[ Ö ]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended ……………………………………..... December 31, 2012
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from ________________ to _________________
|
Commission File Number 000-28304
|
Delaware | 33-0704889 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
Large accelerated filer [ ] |
Accelerated filer [ Ö ]
|
|
Non-accelerated filer [ ] |
Smaller reporting company [ ]
|
Title of class:
|
As of February 1, 2013 | |
Common stock, $ 0.01 par value, per share |
10,605,355 shares
|
PART 1 -
|
FINANCIAL INFORMATION
|
||
ITEM 1 -
|
Financial Statements. The Unaudited Interim Condensed Consolidated Financial
Statements of Provident Financial Holdings, Inc. filed as a part of the report are as
follows:
|
||
Page
|
|||
Condensed Consolidated Statements of Financial Condition
|
|||
as of December 31, 2012 and June 30, 2012
|
1
|
||
Condensed Consolidated Statements of Operations
|
|||
for the Quarters and Six Months Ended December 31, 2012 and 2011
|
2
|
||
Condensed Consolidated Statements of Comprehensive Income (Loss)
|
|||
for the Quarters and Six Months Ended December 31, 2012 and 2011
|
3
|
||
Condensed Consolidated Statements of Stockholders’ Equity
|
|||
for the Quarters and Six Months Ended December 31, 2012 and 2011
|
4
|
||
Condensed Consolidated Statements of Cash Flows
|
|||
for the Six Months Ended December 31, 2012 and 2011
|
6
|
||
Notes to Unaudited Interim Condensed Consolidated Financial Statements
|
7
|
||
ITEM 2 -
|
Management’s Discussion and Analysis of Financial Condition and Results of
|
||
Operations:
|
|||
General
|
35
|
||
Safe-Harbor Statement
|
36
|
||
Critical Accounting Policies
|
37
|
||
Executive Summary and Operating Strategy
|
39
|
||
Off-Balance Sheet Financing Arrangements and Contractual Obligations
|
40
|
||
Comparison of Financial Condition at December 31, 2012 and June 30, 2012
|
41
|
||
Comparison of Operating Results
|
|||
for the Quarters and Six Months Ended December 31, 2012 and 2011
|
42
|
||
Asset Quality
|
51
|
||
Loan Volume Activities
|
60
|
||
Liquidity and Capital Resources
|
61
|
||
Commitments and Derivative Financial Instruments
|
62
|
||
Supplemental Information
|
62
|
||
ITEM 3 -
|
Quantitative and Qualitative Disclosures about Market Risk
|
63
|
|
ITEM 4 -
|
Controls and Procedures
|
64
|
|
PART II -
|
OTHER INFORMATION
|
||
ITEM 1 -
|
Legal Proceedings
|
65
|
|
ITEM 1A -
|
Risk Factors
|
65
|
|
ITEM 2 -
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
66
|
|
ITEM 3 -
|
Defaults Upon Senior Securities
|
66
|
|
ITEM 4 -
|
Mine Safety Disclosures
|
66
|
|
ITEM 5 -
|
Other Information
|
66
|
|
ITEM 6 -
|
Exhibits
|
66
|
|
SIGNATURES
|
68
|
||
December 31,
|
June 30,
|
|||||||
2012
|
2012
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ 99,634 | $ 145,136 | ||||||
Investment securities – available for sale, at fair value
|
21,184 | 22,898 | ||||||
Loans held for investment, net of allowance for loan losses of
|
||||||||
$18,530 and $21,483, respectively
|
772,057 | 796,836 | ||||||
Loans held for sale, at fair value
|
294,434 | 231,639 | ||||||
Accrued interest receivable
|
3,032 | 3,277 | ||||||
Real estate owned, net
|
2,435 | 5,489 | ||||||
Federal Home Loan Bank (“FHLB”) – San Francisco stock
|
19,149 | 22,255 | ||||||
Premises and equipment, net
|
6,528 | 6,600 | ||||||
Prepaid expenses and other assets
|
29,877 | 26,787 | ||||||
Total assets
|
$ 1,248,330 | $ 1,260,917 | ||||||
Liabilities and Stockholders’ Equity
|
||||||||
Liabilities:
|
||||||||
Non interest-bearing deposits
|
$ 51,121 | $ 55,688 | ||||||
Interest-bearing deposits
|
884,085 | 905,723 | ||||||
Total deposits
|
935,206 | 961,411 | ||||||
Borrowings
|
126,519 | 126,546 | ||||||
Accounts payable, accrued interest and other liabilities
|
30,749 | 28,183 | ||||||
Total liabilities
|
1,092,474 | 1,116,140 | ||||||
Commitments and Contingencies
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $.01 par value (2,000,000 shares authorized;
none issued and outstanding)
|
||||||||
- | - | |||||||
Common stock, $.01 par value (40,000,000 shares authorized;
17,647,865 and 17,619,865 shares issued; 10,597,005 and
10,856,027 shares outstanding, respectively)
|
||||||||
176 | 176 | |||||||
Additional paid-in capital
|
87,278 | 86,758 | ||||||
Retained earnings
|
171,155 | 156,560 | ||||||
Treasury stock at cost (7,050,860 and 6,763,838 shares,
respectively)
|
||||||||
(103,352 | ) | (99,343 | ) | |||||
Accumulated other comprehensive income, net of tax
|
599 | 626 | ||||||
Total stockholders’ equity
|
155,856 | 144,777 | ||||||
Total liabilities and stockholders’ equity
|
$ 1,248,330 | $ 1,260,917 |
PROVIDENT FINANCIAL HOLDINGS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
In Thousands, Except Per Share Information
|
|||||||
Quarter Ended
December 31,
|
Six Months Ended
December 31,
|
||||||
2012
|
2011
|
2012
|
2011
|
||||
Interest income:
|
|||||||
Loans receivable, net
|
$ 11,286
|
$ 13,261
|
$ 22,919
|
$ 26,010
|
|||
Investment securities
|
110
|
134
|
224
|
281
|
|||
FHLB – San Francisco stock
|
137
|
20
|
164
|
38
|
|||
Interest-earning deposits
|
84
|
37
|
157
|
134
|
|||
Total interest income
|
11,617
|
13,452
|
23,464
|
26,463
|
|||
Interest expense:
|
|||||||
Checking and money market deposits
|
112
|
176
|
210
|
376
|
|||
Savings deposits
|
144
|
191
|
292
|
416
|
|||
Time deposits
|
1,449
|
1,824
|
2,973
|
3,730
|
|||
Borrowings
|
1,140
|
1,755
|
2,281
|
3,637
|
|||
Total interest expense
|
2,845
|
3,946
|
5,756
|
8,159
|
|||
Net interest income, before provision for loan losses
|
8,772
|
9,506
|
17,708
|
18,304
|
|||
Provision for loan losses
|
23
|
1,132
|
556
|
2,104
|
|||
Net interest income, after provision for loan losses
|
8,749
|
8,374
|
17,152
|
16,200
|
|||
Non-interest income:
|
|||||||
Loan servicing and other fees
|
382
|
176
|
720
|
308
|
|||
Gain on sale of loans, net
|
17,878
|
5,897
|
38,473
|
13,173
|
|||
Deposit account fees
|
617
|
626
|
1,240
|
1,229
|
|||
Gain on sale and operations of real estate owned
acquired in the settlement of loans, net
|
595
|
77
|
668
|
109
|
|||
Card and processing fees
|
315
|
309
|
636
|
640
|
|||
Other
|
248
|
228
|
457
|
402
|
|||
Total non-interest income
|
20,035
|
7,313
|
42,194
|
15,861
|
|||
Non-interest expense:
|
|||||||
Salaries and employee benefits
|
12,671
|
8,380
|
25,856
|
17,234
|
|||
Premises and occupancy
|
1,100
|
956
|
2,250
|
1,828
|
|||
Equipment
|
422
|
410
|
863
|
724
|
|||
Professional expenses
|
453
|
455
|
806
|
888
|
|||
Sales and marketing expenses
|
416
|
178
|
836
|
377
|
|||
Deposit insurance premiums and regulatory
assessments
|
303
|
461
|
642
|
632
|
|||
Other
|
1,404
|
1,634
|
2,842
|
3,094
|
|||
Total non-interest expense
|
16,769
|
12,474
|
34,095
|
24,777
|
|||
Income before income taxes
|
12,015
|
3,213
|
25,251
|
7,284
|
|||
Provision for income taxes
|
5,075
|
1,359
|
9,581
|
3,112
|
|||
Net income
|
$ 6,940
|
$ 1,854
|
$ 15,670
|
$ 4,172
|
|||
Basic earnings per share
|
$ 0.65
|
$ 0.16
|
$ 1.46
|
$ 0.37
|
|||
Diluted earnings per share
|
$ 0.64
|
$ 0.16
|
$ 1.43
|
$ 0.36
|
|||
Cash dividends per share
|
$ 0.05
|
$ 0.03
|
$ 0.10
|
$ 0.06
|
For the Quarters Ended
December 31,
|
For the Six Months
Ended
December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net income
|
$ 6,940 | $ 1,854 | $ 15,670 | $ 4,172 | ||||||||||||
Change in unrealized holding loss on securities
available for sale
|
(45 | ) | (72 | ) | (47 | ) | (147 | ) | ||||||||
Reclassification of (gains) losses to net income
|
- | - | - | - | ||||||||||||
Other comprehensive loss, before income tax benefit
|
(45 | ) | (72 | ) | (47 | ) | (147 | ) | ||||||||
Income tax benefit
|
19 | 30 | 20 | 62 | ||||||||||||
Other comprehensive loss
|
(26 | ) | (42 | ) | (27 | ) | (85 | ) | ||||||||
Total comprehensive income
|
$ 6,914 | $ 1,812 | $ 15,643 | $ 4,087 |
Common
Stock
|
Additional
Paid-In
|
Retained
|
Treasury
|
Accumulated
Other
Comprehensive
Income,
|
|||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Stock
|
Net of Tax
|
Total
|
|||||||
Balance at October 1, 2012
|
10,690,585
|
$ 176
|
$ 87,173
|
$ 164,748
|
$ (101,904
|
)
|
$ 625
|
$ 150,818
|
|||||
Net income
|
6,940
|
6,940
|
|||||||||||
Other comprehensive loss
|
(26
|
)
|
(26
|
)
|
|||||||||
Purchase of treasury stock
|
(93,580
|
)
|
(1,448
|
)
|
(1,448
|
)
|
|||||||
Amortization of restricted stock
|
52
|
52
|
|||||||||||
Stock options expense
|
53
|
53
|
|||||||||||
Cash dividends
|
(533
|
)
|
(533
|
)
|
|||||||||
Balance at December 31, 2012
|
10,597,005
|
$ 176
|
$ 87,278
|
$ 171,155
|
$ (103,352
|
)
|
$ 599
|
$ 155,856
|
Common
Stock
|
Additional
Paid-In
|
Retained
|
Treasury
|
Accumulated
Other
Comprehensive
Income,
|
|||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Stock
|
Net of Tax
|
Total
|
|||||||
Balance at October 1, 2011
|
11,439,264
|
$ 176
|
$ 86,021
|
$ 149,295
|
$ (93,316
|
)
|
$ 595
|
$ 142,771
|
|||||
Net income
|
1,854
|
1,854
|
|||||||||||
Other comprehensive loss
|
(42
|
)
|
(42
|
)
|
|||||||||
Purchase of treasury stock (1)
|
(263,503
|
)
|
(2,441
|
)
|
(2,441
|
)
|
|||||||
Amortization of restricted stock
|
115
|
115
|
|||||||||||
Stock options expense
|
129
|
129
|
|||||||||||
Cash dividends
|
(341
|
)
|
(341
|
)
|
|||||||||
Balance at December 31, 2011
|
11,175,761
|
$ 176
|
$ 86,265
|
$ 150,808
|
$ (95,757
|
)
|
$ 553
|
$ 142,045
|
Common
Stock
|
Additional
Paid-In
|
Retained
|
Treasury
|
Accumulated
Other
Comprehensive
Income,
|
|||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Stock
|
Net of Tax
|
Total
|
|||||||
Balance at July 1, 2012
|
10,856,027
|
$ 176
|
$ 86,758
|
$ 156,560
|
$ (99,343
|
)
|
$ 626
|
$ 144,777
|
|||||
Net income
|
15,670
|
15,670
|
|||||||||||
Other comprehensive loss
|
(27
|
)
|
(27
|
)
|
|||||||||
Purchase of treasury stock
|
(287,822
|
)
|
(3,996
|
)
|
(3,996
|
)
|
|||||||
Exercise of stock options
|
28,000
|
197
|
197
|
||||||||||
Distribution of restricted stock
|
800
|
-
|
|||||||||||
Amortization of restricted stock
|
105
|
105
|
|||||||||||
Forfeitures of restricted stock
|
13
|
(13
|
)
|
-
|
|||||||||
Stock options expense
|
134
|
134
|
|||||||||||
Tax benefit from non-qualified equity compensation
|
71
|
71
|
|||||||||||
Cash dividends
|
(1,075
|
)
|
(1,075
|
)
|
|||||||||
Balance at December 31, 2012
|
10,597,005
|
$ 176
|
$ 87,278
|
$ 171,155
|
$ (103,352
|
)
|
$ 599
|
$ 155,856
|
Common
Stock
|
Additional
Paid-In
|
Retained
|
Treasury
|
Accumulated
Other
Comprehensive
Income,
|
|||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Stock
|
Net of Tax
|
Total
|
|||||||
Balance at July 1, 2011
|
11,418,654
|
$ 176
|
$ 85,432
|
$ 147,322
|
$ (92,650
|
)
|
$ 638
|
$ 140,918
|
|||||
Net income
|
4,172
|
4,172
|
|||||||||||
Other comprehensive loss
|
(85
|
)
|
(85
|
)
|
|||||||||
Purchase of treasury stock (1)
|
(343,193
|
)
|
(3,107
|
)
|
(3,107
|
)
|
|||||||
Distribution of restricted stock
|
100,300
|
-
|
|||||||||||
Amortization of restricted stock
|
417
|
417
|
|||||||||||
Stock options expense
|
416
|
416
|
|||||||||||
Cash dividends
|
(686
|
)
|
(686
|
)
|
|||||||||
Balance at December 31, 2011
|
11,175,761
|
$ 176
|
$ 86,265
|
$ 150,808
|
$ (95,757
|
)
|
$ 553
|
$ 142,045
|
(1)
|
Includes the repurchase of 11,523 shares of distributed restricted stock.
