | 236 | 893 | 270 | |||||||||||||||||||||||||||||||||||||||
Other | 70 | 1 | — | 71 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 2,044 | $ | 548 | $ | 4,804 | $ | 7,396 | $ | 5,435 | ||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 607 | $ | 236 | $ | 2,437 | $ | 3,280 | $ | 2,755 | ||||||||||||||||||||||||||||||||||
Commercial | 583 | — | — | 583 | 534 | |||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 159 | — | 111 | 270 | 150 | |||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 1,500 | 1,500 | 1,500 | |||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 304 | 27 | 240 | 571 | 240 | |||||||||||||||||||||||||||||||||||||||
Other | 12 | 1 | — | 13 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,665 | $ | 264 | $ | 4,288 | $ | 6,217 | $ | 5,179 | ||||||||||||||||||||||||||||||||||
Schedule of Impaired Loans by Category | The following are summaries of impaired loans: | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | |||||||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 2,842 | $ | 3,232 | $ | — | $ | 2,755 | $ | 2,814 | $ | — | ||||||||||||||||||||||||||||||||
Commercial | 2,526 | 2,556 | — | 3,147 | 3,147 | — | ||||||||||||||||||||||||||||||||||||||
Commercial construction | 271 | 271 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 111 | 138 | — | 150 | 170 | — | ||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 2,333 | 2,538 | — | 2,952 | 2,952 | — | ||||||||||||||||||||||||||||||||||||||
Manufactured homes | 270 | 295 | — | 239 | 275 | — | ||||||||||||||||||||||||||||||||||||||
Consumer other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total | 8,353 | 9,030 | — | 9,243 | 9,358 | — | ||||||||||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 530 | 530 | 9 | 537 | 537 | 11 | ||||||||||||||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 448 | 448 | 75 | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total | 978 | 978 | 84 | 537 | 537 | 11 | ||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 9,331 | $ | 10,008 | $ | 84 | $ | 9,780 | $ | 9,895 | $ | 11 | ||||||||||||||||||||||||||||||||
Schedule of Impaired Loans, Average Recorded Investment and Interest Income Recognized | Information pertaining to impaired loans for the three and six months ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | |||||||||||||||||||||||||||||||||||||||||
Recorded | Recognized | Recognized | Recorded | Recognized | ||||||||||||||||||||||||||||||||||||||||
Investment on | on a Cash | Investment on | Recognized | |||||||||||||||||||||||||||||||||||||||||
Impaired | Basis | Impaired | on a Cash | |||||||||||||||||||||||||||||||||||||||||
Loans | Loans | Basis | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 2,931 | $ | 17 | $ | 17 | $ | 946 | $ | 18 | $ | 12 | ||||||||||||||||||||||||||||||||
Commercial | 3,353 | 36 | — | 6,192 | 53 | 53 | ||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 115 | 2 | 2 | 238 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 273 | 5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial | 2,670 | 14 | 8 | 4,610 | 71 | 35 | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 272 | — | — | 60 | 1 | — | ||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 9,614 | $ | 74 | $ | 27 | $ | 12,046 | $ | 145 | $ | 101 | ||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2014 | Six Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | |||||||||||||||||||||||||||||||||||||||||
Recorded | Recognized | Recognized | Recorded | Recognized | ||||||||||||||||||||||||||||||||||||||||
Investment on | on a Cash | Investment on | Recognized | |||||||||||||||||||||||||||||||||||||||||
Impaired | Basis | Impaired | on a Cash | |||||||||||||||||||||||||||||||||||||||||
Loans | Loans | Basis | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | ||||||||||||||||||||||||||||||||||||||||||||
One- to four-family | $ | 2,967 | $ | 31 | $ | 31 | $ | 1,099 | $ | 35 | $ | 26 | ||||||||||||||||||||||||||||||||
Commercial | 3,369 | 69 | — | 6,851 | 106 | 106 | ||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||
Second lien | 119 | 5 | 5 | 271 | 4 | 3 | ||||||||||||||||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | 276 | 9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial | 2,738 | 38 | 25 | 4,720 | 139 | 71 | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured homes | 274 | 4 | 4 | 74 | 3 | — | ||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 9,743 | $ | 156 | $ | 65 | $ | 13,015 | $ | 287 | $ | 206 | ||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses | Information pertaining to activity in the allowance for loan losses for the three and six months ended December 31, 2014 and 2013, is as follows: | |||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial | Home | Home | Residential | Commercial | Commercial | Manufactured | Automobile and | Other | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Equity | Equity | Construction | Construction | Homes | Other Secured | Consumer | |||||||||||||||||||||||||||||||||||||
First Lien | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | ||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 831 | $ | 2,416 | $ | 238 | $ | 331 | $ | 32 | $ | 472 | $ | 868 | $ | 518 | $ | 30 | $ | 33 | $ | 5,769 | ||||||||||||||||||||||
Charge-offs | (166 | ) | (148 | ) | — | (37 | ) | — | — | (205 | ) | (31 | ) | — | (5 | ) | (592 | ) | ||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | 617 | — | — | — | 617 | |||||||||||||||||||||||||||||||||
Provision (credit) | 132 | 180 | (18 | ) | 25 | (12 | ) | (6 | ) | (320 | ) | 21 | (5 | ) | 3 | — | ||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 797 | $ | 2,448 | $ | 220 | $ | 319 | $ | 20 | $ | 466 | $ | 960 | $ | 508 | $ | 25 | $ | 31 | $ | 5,794 | ||||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 762 | $ | 2,301 | $ | 234 | $ | 302 | $ | 33 | $ | 315 | $ | 1,066 | $ | 396 | $ | 34 | $ | 34 | $ | 5,477 | ||||||||||||||||||||||
Charge-offs | (98 | ) | (17 | ) | — | — | — | — | — | (34 | ) | (1 | ) | — | (150 | ) | ||||||||||||||||||||||||||||
