We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
33-0867444
|
(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
|
|
Non-accelerated filer
¨
|
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
(Dollars in thousands, except per share data)
|
December 31,
2017 |
|
June 30,
2017 |
||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
617,989
|
|
|
$
|
628,172
|
|
Federal funds sold
|
100
|
|
|
15,369
|
|
||
Total cash and cash equivalents
|
618,089
|
|
|
643,541
|
|
||
Securities:
|
|
|
|
||||
Trading
|
—
|
|
|
8,327
|
|
||
Available-for-sale
|
191,725
|
|
|
264,470
|
|
||
Stock of the Federal Home Loan Bank, at cost
|
63,207
|
|
|
63,207
|
|
||
Loans held for sale, carried at fair value
|
24,499
|
|
|
18,738
|
|
||
Loans held for sale, lower of cost or fair value
|
7,067
|
|
|
6,669
|
|
||
Loans and leases—net of allowance for loan and lease losses of $45,606 as of December 31, 2017 and $40,832 as of June 30, 2017
|
7,874,431
|
|
|
7,374,493
|
|
||
Accrued interest receivable
|
26,053
|
|
|
20,781
|
|
||
Furniture, equipment and software—net
|
18,700
|
|
|
16,659
|
|
||
Mortgage servicing rights, carried at fair value
|
9,066
|
|
|
7,200
|
|
||
Cash surrender value of life insurance
|
6,267
|
|
|
6,174
|
|
||
Other real estate owned and repossessed vehicles
|
8,808
|
|
|
1,413
|
|
||
Deferred income tax
|
19,747
|
|
|
34,341
|
|
||
Other assets
|
48,300
|
|
|
35,667
|
|
||
TOTAL ASSETS
|
$
|
8,915,959
|
|
|
$
|
8,501,680
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Non-interest bearing
|
$
|
905,477
|
|
|
$
|
848,544
|
|
Interest bearing
|
6,487,756
|
|
|
6,050,963
|
|
||
Total deposits
|
7,393,233
|
|
|
6,899,507
|
|
||
Securities sold under agreements to repurchase
|
—
|
|
|
20,000
|
|
||
Advances from the Federal Home Loan Bank
|
543,000
|
|
|
640,000
|
|
||
Subordinated notes and debentures and other
|
54,503
|
|
|
54,463
|
|
||
Accrued interest payable
|
1,517
|
|
|
1,284
|
|
||
Accounts payable and other liabilities
|
50,043
|
|
|
52,179
|
|
||
Total liabilities
|
8,042,296
|
|
|
7,667,433
|
|
||
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 December 31, 2017 and June 30, 2017
|
5,063
|
|
|
5,063
|
|
||
Common stock—$0.01 par value; 150,000,000 shares authorized; 65,444,875 shares issued and 62,720,641 shares outstanding as of December 31, 2017; 65,115,932 shares issued and 63,536,244 shares outstanding as of June 30, 2017
|
654
|
|
|
651
|
|
||
Additional paid-in capital
|
353,801
|
|
|
346,117
|
|
||
Accumulated other comprehensive income (loss)—net of tax
|
366
|
|
|
487
|
|
||
Retained earnings
|
583,132
|
|
|
519,246
|
|
||
Treasury stock, at cost; 2,724,234 shares as of December 31, 2017 and 1,579,688 shares as of June 30, 2017
|
(69,353
|
)
|
|
(37,317
|
)
|
||
Total stockholders’ equity
|
873,663
|
|
|
834,247
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
8,915,959
|
|
|
$
|
8,501,680
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
(Dollars in thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
INTEREST AND DIVIDEND INCOME:
|
|
|
|
|
|
|
|
||||||||
Loans and leases, including fees
|
$
|
102,034
|
|
|
$
|
85,839
|
|
|
$
|
199,609
|
|
|
$
|
166,458
|
|
Investments
|
5,751
|
|
|
8,462
|
|
|
11,687
|
|
|
15,323
|
|
||||
Total interest and dividend income
|
107,785
|
|
|
94,301
|
|
|
211,296
|
|
|
181,781
|
|
||||
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
19,044
|
|
|
14,011
|
|
|
36,362
|
|
|
27,525
|
|
||||
Advances from the Federal Home Loan Bank
|
3,557
|
|
|
2,605
|
|
|
8,109
|
|
|
5,469
|
|
||||
Other borrowings
|
971
|
|
|
1,324
|
|
|
2,062
|
|
|
2,646
|
|
||||
Total interest expense
|
23,572
|
|
|
17,940
|
|
|
46,533
|
|
|
35,640
|
|
||||
Net interest income
|
84,213
|
|
|
76,361
|
|
|
164,763
|
|
|
146,141
|
|
||||
Provision for loan and lease losses
|
4,000
|
|
|
4,100
|
|
|
5,000
|
|
|
6,000
|
|
||||
Net interest income, after provision
|
80,213
|
|
|
72,261
|
|
|
159,763
|
|
|
140,141
|
|
||||
NON-INTEREST INCOME:
|
|
|
|
|
|
|
|
||||||||
Realized gain (loss) on securities:
|
|
|
|
|
|
|
|
||||||||
Realized gain (loss) on sale of securities
|
(199
|
)
|
|
1,622
|
|
|
83
|
|
|
2,612
|
|
||||
Other-than-temporary loss on securities:
|
|
|
|
|
|
|
|
||||||||
Total impairment (losses) gains
|
(5,904
|
)
|
|
(7,718
|
)
|
|
(6,098
|
)
|
|
(8,999
|
)
|
||||
Loss (gain) recognized in other comprehensive income
|
5,897
|
|
|
6,368
|
|
|
5,942
|
|
|
7,529
|
|
||||
Net impairment loss recognized in earnings
|
(7
|
)
|
|
(1,350
|
)
|
|
(156
|
)
|
|
(1,470
|
)
|
||||
Fair value gain (loss) on trading securities
|
—
|
|
|
456
|
|
|
—
|
|
|
567
|
|
||||
Total unrealized (loss) gain on securities
|
(7
|
)
|
|
(894
|
)
|
|
(156
|
)
|
|
(903
|
)
|
||||
Prepayment penalty fee income
|
1,165
|
|
|
637
|
|
|
2,234
|
|
|
1,935
|
|
||||
Gain on sale – other
|
1,920
|
|
|
2,033
|
|
|
2,366
|
|
|
3,726
|
|
||||
Mortgage banking income
|
4,055
|
|
|
4,837
|
|
|
8,763
|
|
|
9,970
|
|
||||
Banking service fees and other income
|
10,165
|
|
|
8,465
|
|
|
17,149
|
|
|
14,092
|
|
||||
Total non-interest income
|
17,099
|
|
|
16,700
|
|
|
30,439
|
|
|
31,432
|
|
||||
NON-INTEREST EXPENSE:
|
|
|
|
|
|
|
|
||||||||
Salaries and related costs
|
24,306
|
|
|
19,933
|
|
|
46,439
|
|
|
39,340
|
|
||||
Data processing and internet
|
3,910
|
|
|
2,941
|
|
|
7,975
|
|
|
6,113
|
|
||||
Advertising and promotional
|
3,811
|
|
|
1,981
|
|
|
6,777
|
|
|
4,522
|
|
||||
Depreciation and amortization
|
1,947
|
|
|
1,411
|
|
|
3,695
|
|
|
2,764
|
|
||||
Occupancy and equipment
|
1,437
|
|
|
1,363
|
|
|
2,918
|
|
|
2,638
|
|
||||
Professional services
|
856
|
|
|
1,086
|
|
|
2,480
|
|
|
2,440
|
|
||||
FDIC and regulator fees
|
1,005
|
|
|
884
|
|
|
2,096
|
|
|
2,124
|
|
||||
Real estate owned and repossessed vehicles
|
24
|
|
|
348
|
|
|
93
|
|
|
506
|
|
||||
Other general and administrative
|
3,513
|
|
|
3,353
|
|
|
6,356
|
|
|
5,731
|
|
||||
Total non-interest expense
|
40,809
|
|
|
33,300
|
|
|
78,829
|
|
|
66,178
|
|
||||
INCOME BEFORE INCOME TAXES
|
56,503
|
|
|
55,661
|
|
|
111,373
|
|
|
105,395
|
|
||||
INCOME TAXES
|
24,845
|
|
|
23,361
|
|
|
47,332
|
|
|
44,198
|
|
||||
NET INCOME
|
$
|
31,658
|
|
|
$
|
32,300
|
|
|
$
|
64,041
|
|
|
$
|
61,197
|
|
NET INCOME ATTRIBUTABLE TO COMMON STOCK
|
$
|
31,580
|
|
|
$
|
32,222
|
|
|
$
|
63,886
|
|
|
$
|
61,042
|
|
COMPREHENSIVE INCOME
|
$
|
32,497
|
|
|
$
|
29,198
|
|
|
$
|
63,920
|
|
|
$
|
65,999
|
|
Basic earnings per share
|
$
|
0.49
|
|
|
$
|
0.50
|
|
|
$
|
0.98
|
|
|
$
|
0.94
|
|
Diluted earnings per share
|
$
|
0.49
|
|
|
$
|
0.50
|
|
|
$
|
0.98
|
|
|
$
|
0.94
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
NET INCOME
|
$
|
31,658
|
|
|
$
|
32,300
|
|
|
$
|
64,041
|
|
|
$
|
61,197
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $(1,780) and $(3,976) for the three months ended December 31, 2017 and 2016, and $(2,500) and $1,777 for the six months ended December 31, 2017 and 2016, respectively.
|
(2,975
|
)
|
|
(5,353
|
)
|
|
(3,961
|
)
|
|
2,435
|
|
||||
Other-than-temporary impairment on securities recognized in other comprehensive income, net of tax expense (benefit) of $2,208 and $2,363 for the three months ended December 31, 2017 and 2016, and $2,227 and $2,830 for the six months ended December 31, 2017 and 2016, respectively.
|
3,689
|
|
|
3,182
|
|
|
3,715
|
|
|
3,877
|
|
||||
Reclassification of net (gain) loss from available-for-sale securities included in income, net of tax expense (benefit) of $(74) and $691 for the three months ended December 31, 2017 and 2016, and $(74) and $1,102 for the six months ended December 31, 2017 and 2016, respectively.
