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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Anchor Bancorp (delisted) | NASDAQ:ANCB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.77 | 18.52 | 33.24 | 0 | 01:00:00 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Washington
|
26-3356075
|
(State or other jurisdiction of incorporation
|
(I.R.S. Employer
|
or organization)
|
I.D. Number)
|
|
|
601 Woodland Square Loop SE, Lacey, Washington
|
98503
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
Registrant’s telephone number, including area code:
|
(360) 491-2250
|
PART 1 - FINANCIAL INFORMATION
|
|
|
Page
|
|
|
|
|
|
|
|
|
PART II - OTHER INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANCHOR BANCORP AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands, except share data) (Unaudited)
|
December 31, 2017
|
|
June 30, 2017
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
7,418
|
|
|
$
|
14,194
|
|
Securities available-for-sale, at fair value, amortized cost of $20,133 and $21,391
|
19,829
|
|
|
21,170
|
|
||
Securities held-to-maturity, at amortized cost, fair value of $4,185 and $4,954
|
4,200
|
|
|
4,949
|
|
||
Loans held for sale
|
—
|
|
|
1,551
|
|
||
Loans receivable, net of allowance for loan losses of $4,128 and $4,106
|
398,225
|
|
|
377,908
|
|
||
Bank owned life insurance investment, net of surrender charges
|
20,288
|
|
|
20,030
|
|
||
Accrued interest receivable
|
1,453
|
|
|
1,332
|
|
||
Real estate owned ("REO"), net
|
3,346
|
|
|
867
|
|
||
Federal Home Loan Bank ("FHLB") stock, at cost
|
3,048
|
|
|
2,348
|
|
||
Property, premises, and equipment, at cost, less accumulated depreciation of $12,282 and $11,971
|
8,887
|
|
|
9,360
|
|
||
Deferred tax asset, net
|
4,869
|
|
|
8,011
|
|
||
Prepaid expenses and other assets
|
1,229
|
|
|
805
|
|
||
Total assets
|
$
|
472,792
|
|
|
$
|
462,525
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
LIABILITIES
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
||
Noninterest-bearing
|
$
|
50,285
|
|
|
$
|
52,606
|
|
Interest-bearing
|
288,167
|
|
|
292,581
|
|
||
Total deposits
|
338,452
|
|
|
345,187
|
|
||
|
|
|
|
||||
FHLB advances
|
63,000
|
|
|
45,500
|
|
||
Advance payments by borrowers for taxes and insurance
|
1,199
|
|
|
1,195
|
|
||
Supplemental Executive Retirement Plan liability
|
1,724
|
|
|
1,709
|
|
||
Accounts payable and other liabilities
|
3,220
|
|
|
3,083
|
|
||
Total liabilities
|
407,595
|
|
|
396,674
|
|
||
STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Preferred stock, $0.01 par value per share authorized 5,000,000 shares; no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value per share, authorized 45,000,000 shares; 2,489,030 issued and outstanding at December 31, 2017 and 2,504,740 issued and outstanding at June 30, 2017, respectively
|
25
|
|
|
25
|
|
||
Additional paid-in capital
|
22,344
|
|
|
22,619
|
|
||
Retained earnings
|
44,226
|
|
|
44,585
|
|
||
Unearned Employee Stock Ownership Plan ("ESOP") shares
|
(573
|
)
|
|
(607
|
)
|
||
Accumulated other comprehensive loss, net of tax
|
(825
|
)
|
|
(771
|
)
|
||
Total stockholders’ equity
|
65,197
|
|
|
65,851
|
|
||
Total liabilities and stockholders’ equity
|
$
|
472,792
|
|
|
$
|
462,525
|
|
ANCHOR BANCORP AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except share data) (Unaudited)
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
|||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans receivable, including fees
|
$
|
5,371
|
|
|
$
|
4,742
|
|
|
$
|
10,504
|
|
|
$
|
9,394
|
|
Securities
|
25
|
|
|
30
|
|
|
59
|
|
|
53
|
|
||||
Mortgage-backed securities
|
128
|
|
|
140
|
|
|
257
|
|
|
307
|
|
||||
Total interest income
|
5,524
|
|
|
4,912
|
|
|
10,820
|
|
|
9,754
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
||||||
Deposits
|
843
|
|
|
659
|
|
|
1,686
|
|
|
1,279
|
|
||||
FHLB advances
|
132
|
|
|
135
|
|
|
240
|
|
|
285
|
|
||||
Total interest expense
|
975
|
|
|
794
|
|
|
1,926
|
|
|
1,564
|
|
||||
Net interest income before provision for loan losses
|
4,549
|
|
|
4,118
|
|
|
8,894
|
|
|
8,190
|
|
||||
Provision for loan losses
|
105
|
|
|
75
|
|
|
180
|
|
|
150
|
|
||||
Net interest income after provision for loan losses
|
4,444
|
|
|
4,043
|
|
|
8,714
|
|
|
8,040
|
|
||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
||||||
Deposit service fees
|
277
|
|
|
348
|
|
|
590
|
|
|
696
|
|
||||
Other deposit fees
|
187
|
|
|
179
|
|
|
387
|
|
|
373
|
|
||||
Other loan fees
|
172
|
|
|
207
|
|
|
400
|
|
|
442
|
|
||||
Gain (loss) on sale of loans
|
47
|
|
|
(1
|
)
|
|
157
|
|
|
100
|
|
||||
Bank owned life insurance investment
|
129
|
|
|
130
|
|
|
258
|
|
|
262
|
|
||||
Other income
|
179
|
|
|
123
|
|
|
372
|
|
|
270
|
|
||||
Total noninterest income
|
991
|
|
|
986
|
|
|
2,164
|
|
|
2,143
|
|
||||
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
||||||
Compensation and benefits
|
2,220
|
|
|
2,296
|
|
|
4,305
|
|
|
4,606
|
|
||||
General and administrative expenses
|
572
|
|
|
833
|
|
|
1,145
|
|
|
1,569
|
|
||||
Merger expenses
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
||||
Real estate owned holding costs
|
36
|
|
|
19
|
|
|
66
|
|
|
37
|
|
||||
Federal Deposit Insurance Corporation ("FDIC") insurance premiums
|
41
|
|
|
24
|
|
|
77
|
|
|
92
|
|
||||
Information technology
|
490
|
|
|
540
|
|
|
1,027
|
|
|
1,025
|
|
||||
Occupancy and equipment
|
435
|
|
|
441
|
|
|
868
|
|
|
948
|
|
||||
Deposit services
|
101
|
|
|
128
|
|
|
205
|
|
|
240
|
|
||||
Marketing
|
84
|
|
|
167
|
|
|
175
|
|
|
267
|
|
||||
Loss on sale of property, premises and equipment
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Loss (gain) on sale of real estate owned
|
15
|
|
|
(27
|
)
|
|
15
|
|
|
(40
|
)
|
||||
Total noninterest expense
|
3,994
|
|
|
4,421
|
|
|
7,922
|
|
|
8,744
|
|
||||
Income before provision for income taxes
|
1,441
|
|
|
608
|
|
|
2,956
|
|
|
1,439
|
|
||||
Provision for income taxes
|
2,844
|
|
|
188
|
|
|
3,315
|
|
|
446
|
|
||||
Net (loss) income
|
$
|
(1,403
|
)
|
|
$
|
420
|
|
|
$
|
(359
|
)
|
|
$
|
993
|
|
Basic (loss) earnings per share
|
$
|
(0.58
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.15
|
)
|
|
$
|
0.41
|
|
Diluted (loss) earnings per share
|
$
|
(0.58
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.15
|
)
|
|
$
|
0.41
|
|
Weighted average number of basic shares outstanding
|
2,429,352
|
|
|
2,404,292
|
|
|
2,425,200
|
|
|
2,396,421
|
|
||||
Weighted average number of diluted shares outstanding
|
2,429,352
|
|
|
2,424,976
|
|
|
2,425,200
|
|
|
2,417,617
|
|
ANCHOR BANCORP AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands) (Unaudited)
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
|||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
NET (LOSS) INCOME
|
$
|
(1,403
|
)
|
|
$
|
420
|
|
|
$
|
(359
|
)
|
|
$
|
993
|
|
OTHER COMPREHENSIVE LOSS, net of income tax
|
|
|
|
|
|
|
|
|
|
|
|||||
Unrealized holding losses on available-for-sale securities during the period, net of income tax benefit of $47, $152, $29, and $145 respectively
|
(90
|
)
|
|
(295
|
)
|
|
(54
|
)
|
|
(280
|
)
|
||||
Other comprehensive loss, net of income tax
|
(90
|
)
|
|
(295
|
)
|
|
(54
|
)
|
|
(280
|
)
|
||||
COMPREHENSIVE (LOSS) INCOME
|
$
|
(1,493
|
)
|
|
$
|
125
|
|
|
$
|
(413
|
)
|
|
$
|
713
|
|
ANCHOR BANCORP AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands, except share data) (Unaudited)
|
Six Months Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|||||
Net (loss) income
|
$
|
(359
|
)
|
|
$
|
993
|
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
|
|||
Depreciation and amortization
|
317
|
|
|
353
|
|
|||
Net amortization of premiums on securities
|
127
|
|
|
159
|
|
|||
Provision for loan losses
|
180
|
|
|
150
|
|
|||
ESOP expense
|
86
|
|
|
87
|
|
|||
Deferred federal income taxes
|
3,315
|
|
|
395
|
|
|||
Stock compensation expense
|
66
|
|
|
371
|
|
|||
Increase in cash surrender value of life insurance investment
|
(258
|
)
|
|
(262
|
)
|
|||
Gain on sale of loans
|
(157
|
)
|
|
(100
|
)
|
|||
Originations of loans held for sale
|
(5,732
|
)
|
|
(10,236
|
)
|
|||
Proceeds from sale of loans held for sale
|
6,335
|
|
|
8,102
|
|
|||
Loss on sale of property, premises, and equipment
|
5
|
|
|
—
|
|
|||
Loss (gain) on sale of real estate owned
|
15
|
|
|
(40
|
)
|
|||
Change in operating assets and liabilities:
|
|
|
|
|
|
|||
Accrued interest receivable
|
(121
|
)
|
|
(58
|
)
|
|||
Prepaid expenses and other assets
|
(424
|
)
|
|
234
|
|
|||
Supplemental Executive Retirement Plan ("SERP")
|
15
|
|
|
6
|
|
|||
Accounts payable and other liabilities
|
137
|
|
|
1,198
|
|
|||
Net cash provided by operating activities
|
3,547
|
|
|
1,352
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|||
Proceeds from sales, calls and maturities of available-for-sale securities
|
—
|
|
|
852
|
|
|||
Principal repayments on mortgage-backed available-for-sale securities
|
2,264
|
|
|
2,487
|
|
|||
Principal repayments on mortgage-backed held-to-maturity securities
|
709
|
|
|
666
|
|
|||
Loan originations, net of undisbursed loan proceeds and principal repayments
|
(22,415
|
)
|
|
(7,094
|
)
|
|||
Proceeds from sale of real estate owned
|
115
|
|
|
478
|
|
|||
Capital improvements on real estate owned
|
(823
|
)
|
|
—
|
|
|||
Proceeds from sale of property, premises, and equipment, net
|
160
|
|
|
—
|
|
|||
Purchase of property, premises, and equipment, net
|
(9
|
)
|
|
(57
|
)
|
|||
