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Loans Held For Investment (Tables)
 6 Months Ended
Dec. 31, 2015
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of Loans Held for Investment
Loans held for investment, net of fair value adjustments, consisted of the following:
(In Thousands)
December 31,
2015
June 30,
2015
Mortgage loans:
 
 
Single-family
$
343,999

$
365,961

Multi-family
372,100

347,020

Commercial real estate
98,574

100,897

Construction
10,173

8,191

Other
72

—

Commercial business loans
487

666

Consumer loans
241

244

Total loans held for investment, gross
825,646

822,979

 
 
 
Undisbursed loan funds
(6,725
)
(3,360
)
Advance payments of escrows
101

199

Deferred loan costs, net
3,634

3,140

Allowance for loan losses
(8,768
)
(8,724
)
Total loans held for investment, net
$
813,888

$
814,234
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
$
270,765

$
5,372

$
53,265

$
1,974

$
12,623

$
343,999

Multi-family
71,493

117,248

174,961

5,351

3,047

372,100

Commercial real estate
13,282

36,260

43,716

—

5,316

98,574

Construction
4,708

—

375

—

5,090

10,173

Other
—

—

—

—

72

72

Commercial business loans
163

—

—

—

324

487

Consumer loans
236

—

—

—

5

241

Total loans held for investment, gross
$
360,647

$
158,880

$
272,317

$
7,325

$
26,477

$
825,646
Schedule of Allowance for Loan Losses and Recorded Investment [Table Text Block]
The following tables summarize the Corporation’s allowance for loan losses and recorded investment in gross loans, by portfolio type, at the dates and for the periods indicated.
 
 
Quarter Ended December 31, 2015
(In Thousands)
Single-family
Multi-family
Commercial Real Estate
Construction
Other Mortgage
Commercial Business
Consumer
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
Allowance at beginning of
  period
$
6,310

$
1,943

$
697

$
40

$
2

$
33

$
9

$
9,034

(Recovery) provision for
  loan losses
(630
)
(82
)
81

264

(1
)
4

2

(362
)
Recoveries
158

58

—

—

—

—

—

216

Charge-offs
(118
)
—

—

—

—

—

(2
)
(120
)
 
Allowance for loan losses,
  end of period
$
5,720

$
1,919

$
778

$
304

$
1

$
37

$
9

$
8,768

 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
Individually evaluated for
  impairment
$
—

$
—

$
—

$
—

$
—

$
20

$
—

$
20

Collectively evaluated for
  impairment
5,720

1,919

778

304

1

17

9

8,748

 
Allowance for loan losses,
  end of period
$
5,720

$
1,919

$
778

$
304

$
1

$
37

$
9

$
8,768

 
 
 
 
 
 
 
 
 
 
Loans held for investment:
 
 
 
 
 
 
 
 
Individually evaluated for
  impairment
$
7,436

$
1,953

$
—

$
—

$
—

$
100

$
—

$
9,489

Collectively evaluated for
  impairment
336,563

370,147

98,574

10,173

72

387

241

816,157

 
Total loans held for
  investment, gross
$
343,999

$
372,100

$
98,574

$
10,173

$
72

$
487

$
241

$
825,646

Allowance for loan losses as
  a percentage of gross loans
  held for investment
1.66
%
0.52
%
0.79
%
2.99
%
1.39
%
7.60
%
3.73
%
1.07
%

 
 
Quarter Ended December 31, 2014
(In Thousands)
Single-family
Multi-family
Commercial Real Estate
Construction
Commercial Business
Consumer
Total
Allowance for loan losses:
 
 
 
 
 
 
 
Allowance at beginning of period
$
4,652

$
3,122

$
1,014

$
5

$
85

$
10

$
8,888

(Recovery) provision for loan losses
(178
)
(217
)
61

12

(32
)
—

(354
)
Recoveries
164

93

—

—

—

—

257

Charge-offs
(98
)
—

—

—

—

—

(98
)
 
Allowance for loan losses, end of
  period
$
4,540

$
2,998

$
1,075

$
17

$
53

$
10

$
8,693

 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
Individually evaluated for impairment
$
57

$
—

$
—

$
—

$
20

$
—

$
77

Collectively evaluated for impairment
4,483

2,998

1,075

17

33

10

8,616

 
Allowance for loan losses, end of
  period
$
4,540

$
2,998

$
1,075

$
17

$
53

$
10

$
8,693

 
 
