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LOANS & ALLOWANCE FOR CREDIT LOSSES
 9 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
LOANS & ALLOWANCE FOR CREDIT LOSSES LOANS & ALLOWANCE FOR CREDIT LOSSES
The following table sets forth the composition of the loan portfolio as of the dates indicated:
(Dollars in thousands)March 31, 2022June 30, 2021
Single Family - Mortgage & Warehouse$3,972,103 $4,359,472 
Multifamily and Commercial Mortgage2,662,517 2,470,454 
Commercial Real Estate4,293,032 3,180,453 
Commercial & Industrial - Non-RE1,780,545 1,123,869 
Auto & Consumer521,936 362,180 
Other16,125 58,316 
Total gross loans13,246,258 11,554,744 
Allowance for credit losses - loans(143,372)(132,958)
Unaccreted premiums (discounts) and loan fees(9,283)(6,972)
Total net loans$13,093,603 $11,414,814 

The following tables summarize activity in the allowance for credit losses - loans by portfolio classes for the periods indicated.
For the Three Months Ended March 31, 2022
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Balance at January 1, 2022$25,580 $13,628 $67,581 $22,716 $10,921 $63 $140,489 
Provision (benefit) for credit losses - loans(3,797)190 2,248 3,525 2,352 (18)4,500 
Charge-offs— — — — (1,892)— (1,892)
Recoveries6 — — 27 242 — 275 
Balance at March 31, 2022$21,789 $13,818 $69,829 $26,268 $11,623 $45 $143,372 
For the Three Months Ended March 31, 2021
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Balance at January 1, 2021$32,727 $12,889 $56,715 $19,129 $7,413 $7,520 $136,393 
Provision for credit losses - loans(2,785)704 (133)4,506 317 91 2,700 
Charge-offs(110)(177)(255)— (863)— (1,405)
Recoveries83 — — 18 318 — 419 
Balance at March 31, 2021$29,915 $13,416 $56,327 $23,653 $7,185 $7,611 $138,107 
For the Nine Months Ended March 31, 2022
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Balance at July 1, 2021$26,604 $13,146 $57,928 $28,460 $6,519 $301 $132,958 
Provision (benefit) for credit losses - loans(4,966)495 11,901 (1,951)7,277 (256)12,500 
Charge-offs— — (322)(2,926)— (3,248)
Recoveries151 177 — 81 753 — 1,162 
Balance at March 31, 2022$21,789 $13,818 $69,829 $26,268 $11,623 $45 $143,372 
For the Nine Months Ended March 31, 2021
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Balance at July 1, 2020$25,901 $4,718 $21,052 $9,954 $9,461 $4,721 $75,807 
Effect of Adoption of ASC 3266,318 7,408 25,893 7,042 610 29 47,300 
Provision for credit losses - loans47 1,467 9,637 9,472 (984)2,861 22,500 
Charge-offs(2,469)(177)(255)(2,833)(2,819)— (8,553)
Recoveries118 — — 18 917 — 1,053 
Balance at March 31, 2021$29,915 $13,416 $56,327 $23,653 $7,185 $7,611 $138,107 
Credit Quality Disclosures. Nonaccrual loans consisted of the following as of the dates indicated:
As of March 31, 2022
(Dollars in thousands)With AllowanceWith No AllowanceTotal
Single Family - Mortgage & Warehouse$52,017 $61,300 $113,317 
Multifamily and Commercial Mortgage2,941 6,727 9,668 
Commercial Real Estate— 14,952 14,952 
Commercial & Industrial - Non-RE— — — 
Auto & Consumer62 383 445 
Other— 372 372 
     Total nonaccrual loans$55,020 $83,734 $138,754 
Nonaccrual loans to total loans1.05 %

No interest income was recognized on nonaccrual loans in either the three months ended March 31, 2022 or March 31, 2021. No interest income was recognized on nonaccrual loans in either the nine months ended March 31, 2022 or March 31, 2021.

