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Loans Held For Investment (Tables)
 9 Months Ended
Mar. 31, 2014
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of Loans Held for Investment
Loans held for investment consisted of the following:

(In Thousands)
March 31,
2014
June 30,
2013
Mortgage loans:
 
 
Single-family
$
381,267

$
404,341

Multi-family
289,314

262,316

Commercial real estate
104,569

92,488

Construction
1,792

292

Commercial business loans
1,051

1,687

Consumer loans
324

437

Total loans held for investment, gross
778,317

761,561

 
 
 
Undisbursed loan funds
(757
)
(292
)
Deferred loan costs, net
2,390

2,063

Allowance for loan losses
(10,024
)
(14,935
)
Total loans held for investment, net
$
769,926

$
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
$
337,363

$
15,147

$
8,093

$
4,994

$
15,670

$
381,267

Multi-family
109,814

32,589

129,902

8,106

8,903

289,314

Commercial real estate
41,986

3,358

44,461

2,830

11,934

104,569

Construction
1,792

—

—

—

—

1,792

Commercial business loans
348

—

127

—

576

1,051

Consumer loans
310

—

—

—

14

324

Total loans held for investment, gross
$
491,613

$
51,094

$
182,583

$
15,930

$
37,097

$
778,317
Schedule of Allowance for Loan Losses
The following table summarizes the Corporation’s allowance for loan losses at March 31, 2014 and June 30, 2013:

(In Thousands)
March 31,
2014
June 30,
2013
Collectively evaluated for impairment:
 
 
Mortgage loans:
 
 
Single-family
$
5,467

$
8,949

Multi-family
3,405

4,689

Commercial real estate
1,034

1,053

Construction
20

—

Commercial business loans
47

78

Consumer loans
10

12

Total collectively evaluated allowance
9,983

14,781

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

113

Commercial business loans
41

41

Total individually evaluated allowance
41

154

Total loan loss allowance
$
10,024

$
14,935


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

 
For the Quarters Ended
March 31,
For the Nine Months Ended
March 31,
(Dollars in Thousands)
2014
2013
2014
2013
 
 
 
 
 
Allowance at beginning of period
$
11,041

$
18,530

$
14,935

$
21,483

 
 
 
 
 
(Recovery) provision for loan losses
(849
)
(517
)
(2,689
)
39

 
 
 
 
 
Recoveries:
 

 

 

 

Mortgage loans:
 

 

 

 

Single-family
64

374

331

537

Multi-family
56

—

75

—

Construction
—

—

20

—

Consumer loans
—

—

1

2

Total recoveries
120

374

427

539

 
 
 
 
 
Charge-offs:
 

 

 

 

Mortgage loans:
 

 

 

 

Single-family
(185
)
(1,139
)
(965
)
(4,810
)
Multi-family
(94
)
—

(1,671
)
—

Commercial real estate
—

(260
)
—

(260
)
Other
—

(159
)
—

(159
)
Commercial business loans
(9
)
—

(9
)
—

Consumer loans
—

(3
)
(4
)
(6
)
Total charge-offs
(288
)
(1,561
)
(2,649
)
(5,235
)
 
 
 
 
 
Net charge-offs
(168
)
(1,187
)
(2,222
)
(4,696
)
Balance at end of period
$
10,024

$
16,826

$
10,024

$
16,826

 
 

 

 

 

Allowance for loan losses as a percentage of gross loans held for investment
1.29
%
2.18
%
1.29
%
2.18
%
Net charge-offs as a percentage of average loans receivable, net, during the period (annualized)
0.08
%
0.49
%
0.34
%
0.62
%
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period
55.55
%
73.01
%
55.55
%
73.01
%
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 March 31, 2014 and June 30, 2013:

 
 
 
(In Thousands)
March 31, 2014
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
3,978

$
(831
)
$
3,147

Without a related allowance (2)
6,821

—

6,821

Total single-family loans
10,799

(831
)
9,968

 
 
 
 
Multi-family:
 
 
 
With a related allowance
965

(357
)
608

Without a related allowance (2)
2,565

—

2,565

Total multi-family loans
3,530

(357
)
3,173

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
3,562

—

3,562

Total commercial real estate loans
3,562

—

3,562

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
154

(50
)
104

Total commercial business loans
154

(50
)
104

 
 
 
 
Total non-performing loans
$
18,045

$
(1,238
)
$
16,807


(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 March 31, 2014:

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

$
2,928

$
438

$
6,602

$
9,968

Multi-family
156

—

1,827

1,190

3,173

Commercial real estate
878

—

1,354

1,330

3,562

Commercial business loans
—

—

5

99

104

Total
$
1,034

$
2,928

$
3,624

$
9,221

$
16,807
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)
March 31, 2014
June 30, 2013
Restructured loans on non-accrual status:
 
 
Mortgage loans:
 
 
Single-family
$
2,304

$
5,094

Multi-family
2,247

2,521

Commercial real estate
805

1,354

Commercial business loans
99

123

Total
5,455

9,092

 
 
 
Restructured loans on accrual status:
 

 

Mortgage loans:
 

 

Single-family
1,630

434

Total
1,630

434

 
 
 
Total restructured loans
$
7,085

$
9,526


The following tables show the restructured loans by type, net of allowance for loan losses, at March 31, 2014 and June 30, 2013:

 
 
 
(In Thousands)
March 31, 2014
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
657

$
(164
)
$
493

Without a related allowance (2)
3,441

—

3,441

Total single-family loans
4,098

(164
)
3,934

 
 
 
 
Multi-family:
 
 
 
Without a related allowance (2)
2,247

—

2,247

Total multi-family loans
2,247

—

2,247

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
805

—

805

Total commercial real estate loans
805

—

805

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
147

(48
)
99

Total commercial business loans
147

(48
)
99

 
 
 
 
Total restructured loans
$
7,297

$
(212
)
$
7,085


(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.