 
 
 
 
 
 
 
Loans held for investment:
 
 
 
 
 
 
 
Individually evaluated for impairment
$
5,679

$
1,996

$
1,520

$
—

$
112

$
—

$
9,307

Collectively evaluated for impairment
371,410

320,283

99,330

4,378

747

265

796,413

 
Total loans held for investment,
  gross
$
377,089

$
322,279

$
100,850

$
4,378

$
859

$
265

$
805,720

Allowance for loan losses as a
  percentage of gross loans held for
  investment
1.20
%
0.93
%
1.07
%
0.39
%
6.17
%
3.77
%
1.08
%

 
 
Six Months Ended December 31, 2015
(In Thousands)
Single-family
Multi-family
Commercial Real Estate
Construction
Other Mortgage
Commercial Business
Consumer
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
Allowance at beginning of
  period
$
5,280

$
2,616

$
734

$
42

$
—

$
43

$
9

$
8,724

Provision (recovery) for
  loan losses
409

(811
)
(172
)
262

1

(91
)
2

(400
)
Recoveries
227

114

216

—

—

85

—

642

Charge-offs
(196
)
—

—

—

—

—

(2
)
(198
)
 
Allowance for loan losses, end of
  period
$
5,720

$
1,919

$
778

$
304

$
1

$
37

$
9

$
8,768

 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
Individually evaluated for
  impairment
$
—

$
—

$
—

$
—

$
—

$
20

$
—

$
20

Collectively evaluated for
  impairment
5,720

1,919

778

304

1

17

9

8,748

 
Allowance for loan losses,
  end of period
$
5,720

$
1,919

$
778

$
304

$
1

$
37

$
9

$
8,768

 
 
 
 
 
 
 
 
 
 
Loans held for investment:
 
 
 
 
 
 
 
 
Individually evaluated for
  impairment
$
7,436

$
1,953

$
—

$
—

$
—

$
100

$
—

$
9,489

Collectively evaluated for
  impairment
336,563

370,147

98,574

10,173

72

387

241

816,157

 
Total loans held for
  investment, gross
$
343,999

$
372,100

$
98,574

$
10,173

$
72

$
487

$
241

$
825,646

Allowance for loan losses as
  a percentage of gross loans
  held for investment
1.66
%
0.52
%
0.79
%
2.99
%
1.39
%
7.60
%
3.73
%
1.07
%



Six Months Ended December 31, 2014
(In Thousands)
Single-family
Multi-family
Commercial Real Estate
Construction
Commercial Business
Consumer
Total
Allowance for loan losses:







Allowance at beginning of period
$
5,476

$
3,142

$
989

$
35

$
92

$
10

$
9,744

(Recovery) provision for loan losses
(892
)
(308
)
86

(18
)
(39
)
(1
)
(1,172
)
Recoveries
273

164

—

—

—

1

438

Charge-offs
(317
)
—

—

—

—

—

(317
)
 
Allowance for loan losses, end of
  period
$
4,540

$
2,998

$
1,075

$
17

$
53

$
10

$
8,693










Allowance for loan losses:







Individually evaluated for impairment
$
57

$
—

$
—

$
—

$
20

$
—

$
77

Collectively evaluated for impairment
4,483

2,998

1,075

17

33

10

8,616

 
Allowance for loan losses, end of
  period
$
4,540

$
2,998

$
1,075

$
17

$
53

$
10

$
8,693

 
 







Loans held for investment:
 
 
 
 
 
 
 
Individually evaluated for impairment
$
5,679

$
1,996

$
1,520

$
—

$
112

$
—

$
9,307

Collectively evaluated for impairment
371,410

320,283

99,330

4,378

747

265

796,413


Total loans held for investment,
  gross
$
377,089

$
322,279

$
100,850

$
4,378

$
859

$
265

$
805,720

Allowance for loan losses as a
  percentage of gross loans held for
  investment
1.20
%
0.93
%
1.07
%
0.39
%
6.17
%
3.77
%
1.08
%
Schedule of Allowance for Loan Losses
The following table summarizes the Corporation’s allowance for loan losses at December 31, 2015 and June 30, 2015:
(In Thousands)
December 31,
2015
June 30,
2015
Collectively evaluated for impairment:
 