Approximately 0.53% of our nonaccrual loans at March 31, 2022 were considered TDRs, compared to 0.55% at June 30, 2021. Borrowers that make timely payments after TDRs are considered non-performing for at least six months. Generally, after six months of timely payments, those TDRs are reclassified from the nonaccrual loan category to the performing loan category and any previously deferred interest income is recognized. Approximately 81.67% of the Bank’s nonaccrual loans are single family first mortgages.
The following tables present the outstanding unpaid balance of loans that are performing and nonaccrual by portfolio class:
March 31, 2022
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Performing$3,858,786 $2,652,850 $4,278,080 $1,780,545 $521,490 $15,753 $13,107,504 
Nonaccrual113,317 9,667 14,952 — 446 372 138,754 
          Total$3,972,103 $2,662,517 $4,293,032 $1,780,545 $521,936 $16,125 $13,246,258 
June 30, 2021
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Performing$4,253,764 $2,450,026 $3,164,614 $1,120,927 $361,902 $58,316 $11,409,549 
Nonaccrual105,708 20,428 15,839 2,942 278 — 145,195 
          Total$4,359,472 $2,470,454 $3,180,453 $1,123,869 $362,180 $58,316 $11,554,744 

From time to time, the Company modifies loan terms temporarily for borrowers who are experiencing financial stress. These loans are performing and accruing and will generally return to the original loan terms after the modification term expires. The Company had no TDRs classified as performing loans at March 31, 2022 or June 30, 2021.
Credit Quality Indicators
The amortized cost basis by fiscal year of origination and credit quality indicator of the Company’s loan as of March 31, 2022 was as follows:
Loans Held for Investment Origination YearRevolving Loans Total
(Dollars in thousands)20222021202020192018Prior
Single Family-Mortgage & Warehouse
Pass$1,031,670 $636,313 $477,841 $339,895 $308,360 $609,187 $422,833 $3,826,099 
Special Mention— — 5,625 2,515 5,470 13,111 — 26,721 
Substandard— 1,181 34,805 19,253 14,723 49,321 — 119,283 
Doubtful— — — — — — — — 
Total1,031,670 637,494 518,271 361,663 328,553 671,619 422,833 3,972,103 
Multifamily and Commercial Mortgage
Pass622,539 584,536 465,708 302,877 236,822 365,615 — 2,578,097 
Special Mention— — 1,462 — 667 1,391 — 3,520 
Substandard— 5,814 34,780 9,566 12,601 18,139 — 80,900 
Doubtful— — — — — — — — 
Total622,539 590,350 501,950 312,443 250,090 385,145 — 2,662,517 
Commercial Real Estate
Pass1,707,928 1,070,879 469,277 298,783 39,156 — 511,527 4,097,550 
Special Mention— — 12,138 16,628 15,000 — — 43,766 
Substandard— — 88,337 16,380 45,701 — 1,298 151,716 
Doubtful— — — — — — — — 
Total1,707,928 1,070,879 569,752 331,791 99,857 — 512,825 4,293,032 
Commercial & Industrial - Non-RE
Pass269,404 35,182 76,610 13,316 12,641 152 1,331,399 1,738,704 
Special Mention— — — 206 810 — 28,037 29,053 
Substandard2,988 — 9,800 — — — — 12,788 
Doubtful— — — — — — — — 
Total272,392 35,182 86,410 13,522 13,451 152 1,359,436 1,780,545 
Auto & Consumer
Pass274,134 121,317 50,315 43,816 19,404 11,532 — 520,518 
Special Mention49 345 85 7 19 35 — 540 
Substandard213 121 211 255 62 16 — 878 
Doubtful— — — — — — — — 
Total274,396 121,783 50,611 44,078 19,485 11,583 — 521,936 
Other
Pass2,621 10,253 617 — 1,179 1,028 — 15,698 
Special Mention— — 21 — — 34 — 55 
Substandard— — 55 — 317 — — 372 
Doubtful— — — — — — — — 
Total2,621 10,253 693 — 1,496 1,062 — 16,125 
Total
Pass3,908,296 2,458,480 1,540,368 998,687 617,562 987,514 2,265,759 12,776,666 
Special Mention49 345 19,331 19,356 21,966 14,571 28,037 103,655 
Substandard3,201 7,116 167,988 45,454 73,404 67,476 1,298 365,937 
Doubtful— — — — — — — — 
Total$3,911,546 $2,465,941 $1,727,687 $1,063,497 $712,932 $1,069,561 $2,295,094 $13,246,258 
As a % of total gross loans29.54 %18.62 %13.04 %8.03 %5.38 %8.07 %17.33 %100.0 %

