[ ü ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended ......................................................................................... | March 31, 2013 |
[ ] | 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 [ ü ] | |
Non-accelerated filer [ ] | Smaller reporting company [ ] |
Title of class: | As of April 30, 2013 | |
Common stock, $ 0.01 par value, per share | 10,450,471 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 March 31, 2013 and June 30, 2012 | |||
Condensed Consolidated Statements of Operations | |||
for the Quarters and Nine Months Ended March 31, 2013 and 2012 | |||
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||
for the Quarters and Nine Months Ended March 31, 2013 and 2012 | |||
Condensed Consolidated Statements of Stockholders’ Equity | |||
for the Quarters and Nine Months Ended March 31, 2013 and 2012 | |||
Condensed Consolidated Statements of Cash Flows | |||
for the Nine Months Ended March 31, 2013 and 2012 | |||
Notes to Unaudited Interim Condensed Consolidated Financial Statements | |||
ITEM 2 - | Management’s Discussion and Analysis of Financial Condition and Results of Operations: | ||
General | |||
Safe-Harbor Statement | |||
Critical Accounting Policies | |||
Executive Summary and Operating Strategy | |||
Off-Balance Sheet Financing Arrangements and Contractual Obligations | |||
Comparison of Financial Condition at March 31, 2013 and June 30, 2012 | |||
Comparison of Operating Results | |||
for the Quarters and Nine Months Ended March 31, 2013 and 2012 | |||
Asset Quality | |||
Loan Volume Activities | |||
Liquidity and Capital Resources | |||
Commitments and Derivative Financial Instruments | |||
Supplemental Information | |||
ITEM 3 - | Quantitative and Qualitative Disclosures about Market Risk | ||
ITEM 4 - | Controls and Procedures | ||
PART II - | OTHER INFORMATION | ||
ITEM 1 - | Legal Proceedings | ||
ITEM 1A - | Risk Factors | ||
ITEM 2 - | Unregistered Sales of Equity Securities and Use of Proceeds | ||
ITEM 3 - | Defaults Upon Senior Securities | ||
ITEM 4 - | Mine Safety Disclosures | ||
ITEM 5 - | Other Information | ||
ITEM 6 - | Exhibits | ||
SIGNATURES |
March 31, 2013 | June 30, 2012 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 220,322 | $ | 145,136 | ||
Investment securities – available for sale, at fair value | 20,578 | 22,898 | ||||
Loans held for investment, net of allowance for loan losses of $16,826 and $21,483, respectively | 754,441 | 796,836 | ||||
Loans held for sale, at fair value | 169,571 | 231,639 | ||||
Accrued interest receivable | 2,963 | 3,277 | ||||
Real estate owned, net | 2,227 | 5,489 | ||||
Federal Home Loan Bank (“FHLB”) – San Francisco stock | 17,227 | 22,255 | ||||
Premises and equipment, net | 6,747 | 6,600 | ||||
Prepaid expenses and other assets | 27,407 | 26,787 | ||||
Total assets | $ | 1,221,483 | $ | 1,260,917 | ||
Liabilities and Stockholders’ Equity | ||||||
Liabilities: | ||||||
Non interest-bearing deposits | $ | 55,927 | $ | 55,688 | ||
Interest-bearing deposits | 879,173 | 905,723 | ||||
Total deposits | 935,100 | 961,411 | ||||
Borrowings | 106,505 | 126,546 | ||||
Accounts payable, accrued interest and other liabilities | 22,409 | 28,183 | ||||
Total liabilities | 1,064,014 | 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; 17,661,865 and 17,619,865 shares issued; 10,450,471 and 10,856,027 shares outstanding, respectively) | 177 | 176 | ||||
Additional paid-in capital | 87,547 | 86,758 | ||||
Retained earnings | 175,284 | 156,560 | ||||
Treasury stock at cost (7,211,394 and 6,763,838 shares, respectively) | (106,167 | ) | (99,343 | ) | ||
Accumulated other comprehensive income, net of tax | 628 | 626 | ||||
Total stockholders’ equity | 157,469 | 144,777 | ||||
Total liabilities and stockholders’ equity | $ | 1,221,483 | $ | 1,260,917 |
Quarter Ended March 31, | Nine Months Ended March 31, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Interest income: | ||||||||||||
Loans receivable, net | $ | 10,290 | $ | 12,205 | $ | 33,209 | $ | 38,215 | ||||
Investment securities | 105 | 126 | 329 | 407 | ||||||||
FHLB – San Francisco stock | 116 | 30 | 280 | 68 | ||||||||
Interest-earning deposits | 101 | 93 | 258 | 227 | ||||||||
Total interest income | 10,612 | 12,454 | 34,076 | 38,917 | ||||||||
Interest expense: | ||||||||||||
Checking and money market deposits | 97 | 147 | 307 | 523 | ||||||||
Savings deposits | 142 | 184 | 434 | 600 | ||||||||
Time deposits | 1,326 | 1,683 | 4,299 | 5,413 | ||||||||
Borrowings | 981 | 1,464 | 3,262 | 5,101 | ||||||||
Total interest expense | 2,546 | 3,478 | 8,302 | 11,637 | ||||||||
Net interest income, before (recovery) provision for loan losses | 8,066 | 8,976 | 25,774 | 27,280 | ||||||||
(Recovery) provision for loan losses | (517 | ) | 1,622 | 39 | 3,726 | |||||||
Net interest income, after (recovery) provision for loan losses | 8,583 | 7,354 | 25,735 | 23,554 | ||||||||
Non-interest income: | ||||||||||||
Loan servicing and other fees | 203 | 256 | 923 | 564 | ||||||||
Gain on sale of loans, net | 13,835 | 10,138 | 52,308 | 23,311 | ||||||||
Deposit account fees | 605 | 609 | 1,845 | 1,838 | ||||||||
Gain (loss) on sale and operations of real estate owned acquired in the settlement of loans, net | 218 | (215 | ) | 886 | (106 | ) | ||||||
Card and processing fees | 308 | 306 | 944 | 946 | ||||||||
Other | 219 | 215 | 676 | 617 | ||||||||
Total non-interest income | 15,388 | 11,309 | 57,582 | 27,170 | ||||||||
Non-interest expense: | ||||||||||||
Salaries and employee benefits | 11,519 | 10,349 | 37,375 | 27,583 | ||||||||
Premises and occupancy | 1,090 | 915 | 3,340 | 2,743 | ||||||||
Equipment | 482 | 357 | 1,345 | 1,081 | ||||||||
Professional expenses | 370 | 540 | 1,176 | 1,428 | ||||||||
Sales and marketing expenses | 513 | 315 | 1,349 | 692 | ||||||||
Deposit insurance premiums and regulatory assessments | 241 | 364 | 883 | 996 | ||||||||
Other | 1,514 | 1,757 | 4,356 | 4,851 | ||||||||
Total non-interest expense | 15,729 | 14,597 | 49,824 | 39,374 | ||||||||
Income before income taxes | 8,242 | 4,066 | 33,493 | 11,350 | ||||||||
Provision for income taxes | 3,372 | 1,734 | 12,953 | 4,846 | ||||||||
Net income | $ | 4,870 | $ | 2,332 | $ | 20,540 | $ | 6,504 | ||||
Basic earnings per share | $ | 0.46 | $ | 0.21 | $ | 1.93 | $ | 0.57 | ||||
Diluted earnings per share | $ | 0.45 | $ | 0.21 | $ | 1.89 | $ | 0.57 | ||||
Cash dividends per share | $ | 0.07 | $ | 0.04 | $ | 0.17 | $ | 0.10 |
For the Quarters Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net income | $ | 4,870 | $ | 2,332 | $ | 20,540 | $ | 6,504 | |||||
Change in unrealized holding gain (loss) on securities available for sale | 50 | 103 | 3 | (43 | ) | ||||||||
Reclassification of (gains) losses to net income | — | — | — | — | |||||||||
Other comprehensive income (loss), before income tax (benefit) expense | 50 | 103 | 3 | (43 | ) | ||||||||
Income tax (benefit) expense | (21 | ) | (43 | ) | (1 | ) | 18 | ||||||
Other comprehensive income (loss) | 29 | 60 | 2 | (25 | ) | ||||||||
Total comprehensive income | $ | 4,899 | $ | 2,392 | $ | 20,542 | $ | 6,479 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income, Net of Tax | ||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||
Balance at December 31, 2012 | 10,597,005 | $ | 176 | $ | 87,278 | $ | 171,155 | $ | (103,352 | ) | $ | 599 | $ | 155,856 | ||||||
Net income | 4,870 | 4,870 | ||||||||||||||||||
Other comprehensive income | 29 | 29 | ||||||||||||||||||
Purchase of treasury stock | (160,534 | ) | (2,815 | ) | (2,815 | ) | ||||||||||||||
Exercise of stock options | 14,000 | 1 | 98 | 99 | ||||||||||||||||
Amortization of restricted stock | 53 | 53 | ||||||||||||||||||
Stock options expense | 104 | 104 | ||||||||||||||||||
Tax benefit from non-qualified equity compensation | 14 | 14 | ||||||||||||||||||
Cash dividends | (741 | ) | (741 | ) | ||||||||||||||||
Balance at March 31, 2013 | 10,450,471 | $ | 177 | $ | 87,547 | $ | 175,284 | $ | (106,167 | ) | $ | 628 | $ | 157,469 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income, Net of Tax | ||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||
Balance at December 31, 2011 | 11,175,761 | $ | 176 | $ | 86,265 | $ | 150,808 | $ | (95,757 | ) | $ | 553 | $ | 142,045 | ||||||
Net income | 2,332 | 2,332 | ||||||||||||||||||
Other comprehensive income | 60 | 60 | ||||||||||||||||||
Purchase of treasury stock (1) | (181,989 | ) | (1,851 | ) | (1,851 | ) | ||||||||||||||
Exercise of stock options | 9,000 | 72 | 72 | |||||||||||||||||
Distribution of restricted stock | 11,200 | — | ||||||||||||||||||
Amortization of restricted stock | 138 | 138 | ||||||||||||||||||
Stock options expense | 146 | 146 | ||||||||||||||||||
Tax benefit from non-qualified equity compensation | — | — | ||||||||||||||||||
Cash dividends | (448 | ) | (448 | ) | ||||||||||||||||
Balance at March 31, 2012 | 11,013,972 | $ | 176 | $ | 86,621 | $ | 152,692 | $ | (97,608 | ) | $ | 613 | $ | 142,494 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income, Net of Tax | ||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||
Balance at June 30, 2012 | 10,856,027 | $ | 176 | $ | 86,758 | $ | 156,560 | $ | (99,343 | ) | $ | 626 | $ | 144,777 | ||||||
Net income | 20,540 | 20,540 | ||||||||||||||||||
Other comprehensive income | 2 | 2 | ||||||||||||||||||
Purchase of treasury stock | (448,356 | ) | (6,811 | ) | (6,811 | ) | ||||||||||||||
Exercise of stock options | 42,000 | 1 | 295 | 296 | ||||||||||||||||
Distribution of restricted stock | 800 | — | ||||||||||||||||||
Amortization of restricted stock | 158 | 158 | ||||||||||||||||||
Forfeitures of restricted stock | 13 | (13 | ) | — | ||||||||||||||||
Stock options expense | 238 | 238 | ||||||||||||||||||
Tax benefit from non-qualified equity compensation | 85 | 85 | ||||||||||||||||||
Cash dividends | (1,816 | ) | (1,816 | ) | ||||||||||||||||
Balance at March 31, 2013 | 10,450,471 | $ | 177 | $ | 87,547 | $ | 175,284 | $ | (106,167 | ) | $ | 628 | $ | 157,469 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||
Balance at June 30, 2011 | 11,418,654 | $ | 176 | $ | 85,432 | $ | 147,322 | $ | (92,650 | ) | $ | 638 | $ | 140,918 | ||||||
Net income | 6,504 | 6,504 | ||||||||||||||||||
Other comprehensive loss | (25 | ) | (25 | ) | ||||||||||||||||
Purchase of treasury stock (1) | (525,182 | ) | (4,958 | ) | (4,958 | ) | ||||||||||||||
Exercise of stock options | 9,000 | 72 | 72 | |||||||||||||||||
Distribution of restricted stock | 111,500 | — | ||||||||||||||||||
Amortization of restricted stock | 555 | 555 | ||||||||||||||||||
Forfeitures of restricted stock | — | — | — | |||||||||||||||||
Stock options expense | 562 | 562 | ||||||||||||||||||
Tax benefit from non-qualified equity compensation | — | — | ||||||||||||||||||
Cash dividends | (1,134 | ) | (1,134 | ) | ||||||||||||||||
Balance at March 31, 2012 | 11,013,972 | $ | 176 | $ | 86,621 | $ | 152,692 | $ | (97,608 | ) | $ | 613 | $ | 142,494 |
(1) | Includes the repurchase of 12,779 shares of distributed restricted stock. |
Nine Months Ended March 31, | ||||||
2013 | 2012 | |||||
Cash flows from operating activities: | ||||||
Net income | $ | 20,540 | $ | 6,504 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 1,261 | 1,122 | ||||
Provision for loan losses | 39 | 3,726 | ||||
Recovery of losses on real estate owned | (118 | ) | (580 | ) | ||
