XML 39 R28.htm IDEA: XBRL DOCUMENT

Loans Held For Investment (Tables)

3 Months Ended

Sep. 30, 2018

Loans and Leases Receivable Disclosure [Abstract]

(In Thousands)	September 30, 2018			June 30, 2018
Mortgage loans:
Single-family	$	307,480		$	314,808
Multi-family		454,821			476,008
Commercial real estate		112,026			109,726
Construction		8,956			7,476
Other		167			167
Commercial business loans ⁽¹⁾		416			500
Consumer loans ⁽²⁾		104			109
Total loans held for investment, gross		883,970			908,794

Undisbursed loan funds ⁽³⁾		(5,110	)		(4,302	)
Advance payments of escrows		3			18
Deferred loan costs, net		5,383			5,560
Allowance for loan losses		(7,155	)		(7,385	)
Total loans held for investment, net	$	877,091		$	902,685

⁽¹⁾	Net of $1.5 million and $495 of undisbursed lines of credit as of September 30, 2018 and June 30, 2018, respectively.

⁽²⁾	Net of $497 and $503 of undisbursed lines of credit as of September 30, 2018 and June 30, 2018, respectively.

⁽³⁾	Comprised solely of undisbursed construction loan funds.

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	$	116,585	$	28,559	$	93,276	$	57,120	$	11,940	$	307,480
Multi-family		130,379		161,337		148,803		14,093		209		454,821
Commercial real estate		32,602		43,629		35,269		—		526		112,026
Construction		7,273		—		—		—		1,683		8,956
Other		—		—		—		—		167		167
Commercial business loans		42		—		—		—		374		416
Consumer loans		104		—		—		—		—		104
Total loans held for investment, gross	$	286,985	$	233,525	$	277,348	$	71,213	$	14,899	$	883,970

Schedule of gross loans held for investment by loan types and risk category

	September 30, 2018
In Thousands)	Single- family		Multi- family		Commercial Real Estate		Construction		Other Mortgage		Commercial Business		Consumer		Total

Pass	$	298,414	$	450,894	$	112,026	$	6,906	$	167	$	348	$	104	$	868,859
Special Mention		1,141		3,927		—		—		—		—		—		5,068
Substandard		7,925		—		—		2,050		—		68		—		10,043
Total loans held for investment, gross	$	307,480	$	454,821	$	112,026	$	8,956	$	167	$	416	$	104	$	883,970

	June 30, 2018
In Thousands)	Single- family		Multi- family		Commercial Real Estate		Construction		Other Mortgage		Commercial Business		Consumer		Total

Pass	$	304,619	$	472,061	$	108,786	$	7,476	$	167	$	430	$	109	$	893,648
Special Mention		2,548		3,947		940		—		—		—		—		7,435
Substandard		7,641		—		—		—		—		70		—		7,711
Total loans held for investment, gross	$	314,808	$	476,008	$	109,726	$	7,476	$	167	$	500	$	109	$	908,794

Schedule of allowance for loan losses

(In Thousands)	September 30, 2018		June 30, 2018
Collectively evaluated for impairment:
Mortgage loans:
Single-family	$	2,617	$	2,632
Multi-family		3,336		3,492
Commercial real estate		1,012		1,030
Construction		38		47
Other		3		3
Commercial business loans		14		18
Consumer loans		6		6
Total collectively evaluated allowance		7,026		7,228

Individually evaluated for impairment:
Mortgage loans:
Single-family		124		151
Commercial business loans		5		6
Total individually evaluated allowance		129		157
Total loan loss allowance	$	7,155	$	7,385

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

	For the Quarters Ended September 30,
(Dollars in Thousands)	2018			2017

Allowance at beginning of period	$	7,385		$	8,039

(Recovery) provision for loan losses		(237	)		169

Recoveries:
Mortgage loans:
Single-family		32			84
Consumer loans		1			—
Total recoveries		33			84

Charge-offs:
Mortgage loans:
Single-family		(25	)		(229	)
Consumer loans		(1	)		—
Total charge-offs		(26	)		(229	)

Net recoveries (charge-offs)		7			(145	)
Balance at end of period	$	7,155		$	8,063

Allowance for loan losses as a percentage of gross loans held for investment at the end of the period		0.81	%		0.88	%
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized)		0.00	%		0.06	%

