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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Sep. 30, 2021
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, 2021: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for investment, at fair value | ​ | $ | 1,577 | ​ | $ | 1,635 | ​ | $ | (58)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of June 30, 2021: | ​ |  |  | ​ |  |  | ​ |  |
Loans held for investment, at fair value | ​ | $ | 1,874 | ​ | $ | 1,934 | ​ | $ | (60)
Schedule of fair value, assets and liabilities measured on recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement at September 30, 2021 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities - available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agency MBS | ​ | $ | — | ​ | $ | 2,062 | ​ | $ | — | ​ | $ | 2,062
U.S. government sponsored enterprise MBS | ​ |  | — | ​ |  | 1,104 | ​ |  | — | ​ |  | 1,104
Private issue CMO | ​ |  | — | ​ |  | — | ​ |  | 150 | ​ |  | 150
Investment securities - available for sale | ​ |  | — | ​ |  | 3,166 | ​ |  | 150 | ​ |  | 3,316
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for investment, at fair value | ​ |  | — | ​ |  | — | ​ |  | 1,577 | ​ |  | 1,577
Interest-only strips | ​ |  | — | ​ |  | — | ​ |  | 9 | ​ |  | 9
Total assets | ​ | $ | — | ​ | $ | 3,166 | ​ | $ | 1,736 | ​ | $ | 4,902
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Total liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement at June 30, 2021 Using:
(In Thousands) |  | ​ | Level 1 | ​ | ​ | Level 2 |  | ​ | Level 3 |  | ​ | Total
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities - available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agency MBS | ​ | $ | — | ​ | $ | 2,222 | ​ | $ | — | ​ | $ | 2,222
U.S. government sponsored enterprise MBS | ​ |  | — | ​ |  | 1,211 | ​ |  | — | ​ |  | 1,211
Private issue CMO | ​ |  | — | ​ |  | — | ​ |  | 154 | ​ |  | 154
Investment securities - available for sale | ​ |  | — | ​ |  | 3,433 | ​ |  | 154 | ​ |  | 3,587
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for investment, at fair value | ​ |  | — | ​ |  | — | ​ |  | 1,874 | ​ |  | 1,874
Interest-only strips | ​ |  | — | ​ |  | — | ​ |  | 10 | ​ |  | 10
Total assets | ​ | $ | — | ​ | $ | 3,433 | ​ | $ | 2,038 | ​ | $ | 5,471
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Total liabilities | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Schedule for reconciliation of recurring fair value measurements using level 3 inputs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Quarter Ended September 30, 2021
​ | ​ | Fair Value Measurement
​ | ​ | Using Significant Other Unobservable Inputs
​ | ​ | (Level 3)
​ | ​ | Private | ​ | Loans Held For | ​ | Interest- | ​ | ​
​ | ​ | Issue | ​ | Investment, at | ​ | Only | ​ | ​
(In Thousands) |  | CMO |  | fair value(1) |  | Strips |  | Total
Beginning balance at June 30, 2021 | ​ | $ | 154 | ​ | $ | 1,874 | ​ | $ | 10 | ​ | $ | 2,038
Total gains or losses (realized/unrealized): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Included in earnings | ​ |  | — | ​ |  | 2 | ​ |  | — | ​ |  | 2
Included in other comprehensive income (loss) | ​ |  | 1 | ​ |  | — | ​ |  | (1) | ​ |  | —
Purchases | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Issuances | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Settlements | ​ |  | (5) | ​ |  | (299) | ​ |  | — | ​ |  | (304)
Transfers in and/or out of Level 3 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Ending balance at September 30, 2021 | ​ | $ | 150 | ​ | $ | 1,577 | ​ | $ | 9 | ​ | $ | 1,736
​
(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, 2020
​ | ​ | Fair Value Measurement
​ | ​ | Using Significant Other Unobservable Inputs
​ | ​ | (Level 3)
​ | ​ | Private | ​ | Loans Held For | ​ | Interest- | ​ | ​
​ | ​ | Issue | ​ | Investment, at | ​ | Only | ​ | ​
(In Thousands) |  | CMO |  | 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 income (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.