Redemption of FHLB stock
|
(700
|
)
|
|
780
|
|
|||
Net cash provided by investing activities
|
(20,699
|
)
|
|
(1,888
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|||
Net change in deposits
|
(6,735
|
)
|
|
26,702
|
|
|||
Net change in advance payments by borrowers for taxes and insurance
|
4
|
|
|
115
|
|
|||
Proceeds from FHLB advances
|
72,700
|
|
|
34,200
|
|
|||
Repayment of FHLB advances
|
(55,200
|
)
|
|
(53,700
|
)
|
|||
Repurchase and retirement of common stock
|
(124
|
)
|
|
—
|
|
|||
Net share settlement of stock awards
|
(269
|
)
|
|
(285
|
)
|
|||
Net cash used in financing activities
|
$
|
10,376
|
|
|
$
|
7,032
|
|
|
|
|
|
|
|||||
|
|
|
|
|||||
|
|
|
|
ANCHOR BANCORP AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Continued)
(Dollars in thousands, except share data) (Unaudited)
|
Six Months Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
$
|
(6,776
|
)
|
|
$
|
6,496
|
|
|
Beginning of period
|
14,194
|
|
|
8,320
|
|
|||
End of period
|
$
|
7,418
|
|
|
$
|
14,816
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|||
Cash paid during the period for:
|
|
|
|
|||||
Interest
|
$
|
1,926
|
|
|
$
|
1,572
|
|
|
Income taxes
|
$
|
145
|
|
|
$
|
65
|
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES
|
|
|
|
|||||
Noncash investing activities:
|
|
|
|
|
|
|||
Net loans transferred to real estate owned
|
$
|
1,786
|
|
|
$
|
168
|
|
|
Unrealized holding loss on available-for-sale securities, net of tax
|
$
|
(54
|
)
|
|
$
|
(280
|
)
|
|
Loans securitized into mortgage-backed securities
|
$
|
1,105
|
|
|
$
|
2,107
|
|
|
For the Three Months Ended December 31,
|
|
For the Six Months Ended December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Dollars in thousands, except share data)
|
||||||||||||||
Net (loss) income
|
$
|
(1,403
|
)
|
|
$
|
420
|
|
|
$
|
(359
|
)
|
|
$
|
993
|
|
Earnings allocated to common shareholders
|
$
|
(1,403
|
)
|
|
$
|
420
|
|
|
$
|
(359
|
)
|
|
$
|
993
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average common shares outstanding
|
2,429,352
|
|
|
2,404,292
|
|
|
2,425,200
|
|
|
2,396,421
|
|
||||
Potentially dilutive incremental shares
|
—
|
|
|
20,684
|
|
|
—
|
|
|
21,196
|
|
||||
Diluted weighted-average common shares outstanding
|
2,429,352
|
|
|
2,424,976
|
|
|
2,425,200
|
|
|
2,417,617
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic (loss) earnings per share
|
$
|
(0.58
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.15
|
)
|
|
$
|
0.41
|
|
Diluted (loss) earnings per share
|
$
|
(0.58
|
)
|
|
$
|
0.17
|
|
|
$
|
(0.15
|
)
|
|
$
|
0.41
|
|
December 31, 2017
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Securities available-for-sale
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
$
|
160
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
160
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
FHLMC
(1)
|
11,029
|
|
|
76
|
|
|
(158
|
)
|
|
10,947
|
|
||||
FNMA
(2)
|
8,464
|
|
|
—
|
|
|
(205
|
)
|
|
8,259
|
|
||||
GNMA
(3)
|
480
|
|
|
—
|
|
|
(17
|
)
|
|
463
|
|
||||
|
$
|
20,133
|
|
|
$
|
76
|
|
|
$
|
(380
|
)
|
|
$
|
19,829
|
|
Securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
FHLMC
|
$
|
1,994
|
|
|
$
|
44
|
|
|
$
|
(57
|
)
|
|
$
|
1,981
|
|
FNMA
|
1,082
|
|
|
58
|
|
|
(20
|
)
|
|
1,120
|
|
||||
GNMA
|
1,124
|
|
|
—
|
|
|
(40
|
)
|
|
1,084
|
|
||||
|
$
|
4,200
|
|
|
$
|
102
|
|
|
$
|
(117
|
)
|
|
$
|
4,185
|
|
June 30, 2017
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Securities available-for-sale
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
165
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
FHLMC
|
11,140
|
|
|
88
|
|
|
(125
|
)
|
|
11,103
|
|
||||
FNMA
|
9,532
|
|
|
—
|
|
|
(169
|
)
|
|
9,363
|
|
||||
GNMA
|
554
|
|
|
—
|
|
|
(15
|
)
|
|
539
|
|
||||
|
$
|
21,391
|
|
|
$
|
88
|
|
|
$
|
(309
|
)
|
|
$
|
21,170
|
|
Securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
FHLMC
|
$
|
2,212
|
|
|
53
|
|
|
(52
|
)
|
|
$
|
2,213
|
|
||
FNMA
|
1,209
|
|
|
71
|
|
|
(23
|
)
|
|
1,257
|
|
||||
GNMA
|
1,528
|
|
|
—
|
|
|
(44
|
)
|
|
1,484
|
|
||||
|
$
|
4,949
|
|
|
$
|
124
|
|
|
$
|
(119
|
)
|
|
$
|
4,954
|
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
December 31, 2017
|
(In thousands)
|
||||||||||||||||||||||
Securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FHLMC
|
$
|
1,935
|
|
|
$
|
(18
|
)
|
|
$
|
4,183
|
|
|
$
|
(140
|
)
|
|
$
|
6,118
|
|
|
$
|
(158
|
)
|
FNMA
|
2,632
|
|
|
(27
|
)
|
|
5,626
|
|
|
(178
|
)
|
|
8,258
|
|
|
(205
|
)
|
||||||
GNMA
|
—
|
|
|
—
|
|
|
463
|
|
|
(17
|
)
|
|
463
|
|
|
(17
|
)
|
||||||
|
$
|
4,567
|
|
|
$
|
(45
|
)
|
|
$
|
10,272
|
|
|
$
|
(335
|
)
|
|
$
|
14,839
|
|
|
$
|
(380
|
)
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
||||||||||||
December 31, 2017
|
(In thousands)
|
||||||||||||||||||||||
Securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FHLMC
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,378
|
|
|
$
|
(57
|
)
|
|
$
|
1,378
|
|
|
$
|
(57
|
)
|
FNMA
|
—
|
|
|
—
|
|
|
478
|
|
|
(20
|
)
|
|
478
|
|
|
(20
|
)
|
||||||
GNMA
|
—
|
|
|
—
|
|
|
1,084
|
|
|
(40
|
)
|
|
1,084
|
|
|
(40
|
)
|
||||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,940
|
|
|
$
|
(117
|
)
|
|
$
|
2,940
|
|
|
$
|
(117
|
)
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
June 30, 2017
|
(In thousands)
|
||||||||||||||||||||||
Securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FHLMC
|
$
|
2,626
|
|
|
$
|
(25
|
)
|
|
$
|
3,185
|
|
|
$
|
(100
|
)
|
|
$
|
5,811
|
|
|
$
|
(125
|
)
|
FNMA
|
4,578
|
|
|
(29
|
)
|
|
4,563
|
|
|
(140
|
)
|
|
9,141
|
|
|
(169
|
)
|
||||||
GNMA
|
—
|
|
|
—
|
|
|
539
|
|
|
(15
|
)
|
|
539
|
|
|
(15
|
)
|
||||||
|
$
|
7,204
|
|
|
$
|
(54
|
)
|
|
$
|
8,287
|
|
|
$
|
(255
|
)
|
|
$
|
15,491
|
|
|
$
|
(309
|
)
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
||||||||||||
June 30, 2017
|
(In thousands)
|
||||||||||||||||||||||
Securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FHLMC
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,548
|
|
|
$
|
(52
|
)
|
|
$
|
1,548
|
|
|
$
|
(52
|
)
|
FNMA
|
—
|
|
|
—
|
|
|
539
|
|
|
(23
|
)
|
|
539
|
|
|
(23
|
)
|
||||||
GNMA
|
840
|
|
|
(13
|
)
|
|
645
|
|
|
(31
|
)
|
|
1,485
|
|
|
(44
|
)
|
||||||
|
$
|
840
|
|
|
$
|
(13
|
)
|
|
$
|
2,732
|
|
|
$
|
(106
|
)
|
|
$
|
3,572
|
|
|
$
|
(119
|
)
|
December 31, 2017
|
Amortized
Cost
|
|
Fair Value
|
||||
|
(In thousands)
|
||||||
Securities available-for-sale
|
|
||||||
Municipal bonds:
|
|
|
|
||||
Due after ten years
|
$
|
160
|
|
|
$
|
160
|
|
Mortgage-backed securities:
|
|
|
|
||||
FHLMC
|
11,029
|
|
|
10,947
|
|
||
FNMA
|
8,464
|
|
|
8,259
|
|
||
GNMA
|
480
|
|
|
463
|
|
||
|
$
|
20,133
|
|
|
$
|
19,829
|
|
Securities held-to-maturity
|
|
||||||
Mortgage-backed securities:
|
|
|
|
||||
FHLMC
|
$
|
1,994
|
|
|
$
|
1,981
|
|
FNMA
|
1,082
|
|
|
1,120
|
|
||
GNMA
|
1,124
|
|
|
1,084
|
|
||
|
$
|
4,200
|
|
|
$
|
4,185
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In thousands)
|
||||||||||||||
Proceeds from sales
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Proceeds from maturities, sales and calls
|
—
|
|
|
—
|
|
|
—
|
|
|
852
|
|
||||
Gross realized gains
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Gross realized losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
December 31, 2017
|
|
June 30, 2017
|
||||||||||||
Pledged to secure:
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Public deposits
|
$
|
4,855
|
|
|
$
|
4,827
|
|
|
$
|
5,143
|
|
|
$
|
5,172
|
|
FHLB borrowings
|
854
|
|
|
884
|
|
|
977
|
|
|
1,009
|
|
||||
Federal Reserve borrowing line
|
1,576
|
|
|
1,559
|
|
|
852
|
|
|
840
|
|
|
December 31, 2017
|
|
June 30,
2017
|
||||
|
(In thousands)
|
||||||
Real estate:
|
|
|
|
||||
One-to-four family
|
$
|
64,893
|
|
|
$
|
59,735
|
|
Multi-family
|
59,921
|
|
|
60,500
|
|
||
Commercial
|
145,749
|
|
|
155,525
|
|
||
Construction
|
77,136
|
|
|
49,151
|
|
||
Land
|
6,581
|
|
|
8,054
|
|
||
Total real estate
|
354,280
|
|
|
332,965
|
|
||
Consumer:
|
|
|
|
|
|
||
Home equity
|
14,013
|
|
|
13,991
|
|
||
Credit cards
|
2,405
|
|
|
2,596
|
|
||
Automobile
|
497
|
|
|
627
|
|
||
Other consumer
|
1,439
|
|
|
1,524
|
|
||
Total consumer
|
18,354
|
|
|
18,738
|
|
||
|
|
|
|
||||
Business:
|
|
|
|
||||
Commercial business
|
30,905
|
|
|
31,603
|
|
||
Total loans
|
403,539
|
|
|
383,306
|
|
||
Less:
|
|
|
|
|
|
||
Deferred loan fees and loan premiums, net
|
1,186
|
|
|
1,292
|
|
||
Allowance for loan losses
|
4,128
|
|
|
4,106
|
|
||
Loans receivable, net
|
$
|
398,225
|
|
|
$
|
377,908
|
|
|
One-to- four family
|
|
Multi-
family
|
|
Commercial
real estate
|
|
Construction
|
|
Land
|
|
Consumer
(1)
|
|
Commercial
business
|
|
Unallocated
|
|
Three months ended 12/31/17
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
302
|
|
|
$
|
590
|
|
|
$
|
1,534
|
|
|
$
|
821
|
|
|
$
|
119
|
|
|
$
|
354
|
|
|
$
|
297
|
|
|
$
|
—
|
|
|
$
|
4,017
|
|
Provision (benefit) for loan losses
|
39
|
|
|
(29
|
)
|
|
(192
|
)
|
|
263
|
|
|
(23
|
)
|
|
(78
|
)
|
|
125
|
|
|
—
|
|
|
105
|
|
|||||||||
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|||||||||
Recoveries
|
14
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|||||||||
Ending balance
|
$
|
355
|
|
|
$
|
561
|
|
|
$
|
1,342
|
|
|
$
|
1,085
|
|
|
$
|
96
|
|
|
$
|
267
|
|
|
$
|
422
|
|
|
$
|
—
|
|
|
$
|
4,128
|
|
(1)
|
Consumer loans include home equity, credit cards, automobile, and other consumer loans. The only consumer loans with impairment are home equity loans.