Recoveries | — | — | 2 | — | — | — | 13 | — | — | — | 15 | |||||||||||||||||||||||||||||||||
Provision (credit) | 25 | 76 | — | — | — | — | — | 49 | — | — | 150 | |||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 689 | $ | 2,360 | $ | 236 | $ | 302 | $ | 33 | $ | 315 | $ | 1,079 | $ | 411 | $ | 33 | $ | 34 | $ | 5,492 | ||||||||||||||||||||||
Six Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2014 | $ | 697 | $ | 2,288 | $ | 204 | $ | 268 | $ | 30 | $ | 472 | $ | 1,216 | $ | 417 | $ | 30 | $ | 29 | $ | 5,651 | ||||||||||||||||||||||
Charge-offs | (198 | ) | (148 | ) | — | (38 | ) | — | — | (205 | ) | (44 | ) | — | (8 | ) | (641 | ) | ||||||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | 630 | — | 4 | — | 634 | |||||||||||||||||||||||||||||||||
Provision (credit) | 298 | 308 | 16 | 89 | (10 | ) | (6 | ) | (681 | ) | 135 | (9 | ) | 10 | 150 | |||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 797 | $ | 2,448 | $ | 220 | $ | 319 | $ | 20 | $ | 466 | $ | 960 | $ | 508 | $ | 25 | $ | 31 | $ | 5,794 | ||||||||||||||||||||||
Six Months Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 762 | $ | 2,215 | $ | 233 | $ | 302 | $ | 33 | $ | 315 | $ | 1,065 | $ | 432 | $ | 34 | $ | 23 | $ | 5,414 | ||||||||||||||||||||||
Charge-offs | (98 | ) | (20 | ) | — | — | — | — | — | (81 | ) | (1 | ) | — | (200 | ) | ||||||||||||||||||||||||||||
Recoveries | — | — | 3 | — | — | — | 14 | — | — | 11 | 28 | |||||||||||||||||||||||||||||||||
Provision (credit) | 25 | 165 | — | — | — | — | — | 60 | — | — | 250 | |||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 689 | $ | 2,360 | $ | 236 | $ | 302 | $ | 33 | $ | 315 | $ | 1,079 | $ | 411 | $ | 33 | $ | 34 | $ | 5,492 | ||||||||||||||||||||||
Information pertaining to the allowance for loan losses and recorded investment in loans at December 31, 2014, and June 30, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial Real Estate | Home | Home | Residential Construction | Commercial Construction | Commercial | Manufactured Homes | Automobile | Other Consumer | Total | ||||||||||||||||||||||||||||||||||
Equity | Equity | and Other Secured | ||||||||||||||||||||||||||||||||||||||||||
First | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | Lien | |||||||||||||||||||||||||||||||||||||||||||
Allowance: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 9 | $ | — | $ | — | $ | — | $ | — | $ | 75 | $ | — | $ | — | $ | — | $ | 84 | ||||||||||||||||||||||
Non-impaired loans | 797 | 2,439 | 220 | 319 | 20 | 466 | 885 | 508 | 25 | 31 | 5,710 | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 797 | $ | 2,448 | $ | 220 | $ | 319 | $ | 20 | $ | 466 | $ | 960 | $ | 508 | $ | 25 | $ | 31 | $ | 5,794 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 2,842 | $ | 3,056 | $ | — | $ | 111 | $ | — | $ | 271 | $ | 2,781 | $ | 270 | $ | — | $ | — | $ | 9,331 | ||||||||||||||||||||||
Non-impaired loans | 104,151 | 204,337 | 34,904 | 42,329 | 2,434 | 34,436 | 50,379 | 21,855 | 5,949 | 2,928 | 503,702 | |||||||||||||||||||||||||||||||||
Total loans | $ | 106,993 | $ | 207,393 | $ | 34,904 | $ | 42,440 | $ | 2,434 | $ | 34,707 | $ | 53,160 | $ | 22,125 | $ | 5,949 | $ | 2,928 | $ | 513,033 | ||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
One- to Four-Family | Commercial Real Estate | Home | Home | Residential Construction | Commercial Construction | Commercial | Manufactured Homes | Automobile | Other Consumer | Total | ||||||||||||||||||||||||||||||||||
Equity | Equity | and Other Secured | ||||||||||||||||||||||||||||||||||||||||||
First | Second | Loans | ||||||||||||||||||||||||||||||||||||||||||
Lien | Lien | |||||||||||||||||||||||||||||||||||||||||||
Allowance: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | 11 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11 | ||||||||||||||||||||||
Non-impaired loans | 697 | 2,277 | 204 | 268 | 30 | 472 | 1,216 | 417 | 30 | 29 | 5,640 | |||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 697 | $ | 2,288 | $ | 204 | $ | 268 | $ | 30 | $ | 472 | $ | 1,216 | $ | 417 | $ | 30 | $ | 29 | $ | 5,651 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 2,755 | $ | 3,684 | $ | — | $ | 150 | $ | — | $ | — | $ | 2,952 | $ | 239 | $ | — | $ | — | $ | 9,780 | ||||||||||||||||||||||
Non-impaired loans | 104,743 | 197,066 | 36,299 | 39,695 | 3,807 | 36,189 | 51,804 | 21,527 | 7,172 | 2,566 | 500,868 | |||||||||||||||||||||||||||||||||
Total loans | $ | 107,498 | $ | 200,750 | $ | 36,299 | $ | 39,845 | $ | 3,807 | $ | 36,189 | $ | 54,756 | $ | 21,766 | $ | 7,172 | $ | 2,566 | $ | 510,648 | ||||||||||||||||||||||
Basis_of_Presentation_and_Cons2
Basis of Presentation and Consolidation Basis of Presentation and Consolidation (Details) (USD $) | 6 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Nov. 03, 2014 |
Business Acquisition [Line Items] | ||
Merger related expenses | $695 | |
Berkshire Hills Bancorp, Inc. | ||
Business Acquisition [Line Items] | ||
Shares outstanding conversion to right to receive common stock (per share) | 0.81 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income available to common stock | $170 | $1,021 | $1,342 | $2,228 |
Average number of shares issued (in shares) | 8,052,517 | 8,020,607 | 8,043,998 | 8,012,352 |
Less: average unallocated ESOP shares (in shares) | -303,763 | -346,159 | -309,081 | -351,477 |
Less: average treasury stock (in shares) | -2,537,261 | -2,371,759 | -2,470,851 | -2,370,760 |
Less: average unvested restricted stock awards (in shares) | -1,800 | -2,400 | -1,921 | -2,521 |
Average number of basic shares outstanding (in shares) | 5,209,693 | 5,300,289 | 5,262,145 | 5,287,594 |
Weighted Average Number of Shares Outstanding, Diluted | 5,343,116 | 5,443,078 | 5,392,725 | 5,422,530 |
Basic (USD per share) | $0.03 | $0.19 | $0.26 | $0.42 |
Diluted (USD per share) | $0.03 | $0.19 | $0.25 | $0.41 |
Restricted Stock | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Plus: dilutive unvested restricted stock awards (in shares) | 1,269 | 1,380 | 1,329 | 1,427 |
Stock Options | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Plus: dilutive unvested restricted stock awards (in shares) | 132,154 | 141,409 | 129,251 | 133,509 |
