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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Axos Finl (delisted) | NASDAQ:BOFI | 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% | 34.39 | 34.06 | 34.83 | 0 | 01:00:00 |
x
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
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33-0867444
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(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
4350 La Jolla Village Drive, Suite 140, San Diego, CA
|
|
92122
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
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Non-accelerated filer
¨
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Smaller reporting company
o
|
Emerging growth company
o
|
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|
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Page
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ITEM 1.
|
FINANCIAL STATEMENTS
|
(Dollars in thousands, except per share data)
|
March 31,
2017 |
|
June 30,
2016 |
||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
1,054,651
|
|
|
$
|
486,627
|
|
Federal funds sold
|
24,106
|
|
|
100
|
|
||
Total cash and cash equivalents
|
1,078,757
|
|
|
486,727
|
|
||
Securities:
|
|
|
|
||||
Trading
|
8,421
|
|
|
7,584
|
|
||
Available-for-sale
|
368,229
|
|
|
265,447
|
|
||
Held-to-maturity—fair value $202,677 as of June 30, 2016
|
—
|
|
|
199,174
|
|
||
Stock of the Federal Home Loan Bank, at cost
|
55,863
|
|
|
57,123
|
|
||
Loans held for sale, carried at fair value
|
14,696
|
|
|
20,871
|
|
||
Loans held for sale, lower of cost or fair value
|
7,607
|
|
|
33,530
|
|
||
Loans and leases—net of allowance for loan and lease losses of $45,987 as of March 31, 2017 and $35,826 as of June 30, 2016
|
7,020,700
|
|
|
6,354,679
|
|
||
Accrued interest receivable
|
21,271
|
|
|
26,201
|
|
||
Furniture, equipment and software—net
|
15,931
|
|
|
13,995
|
|
||
Deferred income tax
|
36,627
|
|
|
39,171
|
|
||
Cash surrender value of life insurance
|
6,128
|
|
|
5,990
|
|
||
Mortgage servicing rights, carried at fair value
|
6,731
|
|
|
3,943
|
|
||
Other real estate owned and repossessed vehicles
|
981
|
|
|
252
|
|
||
Other assets
|
58,089
|
|
|
84,617
|
|
||
TOTAL ASSETS
|
$
|
8,700,031
|
|
|
$
|
7,599,304
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Non-interest bearing
|
$
|
1,165,106
|
|
|
$
|
588,774
|
|
Interest bearing
|
5,634,525
|
|
|
5,455,277
|
|
||
Total deposits
|
6,799,631
|
|
|
6,044,051
|
|
||
Securities sold under agreements to repurchase
|
35,000
|
|
|
35,000
|
|
||
Advances from the Federal Home Loan Bank
|
961,000
|
|
|
727,000
|
|
||
Subordinated notes and debentures and other
|
54,450
|
|
|
56,016
|
|
||
Accrued interest payable
|
1,474
|
|
|
1,667
|
|
||
Accounts payable and other liabilities
|
48,172
|
|
|
51,980
|
|
||
Total liabilities
|
7,899,727
|
|
|
6,915,714
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 9)
|
|
|
|
||||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Preferred stock—$0.01 par value; 1,000,000 shares authorized;
|
|
|
|
||||
Series A—$10,000 stated value and liquidation preference per share; 515 shares issued and outstanding as of March 31, 2017 and June 30, 2016
|
5,063
|
|
|
5,063
|
|
||
Common stock—$0.01 par value; 150,000,000 shares authorized; 64,798,821 shares issued and 63,390,389 shares outstanding as of March 31, 2017; 64,513,494 shares issued and 63,219,392 shares outstanding as of June 30, 2016
|
648
|
|
|
645
|
|
||
Additional paid-in capital
|
342,249
|
|
|
331,156
|
|
||
Accumulated other comprehensive income (loss)—net of tax
|
(1,162
|
)
|
|
(7,304
|
)
|
||
Retained earnings
|
486,774
|
|
|
384,815
|
|
||
Treasury stock, at cost; 1,408,432 shares as of March 31, 2017 and 1,294,102 shares as of June 30, 2016
|
(33,268
|
)
|
|
(30,785
|
)
|
||
Total stockholders’ equity
|
800,304
|
|
|
683,590
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
8,700,031
|
|
|
$
|
7,599,304
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
(Dollars in thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
INTEREST AND DIVIDEND INCOME:
|
|
|
|
|
|
|
|
||||||||
Loans and leases, including fees
|
$
|
99,391
|
|
|
$
|
77,111
|
|
|
$
|
265,849
|
|
|
$
|
212,306
|
|
Investments
|
7,571
|
|
|
7,171
|
|
|
22,894
|
|
|
19,140
|
|
||||
Total interest and dividend income
|
106,962
|
|
|
84,282
|
|
|
288,743
|
|
|
231,446
|
|
||||
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
14,151
|
|
|
11,012
|
|
|
41,676
|
|
|
29,744
|
|
||||
Advances from the Federal Home Loan Bank
|
2,940
|
|
|
3,019
|
|
|
8,409
|
|
|
8,297
|
|
||||
Other borrowings
|
1,312
|
|
|
694
|
|
|
3,959
|
|
|
1,549
|
|
||||
Total interest expense
|
18,403
|
|
|
14,725
|
|
|
54,044
|
|
|
39,590
|
|
||||
Net interest income
|
88,559
|
|
|
69,557
|
|
|
234,699
|
|
|
191,856
|
|
||||
Provision for loan and lease losses
|
4,862
|
|
|
2,000
|
|
|
10,862
|
|
|
7,800
|
|
||||
Net interest income, after provision
|
83,697
|
|
|
67,557
|
|
|
223,837
|
|
|
184,056
|
|
||||
NON-INTEREST INCOME:
|
|
|
|
|
|
|
|
||||||||
Realized gain (loss) on sale of securities
|
312
|
|
|
(14
|
)
|
|
2,924
|
|
|
919
|
|
||||
Other-than-temporary loss on securities:
|
|
|
|
|
|
|
|
||||||||
Total impairment (losses) gains
|
(754
|
)
|
|
(1,006
|
)
|
|
(8,981
|
)
|
|
(2,785
|
)
|
||||
Loss (gain) recognized in other comprehensive income
|
386
|
|
|
998
|
|
|
7,143
|
|
|
2,636
|
|
||||
Net impairment loss recognized in earnings
|
(368
|
)
|
|
(8
|
)
|
|
(1,838
|
)
|
|
(149
|
)
|
||||
Fair value gain (loss) on trading securities
|
270
|
|
|
(117
|
)
|
|
837
|
|
|
(243
|
)
|
||||
Total unrealized (loss) gain on securities
|
(98
|
)
|
|
(125
|
)
|
|
(1,001
|
)
|
|
(392
|
)
|
||||
Prepayment penalty fee income
|
1,682
|
|
|
563
|
|
|
3,617
|
|
|
2,177
|
|
||||
Gain on sale – other
|
341
|
|
|
1,101
|
|
|
4,068
|
|
|
10,348
|
|
||||
Mortgage banking income
|
1,430
|
|
|
3,459
|
|
|
11,400
|
|
|
8,246
|
|
||||
Banking service fees and other income
|
19,501
|
|
|
18,332
|
|
|
33,593
|
|
|
28,027
|
|
||||
Total non-interest income
|
23,168
|
|
|
23,316
|
|
|
54,601
|
|
|
49,325
|
|
||||
NON-INTEREST EXPENSE:
|
|
|
|
|
|
|
|
||||||||
Salaries and related costs
|
21,268
|
|
|
17,000
|
|
|
60,608
|
|
|
47,762
|
|
||||
Professional services
|
1,023
|
|
|
1,033
|
|
|
3,463
|
|
|
2,666
|
|
||||
Occupancy and equipment
|
1,461
|
|
|
1,169
|
|
|
4,100
|
|
|
3,016
|
|
||||
Data processing and internet
|
3,298
|
|
|
3,225
|
|
|
9,411
|
|
|
7,404
|
|
||||
Advertising and promotional
|
2,148
|
|
|
1,406
|
|
|
6,670
|
|
|
4,631
|
|
||||
Depreciation and amortization
|
1,552
|
|
|
1,310
|
|
|
4,316
|
|
|
3,316
|
|
||||
Real estate owned and repossessed vehicles
|
(2
|
)
|
|
5
|
|
|
503
|
|
|
(45
|
)
|
||||
FDIC and regulator fees
|
1,265
|
|
|
1,217
|
|
|
3,390
|
|
|
3,389
|
|
||||
Other general and administrative
|
3,435
|
|
|
3,043
|
|
|
9,165
|
|
|
7,632
|
|
||||
Total non-interest expense
|
35,448
|
|
|
29,408
|
|
|
101,626
|
|
|
79,771
|
|
||||
INCOME BEFORE INCOME TAXES
|
71,417
|
|
|
61,465
|
|
|
176,812
|
|
|
153,610
|
|
||||
INCOME TAXES
|
30,423
|
|
|
25,551
|
|
|
74,621
|
|
|
64,046
|
|
||||
NET INCOME
|
$
|
40,994
|
|
|
$
|
35,914
|
|
|
$
|
102,191
|
|
|
$
|
89,564
|
|
NET INCOME ATTRIBUTABLE TO COMMON STOCK
|
$
|
40,917
|
|
|
$
|
35,837
|
|
|
$
|
101,959
|
|
|
$
|
89,332
|
|
COMPREHENSIVE INCOME
|
$
|
42,333
|
|
|
$
|
36,734
|
|
|
$
|
108,333
|
|
|
$
|
90,740
|
|
Basic earnings per share
|
$
|
0.63
|
|
|
$
|
0.56
|
|
|
$
|
1.57
|
|
|
$
|
1.39
|
|
Diluted earnings per share
|
$
|
0.63
|
|
|
$
|
0.56
|
|
|
$
|
1.57
|
|
|
$
|
1.39
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
NET INCOME
|
$
|
40,994
|
|
|
$
|
35,914
|
|
|
$
|
102,191
|
|
|
$
|
89,564
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $1,309 and $(287) for the three months ended March 31, 2017 and 2016, and $3,075 and $(861) for the nine months ended March 31, 2017 and 2016, respectively.
|
1,737
|
|
|
(426
|
)
|
|
4,183
|
|
|
(1,179
|
)
|
||||
Other-than-temporary impairment on securities recognized in other comprehensive income, net of tax expense (benefit) of $(166) and $832 for the three months ended March 31, 2017 and 2016, and $2,678 and $2,114 for the nine months ended March 31, 2017 and 2016, respectively.
|
(220
|
)
|
|
1,238
|
|
|
3,644
|
|
|
2,894
|
|
||||
Reclassification of net (gain) loss from available-for-sale securities included in income, net of tax expense (benefit) of $134 and $(6) for the three months ended March 31, 2017 and 2016, and $1,239 and $380 for the nine months ended March 31, 2017 and 2016, respectively.
|
(178
|
)
|
|
8
|
|
|
(1,685
|
)
|
|
(539
|
)
|
||||
Other comprehensive income
|
1,339
|
|
|
820
|
|
|
6,142
|
|
|
1,176
|
|
||||
Comprehensive income
|
$
|
42,333
|
|
|
$
|
36,734
|
|
|
$
|
108,333
|
|
|
$
|
90,740
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained
Earnings
|
|
Accumulated Other Comprehensive Loss, Net of Income Tax
|
|
Treasury
Stock
|
|
Total
|
||||||||||||||||||||||||||
|
|
|
|
Number of Shares
|
|
|
|
||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Shares
|
|
Amount
|
|
Issued
|
|
Treasury
|
|
Outstanding
|
|
Amount
|
|
|||||||||||||||||||||||||||
BALANCE—June 30, 2016
|
515
|
|
|
$
|
5,063
|
|
|
64,513,494
|
|
|
(1,294,102
|
)
|
|
63,219,392
|
|
|
$
|
645
|
|
|
$
|
331,156
|
|
|
$
|
384,815
|
|
|
$
|
(7,304
|
)
|
|
$
|
(30,785
|
)
|
|
$
|
683,590
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,191
|
|
|
—
|
|
|
—
|
|
|
102,191
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,142
|
|
|
—
|
|
|
6,142
|
|
|||||||
Cash dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(232
|
)
|
|
—
|
|
|
—
|
|
|
(232
|
)
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
31,674
|
|
|
|
|
|
31,674
|
|
|
—
|
|
|
10,964
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,964
|
|
|||||||
Restricted stock unit vesting and tax benefits
|
—
|
|
|
—
|
|
|
253,653
|
|
|
(114,330
|
)
|
|
139,323
|
|
|
3
|
|
|
129
|
|
|
—
|
|
|
—
|
|
|
(2,483
|
)
|
|
(2,351
|
)
|
|||||||
BALANCE—March 31, 2017
|
515
|
|
|
$
|
5,063
|
|
|
64,798,821
|
|
|
(1,408,432
|
)
|
|
63,390,389
|
|
|
$
|
648
|
|
|
$
|
342,249
|
|
|
$
|
486,774
|
|
|
$
|
(1,162
|
)
|
|
$
|
(33,268
|
)
|
|
$
|
800,304
|
|
|
Nine Months Ended
|
||||||
|
March 31,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
102,191
|
|
|
$
|
89,564
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Accretion of discounts on securities
|
(2,373
|
)
|
|
(3,842
|
)
|
||
Net accretion of discounts on loans and leases
|
(1,490
|
)
|
|
136
|
|
||
Amortization of borrowing costs
|
155
|
|
|
18
|
|
||
Stock-based compensation expense
|
10,964
|
|
|
8,470
|
|
||
Tax benefit from exercise of common stock options and vesting of restricted stock grants
|
(132
|
)
|
|
(2,519
|
)
|
||
Valuation of financial instruments carried at fair value
|
(837
|
)
|
|
243
|
|
||
Net gain on sale of investment securities
|
(2,924
|
)
|
|
(919
|
)
|
||
Impairment charge on securities
|
1,838
|
|
|
149
|
|
||
Provision for loan and lease losses
|
10,862
|
|
|
7,800
|
|
||
Deferred income taxes
|
(3,521
|
)
|
|
(4,712
|
)
|
||
Origination of loans held for sale
|
(1,084,387
|
)
|
|
(1,155,329
|
)
|
||
Unrealized (gain) loss on loans held for sale
|
339
|
|
|
(621
|
)
|
||
Gain on sales of loans held for sale
|
(15,468
|
)
|
|
(18,594
|
)
|
||
Proceeds from sale of loans held for sale
|
1,127,928
|
|
|
1,179,724
|
|
||
Change in fair value of mortgage servicing rights
|
(259
|
)
|
|
503
|
|
||
(Gain) loss on sale of other real estate and foreclosed assets
|
(24
|
)
|
|
(140
|
)
|
||
Depreciation and amortization of furniture, equipment and software
|
4,316
|
|
|
3,316
|
|
||
Net changes in assets and liabilities which provide (use) cash:
|
|
|
|
||||
Accrued interest receivable
|
4,040
|
|
|
(3,766
|
)
|
||
Other assets
|
24,200
|
|
|
(5,815
|
)
|
||
Accrued interest payable
|
(193
|
)
|
|
413
|
|
||
Accounts payable and other liabilities
|
(6,329
|
)
|
|
9,094
|
|
||
Net cash provided by (used in) operating activities
|
168,896
|
|
|
103,173
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of investment securities
|
(193,145
|
)
|
|
(160,299
|
)
|
||
Proceeds from sale of available-for-sale securities
|
124,362
|
|
|
10,003
|
|
||
Proceeds from repayment of securities
|
180,180
|
|
|
55,414
|
|
||
Purchase of stock of Federal Home Loan Bank
|
(58,950
|
)
|
|
(101,099
|
)
|
||
Proceeds from redemption of stock of Federal Home Loan Bank
|
60,210
|
|
|
114,395
|
|
||
Origination of loans and leases for portfolio
|
(2,990,589
|
)
|
|
(2,626,656
|
)
|
||
Origination of mortgage warehouse loans, net
|
(50,401
|
)
|
|
(46,921
|
)
|
||
Proceeds from sales of other real estate owned and repossessed assets
|
255
|
|
|
1,442
|
|
||
Purchases of loans and leases, net of discounts and premiums
|
(269,886
|
)
|
|
(140,493
|
)
|
||
Principal repayments on loans
|
2,637,870
|
|
|
1,695,873
|
|
||
Net purchases of furniture, equipment and software
|
(6,252
|
)
|
|
(7,821
|
)
|
||
Net cash used in investing activities
|
(566,346
|
)
|
|
(1,206,162
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Net increase in deposits
|
755,580
|
|
|
1,596,114
|
|
||
Proceeds from Federal Home Loan Bank advances
|
756,000
|
|
|
915,000
|
|
||
Repayment of Federal Home Loan Bank advances
|
(522,000
|
)
|
|
(810,000
|
)
|
||
Proceeds from exercise of common stock options
|
—
|
|
|
148
|
|
||
Proceeds from issuance of common stock
|
—
|
|
|
21,120
|
|
||
Tax benefit from exercise of common stock options and vesting of restricted stock grants
|
132
|
|
|
2,519
|
|
||
Cash dividends on preferred stock
|
(232
|
)
|
|
(232
|
)
|
||
Proceeds from issuance of subordinated notes and debentures and other
|
—
|
|
|
51,000
|
|
||
Net cash provided by financing activities
|
989,480
|
|
|
1,775,669
|
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
592,030
|
|
|
672,680
|
|
||
CASH AND CASH EQUIVALENTS—Beginning of year
|
486,727
|
|
|
222,874
|
|
||
CASH AND CASH EQUIVALENTS—End of period
|
$
|
1,078,757
|
|
|
$
|
895,554
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
||||
Interest paid on deposits and borrowed funds
|
$
|
54,236
|
|
|
$
|
39,179
|
|
Income taxes paid
|
$
|
62,271
|
|
|
$
|
56,371
|
|
Transfers to other real estate owned and repossessed vehicles from loans
|
$
|
1,441
|
|
|
$
|
531
|
|
Transfers from loans held for investment to loans held for sale
|
$
|
—
|
|
|
$
|
7,982
|
|
Transfers from loans held for sale to loans held for investment
|
$
|
2,047
|
|
|
$
|
20,091
|
|
Securities transferred from held-to-maturity to available-for-sale portfolio
|
$
|
194,153
|
|
|
$
|
—
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
SIGNIFICANT ACCOUNTING POLICIES
|
3.
