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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Sep. 30, 2020
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 |  | Loss
As of September 30, 2020: |  |  |  |  |  |  |  |  |
Loans held for investment, at fair value |  | $ | 2,240 |  | $ | 2,354 |  | $ | (114)
As of June 30, 2020: |  |  |  |  |  |  |  |  |
Loans held for investment, at fair value |  | $ | 2,258 |  | $ | 2,369 |  | $ | (111)
Schedule of fair value, assets and liabilities measured on recurring basis |
|  | Fair Value Measurement at September 30, 2020 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | — |  | $ | 2,726 |  | $ | — |  | $ | 2,726
U.S. government sponsored enterprise MBS |  |  | — |  |  | 1,506 |  |  | — |  |  | 1,506
Private issue CMO |  |  | — |  |  | — |  |  | 184 |  |  | 184
Investment securities - available for sale |  |  | — |  |  | 4,232 |  |  | 184 |  |  | 4,416
Loans held for investment, at fair value |  |  | — |  |  | — |  |  | 2,240 |  |  | 2,240
Interest-only strips |  |  | — |  |  | — |  |  | 13 |  |  | 13
Total assets |  | $ | — |  | $ | 4,232 |  | $ | 2,437 |  | $ | 6,669
Liabilities |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Total liabilities |  | $ | — |  | $ | — |  | $ | — |  | $ | —
|  | Fair Value Measurement at June 30, 2020 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | — |  | $ | 2,943 |  | $ | — |  | $ | 2,943
U.S. government sponsored enterprise MBS |  |  | — |  |  | 1,577 |  |  | — |  |  | 1,577
Private issue CMO |  |  | — |  |  | — |  |  | 197 |  |  | 197
Investment securities - available for sale |  |  | — |  |  | 4,520 |  |  | 197 |  |  | 4,717
Loans held for investment, at fair value |  |  | — |  |  | — |  |  | 2,258 |  |  | 2,258
Interest-only strips |  |  | — |  |  | — |  |  | 14 |  |  | 14
Total assets |  | $ | — |  | $ | 4,520 |  | $ | 2,469 |  | $ | 6,989
Liabilities: |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Total liabilities |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Schedule for reconciliation of recurring fair value measurements using level 3 inputs |
|  | For the Quarter Ended September 30, 2020
|  | Fair Value Measurement
|  | Using Significant Other Unobservable Inputs
|  | (Level 3)
|  | Private Issue |  | Loans Held For Investment, |  | Interest- Only |  |  |
(In Thousands) |  | CMO |  | at fair value (1) |  | Strips |  | Total
Beginning balance at June 30, 2020 |  | $ | 197 |  | $ | 2,258 |  | $ | 14 |  | $ | 2,469
Total gains or losses (realized/unrealized): |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  | (4) |  |  | — |  |  | (4)
Included in other comprehensive loss |  |  | 4 |  |  | — |  |  | (1) |  |  | (3)
Purchases |  |  | — |  |  | — |  |  | — |  |  | —
Issuances |  |  | — |  |  | — |  |  | — |  |  | —
Settlements |  |  | (17) |  |  | (14) |  |  | — |  |  | (31)
Transfers in and/or out of Level 3 |  |  | — |  |  | — |  |  | — |  |  | —
Ending balance at September 30, 2020 |  | $ | 184 |  | $ | 2,240 |  | $ | 13 |  | $ | 2,437
| (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, 2019
|  | Fair Value Measurement
|  | Using Significant Other Unobservable Inputs
|  | (Level 3)
|  |  |  |  | Loans Held |  |  |  |  |  |
|  | Private |  | For |  | Interest- |  |  |
|  | Issue |  | Investment, at |  | Only |  |  |
|  | 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.