​
Schedule of fair value assets measured on nonrecurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement at September 30, 2021 Using:
(In Thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Non-performing loans | ​ | $ | — | ​ | $ | 713 | ​ | $ | 5,903 | ​ | $ | 6,616
Mortgage servicing assets | ​ |  | — | ​ |  | — | ​ |  | 132 | ​ |  | 132
Total | ​ | $ | — | ​ | $ | 713 | ​ | $ | 6,035 | ​ | $ | 6,748
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement at June 30, 2021 Using:
(In Thousands) | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
Non-performing loans |  | $ | — | ​ | $ | 899 | ​ | $ | 7,747 | ​ | $ | 8,646
Mortgage servicing assets | ​ |  | — | ​ |  | — | ​ |  | 208 | ​ |  | 208
Total | ​ | $ | — | ​ | $ | 899 | ​ | $ | 7,955 | ​ | $ | 8,854
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, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Impact to
​ | ​ | Fair Value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Valuation
​ | ​ | As of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | from an
​ | ​ | September 30, | ​ | Valuation | ​ | ​ | ​ | Range(1) | ​ | Increase in
(Dollars In Thousands) |  | 2021 |  | Techniques |  | Unobservable Inputs |  | (Weighted Average) |  | Inputs(2)
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities available-for sale: Private issue CMO | ​ | $ | 150 |  | Market comparable pricing |  | Comparability adjustment |  | 1.6% - 2.5% (2.3%) |  | Increase
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for investment, at fair value | ​ | $ | 1,577 |  | Relative value analysis |  | Broker quotes |  | 98.0% - 104.1% (101.0%) of par |  | Increase
​ | ​ | ​ | ​ | ​ | ​ | ​ | Credit risk factor |  | 1.3% - 100.0% (4.6%) | ​ | Decrease
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing loans(3) | ​ | $ | 4,931 |  | Discounted cash flow |  | Default rates |  | 5.0% - 5.2% (5.0%) | ​ | Decrease
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing loans(4) | ​ | $ | 972 |  | Relative value analysis |  | Credit risk factor |  | 20.0% - 30.0% (28.4%) |  | Decrease
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage servicing assets | ​ | $ | 132 |  | Discounted cash flow |  | Prepayment speed (CPR) |  | 21.1% - 60.0% (26.5%) |  | Decrease
​ | ​ | ​ | ​ | ​ | ​ |  | Discount rate |  | 9.0% - 10.5% (9.1%) |  | Decrease
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest-only strips | ​ | $ | 9 |  | Discounted cash flow |  | Prepayment speed (CPR) |  | 25.4% - 28.9% (28.7%) | ​ | Decrease
​ | ​ | ​ | ​ | ​ | ​ |  | Discount rate |  | 9.0% |  | 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, 2021
​ | ​ | Carrying | ​ | Fair | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for investment, not recorded at fair value | ​ | $ | 857,458 | ​ | $ | 858,810 | ​ | $ | — | ​ | $ | — | ​ | $ | 858,810
Investment securities - held to maturity | ​ | $ | 205,821 | ​ | $ | 206,420 | ​ | $ | — | ​ | $ | 206,420 | ​ | $ | —
FHLB – San Francisco stock | ​ | $ | 8,155 | ​ | $ | 8,155 | ​ | $ | — | ​ | $ | 8,155 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Deposits | ​ | $ | 956,742 | ​ | $ | 922,037 | ​ | $ | — | ​ | $ | — | ​ | $ | 922,037
Borrowings | ​ | $ | 90,000 | ​ | $ | 93,311 | ​ | $ | — | ​ | $ | — | ​ | $ | 93,311
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021
​ | ​ | Carrying | ​ | Fair | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for investment, not recorded at fair value | ​ | $ | 849,086 | ​ | $ | 848,727 | ​ | $ | — | ​ | $ | — | ​ | $ | 848,727
Investment securities - held to maturity | ​ | $ | 223,306 | ​ | $ | 224,721 | ​ | $ | — | ​ | $ | 224,721 | ​ | $ | —
FHLB – San Francisco stock | ​ | $ | 8,155 | ​ | $ | 8,155 | ​ | $ | — | ​ | $ | 8,155 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Deposits | ​ | $ | 937,973 | ​ | $ | 904,673 | ​ | $ | — | ​ | $ | — | ​ | $ | 904,673
Borrowings | ​ | $ | 100,983 | ​ | $ | 104,526 | ​ | $ | — | ​ | $ | — | ​ | $ | 104,526

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