|
FAIR VALUE
|
Level 1:
|
Quoted prices in active markets for
identical
assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 1 assets and liabilities include debt and equity securities that are actively traded in an exchange or over-the-counter market and are highly liquid, such as, among other assets and securities, certain U.S. treasury and other U.S. government debt.
|
Level 2:
|
Observable inputs other than Level 1 prices such as quoted prices for
similar
assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets include securities with quoted prices that are traded less frequently than exchange-traded instruments and whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
|
Level 3:
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models such as discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
|
|
March 31, 2017
|
||||||||||||||
(Dollars in thousands)
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
ASSETS:
|
|
|
|
|
|
|
|
||||||||
Securities—Trading: Collateralized Debt Obligations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,421
|
|
|
$
|
8,421
|
|
Securities—Available-for-Sale:
|
|
|
|
|
|
|
|
||||||||
Agency Debt
|
$
|
—
|
|
|
$
|
99,995
|
|
|
$
|
—
|
|
|
$
|
99,995
|
|
Agency RMBS
|
—
|
|
|
30,233
|
|
|
—
|
|
|
30,233
|
|
||||
Non-Agency RMBS
|
—
|
|
|
—
|
|
|
78,055
|
|
|
78,055
|
|
||||
Municipal
|
—
|
|
|
29,393
|
|
|
—
|
|
|
29,393
|
|
||||
Other Debt Securities
|
—
|
|
|
130,553
|
|
|
—
|
|
|
130,553
|
|
||||
Total—Securities—Available-for-Sale
|
$
|
—
|
|
|
$
|
290,174
|
|
|
$
|
78,055
|
|
|
$
|
368,229
|
|
Loans Held for Sale
|
$
|
—
|
|
|
$
|
14,696
|
|
|
$
|
—
|
|
|
$
|
14,696
|
|
Mortgage Servicing Rights
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,731
|
|
|
$
|
6,731
|
|
Other assets – Derivative Instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,455
|
|
|
$
|
1,455
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Other liabilities – Derivative Instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
313
|
|
|
$
|
313
|
|
|
|
|
|
|
|
|
|
||||||||
|
June 30, 2016
|
||||||||||||||
(Dollars in thousands)
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
ASSETS:
|
|
|
|
|
|
|
|
||||||||
Securities—Trading: Collateralized Debt Obligations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,584
|
|
|
$
|
7,584
|
|
Securities—Available-for-Sale:
|
|
|
|
|
|
|
|
||||||||
Agency RMBS
|
$
|
—
|
|
|
$
|
33,722
|
|
|
$
|
—
|
|
|
$
|
33,722
|
|
Non-Agency RMBS
|
—
|
|
|
—
|
|
|
9,364
|
|
|
9,364
|
|
||||
Municipal
|
—
|
|
|
34,719
|
|
|
—
|
|
|
34,719
|
|
||||
Other Debt Securities
|
—
|
|
|
187,642
|
|
|
—
|
|
|
187,642
|
|
||||
Total—Securities—Available-for-Sale
|
$
|
—
|
|
|
$
|
256,083
|
|
|
$
|
9,364
|
|
|
$
|
265,447
|
|
Loans Held for Sale
|
$
|
—
|
|
|
$
|
20,871
|
|
|
$
|
—
|
|
|
$
|
20,871
|
|
Mortgage Servicing Rights
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,943
|
|
|
$
|
3,943
|
|
Other assets – Derivative Instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,202
|
|
|
$
|
2,202
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Other liabilities – Derivative Instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
884
|
|
|
$
|
884
|
|
|
For the Three Months Ended
|
||||||||||||||||||
|
March 31, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Securities – Trading: Collateralized Debt Obligations
|
|
Securities – Available-for-Sale: Non-Agency RMBS
|
|
Mortgage Servicing Rights
|
|
Derivative Instruments, net
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Opening balance
|
$
|
8,151
|
|
|
$
|
82,226
|
|
|
$
|
6,150
|
|
|
$
|
2,251
|
|
|
$
|
98,778
|
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains or losses for the period:
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings—Sale of mortgage-backed securities
|
—
|
|
|
312
|
|
|
—
|
|
|
—
|
|
|
312
|
|
|||||
Included in earnings—Fair value gain (loss) on trading securities
|
270
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
270
|
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
105
|
|
|
(1,109
|
)
|
|
(1,004
|
)
|
|||||
Included in other comprehensive income
|
—
|
|
|
2,087
|
|
|
—
|
|
|
—
|
|
|
2,087
|
|
|||||
Purchases, originations, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases/originations
|
—
|
|
|
—
|
|
|
476
|
|
|
—
|
|
|
476
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
—
|
|
|
(3,299
|
)
|
|
—
|
|
|
—
|
|
|
(3,299
|
)
|
|||||
Settlements
|
—
|
|
|
(2,903
|
)
|
|
—
|
|
|
—
|
|
|
(2,903
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(368
|
)
|
|
—
|
|
|
—
|
|
|
(368
|
)
|
|||||
Closing balance
|
$
|
8,421
|
|
|
$
|
78,055
|
|
|
$
|
6,731
|
|
|
$
|
1,142
|
|
|
$
|
94,349
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
270
|
|
|
$
|
312
|
|
|
$
|
105
|
|
|
$
|
(1,109
|
)
|
|
$
|
(422
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the Nine Months Ended
|
||||||||||||||||||
|
March 31, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Securities – Trading: Collateralized Debt Obligations
|
|
Securities – Available-for-Sale: Non-Agency RMBS
|
|
Mortgage Servicing Rights
|
|
Derivative Instruments, net
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Opening Balance
|
$
|
7,584
|
|
|
$
|
9,364
|
|
|
$
|
3,943
|
|
|
$
|
1,318
|
|
|
$
|
22,209
|
|
Transfers into Level 3
|
—
|
|
|
124,547
|
|
|
—
|
|
|
—
|
|
|
124,547
|
|
|||||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains or losses for the period:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Included in earnings—Sale of mortgage-backed securities
|
—
|
|
|
(1,556
|
)
|
|
—
|
|
|
—
|
|
|
(1,556
|
)
|
|||||
Included in earnings—Fair value gain (loss) on trading securities
|
837
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
837
|
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
468
|
|
|
(176
|
)
|
|
292
|
|
|||||
Included in other comprehensive income
|
—
|
|
|
11,231
|
|
|
—
|
|
|
—
|
|
|
11,231
|
|
|||||
Purchases, originations, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchases/originations
|
—
|
|
|
—
|
|
|
2,320
|
|
|
—
|
|
|
2,320
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
—
|
|
|
(53,717
|
)
|
|
—
|
|
|
—
|
|
|
(53,717
|
)
|
|||||
Settlements
|
—
|
|
|
(9,976
|
)
|
|
—
|
|
|
—
|
|
|
(9,976
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(1,838
|
)
|
|
—
|
|
|
—
|
|
|
(1,838
|
)
|
|||||
Closing balance
|
$
|
8,421
|
|
|
$
|
78,055
|
|
|
$
|
6,731
|
|
|
$
|
1,142
|
|
|
$
|
94,349
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
837
|
|
|
$
|
(1,556
|
)
|
|
$
|
468
|
|
|
$
|
(176
|
)
|
|
$
|
(427
|
)
|
|
For the Three Months Ended
|
||||||||||||||||||
|
March 31, 2016
|
||||||||||||||||||
(Dollars in thousands)
|
Securities – Trading: Collateralized Debt Obligations
|
|
Securities – Available-for-Sale: Non-Agency RMBS
|
|
Mortgage Servicing Rights
|
|
Derivative Instruments, net
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Opening balance
|
$
|
7,706
|
|
|
$
|
21,136
|
|
|
$
|
3,475
|
|
|
$
|
1,031
|
|
|
$
|
33,348
|
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains or losses for the period:
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings—Sale of mortgage-backed securities
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|||||
Included in earnings—Fair value gain on trading securities
|
(117
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117
|
)
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
(452
|
)
|
|
540
|
|
|
88
|
|
|||||
Included in other comprehensive income
|
—
|
|
|
(532
|
)
|
|
—
|
|
|
—
|
|
|
(532
|
)
|
|||||
Purchases, originations, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases/originations
|
—
|
|
|
—
|
|
|
352
|
|
|
—
|
|
|
352
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
—
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|||||
Settlements
|
—
|
|
|
(3,640
|
)
|
|
—
|
|
|
—
|
|
|
(3,640
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||
Closing balance
|
$
|
7,589
|
|
|
$
|
17,037
|
|
|
$
|
3,375
|
|
|
$
|
1,571
|
|
|
$
|
29,572
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
(117
|
)
|
|
$
|
14
|
|
|
$
|
(452
|
)
|
|
$
|
540
|
|
|
$
|
(15
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the Nine Months Ended
|
||||||||||||||||||
|
March 31, 2016
|
||||||||||||||||||
(Dollars in thousands)
|
Securities – Trading: Collateralized Debt Obligations
|
|
Securities – Available-for-Sale: Non-Agency RMBS
|
|
Mortgage Servicing Rights
|
|
Derivative Instruments, net
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Opening Balance
|
$
|
7,832
|
|
|
$
|
26,633
|
|
|
$
|
2,098
|
|
|
$
|
2,261
|
|
|
$
|
38,824
|
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains or losses for the period:
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings—Sale of mortgage-backed securities
|
—
|
|
|
(666
|
)
|
|
—
|
|
|
—
|
|
|
(666
|
)
|
|||||
Included in earnings—Fair value gain (loss) on trading securities
|
(243
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(243
|
)
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
(503
|
)
|
|
(690
|
)
|
|
(1,193
|
)
|
|||||
Included in other comprehensive income
|
—
|
|
|
(1,493
|
)
|
|
—
|
|
|
—
|
|
|
(1,493
|
)
|
|||||
Purchases, originations, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases/originations
|
—
|
|
|
—
|
|
|
1,780
|
|
|
—
|
|
|
1,780
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
—
|
|
|
(2,023
|
)
|
|
—
|
|
|
—
|
|
|
(2,023
|
)
|
|||||
Settlements
|
—
|
|
|
(5,367
|
)
|
|
—
|
|
|
—
|
|
|
(5,367
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|||||
Closing balance
|
$
|
7,589
|
|
|
$
|
17,037
|
|
|
$
|
3,375
|
|
|
$
|
1,571
|
|
|
$
|
29,572
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
(243
|
)
|
|
$
|
(666
|
)
|
|
$
|
(503
|
)
|
|
$
|
(690
|
)
|
|
$
|
(2,102
|
)
|
|
March 31, 2017
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average)
|
||
Securities – Trading:
Collateralized Debt Obligations
|
$
|
8,421
|
|
Discounted Cash Flow
|
Total Projected Defaults,
Discount Rate over Treasury
|
12.0 to 22.0% (16.9%)
4.5 to 4.5% (4.5%)
|
Securities – Available-for-Sale:
Non-agency RMBS
|
$
|
78,055
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR |
2.5 to 21.5% (11.7%)
1.5 to 18.2% (4.3%)
40.0 to 69.1% (57.6%) 2.7 to 6.9% (3.7%) |
Mortgage Servicing Rights
|
$
|
6,731
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Life (in years), Discount Rate |
6.2 to 24.3% (9.1%)
2.6 to 7.9 (6.7)
9.5 to 13.0% (9.6%) |
Derivative Instruments, net
|
$
|
1,142
|
|
Sales Comparison Approach
|
Projected Sales Profit of Underlying Loans
|
0.3 to 0.6% (0.5%)
|
|
June 30, 2016
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average)
|
||
Securities – Trading:
Collateralized Debt Obligations |
$
|
7,584
|
|
Discounted Cash Flow
|
Total Projected Defaults,
Discount Rate over Treasury |
11.7 to 21.0% (16.5%)
5.0 to 5.0% (5.0%) |
Securities – Available-for-Sale:
Non-agency RMBS |
$
|
9,364
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR |
9.1 to 20.6% (14.2%)
1.5 to 13.6% (6.1%)
40.0 to 68.8% (51.5%) 2.5 to 2.9% (2.8%) |
Mortgage Servicing Rights
|
$
|
3,943
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Life (in years), Discount Rate |
7.8 to 21.8% (10.6%)
3.5 to 7.1 (6.2)
9.5 to 10.5% (9.5%) |
Derivative Instruments, net
|
$
|
1,318
|
|
Sales Comparison Approach
|
Projected Sales Profit of Underlying Loans
|
0.3 to 0.6% (0.4%)
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest income on investments
|
$
|
81
|
|
|
$
|
60
|
|
|
$
|
224
|
|
|