Dividends_Detail
Dividends (Detail) (USD $) | 0 Months Ended | 6 Months Ended | ||
Nov. 28, 2014 | Feb. 03, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends [Abstract] | ||||
Cash dividends paid, per share (USD per share) | $0.08 | $0.16 | $0.12 | |
Common stock, dividends, per share, declared (USD per share) | $0.08 |
Loan_Commitments_Schedule_of_O
Loan Commitments - Schedule of Off-balance-sheet Credit Risks (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding loan commitments | $124.60 | $134.10 |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | $130,765 | |||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | 130,765 | 133,857 | ||
Marketable equity securities | 79 | 79 | ||
Mortgage servicing rights | 856 | 792 | ||
Total | 131,700 | 134,728 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | 0 | [1] | 0 | [1] |
Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | 0 | 0 | ||
Marketable equity securities | 79 | 79 | ||
Mortgage servicing rights | 0 | 0 | ||
Total | 79 | 79 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | 0 | [1] | 0 | [1] |
Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | 130,765 | 133,857 | ||
Marketable equity securities | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Total | 130,765 | 133,857 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | 856 | [1] | 792 | [1] |
Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | 0 | 0 | ||
Marketable equity securities | 0 | 0 | ||
Mortgage servicing rights | 856 | 792 | ||
Total | $856 | $792 | ||
[1] | Included in other assets |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities - Schedule of Level 3 Assets Measured at Fair Value on Recurring Basis (Detail) (Mortgage Servicing Rights, Fair Value, Measurements, Recurring, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Servicing Rights | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $870 | $830 | $792 | $654 |
Changes in fair value | -53 | -76 | -15 | 68 |
Capitalized servicing assets | 39 | 29 | 79 | 61 |
Ending balance | $856 | $783 | $856 | $783 |
Fair_Value_of_Assets_and_Liabi4
Fair Value of Assets and Liabilities - Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) (Fair Value, Measurements, Nonrecurring, Level 3, USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $957 | $770 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 455 | 461 |
Other real estate owned (OREO) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $502 | $309 |
Fair_Value_of_Assets_and_Liabi5
Fair Value of Assets and Liabilities - Narrative (Detail) (Fair Value, Measurements, Nonrecurring, Level 3, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount percentage from tax assessment for underlying collateral of impaired loans | 20.00% | 20.00% | ||
Discount percentage from realtor's market analysis or listing price for underlying collateral of impaired loans | 10.00% | 10.00% | ||
Realtor commission percentage deducted from market analysis or listing price for underlying collateral of impaired loans | 5.00% | 5.00% | ||
Fair value, assets measured on nonrecurring basis, gain (loss) recognized in provision for loan losses | ($592) | $0 | ($641) | $0 |
Other real estate owned (OREO) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value, assets measured on nonrecurring basis, gain (loss) recognized in provision for loan losses | ($9) | ($15) | $36 | ($19) |
Fair_Value_of_Assets_and_Liabi6
Fair Value of Assets and Liabilities - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||||
Financial assets: | ||||||
Cash and cash equivalents | $23,801 | $12,667 | $14,942 | $25,618 | ||
Securities available for sale, at fair value | 130,844 | 133,936 | ||||
Securities held to maturity, at cost | 7,371 | 9,302 | ||||
Federal Home Loan Bank stock | 6,949 | 6,648 | ||||
Loans held for sale | 1,281 | 330 | ||||
Loans, net | 509,845 | 507,635 | ||||
Accrued interest receivable | 1,708 | 1,688 | ||||
Financial liabilities: | ||||||
Deposits | 488,892 | 491,732 | ||||
Short-term borrowings | 12,000 | 4,000 | ||||
Long-term debt | 118,803 | 112,446 | ||||
Mortgagors' escrow accounts | 1,176 | 1,184 | ||||
Level 1 | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 23,801 | 12,667 | ||||
Securities available for sale, at fair value | 79 | 79 | ||||
Securities held to maturity, at cost | 0 | 0 | ||||
Federal Home Loan Bank stock | 0 | 0 | ||||
Loans held for sale | 0 | 0 | ||||
Loans, net | 0 | 0 | ||||
Accrued interest receivable | 0 | 0 | ||||
Mortgage servicing rights | 0 | [1] | 0 | [1] | ||
Financial liabilities: | ||||||
Deposits | 0 | 0 | ||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Mortgagors' escrow accounts | 0 | 0 | ||||
Level 2 | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Securities available for sale, at fair value | 130,765 | 133,857 | ||||
Securities held to maturity, at cost | 0 | 0 | ||||
Federal Home Loan Bank stock | 0 | 0 | ||||
Loans held for sale | 1,281 | 330 | ||||
Loans, net | 0 | 0 | ||||
Accrued interest receivable | 0 | 0 | ||||
Mortgage servicing rights | 0 | [1] | 0 | [1] | ||
Financial liabilities: | ||||||
Deposits | 0 | 0 | ||||
Short-term borrowings | 12,000 | 4,000 | ||||
Long-term debt | 120,144 | 113,823 | ||||
Mortgagors' escrow accounts | 0 | 0 | ||||
Level 3 | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Securities available for sale, at fair value | 0 | 0 | ||||
Securities held to maturity, at cost | 7,371 | 9,302 | ||||
Federal Home Loan Bank stock | 6,949 | 6,648 | ||||
Loans held for sale | 0 | 0 | ||||
Loans, net | 516,233 | 513,765 | ||||
Accrued interest receivable | 1,708 | 1,688 | ||||
Mortgage servicing rights | 856 | [1] | 792 | [1] | ||
Financial liabilities: | ||||||
Deposits | 496,672 | 493,500 | ||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Mortgagors' escrow accounts | 1,176 | 1,184 | ||||
Carrying Amount | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 23,801 | 12,667 | ||||
Securities available for sale, at fair value | 130,844 | 133,936 | ||||
Securities held to maturity, at cost | 7,371 | 9,302 | ||||