|
|
One-to- four family
|
|
Multi-
family
|
|
Commercial
real estate
|
|
Construction
|
|
Land
|
|
Consumer
(1)
|
|
Commercial
business
|
|
Unallocated
|
|
Six months ended 12/31/17
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
495
|
|
|
$
|
580
|
|
|
$
|
1,566
|
|
|
$
|
651
|
|
|
$
|
120
|
|
|
$
|
378
|
|
|
$
|
316
|
|
|
$
|
—
|
|
|
$
|
4,106
|
|
Provision (benefit) for loan losses
|
(169
|
)
|
|
(19
|
)
|
|
(24
|
)
|
|
432
|
|
|
(24
|
)
|
|
(117
|
)
|
|
101
|
|
|
—
|
|
|
180
|
|
|||||||||
Charge-offs
|
—
|
|
|
—
|
|
|
(200
|
)
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(215
|
)
|
|||||||||
Recoveries
|
29
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
21
|
|
|
5
|
|
|
—
|
|
|
57
|
|
|||||||||
Ending balance
|
$
|
355
|
|
|
$
|
561
|
|
|
$
|
1,342
|
|
|
$
|
1,085
|
|
|
$
|
96
|
|
|
$
|
267
|
|
|
$
|
422
|
|
|
$
|
—
|
|
|
$
|
4,128
|
|
(1)
|
Consumer loans include home equity, credit cards, automobile, and other consumer loans. The only consumer loans with impairment are home equity loans.
|
|
One-to- four family
|
|
Multi-
family
|
|
Commercial
real estate
|
|
Construction
|
|
Land
|
|
Consumer
(1)
|
|
Commercial
business
|
|
Unallocated
|
|
Three months ended 12/31/16
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
717
|
|
|
$
|
463
|
|
|
$
|
1,309
|
|
|
$
|
381
|
|
|
$
|
110
|
|
|
$
|
513
|
|
|
$
|
331
|
|
|
$
|
—
|
|
|
$
|
3,824
|
|
Provision (benefit) for loan losses
|
(25
|
)
|
|
(33
|
)
|
|
69
|
|
|
64
|
|
|
(7
|
)
|
|
45
|
|
|
(38
|
)
|
|
—
|
|
|
75
|
|
|||||||||
Charge-offs
|
—
|
|
|
—
|
|
|
(110
|
)
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
|
—
|
|
|
(175
|
)
|
|||||||||
Recoveries
|
76
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
24
|
|
|
2
|
|
|
—
|
|
|
137
|
|
|||||||||
Ending balance
|
$
|
768
|
|
|
$
|
430
|
|
|
$
|
1,268
|
|
|
$
|
480
|
|
|
$
|
103
|
|
|
$
|
517
|
|
|
$
|
295
|
|
|
$
|
—
|
|
|
$
|
3,861
|
|
(1)
|
Consumer loans include home equity, credit cards, automobile, and other consumer loans. The only consumer loans with impairment are home equity loans.
|
|
One-to- four family
|
|
Multi-
family
|
|
Commercial
real estate
|
|
Construction
|
|
Land
|
|
Consumer
(1)
|
|
Commercial
business
|
|
Unallocated
|
|
Six months ended 12/31/16
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
798
|
|
|
$
|
454
|
|
|
$
|
1,333
|
|
|
$
|
271
|
|
|
$
|
75
|
|
|
$
|
516
|
|
|
$
|
332
|
|
|
$
|
—
|
|
|
$
|
3,779
|
|
Provision (benefit) for loan losses
|
(116
|
)
|
|
(24
|
)
|
|
45
|
|
|
172
|
|
|
28
|
|
|
88
|
|
|
(43
|
)
|
|
—
|
|
|
150
|
|
|||||||||
Charge-offs
|
—
|
|
|
—
|
|
|
(110
|
)
|
|
—
|
|
|
—
|
|
|
(120
|
)
|
|
—
|
|
|
—
|
|
|
(230
|
)
|
|||||||||
Recoveries
|
86
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
33
|
|
|
6
|
|
|
—
|
|
|
162
|
|
|||||||||
Ending balance
|
$
|
768
|
|
|
$
|
430
|
|
|
$
|
1,268
|
|
|
$
|
480
|
|
|
$
|
103
|
|
|
$
|
517
|
|
|
$
|
295
|
|
|
$
|
—
|
|
|
$
|
3,861
|
|
(1)
|
Consumer loans include home equity, credit cards, automobile, and other consumer loans. The only consumer loans with impairment are home equity loans.
|
|
Recorded Investments
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
||||||
|
(In thousands)
|
||||||||||
With no allowance recorded
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
1,349
|
|
|
$
|
1,547
|
|
|
$
|
—
|
|
Home equity
|
278
|
|
|
286
|
|
|
—
|
|
|||
Commercial business
|
63
|
|
|
125
|
|
|
—
|
|
|||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|||
One-to-four family
|
$
|
2,426
|
|
|
$
|
2,436
|
|
|
$
|
107
|
|
Land
|
305
|
|
|
305
|
|
|
17
|
|
|||
Home equity
|
74
|
|
|
74
|
|
|
1
|
|
|||
Other consumer
|
16
|
|
|
16
|
|
|
16
|
|
|||
Commercial business
|
285
|
|
|
296
|
|
|
80
|
|
|||
Total
|
|
|
|
|
|
|
|
|
|||
One-to-four family
|
$
|
3,775
|
|
|
$
|
3,983
|
|
|
$
|
107
|
|
Land
|
305
|
|
|
305
|
|
|
17
|
|
|||
Home equity
|
352
|
|
|
360
|
|
|
1
|
|
|||
Other consumer
|
16
|
|
|
16
|
|
|
16
|
|
|||
Commercial business
|
348
|
|
|
421
|
|
|
80
|
|
|||
Total
|
$
|
4,796
|
|
|
$
|
5,085
|
|
|
$
|
221
|
|
|
Recorded Investments
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
||||||
|
(In thousands)
|
||||||||||
With no allowance recorded
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
1,818
|
|
|
$
|
1,991
|
|
|
$
|
—
|
|
Commercial real estate
|
1,992
|
|
|
1,992
|
|
|
—
|
|
|||
Home equity
|
299
|
|
|
303
|
|
|
—
|
|
|||
Commercial business
|
606
|
|
|
668
|
|
|
—
|
|
|||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|||
One-to-four family
|
$
|
3,210
|
|
|
$
|
3,220
|
|
|
$
|
143
|
|
Land
|
311
|
|
|
311
|
|
|
22
|
|
|||
Home equity
|
262
|
|
|
262
|
|
|
32
|
|
|||
Commercial business
|
23
|
|
|
23
|
|
|
1
|
|
|||
Total
|
|
|
|
|
|
|
|
|
|||
One-to-four family
|
$
|
5,028
|
|
|
$
|
5,211
|
|
|
$
|
143
|
|
Commercial real estate
|
1,992
|
|
|
1,992
|
|
|
—
|
|
|||
Land
|
311
|
|
|
311
|
|
|
22
|
|
|||
Home equity
|
561
|
|
|
565
|
|
|
32
|
|
|||
Commercial business
|
629
|
|
|
691
|
|
|
1
|
|
|||
Total
|
$
|
8,521
|
|
|
$
|
8,770
|
|
|
$
|
198
|
|
|
Three Months Ended December 31, 2017
|
|
Six Months Ended December 31, 2017
|
||||||||||||
|
|
||||||||||||||
|
Average Recorded Investment
|
|
Interest Income
Recognized
|
|
Average Recorded Investment
|
|
Interest Income
Recognized
|
||||||||
|
(In thousands)
|
||||||||||||||
With no allowance recorded
|
|
|
|
|
|
|
|
||||||||
One-to-four family
|
$
|
2,156
|
|
|
$
|
3
|
|
|
$
|
1,584
|
|
|
$
|
10
|
|
Commercial real estate
|
—
|
|
|
—
|
|
|
996
|
|
|
—
|
|
||||
Home equity
|
271
|
|
|
1
|
|
|
289
|
|
|
3
|
|
||||
Commercial business
|
208
|
|
|
1
|
|
|
335
|
|
|
4
|
|
||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
2,692
|
|
|
$
|
18
|
|
|
$
|
2,818
|
|
|
$
|
53
|
|
Land
|
307
|
|
|
7
|
|
|
308
|
|
|
9
|
|
||||
Home equity
|
167
|
|
|
1
|
|
|
168
|
|
|
2
|
|
||||
Other consumer
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
||||
Commercial business
|
—
|
|
|
—
|
|
|
154
|
|
|
—
|
|
||||
Total
|
|
|
|
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
4,848
|
|
|
$
|
21
|
|
|
$
|
4,402
|
|
|
$
|
63
|
|
Commercial real estate
|
—
|
|
|
—
|
|
|
996
|
|
|
—
|
|
||||
Land
|
307
|
|
|
7
|
|
|
308
|
|
|
9
|
|
||||
Home equity
|
438
|
|
|
2
|
|
|
457
|
|
|
5
|
|
||||
Other consumer
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
||||
Commercial business
|
208
|
|
|
—
|
|
|
489
|
|
|
4
|
|
||||
Total
|
$
|
5,809
|
|
|
$
|
30
|
|
|
$
|
6,660
|
|
|
$
|
81
|
|
|
Three Months Ended December 31, 2016
|
|
Six Months Ended December 31, 2016
|
||||||||||||
|
|
||||||||||||||
|
Average Recorded Investment
|
|
Interest Income
Recognized
|
|
Average Recorded Investment
|
|
Interest Income
Recognized
|
||||||||
|
(In thousands)
|
||||||||||||||
With no allowance recorded
|
|
|
|
|
|
|
|
||||||||
One-to-four family
|
$
|
3,090
|
|
|
$
|