|
125
|
|
|
(931
|
)
|
|
125
|
|
|
(1,510
|
)
|
||||
Other comprehensive income (loss)
|
839
|
|
|
(3,102
|
)
|
|
(121
|
)
|
|
4,802
|
|
||||
Comprehensive income
|
$
|
32,497
|
|
|
$
|
29,198
|
|
|
$
|
63,920
|
|
|
$
|
65,999
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated
Other Comprehensive Income (Loss), Net of Income Tax |
|
Retained
Earnings |
|
Treasury
Stock
|
|
Total
|
||||||||||||||||||||||||||
|
|
|
|
Number of Shares
|
|
|
|
||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Shares
|
|
Amount
|
|
Issued
|
|
Treasury
|
|
Outstanding
|
|
Amount
|
|
|||||||||||||||||||||||||||
BALANCE—June 30, 2017
|
515
|
|
|
$
|
5,063
|
|
|
65,115,932
|
|
|
(1,579,688
|
)
|
|
63,536,244
|
|
|
$
|
651
|
|
|
$
|
346,117
|
|
|
$
|
487
|
|
|
$
|
519,246
|
|
|
$
|
(37,317
|
)
|
|
$
|
834,247
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,041
|
|
|
—
|
|
|
64,041
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(121
|
)
|
|
—
|
|
|
—
|
|
|
(121
|
)
|
|||||||
Cash dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(155
|
)
|
|
—
|
|
|
(155
|
)
|
|||||||
Purchase of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,003,463
|
)
|
|
(1,003,463
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,295
|
)
|
|
(28,295
|
)
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
7,686
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,686
|
|
|||||||
Restricted stock unit vesting and tax benefits
|
—
|
|
|
—
|
|
|
328,943
|
|
|
(141,083
|
)
|
|
187,860
|
|
|
3
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(3,741
|
)
|
|
(3,740
|
)
|
|||||||
BALANCE—December 31, 2017
|
515
|
|
|
$
|
5,063
|
|
|
65,444,875
|
|
|
(2,724,234
|
)
|
|
62,720,641
|
|
|
$
|
654
|
|
|
$
|
353,801
|
|
|
$
|
366
|
|
|
$
|
583,132
|
|
|
$
|
(69,353
|
)
|
|
$
|
873,663
|
|
|
Six Months Ended
|
||||||
|
December 31,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
64,041
|
|
|
$
|
61,197
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Accretion of discounts on securities
|
(629
|
)
|
|
(1,722
|
)
|
||
Net accretion of discounts on loans and leases
|
(217
|
)
|
|
2,724
|
|
||
Amortization of borrowing costs
|
103
|
|
|
104
|
|
||
Stock-based compensation expense
|
7,686
|
|
|
6,450
|
|
||
Valuation of financial instruments carried at fair value
|
—
|
|
|
(567
|
)
|
||
Net gain on sale of investment securities
|
(83
|
)
|
|
(2,612
|
)
|
||
Impairment charge on securities
|
156
|
|
|
1,470
|
|
||
Provision for loan and lease losses
|
5,000
|
|
|
6,000
|
|
||
Deferred income taxes
|
15,105
|
|
|
2,090
|
|
||
Origination of loans held for sale
|
(1,016,493
|
)
|
|
(844,456
|
)
|
||
Unrealized (gain) loss on loans held for sale
|
(91
|
)
|
|
(112
|
)
|
||
Gain on sales of loans held for sale
|
(11,129
|
)
|
|
(13,696
|
)
|
||
Proceeds from sale of loans held for sale
|
1,022,653
|
|
|
859,495
|
|
||
Change in fair value of mortgage servicing rights
|
379
|
|
|
(364
|
)
|
||
(Gain) loss on sale of other real estate and foreclosed assets
|
6
|
|
|
4
|
|
||
Depreciation and amortization of furniture, equipment and software
|
3,695
|
|
|
2,764
|
|
||
Net changes in assets and liabilities which provide (use) cash:
|
|
|
|
||||
Accrued interest receivable
|
(5,404
|
)
|
|
3,775
|
|
||
Other assets
|
(15,062
|
)
|
|
7,803
|
|
||
Accrued interest payable
|
233
|
|
|
33
|
|
||
Accounts payable and other liabilities
|
(2,797
|
)
|
|
(4,922
|
)
|
||
Net cash provided by (used in) operating activities
|
67,152
|
|
|
85,458
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of investment securities
|
(55,278
|
)
|
|
(93,151
|
)
|
||
Proceeds from sale of securities
|
48,741
|
|
|
121,252
|
|
||
Proceeds from repayment of securities
|
88,175
|
|
|
69,016
|
|
||
Purchase of stock of Federal Home Loan Bank
|
—
|
|
|
(30,939
|
)
|
||
Proceeds from redemption of stock of Federal Home Loan Bank
|
—
|
|
|
33,711
|
|
||
Origination of loans and leases for portfolio
|
(2,311,281
|
)
|
|
(1,946,482
|
)
|
||
Origination of mortgage warehouse loans, net
|
(17,460
|
)
|
|
(50,401
|
)
|
||
Proceeds from sales of other real estate owned and repossessed assets
|
887
|
|
|
146
|
|
||
Principal repayments on loans
|
1,814,812
|
|
|
1,533,896
|
|
||
Net purchases of furniture, equipment and software
|
(5,736
|
)
|
|
(3,895
|
)
|
||
Net cash used in investing activities
|
(437,140
|
)
|
|
(366,847
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Net increase in deposits
|
493,726
|
|
|
566,623
|
|
||
Proceeds from Federal Home Loan Bank term advances
|
—
|
|
|
—
|
|
||
Repayment of Federal Home Loan Bank term advances
|
(5,000
|
)
|
|
(85,000
|
)
|
||
Net (repayment) proceeds of the Federal Home Loan Bank other advances
|
(92,000
|
)
|
|
23,000
|
|
||
Settlement of securities sold under agreements to repurchase
|
(20,000
|
)
|
|
—
|
|
||
Tax payments related to settlement of restricted stock units
|
(3,740
|
)
|
|
(2,308
|
)
|
||
Repurchase of treasury stock
|
(28,295
|
)
|
|
—
|
|
||
Tax benefit from exercise of common stock options and vesting of restricted stock grants
|
—
|
|
|
95
|
|
||
Cash dividends on preferred stock
|
(155
|
)
|
|
(155
|
)
|
||
Net cash provided by financing activities
|
344,536
|
|
|
502,255
|
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
(25,452
|
)
|
|
220,866
|
|
||
CASH AND CASH EQUIVALENTS—Beginning of year
|
643,541
|
|
|
486,727
|
|
||
CASH AND CASH EQUIVALENTS—End of period
|
$
|
618,089
|
|
|
$
|
707,593
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
||||
Interest paid on deposits and borrowed funds
|
$
|
46,301
|
|
|
$
|
35,607
|
|
Income taxes paid
|
$
|
32,638
|
|
|
$
|
38,717
|
|
Transfers to other real estate owned and repossessed vehicles from loans
|
$
|
8,339
|
|
|
$
|
1,340
|
|
Transfers from loans held for sale to loans held for investment
|
$
|
—
|
|
|
$
|
2,047
|
|
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.
|
|
December 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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities—Available-for-Sale:
|
|
|
|
|
|
|
|
||||||||
Agency RMBS
|
$
|
—
|
|
|
$
|
20,801
|
|
|
$
|
—
|
|
|
$
|
20,801
|
|
Non-Agency RMBS
|
—
|
|
|
—
|
|
|
24,791
|
|
|
24,791
|
|
||||
Municipal
|
—
|
|
|
23,528
|
|
|
—
|
|
|
23,528
|
|
||||
Other Debt Securities
|
—
|
|
|
122,605
|
|
|
—
|
|
|
122,605
|
|
||||
Total—Securities—Available-for-Sale
|
$
|
—
|
|
|
$
|
166,934
|
|
|
$
|
24,791
|
|
|
$
|
191,725
|
|
Loans Held for Sale
|
$
|
—
|
|
|
$
|
24,499
|
|
|
$
|
—
|
|
|
$
|
24,499
|
|
Mortgage Servicing Rights
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,066
|
|
|
$
|
9,066
|
|
Other assets – Derivative Instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,344
|
|
|
$
|
1,344
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Other liabilities – Derivative Instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
126
|
|
|
$
|
126
|
|
|
|
|
|
|
|
|
|
||||||||
|
June 30, 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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,327
|
|
|
$
|
8,327
|
|
Securities—Available-for-Sale:
|
|
|
|
|
|
|
|
||||||||
Agency RMBS
|
$
|
—
|
|
|
$
|
27,206
|
|
|
$
|
—
|
|
|
$
|
27,206
|
|
Non-Agency RMBS
|
—
|
|
|
—
|
|
|
71,503
|
|
|
71,503
|
|
||||
Municipal
|
—
|
|
|
27,163
|
|
|
—
|
|
|
27,163
|
|
||||
Other Debt Securities
|
—
|
|
|
138,598
|
|
|
—
|
|
|
138,598
|
|
||||
Total—Securities—Available-for-Sale
|
$
|
—
|
|
|
$
|
192,967
|
|
|
$
|
71,503
|
|
|
$
|
264,470
|
|
Loans Held for Sale
|
$
|
—
|
|
|
$
|
18,738
|
|
|
$
|
—
|
|
|
$
|
18,738
|
|
Mortgage Servicing Rights
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,200
|
|
|
$
|
7,200
|
|
Other assets – Derivative Instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,194
|
|
|
$
|
1,194
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Other liabilities – Derivative Instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
168
|
|
|
$
|
168
|
|
|
For the Three Months Ended
|
||||||||||||||||||
|
December 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
|
$
|
—
|
|
|
$
|
66,619
|
|
|
$
|
8,044
|
|
|
$
|
1,188
|
|
|
$
|
75,851
|
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains or losses for the period:
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings—Sale of securities
|
—
|
|
|
(199
|
)
|
|
—
|
|
|
—
|
|
|
(199
|
)
|
|||||
Included in earnings—Fair value gain (loss) on trading securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
98
|
|
|
30
|
|
|
128
|
|
|||||
Included in other comprehensive income
|
—
|
|
|
609
|
|
|
—
|
|
|
—
|
|
|
609
|
|
|||||
Purchases, originations, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases/originations
|
—
|
|
|
—
|
|
|
924
|
|
|
—
|
|
|
924
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
—
|
|
|
(40,000
|
)
|
|
—
|
|
|
—
|
|
|
(40,000
|
)
|
|||||
Settlements
|
—
|
|
|
(2,231
|
)
|
|
—
|
|
|
—
|
|
|
(2,231
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|||||
Closing balance
|
$
|
—
|
|
|
$
|
24,791
|
|
|
$
|
9,066
|
|
|
$
|
1,218
|
|
|
$
|
35,075
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
—
|
|
|
$
|
(199
|
)
|
|
$
|
98
|
|
|
$
|
30
|
|
|
$
|
(71
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the Six Months Ended
|
||||||||||||||||||
|
December 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
|
$
|
8,327
|
|
|
$
|
71,503
|
|
|
$
|
7,200
|
|
|
$
|
1,026
|
|
|
$
|
88,056
|
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains or losses for the period:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Included in earnings—Sale of securities
|
282
|
|
|
(199
|
)
|
|
—
|
|
|
—
|
|
|
83
|
|
|||||
Included in earnings—Fair value gain (loss) on trading securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
379
|
|
|
192
|
|
|
571
|
|
|||||
Included in other comprehensive income
|
—
|
|
|
(1,154
|
)
|
|
—
|
|
|
—
|
|
|
(1,154
|
)
|
|||||
Purchases, originations, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchases/originations
|
—
|
|
|
—
|
|
|
1,487
|
|
|
—
|
|
|
1,487
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
(8,609
|
)
|
|
(40,000
|
)
|
|
—
|
|
|
—
|
|
|
(48,609
|
)
|
|||||
Settlements
|
—
|
|
|
(5,203
|
)
|
|
—
|
|
|
—
|
|
|
(5,203
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(156
|
)
|
|
—
|
|
|
—
|
|
|
(156
|
)
|
|||||
Closing balance
|
$
|
—
|
|
|
$
|
24,791
|
|
|
$
|
9,066
|
|
|
$
|
1,218
|
|
|
$
|
35,075
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
—
|
|
|
$
|
(199
|
)
|
|
$
|
379
|
|
|
$
|
192
|
|
|
$
|
372
|
|
|
For the Three Months Ended
|
||||||||||||||||||
|
December 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
|
$
|
7,695
|
|
|
$
|
133,169
|
|
|
$
|
4,855
|
|
|
$
|
2,186
|
|
|
$
|
147,905
|
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains or losses for the period:
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings—Sale of securities
|
—
|
|
|
(2,569
|
)
|
|
—
|
|
|
—
|
|
|
(2,569
|
)
|
|||||
Included in earnings—Fair value gain on trading securities
|
456
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
456
|
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
585
|
|
|
65
|
|
|
650
|
|
|||||
Included in other comprehensive income
|
—
|
|
|
1,780
|
|
|
—
|
|
|
—
|
|
|
1,780
|
|
|||||
Purchases, originations, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases/originations
|
—
|
|
|
—
|
|
|
710
|
|
|
—
|
|
|
710
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
—
|
|
|
(44,210
|
)
|
|
—
|
|
|
—
|
|
|
(44,210
|
)
|
|||||
Settlements
|
—
|
|
|
(4,594
|
)
|
|
—
|
|
|
—
|
|
|
(4,594
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(1,350
|
)
|
|
—
|
|
|
—
|
|
|
(1,350
|
)
|
|||||
Closing balance
|
$
|
8,151
|
|
|
$
|
82,226
|
|
|
$
|
6,150
|
|
|
$
|
2,251
|
|
|
$
|
98,778
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
456
|
|
|
$
|
(2,569
|
)
|
|
$
|
585
|
|
|
$
|
65
|
|
|
$
|
(1,463
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the Six Months Ended