Gain on sale of loans, net | (52,308 | ) | (23,311 | ) | ||
(Gain) loss on sale of real estate owned, net | (1,067 | ) | 12 | |||
Stock-based compensation | 396 | 1,117 | ||||
Increase in current and deferred income taxes | (1,277 | ) | (292 | ) | ||
Tax benefit from non-qualified equity compensation | (85 | ) | — | |||
Increase in cash surrender value of the bank owned life insurance | (141 | ) | (142 | ) | ||
Increase in accounts payable and other liabilities | 1,613 | 2,220 | ||||
Decrease in prepaid expenses and other assets | 1,005 | 906 | ||||
Loans originated for sale | (2,659,372 | ) | (1,780,636 | ) | ||
Proceeds from sale of loans | 2,766,054 | 1,811,710 | ||||
Net cash provided by operating activities | 76,540 | 22,356 | ||||
Cash flows from investing activities: | ||||||
Decrease in loans held for investment, net | 34,871 | 39,101 | ||||
Principal payments from investment securities available for sale | 2,329 | 2,671 | ||||
Redemption of FHLB – San Francisco stock | 5,028 | 3,566 | ||||
Proceeds from sale of real estate owned | 11,910 | 15,769 | ||||
Purchase of premises and equipment | (894 | ) | (1,984 | ) | ||
Net cash provided by investing activities | 53,244 | 59,123 | ||||
Cash flows from financing activities: | ||||||
(Decrease) increase in deposits, net | (26,311 | ) | 29,036 | |||
Repayments of long-term borrowings | (20,041 | ) | (60,038 | ) | ||
Exercise of stock options | 296 | 72 | ||||
Tax benefit from non-qualified equity compensation | 85 | — | ||||
Cash dividends | (1,816 | ) | (1,134 | ) | ||
Treasury stock purchases | (6,811 | ) | (4,958 | ) | ||
Net cash used for financing activities | (54,598 | ) | (37,022 | ) | ||
Net increase in cash and cash equivalents | 75,186 | 44,457 | ||||
Cash and cash equivalents at beginning of period | 145,136 | 142,550 | ||||
Cash and cash equivalents at end of period | $ | 220,322 | $ | 187,007 | ||
Supplemental information: | ||||||
Cash paid for interest | $ | 8,442 | $ | 11,987 | ||
Cash paid for income taxes | $ | 14,145 | $ | 5,110 | ||
Transfer of loans held for sale to held for investment | $ | 3,527 | $ | 1,545 | ||
Real estate acquired in the settlement of loans | $ | 9,250 | $ | 19,327 |
(In Thousands, Except Earnings Per Share) | For the Quarter Ended March 31, | For the Nine Months Ended March 31, | ||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Numerator: | ||||||||||||
Net income – numerator for basic earnings per share and diluted earnings per share - available to common stockholders | $ | 4,870 | $ | 2,332 | $ | 20,540 | $ | 6,504 | ||||
Denominator: | ||||||||||||
Denominator for basic earnings per share: | ||||||||||||
Weighted-average shares | 10,549 | 11,130 | 10,668 | 11,318 | ||||||||
Effect of dilutive securities | 259 | 64 | 218 | 47 | ||||||||
Denominator for diluted earnings per share: | ||||||||||||
Adjusted weighted-average shares and assumed conversions | 10,808 | 11,194 | 10,886 | 11,365 | ||||||||
Basic earnings per share | $ | 0.46 | $ | 0.21 | $ | 1.93 | $ | 0.57 | ||||
Diluted earnings per share | $ | 0.45 | $ | 0.21 | $ | 1.89 | $ | 0.57 |
For the Quarter Ended March 31, 2013 | |||||||||
Provident Bank | Provident Bank Mortgage | Consolidated Totals | |||||||
Net interest income, before (recovery) provision for loan losses | $ | 6,911 | $ | 1,155 | $ | 8,066 | |||
(Recovery) provision for loan losses | (533 | ) | 16 | (517 | ) | ||||
Net interest income, after (recovery) provision for loan losses | 7,444 | 1,139 | 8,583 | ||||||
Non-interest income: | |||||||||
Loan servicing and other fees (1) | 163 | 40 | 203 | ||||||
(Loss) gain on sale of loans, net (2) | (77 | ) | 13,912 | 13,835 | |||||
Deposit account fees | 605 | — | 605 | ||||||
Gain on sale and operations of real estate owned acquired in the settlement of loans, net | 11 | 207 | 218 | ||||||
Card and processing fees | 308 | — | 308 | ||||||
Other | 219 | — | 219 | ||||||
Total non-interest income | 1,229 | 14,159 | 15,388 | ||||||
Non-interest expense: | |||||||||
Salaries and employee benefits | 4,178 | 7,341 | 11,519 | ||||||
Premises and occupancy | 673 | 417 | 1,090 | ||||||
Operating and administrative expenses | 1,149 | 1,971 | 3,120 | ||||||
Total non-interest expense | 6,000 | 9,729 | 15,729 | ||||||
Income before income taxes | 2,673 | 5,569 | 8,242 | ||||||
Provision for income taxes | 1,030 | 2,342 | 3,372 | ||||||
Net income | $ | 1,643 | $ | 3,227 | $ | 4,870 | |||
Total assets, end of period | $ | 1,054,837 | $ | 166,646 | $ | 1,221,483 |
(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 $21 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 March 31, 2012 | |||||||||
Provident Bank | Provident Bank Mortgage | Consolidated Totals | |||||||
Net interest income, before provision (recovery) for loan losses | $ | 7,505 | $ | 1,471 | $ | 8,976 | |||
Provision (recovery) for loan losses | 1,763 | (141 | ) | 1,622 | |||||
Net interest income after provision (recovery) for loan losses | 5,742 | 1,612 | 7,354 | ||||||
Non-interest income: | |||||||||
Loan servicing and other fees (1) | 196 | 60 | 256 | ||||||
(Loss) gain on sale of loans, net (2) | (412 | ) | 10,550 | 10,138 | |||||
Deposit account fees | 609 | — | 609 | ||||||
Loss on sale and operations of real estate owned acquired in the settlement of loans, net | (215 | ) | — | (215 | ) | ||||
Card and processing fees | 306 | — | 306 | ||||||
Other | 215 | — | 215 | ||||||
Total non-interest income | 699 | 10,610 | 11,309 | ||||||
Non-interest expense: | |||||||||
Salaries and employee benefits | 4,155 | 6,194 | 10,349 | ||||||
Premises and occupancy | 557 | 358 | 915 | ||||||
Operating and administrative expenses | 1,456 | 1,877 | 3,333 | ||||||
Total non-interest expense | 6,168 | 8,429 | 14,597 | ||||||
Income before income taxes | 273 | 3,793 | 4,066 | ||||||
Provision for income taxes | 139 | 1,595 | 1,734 | ||||||
Net income | $ | 134 | $ | 2,198 | $ | 2,332 | |||
Total assets, end of period | $ | 1,105,848 | $ | 180,290 | $ | 1,286,138 |
(1) | Includes an inter-company charge of $1 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 $22 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 Nine Months Ended March 31, 2013 | |||||||||
Provident Bank | Provident Bank Mortgage | Consolidated Totals | |||||||
Net interest income, before provision (recovery) for loan losses | $ | 21,388 | $ | 4,386 | $ | 25,774 | |||
Provision (recovery) for loan losses | 287 | (248 | ) | 39 | |||||
Net interest income, after provision (recovery) for loan losses | 21,101 | 4,634 | 25,735 | ||||||
Non-interest income: | |||||||||
Loan servicing and other fees (1) | 813 | 110 | 923 | ||||||
(Loss) gain on sale of loans, net (2) | (85 | ) | 52,393 | 52,308 | |||||
Deposit account fees | 1,845 | — | 1,845 | ||||||
Gain on sale and operations of real estate owned acquired in the settlement of loans, net | 672 | 214 | 886 | ||||||
Card and processing fees | 944 | — | 944 | ||||||
Other | 676 | — | 676 | ||||||
Total non-interest income | 4,865 | 52,717 | 57,582 | ||||||
Non-interest expense: | |||||||||
Salaries and employee benefits | 13,174 | 24,201 | 37,375 | ||||||
Premises and occupancy | 2,081 | 1,259 | 3,340 | ||||||
Operating and administrative expenses | 3,429 | 5,680 | 9,109 | ||||||
Total non-interest expense | 18,684 | 31,140 | 49,824 | ||||||
Income before taxes | 7,282 | 26,211 | 33,493 | ||||||
Provision for income taxes | 1,932 | 11,021 | 12,953 | ||||||
Net income | $ | 5,350 | $ | 15,190 | $ | 20,540 | |||
Total assets, end of period | $ | 1,054,837 | $ | 166,646 | $ | 1,221,483 |
(1) | Includes an inter-company charge of $38 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 $87 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 Nine Months Ended March 31, 2012 | |||||||||
Provident Bank | Provident Bank Mortgage | Consolidated Totals | |||||||
Net interest income, before provision for loan losses | $ | 22,703 | $ | 4,577 | $ | 27,280 | |||
Provision for loan losses | 3,554 | 172 | 3,726 | ||||||
Net interest income, after provision for loan losses | 19,149 | 4,405 | 23,554 | ||||||
Non-interest income: | |||||||||
Loan servicing and other fees (1) | 475 | 89 | 564 | ||||||
(Loss) gain on sale of loans, net (2) | (1,031 | ) | 24,342 | 23,311 | |||||
Deposit account fees | 1,838 | — | 1,838 | ||||||
(Loss) gain on sale and operations of real estate owned acquired in the settlement of loans, net | (178 | ) | 72 | (106 | ) | ||||
Card and processing fees | 946 | — | 946 | ||||||
Other | 617 | — | 617 | ||||||
Total non-interest income | 2,667 | 24,503 | 27,170 | ||||||
Non-interest expense: | |||||||||
Salaries and employee benefits | 11,608 | 15,975 | 27,583 | ||||||
Premises and occupancy | 1,830 | 913 | 2,743 | ||||||
Operating and administrative expenses | 3,813 | 5,235 | 9,048 | ||||||
Total non-interest expense | 17,251 | 22,123 | 39,374 | ||||||
Income before taxes | 4,565 | 6,785 | 11,350 | ||||||
Provision for income taxes | 1,993 | 2,853 | 4,846 | ||||||
Net income | $ | 2,572 | $ | 3,932 | $ | 6,504 | |||
Total assets, end of period | $ | 1,105,848 | $ | 180,290 | $ | 1,286,138 |
(1) | Includes an inter-company charge of $1 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 $81 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis. |
March 31, 2013 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Estimated Fair Value | Carrying Value | ||||||||||
(In Thousands) | |||||||||||||||
Available for sale | |||||||||||||||
U.S. government agency MBS (1) | $ | 10,870 | $ | 517 | $ | — | $ | 11,387 | $ | 11,387 | |||||
U.S. government sponsored enterprise MBS | 7,644 | 450 | — | 8,094 | 8,094 | ||||||||||
Private issue CMO (2) | 1,104 | — | (7 | ) | 1,097 | 1,097 | |||||||||
Total investment securities | $ | 19,618 | $ | 967 | $ | (7 | ) | $ | 20,578 | $ | 20,578 |
(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 |
March 31, 2013 | June 30, 2012 | ||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||
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 | 19,618 | 20,578 | 21,947 | 22,898 | |||||||||
Total investment securities | $ | 19,618 | $ | 20,578 | $ | 21,947 | $ | 22,898 |
March 31, 2013 | June 30, 2012 | |||||
Mortgage loans: | ||||||
Single-family | $ | 415,616 | $ | 439,024 | ||
Multi-family | 256,640 | 278,057 | ||||
Commercial real estate | 94,779 | 95,302 | ||||
Other | — | 755 | ||||
Commercial business loans | 1,859 | 2,580 | ||||
Consumer loans | 448 | 506 | ||||
Total loans held for investment, gross | 769,342 | 816,224 | ||||
Deferred loan costs, net | 1,925 | 2,095 | ||||
Allowance for loan losses | (16,826 | ) | (21,483 | ) | ||
Total loans held for investment, net | $ | 754,441 | $ | 796,836 |
Adjustable Rate | ||||||||||||||||||
(In Thousands) | Within One Year | After One Year Through 3 Years | After 3 Years Through 5 Years | After 5 Years Through 10 Years | Fixed Rate | Total | ||||||||||||
Mortgage loans: | ||||||||||||||||||
Single-family | $ | 376,586 | $ | 15,980 | $ | 7,665 | $ | 1,828 | $ | 13,557 | $ | 415,616 | ||||||
Multi-family | 153,313 | 11,460 | 73,486 | 6,811 | 11,570 | 256,640 | ||||||||||||
Commercial real estate | 47,063 | 2,445 | 29,937 | 781 | 14,553 | 94,779 | ||||||||||||
Commercial business loans | 884 | — | — | — | 975 | 1,859 | ||||||||||||
Consumer loans | 430 | — | — | — | 18 | 448 | ||||||||||||
