Loans Held For Investment (Tables)

3 Months Ended

Sep. 30, 2019

Schedule of allowance for loan losses and recorded investment


	Quarter Ended September 30, 2019
	Single-			Multi-			Commercial									Commercial
(In Thousands)	family			family			Real Estate			Construction			Other			Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	2,709		$	3,219		$	1,050		$	61		$	3		$	26		$	8		$	7,076
Provision (recovery) for loan losses		(510)			288			35			13			(3)			(6)			2			(181)
Recoveries		36			—			—			—			—			—			—			36
Charge-offs		(1)			—			—			—			—			—			(1)			(2)
Allowance for loan losses, end of period	$	2,234		$	3,507		$	1,085		$	74		$	—		$	20		$	9		$	6,929

Allowance for loan losses:
Individually evaluated for impairment	$	47		$	—		$	—		$	—		$	—		$	7		$	—		$	54
Collectively evaluated for impairment		2,187			3,507			1,085			74			—			13			9			6,875
Allowance for loan losses, end of period	$	2,234		$	3,507		$	1,085		$	74		$	—		$	20		$	9		$	6,929

Loans held for investment:
Individually evaluated for impairment	$	3,766		$	—		$	—		$	1,139		$	—		$	45		$	—		$	4,950
Collectively evaluated for impairment		324,566			479,597			110,652			4,773			—			323			144			920,055
Total loans held for investment, gross	$	328,332		$	479,597		$	110,652		$	5,912		$	—		$	368		$	144		$	925,005
Allowance for loan losses as a percentage of gross loans held for investment		0.68	%		0.73	%		0.98	%		1.25	%		—	%		5.43	%		6.25	%		0.74	%


	Quarter Ended September 30, 2018
	Single-			Multi-			Commercial									Commercial
(In Thousands)	family			family			Real Estate			Construction			Other			Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	2,783		$	3,492		$	1,030		$	47		$	3		$	24		$	6		$	7,385
Provision (recovery) 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		$	—		$	—		$	745		$	—		$	68		$	—		$	7,183
Collectively evaluated for impairment		301,110			454,821			112,026			3,101			167			348			104			871,677
Total loans held for investment, gross	$	307,480		$	454,821		$	112,026		$	3,846		$	167		$	416		$	104		$	878,860
Allowance for loan losses as a percentage of gross loans held for investment		0.89	%		0.73	%		0.90	%		0.99	%		1.80	%		4.57	%		5.77	%		0.81	%

Schedule of loans held for investment


	September 30,		June 30,
(In Thousands)	2019		2019
Mortgage loans:
Single-family	$	328,332	$	324,952
Multi-family		479,597		439,041
Commercial real estate		110,652		111,928
Construction (1)		5,912		4,638
Other		—		167
Commercial business loans (2)		368		478
Consumer loans (3)		144		134
Total loans held for investment, gross		925,005		881,338

Advance payments of escrows		34		53
Deferred loan costs, net		6,204		5,610
Allowance for loan losses		(6,929)		(7,076)
Total loans held for investment, net	$	924,314	$	879,925

⁽¹⁾

Net of $6.2 million and $6.6 million of undisbursed loan funds as of September 30, 2019 and June 30, 2019, respectively

⁽²⁾

Net of $1.1 million and $1.0 million of undisbursed lines of credit as of September 30, 2019 and June 30, 2019, respectively.

⁽³⁾

Net of $0.5 million and $0.5 million of undisbursed lines of credit as of September 30, 2019 and June 30, 2019, respectively.

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


	September 30, 2019
	Single-		Multi-		Commercial				Commercial
(In Thousands)	family		family		Real Estate		Construction		Business		Consumer		Total
Pass	$	321,107	$	475,755	$	109,726	$	4,773	$	323	$	144	$	911,828
Special Mention		3,039		3,842		—		—		—		—		6,881
Substandard		4,186		—		926		1,139		45		—		6,296
Total loans held for investment, gross	$	328,332	$	479,597	$	110,652	$	5,912	$	368	$	144	$	925,005


	June 30, 2019
	Single-		Multi-		Commercial				Other		Commercial
(In Thousands)	family		family		Real Estate		Construction		Mortgage		Business		Consumer		Total
Pass	$	314,036	$	435,177	$	111,001	$	3,667	$	167	$	429	$	134	$	864,611
Special Mention		3,795		3,864		927		—		—		—		—		8,586
Substandard		7,121		—		—		971		—		49		—		8,141
Total loans held for investment, gross	$	324,952	$	439,041	$	111,928	$	4,638	$	167	$	478	$	134	$	881,338

Schedule of loans held for investment, contractual repricing


	Adjustable Rate
			After		After		After
			One Year		3 Years		5 Years
	Within One		Through 3		Through 5		Through 10
(In Thousands)	Year		Years		Years		Years		Fixed Rate		Total
Mortgage loans:
Single-family	$	91,793	$	41,361	$	119,810	$	64,197	$	11,171	$	328,332
Multi-family		125,583		179,261		157,529		17,044		180		479,597
Commercial real estate		43,813		31,233		34,408		775		423		110,652
Construction		5,085		—		—		—		827		5,912
Commercial business loans		20		—		—		—		348		368
Consumer loans		144		—		—		—		—		144
Total loans held for investment, gross	$	266,438	$	251,855	$	311,747	$	82,016	$	12,949	$	925,005