Federal Home Loan Bank stock | 6,949 | 6,648 | ||||
Loans held for sale | 1,281 | 330 | ||||
Loans, net | 509,845 | 507,635 | ||||
Accrued interest receivable | 1,708 | 1,688 | ||||
Mortgage servicing rights | 856 | [1] | 792 | [1] | ||
Financial liabilities: | ||||||
Deposits | 488,892 | 491,732 | ||||
Short-term borrowings | 12,000 | 4,000 | ||||
Long-term debt | 118,803 | 112,446 | ||||
Mortgagors' escrow accounts | 1,176 | 1,184 | ||||
Fair Value | ||||||
Financial assets: | ||||||
Cash and cash equivalents | 23,801 | 12,667 | ||||
Securities available for sale, at fair value | 130,844 | 133,936 | ||||
Securities held to maturity, at cost | 7,371 | 9,302 | ||||
Federal Home Loan Bank stock | 6,949 | 6,648 | ||||
Loans held for sale | 1,281 | 330 | ||||
Loans, net | 516,233 | 513,765 | ||||
Accrued interest receivable | 1,708 | 1,688 | ||||
Mortgage servicing rights | 856 | [1] | 792 | [1] | ||
Financial liabilities: | ||||||
Deposits | 496,672 | 493,500 | ||||
Short-term borrowings | 12,000 | 4,000 | ||||
Long-term debt | 120,144 | 113,823 | ||||
Mortgagors' escrow accounts | $1,176 | $1,184 | ||||
[1] | Included in other assets |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Available for Sale | ||
Amortized Cost | $130,562 | $133,703 |
Gross Unrealized Gains | 1,633 | 1,732 |
Gross Unrealized Losses | -1,351 | -1,499 |
Fair Value | 130,844 | 133,936 |
Held to Maturity | ||
Amortized Cost | 7,371 | 9,302 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 7,371 | 9,302 |
Debt securities | ||
Available for Sale | ||
Amortized Cost | 130,511 | 133,652 |
Gross Unrealized Gains | 1,605 | 1,704 |
Gross Unrealized Losses | -1,351 | -1,499 |
Fair Value | 130,765 | 133,857 |
Debt securities | Corporate bonds | ||
Available for Sale | ||
Amortized Cost | 3,021 | 3,026 |
Gross Unrealized Gains | 38 | 60 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,059 | 3,086 |
Debt securities | Agency | ||
Available for Sale | ||
Amortized Cost | 125,977 | 128,938 |
Gross Unrealized Gains | 1,561 | 1,629 |
Gross Unrealized Losses | -1,343 | -1,494 |
Fair Value | 126,195 | 129,073 |
Debt securities | Non-agency | ||
Available for Sale | ||
Amortized Cost | 1,513 | 1,688 |
Gross Unrealized Gains | 6 | 15 |
Gross Unrealized Losses | -8 | -5 |
Fair Value | 1,511 | 1,698 |
Debt securities | Municipal bonds | ||
Held to Maturity | ||
Amortized Cost | 7,371 | 9,302 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 7,371 | 9,302 |
Marketable equity securities | ||
Available for Sale | ||
Amortized Cost | 51 | 51 |
Gross Unrealized Gains | 28 | 28 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $79 | $79 |
Investment_Securities_Schedule1
Investment Securities - Schedule of Debt Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Total amortized cost basis | $7,371 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Total fair value basis | 7,371 | 9,302 |
Available for Sale | ||
Total amortized cost basis | 130,511 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Securities available for sale, at fair value | 130,765 | |
Municipal And Corporate Bonds | ||
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized cost within 1 year | 4,697 | |
Amortized cost, after year 1, but within 5 years | 1,742 | |
Amortized cost, after 5 years but within 10 years | 932 | |
Total amortized cost basis | 7,371 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Fair vale, within 1 year | 4,697 | |
Fair value, after year 1, but within 5 years | 1,742 | |
Fair vale, after 5 years but within 10 years | 932 | |
Total fair value basis | 7,371 | |
Available for Sale | ||
Amortized cost within 1 year | 999 | |
Amortized cost, after year 1, but within 5 years | 2,022 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 0 | |
Total amortized cost basis | 3,021 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Fair value, within 1 year | 1,004 | |
Fair value, after 1 year but within 5 years | 2,055 | |
Fair value, after 5 years but within 10 years | 0 | |
Securities available for sale, at fair value | 3,059 | |
Agency | ||
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized cost within 1 year | 0 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Fair vale, within 1 year | 0 | |
Available for Sale | ||
Amortized cost within 1 year | 125,977 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Fair value, within 1 year | 126,195 | |
Non-agency | ||
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Amortized cost, after year 1, but within 5 years | 0 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Fair value, after year 1, but within 5 years | 0 | |
Available for Sale | ||
Amortized cost, after year 1, but within 5 years | 1,513 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract] | ||
Fair value, after 1 year but within 5 years | $1,511 |
Investment_Securities_Schedule2
Investment Securities - Schedule of Securities with Gross Unrealized Losses (Detail) (Debt securities, USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale - Continuous unrealized loss position, less than 12 months - Gross unrealized losses | $0 | $39 |
Securities available for sale - Continuous unrealized loss position, less than 12 months - Fair value | 0 | 7,500 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Gross unrealized losses | 1,351 | 1,460 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Fair value | 68,067 | 51,328 |
Securities available for sale - Continuous unrealized loss - Gross unrealized losses | 1,351 | 1,499 |
Securities available for sale - Continuous unrealized loss position - Fair value | 68,067 | 58,828 |
Agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale - Continuous unrealized loss position, less than 12 months - Gross unrealized losses | 0 | 38 |
Securities available for sale - Continuous unrealized loss position, less than 12 months - Fair value | 0 | 7,357 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Gross unrealized losses | 1,343 | 1,456 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Fair value | 67,249 | 51,094 |