|
Six Months Ended
December 31,
|
|||||
2012
|
2011
|
||||
Cash flows from operating activities:
|
|||||
Net income
|
$ 15,670
|
$ 4,172
|
|||
Adjustments to reconcile net income to net cash used for
|
|||||
operating activities:
|
|||||
Depreciation and amortization
|
848
|
792
|
|||
Provision for loan losses
|
556
|
2,104
|
|||
Recovery of losses on real estate owned
|
(118
|
)
|
(673
|
)
|
|
Gain on sale of loans, net
|
(38,473
|
)
|
(13,173
|
)
|
|
(Gain) loss on sale of real estate owned, net
|
(746
|
)
|
135
|
||
Stock-based compensation
|
239
|
833
|
|||
(Increase) decrease in current and deferred income taxes
|
(1,835
|
)
|
2,193
|
||
Tax benefit from non-qualified equity compensation
|
(71
|
)
|
-
|
||
Increase in cash surrender value of the bank owned life insurance
|
(95
|
)
|
(95
|
)
|
|
Increase in accounts payable and other liabilities
|
2,684
|
1,680
|
|||
(Increase) decrease in prepaid expenses and other assets
|
(1,177
|
)
|
524
|
||
Loans originated for sale
|
(1,869,290
|
)
|
(1,197,004
|
)
|
|
Proceeds from sale of loans
|
1,844,726
|
1,177,706
|
|||
Net cash used for operating activities
|
(47,082
|
)
|
(20,806
|
)
|
|
Cash flows from investing activities:
|
|||||
Decrease in loans held for investment, net
|
18,876
|
25,527
|
|||
Principal payments from investment securities available for sale
|
1,667
|
1,983
|
|||
Redemption of FHLB – San Francisco stock
|
3,106
|
2,391
|
|||
Proceeds from sale of real estate owned
|
9,365
|
9,143
|
|||
Purchase of premises and equipment
|
(399
|
)
|
(1,552
|
)
|
|
Net cash provided by investing activities
|
32,615
|
37,492
|
|||
Cash flows from financing activities:
|
|||||
(Decrease) increase in deposits, net
|
(26,205
|
)
|
8,089
|
||
Repayments of long-term borrowings
|
(27
|
)
|
(30,025
|
)
|
|
Exercise of stock options
|
197
|
-
|
|||
Tax benefit from non-qualified equity compensation
|
71
|
-
|
|||
Cash dividends
|
(1,075
|
)
|
(686
|
)
|
|
Treasury stock purchases
|
(3,996
|
)
|
(3,107
|
)
|
|
Net cash used for financing activities
|
(31,035
|
)
|
(25,729
|
)
|
|
Net decrease in cash and cash equivalents
|
(45,502
|
)
|
(9,043
|
)
|
|
Cash and cash equivalents at beginning of period
|
145,136
|
142,550
|
|||
Cash and cash equivalents at end of period
|
$ 99,634
|
$ 133,507
|
|||
Supplemental information:
|
|||||
Cash paid for interest
|
$ 5,750
|
$ 8,292
|
|||
Cash paid for income taxes
|
$ 11,345
|
$ 900
|
|||
Transfer of loans held for sale to held for investment
|
$ 1,881
|
$ 1,336
|
|||
Real estate acquired in the settlement of loans
|
$ 6,776
|
$ 12,085
|
(In Thousands, Except Earnings Per Share)
|
For the Quarter
Ended
December 31,
|
For the Six Months
Ended
December 31,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net income – numerator for basic earnings
per share and diluted earnings
per share - available to common stockholders
|
$ 6,940 | $ 1,854 | $ 15,670 | $ 4,172 | ||||||||||||
Denominator:
|
||||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Weighted-average shares | 10,654 | 11,353 | 10,727 | 11,410 | ||||||||||||
Effect of dilutive securities
|
211 | 31 | 191 | 39 | ||||||||||||
Denominator for diluted earnings per share:
|
||||||||||||||||
Adjusted weighted-average shares
and assumed conversions
|
10,865 | 11,384 | 10,918 | 11,449 | ||||||||||||
Basic earnings per share
|
$ 0.65 | $ 0.16 | $ 1.46 | $ 0.37 | ||||||||||||
Diluted earnings per share
|
$ 0.64 | $ 0.16 | $ 1.43 | $ 0.36 |
For the Quarter Ended December 31, 2012
|
||||||
Provident
|
||||||
Provident
|
Bank
|
Consolidated
|
||||
Bank
|
Mortgage
|
Totals
|
||||
Net interest income, before provision for loan losses
|
$ 7,144
|
$ 1,628
|
$ 8,772
|
|||
(Recovery) provision for loan losses
|
(35
|
)
|
58
|
23
|
||
Net interest income, after (recovery) provision for
loan losses
|
7,179
|
1,570
|
8,749
|
|||
Non-interest income:
|
||||||
Loan servicing and other fees (1)
|
347
|
35
|
382
|
|||
(Loss) gain on sale of loans, net (2)
|
(37
|
)
|
17,915
|
17,878
|
||
Deposit account fees
|
617
|
-
|
617
|
|||
Gain on sale and operations of real estate
owned acquired in the settlement of loans, net
|
587
|
8
|
595
|
|||
Card and processing fees
|
315
|
-
|
315
|
|||
Other
|
248
|
-
|
248
|
|||
Total non-interest income
|
2,077
|
17,958
|
20,035
|
|||
Non-interest expense:
|
||||||
Salaries and employee benefits
|
4,239
|
8,432
|
12,671
|
|||
Premises and occupancy
|
668
|
432
|
1,100
|
|||
Operating and administrative expenses
|
1,109
|
1,889
|
2,998
|
|||
Total non-interest expense
|
6,016
|
10,753
|
16,769
|
|||
Income before income taxes
|
3,240
|
8,775
|
12,015
|
|||
Provision for income taxes
|
1,386
|
3,689
|
5,075
|
|||
Net income
|
$ 1,854
|
$ 5,086
|
$ 6,940
|
|||
Total assets, end of period
|
$ 959,612
|
$ 288,718
|
$ 1,248,330
|
(1)
|
Includes an inter-company charge of $11 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment.
|
(2)
|
Includes an inter-company charge of $25 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
|
For the Quarter Ended December 31, 2011
|
||||||
Provident
|
||||||
Provident
|
Bank
|
Consolidated
|
||||
Bank
|
Mortgage
|
Totals
|
||||
Net interest income, before provision for loan losses
|
$ 7,640
|
$ 1,866
|
$ 9,506
|
|||
Provision for loan losses
|
1,082
|
50
|
1,132
|
|||
Net interest income after provision for loan losses
|
6,558
|
1,816
|
8,374
|
|||
Non-interest income:
|
||||||
Loan servicing and other fees (1)
|
160
|
16
|
176
|
|||
(Loss) gain on sale of loans, net (2)
|
(626
|
)
|
6,523
|
5,897
|
||
Deposit account fees
|
626
|
-
|
626
|
|||
Gain on sale and operations of real estate
owned acquired in the settlement of loans, net
|
69
|
8
|
77
|
|||
Card and processing fees
|
309
|
-
|
309
|
|||
Other
|
228
|
-
|
228
|
|||
Total non-interest income
|
766
|
6,547
|
7,313
|
|||
Non-interest expense:
|
||||||
Salaries and employee benefits
|
3,264
|
5,116
|
8,380
|
|||
Premises and occupancy
|
676
|
280
|
956
|
|||
Operating and administrative expenses
|
1,417
|
1,721
|
3,138
|
|||
Total non-interest expense
|
5,357
|
7,117
|
12,474
|
|||
Income before income taxes
|
1,967
|
1,246
|
3,213
|
|||
Provision for income taxes
|
835
|
524
|
1,359
|
|||
Net income
|
$ 1,132
|
$ 722
|
$ 1,854
|
|||
Total assets, end of period
|
$ 1,076,170
|
$ 221,564
|
$ 1,297,734
|
(1)
|
There was no inter-company charge credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment.
|
(2)
|
Includes an inter-company charge of $26 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
|
For the Six Months Ended December 31, 2012
|
||||||
Provident
|
||||||
Provident
|
Bank
|
Consolidated
|
||||
Bank
|
Mortgage
|
Totals
|
||||
Net interest income, before provision for loan losses
|
$ 14,477
|
$ 3,231
|
$ 17,708
|
|||
Provision (recovery) for loan losses
|
820
|
(264
|
)
|
556
|
||
Net interest income, after provision (recovery) for
loan losses
|
13,657
|
3,495
|
17,152
|
|||
Non-interest income:
|
||||||
Loan servicing and other fees (1)
|
650
|
70
|
720
|
|||
(Loss) gain on sale of loans, net (2)
|
(8
|
)
|
38,481
|
38,473
|
||
Deposit account fees
|
1,240
|
-
|
1,240
|
|||
Gain on sale and operations of real estate owned
acquired in the settlement of loans, net
|
661
|
7
|
668
|
|||
Card and processing fees
|
636
|
-
|
636
|
|||
Other
|
457
|
-
|
457
|
|||
Total non-interest income
|
3,636
|
38,558
|
42,194
|
|||
Non-interest expense:
|
||||||
Salaries and employee benefits
|
8,996
|
16,860
|
25,856
|
|||
Premises and occupancy
|
1,408
|
842
|
2,250
|
|||
Operating and administrative expenses
|
2,280
|
3,709
|
5,989
|
|||
Total non-interest expense
|
12,684
|
21,411
|
34,095
|
|||
Income before taxes
|
4,609
|
20,642
|
25,251
|
|||
Provision for income taxes
|
902
|
8,679
|
9,581
|
|||
Net income
|
$ 3,707
|
$ 11,963
|
$ 15,670
|
|||
Total assets, end of period
|
$ 959,612
|
$ 288,718
|
$ 1,248,330
|
(1)
|
Includes an inter-company charge of $27 credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment.
|
(2)
|
Includes an inter-company charge of $66 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
|
For the Six Months Ended December 31, 2011
|
||||||
Provident
|
||||||
Provident
|
Bank
|
Consolidated
|
||||
Bank
|
Mortgage
|
Totals
|
||||
Net interest income, before provision for loan losses
|
$ 15,198
|
$ 3,106
|
$ 18,304
|
|||
Provision for loan losses
|
1,791
|
313
|
2,104
|
|||
Net interest income, after provision for loan losses
|
13,407
|
2,793
|
16,200
|
|||
Non-interest income:
|
||||||
Loan servicing and other fees (1)
|
279
|
29
|
308
|
|||
(Loss) gain on sale of loans, net (2)
|
(619
|
)
|
13,792
|
13,173
|
||
Deposit account fees
|
1,229
|
-
|
1,229
|
|||
Gain on sale and operations of real estate owned
acquired in the settlement of loans, net
|
37
|
72
|
109
|
|||
Card and processing fees
|
640
|
-
|
640
|
|||
Other
|
402
|
-
|
402
|
|||
Total non-interest income
|
1,968
|
13,893
|
15,861
|
|||
Non-interest expense:
|
||||||
Salaries and employee benefits
|
7,453
|
9,781
|
17,234
|
|||
Premises and occupancy
|
1,273
|
555
|
1,828
|
|||
Operating and administrative expenses
|
2,357
|
3,358
|
5,715
|
|||
Total non-interest expense
|
11,083
|
13,694
|
24,777
|
|||
Income before taxes
|
4,292
|
2,992
|
7,284
|
|||
Provision for income taxes
|
1,854
|
1,258
|
3,112
|
|||
Net income
|
$ 2,438
|
$ 1,734
|
$ 4,172
|
|||
Total assets, end of period
|
$ 1,076,170
|
$ 221,564
|
$ 1,297,734
|
(1)
|
There was no inter-company charge credited to PBM by the Bank during the period to compensate PBM for originating loans held for investment.
|
(2)
|
Includes an inter-company charge of $59 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
|
December 31, 2012
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
(Losses)
|
Estimated
Fair
Value
|
Carrying
Value
|
|||||
(In Thousands)
|
||||||||||
Available for sale
|
||||||||||
U.S. government agency MBS (1)
|
$ 11,157
|
$ 443
|
$ -
|
$ 11,600
|
$ 11,600
|
|||||
U.S. government sponsored
enterprise MBS
|
7,960
|
468
|
-
|
8,428
|
8,428
|
|||||
Private issue CMO (2)
|
1,162
|
-
|
(6
|
)
|
1,156
|
1,156
|
||||
Total investment securities
|
$ 20,279
|
$ 911
|
$ (6
|
)
|
$ 21,184
|
$ 21,184
|
(1)
|
Mortgage-Backed Securities (“MBS”).
|
(2)
|
Collateralized Mortgage Obligations (“CMO”).
|
June 30, 2012
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
(Losses)
|
Estimated
Fair
Value
|
Carrying
Value
|
|||||
(In Thousands)
|
||||||||||
Available for sale
|
||||||||||
U.S. government agency MBS
|
$ 11,854
|
$ 460
|
$ -
|
$ 12,314
|
$ 12,314
|
|||||
U.S. government sponsored
enterprise MBS
|
8,850
|
492
|
-
|
9,342
|
9,342
|
|||||
Private issue CMO
|
1,243
|
4
|
(5
|
)
|
1,242
|
1,242
|
||||
Total investment securities
|
$ 21,947
|
$ 956
|
$ (5
|
)
|
$ 22,898
|
$ 22,898
|
December 31, 2012
|
June 30, 2012
|
|||||||||||||||
Amortized
Cost |
Estimated
Fair |
Amortized
Cost |
Estimated
Fair |
|||||||||||||
Available for sale
|
||||||||||||||||
Due in one year or less
|
$ - | $ - | $ - | $ - | ||||||||||||
Due after one through five years
|
- | - | - | - | ||||||||||||
Due after five through ten years
|
- | - | - | - | ||||||||||||
Due after ten years
|
20,279 | 21,184 | 21,947 | 22,898 | ||||||||||||
Total investment securities
|
$ 20,279 | $ 21,184 | $ 21,947 | $ 22,898 |
December 31,
2012
|
June 30,
2012
|
||||
Mortgage loans:
|
|||||
Single-family
|
$ 422,457
|
$ 439,024
|
|||
Multi-family
|
261,580
|
278,057
|
|||
Commercial real estate
|
101,621
|
95,302
|
|||
Other
|
390
|
755
|
|||
Commercial business loans
|
2,199
|
2,580
|
|||
Consumer loans
|
383
|
506
|
|||
Total loans held for investment, gross
|
788,630
|
816,224
|
|||
Deferred loan costs, net
|
1,957
|
2,095
|
|||
Allowance for loan losses
|
(18,530
|
)
|
(21,483
|
)
|
|
Total loans held for investment, net
|
$ 772,057
|
$ 796,836
|
Adjustable Rate
|
|||||||
After
|
After
|
After
|
|||||
One Year
|
3 Years
|
5 Years
|
|||||
Within
|
Through
|
Through
|
Through
|
Fixed
|
|||
(In Thousands)
|
One Year
|
3 Years
|
5 Years
|
10 Years
|
Rate
|
Total
|
|
Mortgage loans:
|
|||||||
Single-family
|
$ 382,617
|
$ 17,907
|
$ 8,605
|
$ 1,834
|
$ 11,494
|
$ 422,457
|
|
Multi-family
|
162,736
|
14,039
|
67,035
|
6,118
|
11,652
|
261,580
|
|
Commercial real estate
|
57,821
|
2,461
|
17,991
|
8,311
|
15,037
|
101,621
|
|
Other
|
159
|
-
|
-
|
-
|
231
|
390
|
|
Commercial business loans
|
988
|
-
|
-
|
-
|
1,211
|
2,199
|
|
Consumer loans
|
363
|
-
|
-
|
-
|
20
|
383
|
|
Total loans held for investment, gross
|
$ 604,684
|
$ 34,407
|
$ 93,631
|
$ 16,263
|
$ 39,645
|
$ 788,630
|
(In Thousands)
|
December 31,
2012
|
June 30,
2012
|
|||
Collectively evaluated for impairment:
|
|||||
Mortgage loans:
|
|||||
Single-family
|
$ 12,201
|
$ 15,189
|
|||
Multi-family
|
3,660
|
3,524
|
|||
Commercial real estate
|
1,852
|
1,810
|
|||
Other
|
7
|
7
|
|||
Commercial business loans
|
101
|
169
|
|||
Consumer loans
|
13
|
13
|
|||
Total collectively evaluated allowance
|
17,834
|
20,712
|
|||
Individually evaluated for impairment:
|
|||||
Mortgage loans:
|
|||||
Single-family
|
503
|
744
|
|||
Multi-family
|
27
|
27
|
|||
Other
|
159
|
-
|
|||
Commercial business loans
|
7
|
-
|
|||
Total individually evaluated allowance
|
696
|
771
|
|||
Total loan loss allowance
|
$ 18,530
|
$ 21,483
|
For the Quarter Ended
|
For the Six Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
(Dollars in Thousands)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Allowance at beginning of period
|
$ 20,118 | $ 28,704 | $ 21,483 | $ 30,482 | ||||||||||||
Provision for loan losses
|
23 | 1,132 | 556 | 2,104 | ||||||||||||
Recoveries:
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
93 | 191 | 163 | 304 | ||||||||||||
Consumer loans
|
1 | - | 2 | - | ||||||||||||
Total recoveries
|
94 | 191 | 165 | 304 | ||||||||||||
Charge-offs:
|
||||||||||||||||
Mortgage loans:
|
||||||||||||||||
Single-family
|
(1,704 | ) | (3,101 | ) | (3,671 | ) | (5,962 | ) | ||||||||
Multi-family
|
- | - | - | - | ||||||||||||
Consumer loans
|
(1 | ) | (25 | ) | (3 | ) | (27 | ) | ||||||||
Total charge-offs
|
(1,705 | ) | (3,126 | ) | (3,674 | ) | (5,989 | ) | ||||||||
Net charge-offs
|
(1,611 | ) | (2,935 | ) | (3,509 | ) | (5,685 | ) | ||||||||
Balance at end of period
|
$ 18,530 | $ 26,901 | $ 18,530 | $ 26,901 | ||||||||||||
Allowance for loan losses as a
percentage of gross loans held for
investment
|
||||||||||||||||
2.34 | % | 3.08 | % | 2.34 | % | 3.08 | % | |||||||||
Net charge-offs as a percentage of
average loans outstanding during
the period (annualized)
|
||||||||||||||||
0.62 | % | 1.02 | % | 0.67 | % | 1.03 | % | |||||||||
Allowance for loan losses as a
percentage of gross non-performing
loans at the end of the period
|
||||||||||||||||
64.40 | % | 62.71 | % | 64.40 | % | 62.71 | % |
(In Thousands)
|
December 31, 2012
|
|||||||
Recorded
Investment
|
Allowance
for Loan
Losses (1)
|
Net
Investment
|
||||||
Mortgage loans:
|
||||||||
Single-family:
|
||||||||
With a related allowance
|
$ 12,513
|
$ (3,078
|
)
|
$ 9,435
|
||||
Without a related allowance (2)
|
8,950
|
-
|
8,950
|
|||||
Total single-family loans
|
21,463
|
(3,078
|
)
|
18,385
|
||||
Multi-family:
|
||||||||
With a related allowance
|
1,988
|
(397
|
)
|
1,591
|
||||
Total multi-family loans
|
1,988
|
(397
|
)
|
1,591
|
||||
Commercial real estate:
|
||||||||
With a related allowance
|
4,958
|
(744
|
)
|
4,214
|
||||
Total commercial real estate loans
|
4,958
|
(744
|
)
|
4,214
|
||||
Other:
|
||||||||
With a related allowance
|
159
|
(159
|
)
|
-
|
||||
Total other loans
|
159
|
(159
|
)
|
-
|
||||
Commercial business loans:
|
||||||||
With a related allowance
|
204
|
(29
|
)
|
175
|
||||
Total commercial business loans
|
204
|
(29
|
)
|
175
|
||||
Total non-performing loans
|
$ 28,772
|
$ (4,407
|
)
|
$ 24,365
|
(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 and/or the fair value of the collateral is higher than the loan balance.
