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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Sep. 30, 2019
Fair Value of Financial Instruments |
Schedule of aggregate fair value and aggregate unpaid principal balance of loans held for sale |
|  |  |  |  | Aggregate |  |  |
|  |  |  |  | Unpaid |  | Net
|  | Aggregate |  | Principal |  | Unrealized
(In Thousands) |  | Fair Value |  | Balance |  | Gain (Loss)
As of September 30, 2019: |  |  |  |  |  |  |  |  |
Loans held for investment, at fair value |  | $ | 4,386 |  | $ | 4,529 |  | $ | (143)
As of June 30, 2019: |  |  |  |  |  |  |  |  |
Loans held for investment, at fair value |  | $ | 5,094 |  | $ | 5,218 |  | $ | (124)
Schedule of fair value, assets and liabilities measured on recurring basis |
|  | Fair Value Measurement at September 30, 2019 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | — |  | $ | 3,413 |  | $ | — |  | $ | 3,413
U.S. government sponsored enterprise MBS |  |  | — |  |  | 1,851 |  |  | — |  |  | 1,851
Private issue CMO |  |  | — |  |  | — |  |  | 253 |  |  | 253
Investment securities - available for sale |  |  | — |  |  | 5,264 |  |  | 253 |  |  | 5,517
Loans held for investment, at fair value |  |  | — |  |  | — |  |  | 4,386 |  |  | 4,386
Interest-only strips |  |  | — |  |  | — |  |  | 14 |  |  | 14
Total assets |  | $ | — |  | $ | 5,264 |  | $ | 4,653 |  | $ | 9,917
Liabilities |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Total liabilities |  | $ | — |  | $ | — |  | $ | — |  | $ | —
|  | Fair Value Measurement at June 30, 2019 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | — |  | $ | 3,613 |  | $ | — |  | $ | 3,613
U.S. government sponsored enterprise MBS |  |  | — |  |  | 2,087 |  |  | — |  |  | 2,087
Private issue CMO |  |  | — |  |  | — |  |  | 269 |  |  | 269
Investment securities - available for sale |  |  | — |  |  | 5,700 |  |  | 269 |  |  | 5,969
Loans held for investment, at fair value |  |  | — |  |  | — |  |  | 5,094 |  |  | 5,094
Interest-only strips |  |  | — |  |  | — |  |  | 16 |  |  | 16
Total assets |  | $ | — |  | $ | 5,700 |  | $ | 5,379 |  | $ | 11,079
Liabilities: |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Total liabilities |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Schedule for reconciliation of recurring fair value measurements using level 3 inputs |
|  | Fair Value Measurement at June 30, 2019 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | — |  | $ | 3,613 |  | $ | — |  | $ | 3,613
U.S. government sponsored enterprise MBS |  |  | — |  |  | 2,087 |  |  | — |  |  | 2,087
Private issue CMO |  |  | — |  |  | — |  |  | 269 |  |  | 269
Investment securities - available for sale |  |  | — |  |  | 5,700 |  |  | 269 |  |  | 5,969
Loans held for investment, at fair value |  |  | — |  |  | — |  |  | 5,094 |  |  | 5,094
Interest-only strips |  |  | — |  |  | — |  |  | 16 |  |  | 16
Total assets |  | $ | — |  | $ | 5,700 |  | $ | 5,379 |  | $ | 11,079
Liabilities: |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Total liabilities |  | $ | — |  | $ | — |  | $ | — |  | $ | —
The following tables summarize reconciliations of the beginning and ending balances during the periods shown of recurring fair value measurements recognized in the Condensed Consolidated Statements of Financial Condition using Level 3 inputs:
|  | For the Quarter Ended September 30, 2019
|  | Fair Value Measurement
|  | Using Significant Other Unobservable Inputs
|  | (Level 3)
|  |  |  |  | Loans Held |  |  |  |  |  |
|  | Private |  | For |  | Interest- |  |
|  | Issue |  | Investment, at |  | Only |  |
(In Thousands) |  | CMO |  | fair value (1) |  | Strips |  | Total
Beginning balance at June 30, 2019 |  | $ | 269 |  | $ | 5,094 |  | $ | 16 |  | $ | 5,379
Total gains or losses (realized/unrealized): |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  | (18) |  |  | — |  |  | (18)
Included in other comprehensive loss |  |  | — |  |  | — |  |  | (2) |  |  | (2)
Purchases |  |  | — |  |  | — |  |  | — |  |  | —
Issuances |  |  | — |  |  | — |  |  | — |  |  | —
Settlements |  |  | (16) |  |  | (690) |  |  | — |  |  | (706)
Transfers in and/or out of Level 3 |  |  | — |  |  | — |  |  | — |  |  | —
Ending balance at September 30, 2019 |  | $ | 253 |  | $ | 4,386 |  | $ | 14 |  | $ | 4,653
| (1) |  | The valuation of loans held for investment at fair value includes 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.
