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

(In Thousands)
December 31,
2014
June 30,
2014
Mortgage loans:
 
 
Single-family
$
377,262

$
377,997

Multi-family
322,302

301,211

Commercial real estate
100,859

96,803

Construction
4,378

2,869

Commercial business loans
859

1,237

Consumer loans
265

306

Total loans held for investment, gross
805,925

780,423

 
 
 
Undisbursed loan funds
(2,281
)
(1,090
)
Deferred loan costs, net
2,832

2,552

Allowance for loan losses
(8,693
)
(9,744
)
Total loans held for investment, net
$
797,783

$
772,141
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
$
305,453

$
19,393

$
32,575

$
4,233

$
15,608

$
377,262

Multi-family
85,070

64,281

157,330

10,677

4,944

322,302

Commercial real estate
28,238

11,143

50,560

1,336

9,582

100,859

Construction
2,569

—

—

—

1,809

4,378

Commercial business loans
388

—

122

—

349

859

Consumer loans
255

—

—

—

10

265

Total loans held for investment, gross
$
421,973

$
94,817

$
240,587

$
16,246

$
32,302

$
805,925
Schedule of Allowance for Loan Losses
The following table summarizes the Corporation’s allowance for loan losses at December 31, 2014 and June 30, 2014:

(In Thousands)
December 31,
2014
June 30,
2014
Collectively evaluated for impairment:
 
 
Mortgage loans:
 
 
Single-family
$
4,483

$
5,476

Multi-family
2,998

3,142

Commercial real estate
1,075

989

Construction
17

35

Commercial business loans
33

51

Consumer loans
10

10

Total collectively evaluated allowance
8,616

9,703

 
 
 
Individually evaluated for impairment:
 
 
Mortgage loans:
 
 
Single-family
57

—

Commercial business loans
20

41

Total individually evaluated allowance
77

41

Total loan loss allowance
$
8,693

$
9,744


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)
2014
2013
2014
2013
 
 
 
 
 
Allowance at beginning of period
$
8,888

$
12,105

$
9,744

$
14,935

 
 
 
 
 
Recovery from the allowance for loan losses
(354
)
(898
)
(1,172
)
(1,840
)
 
 
 
 
 
Recoveries:
 

 

 

 

Mortgage loans:
 

 

 

 

Single-family
164

99

273

267

Multi-family
93

8

164

19

Construction
—

20

—

20

Consumer loans
—

—

1

1

Total recoveries
257

127

438

307

 
 
 
 
 
Charge-offs:
 

 

 

 

Mortgage loans:
 

 

 

 

Single-family
(98
)
(90
)
(317
)
(780
)
Multi-family
—

(199
)
—

(1,577
)
Consumer loans
—

(4
)
—

(4
)
Total charge-offs
(98
)
(293
)
(317
)
(2,361
)
 
 
 
 
 
Net recoveries (charge-offs)
159

(166
)
121

(2,054
)
Balance at end of period
$
8,693

$
11,041

$
8,693

$
11,041

 
 

 

 

 

Allowance for loan losses as a percentage of gross loans held for investment
1.08
 %
1.44
%
1.08
 %
1.44
%
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized)
(0.07
)%
0.08
%
(0.03
)%
0.46
%
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period
73.88
 %
57.17
%
73.88
 %
57.17
%
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, 2014 and June 30, 2014:

 
 
 
(In Thousands)
December 31, 2014
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
2,660

$
(514
)
$
2,146

Without a related allowance (2)
5,207

—

5,207

Total single-family loans
7,867

(514
)
7,353

 
 
 
 
Multi-family:
 
 
 
With a related allowance
264

(79
)
185

Without a related allowance (2)
1,995

—

1,995

Total multi-family loans
2,259

(79
)
2,180

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
1,520

—

1,520

Total commercial real estate loans
1,520

—

1,520

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
120

(22
)
98

Total commercial business loans
120

(22
)
98

 
 
 
 
Total non-performing loans
$
11,766

$
(615
)
$
11,151


(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, 2014
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
5,480

$
(1,148
)
$
4,332

Without a related allowance (2)
6,067

—

6,067

Total single-family loans
11,547

(1,148
)
10,399

 
 
 
 
Multi-family:
 
 
 
With a related allowance
956

(354
)
602

Without a related allowance (2)
2,491

—

2,491

Total multi-family loans
3,447

(354
)
3,093

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
2,352

—

2,352

Total commercial real estate loans
2,352

—

2,352

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
138

(46
)
92

Total commercial business loans
138

(46
)
92

 
 
 
 
Total non-performing loans
$
17,484

$
(1,548
)
$
15,936


(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, 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
$
791

$
22

$
684

$
5,856

$
7,353

Multi-family
—

—

404

1,776

2,180

Commercial real estate
—

—

448

1,072

1,520

Commercial business loans
—

—

—

98

98

Total
$
791

$
22

$
1,536

$
8,802

$
11,151
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, 2014
June 30, 2014
Restructured loans on non-accrual status:
 
 
Mortgage loans:
 
 
Single-family
$
2,792

$
2,957

Multi-family
1,591

1,760

Commercial real estate
792

800

Commercial business loans
98

92

Total
5,273

5,609

 
 
 
Restructured loans on accrual status:
 

 

Mortgage loans:
 

 

Single-family
687

343

Total
687

343

 
 
 
Total restructured loans
$
5,960

$
5,952


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

 
 
 
(In Thousands)
December 31, 2014
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
751

$
(150
)
$
601

Without a related allowance (2)
2,878

—

2,878

Total single-family loans
3,629

(150
)
3,479

 
 
 
 
Multi-family:
 
 
 
Without a related allowance (2)
1,591

—

1,591

Total multi-family loans
1,591

—

1,591

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
792

—

792

Total commercial real estate loans
792

—

792

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
120

(22
)
98

Total commercial business loans
120

(22
)
98

 
 
 
 
Total restructured loans
$
6,132

$
(172
)
$
5,960


(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, 2014
 
Recorded
Investment
Allowance
for Loan
Losses (1)
 
Net
Investment
Mortgage loans:
 
 
 
Single-family:
 
 
 
With a related allowance
$
994

$
(248
)
$
746

Without a related allowance (2)
2,554

—

2,554

Total single-family loans
3,548

(248
)
3,300

 
 
 
 
Multi-family:
 
 
 
Without a related allowance (2)
1,760

—

1,760

Total multi-family loans
1,760

—

1,760

 
 
 
 
Commercial real estate:
 
 
 
Without a related allowance (2)
800

—

800

Total commercial real estate loans
800

—

800

 
 
 
 
Commercial business loans:
 
 
 
With a related allowance
138

(46
)
92

Total commercial business loans
138

(46
)
92

 
 
 
 
Total restructured loans
$
6,246

$
(294
)
$
5,952


(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.