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Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of Aggregate Fair Value and Aggregate Unpaid Principal Balance of Loans Held for Sale

The following table describes the difference at the dates indicated between the aggregate fair value and the aggregate unpaid principal balance of loans held for investment at fair value and loans held for sale at fair value:

(In Thousands)	Aggregate Fair Value			Aggregate Unpaid Principal Balance			Net Unrealized Gain
As of June 30, 2015:
Loans held for investment, at fair value	$	4,518		$	4,495		$	23
Loans held for sale, at fair value	$	224,715		$	219,143		$	5,572
As of June 30, 2014:
Loans held for sale, at fair value	$	158,883		$	152,192		$	6,691

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following fair value hierarchy table presents information at the dates indicated about the Corporation’s assets measured at fair value on a recurring basis:

	Fair Value Measurement at June 30, 2015 Using:
(In Thousands)	Level 1			Level 2			Level 3			Total
Assets:
Investment securities:
U.S. government agency MBS	$	—		$	7,906		$	—		$	7,906
U.S. government sponsored enterprise MBS	—			5,387			—			5,387
Private issue CMO	—			—			717			717
Common stock - community development financial institution	—			—			151			151
Investment securities	—			13,293			868			14,161
Loans held for investment, at fair value	—			4,518			—			4,518
Loans held for sale, at fair value	—			224,715			—			224,715
Interest-only strips	—			—			63			63
Derivative assets:
Commitments to extend credit on loans to be held for sale	—			—			1,636			1,636
TBA MBS trades	—			812			—			812
Option contracts	—			—			192			192
Derivative assets	—			812			1,828			2,640
Total assets	$	—		$	243,338		$	2,759		$	246,097
Liabilities:
Derivative liabilities:
Commitments to extend credit on loans to be held for sale	$	—		$	—		$	137		$	137
Mandatory loan sale commitments	—			—			71			71
Derivative liabilities	—			—			208			208
Total liabilities	$	—		$	—		$	208		$	208

	Fair Value Measurement at June 30, 2014 Using:
(In Thousands)	Level 1			Level 2			Level 3			Total
Assets:
Investment securities:
U.S. government agency MBS	$	—		$	9,109		$	—		$	9,109
U.S. government sponsored enterprise MBS	—			6,385			—			6,385
Private issue CMO	—			—			853			853
Investment securities	—			15,494			853			16,347
Loans held for sale, at fair value	—			158,883			—			158,883
Interest-only strips	—			—			62			62
Derivative assets:
Commitments to extend credit on loans to be held for sale	—			—			2,570			2,570
Derivative assets	—			—			2,570			2,570
Total assets	$	—		$	174,377		$	3,485		$	177,862
Liabilities:
Derivative liabilities:
Commitments to extend credit on loans to be held for sale	$	—		$	—		$	4		$	4
Mandatory loan sale commitments	—			—			93			93
TBA MBS trades	—			1,335			—			1,335
Derivative liabilities	—			1,335			97			1,432
Total liabilities	$	—		$	1,335		$	97		$	1,432

Schedule for Reconciliation of Recurring Fair Value Measurements Using Level 3 Inputs

The following is a reconciliation of the beginning and ending balances during the periods shown of recurring fair value measurements recognized in the Consolidated Statements of Financial Condition using Level 3 inputs:

	Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3)
(In Thousands)	Private Issue CMO			Common stock(1)			Interest- Only Strips			Loan Commit- ments to Originate(2)			Manda- tory Commit- ments(3)			Option Contracts			Total
Beginning balance at June 30, 2014	$	853		$	—		$	62		$	2,566		$	(93	)	$	—		$	3,388
Total gains or losses (realized/unrealized):
Included in earnings	—			—			—			(1,067		)	(15		)	(168		)	(1,250		)
Included in other comprehensive loss	(3		)	(99		)	1			—			—			—			(101		)
Purchases	—			250			—			—			—			932			1,182
Issuances	—			—			—			—			—			—			—
Settlements	(133		)	—			—			—			37			(572		)	(668		)
Transfers in and/or out of Level 3	—			—			—			—			—			—			—
Ending balance at June 30, 2015	$	717		$	151		$	63		$	1,499		$	(71	)	$	192		$	2,551

⁽¹⁾  Common stock - community development financial institution.

⁽²⁾  Consists of commitments to extend credit on loans to be held for sale.

⁽³⁾  Consists of mandatory loan sale commitments.

	Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3)
(In Thousands)	Private Issue CMO			Interest- Only Strips			Loan Commit- ments to Originate(1)			Manda- tory Commit- ments(2)			Option Contracts			Total
Beginning balance at June 30, 2013	$	1,019		$	98		$	(1,032	)	$	83		$	589		$	757
Total gains or losses (realized/unrealized):
Included in earnings	—			—			3,598			(207		)	(18		)	3,373
Included in other comprehensive loss	28			(36		)	—			—			—			(8		)
Purchases	—			—			—			—			603			603
Issuances	—			—			—			—			—			—
Settlements	(194		)	—			—			31			(1,174		)	(1,337		)
Transfers in and/or out of Level 3	—			—			—			—			—			—
Ending balance at June 30, 2014	$	853		$	62		$	2,566		$	(93	)	$	—		$	3,388

⁽¹⁾  Consists of commitments to extend credit on loans to be held for sale.

