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Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of aggregate fair value and aggregate unpaid principal balance of loans held for sale

(In Thousands)		Aggregate Fair Value				Aggregate Unpaid Principal Balance				Net Unrealized (Loss) Gain
As of December 31, 2018:
Loans held for investment, at fair value		$	4,995			$	5,261			$	(266	)
Loans held for sale, at fair value		$	57,562			$	55,648			$	1,914
As of June 30, 2018:
Loans held for investment, at fair value		$	5,234			$	5,546			$	(312	)
Loans held for sale, at fair value		$	96,298			$	93,791			$	2,507

Schedule of fair value, assets and liabilities measured on recurring basis

		Fair Value Measurement at December 31, 2018 Using:
(In Thousands)		Level 1				Level 2				Level 3				Total
Assets:
Investment securities - available for sale:
U.S. government agency MBS		$	—			$	3,942			$	—			$	3,942
U.S. government sponsored enterprise MBS			—				2,311				—				2,311
Private issue CMO			—				—				310				310
Investment securities - available for sale			—				6,253				310				6,563
Loans held for investment, at fair value			—				—				4,995				4,995
Loans held for sale, at fair value			—				57,562				—				57,562
Interest-only strips			—				—				21				21
Derivative assets:
Commitments to extend credit on loans to be held for sale			—				—				505				505
Mandatory loan sale commitments			—				—				1				1
Derivative assets			—				—				506				506
Total assets		$	—			$	63,815			$	5,832			$	69,647
Liabilities:
Derivative liabilities:
Commitments to extend credit on loans to be held for sale		$	—			$	—			$	1			$	1
Mandatory loan sale commitments			—				—				10				10
TBA MBS trades			—				680				—				680
Derivative liabilities			—				680				11				691
Total liabilities		$	—			$	680			$	11			$	691

 

		Fair Value Measurement at June 30, 2018 Using:
(In Thousands)		Level 1				Level 2				Level 3				Total
Assets:
Investment securities - available for sale:
U.S. government agency MBS		$	—			$	4,384			$	—			$	4,384
U.S. government sponsored enterprise MBS			—				2,762				—				2,762
Private issue CMO			—				—				350				350
Investment securities - available for sale			—				7,146				350				7,496
Loans held for investment, at fair value			—				—				5,234				5,234
Loans held for sale, at fair value			—				96,298				—				96,298
Interest-only strips			—				—				23				23
Derivative assets:
Commitments to extend credit on loans to be held for sale			—				—				849				849
Derivative assets			—				—				849				849
Total assets		$	—			$	103,444			$	6,456			$	109,900
Liabilities:
Derivative liabilities:
Commitments to extend credit on loans to be held for sale		$	—			$	—			$	24			$	24
Mandatory loan sale commitments			—				—				32				32
TBA MBS trades			—				408				—				408
Derivative liabilities			—				408				56				464
Total liabilities		$	—			$	408			$	56			$	464

Schedule for reconciliation of recurring fair value measurements using level 3 inputs

		For the Quarter Ended December 31, 2018
		Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3)
(In Thousands)		Private Issue CMO				Loans Held For Investment, at fair value (1)				Interest- Only Strips				Loan Commitments to Originate (2)				Mandatory Commitments (3)				Total
Beginning balance at September 30, 2018		$	316			$	4,945			$	24			$	496			$	(9	)		$	5,772
Total gains or losses (realized/unrealized):
Included in earnings			—				95				—				8				(1	)			102
Included in other comprehensive loss			(1	)			—				(3	)			—				—				(4	)
Purchases			—				—				—				—				—				—
Issuances			—				—				—				—				—				—
Settlements			(5	)			(45	)			—				—				1				(49	)
Transfers in and/or out of Level 3			—				—				—				—				—				—
Ending balance at December 31, 2018		$	310			$	4,995			$	21			$	504			$	(9	)		$	5,821

⁽¹⁾ The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan.

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

⁽³⁾ Consists of mandatory loan sale commitments.

		For the Quarter Ended December 31, 2017
		Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3)
(In Thousands)		Private Issue CMO				Loans Held For Investment, at fair value (1)				Interest- Only Strips				Loan Commit- ments to Originate (2)				Manda- tory Commit- ments (3)				Total
Beginning balance at September 30, 2017		$	448			$	6,924			$	28			$	687			$	(4	)		$	8,083
Total gains or losses (realized/unrealized):
Included in earnings			—				38				—				29				(20	)			47
Included in other comprehensive loss			—				—				(2	)			—				—				(2	)
Purchases			—				—				—				—				—				—
Issuances			—				—				—				—				—				—
Settlements			(29	)			(1,805	)			—				—				—				(1,834	)
Transfers in and/or out of Level 3			—				—				—				—				—				—
Ending balance at December 31, 2017		$	419			$	5,157			$	26			$	716			$	(24	)		$	6,294

⁽¹⁾ The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan.

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

⁽³⁾ Consists of mandatory loan sale commitments.

		For the Six Months Ended December 31, 2018
		Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3)
(In Thousands)		Private Issue CMO				Loans Held For Investment, at fair value (1)				Interest- Only Strips				Loan Commitments to Originate (2)				Mandatory Commitments (3)				Total
Beginning balance at June 30, 2018		$	350			$	5,234			$	23			$	825			$	(32	)		$	6,400
Total gains or losses (realized/unrealized):
Included in earnings			—				46				—				(321	)			21				(254	)
Included in other comprehensive loss			(1	)			—				(2	)			—				—				(3	)
Purchases			—				—				—				—				—				—
Issuances			—				—				—				—				—				—
Settlements			(39	)			(755	)			—				—				2				(792	)
Transfers in and/or out of Level 3			—				470				—				—				—				470
Ending balance at December 31, 2018		$	310			$	4,995			$	21			$	504			$	(9	)		$	5,821

⁽¹⁾ The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan.