10
|
|
|
$
|
2,078
|
|
|
$
|
30
|
|
Commercial real estate
|
431
|
|
|
—
|
|
|
433
|
|
|
—
|
|
||||
Land
|
179
|
|
|
2
|
|
|
179
|
|
|
5
|
|
||||
Home equity
|
74
|
|
|
—
|
|
|
64
|
|
|
1
|
|
||||
Commercial business
|
108
|
|
|
1
|
|
|
95
|
|
|
3
|
|
||||
With an allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
4,977
|
|
|
$
|
30
|
|
|
$
|
6,272
|
|
|
$
|
91
|
|
Land
|
318
|
|
|
7
|
|
|
316
|
|
|
10
|
|
||||
Home equity
|
385
|
|
|
3
|
|
|
387
|
|
|
9
|
|
||||
Commercial business
|
115
|
|
|
—
|
|
|
129
|
|
|
1
|
|
||||
Total
|
|
|
|
|
|
|
|
|
|
||||||
One-to-four family
|
$
|
8,067
|
|
|
$
|
40
|
|
|
$
|
8,350
|
|
|
$
|
121
|
|
Commercial real estate
|
431
|
|
|
—
|
|
|
433
|
|
|
—
|
|
||||
Land
|
497
|
|
|
9
|
|
|
495
|
|
|
15
|
|
||||
Home equity
|
459
|
|
|
3
|
|
|
451
|
|
|
10
|
|
||||
Commercial business
|
223
|
|
|
1
|
|
|
224
|
|
|
4
|
|
||||
Total
|
$
|
9,677
|
|
|
$
|
53
|
|
|
$
|
9,953
|
|
|
$
|
150
|
|
|
One-to-four
family
|
|
Multi-
family
|
|
Commercial
real estate
|
|
Construction
|
|
Land
|
|
Consumer(1)
|
|
Commercial
business
|
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance
|
$
|
355
|
|
|
$
|
561
|
|
|
$
|
1,342
|
|
|
$
|
1,085
|
|
|
$
|
96
|
|
|
$
|
267
|
|
|
$
|
422
|
|
|
$
|
—
|
|
|
$
|
4,128
|
|
Ending balance: individually evaluated for impairment
|
107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|
80
|
|
|
—
|
|
|
221
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
$
|
248
|
|
|
$
|
561
|
|
|
$
|
1,342
|
|
|
$
|
1,085
|
|
|
$
|
79
|
|
|
$
|
250
|
|
|
$
|
342
|
|
|
$
|
—
|
|
|
$
|
3,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balance
|
$
|
64,893
|
|
|
$
|
59,921
|
|
|
$
|
145,749
|
|
|
$
|
77,136
|
|
|
$
|
6,581
|
|
|
$
|
18,354
|
|
|
$
|
30,905
|
|
|
$
|
—
|
|
|
$
|
403,539
|
|
Ending balance: individually evaluated for impairment
|
3,775
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
305
|
|
|
368
|
|
|
348
|
|
|
—
|
|
|
4,796
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
$
|
61,118
|
|
|
$
|
59,921
|
|
|
$
|
145,749
|
|
|
$
|
77,136
|
|
|
$
|
6,276
|
|
|
$
|
17,986
|
|
|
$
|
30,557
|
|
|
$
|
—
|
|
|
$
|
398,743
|
|
(1)
|
Consumer loans include home equity, credit cards, auto and other consumer loans.
|
|
One-to-four
family
|
|
Multi-
family
|
|
Commercial
real estate
|
|
Construction
|
|
Land
|
|
Consumer(1)
|
|
Commercial
business
|
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance
|
$
|
495
|
|
|
$
|
580
|
|
|
$
|
1,566
|
|
|
$
|
651
|
|
|
$
|
120
|
|
|
$
|
378
|
|
|
$
|
316
|
|
|
$
|
—
|
|
|
$
|
4,106
|
|
Ending balance: individually evaluated for impairment
|
143
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
32
|
|
|
1
|
|
|
—
|
|
|
198
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
$
|
352
|
|
|
$
|
580
|
|
|
$
|
1,566
|
|
|
$
|
651
|
|
|
$
|
98
|
|
|
$
|
346
|
|
|
$
|
315
|
|
|
$
|
—
|
|
|
$
|
3,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balance
|
$
|
59,735
|
|
|
$
|
60,500
|
|
|
$
|
155,525
|
|
|
$
|
49,151
|
|
|
$
|
8,054
|
|
|
$
|
18,738
|
|
|
$
|
31,603
|
|
|
$
|
—
|
|
|
$
|
383,306
|
|
Ending balance: individually evaluated for impairment
|
5,028
|
|
|
—
|
|
|
1,992
|
|
|
—
|
|
|
311
|
|
|
561
|
|
|
629
|
|
|
—
|
|
|
8,521
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
$
|
54,707
|
|
|
$
|
60,500
|
|
|
$
|
153,533
|
|
|
$
|
49,151
|
|
|
$
|
7,743
|
|
|
$
|
18,177
|
|
|
$
|
30,974
|
|
|
$
|
—
|
|
|
$
|
374,785
|
|
(1)
|
Consumer loans include home equity, credit cards, auto, and other consumer loans.
|
|
December 31, 2017
|
|
June 30, 2017
|
||||
|
(In thousands)
|
||||||
One-to-four family
|
$
|
949
|
|
|
$
|
1,170
|
|
Commercial
|
—
|
|
|
1,992
|
|
||
Home equity
|
223
|
|
|
242
|
|
||
Commercial business
|
285
|
|
|
300
|
|
||
Total
|
$
|
1,457
|
|
|
$
|
3,704
|
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days Or
More Past Due
(1)
|
|
Total Past
Due
|
|
Current
|
|
Total Loans
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
One-to-four family
|
$
|
535
|
|
|
$
|
116
|
|
|
$
|
949
|
|
|
$
|
1,600
|
|
|
$
|
63,293
|
|
|
$
|
64,893
|
|
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,921
|
|
|
59,921
|
|
||||||
Commercial real estate
|
125
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|
145,624
|
|
|
145,749
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77,136
|
|
|
77,136
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,581
|
|
|
6,581
|
|
||||||
Home equity
|
—
|
|
|
—
|
|
|
223
|
|
|
223
|
|
|
13,790
|
|
|
14,013
|
|
||||||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,405
|
|
|
2,405
|
|
||||||
Automobile
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
497
|
|
|
497
|
|
||||||
Other consumer
|
9
|
|
|
6
|
|
|
—
|
|
|
15
|
|
|
1,424
|
|
|
1,439
|
|
||||||
Commercial business
|
—
|
|
|
—
|
|
|
285
|
|
|
285
|
|
|
30,620
|
|
|
30,905
|
|
||||||
Total
|
$
|
669
|
|
|
$
|
122
|
|
|
$
|
1,457
|
|
|
$
|
2,248
|
|
|
$
|
401,291
|
|
|
$
|
403,539
|
|
|
(1)
Includes loans on nonaccrual status.
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days Or
More Past Due
(1)
|
|
Total Past
Due
|
|
Current
|
|
Total
Loans
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
One-to-four family
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
1,170
|
|
|
$
|
1,185
|
|
|
$
|
58,550
|
|
|
$
|
59,735
|
|
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,500
|
|
|
60,500
|
|
||||||
Commercial real estate
|
187
|
|
|
—
|
|
|
1,992
|
|
|
2,179
|
|
|
153,346
|
|
|
155,525
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,151
|
|
|
49,151
|
|
||||||
Land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,054
|
|
|
8,054
|
|
||||||
Home equity
|
16
|
|
|
4
|
|
|
242
|
|
|
262
|
|
|
13,729
|
|
|
13,991
|
|
||||||
Credit cards
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
2,583
|
|
|
2,596
|
|
||||||
Automobile
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
627
|
|
|
627
|
|
||||||
Other consumer
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
1,516
|
|
|
1,524
|
|
||||||
Commercial business
|
107
|
|
|
—
|
|
|
300
|
|
|
407
|
|
|
31,196
|
|
|
31,603
|
|
||||||
Total
|
$
|
338
|
|
|
$
|
12
|
|
|
$
|
3,704
|
|
|
$
|
4,054
|
|
|
$
|
379,252
|
|
|
$
|
383,306
|
|
•
|
Acceptable asset quality, but requiring increased monitoring. Strained liquidity and less than anticipated performance. The loan may be fully leveraged.
|
•
|
Apparent management weakness, perhaps demonstrated by an irregular flow of adequate and/or timely performance information required to support the credit.
|
•
|
The borrower has a plausible plan to correct problem(s) in the near future that is devoid of material uncertainties.
|
•
|
Lacks reserve capacity, so the risk rating will improve or decline in relatively short time (results of corrective actions should be apparent within six months or less).