 
Mortgage loans:
 
 
Single-family
$
5,720

$
5,202

Multi-family
1,919

2,616

Commercial real estate
778

734

Construction
304

42

Other
1

—

Commercial business loans
17

23

Consumer loans
9

9

Total collectively evaluated allowance
8,748

8,626

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

78

Commercial business loans
20

20

Total individually evaluated allowance
20

98

Total loan loss allowance
$
8,768

$
8,724


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)
2015
2014
2015
2014
 
 
 
 
 
Allowance at beginning of period
$
9,034

$
8,888

$
8,724

$
9,744

 
 
 
 
 
Recovery from the allowance for loan losses
(362
)
(354
)
(400
)
(1,172
)
 
 
 
 
 
Recoveries:
 

 

 

 

Mortgage loans:
 

 

 

 

Single-family
158

164

227

273

Multi-family
58

93

114

164

Commercial real estate
—

—

216

—

Commercial business loans
—

—

85

—

Consumer loans
—

—

—

1

Total recoveries
216

257

642

438

 
 
 
 
 
Charge-offs:
 

 

 

 

Mortgage loans:
 

 

 

 

Single-family
(118
)
(98
)
(196
)
(317
)
Consumer loans
(2
)
—

(2
)
—

Total charge-offs
(120
)
(98
)
(198
)
(317
)
 
 
 
 
 
Net recoveries
96

159

444

121

Balance at end of period
$
8,768

$
8,693

$
8,768

$
8,693

 
 

 

 

 

Allowance for loan losses as a percentage of gross loans held for investment
1.07
 %
1.08
 %
1.07
 %
1.08
 %
Net recoveries as a percentage of average loans receivable, net, during the period (annualized)
(0.04
)%
(0.07
)%
(0.09
)%
(0.03
)%
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period
67.35
 %
73.88
 %
67.35
 %
73.88
 %
Schedule of Recorded Investment in Non-Performing Loans
 
 
 
At December 31, 2015
 
 
 
Unpaid
 
 
 
Net
 
 
 
Principal
Related
Recorded
 
Recorded
(In Thousands)
Balance
Charge-offs
Investment
Allowance(1)
Investment
 
 
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
 
Single-family:
 
 
 
 
 
 
 
With a related allowance
$
3,530

$
—

$
3,530

$
(812
)
$
2,718

 
 
Without a related allowance(2)
9,124

(1,688
)
7,436

—

7,436

 
Total single-family
12,654

(1,688
)
10,966

(812
)
10,154

 
 
 
 
 
 
 
 
 
Multi-family:
 
 
 
 
 
 
 
Without a related allowance(2)
3,098

(1,145
)
1,953

—

1,953

 
Total multi-family
3,098

(1,145
)
1,953

—

1,953

 
 
 
 
 
 
 
 
Commercial business loans:
 
 
 
 
 
 
With a related allowance
100

—

100

(20
)
80

Total commercial business loans
100

—

100

(20
)
80

 
 
 
 
 
 
 
 
Total non-performing loans
$
15,852

$
(2,833
)
$
13,019

$
(832
)
$
12,187


(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan, and fair value credit adjustments.
(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 loan balance.
 
 
 
At June 30, 2015
 
 
 
Unpaid
 
 
 
Net
 
 
 
Principal
Related
Recorded
 
Recorded
(In Thousands)
Balance
Charge-offs
Investment
Allowance(1)
Investment
 
 
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
 
Single-family:
 
 
 
 
 
 
 
With a related allowance
$
3,881

$
—

$
3,881

$
(630
)
$
3,251

 
 
Without a related allowance(2)
8,462

(1,801
)
6,661

—

6,661

 
Total single-family
12,343

(1,801
)
10,542

(630
)
9,912

 
 
 
 
 
 
 
 
 
Multi-family:
 
 
 
 
 
 
 
Without a related allowance(2)
3,506

(1,260
)
2,246

—

2,246

 
Total multi-family
3,506

(1,260
)
2,246

—

2,246

 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 
 
 
 
 
 
Without a related allowance(2)
1,699

—

1,699

—

1,699

 
Total commercial real estate
1,699

—

1,699

—

1,699

 
 
 
 
 
 
 
 
Commercial business loans:
 