Total loans held for investment, gross | $ | 578,276 | $ | 29,885 | $ | 111,088 | $ | 9,420 | $ | 40,673 | $ | 769,342 |
(In Thousands) | March 31, 2013 | June 30, 2012 | ||||
Collectively evaluated for impairment: | ||||||
Mortgage loans: | ||||||
Single-family | $ | 11,319 | $ | 15,189 | ||
Multi-family | 3,834 | 3,524 | ||||
Commercial real estate | 1,325 | 1,810 | ||||
Other | — | 7 | ||||
Commercial business loans | 96 | 169 | ||||
Consumer loans | 12 | 13 | ||||
Total collectively evaluated allowance | 16,586 | 20,712 | ||||
Individually evaluated for impairment: | ||||||
Mortgage loans: | ||||||
Single-family | 233 | 744 | ||||
Multi-family | — | 27 | ||||
Commercial business loans | 7 | — | ||||
Total individually evaluated allowance | 240 | 771 | ||||
Total loan loss allowance | $ | 16,826 | $ | 21,483 |
For the Quarter Ended March 31, | For the Nine Months Ended March 31, | |||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||
Allowance at beginning of period | $ | 18,530 | $ | 26,901 | $ | 21,483 | $ | 30,482 | ||||
(Recovery) provision for loan losses | (517 | ) | 1,622 | 39 | 3,726 | |||||||
Recoveries: | ||||||||||||
Mortgage loans: | ||||||||||||
Single-family | 374 | 33 | 537 | 337 | ||||||||
Construction | — | 28 | — | 28 | ||||||||
Consumer loans | — | — | 2 | — | ||||||||
Total recoveries | 374 | 61 | 539 | 365 | ||||||||
Charge-offs: | ||||||||||||
Mortgage loans: | ||||||||||||
Single-family | (1,139 | ) | (3,081 | ) | (4,810 | ) | (9,043 | ) | ||||
Multi-family | — | (534 | ) | — | (534 | ) | ||||||
Commercial real estate | (260 | ) | (49 | ) | (260 | ) | (49 | ) | ||||
Other | (159 | ) | (400 | ) | (159 | ) | (400 | ) | ||||
Commercial business loans | — | (256 | ) | — | (256 | ) | ||||||
Consumer loans | (3 | ) | (4 | ) | (6 | ) | (31 | ) | ||||
Total charge-offs | (1,561 | ) | (4,324 | ) | (5,235 | ) | (10,313 | ) | ||||
Net charge-offs | (1,187 | ) | (4,263 | ) | (4,696 | ) | (9,948 | ) | ||||
Balance at end of period | $ | 16,826 | $ | 24,260 | $ | 16,826 | $ | 24,260 | ||||
Allowance for loan losses as a percentage of gross loans held for investment | 2.18 | % | 2.86 | % | 2.18 | % | 2.86 | % | ||||
Net charge-offs as a percentage of average loans outstanding during the period (annualized) | 0.49 | % | 1.64 | % | 0.62 | % | 1.23 | % | ||||
Allowance for loan losses as a percentage of gross non- performing loans at the end of the period | 73.01 | % | 57.34 | % | 73.01 | % | 57.34 | % |
(In Thousands) | March 31, 2013 | ||||||||
Recorded Investment | Allowance for Loan Losses (1) | Net Investment | |||||||
Mortgage loans: | |||||||||
Single-family: | |||||||||
With a related allowance | $ | 8,770 | $ | (2,044 | ) | $ | 6,726 | ||
Without a related allowance (2) | 8,428 | — | 8,428 | ||||||
Total single-family loans | 17,198 | (2,044 | ) | 15,154 | |||||
Multi-family: | |||||||||
With a related allowance | 2,211 | (552 | ) | 1,659 | |||||
Total multi-family loans | 2,211 | (552 | ) | 1,659 | |||||
Commercial real estate: | |||||||||
With a related allowance | 1,424 | (214 | ) | 1,210 | |||||
Without a related allowance (2) | 1,975 | — | 1,975 | ||||||
Total commercial real estate loans | 3,399 | (214 | ) | 3,185 | |||||
Commercial business loans: | |||||||||
With a related allowance | 237 | (40 | ) | 197 | |||||
Total commercial business loans | 237 | (40 | ) | 197 | |||||
Total non-performing loans | $ | 23,045 | $ | (2,850 | ) | $ | 20,195 |
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. |
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance. |
(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 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 | $ | 1,811 | $ | 3,650 | $ | 3,094 | $ | 6,599 | $ | 15,154 | |||||
Multi-family | 383 | — | 900 | 376 | 1,659 | ||||||||||
Commercial real estate | — | 213 | 2,493 | 479 | 3,185 | ||||||||||
Commercial business loans | 28 | — | — | 169 | 197 | ||||||||||
Total | $ | 2,222 | $ | 3,863 | $ | 6,487 | $ | 7,623 | $ | 20,195 |
(In Thousands) | March 31, 2013 | June 30, 2012 | ||||
Restructured loans on non-accrual status: | ||||||
Mortgage loans: | ||||||
Single-family | $ | 5,850 | $ | 11,995 | ||
Multi-family | 759 | 490 | ||||
Commercial real estate | 1,227 | 2,483 | ||||
Other | — | 522 | ||||
Commercial business loans | 163 | 165 | ||||
Total | 7,999 | 15,655 | ||||
Restructured loans on accrual status: | ||||||
Mortgage loans: | ||||||
Single-family | 2,575 | 6,148 | ||||
Multi-family | 2,755 | 3,266 | ||||
Commercial business loans | — | 33 | ||||
Total | 5,330 | 9,447 | ||||
Total restructured loans | $ | 13,329 | $ | 25,102 |
(In Thousands) | March 31, 2013 | ||||||||
Recorded Investment | Allowance for Loan Losses (1) | Net Investment | |||||||
Mortgage loans: | |||||||||
Single-family: | |||||||||
With a related allowance | $ | 3,500 | $ | (526 | ) | $ | 2,974 | ||
Without a related allowance (2) | 5,451 | — | 5,451 | ||||||
Total single-family loans | 8,951 | (526 | ) | 8,425 | |||||
Multi-family: | |||||||||
With a related allowance | 1,012 | (253 | ) | 759 | |||||
Without a related allowance (2) | 2,755 | — | 2,755 | ||||||
Total multi-family loans | 3,767 | (253 | ) | 3,514 | |||||
Commercial real estate: | |||||||||
With a related allowance | 880 | (132 | ) | 748 | |||||
Without a related allowance (2) | 479 | — | 479 | ||||||
Total commercial real estate loans | 1,359 | (132 | ) | 1,227 | |||||
Commercial business loans: | |||||||||
With a related allowance | 187 | (24 | ) | 163 | |||||
Total commercial business loans | 187 | (24 | ) | 163 | |||||
Total restructured loans | $ | 14,264 | $ | (935 | ) | $ | 13,329 |
(1) | Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan. |
(2) | There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance. |
(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 or the fair value of the collateral is higher than the loan balance. |
Commitments | March 31, 2013 | June 30, 2012 | ||||
(In Thousands) | ||||||
Undisbursed lines of credit – Mortgage loans | $ | 849 | $ | 1,028 | ||
Undisbursed lines of credit – Commercial business loans | 1,239 | 1,340 | ||||
Undisbursed lines of credit – Consumer loans | 779 | 863 | ||||
Commitments to extend credit on loans to be held for investment | 2,033 | 1,720 | ||||
Total | $ | 4,900 | $ | 4,951 |
For the Quarters Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Balance, beginning of the period | $ | 63 | $ | 72 | $ | 66 | $ | 94 | |||||
Provision (recovery) | 24 | (1 | ) | 21 | (23 | ) | |||||||
Balance, end of the period | $ | 87 | $ | 71 | $ | 87 | $ | 71 |
For the Quarters Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||
Derivative Financial Instruments | 2013 | 2012 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||||
Commitments to extend credit on loans to be held for sale | $ | 181 | $ | 288 | $ | (562 | ) | $ | 1,768 | ||||
Mandatory loan sale commitments and TBA MBS trades | (463 | ) | 2,056 | 521 | (441 | ) | |||||||
Option contracts | (51 | ) | — | (492 | ) | (289 | ) | ||||||
Total | $ | (333 | ) | $ | 2,344 | $ | (533 | ) | $ | 1,038 |
March 31, 2013 | June 30, 2012 | ||||||||||||
Derivative Financial Instruments | Amount | Fair Value | Amount | Fair Value | |||||||||
(In Thousands) | |||||||||||||
Commitments to extend credit on loans to be held for sale (1) | $ | 211,754 | $ | 3,419 | $ | 220,357 | $ | 3,981 | |||||
Best efforts loan sale commitments | (32,211 | ) | — | (30,498 | ) | — | |||||||
Mandatory loan sale commitments and TBA MBS trades | (326,274 | ) | (795 | ) | (408,636 | ) | (1,316 | ) | |||||
Option contracts | (20,000 | ) | 72 | (15,000 | ) | 36 | |||||||
Total | $ | (166,731 | ) | $ | 2,696 | $ | (233,777 | ) | $ | 2,701 |
(1) | Net of 25.3% percent at March 31, 2013 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 March 31, 2013: | |||||||||
Loans held for sale, measured at fair value | $ | 169,571 | $ | 164,000 | $ | 5,571 | |||
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 March 31, 2013 Using: | ||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets: | ||||||||||||
Investment securities: | ||||||||||||
U.S. government agency MBS | $ | — | $ | 11,387 | $ | — | $ | 11,387 | ||||
U.S. government sponsored enterprise MBS | — | 8,094 | — | 8,094 | ||||||||
Private issue CMO | — | — | 1,097 | 1,097 | ||||||||
Investment securities | — | 19,481 | 1,097 | 20,578 | ||||||||
Loans held for sale, at fair value | — | 169,571 | — | 169,571 | ||||||||
Interest-only strips | — | — | 125 | 125 | ||||||||
Derivative assets: | ||||||||||||
Commitments to extend credit on loans to be held for sale | — | — | 3,434 | 3,434 | ||||||||
Mandatory loan sale commitments | — | — | 18 | 18 | ||||||||
TBA MBS trades | — | 43 | — | 43 | ||||||||
Option contracts | — | — | 72 | 72 | ||||||||
Derivative assets | — | 43 | 3,524 | 3,567 | ||||||||
Total assets | $ | — | $ | 189,095 | $ | 4,746 | $ | 193,841 | ||||
Liabilities: | ||||||||||||
Derivative liabilities: | ||||||||||||
Commitments to extend credit on loans to be held for sale | $ | — | $ | — | $ | 15 | $ | 15 | ||||
Mandatory loan sale commitments | — | — | 18 | 18 | ||||||||
TBA MBS trades | — | 838 | — | 838 | ||||||||
Derivative liabilities | — | 838 | 33 | 871 | ||||||||
Total liabilities | $ | — | $ | 838 | $ | 33 | $ | 871 |
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 December 31, 2012 | $ | 1,156 | $ | 130 | $ | 3,238 | $ | (71 | ) | $ | 47 | $ | 4,500 | |||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||
Included in earnings | — | — | (3,238 | ) | 71 | (47 | ) | (3,214 | ) | |||||||||
Included in other comprehensive loss | — | (5 | ) | — | — | — | (5 | ) | ||||||||||
Purchases | — | — | — | — | 72 | 72 | ||||||||||||
Issuances | — | — | 3,419 | — | — | 3,419 | ||||||||||||
Settlements | (59 | ) | — | — | — | — | (59 | ) | ||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||
Ending balance at March 31, 2013 | $ | 1,097 | $ | 125 | $ | 3,419 | $ | — | $ | 72 | $ | 4,713 |
(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 December 31, 2011 | $ | 1,244 | $ | 156 | $ | 2,118 | $ | (2 | ) | $ | — | $ | 3,516 | |||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||
Included in earnings | — | — | (2,118 | ) | 2 | — | (2,116 | ) | ||||||||||
Included in other comprehensive loss | 73 | (21 | ) | — | — | — | 52 | |||||||||||
Purchases | — | — | — | 165 | — | 165 | ||||||||||||
Issuances | — | — | 2,406 | — | — | 2,406 | ||||||||||||
Settlements | (26 | ) | — | — | — | — | (26 | ) | ||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||
Ending balance at March 31, 2012 | $ | 1,291 | $ | 135 | $ | 2,406 | $ | 165 | $ | — | $ | 3,997 |
(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 June 30, 2012 | $ | 1,242 | $ | 130 | $ | 3,981 | $ | (163 | ) | $ | 36 | $ | 5,226 | |||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||
Included in earnings | — | — | (15,589 | ) | 1,348 | (148 | ) | (14,389 | ) | |||||||||
Included in other comprehensive loss | (6 | ) | (5 | ) | — | — | — | (11 | ) | |||||||||
Purchases | — | — | — | (1,185 | ) | 184 | (1,001 | ) | ||||||||||
Issuances | — | — | 15,027 | — | — | 15,027 | ||||||||||||
Settlements | (139 | ) | — | — | — | — | (139 | ) | ||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||
Ending balance at March 31, 2013 | $ | 1,097 | $ | 125 | $ | 3,419 | $ | — | $ | 72 | $ | 4,713 |