|
|
(In Thousands)
|
June 30, 2012
|
|||||||
Recorded
Investment
|
Allowance
for Loan
Losses (1)
|
Net
Investment
|
||||||
Mortgage loans:
|
||||||||
Single-family:
|
||||||||
With a related allowance
|
$ 26,214
|
$ (5,476
|
)
|
$ 20,738
|
||||
Without a related allowance (2)
|
8,352
|
-
|
8,352
|
|||||
Total single-family loans
|
34,566
|
(5,476
|
)
|
29,090
|
||||
Multi-family:
|
||||||||
With a related allowance
|
1,806
|
(349
|
)
|
1,457
|
||||
Total multi-family loans
|
1,806
|
(349
|
)
|
1,457
|
||||
Commercial real estate:
|
||||||||
With a related allowance
|
3,820
|
(573
|
)
|
3,247
|
||||
Total commercial real estate loans
|
3,820
|
(573
|
)
|
3,247
|
||||
Other:
|
||||||||
Without a related allowance (2)
|
522
|
-
|
522
|
|||||
Total other loans
|
522
|
-
|
522
|
|||||
Commercial business loans:
|
||||||||
With a related allowance
|
246
|
(74
|
)
|
172
|
||||
Total commercial business loans
|
246
|
(74
|
)
|
172
|
||||
Total non-performing loans
|
$ 40,960
|
$ (6,472
|
)
|
$ 34,488
|
(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 and/or the fair value of the collateral is higher than the loan balance.
|
|
(In Thousands)
|
3 Months or
Less
|
Over 3 to
6 Months
|
Over 6 to
12 Months
|
Over 12
Months
|
Total
|
|
Mortgage loans:
|
||||||
Single-family
|
$ 5,406
|
$ 1,694
|
$ 3,517
|
$ 7,768
|
$ 18,385
|
|
Multi-family
|
194
|
-
|
917
|
480
|
1,591
|
|
Commercial real estate
|
214
|
1,271
|
2,729
|
-
|
4,214
|
|
Commercial business loans
|
-
|
-
|
150
|
25
|
175
|
|
Total
|
$ 5,814
|
$ 2,965
|
$ 7,313
|
$ 8,273
|
$ 24,365
|
(In Thousands)
|
December 31, 2012
|
June 30, 2012
|
||||||
Restructured loans on non-accrual status:
|
||||||||
Mortgage loans:
|
||||||||
Single-family
|
$ 7,708 | $ 11,995 | ||||||
Multi-family
|
480 | 490 | ||||||
Commercial real estate
|
2,477 | 2,483 | ||||||
Other
|
- | 522 | ||||||
Commercial business loans
|
168 | 165 | ||||||
Total
|
10,833 | 15,655 | ||||||
Restructured loans on accrual status:
|
||||||||
Mortgage loans:
|
||||||||
Single-family
|
4,252 | 6,148 | ||||||
Multi-family
|
2,755 | 3,266 | ||||||
Other
|
232 | - | ||||||
Commercial business loans
|
- | 33 | ||||||
Total
|
7,239 | 9,447 | ||||||
Total restructured loans
|
$ 18,072 | $ 25,102 |
(In Thousands)
|
December 31, 2012
|
||||||
Recorded
Investment
|
Allowance
for Loan
Losses (1)
|
Net
Investment
|
|||||
Mortgage loans:
|
|||||||
Single-family:
|
|||||||
With a related allowance
|
$ 3,466
|
$ (372
|
)
|
$ 3,094
|
|||
Without a related allowance (2)
|
8,866
|
-
|
8,866
|
||||
Total single-family loans
|
12,332
|
(372
|
)
|
11,960
|
|||
Multi-family:
|
|||||||
With a related allowance
|
506
|
(26
|
)
|
480
|
|||
Without a related allowance (2)
|
2,755
|
-
|
2,755
|
||||
Total multi-family loans
|
3,261
|
(26
|
)
|
3,235
|
|||
Commercial real estate:
|
|||||||
With a related allowance
|
2,914
|
(437
|
)
|
2,477
|
|||
Total commercial real estate loans
|
2,914
|
(437
|
)
|
2,477
|
|||
Other:
|
|||||||
With a related allowance
|
159
|
(159
|
)
|
-
|
|||
Without a related allowance (2)
|
232
|
-
|
232
|
||||
Total other loans
|
391
|
(159
|
)
|
232
|
|||
Commercial business loans:
|
|||||||
With a related allowance
|
195
|
(27
|
)
|
168
|
|||
Total commercial business loans
|
195
|
(27
|
)
|
168
|
|||
Total restructured loans
|
$ 19,093
|
$ (1,021
|
)
|
$ 18,072
|
(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 and/or the fair value of the collateral is higher than the loan balance.
|
|
(In Thousands)
|
June 30, 2012
|
||||||
Recorded
Investment
|
Allowance
for Loan
Losses (1)
|
Net
Investment
|
|||||
Mortgage loans:
|
|||||||
Single-family:
|
|||||||
With a related allowance
|
$ 9,465
|
$ (486
|
)
|
$ 8,979
|
|||
Without a related allowance (2)
|
9,164
|
-
|
9,164
|
||||
Total single-family loans
|
18,629
|
(486
|
)
|
18,143
|
|||
Multi-family:
|
|||||||
With a related allowance
|
517
|
(27
|
)
|
490
|
|||
Without a related allowance (2)
|
3,266
|
-
|
3,266
|
||||
Total multi-family loans
|
3,783
|
(27
|
)
|
3,756
|
|||
Commercial real estate:
|
|||||||
With a related allowance
|
2,921
|
(438
|
)
|
2,483
|
|||
Total commercial real estate loans
|
2,921
|
(438
|
)
|
2,483
|
|||
Other:
|
|||||||
Without a related allowance (2)
|
522
|
-
|
522
|
||||
Total other loans
|
522
|
-
|
522
|
||||
Commercial business loans:
|
|||||||
With a related allowance
|
236
|
(71
|
)
|
165
|
|||
Without a related allowance (2)
|
33
|
-
|
33
|
||||
Total commercial business loans
|
269
|
(71
|
)
|
198
|
|||
Total restructured loans
|
$ 26,124
|
$ (1,022
|
)
|
$ 25,102
|
(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 and/or the fair value of the collateral is higher than the loan balance.
|
December 31,
|
June 30,
|
||
Commitments
|
2012
|
2012
|
|
(In Thousands)
|
|||
Undisbursed lines of credit – Mortgage loans
|
$ 834
|
$ 1,028
|
|
Undisbursed lines of credit – Commercial business loans
|
1,126
|
1,340
|
|
Undisbursed lines of credit – Consumer loans
|
793
|
863
|
|
Commitments to extend credit on loans to be held for investment
|
2,152
|
1,720
|
|
Total
|
$ 4,905
|
$ 4,951
|
For the Quarters
Ended
December 31,
|
For the Six Months
Ended
December 31,
|
|||||||
(In Thousands)
|
2012
|
2011
|
2012
|
2011
|
||||
Balance, beginning of the period
|
$ 66
|
$ 93
|
$ 66
|
$ 94
|
||||
Recovery
|
(3
|
)
|
(21
|
)
|
(3
|
)
|
(22
|
)
|
Balance, end of the period
|
$ 63
|
$ 72
|
$ 63
|
$ 72
|
For the Quarters
Ended
December 31,
|
For the Six Months
Ended
December 31,
|
|||||||
Derivative Financial Instruments
|
2012
|
2011
|
2012
|
2011
|
||||
(In Thousands)
|
||||||||
Commitments to extend credit on loans to be held for sale
|
$ (5,132
|
)
|
$ (1,344
|
)
|
$ (743
|
)
|
$ 1,480
|
|
Mandatory loan sale commitments and TBA MBS trades
|
5,642
|
(25
|
)
|
984
|
(2,497
|
)
|
||
Option contracts
|
(179
|
)
|
(135
|
)
|
(441
|
)
|
(289
|
)
|
Total
|
$ 331
|
$ (1,504
|
)
|
$ (200
|
)
|
$ (1,306
|
)
|
December 31, 2012
|
June 30, 2012
|
|||||||
Fair
|
Fair
|
|||||||
Derivative Financial Instruments
|
Amount
|
Value
|
Amount
|
Value
|
||||
(In Thousands)
|
||||||||
Commitments to extend credit on loans
|
||||||||
to be held for sale (1)
|
$ 221,978
|
$ 3,238
|
$ 220,357
|
$ 3,981
|
||||
Best efforts loan sale commitments
|
(34,374
|
)
|
-
|
(30,498
|
)
|
-
|
||
Mandatory loan sale commitments and TBA MBS trades
|
(477,671
|
)
|
(332
|
)
|
(408,636
|
)
|
(1,316
|
)
|
Put option contracts
|
(20,000
|
)
|
47
|
(15,000
|
)
|
36
|
||
Total
|
$ (310,067
|
)
|
$ 2,953
|
$ (233,777
|
)
|
$ 2,701
|
(1)
|
Net of 28.4 percent at December 31, 2012 and 33.8 percent at June 30, 2012 of commitments, which management has estimated may not fund.
|
(In Thousands)
|
Aggregate
Fair Value
|
Aggregate
Unpaid
Principal
Balance
|
Net
Unrealized
Gain
|
|||
As of December 31, 2012:
|
||||||
Loans held for sale, measured at fair value
|
$ 294,434
|
$ 283,240
|
$ 11,194
|
|||
As of June 30, 2012:
|
||||||
Loans held for sale, measured at fair value
|
$ 231,639
|
$ 220,849
|
$ 10,790
|
Level 1
|
-
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access at the measurement date.
|
Level 2
|
-
|
Observable inputs other than Level 1 such as: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated to observable market data for substantially the full term of the asset or liability.
|
Level 3
|
-
|
Unobservable inputs for the asset or liability that use significant assumptions, including assumptions of risks. These unobservable assumptions reflect the Corporation’s estimate of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of pricing models, discounted cash flow models and similar techniques.