$
|
178
|
|
Fair value adjustment
|
270
|
|
|
(117
|
)
|
|
837
|
|
|
(243
|
)
|
||||
Total
|
$
|
351
|
|
|
$
|
(57
|
)
|
|
$
|
1,061
|
|
|
$
|
(65
|
)
|
|
March 31, 2017
|
||||||||||||||
(Dollars in thousands)
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Balance
|
||||||||
Impaired Loans:
|
|
|
|
|
|
|
|
||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||||
Mortgage
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,418
|
|
|
$
|
28,418
|
|
Home equity
|
—
|
|
|
—
|
|
|
44
|
|
|
44
|
|
||||
Multifamily real estate secured
|
—
|
|
|
—
|
|
|
4,363
|
|
|
4,363
|
|
||||
Auto and RV secured
|
—
|
|
|
—
|
|
|
198
|
|
|
198
|
|
||||
Other
|
—
|
|
|
—
|
|
|
278
|
|
|
278
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33,301
|
|
|
$
|
33,301
|
|
Other real estate owned and foreclosed assets:
|
|
|
|
|
|
|
|
||||||||
Single family real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
908
|
|
|
$
|
908
|
|
Autos and RVs
|
—
|
|
|
—
|
|
|
73
|
|
|
73
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
981
|
|
|
$
|
981
|
|
|
|
|
|
|
|
|
|
||||||||
|
June 30, 2016
|
||||||||||||||
(Dollars in thousands)
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Balance
|
||||||||
Impaired Loans:
|
|
|
|
|
|
|
|
||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||||
Mortgage
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,610
|
|
|
$
|
28,610
|
|
Home equity
|
—
|
|
|
—
|
|
|
33
|
|
|
33
|
|
||||
Multifamily real estate secured
|
—
|
|
|
—
|
|
|
2,218
|
|
|
2,218
|
|
||||
Commercial real estate secured
|
—
|
|
|
—
|
|
|
254
|
|
|
254
|
|
||||
Auto and RV secured
|
—
|
|
|
—
|
|
|
278
|
|
|
278
|
|
||||
Other
|
—
|
|
|
—
|
|
|
676
|
|
|
676
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32,069
|
|
|
$
|
32,069
|
|
Other real estate owned and foreclosed assets:
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Multifamily real estate
|
—
|
|
|
—
|
|
|
207
|
|
|
207
|
|
||||
Autos and RVs
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
252
|
|
|
$
|
252
|
|
HTM Securities – Non-Agency RMBS
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
79,164
|
|
|
$
|
79,164
|
|
(Dollars in thousands)
|
March 31, 2017
|
|
June 30, 2016
|
||||
Aggregate fair value
|
$
|
14,696
|
|
|
$
|
20,871
|
|
Contractual balance
|
14,383
|
|
|
20,226
|
|
||
Unrealized gain
|
$
|
313
|
|
|
$
|
645
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest income
|
$
|
139
|
|
|
$
|
148
|
|
|
$
|
468
|
|
|
$
|
581
|
|
Change in fair value
|
(1,560
|
)
|
|
1,223
|
|
|
(515
|
)
|
|
(69
|
)
|
||||
Total
|
$
|
(1,421
|
)
|
|
$
|
1,371
|
|
|
$
|
(47
|
)
|
|
$
|
512
|
|
|
March 31, 2017
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Range (Weighted Average)
1
|
||
Impaired loans:
|
|
|
|
|
||
Single family real estate secured:
|
|
|
|
|
||
Mortgage
|
$
|
28,418
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-47.7 to 63.9% (-0.5%)
|
Home equity
|
$
|
44
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-24.5 to 66.7% (-5.7%)
|
Multifamily real estate secured
|
$
|
4,363
|
|
Sales comparison approach, income approach,
Discounted cash flows
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations
|
-53.4 to 16.5% (-19.1%)
|
Auto and RV secured
|
$
|
198
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-33.1 to 27.5% (8.2%)
|
Other
|
$
|
278
|
|
Discounted cash flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate
|
0.0 to 0.0% (0.0%)
0.0 to 10.0% (5.0%) 100.0 to 100.0% (100.0%) 5.1 to 6.4% (5.7%) |
Other real estate owned and foreclosed assets:
|
|
|
|
|
||
Single family real estate
|
$
|
908
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-23.0 to 12.5% (-5.3%)
|
Autos and RVs
|
$
|
73
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-7.7 to 30.9% (8.3%)
|
|
June 30, 2016
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Range (Weighted Average)
1
|
||
Impaired loans:
|
|
|
|
|
||
Single family real estate secured:
|
|
|
|
|
||
Mortgage
|
$
|
28,610
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-40.6 to 69.5% (6.2%)
|
Home equity
|
$
|
33
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-27.2 to 0.0% (-11.1%)
|
Multifamily real estate secured
|
$
|
2,218
|
|
Sales comparison approach and income approach
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate
|
-29.7 to 58.0% (3.0%)
|
Commercial real estate secured
|
$
|
254
|
|
Sales comparison approach and income approach
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate
|
0.0 to 66.7% (33.3%)
|
Auto and RV secured
|
$
|
278
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
0.0 to 22.8% (10.6%)
|
Other
|
$
|
676
|
|
Discounted cash flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate, Projected Loss Severity, Discount Rate |
0.0 to 0.0% (0.0%)
0.0 to 10.0% (5.0%)
100.0 to 100.0% (100.0%)
6.6 to 8.0% (7.3%)
|
Other real estate owned and foreclosed assets:
|
|
|
|
|
||
Multifamily real estate
|
$
|
207
|
|
Sales comparison approach and income approach
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate
|
0.0 to 25.0% (12.5%)
|
Autos and RVs
|
$
|
45
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
0.0 to 20.6% (10.2%)
|
HTM Securities – Non-Agency RMBS
|
$
|
79,164
|
|
Discounted cash flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over LIBOR
|
2.6 to 48.8% (12.0%)
1.5 to 17.8% (5.7%)
40.0 to 65.9% (56.5%)
2.9 to 8.2% (5.7%)
|
|
March 31, 2017
|
||||||||||||||||||
|
|
|
Fair Value
|
|
|
||||||||||||||
(Dollars in thousands)
|
Carrying
Amount |
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair Value
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,078,757
|
|
|
$
|
1,078,757
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,078,757
|
|
Securities trading
|
8,421
|
|
|
—
|
|
|
—
|
|
|
8,421
|
|
|
8,421
|
|
|||||
Securities available-for-sale
|
368,229
|
|
|
—
|
|
|
290,174
|
|
|
78,055
|
|
|
368,229
|
|
|||||
Loans held for sale, at fair value
|
14,696
|
|
|
—
|
|
|
14,696
|
|
|
—
|
|
|
14,696
|
|
|||||
Loans held for sale, at lower of cost or fair value
|
7,607
|
|
|
—
|
|
|
—
|
|
|
8,209
|
|
|
8,209
|
|
|||||
Loans and leases held for investment—net
|
7,020,700
|
|
|
—
|
|
|
—
|
|
|
7,163,242
|
|
|
7,163,242
|
|
|||||
Accrued interest receivable
|
21,271
|
|
|
—
|
|
|
—
|
|
|
21,271
|
|
|
21,271
|
|
|||||
Mortgage servicing rights
|
6,731
|
|
|
—
|
|
|
—
|
|
|
6,731
|
|
|
6,731
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Time deposits and savings
|
6,799,631
|
|
|
—
|
|
|
6,408,929
|
|
|
—
|
|
|
6,408,929
|
|
|||||
Securities sold under agreements to repurchase
|
35,000
|
|
|
—
|
|
|
35,366
|
|
|
—
|
|
|
35,366
|
|
|||||
Advances from the Federal Home Loan Bank
|
961,000
|
|
|
—
|
|
|
965,649
|
|
|
—
|
|
|
965,649
|
|
|||||
Subordinated notes and debentures and other
|
54,450
|
|
|
—
|
|
|
52,466
|
|
|
—
|
|
|
52,466
|
|
|||||
Accrued interest payable
|
1,474
|
|
|
—
|
|
|
1,474
|
|
|
—
|
|
|
1,474
|
|
|
June 30, 2016
|
||||||||||||||||||
|
Fair Value
|
||||||||||||||||||
(Dollars in thousands)
|
Carrying
Amount |
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair Value
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
486,727
|
|
|
$
|
486,727
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
486,727
|
|
Securities trading
|
7,584
|
|
|
—
|
|
|
—
|
|
|
7,584
|
|
|
7,584
|
|
|||||
Securities available-for-sale
|
265,447
|
|
|
—
|
|
|
256,083
|
|
|
9,364
|
|
|
265,447
|
|
|||||
Securities held-to-maturity
|
199,174
|
|
|
—
|
|
|
77,415
|
|
|
125,262
|
|
|
202,677
|
|
|||||
Loans held for sale, at fair value
|
20,871
|
|
|
—
|
|
|
20,871
|
|
|
—
|
|
|
20,871
|
|
|||||
Loans held for sale, at lower of cost or fair value
|
33,530
|
|
|
—
|
|
|
—
|
|
|
33,530
|
|
|
33,530
|
|
|||||
Loans and leases held for investment—net
|
6,354,679
|
|
|
—
|
|
|
—
|
|
|
6,640,918
|
|
|
6,640,918
|
|
|||||
Accrued interest receivable
|
26,201
|
|
|
—
|
|
|
—
|
|
|
26,201
|
|
|
26,201
|
|
|||||
Mortgage servicing rights
|
3,943
|
|
|
—
|
|
|
—
|
|
|
3,943
|
|
|
3,943
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits and savings
|
6,044,051
|
|
|
—
|
|
|
5,946,991
|
|
|
—
|
|
|
5,946,991
|
|
|||||
Securities sold under agreements to repurchase
|
35,000
|
|
|
—
|
|
|
36,391
|
|
|
—
|
|
|
36,391
|
|
|||||
Advances from the Federal Home Loan Bank
|
727,000
|
|
|
—
|
|
|
747,940
|
|
|
—
|
|
|
747,940
|
|
|||||
Subordinated notes and debentures and other
|
56,016
|
|
|
—
|
|
|
58,299
|
|
|
—
|
|
|
58,299
|
|
|||||
Accrued interest payable
|
1,667
|
|
|
—
|
|
|
1,667
|
|
|
—
|
|
|
1,667
|
|
4.
|
SECURITIES
|
|
March 31, 2017
|
||||||||||||||||||||||||||||||||||
|
Trading
|
|
Available-for-sale
|
|
Held-to-maturity
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Unrecognized
Gains
|
|
Unrecognized
Losses
|
|
Fair
Value
|
||||||||||||||||||
Mortgage-backed securities (RMBS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
U.S. agencies
1
|
$
|
—
|
|
|
$
|
30,432
|
|
|
$
|
279
|
|
|
$
|
(478
|
)
|
|
$
|
30,233
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-agency
2
|
—
|
|
|
72,823
|
|
|
6,852
|
|
|
(1,620
|
)
|
|
78,055
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total mortgage-backed securities
|
—
|
|
|
103,255
|
|
|
7,131
|
|
|
(2,098
|
)
|
|
108,288
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
U.S. agencies
1
|
—
|
|
|
99,995
|
|
|
—
|
|
|
—
|
|
|
99,995
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Municipal
|
—
|
|
|
29,827
|
|
|
22
|
|
|
(456
|
)
|
|
29,393
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Non-agency
|
8,421
|
|
|
128,530
|
|
|
2,070
|
|
|
(47
|
)
|
|
130,553
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total other debt securities
|
8,421
|
|
|
258,352
|
|
|
2,092
|
|
|
(503
|
)
|
|
259,941
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total debt securities
|
$
|
8,421
|
|
|
$
|
361,607
|
|
|
$
|
9,223
|
|
|
$
|
(2,601
|
)
|
|
$
|
368,229
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||
|
Trading
|
|
Available-for-sale
|
|
Held-to-maturity
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Unrecognized
Gains
|
|
Unrecognized
Losses
|
|
Fair
Value
|
||||||||||||||||||
Mortgage-backed securities (RMBS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
U.S. agencies
1
|
$
|
—
|
|
|
$
|
33,256
|
|
|
$
|
489
|
|
|
$
|
(23
|
)
|
|
$
|
33,722
|
|
|
$
|
35,067
|
|
|
$
|
843
|
|
|
$
|
(1
|
)
|
|
$
|
35,909
|
|
Non-agency
2
|
—
|
|
|
9,043
|
|
|
321
|
|
|
—
|
|
|
9,364
|
|
|
128,211
|
|
|
7,095
|
|
|
(10,044
|
)
|
|
125,262
|
|
|||||||||
Total mortgage-backed securities
|
—
|
|
|
42,299
|
|
|
810
|
|
|
(23
|
)
|
|
43,086
|
|
|
163,278
|
|
|
7,938
|
|
|
(10,045
|
)
|
|
161,171
|
|
|||||||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Municipal
|
—
|
|
|
34,543
|
|
|
185
|
|
|
(10
|
)
|
|
34,718
|
|
|
35,896
|
|
|
5,610
|
|
|
—
|
|
|
41,506
|
|
|||||||||
Non-agency
|
7,584
|
|
|
186,316
|
|
|
1,501
|
|
|
(174
|
)
|
|
187,643
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total other debt securities
|
7,584
|
|
|
220,859
|
|
|
1,686
|
|
|
(184
|
)
|
|
222,361
|
|
|
35,896
|
|
|
5,610
|
|
|
—
|
|
|
41,506
|
|
|||||||||
Total debt securities
|
$
|
7,584
|
|
|
$
|
263,158
|
|
|
$
|
2,496
|
|
|
$
|
(207
|
)
|
|
$
|
265,447
|
|
|
$
|
199,174
|
|
|
$
|
13,548
|
|
|
$
|
(10,045
|
)
|
|
$
|
202,677
|
|
1.
|
U.S. government-backed or government sponsored enterprises including Fannie Mae, Freddie Mac and Ginnie Mae.
|
2.
|
Private sponsors of securities collateralized primarily by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages.