|
•
|
Performance is poor or significantly less than expected. A debt service deficiency either exists or cannot be ruled out.
|
•
|
Generally an undesirable business credit. Assets in this category are protected, but are potentially weak. These assets constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of Substandard. Special Mention assets have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the Bank's credit position at some future date.
|
•
|
Assets which might be detailed in this category include credits that the lending officer may be unable to supervise properly because of lack of expertise, an inadequate loan agreement, the condition of and control over collateral, failure to obtain proper documentation, or any other deviations from prudent lending practices.
|
•
|
An adverse trend in the borrower's operations or an imbalanced position in the balance sheet which does not jeopardize liquidation may best be handled by this classification.
|
•
|
A Special Mention classification should not be used as a compromise between a pass and substandard rating. Assets in which actual, not potential, weaknesses are evident and significant, and should be considered for more serious criticism.
|
•
|
Unacceptable business credit. The asset is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified must have a well defined weakness or weaknesses that jeopardize the liquidation of the debt.
|
•
|
Though no loss is envisioned, the outlook is sufficiently uncertain to preclude ruling out the possibility. Some liquidation of assets will likely be necessary as a corrective measure.
|
•
|
Assets in this category may demonstrate performance problems such as debt servicing deficiencies with no immediate relief, including having a DSCR of less than
1.00
. Borrowers have an inability to adjust to prolonged and unfavorable industry or economic trends. Management's character and/or effectiveness have become suspect.
|
•
|
The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined.
|
•
|
Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans.
|
•
|
An uncollectible asset or one of such little value that it does not warrant classification as an active, earning asset. Such an asset may, however, have recovery or salvageable value, but not to the point of deferring full write off, even though some recovery may occur in the future.
|
•
|
The Bank will charge off such assets as a loss during the accounting period in which they were identified.
|
•
|
Loan to be eliminated from the active loan reporting system via charge off.
|
|
One-to- four
family
|
|
Multi-
family
|
|
Commercial
real estate
|
|
Construction
|
|
Land
|
|
Home equity
|
|
Credit cards
|
|
Automobile
|
|
Other
consumer
|
|
Commercial business
|
|
Total
|
||||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||||
Grade:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Pass
|
$
|
62,830
|
|
|
$
|
59,401
|
|
|
$
|
144,044
|
|
|
$
|
77,136
|
|
|
$
|
6,581
|
|
|
$
|
13,323
|
|
|
$
|
2,405
|
|
|
$
|
497
|
|
|
$
|
1,424
|
|
|
$
|
30,036
|
|
|
$
|
397,677
|
|
Watch
|
825
|
|
|
520
|
|
|
1,580
|
|
|
—
|
|
|
—
|
|
|
317
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
576
|
|
|
3,827
|
|
|||||||||||
Special Mention
|
303
|
|
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
586
|
|
|||||||||||
Substandard
|
935
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
223
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
285
|
|
|
1,449
|
|
|||||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Total
|
$
|
64,893
|
|
|
$
|
59,921
|
|
|
$
|
145,749
|
|
|
$
|
77,136
|
|
|
$
|
6,581
|
|
|
$
|
14,013
|
|
|
$
|
2,405
|
|
|
$
|
497
|
|
|
$
|
1,439
|
|
|
$
|
30,905
|
|
|
$
|
403,539
|
|
|
One-to- four family
|
|
Multi-family
|
|
Commercial
real estate
|
|
Construction
|
|
Land
|
|
Home equity
|
|
Credit cards
|
|
Automobile
|
|
Other
consumer
|
|
Commercial business
|
|
Total
|
||||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||||
Grade:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Pass
|
$
|
57,075
|
|
|
$
|
59,973
|
|
|
$
|
150,762
|
|
|
$
|
49,151
|
|
|
$
|
7,743
|
|
|
$
|
13,202
|
|
|
$
|
2,583
|
|
|
$
|
627
|
|
|
$
|
1,510
|
|
|
$
|
29,972
|
|
|
$
|
372,598
|
|
Watch
|
984
|
|
|
527
|
|
|
2,771
|
|
|
—
|
|
|
311
|
|
|
361
|
|
|
13
|
|
|
—
|
|
|
6
|
|
|
1,224
|
|
|
6,197
|
|
|||||||||||
Special Mention
|
646
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
107
|
|
|
790
|
|
|||||||||||
Substandard
|
1,030
|
|
|
—
|
|
|
1,992
|
|
|
—
|
|
|
—
|
|
|
392
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
300
|
|
|
3,721
|
|
|||||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Total
|
$
|
59,735
|
|
|
$
|
60,500
|
|
|
$
|
155,525
|
|
|
$
|
49,151
|
|
|
$
|
8,054
|
|
|
$
|
13,991
|
|
|
$
|
2,596
|
|
|
$
|
627
|
|
|
$
|
1,524
|
|
|
$
|
31,603
|
|
|
$
|
383,306
|
|
|
December 31, 2017
|
||||||||||
|
Accrual
Status
|
|
Nonaccrual
Status |
|
Total
Modifications
|
||||||
|
(In thousands)
|
||||||||||
One-to-four family
|
$
|
2,826
|
|
|
$
|
117
|
|
|
$
|
2,943
|
|
Land
|
305
|
|
|
—
|
|
|
305
|
|
|||
Home equity
|
129
|
|
|
—
|
|
|
129
|
|
|||
Other consumer
|
16
|
|
|
—
|
|
|
16
|
|
|||
Commercial business
|
63
|
|
|
—
|
|
|
63
|
|
|||
Total
|
$
|
3,339
|
|
|
$
|
117
|
|
|
$
|
3,456
|
|
|
June 30, 2017
|
||||||||||
|
Accrual
Status
|
|
Nonaccrual
Status |
|
Total
Modifications
|
||||||
|
(In thousands)
|
||||||||||
One-to-four family
|
$
|
3,622
|
|
|
$
|
131
|
|
|
$
|
3,753
|
|
Land
|
311
|
|
|
—
|
|
|
311
|
|
|||
Home equity
|
169
|
|
|
—
|
|
|
169
|
|
|||
Commercial business
|
87
|
|
|
—
|
|
|
87
|
|
|||
Total
|
$
|
4,189
|
|
|
$
|
131
|
|
|
$
|
4,320
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
||||||||||||
|
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In thousands)
|
||||||||||||||
Balance at the beginning of the period
|
$
|
2,653
|
|
|
$
|
271
|
|
|
$
|
867
|
|
|
$
|
373
|
|
Net loans transferred to real estate owned
|
—
|
|
|
—
|
|
|
1,786
|
|
|
168
|
|
||||
Capitalized improvements
|
823
|
|
|
—
|
|
|
823
|
|
|
—
|
|
||||
Sales
|
(115
|
)
|
|
(195
|
)
|
|
(115
|
)
|
|
(478
|
)
|
||||
Gain on sale of REO
|
(15
|
)
|
|
27
|
|
|
(15
|
)
|
|
40
|
|
||||
Balance at the end of the period
|
$
|
3,346
|
|
|
$
|
103
|
|
|
$
|
3,346
|
|
|
$
|
103
|
|
|
December 31, 2017
|
|
June 30, 2017
|
||||
|
(Dollars in thousands)
|
||||||
Allocated shares
|
50,071
|
|
|
46,631
|
|
||
Unallocated shares
|
51,929
|
|
|
55,369
|
|
||
Total ESOP shares
|
102,000
|
|
|
102,000
|
|
||
Fair value of unallocated shares
|
$
|
1,288
|
|
|
$
|
1,387
|
|
|
December 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Municipal bonds
|
$
|
—
|
|
|
$
|
160
|
|
|
$
|
—
|
|
|
$
|
160
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|||||||
FHLMC
|
—
|
|
|
10,947
|
|
|
—
|
|
|
10,947
|
|
||||
FNMA
|
—
|
|
|
8,259
|
|
|
—
|
|
|
8,259
|
|
||||
GNMA
|
—
|
|
|
463
|
|
|
—
|
|
|
463
|
|
|
June 30, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Municipal bonds
|
$
|
—
|
|
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
165
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
FHLMC
|
—
|
|
|
11,103
|
|
|
—
|
|
|
11,103
|
|
||||
FNMA
|
—
|
|
|
9,363
|
|
|
—
|
|
|
9,363
|
|
||||
GNMA
|
—
|
|
|
539
|
|
|
—
|
|
|
539
|
|
|
December 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage loans
|
|
|
|
|
|
|
|
||||||||
One-to-four family
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,180
|
|
|
$
|
3,180
|
|
Land
|
—
|
|
|
—
|
|
|
305
|
|
|
305
|
|
||||
Home equity
|
—
|
|
|
—
|
|
|
74
|
|
|
74
|
|
||||
Other consumer
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||
Commercial business
|
—
|
|
|
—
|
|
|
285
|
|
|
285
|
|
||||
Total impaired loans
|
—
|
|
|
—
|
|
|
3,852
|
|
|
3,852
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,852
|
|
|
$
|
3,852
|
|
|
June 30, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Impaired loans:
|
|
|
|
|
|
|
|
||||||||
Mortgage loans
|
|
|
|
|
|
|
|
||||||||
One-to-four family
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,227
|
|
|
$
|
4,227
|
|
Construction
|
—
|
|
|
—
|
|
|
262
|
|
|
262
|
|
||||
Land
|
—
|
|
|
—
|
|
|
311
|
|
|
311
|
|
||||
Commercial business
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
||||
Total impaired loans
|
—
|
|
|
—
|
|
|
4,823
|
|
|
4,823
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,823
|
|
|
$
|
4,823
|
|
|
December 31, 2017
|
||||||||
|
Fair Value
|
|
Valuation Technique(s)
|
|
Unobservable Input(s)
|
|
Range (Average Discount)
|
||
|
(Dollars in thousands)
|
||||||||
Impaired loans
|
$
|
3,852
|
|
|
Fair value of underlying collateral
|
|
Discount applied to the obtained appraisal
|
|
0% - 10% (5%)
|
|
June 30, 2017
|
||||||||
|
Fair Value
|
|
Valuation Technique(s)
|
|
Unobservable Input(s)
|
|
Range (Average Discount)
|
||
|
(Dollars in thousands)
|
||||||||
Impaired loans
|
$
|
4,823
|
|
|
Fair value of underlying collateral
|
|
Discount applied to the obtained appraisal
|
|
0% - 10% (3%)
|
|
December 31, 2017
|
||||||||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Financial Instruments-Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
7,418
|
|
|
$
|
7,418
|
|
|
$
|
7,418
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available-for-sale
|
19,829
|
|
|
19,829
|
|
|
—
|
|
|
19,829
|
|
|
—
|
|
|||||
Securities held-to-maturity
|
4,200
|
|
|
4,185
|
|
|
—
|
|
|
4,185
|
|
|
—
|
|
|||||
FHLB stock
|
3,048
|
|
|
3,048
|
|
|
—
|
|
|
3,048
|
|
|
—
|
|
|||||
Loans held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loans receivable
|
402,353
|
|
|
393,659
|
|
|
—
|
|
|
—
|
|
|
393,659
|
|
|||||
Bank owned life insurance investment
|
20,288
|
|
|
20,288
|
|
|
—
|
|
|
20,288
|
|
|
—
|
|
|||||
Accrued interest receivable
|
1,453
|
|
|
1,453
|
|
|
—
|
|
|
1,453
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Instruments-Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits, savings and money market
|
$
|
190,330
|
|
|
$
|
190,330
|
|
|
$
|
190,330