(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 June 30, 2011 | $ | 1,367 | $ | 200 | $ | 638 | $ | 403 | $ | 99 | $ | 2,707 | ||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||
Included in earnings | — | — | (6,219 | ) | (271 | ) | (241 | ) | (6,731 | ) | ||||||||
Included in other comprehensive loss | 32 | (65 | ) | — | — | — | (33 | ) | ||||||||||
Purchases | — | — | — | 33 | 142 | 175 | ||||||||||||
Issuances | — | — | 7,987 | — | — | 7,987 | ||||||||||||
Settlements | (108 | ) | — | — | — | — | (108 | ) | ||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||
Ending balance at March 31, 2012 | $ | 1,291 | $ | 135 | $ | 2,406 | $ | 165 | $ | — | $ | 3,997 |
(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 March 31, 2013 Using: | ||||||||||||
(In Thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||
Non-performing loans | $ | — | $ | 10,801 | $ | 9,394 | $ | 20,195 | ||||
Mortgage servicing assets | — | — | 263 | 263 | ||||||||
Real estate owned, net | — | 2,227 | — | 2,227 | ||||||||
Total | $ | — | $ | 13,028 | $ | 9,657 | $ | 22,685 |
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 | — | 5,976 | — | 5,976 | ||||||||
Total | $ | — | $ | 16,311 | $ | 25,233 | $ | 41,544 |
Fair Value As of March 31, 2013 | 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 | $ | 1,097 | Discounted cash flow | Probability of default Loss severity Prepayment speed | 0.6% – 1.4% (0.8%) 35.8% - 37.6% (37.3%) 4.2% – 13.7% (7.1%) | Decrease Decrease Decrease | |
Non-performing loans | $ | 1,935 | Discounted cash flow | Default rates Loss severity | 23.8% 6.1% | Decrease Decrease | |
Non-performing loans | $ | 7,459 | Relative value analysis | Default rates Loss severity | 17.7% 3.5% | Decrease Decrease | |
MSA | $ | 263 | Discounted cash flow | Prepayment speed (CPR) Discount rate | 2.4% - 60.0% (23.5%) 9.0% - 10.5% (9.1%) | Decrease Decrease | |
Interest-only strips | $ | 125 | Discounted cash flow | Prepayment speed (CPR) Discount rate | 0.0% - 27.0% (15.1%) 9.0% | Decrease Decrease | |
Commitments to extend credit on loans to be held for sale | $ | 3,434 | Relative value analysis | TBA-MBS broker quotes Fall-out ratio (3) | 97.6% – 105.2% (101.9%) of par 17.7% - 26.0% (25.3%) | Decrease Decrease | |
Mandatory loan sale commitments | $ | 18 | Relative value analysis | Investor quotes TBA-MBS broker quotes Roll-forward costs (4) | 104.1% – 106.6% (104.7%) of par 101.5% of par 0.00% | Decrease Decrease Decrease | |
Option contracts | $ | 72 | Relative value analysis | Broker quotes | 102.9% – 103.2% (103.0%) of par | Increase | |
Liabilities: | |||||||
Commitments to extend credit on loans to be held for sale | $ | 15 | Relative value analysis | TBA-MBS broker quotes Fall-out ratio (3) | 100.0% – 102.5% (100.9%) of par 17.7% - 26.0% (25.3%) | Decrease Decrease | |
Mandatory loan sale commitments | $ | 18 | Relative value analysis | Investor quotes | 102.9% – 106.6% (105.0%) of par | 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. |
March 31, 2013 | ||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||
Financial assets: | ||||||||||||||
Loans held for investment, net | $ | 754,441 | $ | 752,582 | — | — | $ | 752,582 | ||||||
FHLB – San Francisco stock | $ | 17,227 | $ | 17,227 | — | $ | 17,227 | — | ||||||
Financial liabilities: | ||||||||||||||
Deposits | $ | 935,100 | $ | 917,894 | — | — | $ | 917,894 | ||||||
Borrowings | $ | 106,505 | $ | 113,361 | — | — | $ | 113,361 |
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 December 31, 2012 | 725,800 | $12.60 | |||
Granted | — | $— | |||
Exercised | (14,000 | ) | $7.03 | ||
Forfeited | — | $— | |||
Outstanding at March 31, 2013 | 711,800 | $12.71 | 6.68 | $5,025 | |
Vested and expected to vest at March 31, 2013 | 630,000 | $13.34 | 6.47 | $4,277 | |
Exercisable at March 31, 2013 | 302,350 | $19.24 | 4.50 | $1,287 |
Options | Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($000) | |
Outstanding at June 30, 2012 | 757,800 | $12.13 | |||
Granted | 20,000 | $16.47 | |||
Exercised | (42,000 | ) | $7.03 | ||
Forfeited | (24,000 | ) | $7.41 | ||
Outstanding at March 31, 2013 | 711,800 | $12.71 | 6.68 | $5,025 | |
Vested and expected to vest at March 31, 2013 | 630,000 | $13.34 | 6.47 | $4,277 | |
Exercisable at March 31, 2013 | 302,350 | $19.24 | 4.50 | $1,287 |
Unvested Shares | Shares | Weighted-Average Award Date Fair Value | |
Unvested at December 31, 2012 | 144,500 | $7.07 | |
Granted | — | $— | |
Vested | — | $— | |
Forfeited | — | $— | |
Unvested at March 31, 2013 | 144,500 | $7.07 | |
Expected to vest at March 31, 2013 | 115,600 | $7.07 |
Unvested Shares | Shares | Weighted-Average Award Date Fair Value | |
Unvested at June 30, 2012 | 146,800 | $7.13 | |
Granted | — | $— | |
Vested | (800 | ) | $18.09 |
Forfeited | (1,500 | ) | $7.07 |
Unvested at March 31, 2013 | 144,500 | $7.07 | |
Expected to vest at March 31, 2013 | 115,600 | $7.07 |
Options | Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($000) | |
Outstanding at December 31, 2012 | 412,700 | $24.30 | |||
Granted | — | $— | |||
Exercised | — | $— | |||
Forfeited | — | $— | |||
Outstanding at March 31, 2013 | 412,700 | $24.30 | 1.76 | $— | |
Vested and expected to vest at March 31, 2013 | 412,700 | $24.30 | 1.76 | $— | |
Exercisable at March 31, 2013 | 412,700 | $24.30 | 1.76 | $— |
Options | Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value ($000) | |
Outstanding at June 30, 2012 | 420,200 | $24.11 | |||
Granted | — | $— | |||
Exercised | — | $— | |||
Forfeited | (7,500 | ) | $13.67 | ||
Outstanding at March 31, 2013 | 412,700 | $24.30 | 1.76 | $— | |
Vested and expected to vest at March 31, 2013 | 412,700 | $24.30 | 1.76 | $— | |
Exercisable at March 31, 2013 | 412,700 | $24.30 | 1.76 | $— |
Unrealized Gain and Losses on Available-for-sale Securities | Total | |||||
Beginning balance at December 31, 2013 | $ | 599 | $ | 599 | ||
Other comprehensive income before reclassifications | 29 | 29 | ||||
Amount reclassified from accumulated other comprehensive income | — | — | ||||
Net other comprehensive income | 29 | 29 | ||||
Ending balance at March 31, 2013 | $ | 628 | $ | 628 |
Unrealized Gain and Losses on Available-for-sale Securities | Total | |||||
Beginning balance at June 30, 2012 | $ | 626 | $ | 626 | ||
Other comprehensive income before reclassifications | 2 | 2 | ||||
Amount reclassified from accumulated other comprehensive income | — | — | ||||
Net other comprehensive income | 2 | 2 | ||||
Ending balance at March 31, 2013 | $ | 628 | $ | 628 |
a) | A reduction in the stated interest rate. |
b) | An extension of the maturity at an interest rate below market. |
c) | A reduction in the accrued interest. |
d) | Extensions, deferrals, renewals and rewrites. |
Payments Due by Period | |||||||||||||||
Less than 1 year | 1 to less than 3 years | 3 to 5 years | Over 5 years | Total | |||||||||||
Operating obligations | $ | 1,579 | $ | 2,142 | $ | 1,419 | $ | 509 | $ | 5,649 | |||||
Pension benefits | — | 220 | 439 | 7,336 | 7,995 | ||||||||||
Time deposits | 257,169 | 140,843 | 20,510 | 1,639 | 420,161 | ||||||||||
FHLB – San Francisco advances | 57,417 | 12,666 | 12,686 | 34,008 | 116,777 | ||||||||||
FHLB – San Francisco letter of credit | 7,500 | — | — | — | 7,500 | ||||||||||
FHLB – San Francisco MPF credit enhancement (1) | 2,548 | — | — | — | 2,548 | ||||||||||
Total | $ | 326,213 | $ | 155,871 | $ | 35,054 | $ | 43,492 | $ | 560,630 |
(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 March 31, 2013, the Bank serviced $56.3 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 | $ | 123,833 | 30 | % | $ | 226,958 | 54 | % | $ | 61,252 | 15 | % | $ | 3,573 | 1 | % | $ | 415,616 | 100 | % | |||||
Multi-family | 42,500 | 17 | % | 157,119 | 61 | % | 53,555 | 21 | % | 3,466 | 1 | % | 256,640 | 100 | % | ||||||||||
Commercial real estate | 52,037 | 55 | % | 40,008 | 42 | % | 2,734 | 3 | % | — | — | % | 94,779 | 100 | % | ||||||||||
Total | $ | 218,370 | 29 | % | $ | 424,085 | 55 | % | $ | 117,541 | 15 | % | $ | 7,039 | 1 | % | $ | 767,035 | 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 March 31, 2013 | Quarter Ended March 31, 2012 | ||||||||||||||||
Average Balance | Interest | Yield/ Cost | Average Balance | Interest | Yield/ Cost | ||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans receivable, net (1) | $ | 964,154 | $ | 10,290 | 4.27 | % | $ | 1,037,449 | $ | 12,205 | 4.71 | % | |||||
Investment securities | 20,838 | 105 | 2.02 | % | 23,803 | 126 | 2.12 | % | |||||||||
FHLB – San Francisco stock | 19,020 | 116 | 2.44 | % | 24,378 | 30 | 0.49 | % | |||||||||
Interest-earning deposits | 163,911 | 101 | 0.25 | % | 149,459 | 93 | 0.25 | % | |||||||||
Total interest-earning assets | 1,167,923 | 10,612 | 3.63 | % | 1,235,089 | 12,454 | 4.03 | % | |||||||||
Non interest-earning assets | 56,209 | 47,013 | |||||||||||||||
Total assets | $ | 1,224,132 | $ | 1,282,102 | |||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Checking and money market accounts (2) | $ | 288,151 | 97 | 0.14 | % | $ | 283,344 | 147 | 0.21 | % | |||||||
Savings accounts | 226,606 | 142 | 0.25 | % | 218,128 | 184 | 0.34 | % | |||||||||
Time deposits | 416,958 | 1,326 | 1.29 | % | 458,563 | 1,683 | 1.48 | % | |||||||||
Total deposits | 931,715 | 1,565 | 0.68 | % | 960,035 | 2,014 | 0.84 | % | |||||||||
Borrowings | 110,733 | 981 | 3.59 | % | 157,389 | 1,464 | 3.74 | % | |||||||||
Total interest-bearing liabilities | 1,042,448 | 2,546 | 0.99 | % | 1,117,424 | 3,478 | 1.25 | % | |||||||||
Non interest-bearing liabilities | 25,632 | 21,955 | |||||||||||||||
Total liabilities | 1,068,080 | 1,139,379 | |||||||||||||||
Stockholders’ equity | 156,052 | 142,723 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,224,132 | $ | 1,282,102 | |||||||||||||
Net interest income | $ | 8,066 | $ | 8,976 | |||||||||||||
Interest rate spread (3) | 2.64 | % | 2.78 | % | |||||||||||||
Net interest margin (4) | 2.76 | % | 2.91 | % | |||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 112.04 | % | 110.53 | % | |||||||||||||
Return on average assets | 1.59 | % | 0.73 | % | |||||||||||||
Return on average equity | 12.48 | % | 6.54 | % |
(1) | Includes loans held for sale and non-performing loans, as well as net deferred loan cost amortization of $122 and $128 for the quarters ended March 31, 2013 and 2012, respectively. |
(2) | Includes the average balance of non interest-bearing checking accounts of $53.2 million and $52.8 million during the quarters ended March 31, 2013 and 2012, 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. |
Nine Months Ended March 31, 2013 | Nine Months Ended March 31, 2012 | ||||||||||||||||
Average Balance | Interest | Yield/ Cost | Average Balance | Interest | Yield/ Cost | ||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans receivable, net (1) | $ | 1,016,543 | $ | 33,209 | 4.36 | % | $ | 1,082,755 | $ | 38,215 | 4.71 | % | |||||
Investment securities | 21,749 | 329 | 2.02 | % | 24,767 | 407 | 2.19 | % | |||||||||
FHLB – San Francisco stock | 20,270 | 280 | 1.83 | % | 25,302 | 68 | 0.35 | % | |||||||||
Interest-earning deposits | 137,585 | 258 | 0.25 | % | 119,662 | 227 | 0.25 | % | |||||||||
Total interest-earning assets | 1,196,147 | 34,076 | 3.80 | % | 1,252,486 | 38,917 | 4.14 | % | |||||||||
Non interest-earning assets | 49,209 | 48,301 | |||||||||||||||