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

⁽³⁾ Consists of mandatory loan sale commitments.

		For the Six Months Ended December 31, 2017
		Fair Value Measurement Using Significant Other Unobservable Inputs (Level 3)
(In Thousands)		Private Issue CMO				Loans Held For Investment, at fair value (1)				Interest- Only Strips				Loan Commit- ments to Originate (2)				Manda- tory Commit- ments (3)				Option Contracts				Total
Beginning balance at June 30, 2017		$	461			$	6,445			$	31			$	809			$	47			$	37			$	7,830
Total gains or losses (realized/unrealized):
Included in earnings			—				46				—				(93	)			(73	)			(37	)			(157	)
Included in other comprehensive loss			1				—				(5	)			—				—				—				(4	)
Purchases			—				—				—				—				—				—				—
Issuances			—				—				—				—				—				—				—
Settlements			(43	)			(1,856	)			—				—				2				—				(1,897	)
Transfers in and/or out of Level 3			—				522				—				—				—				—				522
Ending balance at December 31, 2017		$	419			$	5,157			$	26			$	716			$	(24	)		$	—			$	6,294

⁽¹⁾ The valuation of loans held for investment at fair value includes the management estimates of the specific credit risk attributes of each loan, in addition to the quoted secondary-market prices which account for the interest rate characteristics of each loan.

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

⁽³⁾ Consists of mandatory loan sale commitments.

Schedule of fair value assets measured on nonrecurring basis

		Fair Value Measurement at December 31, 2018 Using:
(In Thousands)		Level 1				Level 2				Level 3				Total
Non-performing loans		$	—			$	4,313			$	1,749			$	6,062
Mortgage servicing assets			—				—				513				513
Real estate owned, net			—				—				—				—
Total		$	—			$	4,313			$	2,262			$	6,575

		Fair Value Measurement at June 30, 2018 Using:
(In Thousands)		Level 1				Level 2				Level 3				Total
Non-performing loans		$	—			$	4,845			$	1,212			$	6,057
Mortgage servicing assets			—				—				135				135
Real estate owned, net			—				906				—				906
Total		$	—			$	5,751			$	1,347			$	7,098

Schedule of additional information about valuation techniques and inputs used for assets and liabilities

(Dollars In Thousands)		Fair Value As of December 31, 2018			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		$	310		Market comparable pricing	Comparability adjustment		0.8% – 1.0% (0.9%)		Increase
Loans held for investment,     at fair value		$	4,995		Relative value   analysis	Broker quotes Credit risk factors		96.7% – 103.5% (99.6%) of par 1.2% - 100.0% (4.7%)		Increase Decrease
Non-performing loans		$	712		Discounted cash flow	Default rates		5.0%		Decrease
Non-performing loans		$	1,037		Relative value analysis	Loss severity		20.0% - 30.0% (23.0%)		Decrease
Mortgage servicing assets		$	513		Discounted cash flow	Prepayment speed (CPR) Discount rate		8.3% - 60.0% (18.2%)9.0% - 10.5% (9.2%)		Decrease Decrease
Interest-only strips		$	21		Discounted cash flow	Prepayment speed (CPR) Discount rate		11.4% - 30.5% (28.1%)9.0%		Decrease Decrease
Commitments to extend credit on loans to be held for sale		$	505		Relative value analysis	TBA-MBS broker quotes Fall-out ratio (3)		98.3% – 104.6% (101.6%) of par 16.9% - 28.2% (26.3%)		Increase   Decrease
Mandatory loan sale commitments		$	1		Relative value analysis	TBA MBS broker quotes Roll-forward costs (4)		104.0% of par 0.023%		Decrease Decrease
Liabilities:
Commitments to extend credit on loans to be held for sale		$	1		Relative value analysis	TBA-MBS broker quotes Fall-out ratio (3)		102.6% – 102.6% (102.6%) of par 16.9% - 28.2% (26.3%)		Decrease   Decrease
Mandatory loan sale commitments		$	10		Relative value analysis	TBA MBS broker quotes Roll-forward costs (4)		102.4% - 103.4% (102.9%) of par 0.023%		Increase   Increase

⁽¹⁾ The range is based on the 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⁾ The percentage of commitments to extend credit on loans to be held for sale which management has estimated may not fund.

⁽⁴⁾ 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

		December 31, 2018
(In Thousands)		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial assets:
Investment securities - held to maturity		$	84,990			$	85,056				—			$	85,056			$	—
Loans held for investment, not recorded at fair value		$	870,418			$	842,908				—				—			$	842,908
FHLB – San Francisco stock		$	8,199			$	8,199				—			$	8,199				—
Financial liabilities:
Deposits		$	872,884			$	843,671				—				—			$	843,671
Borrowings		$	111,135			$	109,680				—				—			$	109,680

		June 30, 2018
(In Thousands)		Carrying Amount				Fair Value								Level 1				Level 2				Level 3
Financial assets:
Investment securities - held to maturity		$	87,813			$	87,239				—			$	87,239				—
Loans held for investment, not recorded at fair value		$	897,451			$	873,112				—				—			$	873,112
FHLB – San Francisco stock		$	8,199							$	8,199				—			$	8,199				—
Financial liabilities:
Deposits		$	907,598			$	877,641				—				—			$	877,641
Borrowings		$	126,163			$	123,778				—				—			$	123,778

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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