⁽²⁾  Consists of mandatory loan sale commitments.

Schedule of Fair Value Assets Measured on Nonrecurring Basis

The following fair value hierarchy table presents information about the Corporation’s assets measured at fair value at the dates indicated on a nonrecurring basis:

	Fair Value Measurement at June 30, 2015 Using:
(In Thousands)	Level 1			Level 2			Level 3			Total
Non-performing loans	$	—		$	11,816		$	2,130		$	13,946
Mortgage servicing assets	—			—			269			269
Real estate owned, net	—			2,398			—			2,398
Total	$	—		$	14,214		$	2,399		$	16,613

	Fair Value Measurement at June 30, 2014 Using:
(In Thousands)	Level 1			Level 2			Level 3			Total
Non-performing loans	$	—		$	10,910		$	5,026		$	15,936
Mortgage servicing assets	—			—			241			241
Real estate owned, net	—			2,467			—			2,467
Total	$	—		$	13,377		$	5,267		$	18,644

Schedule of Additional Information About Valuation Techniques and Inputs Used for Assets and Liabilities

The following table presents additional information about valuation techniques and inputs used for assets and liabilities, including derivative financial instruments, which are measured at fair value and categorized within Level 3 as of June 30, 2015:

(Dollars In Thousands)	Fair Value As of June 30, 2015			Valuation Techniques	Unobservable Inputs	Range(1) (Weighted Average)	Impact to Valuation from an Increase in Inputs(2)
Assets:
Securities available-for sale: Private issue CMO	$	717		Market comparable pricing	Comparability adjustment	0.1% - 1.5% (1.2%)	Increase
Securities available-for sale: Common stock(3)	$	151		Relative value analysis	Adjusted book value	$ 38.6 million	Increase
Non-performing loans	$	89		Discounted cash flow	Default rates	5.0%	Decrease
Non-performing loans	$	2,041		Relative value analysis	Loss severity	20.0% - 38.0% (21.3%)	Decrease
Mortgage servicing assets	$	269		Discounted cash flow	Prepayment speed (CPR) Discount rate	10.1% - 60.0% (19.0%) 9.0% - 10.5% (9.2%)	Decrease Decrease
Interest-only strips	$	63		Discounted cash flow	Prepayment speed (CPR) Discount rate	16.0% - 24.0% (18.0%) 9.0%	Decrease Decrease
Commitments to extend credit on loans to be held for sale	$	1,636		Relative value analysis	TBA MBS broker quotes Fall-out ratio(4)	97.5% –  104.5% (101.8%) of par 20.8% - 27.4% (26.9%)	Decrease   Decrease
Option contracts	$	192		Relative value analysis	Broker quotes	126.2% of par	Increase
Liabilities:
Commitments to extend credit on loans to be held for sale	$	137		Relative value analysis	TBA MBS broker quotes Fall-out ratio(4)	99.4% – 104.0% (101.9%) of par 20.8% - 27.4% (26.9%)	Increase   Increase
Mandatory loan sale commitments	$	71		Relative value analysis	Investor quotes TBA MBS broker quotes  Roll-forward costs(5)	100.6% - 103.3% (102.7%) of par 100.5% - 105.7% (101.5%) of par 0.0062%	Increase Increase    Increase

⁽¹⁾  The range is based on the historical estimated fair values and management estimates.

⁽²⁾  Unless otherwise noted, this column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

⁽³⁾  Common stock of a community development financial institution.

⁽⁴⁾  The percentage of commitments to extend credit on loans to be held for sale which management has estimated may not fund.

⁽⁵⁾  An estimated cost to roll forward the mandatory loan sale commitments which management has estimated may not be delivered to the corresponding investors in a timely manner.

Schedule of Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of the Corporation’s other financial instruments as of June 30, 2015 and 2014 were as follows:

	June 30, 2015
(In Thousands)	Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Financial assets:
Loans held for investment, not recorded at fair value	$	809,716		$	815,385		$	—		$	—		$	815,385
FHLB – San Francisco stock	$	8,094		$	8,094		$	—		$	8,094		$	—
Financial liabilities:
Deposits	$	924,086		$	895,664		$	—		$	—		$	895,664
Borrowings	$	91,367		$	93,219		$	—		$	—		$	93,219

	June 30, 2014
(In Thousands)	Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Financial assets:
Loans held for investment, not recorded at fair value	$	772,141		$	778,851		$	—		$	—		$	778,851
FHLB – San Francisco stock	$	7,056		$	7,056		$	—		$	7,056		$	—
Financial liabilities:
Deposits	$	897,870		$	875,440		$	—		$	—		$	875,440
Borrowings	$	41,431		$	44,424		$	—		$	—		$	44,424

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