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificates of deposit
|
148,122
|
|
|
148,279
|
|
|
—
|
|
|
148,279
|
|
|
—
|
|
|||||
FHLB advances
|
63,000
|
|
|
62,749
|
|
|
—
|
|
|
62,749
|
|
|
—
|
|
|||||
Advance payments by borrowers for taxes and insurance
|
1,199
|
|
|
1,199
|
|
|
1,199
|
|
|
—
|
|
|
—
|
|
|
June 30, 2017
|
||||||||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1) |
|
Significant Other Observable Inputs
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
||||||||||
|
(In thousands)
|
||||||||||||||||||
Financial Instruments-Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
14,194
|
|
|
$
|
14,194
|
|
|
$
|
14,194
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available-for-sale
|
21,170
|
|
|
21,170
|
|
|
—
|
|
|
21,170
|
|
|
—
|
|
|||||
Securities held-to-maturity
|
4,949
|
|
|
4,954
|
|
|
—
|
|
|
4,954
|
|
|
—
|
|
|||||
FHLB stock
|
2,348
|
|
|
2,348
|
|
|
—
|
|
|
2,348
|
|
|
—
|
|
|||||
Loans held for sale
|
1,551
|
|
|
1,551
|
|
|
1,551
|
|
|
—
|
|
|
—
|
|
|||||
Loans receivable
|
382,014
|
|
|
374,599
|
|
|
—
|
|
|
—
|
|
|
374,599
|
|
|||||
Accrued interest receivable
|
1,332
|
|
|
1,332
|
|
|
—
|
|
|
1,332
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Instruments-Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits, savings and money market
|
$
|
200,678
|
|
|
$
|
200,678
|
|
|
$
|
200,678
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificates of deposit
|
144,509
|
|
|
144,854
|
|
|
—
|
|
|
144,854
|
|
|
—
|
|
|||||
FHLB advances
|
45,500
|
|
|
45,226
|
|
|
—
|
|
|
45,226
|
|
|
—
|
|
|||||
Advance payments by borrowers for taxes and insurance
|
1,195
|
|
|
1,195
|
|
|
1,195
|
|
|
—
|
|
|
—
|
|
|
|
For the Three Months Ended December 31, 2017
|
|||||
|
|
||||||
|
|
|
|
Weighted-Average Grant Date Fair Value
|
|||
|
|
Shares
|
|
||||
Non-vested at October 1, 2017
|
|
17,092
|
|
|
$
|
25.75
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Vested
|
|
(8,726
|
)
|
|
25.75
|
|
|
Forfeited and canceled
|
|
(910
|
)
|
|
24.85
|
|
|
Non-vested at December 31, 2017
|
|
7,456
|
|
|
25.75
|
|
|
|
For the Six Months Ended December 31, 2017
|
|||||
|
|
||||||
|
|
|
|
Weighted-Average Grant Date Fair Value
|
|||
|
|
Shares
|
|
||||
Non-vested at July 1, 2017
|
|
38,424
|
|
|
$
|
25.75
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Vested
|
|
(20,258
|
)
|
|
25.75
|
|
|
Forfeited and canceled
|
|
(10,710
|
)
|
|
25.03
|
|
|
Non-vested at December 31, 2017
|
|
7,456
|
|
|
25.75
|
|
•
|
the Merger Agreement with Washington Federal, Inc. may be terminated in accordance with its terms, and the Merger may not be completed;
|
•
|
termination of the Merger Agreement could negatively impact us;
|
•
|
we will be subject to business uncertainties and contractual restrictions while the Merger is pending;
|
•
|
the Merger Agreement limits our ability to pursue an alternative acquisition proposal and requires us to pay a termination fee under limited circumstances relating to alternative acquisition proposals;
|
•
|
the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write offs and changes in our allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets;
|
•
|
changes in general economic conditions, either nationally or in our market areas;
|
•
|
changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources;
|
•
|
fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market area;
|
•
|
secondary market conditions for loans and our ability to sell loans in the secondary market;
|
•
|
results of examinations of us by the Federal Deposit Insurance Corporation ("FDIC"), the Washington Department of Financial Institutions, Division of Banks ("DFI") or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings;
|
•
|
our ability to attract and retain deposits;
|
•
|
increases in premiums for deposit insurance;
|
•
|
management's assumptions in determining the adequacy of the allowance for loan losses;
|
•
|
our ability to control operating costs and expenses;
|
•
|
the use of estimates in determining fair value of certain of our assets and liabilities, which estimates may prove to be incorrect and result in significant changes in valuation;
|
•
|
difficulties in reducing risks associated with the loans on our balance sheet;
|
•
|
staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges;
|
•
|
disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions;
|
•
|
our ability to retain key members of our senior management team and our ability to attract, motivate and retain qualified personnel;
|
•
|
costs and effects of litigation, including settlements and judgments;
|
•
|
our ability to manage loan delinquency rates;
|
•
|
increased competitive pressures among financial services companies;
|
•
|
changes in consumer spending, borrowing and savings habits;
|
•
|
legislative or regulatory changes that adversely affect our business including the effect of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules, including as a result of Basel III;
|
•
|
the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions;
|
•
|
our ability to pay dividends on our common stock;
|
•
|
adverse changes in the securities markets;
|
•
|
inability of key third-party providers to perform their obligations to us;
|
•
|
changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies, or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues
|
•
|
other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described elsewhere in our filings with the Securities and Exchange Commission, including this Form 10-Q.
|
|
Balance at December 31, 2017
|
|
Balance at June 30, 2017
|
|
Increase/(Decrease)
|
|||||||||
|
|
|
Amount
|
|
Percent
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||
Cash and cash equivalents
|
$
|
7,418
|
|
|
$
|
14,194
|
|
|
$
|
(6,776
|
)
|
|
(47.7
|
)%
|
Securities, available-for-sale
|
19,829
|
|
|
21,170
|
|
|
(1,341
|
)
|
|
(6.3
|
)
|
|||
Securities, held-to-maturity
|
4,200
|
|
|
4,949
|
|
|
(749
|
)
|
|
(15.1
|
)
|
|||
Loans receivable, net of allowance for loan losses
|
398,225
|
|
|
377,908
|
|
|
20,317
|
|
|
5.4
|
|
|||
Real estate owned, net
|
3,346
|
|
|
867
|
|
|
2,479
|
|
|
285.9
|
|
|
Balance at December 31, 2017
|
|
Balance at June 30, 2017
|
|
Increase/(Decrease)
|
|||||||||
|
|
|
Amount
|
|
Percent
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||
Noninterest-bearing demand deposits
|
$
|
50,285
|
|
|
$
|
52,606
|
|
|
$
|
(2,321
|
)
|
|
(4.4
|
)%
|
Interest-bearing demand deposits
|
32,875
|
|
|
31,464
|
|
|
1,411
|
|
|
4.5
|
|
|||
Money market accounts
|
62,036
|
|
|
73,154
|
|
|
(11,118
|
)
|
|
(15.2
|
)
|
|||
Savings deposits
|
45,134
|
|
|
43,454
|
|
|
1,680
|
|
|
3.9
|
|
|||
Certificates of deposit
|
148,122
|
|
|
144,509
|
|
|
3,613
|
|
|
2.5
|
|
|||
Total deposit accounts
|
$
|
338,452
|
|
|
$
|
345,187
|
|
|
$
|
(6,735
|
)
|
|
(2.0
|
)%
|
|
Three Months Ended December 31, 2017 Compared to Three Months Ended December 31, 2016
|
||||||||||
|
Increase (Decrease) Due to
|
|
|
||||||||
|
Rate
|
|
Volume
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
||||||
Loans receivable, including fees
|
$
|
134
|
|
|
$
|
495
|
|
|
$
|
629
|
|
Mortgage-backed securities
|
10
|
|
|
(22
|
)
|
|
(12
|
)
|
|||
Investment securities, FHLB stock and cash and cash equivalents
|
4
|
|
|
(9
|
)
|
|
(5
|
)
|
|||
Total net change in income on interest-earning assets
|
$
|
148
|
|
|
$
|
464
|
|
|
$
|
612
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|||
Savings deposits
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Interest-bearing demand deposits
|
—
|
|
|
1
|
|
|
1
|
|
|||
Money market accounts
|
21
|
|
|
(7
|
)
|
|
14
|
|
|||
Certificates of deposit
|
14
|
|
|
154
|
|
|
168
|
|
|||
FHLB advances
|
12
|
|
|
(15
|
)
|
|
(3
|
)
|
|||
Total net change in expense on interest-bearing liabilities
|
48
|
|
|
133
|
|
|
181
|
|
|||
Net change in net interest income
|
$
|
100
|
|
|
$
|
331
|
|
|
$
|
431
|
|
|
Six Months Ended December 31, 2017 Compared to Six Months Ended December 31, 2016
|
||||||||||
|
Increase (Decrease) Due to
|
|
|
||||||||
|
Rate
|
|
Volume
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
||||||
Loans receivable, including fees
|
$
|
197
|
|
|
$
|
913
|
|
|
$
|
1,110
|
|
Mortgage-backed securities
|
(3
|
)
|
|
(47
|
)
|
|
(50
|
)
|
|||
Investment securities, FHLB stock and cash and cash equivalents
|
14
|
|
|
(8
|
)
|
|
6
|
|
|||
Total net change in income on interest-earning assets
|
$
|
208
|
|
|
$
|
858
|
|
|
$
|
1,066
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
||||||
Savings deposits
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Interest-bearing demand deposits
|
—
|
|
|
1
|
|
|
1
|
|
|||
Money market accounts
|
74
|
|
|
5
|
|
|
79
|
|
|||
Certificates of deposit
|
31
|
|
|
295
|
|
|
326
|
|
|||
FHLB advances
|
33
|
|
|
(78
|
)
|
|
(45
|
)
|
|||
Total net change in expense on interest-bearing liabilities
|
139
|
|
|
223
|
|
|
362
|
|
|||
Net change in net interest income
|
$
|
69
|
|
|
$
|
635
|
|
|
$
|
704
|
|
|
Three Months Ended December 31,
|
||||||||||||||||
|
2017
|
|
2016
|
|
Increase/(Decrease) in
Interest and
Dividend
Income from
2016
|
||||||||||||
|
Average
Balance
|
|
Yield
|
|
Average
Balance
|
|
Yield
|
|
|||||||||
|
(Dollars in thousands)
|
||||||||||||||||
Loans receivable, net
(1)
|
$
|
396,465
|
|
|
5.42
|
%
|
|
$
|
359,021
|
|
|
5.28
|
%
|
|
$
|
629
|
|
Mortgage-backed securities
|
23,892
|
|
|
2.14
|
|
|
28,292
|
|
|
1.98
|
|
|
(12
|
)
|
|||
Investment securities
|
161
|
|
|
4.97
|
|
|
172
|
|
|
6.98
|
|
|
(1
|
)
|
|||
FHLB stock
|
2,283
|
|
|
2.98
|
|
|
2,455
|
|
|
3.58
|
|
|
(5
|
)
|
|||
Cash and cash equivalents
|
3,664
|
|
|
0.66
|
|
|
6,253
|
|
|
0.32
|
|
|
1
|
|
|||
Total interest-earning assets
|
$
|
426,465
|
|
|
5.18
|
%
|
|
$
|
396,193
|
|
|
4.96
|
%
|
|
$
|
612
|
|
(1)
|
Nonaccruing loans have been included in the table as loans carrying a zero yield for the period that they have been on nonaccrual, calculated net of deferred loan fees and loans in process.