|
|
March 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Available-for-sale securities in loss position for
|
|
Held-to-maturity securities in loss position for
|
||||||||||||||||||||||||||||||||||||||||||||
|
Less Than
12 Months
|
|
More Than
12 Months
|
|
Total
|
|
Less Than
12 Months
|
|
More Than
12 Months
|
|
Total
|
||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||||||||||||||||||
RMBS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
U.S. agencies
|
$
|
19,611
|
|
|
$
|
(381
|
)
|
|
$
|
2,351
|
|
|
$
|
(98
|
)
|
|
$
|
21,962
|
|
|
$
|
(479
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-agency
|
3,055
|
|
|
(43
|
)
|
|
25,725
|
|
|
(1,576
|
)
|
|
28,780
|
|
|
(1,619
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total RMBS securities
|
22,666
|
|
|
(424
|
)
|
|
28,076
|
|
|
(1,674
|
)
|
|
50,742
|
|
|
(2,098
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Other Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Municipal Debt
|
19,533
|
|
|
(449
|
)
|
|
9,001
|
|
|
(7
|
)
|
|
28,534
|
|
|
(456
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Non-agency
|
10,368
|
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
10,368
|
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total Other Debt
|
29,901
|
|
|
(496
|
)
|
|
9,001
|
|
|
(7
|
)
|
|
38,902
|
|
|
(503
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total debt securities
|
$
|
52,567
|
|
|
$
|
(920
|
)
|
|
$
|
37,077
|
|
|
$
|
(1,681
|
)
|
|
$
|
89,644
|
|
|
$
|
(2,601
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Available-for-sale securities in loss position for
|
|
Held-to-maturity securities in loss position for
|
||||||||||||||||||||||||||||||||||||||||||||
|
Less Than
12 Months
|
|
More Than
12 Months
|
|
Total
|
|
Less Than
12 Months
|
|
More Than
12 Months
|
|
Total
|
||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||||||||||||||||||
RMBS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
U.S. agencies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,094
|
|
|
$
|
(23
|
)
|
|
$
|
5,094
|
|
|
$
|
(23
|
)
|
|
$
|
129
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
129
|
|
|
$
|
(1
|
)
|
Non-agency
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,011
|
|
|
(419
|
)
|
|
53,372
|
|
|
(9,625
|
)
|
|
68,383
|
|
|
(10,044
|
)
|
||||||||||||
Total RMBS securities
|
—
|
|
|
—
|
|
|
5,094
|
|
|
(23
|
)
|
|
5,094
|
|
|
(23
|
)
|
|
15,140
|
|
|
(420
|
)
|
|
53,372
|
|
|
(9,625
|
)
|
|
68,512
|
|
|
(10,045
|
)
|
||||||||||||
Other Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Municipal Debt
|
10,267
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
10,267
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Non-agency
|
5,566
|
|
|
(5
|
)
|
|
16,963
|
|
|
(169
|
)
|
|
22,529
|
|
|
(174
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total Other Debt
|
15,833
|
|
|
(15
|
)
|
|
16,963
|
|
|
(169
|
)
|
|
32,796
|
|
|
(184
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total debt securities
|
$
|
15,833
|
|
|
$
|
(15
|
)
|
|
$
|
22,057
|
|
|
$
|
(192
|
)
|
|
$
|
37,890
|
|
|
$
|
(207
|
)
|
|
$
|
15,140
|
|
|
$
|
(420
|
)
|
|
$
|
53,372
|
|
|
$
|
(9,625
|
)
|
|
$
|
68,512
|
|
|
$
|
(10,045
|
)
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
$
|
(16,631
|
)
|
|
$
|
(20,528
|
)
|
|
$
|
(20,865
|
)
|
|
$
|
(20,503
|
)
|
Additions for the amounts related to credit loss for which an other-than-temporary impairment was not previously recognized
|
(217
|
)
|
|
—
|
|
|
(217
|
)
|
|
(106
|
)
|
||||
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized
|
(151
|
)
|
|
(8
|
)
|
|
(1,621
|
)
|
|
(43
|
)
|
||||
Credit losses realized for securities sold
|
556
|
|
|
—
|
|
|
6,260
|
|
|
116
|
|
||||
Ending balance
|
$
|
(16,443
|
)
|
|
$
|
(20,536
|
)
|
|
$
|
(16,443
|
)
|
|
$
|
(20,536
|
)
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Proceeds
1
|
$
|
3,301
|
|
|
$
|
(67
|
)
|
|
$
|
124,362
|
|
|
$
|
10,002
|
|
Gross realized gains
1
|
312
|
|
|
(14
|
)
|
|
6,390
|
|
|
919
|
|
||||
Gross realized losses
|
—
|
|
|
—
|
|
|
(3,466
|
)
|
|
—
|
|
||||
Net realized gain on securities
|
$
|
312
|
|
|
$
|
(14
|
)
|
|
$
|
2,924
|
|
|
$
|
919
|
|
1.
|
The proceeds of
$(67)
in the three months ended March 31, 2016 was the result of an underlying paydown receipt to the security sold by the Company during the three months ended December 31, 2015. The trustee did not apply the paydown receipt to the security until one month subsequent to the period ended December 31, 2015. This revised factor reduced the amount of par value sold and subsequently reduced the gross realized gain by
$14
. This reduction to gain on sale was recognized during the three months ended March 31, 2016. The Company did not sell any securities during the three months ended March 31, 2016.
|
(Dollars in thousands)
|
March 31,
2017 |
|
June 30,
2016 |
||||
Available-for-sale debt securities—net unrealized gains
|
$
|
6,622
|
|
|
$
|
2,288
|
|
Available-for-sale debt securities—non-credit related losses
|
(7,946
|
)
|
|
(138
|
)
|
||
Held-to-maturity debt securities—non-credit related losses
|
—
|
|
|
(14,129
|
)
|
||
Subtotal
|
(1,324
|
)
|
|
(11,979
|
)
|
||
Tax (expense) benefit
|
162
|
|
|
4,675
|
|
||
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss)
|
$
|
(1,162
|
)
|
|
$
|
(7,304
|
)
|
|
March 31, 2017
|
||||||||||||||||||
|
Trading
|
|
Available for sale
|
|
Held-to-maturity
|
||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||||
RMBS—U.S. agencies:
|
|
|
|
|
|
|
|
|
|
||||||||||
Due within one year
|
$
|
—
|
|
|
$
|
1,982
|
|
|
$
|
1,970
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due one to five years
|
—
|
|
|
6,386
|
|
|
6,361
|
|
|
—
|
|
|
—
|
|
|||||
Due five to ten years
|
—
|
|
|
5,420
|
|
|
5,416
|
|
|
—
|
|
|
—
|
|
|||||
Due after ten years
|
—
|
|
|
16,644
|
|
|
16,486
|
|
|
—
|
|
|
—
|
|
|||||
Total RMBS—U.S. agencies
|
—
|
|
|
30,432
|
|
|
30,233
|
|
|
—
|
|
|
—
|
|
|||||
RMBS—Non-agency:
|
|
|
|
|
|
|
|
|
|
||||||||||
Due within one year
|
—
|
|
|
9,488
|
|
|
10,135
|
|
|
—
|
|
|
—
|
|
|||||
Due one to five years
|
—
|
|
|
29,676
|
|
|
31,770
|
|
|
—
|
|
|
—
|
|
|||||
Due five to ten years
|
—
|
|
|
21,048
|
|
|
22,522
|
|
|
—
|
|
|
—
|
|
|||||
Due after ten years
|
—
|
|
|
12,611
|
|
|
13,628
|
|
|
—
|
|
|
—
|
|
|||||
Total RMBS—Non-agency
|
—
|
|
|
72,823
|
|
|
78,055
|
|
|
—
|
|
|
—
|
|
|||||
Other debt:
|
|
|
|
|
|
|
|
|
|
||||||||||
Due within one year
|
—
|
|
|
170,595
|
|
|
171,420
|
|
|
—
|
|
|
—
|
|
|||||
Due one to five years
|
203
|
|
|
73,872
|
|
|
75,062
|
|
|
—
|
|
|
—
|
|
|||||
Due five to ten years
|
286
|
|
|
21
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|||||
Due after ten years
|
7,932
|
|
|
13,864
|
|
|
13,438
|
|
|
—
|
|
|
—
|
|
|||||
Total other debt
|
8,421
|
|
|
258,352
|
|
|
259,941
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
8,421
|
|
|
$
|
361,607
|
|
|
$
|
368,229
|
|
|
$
|
—
|
|
|
$
|
—
|
|
5.
|
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES
|
(Dollars in thousands)
|
March 31, 2017
|
|
June 30, 2016
|
||||
Single family real estate secured:
|
|
|
|
||||
Mortgage
|
$
|
3,809,703
|
|
|
$
|
3,678,520
|
|
Home equity
|
2,630
|
|
|
2,470
|
|
||
Warehouse and other
1
|
391,010
|
|
|
537,714
|
|
||
Multifamily real estate secured
|
1,572,994
|
|
|
1,373,216
|
|
||
Commercial real estate secured
|
155,621
|
|
|
121,746
|
|
||
Auto and RV secured
|
131,063
|
|
|
73,676
|
|
||
Factoring
|
151,319
|
|
|
98,275
|
|
||
Commercial & Industrial
|
868,279
|
|
|
514,300
|
|
||
Other
|
13,139
|
|
|
2,542
|
|
||
Total gross loans and leases
|
7,095,758
|
|
|
6,402,459
|
|
||
Allowance for loan and lease losses
|
(45,987
|
)
|
|
(35,826
|
)
|
||
Unaccreted discounts and loan and lease fees
|
(29,071
|
)
|
|
(11,954
|
)
|
||
Total net loans and leases
|
$
|
7,020,700
|
|
|
$
|
6,354,679
|
|
1.
|
The balance of single family warehouse loans was
$123,724
at
March 31, 2017
and
$173,148
at
June 30, 2016
. The remainder of the balance is attributable to single family lender finance loans.
|
|
March 31, 2017
|
||||||||||||||||||||||||||
(Dollars in thousands)
|
Unpaid
Principal Balance
|
|
Principal Balance Adjustment
1
|
|
Unpaid Book Balance
|
|
Accrued Interest /
Origination Fees
|
|
Recorded Investment
|
|
Related Allocation of General Allowance
|
|
Related Allocation of Specific Allowance
|
||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
$
|
11,250
|
|
|
$
|
1,561
|
|
|
$
|
9,689
|
|
|
$
|
1,143
|
|
|
$
|
10,832
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Purchased
|
5,273
|
|
|
2,063
|
|
|
3,210
|
|
|
129
|
|
|
3,339
|
|
|
—
|
|
|
—
|
|
|||||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Purchased
|
494
|
|
|
206
|
|
|
288
|
|
|
—
|
|
|
288
|
|
|
—
|
|
|
—
|
|
|||||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
666
|
|
|
515
|
|
|
151
|
|
|
14
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|||||||
Other:
|
27
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
14,106
|
|
|
11
|
|
|
14,095
|
|
|
—
|
|
|
14,095
|
|
|
548
|
|
|
—
|
|
|||||||
Purchased
|
1,453
|
|
|
29
|
|
|
1,424
|
|
|
13
|
|
|
1,437
|
|
|
38
|
|
|
—
|
|
|||||||
Home Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
46
|
|
|
2
|
|
|
44
|
|
|
—
|
|
|
44
|
|
|
1
|
|
|
—
|
|
|||||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
4,170
|
|
|
95
|
|
|
4,075
|
|
|
147
|
|
|
4,222
|
|
|
19
|
|
|
—
|
|
|||||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
55
|
|
|
8
|
|
|
47
|
|
|
1
|
|
|
48
|
|
|
1
|
|
|
—
|
|
|||||||
Other
|
278
|
|
|
—
|
|
|
278
|
|
|
—
|
|
|
278
|
|
|
44
|
|
|
—
|
|
|||||||
Total
|
$
|
37,818
|
|
|
$
|
4,517
|
|
|
$
|
33,301
|
|
|
$
|
1,447
|
|
|
$
|
34,748
|
|
|
$
|
651
|
|
|
$
|
—
|
|
As a % of total gross loans and leases
|
0.53
|
%
|
|
0.06
|
%
|
|
0.47
|
%
|
|
0.02
|
%
|
|
0.49
|
%
|
|
0.01
|
%
|
|
—
|
%
|
|
June 30, 2016
|
||||||||||||||||||||||||||
(Dollars in thousands)
|
Unpaid Principal Balance
|
|
Principal Balance Adjustment
1
|
|
Unpaid Book Balance
|
|
Accrued Interest /
Origination Fees
|
|
Recorded Investment
|
|
Related Allocation of General Allowance
|
|
Related Allocation of Specific Allowance
|
||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
$
|
8,989
|
|
|
$
|
727
|
|
|
$
|
8,262
|
|
|
$
|
657
|
|
|
$
|
8,919
|
|
|
$
|
—
|
|
|
—
|
|
|
Purchased
|
5,852
|
|
|
2,132
|
|
|
3,720
|
|
|
110
|
|
|
3,830
|
|
|
—
|
|
|
—
|
|
|||||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Purchased
|
2,520
|
|
|
1,093
|
|
|
1,427
|
|
|
—
|
|
|
1,427
|
|
|
—
|
|
|
—
|
|
|||||||
Commercial Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Purchased
|
629
|
|
|
375
|
|
|
254
|
|
|
61
|
|
|
315
|
|
|
—
|
|
|
—
|
|
|||||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
902
|
|
|
663
|
|
|
239
|
|
|
10
|
|
|
249
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
14,707
|
|
|
11
|
|
|
14,696
|
|
|
65
|
|
|
14,761
|
|
|
575
|
|
|
—
|
|
|||||||
Purchased
|
1,976
|
|
|
44
|
|
|
1,932
|
|
|
5
|
|
|
1,937
|
|
|
46
|
|
|
—
|
|
|||||||
Home Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
35
|
|
|
2
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
1
|
|
|
—
|
|
|||||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
795
|
|
|
4
|
|
|
791
|
|
|
65
|
|
|
856
|
|
|
1
|
|
|
—
|
|
|||||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
46
|
|
|
7
|
|
|
39
|
|
|
4
|
|
|
43
|
|
|
2
|
|
|
—
|
|
|||||||
Other
|
676
|
|
|
—
|
|
|
676
|
|
|
—
|
|
|
676
|
|
|
67
|
|
|
—
|
|
|||||||
Total
|
$
|
37,127
|
|
|
$
|
5,058
|
|
|
$
|
32,069
|
|
|
$
|
977
|
|
|
$
|
33,046
|
|
|
$
|
692
|
|
|
$
|
—
|
|
As a % of total gross loans and leases
|
0.58
|
%
|
|
0.08
|
%
|
|
0.50
|
%
|
|
0.02
|
%
|
|
0.52
|
%
|
|
0.01
|
%
|
|
—
|
%
|
1.
|
Impaired loans with an allowance recorded do not have any charge-offs. Principal balance adjustments on impaired loans with an allowance recorded represent interest payments that have been applied to the book balance as a result of the loans’ non-accrual status.