|
||||||||||||||||||
|
December 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
|
$
|
7,584
|
|
|
$
|
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 securities
|
—
|
|
|
(1,868
|
)
|
|
—
|
|
|
—
|
|
|
(1,868
|
)
|
|||||
Included in earnings—Fair value gain (loss) on trading securities
|
567
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
567
|
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
364
|
|
|
933
|
|
|
1,297
|
|
|||||
Included in other comprehensive income
|
—
|
|
|
9,314
|
|
|
—
|
|
|
—
|
|
|
9,314
|
|
|||||
Purchases, originations, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases/originations
|
—
|
|
|
—
|
|
|
1,843
|
|
|
—
|
|
|
1,843
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
—
|
|
|
(50,609
|
)
|
|
—
|
|
|
—
|
|
|
(50,609
|
)
|
|||||
Settlements
|
—
|
|
|
(7,052
|
)
|
|
—
|
|
|
—
|
|
|
(7,052
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(1,470
|
)
|
|
—
|
|
|
—
|
|
|
(1,470
|
)
|
|||||
Closing balance
|
$
|
8,151
|
|
|
$
|
82,226
|
|
|
$
|
6,150
|
|
|
$
|
2,251
|
|
|
$
|
98,778
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
567
|
|
|
$
|
(1,868
|
)
|
|
$
|
364
|
|
|
$
|
933
|
|
|
$
|
(4
|
)
|
|
December 31, 2017
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average)
|
||
Securities – Available-for-Sale:
Non-agency RMBS
|
$
|
24,791
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR |
2.5 to 18.3% (12.5%)
1.5 to 10.4% (5.0%)
40.0 to 68.3% (57.8%) 2.6 to 6.4% (3.2%) |
Mortgage Servicing Rights
|
$
|
9,066
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Life (in years), Discount Rate |
5.1 to 28.4% (9.8%)
2.5 to 9.4 (6.6)
9.5 to 13.0% (10.0%) |
Derivative Instruments, net
|
$
|
1,218
|
|
Sales Comparison Approach
|
Projected Sales Profit of Underlying Loans
|
0.3 to 0.6% (0.5%)
|
|
June 30, 2017
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average)
|
||
Securities – Trading:
Collateralized Debt Obligations |
$
|
8,327
|
|
Discounted Cash Flow
|
Total Projected Defaults,
Discount Rate over Treasury |
12.2 to 21.8% (16.8%)
4.5 to 4.5% (4.5%) |
Securities – Available-for-Sale:
Non-agency RMBS |
$
|
71,503
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR |
2.5 to 23.4% (12.5%)
1.5 to 18.9% (5.3%)
40.0 to 68.8% (57.9%) 2.6 to 5.8% (3.3%) |
Mortgage Servicing Rights
|
$
|
7,200
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Life (in years), Discount Rate |
6.3 to 26.9% (9.5%)
2.5 to 7.8 (6.6)
9.5 to 13.0% (9.7%) |
Derivative Instruments, net
|
$
|
1,026
|
|
Sales Comparison Approach
|
Projected Sales Profit of Underlying Loans
|
0.3 to 0.6% (0.5%)
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest income on investments
|
$
|
—
|
|
|
$
|
70
|
|
|
$
|
—
|
|
|
$
|
143
|
|
Fair value adjustment
|
—
|
|
|
456
|
|
|
—
|
|
|
567
|
|
||||
Total
|
$
|
—
|
|
|
$
|
526
|
|
|
$
|
—
|
|
|
$
|
710
|
|
|
December 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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
26,671
|
|
|
$
|
26,671
|
|
Home equity
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||
Multifamily real estate secured
|
—
|
|
|
—
|
|
|
3,000
|
|
|
3,000
|
|
||||
Auto and RV secured
|
—
|
|
|
—
|
|
|
152
|
|
|
152
|
|
||||
Other
|
—
|
|
|
—
|
|
|
150
|
|
|
150
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,989
|
|
|
$
|
29,989
|
|
Other real estate owned and foreclosed assets:
|
|
|
|
|
|
|
|
||||||||
Single family real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,613
|
|
|
$
|
8,613
|
|
Autos and RVs
|
—
|
|
|
—
|
|
|
195
|
|
|
195
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,808
|
|
|
$
|
8,808
|
|
|
|
|
|
|
|
|
|
||||||||
|
June 30, 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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,377
|
|
|
$
|
23,377
|
|
Home equity
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||
Multifamily real estate secured
|
—
|
|
|
—
|
|
|
4,255
|
|
|
4,255
|
|
||||
Auto and RV secured
|
—
|
|
|
—
|
|
|
157
|
|
|
157
|
|
||||
Commercial & Industrial
|
—
|
|
|
—
|
|
|
314
|
|
|
314
|
|
||||
Other
|
—
|
|
|
—
|
|
|
274
|
|
|
274
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,393
|
|
|
$
|
28,393
|
|
Other real estate owned and foreclosed assets:
|
|
|
|
|
|
|
|
||||||||
Single family real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,353
|
|
|
$
|
1,353
|
|
Autos and RVs
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,413
|
|
|
$
|
1,413
|
|
(Dollars in thousands)
|
December 31, 2017
|
|
June 30, 2017
|
||||
Aggregate fair value
|
$
|
24,499
|
|
|
$
|
18,738
|
|
Contractual balance
|
23,983
|
|
|
18,311
|
|
||
Unrealized gain
|
$
|
516
|
|
|
$
|
427
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest income
|
$
|
225
|
|
|
$
|
192
|
|
|
$
|
372
|
|
|
$
|
329
|
|
Change in fair value
|
81
|
|
|
99
|
|
|
282
|
|
|
1,046
|
|
||||
Total
|
$
|
306
|
|
|
$
|
291
|
|
|
$
|
654
|
|
|
$
|
1,375
|
|
|
December 31, 2017
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Range (Weighted Average)
1
|
||
Impaired loans:
|
|
|
|
|
||
Single family real estate secured:
|
|
|
|
|
||
Mortgage
|
$
|
26,671
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-45.1 to 62.9% (1.6%)
|
Home equity
|
$
|
16
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-52.0 to 7.4% (-6.7%)
|
Multifamily real estate secured
|
$
|
3,000
|
|
Sales comparison approach, income approach,
Discounted cash flows
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations
|
-32.1 to 48.7% (-12.2%)
|
Auto and RV secured
|
$
|
152
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-21.6 to 71.5% (14.5%)
|
Other
|
$
|
150
|
|
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%) 4.3 to 4.4% (4.3%) |
Other real estate owned and foreclosed assets:
|
|
|
|
|
||
Single family real estate
|
$
|
8,613
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-21.4 to 31.6% (-1.3%)
|
Autos and RVs
|
$
|
195
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-20.0 to 74.2% (8.0%)
|
|
June 30, 2017
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Range (Weighted Average)
1
|
||
Impaired loans:
|
|
|
|
|
||
Single family real estate secured:
|
|
|
|
|
||
Mortgage
|
$
|
23,377
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-38.5 to 79.8% (6.4%)
|
Home equity
|
$
|
16
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-6.1 to 26.1% (7.8%)
|
Multifamily real estate secured
|
$
|
4,255
|
|
Sales comparison approach and income approach
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate
|
-24.2 to 48.7% (2.4%)
|
Auto and RV secured
|
$
|
157
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-17.2 to 42.4% (-5.5%)
|
Commercial and Industrial
|
$
|
314
|
|
Discounted cash flow
|
Discount Rate
|
34.8 to 34.8% (34.8%)
|
Other
|
$
|
274
|
|
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%)
4.5 to 5.2% (4.9%)
|
Other real estate owned and foreclosed assets:
|
|
|
|
|
||
Single family real estate
|
$
|
1,353
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-10.5 to 12.5% (0.1%)
|
Autos and RVs
|
$
|
60
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-17.0 to 20.5% (6.2%)
|
|
December 31, 2017
|
||||||||||||||||||
|
|
|
Fair Value
|
|
|
||||||||||||||
(Dollars in thousands)
|
Carrying
Amount |
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair Value
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
618,089
|
|
|
$
|
618,089
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
618,089
|
|
Securities available-for-sale
|
191,725
|
|
|
—
|
|
|
166,934
|
|
|
24,791
|
|
|
191,725
|
|
|||||
Loans held for sale, at fair value
|
24,499
|
|
|
—
|
|
|
24,499
|
|
|
—
|
|
|
24,499
|
|
|||||
Loans held for sale, at lower of cost or fair value
|
7,067
|
|
|
—
|
|
|
—
|
|
|
7,249
|
|
|
7,249
|
|
|||||
Loans and leases held for investment—net
|
7,874,431
|
|
|
—
|
|
|
—
|
|
|
7,974,013
|
|
|
7,974,013
|
|
|||||
Accrued interest receivable
|
26,053
|
|
|
—
|
|
|
—
|
|
|
26,053
|
|
|
26,053
|
|
|||||
Mortgage servicing rights
|
9,066
|
|
|
—
|
|
|
—
|
|
|
9,066
|
|
|
9,066
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Time deposits and savings
|
7,393,233
|
|
|
—
|
|
|
7,065,220
|
|
|
—
|
|
|
7,065,220
|
|
|||||
Advances from the Federal Home Loan Bank
|
543,000
|
|
|
—
|
|
|
544,483
|
|
|
—
|
|
|
544,483
|
|
|||||
Subordinated notes and debentures and other
|
54,503
|
|
|
—
|
|
|
52,599
|
|
|
—
|
|
|
52,599
|
|
|||||
Accrued interest payable
|
1,517
|
|
|
—
|
|
|
1,517
|
|
|
—
|
|
|
1,517
|
|
|
June 30, 2017
|
||||||||||||||||||
|
Fair Value
|
||||||||||||||||||
(Dollars in thousands)
|
Carrying
Amount |
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair Value
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
643,541
|
|
|
$
|
643,541
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
643,541
|
|
Securities trading
|
8,327
|
|
|
—
|
|
|
—
|
|
|
8,327
|
|
|
8,327
|
|
|||||
Securities available-for-sale
|
264,470
|
|
|
—
|
|
|
192,967
|
|
|
71,503
|
|
|
264,470
|
|
|||||
Loans held for sale, at fair value
|
18,738
|
|
|
—
|
|
|
18,738
|
|
|
—
|
|
|
18,738
|
|
|||||
Loans held for sale, at lower of cost or fair value
|
6,669
|
|
|
—
|
|
|
—
|
|
|
7,328
|
|
|
7,328
|
|
|||||
Loans and leases held for investment—net
|
7,374,493
|
|
|
—
|
|
|
—
|
|
|
7,521,281
|
|
|
7,521,281
|
|
|||||
Accrued interest receivable
|
20,781
|
|
|
—
|
|
|
—
|
|
|
20,781
|
|
|
20,781
|
|
|||||
Mortgage servicing rights
|
7,200
|
|
|
—
|
|
|
—
|
|
|
7,200
|
|
|
7,200
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits and savings
|
6,899,507
|
|
|
—
|
|
|
6,544,056
|
|
|
—
|
|
|
6,544,056
|
|
|||||
Securities sold under agreements to repurchase
|
20,000
|
|
|
—
|
|
|
20,152
|
|
|
—
|
|
|
20,152
|
|
|||||
Advances from the Federal Home Loan Bank
|
640,000
|
|
|
—
|
|
|
645,339
|
|
|
—
|
|
|
645,339
|
|
|||||
Subordinated notes and debentures and other
|
54,463
|
|
|
—
|
|
|
52,930
|
|
|
—
|
|
|
52,930
|
|
|||||
Accrued interest payable
|
1,284
|
|
|
—
|
|
|
1,284
|
|
|
—
|
|
|
1,284
|
|
4.
|
SECURITIES
|
|
December 31, 2017
|
||||||||||||||||||
|
Trading
|
|
Available-for-sale
|
||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||||
Mortgage-backed securities (RMBS):
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. agencies
1
|
$
|
—
|
|
|
$
|
20,948
|
|
|
$
|
253
|
|
|
$
|
(400
|
)
|
|
$
|
20,801
|
|
Non-agency
2
|
—
|
|
|
25,983
|
|
|
200
|
|
|
(1,392
|
)
|
|
24,791
|
|
|||||
Total mortgage-backed securities
|
—
|
|
|
46,931
|
|
|
453
|
|
|
(1,792
|
)
|
|
45,592
|
|
|||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Municipal
|
—
|
|
|
24,085
|
|
|
2
|
|
|
(559
|
)
|
|
23,528
|
|
|||||
Non-agency
|
—
|
|
|
120,022
|
|
|
2,606
|
|
|
(23
|
)
|
|
122,605
|
|
|||||
Total other debt securities
|
—
|
|
|
144,107
|
|
|
2,608
|
|
|
(582
|
)
|
|
146,133
|
|
|||||
Total debt securities
|
$
|
—
|
|
|
$
|
191,038
|
|
|
$
|
3,061
|
|
|
$
|
(2,374
|
)
|
|
$
|
191,725
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
June 30, 2017
|
||||||||||||||||||
|
Trading
|
|
Available-for-sale
|
||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||||
Mortgage-backed securities (RMBS):
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. agencies
1
|
$
|
—
|
|
|
$
|
27,379
|
|
|
$
|
286
|
|
|
$
|
(459
|
)
|
|
$
|
27,206
|
|
Non-agency
2
|
—
|
|
|
65,401
|
|
|
7,406
|
|
|
(1,304
|
)
|
|
71,503
|
|
|||||
Total mortgage-backed securities
|
—
|
|
|
92,780
|
|
|
7,692
|
|
|
(1,763
|
)
|
|
98,709
|
|
|||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Municipal
|
—
|
|
|
27,568
|
|
|
19
|
|
|
(424
|
)
|
|
27,163
|
|
|||||
Non-agency
|
8,327
|
|
|
137,172
|
|
|
1,517
|
|
|
(91
|
)
|
|
138,598
|
|
|||||
Total other debt securities
|
8,327
|
|
|
164,740
|
|
|
1,536
|
|
|
(515
|
)
|
|
165,761
|
|
|||||
Total debt securities
|
$
|
8,327
|
|
|
$
|
257,520
|
|
|
$
|
9,228
|
|
|
$
|
(2,278
|
)
|
|
$
|
264,470
|
|
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.