|
Fair Value Measurement at December 31, 2012 Using:
|
||||||||||
(In Thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||
Assets:
|
||||||||||
Investment securities:
|
||||||||||
U.S. government agency MBS
|
$ -
|
$ 11,600
|
$ -
|
$ 11,600
|
||||||
U.S. government sponsored
enterprise MBS
|
-
|
8,428
|
-
|
8,428
|
||||||
Private issue CMO
|
-
|
-
|
1,156
|
1,156
|
||||||
Investment securities
|
-
|
20,028
|
1,156
|
21,184
|
||||||
Loans held for sale, at fair value
|
-
|
294,434
|
-
|
294,434
|
||||||
Interest-only strips
|
-
|
-
|
130
|
130
|
||||||
Derivative assets:
|
||||||||||
Commitments to extend credit on loans to be
held for sale
|
-
|
-
|
3,273
|
3,273
|
||||||
Mandatory loan sale commitments
|
-
|
-
|
45
|
45
|
||||||
TBA MBS trades
|
-
|
247
|
-
|
247
|
||||||
Option contracts
|
-
|
-
|
47
|
47
|
||||||
Derivative assets
|
-
|
247
|
3,365
|
3,612
|
||||||
Total assets
|
$ -
|
$ 314,709
|
$ 4,651
|
$ 319,360
|
||||||
Liabilities:
|
||||||||||
Derivative liabilities:
|
||||||||||
Commitments to extend credit on loans to be
held for sale
|
$ -
|
$ -
|
$ 35
|
$ 35
|
||||||
Mandatory loan sale commitments
|
-
|
-
|
116
|
116
|
||||||
TBA MBS trades
|
-
|
508
|
-
|
508
|
||||||
Derivative liabilities
|
-
|
508
|
151
|
659
|
||||||
Total liabilities
|
$ -
|
$ 508
|
$ 151
|
$ 659
|
Fair Value Measurement at June 30, 2012 Using:
|
||||||||||
(In Thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||
Assets:
|
||||||||||
Investment securities:
|
||||||||||
U.S. government agency MBS
|
$ -
|
$ 12,314
|
$ -
|
$ 12,314
|
||||||
U.S. government sponsored
enterprise MBS
|
-
|
9,342
|
-
|
9,342
|
||||||
Private issue CMO
|
-
|
-
|
1,242
|
1,242
|
||||||
Investment securities
|
-
|
21,656
|
1,242
|
22,898
|
||||||
Loans held for sale, at fair value
|
-
|
231,639
|
-
|
231,639
|
||||||
Interest-only strips
|
-
|
-
|
130
|
130
|
||||||
Derivative assets:
|
||||||||||
Commitments to extend credit on loans to be
held for sale
|
-
|
-
|
3,998
|
3,998
|
||||||
Mandatory loan sale commitments
|
-
|
-
|
38
|
38
|
||||||
TBA MBS trades
|
-
|
121
|
-
|
121
|
||||||
Option contracts
|
-
|
-
|
36
|
36
|
||||||
Derivative assets
|
-
|
121
|
4,072
|
4,193
|
||||||
Total assets
|
$ -
|
$ 253,416
|
$ 5,444
|
$ 258,860
|
||||||
Liabilities:
|
||||||||||
Derivative liabilities:
|
||||||||||
Commitments to extend credit on loans to be
held for sale
|
$ -
|
$ -
|
$ 17
|
$ 17
|
||||||
Mandatory loan sale commitments
|
-
|
-
|
201
|
201
|
||||||
TBA MBS trades
|
-
|
1,274
|
-
|
1,274
|
||||||
Derivative liabilities
|
-
|
1,274
|
218
|
1,492
|
||||||
Total liabilities
|
$ -
|
$ 1,274
|
$ 218
|
$ 1,492
|
Fair Value Measurement
Using Significant Other Unobservable Inputs
(Level 3)
|
||||||||||||||
(In Thousands)
|
Private
Issue
CMO
|
Interest-
Only
Strips
|
Loan
Commit-
ments to
originate
(1)
|
Manda-
tory
Commit-
ments
(2)
|
Option
Contracts
|
Total
|
||||||||
Beginning balance at October 1, 2012
|
$ 1,198
|
$ 117
|
$ 8,370
|
$ (1,114
|
)
|
$ 65
|
$ 8,636
|
|||||||
Total gains or losses (realized/unrealized):
|
||||||||||||||
Included in earnings
|
-
|
-
|
(8,370
|
)
|
1,114
|
(65
|
)
|
(7,321
|
)
|
|||||
Included in other comprehensive loss
|
(7
|
)
|
13
|
-
|
-
|
-
|
6
|
|||||||
Purchases
|
-
|
-
|
-
|
(71
|
)
|
47
|
(24
|
)
|
||||||
Issuances
|
-
|
-
|
3,238
|
-
|
-
|
3,238
|
||||||||
Settlements
|
(35
|
)
|
-
|
-
|
-
|
-
|
(35
|
)
|
||||||
Transfers in and/or out of Level 3
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||
Ending balance at December 31, 2012
|
$ 1,156
|
$ 130
|
$ 3,238
|
$ (71
|
)
|
$ 47
|
$ 4,500
|
(1)
|
Consists of commitments to extend credit on loans to be held for sale.
|
(2)
|
Consists of mandatory loan sale commitments.
|
Fair Value Measurement
Using Significant Other Unobservable Inputs
(Level 3)
|
||||||||||||||
(In Thousands)
|
Private
Issue
CMO
|
Interest-
Only
Strips
|
Loan
Commit-
ments to
originate
(1)
|
Manda-
tory
Commit-
ments
(2)
|
Option
Contracts
|
Total
|
||||||||
Beginning balance at October 1, 2011
|
$ 1,288
|
$ 167
|
$ 3,462
|
$ (130
|
)
|
$ 142
|
$ 4,929
|
|||||||
Total gains or losses (realized/unrealized):
|
||||||||||||||
Included in earnings
|
-
|
-
|
(3,462
|
)
|
130
|
(142
|
)
|
(3,474
|
)
|
|||||
Included in other comprehensive loss
|
1
|
(11
|
)
|
-
|
-
|
-
|
(10
|
)
|
||||||
Purchases
|
-
|
-
|
-
|
(2
|
)
|
-
|
(2
|
)
|
||||||
Issuances
|
-
|
-
|
2,118
|
-
|
-
|
2,118
|
||||||||
Settlements
|
(45
|
)
|
-
|
-
|
-
|
-
|
(45
|
)
|
||||||
Transfers in and/or out of Level 3
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||
Ending balance at December 31, 2011
|
$ 1,244
|
$ 156
|
$ 2,118
|
$ (2
|
)
|
$ -
|
$ 3,516
|
(1)
|
Consists of commitments to extend credit on loans to be held for sale.
|
(2)
|
Consists of mandatory loan sale commitments.
|
Fair Value Measurement
Using Significant Other Unobservable Inputs
(Level 3)
|
||||||||||||||
(In Thousands)
|
Private
Issue
CMO
|
Interest-
Only
Strips
|
Loan
Commit-
ments to
originate
(1)
|
Manda-
tory
Commit-
ments
(2)
|
Option
Contracts
|
Total
|
||||||||
Beginning balance at July 1, 2012
|
$ 1,242
|
$ 130
|
$ 3,981
|
$ (163
|
)
|
$ 36
|
$ 5,226
|
|||||||
Total gains or losses (realized/unrealized):
|
||||||||||||||
Included in earnings
|
-
|
-
|
(12,351
|
)
|
1,277
|
(101
|
)
|
(11,175
|
)
|
|||||
Included in other comprehensive loss
|
(6
|
)
|
-
|
-
|
-
|
-
|
(6
|
)
|
||||||
Purchases
|
-
|
-
|
-
|
(1,185
|
)
|
112
|
(1,073
|
)
|
||||||
Issuances
|
-
|
-
|
11,608
|
-
|
-
|
11,608
|
||||||||
Settlements
|
(80
|
)
|
-
|
-
|
-
|
-
|
(80
|
)
|
||||||
Transfers in and/or out of Level 3
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||
Ending balance at December 31, 2012
|
$ 1,156
|
$ 130
|
$ 3,238
|
$ (71
|
)
|
$ 47
|
$ 4,500
|
(1)
|
Consists of commitments to extend credit on loans to be held for sale.
|
(2)
|
Consists of mandatory loan sale commitments.
|
Fair Value Measurement
Using Significant Other Unobservable Inputs
(Level 3)
|
||||||||||||||
(In Thousands)
|
Private
Issue
CMO
|
Interest-
Only
Strips
|
Loan
Commit-
ments to
originate
(1)
|
Manda-
tory
Commit-
ments
(2)
|
Option
Contracts
|
Total
|
||||||||
Beginning balance at July 1, 2011
|
$ 1,367
|
$ 200
|
$ 638
|
$ 403
|
$ 99
|
$ 2,707
|
||||||||
Total gains or losses (realized/unrealized):
|
||||||||||||||
Included in earnings
|
-
|
-
|
(4,101
|
)
|
(273
|
)
|
(241
|
)
|
(4,615
|
)
|
||||
Included in other comprehensive loss
|
(41
|
)
|
(44
|
)
|
-
|
-
|
-
|
(85
|
)
|
|||||
Purchases
|
-
|
-
|
-
|
(132
|
)
|
142
|
10
|
|||||||
Issuances
|
-
|
-
|
5,581
|
-
|
-
|
5,581
|
||||||||
Settlements
|
(82
|
)
|
-
|
-
|
-
|
-
|
(82
|
)
|
||||||
Transfers in and/or out of Level 3
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||
Ending balance at December 31, 2011
|
$ 1,244
|
$ 156
|
$ 2,118
|
$ (2
|
)
|
$ -
|
$ 3,516
|
(1)
|
Consists of commitments to extend credit on loans to be held for sale.
|
(2)
|
Consists of mandatory loan sale commitments.
|
Fair Value Measurement at December 31, 2012 Using:
|
||||||||
(In Thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
Non-performing loans
|
$ -
|
$ 10,508
|
$ 14,754
|
$ 25,262
|
||||
Mortgage servicing assets
|
-
|
-
|
331
|
331
|
||||
Real estate owned, net
|
-
|
2,435
|
-
|
2,435
|
||||
Total
|
$ -
|
$ 12,943
|
$ 15,085
|
$ 28,028
|
Fair Value Measurement at June 30, 2012 Using:
|
||||||||
(In Thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||
Non-performing loans
|
$ -
|
$ 10,335
|
$ 25,006
|
$ 35,341
|
||||
Mortgage servicing assets
|
-
|
-
|
227
|
227
|
||||
Real estate owned, net
|
-
|
5,489
|
-
|
5,489
|
||||
Total
|
$ -
|
$ 15,824
|
$ 25,233
|
$ 41,057
|
Fair Value
As of
December 31,
2012
|
Valuation
Techniques
|
Unobservable Inputs
|
Range (1)
(Weighted Average)
|
Impact to
Valuation
from an
Increase in
Inputs (2)
|
||
Assets:
|
||||||
Securities available-for sale:
Private issue CMO
|
$ 1,156
|
Discounted cash flow
|
Probability of default
Loss severity
Prepayment speed
|
0.4% – 1.2% (0.9%)
15.6% - 37.7% (36.5%)
3.4% – 9.5% (5.4%)
|
Decrease
Decrease
Decrease
|
|
Non-performing loans
|
$ 14,754
|
Discounted cash flow
or aggregated pooling method
|
Default rates
Loss severity
|
26.9%
7.2%
|
Decrease
Decrease
|
|
MSA
|
$ 331
|
Discounted cash flow
|
Prepayment speed (CPR)
Discount rate
|
0.0% - 60.0% (29.4%)
9.0% - 10.5% (8.8%)
|
Decrease
Decrease
|
|
Interest-only strips
|
$ 130
|
Discounted cash flow
|
Prepayment speed (CPR)
Discount rate
|
0.0% - 43.6% (16.8%)
9.0%
|
Decrease
Decrease
|
|
Commitments to extend
credit on loans to be held
for sale
|
$ 3,273
|
Relative value analysis
|
TBA-MBS broker quotes
Fall-out ratio (3)
|
98.1% – 104.5%
(102.2%) of par
24.4% - 28.7% (28.4%)
|
Decrease
Decrease
|
|
Mandatory loan sale
commitments
|
$ 45
|
Relative value analysis
|
Investor quotes
TBA-MBS broker quotes
Roll-forward costs (4)
|
102.1% – 104.3%
(103.5%) of par
104.5% – 108.7%
(105.9%) of par
0.00%
|
Decrease
Decrease
Decrease
|
|
Put options
|
$ 47
|
Relative value analysis
|
Broker quotes
|
106.4% – 106.7%
(106.5%) of par
|
Increase
|
|
Liabilities:
|
||||||
Commitments to extend
credit on loans to be held
for sale
|
$ 35
|
Relative value analysis
|
TBA-MBS broker quotes
Fall-out ratio (3)
|
100.5% – 104.4%
(102.6%) of par
24.4% - 28.7% (28.4%)
|
Decrease
Decrease
|
|
Mandatory loan sale
commitments
|
$ 116
|
Relative value analysis
|
Investor quotes
TBA-MBS broker quotes
Roll-forward costs (4)
|
102.1% – 103.9%
(102.7%) of par
104.5% – 108.6%
(106.2%) of par
0.00%
|
Decrease
Decrease
Decrease
|
|
(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)
|
The percentage of commitments to extend credit on loans to be held for sale which management has estimated may not fund.
|
(4)
|
An estimated cost to roll forward the mandatory loan sale commitments which management has estimated may not be delivered to the corresponding investors in a timely manner.
|
December 31, 2012
|
|||||
Carrying
Amount
|
Fair
Value
|
Level 1
|
Level 2
|
Level 3
|
|
Financial assets:
|
|||||
Loans held for investment, net
|
$ 772,057
|
$ 771,334
|
-
|
-
|
$ 771,334
|
FHLB – San Francisco stock
|
$ 19,149
|
$ 19,149
|
-
|
$ 19,149
|
-
|
Financial liabilities:
|
|||||
Deposits
|
$ 935,206
|
$ 920,984
|
-
|
-
|
$ 920,984
|
Borrowings
|
$ 126,519
|
$ 134,714
|
-
|
-
|
$ 134,714
|
June 30, 2012
|
|||||
Carrying
Amount
|
Fair
Value
|
Level 1
|
Level 2
|
Level 3
|
|
Financial assets:
|
|||||
Loans held for investment, net
|
$ 796,836
|
$ 801,081
|
-
|
-
|
$ 801,081
|
FHLB – San Francisco stock
|
$ 22,255
|
$ 22,255
|
-
|
$ 22,255
|
-
|
Financial liabilities:
|
|||||
Deposits
|
$ 961,411
|
$ 948,985
|
-
|
-
|
$ 948,985
|
Borrowings
|
$ 126,546
|
$ 134,936
|
-
|
-
|
$ 134,936
|
Options
|
Shares
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
($000)
|
||||
Outstanding at October 1, 2012
|
725,800
|
$ 12.35
|
||||||
Granted
|
20,000
|
$ 16.47
|
||||||
Exercised
|
-
|
$ -
|
||||||
Forfeited
|
(20,000
|
)
|
$ 7.43
|
|||||
Outstanding at December 31, 2012
|
725,800
|
$ 12.60
|
6.90
|
$ 5,435
|
||||
Vested and expected to vest at December 31, 2012
|
644,000
|
$ 13.20
|
6.69
|
$ 4,647
|
||||
Exercisable at December 31, 2012
|
316,800
|
$ 18.70
|
4.78
|
$ 1,497
|
Options
|
Shares
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
($000)
|
||||
Outstanding at July 1, 2012
|
757,800
|
$ 12.13
|
||||||
Granted
|
20,000
|
$ 16.47
|
||||||
Exercised
|
(28,000
|
)
|
$ 7.03
|
|||||
Forfeited
|
(24,000
|
)
|
$ 7.41
|
|||||
Outstanding at December 31, 2012
|
725,800
|
$ 12.60
|
6.90
|
$ 5,435
|
||||
Vested and expected to vest at December 31, 2012
|
644,000
|
$ 13.20
|
6.69
|
$ 4,647
|
||||
Exercisable at December 31, 2012
|
316,800
|
$ 18.70
|
4.78
|
$ 1,497
|
Unvested Shares
|
Shares
|
Weighted-Average
Award Date
Fair Value
|
||
Unvested at October 1, 2012
|
144,500
|
$ 7.07
|
||
Granted
|
-
|
$ -
|
||
Vested
|
-
|
$ -
|
||
Forfeited
|
-
|
$ -
|
||
Unvested at December 31, 2012
|
144,500
|
$ 7.07
|
||
Expected to vest at December 31, 2012
|
115,600
|
$ 7.07
|
Unvested Shares
|
Shares
|
Weighted-Average
Award Date
Fair Value
|
||
Unvested at July 1, 2012
|
146,800
|
$ 7.13
|
||
Granted
|
-
|
$ -
|
||
Vested
|
(800
|
)
|
$ 18.09
|
|
Forfeited
|
(1,500
|
)
|
$ 7.07
|
|
Unvested at December 31, 2012
|
144,500
|
$ 7.07
|
||
Expected to vest at December 31, 2012
|
115,600
|
$ 7.07
|
Options
|
Shares
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
($000)
|
||||
Outstanding at October 1, 2012
|
412,700
|
$ 24.30
|
||||||
Granted
|
-
|
$ -
|
||||||
Exercised
|
-
|
$ -
|
||||||
Forfeited
|
-
|
$ -
|
||||||
Outstanding at December 31, 2012
|
412,700
|
$ 24.30
|
2.01
|
$ -
|
||||
Vested and expected to vest at December 31, 2012
|
412,700
|
$ 24.30
|
2.01
|
$ -
|
||||
Exercisable at December 31, 2012
|
412,700
|
$ 24.30
|
2.01
|
$ -
|
Options
|
Shares
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
($000)
|
||||
Outstanding at July 1, 2012
|
420,200
|
$ 24.11
|
||||||
Granted
|
-
|
$ -
|
||||||
Exercised
|
-
|
$ -
|
||||||
Forfeited
|
(7,500
|
)
|
$ 13.67
|
|||||
Outstanding at December 31, 2012
|
412,700
|
$ 24.30
|
2.01
|
$ -
|
||||
Vested and expected to vest at December 31, 2012
|
412,700
|
$ 24.30
|
2.01
|
$ -
|
||||
Exercisable at December 31, 2012
|
412,700
|
$ 24.30
|
2.01
|
$ -
|
Payments Due by Period
|
|||||||||
Less than
|
1 to less
|
3 to
|
Over
|
||||||
1 year
|
than 3 years
|
5 years
|
5 years
|
Total
|
|||||
Operating obligations
|
$ 1,778
|
$ 1,718
|
$ 927
|
$ 572
|
$ 4,995
|
||||
Pension benefits
|
-
|
209
|
419
|
7,182
|
7,810
|
||||
Time deposits
|
237,607
|
175,040
|
19,539
|
1,704
|
433,890
|
||||
FHLB – San Francisco advances
|
77,990
|
12,740
|
2,753
|
44,285
|
137,768
|
||||
FHLB – San Francisco letter of credit
|
10,000
|
-
|
-
|
-
|
10,000
|
||||
FHLB – San Francisco MPF credit
enhancement (1)
|
2,854
|
-
|
-
|
-
|
2,854
|
||||
Total
|
$ 330,229
|
$ 189,707
|
$ 23,638
|
$ 53,743
|
$ 597,317
|
(1)
|
Represents the recourse provision for loans previously sold by the Bank to the FHLB – San Francisco under its Mortgage Partnership Finance (“MPF”) program. The FHLB – San Francisco discontinued the MPF program on October 6, 2006. As of December 31, 2012, the Bank serviced $59.9 million of loans under this program.