Securities available for sale - Continuous unrealized loss - Gross unrealized losses | 1,343 | 1,494 |
Securities available for sale - Continuous unrealized loss position - Fair value | 67,249 | 58,451 |
Non-agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale - Continuous unrealized loss position, less than 12 months - Gross unrealized losses | 0 | 1 |
Securities available for sale - Continuous unrealized loss position, less than 12 months - Fair value | 0 | 143 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Gross unrealized losses | 8 | 4 |
Securities available for sale - Continuous unrealized loss position, over 12 months - Fair value | 818 | 234 |
Securities available for sale - Continuous unrealized loss - Gross unrealized losses | 8 | 5 |
Securities available for sale - Continuous unrealized loss position - Fair value | $818 | $377 |
Investment_Securities_Narrativ
Investment Securities - Narrative (Detail) (Debt securities, USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Investment | |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities with unrealized losses (in securities) | 52 | |
Aggregate depreciation percentage from amortized cost basis | 2.00% | |
Fair value of securities with unrealized losses | $68,067 | $58,828 |
Private mortgage originators | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities with unrealized losses (in securities) | 10 | |
Amortized cost of securities with unrealized losses | 826 | |
Fair value of securities with unrealized losses | $818 |
Loans_Schedule_of_Loan_Balance
Loans - Schedule of Loan Balances (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
Loans Receivable [Line Items] | ||||||
Total loans | 513,033 | 510,648 | ||||
Net deferred loan costs | 2,606 | 2,638 | ||||
Allowance for loan losses | -5,794 | -5,651 | -5,769 | -5,492 | -5,477 | -5,414 |
Total loans, net | 509,845 | 507,635 | ||||
Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 100.00% | 100.00% | ||||
Mortgage Loans on Real Estate | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 428,871 | 424,388 | ||||
Change | 4,483 | |||||
% Change | 1.10% | |||||
Mortgage Loans on Real Estate | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 83.60% | 83.11% | ||||
One- to Four-Family | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 106,993 | 107,498 | ||||
Allowance for loan losses | -797 | -697 | -831 | -689 | -762 | -762 |
Change | -505 | |||||
% Change | -0.50% | |||||
One- to Four-Family | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 20.85% | 21.05% | ||||
Commercial | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 207,393 | 200,750 | ||||
Allowance for loan losses | -2,448 | -2,288 | -2,416 | -2,360 | -2,301 | -2,215 |
Change | 6,643 | |||||
% Change | 3.30% | |||||
Commercial | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 40.42% | 39.31% | ||||
Home equity: | First Lien | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 34,904 | 36,299 | ||||
Allowance for loan losses | -220 | -204 | -238 | -236 | -234 | -233 |
Change | -1,395 | |||||
% Change | -3.80% | |||||
Home equity: | First Lien | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 6.80% | 7.11% | ||||
Home equity: | Second Lien | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 42,440 | 39,845 | ||||
Allowance for loan losses | -319 | -268 | -331 | -302 | -302 | -302 |
Change | 2,595 | |||||
% Change | 6.50% | |||||
Home equity: | Second Lien | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 8.27% | 7.80% | ||||
Residential Construction | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 2,434 | 3,807 | ||||
Allowance for loan losses | -20 | -30 | -32 | -33 | -33 | -33 |
Change | -1,373 | |||||
% Change | -36.10% | |||||
Residential Construction | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 0.47% | 0.75% | ||||
Commercial Construction | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 34,707 | 36,189 | ||||
Allowance for loan losses | -466 | -472 | -472 | -315 | -315 | -315 |
Change | -1,482 | |||||
% Change | -4.10% | |||||
Commercial Construction | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 6.77% | 7.09% | ||||
Other Loan [Member] | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 84,162 | 86,260 | ||||
Change | -2,098 | |||||
% Change | -2.40% | |||||
Other Loan [Member] | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 16.40% | 16.89% | ||||
Commercial | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 53,160 | 54,756 | ||||
Allowance for loan losses | -960 | -1,216 | -868 | -1,079 | -1,066 | -1,065 |
Change | -1,596 | |||||
% Change | -2.90% | |||||
Commercial | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 10.36% | 10.72% | ||||
Manufactured homes | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 22,125 | 21,766 | ||||
Allowance for loan losses | -508 | -417 | -518 | -411 | -396 | -432 |
Change | 359 | |||||
% Change | 1.60% | |||||
Manufactured homes | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 4.31% | 4.26% | ||||
Automobile and other secured loans | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 5,949 | 7,172 | ||||
Allowance for loan losses | -25 | -30 | -30 | -33 | -34 | -34 |
Change | -1,223 | |||||
% Change | -17.10% | |||||
Automobile and other secured loans | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 1.16% | 1.40% | ||||
Other | ||||||
Loans Receivable [Line Items] | ||||||
Total loans | 2,928 | 2,566 | ||||
Allowance for loan losses | -31 | -29 | -33 | -34 | -34 | -23 |
Change | 362 | |||||
% Change | 14.10% | |||||
Other | Loans Receivable | ||||||
Loans Receivable [Line Items] | ||||||
Percent | 0.57% | 0.50% |
Loans_Schedule_of_Loans_by_Ris
Loans - Schedule of Loans by Risk Rating (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $513,033 | $510,648 |
Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 488,703 | 485,473 |
Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,621 | 13,671 |
Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,828 | 11,153 |
Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 835 | 351 |
Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 46 | 0 |
