Fair Value Accounting and Measurement - (Tables)

3 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

The following tables show First Federal’s assets and liabilities measured at fair value on a recurring basis at the dates indicated:

	September 30, 2014
	Quoted Prices in Active Markets for Identical Assets  or Liabilities		Significant Other Observable  Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
	(In thousands)
Securities available-for-sale
Municipal bonds	$	—	$	7,572	$	—	$	7,572
ABS agency	—		10,069		—		10,069
SBA	—		28,352		—		28,352
MBS agency	—		126,452		—		126,452
	$	—	$	172,445	$	—	$	172,445

	June 30, 2014
	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
	(In thousands)
Securities available-for-sale
Municipal bonds	$	—	$	7,525	$	—	$	7,525
ABS agency	—		10,140		—		10,140
SBA	—		28,944		—		28,944
MBS agency	—		132,363		—		132,363
	$	—	$	178,972	$	—	$	178,972

Schedule of assets measured at fair value on a nonrecurring basis

The following tables present First Federal’s assets measured at fair value on a nonrecurring basis at the dates indicated:

	September 30, 2014
	Level 1		Level 2		Level 3		Total
	(In thousands)
Mortgage servicing rights	$	—	$	—	$	1,786	$	1,786
Impaired loans	—		—		14,471		14,471
Real estate owned and repossessed assets	—		—		650		650
	$	—	$	—	$	16,907	$	16,907
	June 30, 2014
	Level 1		Level 2		Level 3		Total
	(In thousands)
Mortgage servicing rights	$	—	$	—	$	2,157	$	2,157
Impaired loans	—		—		14,733		14,733
Real estate owned and repossessed assets	—		—		810		810
	$	—	$	—	$	17,700	$	17,700

Schedule of valuation techniques to value assets measured at fair value

The following tables present the techniques used to value assets measured at fair value on a nonrecurring basis at the dates indicated:

	September 30, 2014
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted-Average)2
	(In thousands)
Mortgage servicing rights	$	1,786	Discounted cash flows	Key assumptions1	N/A
Impaired loans	14,471		Market comparable	Discount to appraisal	0% - 25% (1%)
Real estate owned and repossessed assets	650		Market comparable	Discount to appraisal	0% - 10% (4%)

¹ Key assumptions include estimated servicing revenues, servicing expenses, prepayment speeds, and discount rates.

² Discount to appraisal disposition value.

	June 30, 2014
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted-Average)2
	(In thousands)
Mortgage servicing rights	$	2,157	Discounted cash flows	Key assumptions1	N/A
Impaired loans	14,733		Market comparable	Discount to appraisal	0% - 35% (6%)
Real estate owned and repossessed assets	810		Market comparable	Discount to appraisal	0% - 10% (1%)

¹  Key assumptions include estimated servicing revenues, servicing expenses, prepayment speeds, and discount rates.

²  Discount to appraisal disposition value.

Schedule of the carrying value and estimated fair value of financial instruments

The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated:

	September 30, 2014
	Level 1				Level 2				Level 3				Total
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Financial assets
Cash and cash equivalents	$	27,452	$	27,452	$	—	$	—	$	—	$	—	$	27,452	$	27,452
Investment securities available for sale	—		—		172,445		172,445		—		—		172,445		172,445
Investment securities held to maturity	—		—		51,294		52,143		—		—		51,294		52,143
Loans held for sale	—		—		364		364		—		—		364		364
Loans receivable, net									489,185		495,213		489,185		495,213
FHLB stock	—		—		9,947		9,947		—		—		9,947		9,947
Mortgage servicing rights, net	—		—		—		—		1,204		1,786		1,204		1,786
Bank-owned life insurance	—		—		18,106		18,106		—		—		18,106		18,106
Financial liabilities
Demand deposits	$	477,284	$	477,284	$	—	$	—	$	—	$	—	$	477,284	$	477,284
Time deposits	—		—		127,879		128,053		—		—		127,879		128,053
Borrowings	—		—		90,033		92,257		—		—		90,033		92,257

	June 30, 2014
	Level 1				Level 2				Level 3				Total
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In thousands)
Financial assets
Cash and cash equivalents	$	18,960	$	18,960	$	—	$	—	$	—	$	—	$	18,960	$	18,960
Investment securities available for sale	—		—		178,972		178,972		—		—		178,972		178,972
Investment securities held to maturity	—		—		53,244		53,982		—		—		53,244		53,982
Loans held for sale	—		—		613		613		—		—		613		613
Loans receivable, net									496,184		505,181		496,184		505,181
FHLB stock	—		—		10,047		10,047		—		—		10,047		10,047
Mortgage servicing rights, net	—		—		—		—		1,266		2,157		1,266		2,157
Bank-owned life insurance	—		—		18,066		18,066		—		—		18,066		18,066
Financial liabilities
Demand deposits	$	466,707	$	466,707	$	—	$	—	$	—	$	—	$	466,707	$	466,707
Time deposits	—		—		133,692		134,162		—		—		133,692		134,162
Borrowings	—		—		105,133		107,584		—		—		105,133		107,584