|
|
December 31, 2017
|
||||||||||||||||||||||
|
Available-for-sale securities in loss position for
|
||||||||||||||||||||||
|
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
|
||||||||||||
RMBS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. agencies
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
13,788
|
|
|
$
|
(400
|
)
|
|
$
|
13,790
|
|
|
$
|
(400
|
)
|
Non-agency
|
1,635
|
|
|
(63
|
)
|
|
20,034
|
|
|
(1,329
|
)
|
|
21,669
|
|
|
(1,392
|
)
|
||||||
Total RMBS securities
|
1,637
|
|
|
(63
|
)
|
|
33,822
|
|
|
(1,729
|
)
|
|
35,459
|
|
|
(1,792
|
)
|
||||||
Other Debt:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Municipal Debt
|
2,273
|
|
|
(10
|
)
|
|
12,499
|
|
|
(549
|
)
|
|
14,772
|
|
|
(559
|
)
|
||||||
Non-agency
|
995
|
|
|
(6
|
)
|
|
6,704
|
|
|
(17
|
)
|
|
7,699
|
|
|
(23
|
)
|
||||||
Total Other Debt
|
3,268
|
|
|
(16
|
)
|
|
19,203
|
|
|
(566
|
)
|
|
22,471
|
|
|
(582
|
)
|
||||||
Total debt securities
|
$
|
4,905
|
|
|
$
|
(79
|
)
|
|
$
|
53,025
|
|
|
$
|
(2,295
|
)
|
|
$
|
57,930
|
|
|
$
|
(2,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
June 30, 2017
|
||||||||||||||||||||||
|
Available-for-sale securities in loss position for
|
||||||||||||||||||||||
|
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
|
||||||||||||
RMBS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. agencies
|
$
|
17,161
|
|
|
$
|
(374
|
)
|
|
$
|
2,348
|
|
|
$
|
(85
|
)
|
|
$
|
19,509
|
|
|
$
|
(459
|
)
|
Non-agency
|
2,487
|
|
|
(16
|
)
|
|
25,097
|
|
|
(1,288
|
)
|
|
27,584
|
|
|
(1,304
|
)
|
||||||
Total RMBS securities
|
19,648
|
|
|
(390
|
)
|
|
27,445
|
|
|
(1,373
|
)
|
|
47,093
|
|
|
(1,763
|
)
|
||||||
Other Debt:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Municipal Debt
|
13,431
|
|
|
(420
|
)
|
|
1,757
|
|
|
(4
|
)
|
|
15,188
|
|
|
(424
|
)
|
||||||
Non-agency
|
27,750
|
|
|
(91
|
)
|
|
—
|
|
|
—
|
|
|
27,750
|
|
|
(91
|
)
|
||||||
Total Other Debt
|
41,181
|
|
|
(511
|
)
|
|
1,757
|
|
|
(4
|
)
|
|
42,938
|
|
|
(515
|
)
|
||||||
Total debt securities
|
$
|
60,829
|
|
|
$
|
(901
|
)
|
|
$
|
29,202
|
|
|
$
|
(1,377
|
)
|
|
$
|
90,031
|
|
|
$
|
(2,278
|
)
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
$
|
(15,677
|
)
|
|
$
|
(20,611
|
)
|
|
$
|
(15,528
|
)
|
|
$
|
(20,865
|
)
|
Additions for the amounts related to credit loss for which an other-than-temporary impairment was not previously recognized
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
||||
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized
|
—
|
|
|
(1,350
|
)
|
|
(149
|
)
|
|
(1,470
|
)
|
||||
Credit losses realized for securities sold
|
15,574
|
|
|
5,330
|
|
|
15,574
|
|
|
5,704
|
|
||||
Ending balance
|
$
|
(110
|
)
|
|
$
|
(16,631
|
)
|
|
$
|
(110
|
)
|
|
$
|
(16,631
|
)
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Proceeds
|
$
|
40,045
|
|
|
$
|
95,386
|
|
|
$
|
40,045
|
|
|
$
|
121,061
|
|
Gross realized gains
|
1,107
|
|
|
5,089
|
|
|
1,107
|
|
|
6,079
|
|
||||
Gross realized losses
|
(1,306
|
)
|
|
(3,467
|
)
|
|
(1,306
|
)
|
|
(3,467
|
)
|
||||
Net realized gain on securities
|
$
|
(199
|
)
|
|
$
|
1,622
|
|
|
$
|
(199
|
)
|
|
$
|
2,612
|
|
(Dollars in thousands)
|
December 31,
2017 |
|
June 30,
2017 |
||||
Available-for-sale debt securities—net unrealized gains
|
$
|
687
|
|
|
$
|
6,949
|
|
Available-for-sale debt securities—non-credit related losses
|
(173
|
)
|
|
(6,115
|
)
|
||
Subtotal
|
514
|
|
|
834
|
|
||
Tax (expense) benefit
|
(148
|
)
|
|
(347
|
)
|
||
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss)
|
$
|
366
|
|
|
$
|
487
|
|
|
December 31, 2017
|
||||||
|
Available for sale
|
||||||
(Dollars in thousands)
|
Amortized
Cost
|
|
Fair
Value
|
||||
RMBS—U.S. agencies
1
:
|
|
|
|
||||
Due within one year
|
$
|
1,199
|
|
|
$
|
1,186
|
|
Due one to five years
|
4,150
|
|
|
4,124
|
|
||
Due five to ten years
|
4,138
|
|
|
4,145
|
|
||
Due after ten years
|
11,461
|
|
|
11,346
|
|
||
Total RMBS—U.S. agencies
1
|
20,948
|
|
|
20,801
|
|
||
RMBS—Non-agency:
|
|
|
|
||||
Due within one year
|
3,912
|
|
|
3,771
|
|
||
Due one to five years
|
12,201
|
|
|
11,677
|
|
||
Due five to ten years
|
7,317
|
|
|
6,932
|
|
||
Due after ten years
|
2,553
|
|
|
2,411
|
|
||
Total RMBS—Non-agency
|
25,983
|
|
|
24,791
|
|
||
Other debt:
|
|
|
|
||||
Due within one year
|
41,846
|
|
|
43,122
|
|
||
Due one to five years
|
88,431
|
|
|
89,733
|
|
||
Due five to ten years
|
—
|
|
|
—
|
|
||
Due after ten years
|
13,830
|
|
|
13,278
|
|
||
Total other debt
|
144,107
|
|
|
146,133
|
|
||
Total
|
$
|
191,038
|
|
|
$
|
191,725
|
|
5.
|
LOANS, LEASES & ALLOWANCE FOR LOAN AND LEASE LOSSES
|
(Dollars in thousands)
|
December 31, 2017
|
|
June 30, 2017
|
||||
Single family real estate secured:
|
|
|
|
||||
Mortgage
|
$
|
3,981,075
|
|
|
$
|
3,901,754
|
|
Home equity
|
2,487
|
|
|
2,092
|
|
||
Warehouse and other
1
|
495,669
|
|
|
452,390
|
|
||
Multifamily real estate secured
|
1,698,450
|
|
|
1,619,404
|
|
||
Commercial real estate secured
|
176,147
|
|
|
162,715
|
|
||
Auto and RV secured
|
189,557
|
|
|
154,246
|
|
||
Factoring
|
194,252
|
|
|
160,674
|
|
||
Commercial & Industrial
|
1,151,904
|
|
|
992,232
|
|
||
Other
|
79,522
|
|
|
3,754
|
|
||
Total gross loans and leases
|
7,969,063
|
|
|
7,449,261
|
|
||
Allowance for loan and lease losses
|
(45,606
|
)
|
|
(40,832
|
)
|
||
Unaccreted discounts and loan and lease fees
|
(49,026
|
)
|
|
(33,936
|
)
|
||
Total net loans and leases
|
$
|
7,874,431
|
|
|
$
|
7,374,493
|
|
1
|
The balance of single family warehouse loans was
$190,357
at
December 31, 2017
and
$187,034
at
June 30, 2017
. The remainder of the balance was attributable to single family real estate secured commercial specialty and lender finance loans.
|
|
December 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
|
$
|
2,954
|
|
|
$
|
974
|
|
|
$
|
1,980
|
|
|
$
|
279
|
|
|
$
|
2,259
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Purchased
|
4,153
|
|
|
1,916
|
|
|
2,237
|
|
|
1
|
|
|
2,238
|
|
|
—
|
|
|
—
|
|
|||||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Purchased
|
486
|
|
|
232
|
|
|
254
|
|
|
—
|
|
|
254
|
|
|
—
|
|
|
—
|
|
|||||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
500
|
|
|
367
|
|
|
133
|
|
|
5
|
|
|
138
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
21,065
|
|
|
12
|
|
|
21,053
|
|
|
—
|
|
|
21,053
|
|
|
746
|
|
|
—
|
|
|||||||
Purchased
|
1,437
|
|
|
36
|
|
|
1,401
|
|
|
23
|
|
|
1,424
|
|
|
49
|
|
|
—
|
|
|||||||
Home Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
16
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
1
|
|
|
—
|
|
|||||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
3,031
|
|
|
285
|
|
|
2,746
|
|
|
369
|
|
|
3,115
|
|
|
14
|
|
|
—
|
|
|||||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
28
|
|
|
9
|
|
|
19
|
|
|
1
|
|
|
20
|
|
|
1
|
|
|
—
|
|
|||||||
Other
|
150
|
|
|
—
|
|
|
150
|
|
|
—
|
|
|
150
|
|
|
76
|
|
|
—
|
|
|||||||
Total
|
$
|
33,820
|
|
|
$
|
3,831
|
|
|
$
|
29,989
|
|
|
$
|
678
|
|
|
$
|
30,667
|
|
|
$
|
887
|
|
|
$
|
—
|
|
As a % of total gross loans and leases
|
0.42
|
%
|
|
0.04
|
%
|
|
0.38
|
%
|
|
0.01
|
%
|
|
0.39
|
%
|
|
0.01
|
%
|
|
—
|
%
|
|
June 30, 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
|
$
|
4,240
|
|
|
$
|
1,032
|
|
|
$
|
3,208
|
|
|
$
|
205
|
|
|
$
|
3,413
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Purchased
|
4,563
|
|
|
1,903
|
|
|
2,660
|
|
|
—
|
|
|
2,660
|
|
|
—
|
|
|
—
|
|
|||||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Purchased
|
492
|
|
|
215
|
|
|
277
|
|
|
—
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|||||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
418
|
|
|
295
|
|
|
123
|
|
|
3
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
16,124
|
|
|
12
|
|
|
16,112
|
|
|
—
|
|
|
16,112
|
|
|
643
|
|
|
—
|
|
|||||||
Purchased
|
1,429
|
|
|
32
|
|
|
1,397
|
|
|
17
|
|
|
1,414
|
|
|
37
|
|
|
—
|
|
|||||||
Home Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
18
|
|
|
2
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
1
|
|
|
—
|
|
|||||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
4,170
|
|
|
192
|
|
|
3,978
|
|
|
186
|
|
|
4,164
|
|
|
19
|
|
|
—
|
|
|||||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
42
|
|
|
8
|
|
|
34
|
|
|
2
|
|
|
36
|
|
|
1
|
|
|
—
|
|
|||||||
Commercial & Industrial
|
314
|
|
|
—
|
|
|
314
|
|
|
—
|
|
|
314
|
|
|
314
|
|
|
—
|
|
|||||||
Other
|
274
|
|
|
—
|
|
|
274
|
|
|
—
|
|
|
274
|
|
|
43
|
|
|
—
|
|
|||||||
Total
|
$
|
32,084
|
|
|
$
|
3,691
|
|
|
$
|
28,393
|
|
|
$
|
413
|
|
|
$
|
28,806
|
|
|
$
|
1,058
|
|
|
$
|
—
|
|
As a % of total gross loans and leases
|
0.43
|
%
|
|
0.05
|
%
|
|
0.38
|
%
|
|
0.01
|
%
|
|
0.39
|
%
|
|
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)