One- to Four-Family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 106,993 | 107,498 |
One- to Four-Family | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 103,480 | 104,221 |
One- to Four-Family | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 489 | 523 |
One- to Four-Family | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,929 | 2,608 |
One- to Four-Family | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 95 | 146 |
One- to Four-Family | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 207,393 | 200,750 |
Commercial Real Estate | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 194,219 | 184,317 |
Commercial Real Estate | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,505 | 12,447 |
Commercial Real Estate | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,669 | 3,986 |
Commercial Real Estate | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Real Estate | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Home equity: | First Lien | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 34,904 | 36,299 |
Home equity: | First Lien | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 34,878 | 36,299 |
Home equity: | First Lien | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Home equity: | First Lien | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 26 | 0 |
Home equity: | First Lien | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Home equity: | First Lien | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Home equity: | Second Lien | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 42,440 | 39,845 |
Home equity: | Second Lien | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 42,294 | 39,688 |
Home equity: | Second Lien | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25 | 7 |
Home equity: | Second Lien | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 121 | 150 |
Home equity: | Second Lien | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Home equity: | Second Lien | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Residential Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,434 | 3,807 |
Residential Construction | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,434 | 3,807 |
Residential Construction | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Residential Construction | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Residential Construction | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Residential Construction | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 34,707 | 36,189 |
Commercial Construction | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 32,050 | 36,189 |
Commercial Construction | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,657 | 0 |
Commercial Construction | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Construction | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Construction | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 53,160 | 54,756 |
Commercial | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 48,666 | 49,874 |
Commercial | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 920 | 533 |
Commercial | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,962 | 4,349 |
Commercial | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 612 | 0 |
Commercial | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Manufactured homes | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,125 | 21,766 |
Manufactured homes | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,809 | 21,342 |
Manufactured homes | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25 | 160 |
Manufactured homes | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 121 | 59 |
Manufactured homes | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 127 | 205 |
Manufactured homes | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 43 | 0 |
Automobile and other secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,949 | 7,172 |
Automobile and other secured loans | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,949 | 7,172 |
Automobile and other secured loans | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Automobile and other secured loans | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Automobile and other secured loans | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Automobile and other secured loans | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,928 | 2,566 |
Other | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,924 | 2,564 |
Other | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 1 |
Other | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 1 |
Other | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1 | 0 |
Other | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $3 | $0 |
Loans_Schedule_of_Past_Due_and
Loans - Schedule of Past Due and Non-Accrual Loans (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | $2,044,000 | $1,665,000 |
60-89 Days Past Due | 548,000 | 264,000 |
90 Days or Greater Past Due | 4,804,000 | 4,288,000 |
Total Past Due | 7,396,000 | 6,217,000 |
Loans on Non-accrual | 5,435,000 | 5,179,000 |
Number of loans past due 90 days or more and still accruing (in loans) | 0 | 0 |
One- to Four-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 1,267,000 | 607,000 |
60-89 Days Past Due | 334,000 | 236,000 |
90 Days or Greater Past Due | 2,356,000 | 2,437,000 |
Total Past Due | 3,957,000 | 3,280,000 |
Loans on Non-accrual | 2,842,000 | 2,755,000 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 583,000 |
60-89 Days Past Due | 0 | 0 |
90 Days or Greater Past Due | 100,000 | 0 |
Total Past Due | 100,000 | 583,000 |
Loans on Non-accrual | 100,000 | 534,000 |
Home equity: | First Lien | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 26,000 | |
60-89 Days Past Due | 0 | |
90 Days or Greater Past Due | 0 | |
Total Past Due | 26,000 | |
Loans on Non-accrual | 0 | |
Home equity: | Second Lien | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 97,000 | 159,000 |
60-89 Days Past Due | 10,000 | 0 |
90 Days or Greater Past Due | 0 | 111,000 |
Total Past Due | 107,000 | 270,000 |