Total assets | $ | 1,245,356 | $ | 1,300,787 | |||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Checking and money market accounts (2) | $ | 286,510 | 307 | 0.14 | % | $ | 276,523 | 523 | 0.25 | % | |||||||
Savings accounts | 228,212 | 434 | 0.25 | % | 214,538 | 600 | 0.37 | % | |||||||||
Time deposits | 431,249 | 4,299 | 1.33 | % | 465,553 | 5,413 | 1.55 | % | |||||||||
Total deposits | 945,971 | 5,040 | 0.71 | % | 956,614 | 6,536 | 0.91 | % | |||||||||
Borrowings | 121,342 | 3,262 | 3.58 | % | 179,947 | 5,101 | 3.77 | % | |||||||||
Total interest-bearing liabilities | 1,067,313 | 8,302 | 1.04 | % | 1,136,561 | 11,637 | 1.36 | % | |||||||||
Non interest-bearing liabilities | 26,057 | 21,829 | |||||||||||||||
Total liabilities | 1,093,370 | 1,158,390 | |||||||||||||||
Stockholders’ equity | 151,986 | 142,397 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,245,356 | $ | 1,300,787 | |||||||||||||
Net interest income | $ | 25,774 | $ | 27,280 | |||||||||||||
Interest rate spread (3) | 2.76 | % | 2.78 | % | |||||||||||||
Net interest margin (4) | 2.87 | % | 2.90 | % | |||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 112.07 | % | 110.20 | % | |||||||||||||
Return on average assets | 2.20 | % | 0.67 | % | |||||||||||||
Return on average equity | 18.02 | % | 6.09 | % |
(1) | Includes loans held for sale and non-performing loans, as well as net deferred loan cost amortization of $469 and $501 for the nine months ended March 31, 2013 and 2012, respectively. |
(2) | Includes the average balance of non interest-bearing checking accounts of $52.8 million and $48.1 million during the nine months ended March 31, 2013 and 2012, 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 March 31, 2013 Compared To Quarter Ended March 31, 2012 Increase (Decrease) Due to | ||||||||||||
Rate | Volume | Rate/ Volume | Net | |||||||||
Interest-earning assets: | ||||||||||||
Loans receivable (1) | $ | (1,133 | ) | $ | (863 | ) | $ | 81 | $ | (1,915 | ) | |
Investment securities | (6 | ) | (16 | ) | 1 | (21 | ) | |||||
FHLB – San Francisco stock | 119 | (7 | ) | (26 | ) | 86 | ||||||
Interest-bearing deposits | — | 8 | — | 8 | ||||||||
Total net change in income on interest-earning assets | (1,020 | ) | (878 | ) | 56 | (1,842 | ) | |||||
Interest-bearing liabilities: | ||||||||||||
Checking and money market accounts | (51 | ) | 2 | (1 | ) | (50 | ) | |||||
Savings accounts | (47 | ) | 7 | (2 | ) | (42 | ) | |||||
Time deposits | (224 | ) | (152 | ) | 19 | (357 | ) | |||||
Borrowings | (70 | ) | (430 | ) | 17 | (483 | ) | |||||
Total net change in expense on interest-bearing liabilities | (392 | ) | (573 | ) | 33 | (932 | ) | |||||
Net (decrease) increase in net interest income | $ | (628 | ) | $ | (305 | ) | $ | 23 | $ | (910 | ) |
(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. |
Nine Months Ended March 31, 2013 Compared To Nine Months Ended March 31, 2012 Increase (Decrease) Due to | ||||||||||||
Rate | Volume | Rate/ Volume | Net | |||||||||
Interest-earning assets: | ||||||||||||
Loans receivable (1) | $ | (2,841 | ) | $ | (2,339 | ) | $ | 174 | $ | (5,006 | ) | |
Investment securities | (32 | ) | (50 | ) | 4 | (78 | ) | |||||
FHLB – San Francisco stock | 281 | (13 | ) | (56 | ) | 212 | ||||||
Interest-bearing deposits | — | 31 | — | 31 | ||||||||
Total net change in income on interest-earning assets | (2,592 | ) | (2,371 | ) | 122 | (4,841 | ) | |||||
Interest-bearing liabilities: | ||||||||||||
Checking and money market accounts | (227 | ) | 19 | (8 | ) | (216 | ) | |||||
Savings accounts | (192 | ) | 38 | (12 | ) | (166 | ) | |||||
Time deposits | (772 | ) | (399 | ) | 57 | (1,114 | ) | |||||
Borrowings | (264 | ) | (1,659 | ) | 84 | (1,839 | ) | |||||
Total net change in expense on interest-bearing liabilities | (1,455 | ) | (2,001 | ) | 121 | (3,335 | ) | |||||
Net (decrease) increase in net interest income | $ | (1,137 | ) | $ | (370 | ) | $ | 1 | $ | (1,506 | ) |
(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 March 31, | For the Nine Months Ended March 31, | ||||||||||||
Recourse Liability | 2013 | 2012 | 2013 | 2012 | |||||||||
(In Thousands) | |||||||||||||
Balance, beginning of the period | $ | 7,776 | $ | 5,301 | $ | 6,183 | $ | 4,216 | |||||
Provision | 27 | 811 | 1,930 | 2,584 | |||||||||
Net settlements in lieu of loan repurchases | (5,501 | ) | (201 | ) | (5,811 | ) | (889 | ) | |||||
Balance, end of the period | $ | 2,302 | $ | 5,911 | $ | 2,302 | $ | 5,911 |
Outstanding Balance (1) | Weighted- Average FICO (2) | Weighted- Average LTV (3) | Weighted- Average Seasoning (4) | |||
Interest only | $ | 193,812 | 734 | 72% | 6.56 years | |
Stated income (5) | $ | 206,987 | 732 | 69% | 7.26 years | |
FICO less than or equal to 660 | $ | 13,582 | 642 | 66% | 7.49 years | |
Over 30-year amortization | $ | 16,631 | 733 | 66% | 7.61 years |
(1) | The outstanding balance presented on this table may overlap more than one category. Of the outstanding balance, $6.3 million of “interest only,” $11.3 million of “stated income,” $1.6 million of “FICO less than or equal to 660,” and $239 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 | $ | 3,839 | —% | —% | |
Fully amortize between 1 year and 5 years | 180,699 | 4% | 1% | ||
Fully amortize after 5 years | 9,274 | —% | —% | ||
Total | $ | 193,812 | 3% | —% |
(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 | $ | 198,464 | 5% | —% | |
Interest rate reset between 1 year and 5 years | 8,523 | 22% | —% | ||
Interest rate reset after 5 years | — | —% | —% | ||
Total | $ | 206,987 | 5% | —% |
(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 | YTD 2013 | Total | |
Loan balance (in thousands) | $82,082 | $124,357 | $105,647 | $60,668 | $27,571 | $1,385 | $451 | $8,949 | $2,224 | $413,334 |
Weighted-average LTV (1) | 65% | 69% | 70% | 72% | 76% | 63% | 87% | 59% | 57% | 69% |
Weighted-average age (in years) | 9.70 | 7.67 | 6.73 | 5.75 | 5.00 | 3.67 | 2.64 | 0.91 | 0.12 | 7.17 |
Weighted-average FICO (2) | 721 | 730 | 742 | 732 | 743 | 732 | 744 | 749 | 749 | 733 |
Number of loans | 370 | 339 | 245 | 123 | 51 | 5 | 3 | 35 | 12 | 1,183 |
Geographic breakdown (%) | ||||||||||
Inland Empire | 32% | 29% | 30% | 29% | 27% | 77% | 51% | 24% | 24% | 29% |
Southern California (3) | 63% | 66% | 51% | 39% | 39% | 23% | 49% | 36% | 49% | 55% |
Other California (4) | 5% | 5% | 17% | 31% | 34% | —% | —% | 40% | 27% | 15% |
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 | YTD 2013 | Total | |
Loan balance (in thousands) | $42,490 | $35,856 | $46,688 | $44,486 | $8,369 | — | $947 | $68,206 | $9,598 | $256,640 |
Weighted-average LTV (1) | 45% | 51% | 52% | 55% | 47% | —% | 67% | 58% | 56% | 53% |
Weighted-average DCR (2) | 1.54x | 1.24x | 1.29x | 1.27x | 1.39x | -x | 1.33x | 1.61x | 2.04x | 1.44x |
Weighted-average age (in years) | 9.29 | 7.76 | 6.77 | 5.68 | 4.93 | — | 2.92 | 1.04 | 0.13 | 5.29 |
Weighted-average FICO (3) | 715 | 711 | 681 | 697 | 756 | — | 715 | 737 | 764 | 726 |
Number of loans | 71 | 58 | 57 | 65 | 11 | — | 4 | 73 | 15 | 354 |
Geographic breakdown (%) | ||||||||||
Inland Empire | 21% | 7% | 13% | 6% | 17% | —% | —% | 25% | 36% | 17% |
Southern California (4) | 74% | 62% | 40% | 87% | 83% | —% | 33% | 54% | 21% | 61% |
Other California (5) | 4% | 30% | 41% | 7% | —% | —% | 67% | 21% | 43% | 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 | $ | 153,313 | 1% | —% | 39% | |
Interest rate reset or mature between 1 year and 5 years | 92,312 | 1% | —% | 7% | ||
Interest rate reset or mature after 5 years | 11,015 | —% | —% | 38% | ||
Total | $ | 256,640 | 1% | —% | 27% |
(1) | As a percentage of each category. |
Calendar Year of Origination | ||||||||||
2004 & Prior | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011-2012 | YTD 2013 | Total (5)(6) | |
Loan balance (in thousands) | $12,906 | $12,548 | $13,346 | $14,401 | $3,925 | $8,845 | $381 | $21,892 | $6,535 | $94,779 |
Weighted-average LTV (1) | 44% | 45% | 57% | 54% | 35% | 59% | 59% | 54% | 50% | 51% |
Weighted-average DCR (2) | 2.03x | 2.14x | 2.42x | 2.53x | 1.83x | 1.23x | 1.26x | 1.84x | 2.35x | 2.07x |
Weighted-average age (in years) | 10.35 | 7.66 | 6.62 | 5.80 | 4.96 | 3.70 | 2.85 | 0.57 | 0.13 | 4.94 |
Weighted-average FICO (2) | 722 | 689 | 720 | 719 | 758 | 722 | 705 | 751 | 752 | 728 |
Number of loans | 30 | 17 | 13 | 15 | 8 | 3 | 2 | 23 | 4 | 115 |
Geographic breakdown (%): | ||||||||||
Inland Empire | 41% | 72% | 23% | 46% | 10% | 100% | 52% | 67% | 60% | 55% |
Southern California (3) | 59% | 28% | 77% | 42% | 90% | —% | 48% | 33% | 26% | 42% |
Other California (4) | —% | —% | —% | 12% | —% | —% | —% | —% | 14% | 3% |
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: $22.0 million in Office; $21.8 million in Retail; $13.2 million in Mixed Use; $7.9 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; $2.8 million in Research and Development; $1.8 million in Automotive – Non Gasoline; $1.8 million in Hotel and Motel; $1.8 million in Restaurant/Fast Food; $1.5 million in Schools; and $478 in Other. |
(6) | Consisting of $65.7 million or 69.3% in investment properties and $29.1 million or 30.7% 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 | $ | 48,731 | 2% | —% | 93% | |
Interest rate reset or mature between 1 year and 5 years | 44,361 | 5% | —% | 75% | ||
Interest rate reset or mature after 5 years | 1,687 | —% | —% | 39% | ||
Total | $ | 94,779 | 4% | —% | 83% |
(1) | As a percentage of each category. |
At March 31, 2013 | At June 30, 2012 | |||||
Loans on non-accrual status (excluding restructured loans): | ||||||
Mortgage loans: | ||||||
Single-family | $ | 9,304 | $ | 17,095 | ||
Multi-family | 900 | 967 | ||||
Commercial real estate | 1,958 | 764 | ||||
Commercial business loans | 34 | 7 | ||||
Total | 12,196 | 18,833 | ||||
Accruing loans past due 90 days or more | — | — | ||||
Restructured loans on non-accrual status: | ||||||
Mortgage loans: | ||||||
Single-family | 5,850 | 11,995 | ||||
Multi-family | 759 | 490 | ||||
Commercial real estate | 1,227 | 2,483 | ||||
Other | — | 522 | ||||
Commercial business loans | 163 | 165 | ||||
Total | 7,999 | 15,655 | ||||
Total non-performing loans | 20,195 | 34,488 | ||||
Real estate owned, net | 2,227 | 5,489 | ||||
Total non-performing assets | $ | 22,422 | $ | 39,977 | ||
Restructured loans on accrual status: | ||||||
Mortgage loans: | ||||||
Single-family | $ | 2,575 | $ | 6,148 | ||
Multi-family | 2,755 | 3,266 | ||||
Commercial business loans | — | 33 | ||||
Total | $ | 5,330 | $ | 9,447 | ||
Non-performing loans as a percentage of loans held for investment, net of allowance for loan losses | 2.68 | % | 4.33 | % | ||
Non-performing loans as a percentage of total assets | 1.65 | % | 2.74 | % | ||
Non-performing assets as a percentage of total assets | 1.84 | % | 3.17 | % |
Calendar Year of Origination | |||||||||||||||||||||||||||||||
2004 & Prior | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011-2012 | YTD 2013 | Total | ||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||||||||
Single-family | $ | 3,331 | $ | 4,956 | $ | 3,090 | $ | 2,484 | $ | 842 | $ | — | $ | — | $ | 451 | $ | — | $ | 15,154 | |||||||||||
Multi-family | 190 | — | 1,237 | 232 | — | — | — | — | — | 1,659 | |||||||||||||||||||||
Commercial real estate | 463 | 332 | 415 | — | — | 1,496 | — | 479 | — | 3,185 | |||||||||||||||||||||
Commercial business loans | — | — | — | — | — | 145 | — | 24 | 28 | 197 | |||||||||||||||||||||