|
December 31,
2017 |
|
June 30,
2017 |
||||
Single Family Real Estate Secured:
|
|
|
|
||||
Mortgage:
|
|
|
|
||||
In-house originated
|
$
|
23,033
|
|
|
$
|
19,320
|
|
Purchased
|
3,638
|
|
|
4,057
|
|
||
Home Equity:
|
|
|
|
||||
In-house originated
|
16
|
|
|
16
|
|
||
Multifamily Real Estate Secured:
|
|
|
|
||||
In-house originated
|
2,746
|
|
|
3,978
|
|
||
Purchased
|
254
|
|
|
277
|
|
||
Total non-performing loans secured by real estate
|
29,687
|
|
|
27,648
|
|
||
Auto and RV Secured
|
152
|
|
|
157
|
|
||
Commercial and Industrial
|
—
|
|
|
314
|
|
||
Other
|
150
|
|
|
274
|
|
||
Total non-performing loans and leases
|
$
|
29,989
|
|
|
$
|
28,393
|
|
Non-performing loans and leases to total loans and leases
|
0.38
|
%
|
|
0.38
|
%
|
|
December 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
|
$
|
3,911,994
|
|
|
$
|
42,410
|
|
|
$
|
3,954,404
|
|
|
$
|
1,614,892
|
|
|
$
|
80,558
|
|
|
$
|
1,695,450
|
|
|
$
|
165,157
|
|
|
$
|
10,990
|
|
|
$
|
176,147
|
|
Non-performing
|
23,033
|
|
|
3,638
|
|
|
26,671
|
|
|
2,746
|
|
|
254
|
|
|
3,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total
|
$
|
3,935,027
|
|
|
$
|
46,048
|
|
|
$
|
3,981,075
|
|
|
$
|
1,617,638
|
|
|
$
|
80,812
|
|
|
$
|
1,698,450
|
|
|
$
|
165,157
|
|
|
$
|
10,990
|
|
|
$
|
176,147
|
|
|
June 30, 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
|
$
|
3,827,649
|
|
|
$
|
50,728
|
|
|
$
|
3,878,377
|
|
|
$
|
1,528,912
|
|
|
$
|
86,237
|
|
|
$
|
1,615,149
|
|
|
$
|
150,880
|
|
|
$
|
11,835
|
|
|
$
|
162,715
|
|
Non-performing
|
19,320
|
|
|
4,057
|
|
|
23,377
|
|
|
3,978
|
|
|
277
|
|
|
4,255
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total
|
$
|
3,846,969
|
|
|
$
|
54,785
|
|
|
$
|
3,901,754
|
|
|
$
|
1,532,890
|
|
|
$
|
86,514
|
|
|
$
|
1,619,404
|
|
|
$
|
150,880
|
|
|
$
|
11,835
|
|
|
$
|
162,715
|
|
|
December 31, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Pass
|
|
Special
Mention |
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
$
|
3,872,932
|
|
|
$
|
39,062
|
|
|
$
|
23,033
|
|
|
$
|
—
|
|
|
$
|
3,935,027
|
|
Purchased
|
42,043
|
|
|
367
|
|
|
3,638
|
|
|
—
|
|
|
46,048
|
|
|||||
Home Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
2,471
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
2,487
|
|
|||||
Warehouse and other:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
495,669
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
495,669
|
|
|||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
1,612,658
|
|
|
2,234
|
|
|
2,746
|
|
|
—
|
|
|
1,617,638
|
|
|||||
Purchased
|
79,561
|
|
|
—
|
|
|
1,251
|
|
|
—
|
|
|
80,812
|
|
|||||
Commercial Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
165,157
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
165,157
|
|
|||||
Purchased
|
9,047
|
|
|
1,943
|
|
|
—
|
|
|
—
|
|
|
10,990
|
|
|||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
189,391
|
|
|
22
|
|
|
144
|
|
|
—
|
|
|
189,557
|
|
|||||
Factoring
|
194,252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
194,252
|
|
|||||
Commercial & Industrial:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
1,112,380
|
|
|
4,674
|
|
|
—
|
|
|
—
|
|
|
1,117,054
|
|
|||||
Purchased
|
33,159
|
|
|
94
|
|
|
1,597
|
|
|
|
|
34,850
|
|
||||||
Other
|
79,372
|
|
|
—
|
|
|
150
|
|
|
—
|
|
|
79,522
|
|
|||||
Total
|
$
|
7,888,092
|
|
|
$
|
48,396
|
|
|
$
|
32,575
|
|
|
$
|
—
|
|
|
$
|
7,969,063
|
|
As a % of total gross loans and leases
|
99.0
|
%
|
|
0.6
|
%
|
|
0.4
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
June 30, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Pass
|
|
Special
Mention |
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Single Family Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
$
|
3,808,886
|
|
|
$
|
18,763
|
|
|
$
|
19,320
|
|
|
$
|
—
|
|
|
$
|
3,846,969
|
|
Purchased
|
49,893
|
|
|
538
|
|
|
4,354
|
|
|
—
|
|
|
54,785
|
|
|||||
Home Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
2,076
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
2,092
|
|
|||||
Warehouse and other:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
452,390
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
452,390
|
|
|||||
Multifamily Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
1,526,931
|
|
|
1,981
|
|
|
3,978
|
|
|
—
|
|
|
1,532,890
|
|
|||||
Purchased
|
84,775
|
|
|
452
|
|
|
1,287
|
|
|
—
|
|
|
86,514
|
|
|||||
Commercial Real Estate Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
150,880
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150,880
|
|
|||||
Purchased
|
9,868
|
|
|
1,967
|
|
|
—
|
|
|
—
|
|
|
11,835
|
|
|||||
Auto and RV Secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
153,994
|
|
|
77
|
|
|
175
|
|
|
—
|
|
|
154,246
|
|
|||||
Factoring
|
160,674
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
160,674
|
|
|||||
Commercial & Industrial
|
991,918
|
|
|
—
|
|
|
314
|
|
|
—
|
|
|
992,232
|
|
|||||
Other
|
3,480
|
|
|
—
|
|
|
274
|
|
|
—
|
|
|
3,754
|
|
|||||
Total
|
$
|
7,395,765
|
|
|
$
|
23,778
|
|
|
$
|
29,718
|
|
|
$
|
—
|
|
|
$
|
7,449,261
|
|
As a % of total gross loans and leases
|
99.3
|
%
|
|
0.3
|
%
|
|
0.4
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|
December 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
|
$
|
8,409
|
|
|
$
|
2,953
|
|
|
$
|
19,798
|
|
|
$
|
31,160
|
|
Purchased
|
556
|
|
|
203
|
|
|
2,137
|
|
|
2,896
|
|
||||
Home equity:
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||
Multifamily real estate secured:
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
—
|
|
|
2,746
|
|
|
2,746
|
|
||||
Auto and RV secured
|
389
|
|
|
21
|
|
|
68
|
|
|
478
|
|
||||
Factoring
|
—
|
|
|
548
|
|
|
—
|
|
|
548
|
|
||||
Commercial and industrial
|
672
|
|
|
—
|
|
|
—
|
|
|
672
|
|
||||
Other
|
52
|
|
|
—
|
|
|
150
|
|
|
202
|
|
||||
Total
|
$
|
10,078
|
|
|
$
|
3,725
|
|
|
$
|
24,915
|
|
|
$
|
38,718
|
|
As a % of total gross loans and leases
|
0.13
|
%
|
|
0.05
|
%
|
|
0.31
|
%
|
|
0.49
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
|
June 30, 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
|
$
|
4,892
|
|
|
$
|
2,325
|
|
|
$
|
19,297
|
|
|
$
|
26,514
|
|
Purchased
|
244
|
|
|
101
|
|
|
1,751
|
|
|
2,096
|
|
||||
Home equity
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
—
|
|
|
3,978
|
|
|
3,978
|
|
||||
Auto and RV secured
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
149
|
|
|
77
|
|
|
3
|
|
|
229
|
|
||||
Commercial and industrial
|
—
|
|
|
—
|
|
|
314
|
|
|
314
|
|
||||
Other
|
—
|
|
|
—
|
|
|
274
|
|
|
274
|
|
||||
Total
|
$
|
5,285
|
|
|
$
|
2,503
|
|
|
$
|
25,633
|
|
|
$
|
33,421
|
|
As a % of total gross loans and leases
|
0.07
|
%
|
|
0.03
|
%
|
|
0.35
|
%
|
|
0.45
|
%
|
6.
|
INCOME TAXES
|
7.
|
EQUITY AND STOCK-BASED COMPENSATION
|
(Dollars in thousands)
|
Stock Award
Compensation
Expense
|
||
For the fiscal year remainder:
|
|
||
2018
|
$
|
8,364
|
|
2019
|
13,071
|
|
|
2020
|
7,908
|
|
|
2021
|
2,013
|
|
|
Total
|
$
|
31,356
|
|
|
Restricted
Stock Units
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
Non-vested balance at June 30, 2016
|
1,059,726
|
|
|
$
|
22.53
|
|
Granted
|
843,611
|
|
|
21.13
|
|
|
Vested
|
(570,764
|
)
|
|
20.86
|
|
|
Canceled
|
(92,251
|
)
|
|
20.26
|
|
|
Non-vested balance at June 30, 2017
|
1,240,322
|
|
|
$
|
22.52
|
|
Granted
|
683,691
|
|
|
26.09
|
|
|
Vested
|
(328,943
|
)
|
|
21.43
|
|
|
Canceled
|
(40,876
|
)
|
|
22.62
|
|
|
Non-vested balance at December 31, 2017
|
1,554,194
|
|
|
$
|
24.32
|
|
8.
|
EARNINGS PER SHARE (“EPS”)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
(Dollars in thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Earnings Per Common Share
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
31,658
|
|
|
$
|
32,300
|
|
|
$
|
64,041
|
|
|
$
|
61,197
|
|
Preferred stock dividends
|
(78
|
)
|
|
(78
|
)
|
|
(155
|
)
|
|
(155
|
)
|
||||
Net income attributable to common shareholders
|
$
|
31,580
|
|
|
$
|
32,222
|
|
|
$
|
63,886
|
|
|
$
|
61,042
|
|
|
|
|
|
|
|
|
|
||||||||
Average common shares outstanding
|
63,487,698
|
|
|
63,341,437
|
|
|
63,557,105
|
|
|
63,312,805
|
|
||||
Average unvested RSUs
|
1,496,635
|
|
|
1,520,103
|
|
|
1,457,599
|
|
|
1,412,167
|
|
||||
Total basic weighted-average number of shares outstanding
|
64,984,333
|
|
|
64,861,540
|
|
|
65,014,704
|
|
|
64,724,972
|
|
||||
Total dilutive weighted-average number of shares outstanding
|
64,984,333
|
|
|
64,861,540
|
|
|
65,014,704
|
|
|
64,724,972
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
0.49
|
|
|
$
|
0.50
|
|
|
$
|
0.98
|
|
|
$
|
0.94
|
|
Diluted earnings per common share
|
$
|
0.49
|
|
|
$
|
0.50
|
|
|
$
|
0.98
|
|
|
$
|
0.94
|
|
9.
|
COMMITMENTS AND CONTINGENCIES
|
10.