|
|
Six Months Ended December 31,
|
||||||||||||||||
|
2017
|
|
2016
|
|
Increase/(Decrease) in
Interest and
Dividend
Income from
2016
|
||||||||||||
|
Average
Balance
|
|
Yield
|
|
Average
Balance
|
|
Yield
|
|
|||||||||
|
(Dollars in thousands)
|
||||||||||||||||
Loans receivable, net
(1)
|
$
|
391,747
|
|
|
5.36
|
%
|
|
$
|
357,036
|
|
|
5.26
|
%
|
|
$
|
1,110
|
|
Mortgage-backed securities
|
24,635
|
|
|
2.09
|
|
|
29,044
|
|
|
2.11
|
|
|
(50
|
)
|
|||
Investment securities
|
163
|
|
|
6.13
|
|
|
172
|
|
|
5.81
|
|
|
—
|
|
|||
FHLB stock
|
2,123
|
|
|
3.39
|
|
|
2,668
|
|
|
3.00
|
|
|
(4
|
)
|
|||
Cash and cash equivalents
|
4,385
|
|
|
0.82
|
|
|
5,043
|
|
|
0.32
|
|
|
10
|
|
|||
Total interest-earning assets
|
$
|
423,053
|
|
|
5.12
|
%
|
|
$
|
393,963
|
|
|
4.95
|
%
|
|
$
|
1,066
|
|
(1)
|
Nonaccruing loans have been included in the table as loans carrying a zero yield for the period that they have been on nonaccrual, calculated net of deferred loan fees and loans in process.
|
|
Three Months Ended December 31,
|
||||||||||||||||
|
2017
|
|
2016
|
|
Increase/(Decrease) in
Interest Expense from 2016 |
||||||||||||
|
Average
Balance
|
|
Cost
|
|
Average
Balance
|
|
Cost
|
|
|||||||||
|
(Dollars in thousands)
|
||||||||||||||||
Savings deposits
|
$
|
44,955
|
|
|
0.15
|
%
|
|
$
|
43,617
|
|
|
0.15
|
%
|
|
$
|
1
|
|
Interest-bearing demand deposits
|
36,402
|
|
|
0.04
|
|
|
29,458
|
|
|
0.04
|
|
|
1
|
|
|||
Money market deposits
|
71,158
|
|
|
0.52
|
|
|
78,051
|
|
|
0.40
|
|
|
14
|
|
|||
Certificates of deposit
|
147,226
|
|
|
1.98
|
|
|
115,541
|
|
|
1.94
|
|
|
168
|
|
|||
FHLB advances
|
43,867
|
|
|
1.20
|
|
|
49,395
|
|
|
1.09
|
|
|
(3
|
)
|
|||
Total interest-bearing liabilities
|
$
|
343,608
|
|
|
1.14
|
%
|
|
$
|
316,062
|
|
|
1.00
|
%
|
|
$
|
181
|
|
|
Six Months Ended December 31,
|
||||||||||||||||
|
2017
|
|
2016
|
|
Increase/(Decrease) in
Interest Expense from 2016 |
||||||||||||
|
Average
Balance
|
|
Cost
|
|
Average
Balance
|
|
Cost
|
|
|||||||||
|
(Dollars in thousands)
|
||||||||||||||||
Savings deposits
|
$
|
44,566
|
|
|
0.15
|
%
|
|
$
|
44,058
|
|
|
0.15
|
%
|
|
$
|
1
|
|
Interest-bearing demand deposits
|
34,690
|
|
|
0.04
|
|
|
28,300
|
|
|
0.04
|
|
|
1
|
|
|||
Money market deposits
|
72,540
|
|
|
0.50
|
|
|
69,124
|
|
|
0.30
|
|
|
79
|
|
|||
Certificates of deposit
|
146,952
|
|
|
1.99
|
|
|
116,700
|
|
|
1.95
|
|
|
326
|
|
|||
FHLB advances
|
39,819
|
|
|
1.21
|
|
|
54,719
|
|
|
1.04
|
|
|
(45
|
)
|
|||
Total interest-bearing liabilities
|
$
|
338,567
|
|
|
1.14
|
%
|
|
$
|
312,901
|
|
|
1.00
|
%
|
|
$
|
362
|
|
|
At or For the Three Months Ended December 31,
|
||||||
|
|||||||
|
2017
|
|
2016
|
||||
|
(Dollars in thousands)
|
||||||
Provision for loan losses
|
$
|
105
|
|
|
$
|
75
|
|
Net (recoveries) charge-offs
|
(6
|
)
|
|
38
|
|
||
Allowance for loan losses
|
4,128
|
|
|
3,861
|
|
||
Allowance for loan losses as a percentage of gross loans receivable at the end of the period
|
1.0
|
%
|
|
1.1
|
%
|
||
Nonaccrual and 90 days or more past due and still accruing interest
|
$
|
1,457
|
|
|
$
|
2,775
|
|
Allowance for loan losses as a percentage of nonperforming loans at the end of the period
|
283.3
|
%
|
|
139.1
|
%
|
||
Nonaccrual and 90 days or more past due loans still accruing interest as a percentage of loans receivable at the end of the period
|
0.4
|
%
|
|
0.8
|
%
|
||
Total loans
|
$
|
403,539
|
|
|
$
|
359,214
|
|
|
At or For the Six Months Ended December 31,
|
||||||
|
|||||||
|
2017
|
|
2016
|
||||
|
(Dollars in thousands)
|
||||||
Provision for loan losses
|
$
|
180
|
|
|
$
|
150
|
|
Net charge-offs
|
158
|
|
|
68
|
|
||
Allowance for loan losses
|
4,128
|
|
|
3,861
|
|
||
Allowance for loan losses as a percentage of gross loans receivable at the end of the period
|
1.0
|
%
|
|
1.1
|
%
|
||
Nonaccrual and 90 days or more past due and still accruing interest
|
$
|
1,457
|
|
|
$
|
2,775
|
|
Allowance for loan losses as a percentage of nonperforming loans at the end of the period
|
283.3
|
%
|
|
139.1
|
%
|
||
Nonaccrual and 90 days or more past due loans still accruing interest as a percentage of loans receivable at the end of the period
|
0.4
|
%
|
|
0.8
|
%
|
||
Total loans
|
$
|
403,539
|
|
|
$
|
359,214
|
|
|
Three Months Ended December 31,
|
|
Increase (decrease)
|
|||||||||||
|
|
|||||||||||||
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Deposit service fees
|
$
|
277
|
|
|
$
|
348
|
|
|
$
|
(71
|
)
|
|
(20.4
|
)%
|
Other deposit fees
|
187
|
|
|
179
|
|
|
8
|
|
|
4.5
|
|
|||
Other loan fees
|
172
|
|
|
207
|
|
|
(35
|
)
|
|
(16.9
|
)
|
|||
Gain (loss) on sale of loans
|
47
|
|
|
(1
|
)
|
|
48
|
|
|
(4,800.0
|
)
|
|||
Bank owned life insurance investment
|
129
|
|
|
130
|
|
|
(1
|
)
|
|
(0.8
|
)
|
|||
Other income
|
179
|
|
|
123
|
|
|
56
|
|
|
45.5
|
|
|||
Total noninterest income
|
$
|
991
|
|
|
$
|
986
|
|
|
$
|
5
|
|
|
0.5
|
%
|
|
Six Months Ended December 31,
|
|
Increase (decrease)
|
|||||||||||
|
|
|||||||||||||
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Deposit service fees
|
$
|
590
|
|
|
$
|
696
|
|
|
$
|
(106
|
)
|
|
(15.2
|
)%
|
Other deposit fees
|
387
|
|
|
373
|
|
|
14
|
|
|
3.8
|
|
|||
Other loan fees
|
400
|
|
|
442
|
|
|
(42
|
)
|
|
(9.5
|
)
|
|||
Gain on sale of loans
|
157
|
|
|
100
|
|
|
57
|
|
|
(57.0
|
)
|
|||
Bank owned life insurance investment
|
258
|
|
|
262
|
|
|
(4
|
)
|
|
(1.5
|
)
|
|||
Other income
|
372
|
|
|
270
|
|
|
102
|
|
|
37.8
|
|
|||
Total noninterest income
|
$
|
2,164
|
|
|
$
|
2,143
|
|
|
$
|
21
|
|
|
1.0
|
%
|
|
Three Months Ended December 31,
|
|
Increase (decrease)
|
|||||||||||
|
|
|||||||||||||
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Compensation and benefits
|
$
|
2,220
|
|
|
$
|
2,296
|
|
|
$
|
(76
|
)
|
|
(3.3
|
)%
|
General and administrative expenses
|
572
|
|
|
833
|
|
|
(261
|
)
|
|
(31.3
|
)
|
|||
Real estate holding costs
|
36
|
|
|
19
|
|
|
17
|
|
|
89.5
|
|
|||
FDIC insurance premiums
|
41
|
|
|
24
|
|
|
17
|
|
|
70.8
|
|
|||
Information technology
|
490
|
|
|
540
|
|
|
(50
|
)
|
|
(9.3
|
)
|
|||
Occupancy and equipment
|
435
|
|
|
441
|
|
|
(6
|
)
|
|
(1.4
|
)
|
|||
Deposit services
|
101
|
|
|
128
|
|
|
(27
|
)
|
|
(21.1
|
)
|
|||
Marketing
|
84
|
|
|
167
|
|
|
(83
|
)
|
|
(49.7
|
)
|
|||
Loss (gain) on sale of real estate owned
|
15
|
|
|
(27
|
)
|
|
42
|
|
|
(155.6
|
)
|
|||
Total noninterest expense
|
$
|
3,994
|
|
|
$
|
4,421
|
|
|
$
|
(427
|
)
|
|
(9.7
|
)%
|
|
Six Months Ended December 31,
|
|
Increase (decrease)
|
|||||||||||
|
|
|||||||||||||
|
2017
|
|
2016
|
|
Amount
|
|
Percent
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
Compensation and benefits
|
$
|
4,305
|
|
|
$
|
4,606
|
|
|
$
|
(301
|
)
|
|
(6.5
|
)%
|
General and administrative expenses
|
1,145
|
|
|
1,569
|
|
|
(424
|
)
|
|
(27.0
|
)
|
|||
Merger expenses
|
34
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|||
Real estate holding costs
|
66
|
|
|
37
|
|
|
29
|
|
|
78.4
|
|
|||
FDIC insurance premiums
|
77
|
|
|
92
|
|
|
(15
|
)
|
|
(16.3
|
)
|
|||
Information technology
|
1,027
|
|
|
1,025
|
|
|
2
|
|
|
0.2
|
|
|||
