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Mortgage Loan Servicing and Loans Originated for Sale (Tables)

12 Months Ended

Jun. 30, 2021

Mortgage Loan Servicing and Loans Originated for Sale

Schedule of Mortgage Loans Serviced for Others

The following summarizes the unpaid principal balance of loans serviced for others by the Corporation at the dates indicated:

​	​	​	​	​	​	​
​	​	At June 30,
(In Thousands)		2021			2020
Loans serviced for Freddie Mac	​	$	9,658	​	$	14,210
Loans serviced for Fannie Mae	​		35,486	​		64,910
Loans serviced for FHLB – San Francisco	​		5,304	​		7,385
Total loans serviced for others	​	$	50,448	​	$	86,505

Schedule of Mortgage Servicing Assets

The following table summarizes the Corporation’s MSA for years ended June 30, 2021 and 2020:

​

​	​	​	​	​	​	​	​
​	​	Year Ended June 30,
(Dollars In Thousands)		2021			2020
​	​	​	​	​	​	​	​
MSA balance, beginning of fiscal year	​	$	673	​	$	925	​
Additions	​		2	​		—	​
Amortization	​		(291)	​		(252)	​
MSA balance, end of fiscal year, before allowance	​		384	​		673	​
Allowance	​		(176)	​		(291)	​
MSA balance, end of fiscal year	​	$	208	​	$	382	​
​	​	​	​	​	​	​	​
Fair value, beginning of fiscal year	​	$	382	​	$	627	​
Fair value, end of fiscal year	​	$	208	​	$	382	​
​	​	​	​	​	​	​	​
Allowance, beginning of fiscal year	​	$	291	​	$	298	​
Impairment recovery	​		(115)	​		(7)	​
Allowance, end of fiscal year	​	$	176	​	$	291	​
​	​	​	​	​	​	​	​
Key Assumptions:	​			​			​
Weighted-average discount rate	​		9.10	%		9.11	%
Weighted-average prepayment speed	​		21.82	%		26.07	%

​

Schedule of Estimated Future Amortization of Mortgage Servicing Assets

The following table summarizes the estimated future amortization of MSA for the next five years and thereafter:

​	​	​	​
​		Amount
Year Ending June 30,	​	(In Thousands)
​	​	​	​
2022	​	$	65
2023	​		53
2024	​		40
2025	​		28
2026	​		21
Thereafter	​		177
Total estimated amortization expense	​	$	384

​

Schedule of Mortgage Servicing Assets, Hypothetical Effect on Fair Value

​

​	​	​	​	​	​	​	​
​	​	Year Ended June 30,
(Dollars In Thousands)		2021			2020
MSA net carrying value	​	$	208	​	$	382	​
​	​	​	​	​	​	​	​
CPR assumption (weighted-average)	​		21.82	%		26.07	%
Impact on fair value with 10% adverse change in prepayment speed	​	$	(10)	​	$	(19)	​
Impact on fair value with 20% adverse change in prepayment speed	​	$	(18)	​	$	(35)	​
​	​	​	​	​	​	​	​
Discount rate assumption (weighted-average)	​		9.10	%		9.11	%
Impact on fair value with 10% adverse change in discount rate	​	$	(7)	​	$	(12)	​
Impact on fair value with 20% adverse change in discount rate	​	$	(14)	​	$	(23)	​

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Schedule of Mortgage Loans Serviced for Others [Table Text Block]

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Tabular disclosure of activity in the balance of servicing assets subsequently measured at amortized cost. Includes, but is not limited to, beginning and ending balances, additions, disposals, and amortization.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122739-111746

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