|
RELATED PARTY TRANSACTIONS
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
(dollars in thousands)
|
December 31,
2017 |
|
June 30,
2017 |
|
December 31,
2016 |
||||||
Selected Balance Sheet Data:
|
|
|
|
|
|
||||||
Total assets
|
$
|
8,915,959
|
|
|
$
|
8,501,680
|
|
|
$
|
8,167,876
|
|
Loans and leases—net of allowance for loan and lease losses
|
7,874,431
|
|
|
7,374,493
|
|
|
6,811,470
|
|
|||
Loans held for sale, at fair value
|
24,499
|
|
|
18,738
|
|
|
33,990
|
|
|||
Loans held for sale, lower of cost or fair value
|
7,067
|
|
|
6,669
|
|
|
15,905
|
|
|||
Allowance for loan and lease losses
|
45,606
|
|
|
40,832
|
|
|
40,928
|
|
|||
Securities—trading
|
—
|
|
|
8,327
|
|
|
8,151
|
|
|||
Securities—available-for-sale
|
191,725
|
|
|
264,470
|
|
|
379,734
|
|
|||
Total deposits
|
7,393,233
|
|
|
6,899,507
|
|
|
6,610,674
|
|
|||
Securities sold under agreements to repurchase
|
—
|
|
|
20,000
|
|
|
35,000
|
|
|||
Advances from the FHLB
|
543,000
|
|
|
640,000
|
|
|
665,000
|
|
|||
Subordinated notes and debentures and other
|
54,503
|
|
|
54,463
|
|
|
56,408
|
|
|||
Total stockholders’ equity
|
873,663
|
|
|
834,247
|
|
|
753,671
|
|
|||
|
|
|
|
|
|
||||||
Capital Ratios:
|
|
|
|
|
|
||||||
Equity to assets at end of period
|
9.80
|
%
|
|
9.81
|
%
|
|
9.23
|
%
|
|||
BofI Holding, Inc:
|
|
|
|
|
|
||||||
Tier 1 leverage (core) capital to adjusted average assets
|
10.26
|
%
|
|
9.95
|
%
|
|
9.71
|
%
|
|||
Common equity tier 1 capital (to risk-weighted assets)
|
14.39
|
%
|
|
14.66
|
%
|
|
14.51
|
%
|
|||
Tier 1 capital (to risk-weighted assets)
|
14.48
|
%
|
|
14.75
|
%
|
|
14.61
|
%
|
|||
Total capital (to risk-weighted assets)
|
16.08
|
%
|
|
16.38
|
%
|
|
16.39
|
%
|
|||
BofI Federal Bank:
|
|
|
|
|
|
||||||
Tier 1 leverage (core) capital to adjusted average assets
|
10.26
|
%
|
|
9.60
|
%
|
|
9.36
|
%
|
|||
Common equity tier 1 capital (to risk-weighted assets)
|
14.48
|
%
|
|
14.25
|
%
|
|
14.08
|
%
|
|||
Tier 1 capital (to risk-weighted assets)
|
14.48
|
%
|
|
14.25
|
%
|
|
14.08
|
%
|
|||
Total capital (to risk-weighted assets)
|
15.23
|
%
|
|
14.97
|
%
|
|
14.88
|
%
|
|
At or for the Three Months Ended
|
|
At or for the Six Months Ended
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
(Dollars in thousands, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Selected Income Statement Data:
|
|
|
|
|
|
|
|
||||||||
Interest and dividend income
|
$
|
107,785
|
|
|
$
|
94,301
|
|
|
$
|
211,296
|
|
|
$
|
181,781
|
|
Interest expense
|
23,572
|
|
|
17,940
|
|
|
46,533
|
|
|
35,640
|
|
||||
Net interest income
|
84,213
|
|
|
76,361
|
|
|
164,763
|
|
|
146,141
|
|
||||
Provision for loan and lease losses
|
4,000
|
|
|
4,100
|
|
|
5,000
|
|
|
6,000
|
|
||||
Net interest income after provision for loan and lease losses
|
80,213
|
|
|
72,261
|
|
|
159,763
|
|
|
140,141
|
|
||||
Non-interest income
|
17,099
|
|
|
16,700
|
|
|
30,439
|
|
|
31,432
|
|
||||
Non-interest expense
|
40,809
|
|
|
33,300
|
|
|
78,829
|
|
|
66,178
|
|
||||
Income before income tax expense
|
56,503
|
|
|
55,661
|
|
|
111,373
|
|
|
105,395
|
|
||||
Income tax expense
|
24,845
|
|
|
23,361
|
|
|
47,332
|
|
|
44,198
|
|
||||
Net income
|
$
|
31,658
|
|
|
$
|
32,300
|
|
|
$
|
64,041
|
|
|
$
|
61,197
|
|
Net income attributable to common stock
|
$
|
31,580
|
|
|
$
|
32,222
|
|
|
$
|
63,886
|
|
|
$
|
61,042
|
|
|
|
|
|
|
|
|
|
||||||||
Per Share Data:
|
|
|
|
|
|
|
|
||||||||
Net income:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.49
|
|
|
$
|
0.50
|
|
|
$
|
0.98
|
|
|
$
|
0.94
|
|
Diluted
|
$
|
0.49
|
|
|
$
|
0.50
|
|
|
$
|
0.98
|
|
|
$
|
0.94
|
|
Book value per common share
|
$
|
13.85
|
|
|
$
|
11.82
|
|
|
$
|
13.85
|
|
|
$
|
11.82
|
|
Tangible book value per common share
|
$
|
13.70
|
|
|
$
|
11.72
|
|
|
$
|
13.70
|
|
|
$
|
11.72
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
64,984,333
|
|
|
64,861,540
|
|
|
65,014,704
|
|
|
64,724,972
|
|
||||
Diluted
|
64,984,333
|
|
|
64,861,540
|
|
|
65,014,704
|
|
|
64,724,972
|
|
||||
Common shares outstanding at end of period
|
62,720,641
|
|
|
63,359,001
|
|
|
62,720,641
|
|
|
63,359,001
|
|
||||
Common shares issued at end of period
|
65,444,875
|
|
|
64,761,369
|
|
|
65,444,875
|
|
|
64,761,369
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Performance Ratios and Other Data:
|
|
|
|
|
|
|
|
||||||||
Loan and lease originations for investment
|
$
|
1,368,229
|
|
|
$
|
1,071,713
|
|
|
$
|
2,328,741
|
|
|
$
|
1,996,883
|
|
Loan originations for sale
|
$
|
686,224
|
|
|
$
|
609,361
|
|
|
$
|
1,016,493
|
|
|
$
|
844,456
|
|
Return on average assets
|
1.49
|
%
|
|
1.66
|
%
|
|
1.51
|
%
|
|
1.60
|
%
|
||||
Return on average common stockholders’ equity
|
14.37
|
%
|
|
17.49
|
%
|
|
14.80
|
%
|
|
17.05
|
%
|
||||
Interest rate spread
1
|
3.71
|
%
|
|
3.82
|
%
|
|
3.67
|
%
|
|
3.71
|
%
|
||||
Net interest margin
2
|
4.00
|
%
|
|
4.00
|
%
|
|
3.94
|
%
|
|
3.89
|
%
|
||||
Efficiency ratio
|
40.28
|
%
|
|
35.78
|
%
|
|
40.38
|
%
|
|
37.27
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
||||||||
Net annualized charge-offs to average loans and leases
|
0.03
|
%
|
|
0.05
|
%
|
|
0.01
|
%
|
|
0.03
|
%
|
||||
Non-performing loans and leases to total loans and leases
|
0.38
|
%
|
|
0.50
|
%
|
|
0.38
|
%
|
|
0.50
|
%
|
||||
Non-performing assets to total assets
|
0.44
|
%
|
|
0.43
|
%
|
|
0.44
|
%
|
|
0.43
|
%
|
||||
Allowance for loan and lease losses to total loans and leases at end of period
|
0.57
|
%
|
|
0.60
|
%
|
|
0.57
|
%
|
|
0.60
|
%
|
||||
Allowance for loan and lease losses to non-performing loans and leases
|
152.08
|
%
|
|
118.42
|
%
|
|
152.08
|
%
|
|
118.42
|
%
|
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
$7.9 million
and
$18.6 million
due to a
10.3%
and
11.4%
increase in average earning assets in the three and
six
months ended
December 31, 2017
, respectively. These increases were primarily the result of growth in loans and deposits. As a result of the Federal Reserve decisions to increase the Fed Funds rate over the last year our market rates on loans and deposits have increased. Our net interest margin was flat and increased
5
basis points for the three and
six
months ended
December 31, 2017
compared to the three and
six
months ended
December 31, 2016
, respectively.
|
•
|
Non-interest income
increased
$0.4 million
and
decreased
$1.0 million
for the three and
six
months ended
December 31, 2017
compared to the three and
six
months ended
December 31, 2016
, respectively. The
$0.4 million
increased
in non-interest income for the three months ended
December 31, 2017
, was the result of a
1.7 million
increase in banking service fees and other income primarily due to increased fees related to seasonal H&R Block-branded products and service fee income, a reduction in unrealized loss on securities of
$0.9 million
, and an increase in prepayment penalty fee income of
$0.5 million
, partially offset by decrease in realized gain (loss) on securities of
$1.8 million
and a decrease in mortgage banking income of
$0.8 million
. The
$1.0 million
decrease
in non-interest income for the
six
months ended
December 31, 2017
, was primarily the result a
$2.5 million
decrease
in realized gain on securities, a
$1.4 million
decrease
in gain on sale – other income, primarily from reduced sales of structured settlements, and a
$1.2 million
decrease
in mortgage banking, partially offset by a
$3.1 million
increase in banking service fees and other income primarily due to increased fees related H&R Block-branded products and service fee income, a
$0.7 million
decrease in unrealized loss on securities, and an
increase
in prepayment penalty fee income of
$0.3 million
.
|
•
|
Non-interest expense
increased
$7.5 million
and
$12.7 million
for the three and
six
months ended
December 31, 2017
compared to the three and
six
months ended
December 31, 2016
, respectively. For the three months ended
December 31, 2017
compared to the three months ended
December 31, 2016
salaries and related expenses
increased
$4.4 million
primarily due to the overall increase in staff to support the overall growth of the Bank. Advertising and promotional increased by
$1.8 million
, primarily related to increased lead generation costs, and data processing and internet expense increased
$1.0 million
primarily due to software initiatives and enhancements to the Bank’s core processing system. For the
six
months ended
December 31, 2017
compared to the
six
months ended
December 31, 2016
salaries and related expenses increased
$7.1 million
primarily due to the overall increase in staff to support the overall growth of the Bank. Advertising and promotional expense increased
$2.3 million
primarily related to increased lead generation costs, data processing and internet expense increased
$1.9 million
due to software initiatives and enhancements to the Bank’s core processing system.
|
|
Three Months Ended
|
||||||||||
|
December 31, 2017
|
||||||||||
(Dollars in thousands, except per share data)
|
GAAP
|
|
Deferred Tax Adjustment
|
|
Non-GAAP Adjusted for Deferred Tax Revaluation
|
||||||
Net income
|
$
|
31,658
|
|
|
$
|
8,032
|
|
|
$
|
39,690
|
|
Net income attributable to common stockholders
|
$
|
31,580
|
|
|
$
|
8,032
|
|
|
$
|
39,612
|
|
Diluted EPS
|
$
|
0.49
|
|
|
$
|
0.12
|
|
|
$
|
0.61
|
|
|
For the Three Months Ended
|
||||||||||||||||||||
|
December 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
|
$
|
7,586,405
|
|
|
$
|
102,034
|
|
|
5.38
|
%
|
|
$
|
6,683,192
|
|
|
$
|
85,839
|
|
|
5.14
|
%
|
Interest-earning deposits in other financial institutions
|
546,223
|
|
|
1,748
|
|
|
1.28
|
%
|
|
435,574
|
|
|
562
|
|
|
0.52
|
%
|
||||
Mortgage-backed and other investment securities
4
|
223,611
|
|
|
2,886
|
|
|
5.16
|
%
|
|
458,501
|
|
|
4,814
|
|
|
4.20
|
%
|
||||
Stock of the FHLB, at cost
|
63,207
|
|
|
1,117
|
|
|
7.07
|
%
|
|
54,008
|
|
|
3,086
|
|
|
22.86
|
%
|
||||
Total interest-earning assets
|
8,419,446
|
|
|
107,785
|
|
|
5.12
|
%
|
|
7,631,275
|
|
|
94,301
|
|
|
4.94
|
%
|
||||
Non-interest-earning assets
|
89,343
|
|
|
|
|
|
|
152,679
|
|
|
|
|
|
||||||||
Total assets
|
$
|
8,508,789
|
|
|
|
|
|
|
$
|
7,783,954
|
|
|
|
|
|
||||||
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand and savings
|
$
|
4,991,957
|