|
(Dollars in thousands)
|
March 31,
2017 |
|
June 30,
2016 |
||||
Single Family Real Estate Secured:
|
|
|
|
||||
Mortgage:
|
|
|
|
||||
In-house originated
|
$
|
23,784
|
|
|
$
|
22,958
|
|
Purchased
|
4,634
|
|
|
5,442
|
|
||
Home Equity:
|
|
|
|
||||
In-house originated
|
44
|
|
|
33
|
|
||
Multifamily Real Estate Secured:
|
|
|
|
||||
In-house originated
|
4,075
|
|
|
791
|
|
||
Purchased
|
288
|
|
|
1,427
|
|
||
Commercial Real Estate Secured:
|
|
|
|
||||
Purchased
|
—
|
|
|
254
|
|
||
Total non-performing loans secured by real estate
|
32,825
|
|
|
30,905
|
|
||
Auto and RV Secured
|
198
|
|
|
278
|
|
||
Other
|
278
|
|
|
676
|
|
||
Total non-performing loans and leases
|
$
|
33,301
|
|
|
$
|
31,859
|
|
Non-performing loans and leases to total loans and leases
|
0.47
|
%
|
|
0.50
|
%
|
|
March 31, 2017
|
||||||||||||||||||||||||||||||||||
|
Single Family Real Estate Secured: Mortgage
|
|
Multifamily Real Estate Secured
|
|
Commercial Real Estate Secured
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Origination
|
|
Purchase
|
|
Total
|
|
Origination
|
|
Purchase
|
|
Total
|
|
Origination
|
|
Purchase
|
|
Total
|
||||||||||||||||||
Performing
|
$
|
3,724,769
|
|
|
$
|
56,516
|
|
|
$
|
3,781,285
|
|
|
$
|
1,480,860
|
|
|
$
|
87,771
|
|
|
$
|
1,568,631
|
|
|
$
|
143,715
|
|
|
$
|
11,906
|
|
|
$
|
155,621
|
|
Non-performing
|
23,784
|
|
|
4,634
|
|
|
28,418
|
|
|
4,075
|
|
|
288
|
|
|
4,363
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total
|
$
|
3,748,553
|
|
|
$
|
61,150
|
|
|
$
|
3,809,703
|
|
|
$
|
1,484,935
|
|
|
$
|
88,059
|
|
|
$
|
1,572,994
|
|
|
$
|
143,715
|
|
|
$
|
11,906
|
|
|
$
|
155,621
|
|
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||
|
Single Family Real Estate Secured: Mortgage
|
|
Multifamily Real Estate Secured
|
|
Commercial Real Estate Secured
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Origination
|
|
Purchase
|
|
Total
|
|
Origination
|
|
Purchase
|
|
Total
|
|
Origination
|
|
Purchase
|
|
Total
|
||||||||||||||||||
Performing
|
$
|
3,578,629
|
|
|
$
|
71,491
|
|
|
$
|
3,650,120
|
|
|
$
|
1,270,379
|
|
|
$
|
100,619
|
|
|
$
|
1,370,998
|
|
|
$
|
109,370
|
|
|
$
|
12,122
|
|
|
$
|
121,492
|
|
Non-performing
|
22,958
|
|
|
5,442
|
|
|
28,400
|
|
|
791
|
|
|
1,427
|
|
|
2,218
|
|
|
—
|
|
|
254
|
|
|
254
|
|
|||||||||
Total
|
$
|
3,601,587
|
|
|
$
|
76,933
|
|
|
$
|
3,678,520
|
|
|
$
|
1,271,170
|
|
|
$
|
102,046
|
|
|
$
|
1,373,216
|
|
|
$
|
109,370
|
|
|
$
|
12,376
|
|
|
$
|
121,746
|
|
|
March 31, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Pass
|
|
Special
Mention |
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
$
|
3,713,948
|
|
|
$
|
10,821
|
|
|
$
|
23,784
|
|
|
$
|
—
|
|
|
$
|
3,748,553
|
|
Purchased
|
55,731
|
|
|
487
|
|
|
4,932
|
|
|
—
|
|
|
61,150
|
|
|||||
Home Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
2,585
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
2,630
|
|
|||||
Warehouse and other:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
390,515
|
|
|
—
|
|
|
495
|
|
|
—
|
|
|
391,010
|
|
|||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
1,478,870
|
|
|
1,990
|
|
|
4,075
|
|
|
—
|
|
|
1,484,935
|
|
|||||
Purchased
|
86,749
|
|
|
—
|
|
|
1,310
|
|
|
—
|
|
|
88,059
|
|
|||||
Commercial Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
143,715
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
143,715
|
|
|||||
Purchased
|
9,928
|
|
|
1,978
|
|
|
—
|
|
|
—
|
|
|
11,906
|
|
|||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
130,800
|
|
|
45
|
|
|
218
|
|
|
—
|
|
|
131,063
|
|
|||||
Factoring
|
151,319
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151,319
|
|
|||||
Commercial & Industrial
|
868,082
|
|
|
197
|
|
|
—
|
|
|
—
|
|
|
868,279
|
|
|||||
Other
|
9,670
|
|
|
3,191
|
|
|
278
|
|
|
—
|
|
|
13,139
|
|
|||||
Total
|
$
|
7,041,912
|
|
|
$
|
18,709
|
|
|
$
|
35,137
|
|
|
$
|
—
|
|
|
$
|
7,095,758
|
|
As a % of total gross loans and leases
|
99.2
|
%
|
|
0.3
|
%
|
|
0.5
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
June 30, 2016
|
||||||||||||||||||
(Dollars in thousands)
|
Pass
|
|
Special
Mention |
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
$
|
3,563,430
|
|
|
$
|
10,938
|
|
|
$
|
27,219
|
|
|
$
|
—
|
|
|
$
|
3,601,587
|
|
Purchased
|
71,111
|
|
|
—
|
|
|
5,822
|
|
|
—
|
|
|
76,933
|
|
|||||
Home Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
2,420
|
|
|
17
|
|
|
33
|
|
|
—
|
|
|
2,470
|
|
|||||
Warehouse and other:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
534,868
|
|
|
2,846
|
|
|
—
|
|
|
—
|
|
|
537,714
|
|
|||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
1,262,384
|
|
|
4,721
|
|
|
4,065
|
|
|
—
|
|
|
1,271,170
|
|
|||||
Purchased
|
96,792
|
|
|
2,769
|
|
|
2,485
|
|
|
—
|
|
|
102,046
|
|
|||||
Commercial Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
109,370
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109,370
|
|
|||||
Purchased
|
10,110
|
|
|
2,012
|
|
|
254
|
|
|
—
|
|
|
12,376
|
|
|||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
73,192
|
|
|
97
|
|
|
387
|
|
|
—
|
|
|
73,676
|
|
|||||
Factoring
|
98,275
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,275
|
|
|||||
Commercial & Industrial
|
513,310
|
|
|
—
|
|
|
990
|
|
|
—
|
|
|
514,300
|
|
|||||
Other
|
1,715
|
|
|
151
|
|
|
676
|
|
|
—
|
|
|
2,542
|
|
|||||
Total
|
$
|
6,336,977
|
|
|
$
|
23,551
|
|
|
$
|
41,931
|
|
|
$
|
—
|
|
|
$
|
6,402,459
|
|
As a % of total gross loans and leases
|
99.0
|
%
|
|
0.4
|
%
|
|
0.6
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|
March 31, 2017
|
||||||||||||||
(Dollars in thousands)
|
30-59 Days Past Due
|
|
60-89 Days Past Due
|
|
90+ Days Past Due
|
|
Total
|
||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||||
Mortgage:
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
$
|
5,317
|
|
|
$
|
1,649
|
|
|
$
|
23,354
|
|
|
$
|
30,320
|
|
Purchased
|
690
|
|
|
44
|
|
|
2,487
|
|
|
3,221
|
|
||||
Home equity:
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
—
|
|
|
43
|
|
|
43
|
|
||||
Warehouse and other
|
—
|
|
|
495
|
|
|
—
|
|
|
495
|
|
||||
Multifamily real estate secured:
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
—
|
|
|
4,075
|
|
|
4,075
|
|
||||
Auto and RV secured
|
227
|
|
|
22
|
|
|
15
|
|
|
264
|
|
||||
Other
|
784
|
|
|
3,191
|
|
|
278
|
|
|
4,253
|
|
||||
Total
|
$
|
7,018
|
|
|
$
|
5,401
|
|
|
$
|
30,252
|
|
|
$
|
42,671
|
|
As a % of total gross loans and leases
|
0.10
|
%
|
|
0.07
|
%
|
|
0.43
|
%
|
|
0.60
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
|
June 30, 2016
|
||||||||||||||
(Dollars in thousands)
|
30-59 Days Past Due
|
|
60-89 Days Past Due
|
|
90+ Days Past Due
|
|
Total
|
||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||||
Mortgage
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
$
|
5,192
|
|
|
$
|
1,866
|
|
|
$
|
21,722
|
|
|
$
|
28,780
|
|
Purchased
|
572
|
|
|
—
|
|
|
2,538
|
|
|
3,110
|
|
||||
Home equity
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
17
|
|
|
29
|
|
|
46
|
|
||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
3,594
|
|
|
—
|
|
|
791
|
|
|
4,385
|
|
||||
Commercial real estate secured
|
|
|
|
|
|
|
|
||||||||
Purchased
|
—
|
|
|
—
|
|
|
254
|
|
|
254
|
|
||||
Auto and RV secured
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
200
|
|
|
136
|
|
|
104
|
|
|
440
|
|
||||
Commercial and industrial
|
142
|
|
|
—
|
|
|
—
|
|
|
142
|
|
||||
Other
|
62
|
|
|
151
|
|
|
676
|
|
|
889
|
|
||||
Total
|
$
|
9,762
|
|
|
$
|
2,170
|
|
|
$
|
26,114
|
|
|
$
|
38,046
|
|
As a % of total gross loans and leases
|
0.15
|
%
|
|
0.03
|
%
|
|
0.41
|
%
|
|
0.59
|
%
|
6.
|
SUBORDINATED NOTES AND DEBENTURES
|
(Dollars in thousands)
|
Stock Award
Compensation
Expense
|
||
For the fiscal year remainder:
|
|
||
2017
|
$
|
3,705
|
|
2018
|
12,076
|
|
|
2019
|
7,911
|
|
|
2020
|
2,486
|
|
|
Total
|
$
|
26,178
|
|
|
Restricted
Stock Unit Shares
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
Non-vested balance at June 30, 2015
|
1,135,088
|
|
|
$
|
17.01
|
|
Granted
|
615,834
|
|
|
26.60
|
|
|
Vested
|
(536,528
|
)
|
|
16.14
|
|
|
Canceled
|
(154,668
|
)
|
|
18.70
|
|
|
Non-vested balance at June 30, 2016
|
1,059,726
|
|
|
$
|
22.53
|
|
Granted
|
843,056
|
|
|
21.13
|
|
|
Vested
|
(253,653
|
)
|
|
20.29
|
|
|
Canceled
|
(69,040
|
)
|
|
20.02
|
|
|
Non-vested balance at March 31, 2017
|
1,580,089
|
|
|
$
|
22.25
|
|
8.
|
EARNINGS PER SHARE (“EPS”)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
(Dollars in thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Earnings Per Common Share
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
40,994
|
|
|
$
|
35,914
|
|
|
$
|
102,191
|
|
|
$
|
89,564
|
|
Preferred stock dividends
|
(77
|
)
|
|
(77
|
)
|
|
(232
|
)
|
|
(232
|
)
|
||||
Net income attributable to common shareholders
|
$
|
40,917
|
|
|
$
|
35,837
|
|
|
$
|
101,959
|
|
|
$
|
89,332
|
|
Average common shares issued and outstanding
|
63,394,122
|
|
|
63,066,262
|
|
|
63,339,911
|
|
|
62,849,818
|
|
||||
Average unvested RSU shares
|
1,588,267
|
|
|
1,419,603
|
|
|
1,470,015
|
|
|
1,345,764
|
|
||||
Total qualifying shares
|
64,982,389
|
|
|
64,485,865
|
|
|
64,809,926
|
|
|
64,195,582
|
|
||||
Earnings per common share
|
$
|
0.63
|
|
|
$
|
0.56
|
|
|
$
|
1.57
|
|
|
$
|
1.39
|
|
Diluted Earnings Per Common Share
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders
|
$
|
40,917
|
|
|
$
|
35,837
|
|
|
$
|
101,959
|
|
|
$
|
89,332
|
|
Dilutive net income attributable to common shareholders
|
$
|
40,917
|
|
|
$
|
35,837
|
|
|
$
|
101,959
|
|
|
$
|
89,332
|
|
Average common shares issued and outstanding
|
64,982,389
|
|
|
64,485,865
|
|
|
64,809,926
|
|
|
64,195,582
|
|
||||
Dilutive effect of stock options
|
—
|
|
|
951
|
|
|
—
|
|
|
7,625
|
|
||||
Total dilutive common shares issued and outstanding
|
64,982,389
|
|
|
64,486,816
|
|
|
64,809,926
|
|
|
64,203,207
|
|
||||
Diluted earnings per common share
|
$
|
0.63
|
|
|
$
|
0.56
|
|
|
$
|
1.57
|
|
|
$
|
1.39
|
|
9.
|
COMMITMENTS AND CONTINGENCIES
|
10.