|
Inland
Empire
|
Southern
California (1)
|
Other
California
|
Other
States
|
Total
|
||||||
Loan Category
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
Single-family
|
$ 126,866
|
30%
|
$ 230,302
|
54%
|
$ 61,696
|
15%
|
$ 3,593
|
1%
|
$ 422,457
|
100%
|
Multi-family
|
39,321
|
15%
|
164,648
|
63%
|
54,129
|
21%
|
3,482
|
1%
|
261,580
|
100%
|
Commercial real estate
|
54,783
|
54%
|
45,022
|
44%
|
1,816
|
2%
|
-
|
-%
|
101,621
|
100%
|
Other
|
390
|
100%
|
-
|
-%
|
-
|
-%
|
-
|
-%
|
390
|
100%
|
Total
|
$ 221,360
|
28%
|
$ 439,972
|
56%
|
$ 117,641
|
15%
|
$ 7,075
|
1%
|
$ 786,048
|
100%
|
(1)
|
Other than the Inland Empire.
|
Inland
Empire
|
Southern
California (1)
|
Other
California
|
Other
States
|
Total
|
||||||
Loan Category
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
Single-family
|
$ 133,874
|
31%
|
$ 237,715
|
54%
|
$ 63,432
|
14%
|
$ 4,003
|
1%
|
$ 439,024
|
100%
|
Multi-family
|
37,303
|
13%
|
188,229
|
68%
|
49,012
|
18%
|
3,513
|
1%
|
278,057
|
100%
|
Commercial real estate
|
46,291
|
49%
|
47,175
|
49%
|
1,836
|
2%
|
-
|
- %
|
95,302
|
100%
|
Other
|
755
|
100%
|
-
|
- %
|
-
|
- %
|
-
|
- %
|
755
|
100%
|
Total
|
$ 218,223
|
27%
|
$ 473,119
|
58%
|
$ 114,280
|
14%
|
$ 7,516
|
1%
|
$ 813,138
|
100%
|
(1)
|
Other than the Inland Empire.
|
Quarter Ended
|
Quarter Ended
|
||||||||||
December 31, 2012
|
December 31, 2011
|
||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||
Interest-earning assets:
|
|||||||||||
Loans receivable, net (1)
|
$ 1,036,682
|
$ 11,286
|
4.35%
|
$ 1,153,663
|
$ 13,261
|
4.60%
|
|||||
Investment securities
|
21,753
|
110
|
2.02%
|
24,719
|
134
|
2.17%
|
|||||
FHLB – San Francisco stock
|
20,107
|
137
|
2.73%
|
25,155
|
20
|
0.32%
|
|||||
Interest-earning deposits
|
132,413
|
84
|
0.25%
|
57,201
|
37
|
0.25%
|
|||||
Total interest-earning assets
|
1,210,955
|
11,617
|
3.84%
|
1,260,738
|
13,452
|
4.27%
|
|||||
Non interest-earning assets
|
45,733
|
46,170
|
|||||||||
Total assets
|
$ 1,256,688
|
$ 1,306,908
|
|||||||||
Interest-bearing liabilities:
|
|||||||||||
Checking and money market accounts (2)
|
$ 285,379
|
112
|
0.16%
|
$ 275,615
|
176
|
0.25%
|
|||||
Savings accounts
|
229,859
|
144
|
0.25%
|
214,324
|
191
|
0.35%
|
|||||
Time deposits
|
434,174
|
1,449
|
1.32%
|
465,173
|
1,824
|
1.56%
|
|||||
Total deposits
|
949,412
|
1,705
|
0.71%
|
955,112
|
2,191
|
0.91%
|
|||||
Borrowings
|
126,524
|
1,140
|
3.57%
|
185,670
|
1,755
|
3.75%
|
|||||
Total interest-bearing liabilities
|
1,075,936
|
2,845
|
1.05%
|
1,140,782
|
3,946
|
1.37%
|
|||||
Non interest-bearing liabilities
|
27,736
|
23,352
|
|||||||||
Total liabilities
|
1,103,672
|
1,164,134
|
|||||||||
Stockholders’ equity
|
153,016
|
142,774
|
|||||||||
Total liabilities and stockholders’
equity
|
|||||||||||
$ 1,256,688
|
$ 1,306,908
|
||||||||||
Net interest income
|
$ 8,772
|
$ 9,506
|
|||||||||
Interest rate spread (3)
|
2.79%
|
2.90%
|
|||||||||
Net interest margin (4)
|
2.90%
|
3.02%
|
|||||||||
Ratio of average interest-earning
assets to average interest-bearing
liabilities
|
|||||||||||
112.55%
|
110.52%
|
||||||||||
Return on average assets
|
2.21%
|
0.57%
|
|||||||||
Return on average equity
|
18.14%
|
5.19%
|
(1) |
Includes loans held for sale and non-performing loans, as well as net deferred loan cost amortization of $117 and $126 for the quarters ended December 31, 2012 and 2011, respectively.
|
(2) |
Includes the average balance of non interest-bearing checking accounts of $52.8 million and $46.0 million during the quarters ended December 31, 2012 and 2011, respectively.
|
(3) |
Represents the difference between the weighted-average yield on all interest-earning assets and the weighted-average rate on all interest-bearing liabilities.
|
(4) |
Represents net interest income before provision for loan losses as a percentage of average interest-earning assets.
|
Six Months Ended
|
Six Months Ended
|
||||||||||
December 31, 2012
|
December 31, 2011
|
||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||
Interest-earning assets:
|
|||||||||||
Loans receivable, net (1)
|
$ 1,042,167
|
$ 22,919
|
4.40%
|
$ 1,105,162
|
$ 26,010
|
4.71%
|
|||||
Investment securities
|
22,195
|
224
|
2.02%
|
25,243
|
281
|
2.23%
|
|||||
FHLB – San Francisco stock
|
20,881
|
164
|
1.56%
|
25,759
|
38
|
0.29%
|
|||||
Interest-earning deposits
|
124,421
|
157
|
0.25%
|
104,765
|
134
|
0.25%
|
|||||
Total interest-earning assets
|
1,209,664
|
23,464
|
3.88%
|
1,260,929
|
26,463
|
4.20%
|
|||||
Non interest-earning assets
|
46,074
|
49,098
|
|||||||||
Total assets
|
$ 1,255,738
|
$ 1,310,027
|
|||||||||
Interest-bearing liabilities:
|
|||||||||||
Checking and money market accounts (2)
|
$ 285,709
|
210
|
0.15%
|
$ 273,149
|
376
|
0.27%
|
|||||
Savings accounts
|
228,997
|
292
|
0.25%
|
212,762
|
416
|
0.39%
|
|||||
Time deposits
|
438,239
|
2,973
|
1.35%
|
469,011
|
3,730
|
1.58%
|
|||||
Total deposits
|
952,945
|
3,475
|
0.72%
|
954,922
|
4,522
|
0.94%
|
|||||
Borrowings
|
126,531
|
2,281
|
3.58%
|
191,103
|
3,637
|
3.78%
|
|||||
Total interest-bearing liabilities
|
1,079,476
|
5,756
|
1.06%
|
1,146,025
|
8,159
|
1.41%
|
|||||
Non interest-bearing liabilities
|
26,265
|
21,767
|
|||||||||
Total liabilities
|
1,105,741
|
1,167,792
|
|||||||||
Stockholders’ equity
|
149,997
|
142,235
|
|||||||||
Total liabilities and stockholders’
equity
|
|||||||||||
$ 1,255,738
|
$ 1,310,027
|
||||||||||
Net interest income
|
$ 17,708
|
$ 18,304
|
|||||||||
Interest rate spread (3)
|
2.82%
|
2.79%
|
|||||||||
Net interest margin (4)
|
2.93%
|
2.90%
|
|||||||||
Ratio of average interest-earning
assets to average interest-bearing
liabilities
|
|||||||||||
112.06%
|
110.03%
|
||||||||||
Return on average assets
|
2.50%
|
0.64%
|
|||||||||
Return on average equity
|
20.89%
|
5.87%
|
(1) |
Includes loans held for sale and non-performing loans, as well as net deferred loan cost amortization of $347 and $373 for the six months ended December 31, 2012 and 2011, respectively.
|
(2) |
Includes the average balance of non interest-bearing checking accounts of $52.6 million and $45.7 million during the six months ended December 31, 2012 and 2011, respectively.
|
(3) |
Represents the difference between the weighted-average yield on all interest-earning assets and the weighted-average rate on all interest-bearing liabilities.
|
(4) |
Represents net interest income before provision for loan losses as a percentage of average interest-earning assets.
|
Quarter Ended December 31, 2012 Compared
|
|||||||||||
To Quarter Ended December 31, 2011
|
|||||||||||
Increase (Decrease) Due to
|
|||||||||||
Rate/
|
|||||||||||
Rate
|
Volume
|
Volume
|
Net
|
||||||||
Interest-earning assets:
|
|||||||||||
Loans receivable (1)
|
$ (703
|
)
|
$ (1,345
|
)
|
$ 73
|
$ (1,975
|
)
|
||||
Investment securities
|
(9
|
)
|
(16
|
)
|
1
|
(24
|
)
|
||||
FHLB – San Francisco stock
|
151
|
(4
|
)
|
(30
|
)
|
117
|
|||||
Interest-bearing deposits
|
-
|
47
|
-
|
47
|
|||||||
Total net change in income
on interest-earning assets
|
|||||||||||
(561
|
)
|
(1,318
|
)
|
44
|
(1,835
|
)
|
|||||
|
|||||||||||
Interest-bearing liabilities:
|
|||||||||||
Checking and money market accounts
|
(68
|
)
|
6
|
(2
|
)
|
(64
|
)
|
||||
Savings accounts
|
(57
|
)
|
14
|
(4
|
)
|
(47
|
)
|
||||
Time deposits
|
(272
|
)
|
(122
|
)
|
19
|
(375
|
)
|
||||
Borrowings
|
(83
|
)
|
(559
|
)
|
27
|
(615
|
)
|
||||
Total net change in expense on
interest-bearing liabilities
|
|||||||||||
(480
|
)
|
(661
|
)
|
40
|
(1,101
|
)
|
|||||
Net (decrease) increase in net interest
income
|
|||||||||||
$ (81
|
)
|
$ (657
|
)
|
$ 4
|
$ (734
|
)
|
(1) | Includes loans held for sale and non-performing loans. For purposes of calculating volume, rate and rate/volume variances, non-performing loans were included in the weighted-average balance outstanding. |
Six Months Ended December 31, 2012 Compared
|
|||||||||||
To Six Months Ended December 31, 2011
|
|||||||||||
Increase (Decrease) Due to
|
|||||||||||
Rate/
|
|||||||||||
Rate
|
Volume
|
Volume
|
Net
|
||||||||
Interest-earning assets:
|
|||||||||||
Loans receivable (1)
|
$ (1,705
|
)
|
$ (1,484
|
)
|
$ 98
|
$ (3,091
|
)
|
||||
Investment securities
|
(26
|
)
|
(34
|
)
|
3
|
(57
|
)
|
||||
FHLB – San Francisco stock
|
164
|
(7
|
)
|
(31
|
)
|
126
|
|||||
Interest-bearing deposits
|
-
|
23
|
-
|
23
|
|||||||
Total net change in income
on interest-earning assets
|
|||||||||||
(1,567
|
)
|
(1,502
|
)
|
70
|
(2,999
|
)
|
|||||
|
|||||||||||
Interest-bearing liabilities:
|
|||||||||||
Checking and money market accounts
|
(175
|
)
|
17
|
(8
|
)
|
(166
|
)
|
||||
Savings accounts
|
(145
|
)
|
32
|
(11
|
)
|
(124
|
)
|
||||
Time deposits
|
(548
|
)
|
(245
|
)
|
36
|
(757
|
)
|
||||
Borrowings
|
(191
|
)
|
(1,230
|
)
|
65
|
(1,356
|
)
|
||||
Total net change in expense on
interest-bearing liabilities
|
|||||||||||
(1,059
|
)
|
(1,426
|
)
|
82
|
(2,403
|
)
|
|||||
Net decrease in net interest income
|
$ (508
|
)
|
$ (76
|
)
|
$ (12
|
)
|
$ (596
|
)
|
(1) |
Includes loans held for sale and non-performing loans. For purposes of calculating volume, rate and rate/volume variances, non-performing loans were included in the weighted-average balance outstanding.
|
For the Quarters
Ended
December 31,
|
For the Six Months
Ended
December 31,
|
|||||||
Recourse Liability
|
2012
|
2011
|
2012
|
2011
|
||||
(In Thousands)
|
||||||||
Balance, beginning of the period
|
$ 6,474
|
$ 5,221
|
$ 6,183
|
$ 4,216
|
||||
Provision
|
1,285
|
672
|
1,903
|
1,773
|
||||
Net settlements in lieu of loan repurchases
|
17
|
(592
|
)
|
(310
|
)
|
(688
|
)
|
|
Balance, end of the period
|
$ 7,776
|
$ 5,301
|
$ 7,776
|
$ 5,301
|
Weighted-
|
Weighted-
|
Weighted-
|
||
Outstanding
|
Average
|
Average
|
Average
|
|
Balance (1)
|
FICO (2)
|
LTV (3)
|
Seasoning (4)
|
|
Interest only
|
$ 196,897
|
735
|
72%
|
6.32 years
|
Stated income (5)
|
$ 212,682
|
732
|
69%
|
7.02 years
|
FICO less than or equal to 660
|
$ 13,091
|
642
|
65%
|
7.66 years
|
Over 30-year amortization
|
$ 16,701
|
733
|
66%
|
7.38 years
|
(1)
|
The outstanding balance presented on this table may overlap more than one category. Of the outstanding balance, $8.8 million of “interest only,” $15.9 million of “stated income,” $1.6 million of “FICO less than or equal to 660,” and $240 of “over 30-year amortization” balances were non-performing.