Total | $ | 3,984 | $ | 5,288 | $ | 4,742 | $ | 2,716 | $ | 842 | $ | 1,641 | $ | — | $ | 954 | $ | 28 | $ | 20,195 |
Inland Empire | Southern California (1) | Other California (2) | Other States | Total | ||||||||||||
Mortgage loans: | ||||||||||||||||
Single-family | $ | 5,776 | $ | 7,490 | $ | 1,888 | $ | — | $ | 15,154 | ||||||
Multi-family | 798 | 383 | 478 | — | 1,659 | |||||||||||
Commercial real estate | 3,185 | — | — | — | 3,185 | |||||||||||
Commercial business loans | 191 | — | 6 | — | 197 | |||||||||||
Total | $ | 9,950 | $ | 7,873 | $ | 2,372 | $ | — | $ | 20,195 |
(1) | Other than the Inland Empire. |
(2) | Other than the Inland Empire and Southern California. |
At March 31, 2013 | At June 30, 2012 | ||||||||||
Balance | Count | Balance | Count | ||||||||
Special mention loans: | |||||||||||
Mortgage loans: | |||||||||||
Single-family | $ | 4,341 | 14 | $ | 2,118 | 5 | |||||
Multi-family | 1,982 | 2 | 2,755 | 1 | |||||||
Commercial real estate | 606 | 2 | — | — | |||||||
Commercial business loans | — | — | 33 | 1 | |||||||
Total special mention loans | 6,929 | 18 | 4,906 | 7 | |||||||
Substandard loans: | |||||||||||
Mortgage loans: | |||||||||||
Single-family | 15,232 | 55 | 29,594 | 92 | |||||||
Multi-family | 11,148 | 10 | 7,668 | 7 | |||||||
Commercial real estate | 8,430 | 12 | 10,114 | 12 | |||||||
Other | — | — | 522 | 1 | |||||||
Commercial business loans | 197 | 5 | 173 | 6 | |||||||
Total substandard loans | 35,007 | 82 | 48,071 | 118 | |||||||
Total classified loans | 41,936 | 100 | 52,977 | 125 | |||||||
Real estate owned: | |||||||||||
Single-family | 2,218 | 7 | 4,737 | 18 | |||||||
Multi-family | — | — | 366 | 1 | |||||||
Commercial real estate | — | 1 | — | 1 | |||||||
Other | 9 | 2 | 386 | 4 | |||||||
Total real estate owned | 2,227 | 10 | 5,489 | 24 | |||||||
Total classified assets | $ | 44,163 | 110 | $ | 58,466 | 149 |
For the Quarter Ended March 31, | For the Nine Months Ended March 31, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Loans originated and purchased for sale: | ||||||||||||
Retail originations | $ | 369,884 | $ | 233,101 | $ | 1,262,590 | $ | 660,922 | ||||
Wholesale originations and purchases | 420,198 | 350,531 | 1,396,782 | 1,119,714 | ||||||||
Total loans originated and purchased for sale (1) | 790,082 | 583,632 | 2,659,372 | 1,780,636 | ||||||||
Loans sold: | ||||||||||||
Servicing released | (904,900 | ) | (621,151 | ) | (2,696,370 | ) | (1,773,297 | ) | ||||
Servicing retained | (3,159 | ) | (2,205 | ) | (13,836 | ) | (10,068 | ) | ||||
Total loans sold (2) | (908,059 | ) | (623,356 | ) | (2,710,206 | ) | (1,783,365 | ) | ||||
Loans originated for investment: | ||||||||||||
Mortgage loans: | ||||||||||||
Single-family | 2,589 | 539 | 7,766 | 1,519 | ||||||||
Multi-family | 9,608 | 8,995 | 33,948 | 32,633 | ||||||||
Commercial real estate | 6,539 | 1,990 | 22,044 | 6,170 | ||||||||
Commercial business loans | 40 | 75 | 100 | 375 | ||||||||
Consumer loans | — | — | — | 13 | ||||||||
Total loans originated for investment (3) | 18,776 | 11,599 | 63,858 | 40,710 | ||||||||
Loans purchased for investment: | ||||||||||||
Mortgage loans: | ||||||||||||
Multi-family | — | — | — | 7,053 | ||||||||
Total loans purchased for investment | — | — | — | 7,053 | ||||||||
Mortgage loan principal payments | (36,759 | ) | (26,810 | ) | (107,120 | ) | (95,249 | ) | ||||
Real estate acquired in settlement of loans | (2,474 | ) | (7,242 | ) | (9,250 | ) | (19,327 | ) | ||||
(Decrease) increase in other items, net (4) | (4,045 | ) | (2,140 | ) | (1,117 | ) | 4,203 | |||||
Net decrease in loans held for investment and loans held for sale at fair value | $ | (142,479 | ) | $ | (64,317 | ) | $ | (104,463 | ) | $ | (65,339 | ) |
(1) | Includes PBM loans originated and purchased for sale during the quarters and nine months ended March 31, 2013 and 2012 totaling $790.1 million, $583.6 million, $2.66 billion and $1.78 billion, respectively. |
(2) | Includes PBM loans sold during the quarters and nine months ended March 31, 2013 and 2012 totaling $908.1 billion, $623.4 million, $2.71 billion and $1.78 billion, respectively. |
(3) | Includes PBM loans originated for investment during the quarters and nine months ended March 31, 2013 and 2012 totaling $2.6 million, $539, $7.8 million and $1.5 million, 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 | $ | 153,233 | 12.55 | % | |
Requirement to be “Well Capitalized” | 61,027 | 5.00 | |||
Excess over requirement | $ | 92,206 | 7.55 | % | |
Tier 1 risk-based capital | $ | 153,233 | 20.76 | % | |
Requirement to be “Well Capitalized” | 44,295 | 6.00 | |||
Excess over requirement | $ | 108,938 | 14.76 | % | |
Total risk-based capital | $ | 162,556 | 22.02 | % | |
Requirement to be “Well Capitalized” | 73,825 | 10.00 | |||
Excess over requirement | $ | 88,731 | 12.02 | % |
At March 31, 2013 | At June 30, 2012 | At March 31, 2012 | |
Loans serviced for others (in thousands) | $95,935 | $98,875 | $101,183 |
Book value per share | $15.07 | $13.34 | $12.94 |
Basis Points ("bp") Change in Rates | Net Portfolio Value | NPV Change(1) | Portfolio Value of Assets | NPV as Percentage of Portfolio Value Assets(2) | Sensitivity Measure(3) | ||||||
+400 bp | $ | 247,908 | $ | 78,959 | $ | 1,301,145 | 19.05% | +552 bp | |||
+300 bp | $ | 230,056 | $ | 61,107 | $ | 1,288,940 | 17.85% | +432 bp | |||
+200 bp | $ | 216,813 | $ | 47,864 | $ | 1,281,653 | 16.92% | +339 bp | |||
+100 bp | $ | 198,043 | $ | 29,094 | $ | 1,268,843 | 15.61% | +208 bp | |||
0 bp | $ | 168,949 | $ | — | $ | 1,248,838 | 13.53% | - bp | |||
-100 bp | $ | 156,211 | $ | (12,738 | ) | $ | 1,236,895 | 12.63% | -90 bp |
(1) | Represents the increase (decrease) of the NPV at the indicated interest rate change in comparison to the NPV at March 31, 2013 (“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 March 31, 2013 | At June 30, 2012 | |
(-100 bp rate shock) | (-100 bp rate shock) | |
Pre-Shock NPV Ratio: NPV as a % of PV Assets | 13.53% | 12.00% |
Post-Shock NPV Ratio: NPV as a % of PV Assets | 12.63% | 12.08% |
Sensitivity Measure: Change in NPV Ratio | 90 bp | 8 bp |
TB 13a Level of Risk | Minimal | Minimal |
At March 31, 2013 | At June 30, 2012 | |||
Basis Point (bp) Change in Rates | Change in Net Interest Income | Basis Point (bp) Change in Rates | Change in Net Interest Income | |
+400 bp | 20.99% | +400 bp | 29.57% | |
+300 bp | 23.53% | +300 bp | 30.42% | |
+200 bp | 16.48% | +200 bp | 23.10% | |
+100 bp | 10.45% | +100 bp | 18.09% | |
-100 bp | (13.25)% | -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) | |||||
January 1 – 31, 2013 | 2,800 | $ | 16.93 | 2,800 | 157,734 | ||||
February 1 – 28, 2013 | 103,412 | 17.61 | 103,412 | 54,322 | |||||
March 1 – 31, 2013 (1) | 54,322 | 17.42 | 54,322 | 522,523 | |||||
Total | 160,534 | $ | 17.53 | 160,534 | 522,523 |
(1) | The April 2012 stock repurchase program which authorized 547,772 shares was completed in March 2013. On March 21, 2013, the Corporation announced a new stock repurchase plan to repurchase up to 522,523 shares, which expires on March 21, 2014. As of march 31, 2013, no shares were purchased under the March 2013 stock repurchase plan. |
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) |
10.1 | 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) |
10.1 | 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) |
10.1 | 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) |
10.1 | 2010 Equity Incentive Plan (incorporated by reference to Exhibit A to the Corporation’s proxy statement dated October 28, 2010) |
10.1 | 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) |
10.2 | 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) |
10.2 | 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) |
10.2 | 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) |
14.0 | 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 March 31, 2013, 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 Condensed 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: May 10, 2013 | /s/ Craig G. Blunden |
Craig G. Blunden | |
Chairman and Chief Executive Officer (Principal Executive Officer) | |
Date: May 10, 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 March 31, 2013, 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 Condensed 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. |
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: May 10, 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: May 10, 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: May 10, 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: May 10, 2013 | /s/ Donavon P. Ternes |
Donavon P. Ternes | |
President, Chief Operating Officer and Chief Financial Officer |
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 |
Mar. 31, 2013
|
Jun. 30, 2012
|
---|---|---|
Other Assets
|
||
Derivative [Line Items] | ||
Undisbursed commitments to extend credit, Assets | $ 3,500 | $ 4,000 |
Other Liabilities
|
||
Derivative [Line Items] | ||
Undisbursed commitments to extend credit, Liabilities | $ 795 | $ 1,300 |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Off-Balance-Sheet Credit Exposure, Policy (Details) (Loans Held for Investment and Loans Held for Sale [Member], USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
Jun. 30, 2012
|
---|---|---|
Loans Held for Investment and Loans Held for Sale [Member]
|
||
Derivative [Line Items] | ||
Commitments to Extend Credit | $ 213.8 | $ 222.1 |
Investment Securities: Mortgage Backed Securities Policy (Details) (USD $)
|
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
Private issue CMO
Available for sale
security
|
Jun. 30, 2012
Available for sale
Private issue CMO
security
|
|
Schedule of Available-for-sale Securities [Line Items] | ||||||
Number of investment securities held | 1 | |||||
Mortgage backed securities, principal payments received | $ 662,000 | $ 688,000 | $ 2,329,000 | $ 2,671,000 | ||
Number of investment securities held | 1 | |||||
Other-than-temporary impairments, investments | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Instruments: Schedule of Additional Information About Valuation Techniques and Inputs Used for Assets and Liabilities (Details) (Fair Value, Inputs, Level 3, USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
||||||||
Commitments to extend credit on loans to be held for sale
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Liabilities, fair value | $ 15 | |||||||
Valuation Techniques | Relative value analysis | |||||||
Commitments to extend credit on loans to be held for sale | Minimum | Liability
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 100.00% | [1] | ||||||
Fall-out ratio (percent) | 17.70% | [1],[2] | ||||||
Commitments to extend credit on loans to be held for sale | Maximum | Liability
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 102.50% | [1] | ||||||
Fall-out ratio (percent) | 26.00% | [1],[2] | ||||||
Commitments to extend credit on loans to be held for sale | Weighted Average | Liability
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 100.90% | [1] | ||||||
Fall-out ratio (percent) | 25.30% | [1],[2] | ||||||
Mandatory loan sale commitments
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Liabilities, fair value | 18 | |||||||
Valuation Techniques | Relative value analysis | |||||||