Schedule of aging analysis of non-performing loans

	September 30, 2018
(In Thousands)	Current		30-89 Days Past Due		Non-Accrual ⁽¹⁾		Total Loans Held for Investment, Gross

Mortgage loans:
Single-family	$	301,055	$	—	$	6,425	$	307,480
Multi-family		454,821		—		—		454,821
Commercial real estate		112,026		—		—		112,026
Construction		6,906		—		2,050		8,956
Other		167		—		—		167
Commercial business loans		348		—		68		416
Consumer loans		104		—		—		104
Total loans held for investment, gross	$	875,427	$	—	$	8,543	$	883,970

⁽¹⁾

All loans 90 days or greater past due are placed on non-accrual status.

	June 30, 2018
(In Thousands)	Current		30-89 Days Past Due		Non-Accrual ⁽¹⁾		Total Loans Held for Investment, Gross

Mortgage loans:
Single-family	$	307,863	$	804	$	6,141	$	314,808
Multi-family		476,008		—		—		476,008
Commercial real estate		109,726		—		—		109,726
Construction		7,476		—		—		7,476
Other		167		—		—		167
Commercial business loans		430		—		70		500
Consumer loans		108		1		—		109
Total loans held for investment, gross	$	901,778	$	805	$	6,211	$	908,794

⁽¹⁾ All loans 90 days or greater past due are placed on non-accrual status.

Schedule of allowance for loan losses and recorded investment

	Quarter Ended September 30, 2018
(In Thousands)	Single-family			Multi-family			Commercial Real Estate			Construction			Other			Commercial Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	2,783		$	3,492		$	1,030		$	47		$	3		$	24		$	6		$	7,385
Recovery from the allowance for loan losses		(49	)		(156	)		(18	)		(9	)		—			(5	)		—			(237	)
Recoveries		32			—			—			—			—			—			1			33
Charge-offs		(25	)		—			—			—			—			—			(1	)		(26	)
Allowance for loan losses, end of period	$	2,741		$	3,336		$	1,012		$	38		$	3		$	19		$	6		$	7,155

Allowance for loan losses:
Individually evaluated for impairment	$	124		$	—		$	—		$	—		$	—		$	5		$	—		$	129
Collectively evaluated for impairment		2,617			3,336			1,012			38			3			14			6			7,026
Allowance for loan losses, end of period	$	2,741		$	3,336		$	1,012		$	38		$	3		$	19		$	6		$	7,155

Loans held for investment:
Individually evaluated for impairment	$	6,370		$	—		$	—		$	2,050		$	—		$	68		$	—		$	8,488
Collectively evaluated for impairment		301,110			454,821			112,026			6,906			167			348			104			875,482
Total loans held for investment, gross	$	307,480		$	454,821		$	112,026		$	8,956		$	167		$	416		$	104		$	883,970
Allowance for loan losses as a percentage of gross loans held for investment		0.89	%		0.73	%		0.90	%		0.42	%		1.80	%		4.57	%		5.77	%		0.81	%

	Quarter Ended September 30, 2017
(In Thousands)	Single- family			Multi- family			Commercial Real Estate			Construction			Commercial Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	3,601		$	3,420		$	879		$	96		$	36		$	7		$	8,039
Provision (recovery) for loan losses		123			11			(4	)		44			(5	)		—			169
Recoveries		84			—			—			—			—			—			84
Charge-offs		(229	)		—			—			—			—			—			(229	)
Allowance for loan losses, end of period	$	3,579		$	3,431		$	875		$	140		$	31		$	7		$	8,063

Allowance for loan losses:
Individually evaluated for impairment	$	17		$	—		$	—		$	—		$	15		$	—		$	32
Collectively evaluated for impairment		3,562			3,431			875			140			16			7			8,031
Allowance for loan losses, end of period	$	3,579		$	3,431		$	875		$	140		$	31		$	7		$	8,063

Loans held for investment:
Individually evaluated for impairment	$	6,239		$	—		$	—		$	—		$	79		$	—		$	6,318
Collectively evaluated for impairment		316,124			482,617			96,863			16,290			387			131			912,412
Total loans held for investment, gross	$	322,363		$	482,617		$	96,863		$	16,290		$	466		$	131		$	918,730
Allowance for loan losses as a percentage of gross loans held for investment		1.11	%		0.71	%		0.90	%		0.86	%		6.65	%		5.34	%		0.88	%