|
(2)
|
Based on borrowers’ FICO scores at the time of loan origination. The FICO score represents the creditworthiness of a borrower based on the borrower’s credit history, as reported by an independent third party. A higher FICO score indicates a greater degree of creditworthiness. Bank regulators have issued guidance stating that a FICO score of 660 and below is indicative of a “subprime” borrower.
|
(3)
|
LTV is the ratio calculated by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate collateral.
|
(4)
|
Seasoning describes the number of years since the funding date of the loan.
|
(5)
|
Stated income is defined as borrower stated income on his/her loan application which was not subject to verification during the loan origination process.
|
Balance
|
Non-Performing (1)
|
30 - 89 Days
Delinquent
|
|
Fully amortize in the next 12 months
|
$ 3,150
|
26%
|
-%
|
Fully amortize between 1 year and 5 years
|
172,538
|
5%
|
-%
|
Fully amortize after 5 years
|
21,209
|
-%
|
-%
|
Total
|
$ 196,897
|
4%
|
-%
|
(1)
|
As a percentage of each category.
|
Balance (1)
|
Non-Performing (1)
|
30 - 89 Days
Delinquent (1)
|
|
Interest rate reset in the next 12 months
|
$ 200,364
|
7%
|
-%
|
Interest rate reset between 1 year and 5 years
|
12,318
|
15%
|
-%
|
Interest rate reset after 5 years
|
-
|
-%
|
-%
|
Total
|
$ 212,682
|
7%
|
-%
|
(1)
|
As a percentage of each category. Also, the loan balances and percentages on this table may overlap with the interest only single-family, first trust deed, mortgage loans held for investment table.
|
Calendar Year of Origination
|
|||||||||||
2004 &
Prior
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
Total
|
||
Loan balance (in thousands)
|
$84,660
|
$128,169
|
$107,181
|
$61,344
|
$27,861
|
$1,143
|
$453
|
$2,210
|
$6,897
|
$419,918
|
|
Weighted-average LTV (1)
|
66%
|
69%
|
70%
|
72%
|
76%
|
58%
|
87%
|
69%
|
58%
|
69%
|
|
Weighted-average age (in years)
|
9.45
|
7.43
|
6.48
|
5.50
|
4.76
|
3.55
|
2.39
|
1.46
|
0.40
|
6.97
|
|
Weighted-average FICO (2)
|
721
|
730
|
742
|
732
|
743
|
746
|
744
|
734
|
763
|
733
|
|
Number of loans
|
379
|
349
|
247
|
124
|
52
|
5
|
3
|
8
|
27
|
1,194
|
|
Geographic breakdown (%)
|
|||||||||||
Inland Empire
|
32%
|
29%
|
30%
|
29%
|
28%
|
100%
|
51%
|
32%
|
16%
|
30%
|
|
Southern California (3)
|
63%
|
65%
|
51%
|
39%
|
38%
|
-%
|
49%
|
41%
|
40%
|
55%
|
|
Other California (4)
|
5%
|
6%
|
17%
|
31%
|
34%
|
-%
|
-%
|
27%
|
44%
|
14%
|
|
Other States
|
-%
|
-%
|
2%
|
1%
|
-%
|
-%
|
-%
|
-%
|
-%
|
1%
|
|
Total
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
(1)
|
LTV is the ratio calculated by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate collateral.
|
(2)
|
At time of loan origination.
|
(3)
|
Other than the Inland Empire.
|
(4)
|
Other than the Inland Empire and Southern California.
|
Calendar Year of Origination
|
|||||||||||
2004 &
Prior
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
Total
|
||
Loan balance (in thousands)
|
$43,349
|
$37,528
|
$47,202
|
$53,915
|
$9,003
|
$ -
|
$950
|
$30,363
|
$39,270
|
$261,580
|
|
Weighted-average LTV (1)
|
45%
|
51%
|
53%
|
54%
|
48%
|
-%
|
68%
|
60%
|
57%
|
53%
|
|
Weighted-average DCR (2)
|
1.54x
|
1.25x
|
1.29x
|
1.26x
|
1.39x
|
-x
|
1.33x
|
1.48x
|
1.70x
|
1.40x
|
|
Weighted-average age (in years)
|
9.05
|
7.50
|
6.53
|
5.43
|
4.70
|
-
|
2.68
|
1.29
|
0.43
|
5.26
|
|
Weighted-average FICO (3)
|
715
|
711
|
681
|
697
|
756
|
-
|
715
|
741
|
735
|
722
|
|
Number of loans
|
73
|
60
|
57
|
74
|
12
|
-
|
4
|
29
|
45
|
354
|
|
Geographic breakdown (%)
|
|||||||||||
Inland Empire
|
21%
|
7%
|
13%
|
5%
|
16%
|
-%
|
-%
|
38%
|
15%
|
15%
|
|
Southern California (4)
|
74%
|
63%
|
40%
|
81%
|
84%
|
-%
|
33%
|
53%
|
56%
|
63%
|
|
Other California (5)
|
4%
|
29%
|
41%
|
14%
|
-%
|
-%
|
67%
|
9%
|
29%
|
21%
|
|
Other States
|
1%
|
1%
|
6%
|
-%
|
-%
|
-%
|
-%
|
-%
|
-%
|
1%
|
|
Total
|
100%
|
100%
|
100%
|
100%
|
100%
|
-%
|
100%
|
100%
|
100%
|
100%
|
(1)
|
LTV is the ratio calculated by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate collateral.
|
(2)
|
Debt Coverage Ratio (“DCR”) at time of origination.
|
(3)
|
At time of loan origination.
|
(4)
|
Other than the Inland Empire.
|
(5)
|
Other than the Inland Empire and Southern California.
|
Balance
|
Non-
Performing (1)
|
30 - 89 Days
Delinquent
|
Percentage
Not Fully
Amortizing (1)
|
|
Interest rate reset or mature in the next 12 months
|
$ 162,736
|
1%
|
-%
|
38%
|
Interest rate reset or mature between 1 year and 5 years
|
87,344
|
1%
|
-%
|
11%
|
Interest rate reset or mature after 5 years
|
11,500
|
-%
|
-%
|
37%
|
Total
|
$ 261,580
|
1%
|
-%
|
29%
|
(1)
|
As a percentage of each category.
|
Calendar Year of Origination
|
|||||||||||
2004 &
Prior
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
Total
(5) (6)
|
||
Loan balance (in thousands)
|
$16,926
|
$13,262
|
$14,648
|
$17,245
|
$5,313
|
$8,872
|
$383
|
$4,004
|
$20,968
|
$101,621
|
|
Weighted-average LTV (1)
|
44%
|
46%
|
57%
|
53%
|
35%
|
59%
|
59%
|
39%
|
52%
|
50%
|
|
Weighted-average DCR (2)
|
1.97x
|
2.12x
|
2.60x
|
2.32x
|
1.75x
|
1.23x
|
1.26x
|
2.10x
|
1.83x
|
2.04x
|
|
Weighted-average age (in years)
|
9.97
|
7.43
|
6.40
|
5.51
|
4.73
|
3.45
|
2.61
|
1.22
|
0.29
|
5.15
|
|
Weighted-average FICO (2)
|
716
|
690
|
720
|
720
|
756
|
722
|
705
|
707
|
750
|
724
|
|
Number of loans
|
34
|
19
|
15
|
17
|
9
|
3
|
2
|
3
|
21
|
123
|
|
Geographic breakdown (%):
|
|||||||||||
Inland Empire
|
43%
|
70%
|
25%
|
43%
|
8%
|
100%
|
52%
|
68%
|
72%
|
54%
|
|
Southern California (3)
|
57%
|
30%
|
75%
|
47%
|
92%
|
-%
|
48%
|
32%
|
28%
|
44%
|
|
Other California (4)
|
-%
|
-%
|
-%
|
10%
|
-%
|
-%
|
-%
|
-%
|
-%
|
2%
|
|
Other States
|
-%
|
-%
|
-%
|
-%
|
-%
|
-%
|
-%
|
-%
|
-%
|
-%
|
|
Total
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
100%
|
(1)
|
LTV is the ratio calculated by dividing the current loan balance by the lower of the original appraised value or purchase price of the real estate collateral.
|
(2)
|
At time of loan origination.
|
(3)
|
Other than the Inland Empire.
|
(4)
|
Other than the Inland Empire and Southern California.
|
(5)
|
Comprised of the following: $24.1 million in Office; $22.3 million in Retail; $15.0 million in Mixed Use; $8.2 million in Medical/Dental Office; $6.3 million in Light Industrial/Manufacturing; $5.3 million in Mobile Home Park; $4.2 million in Warehouse; $3.9 million in Mini-Storage; $3.4 million in Restaurant/Fast Food; $2.9 million in Research and Development; $1.8 million in Automotive – Non Gasoline; $1.8 million in Hotel and Motel; $1.5 million in Schools; and $872 in Other.
|
(6)
|
Consisting of $69.2 million or 68.1% in investment properties and $32.4 million or 31.9% in owner occupied properties.
|
Balance
|
Non-
Performing (1)
|
30 - 89 Days
Delinquent
|
Percentage
Not Fully
Amortizing (1)
|
|
Interest rate reset or mature in the next 12 months
|
$ 59,494
|
4%
|
-%
|
94%
|
Interest rate reset or mature between 1 year and 5 years
|
29,886
|
8%
|
-%
|
81%
|
Interest rate reset or mature after 5 years
|
12,241
|
-%
|
-%
|
44%
|
Total
|
$ 101,621
|
5%
|
-%
|
84%
|
(1)
|
As a percentage of each category.
|
At December 31,
|
At June 30,
|
|||||
2012
|
2012
|
|||||
Loans on non-accrual status (excluding restructured loans):
|
||||||
Mortgage loans:
|
||||||
Single-family
|
$ 10,677
|
$ 17,095
|
||||
Multi-family
|
1,111
|
967
|
||||
Commercial real estate
|
1,737
|
764
|
||||
Commercial business loans
|
7
|
7
|
||||
Total
|
13,532
|
18,833
|
||||
Accruing loans past due 90 days or
|
||||||
more
|
-
|
-
|
||||
Restructured loans on non-accrual status:
|
||||||
Mortgage loans:
|
||||||
Single-family
|
7,708
|
11,995
|
||||
Multi-family
|
480
|
490
|
||||
Commercial real estate
|
2,477
|
2,483
|
||||
Other
|
-
|
522
|
||||
Commercial business loans
|
168
|
165
|
||||
Total
|
10,833
|
15,655
|
||||
Total non-performing loans
|
24,365
|
34,488
|
||||
Real estate owned, net
|
2,435
|
5,489
|
||||
Total non-performing assets
|
$ 26,800
|
$ 39,977
|
||||
Restructured loans on accrual status:
|
||||||
Mortgage loans:
|
||||||
Single-family
|
$ 4,252
|
$ 6,148
|
||||
Multi-family
|
2,755
|
3,266
|
||||
Other
|
232
|
-
|
||||
Commercial business loans
|
-
|
33
|
||||
Total
|
$ 7,239
|
$ 9,447
|
||||
Non-performing loans as a percentage of loans held for investment, net
of allowance for loan losses
|
3.16%
|
4.33%
|
||||
Non-performing loans as a percentage of total assets
|
1.95%
|
2.74%
|
||||
Non-performing assets as a percentage of total assets
|
2.15%
|
3.17%
|
Calendar Year of Origination
|
|||||||||||
2004 &
Prior
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
Total
|
||
Mortgage loans:
|
|||||||||||
Single-family
|
$ 4,015
|
$ 5,868
|
$ 3,751
|
$ 3,482
|
$ 816
|
$ -
|
$ -
|
$ 453
|
$ -
|
$ 18,385
|
|
Multi-family
|
385
|
-
|
969
|
237
|
-
|
-
|
-
|
-
|
-
|
1,591
|
|
Commercial real estate
|
1,566
|
333
|
416
|
-
|
-
|
1,271
|
-
|
-
|
628
|
4,214
|
|
Commercial business loans
|
-
|
-
|
-
|
-
|
-
|
149
|
-
|
-
|
26
|
175
|
|
Total
|
$ 5,966
|
$ 6,201
|
$ 5,136
|
$ 3,719
|
$ 816
|
$ 1,420
|
$ -
|
$ 453
|
$ 654
|
$ 24,365
|
Inland Empire
|
Southern
California (1)
|
Other
California (2)
|
Other States
|
Total
|
||
Mortgage loans:
|
||||||
Single-family
|
$ 6,320
|
$ 9,627
|
$ 2,261
|
$ 177
|
$ 18,385
|
|
Multi-family
|
908
|
194
|
489
|
-
|
1,591
|
|
Commercial real estate
|
3,113
|
1,101
|
-
|
-
|
4,214
|
|
Commercial business loans
|
45
|
-
|
6
|
124
|
175
|
|
Total
|
$ 10,386
|
$ 10,922
|
$ 2,756
|
$ 301
|
$ 24,365
|
(1)
|
Other than the Inland Empire.
|
(2)
|
Other than the Inland Empire and Southern California.