|
RELATED PARTY TRANSACTIONS
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
March 31,
2017 |
|
June 30,
2016 |
|
March 31,
2016 |
||||||
Selected Balance Sheet Data:
|
|
|
|
|
|
||||||
Total assets
|
$
|
8,700,031
|
|
|
$
|
7,599,304
|
|
|
$
|
7,703,605
|
|
Loans and leases—net of allowance for loan and lease losses
|
7,020,700
|
|
|
6,354,679
|
|
|
6,034,700
|
|
|||
Loans held for sale, at fair value
|
14,696
|
|
|
20,871
|
|
|
42,682
|
|
|||
Loans held for sale, lower of cost or fair value
|
7,607
|
|
|
33,530
|
|
|
59,988
|
|
|||
Allowance for loan and lease losses
|
42,525
|
|
|
35,826
|
|
|
36,931
|
|
|||
Securities—trading
|
8,421
|
|
|
7,584
|
|
|
7,589
|
|
|||
Securities—available-for-sale
|
368,229
|
|
|
265,447
|
|
|
278,653
|
|
|||
Securities—held-to-maturity
|
—
|
|
|
199,174
|
|
|
211,294
|
|
|||
Total deposits
|
6,799,631
|
|
|
6,044,051
|
|
|
6,048,031
|
|
|||
Securities sold under agreements to repurchase
|
35,000
|
|
|
35,000
|
|
|
35,000
|
|
|||
Advances from the FHLB
|
961,000
|
|
|
727,000
|
|
|
858,000
|
|
|||
Subordinated notes and debentures and other
|
54,450
|
|
|
56,016
|
|
|
54,138
|
|
|||
Total stockholders’ equity
|
800,304
|
|
|
683,590
|
|
|
653,289
|
|
|||
|
|
|
|
|
|
||||||
Capital Ratios:
|
|
|
|
|
|
||||||
Equity to assets at end of period
|
9.20
|
%
|
|
8.99
|
%
|
|
8.48
|
%
|
|||
BofI Holding, Inc:
|
|
|
|
|
|
||||||
Tier 1 leverage (core) capital to adjusted average assets
|
9.47
|
%
|
|
9.12
|
%
|
|
8.99
|
%
|
|||
Common equity tier 1 capital (to risk-weighted assets)
|
14.50
|
%
|
|
14.42
|
%
|
|
14.29
|
%
|
|||
Tier 1 capital (to risk-weighted assets)
|
14.59
|
%
|
|
14.53
|
%
|
|
14.40
|
%
|
|||
Total capital (to risk-weighted assets)
|
16.36
|
%
|
|
16.36
|
%
|
|
16.32
|
%
|
|||
BofI Federal Bank:
|
|
|
|
|
|
||||||
Tier 1 leverage (core) capital to adjusted average assets
|
9.11
|
%
|
|
8.78
|
%
|
|
8.62
|
%
|
|||
Common equity tier 1 capital (to risk-weighted assets)
|
14.04
|
%
|
|
14.00
|
%
|
|
13.83
|
%
|
|||
Tier 1 capital (to risk-weighted assets)
|
14.04
|
%
|
|
14.00
|
%
|
|
13.83
|
%
|
|||
Total capital (to risk-weighted assets)
|
14.88
|
%
|
|
14.75
|
%
|
|
14.63
|
%
|
|
At or for the Three Months Ended
|
|
At or for the Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Selected Income Statement Data:
|
|
|
|
|
|
|
|
||||||||
Interest and dividend income
|
$
|
106,962
|
|
|
$
|
84,282
|
|
|
$
|
288,743
|
|
|
$
|
231,446
|
|
Interest expense
|
18,403
|
|
|
14,725
|
|
|
54,044
|
|
|
39,590
|
|
||||
Net interest income
|
88,559
|
|
|
69,557
|
|
|
234,699
|
|
|
191,856
|
|
||||
Provision for loan and lease losses
|
4,862
|
|
|
2,000
|
|
|
10,862
|
|
|
7,800
|
|
||||
Net interest income after provision for loan and lease losses
|
83,697
|
|
|
67,557
|
|
|
223,837
|
|
|
184,056
|
|
||||
Non-interest income
|
23,168
|
|
|
23,316
|
|
|
54,601
|
|
|
49,325
|
|
||||
Non-interest expense
|
35,448
|
|
|
29,408
|
|
|
101,626
|
|
|
79,771
|
|
||||
Income before income tax expense
|
71,417
|
|
|
61,465
|
|
|
176,812
|
|
|
153,610
|
|
||||
Income tax expense
|
30,423
|
|
|
25,551
|
|
|
74,621
|
|
|
64,046
|
|
||||
Net income
|
$
|
40,994
|
|
|
$
|
35,914
|
|
|
$
|
102,191
|
|
|
$
|
89,564
|
|
Net income attributable to common stock
|
$
|
40,917
|
|
|
$
|
35,837
|
|
|
$
|
101,959
|
|
|
$
|
89,332
|
|
|
|
|
|
|
|
|
|
||||||||
Per Share Data:
|
|
|
|
|
|
|
|
||||||||
Net income:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.63
|
|
|
$
|
0.56
|
|
|
$
|
1.57
|
|
|
$
|
1.39
|
|
Diluted
|
$
|
0.63
|
|
|
$
|
0.56
|
|
|
$
|
1.57
|
|
|
$
|
1.39
|
|
Book value per common share
|
$
|
12.55
|
|
|
$
|
10.28
|
|
|
$
|
12.55
|
|
|
$
|
10.28
|
|
Tangible book value per common share
|
$
|
12.44
|
|
|
$
|
10.23
|
|
|
$
|
12.44
|
|
|
$
|
10.23
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
64,982,389
|
|
|
64,485,865
|
|
|
64,809,926
|
|
|
64,195,582
|
|
||||
Diluted
|
64,982,389
|
|
|
64,486,816
|
|
|
64,809,926
|
|
|
64,203,207
|
|
||||
Common shares outstanding at end of period
|
63,390,389
|
|
|
63,060,732
|
|
|
63,390,389
|
|
|
63,060,732
|
|
||||
Common shares issued at end of period
|
64,798,821
|
|
|
64,177,770
|
|
|
64,798,821
|
|
|
64,177,770
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Performance Ratios and Other Data:
|
|
|
|
|
|
|
|
||||||||
Loan and lease originations for investment
|
$
|
1,044,107
|
|
|
$
|
857,557
|
|
|
$
|
3,040,990
|
|
|
$
|
2,673,577
|
|
Loan originations for sale
|
$
|
239,931
|
|
|
$
|
250,876
|
|
|
$
|
1,084,387
|
|
|
$
|
1,155,329
|
|
Loan and lease purchases
|
$
|
276,917
|
|
|
$
|
140,109
|
|
|
$
|
276,917
|
|
|
$
|
140,493
|
|
Return on average assets
|
1.94
|
%
|
|
1.95
|
%
|
|
1.72
|
%
|
|
1.82
|
%
|
||||
Return on average common stockholders’ equity
|
21.10
|
%
|
|
22.59
|
%
|
|
18.48
|
%
|
|
19.99
|
%
|
||||
Interest rate spread
1
|
4.00
|
%
|
|
3.55
|
%
|
|
3.81
|
%
|
|
3.77
|
%
|
||||
Net interest margin
2
|
4.24
|
%
|
|
3.85
|
%
|
|
4.02
|
%
|
|
3.97
|
%
|
||||
Efficiency ratio
|
31.73
|
%
|
|
31.66
|
%
|
|
35.13
|
%
|
|
33.08
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
||||||||
Net annualized charge-offs to average loans and leases
|
(0.01
|
)%
|
|
0.01
|
%
|
|
0.01
|
%
|
|
(0.02
|
)%
|
||||
Non-performing loans and leases to total loans and leases
|
0.47
|
%
|
|
0.39
|
%
|
|
0.47
|
%
|
|
0.39
|
%
|
||||
Non-performing assets to total assets
|
0.39
|
%
|
|
0.31
|
%
|
|
0.39
|
%
|
|
0.31
|
%
|
||||
Allowance for loan and lease losses to total loans and leases at end of period
|
0.65
|
%
|
|
0.61
|
%
|
|
0.65
|
%
|
|
0.61
|
%
|
||||
Allowance for loan and lease losses to non-performing loans and leases
|
138.09
|
%
|
|
154.06
|
%
|
|
138.09
|
%
|
|
154.06
|
%
|
1.
|
Interest rate spread represents the difference between the annualized weighted average yield on interest-earning assets and the annualized weighted average
|
2.
|
Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
|
•
|
Net interest income increased
$19.0 million
and
$42.8 million
due to a
15.6%
and
21.0%
increase in average earning assets in the three and
nine
months ended
March 31, 2017
, respectively. These increases in interest income were primarily the result of continued growth in our loan and lease portfolio and discount accretion from Refund Advance loan purchases for the three and
nine
months ended
March 31, 2017
compared to
March 31, 2016
. The overall rate on interest earning assets increased by
45
basis point and by
15
basis points for the three and
nine
months ended
March 31, 2017
compared to
March 31, 2016
, respectively. Average rates paid on interest-bearing liabilities were flat for the three months ended
March 31, 2017
compared to
March 31, 2016
, and increased
11
basis points for the
nine
months ended
March 31, 2017
compared to
March 31, 2016
. The change in the mix between interest-bearing deposits and borrowings and addition of $51 million of 6.25% subordinated notes were the primary reasons for the increase in average rates paid for the
nine
months ended
March 31, 2017
compared to
March 31, 2016
.
|
•
|
Non-interest income
decreased
$0.1 million
and increased
$5.3 million
for the three and
nine
months ended
March 31, 2017
compared to the three and
nine
months ended
March 31, 2016
, respectively. The
$0.1 million
increase
in non-interest income for the three months ended
March 31, 2017
, was the result of a decrease in mortgage banking income of
$2.0 million
and a decrease in gain on sale – other income of
$0.8 million
primarily from reduced sales of structured settlements, partially offset by an increase in banking service fees and other income of
$1.2 million
primarily from seasonal H&R Block-branded products and service fee income, an increase in prepayment penalty fee income of
$1.1 million
and an increase in realized gain on securities of
$0.3 million
. The
$5.3 million
increase
in non-interest income for the
nine
months ended
March 31, 2017
, was primarily the result of a
$5.6 million
increase in banking service fees and other income primarily due to increased fees related to individual retirement accounts, a
$3.2 million
increase in mortgage banking, a
$2.0 million
increase in realized gain on securities, and an increase in prepayment penalty fee income of
$1.4 million
, partially offset by a
$6.3 million
decrease in gain on sale – other income, primarily from reduced sales of structured settlements.
|
•
|
Non-interest expense
increased
$6.0 million
and
$21.9 million
for the three and
nine
months ended
March 31, 2017
compared to the three and
nine
months ended
March 31, 2016
, respectively. For the three months ended
March 31, 2017
compared to the three months ended
March 31, 2016
salaries and related expenses
increased
$4.3 million
primarily due to the overall increase in staff to support the overall growth of the Bank. Advertising and promotional increased by
$0.7 million
, primarily related to increased lead generation costs. Other general and administrative costs increased by
$0.4 million
primarily attributable to expenses in support of seasonal H&R Block-branded products and services. For the
nine
months ended
March 31, 2017
compared to the
nine
months ended
March 31, 2016
salaries and related expenses increased
$12.8 million
primarily due to the overall increase in staff to support the overall growth of the Bank. Data processing and internet expense increased
$2.0 million
due to core system updates and development and increased bank customers. Advertising and promotional expense increased
$2.0 million
primarily related to increased lead generation costs and other general and administrative costs increased by
$1.5 million
primarily attributable to expenses in support of seasonal H&R Block-branded products and services.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Income
|
$
|
40,994
|
|
|
$
|
35,914
|
|
|
$
|
102,191
|
|
|
$
|
89,564
|
|
Realized securities losses (gains)
|
(312
|
)
|
|
14
|
|
|
(2,924
|
)
|
|
(919
|
)
|
||||
Unrealized securities losses (gains)
|
98
|
|
|
125
|
|
|
1,001
|
|
|
392
|
|
||||
Tax (provision) benefit
|
91
|
|
|
(58
|
)
|
|
812
|
|
|
220
|
|
||||
Non-GAAP adjusted earnings
1
|
$
|
40,871
|
|
|
$
|
35,995
|
|
|
$
|
101,080
|
|
|
$
|
89,257
|
|
|
For the Three Months Ended
|
||||||||||||||||||||
|
March 31,
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
(Dollars in thousands)
|
Average
Balance
1
|
|
Interest
Income/
Expense
|
|
Average Yields
Earned/Rates
Paid
2
|
|
Average
Balance
1
|
|
Interest
Income/
Expense
|
|
Average Yields
Earned/Rates
Paid
2
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases
3, 4
|
$
|
6,944,683
|
|
|
$
|
99,391
|
|
|
5.72
|
%
|
|
$
|
5,804,890
|
|
|
$
|
77,111
|
|
|
5.31
|
%
|
Interest-earning deposits in other financial institutions
|
982,002
|
|
|
2,158
|
|
|
0.88
|
%
|
|
895,473
|
|
|
1,043
|
|
|
0.47
|
%
|
||||
Mortgage-backed and other investment securities
4
|
372,826
|
|
|
4,173
|
|
|
4.48
|
%
|
|
457,005
|
|
|
4,977
|
|
|
4.36
|
%
|
||||
Stock of the FHLB, at cost
|
53,669
|
|
|
1,240
|
|
|
9.24
|
%
|
|
65,673
|
|
|
1,151
|
|
|
7.01
|
%
|
||||
Total interest-earning assets
|
8,353,180
|
|
|
106,962
|
|
|
5.12
|
%
|
|
7,223,041
|
|
|
84,282
|
|
|
4.67
|
%
|
||||
Non-interest-earning assets
|
111,178
|
|
|
|
|
|
|
129,661
|
|
|
|
|
|
||||||||
Total assets
|
$
|
8,464,358
|
|
|
|
|
|
|
$
|
7,352,702
|
|
|
|
|
|
||||||
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand and savings
|
$
|
4,799,610
|
|
|
$
|
8,608
|
|
|
0.72
|
%
|
|
$
|
3,500,329
|
|
|
$
|
6,356
|
|
|
0.73
|
%
|
Time deposits
|
886,541
|
|
|
5,543
|
|
|
2.50
|
%
|
|
847,783
|
|
|
4,656
|
|
|
2.20
|
%
|
||||
Securities sold under agreements to repurchase
|
35,000
|
|
|
385
|
|
|
4.40
|
%
|
|
35,000
|
|
|
387
|
|
|
4.42
|
%
|
||||
Advances from the FHLB
|
766,289
|
|
|
2,940
|
|
|
1.53
|
%
|
|
861,308
|
|
|
3,019
|
|
|
1.40
|
%
|
||||
Subordinated notes and debentures and other
|
56,368
|
|
|
928
|
|
|
6.59
|
%
|
|
20,023
|
|
|
307
|
|
|
6.13
|
%
|
||||
Total interest-bearing liabilities
|
6,543,808
|
|
|
18,404
|
|
|
1.12
|
%
|
|
5,264,443
|
|
|
14,725
|
|
|
1.12
|
%
|
||||
Non-interest-bearing demand deposits
|
1,081,939
|
|
|
|
|
|
|
1,403,140
|
|
|
|
|
|
||||||||
Other non-interest-bearing liabilities
|
57,812
|
|
|
|
|
|
|
45,495
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
780,799
|
|
|
|
|
|
|
639,624
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
8,464,358
|
|
|
|
|
|
|
$
|
7,352,702
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
88,558
|
|
|
|
|
|
|
$
|
69,557
|
|
|
|
||||||
Interest rate spread
5
|
|
|
|
|
4.00
|
%
|
|
|
|
|
|
3.55
|
%
|
||||||||
Net interest margin
6
|
|
|
|
|
4.24
|
%
|
|
|
|
|
|
3.85
|
%
|
1.
|
Average balances are obtained from daily data.
|
2.
|
Annualized.
|
3.
|
Loans and leases include loans held for sale, loan premiums and unearned fees.
|
4.
|
Interest income includes reductions for amortization of loan and investment securities premiums and earnings from accretion of discounts and loan fees. Loans and leases include $30.2 million and $30.9 million of Community Reinvestment Act loans which are taxed at a reduced rate for the
2017
and
2016
three-month periods, respectively.
|
5.
|
Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.
|
6.