Schedule of fair value assets measured on nonrecurring basis |
|  | Fair Value Measurement at September 30, 2020 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Non-performing loans |  | $ | — |  | $ | 1,583 |  | $ | 2,949 |  | $ | 4,532
Mortgage servicing assets |  |  | — |  |  | — |  |  | 295 |  |  | 295
Total |  | $ | — |  | $ | 1,583 |  | $ | 3,244 |  | $ | 4,827
|  | Fair Value Measurement at June 30, 2020 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Non-performing loans |  | $ | — |  | $ | 2,042 |  | $ | 2,882 |  | $ | 4,924
Mortgage servicing assets |  |  | — |  |  | — |  |  | 382 |  |  | 382
Total |  | $ | — |  | $ | 2,042 |  | $ | 3,264 |  | $ | 5,306
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, which are measured at fair value and categorized within Level 3 as of September 30, 2020:
|  |  |  |  |  |  |  |  |  |  | Impact to
|  | Fair Value |  |  |  |  |  |  |  | Valuation
|  | As of |  |  |  |  |  |  |  | from an
|  | September 30, |  | Valuation |  |  |  | Range(1) |  | Increase in
(Dollars In Thousands) |  | 2020 |  | Techniques |  | Unobservable Inputs |  | (Weighted Average) |  | Inputs(2)
Assets: |  |  |  |  |  |  |  |  |  |  |
Securities available-for sale: Private issue CMO |  | $ | 184 |  | Market comparable pricing |  | Comparability adjustment |  | (1.3)% – (2.2)% ((1.5)%) |  | Increase
Loans held for investment, at fair value |  | $ | 2,240 |  | Relative value analysis |  | Broker quotes Credit risk factor |  | 98.0% – 105.7% (101.3%) of par 1.5% - 100.0% (6.1%) |  | Increase Decrease
Non-performing loans(3) |  | $ | 1,581 |  | Discounted cash flow |  | Default rates |  | 5.0% |  | Decrease
Non-performing loans(4) |  | $ | 1,368 |  | Relative value analysis |  | Credit risk factor |  | 20.0% - 30.0% (20.1%) |  | Decrease
Mortgage servicing assets |  | $ | 295 |  | Discounted cash flow |  | Prepayment speed (CPR) Discount rate |  | 19.5% - 60.0% (29.6%) 9.0% - 10.5% (9.1%) |  | Decrease Decrease
Interest-only strips |  | $ | 13 |  | Discounted cash flow |  | Prepayment speed (CPR) Discount rate |  | 19.5% - 29.7% (28.9%) 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) |  | Consists of restructured loans.
| (4) |  | Consists of other non-performing loans, excluding restructured loans.
Schedule of carrying amount and fair value of financial instruments |
|  | September 30, 2020
|  | Carrying |  | Fair |  |  |  |  |  |  |
(In Thousands) |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - held to maturity |  | $ | 193,868 |  | $ | 196,547 |  | $ | — |  | $ | 196,547 |  | $ | —
Loans held for investment, not recorded at fair value |  | $ | 882,713 |  | $ | 885,029 |  | $ | — |  | $ | — |  | $ | 885,029
FHLB – San Francisco stock |  | $ | 7,970 |  | $ | 7,970 |  | $ | — |  | $ | 7,970 |  | $ | —
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 904,686 |  | $ | 874,890 |  | $ | — |  | $ | — |  | $ | 874,890
Borrowings |  | $ | 136,031 |  | $ | 141,581 |  | $ | — |  | $ | — |  | $ | 141,581
|  | June 30, 2020
|  | Carrying |  | Fair |  |  |  |  |  |  |
(In Thousands) |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities - held to maturity |  | $ | 118,627 |  | $ | 121,201 |  | $ | — |  | $ | 121,201 |  | $ | —
Loans held for investment, not recorded at fair value |  | $ | 900,538 |  | $ | 902,074 |  | $ | — |  | $ | — |  | $ | 902,074
FHLB – San Francisco stock |  | $ | 7,970 |  | $ | 7,970 |  | $ | — |  | $ | 7,970 |  | $ | —
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 892,969 |  | $ | 864,239 |  | $ | — |  | $ | — |  | $ | 864,239
Borrowings |  | $ | 141,047 |  | $ | 149,976 |  | $ | — |  | $ | — |  | $ | 149,976

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