Occupancy and equipment
|
868
|
|
|
948
|
|
|
(80
|
)
|
|
(8.4
|
)
|
|||
Deposit services
|
205
|
|
|
240
|
|
|
(35
|
)
|
|
(14.6
|
)
|
|||
Marketing
|
175
|
|
|
267
|
|
|
(92
|
)
|
|
(34.5
|
)
|
|||
Loss on sale of property, premises and equipment
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|||
Loss (gain) on sale of real estate owned
|
15
|
|
|
(40
|
)
|
|
55
|
|
|
(137.5
|
)
|
|||
Total noninterest expense
|
$
|
7,922
|
|
|
$
|
8,744
|
|
|
$
|
(822
|
)
|
|
(9.4
|
)%
|
|
Amount of Commitment
Expiration Per Period
|
||||||
|
Total Amounts
Committed
(2)
|
|
Due in
One Year
|
||||
|
(In thousands)
|
||||||
Commitments to originate loans
(1)
|
$
|
8,438
|
|
|
$
|
8,438
|
|
Undisbursed portion of construction loans
|
42,980
|
|
|
13,915
|
|
||
Total loan commitments
|
$
|
51,418
|
|
|
$
|
22,353
|
|
|
|
|
|
||||
Lines of credit
|
|
|
|
|
|||
Fixed rate
(3)
|
$
|
21,690
|
|
|
$
|
5,847
|
|
Adjustable rate
|
43,530
|
|
|
17,137
|
|
||
Undisbursed balance of lines of credit
|
$
|
65,220
|
|
|
$
|
22,984
|
|
(1)
|
Interest rates on fixed rate loans are 3.75% to 17.99%.
|
(2)
|
At December 31, 2017 there was $301 in reserves for unfunded commitments.
|
(3)
|
Includes standby letters of credit.
|
Year Ended June 30,
|
|
|
|
Amount
|
|
|
|
(In thousands)
|
2018
|
|
$70
|
2019
|
|
$90
|
2020
|
|
$36
|
Anchor Bank
|
|
|
|
|
Minimum to be Well Capitalized Under Prompt Corrective Action Provisions
|
|||||||||||||||
|
|
|
Minimum Capital Requirement
|
|
||||||||||||||||
|
Actual
|
|
|
|||||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital
(to risk-weighted assets)
|
$
|
64,142
|
|
|
15.1
|
%
|
|
$
|
34,083
|
|
|
8.0
|
%
|
|
$
|
42,603
|
|
|
10.0
|
%
|
Tier I capital
(to risk-weighted assets)
|
$
|
60,014
|
|
|
14.1
|
%
|
|
$
|
25,562
|
|
|
6.0
|
%
|
|
$
|
34,083
|
|
|
8.0
|
%
|
Common equity tier 1 capital (to risk-weighted assets)
|
$
|
60,014
|
|
|
14.1
|
%
|
|
$
|
19,172
|
|
|
4.5
|
%
|
|
$
|
27,692
|
|
|
6.5
|
%
|
Tier I leverage capital
(to average assets)
|
$
|
60,014
|
|
|
13.0
|
%
|
|
$
|
18,538
|
|
|
4.0
|
%
|
|
$
|
23,173
|
|
|
5.0
|
%
|
Anchor Bancorp
|
Actual
|
|||||
|
Amount
|
|
Ratio
|
|||
|
(Dollars in thousands)
|
|||||
December 31, 2017
|
|
|
|
|||
Total capital
(to risk-weighted assets)
|
$
|
68,872
|
|
|
16.1
|
%
|
Tier I capital
(to risk-weighted assets)
|
$
|
64,744
|
|
|
15.2
|
%
|
Common equity tier 1 capital (to risk-weighted assets)
|
$
|
64,744
|
|
|
15.2
|
%
|
Tier I leverage capital
(to average assets)
|
$
|
64,744
|
|
|
14.0
|
%
|
•
|
economic conditions;
|
•
|
interest rate outlook;
|
•
|
asset/liability mix;
|
•
|
interest rate risk sensitivity;
|
•
|
change in net interest income;
|
•
|
current market opportunities to promote specific products;
|
•
|
historical financial results;
|
•
|
projected financial results; and
|
•
|
capital position.
|
•
|
increased our originations of shorter term loans and particularly, home equity loans (limited recent originations) and commercial business loans;
|
•
|
structured certain borrowings with maturities that match fund our loan portfolios; and
|
•
|
sold our fixed rate single family loans to generate noninterest income as well as managing interest rate risk.
|
|
|
Net Portfolio Value
|
|
Net Portfolio as % of Portfolio Value of Assets
|
|
|
|||||||||||||||
Basis Point Change in Rates
|
|
|
|
Market Value of Assets
(4)
|
|||||||||||||||||
|
Amount
|
|
$ Change
(1)
|
|
% Change
|
|
NPV Ratio
(2)
|
|
% Change
(3)
|
|
|||||||||||
|
|
(Dollars in thousands)
|
|||||||||||||||||||
300
|
|
$
|
64,733
|
|
|
$
|
(1,020
|
)
|
|
(1.55
|
)%
|
|
14.75
|
%
|
|
0.48
|
%
|
|
$
|
439,003
|
|
200
|
|
66,690
|
|
|
937
|
|
|
1.43
|
|
|
14.93
|
|
|
0.66
|
|
|
446,573
|
|
|||
100
|
|
66,191
|
|
|
438
|
|
|
0.67
|
|
|
14.58
|
|
|
0.31
|
|
|
453,990
|
|
|||
Base
|
|
65,753
|
|
|
—
|
|
|
—
|
|
|
14.27
|
|
|
—
|
|
|
460,788
|
|
|||
(100)
|
|
64,463
|
|
|
(1,290
|
)
|
|
(1.96
|
)
|
|
13.80
|
|
|
(0.47
|
)
|
|
467,059
|
|
(1)
|
Represents the increase (decrease) in the estimated net portfolio value at the indicated change in interest rates compared to the net portfolio value assuming no change in interest rates.
|
|||
(2)
|
Calculated as the net portfolio value divided by the market value of assets (“net portfolio value ratio”).
|
|||
(3)
|
Calculated as the increase (decrease) in the net portfolio value ratio assuming the indicated change in interest rates over the estimated net portfolio value ratio assuming no change in interest rates.
|
|||
(4)
|
Calculated based on the present value of the discounted cash flows from assets. The market value of assets represents the value of assets under the various interest rate scenarios and reflects the sensitivity of those assets to interest rate changes.
|
Basis Point Change in Rates
|
|
Net Interest Income
|
|||||||||
|
Amount
|
|
$ Change
(1)
|
|
% Change
|
||||||
|
|
(Dollars in thousands)
|
|||||||||
300
|
|
$
|
22,278
|
|
|
$
|
2,559
|
|
|
13.0
|
%
|
200
|
|
21,487
|
|
|
1,768
|
|
|
9.0
|
|
||
100
|
|
20,651
|
|
|
932
|
|
|
4.7
|
|
||
Base
|
|
19,719
|
|
|
—
|
|
|
—
|
|
||
(100)
|
|
18,534
|
|
|
(1,185
|
)
|
|
(6.0
|
)
|
|
|
|
|
|
|
Total Number of Shares Repurchased as Part of Publicly Announced Plans
|
|
Maximum Number of Shares that May Yet be Repurchased
(1)
|
|||||
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
|
|||||||
|
|
|
|
|
|||||||||
Period
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||
October 1 - October 31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
November 1 - November 30, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
December 1 - December 31, 2017
|
|
5,000
|
|
|
24.85
|
|
|
5,000
|
|
|
35,000
|
|
|
|
|
5,000
|
|
|
$
|
24.85
|
|
|
5,000
|
|
|
|
(1)
|
Represents the remaining shares available for future purchases under the stock repurchase plan.
|
(1)
|
Filed as an exhibit to the Company's Current Report on Form 8-K filed April 13, 2017.
|
(2)
|
Filed as an exhibit to the Registrant’s Registration Statement on Form S-1 (333-154734)
|
(3)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on December 10, 2015.
|
(4)
|
Filed as an exhibit to the Company's Current Report on Form 8-K filed May 22, 2014.
|
(5)
|
Filed as an exhibit to the Company's Current Report on Form 8-K filed January 22, 2015.
|
(6)
|
Filed as an exhibit to the Company's Current Report on Form 8-K filed October 23, 2015.
|
(7)
|
Filed as an exhibit to the Company's Current Report on Form 8-K dated December 10, 2015.
|
(8)
|
Filed as an exhibit to the Company's Registration Statement on Form S-8 dated December 8, 2015.
|
(9)
|
Filed as an exhibit to the Company's Current Report on Form 8-K dated September 27, 2017.
|
|
ANCHOR BANCORP
|
|
|
Date: February 5, 2018
|
/s/Jerald L. Shaw
|
|
Jerald L. Shaw
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
|
|
Date: February 5, 2018
|
/s/Terri L. Degner
|
|
Terri L. Degner
|
|
Executive Vice President and
|
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
1 Year Anchor Bancorp (delisted) Chart |
1 Month Anchor Bancorp (delisted) Chart |
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