|
Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
|
|
For the Nine Months Ended
|
||||||||||||||||||||
|
March 31,
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
(Dollars in thousands)
|
Average
Balance
1
|
|
Interest
Income/
Expense
|
|
Average Yields
Earned/Rates
Paid
2
|
|
Average
Balance
1
|
|
Interest
Income/
Expense
|
|
Average Yields
Earned/Rates
Paid
2
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases
3, 4
|
$
|
6,700,515
|
|
|
$
|
265,849
|
|
|
5.29
|
%
|
|
$
|
5,482,804
|
|
|
$
|
212,306
|
|
|
5.16
|
%
|
Interest-earning deposits in other financial institutions
|
600,324
|
|
|
3,234
|
|
|
0.72
|
%
|
|
462,830
|
|
|
1,371
|
|
|
0.39
|
%
|
||||
Mortgage-backed and other investment securities
4
|
433,109
|
|
|
14,089
|
|
|
4.34
|
%
|
|
425,496
|
|
|
13,364
|
|
|
4.19
|
%
|
||||
Stock of the FHLB, at cost
|
54,249
|
|
|
5,571
|
|
|
13.69
|
%
|
|
64,778
|
|
|
4,405
|
|
|
9.07
|
%
|
||||
Total interest-earning assets
|
7,788,197
|
|
|
288,743
|
|
|
4.94
|
%
|
|
6,435,908
|
|
|
231,446
|
|
|
4.79
|
%
|
||||
Non-interest-earning assets
|
142,600
|
|
|
|
|
|
|
140,330
|
|
|
|
|
|
||||||||
Total assets
|
$
|
7,930,797
|
|
|
|
|
|
|
$
|
6,576,238
|
|
|
|
|
|
||||||
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand and savings
|
$
|
4,624,507
|
|
|
$
|
24,564
|
|
|
0.71
|
%
|
|
$
|
3,433,096
|
|
|
$
|
17,095
|
|
|
0.66
|
%
|
Time deposits
|
989,224
|
|
|
17,112
|
|
|
2.31
|
%
|
|
803,833
|
|
|
12,649
|
|
|
2.10
|
%
|
||||
Securities sold under agreements to repurchase
|
35,000
|
|
|
1,143
|
|
|
4.35
|
%
|
|
35,000
|
|
|
1,168
|
|
|
4.45
|
%
|
||||
Advances from the FHLB
|
687,781
|
|
|
8,409
|
|
|
1.63
|
%
|
|
893,524
|
|
|
8,297
|
|
|
1.24
|
%
|
||||
Subordinated notes and debentures and other
|
56,339
|
|
|
2,816
|
|
|
6.66
|
%
|
|
10,075
|
|
|
381
|
|
|
5.04
|
%
|
||||
Total interest-bearing liabilities
|
6,392,851
|
|
|
54,044
|
|
|
1.13
|
%
|
|
5,175,528
|
|
|
39,590
|
|
|
1.02
|
%
|
||||
Non-interest-bearing demand deposits
|
739,780
|
|
|
|
|
|
|
749,430
|
|
|
|
|
|
||||||||
Other non-interest-bearing liabilities
|
57,497
|
|
|
|
|
|
|
50,404
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
740,669
|
|
|
|
|
|
|
600,876
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
7,930,797
|
|
|
|
|
|
|
$
|
6,576,238
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
234,699
|
|
|
|
|
|
|
$
|
191,856
|
|
|
|
||||||
Interest rate spread
5
|
|
|
|
|
3.81
|
%
|
|
|
|
|
|
3.77
|
%
|
||||||||
Net interest margin
6
|
|
|
|
|
4.02
|
%
|
|
|
|
|
|
3.97
|
%
|
1.
|
Average balances are obtained from daily data.
|
2.
|
Annualized.
|
3.
|
Loans and leases include loans held for sale, loan premiums and unearned fees.
|
4.
|
Interest income includes reductions for amortization of loan and investment securities premiums and earnings from accretion of discounts and loan fees. Loans and leases include $30.4 million and $31.1 million of Community Reinvestment Act loans which are taxed at a reduced rate for the
2017
and
2016
nine-month periods
, respectively.
|
5.
|
Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.
|
6.
|
Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
|
|
|||||||||||||||||||||||||||||||
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||||||||||||||||||
|
March 31, 2017
|
|
March 31, 2017
|
||||||||||||||||||||||||||||
|
2017 vs 2016
|
|
2017 vs 2016
|
||||||||||||||||||||||||||||
|
Increase (Decrease) Due to
|
|
Increase (Decrease) Due to
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
Volume
|
|
Rate
|
|
Rate/Volume
|
|
Total
Increase
(Decrease)
|
|
Volume
|
|
Rate
|
|
Rate/Volume
|
|
Total
Increase
(Decrease)
|
||||||||||||||||
Increase/(decrease) in interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans and leases
|
$
|
15,131
|
|
|
$
|
5,950
|
|
|
$
|
1,199
|
|
|
$
|
22,280
|
|
|
$
|
47,125
|
|
|
$
|
5,346
|
|
|
$
|
1,072
|
|
|
$
|
53,543
|
|
Interest-earning deposits in other financial institutions
|
102
|
|
|
918
|
|
|
95
|
|
|
1,115
|
|
|
402
|
|
|
1,146
|
|
|
315
|
|
|
1,863
|
|
||||||||
Mortgage-backed and other investment securities
|
(918
|
)
|
|
137
|
|
|
(23
|
)
|
|
(804
|
)
|
|
239
|
|
|
479
|
|
|
7
|
|
|
725
|
|
||||||||
Stock of the FHLB, at cost
|
(210
|
)
|
|
366
|
|
|
(67
|
)
|
|
89
|
|
|
(716
|
)
|
|
2,245
|
|
|
(363
|
)
|
|
1,166
|
|
||||||||
|
$
|
14,105
|
|
|
$
|
7,371
|
|
|
$
|
1,204
|
|
|
$
|
22,680
|
|
|
$
|
47,050
|
|
|
$
|
9,216
|
|
|
$
|
1,031
|
|
|
$
|
57,297
|
|
Increase/(decrease) in interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest-bearing demand and savings
|
$
|
2,371
|
|
|
$
|
(88
|
)
|
|
$
|
(31
|
)
|
|
$
|
2,252
|
|
|
$
|
5,897
|
|
|
$
|
1,287
|
|
|
$
|
285
|
|
|
$
|
7,469
|
|
Time deposits
|
213
|
|
|
636
|
|
|
38
|
|
|
887
|
|
|
2,920
|
|
|
1,266
|
|
|
277
|
|
|
4,463
|
|
||||||||
Securities sold under agreements to repurchase
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(26
|
)
|
|
1
|
|
|
(25
|
)
|
||||||||
Advances from the FHLB
|
(333
|
)
|
|
280
|
|
|
(26
|
)
|
|
(79
|
)
|
|
(1,913
|
)
|
|
2,614
|
|
|
(589
|
)
|
|
112
|
|
||||||||
Subordinated notes and debentures and other
|
557
|
|
|
23
|
|
|
41
|
|
|
621
|
|
|
1,749
|
|
|
122
|
|
|
564
|
|
|
2,435
|
|
||||||||
|
$
|
2,808
|
|
|
$
|
849
|
|
|
$
|
22
|
|
|
$
|
3,679
|
|
|
$
|
8,653
|
|
|
$
|
5,263
|
|
|
$
|
538
|
|
|
$
|
14,454
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
Inc (Dec)
|
|
2017
|
|
2016
|
|
Inc (Dec)
|
||||||||||||
Realized gain on securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sale of securities
|
$
|
312
|
|
|
$
|
(14
|
)
|
|
$
|
326
|
|
|
$
|
2,924
|
|
|
$
|
919
|
|
|
$
|
2,005
|
|
Total realized gain on securities
|
312
|
|
|
(14
|
)
|
|
326
|
|
|
2,924
|
|
|
919
|
|
|
2,005
|
|
||||||
Other-than-temporary loss on securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total impairment losses
|
$
|
(754
|
)
|
|
$
|
(1,006
|
)
|
|
$
|
252
|
|
|
$
|
(8,981
|
)
|
|
$
|
(2,785
|
)
|
|
$
|
(6,196
|
)
|
Loss recognized in other comprehensive loss
|
386
|
|
|
998
|
|
|
(612
|
)
|
|
7,143
|
|
|
2,636
|
|
|
4,507
|
|
||||||
Net impairment loss recognized in earnings
|
(368
|
)
|
|
(8
|
)
|
|
(360
|
)
|
|
(1,838
|
)
|
|
(149
|
)
|
|
(1,689
|
)
|
||||||
Fair value gain on trading securities
|
270
|
|
|
(117
|
)
|
|
387
|
|
|
837
|
|
|
(243
|
)
|
|
1,080
|
|
||||||
Total unrealized loss on securities
|
(98
|
)
|
|
(125
|
)
|
|
27
|
|
|
(1,001
|
)
|
|
(392
|
)
|
|
(609
|
)
|
||||||
Prepayment penalty fee income
|
1,682
|
|
|
563
|
|
|
1,119
|
|
|
3,617
|
|
|
2,177
|
|
|
1,440
|
|
||||||
Gain on sale – other
|
341
|
|
|
1,101
|
|
|
(760
|
)
|
|
4,068
|
|
|
10,348
|
|
|
(6,280
|
)
|
||||||
Mortgage banking income
|
1,430
|
|
|
3,459
|
|
|
(2,029
|
)
|
|
11,400
|
|
|
8,246
|
|
|
3,154
|
|
||||||
Banking service fees and other income
|
19,501
|
|
|
18,332
|
|
|
1,169
|
|
|
33,593
|
|
|
28,027
|
|
|
5,566
|
|
||||||
Total non-interest income
|
$
|
23,168
|
|
|
$
|
23,316
|
|
|
$
|
(148
|
)
|
|
$
|
54,601
|
|
|
$
|
49,325
|
|
|
$
|
5,276
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
Inc (Dec)
|
|
2017
|
|
2016
|
|
Inc (Dec)
|
||||||||||||
Salaries and related costs
|
$
|
21,268
|
|
|
$
|
17,000
|
|
|
$
|
4,268
|
|
|
$
|
60,608
|
|
|
$
|
47,762
|
|
|
$
|
12,846
|
|
Professional services
|
1,023
|
|
|
1,033
|
|
|
(10
|
)
|
|
3,463
|
|
|
2,666
|
|
|
797
|
|
||||||
Occupancy and equipment
|
1,461
|
|
|
1,169
|
|
|
292
|
|
|
4,100
|
|
|
3,016
|
|
|
1,084
|
|
||||||
Data processing and internet
|
3,298
|
|
|
3,225
|
|
|
73
|
|
|
9,411
|
|
|
7,404
|
|
|
2,007
|
|
||||||
Advertising and promotional
|
2,148
|
|
|
1,406
|
|
|
742
|
|
|
6,670
|
|
|
4,631
|
|
|
2,039
|
|
||||||
Depreciation and amortization
|
1,552
|
|
|
1,310
|
|
|
242
|
|
|
4,316
|
|
|
3,316
|
|
|
1,000
|
|
||||||
Real estate owned and repossessed vehicles
|
(2
|
)
|
|
5
|
|
|
(7
|
)
|
|
503
|
|
|
(45
|
)
|
|
548
|
|
||||||
FDIC and regulator fees
|
1,265
|
|
|
1,217
|
|
|
48
|
|
|
3,390
|
|
|
3,389
|
|
|
1
|
|
||||||
Other general and administrative
|
3,435
|
|
|
3,043
|
|
|
392
|
|
|
9,165
|
|
|
7,632
|
|
|
1,533
|
|
||||||
Total non-interest expenses
|
$
|
35,448
|
|
|
$
|
29,408
|
|
|
$
|
6,040
|
|
|
$
|
101,626
|
|
|
$
|
79,771
|
|
|
$
|
21,855
|
|
|
March 31, 2017
|
|
June 30, 2016
|
||||||||||
(Dollars in thousands)
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||
Mortgage
|
$
|
3,809,703
|
|
|
53.7
|
%
|
|
$
|
3,678,520
|
|
|
57.5
|
%
|
Home equity
|
2,630
|
|
|
—
|
%
|
|
2,470
|
|
|
—
|
%
|
||
Warehouse and other
|
391,010
|
|
|
5.5
|
%
|
|
537,714
|
|
|
8.4
|
%
|
||
Multifamily real estate secured
|
1,572,994
|
|
|
22.2
|
%
|
|
1,373,216
|
|
|
21.5
|
%
|
||
Commercial real estate secured
|
155,621
|
|
|
2.2
|
%
|
|
121,746
|
|
|
1.9
|
%
|
||
Auto and RV secured
|
131,063
|
|
|
1.9
|
%
|
|
73,676
|
|
|
1.2
|
%
|
||
Factoring
|
151,319
|
|
|
2.1
|
%
|
|
98,275
|
|
|
1.5
|
%
|
||
Commercial & Industrial
|
868,279
|
|
|
12.2
|
%
|
|
514,300
|
|
|
8.0
|
%
|
||
Other
|
13,139
|
|
|
0.2
|
%
|
|
2,542
|
|
|
—
|
%
|
||
Total gross loans and leases
|
7,095,758
|
|
|
100.0
|
%
|
|
6,402,459
|
|
|
100.0
|
%
|
||
Allowance for loan and lease losses
|
(45,987
|
)
|
|
|
|
(35,826
|
)
|
|
|
||||
Unaccreted discounts and loan and lease fees
|
(29,071
|
)
|
|
|
|
(11,954
|
)
|
|
|
||||
Total net loans and leases
|
$
|
7,020,700
|
|
|
|
|
$
|
6,354,679
|
|
|
|
(Dollars in thousands)
|
March 31, 2017
|
|
June 30, 2016
|
|
Inc (Dec)
|
||||||
Non-performing assets:
|
|
|
|
|
|
||||||
Non-accrual loans and leases:
|
|
|
|
|
|
||||||
Single family real estate secured:
|
|
|
|
|
|
||||||
Mortgage
|
$
|
28,418
|
|
|
$
|
28,400
|
|
|
$
|
18
|
|
Home equity
|
44
|
|
|
33
|
|
|
11
|
|
|||
Multifamily real estate secured
|
4,363
|
|
|
2,218
|
|
|
2,145
|
|
|||
Commercial real estate secured
|
—
|
|
|
254
|
|
|
(254
|
)
|
|||
Total non-performing loans secured by real estate
|
32,825
|
|
|
30,905
|
|
|
1,920
|
|
|||
Auto and RV secured
|
198
|
|
|
278
|
|
|
(80
|
)
|
|||
Other
|
278
|
|
|
676
|
|
|
(398
|
)
|
|||
Total non-performing loans and leases
|
33,301
|
|
|
31,859
|
|
|
1,442
|
|
|||
Foreclosed real estate
|
908
|
|
|
207
|
|
|
701
|
|
|||
Repossessed—Auto and RV
|
73
|
|
|
45
|
|
|
28
|
|
|||
Total non-performing assets
|
$
|
34,282
|
|
|
$
|
32,111
|
|
|
$
|
2,171
|
|
Total non-performing loans and leases as a percentage of total loans and leases
|
0.47
|
%
|
|
0.50
|
%
|
|
(0.03
|
)%
|
|||
Total non-performing assets as a percentage of total assets
|
0.39
|
%
|
|
0.42
|
%
|
|
(0.03
|
)%
|
|
March 31, 2017
|
|
June 30, 2016
|
||||||||||
(Dollars in thousands)
|
Amount
of
Allowance
|
|
Allocation
as a % of
Allowance
|
|
Amount
of
Allowance
|
|
Allocation
as a % of
Allowance
|
||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||
Mortgage
|
$
|
19,566
|
|
|
42.5
|
%
|
|
$
|
18,666
|
|
|
52.1
|
%
|
Home equity
|
23
|
|
|
0.1
|
%
|
|
23
|
|
|
—
|
%
|
||
Warehouse and other
|
2,133
|
|
|
4.6
|
%
|
|
2,685
|
|
|
7.5
|
%
|
||
Multifamily real estate secured
|
4,381
|
|
|
9.5
|
%
|
|
3,938
|
|
|
11.0
|
%
|
||
Commercial real estate secured
|
989
|
|
|
2.2
|
%
|
|
882
|
|
|
2.5
|
%
|
||