 
 
 
 
 
With a related allowance
109

—

109

(20
)
89

Total commercial business loans
109

—

109

(20
)
89

 
 
 
 
 
 
 
 
Total non-performing loans
$
17,657

$
(3,061
)
$
14,596

$
(650
)
$
13,946


(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 loan balance.
Schedule of Average Recorded Investment in Non-Performing Loans and Related Interest Income [Table Text Block]
The following table presents the average recorded investment in non-performing loans and the related interest income recognized for the quarters and six months ended December 31, 2015 and 2014:
 
 
 
Quarter Ended December 31,
 
 
 
2015
 
2014
 
 
 
Average
Interest
 
Average
Interest
 
 
 
Recorded
Income
 
Recorded
Income
 
 
 
Investment
Recognized
 
Investment
Recognized
 
 
 
 
 
 
 
 
Without related allowances:
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
 
 
Single-family
$
7,525

$
—

 
$
5,687

$
34

 
 
Multi-family
1,961

—

 
2,008

—

 
 
Commercial real estate
676

10

 
1,965

99

 
 
 
10,162

10

 
9,660

133

 
 
 
 
 
 
 
 
With related allowances:
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
 
 
Single-family
3,669

24

 
2,445

16

 
 
Multi-family
—

—

 
266

—

 
Commercial business loans
100

2

 
123

2

 
 
3,769

26

 
2,834

18

 
 
 
 
 
 
 
 
Total
$
13,931

$
36

 
$
12,494

$
151


 
 
 
Six Months Ended December 31,
 
 
 
2015
 
2014
 
 
 
Average
Interest
 
Average
Interest
 
 
 
Recorded
Income
 
Recorded
Income
 
 
 
Investment
Recognized
 
Investment
Recognized
 
 
 
 
 
 
 
 
Without related allowances:
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
 
 
Single-family
$
8,272

$
3

 
$
6,627

$
68

 
 
Multi-family
2,013

66

 
2,148

4

 
 
Commercial real estate
999

28

 
2,146

125

 
 
 
11,284

97

 
10,921

197

 
 
 
 
 
 
 
 
With related allowances:
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
 
 
Single-family
3,241

36

 
2,677

33

 
 
Multi-family
—

—

 
495

13

 
Commercial business loans
104

4

 
128

5

 
 
3,345

40

 
3,300

51

 
 
 
 
 
 
 
 
Total
$
14,629

$
137

 
$
14,221

$
248
Schedule of Aging Analysis of Non-Performing Loans
The following tables denote the past due status of the Corporation's gross loans held for investment, net of fair value adjustments, at the dates indicated.
 
 
December 31, 2015
(In Thousands)
Current
30-89 Days Past Due
Non-Accrual (1)
Total Loans Held for Investment
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
Single-family
$
332,550

$
522

$
10,927

$
343,999

 
Multi-family
370,147

—

1,953

372,100

 
Commercial real estate
98,574

—

—

98,574

 
Construction
10,173

—

—

10,173

 
Other
72

—

—

72

Commercial business loans
387

—

100

487

Consumer loans
241

—

—

241

 
Total loans held for investment, gross
$
812,144

$
522

$
12,980

$
825,646



(1) All loans 90 days or greater past due are placed on non-accrual status.
 
 
June 30, 2015
(In Thousands)
Current
30-89 Days Past Due
Non-Accrual (1)
Total Loans Held for Investment
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
Single-family
$
354,082

$
1,335

$
10,544

$
365,961

 
Multi-family
344,774

—

2,246

347,020

 
Commercial real estate
99,198

—

1,699

100,897

 
Construction
8,191

—

—

8,191

Commercial business loans
557

—

109

666

Consumer loans
244

—

—

244

 
Total loans held for investment, gross
$
807,046

$
1,335

$
14,598

$
822,979

 
(1) All loans 90 days or greater past due are placed on non-accrual status.
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, 2015
June 30, 2015
Restructured loans on non-accrual status:
 
 
Mortgage loans:
 
 
Single-family
$
2,502

$
2,902

Multi-family
1,559

1,593

Commercial real estate
—

1,019

Commercial business loans
80

89

Total
4,141

5,603

 
 
 
Restructured loans on accrual status:
 

 

Mortgage loans:
 

 

Single-family
666

989

Total
666

989

 
 
 
Total restructured loans
$
4,807

$
6,592
Schedule of Recorded Investment in Restructured Loans [Table Text Block]
The following tables identify the Corporation’s total recorded investment in restructured loans by type at the dates and for the periods indicated.
 