Mandatory loan sale commitments | Liability
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Roll-forward costs (percent) | 0.00% | [1],[3] | ||||||
Mandatory loan sale commitments | Minimum | Liability
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investor quotes (percent) | 102.90% | [1] | ||||||
Mandatory loan sale commitments | Maximum | Liability
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investor quotes (percent) | 106.60% | [1] | ||||||
Mandatory loan sale commitments | Weighted Average | Liability
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investor quotes (percent) | 105.00% | [1] | ||||||
Private issue CMO
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, fair value | 1,097 | |||||||
Valuation Techniques | Discounted cash flow | |||||||
Private issue CMO | Minimum
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Probability of default (percent) | 0.60% | [1] | ||||||
Loss severity (percent) | 35.80% | [1] | ||||||
Prepayment speed (percent) | 4.20% | [1] | ||||||
Private issue CMO | Maximum
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Probability of default (percent) | 1.40% | [1] | ||||||
Loss severity (percent) | 37.60% | [1] | ||||||
Prepayment speed (percent) | 13.70% | [1] | ||||||
Private issue CMO | Weighted Average
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Probability of default (percent) | 0.80% | [1] | ||||||
Loss severity (percent) | 37.30% | [1] | ||||||
Prepayment speed (percent) | 7.10% | [1] | ||||||
Non-performing loans | Discounted Cash Flow
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, fair value | 1,935 | |||||||
Valuation Techniques | Discounted cash flow | |||||||
Probability of default (percent) | 23.80% | [1] | ||||||
Loss severity (percent) | 6.10% | [1] | ||||||
Non-performing loans | Relative Value Analysis
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, fair value | 7,459 | |||||||
Valuation Techniques | Relative value analysis | |||||||
Probability of default (percent) | 17.70% | [1] | ||||||
Loss severity (percent) | 3.50% | [1] | ||||||
MSA
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, fair value | 263 | |||||||
Valuation Techniques | Discounted cash flow | |||||||
MSA | Minimum
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Prepayment speed (percent) | 2.40% | [1] | ||||||
Discount rate (percent) | 9.00% | [1] | ||||||
MSA | Maximum
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Prepayment speed (percent) | 60.00% | [1] | ||||||
Discount rate (percent) | 10.50% | [1] | ||||||
MSA | Weighted Average
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Prepayment speed (percent) | 23.50% | [1] | ||||||
Discount rate (percent) | 9.10% | [1] | ||||||
Interest-Only Strips
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, fair value | 125 | |||||||
Valuation Techniques | Discounted cash flow | |||||||
Discount rate (percent) | 9.00% | [1] | ||||||
Interest-Only Strips | Minimum
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Prepayment speed (percent) | 0.00% | [1] | ||||||
Interest-Only Strips | Maximum
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Prepayment speed (percent) | 27.00% | [1] | ||||||
Interest-Only Strips | Weighted Average
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Prepayment speed (percent) | 15.10% | [1] | ||||||
Commitments to extend credit on loans to be held for sale
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, fair value | 3,434 | |||||||
Valuation Techniques | Relative value analysis | |||||||
Commitments to extend credit on loans to be held for sale | Minimum | Assets
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 97.60% | [1] | ||||||
Fall-out ratio (percent) | 17.70% | [1],[2] | ||||||
Commitments to extend credit on loans to be held for sale | Maximum | Assets
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 105.20% | [1] | ||||||
Fall-out ratio (percent) | 26.00% | [1],[2] | ||||||
Commitments to extend credit on loans to be held for sale | Weighted Average | Assets
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 101.90% | [1] | ||||||
Fall-out ratio (percent) | 25.30% | [1],[2] | ||||||
Mandatory loan sale commitments
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, fair value | 18 | |||||||
Valuation Techniques | Relative value analysis | |||||||
Roll-forward costs (percent) | 0.00% | [1],[3] | ||||||
Mandatory loan sale commitments | Assets
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 101.50% | [1] | ||||||
Mandatory loan sale commitments | Minimum | Assets
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investor quotes (percent) | 104.10% | [1] | ||||||
Mandatory loan sale commitments | Maximum | Assets
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investor quotes (percent) | 106.60% | [1] | ||||||
Mandatory loan sale commitments | Weighted Average | Assets
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investor quotes (percent) | 104.70% | [1] | ||||||
Put options
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets, fair value | $ 72 | |||||||
Valuation Techniques | Relative value analysis | |||||||
Put options | Minimum
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 102.90% | [1] | ||||||
Put options | Maximum
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 103.20% | [1] | ||||||
Put options | Weighted Average
|
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Broker quotes (percent) | 103.00% | [1] | ||||||
|
Derivative and Other Financial Instruments with Off-Balance Sheet Risks (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Undisbursed Funds Commitments | The following table provides information at the dates indicated regarding undisbursed funds to borrowers on existing lines of credit with the Corporation as well as commitments to originate loans to be held for investment at the dates indicated below.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses of Undisbursed Funds and Commitments on Loans Held for Investment | The following table provides information regarding the allowance for loan losses for the undisbursed funds and commitments to extend credit on loans to be held for investment for the quarters and nine months ended March 31, 2013 and 2012.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans | The net impact of derivative financial instruments on the gain on sale of loans contained in the Condensed Consolidated Statements of Operations during the quarters ended March 31, 2013 and 2012 was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Instruments | The outstanding derivative financial instruments at the dates indicated were as follows:
|
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Impact of Derivative Financial Instruments on Gain on Sale of Loans (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Derivative [Line Items] | ||||
Total derivative financial instruments | $ (333) | $ 2,344 | $ (533) | $ 1,038 |
Commitments to extend credit on loans to be held for sale
|
||||
Derivative [Line Items] | ||||
Total derivative financial instruments | 181 | 288 | (562) | 1,768 |
Mandatory loan sale commitments and TBA MBS trades
|
||||
Derivative [Line Items] | ||||
Total derivative financial instruments | (463) | 2,056 | 521 | (441) |
Option contracts
|
||||
Derivative [Line Items] | ||||
Total derivative financial instruments | $ (51) | $ 0 | $ (492) | $ (289) |
Loans Held For Investment: Narrative 2 (Details) (USD $)
|
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2013
loan
|
Mar. 31, 2012
loan
|
Mar. 31, 2013
loan
|
Mar. 31, 2012
loan
|
Jun. 30, 2012
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Average investment in non-performing loans | $ 20,800,000 | $ 33,100,000 | $ 25,400,000 | $ 35,100,000 | |
Interest income, non-performing loans, cash basis | 1,400,000 | 1,700,000 | 4,400,000 | 4,800,000 | |
Interest lost on non-performing Loans | 258,000 | 132,000 | 762,000 | 706,000 | |
Number of modified loans | 0 | 6 | 0 | 22 | |
Loans receivable, re-underwritten and identified as restructured loans | 3,100,000 | 8,900,000 | |||
Loans receivable, modified and require additional provision | 771,000 | 771,000 | |||
Number of loans modified, extended beyond initial maturity | 0 | 3 | 1 | 8 | |
Loans receivable, modified and extended beyond initial maturity | 1,000,000 | 131,000 | 4,300,000 | ||
Loans receivable, amount of additional provision | 260,000 | 480,000 | 200,000 | ||
Number of loans modified as troubled debt restructurings in default | $ 0 | $ 6,000 | |||
Number of restructured loans | 31 | 31 | |||
Loans receivable, restructured loans, accrual status | 7,999,000 | 7,999,000 | 15,655,000 | ||
Loans receivable, restructured loans, nonaccrual status | 5,330,000 | 5,330,000 | 9,447,000 | ||
Restructured loans | 13,329,000 | 13,329,000 | 25,102,000 | ||
Percent of total restructured loans on current status | 71.00% | 71.00% | |||
QTD
|
|||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, modified and require additional provision | 739,000 | 739,000 | |||
YTD
|
|||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, modified and require additional provision | 1,200,000 | 1,200,000 | |||
Collected and Applied to Principal Balance [Member]
|
|||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest lost on non-performing Loans | 142,000 | 0 | 400,000 | 0 | |
In Default and Required and Additional Provision [Member]
|
|||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans modified and require additional provision | 1 | 2 | 2 | ||
Pass | Restructured loans on accrual status
|
|||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of restructured loans | 3 | 3 | |||
Loans receivable, restructured loans, nonaccrual status | 1,500,000 | 1,500,000 | |||
Special Mention | Restructured loans on accrual status
|
|||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of restructured loans | 2 | 2 | |||
Loans receivable, restructured loans, nonaccrual status | 1,000,000 | 1,000,000 | |||
Substandard
|
|||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of restructured loans | 26 | 26 | |||
Loans receivable, restructured loans, accrual status | 10,800,000 | 10,800,000 | |||
Substandard | Restructured loans on non-accrual status
|
|||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of restructured loans | 25 | 25 | |||
Restructured loans | 8,000,000 | 8,000,000 | |||
Current
|
|||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Restructured loans | $ 9,400,000 | $ 9,400,000 |
Loans Held For Investment: Schedule of Loans Held for Investment Contractually Repricing (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Jun. 30, 2012
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | $ 40,673 | |
Total loans held for investment, gross | 769,342 | 816,224 |
Mortgage loans, Single-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 13,557 | |
Total loans held for investment, gross | 415,616 | 439,024 |
Mortgage loans, Multi-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 11,570 | |
Total loans held for investment, gross | 256,640 | 278,057 |
Mortgage loans, Commercial Real Estate
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 14,553 | |
Total loans held for investment, gross | 94,779 | 95,302 |
Commercial Business Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 975 | |
Total loans held for investment, gross | 1,859 | 2,580 |