Loans on Non-accrual | 111,000 | 150,000 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 7,000 | 0 |
60-89 Days Past Due | 123,000 | 0 |
90 Days or Greater Past Due | 2,112,000 | 1,500,000 |
Total Past Due | 2,242,000 | 1,500,000 |
Loans on Non-accrual | 2,112,000 | 1,500,000 |
Manufactured homes | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 577,000 | 304,000 |
60-89 Days Past Due | 80,000 | 27,000 |
90 Days or Greater Past Due | 236,000 | 240,000 |
Total Past Due | 893,000 | 571,000 |
Loans on Non-accrual | 270,000 | 240,000 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 70,000 | 12,000 |
60-89 Days Past Due | 1,000 | 1,000 |
90 Days or Greater Past Due | 0 | 0 |
Total Past Due | 71,000 | 13,000 |
Loans on Non-accrual | $0 | $0 |
Loans_Schedule_of_Impaired_Loa
Loans - Schedule of Impaired Loans by Category (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, recorded investment | $8,353 | $9,243 |
Impaired loans without a valuation allowance, unpaid principal balance | 9,030 | 9,358 |
Impaired loans with a valuation allowance, recorded investment | 978 | 537 |
Impaired loans with a valuation allowance, unpaid principal balance | 978 | 537 |
Impaired loans with a valuation allowance, related allowance | 84 | 11 |
Total impaired loans, recorded investment | 9,331 | 9,780 |
Total impaired loans, unpaid principal balance | 10,008 | 9,895 |
One- to Four-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, recorded investment | 2,842 | 2,755 |
Impaired loans without a valuation allowance, unpaid principal balance | 3,232 | 2,814 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, recorded investment | 2,526 | 3,147 |
Impaired loans without a valuation allowance, unpaid principal balance | 2,556 | 3,147 |
Impaired loans with a valuation allowance, recorded investment | 530 | 537 |
Impaired loans with a valuation allowance, unpaid principal balance | 530 | 537 |
Impaired loans with a valuation allowance, related allowance | 9 | 11 |
Home equity: | Second Lien | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, recorded investment | 111 | 150 |
Impaired loans without a valuation allowance, unpaid principal balance | 138 | 170 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, recorded investment | 2,333 | 2,952 |
Impaired loans without a valuation allowance, unpaid principal balance | 2,538 | 2,952 |
Impaired loans with a valuation allowance, recorded investment | 448 | 0 |
Impaired loans with a valuation allowance, unpaid principal balance | 448 | 0 |
Impaired loans with a valuation allowance, related allowance | 75 | 0 |
Manufactured homes | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, recorded investment | 270 | 239 |
Impaired loans without a valuation allowance, unpaid principal balance | 295 | 275 |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, recorded investment | 0 | |
Impaired loans without a valuation allowance, unpaid principal balance | 0 | |
Loans rated 1-5 | Commercial Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans without a valuation allowance, recorded investment | 271 | |
Impaired loans without a valuation allowance, unpaid principal balance | $271 |
Loans_Schedule_of_Impaired_Loa1
Loans - Schedule of Impaired Loans, Average Recorded Investment and Interest Income Recognized (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | $9,614 | $12,046 | $9,743 | $13,015 |
Interest income recognized on impaired loans | 74 | 145 | 156 | 287 |
Interest income recognized on a cash basis on impaired loans | 27 | 101 | 65 | 206 |
One- to Four-Family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 2,931 | 946 | 2,967 | 1,099 |
Interest income recognized on impaired loans | 17 | 18 | 31 | 35 |
Interest income recognized on a cash basis on impaired loans | 17 | 12 | 31 | 26 |
Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 3,353 | 6,192 | 3,369 | 6,851 |
Interest income recognized on impaired loans | 36 | 53 | 69 | 106 |
Interest income recognized on a cash basis on impaired loans | 0 | 53 | 0 | 106 |
Home equity: | Second Lien | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 115 | 238 | 119 | 271 |
Interest income recognized on impaired loans | 2 | 2 | 5 | 4 |
Interest income recognized on a cash basis on impaired loans | 2 | 1 | 5 | 3 |
Commercial Construction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 273 | 0 | 276 | 0 |
Interest income recognized on impaired loans | 5 | 0 | 9 | 0 |
Interest income recognized on a cash basis on impaired loans | 0 | 0 | 0 | 0 |
Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 2,670 | 4,610 | 2,738 | 4,720 |
Interest income recognized on impaired loans | 14 | 71 | 38 | 139 |
Interest income recognized on a cash basis on impaired loans | 8 | 35 | 25 | 71 |
Manufactured homes | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 272 | 60 | 274 | 74 |
Interest income recognized on impaired loans | 0 | 1 | 4 | 3 |
Interest income recognized on a cash basis on impaired loans | 0 | 0 | 4 | 0 |
Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 0 | 0 | 0 | 0 |
Interest income recognized on impaired loans | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis on impaired loans | $0 | $0 | $0 | $0 |
Loans_Troubled_Debt_Restructur
Loans - Troubled Debt Restructurings - Narrative (Detail) (USD $) | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Loan | Loan | ||
Financing Receivable, Modifications [Line Items] | |||
Number of impaired loans with commitments to lend (loans) | 1 | ||
Commitment to lend, amount | $129,000 | ||
Impaired loans value | 9,331,000 | 9,780,000 | |
Loans on Non-accrual | 5,435,000 | 5,179,000 | |
Accruing troubled debt restructured loans | 3,700,000 | 4,600,000 | |
Impaired loans, percentage current with payment terms | 233,000 | ||
Loans Receivable Impaired Current With Payment Terms | $3,900,000 | $4,600,000 | |
Percentage Of Loans Receivable Impaired Current With Payment Terms | 42.00% | 47.00% | |
Number of new troubled debt restructuring loan relationships (in loans) | 0 | 0 |
Loans_Schedule_of_Allowance_fo