|
At December 31,
2012
|
At June 30,
2012
|
|||||||
Balance
|
Count
|
Balance
|
Count
|
|||||
Special mention loans:
|
||||||||
Mortgage loans:
|
||||||||
Single-family
|
$ 4,918
|
15
|
$ 2,118
|
5
|
||||
Multi-family
|
1,464
|
1
|
2,755
|
1
|
||||
Commercial real estate
|
260
|
1
|
-
|
-
|
||||
Other
|
232
|
1
|
-
|
-
|
||||
Commercial business loans
|
-
|
-
|
33
|
1
|
||||
Total special mention loans
|
6,874
|
18
|
4,906
|
7
|
||||
Substandard loans:
|
||||||||
Mortgage loans:
|
||||||||
Single-family
|
18,866
|
65
|
29,594
|
92
|
||||
Multi-family
|
11,108
|
10
|
7,668
|
7
|
||||
Commercial real estate
|
9,226
|
11
|
10,114
|
12
|
||||
Other
|
-
|
1
|
522
|
1
|
||||
Commercial business loans
|
175
|
5
|
173
|
6
|
||||
Total substandard loans
|
39,375
|
92
|
48,071
|
118
|
||||
Total classified loans
|
46,249
|
110
|
52,977
|
125
|
||||
Real estate owned:
|
||||||||
Single-family
|
2,049
|
7
|
4,737
|
18
|
||||
Multi-family
|
-
|
-
|
366
|
1
|
||||
Commercial real estate
|
-
|
1
|
-
|
1
|
||||
Other
|
386
|
4
|
386
|
4
|
||||
Total real estate owned
|
2,435
|
12
|
5,489
|
24
|
||||
Total classified assets
|
$ 48,684
|
122
|
$ 58,466
|
149
|
For the Quarter Ended
|
For the Six Months Ended
|
||||||||||
December 31,
|
December 31,
|
||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Loans originated and purchased for sale:
|
|||||||||||
Retail originations
|
$ 474,152
|
$ 220,272
|
$ 892,706
|
$ 427,821
|
|||||||
Wholesale originations and purchases
|
534,687
|
408,672
|
976,584
|
769,183
|
|||||||
Total loans originated and purchased for sale (1)
|
1,008,839
|
628,944
|
1,869,290
|
1,197,004
|
|||||||
Loans sold:
|
|||||||||||
Servicing released
|
(1,009,172
|
)
|
(670,753
|
)
|
(1,791,470
|
)
|
(1,152,146
|
)
|
|||
Servicing retained
|
(5,037
|
)
|
(3,537
|
)
|
(10,677
|
)
|
(7,863
|
)
|
|||
Total loans sold (2)
|
(1,014,209
|
)
|
(674,290
|
)
|
(1,802,147
|
)
|
(1,160,009
|
)
|
|||
Loans originated for investment:
|
|||||||||||
Mortgage loans:
|
|||||||||||
Single-family
|
1,981
|
980
|
5,177
|
980
|
|||||||
Multi-family
|
12,441
|
10,659
|
24,340
|
23,638
|
|||||||
Commercial real estate
|
11,849
|
1,315
|
15,505
|
4,180
|
|||||||
Commercial business loans
|
60
|
300
|
60
|
300
|
|||||||
Consumer loans
|
-
|
13
|
-
|
13
|
|||||||
Total loans originated for investment (3)
|
26,331
|
13,267
|
45,082
|
29,111
|
|||||||
Loans purchased for investment:
|
|||||||||||
Mortgage loans:
|
|||||||||||
Multi-family
|
-
|
7,053
|
-
|
7,053
|
|||||||
Total loans purchased for investment
|
-
|
7,053
|
-
|
7,053
|
|||||||
Mortgage loan principal payments
|
(32,489
|
)
|
(32,863
|
)
|
(70,361
|
)
|
(68,439
|
)
|
|||
Real estate acquired in settlement of loans
|
(1,729
|
)
|
(6,403
|
)
|
(6,776
|
)
|
(12,085
|
)
|
|||
(Decrease) increase in other items, net (4)
|
(4,415
|
)
|
(1,303
|
)
|
2,928
|
6,343
|
|||||
Net (decrease) increase in loans held for investment
|
|||||||||||
and loans held for sale at fair value
|
$ (17,672
|
)
|
$ (65,595
|
)
|
$ 38,016
|
$ (1,022
|
)
|
(1)
|
Includes PBM loans originated and purchased for sale during the quarters and six months ended December 31, 2012 and 2011 totaling $1.01 billion, $628.9 million, $1.87 billion and $1.20 billion, respectively.
|
(2)
|
Includes PBM loans sold during the quarters and six months ended December 31, 2012 and 2011 totaling $1.01 billion, $674.3 million, $1.80 billion and $1.16 billion, respectively.
|
(3)
|
Includes PBM loans originated for investment during the quarters and six months ended December 31, 2012 and 2011 totaling $2.0 million, $980, $5.2 million and $980, respectively.
|
(4)
|
Includes net changes in deferred loan fees or costs, allowance for loan losses and fair value of loans held for sale.
|
Amount
|
Percent
|
||
Tier 1 leverage capital
|
$ 152,957
|
12.26%
|
|
Requirement to be “Well Capitalized”
|
62,373
|
5.00
|
|
Excess over requirement
|
$ 90,584
|
7.26%
|
|
Tier 1 risk-based capital
|
$ 152,957
|
18.79%
|
|
Requirement to be “Well Capitalized”
|
48,843
|
6.00
|
|
Excess over requirement
|
$ 104,114
|
12.79%
|
|
Total risk-based capital
|
$ 163,235
|
20.05%
|
|
Requirement to be “Well Capitalized”
|
81,406
|
10.00
|
|
Excess over requirement
|
$ 81,829
|
10.05%
|
At
|
At
|
At
|
|||
December 31,
|
June 30,
|
December 30,
|
|||
2012
|
2012
|
2011
|
|||
Loans serviced for others (in thousands)
|
$ 98,420
|
$ 98,875
|
$ 104,785
|
||
Book value per share
|
$ 14.71
|
$ 13.34
|
$ 12.71
|
NPV as Percentage
|
||||||||||||||
Net
|
NPV
|
Portfolio
|
of Portfolio Value
|
Sensitivity
|
||||||||||
Basis Points ("bp")
|
Portfolio
|
Change
|
Value of
|
Assets
|
Measure
|
|||||||||
Change in Rates
|
Value
|
(1)
|
Assets
|
(2)
|
(3)
|
|||||||||
+400 bp
|
$ 194,356
|
$ 27,662
|
$ 1,276,372
|
15.23%
|
+217 bp
|
|||||||||
+300 bp
|
$ 187,060
|
$ 20,366
|
$ 1,273,035
|
14.69%
|
+163 bp
|
|||||||||
+200 bp
|
$ 183,955
|
$ 17,261
|
$ 1,277,372
|
14.40%
|
+134 bp
|
|||||||||
+100 bp
|
$ 179,188
|
$ 12,494
|
$ 1,278,751
|
14.01%
|
+95 bp
|
|||||||||
0 bp
|
$ 166,694
|
$ -
|
$ 1,276,543
|
13.06%
|
- bp
|
|||||||||
-100 bp
|
$ 160,588
|
$ (6,106
|
)
|
$ 1,272,398
|
12.62%
|
-44 bp
|
||||||||
(1)
|
Represents the increase (decrease) of the NPV at the indicated interest rate change in comparison to the NPV at December 31, 2012 (“base case”).
|
(2)
|
Calculated as the NPV divided by the portfolio value of total assets.
|
(3)
|
Calculated as the change in the NPV ratio from the base case amount assuming the indicated change in interest rates (expressed in basis points).
|
At December 31, 2012
|
At June 30, 2012
|
|||||||
(-100 bp rate shock)
|
(-100 bp rate shock)
|
|||||||
Pre-Shock NPV Ratio: NPV as a % of PV Assets
|
13.06
|
%
|
12.00
|
%
|
||||
Post-Shock NPV Ratio: NPV as a % of PV Assets
|
12.62
|
%
|
12.08
|
%
|
||||
Sensitivity Measure: Change in NPV Ratio
|
44
|
bp
|
8
|
bp
|
||||
TB 13a Level of Risk
|
Minimal
|
Minimal
|
At December 31, 2012
|
At June 30, 2012
|
|||||
Basis Point (bp)
|
Change in
|
Basis Point (bp)
|
Change in
|
|||
Change in Rates
|
Net Interest Income
|
Change in Rates
|
Net Interest Income
|
|||
+400 bp
|
+19.16%
|
+400 bp
|
+29.57%
|
|||
+300 bp
|
+20.39%
|
+300 bp
|
+30.42%
|
|||
+200 bp
|
+12.75%
|
+200 bp
|
+23.10%
|
|||
+100 bp
|
+6.96%
|
+100 bp
|
+18.09%
|
|||
-100 bp
|
-8.80%
|
-100 bp
|
-4.69%
|
Period
|
(a)Total
Number of
Shares Purchased
|
(b)Average
Price Paid
per Share
|
(c) Total Number of
Shares Purchased as
Part of Publicly
Announced Plan
|
(d) Maximum
Number of Shares
that May Yet Be
Purchased Under the
Plan (1)
|
|
October 1 – 31, 2012
|
-
|
|
$ -
|
-
|
254,114
|
November 1 – 30, 2012
|
70,380
|
15.26
|
70,380
|
183,734
|
|
December 1 – 31, 2012
|
23,200
|
16.12
|
23,200
|
160,534
|
|
Total
|
93,580
|
$ 15.47
|
93,580
|
160,534
|
(1)
|
On April 19, 2012, the Corporation announced a new stock repurchase plan of up to five percent of the Corporation’s outstanding common stock, or approximately 547,772 shares, which expires on April 19, 2013.
|
3.1 (a) |
Certificate of Incorporation of Provident Financial Holdings, Inc. (incorporated by reference to Exhibit 3.1 to the Corporation’s Registration Statement on Form S-1 (File No. 333-2230))
|
|
3.1 (b) |
Certificate of Amendment to Certificate of Incorporation of Provident Financial Holdings, Inc. as filed with the Delaware Secretary of State on November 24, 2009
|
|
3.2 |
Bylaws of Provident Financial Holdings, Inc. (incorporated by reference to Exhibit 3.2 to the Corporation’s Current Report on Form 8-K filed on October 26, 2007)
|
|
10.1 |
Employment Agreement with Craig G. Blunden (incorporated by reference to Exhibit 10.1 to the Corporation’s Form 8-K dated December 19, 2005)
|
|
10.2 |
Post-Retirement Compensation Agreement with Craig G. Blunden (incorporated by reference to Exhibit 10.2 to the Corporation’s Form 8-K dated December 19, 2005)
|
|
10.3 |
1996 Stock Option Plan (incorporated by reference to Exhibit A to the Corporation’s proxy statement dated December 12, 1996)
|
10.4 |
1996 Management Recognition Plan (incorporated by reference to Exhibit B to the Corporation’s proxy statement dated December 12, 1996)
|
|
10.5 |
Form of Severance Agreement with Richard L. Gale, Kathryn R. Gonzales, Lilian Salter, Donavon P. Ternes and David S. Weiant (incorporated by reference to Exhibit 10.1 and 10.2 in the Corporation’s Form 8-K dated February 24, 2012)
|
|
10.6 |
2003 Stock Option Plan (incorporated by reference to Exhibit A to the Corporation’s proxy statement dated October 21, 2003)
|
|
10.7 |
Form of Incentive Stock Option Agreement for options granted under the 2003 Stock Option Plan (incorporated by reference to Exhibit 10.13 to the Corporation’s Annual Report on Form 10-K for the fiscal year June 30, 2005).
|
|
10.8 |
Form of Non-Qualified Stock Option Agreement for options granted under the 2003 Stock Option Plan (incorporated by reference to Exhibit 10.14 to the Corporation’s Annual Report on Form 10-K for the fiscal year June 30, 2005).
|
|
10.9 |
2006 Equity Incentive Plan (incorporated by reference to Exhibit A to the Corporation’s proxy statement dated October 12, 2006)
|
|
10.10 |
Form of Incentive Stock Option Agreement for options granted under the 2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.10 in the Corporation’s Form 10-Q for the quarter ended December 31, 2006)
|
|
10.11 |
Form of Non-Qualified Stock Option Agreement for options granted under the 2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.11 in the Corporation’s Form 10-Q for the quarter ended December 31, 2006)
|
|
10.12 |
Form of Restricted Stock Agreement for restricted shares awarded under the 2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.12 in the Corporation’s Form 10-Q for the quarter ended December 31, 2006)
|
|
10.13 |
2010 Equity Incentive Plan (incorporated by reference to Exhibit A to the Corporation’s proxy statement dated October 28, 2010)
|
|
10.14 |
Form of Incentive Stock Option Agreement for options granted under the 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 in the Corporation’s Form 8-K dated November 30, 2010)
|
|
10.15 |
Form of Non-Qualified Stock Option Agreement for options granted under the 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 in the Corporation’s Form 8-K dated November 30, 2010)
|
|
10.16 |
Form of Restricted Stock Agreement for restricted shares awarded under the 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 in the Corporation’s Form 8-K dated November 30, 2010)
|
|
10.17 |
Post-Retirement Compensation Agreement with Donavon P. Ternes (incorporated by reference to Exhibit 10.13 to the Corporation’s Form 8-K dated July 7, 2009)
|
|
14 |
Code of Ethics for the Corporation’s directors, officers and employees (incorporated by reference to Exhibit 14 in the Corporation’s Annual Report on Form 10-K dated September 12, 2007)
|
|
31.1 |
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
31.2 |
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1 |
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2 |
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101 | The following materials from the Corporation’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2012, formatted in Extensible Business Reporting Language (XBRL): (1) Condensed Consolidated Statements of Financial Condition; (2) Condensed Consolidated Statements of Operations; (3) Condensed Consolidated Statements of Comprehensive Income (Loss); (4) Condensed Consolidated Statements of Stockholders’ Equity; (5) Condensed Consolidated Statements of Cash Flows; and (6) Selected Notes to Consolidated Financial Statements.* |
(*)
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
Provident Financial Holdings, Inc. | |
|
|
Date: February 8, 2013 | /s/ Craig G. Blunden |
Craig G. Blunden
|
|
Chairman and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
Date: February 8, 2013 | /s/ Donavon P. Ternes |
Donavon P. Ternes | |
President, Chief Operating Officer and
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
31.1
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101
|
The following materials from the Corporation’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2012, formatted in Extensible Business Reporting Language (XBRL): (1) Condensed Consolidated Statements of Financial Condition; (2) Condensed Consolidated Statements of Operations; (3) Condensed Consolidated Statements of Comprehensive Income (Loss); (4) Condensed Consolidated Statements of Stockholders’ Equity; (5) Condensed Consolidated Statements of Cash Flows; and (6) Selected Notes to Consolidated Financial Statements.*
|
(*)
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
|
Exhibit 31.1
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Provident Financial Holdings, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: February 8, 2013 | /s/ Craig G. Blunden |
Craig G. Blunden
|
|
Chairman and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Provident Financial Holdings, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: February 8, 2013 | /s/ Donavon P. Ternes |
Donavon P. Ternes | |
President, Chief Operating Officer and
Chief Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation as of the dates and for the periods presented in the financial statements included in such Report.
|
Date: February 8, 2013 | /s/ Craig G. Blunden |
Craig G. Blunden
|
|
Chairman and Chief Executive Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation as of the dates and for the periods presented in the financial statements included in such Report.