Schedule of recorded investment in non-performing loans

	At September 30, 2018
	Unpaid										Net
	Principal		Related			Recorded					Recorded
(In Thousands)	Balance		Charge-offs			Investment		Allowance⁽¹⁾			Investment

Mortgage loans:
Single-family:
With a related allowance	$	2,313	$	—		$	2,313	$	(408	)	$	1,905
Without a related allowance⁽²⁾		4,832		(684	)		4,148		—			4,148
Total single-family		7,145		(684	)		6,461		(408	)		6,053

Construction:
Without a related allowance⁽³⁾		745		—			745		—			745
Total construction		745		—			745		—			745

Commercial business loans:
With a related allowance		68		—			68		(4	)		64
Total commercial business loans		68		—			68		(4	)		64

Total non-performing loans	$	7,958	$	(684	)	$	7,274	$	(412	)	$	6,862

⁽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.

⁽³⁾

There was no related allowance for loan losses because the loans, net of undisbursed loan funds, have been charged-off to their fair value or the fair value of the collateral is higher than the net loan balance.

	At June 30, 2018
	Unpaid										Net
	Principal		Related			Recorded					Recorded
(In Thousands)	Balance		Charge-offs			Investment		Allowance⁽¹⁾			Investment

Mortgage loans:
Single-family:
With a related allowance	$	1,333	$	—		$	1,333	$	(185	)	$	1,148
Without a related allowance⁽²⁾		5,569		(724	)		4,845		—			4,845
Total single-family		6,902		(724	)		6,178		(185	)		5,993

Commercial business loans:
With a related allowance		70		—			70		(6	)		64
Total commercial business loans		70		—			70		(6	)		64

Total non-performing loans	$	6,972	$	(724	)	$	6,248	$	(191	)	$	6,057

⁽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.

	Quarter Ended September 30,
	2018				2017
	Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income
(In Thousands)	Investment		Recognized		Investment		Recognized

Without related allowances:
Mortgage loans:
Single-family	$	4,599	$	40	$	6,167	$	135
Commercial real estate		—		—		67		13
Construction		248		—		—		—
		4,847		40		6,234		148

With related allowances:
Mortgage loans:
Single-family		2,071		24		1,609		11
Commercial business loans		68		1		79		1
		2,139		25		1,688		12

Total	$	6,986	$	65	$	7,922	$	160

Schedule of troubled debt restructurings by nonaccrual versus accrual status

	At		At
(In Thousands)	September 30, 2018		June 30, 2018
Restructured loans on non-accrual status:
Mortgage loans:
Single-family	$	3,280	$	3,328
Commercial business loans		64		64
Total		3,344		3,392

Restructured loans on accrual status:
Mortgage loans:
Single-family		1,425		1,788
Total		1,425		1,788

Total restructured loans	$	4,769	$	5,180

Schedule of recorded investment in restructured loans

	At September 30, 2018
	Unpaid										Net
	Principal		Related			Recorded					Recorded
(In Thousands)	Balance		Charge-offs			Investment		Allowance⁽¹⁾			Investment

Mortgage loans:
Single-family:
With a related allowance	$	2,221	$	—		$	2,221	$	(125	)	$	2,096
Without a related allowance⁽²⁾		3,015		(406	)		2,609		—			2,609
Total single-family		5,236		(406	)		4,830		(125	)		4,705

Commercial business loans:
With a related allowance		68		—			68		(4	)		64
Total commercial business loans		68		—			68		(4	)		64

Total restructured loans	$	5,304	$	(406	)	$	4,898	$	(129	)	$	4,769

⁽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, 2018
	Unpaid										Net
	Principal		Related			Recorded					Recorded
(In Thousands)	Balance		Charge-offs			Investment		Allowance⁽¹⁾			Investment

Mortgage loans:
Single-family
With a related allowance	$	2,228	$	—		$	2,228	$	(151	)	$	2,077
Without a related allowance⁽²⁾		3,450		(411	)		3,039		—			3,039
Total single-family		5,678		(411	)		5,267		(151	)		5,116

Commercial business loans:
With a related allowance		70		—			70		(6	)		64
Total commercial business loans		70		—			70		(6	)		64

Total restructured loans	$	5,748	$	(411	)	$	5,337	$	(157	)	$	5,180

⁽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.