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Loans Held For Investment (Tables)
 6 Months Ended
Dec. 31, 2013
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of Loans Held for Investment
Loans held for investment consisted of the following:

(In Thousands)
December 31,
2013
June 30,
2013
Mortgage loans:
 
 
Single-family
$
382,762

$
404,341

Multi-family
285,530

262,316

Commercial real estate
95,390

92,488

Construction
1,792

292

Commercial business loans
1,322

1,687

Consumer loans
326

437

Total loans held for investment, gross
767,122

761,561

 
 
 
Undisbursed loan funds
(1,611
)
(292
)
Deferred loan costs, net
2,336

2,063

Allowance for loan losses
(11,041
)
(14,935
)
Total loans held for investment, net
$
756,806

$
748,397
Schedule of Loans Held for Investment, Contractual Repricing
 
Adjustable Rate
 
 
(In Thousands)
Within One Year
After
One Year
Through 3 Years
After
3 Years
Through 5 Years
After
5 Years
Through 10 Years
Fixed Rate
Total
Mortgage loans:
 
 
 
 
 
 
Single-family
$
341,519

$
18,082

$
5,177

$
2,493

$
15,491

$
382,762

Multi-family
117,971

25,826

125,347

7,799

8,587

285,530

Commercial real estate
38,746

3,965

38,473

2,124

12,082

95,390

Construction
1,792

—

—

—

—

1,792

Commercial business loans
633

—

—

—

689

1,322

Consumer loans
312

—

—

—

14

326

Total loans held for investment, gross
$
500,973

$
47,873

$
168,997

$
12,416

$
36,863

$
767,122
Schedule of Allowance for Loan Losses
The following table summarizes the Corporation’s allowance for loan losses at December 31, 2013 and June 30, 2013:

(In Thousands)
December 31,
2013
June 30,
2013
Collectively evaluated for impairment:
 
 
Mortgage loans:
 
 
Single-family
$
7,263

$
8,949

Multi-family
2,554

4,689

Commercial real estate
1,060

1,053

Construction
3

—

Commercial business loans
65

78

Consumer loans
11

12

Total collectively evaluated allowance
10,956

14,781

 
 
 
Individually evaluated for impairment:
 
 
Mortgage loans:
 
 
Single-family
44

113

Commercial business loans
41

41

Total individually evaluated allowance
85

154

Total loan loss allowance
$
11,041

$
14,935


The following table is provided to disclose additional details on the Corporation’s allowance for loan losses:

 
For the Quarters Ended
December 31,
For the Six Months Ended
December 31,
(Dollars in Thousands)
2013
2012
2013
2012
 
 
 
 
 
Allowance at beginning of period
$
12,105

$
20,118

$
14,935

$
21,483

 
 
 
 
 
(Recovery) provision for loan losses
(898
)
23

(1,840
)
556

 
 
 
 
 
Recoveries:
 

 

 

 

Mortgage loans:
 

 

 

 

Single-family
99

93

267

163

Multi-family
8

—

19

—

Construction
20

—

20

—

Consumer loans
—

1

1

2

Total recoveries
127

94

307

165

 
 
 
 
 
Charge-offs:
 

 

 

 

Mortgage loans:
 

 

 

 

Single-family
(90
)
(1,704
)
(780
)
(3,671
)
Multi-family
(199
)
—

(1,577
)
—

Consumer loans
(4
)
(1
)
(4
)
(3
)
Total charge-offs
(293
)
(1,705
)
(2,361
)
(3,674
)
 
 
 
 
 
Net charge-offs
(166
)
(1,611
)
(2,054
)
(3,509
)
Balance at end of period
$
11,041

$
18,530

$
11,041

$
18,530

 
 

 

 

 

Allowance for loan losses as a percentage of gross loans held for investment
1.44
%
2.34
%
1.44
%
2.34
%
Net charge-offs as a percentage of average loans receivable, net, during the period (annualized)
0.08
%
0.62
%
0.46
%
0.67
%
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period
57.17
%
64.40
%
57.17
%
64.40
%
Schedule of Recorded Investment in Non-Performing Loans
The following tables identify the Corporation’s total recorded investment in non-performing loans by type, net of allowance for loan losses at December 31, 2013 and June 30, 2013:

 
 
 
(In Thousands)
December 31, 2013
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
7,712