Consumer Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Fixed Rate | 18 | |
Total loans held for investment, gross | 448 | 506 |
Within One Year
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 578,276 | |
Within One Year | Mortgage loans, Single-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 376,586 | |
Within One Year | Mortgage loans, Multi-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 153,313 | |
Within One Year | Mortgage loans, Commercial Real Estate
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 47,063 | |
Within One Year | Commercial Business Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 884 | |
Within One Year | Consumer Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 430 | |
After One Year Through 3 Years
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 29,885 | |
After One Year Through 3 Years | Mortgage loans, Single-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 15,980 | |
After One Year Through 3 Years | Mortgage loans, Multi-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 11,460 | |
After One Year Through 3 Years | Mortgage loans, Commercial Real Estate
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 2,445 | |
After One Year Through 3 Years | Commercial Business Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After One Year Through 3 Years | Consumer Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After 3 Years Through 5 Years
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 111,088 | |
After 3 Years Through 5 Years | Mortgage loans, Single-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 7,665 | |
After 3 Years Through 5 Years | Mortgage loans, Multi-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 73,486 | |
After 3 Years Through 5 Years | Mortgage loans, Commercial Real Estate
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 29,937 | |
After 3 Years Through 5 Years | Commercial Business Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After 3 Years Through 5 Years | Consumer Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After 5 Years Through 10 Years
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 9,420 | |
After 5 Years Through 10 Years | Mortgage loans, Single-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 1,828 | |
After 5 Years Through 10 Years | Mortgage loans, Multi-family
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 6,811 | |
After 5 Years Through 10 Years | Mortgage loans, Commercial Real Estate
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 781 | |
After 5 Years Through 10 Years | Commercial Business Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | 0 | |
After 5 Years Through 10 Years | Consumer Loans
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, Adjustable Rate | $ 0 |
Income Taxes (Details) (USD $)
|
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2013
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Income Tax Disclosure [Abstract] | ||||||
Estimated deferred tax asset | $ 9,100,000 | $ 8,600,000 | $ 9,100,000 | |||
Increase in deferred tax asset | 449,000 | |||||
Increase in deferred tax asset (percent) | 5.00% | |||||
Unrecognized tax benefits, increases from prior period tax positions | 825,000 | |||||
Unrecognized tax benefits, decreases from prior period tax positions | 825,000 | |||||
Penalties or interest charges | 0 | 0 | 0 | |||
Interest charges | 14,000 | |||||
Penalties | $ 0 |
Incentive Plans: Stock Option Plan Policy: Schedule of Stock Option Plan Stock Option Activity (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
Stock Option Plans
|
Mar. 31, 2013
Stock Option Plans
|
|
Shares: | ||||
Outstanding, Beginning of Period | 1,124,500 | 1,178,000 | 412,700 | 420,200 |
Granted | 0 | 0 | ||
Exercised | 0 | 0 | ||
Forfeited | 0 | (7,500) | ||
Oustanding, End of Period | 1,124,500 | 1,178,000 | 412,700 | 412,700 |
Stock options, Vested and expected to vest | 412,700 | 412,700 | ||
Stock options, Exercisable | 412,700 | 412,700 | ||
Weighted-Average Exercise Price (in dollars per share): | ||||
Oustanding, Beginning of Period | $ 24.30 | $ 24.11 | ||
Granted | $ 0.00 | $ 0.00 | ||
Exercised | $ 0.00 | $ 0.00 | ||
Forfeited | $ 0.00 | $ 13.67 | ||
Outstanding, End of Period | $ 24.30 | $ 24.30 | ||
Vested and expected to vest at March 31, 2013 | $ 24.30 | $ 24.30 | ||
Exercisable at March 31, 2013 | $ 24.30 | $ 24.30 | ||
Weighted- Average Remaining Contractual Term (Years): | ||||
Outstanding at March 31, 2013 | 1 year 9 months 4 days | 1 year 9 months 4 days | ||
Vested and expected to vest at March 31, 2013 | 1 year 9 months 4 days | 1 year 9 months 4 days | ||
Exercisable at March 31, 2013 | 1 year 9 months 4 days | 1 year 9 months 4 days | ||
Aggregate Intrinsic Value ($000): | ||||
Outstanding at March 31, 2013 | $ 0 | $ 0 | ||
Vested and expected to vest at March 31, 2013 | 0 | 0 | ||
Exercisable at March 31, 2013 | $ 0 | $ 0 |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks: Schedule of Undisbursed Funds Commitments (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Jun. 30, 2012
|
---|---|---|
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 4,900 | $ 4,951 |
Undisbursed Lines of Credit - Mortgage Loans
|
||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 849 | 1,028 |
Undisbursed Lines of Credit - Commercial Business Loans
|
||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 1,239 | 1,340 |
Undisbursed Lines of Credit - Consumer Loans
|
||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 779 | 863 |
Commitments to Extend Credit, Loans to be Held for Investment
|
||
Derivative [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 2,033 | $ 1,720 |
Accounting Standard Updates ("ASU")
|
9 Months Ended |
---|---|
Mar. 31, 2013
|
|
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Standard Updates (ASU) | Accounting Standard Updates (“ASU”) ASU 2011-11: In December 2011, the Financial Accounting Standards Board (“FASB”) issued 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 entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s 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 Corporation’s consolidated financial statements. ASU 2013-01: In January 2013, the FASB issued ASU 2013-01, "Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities." This ASU amends ASU 2011-11 to clarify that the scope applies to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to master netting or similar arrangements. Other types of financial assets and liabilities subject to master netting or similar arrangements are not subject to the disclosure requirements in ASU 2011-11. The amendments are effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. The Corporation has not determined the impact of this ASU on the Corporation’s consolidated financial statements. ASU 2013-02: In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. " This ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The amendments did not have a material impact on the Corporation’s consolidated financial statements. |
Incentive Plans Incentive Plans: Narrative (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
plan
|
Mar. 31, 2012
|
Mar. 31, 2013
plan
|
Mar. 31, 2012
|
Jun. 30, 2012
|
Mar. 31, 2013
Equity Incentive Plans
|
Mar. 31, 2013
Equity Incentive Plans
|
Mar. 31, 2012
Equity Incentive Plans
|
Mar. 31, 2013
Equity Incentive Plans
Stock Options
|
Mar. 31, 2012
Equity Incentive Plans
Stock Options
|
Mar. 31, 2013
Equity Incentive Plans
Stock Options
|
Mar. 31, 2012
Equity Incentive Plans
Stock Options
|
Mar. 31, 2013
Equity Incentive Plans
Stock Options
Maximum
|
Mar. 31, 2013
Equity Incentive Plans
Restricted Stock
|
Mar. 31, 2012
Equity Incentive Plans
Restricted Stock
|
Mar. 31, 2013
Equity Incentive Plans
Restricted Stock
|
Mar. 31, 2012
Equity Incentive Plans
Restricted Stock
|
Mar. 31, 2013
Equity Incentive Plans
Restricted Stock
Maximum
|
Mar. 31, 2013
2010 Equity Incentive Plan
Stock Options
|
Dec. 31, 2010
2010 Equity Incentive Plan
Stock Options
|
Mar. 31, 2013
2010 Equity Incentive Plan
Restricted Stock
|
Dec. 31, 2010
2010 Equity Incentive Plan
Restricted Stock
|
Mar. 31, 2013
2006 Equity Incentive Plan
Stock Options
|
Dec. 31, 2006
2006 Equity Incentive Plan
Stock Options
|
Mar. 31, 2013
2006 Equity Incentive Plan
Restricted Stock
|
Dec. 31, 2006
2006 Equity Incentive Plan
Restricted Stock
|
Mar. 31, 2013
Stock Option Plans
|
Mar. 31, 2013
Stock Option Plans
|
Mar. 31, 2012
Stock Option Plans
|
Mar. 31, 2013
Stock Option Plans
Stock Options
|
Mar. 31, 2012
Stock Option Plans
Stock Options
|
Mar. 31, 2013
Stock Option Plans
Stock Options
Maximum
|
Mar. 31, 2013
2003 Stock Option Plan
Stock Options
|
Dec. 31, 2003
2003 Stock Option Plan
Stock Options
|
Mar. 31, 2013
1996 Stock Option Plan
Stock Options
|
Dec. 31, 1996
1996 Stock Option Plan
Stock Options
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of share-based compensation plans | 4 | 4 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | $ 157,000 | $ 284,000 | $ 396,000 | $ 1,100,000 | ||||||||||||||||||||||||||||||||
Income tax benefit recognized for share-based compensation plans | 14,000 | 0 | 85,000 | 0 | ||||||||||||||||||||||||||||||||
Number of shares authorized for Equity Incentive Plan | 586,250 | 288,750 | 365,000 | 185,000 | 352,500 | 1,150,000.00 | ||||||||||||||||||||||||||||||
Annual limitation on awards granted to an individual under Equity Incentive Plan | 117,250 | 43,312 | 73,000 | 27,750 | ||||||||||||||||||||||||||||||||
Award vesting period | 5 years | 5 years | 5 years | |||||||||||||||||||||||||||||||||
Maximum term for stock awards | 10 years | 10 years | ||||||||||||||||||||||||||||||||||
Term used to calculate expected volatility | 84 months | 84 months | ||||||||||||||||||||||||||||||||||
Stock options, Exercised | 14,000 | 42,000 | 14,000 | 9,000 | 42,000 | (9,000) | 0 | 0 | ||||||||||||||||||||||||||||
Stock options, Forfeitured | 0 | 24,000 | 24,000 | 0 | 7,500 | 7,500 | 62,700 | |||||||||||||||||||||||||||||
Granted | 0 | 20,000 | 20,000 | 0 | 0 | |||||||||||||||||||||||||||||||
Number of shares available for grant | 188,450 | 193,450 | 188,450 | 193,450 | 169,600 | 168,100 | 169,600 | 168,100 | 14,900 | 14,900 | 14,900 | 0 | ||||||||||||||||||||||||
Unrecognized share-based compensation expense, stock options | 1,100,000 | 1,100,000 | 1,300,000 | 0 | 0 | 18,000 | ||||||||||||||||||||||||||||||
Unrecognized share-based compensation expense, restricted stock | 568,000 | 878,000 | 568,000 | 878,000 | ||||||||||||||||||||||||||||||||
Share-based compensation cost not yet recognized, weighted average period for recognition | 2 years 4 months 24 days | 3 years 2 months 12 days | 2 years 2 months 12 days | 3 years 2 months 12 days | 3 months 18 days | |||||||||||||||||||||||||||||||
Forfeiture rate for Equity Incentive Plans | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||||||||||||||||||||||||
Treasury stock, Shares used to fund Equity Incentive Plans for restricted stock | 7,211,394 | 7,211,394 | 6,763,838 | 288,750 | 185,000 | |||||||||||||||||||||||||||||||
Restricted stock, Vesting and distribution | 0 | 11,200 | 800 | 111,500 | ||||||||||||||||||||||||||||||||
Restricted stock, Forfeited | 0 | 1,500 | ||||||||||||||||||||||||||||||||||
Restricted stock, Fair value of shares vested and distributed | $ 9,000 | $ 922,000 |