|
Date: February 8, 2013 | /s/ Donavon P. Ternes |
Donavon P. Ternes | |
President, Chief Operating Officer and
Chief Financial Officer
|
Note 6: Loans Held For Investment: Schedule of Allowance for Loan Losses (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses |
|
Note 9: Fair Value of Financial Instruments: Schedule of Carrying Amount and Fair Value of Financial Instruments (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Amount and Fair Value of Financial Instruments |
|
Note 7: Derivative and Other Financial Instruments With Off-balance Sheet Risks: Schedule of Outstanding Derivative Instruments (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Instruments |
(1) Net of 28.4 percent at December 31, 2012 and 33.8 percent at June 30, 2012 of commitments, which management has estimated may not fund. |
Note 10: Incentive Plans: Equity Incentive Plan Policy: Schedule of Incentive Plan Stock Option Activity (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Incentive Plan Stock Option Activity |
|
Note 7: Derivative and Other Financial Instruments With Off-balance Sheet Risks: Commitments on Undisbursed Funds Held for Investment Policy (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Jun. 30, 2012
|
---|---|---|
Undisbursed Commitments to Extend Credit Included in Other Assets | $ 3,300 | $ 4,000 |
Undisbursed Commitments to Extend Credit Included in Other Liabilities | $ 332 | $ 1,300 |
Note 7: Derivative and Other Financial Instruments With Off-balance Sheet Risks: Schedule of Allowance for Loan Losses of Undisbursed Funds and Commitments on Loans Held for Investment (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses of Undisbursed Funds and Commitments on Loans Held for Investment |
|
Note 3: Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
|
Note 7: Derivative and Other Financial Instruments With Off-balance Sheet Risks: Schedule of Allowance for Loan Losses of Undisbursed Funds and Commitments on Loans Held for Investment (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Held for investment commitments allowance for loan losses balance beginning of period | $ 66 | $ 93 | $ 66 | $ 94 |
Held for investment commitments allowance for loan losses (recovery) provision | (3) | (21) | (3) | (22) |
Held for investment commitments allowance for loan losses balance end of period | $ 63 | $ 72 | $ 63 | $ 72 |
Note 6: Loans Held For Investment: Schedule of Troubled Debt Restructurings by Nonaccrual Versus Accrual Status (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Jun. 30, 2012
|
---|---|---|
Mortgage loans single family | $ 422,457 | $ 439,024 |
Mortgage loans multi-family | 261,580 | 278,057 |
Mortgage loans commercial real estate | 101,621 | 95,302 |
Mortgage loans other | 390 | 755 |
Commercial business loans | 2,199 | 2,580 |
Restructured loans on non-accrual status
|
||
Mortgage loans single family | 7,708 | 11,995 |
Mortgage loans multi-family | 480 | 490 |
Mortgage loans commercial real estate | 2,477 | 2,483 |
Mortgage loans other | 522 | |
Commercial business loans | 168 | 165 |
Total restructured loans on nonaccrual status | 10,833 | 15,655 |
Restructured loans on accrual status
|
||
Mortgage loans single family | 4,252 | 6,148 |
Mortgage loans multi-family | 2,755 | 3,266 |
Mortgage loans other | 232 | |
Commercial business loans | 33 | |
Total restructured loans on accrual status | 7,239 | 9,447 |
Total restructured loans | $ 18,072 | $ 25,102 |
Note 10: Incentive Plans: Stock Option Plan Policy: Schedule of Stock Option Plan Stock Option Activity (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Plan Stock Option Activity |
|
Note 7: Derivative and Other Financial Instruments With Off-balance Sheet Risks: Off-Balance-Sheet Credit Exposure, Policy (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Jun. 30, 2012
|
---|---|---|
Commitments to Extend Credit | $ 224,100 | $ 222,100 |
Note 9: Fair Value of Financial Instruments: Schedule of Fair Value Assets Measured on Nonrecurring Basis (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Jun. 30, 2012
|
---|---|---|
Fair Value, Inputs, Level 2
|
||
Financing Receivable Nonperforming Loans | $ 10,508 | $ 10,335 |
Real Estate Owned | 2,435 | 5,489 |
Assets Measured at Fair Value Nonrecurring | 12,943 | 15,824 |
Fair Value, Inputs, Level 3
|
||
Financing Receivable Nonperforming Loans | 14,754 | 25,006 |
Mortgage Servicing Assets | 331 | 227 |
Assets Measured at Fair Value Nonrecurring | 15,085 | 25,233 |
Total Fair Value Measurement
|
||
Financing Receivable Nonperforming Loans | 25,262 | 35,341 |
Mortgage Servicing Assets | 331 | 227 |
Real Estate Owned | 2,435 | 5,489 |
Assets Measured at Fair Value Nonrecurring | $ 28,028 | $ 41,057 |
Note 7: Derivative and Other Financial Instruments With Off-balance Sheet Risks: Schedule of Outstanding Derivative Instruments (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Jun. 30, 2012
|
||||
---|---|---|---|---|---|---|
Commitments to extend credit on loans to be held for sale
|
||||||
Derivative Financial Instruments Amount | $ 221,978 | [1] | $ 220,357 | [1] | ||
Derivative Financial Instruments Fair Vaue | 3,238 | [1] | 3,981 | [1] | ||
Best efforts loan sale commitments
|
||||||
Derivative Financial Instruments Amount | (34,374) | (30,498) | ||||
Mandatory loan sale commitments and TBA MBS trades
|
||||||
Derivative Financial Instruments Amount | (477,671) | (408,636) | ||||
Derivative Financial Instruments Fair Vaue | (332) | (1,316) | ||||
Put option contracts
|
||||||
Derivative Financial Instruments Amount | (20,000) | (15,000) | ||||
Derivative Financial Instruments Fair Vaue | 47 | 36 | ||||
Total Derivate Financial Instruments
|
||||||
Derivative Financial Instruments Amount | (310,067) | (233,777) | ||||
Derivative Financial Instruments Fair Vaue | $ 2,953 | $ 2,701 | ||||
|
Note 9: Fair Value of Financial Instruments: Schedule of Additional Information About Valuation Techniques and Inputs Used for Assets and Liabilities (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
||||||||||
Assets -- Securities available for sale | Private issue CMO
|
||||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |||||||||
Fair Value Measurement Unobservable Inputs | Probability of default | |||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets -- Securities available for sale | Private issue CMO | Probability of default
|
||||||||||
Fair Value Assets and Liabilities as of December 31, 2012 | 1,156 | |||||||||
Fair Value Measurement Weighted Average Range | 0.4% 1.2% (0.9%) | [2] | ||||||||
Assets -- Securities available for sale | Private issue CMO | Loss severity
|
||||||||||
Fair Value Measurement Unobservable Inputs | Loss severity | |||||||||
Fair Value Measurement Weighted Average Range | 15.6% - 37.7% (36.5%) | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets -- Securities available for sale | Private issue CMO | Prepayment Speed
|
||||||||||
Fair Value Measurement Unobservable Inputs | Prepayment speed | |||||||||
Fair Value Measurement Weighted Average Range | 3.4% - 9.5% (5.4%) | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | Put options
|
||||||||||
Fair Value Assets and Liabilities as of December 31, 2012 | 47 | |||||||||
Fair Value Measurements, Valuation Techniques | Relative value analysis | |||||||||
Assets | Commitments to extend credit on loans to be held for sale
|
||||||||||
Fair Value Assets and Liabilities as of December 31, 2012 | 3,273 | |||||||||
Fair Value Measurements, Valuation Techniques | Relative value analysis | |||||||||
Assets | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Assets and Liabilities as of December 31, 2012 | 45 | |||||||||
Fair Value Measurements, Valuation Techniques | Relative value analysis | |||||||||
Assets | Interest only strips
|
||||||||||
Fair Value Assets and Liabilities as of December 31, 2012 | 130 | |||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |||||||||
Assets | MSA
|
||||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |||||||||
Assets | Non-performing loans
|
||||||||||
Fair Value Measurements, Valuation Techniques | Discounted cash flow or aggregated pooling method | |||||||||
Fair Value Measurement Unobservable Inputs | Default rates | |||||||||
Assets | Loss severity | Non-performing loans
|
||||||||||
Fair Value Measurement Unobservable Inputs | Loss severity | |||||||||
Fair Value Measurement Weighted Average Range | 7.2% | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | Prepayment Speed | Interest only strips
|
||||||||||
Fair Value Measurement Unobservable Inputs | Prepayment speed (CPR) | |||||||||
Fair Value Measurement Weighted Average Range | 0.0% - 43.6% (16.8%) | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | Prepayment Speed | MSA
|
||||||||||
Fair Value Assets and Liabilities as of December 31, 2012 | 331 | |||||||||
Fair Value Measurement Unobservable Inputs | Prepayment speed (CPR) | |||||||||
Fair Value Measurement Weighted Average Range | 0.0% - 60.0% (29.4%) | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | Default rate | Non-performing loans
|
||||||||||
Fair Value Assets and Liabilities as of December 31, 2012 | 14,754 | |||||||||
Fair Value Measurement Weighted Average Range | 26.9% | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | Discount Rate | Interest only strips
|
||||||||||
Fair Value Measurement Unobservable Inputs | Discount rate | |||||||||
Fair Value Measurement Weighted Average Range | Decrease | [2] | ||||||||
Assets | Discount Rate | MSA
|
||||||||||
Fair Value Measurement Unobservable Inputs | Discount rate | |||||||||
Fair Value Measurement Weighted Average Range | 9.0%-10.5%(8.8%) | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | TBA-MBS broker quotes | Commitments to extend credit on loans to be held for sale
|
||||||||||
Fair Value Measurement Unobservable Inputs | TBA-MBS broker quotes | |||||||||
Fair Value Measurement Weighted Average Range | 98.1% - 104.5% (102.2%) of par | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | TBA-MBS broker quotes | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Measurement Unobservable Inputs | TBA-MBS broker quotes | |||||||||
Fair Value Measurement Weighted Average Range | 104.5% - 108.7% (105.9%) of par | [2] | ||||||||
Assets | Fallout Ratio | Commitments to extend credit on loans to be held for sale
|
||||||||||
Fair Value Measurement Unobservable Inputs | Fall-out ratio (3) | [3] | ||||||||
Fair Value Measurement Weighted Average Range | 24.4% - 28.7% (28.4%) | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | Investor Quotes | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Measurement Unobservable Inputs | Investor quotes | |||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | Offered Quotes | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Measurement Weighted Average Range | 102.1% - 104.3% (103.5%) of par | [2] | ||||||||
Assets | TBA-MBS broker quotes | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | Roll Forward Costs | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Measurement Unobservable Inputs | Roll-forward costs (4) | [4] | ||||||||
Fair Value Measurement Weighted Average Range | 0.00% | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Assets | Broker quotes | Put options
|
||||||||||
Fair Value Measurement Unobservable Inputs | Broker quotes | [4] | ||||||||
Fair Value Measurement Weighted Average Range | 106.4% - 106.7% (106.5%) of par | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Increase | [1] | ||||||||
Liabilities | Commitments to extend credit on loans to be held for sale
|
||||||||||
Fair Value Assets and Liabilities as of December 31, 2012 | 35 | |||||||||
Fair Value Measurements, Valuation Techniques | Relative value analysis | |||||||||
Liabilities | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Assets and Liabilities as of December 31, 2012 | 116 | |||||||||
Fair Value Measurements, Valuation Techniques | Relative value analysis | |||||||||
Liabilities | TBA-MBS broker quotes | Commitments to extend credit on loans to be held for sale
|
||||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Liabilities | TBA-MBS broker quotes | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Liabilities | Fallout Ratio | Commitments to extend credit on loans to be held for sale
|
||||||||||
Fair Value Measurement Unobservable Inputs | Fall-out ratio (3) | [3] | ||||||||
Fair Value Measurement Weighted Average Range | 24.4% - 28.7% (28.4%) | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Liabilities | Investor Quotes | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Measurement Unobservable Inputs | Investor quotes | |||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
Liabilities | Offered Quotes | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Measurement Weighted Average Range | 102.1% - 103.9% (102.7%) of par | [2] | ||||||||
Liabilities | TBA-MBS broker quotes | Commitments to extend credit on loans to be held for sale
|
||||||||||
Fair Value Measurement Unobservable Inputs | TBA-MBS broker quotes | |||||||||
Fair Value Measurement Weighted Average Range | 100.5% - 104.4% (102.6%) of par | [2] | ||||||||
Liabilities | TBA-MBS broker quotes | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Measurement Unobservable Inputs | TBA-MBS broker quotes | |||||||||
Fair Value Measurement Weighted Average Range | 104.5% - 108.6% (106.2%) of par | [2] | ||||||||
Liabilities | Roll Forward Costs | Mandatory loan sale commitments and TBA MBS trades
|
||||||||||
Fair Value Measurement Unobservable Inputs | Roll-forward costs (4) | [4] | ||||||||
Fair Value Measurement Weighted Average Range | 0.00% | [2] | ||||||||
Impact to Valuation From an Increase in Inputs | Decrease | [1] | ||||||||
|
Note 7: Derivative and Other Financial Instruments With Off-balance Sheet Risks: Schedule of Undisbursed Funds Commitments (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Jun. 30, 2012
|
---|---|---|
Undisbursed lines of credit -- Mortgage loans | $ 834 | $ 1,028 |
Undisbursed lines of credit -- Commercial business loans | 1,126 | 1,340 |
Undisbursed lines of credit -- Consumer loans | 793 | 863 |
Commitments to extend credit on loans to be held for investment | 2,152 | 1,720 |
Total commitments | $ 4,905 | $ 4,951 |
Note 6: Loans Held For Investment: Non-Performing Loans Policy (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Average Investment in Nonperforming Loans | $ 26,200 | $ 35,300 | $ 27,700 | $ 36,000 |
Interest Income Recognized on Nonperforming Loans | 1,500 | 1,500 | 3,000 | 3,100 |
Interest Income Foregone on Nonperforming Loans Not Included in Results of Operations | $ 145 | $ 261 | $ 246 | $ 574 |
Note 6: Loans Held For Investment: Non-Performing Loans Policy (Policies)
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3 Months Ended |
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Dec. 31, 2012
|
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Policies | |
Non-Performing Loans Policy | For the quarters ended December 31, 2012 and 2011, the Corporations average investment in non-performing loans was $26.2 million and $35.3 million, respectively. The Corporation records payments on non-performing loans utilizing the cash basis or cost recovery method of accounting during the periods when the loans are on non-performing status. For the quarters ended December 31, 2012 and 2011, interest income of $1.5 million and $1.5 million, respectively, was recognized, based on cash receipts from loan payments on non-performing loans. Foregone interest income, which would have been recorded had the non-performing loans been current in accordance with their original terms, amounted to $145,000 and $261,000 for the quarters ended December 31, 2012 and 2011, respectively, and was not included in the results of operations. |
Note 9: Fair Value of Financial Instruments: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables)
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Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
|
Note 6: Loans Held For Investment: Schedule of Aging Analysis of Non-Performing Loans (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Aging Analysis of Non-Performing Loans |
|
Note 6: Loans Held For Investment: Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Jun. 30, 2012
|
|
Number of Properties Acquired in Settlement of Loans | 5 | |
Number of Previously Foreclosed Properties Sold | 11 | |
Number of Real Estate Owned Properties | 12 | 24 |
Real Estate Owned Fair Value | $ 2,400 | $ 5,500 |
Note 6: Loans Held For Investment: Schedule of Loans Held for Investment (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Held for Investment |
|
Note 9: Fair Value of Financial Instruments: Schedule of Fair Value Assets Measured on Nonrecurring Basis (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Assets Measured on Nonrecurring Basis |
|
Note 6: Loans Held For Investment: Schedule of Allowance for Loan Losses (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Jun. 30, 2012
|
---|---|---|
Mortgage loans single family | $ 422,457 | $ 439,024 |
Mortgage loans multi-family | 261,580 | 278,057 |
Mortgage loans commercial real estate | 101,621 | 95,302 |
Mortgage loans other | 390 | 755 |
Commercial business loans | 2,199 | 2,580 |
Consumer loans | 383 | 506 |
Total loan loss allowance | 18,530 | 21,483 |
Collectively evaluated for impairment
|
||
Mortgage loans single family | 12,201 | 15,189 |
Mortgage loans multi-family | 3,660 | 3,524 |
Mortgage loans commercial real estate | 1,852 | 1,810 |
Mortgage loans other | 7 | 7 |
Commercial business loans | 101 | 169 |
Consumer loans | 13 | 13 |
Total collectively evaluated allowance | 17,834 | 20,712 |
Individually evaluated for impairment
|
||
Mortgage loans single family | 503 | 744 |
Mortgage loans multi-family | 27 | 27 |
Mortgage loans other | 159 | |
Commercial business loans | 7 | |
Total individually evaluated allowance | $ 696 | $ 771 |
Note 7: Derivative and Other Financial Instruments With Off-balance Sheet Risks: Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans |
|
Note 2: Accounting Standard Updates ("ASU")
|
3 Months Ended |
---|---|
Dec. 31, 2012
|
|
Notes | |
Note 2: Accounting Standard Updates ("ASU") | Note 2: Accounting Standard Updates (ASU)
ASU 2011-11: In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standard Updates (ASU) 2011-11, Balance Sheet (Topic 210) - Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU will enhance disclosures required by GAAP by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either Section 210-20-45 or Section 815-10-45. This information will enable users of an entitys financial statements to evaluate the effect or potential effect of netting arrangements on an entitys financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this ASU. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The Corporation has not determined the impact of this ASU on the Corporations consolidated financial statements.
|
Note 5: Investment Securities: Mortgage Backed Securities Policy (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Mortgage Backed Securities Principal Payments Received | $ 905 | $ 1,100 |