Loans - Schedule of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Allowance: | |||||
Beginning balance | $5,769 | $5,477 | $5,651 | $5,414 | |
Charge-offs | -592 | -150 | -641 | -200 | |
Recoveries | 617 | 15 | 634 | 28 | |
Provision (credit) | 0 | 150 | 150 | 250 | |
Ending balance | 5,794 | 5,492 | 5,794 | 5,492 | |
Impaired loans | 84 | 84 | 11 | ||
Non-impaired loans | 5,710 | 5,710 | 5,640 | ||
Total allowance for loan losses | 5,794 | 5,492 | 5,794 | 5,492 | |
Loans: | |||||
Impaired loans | 9,331 | 9,331 | 9,780 | ||
Non-impaired loans | 503,702 | 503,702 | 500,868 | ||
Total loans | 513,033 | 513,033 | 510,648 | ||
One- to Four-Family | |||||
Allowance: | |||||
Beginning balance | 831 | 762 | 697 | 762 | |
Charge-offs | -166 | -98 | -198 | -98 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | 132 | 25 | 298 | 25 | |
Ending balance | 797 | 689 | 797 | 689 | |
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 797 | 797 | 697 | ||
Total allowance for loan losses | 797 | 689 | 797 | 689 | |
Loans: | |||||
Impaired loans | 2,842 | 2,842 | 2,755 | ||
Non-impaired loans | 104,151 | 104,151 | 104,743 | ||
Total loans | 106,993 | 106,993 | 107,498 | ||
Commercial | |||||
Allowance: | |||||
Beginning balance | 2,416 | 2,301 | 2,288 | 2,215 | |
Charge-offs | -148 | -17 | -148 | -20 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | 180 | 76 | 308 | 165 | |
Ending balance | 2,448 | 2,360 | 2,448 | 2,360 | |
Impaired loans | 9 | 9 | 11 | ||
Non-impaired loans | 2,439 | 2,439 | 2,277 | ||
Total allowance for loan losses | 2,448 | 2,360 | 2,448 | 2,360 | |
Loans: | |||||
Impaired loans | 3,056 | 3,056 | 3,684 | ||
Non-impaired loans | 204,337 | 204,337 | 197,066 | ||
Total loans | 207,393 | 207,393 | 200,750 | ||
Home equity: | First Lien | |||||
Allowance: | |||||
Beginning balance | 238 | 234 | 204 | 233 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 2 | 0 | 3 | |
Provision (credit) | -18 | 0 | 16 | 0 | |
Ending balance | 220 | 236 | 220 | 236 | |
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 220 | 220 | 204 | ||
Total allowance for loan losses | 220 | 236 | 220 | 236 | |
Loans: | |||||
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 34,904 | 34,904 | 36,299 | ||
Total loans | 34,904 | 34,904 | 36,299 | ||
Home equity: | Second Lien | |||||
Allowance: | |||||
Beginning balance | 331 | 302 | 268 | 302 | |
Charge-offs | -37 | 0 | -38 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | 25 | 0 | 89 | 0 | |
Ending balance | 319 | 302 | 319 | 302 | |
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 319 | 319 | 268 | ||
Total allowance for loan losses | 319 | 302 | 319 | 302 | |
Loans: | |||||
Impaired loans | 111 | 111 | 150 | ||
Non-impaired loans | 42,329 | 42,329 | 39,695 | ||
Total loans | 42,440 | 42,440 | 39,845 | ||
Residential Construction | |||||
Allowance: | |||||
Beginning balance | 32 | 33 | 30 | 33 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | -12 | 0 | -10 | 0 | |
Ending balance | 20 | 33 | 20 | 33 | |
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 20 | 20 | 30 | ||
Total allowance for loan losses | 20 | 33 | 20 | 33 | |
Loans: | |||||
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 2,434 | 2,434 | 3,807 | ||
Total loans | 2,434 | 2,434 | 3,807 | ||
Commercial Construction | |||||
Allowance: | |||||
Beginning balance | 472 | 315 | 472 | 315 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | -6 | 0 | -6 | 0 | |
Ending balance | 466 | 315 | 466 | 315 | |
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 466 | 466 | 472 | ||
Total allowance for loan losses | 466 | 315 | 466 | 315 | |
Loans: | |||||
Impaired loans | 271 | 271 | 0 | ||
Non-impaired loans | 34,436 | 34,436 | 36,189 | ||
Total loans | 34,707 | 34,707 | 36,189 | ||
Commercial | |||||
Allowance: | |||||
Beginning balance | 868 | 1,066 | 1,216 | 1,065 | |
Charge-offs | -205 | 0 | -205 | 0 | |
Recoveries | 617 | 13 | 630 | 14 | |
Provision (credit) | -320 | 0 | -681 | 0 | |
Ending balance | 960 | 1,079 | 960 | 1,079 | |
Impaired loans | 75 | 75 | 0 | ||
Non-impaired loans | 885 | 885 | 1,216 | ||
Total allowance for loan losses | 960 | 1,079 | 960 | 1,079 | |
Loans: | |||||
Impaired loans | 2,781 | 2,781 | 2,952 | ||
Non-impaired loans | 50,379 | 50,379 | 51,804 | ||
Total loans | 53,160 | 53,160 | 54,756 | ||
Manufactured homes | |||||
Allowance: | |||||
Beginning balance | 518 | 396 | 417 | 432 | |
Charge-offs | -31 | -34 | -44 | -81 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | 21 | 49 | 135 | 60 | |
Ending balance | 508 | 411 | 508 | 411 | |
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 508 | 508 | 417 | ||
Total allowance for loan losses | 508 | 411 | 508 | 411 | |
Loans: | |||||
Impaired loans | 270 | 270 | 239 | ||
Non-impaired loans | 21,855 | 21,855 | 21,527 | ||
Total loans | 22,125 | 22,125 | 21,766 | ||
Automobile and other secured loans | |||||
Allowance: | |||||
Beginning balance | 30 | 34 | 30 | 34 | |
Charge-offs | 0 | -1 | 0 | -1 | |
Recoveries | 0 | 0 | 4 | 0 | |
Provision (credit) | -5 | 0 | -9 | 0 | |
Ending balance | 25 | 33 | 25 | 33 | |
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 25 | 25 | 30 | ||
Total allowance for loan losses | 25 | 33 | 25 | 33 | |
Loans: | |||||
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 5,949 | 5,949 | 7,172 | ||
Total loans | 5,949 | 5,949 | 7,172 | ||
Other | |||||
Allowance: | |||||
Beginning balance | 33 | 34 | 29 | 23 | |
Charge-offs | -5 | 0 | -8 | 0 | |
Recoveries | 0 | 0 | 0 | 11 | |
Provision (credit) | 3 | 0 | 10 | 0 | |
Ending balance | 31 | 34 | 31 | 34 | |
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 31 | 31 | 29 | ||
Total allowance for loan losses | 31 | 34 | 31 | 34 | |
Loans: | |||||
Impaired loans | 0 | 0 | 0 | ||
Non-impaired loans | 2,928 | 2,928 | 2,566 | ||
Total loans | $2,928 | $2,928 | $2,566 |
Loans_Narrative_Detail
Loans - Narrative (Detail) (Commercial Real Estate and Commercial Loans, USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Commercial Real Estate and Commercial Loans | ||
Loans Receivable [Line Items] | ||
Loans sold and serviced by the company | $41.30 | $34.40 |