|
|
$
|
13,347
|
|
|
1.07
|
%
|
|
$
|
4,736,597
|
|
|
$
|
8,177
|
|
|
0.69
|
%
|
Time deposits
|
840,542
|
|
|
5,697
|
|
|
2.71
|
%
|
|
1,021,441
|
|
|
5,834
|
|
|
2.28
|
%
|
||||
Securities sold under agreements to repurchase
|
5,598
|
|
|
53
|
|
|
3.79
|
%
|
|
35,000
|
|
|
391
|
|
|
4.47
|
%
|
||||
Advances from the FHLB
|
811,663
|
|
|
3,557
|
|
|
1.75
|
%
|
|
546,500
|
|
|
2,605
|
|
|
1.91
|
%
|
||||
Subordinated notes and debentures and other
|
54,502
|
|
|
918
|
|
|
6.74
|
%
|
|
56,453
|
|
|
933
|
|
|
6.61
|
%
|
||||
Total interest-bearing liabilities
|
6,704,262
|
|
|
23,572
|
|
|
1.41
|
%
|
|
6,395,991
|
|
|
17,940
|
|
|
1.12
|
%
|
||||
Non-interest-bearing demand deposits
|
862,724
|
|
|
|
|
|
|
598,202
|
|
|
|
|
|
||||||||
Other non-interest-bearing liabilities
|
57,448
|
|
|
|
|
|
|
47,763
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
884,355
|
|
|
|
|
|
|
741,998
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
8,508,789
|
|
|
|
|
|
|
$
|
7,783,954
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
84,213
|
|
|
|
|
|
|
$
|
76,361
|
|
|
|
||||||
Interest rate spread
5
|
|
|
|
|
3.71
|
%
|
|
|
|
|
|
3.82
|
%
|
||||||||
Net interest margin
6
|
|
|
|
|
4.00
|
%
|
|
|
|
|
|
4.00
|
%
|
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 average balances of $29.5 million and $30.4 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 Six Months Ended
|
||||||||||||||||||||
|
December 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
|
$
|
7,539,303
|
|
|
$
|
199,609
|
|
|
5.30
|
%
|
|
$
|
6,581,086
|
|
|
$
|
166,458
|
|
|
5.06
|
%
|
Interest-earning deposits in other financial institutions
|
533,343
|
|
|
3,440
|
|
|
1.29
|
%
|
|
413,633
|
|
|
1,076
|
|
|
0.52
|
%
|
||||
Mortgage-backed and other investment securities
4
|
234,657
|
|
|
6,014
|
|
|
5.13
|
%
|
|
462,595
|
|
|
9,916
|
|
|
4.29
|
%
|
||||
Stock of the FHLB, at cost
|
63,207
|
|
|
2,233
|
|
|
7.07
|
%
|
|
54,532
|
|
|
4,331
|
|
|
15.88
|
%
|
||||
Total interest-earning assets
|
8,370,510
|
|
|
211,296
|
|
|
5.05
|
%
|
|
7,511,846
|
|
|
181,781
|
|
|
4.84
|
%
|
||||
Non-interest-earning assets
|
95,875
|
|
|
|
|
|
|
157,969
|
|
|
|
|
|
||||||||
Total assets
|
$
|
8,466,385
|
|
|
|
|
|
|
$
|
7,669,815
|
|
|
|
|
|
||||||
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand and savings
|
$
|
4,843,243
|
|
|
$
|
25,211
|
|
|
1.04
|
%
|
|
$
|
4,538,859
|
|
|
$
|
15,956
|
|
|
0.70
|
%
|
Time deposits
|
827,168
|
|
|
11,151
|
|
|
2.70
|
%
|
|
1,039,449
|
|
|
11,569
|
|
|
2.23
|
%
|
||||
Securities sold under agreements to repurchase
|
11,060
|
|
|
229
|
|
|
4.14
|
%
|
|
35,000
|
|
|
758
|
|
|
4.33
|
%
|
||||
Advances from the FHLB
|
985,525
|
|
|
8,109
|
|
|
1.65
|
%
|
|
649,380
|
|
|
5,469
|
|
|
1.68
|
%
|
||||
Subordinated notes and debentures and other
|
54,490
|
|
|
1,833
|
|
|
6.73
|
%
|
|
56,325
|
|
|
1,888
|
|
|
6.70
|
%
|
||||
Total interest-bearing liabilities
|
6,721,486
|
|
|
46,533
|
|
|
1.38
|
%
|
|
6,319,013
|
|
|
35,640
|
|
|
1.13
|
%
|
||||
Non-interest-bearing demand deposits
|
811,744
|
|
|
|
|
|
|
572,420
|
|
|
|
|
|
||||||||
Other non-interest-bearing liabilities
|
64,545
|
|
|
|
|
|
|
57,342
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
868,610
|
|
|
|
|
|
|
721,040
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
8,466,385
|
|
|
|
|
|
|
$
|
7,669,815
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
164,763
|
|
|
|
|
|
|
$
|
146,141
|
|
|
|
||||||
Interest rate spread
5
|
|
|
|
|
3.67
|
%
|
|
|
|
|
|
3.71
|
%
|
||||||||
Net interest margin
6
|
|
|
|
|
3.94
|
%
|
|
|
|
|
|
3.89
|
%
|
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 average balances of $29.6 million and $30.5 million of Community Reinvestment Act loans which are taxed at a reduced rate for the
2017
and
2016
six-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 Six Months Ended
|
||||||||||||||||||||||||||||
|
December 31, 2017
|
|
December 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
|
$
|
11,606
|
|
|
$
|
4,010
|
|
|
$
|
579
|
|
|
$
|
16,195
|
|
|
$
|
24,243
|
|
|
$
|
7,897
|
|
|
$
|
1,011
|
|
|
$
|
33,151
|
|
Interest-earning deposits in other financial institutions
|
144
|
|
|
828
|
|
|
214
|
|
|
1,186
|
|
|
311
|
|
|
1,592
|
|
|
461
|
|
|
2,364
|
|
||||||||
Mortgage-backed and other investment securities
|
(2,466
|
)
|
|
1,100
|
|
|
(562
|
)
|
|
(1,928
|
)
|
|
(4,889
|
)
|
|
1,943
|
|
|
(956
|
)
|
|
(3,902
|
)
|
||||||||
Stock of the FHLB, at cost
|
526
|
|
|
(2,132
|
)
|
|
(363
|
)
|
|
(1,969
|
)
|
|
689
|
|
|
(2,402
|
)
|
|
(385
|
)
|
|
(2,098
|
)
|
||||||||
|
$
|
9,810
|
|
|
$
|
3,806
|
|
|
$
|
(132
|
)
|
|
$
|
13,484
|
|
|
$
|
20,354
|
|
|
$
|
9,030
|
|
|
$
|
131
|
|
|
$
|
29,515
|
|
Increase/(decrease) in interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest-bearing demand and savings
|
$
|
440
|
|
|
$
|
4,500
|
|
|
$
|
230
|
|
|
$
|
5,170
|
|
|
$
|
1,065
|
|
|
$
|
7,716
|
|
|
$
|
474
|
|
|
$
|
9,255
|
|
Time deposits
|
(1,031
|
)
|
|
1,098
|
|
|
(204
|
)
|
|
(137
|
)
|
|
(2,367
|
)
|
|
2,443
|
|
|
(494
|
)
|
|
(418
|
)
|
||||||||
Securities sold under agreements to repurchase
|
(329
|
)
|
|
(60
|
)
|
|
51
|
|
|
(338
|
)
|
|
(518
|
)
|
|
(33
|
)
|
|
22
|
|
|
(529
|
)
|
||||||||
Advances from the FHLB
|
1,266
|
|
|
(219
|
)
|
|
(95
|
)
|
|
952
|
|
|
2,824
|
|
|
(97
|
)
|
|
(87
|
)
|
|
2,640
|
|
||||||||
Subordinated notes and debentures and other
|
(32
|
)
|
|
18
|
|
|
(1
|
)
|
|
(15
|
)
|
|
(61
|
)
|
|
8
|
|
|
(2
|
)
|
|
(55
|
)
|
||||||||
|
$
|
314
|
|
|
$
|
5,337
|
|
|
$
|
(19
|
)
|
|
$
|
5,632
|
|
|
$
|
943
|
|
|
$
|
10,037
|
|
|
$
|
(87
|
)
|
|
$
|
10,893
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
Inc (Dec)
|
|
2017
|
|
2016
|
|
Inc (Dec)
|
||||||||||||
Realized gain (loss) on securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sale of securities
|
$
|
(199
|
)
|
|
$
|
1,622
|
|
|
$
|
(1,821
|
)
|
|
$
|
83
|
|
|
$
|
2,612
|
|
|
$
|
(2,529
|
)
|
Total realized gain (loss) on securities
|
(199
|
)
|
|
1,622
|
|
|
(1,821
|
)
|
|
83
|
|
|
2,612
|
|
|
(2,529
|
)
|
||||||
Other-than-temporary loss on securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total impairment losses
|
$
|
(5,904
|
)
|
|
$
|
(7,718
|
)
|
|
$
|
1,814
|
|
|
$
|
(6,098
|
)
|
|
$
|
(8,999
|
)
|
|
$
|
2,901
|
|
Loss recognized in other comprehensive loss
|
5,897
|
|
|
6,368
|
|
|
(471
|
)
|
|
5,942
|
|
|
7,529
|
|
|
(1,587
|
)
|
||||||
Net impairment loss recognized in earnings
|
(7
|
)
|
|
(1,350
|
)
|
|
1,343
|
|
|
(156
|
)
|
|
(1,470
|
)
|
|
1,314
|
|
||||||
Fair value gain on trading securities
|
—
|
|
|
456
|
|
|
(456
|
)
|
|
—
|
|
|
567
|
|
|
(567
|
)
|
||||||
Total unrealized loss on securities
|
(7
|
)
|
|
(894
|
)
|
|
887
|
|
|
(156
|
)
|
|
(903
|
)
|
|
747
|
|
||||||
Prepayment penalty fee income
|
1,165
|
|
|
637
|
|
|
528
|
|
|
2,234
|
|
|
1,935
|
|
|
299
|
|
||||||
Gain on sale – other
|
1,920
|
|
|
2,033
|
|
|
(113
|
)
|
|
2,366
|
|
|
3,726
|
|
|
(1,360
|
)
|
||||||
Mortgage banking income
|
4,055
|
|
|
4,837
|
|
|
(782
|
)
|
|
8,763
|
|
|
9,970
|
|
|
(1,207
|
)
|
||||||
Banking service fees and other income
|
10,165
|
|
|
8,465
|
|
|
1,700
|
|
|
17,149
|
|
|
14,092
|
|
|
3,057
|
|
||||||
Total non-interest income
|
$
|
17,099
|
|
|
$
|
16,700
|
|
|
$
|
399
|
|
|
$
|
30,439
|
|
|
$
|
31,432
|
|
|
$
|
(993
|
)
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
||||||||||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
Inc (Dec)
|
|
2017
|
|
2016
|
|
Inc (Dec)
|
||||||||||||
Salaries and related costs
|
$
|
24,306
|
|
|
$
|
19,933
|
|
|
$
|
4,373
|
|
|
$
|
46,439
|
|
|
$
|
39,340
|
|
|
$
|
7,099
|
|
Data processing and internet
|
3,910
|
|
|
2,941
|
|
|
969
|
|
|
7,975
|
|
|
6,113
|
|
|
1,862
|
|
||||||
Advertising and promotional
|
3,811
|
|
|
1,981
|
|
|
1,830
|
|
|
6,777
|
|
|
4,522
|
|
|
2,255
|
|
||||||
Depreciation and amortization
|
1,947
|
|
|
1,411
|
|
|
536
|
|
|
3,695
|
|
|
2,764
|
|
|
931
|
|
||||||
Occupancy and equipment
|
1,437
|
|
|
1,363
|
|
|
74
|
|
|
2,918
|
|
|
2,638
|
|
|
280
|
|
||||||
Professional services
|
856
|
|
|
1,086
|
|
|
(230
|
)
|
|
2,480
|
|
|
2,440
|
|
|
40
|
|
||||||
FDIC and regulator fees
|
1,005
|
|
|
884
|
|
|
121
|
|
|
2,096
|
|
|
2,124
|
|
|
(28
|
)
|
||||||
Real estate owned and repossessed vehicles
|
24
|
|
|
348
|
|
|
(324
|
)
|
|
93
|
|
|
506
|
|
|
(413
|
)
|
||||||
Other general and administrative
|
3,513
|
|
|
3,353
|
|
|
160
|
|
|
6,356
|
|
|
5,731
|
|
|
625
|
|
||||||
Total non-interest expenses
|
$
|
40,809
|
|
|
$
|
33,300
|
|
|
$
|
7,509
|
|
|
$
|
78,829
|
|
|
$
|
66,178
|
|
|
$
|
12,651
|
|
|
December 31, 2017
|
|
June 30, 2017
|
||||||||||
(Dollars in thousands)
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||
Mortgage
|
$
|
3,981,075
|
|
|
50.0
|
%
|
|
$
|
3,901,754
|
|
|
52.4
|
%
|
Home equity
|
2,487
|
|
|
—
|
%
|
|
2,092
|
|
|
—
|
%
|
||
Warehouse and other
|
495,669
|
|
|
6.2
|
%
|
|
452,390
|
|
|
6.1
|
%
|
||
Multifamily real estate secured
|
1,698,450
|
|
|
21.3
|
%
|
|
1,619,404
|
|
|
21.7
|
%
|
||
Commercial real estate secured
|
176,147
|
|
|
2.2
|
%
|
|
162,715
|
|
|
2.2
|
%
|
||
Auto and RV secured
|
189,557
|
|
|
2.4
|
%
|
|
154,246
|
|
|
2.1
|
%
|
||
Factoring
|
194,252
|
|
|
2.4
|
%
|
|
160,674
|
|
|
2.1
|
%
|
||
Commercial & Industrial
|
1,151,904
|
|
|
14.5
|
%
|
|
992,232
|
|
|
13.3
|
%
|
||
Other
|
79,522
|
|
|
1.0
|
%
|
|
3,754
|
|
|
0.1
|
%
|
||
Total gross loans and leases
|
7,969,063
|
|
|
100.0
|
%
|
|
7,449,261
|
|
|
100.0
|
%
|
||
Allowance for loan and lease losses
|
(45,606
|
)
|
|
|
|
(40,832
|
)
|
|
|
||||
Unaccreted discounts and loan and lease fees
|
(49,026
|
)
|
|
|
|
(33,936
|
)
|
|
|
||||
Total net loans and leases
|
$
|
7,874,431
|
|
|
|
|
$
|
7,374,493
|
|
|
|
(Dollars in thousands)
|
December 31, 2017
|
|
June 30, 2017
|
|
Inc (Dec)
|
||||||
Non-performing assets:
|
|
|
|
|
|
||||||
Non-accrual loans and leases:
|
|
|
|
|
|
||||||
Single family real estate secured:
|
|
|
|
|
|
||||||
Mortgage
|
$
|
26,671
|
|
|
$
|
23,377
|
|
|
$
|
3,294
|
|
Home equity
|
16
|
|
|
16
|
|
|
—
|
|
|||
Multifamily real estate secured
|
3,000
|
|
|
4,255
|
|
|
(1,255
|
)
|
|||
Total non-performing loans secured by real estate
|
29,687
|
|
|
27,648
|
|
|
2,039
|
|
|||
Auto and RV secured
|
152
|
|
|
157
|
|
|
(5
|
)
|
|||