The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses - loans. The Company also evaluates credit quality based on the aging status of its loans. During the year, the Company holds certain short-term loans that do not have a fixed maturity date that are treated as delinquent if not paid in full 90 days after the origination date.
The Company took proactive measures to manage loans that became delinquent during the recent economic downturn as a result of the COVID-19 pandemic. As of March 31, 2022, no loans were on forbearance status for forbearance granted out of COVID-19. Any forbearance granted out of COVID-19 was for six months or less.
The following tables provide the outstanding unpaid balance of loans that are past due 30 days or more by portfolio class as of the dates indicated:
March 31, 2022
(Dollars in thousands)30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Single Family-Mortgage & Warehouse$19,537 $8,579 $110,099 $138,215 
Multifamily and Commercial Mortgage8,703 10,254 3,667 22,624 
Commercial Real Estate— 58,205 1,141 59,346 
Commercial & Industrial - Non-RE— 80 — 80 
Auto & Consumer3,558 1,158 406 5,122 
Other147 55 363 565 
Total$31,945 $78,331 $115,676 $225,952 
As a % of total gross loans0.24 %0.59 %0.87 %1.71 %
June 30, 2021
(Dollars in thousands)30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Single Family-Mortgage & Warehouse$24,150 $46,552 $69,169 $139,871 
Multifamily and Commercial Mortgage7,991 1,816 12,122 21,929 
Commercial Real Estate36,786 — — 36,786 
Commercial & Industrial - Non-RE— — 2,960 2,960 
Auto & Consumer601 306 235 1,142 
Other— — — — 
Total$69,528 $48,674 $84,486 $202,688 
As a % of total gross loans and leases0.60 %0.42 %0.73 %1.75 %

Allowance for Credit Losses
The allowance for credit losses is the sum of the allowance for credit losses - loans and the unfunded loan commitment liabilities. Unfunded loan commitment liabilities is included in “Accounts payable, accrued liabilities and other liabilities” in the unaudited Condensed Consolidated Balance Sheets. Provisions for the unfunded loan commitments are included in “General and administrative expenses” in the unaudited Condensed Consolidated Statements of Income.
The following tables present a summary of the activity in the allowance for credit losses for the periods indicated:
Three Months Ended March 31, 2022
(Dollars in thousands)Allowance for Credit Losses - LoansUnfunded Loan Commitment LiabilitiesTotal Allowance for Credit Losses
Balance at January 1, 2022$140,489 $8,723 $149,212 
Provision for Credit Losses4,500 1,000 5,500 
Charge-offs(1,892)— (1,892)
Recoveries275 — 275 
Balance at March 31, 2022$143,372 $9,723 $153,095 

Three Months Ended March 31, 2021
(Dollars in thousands)Allowance for Credit Losses - LoansUnfunded Loan Commitment LiabilitiesTotal Allowance for Credit Losses
Balance at January 1, 2021$136,393 $5,723 $142,116 
Provision for Credit Losses2,700 — 2,700 
Charge-offs(1,405)— (1,405)
Recoveries419 — 419 
Balance at March 31, 2021$138,107 $5,723 $143,830 
For the Nine Months Ended March 31, 2022
(Dollars in thousands)Allowance for Credit Losses - LoansUnfunded Loan Commitment LiabilitiesTotal Allowance for Credit Losses
Balance at July 1, 2021$132,958 $5,723 $138,681 
Provision for Credit Losses12,500 4,000 16,500 
Charge-offs(3,248)— (3,248)
Recoveries1,162 — 1,162 
Balance at March 31, 2022$143,372 $9,723 $153,095 

For the Nine Months Ended March 31, 2021
(Dollars in thousands)Allowance for Credit Losses - LoansUnfunded Loan Commitment LiabilitiesTotal Allowance for Credit Losses
Balance at July 1, 2020$75,807 $323 $76,130 
Effect of Adoption of ASC 32647,300 5,700 53,000 
Provision for Credit Losses22,500 (300)22,200 
Charge-offs(8,553)— (8,553)
Recoveries1,053 — 1,053 
Balance at March 31, 2021$138,107 $5,723 $143,830