|  | For the Quarter Ended September 30, 2018
|  | Fair Value Measurement
|  | Using Significant Other Unobservable Inputs
|  | (Level 3)
|  |  |  |  | Loans Held |  |  |  |  |  |  |  |  |  |  |  |
|  | Private |  | For |  | Interest- |  | Loan |  |  |  |  |  |
|  | Issue |  | Investment, at |  | Only |  | Commitments |  | Mandatory |  |  |
(In Thousands) |  | CMO |  | fair value (1) |  | Strips |  | to Originate (2) |  | 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 |  |  | — |  |  | (49) |  |  | — |  |  | (329) |  |  | 22 |  |  | (356)
Included in other comprehensive loss |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1
Purchases |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Issuances |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Settlements |  |  | (34) |  |  | (710) |  |  | — |  |  | — |  |  | 1 |  |  | (743)
Transfers in and/or out of Level 3 |  |  | — |  |  | 470 |  |  | — |  |  | — |  |  | — |  |  | 470
Ending balance at September 30, 2018 |  | $ | 316 |  | $ | 4,945 |  | $ | 24 |  | $ | 496 |  | $ | (9) |  | $ | 5,772
| (1) |  | The valuation of loans held for investment at fair value includes 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 September 30, 2019 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Non-performing loans |  | $ | — |  | $ | 4,212 |  | $ | 1,018 |  | $ | 5,230
Mortgage servicing assets |  |  | — |  |  | — |  |  | 502 |  |  | 502
Real estate owned, net |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | — |  | $ | 4,212 |  | $ | 1,520 |  | $ | 5,732
|  | Fair Value Measurement at June 30, 2019 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Non-performing loans |  | $ | — |  | $ | 3,971 |  | $ | 2,247 |  | $ | 6,218
Mortgage servicing assets |  |  | — |  |  | — |  |  | 627 |  |  | 627
Real estate owned, net |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | $ | — |  | $ | 3,971 |  | $ | 2,874 |  | $ | 6,845
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 September 30, 2019:
|  |  |  |  |  |  |  |  |  |  | Impact to
|  | Fair Value |  |  |  |  |  |  |  | Valuation
|  | As of |  |  |  |  |  |  |  | from an
|  | September 30, |  | Valuation |  |  |  | Range (1) |  | Increase in
(Dollars In Thousands) |  | 2019 |  | Techniques |  | Unobservable Inputs |  | (Weighted Average) |  | Inputs (2)
Assets: |  |  |  |  |  |  |  |  |  |  |
Securities available-for sale: Private issue CMO |  | $ | 253 |  | Market comparable pricing |  | Comparability adjustment |  | 2.6% – 3.0% (2.9%) |  | Increase
Loans held for investment, at fair value |  | $ | 4,386 |  | Relative value analysis |  | Broker quotes Credit risk factor |  | 97.6% – 104.1% (101.4%) of par 1.2% - 100.0% (4.6%) |  | Increase Decrease
Non-performing loans(3) |  | $ | 684 |  | Discounted cash flow |  | Default rates |  | 5.0% |  | Decrease
Non-performing loans(4) |  | $ | 334 |  | Relative value analysis |  | Credit risk factor |  | 20.0% - 30.0% (20.5%) |  | Decrease
Mortgage servicing assets |  | $ | 502 |  | Discounted cash flow |  | Prepayment speed (CPR) Discount rate |  | 15.3% - 60.0% (25.1%) 9.0% - 10.5% (9.1%) |  | Decrease Decrease
Interest-only strips |  | $ | 14 |  | Discounted cash flow |  | Prepayment speed (CPR) Discount rate |  | 20.4% - 40.6% (39.3%) 9.0% |  | Decrease Decrease
Liabilities: |  |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  |  |  |  |  |  |
| (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) |  | Consist of restructured loans.
| (4) |  | Consist of other non-performing loans, excluding restructured loans.
Schedule of carrying amount and fair value of financial instruments |
|  | September 30, 2019
|  | Carrying |  | Fair |  |  |  |  |  |  |
(In Thousands) |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - held to maturity |  | $ | 85,088 |  | $ | 86,272 |  | $ | — |  | $ | 86,272 |  | $ | —
Loans held for investment, not recorded at fair value |  | $ | 919,928 |  | $ | 906,318 |  | $ | — |  | $ | — |  | $ | 906,318
FHLB – San Francisco stock |  | $ | 8,199 |  | $ | 8,199 |  | $ | — |  | $ | 8,199 |  | $ | —
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 831,736 |  | $ | 804,196 |  | $ | — |  | $ | — |  | $ | 804,196
Borrowings |  | $ | 131,092 |  | $ | 133,308 |  | $ | — |  | $ | — |  | $ | 133,308
|  | June 30, 2019
|  | Carrying |  | Fair |  |  |  |  |  |  |
(In Thousands) |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - held to maturity |  | $ | 94,090 |  | $ | 95,359 |  | $ | — |  | $ | 95,359 |  | $ | —
Loans held for investment, not recorded at fair value |  | $ | 874,831 |  | $ | 861,374 |  | $ | — |  | $ | — |  | $ | 861,374
FHLB – San Francisco stock |  | $ | 8,199 |  | $ | 8,199 |  | $ | — |  | $ | 8,199 |  | $ | —
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 841,271 |  | $ | 813,087 |  | $ | — |  | $ | — |  | $ | 813,087
Borrowings |  | $ | 101,107 |  | $ | 102,826 |  | $ | — |  | $ | — |  | $ | 102,826

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