Schedule of allowance for loan losses

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


	For the Quarters Ended
	September 30,
(Dollars in Thousands)	2019			2018
Allowance at beginning of period	$	7,076		$	7,385

Provision (recovery) for loan losses		(181)			(237)

Recoveries:
Mortgage loans:
Single-family		36			32
Consumer loans		—			1
Total recoveries		36			33

Charge-offs:
Mortgage loans:
Single-family		(1)			(25)
Consumer loans		(1)			(1)
Total charge-offs		(2)			(26)

Net (charge-offs) recoveries		34			7
Balance at end of period	$	6,929		$	7,155

Allowance for loan losses as a percentage of gross loans held for investment at the end of the period		0.74	%		0.81	%
Net charge-offs (recoveries) as a percentage of average loans receivable, net, during the period (annualized)		(0.02)	%		0.00	%

Schedule of recorded investment in non-performing loans


	At September 30, 2019
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance (1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	1,112	$	—	$	1,112	$	(133)	$	979
Without a related allowance (2)		3,576		(502)		3,074		—		3,074
Total single-family		4,688		(502)		4,186		(133)		4,053

Construction:
Without a related allowance (2)		1,139		—		1,139		—		1,139
Total construction		1,139		—		1,139		—		1,139

Commercial business loans:
With a related allowance		45		—		45		(7)		38
Total commercial business loans		45		—		45		(7)		38
Total non-performing loans	$	5,872	$	(502)	$	5,370	$	(140)	$	5,230

⁽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, 2019
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance (1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	2,640	$	—	$	2,640	$	(434)	$	2,206
Without a related allowance (2)		3,518		(518)		3,000		—		3,000
Total single-family		6,158		(518)		5,640		(434)		5,206

Construction:
Without a related allowance(2)		971		—		971		—		971
Total construction		971		—		971		—		971

Commercial business loans:
With a related allowance		49		—		49		(8)		41
Total commercial business loans		49		—		49		(8)		41
Total non-performing loans	$	7,178	$	(518)	$	6,660	$	(442)	$	6,218

⁽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.

Schedule of past due status of gross loans held for investment, net of fair value adjustments


	September 30, 2019
			30‑89 Days				Total Loans Held for
(In Thousands)	Current		Past Due		Non-Accrual (1)		Investment, Gross
Mortgage loans:
Single-family	$	323,159	$	987	$	4,186	$	328,332
Multi-family		479,597		—		—		479,597
Commercial real estate		110,652		—		—		110,652
Construction		4,773		—		1,139		5,912
Commercial business loans		323		—		45		368
Consumer loans		141		3		—		144
Total loans held for investment, gross	$	918,645	$	990	$	5,370	$	925,005

⁽¹⁾

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


	June 30, 2019
			30‑89 Days				Total Loans Held for
(In Thousands)	Current		Past Due		Non-Accrual (1)		Investment, Gross
Mortgage loans:
Single-family	$	318,671	$	660	$	5,621	$	324,952
Multi-family		439,041		—		—		439,041
Commercial real estate		111,928		—		—		111,928
Construction		3,667		—		971		4,638
Other		167		—		—		167
Commercial business loans		429		—		49		478
Consumer loans		129		5		—		134
Total loans held for investment, gross	$	874,032	$	665	$	6,641	$	881,338

⁽¹⁾

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

Schedule of Nonperforming Loans on Interest Income

The following table presents the average recorded investment in non-performing loans and the related interest income recognized for the quarters ended September 30, 2019 and 2018:


	Quarter Ended September 30,
	2019				2018
	Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income
(In Thousands)	Investment		Recognized		Investment		Recognized
Without related allowances:
Mortgage loans:
Single-family	$	3,086	$	116	$	4,599	$	40
Construction		1,084		—		248		—
		4,170		116		4,847		40

With related allowances:
Mortgage loans:
Single-family		1,198		12		2,071		24
Commercial business loans		46		1		68		1
		1,244		13		2,139		25

Total	$	5,414	$	129	$	6,986	$	65

Schedule of troubled debt restructurings by nonaccrual versus accrual status


	At		At
(In Thousands)	September 30, 2019		June 30, 2019
Restructured loans on non-accrual status:
Mortgage loans:
Single-family	$	1,316	$	1,891
Commercial business loans		38		41
Total		1,354		1,932

Restructured loans on accrual status:
Mortgage loans:
Single-family		431		1,861
Total		431		1,861

Total restructured loans	$	1,785	$	3,793

Schedule of recorded investment in restructured loans


	At September 30, 2019
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance (1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	693	$	—	$	693	$	(47)	$	646
Without a related allowance (2)		1,466		(365)		1,101		—		1,101
Total single-family		2,159		(365)		1,794		(47)		1,747

Commercial business loans:
With a related allowance		45		—		45		(7)		38
Total commercial business loans		45		—		45		(7)		38
Total restructured loans	$	2,204	$	(365)	$	1,839	$	(54)	$	1,785

⁽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, 2019
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance (1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	2,199	$	—	$	2,199	$	(122)	$	2,077
Without a related allowance (2)		2,040		(365)		1,675		—		1,675
Total single-family		4,239		(365)		3,874		(122)		3,752

Commercial business loans:
With a related allowance		49		—		49		(8)		41
Total commercial business loans		49		—		49		(8)		41
Total restructured loans	$	4,288	$	(365)	$	3,923	$	(130)	$	3,793

⁽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.