$
(1,871
)
$
5,841

Without a related allowance (2)
5,267

—

5,267

Total single-family loans
12,979

(1,871
)
11,108

 
 
 
 
Multi-family:
 
 
 
With a related allowance
975

(244
)
731

Without a related allowance (2)
2,445

—

2,445

Total multi-family loans
3,420

(244
)
3,176

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
2,739

—

2,739

Total commercial real estate loans
2,739

—

2,739

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
176

(56
)
120

Total commercial business loans
176

(56
)
120

 
 
 
 
Total non-performing loans
$
19,314

$
(2,171
)
$
17,143


(1) 
Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.
(2) 
There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance.
 
 
 
(In Thousands)
June 30, 2013
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
9,908

$
(2,350
)
$
7,558

Without a related allowance (2)
5,665

—

5,665

Total single-family loans
15,573

(2,350
)
13,223

 
 
 
 
Multi-family:
 
 
 
With a related allowance
4,519

(1,320
)
3,199

Without a related allowance (2)
558

—

558

Total multi-family loans
5,077

(1,320
)
3,757

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
4,572

—

4,572

Total commercial real estate loans
4,572

—

4,572

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
189

(59
)
130

Total commercial business loans
189

(59
)
130

 
 
 
 
Total non-performing loans
$
25,411

$
(3,729
)
$
21,682


(1) 
Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.
(2) 
There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance.
Schedule of Aging Analysis of Non-Performing Loans
The following table describes the aging analysis (length of time on non-performing status) of non-performing loans, net of allowance for loan losses or charge offs, as of December 31, 2013:

 
(In Thousands)
3 Months or
Less
Over 3 to
6 Months
Over 6 to
12 Months
Over 12
Months
 
Total
Mortgage loans:
 
 
 
 
 
Single-family
$
2,988

$
312

$
290

$
7,518

$
11,108

Multi-family
—

165

2,024

987

3,176

Commercial real estate
—

618

780

1,341

2,739

Commercial business loans
—

7

—

113

120

Total
$
2,988

$
1,102

$
3,094

$
9,959

$
17,143
Schedule of Troubled Debt Restructurings by Nonaccrual Versus Accrual Status
The following table summarizes at the dates indicated the restructured loan balances, net of allowance for loan losses, by loan type and non-accrual versus accrual status:

(In Thousands)
December 31, 2013
June 30, 2013
Restructured loans on non-accrual status:
 
 
Mortgage loans:
 
 
Single-family
$
2,419

$
5,094

Multi-family
2,099

2,521

Commercial real estate
810

1,354

Commercial business loans
107

123

Total
5,435

9,092

 
 
 
Restructured loans on accrual status:
 

 

Mortgage loans:
 

 

Single-family
384

434

Total
384

434

 
 
 
Total restructured loans
$
5,819

$
9,526


The following tables show the restructured loans by type, net of allowance for loan losses, at December 31, 2013 and June 30, 2013:

 
 
 
(In Thousands)
December 31, 2013
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
831

$
(233
)
$
598

Without a related allowance (2)
2,205

—

2,205

Total single-family loans
3,036

(233
)
2,803

 
 
 
 
Multi-family:
 
 
 
Without a related allowance (2)
2,099

—

2,099

Total multi-family loans
2,099

—

2,099

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
810

—

810

Total commercial real estate loans
810

—

810

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
158

(51
)
107

Total commercial business loans
158

(51
)
107

 
 
 
 
Total restructured loans
$
6,103

$
(284
)
$
5,819


(1) 
Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.
(2) 
There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance.
 
 
 
(In Thousands)
June 30, 2013
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
3,774

$
(795
)
$
2,979

Without a related allowance (2)
2,549

—

2,549

Total single-family loans
6,323

(795
)
5,528

 
 
 
 
Multi-family:
 
 
 
With a related allowance
3,266

(1,006
)
2,260

Without a related allowance (2)
261

—

261

Total multi-family loans
3,527

(1,006
)
2,521

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
1,354

—

1,354

Total commercial real estate loans
1,354

—

1,354

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
180

(57
)
123

Total commercial business loans
180

(57
)
123

 
 
 
 
Total restructured loans
$
11,384

$
(1,858
)
$
9,526


(1) 
Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.
(2) 
There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the individual loan balance.