 
 
At December 31, 2015
 
 
 
Unpaid
 
 
 
Net
 
 
 
Principal
Related
Recorded
 
Recorded
(In Thousands)
Balance
Charge-offs
Investment
Allowance(1)
Investment
 
 
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
 
Single-family:
 
 
 
 
 
 
 
With a related allowance
$
567

$
—

$
567

$
(113
)
$
454

 
 
Without a related allowance(2)
3,553

(839
)
2,714

—

2,714

 
Total single-family
4,120

(839
)
3,281

(113
)
3,168

 
 
 
 
 
 
 
 
 
Multi-family:
 
 
 
 
 
 
 
Without a related allowance(2)
2,663

(1,104
)
1,559

—

1,559

 
Total multi-family
2,663

(1,104
)
1,559

—

1,559

 
 
 
 
 
 
 
 
Commercial business loans:
 
 
 
 
 
 
With a related allowance
100

—

100

(20
)
80

Total commercial business loans
100

—

100

(20
)
80

 
 
 
 
 
 
 
 
Total restructured loans
$
6,883

$
(1,943
)
$
4,940

$
(133
)
$
4,807


(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 loan balance.

 
 
 
At June 30, 2015
 
 
 
Unpaid
 
 
 
Net
 
 
 
Principal
Related
Recorded
 
Recorded
(In Thousands)
Balance
Charge-offs
Investment
Allowance(1)
Investment
 
 
 
 
 
 
 
 
Mortgage loans:
 
 
 
 
 
 
Single-family
 
 
 
 
 
 
 
With a related allowance
$
576

$
—

$
576

$
(115
)
$
461

 
 
Without a related allowance(2)
4,397

(967
)
3,430

—

3,430

 
Total single-family
4,973

(967
)
4,006

(115
)
3,891

 
 
 
 
 
 
 
 
 
Multi-family:
 
 
 
 
 
 
 
Without a related allowance(2)
2,795

(1,202
)
1,593

—

1,593

 
Total multi-family
2,795

(1,202
)
1,593

—

1,593

 
 
 
 
 
 
 
 
 
Commercial real estate:
 
 
 
 
 
 
 
Without a related allowance(2)
1,019

—

1,019

—

1,019

 
Total commercial real estate
1,019

—

1,019

—

1,019

 
 
 
 
 
 
 
 
Commercial business loans:
 
 
 
 
 
 
With a related allowance
109

—

109

(20
)
89

Total commercial business loans
109

—

109

(20
)
89

 
 
 
 
 
 
 
 
Total restructured loans
$
8,896

$
(2,169
)
$
6,727

$
(135
)
$
6,592


(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 loan balance.
Schedule of Gross Loans Held for Investment by Loan Types and Risk Category [Table Text Block]
The following tables summarize gross loans held for investment, net of fair value adjustments, by loan types and risk category at the dates indicated:
 
 
December 31, 2015
(In Thousands)
Single-family
Multi-family
Commercial Real Estate
Construction
Other Mortgage
Commercial Business
Consumer
Total
 
 
 
 
 
 
 
 
 
 
Pass
$
328,396

$
368,018

$
97,646

$
8,902

$
72

$
387

$
241

$
803,662

Special Mention
4,676

1,339

—

—

—

—

—

6,015

Substandard
10,927

2,743

928

1,271

—

100

—

15,969

 
Total loans held for
   investment, gross
$
343,999

$
372,100

$
98,574

$
10,173

$
72

$
487

$
241

$
825,646


 
 
June 30, 2015
(In Thousands)
Single-family
Multi-family
Commercial Real Estate
Construction
Commercial Business
Consumer
Total
 
 
 
 
 
 
 
 
 
Pass
$
347,301

$
339,093

$
98,254

$
8,191

$
557

$
244

$
793,640

Special Mention
7,766

413

—

—

—

—

8,179

Substandard
10,894

7,514

2,643

—

109

—

21,160

 
Total loans held for
   investment, gross
$
365,961

$
347,020

$
100,897

$
8,191

$
666

$
244

$
822,979