Auto and RV secured
|
2,145
|
|
|
4.7
|
%
|
|
1,615
|
|
|
4.5
|
%
|
||
Factoring
|
379
|
|
|
0.8
|
%
|
|
245
|
|
|
0.7
|
%
|
||
Commercial & Industrial
|
9,493
|
|
|
20.6
|
%
|
|
7,630
|
|
|
21.3
|
%
|
||
Other
|
6,878
|
|
|
15.0
|
%
|
|
142
|
|
|
0.4
|
%
|
||
Total
|
$
|
45,987
|
|
|
100.0
|
%
|
|
$
|
35,826
|
|
|
100.0
|
%
|
|
March 31, 2017
|
|
June 30, 2016
|
||||||||||
(Dollars in thousands)
|
Amount
|
|
Rate
1
|
|
Amount
|
|
Rate
1
|
||||||
Non-interest bearing
|
$
|
1,165,106
|
|
|
—
|
%
|
|
$
|
588,774
|
|
|
—
|
%
|
Interest-bearing:
|
|
|
|
|
|
|
|
||||||
Demand
|
2,384,374
|
|
|
0.71
|
%
|
|
1,916,525
|
|
|
0.63
|
%
|
||
Savings
|
2,441,311
|
|
|
0.75
|
%
|
|
2,484,994
|
|
|
0.69
|
%
|
||
Total interest-bearing demand and savings
|
4,825,685
|
|
|
0.73
|
%
|
|
4,401,519
|
|
|
0.66
|
%
|
||
Time deposits:
|
|
|
|
|
|
|
|
||||||
Under $100,000
|
38,870
|
|
|
1.22
|
%
|
|
51,849
|
|
|
1.23
|
%
|
||
$100,000 or more
2
|
769,970
|
|
|
2.37
|
%
|
|
1,001,909
|
|
|
1.99
|
%
|
||
Total time deposits
|
808,840
|
|
|
2.32
|
%
|
|
1,053,758
|
|
|
1.96
|
%
|
||
Total interest bearing
2
|
5,634,525
|
|
|
0.96
|
%
|
|
5,455,277
|
|
|
0.91
|
%
|
||
Total deposits
|
$
|
6,799,631
|
|
|
0.79
|
%
|
|
$
|
6,044,051
|
|
|
0.82
|
%
|
|
March 31, 2017
|
|
June 30, 2016
|
|
March 31, 2016
|
||
Non-interest bearing, prepaid and other
|
3,798,888
|
|
|
1,816,266
|
|
2,906,979
|
|
Checking and savings accounts
|
277,182
|
|
|
292,012
|
|
293,558
|
|
Time deposits
|
2,941
|
|
|
4,807
|
|
4,718
|
|
Total number of deposit accounts
|
4,079,011
|
|
|
2,113,085
|
|
3,205,255
|
|
|
|
March 31, 2017
|
|
June 30, 2016
|
|
March 31, 2016
|
|||||||||||||||
(Dollars in thousands)
|
|
Balance
|
|
Weighted Average Rate
|
|
Balance
|
|
Weighted Average Rate
|
|
Balance
|
|
Weighted Average Rate
|
|||||||||
Repurchase agreements
|
|
$
|
35,000
|
|
|
4.38
|
%
|
|
$
|
35,000
|
|
|
4.38
|
%
|
|
$
|
35,000
|
|
|
4.38
|
%
|
FHLB Advances
|
|
961,000
|
|
|
1.42
|
%
|
|
727,000
|
|
|
1.53
|
%
|
|
858,000
|
|
|
1.41
|
%
|
|||
Subordinated notes and debentures and other
|
|
54,450
|
|
|
6.35
|
%
|
|
56,016
|
|
|
6.27
|
%
|
|
56,155
|
|
|
5.95
|
%
|
|||
Total borrowings
|
|
$
|
1,050,450
|
|
|
1.78
|
%
|
|
$
|
818,016
|
|
|
1.99
|
%
|
|
$
|
949,155
|
|
|
1.79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average cost of borrowings during the quarter
|
|
1.98
|
%
|
|
|
|
2.01
|
%
|
|
|
|
1.62
|
%
|
|
|
||||||
Borrowings as a percent of total assets
|
|
12.1
|
%
|
|
|
|
10.8
|
%
|
|
|
|
12.3
|
%
|
|
|
|
For the Nine Months Ended
|
||||||
|
March 31,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Operating Activities
|
$
|
168,896
|
|
|
$
|
103,173
|
|
Investing Activities
|
$
|
(566,346
|
)
|
|
$
|
(1,206,162
|
)
|
Financing Activities
|
$
|
989,480
|
|
|
$
|
1,775,669
|
|
|
As of March 31, 2017
|
||||||||||||||||||
|
|
|
Payments Due by Period
1
|
||||||||||||||||
(Dollars in thousands)
|
Total
|
|
Less Than One Year
|
|
One To Three Years
|
|
Three To Five Years
|
|
More Than Five Years
|
||||||||||
Long-term debt obligations
2
|
$
|
1,114,986
|
|
|
$
|
618,936
|
|
|
$
|
211,597
|
|
|
$
|
113,080
|
|
|
$
|
171,373
|
|
Time deposits
2
|
922,784
|
|
|
203,547
|
|
|
92,074
|
|
|
105,974
|
|
|
521,189
|
|
|||||
Operating lease obligations
3
|
17,398
|
|
|
4,368
|
|
|
9,208
|
|
|
2,517
|
|
|
1,305
|
|
|||||
Total
|
$
|
2,055,168
|
|
|
$
|
826,851
|
|
|
$
|
312,879
|
|
|
$
|
221,571
|
|
|
$
|
693,867
|
|
1.
|
Our contractual obligations include long-term debt, time deposits and operating leases as shown. We had no capitalized leases or material commitments for capital expenditures at
March 31, 2017
.
|
2.
|
Amounts include principal and interest due to recipient.
|
3.
|
Payments are for leases of real property.
|
|
BofI Holding, Inc.
|
|
BofI Federal Bank
|
|
“Well
Capitalized”
Ratio
|
|
Minimum Capital
Ratio
|
||||||||||||||
(Dollars in thousands)
|
March 31, 2017
|
|
June 30, 2016
|
|
March 31, 2017
|
|
June 30, 2016
|
|
|||||||||||||
Regulatory Capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1
|
$
|
801,465
|
|
|
$
|
690,893
|
|
|
$
|
770,450
|
|
|
$
|
664,427
|
|
|
|
|
|
||
Common equity tier 1
|
$
|
796,402
|
|
|
$
|
685,830
|
|
|
$
|
770,450
|
|
|
$
|
664,427
|
|
|
|
|
|
||
Total capital (to risk-weighted assets)
|
$
|
895,113
|
|
|
$
|
777,834
|
|
|
$
|
813,098
|
|
|
$
|
700,368
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average adjusted
|
$
|
8,465,520
|
|
|
$
|
7,575,526
|
|
|
$
|
8,459,677
|
|
|
$
|
7,566,865
|
|
|
|
|
|
||
Total risk-weighted
|
$
|
5,492,337
|
|
|
$
|
4,755,242
|
|
|
$
|
5,486,165
|
|
|
$
|
4,747,496
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 leverage (core) capital to adjusted average assets
|
9.47
|
%
|
|
9.12
|
%
|
|
9.11
|
%
|
|
8.78
|
%
|
|
5.00
|
%
|
|
4.00
|
%
|
||||
Common equity tier 1 capital (to risk-weighted assets)
|
14.50
|
%
|
|
14.42
|
%
|
|
14.04
|
%
|
|
14.00
|
%
|
|
6.50
|
%
|
|
4.50
|
%
|
||||
Tier 1 capital (to risk-weighted assets)
|
14.59
|
%
|
|
14.53
|
%
|
|
14.04
|
%
|
|
14.00
|
%
|
|
8.00
|
%
|
|
6.00
|
%
|
||||
Total capital (to risk-weighted assets)
|
16.36
|
%
|
|
16.36
|
%
|
|
14.88
|
%
|
|
14.75
|
%
|
|
10.00
|
%
|
|
8.00
|
%
|
|
Term to Repricing, Repayment, or Maturity at
|
||||||||||||||||||
|
March 31, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Six Months or Less
|
|
Over Six
Months Through
One Year
|
|
Over One
Year Through
Five Years
|
|
Over Five
Years
|
|
Total
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,078,757
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,078,757
|
|
Securities
1
|
355,896
|
|
|
2,889
|
|
|
10,978
|
|
|
6,887
|
|
|
376,650
|
|
|||||
Stock of the FHLB, at cost
|
55,863
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,863
|
|
|||||
Loans and leases—net of allowance for loan loss
|
2,309,026
|
|
|
944,002
|
|
|
3,682,199
|
|
|
85,473
|
|
|
7,020,700
|
|
|||||
Loans held for sale
|
22,303
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,303
|
|
|||||
Total interest-earning assets
|
3,821,845
|
|
|
946,891
|
|
|
3,693,177
|
|
|
92,360
|
|
|
8,554,273
|
|
|||||
Non-interest earning assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
145,758
|
|
|||||
Total assets
|
$
|
3,821,845
|
|
|
$
|
946,891
|
|
|
$
|
3,693,177
|
|
|
$
|
92,360
|
|
|
$
|
8,700,031
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
$
|
232,854
|
|
|
$
|
4,786,811
|
|
|
$
|
132,543
|
|
|
$
|
482,317
|
|
|
$
|
5,634,525
|
|
Securities sold under agreements to repurchase
|
25,000
|
|
|
10,000
|
|
|
—
|
|
|
—
|
|
|
35,000
|
|
|||||
Advances from the FHLB
|
561,000
|
|
|
10,000
|
|
|
297,500
|
|
|
92,500
|
|
|
961,000
|
|
|||||
Subordinated notes and debentures and other
|
5,264
|
|
|
—
|
|
|
—
|
|
|
49,187
|
|
|
54,451
|
|
|||||
Total interest-bearing liabilities
|
824,118
|
|
|
4,806,811
|
|
|
430,043
|
|
|
624,004
|
|
|
6,684,976
|
|
|||||
Other non-interest-bearing liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,214,751
|
|
|||||
Stockholders’ equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
800,304
|
|
|||||
Total liabilities and equity
|
$
|
824,118
|
|
|
$
|
4,806,811
|
|
|
$
|
430,043
|
|
|
$
|
624,004
|
|
|
$
|
8,700,031
|
|
Net interest rate sensitivity gap
|
$
|
2,997,727
|
|
|
$
|
(3,859,920
|
)
|
|
$
|
3,263,134
|
|
|
$
|
(531,644
|
)
|
|
$
|
1,869,297
|
|
Cumulative gap
|
$
|
2,997,727
|
|
|
$
|
(862,193
|
)
|
|
$
|
2,400,941
|
|
|
$
|
1,869,297
|
|
|
$
|
1,869,297
|
|
Net interest rate sensitivity gap—as a % of total interest earning assets
|
35.04
|
%
|
|
(45.12
|
)%
|
|
38.15
|
%
|
|
(6.21
|
)%
|
|
21.85
|
%
|
|||||
Cumulative gap—as % of total interest earning assets
|
35.04
|
%
|
|
(10.08
|
)%
|
|
28.07
|
%
|
|
21.85
|
%
|
|
21.85
|
%
|
1.
|
Comprised of agency and non-agency mortgage-backed securities, municipal securities and other non-agency debt securities, which are classified as available-for-sale and trading.
|
|
As of March 31, 2017
|
||||||||||||
|
First 12 Months
|
|
Next 12 Months
|
||||||||||
(Dollars in thousands)
|
Net Interest Income
|
|
Percentage Change from Base
|
|
Net Interest Income
|
|
Percentage Change from Base
|
||||||
Up 200 basis points
|
$
|
364,912
|
|
|
10.4
|
%
|
|
$
|
362,225
|
|
|
11.4
|
%
|
Base
|
$
|
330,625
|
|
|
—
|
%
|
|
$
|
325,096
|
|
|
—
|
%
|
Down 200 basis points
|
$
|
285,652
|
|
|
(13.6
|
)%
|
|
$
|
261,196
|
|
|
(19.7
|
)%
|
|
As of March 31, 2017
|
||||||||
(Dollars in thousands)
|
Net
Present Value
|
|
Percentage Change from Base
|
|
Net
Present
Value as a
Percentage
of Assets
|
||||
Up 300 basis points
|
$
|
1,048,418
|
|
|
6.0
|
%
|
|
12.4
|
%
|
Up 200 basis points
|
$
|
1,055,288
|
|
|
6.6
|
%
|
|
12.3
|
%
|
Up 100 basis points
|
$
|
1,043,459
|
|
|
5.5
|
%
|
|
11.9
|
%
|
Base
|
$
|
989,525
|
|
|
—
|
%
|
|
11.2
|
%
|
Down 100 basis points
|
$
|
862,015
|
|
|
(12.9
|
)%
|
|
9.7
|
%
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
(Dollars in thousands, except per share data)
|
Number
of Shares
Purchased
|
|
Average Price
Paid Per Shares
|
|
Total Number of
Shares
Purchased as Part of Publicly Announced
Plans or Programs
|
|
Approximate Dollar value of
Shares that May
Yet be Purchased
Under the Plans
or Programs
|
||||||
Stock Repurchases
|
|
|
|
|
|
|
|
||||||
Quarter Ended March 31, 2017
|
|
|
|
|
|
|
|
||||||
January 1, 2017 to March 31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
100,000
|
|
For the Three Months Ended March 31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
100,000
|
|
|
|
|
|
|
|
|
|
||||||
Stock Retained in Net Settlement
|
|
|
|
|
|
|
|
||||||
January 1, 2017 to January 31, 2017
|
5,931
|
|
|
|
|
|
|
|
|||||
February 1, 2017 to February 28, 2017
|
116
|
|
|
|
|
|
|
|
|||||
March 1, 2017 to March 31, 2017
|
17
|
|
|
|
|
|
|
|
|||||
For the Three Months Ended March 31, 2017
|
6,064
|
|
|
|
|
|
|
|
ITEM 6.
|
EXHIBITS
|
Exhibit
Number
|
Description
|
|
Incorporated By Reference to
|
|
|
|
|
31.1
|
Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith.
|
|
|
|
|
31.2
|
Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith.
|
|
|
|
|
32.1
|
Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith.
|
|
|
|
|
32.2
|
Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith.
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
|
Filed herewith.
|
|
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith.
|
|
|
|
|
101.CAL
|
XBRL Taxonomy Calculation Linkbase Document
|
|
Filed herewith.
|
|
|
|
|
101.LAB
|
XBRL Taxonomy Label Linkbase Document
|
|
Filed herewith.
|
|
|
|
|
101.PRE
|
XBRL Taxonomy Presentation Linkbase Document
|
|
Filed herewith.
|
|
|
|
|
101.DEF
|
XBRL Taxonomy Definition Document
|
|
Filed herewith.
|
|
|
|
|
|
|
|
|
|
BofI Holding, Inc.
|
|
|
|
|
|
|
Dated:
|
April 25, 2017
|
|
By:
|
|
/s/ Gregory Garrabrants
|
|
|
|
|
|
Gregory Garrabrants
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
Dated:
|
April 25, 2017
|
|
By:
|
|
/s/ Andrew J. Micheletti
|
|
|
|
|
|
Andrew J. Micheletti
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
|
1 Year Axos Finl (delisted) Chart |
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