Commercial & Industrial
|
—
|
|
|
314
|
|
|
(314
|
)
|
|||
Other
|
150
|
|
|
274
|
|
|
(124
|
)
|
|||
Total non-performing loans and leases
|
29,989
|
|
|
28,393
|
|
|
1,596
|
|
|||
Foreclosed real estate
|
8,613
|
|
|
1,353
|
|
|
7,260
|
|
|||
Repossessed—Auto and RV
|
195
|
|
|
60
|
|
|
135
|
|
|||
Total non-performing assets
|
$
|
38,797
|
|
|
$
|
29,806
|
|
|
$
|
8,991
|
|
Total non-performing loans and leases as a percentage of total loans and leases
|
0.38
|
%
|
|
0.38
|
%
|
|
—
|
%
|
|||
Total non-performing assets as a percentage of total assets
|
0.44
|
%
|
|
0.35
|
%
|
|
0.09
|
%
|
|
December 31, 2017
|
|
June 30, 2017
|
||||||||||
(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
|
$
|
19,721
|
|
|
43.2
|
%
|
|
$
|
19,972
|
|
|
48.9
|
%
|
Home equity
|
20
|
|
|
—
|
%
|
|
19
|
|
|
—
|
%
|
||
Warehouse and other
|
2,496
|
|
|
5.5
|
%
|
|
2,298
|
|
|
5.6
|
%
|
||
Multifamily real estate secured
|
4,830
|
|
|
10.6
|
%
|
|
4,638
|
|
|
11.4
|
%
|
||
Commercial real estate secured
|
805
|
|
|
1.8
|
%
|
|
1,008
|
|
|
2.5
|
%
|
||
Auto and RV secured
|
2,907
|
|
|
6.4
|
%
|
|
2,379
|
|
|
5.8
|
%
|
||
Factoring
|
481
|
|
|
1.0
|
%
|
|
401
|
|
|
1.0
|
%
|
||
Commercial & Industrial
|
11,490
|
|
|
25.2
|
%
|
|
9,881
|
|
|
24.2
|
%
|
||
Other
|
2,856
|
|
|
6.3
|
%
|
|
236
|
|
|
0.6
|
%
|
||
Total
|
$
|
45,606
|
|
|
100.0
|
%
|
|
$
|
40,832
|
|
|
100.0
|
%
|
|
December 31, 2017
|
|
June 30, 2017
|
||||||||||
(Dollars in thousands)
|
Amount
|
|
Rate
1
|
|
Amount
|
|
Rate
1
|
||||||
Non-interest bearing
|
$
|
905,477
|
|
|
—
|
%
|
|
$
|
848,544
|
|
|
—
|
%
|
Interest-bearing:
|
|
|
|
|
|
|
|
||||||
Demand
|
2,842,521
|
|
|
1.09
|
%
|
|
2,593,491
|
|
|
0.89
|
%
|
||
Savings
|
2,610,420
|
|
|
0.96
|
%
|
|
2,651,176
|
|
|
0.81
|
%
|
||
Total interest-bearing demand and savings
|
5,452,941
|
|
|
1.03
|
%
|
|
5,244,667
|
|
|
0.85
|
%
|
||
Time deposits:
|
|
|
|
|
|
|
|
||||||
$250 and under
2
|
975,053
|
|
|
2.50
|
%
|
|
774,627
|
|
|
2.54
|
%
|
||
Greater than $250
|
59,762
|
|
|
0.76
|
%
|
|
31,669
|
|
|
0.39
|
%
|
||
Total time deposits
|
1,034,815
|
|
|
2.53
|
%
|
|
806,296
|
|
|
2.46
|
%
|
||
Total interest bearing
2
|
6,487,756
|
|
|
1.27
|
%
|
|
6,050,963
|
|
|
1.06
|
%
|
||
Total deposits
|
$
|
7,393,233
|
|
|
1.11
|
%
|
|
$
|
6,899,507
|
|
|
0.93
|
%
|
|
December 31, 2017
|
|
June 30, 2017
|
|
December 31, 2016
|
||
Non-interest bearing, prepaid and other
|
2,956,011
|
|
|
3,113,128
|
|
2,487,485
|
|
Checking and savings accounts
|
273,035
|
|
|
274,962
|
|
280,380
|
|
Time deposits
|
2,386
|
|
|
2,748
|
|
3,756
|
|
Total number of deposit accounts
|
3,231,432
|
|
|
3,390,838
|
|
2,771,621
|
|
|
|
December 31, 2017
|
|
June 30, 2017
|
|
December 31, 2016
|
|||||||||||||||
(Dollars in thousands)
|
|
Balance
|
|
Weighted Average Rate
|
|
Balance
|
|
Weighted Average Rate
|
|
Balance
|
|
Weighted Average Rate
|
|||||||||
Repurchase agreements
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
20,000
|
|
|
4.25
|
%
|
|
$
|
35,000
|
|
|
4.38
|
%
|
FHLB Advances
|
|
543,000
|
|
|
1.98
|
%
|
|
640,000
|
|
|
1.79
|
%
|
|
665,000
|
|
|
1.60
|
%
|
|||
Subordinated notes and debentures and other
|
|
54,503
|
|
|
6.56
|
%
|
|
54,463
|
|
|
6.57
|
%
|
|
56,408
|
|
|
6.30
|
%
|
|||
Total borrowings
|
|
$
|
597,503
|
|
|
2.40
|
%
|
|
$
|
714,463
|
|
|
2.22
|
%
|
|
$
|
756,408
|
|
|
2.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average cost of borrowings during the quarter
|
|
2.08
|
%
|
|
|
|
1.71
|
%
|
|
|
|
2.46
|
%
|
|
|
||||||
Borrowings as a percent of total assets
|
|
6.7
|
%
|
|
|
|
8.4
|
%
|
|
|
|
9.3
|
%
|
|
|
|
For the Six Months Ended
|
||||||
|
December 31,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Operating Activities
|
$
|
67,152
|
|
|
$
|
85,458
|
|
Investing Activities
|
$
|
(437,140
|
)
|
|
$
|
(366,847
|
)
|
Financing Activities
|
$
|
344,536
|
|
|
$
|
502,255
|
|
|
As of December 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
|
$
|
637,472
|
|
|
$
|
297,132
|
|
|
$
|
141,336
|
|
|
$
|
88,630
|
|
|
$
|
110,374
|
|
Time deposits
2
|
1,162,546
|
|
|
375,199
|
|
|
120,311
|
|
|
119,740
|
|
|
547,296
|
|
|||||
Operating lease obligations
3
|
15,553
|
|
|
4,716
|
|
|
7,871
|
|
|
1,874
|
|
|
1,092
|
|
|||||
Total
|
$
|
1,815,571
|
|
|
$
|
677,047
|
|
|
$
|
269,518
|
|
|
$
|
210,244
|
|
|
$
|
658,762
|
|
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
December 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)
|
December 31, 2017
|
|
June 30,
2017 |
|
December 31, 2017
|
|
June 30,
2017 |
|
|||||||||||||
Regulatory Capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1
|
$
|
873,296
|
|
|
$
|
833,759
|
|
|
$
|
872,225
|
|
|
$
|
804,317
|
|
|
|
|
|
||
Common equity tier 1
|
$
|
868,233
|
|
|
$
|
828,696
|
|
|
$
|
872,225
|
|
|
$
|
804,317
|
|
|
|
|
|
||
Total capital (to risk-weighted assets)
|
$
|
970,031
|
|
|
$
|
925,720
|
|
|
$
|
917,960
|
|
|
$
|
845,278
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average adjusted
|
$
|
8,508,789
|
|
|
$
|
8,380,909
|
|
|
$
|
8,500,740
|
|
|
$
|
8,374,509
|
|
|
|
|
|
||
Total risk-weighted
|
$
|
6,032,170
|
|
|
$
|
5,651,522
|
|
|
$
|
6,024,126
|
|
|
$
|
5,645,112
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 leverage (core) capital to adjusted average assets
|
10.26
|
%
|
|
9.95
|
%
|
|
10.26
|
%
|
|
9.60
|
%
|
|
5.00
|
%
|
|
4.00
|
%
|
||||
Common equity tier 1 capital (to risk-weighted assets)
|
14.39
|
%
|
|
14.66
|
%
|
|
14.48
|
%
|
|
14.25
|
%
|
|
6.50
|
%
|
|
4.50
|
%
|
||||
Tier 1 capital (to risk-weighted assets)
|
14.48
|
%
|
|
14.75
|
%
|
|
14.48
|
%
|
|
14.25
|
%
|
|
8.00
|
%
|
|
6.00
|
%
|
||||
Total capital (to risk-weighted assets)
|
16.08
|
%
|
|
16.38
|
%
|
|
15.23
|
%
|
|
14.97
|
%
|
|
10.00
|
%
|
|
8.00
|
%
|
|
Term to Repricing, Repayment, or Maturity at
|
||||||||||||||||||
|
December 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
|
$
|
618,089
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
618,089
|
|
Securities
1
|
155,886
|
|
|
3,683
|
|
|
12,183
|
|
|
19,973
|
|
|
191,725
|
|
|||||
Stock of the FHLB, at cost
|
63,207
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,207
|
|
|||||
Loans and leases—net of allowance for loan loss
|
2,666,396
|
|
|
1,037,176
|
|
|
4,029,116
|
|
|
141,743
|
|
|
7,874,431
|
|
|||||
Loans held for sale
|
31,566
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,566
|
|
|||||
Total interest-earning assets
|
3,535,144
|
|
|
1,040,859
|
|
|
4,041,299
|
|
|
161,716
|
|
|
8,779,018
|
|
|||||
Non-interest earning assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
136,941
|
|
|||||
Total assets
|
$
|
3,535,144
|
|
|
$
|
1,040,859
|
|
|
$
|
4,041,299
|
|
|
$
|
161,716
|
|
|
$
|
8,915,959
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
$
|
704,146
|
|
|
$
|
5,102,803
|
|
|
$
|
175,165
|
|
|
$
|
505,642
|
|
|
$
|
6,487,756
|
|
Securities sold under agreements to repurchase
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Advances from the FHLB
|
168,000
|
|
|
132,500
|
|
|
202,500
|
|
|
40,000
|
|
|
543,000
|
|
|||||
Subordinated notes and debentures and other
|
5,164
|
|
|
—
|
|
|
—
|
|
|
49,339
|
|
|
54,503
|
|
|||||
Total interest-bearing liabilities
|
877,310
|
|
|
5,235,303
|
|
|
377,665
|
|
|
594,981
|
|
|
7,085,259
|
|
|||||
Other non-interest-bearing liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
957,037
|
|
|||||
Stockholders’ equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
873,663
|
|
|||||
Total liabilities and equity
|
$
|
877,310
|
|
|
$
|
5,235,303
|
|
|
$
|
377,665
|
|
|
$
|
594,981
|
|
|
$
|
8,915,959
|
|
Net interest rate sensitivity gap
|
$
|
2,657,834
|
|
|
$
|
(4,194,444
|
)
|
|
$
|
3,663,634
|
|
|
$
|
(433,265
|
)
|
|
$
|
1,693,759
|
|
Cumulative gap
|
$
|
2,657,834
|
|
|
$
|
(1,536,610
|
)
|
|
$
|
2,127,024
|
|
|
$
|
1,693,759
|
|
|
$
|
1,693,759
|
|
Net interest rate sensitivity gap—as a % of total interest earning assets
|
30.27
|
%
|
|
(47.78
|
)%
|
|
41.73
|
%
|
|
(4.94
|
)%
|
|
19.29
|
%
|
|||||
Cumulative gap—as % of total interest earning assets
|
30.27
|
%
|
|
(17.50
|
)%
|
|
24.23
|
%
|
|
19.29
|
%
|
|
19.29
|
%
|
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.
|
|
As of December 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
|
$
|
377,778
|
|
|
6.1
|
%
|
|
$
|
365,416
|
|
|
(0.2
|
)%
|
Base
|
$
|
356,109
|
|
|
—
|
%
|
|
$
|
366,178
|
|
|
—
|
%
|
Down 200 basis points
|
$
|
326,375
|
|
|
(8.3
|
)%
|
|
$
|
353,302
|
|
|
(3.5
|
)%
|
|
As of December 31, 2017
|
||||||||
(Dollars in thousands)
|
Net
Present Value
|
|
Percentage Change from Base
|
|
Net
Present
Value as a
Percentage
of Assets
|
||||
Up 300 basis points
|
$
|
1,053,183
|
|
|
6.6
|
%
|
|
12.2
|
%
|
Up 200 basis points
|
$
|
1,070,718
|
|
|
8.3
|
%
|
|
12.2
|
%
|
Up 100 basis points
|
$
|
1,059,020
|
|
|
7.2
|
%
|
|
11.9
|
%
|
Base
|
$
|
988,337
|
|
|
—
|
%
|
|
11.0
|
%
|
Down 100 basis points
|
$
|
864,056
|
|
|
(12.6
|
)%
|
|
9.5
|
%
|
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 December 31, 2017
|
|
|
|
|
|
|
|
||||||
December 1, 2017 to December 31, 2017
|
1,003,463
|
|
|
$
|
28.20
|
|
|
1,003,463
|
|
|
$
|
71,704
|
|
For the Three Months Ended December 31, 2017
|
1,003,463
|
|
|
$
|
28.20
|
|
|
1,003,463
|
|
|
$
|
71,704
|
|
|
|
|
|
|
|
|
|
||||||
Stock Retained in Net Settlement
|
|
|
|
|
|
|
|
||||||
October 1, 2017 to October 31, 2017
|
12,876
|
|
|
|
|
|
|
|
|||||
November 1, 2017 to November 30, 2017
|
447
|
|
|
|
|
|
|
|
|||||
December 1, 2017 to December 31, 2017
|
29,065
|
|
|
|
|
|
|
|
|||||
For the Three Months Ended December 31, 2017
|
42,388
|
|
|
|
|
|
|
|
ITEM 6.
|
EXHIBITS
|
Exhibit
Number
|
Description
|
|
Incorporated By Reference to
|
|
|
|
|
31.1
|
|
Filed herewith.
|
|
|
|
|
|
31.2
|
|
Filed herewith.
|
|
|
|
|
|
32.1
|
|
Filed herewith.
|
|
|
|
|
|
32.2
|
|
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:
|
January 30, 2018
|
|
By:
|
|
/s/ Gregory Garrabrants
|
|
|
|
|
|
Gregory Garrabrants
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
Dated:
|
January 30, 2018
|
|
By:
|
|
/s/ Andrew J. Micheletti
|
|
|
|
|
|
Andrew J. Micheletti
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
|
1 Year Axos Finl (delisted) Chart |
1 Month Axos Finl (delisted) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions