UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM 10-K |
(Mark One) |
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended June 30, |
OR |
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______________ to _________________. |
Commission File Number 001-35019 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA |
(Exact name of registrant as specified in its charter) |
Louisiana | 02-0815311 | |
(State or Other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | Identification No.) | |
624 Market Street, Shreveport, Louisiana | 71101 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: |
Securities registered pursuant to Section 12(b) of the Act: | |||||||
Title of each | Trading Symbol(s) | Name of each exchange on which registered | |||||
Common Stock (par value $.01 per share) | HFBL | Nasdaq Stock Market, LLC | |||||
Securities registered pursuant to Section 12(g) of the Act: None |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | Yes | ☐ | No | ☒ | |
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | Yes | ☐ | No | ☒ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 5(d) of the Securities | |
Indicate by check mark whether the registrant has submitted electronically | |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of |
Large accelerated filer | ☐ | Accelerated filer | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | ||
Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐ | |
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ | |
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ | |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ | |
The aggregate value of the | |
Number of shares of Common Stock outstanding as of September | |
DOCUMENTS INCORPORATED BY REFERENCE | |
Portions of the Definitive Proxy Statement for the | |
PART I. | |||
Item 1. | 1 | ||
Item 1A. | |||
27 | |||
Item 1B. | |||
27 | |||
Item 2. | 27 | ||
Item 3. | 27 | ||
Item 4. | 27 | ||
PART II. | |||
Item 5. | 28 | ||
Item 6. | |||
28 | |||
Item 7. | |||
28 | |||
Item 7A. | |||
40 | |||
Item 8. | |||
41 | |||
Item 9. | |||
94 | |||
Item 9A. | |||
94 | |||
Item 9B. | |||
Item 9C. | 94 | ||
PART III. | |||
Item 10. | |||
95 | |||
Item 11. | |||
95 | |||
Item 12. | |||
95 | |||
Item 13. | |||
95 | |||
Item 14. | |||
96 | |||
PART IV. | |||
Item 15. | |||
Item 16. | 97 | ||
98 |
June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | Percent | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent of Total Loans | Amount | Percent of Total Loans | Amount | Percent of Total Loans | Amount | Percent of Total Loans | Amount | Percent of Total Loans | of Total | of Total | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Loans | Amount | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential(1) | $ | 125,306 | 39.57 | % | $ | 118,035 | 40.17 | % | $ | 103,332 | 38.11 | % | $ | 89,545 | 36.96 | % | $ | 73,243 | 35.11 | % | $ | 179,579 | 36.29 | % | $ | 120,014 | 30.57 | % | ||||||||||||||||||||||||||||
Commercial – real estate secured: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 51,749 | 16.34 | 47,425 | 16.14 | 38,280 | 14.12 | 29,210 | 12.06 | 25,523 | 12.24 | 104,974 | 21.22 | 71,871 | 18.30 | ||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 26,196 | 8.27 | 21,772 | 7.41 | 23,800 | 8.78 | 27,056 | 11.17 | 25,646 | 12.30 | 43,467 | 8.78 | 55,718 | 14.19 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial-real estate secured | 77,945 | 24.61 | 69,197 | 23.55 | 62,080 | 22.90 | 56,266 | 23.23 | 51,169 | 24.54 | 148,441 | 30.00 | 127,589 | 32.49 | ||||||||||||||||||||||||||||||||||||||||||
Multi-family residential | 21,281 | 6.72 | 20,661 | 7.03 | 15,246 | 5.62 | 20,368 | 8.41 | 19,587 | 9.39 | 28,849 | 5.83 | 30,411 | 7.75 | ||||||||||||||||||||||||||||||||||||||||||
Land | 25,038 | 7.91 | 24,308 | 8.27 | 19,866 | 7.33 | 19,945 | 8.23 | 15,589 | 7.47 | 26,841 | 5.42 | 22,127 | 5.64 | ||||||||||||||||||||||||||||||||||||||||||
Construction | 9,529 | 3.01 | 14,442 | 4.92 | 17,620 | 6.50 | 12,505 | 5.16 | 16,937 | 8.12 | 28,035 | 5.67 | 27,884 | 7.10 | ||||||||||||||||||||||||||||||||||||||||||
Home equity loans and second mortgage loans | 1,710 | 0.54 | 1,526 | 0.52 | 2,460 | 0.91 | 2,563 | 1.06 | 2,305 | 1.11 | 2,450 | 0.50 | 1,587 | 0.40 | ||||||||||||||||||||||||||||||||||||||||||
Equity lines of credit | 20,976 | 6.62 | 17,290 | 5.88 | 22,187 | 8.18 | 14,950 | 6.17 | 12,592 | 6.04 | 23,817 | 4.81 | 17,831 | 4.54 | ||||||||||||||||||||||||||||||||||||||||||
Total real estate loans | 281,785 | 88.98 | 265,459 | 90.34 | 242,791 | 89.55 | 216,142 | 89.22 | 191,422 | 91.78 | 438,012 | 88.52 | 347,443 | 88.49 | ||||||||||||||||||||||||||||||||||||||||||
Commercial business | 34,429 | 10.87 | 27,886 | 9.49 | 28,019 | 10.33 | 25,749 | 10.63 | 16,776 | 8.04 | 55,364 | 11.19 | 44,487 | 11.33 | ||||||||||||||||||||||||||||||||||||||||||
Consumer non-real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 420 | 0.13 | 404 | 0.14 | 209 | 0.08 | 255 | 0.11 | 259 | 0.12 | 372 | 0.07 | 266 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 63 | 0.02 | 86 | 0.03 | 110 | 0.04 | 111 | 0.04 | 128 | 0.06 | 1,082 | 0.22 | 439 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||
Total non-real estate loans | 34,912 | 11.02 | 28,376 | 9.66 | 28,338 | 10.45 | 26,115 | 10.78 | 17,163 | 8.22 | 56,818 | 11.48 | 45,192 | 11.51 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | 316,697 | 100.00 | % | 293,835 | 100.00 | % | 271,129 | 100.00 | % | 242,257 | 100.00 | % | 208,585 | 100.00 | % | 494,830 | 100.00 | % | 392,635 | 100.00 | % | |||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (3,729 | ) | (2,845 | ) | (2,515 | ) | (2,396 | ) | (2,240 | ) | (5,173 | ) | (4,451 | ) | ||||||||||||||||||||||||||||||||||||||||||
Deferred loan fees | (196 | ) | (163 | ) | (187 | ) | (298 | ) | (266 | ) | (164 | ) | (311 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net loans receivable(1) | $ | 312,772 | $ | 290,827 | $ | 268,427 | $ | 239,563 | $ | 206,079 | ||||||||||||||||||||||||||||||||||||||||||||||
Net loans receivable (1) | $ | 489,493 | $ | 387,873 |
(1) | Does not include loans held-for-sale amounting to |
Year Ended June 30, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
(In thousands) | ||||||||||||
Loan originations: | ||||||||||||
One-to-four family residential | $ | 127,233 | $ | 115,449 | $ | 103,052 | ||||||
Commercial — real estate secured: | ||||||||||||
Owner occupied | 64,522 | 48,076 | 69,849 | |||||||||
Non-owner occupied | 8,313 | 8,169 | 5,307 | |||||||||
Multi-family residential | 2,979 | 5,914 | 3,035 | |||||||||
Commercial business | 51,183 | 33,092 | 48,309 | |||||||||
Land | 11,081 | 8,302 | 7,176 | |||||||||
Construction | 28,809 | 19,538 | 26,920 | |||||||||
Home equity loans and lines of credit and other consumer | 10,587 | 9,351 | 8,974 | |||||||||
Total loan originations | 304,707 | 247,891 | 272,622 | |||||||||
Loans purchased | -- | -- | -- | |||||||||
Total loan originations and loans purchased | 304,707 | 247,891 | 272,622 | |||||||||
Loans Sold | (111,171 | ) | (101,295 | ) | (86,806 | ) | ||||||
Loan principal repayments | (165,177 | ) | (126,172 | ) | (152,117 | ) | ||||||
Total loans sold and principal repayments | (276,348 | ) | (227,467 | ) | (238,923 | ) | ||||||
Increase (decrease) due to other items, net(1) | (6,414 | ) | 1,976 | (4,835 | ) | |||||||
Net increase in loan portfolio | $ | 21,945 | $ | 22,400 | $ | 28,864 |
Year Ended June 30, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Loan originations: | ||||||||
One-to-four family residential | $ | 59,319 | $ | 148,081 | ||||
Commercial — real estate secured: | ||||||||
Owner occupied | 33,562 | 31,649 | ||||||
Non-owner occupied | 19,289 | 33,216 | ||||||
Multi-family residential | 21,233 | 4,951 | ||||||
Commercial business | 51,314 | 48,253 | ||||||
Land | 12,514 | 21,793 | ||||||
Construction | 25,300 | 35,916 | ||||||
Home equity loans and lines of credit and other consumer | 21,493 | 15,750 | ||||||
Total loan originations | 244,024 | 339,609 | ||||||
Loans purchased | 54,949 | -- | ||||||
Total loan originations and loans purchased | 298,973 | 339,609 | ||||||
Loans Sold | (24,865 | ) | ( 87,238 | ) | ||||
Loan principal repayments | (171,869 | ) | (199,431 | ) | ||||
Total loans sold and principal repayments | 102,239 | 52,940 | ||||||
Increase (decrease) due to other items, net(1) | $ | 103 | (11,910 | ) | ||||
Net (decrease) increase in loan portfolio | $ | 102,342 | $ | (41,030 | ) |
(1) | Other items consist of deferred loan fees, the allowance for loan losses, and loans held-for-sale at year end. |
One-to- Four Family Residential | Commercial Real Estate Secured | Multi Family Residential | Commercial Business | Land | Construction | Home Equity Loans and Lines of Credit and Other Consumer | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Amounts due after June 30, 2017 in: | ||||||||||||||||||||||||||||||||
One year or less | $ | 16,375 | $ | 14,089 | $ | 324 | $ | 13,234 | $ | 13,615 | $ | 9,332 | $ | 6,024 | $ | 72,993 | ||||||||||||||||
After one year through two years | 5,947 | 11,000 | 6,321 | 5,578 | 5,717 | 197 | 3,535 | 38,295 | ||||||||||||||||||||||||
After two years through three years | 5,732 | 6,590 | 722 | 4,354 | 2,882 | -- | 1,653 | 21,934 | ||||||||||||||||||||||||
After three years through five years | 24,187 | 20,566 | 1,224 | 8,154 | 1,935 | -- | 157 | 56,223 | ||||||||||||||||||||||||
After five years through ten years | 8,310 | 23,155 | 8,630 | 3,109 | 889 | -- | 845 | 44,938 | ||||||||||||||||||||||||
After ten years through fifteen years | 8,248 | 2,545 | 2,084 | -- | -- | -- | 10,859 | 23,736 | ||||||||||||||||||||||||
After fifteen years | 56,507 | -- | 1,976 | -- | -- | -- | 96 | 58,579 | ||||||||||||||||||||||||
Total | $ | 125,306 | $ | 77,945 | $ | 21,281 | $ | 34,429 | $ | 25,038 | $ | 9,529 | $ | 23,169 | $ | 316,697 |
One-to- Four Family Residential | Commercial Real Estate Secured | Multi Family Residential | Commercial Business | Land | Construction | Home Equity Loans and Lines of Credit and Other Consumer | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Amounts due after June 30, 2023 in: | ||||||||||||||||||||||||||||||||
One year or less | $ | 15,344 | $ | 19,461 | $ | 1,223 | $ | 14,437 | $ | 9,993 | $ | 21,248 | $ | 9,542 | $ | 91,248 | ||||||||||||||||
After one year through two years | 9,798 | 10,007 | 2,107 | 5,159 | 2,820 | 5,187 | 1,911 | 36,989 | ||||||||||||||||||||||||
After two years through three years | 14,495 | 9,259 | 4,526 | 5,640 | 4,050 | -- | 834 | 38,804 | ||||||||||||||||||||||||
After three years through five years | 60,487 | 56,569 | 7,467 | 17,154 | 6,780 | -- | 5,442 | 153,899 | ||||||||||||||||||||||||
After five years through ten years | 17,072 | 50,964 | 3,246 | 10,115 | 2,626 | -- | 1.982 | 86,005 | ||||||||||||||||||||||||
After ten years through fifteen years | 9,525 | 1,701 | 9,288 | 2,859 | 183 | 1,316 | 7,455 | 32,327 | ||||||||||||||||||||||||
After fifteen years | 52,858 | 480 | 992 | -- | 389 | 284 | 555 | 55,558 | ||||||||||||||||||||||||
Total | $ | 179,579 | $ | 148,441 | $ | 28,849 | $ | 55,364 | $ | 26,841 | $ | 28,035 | $ | 27,721 | $ | 494,830 |
Floating or | Floating or | |||||||||||||||||||||||
Fixed-Rate | Adjustable-Rate | Total | Fixed-Rate | Adjustable-Rate | Total | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
One-to-four family residential | $ | 100,830 | $ | 8,101 | $ | 108,931 | $ | 127,766 | $ | 36,466 | $ | 164,232 | ||||||||||||
Commercial — real estate secured | 60,149 | 3,707 | 63,856 | 126,267 | 2,713 | 128,980 | ||||||||||||||||||
Multi-family residential | 18,195 | 2,762 | 20,957 | 27,626 | -- | 27,626 | ||||||||||||||||||
Commercial business | 15,744 | 5,451 | 21,195 | 36,567 | 4,360 | 40,927 | ||||||||||||||||||
Land | 6,402 | 5,021 | 11,423 | 16,069 | 780 | 16,849 | ||||||||||||||||||
Construction | 197 | -- | 197 | 4,243 | 2,545 | 6,788 | ||||||||||||||||||
Home equity loans and lines of credit and other consumer | 1,733 | 15,412 | 17,145 | 8,502 | 9,678 | 18,180 | ||||||||||||||||||
Total | $ | 203,250 | $ | 40,454 | $ | 243,704 | $ | 347,040 | $ | 56,542 | $ | 403,582 |
June 30, | ||||||||||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||||||||||
30-89 | 90 or More Days | 30-89 | 90 or More Days | |||||||||||||||||||||||||||||
Days Overdue | Overdue | Days Overdue | Overdue | |||||||||||||||||||||||||||||
Number | Principal | Number | Principal | Number | Principal | Number | Principal | |||||||||||||||||||||||||
of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
One-to-four family residential | 23 | $ | 2,000 | 6 | $ | 662 | 37 | $ | 4,320 | 2 | $ | 114 | ||||||||||||||||||||
Commercial — real estate secured | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
Commercial business | 1 | 8 | 15 | 2,503 | -- | -- | -- | -- | ||||||||||||||||||||||||
Land | -- | -- | -- | -- | 1 | 555 | -- | -- | ||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
Home equity loans and lines of credit and other consumer | 3 | 194 | 1 | 4 | 3 | 93 | -- | -- | ||||||||||||||||||||||||
Total delinquent loans | 27 | $ | 2,202 | 22 | $ | 3,169 | 41 | $ | 4,968 | 2 | $ | 114 | ||||||||||||||||||||
Delinquent loans to total net loans | 0.70 | % | 1.01 | % | 1.71 | % | 0.04 | % | ||||||||||||||||||||||||
Delinquent loans to total loans | 0.70 | % | 1.00 | % | 1.69 | % | 0.04 | % |
June 30, | ||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
30 – 89 Days Overdue | 90 or More Days Overdue | 30 – 89 Days Overdue | 90 or More Days Overdue | |||||||||||||||||||||||||||||
Number | Principal | Number | Principal | Number | Principal | Number | Principal | |||||||||||||||||||||||||
of Loans | Balance | of Loans | Balance | of Loans | Balance | of Loans | Balance | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
One-to-four family residential | 3 | $ | 927 | 1 | $ | $1,175 | 4 | $ | 1,923 | 5 | $ | 387 | ||||||||||||||||||||
Commercial – real estate secured | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
Commercial business | 3 | 63 | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
Land | 1 | 36 | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||
Home equity loans and lines of credit and other consumer | 3 | 54 | -- | -- | 1 | 24 | -- | -- | ||||||||||||||||||||||||
Total delinquent loans | 10 | 1,080 | $ | 4 | 1,175 | $ | 5 | $ | 1,947 | 5 | $ | 387 | ||||||||||||||||||||
Delinquent loans to total net loans | 0.22 | % | 0.24 | % | 0.50 | % | 0.30 | % | ||||||||||||||||||||||||
Delinquent loans to total loans | 0.22 | % | 0.24 | % | 0.50 | % | 0.30 | % |
June 30, | June 30, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2023 | 2022 | ||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||
Non-accruing loans: | ||||||||||||||||||||||||||||
One-to-four family residential | $ | 317 | $ | 13 | $ | 13 | $ | 151 | $ | 386 | $ | 1,164 | $ | 2,157 | ||||||||||||||
Commercial — real estate secured | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Commercial business | 2,503 | -- | -- | -- | -- | 64 | -- | |||||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Home equity loans and lines of credit and other consumer | -- | -- | -- | 27 | 27 | -- | -- | |||||||||||||||||||||
Total non-accruing loans | 2,820 | 13 | 13 | 178 | 413 | 1,228 | 2,157 | |||||||||||||||||||||
Accruing loans 90 days or more past due: | ||||||||||||||||||||||||||||
One-to-four family residential | 181 | 101 | 67 | 13 | 236 | -- | 26 | |||||||||||||||||||||
Commercial — real estate secured | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Multi-family residential | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Commercial business | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Land | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Home equity loans and lines of credit and other consumer | 4 | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||
Total non-performing loans(1) | 3,005 | 114 | 80 | 191 | 649 | 1,228 | 2,183 | |||||||||||||||||||||
Real estate owned, net | 540 | -- | 40 | -- | -- | -- | ||||||||||||||||||||||
Total non-performing assets | $ | 3,545 | $ | 114 | $ | 120 | $ | 191 | $ | 649 | $ | 368 | $ | 2,183 | ||||||||||||||
Troubled debt restructurings (2) | -- | 1,990 | -- | -- | -- | 10 | 212 | |||||||||||||||||||||
Total non-performing assets and troubled debt restructurings | $ | 3,545 | $ | 2,104 | $ | 120 | $ | 191 | $ | 649 | $ | 1,606 | $ | 2,395 | ||||||||||||||
Total non-performing loans as a percent of loans, net | 0.96 | % | 0.04 | % | 0.03 | % | 0.07 | % | 0.31 | % | 0.25 | % | 0.56 | % | ||||||||||||||
Total non-performing assets as a percent of total assets | 0.83 | % | 0.03 | % | 0.03 | % | 0.05 | % | 0.23 | % | 0.06 | % | 0.37 | % | ||||||||||||||
Total non-performing assets and troubled debt restructurings as a percentage of total assets | 0.83 | % | 0.55 | % | 0.03 | % | 0.05 | % | 0.23 | % | 0.24 | % | 0.41 | % |
(1) | Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past due. |
(2) | Troubled debt restructurings not included in non-accruing loans and accruing loans 90 days or more past due. |
June 30, | June 30, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2023 | 2022 | ||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||
Total loans outstanding at end of period | $ | 316,697 | $ | 293,835 | $ | 271,129 | $ | 242,257 | $ | 208,585 | $ | 494,830 | $ | 392,635 | ||||||||||||||
Average loans outstanding | 312,132 | 287,405 | 269,408 | 224,463 | 197,812 | 442,469 | 360,774 | |||||||||||||||||||||
Allowance for loan losses, beginning of period | 2,845 | 2,515 | 2,396 | 2,240 | 1,698 | 4,451 | 4,122 | |||||||||||||||||||||
Provision for loan losses | 900 | 271 | 300 | 168 | 558 | 868 | 336 | |||||||||||||||||||||
Recoveries | 14 | 59 | -- | -- | -- | 91 | 24 | |||||||||||||||||||||
Charge-offs | (30 | ) | -- | (181 | ) | (12 | ) | (16 | ) | (237 | ) | (31 | ) | |||||||||||||||
Allowance for loan losses, end of period | $ | 3,729 | $ | 2,845 | $ | 2,515 | $ | 2,396 | $ | 2,240 | $ | 5,173 | $ | 4,451 | ||||||||||||||
Allowance for loan losses as a percent of non-performing loans | 123.65 | % | 2,501.99 | % | 3,143.75 | % | 1,254.45 | % | 345.15 | % | 417.85 | % | 202.91 | % | ||||||||||||||
Allowance for loan losses as a percent of loans outstanding | 1.18 | % | 0.97 | % | 0.93 | % | 0.99 | % | 1.07 | % | 1.05 | % | 1.13 | % |
2023 | 2022 | |||||||||||||||
Amount of Allowance | Loan Category as a % of Total Loans | Amount of Allowance | Loan Category as a % of Total Loans | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
One-to-four family residential | $ | 1,900 | 36.72 | % | $ | 1,367 | 30.71 | % | ||||||||
Commercial – real estate secured | 1,673 | 32.34 | 1,295 | 29.10 | ||||||||||||
Multi-family residential | 228 | 4.41 | 357 | 8.02 | ||||||||||||
Commercial business | 588 | 11.37 | 646 | 14.51 | ||||||||||||
Land | 274 | 5.30 | 305 | 6.85 | ||||||||||||
Construction | 254 | 4.91 | 282 | 6.34 | ||||||||||||
Home equity loans and lines of credit and other consumer | 256 | 4.95 | 199 | 4.47 | ||||||||||||
Total | $ | 5,173 | 100.00 | % | $ | 4,451 | 100.00 | % |
June 30, | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Amount of Allowance | Loan Category as a % of Total Loans | Amount of Allowance | Loan Category as a % of Total Loans | Amount of Allowance | Loan Category as a % of Total Loans | Amount of Allowance | Loan Category as a % of Total Loans | Amount of Allowance | Loan Category as a % of Total Loans | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 1,822 | 39.57 | % | $ | 1,517 | 40.17 | % | $ | 1,195 | 38.11 | % | $ | 1,224 | 36.96 | % | $ | 1,023 | 35.11 | % | ||||||||||||||||||||
Commercial – real estate secured | 353 | 24.61 | 321 | 23.55 | 415 | 22.90 | 464 | 23.23 | 338 | 24.54 | ||||||||||||||||||||||||||||||
Multi-family residential | 73 | 6.72 | 111 | 7.03 | 103 | 5.62 | 128 | 8.41 | 103 | 9.39 | ||||||||||||||||||||||||||||||
Commercial business | 979 | 10.87 | 444 | 9.49 | 305 | 10.33 | 202 | 10.63 | 412 | 8.04 | ||||||||||||||||||||||||||||||
Land | 203 | 7.91 | 201 | 8.27 | 154 | 7.33 | 168 | 8.23 | 127 | 7.47 | ||||||||||||||||||||||||||||||
Construction | 147 | 3.01 | 126 | 4.92 | 146 | 6.50 | 105 | 5.16 | 146 | 8.12 | ||||||||||||||||||||||||||||||
Home equity loans and lines of credit and other consumer | 152 | 7.31 | 125 | 6.57 | 197 | 9.21 | 105 | 7.38 | 91 | 7.33 | ||||||||||||||||||||||||||||||
Total | $ | 3,729 | 100.00 | % | $ | 2,845 | 100.00 | % | $ | 2,515 | 100.00 | % | $ | 2,396 | 100.00 | % | $ | 2,240 | 100.00 | % |
June 30, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Securities Held-to-Maturity: | ||||||||||||||||
Mortgage-backed securities | $ | 71,568 | $ | 58,447 | $ | 78,072 | $ | 67,737 | ||||||||
Municipals | 1,311 | 1,231 | 1,336 | 1,234 | ||||||||||||
FNBB stock | 250 | 250 | 250 | 250 | ||||||||||||
FHLB stock | 1,294 | 1,294 | 292 | 292 | ||||||||||||
Total Securities Held-to-Maturity | 74,423 | 61,222 | 79,950 | 69,513 | ||||||||||||
Securities Available-for-Sale: | ||||||||||||||||
Mortgage-backed securities | 32,063 | 28,634 | 30,250 | 28,099 | ||||||||||||
Municipals | 1,068 | 1,076 | -- | -- | ||||||||||||
US Treasury Securities | 9,779 | 9,841 | -- | -- | ||||||||||||
Total Securities Available for sale | 42,910 | 39,551 | 30,250 | 28,099 | ||||||||||||
Total Investment Securities | $ | 117,333 | $ | 100,773 | $ | 110,200 | $ | 97,612 |
June 30, | ||||||||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Securities Held-to-Maturity: | ||||||||||||||||||||||||
Mortgage-backed securities | $ | 25,558 | $ | 25,190 | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
FNBB stock | 250 | 250 | 250 | 250 | 250 | 250 | ||||||||||||||||||
FHLB stock | 2,549 | 2,549 | 2,099 | 2,099 | 1,760 | 1,760 | ||||||||||||||||||
Total Securities Held-to-Maturity | 28,357 | 27,989 | 2,349 | 2,349 | 2,010 | 2,010 | ||||||||||||||||||
Securities Available-for-Sale: | ||||||||||||||||||||||||
Mortgage-backed securities | 37,468 | 36,935 | 50,045 | 50,173 | 44,733 | 44,885 | ||||||||||||||||||
Total Investment Securities | $ | 65,825 | $ | 64,924 | $ | 52,394 | $ | 52,522 | $ | 46,743 | $ | 46,895 |
Amounts at June 30, 2017 which Mature in | ||||||||||||||||||||||||||||||||
One Year or Less | Weighted Average Yield | Over One Year Through Five Years | Weighted Average Yield | Over Five Through Ten Years | Weighted Average Yield | Over Ten Years | Weighted Average Yield | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Bonds and other debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 11 | 1.95 | % | $ | 61 | 4.37 | % | $ | 43 | 1.93 | % | $ | 62,010 | 1.98 | % | ||||||||||||||||
Equity securities(1): | ||||||||||||||||||||||||||||||||
FNBB stock | -- | -- | -- | -- | -- | -- | 250 | 1.13 | % | |||||||||||||||||||||||
FHLB stock | -- | -- | -- | -- | -- | -- | 2,549 | 1.65 | % | |||||||||||||||||||||||
Total investment securities and bank stock | $ | 11 | 1.95 | % | $ | 61 | 4.37 | % | $ | 43 | 1.93 | % | $ | 64,809 | 2.55 | % |
Amounts at June 30, 2023 which Mature in | ||||||||||||||||||||||||||||||||
One Year or Less | Weighted Average Yield | Over One Year Through Five Years | Weighted Average Yield | Over Five Through Ten Years | Weighted Average Yield | Over Ten Years | Weighted Average Yield | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Bonds and other debt securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | -- | -- | % | $ | 1 | 3.14 | % | $ | 1,771 | 2.85 | % | $ | 85,309 | 1.88 | % | ||||||||||||||||
Municipals | -- | -- | 210 | 1.05 | -- | -- | 2,097 | 3.19 | ||||||||||||||||||||||||
US Treasury securities | 7,847 | 2.15 | 1,994 | 2.01 | -- | -- | -- | -- | ||||||||||||||||||||||||
Equity securities(1): | ||||||||||||||||||||||||||||||||
FNBB stock | -- | -- | -- | -- | -- | -- | 250 | 1.25 | % | |||||||||||||||||||||||
FHLB stock | -- | -- | -- | -- | -- | -- | 1,294 | 4.60 | % | |||||||||||||||||||||||
Total investment securities and bank stock | $ | 7,847 | 2.15 | % | $ | 2,205 | 1.92 | % | $ | 1,771 | 2.85 | % | $ | 88,950 | 1.95 | % |
(1) | None of the listed equity securities has a stated maturity. |
June 30, | June 30, | |||||||||||||||||||
2017 | 2016 | 2015 | 2023 | 2022 | ||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Fixed rate: | ||||||||||||||||||||
GNMA | $ | 32 | $ | 41 | $ | 50 | $ | 4,114 | $ | 3,831 | ||||||||||
FHLMC | 8,781 | 10,698 | 147 | 35,291 | 34,906 | |||||||||||||||
FNMA | 45,110 | 27,108 | 27,596 | 47,461 | 55,940 | |||||||||||||||
Total fixed rate | 53,923 | 37,847 | 27,793 | 86,866 | 94,677 | |||||||||||||||
Adjustable rate: | ||||||||||||||||||||
GNMA | 8,098 | 12,116 | 16,744 | 210 | 1,150 | |||||||||||||||
FHLMC | 67 | 96 | 137 | 5 | 9 | |||||||||||||||
FNMA | 37 | 114 | 211 | -- | -- | |||||||||||||||
Total adjustable-rate | 8,202 | 12,326 | 17,092 | 215 | 1,159 | |||||||||||||||
Total mortgage-backed securities | $ | 62,125 | $ | 50,173 | $ | 44,885 | $ | 87,081 | $ | 95,836 |
Amounts at June 30, 2017 which Mature in | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted | Over One | Weighted | Weighted | |||||||||||||||||||||||||||||||||||||||||||||
One Year | Average | through | Average | Over | Average | Amounts at June 30, 2023 Which Mature in | ||||||||||||||||||||||||||||||||||||||||||
or Less | Yield | Five Years | Yield | Five Years | Yield | One Year or Less | Weighted Average Yield | Over One through Five Years | Weighted Average Yield | Over Five Years | Weighted Average Yield | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate: | ||||||||||||||||||||||||||||||||||||||||||||||||
GNMA | $ | -- | -- | % | $ | 21 | 8.88 | % | $ | 11 | 7.85 | % | $ | -- | -- | % | $ | -- | -- | % | $ | 4,114 | 1.53 | % | ||||||||||||||||||||||||
FHLMC | -- | -- | -- | -- | 8,781 | 1.55 | -- | -- | -- | -- | 35,291 | 1.90 | ||||||||||||||||||||||||||||||||||||
FNMA | -- | -- | -- | -- | 45,110 | 2.34 | -- | -- | -- | -- | 47,460 | 1.88 | ||||||||||||||||||||||||||||||||||||
Total fixed-rate | -- | -- | % | 21 | 8.88 | % | 53,902 | 2.21 | % | -- | -- | % | -- | -- | % | $ | 86,865 | 1.87 | % | |||||||||||||||||||||||||||||
Adjustable rate: | ||||||||||||||||||||||||||||||||||||||||||||||||
GNMA | $ | -- | -- | % | $ | -- | -- | % | $ | 8,098 | 0.39 | % | $ | -- | -- | % | $ | 1 | 3.15 | % | $ | 210 | 2.71 | % | ||||||||||||||||||||||||
FHLMC | 3 | 1.61 | 13 | 1.83 | 51 | 2.21 | -- | -- | -- | -- | 5 | 4.00 | ||||||||||||||||||||||||||||||||||||
FNMA | 8 | 2.06 | 27 | 2.05 | 2 | 2.14 | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||
Total adjustable-rate | 11 | 1.95 | % | 40 | 1.98 | % | 8,151 | 0.40 | ||||||||||||||||||||||||||||||||||||||||
Total adjustable rate | -- | -- | % | $ | 1 | 3.15 | % | $ | 215 | 2.74 | % | |||||||||||||||||||||||||||||||||||||
Total | $ | 11 | 1.95 | % | $ | 61 | 4.37 | % | $ | 62,053 | 1.97 | % | $ | -- | -- | % | $ | 1 | 3.15 | % | $ | 87,080 | 1.87 | % |
At or For the Year Ended June 30, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
(Dollars in thousands) | ||||||||||||
Mortgage-backed securities at beginning of period | $ | 50,046 | $ | 44,733 | $ | 48,173 | ||||||
Purchases | 27,234 | 16,722 | 9,843 | |||||||||
Repayments | (14,218 | ) | (11,392 | ) | (11,263 | ) | ||||||
Sales | -- | -- | (1,954 | ) | ||||||||
Amortizations of premiums and discounts, net | (36 | ) | (17 | ) | (66 | ) | ||||||
Mortgage-backed securities at end of period | $ | 63,026 | $ | 50,046 | $ | 44,733 | ||||||
Weighted average yield at end of period | 1.98 | % | 1.77 | % | 1.90 | % |
At or For the Year Ended June 30, | ||||||||
2023 | 2022 | |||||||
(Dollars in thousands) | ||||||||
Mortgage-backed securities at beginning of period | $ | 108,322 | $ | 82,019 | ||||
Purchases | 6,278 | 44,103 | ||||||
Repayments | (11,029 | ) | (17,716 | ) | ||||
Sales | -- | -- | ||||||
Amortizations of premiums and discounts, net | 60 | (84 | ) | |||||
Mortgage-backed securities at end of period | $ | 103,631 | $ | 108,322 | ||||
Weighted average yield at end of period | 1.84 | % | 1.68 | % |
June 30, | |||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | June 30, | ||||||||||||||||||||||||||||||||||||||||
Amount | Percent of Total Deposits | Amount | Percent of Total Deposits | Amount | Percent of Total Deposits | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Amount | Percent of Total Deposits | Amount | Percent of Total Deposits | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Certificate accounts: | Certificate accounts: | ||||||||||||||||||||||||||||||||||||||||||
0.00% - 0.99% | $ | 28,293 | 8.60 | % | $ | 46,544 | 16.17 | % | $ | 57,103 | 19.95 | % | |||||||||||||||||||||||||||||||
1.00% - 1.99% | 123,037 | 37.39 | 70,606 | 24.53 | 68,242 | 23.84 | |||||||||||||||||||||||||||||||||||||
2.00% - 2.99% | 11,306 | 3.44 | 14,961 | 5.20 | 15,943 | 5.57 | |||||||||||||||||||||||||||||||||||||
3.00% - 3.99% | -- | -- | 386 | 0.13 | 4,684 | 1.64 | |||||||||||||||||||||||||||||||||||||
0.00%- 0.99% | $ | 19,248 | 3.22 | % | $ | 36,150 | $ | 6.80 | % | ||||||||||||||||||||||||||||||||||
1.00%- 1.99% | 11,630 | 1.95 | 28,559 | 5.37 | |||||||||||||||||||||||||||||||||||||||
2.00%- 2.99% | 14,647 | 2.45 | 14,323 | 2.69 | |||||||||||||||||||||||||||||||||||||||
3.00%- 3.99% | 50,365 | 8.43 | 1,252 | 0.23 | |||||||||||||||||||||||||||||||||||||||
4.00%- 4.99% | 93,037 | 15.57 | -- | -- | |||||||||||||||||||||||||||||||||||||||
5.00%- 5.99% | 1,456 | 0.24 | -- | -- | |||||||||||||||||||||||||||||||||||||||
Total certificate accounts | Total certificate accounts | 162,636 | 49.43 | 132,497 | 46.03 | 145,972 | 51.00 | 190,383 | 31.87 | 80,284 | 15.09 | ||||||||||||||||||||||||||||||||
Transaction accounts: | Transaction accounts: | ||||||||||||||||||||||||||||||||||||||||||
Passbook savings | Passbook savings | 35,050 | 10.65 | 29,033 | 10.09 | 18,435 | 6.44 | 81,895 | 13.71 | 132,981 | 25.00 | ||||||||||||||||||||||||||||||||
Non-interest bearing demand accounts | 54,420 | 16.54 | 39,280 | 13.65 | 45,024 | 15.73 | |||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand accounts | 145,553 | 24.37 | 161,142 | 30.29 | |||||||||||||||||||||||||||||||||||||||
NOW accounts | NOW accounts | 34,500 | 10.48 | 37,761 | 13.12 | 31,214 | 10.90 | 65,335 | 10.94 | 58,957 | 11.08 | ||||||||||||||||||||||||||||||||
Money market | Money market | 42,439 | 12.90 | 49,251 | 17.11 | 45,593 | 15.93 | 114,195 | 19.12 | 98,627 | 18.54 | ||||||||||||||||||||||||||||||||
Total transaction accounts | Total transaction accounts | 166,409 | 50.57 | 155,325 | 53.97 | 140,266 | 49.00 | 406,978 | 68.14 | 451,707 | 84.91 | ||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 329,045 | 100.00 | % | $ | 287,822 | 100.00 | % | $ | 286,238 | 100.00 | % | $ | 597,361 | 100.00 | % | $ | 531,991 | 100.00 | % |
Year Ended June 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | Average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Rate | Average | Interest | Rate | Average | Interest | Rate | Average | Interest | Rate | Average | Interest | Rate | ||||||||||||||||||||||||||||||||||||||||||||||
Balance | Expense | Paid | Balance | Expense | Paid | Balance | Expense | Paid | Balance | Expense | Paid | Balance | Expense | Paid | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Passbook savings | $ | 33,441 | $ | 160 | 0.48 | % | $ | 23,993 | $ | 92 | 0.38 | % | $ | 14,762 | $ | 34 | 0.23 | % | $ | 105,850 | $ | 312 | 0.29 | % | $ | 136,139 | $ | 393 | 0.29 | % | ||||||||||||||||||||||||||||||
NOW accounts | 34,701 | 189 | 0.54 | 35,797 | 283 | 0.79 | 29,821 | 228 | 0.76 | 63,074 | 164 | 0.26 | % | 51,412 | 57 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Money market | 45,615 | 147 | 0.32 | 47,953 | 149 | 0.31 | 43,770 | 141 | 0.32 | 106,146 | 1,078 | 1.02 | % | 91,862 | 108 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 145,445 | 1,860 | 1.28 | 141,160 | 1,805 | 1.28 | 133,605 | 1,831 | 1.37 | 126,156 | 2,952 | 2.34 | % | 88,450 | 1,212 | 1.37 | |||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 259,202 | 2,356 | 0.91 | 248,903 | 2,329 | 0.94 | 221,958 | 2,234 | 1.01 | 401,226 | 4,506 | 1.12 | % | 367,863 | 1,770 | 0.51 | |||||||||||||||||||||||||||||||||||||||||||
Non-Interest bearing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
demand accounts | $ | 51,311 | $ | -- | -- | % | $ | 43,100 | $ | -- | -- | % | $ | 40,428 | $ | -- | -- | % | ||||||||||||||||||||||||||||||||||||||||||
Non-Interest bearing demand accounts | $ | 168,169 | $ | -- | -- | % | $ | 145,522 | $ | -- | -- | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 310,513 | $ | 2,356 | 0.76 | % | $ | 292,003 | $ | 2,329 | 0.80 | % | $ | 262,386 | $ | 2,234 | 0.85 | % | $ | 569,395 | $ | 4,506 | 1.12 | % | $ | 513,385 | $ | 1,770 | 0.51 | % |
Year Ended June 30, | Year Ended June 30, | |||||||||||||||||||
2017 | 2016 | 2015 | 2023 | 2022 | ||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Net deposits (withdrawals) | $ | 38,952 | $ | (205 | ) | $ | 12,274 | $ | 60,288 | $ | 24,351 | |||||||||
Interest credited | 2,271 | 1,789 | 1,669 | 5,082 | 1,044 | |||||||||||||||
Total increase in deposits | $ | 41,223 | $ | 1,584 | $ | 13,943 | $ | 65,370 | $ | 25,395 |
Balance at June 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||
Maturing in the 12 Months Ending June 30, | |||||||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | 2018 | 2019 | 2020 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Balance at June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||
0.00% - 0.99% | $ | 26,001 | $ | 1,524 | $ | 768 | $ | -- | $ | 28,293 | Maturing in the 12 Months Ending June 30, | ||||||||||||||||||||||||||||||||
1.00% - 1.99% | 42,287 | 28,966 | 32,909 | 18,875 | 123,037 | 2024 | 2025 | 2026 | Thereafter | Total | |||||||||||||||||||||||||||||||||
2.00% - 2.99% | 200 | 1,611 | 2,655 | 6,840 | 11,306 | (In thousands) | |||||||||||||||||||||||||||||||||||||
3.00% - 3.99% | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | |||||||||||||||||||||||||||||||||||||||||||
0.00%- 0.99% | $ | 11,380 | $ | 2,764 | $ | 2,584 | $ | 2,525 | $ | 19,253 | |||||||||||||||||||||||||||||||||
1.00%- 1.99% | 9,647 | 1,673 | 304 | 7 | 11,631 | ||||||||||||||||||||||||||||||||||||||
2.00%- 2.99% | 14,436 | 210 | -- | -- | 14,646 | ||||||||||||||||||||||||||||||||||||||
3.00%- 3.99% | 50,366 | -- | -- | -- | 50,366 | ||||||||||||||||||||||||||||||||||||||
4.00%- 4.99% | 81,078 | 8,200 | 3,575 | 178 | 93,031 | ||||||||||||||||||||||||||||||||||||||
5.00%- 5.99% | 1,269 | 187 | -- | -- | 1,456 | ||||||||||||||||||||||||||||||||||||||
Total certificate accounts | Total certificate accounts | $ | 68,488 | $ | 32,101 | $ | 36,332 | $ | 25,715 | $ | 162,636 | $ | 168,176 | $ | 13,034 | $ | 6,463 | $ | 2,710 | $ | 190,383 |
Weighted | ||||||||
Amount | Average Rate | |||||||
(Dollars in thousands) | ||||||||
September 30, 2017 | $ | 8,459 | 0.65 | % | ||||
December 31, 2017 | 10,353 | 0.97 | ||||||
March 31, 2018 | 17,879 | 1.11 | ||||||
June 30, 2018 | 13,897 | 1.13 | ||||||
After June 30, 2018 | 62,624 | 1.64 | ||||||
Total certificates of deposit with balances of $100,000 or more | $ | 113,212 | 1.36 | % |
Weighted | ||||||||
Amount | Average Rate | |||||||
(Dollars in thousands) | ||||||||
September 30, 2023 | $ | 13,436 | 3.64 | % | ||||
December 31, 2023 | 17,761 | 3.56 | ||||||
March 31, 2024 | 17,162 | 3.32 | ||||||
June 30, 2024 | 8,190 | 3.75 | ||||||
After June 30, 2024 | 2,519 | 1.38 | ||||||
Total certificates of deposit with balances of $250,000 or more | $ | 59,068 | 3.44 | % |
At or For the Year | ||||||||||||||||||||
Ended June 30, | ||||||||||||||||||||
2017 | 2016 | 2015 | At or For the Year Ended June 30, | |||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | ||||||||||||||||||
FHLB advances: | (Dollars in thousands) | |||||||||||||||||||
Average balance outstanding | $ | 46,918 | $ | 30,277 | $ | 40,858 | $ | 1,919 | $ | 848 | ||||||||||
Maximum amount outstanding at any month-end during the period | 56,715 | 47,665 | 49,030 | 10,000 | 864 | |||||||||||||||
Balance outstanding at end of period | 48,907 | 47,665 | 38,411 | -- | 832 | |||||||||||||||
Average interest rate during the period | 0.92 | % | 0.87 | % | 0.60 | % | 5.20 | % | 4.83 | % | ||||||||||
Weighted average interest rate at end of period | 1.30 | % | 0.81 | % | 0.68 | % | 0.00 | % | 4.84 | % |
Years Ending June 30, | Amount | |||
(In thousands) | ||||
2018 | $ | 37,270 | ||
2019 | 5,282 | |||
2020 | 5,295 | |||
2021 | 193 | |||
2022 | 35 | |||
Thereafter | 832 | |||
Total | $ | 48,907 |
Total Risk- | Tier 1 Risk- | Common | Tier 1 | |||||
Based | Based | Equity Tier 1 | Leverage | |||||
Capital Category | Capital | Capital | Capital | Capital | ||||
Well capitalized | 10% or more | 8% or more | 6.5% or more | 5% or more | ||||
Adequately capitalized | 8% or more | 6% or more | 4.5% or more | 4% or more | ||||
Undercapitalized | Less than 8% | Less than 6% | Less than 4.5% | Less than 4% | ||||
Significantly undercapitalized | Less than 6% | Less than 4% | Less than 3% | Less than 3% |
● | Making any new investments or engaging in any new activity not allowed for both a national bank and a savings association; |
● | Establishing any new branch office unless allowable for a national bank; and |
● | Paying dividends unless allowable for a national bank and necessary to meet the obligations of its holding company. |
(a) | 20% of our capitalized earnings, plus |
(b) | 80% of our taxable stockholders’ equity, minus |
(c) | 50% of our real and personal property assessment. |
Description/Address | Leased/Owned | Net Book Value of Property | Amount of Deposits | ||||||||
(Dollars in thousands) | |||||||||||
Building (Home Office) 222 Florida Street, Shreveport, LA | Owned | $ | 1,713 | $ | -- | ||||||
Building/ATM (Market Street Branch) 624 Market Street, Shreveport, LA | Owned | 702 | 81,216 | ||||||||
Building/ATM (Youree Drive Branch) 6363 Youree Drive, Shreveport, LA | Owned | (1) | 648 | 157,945 | |||||||
Building/ATM (Southern Hills Branch) 9449 Mansfield Road, Shreveport, LA | Owned | 1,852 | 68,019 | ||||||||
Building/ATM (Viking Drive Branch) 2555 Viking Drive, Bossier City, LA | Owned | 1,657 | 52,533 | ||||||||
Building/ATM (Stockwell Branch) 7964 E. Texas Street, Bossier City, LA | Owned | 1,526 | 43,443 | ||||||||
Building/ATM (Northwood Branch) 5841 North Market Street, Shreveport, LA | Owned | 1,498 | 26,838 | ||||||||
Building/ATM (Pierremont Road Branch) 925 Pierremont Road, Shreveport, LA | Owned | 2,064 | 66,378 | ||||||||
Building (2) 614 Market Street, Shreveport, LA | Owned | (2) | 333 | -- | |||||||
Building/ATM (Huntington Branch) 6903 Pines Road, Shreveport, LA | Owned | 1,908 | 9,831 | ||||||||
Building/ATM (Minden Branch) 306 Homer Road, Minden, LA | Leased | (3) | 386 | 20,926 | |||||||
Building/ATM (Benton Branch) 104 Sibley Street, Benton, LA | Owned | $ | 704 | $ | 70,232 |
Description/Address | Leased/Owned | Net Book Value of Property | Amount of Deposits | |||||||
(In thousands) | ||||||||||
Building (Home Office) 222 Florida Street, Shreveport, LA | Owned | $ 1,642 | $ -- | |||||||
Building/ATM (Market Street Branch) 624 Market Street, Shreveport, LA | Owned | 974 | 113,116 | |||||||
Building/ATM (Youree Drive Branch) 6363 Youree Drive, Shreveport, LA | Owned | (1) | 194 | 103,398 | ||||||
Building/ATM (Mansfield Road Branch) 9300 Mansfield Road., Suite 101, Shreveport, LA | Leased | 126 | 48,194 | |||||||
Building/ATM (Viking Drive Branch) 2555 Viking Drive, Bossier City, LA | Owned | 2,699 | 33,735 | |||||||
Building/ATM (Stockwell Branch) 7964 E. Texas Street, Bossier City, LA | Owned | 1,819 | 20,418 | |||||||
Building/ATM (Northwood Branch) 5841 North Market Street, Shreveport, LA | Owned | 1,783 | 10,184 | |||||||
Building (2) 614 Market Street, Shreveport, LA | Owned | 391 | -- | |||||||
Lots 1-5, Block 1 Highway 171 South, Stonewall, LA | Owned | 765 | -- | |||||||
Land 901 Pierremont Road, Shreveport, LA | Owned | 1,294 | -- |
(1) | The building is owned but the land is subject to an operating lease |
(2) | The building is vacant and available to serve as potential future administrative offices and storage. |
(3) | The building is subject to an operating lease with a five year term expiring August 21, 2026. |
(a) | Home Federal Bancorp’s common stock is traded on the Nasdaq Capital Market under the symbol “HFBL.” At September 19, 2023, Home Federal Bancorp had [183] shareholders of record. The number of shareholders does not reflect the number of persons or entities who may hold stock in nominee or “street” name through brokerage firms or others. |
(b) | Not applicable. |
(c) | Purchases of Equity Securities. |
Stock Price per Share | Cash Dividends | |||||||||||
Quarter Ended | High | Low | per Share | |||||||||
Fiscal 2017: | ||||||||||||
June 30, 2017 | $ | 29.89 | $ | 24.50 | $ | 0.09 | ||||||
March 31, 2017 | 28.95 | 27.00 | 0.09 | |||||||||
December 31, 2016 | 27.00 | 23.52 | 0.09 | |||||||||
September 30, 2016 | 23.60 | 21.36 | 0.09 | |||||||||
Fiscal 2016: | ||||||||||||
June 30, 2016 | $ | 22.55 | $ | 21.45 | $ | 0.08 | ||||||
March 31, 2016 | 23.25 | 22.00 | 0.08 | |||||||||
December 31, 2015 | 25.00 | 22.34 | 0.08 | |||||||||
September 30, 2015 | 27.37 | 20.19 | 0.08 |
Maximum | ||||||||||||||||
Total Number of | Number of Shares | |||||||||||||||
Average | Shares Purchased | That May Yet Be | ||||||||||||||
Total Number | Price | as Part of Publicity | Purchased Under | |||||||||||||
of Shares | Paid per | Announced Plans | the Plans or | |||||||||||||
Period | Purchased | Share | or Programs | Programs (a) (b) | ||||||||||||
April 1, 2017 – April 30, 2017 | 1,500 | $ | 27.84 | 1,500 | 104,223 | |||||||||||
May 1, 2017 – May 31, 2017 | 392 | 29.30 | 392 | 103,831 | ||||||||||||
June 1, 2017 – June 30, 2017 | -- | -- | -- | 103,831 | ||||||||||||
Total | 1,892 | $ | 28.15 | 1,892 | 103,831 | |||||||||||
____________________________ Notes to this table: (a) On December 9, 2015, the Company announced by press release a repurchase program to repurchase up to 102,000 shares or approximately 5.0% of the Company's outstanding shares of common stock. The repurchase program does not have an expiration date. (b) On October 12, 2016, the Company announced that its Board of Directors approved a seventh stock repurchase program for the repurchase of up to 97,000 shares to commence after the completion of the sixth stock repurchase program. The repurchase program does not have an expiration date. |
At June 30, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Selected Financial and Other Data: | ||||||||||||||||||||
Total assets | $ | 426,606 | $ | 381,701 | $ | 369,833 | $ | 329,529 | $ | 277,155 | ||||||||||
Cash and cash equivalents | 11,905 | 4,756 | 21,166 | 13,633 | 3,685 | |||||||||||||||
Securities available for sale | 36,935 | 50,173 | 44,885 | 48,434 | 47,961 | |||||||||||||||
Securities held to maturity | 28,357 | 2,349 | 2,010 | 1,765 | 1,465 | |||||||||||||||
Loans held-for-sale | 13,631 | 11,919 | 14,203 | 9,375 | 3,464 | |||||||||||||||
Loans receivable, net | 312,722 | 290,827 | 268,427 | 239,563 | 206,079 | |||||||||||||||
Deposits | 329,045 | 287,822 | 286,238 | 272,295 | 211,922 | |||||||||||||||
Federal Home Loan Bank advances | 48,907 | 47,665 | 38,411 | 12,897 | 21,662 | |||||||||||||||
Total Stockholders' equity | 46,246 | 43,392 | 43,386 | 42,779 | 41,982 |
As of or for the Year Ended June 30, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||
Selected Operating Data: | ||||||||||||||||||||
Total interest income | $ | 16,892 | $ | 15,458 | $ | 14,772 | $ | 13,173 | $ | 13,154 | ||||||||||
Total interest expense | 2,803 | 2,610 | 2,481 | 2,336 | 2,579 | |||||||||||||||
Net interest income | 14,089 | 12,848 | 12,291 | 10,837 | 10,575 | |||||||||||||||
Provision for loan losses | 900 | 271 | 300 | 168 | 558 | |||||||||||||||
Net interest income after provision for loan losses | 13,189 | 12,577 | 11,991 | 10,669 | 10,017 | |||||||||||||||
Total non-interest income | 3,893 | 3,254 | 2,961 | 2,340 | 3,424 | |||||||||||||||
Total non-interest expense | 11,672 | 10,810 | 9,936 | 8,933 | 8,683 | |||||||||||||||
Income before income tax expense | 5,410 | 5,021 | 5,016 | 4,076 | 4,758 | |||||||||||||||
Income tax expense | 1,758 | 1,644 | 1,661 | 1,332 | 1,628 | |||||||||||||||
Net income | $ | 3,652 | $ | 3,377 | $ | 3,355 | $ | 2,744 | $ | 3,130 | ||||||||||
Earnings per share of common stock: | ||||||||||||||||||||
Basic | $ | 2.01 | $ | 1.80 | $ | 1.70 | $ | 1.33 | $ | 1.34 | ||||||||||
Diluted | $ | 1.91 | $ | 1.74 | $ | 1.65 | $ | 1.29 | $ | 1.31 | ||||||||||
Selected Operating Ratios(1): | ||||||||||||||||||||
Average yield on interest-earning assets | 4.44 | % | 4.46 | % | 4.52 | % | 4.76 | % | 5.05 | % | ||||||||||
Average rate on interest-bearing liabilities | 0.91 | 0.93 | 0.94 | 1.07 | 1.25 | |||||||||||||||
Average interest rate spread(2) | 3.53 | 3.53 | 3.58 | 3.69 | 3.80 | |||||||||||||||
Net interest margin(2) | 3.70 | 3.71 | 3.76 | 3.92 | 4.06 | |||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 124.16 | 123.95 | 124.37 | 126.91 | 126.77 | |||||||||||||||
Net interest income after provision for loan losses to non-interest expense | 113.00 | 116.35 | 120.68 | 119.43 | 115.36 | |||||||||||||||
Total non-interest expense to average assets | 2.87 | 2.92 | 2.84 | 3.01 | 3.14 | |||||||||||||||
Efficiency ratio(3) | 64.91 | 67.13 | 65.14 | 67.79 | 62.03 | |||||||||||||||
Return on average assets | 0.90 | 0.91 | 0.96 | 0.92 | 1.13 | |||||||||||||||
Return on average equity | 7.80 | 7.44 | 7.45 | 6.22 | 6.86 | |||||||||||||||
Average equity to average assets | 11.49 | 12.23 | 12.86 | 14.84 | 16.48 | |||||||||||||||
Dividend payout ratio | 19.31 | 19.53 | 18.26 | 20.08 | 20.19 |
As of or for the Year Ended June 30, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||||||
Selected Quality Ratios(4): | ||||||||||||||||||||
Non-performing loans as a percent of total loans receivable | 0.95 | % | 0.04 | % | 0.03 | % | 0.07 | % | 0.31 | % | ||||||||||
Non-performing assets as a percent of total assets | 0.83 | 0.03 | 0.03 | 0.05 | 0.23 | |||||||||||||||
Allowance for loan losses as a percent of total loans receivable | 1.18 | 0.97 | 0.93 | 0.99 | 1.07 | |||||||||||||||
Net charge-offs to average loans receivable | 0.01 | -- | 0.07 | 0.01 | 0.01 | |||||||||||||||
Allowance for loan losses as a percent of non-performing loans | 123.65 | 2,501.99 | 3,143.75 | 1,254.45 | 345.15 | |||||||||||||||
Bank Capital Ratios(4): | ||||||||||||||||||||
Tangible capital ratio | 11.06 | % | 11.81 | % | 11.81 | % | 12.74 | % | 15.16 | % | ||||||||||
Core capital ratio | 11.06 | 11.81 | 11.81 | 12.74 | 15.16 | |||||||||||||||
Total capital ratio | 17.39 | 17.77 | 18.85 | 21.35 | 25.48 | |||||||||||||||
Other Data: | ||||||||||||||||||||
Offices (branch and home) | 7 | 7 | 6 | 5 | 5 | |||||||||||||||
Employees (full-time) | 60 | 55 | 58 | 46 | 47 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Programs (a) | ||||||||||||
-- | $ | -- | -- | -- | ||||||||||||
-- | -- | -- | -- | |||||||||||||
-- | -- | -- | -- | |||||||||||||
Total | -- | $ | -- | -- | -- |
● | Continuing to Grow and Diversify Our Loan Portfolio. We intend to grow and continue to diversify |
● | Diversify Our Products and Services. We intend to continue to emphasize our commercial business products to provide a full-service banking relationship to our commercial customers. We have introduced mobile and Internet banking and remote deposit capture, to better serve our commercial clients. Additionally, we have developed new deposit products focused on expanding our deposit base to new types of customers. |
● | Managing Our Expenses. We have incurred significant additional expenses related to personnel and infrastructure in recent periods as we implemented our business strategy. |
● | Enhancing Core Earnings. We expect to continue to emphasize commercial real estate and business loans, which generally bear interest rates higher than residential real estate loans, and sell a substantial part of our fixed rate residential mortgage loan originations. |
● | Expanding Our Franchise in our Market Area and Contiguous Communities. We intend to continue to pursue opportunities to expand our market area by opening additional de novo banking |
● | Maintain Our Asset Quality. At June 30, |
● | Cross-Selling Products and Services and Emphasizing Local Decision Making. We have promoted cross-selling products and services in our branch offices and emphasized our local decision making and streamlined loan approval process. |
At June 30, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Selected Financial and Other Data: | ||||||||
Total assets | $ | 660,915 | $ | 590,480 | ||||
Cash and cash equivalents | 24,765 | 64,078 | ||||||
Securities available for sale | 39,551 | 28,099 | ||||||
Securities held to maturity | 74,423 | 79,950 | ||||||
Loans held-for-sale | 4 | 3,978 | ||||||
Loans receivable, net | 489,493 | 387,873 | ||||||
Deposits | 597,361 | 531,991 | ||||||
Federal Home Loan Bank advances | -- | 832 | ||||||
Other Borrowings | 8,550 | 2,350 | ||||||
Total Stockholders’ equity | 50,542 | 52,347 |
As of or for the Year Ended June 30, | ||||||||
2023 | 2022 | |||||||
(Dollars in thousands, except per share amounts) | ||||||||
Selected Operating Data: | ||||||||
Total interest income | $ | 26,631 | $ | 19,234 | ||||
Total interest expense | 5,079 | 1,877 | ||||||
Net interest income | 21,552 | 17,357 | ||||||
Provision for loan losses | 868 | 336 | ||||||
Net interest income after provision for loan losses | 20,684 | 17,021 | ||||||
Total non-interest income | 2,099 | 3,476 | ||||||
Total non-interest expense | 16,013 | 14,497 | ||||||
Income before income tax expense | 6,770 | 6,000 | ||||||
Income tax expense | 1,066 | 1,127 | ||||||
Net income | $ | 5,704 | $ | 4,873 | ||||
Earnings per share of common stock: | ||||||||
Basic | $ | 1.89 | $ | 1.50 | ||||
Diluted | $ | 1.81 | $ | 1.41 |
As of or for the Year Ended June 30, | ||||||||
2023 | 2022 | |||||||
Selected Operating Ratios(1): | ||||||||
Average yield on interest-earning assets | 4.61 | % | 3.62 | % | ||||
Average rate on interest-bearing liabilities | 1.24 | 0.51 | ||||||
Average interest rate spread(2) | 3.37 | 3.11 | ||||||
Net interest margin(2) | 3.73 | 3.27 | ||||||
Average interest-earning assets to average interest-bearing liabilities | 141.05 | 143.32 | ||||||
Net interest income after provision for loan losses to non-interest expense | 129.17 | 117.41 | ||||||
Total non-interest expense to average assets | 2.59 | 2.54 | ||||||
Efficiency ratio(3) | 67.71 | 69.59 | ||||||
Return on average assets | 0.92 | 0.85 | ||||||
Return on average equity | 11.57 | 9.24 | ||||||
Average equity to average assets | 7.98 | 9.22 | ||||||
Dividend payout ratio | 27.00 | 28.37 |
Selected Quality Ratios(4): | ||||||||
Non-performing loans as a percent of loans receivable, net | 0.25 | % | 0.56 | % | ||||
Non-performing assets as a percent of total assets | 0.24 | 0.37 | ||||||
Allowance for loan losses as a percent of total loans receivable | 1.05 | 1.13 | ||||||
Net charge-offs to average loans receivable | 0.03 | 0.00 | ||||||
Allowance for loan losses as a percent of non-performing loans | 417.85 | 174.96 | ||||||
Bank Capital Ratios(4): | ||||||||
Tangible capital ratio | 8.69 | % | 9.65 | % | ||||
Core capital ratio | 8.69 | 9.65 | ||||||
Total capital ratio | 13.95 | 15.62 | ||||||
Other Data: | ||||||||
Offices (branch and home) | 10 | 10 | ||||||
Employees (full-time) | 74 | 70 |
(1) | With the exception of end of period ratios, all ratios are based on average monthly balances during the indicated periods. |
(2) | Average interest rate spread represents the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities, and net interest margin represents net interest income as a percentage of average interest-earning assets. |
(3) | Non-GAAP: The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income. |
(4) | Asset quality ratios and capital ratios are end of period ratios, except for net charge-offs to average loans receivable. |
June 30, | ||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans receivable(1) | $ | 442,469 | $ | 23,452 | 5.30 | % | $ | 360,774 | $ | 17,501 | 4.85 | % | ||||||||||||
Investment securities | 113,332 | 2,205 | 1.95 | 98,229 | 1,509 | 1.53 | ||||||||||||||||||
Interest-earning deposits | 22,001 | 974 | 4.43 | 72,189 | 224 | 0.32 | ||||||||||||||||||
Total interest-earning assets | 577,802 | 26,631 | 4.61 | % | 531,192 | 19,234 | 3.62 | % | ||||||||||||||||
Non-interest-earning assets | 40,255 | 40,426 | ||||||||||||||||||||||
Total assets | $ | 618,057 | $ | 571,618 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings accounts | 105,850 | 312 | 0.29 | % | 136,139 | 393 | 0.29 | % | ||||||||||||||||
NOW accounts | 63,074 | 164 | 0.26 | 51,412 | 57 | 0.11 | ||||||||||||||||||
Money market accounts | 106,146 | 1,078 | 1.02 | 91,862 | 108 | 0.12 | ||||||||||||||||||
Certificates of deposit accounts | 126,156 | 2,952 | 2.34 | 88,450 | 1,212 | 1.37 | ||||||||||||||||||
Total interest-bearing deposits | 401,226 | 4,506 | 1.12 | 367,863 | 1,770 | 0.48 | ||||||||||||||||||
FHLB advances | 1,623 | 79 | 4.87 | 848 | 41 | 4.83 | ||||||||||||||||||
Other bank borrowings | 6,784 | 494 | 7.28 | 1,921 | 66 | 3.44 | ||||||||||||||||||
Total interest-bearing liabilities | 409,633 | 5,079 | 1.24 | % | 370,632 | 1,877 | 0.51 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Non-interest-bearing demand accounts | 155,885 | 145,522 | ||||||||||||||||||||||
Other liabilities | 3,224 | 2,741 | ||||||||||||||||||||||
Total liabilities | 568,742 | 518,895 | ||||||||||||||||||||||
Total stockholders’ equity(2) | 49,315 | 52,723 | ||||||||||||||||||||||
Total liabilities and equity | $ | 618,057 | $ | 571,618 | ||||||||||||||||||||
Net interest-earning assets | $ | 168,169 | $ | 160,560 | ||||||||||||||||||||
Net interest income; average interest rate spread(3) | $ | 21,552 | 3.37 | % | $ | 17,357 | 3.11 | % | ||||||||||||||||
Net interest margin(4) | 3.73 | % | 3.27 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 141.05 | % | 143.32 | % |
June 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Investment securities | $ | 63,061 | $ | 1,093 | 1.73 | % | $ | 43,562 | $ | 774 | 1.78 | % | ||||||||||||
Loans receivable(1) | 312,132 | 15,763 | 5.05 | 287,405 | 14,628 | 5.09 | ||||||||||||||||||
Interest-earning deposits | 5,312 | 36 | 0.68 | 15,604 | 56 | 0.36 | ||||||||||||||||||
Total interest-earning assets | 380,505 | 16,892 | 4.44 | % | 346,571 | 15,458 | 4.46 | % | ||||||||||||||||
Non-interest-earning assets | 26,832 | 24,110 | ||||||||||||||||||||||
Total assets | $ | 407,337 | $ | 370,681 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Savings accounts | 33,441 | 160 | 0.48 | % | 23,993 | 92 | 0.38 | % | ||||||||||||||||
NOW accounts | 34,701 | 189 | 0.54 | 35,797 | 283 | 0.79 | ||||||||||||||||||
Money market accounts | 45,615 | 147 | 0.32 | 47,953 | 149 | 0.31 | ||||||||||||||||||
Certificate accounts | 145,445 | 1,860 | 1.28 | 141,160 | 1,805 | 1.28 | ||||||||||||||||||
Total deposits | 259,202 | 2,356 | 0.91 | 248,903 | 2,329 | 0.94 | ||||||||||||||||||
FHLB advances and other borrowings | 47,272 | 447 | 0.95 | 30,698 | 281 | 0.92 | ||||||||||||||||||
Total interest-bearing liabilities | 306,474 | 2,803 | 0.91 | % | 279,601 | 2,610 | 0.93 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Non-interest-bearing demand accounts | 51,311 | 43,100 | ||||||||||||||||||||||
Other liabilities | 2,756 | 2,590 | ||||||||||||||||||||||
Total liabilities | 360,541 | 325,291 | ||||||||||||||||||||||
Total stockholders' equity(2) | 46,796 | 45,390 | ||||||||||||||||||||||
Total liabilities and equity | $ | 407,337 | $ | 370,681 | ||||||||||||||||||||
Net interest-earning assets | $ | 74,031 | $ | 66,970 | ||||||||||||||||||||
Net interest income; average interest rate spread(3) | $ | 14,089 | 3.53 | % | $ | 12,848 | 3.53 | % | ||||||||||||||||
Net interest margin(4) | 3.70 | % | 3.71 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 124.16 | % | 123.95 | % |
(1) | Includes loans held for sale. |
(2) | Includes retained earnings and accumulated other comprehensive loss. |
(3) | Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate on interest-bearing liabilities. |
(4) | Net interest margin is net interest income divided by net average interest-earning assets. |
2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||||||||||||
Increase (Decrease) | Total | Increase (Decrease) | Total | |||||||||||||||||||||
Due to | Increase | Due to | Increase | |||||||||||||||||||||
Rate | Volume | (Decrease) | Rate | Volume | (Decrease) | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Investment securities | $ | (28 | ) | $ | 347 | $ | 319 | $ | (61 | ) | $ | (161 | ) | $ | (222 | ) | ||||||||
Loans receivable, net | (124 | ) | 1,259 | 1,135 | (54 | ) | 920 | 866 | ||||||||||||||||
Interest-earning deposits | 17 | (37 | ) | (20 | ) | 16 | 26 | 42 | ||||||||||||||||
Total interest-earning assets | (135 | ) | 1,569 | 1,434 | (99 | ) | 785 | 686 | ||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Savings accounts | 32 | 36 | 68 | 37 | 21 | 58 | ||||||||||||||||||
NOW accounts | (85 | ) | (9 | ) | (94 | ) | 10 | 45 | 55 | |||||||||||||||
Money market accounts | 5 | (7 | ) | (2 | ) | (5 | ) | 13 | 8 | |||||||||||||||
Certificate accounts | -- | 55 | 55 | (130 | ) | 104 | (26 | ) | ||||||||||||||||
Total deposits | (48 | ) | 75 | 27 | (88 | ) | 183 | 95 | ||||||||||||||||
FHLB advances and other borrowings | 14 | 152 | 166 | 95 | (61 | ) | 34 | |||||||||||||||||
Total interest-bearing liabilities | (34 | ) | 227 | 193 | 7 | 122 | 129 | |||||||||||||||||
Increase (Decrease) in net interest income | $ | (101 | ) | $ | 1,342 | $ | 1,241 | $ | (106 | ) | $ | 663 | $ | 557 |
2023 vs. 2022 | 2022 vs. 2021 | |||||||||||||||||||||||
Increase (Decrease) | Total | Increase (Decrease) | Total | |||||||||||||||||||||
Due to | Increase | Due to | Increase | |||||||||||||||||||||
Rate | Volume | (Decrease) | Rate | Volume | (Decrease) | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Investment securities | $ | 464 | $ | 232 | $ | 696 | $ | (327 | ) | $ | 608 | $ | 281 | |||||||||||
Loans receivable, net | 1,988 | 3,963 | 5,951 | (1,114 | ) | (298 | ) | (1,412 | ) | |||||||||||||||
Interest-earning deposits | 906 | (156 | ) | 750 | 129 | (9 | ) | 120 | ||||||||||||||||
Total interest-earning assets | 3,358 | 4,039 | 7,397 | (1,312 | ) | 301 | (1,011 | ) | ||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Savings accounts | 7 | (88 | ) | (81 | ) | (315 | ) | 143 | (172 | ) | ||||||||||||||
NOW accounts | 95 | 12 | 107 | (48 | ) | 14 | (34 | ) | ||||||||||||||||
Money market accounts | 953 | 17 | 970 | (148 | ) | 41 | (107 | ) | ||||||||||||||||
Certificate accounts | 1,223 | 517 | 1,740 | (271 | ) | (841 | ) | (1,112 | ) | |||||||||||||||
Total deposits | 2,278 | 458 | 2,736 | (782 | ) | (643 | ) | (1,425 | ) | |||||||||||||||
FHLB advances and other borrowings | 261 | 205 | 466 | 3 | (5 | ) | (2 | ) | ||||||||||||||||
Total interest-bearing liabilities | 2,539 | 663 | 3,202 | (779 | ) | (648 | ) | (1,427 | ) | |||||||||||||||
Increase (Decrease) in net interest income | $ | 819 | $ | 3,376 | $ | 4,195 | $ | (533 | ) | $ | 949 | $ | 416 |
Change in Interest Rates in | Change in Interest Rates in | Net Portfolio Value | NPV as % of Portfolio Value of Assets | Net Portfolio Value | NPV as % of Portfolio Value of Assets | |||||||||||||||||||||||||||||||||||||
Basis Points (Rate Shock) | Basis Points (Rate Shock) | Amount | $ Change | % Change | NPV Ratio | Change | Amount | $ Change | % Change | NPV Ratio | Change | |||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
300 | 300 | $ | 43,589 | $ | (3,247 | ) | (6.93 | )% | 11.21 | % | (0.21 | )% | $ | 67,744 | $ | (5,003 | ) | (6.37 | )% | 12.45 | % | (0.71 | )% | |||||||||||||||||||
200 | 200 | 45,791 | (1,045 | ) | (2.23 | ) | 11.58 | 0.16 | 72,747 | (2,032 | ) | (2.59 | ) | 12.94 | (0.22 | ) | ||||||||||||||||||||||||||
100 | 100 | 46,052 | (784 | ) | (1.67 | ) | 11.38 | (0.04 | ) | 74,779 | (3,714 | ) | (4.73 | ) | 12.87 | (0.29 | ) | |||||||||||||||||||||||||
Static | Static | 46,836 | -- | -- | 11.42 | -- | 78,493 | -- | -- | 13.16 | -- | |||||||||||||||||||||||||||||||
(100) | (100) | 46,804 | (32 | ) | (0.07 | ) | 11.10 | (0.32 | ) | 87,788 | 9,295 | 11.84 | 14.51 | 1.35 | ||||||||||||||||||||||||||||
(200) | (200) | 45,024 | (1,812 | ) | (3.87 | ) | 10.49 | (0.93 | ) | 92,848 | 5,060 | 6.45 | 15.03 | 1.87 | ||||||||||||||||||||||||||||
o | The estimate of the fair value of the acquired loans, including, for a selected sample of loans, developing an independent expectation for comparison to management’s fair value. |
o | The estimate of the fair value of the CDI, including, reperformance. |
June 30, | ||||||||
2017 | 2016 | |||||||
(In Thousands) | ||||||||
ASSETS | ||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $8,212 and $2,529 for 2017 and 2016, Respectively) | $ | 11,905 | $ | 4,756 | ||||
Securities Available-for-Sale | 36,935 | 50,173 | ||||||
Securities Held-to-Maturity (fair value of $27,989 and $2,349, Respectively) | 28,357 | 2,349 | ||||||
Loans Held-for-Sale | 13,631 | 11,919 | ||||||
Loans Receivable, Net of Allowance for Loan Losses of $3,729 and $2,845 for 2017 and 2016, Respectively | 312,772 | 290,827 | ||||||
Accrued Interest Receivable | 1,094 | 1,024 | ||||||
Premises and Equipment, Net | 12,219 | 12,366 | ||||||
Bank Owned Life Insurance | 6,668 | 6,523 | ||||||
Deferred Tax Asset | 1,601 | 984 | ||||||
Other Real Estate Owned | 540 | -- | ||||||
Other Assets | 884 | 780 | ||||||
Total Assets | $ | 426,606 | $ | 381,701 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES | ||||||||
Deposits | $ | 329,045 | $ | 287,822 | ||||
Advances from Borrowers for Taxes and Insurance | 698 | 716 | ||||||
Short-term Federal Home Loan Bank advances | 37,000 | 23,500 | ||||||
Long-term Federal Home Loan Bank advances | 11,907 | 24,165 | ||||||
Other Borrowings | -- | 400 | ||||||
Other Accrued Expenses and Liabilities | 1,710 | 1,706 | ||||||
Total Liabilities | 380,360 | 338,309 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred Stock – $.01 Par Value; 10,000,000 Shares Authorized; None Issued and Outstanding | -- | -- | ||||||
Common Stock – $.01 Par Value; 40,000,000 Shares Authorized; 1,953,066 and 1,967,955 Shares Issued and Outstanding at June 30, 2017 and 2016, Respectively | 23 | 23 | ||||||
Additional Paid-in Capital | 34,516 | 33,863 | ||||||
Unearned ESOP Stock | (1,215 | ) | (1,331 | ) | ||||
Unearned RRP Trust Stock | (46 | ) | (265 | ) | ||||
Retained Earnings | 13,320 | 11,018 | ||||||
Accumulated Other Comprehensive (Loss) Income | (352 | ) | 84 | |||||
Total Stockholders' Equity | 46,246 | 43,392 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 426,606 | $ | 381,701 |
June 30, | ||||||||
2023 | 2022 | |||||||
(In Thousands) | ||||||||
ASSETS | ||||||||
Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $22,215 and $42,531 June 30, 2023 and 2022, Respectively) | $ | 24,765 | $ | 64,078 | ||||
Securities Available-for-Sale | 39,551 | 28,099 | ||||||
Securities Held-to-Maturity (fair value June 30, 2023: $61,222; June 30, 2022: $69,513, Respectively) | 74,423 | 79,950 | ||||||
Loans Held-for-Sale | 4 | 3,978 | ||||||
Loans Receivable, Net of Allowance for Loan Losses (June 30, 2023: $5,173; June 30, 2022: $4,451, Respectively) | 489,493 | 387,873 | ||||||
Accrued Interest Receivable | 1,790 | 1,124 | ||||||
Premises and Equipment, Net | 16,561 | 16,249 | ||||||
Bank Owned Life Insurance | 6,700 | 6,597 | ||||||
Goodwill | 2,990 | - | ||||||
Core Deposit Intangible | 1,533 | - | ||||||
Deferred Tax Asset | 1,313 | 1,143 | ||||||
Real Estate Owned | 368 | - | ||||||
Other Assets | 1,424 | 1,389 | ||||||
Total Assets | $ | 660,915 | $ | 590,480 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
LIABILITIES | ||||||||
Deposits: | ||||||||
Non-interest bearing | $ | 145,553 | $ | 161,142 | ||||
Interest-bearing | 451,808 | 370,849 | ||||||
Total Deposits | 597,361 | 531,991 | ||||||
Advances from Borrowers for Taxes and Insurance | 554 | 354 | ||||||
Short-term Federal Home Loan Bank Advances | - | 832 | ||||||
Other Borrowings | 8,550 | 2,350 | ||||||
Other Accrued Expenses and Liabilities | 3,908 | 2,606 | ||||||
Total Liabilities | 610,373 | 538,133 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Preferred Stock - $0.01 Par Value; 10,000,000 Shares Authorized; None Issued and Outstanding | - | - | ||||||
Common Stock - $0.01 Par Value; 40,000,000 Shares Authorized: 3,133,351 and 3,387,839 Shares Issued and Outstanding at June 30, 2023 and 2022, Respectively | 31 | 34 | ||||||
Additional Paid-in Capital | 40,981 | 40,145 | ||||||
Unearned ESOP Stock | (523 | ) | (639 | ) | ||||
Retained Earnings | 12,707 | 14,506 | ||||||
Accumulated Other Comprehensive Loss | (2,654 | ) | (1,699 | ) | ||||
Total Stockholders’ Equity | 50,542 | 52,347 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 660,915 | $ | 590,480 |
For the Years Ended June 30, | ||||||||
2017 | 2016 | |||||||
(In Thousands, Except Per Share Data) | ||||||||
INTEREST INCOME | ||||||||
Loans, Including Fees | $ | 15,763 | $ | 14,628 | ||||
Mortgage-Backed Securities | 1,059 | 763 | ||||||
Investment Securities | 34 | 11 | ||||||
Other Interest-Earning Assets | 36 | 56 | ||||||
Total Interest Income | 16,892 | 15,458 | ||||||
INTEREST EXPENSE | ||||||||
Deposits | 2,356 | 2,329 | ||||||
Federal Home Loan Bank Borrowings | 433 | 263 | ||||||
Other Borrowings | 14 | 18 | ||||||
Total Interest Expense | 2,803 | 2,610 | ||||||
Net Interest Income | 14,089 | 12,848 | ||||||
PROVISION FOR LOAN LOSSES | 900 | 271 | ||||||
Net Interest Income after Provision for Loan Losses | 13,189 | 12,577 | ||||||
NON-INTEREST INCOME | ||||||||
Gain on Sale of Loans | 2,775 | 2,492 | ||||||
Gain on Sale of Real Estate and Fixed Assets | 164 | -- | ||||||
Income on Bank Owned Life Insurance | 145 | 157 | ||||||
Service Charges on Deposit Accounts | 759 | 559 | ||||||
Other Income | 50 | 46 | ||||||
Total Non-Interest Income | 3,893 | 3,254 | ||||||
NON-INTEREST EXPENSE | ||||||||
Compensation and Benefits | 7,154 | 6,814 | ||||||
Occupancy and Equipment | 1,252 | 1,091 | ||||||
Franchise and Bank Shares Tax | 383 | 349 | ||||||
Advertising | 423 | 236 | ||||||
Data Processing | 611 | 562 | ||||||
Audit and Examination Fees | 245 | 246 | ||||||
Legal Fees | 495 | 412 | ||||||
Loan and Collection Expense | 327 | 281 | ||||||
Deposit Insurance Premiums | 142 | 207 | ||||||
Other Expenses | 640 | 612 | ||||||
Total Non-Interest Expense | 11,672 | 10,810 | ||||||
Income Before Income Taxes | 5,410 | 5,021 | ||||||
PROVISION FOR INCOME TAX EXPENSE | 1,758 | 1,644 | ||||||
Net Income | $ | 3,652 | $ | 3,377 | ||||
EARNINGS PER SHARE: | ||||||||
Basic | $ | 2.01 | $ | 1.80 | ||||
Diluted | $ | 1.91 | $ | 1.74 |
For the Years Ended June 30, | ||||||||
2017 | 2016 | |||||||
(In Thousands) | ||||||||
Net Income | $ | 3,652 | $ | 3,377 | ||||
Other Comprehensive Loss, Net of Tax | ||||||||
Unrealized Holding Loss Arising During the Period | (436 | ) | (16 | ) | ||||
Total Comprehensive Income | $ | 3,216 | $ | 3,361 | ||||
Common Stock | Additional Paid-In Capital | Unearned ESOP Stock | Unearned RRP Trust Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||
BALANCE – June 30, 2015 | $ | 25 | $ | 33,375 | $ | (1,445 | ) | $ | (333 | ) | $ | 11,664 | $ | 100 | $ | 43,386 | ||||||||||||
ESOP Compensation Earned | -- | 144 | 114 | -- | -- | -- | 258 | |||||||||||||||||||||
Stock Options Exercised | -- | 96 | -- | -- | -- | -- | 96 | |||||||||||||||||||||
Distribution of RRP Trust Stock | -- | 36 | -- | 68 | -- | -- | 104 | |||||||||||||||||||||
Dividends Paid | -- | -- | -- | -- | (660 | ) | -- | (660 | ) | |||||||||||||||||||
Stock Options Vested | -- | 212 | -- | -- | -- | -- | 212 | |||||||||||||||||||||
Company Stock Purchased | (2 | ) | -- | -- | -- | (3,363 | ) | -- | (3,365 | ) | ||||||||||||||||||
Net Income | -- | -- | -- | -- | 3,377 | -- | 3,377 | |||||||||||||||||||||
Other Comprehensive Loss, Net of Applicable Deferred Income Taxes | -- | -- | -- | -- | -- | (16 | ) | (16 | ) | |||||||||||||||||||
BALANCE - June 30, 2016 | $ | 23 | $ | 33,863 | $ | (1,331 | ) | $ | (265 | ) | $ | 11,018 | $ | 84 | $ | 43,392 | ||||||||||||
Share Awards Earned | -- | 154 | -- | -- | -- | -- | 154 | |||||||||||||||||||||
ESOP Compensation Earned | -- | 182 | 116 | -- | -- | -- | 298 | |||||||||||||||||||||
Stock Options Exercised | -- | 61 | -- | -- | -- | -- | 61 | |||||||||||||||||||||
Distribution of RRP Trust Stock | -- | 9 | -- | 219 | -- | -- | 228 | |||||||||||||||||||||
Dividends Paid | -- | -- | -- | -- | (705 | ) | -- | (705 | ) | |||||||||||||||||||
Stock Options Vested | -- | 247 | -- | -- | -- | -- | 247 | |||||||||||||||||||||
Company Stock Purchased | -- | -- | -- | -- | (645 | ) | -- | (645 | ) | |||||||||||||||||||
Net Income | -- | -- | -- | -- | 3,652 | -- | 3,652 | |||||||||||||||||||||
Other Comprehensive Loss, Net of Applicable Deferred Income Taxes | -- | -- | -- | -- | -- | (436 | ) | (436 | ) | |||||||||||||||||||
BALANCE - June 30, 2017 | $ | 23 | $ | 34,516 | $ | (1,215 | ) | $ | (46 | ) | $ | 13,320 | $ | (352 | ) | $ | 46,246 | |||||||||||
For the Years Ended June 30, | ||||||||
2017 | 2016 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 3,652 | $ | 3,377 | ||||
Adjustments to Reconcile Net Income to Net | ||||||||
Cash Provided By Operating Activities | ||||||||
Gain on Sale of Loans | (2,775 | ) | (2,492 | ) | ||||
Net Amortization and Accretion on Securities | 36 | 18 | ||||||
Amortization of Deferred Loan Fees | (77 | ) | (72 | ) | ||||
Provision for Loan Losses | 900 | 271 | ||||||
Depreciation of Premises and Equipment | 505 | 441 | ||||||
Gain on Sale of Real Estate and Fixed Assets | (164 | ) | -- | |||||
ESOP Compensation Expense | 298 | 258 | ||||||
Deferred Income Tax Benefit | (393 | ) | (151 | ) | ||||
Stock Option Expense | 247 | 212 | ||||||
Recognition and Retention Plan Expense | 147 | 232 | ||||||
Increase in Cash Surrender Value on Bank Owned Life Insurance | (145 | ) | (157 | ) | ||||
Bad Debt Recovery | 14 | 59 | ||||||
Share Awards Expense | 152 | 92 | ||||||
Changes in Assets and Liabilities: | ||||||||
Origination and Purchase of Loans Held-for-Sale | (112,883 | ) | (99,012 | ) | ||||
Sale and Principal Repayments on Loans Held-for-Sale | 113,946 | 103,787 | ||||||
Accrued Interest Receivable | (71 | ) | (97 | ) | ||||
Other Operating Assets | (101 | ) | 57 | |||||
Other Operating Liabilities | 87 | 229 | ||||||
Net Cash Provided By Operating Activities | $ | 3,375 | $ | 7,052 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Loan Originations and Principal Collections, Net | (22,866 | ) | (22,706 | ) | ||||
Deferred Loan Fees Collected | 110 | 48 | ||||||
Acquisition of Premises and Equipment | (671 | ) | (2,620 | ) | ||||
Improvements to Real Estate Owned Prior to Disposition | (90 | ) | -- | |||||
Activity in Available-for-Sale Securities: | ||||||||
Principal Payments on Mortgage-Backed Securities | 12,564 | 11,392 | ||||||
Purchases | -- | (16,722 | ) | |||||
Activity in Held-to-Maturity Securities: | ||||||||
Principal Payments on Mortgage-Backed Securities | 1,654 | -- | ||||||
Redemption Proceeds | -- | 509 | ||||||
Purchases | (27,684 | ) | (848 | ) | ||||
Net Cash Used in Investing Activities | $ | (36,983 | ) | $ | (30,947 | ) | ||
For the Years Ended June 30, | ||||||||
2017 | 2016 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net Increase in Deposits | $ | 41,223 | $ | 1,584 | ||||
Proceeds from Advances from Federal Home Loan Bank | 776,501 | 703,700 | ||||||
Repayments of Advances from Federal Home Loan Bank | (775,259 | ) | (694,446 | ) | ||||
Dividends Paid | (705 | ) | (660 | ) | ||||
Company Stock Purchased | (645 | ) | (3,353 | ) | ||||
Net (Increase) Decrease in Advances from Borrowers for Taxes and Insurance | (19 | ) | 139 | |||||
Proceeds from Other Bank Borrowings | 300 | 2,200 | ||||||
Repayment of Other Bank Borrowings | (700 | ) | (1,800 | ) | ||||
Proceeds from Stock Options Exercised | 61 | 85 | ||||||
Recognition and Retention Plan Share Distributions | -- | 36 | ||||||
Net Cash Provided by Financing Activities | 40,757 | 7,485 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 7,149 | (16,410 | ) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 4,756 | 21,166 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 11,905 | $ | 4,756 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
Interest Paid on Deposits and Borrowed Funds | $ | 2,778 | $ | 2,612 | ||||
Income Taxes Paid | 2,114 | 1,762 | ||||||
Market Value Adjustment for Loss on Securities | (660 | ) | (24 | ) | ||||
Loan Originations to Finance Sale of Real Estate | 3,782 | -- | ||||||
For the Years Ended June 30, | ||||||||
2023 | 2022 | |||||||
(In Thousands, Except Per Share Data) | ||||||||
INTEREST INCOME | ||||||||
Loans, including fees | $ | 23,452 | $ | 17,501 | ||||
Investment securities | 251 | 4 | ||||||
Mortgage-backed securities | 1,954 | 1,505 | ||||||
Other interest-earning assets | 974 | 224 | ||||||
Total interest income | 26,631 | 19,234 | ||||||
INTEREST EXPENSE | ||||||||
Deposits | 4,506 | 1,770 | ||||||
Federal Home Loan Bank borrowings | 79 | 41 | ||||||
Other bank borrowings | 494 | 66 | ||||||
Total Interest Expense | 5,079 | 1,877 | ||||||
Net Interest Income | 21,552 | 17,357 | ||||||
PROVISION FOR LOAN LOSSES | 868 | 336 | ||||||
Net Interest Income After Provision For Loan Losses | 20,684 | 17,021 | ||||||
NON-INTEREST INCOME | ||||||||
Service charges on deposit accounts | 1,476 | 1,147 | ||||||
Gain (loss) on sale of real estate and fixed assets | 4 | (48 | ) | |||||
Income on Bank-Owned Life Insurance | 103 | 113 | ||||||
Gain on sale of loans | 466 | 1,982 | ||||||
Other income | 50 | 282 | ||||||
Total Non-Interest Income | 2,099 | 3,476 | ||||||
NON-INTEREST EXPENSE | ||||||||
Compensation and benefits | 9,088 | 9,019 | ||||||
Occupancy and equipment | 2,080 | 1,813 | ||||||
Data processing | 842 | 820 | ||||||
Audit and examination fees | 314 | 328 | ||||||
Franchise and bank shares tax | 531 | 535 | ||||||
Advertising | 340 | 329 | ||||||
Legal fees | 1,233 | 358 | ||||||
Loan and collection | 198 | 220 | ||||||
Amortization Core Deposit Intangible | 174 | - | ||||||
Deposit insurance premium | 297 | 154 | ||||||
Other expenses | 916 | 921 | ||||||
Total Non-Interest Expense | 16,013 | 14,497 | ||||||
Income Before Income Taxes | 6,770 | 6,000 | ||||||
PROVISION FOR INCOME TAX EXPENSE | 1,066 | 1,127 | ||||||
Net Income | $ | 5,704 | $ | 4,873 | ||||
EARNINGS PER SHARE | ||||||||
Basic | $ | 1.89 | $ | 1.50 | ||||
Diluted | $ | 1.81 | $ | 1.41 |
For the Years Ended June 30, | ||||||||
2023 | 2022 | |||||||
(In Thousands) | ||||||||
Net Income | $ | 5,704 | $ | 4,873 | ||||
Other Comprehensive (Loss) Income, Net of Tax | ||||||||
Investment securities available-for-sale: | ||||||||
Net unrealized (losses) gains | (1,208 | ) | (2,500 | ) | ||||
Income Tax Effect | 253 | 526 | ||||||
Other Comprehensive (Loss) Income | (955 | ) | (1,974 | ) | ||||
Total Comprehensive Income | $ | 4,749 | $ | 2,899 |
Common Stock | Additional Paid-In Capital | Unearned ESOP Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
BALANCE – June 30, 2021 | $ | 34 | $ | 37,701 | $ | (754 | ) | $ | 15,469 | $ | 275 | $ | 52,725 | |||||||||||
Share Awards Earned | - | 117 | - | - | - | 117 | ||||||||||||||||||
ESOP Compensation Earned | - | 343 | 116 | - | - | 459 | ||||||||||||||||||
Stock Options Exercised | - | 1,889 | - | - | - | 1,889 | ||||||||||||||||||
Dividends Paid | - | - | - | (1,353 | ) | - | (1,353 | ) | ||||||||||||||||
Stock Options Vested | - | 95 | - | - | - | 95 | ||||||||||||||||||
Company Stock Purchased | - | - | - | (4,484 | ) | - | (4,484 | ) | ||||||||||||||||
Net Income | - | - | - | 4,873 | - | 4,873 | ||||||||||||||||||
Other Comprehensive Loss, Unrealized Loss on Debt Securities, Net of Tax | - | - | - | - | (1,974 | ) | (1,974 | ) | ||||||||||||||||
BALANCE - June 30, 2022 | $ | 34 | $ | 40,145 | $ | (639 | ) | $ | 14,506 | $ | (1,699 | ) | $ | 52,347 | ||||||||||
Share Awards Earned | - | 123 | - | - | - | 123 | ||||||||||||||||||
ESOP Compensation Earned | - | 287 | 116 | - | - | 403 | ||||||||||||||||||
Stock Options Exercised | (3 | ) | 331 | - | - | - | 328 | |||||||||||||||||
Dividends Paid | - | - | - | (1,540 | ) | - | (1,540 | ) | ||||||||||||||||
Stock Options Vested | - | 95 | - | - | - | 95 | ||||||||||||||||||
Company Stock Purchased | - | - | - | (5,963 | ) | - | (5,963 | ) | ||||||||||||||||
Net Income | - | - | - | 5,704 | - | 5,704 | ||||||||||||||||||
Other Comprehensive Income, Unrealized Gain on Debt Securities, Net of Tax | - | - | - | - | (955 | ) | (955 | ) | ||||||||||||||||
BALANCE - June 30, 2023 | $ | 31 | $ | 40,981 | $ | (523 | ) | $ | 12,707 | $ | (2,654 | ) | $ | 50,542 |
For the Years Ended June 30, | ||||||||
2023 | 2022 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | 5,704 | $ | 4,873 | ||||
Adjustments to Reconcile Net Income to Net | ||||||||
Cash Provided By Operating Activities | ||||||||
Gain on Sale of Loans | (466 | ) | (1,982 | ) | ||||
Net Amortization and Accretion on Securities | (27 | ) | 109 | |||||
Amortization of Deferred Loan Fees | (300 | ) | (805 | ) | ||||
Provision for Loan Losses | 868 | 336 | ||||||
Depreciation of Premises and Equipment | 869 | 763 | ||||||
(Gain) Loss on Sale of Real Estate and Fixed Assets | (4 | ) | 48 | |||||
ESOP Compensation Expense | 403 | 459 | ||||||
Stock Option Expense | 95 | 95 | ||||||
Deferred Income Tax (Benefit) Expense | (174 | ) | (324 | ) | ||||
Federal Home Loan Bank Stock Dividend | (13 | ) | - | |||||
Share Awards Expense | 121 | 121 | ||||||
(Increase) Decrease in Cash Surrender Value on Bank Owned Life Insurance | (103 | ) | 617 | |||||
Bad Debt Recovery | 91 | 24 | ||||||
Changes in Assets and Liabilities: | ||||||||
Origination and Purchase of Loans Held-for-Sale | (24,865 | ) | (87,238 | ) | ||||
Sale and Principal Repayments on Loans Held-for-Sale | 29,305 | 99,669 | ||||||
Accrued Interest Receivable | (666 | ) | 39 | |||||
Other Operating Assets | (35 | ) | 366 | |||||
Other Operating Liabilities | 1,302 | (111 | ) | |||||
Net Cash Provided By Operating Activities | 12,105 | 17,059 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Loan Originations and Principal Collections, Net | (97,033 | ) | (51,004 | ) | ||||
Deferred Loan Fees Collected | 151 | 372 | ||||||
Acquisition of Premises and Equipment | (1,181 | ) | (2,574 | ) | ||||
Net Cash Paid in Acquisition | (10,244 | ) | - | |||||
Proceeds from Sale of Real Estate and Fixed Assets | 4 | 814 | ||||||
Improvements to Real Estate Owned Prior to Disposition | (90 | ) | - | |||||
Activity in Available-for-Sale Securities: | ||||||||
Principal Payments | 9,737 | 8,400 | ||||||
Purchase of Municipals | (1,075 | ) | - | |||||
Purchase of Mortgage-Backed Securities | (6,493 | ) | (9,484 | ) | ||||
Purchase of US Treasury Notes | (14,611 | ) | - | |||||
Activity in Held-to-Maturity Securities: | ||||||||
Purchase of Securities | - | (34,619 | ) | |||||
Purchases of FHLB Stock | (989 | ) | (15 | ) | ||||
Principal Payments on Mortgage-Backed Securities | 6,510 | 9,317 | ||||||
Sale/Redemptions of Securities | - | - | ||||||
Net Cash Used in Investing Activities | (115,314 | ) | (78,793 | ) | ||||
For the Years Ended June 30, | ||||||||
2023 | 2022 | |||||||
(In Thousands) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net Increase in Deposits | $ | 65,370 | $ | 25,395 | ||||
Proceeds from Advances from Federal Home Loan Bank | 184,001 | - | ||||||
Repayments of Advances from Federal Home Loan Bank | (184,833 | ) | (35 | ) | ||||
Dividends Paid | (1,530 | ) | (1,353 | ) | ||||
Company Stock Purchased | (5,963 | ) | (4,484 | ) | ||||
Net Increase (Decrease) in Advances from Borrowers for Taxes and Insurance | 200 | (72 | ) | |||||
Proceeds from Other Bank Borrowings | 6,200 | 3,150 | ||||||
Repayment of Other Bank Borrowings | - | (3,200 | ) | |||||
Proceeds from Stock Options Exercised | 328 | 1,889 | ||||||
Recognition and Retention Plan Share Distributions | 123 | 117 | ||||||
Net Cash Provided by Financing Activities | 63,896 | 21,407 | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (39,313 | ) | (40,327 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 64,078 | 104,405 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 24,765 | $ | 64,078 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
Interest Paid on Deposits and Borrowed Funds | 5,079 | 1,892 | ||||||
Income Taxes Paid | 950 | 1,115 | ||||||
Market Value Adjustment for Unrealized Gain on Debt Securities Available For Sale | 1,208 | 2,500 | ||||||
Transfer from Loans to Other Real Estate | 172 | - | ||||||
Acquisitions: | ||||||||
Fair Value of Tangible Assets Acquired | 82,889 | - | ||||||
Other Intangible Assets Acquired | 1,510 | - | ||||||
Liabilities Assumed | (77,145 | ) | - | |||||
Net Identifiable Assets Acquired Over Liabilities Assumed | 7,254 | - |
Note 1. | Summary of Significant Accounting Policies |
Note 1. | Summary of Significant Accounting Policies (Continued) |
2017 | 2016 | 2023 | 2022 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Cash on Hand | $ | 871 | $ | 2,027 | $ | 1,825 | $ | 1,495 | ||||||||
Demand Deposits at Other Institutions | 5,259 | 2,529 | 17,965 | 40,758 | ||||||||||||
Federal Funds Sold | 5,775 | 200 | 4,975 | 21,825 | ||||||||||||
Total | $ | 11,905 | $ | 4,756 | $ | 24,765 | $ | 64,078 |
Note 1. | Summary of Significant Accounting Policies (Continued) |
Note 1. | Summary of Significant Accounting Policies (Continued) |
Note 1. | Summary of Significant Accounting Policies (Continued) |
Buildings and Improvements | 10 - 40 Years |
Furniture and Equipment | 3 - 10 Years |
Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired. Goodwill has an indefinite useful life and is evaluated for impairment annually, or more frequently if events and circumstances indicate that the asset might be impaired.
Core Deposit Intangible
Core deposit intangibles represent the estimated value of long-term deposit relationships acquired in business combinations. The accumulated amortization of the Core deposit intangible is $0.174 million, and the carrying value as of June 30, 2023 was $1.533 million, to be expensed over 115 months. The Company’s policy is to amortize these intangibles on a straight-line basis over their estimated useful life, which the estimated useful lives are periodically reviewed for reasonableness. Core deposit intangibles are tested for impairment if events and circumstances indicate the carrying amount of the asset may not be recoverable from future cash flows.
Note 1. | Summary of Significant Accounting Policies (Continued) |
2017 | 2016 | |||||||
(In Thousands) | ||||||||
Unrealized Holding Loss on Available-for-Sale Securities | $ | (660 | ) | $ | (24 | ) | ||
Tax Effect | 224 | 8 | ||||||
Net-of-Tax Amount | $ | (436 | ) | $ | (16 | ) |
2017 | 2016 | 2023 | 2022 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Net Unrealized (Loss) Gain on Securities Available-for-Sale | $ | (533 | ) | $ | 128 | |||||||||||
Net Unrealized Loss on Debt Securities Available-for-Sale | $ | (3,359 | ) | $ | (2,151 | ) | ||||||||||
Tax Effect | 181 | (44 | ) | 705 | 452 | |||||||||||
Net-of-Tax Amount | $ | (352 | ) | $ | 84 | $ | (2,654 | ) | $ | (1,699 | ) |
Note 1. | Summary of Significant Accounting Policies (Continued) |
Note 2. | Securities |
June 30, 2023 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Securities Available-for-Sale | Cost | Gains | Losses | Value | ||||||||||||
(In Thousands) | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 12,167 | $ | 1 | $ | 1,012 | $ | 11,156 | ||||||||
FNMA Mortgage-Backed Certificates | 15,318 | - | 1,604 | 13,714 | ||||||||||||
GNMA Mortgage-Backed Certificates | 4,578 | - | 814 | 3,764 | ||||||||||||
Total Debt Securities | 32,063 | 1 | 3,430 | 28,634 | ||||||||||||
US Treasury Securities | 9,779 | 68 | 6 | 9,841 | ||||||||||||
Municipal Bonds | 1,068 | 11 | 3 | 1,076 | ||||||||||||
Total Securities Available-for-Sale | $ | 42,910 | $ | 80 | $ | 3,439 | $ | 39,551 | ||||||||
Securities Held-to-Maturity | ||||||||||||||||
Debt Securities | ||||||||||||||||
GNMA Mortgage-Backed Certificates | $ | 623 | $ | - | $ | 63 | $ | 560 | ||||||||
FHLMC Mortgage-Backed Certificates | 29,921 | - | 5,781 | 24,140 | ||||||||||||
FNMA Mortgage-Backed Certificates | 41,024 | - | 7,277 | 33,747 | ||||||||||||
Total Debt Securities | 71,568 | - | 13,121 | 58,447 | ||||||||||||
Municipals | 1,311 | - | 80 | 1,231 | ||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||
12,935 Shares – Federal Home Loan Bank | 1,294 | - | - | 1,294 | ||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | - | - | 250 | ||||||||||||
Total Equity Securities | 1,544 | - | - | 1,544 | ||||||||||||
Total Securities Held-to-Maturity | $ | 74,423 | $ | - | $ | 13,201 | $ | 61,222 |
Note 2. | Securities (Continued) |
Available-for-Sale | Held-to-Maturity | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Debt Securities | ||||||||||||||||
Within One Year or Less | $ | - | $ | - | $ | - | $ | - | ||||||||
One through Five Years | 1 | 1 | - | - | ||||||||||||
After Five through Ten Years | 1,861 | 1,771 | - | - | ||||||||||||
Over Ten Years | 30,201 | 26,862 | 71,568 | 58,447 | ||||||||||||
32,063 | 28,634 | 71,568 | 58,447 | |||||||||||||
US Treasury Securities | ||||||||||||||||
Within One Year or Less | 7,780 | 7,847 | - | - | ||||||||||||
One through Five Years | 1,999 | 1,994 | - | - | ||||||||||||
9,779 | 9,841 | - | - | |||||||||||||
Municipals | ||||||||||||||||
Within One Year or Less | - | - | 221 | 210 | ||||||||||||
Over Ten Years | 1,068 | 1,076 | 1,090 | 1,021 | ||||||||||||
1,068 | 1,076 | 1,311 | 1,231 | |||||||||||||
Other Equity Securities | - | - | 1,544 | 1,544 | ||||||||||||
Total | $ | 42,910 | $ | 39,551 | $ | 74,423 | $ | 61,222 |
Note 2. | Securities (Continued) |
June 30, 2017 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Securities Available-for-Sale | Cost | Gains | Losses | Value | ||||||||||||
(In Thousands) | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 9,140 | $ | 5 | $ | 297 | $ | 8,848 | ||||||||
FNMA Mortgage-Backed Certificates | 19,986 | 256 | 285 | 19,957 | ||||||||||||
GNMA Mortgage-Backed Certificates | 8,342 | 3 | 215 | 8,130 | ||||||||||||
Total Debt Securities | 37,468 | 264 | 797 | 36,935 | ||||||||||||
Total Securities Available-for-Sale | $ | 37,468 | $ | 264 | $ | 797 | $ | 36,935 | ||||||||
Securities Held-to-Maturity | ||||||||||||||||
Debt Securities | ||||||||||||||||
FNMA Mortgage-Backed Securities | $ | 25,558 | $ | 2 | $ | 370 | $ | 25,190 | ||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||
25,488 Shares – Federal Home Loan Bank | 2,549 | -- | -- | 2,549 | ||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | ||||||||||||
Total Equity Securities | 2,799 | -- | -- | 2,799 | ||||||||||||
Total Securities Held-to-Maturity | $ | 28,357 | $ | 2 | $ | 370 | $ | 27,989 |
June 30, 2016 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Securities Available-for-Sale | Cost | Gains | Losses | Value | ||||||||||||
(In Thousands) | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 10,928 | $ | 12 | $ | 147 | $ | 10,793 | ||||||||
FNMA Mortgage-Backed Certificates | 26,610 | 613 | -- | 27,223 | ||||||||||||
GNMA Mortgage-Backed Certificates | 12,507 | 4 | 354 | 12,157 | ||||||||||||
Total Debt Securities | 50,045 | 629 | 501 | 50,173 | ||||||||||||
Total Securities Available-for-Sale | $ | 50,045 | $ | 629 | $ | 501 | $ | 50,173 | ||||||||
Securities Held-to-Maturity | ||||||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||
20,989 Shares – Federal Home Loan Bank | $ | 2,099 | $ | -- | $ | -- | $ | 2,099 | ||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | -- | -- | 250 | ||||||||||||
Total Equity Securities | 2,349 | -- | -- | 2,349 | ||||||||||||
Total Securities Held-to-Maturity | $ | 2,349 | $ | -- | $ | -- | $ | 2,349 |
June 30, 2022 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Securities Available-for-Sale | Cost | Gains | Losses | Value | ||||||||||||
(In Thousands) | ||||||||||||||||
Debt Securities | ||||||||||||||||
FHLMC Mortgage-Backed Certificates | $ | 7,513 | $ | 1 | $ | 482 | $ | 7,032 | ||||||||
FNMA Mortgage-Backed Certificates | 17,753 | - | 1,067 | 16,686 | ||||||||||||
GNMA Mortgage-Backed Certificates | 4,984 | - | 603 | 4,381 | ||||||||||||
Total Debt Securities | 30,250 | 1 | 2,152 | 28,099 | ||||||||||||
Total Securities Available-for-Sale | $ | 30,250 | $ | 1 | $ | 2,152 | $ | 28,099 | ||||||||
Securities Held-to-Maturity | ||||||||||||||||
Debt Securities | ||||||||||||||||
GNMA Mortgage-Backed Certificates | $ | 640 | $ | - | $ | 40 | $ | 600 | ||||||||
FHLMC Mortgage-Backed Certificates | 32,485 | - | 4,602 | 27,883 | ||||||||||||
FNMA Mortgage-Backed Certificates | 44,947 | - | 5,693 | 39,254 | ||||||||||||
Total Debt Securities | 78,072 | - | 10,335 | 67,737 | ||||||||||||
Municipals | 1,336 | - | 102 | 1,234 | ||||||||||||
Equity Securities (Non-Marketable) | ||||||||||||||||
2,919 Shares – Federal Home Loan Bank | 292 | - | - | 292 | ||||||||||||
630 Shares – First National Bankers Bankshares, Inc. | 250 | - | - | 250 | ||||||||||||
Total Equity Securities | 542 | - | - | 542 | ||||||||||||
Total Securities Held-to-Maturity | $ | 79,950 | $ | - | $ | 10,437 | $ | 69,513 |
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||
Cost | Value | Cost | Value | Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||
(In Thousands) | Cost | Value | Cost | Value | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
Within One Year or Less | $ | 10 | $ | 11 | $ | -- | $ | -- | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
One through Five Years | 60 | 61 | -- | -- | 5 | 5 | - | - | ||||||||||||||||||||||||
After Five through Ten Years | 43 | 43 | -- | -- | 1,389 | 1,334 | - | - | ||||||||||||||||||||||||
Over Ten Years | 37,355 | 36,820 | 25,558 | 25,190 | 28,856 | 26,760 | 78,072 | 67,737 | ||||||||||||||||||||||||
37,468 | 36,935 | 25,558 | 25,190 | 30,250 | 28,099 | 78,072 | 67,737 | |||||||||||||||||||||||||
Municipals | ||||||||||||||||||||||||||||||||
Within One Year or Less | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
One through Five Years | - | - | 228 | 218 | ||||||||||||||||||||||||||||
After Five through Ten Years | - | - | - | - | ||||||||||||||||||||||||||||
Over Ten Years | - | - | 1,108 | 1,016 | ||||||||||||||||||||||||||||
- | - | 1,336 | 1,234 | |||||||||||||||||||||||||||||
Other Equity Securities | -- | -- | 2,799 | 2,799 | - | - | 542 | 542 | ||||||||||||||||||||||||
Total | $ | 37,468 | $ | 36,935 | $ | 28,357 | $ | 27,989 | $ | 30,250 | $ | 28,099 | $ | 79,950 | $ | 69,513 |
Note 2. | Securities (Continued) |
June 30, 2017 | June 30, 2023 | |||||||||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Less Than Twelve Months | Over Twelve Months | |||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||||||||||||||
Losses | Value | Losses | Value | Losses | Value | Losses | Value | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | $ | 144 | $ | 10,278 | $ | 653 | $ | 21,719 | $ | 618 | $ | 9,109 | $ | 2,811 | $ | 18,892 | ||||||||||||||||
Marketable Equity Securities | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Municipals | 3 | 561 | - | - | ||||||||||||||||||||||||||||
US Treasury Securities | 8 | 2,186 | - | - | ||||||||||||||||||||||||||||
Total Securities Available-for-Sale | $ | 144 | $ | 10,278 | $ | 653 | $ | 21,719 | $ | 629 | $ | 11,856 | $ | 2,811 | $ | 18,892 | ||||||||||||||||
June 30, 2016 | ||||||||||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | |||||||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||||||||||||||||||||
Losses | Value | Losses | Value | |||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | $ | 147 | $ | 17,852 | $ | 354 | $ | 12,066 | ||||||||||||||||||||||||
Marketable Equity Securities | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Total Securities Available-for-Sale | $ | 147 | $ | 17,852 | $ | 354 | $ | 12,066 |
June 30, 2023 | ||||||||||||||||
Less Than Twelve Months | Over Twelve Months | |||||||||||||||
Gross | Gross | |||||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||||
Losses | Value | Losses | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||
Mortgage-Backed Securities | $ | 215 | $ | 1,859 | $ | 12,907 | $ | 56,587 | ||||||||
Municipals | - | - | 80 | 1,231 | ||||||||||||
Total Securities Held-to-Maturity | $ | 215 | $ | 1,859 | $ | 12,987 | $ | 57,818 |
June 30, 2022 | ||||||||||||||||
Less Than Twelve Months | Over Twelve Months | |||||||||||||||
Gross | Gross | |||||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||||
Losses | Value | Losses | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||
Mortgage-Backed Securities | $ | 1,335 | $ | 21,813 | $ | 816 | $ | 6,286 | ||||||||
| ||||||||||||||||
Total Securities Available-for-Sale | $ | 1,335 | $ | 21,813 | $ | 816 | $ | 6,286 |
June 30, 2022 | ||||||||||||||||
Less Than Twelve Months | Over Twelve Months | |||||||||||||||
Gross | Gross | |||||||||||||||
Unrealized | Fair | Unrealized | Fair | |||||||||||||
Losses | Value | Losses | Value | |||||||||||||
(In Thousands) | ||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||
Mortgage-Backed Securities | $ | 4,591 | $ | 35,930 | $ | 5,744 | $ | 31,807 | ||||||||
Municipals | 102 | | 1,234 | - | - | |||||||||||
| ||||||||||||||||
Total Securities Held-to-Maturity | $ | 4,693 | $ | 37,164 | $ | 5,744 | $ | 31,807 |
Note 2. | Securities (Continued) |
Note 3. | Loans Receivable |
2017 | 2016 | 2023 | 2022 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Loans Secured by Mortgages on Real Estate | ||||||||||||||||
One-to-Four Family Residential | $ | 125,306 | $ | 118,035 | $ | 179,579 | $ | 120,014 | ||||||||
Commercial | 77,945 | 69,197 | 148,441 | 127,589 | ||||||||||||
Multi-Family Residential | 21,281 | 20,661 | 28,849 | 30,411 | ||||||||||||
Land | 25,038 | 24,308 | 26,841 | 22,127 | ||||||||||||
Construction | 9,529 | 14,442 | 28,035 | 27,884 | ||||||||||||
Equity and Second Mortgage | 1,710 | 1,526 | 2,450 | 1,587 | ||||||||||||
Equity Lines of Credit | 20,976 | 17,290 | 23,817 | 17,831 | ||||||||||||
Total Mortgage Loans | 281,785 | 265,459 | 438,012 | 347,443 | ||||||||||||
Commercial Loans | 34,429 | 27,886 | 55,364 | 44,487 | ||||||||||||
Consumer Loans | ||||||||||||||||
Loans on Savings Accounts | 420 | 404 | 372 | 266 | ||||||||||||
Other Consumer Loans | 63 | 86 | 1,082 | 439 | ||||||||||||
Total Consumer Other Loans | 483 | 490 | 1,454 | 705 | ||||||||||||
Total Loans | 316,697 | 293,835 | 494,830 | 392,635 | ||||||||||||
Less: Allowance for Loan Losses | (3,729 | ) | (2,845 | ) | (5,173 | ) | (4,451 | ) | ||||||||
Unamortized Loan Fees | (196 | ) | (163 | ) | (164 | ) | (311 | ) | ||||||||
Net Loans Receivable | $ | 312,772 | $ | 290,827 | $ | 489,493 | $ | 387,873 |
2017 | 2016 | 2023 | 2022 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Balance - Beginning of Year | $ | 2,845 | $ | 2,515 | $ | 4,451 | $ | 4,122 | ||||||||
Provision for Loan Losses | 900 | 271 | 868 | 336 | ||||||||||||
Recoveries | 14 | 59 | 91 | 24 | ||||||||||||
Loan Charge-Offs | (30 | ) | -- | (237 | ) | (31 | ) | |||||||||
Balance - End of Year | $ | 3,729 | $ | 2,845 | ||||||||||||
Balance – End of Year | $ | 5,173 | $ | 4,451 |
Note 3. | Loans Receivable (Continued) |
Under | Over One | Over Five | Over | Under | Over One | Over Five | Over | |||||||||||||||||||||||||||||||||
One | to Five | to Ten | Ten | One | to Five | to Ten | Ten | |||||||||||||||||||||||||||||||||
Year | Years | Years | Years | Total | Year | Years | Years | Years | Total | |||||||||||||||||||||||||||||||
Loans Secured by One-to-Four | (In Thousands) | (In Thousands) | ||||||||||||||||||||||||||||||||||||||
Family Residential | ||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 15,145 | $ | 35,540 | $ | 14,944 | $ | 36,108 | $ | 101,737 | $ | 14,694 | $ | 84,704 | $ | 15,845 | $ | 27,217 | $ | 142,460 | ||||||||||||||||||||
Adjustable Rate | 1,556 | 7,135 | 7,288 | 7,590 | 23,569 | 3,211 | 19,510 | 11,063 | 3,334 | 37,118 | ||||||||||||||||||||||||||||||
Other Loans Secured by Real Estate | ||||||||||||||||||||||||||||||||||||||||
Fixed Rate | 12,604 | 46,991 | 32,293 | 7,261 | 99,149 | 44,514 | 108,402 | 56,926 | 16,236 | 226,078 | ||||||||||||||||||||||||||||||
Adjustable Rate | 57,233 | 97 | -- | -- | 57,330 | 31,742 | 614 | - | - | 32,356 | ||||||||||||||||||||||||||||||
All Other Loans | ||||||||||||||||||||||||||||||||||||||||
Fixed Rate | 2,259 | 12,814 | 3,163 | -- | 18,236 | 5,638 | 24,607 | 10,183 | 2,859 | 43,287 | ||||||||||||||||||||||||||||||
Adjustable Rate | 16,676 | -- | -- | -- | 16,676 | 13,531 | - | - | - | 13,531 | ||||||||||||||||||||||||||||||
Total | $ | 105,473 | $ | 102,577 | $ | 57,688 | $ | 50,959 | $ | 316,697 | $ | 113,331 | $ | 237,837 | $ | 94,016 | $ | 49,646 | $ | 494,830 |
Note 3. | Loans Receivable (Continued) |
June 30, 2017 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||
June 30, 2023 | Pass and Pass Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 124,450 | $ | 303 | $ | 553 | $ | -- | $ | 125,306 | $ | 176,536 | $ | 810 | $ | 2,233 | $ | - | $ | 179,579 | ||||||||||||||||||||
Commercial | 77,690 | -- | 255 | -- | 77,945 | 146,787 | - | 1,654 | - | 148,441 | ||||||||||||||||||||||||||||||
Multi-Family Residential | 21,281 | -- | -- | -- | 21,281 | 28,849 | - | - | - | 28,849 | ||||||||||||||||||||||||||||||
Land | 24,915 | 123 | -- | -- | 25,038 | 26,841 | - | - | - | 26,841 | ||||||||||||||||||||||||||||||
Construction | 9,232 | 297 | -- | -- | 9,529 | 28,035 | - | - | - | 28,035 | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | 1,710 | -- | -- | -- | 1,710 | 2,381 | - | 69 | - | 2,450 | ||||||||||||||||||||||||||||||
Equity Lines of Credit | 20,976 | -- | -- | -- | 20,976 | 23,817 | - | - | - | 23,817 | ||||||||||||||||||||||||||||||
Commercial Loans | 31,916 | -- | 2,503 | -- | 34,429 | 53,025 | 2,339 | - | - | 55,364 | ||||||||||||||||||||||||||||||
Consumer Loans | 483 | -- | -- | -- | 483 | 1,432 | 1 | 21 | - | 1,454 | ||||||||||||||||||||||||||||||
Total | $ | 312,653 | $ | 723 | $ | 3,311 | $ | -- | $ | 316,697 | $ | 487,703 | $ | 3,150 | $ | 3,977 | $ | - | $ | 494,830 | ||||||||||||||||||||
June 30, 2016 | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||
June 30, 2022 | Pass and Pass Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 117,881 | $ | 40 | $ | 114 | $ | -- | $ | 118,035 | $ | 117,464 | $ | 352 | $ | 2,198 | $ | - | $ | 120,014 | ||||||||||||||||||||
Commercial | 68,899 | 30 | 268 | -- | 69,197 | 123,292 | 2,548 | 1,749 | - | 127,589 | ||||||||||||||||||||||||||||||
Multi-Family Residential | 20,661 | -- | -- | -- | 20,661 | 30,411 | - | - | - | 30,411 | ||||||||||||||||||||||||||||||
Land | 23,753 | 555 | -- | -- | 24,308 | 22,127 | - | - | - | 22,127 | ||||||||||||||||||||||||||||||
Construction | 14,442 | -- | -- | -- | 14,442 | 27,884 | - | - | - | 27,884 | ||||||||||||||||||||||||||||||
Equity and Second Mortgage | 1,526 | -- | -- | -- | 1,526 | 1,587 | - | - | - | 1,587 | ||||||||||||||||||||||||||||||
Equity Lines of Credit | 17,290 | -- | -- | -- | 17,290 | 17,831 | - | - | - | 17,831 | ||||||||||||||||||||||||||||||
Commercial Loans | 25,896 | -- | 1,990 | -- | 27,886 | 44,275 | 212 | - | - | 44,487 | ||||||||||||||||||||||||||||||
Consumer Loans | 490 | -- | -- | -- | 490 | 705 | - | - | - | 705 | ||||||||||||||||||||||||||||||
Total | $ | 290,838 | $ | 625 | $ | 2,372 | $ | -- | $ | 293,835 | $ | 385,576 | $ | 3,112 | $ | 3,947 | $ | - | $ | 392,635 |
Note 3. | Loans Receivable (Continued) |
June 30, 2017 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | One-to-Four Family Residential | $ | 1,650 | $ | 350 | $ | 662 | $ | 2,662 | $ | 122,644 | $ | 125,306 | $ | 181 | $ | 177 | $ | 750 | $ | 1,174 | $ | 2,101 | $ | 177,478 | $ | 179,579 | $ | - | |||||||||||||||||||||||||||
Commercial | 8 | -- | -- | 8 | 77,937 | 77,945 | -- | - | - | - | - | 148,441 | 148,441 | - | ||||||||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 21,281 | 21,281 | -- | - | - | - | - | 28,849 | 28,849 | - | ||||||||||||||||||||||||||||||||||||||||||
Land | -- | -- | -- | -- | 25,038 | 25,038 | -- | 36 | - | - | 36 | 26,805 | 26,841 | - | ||||||||||||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | 9,529 | 9,529 | -- | - | - | - | - | 28,035 | 28,035 | - | ||||||||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 1,710 | 1,710 | -- | 54 | - | - | 54 | 2,396 | 2,450 | - | ||||||||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | 194 | -- | 4 | 198 | 20,778 | 20,976 | 4 | - | - | - | - | 23,817 | 23,817 | - | ||||||||||||||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | 2,503 | 2,503 | 31,926 | 34,429 | -- | 63 | - | - | 63 | 55,301 | 55,364 | - | ||||||||||||||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 483 | 483 | -- | - | - | - | - | 1,454 | 1,454 | - | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,852 | $ | 350 | $ | 3,169 | $ | 5,371 | $ | 311,326 | $ | 316,697 | $ | 185 | $ | 330 | $ | 750 | $ | 1,174 | $ | 2,254 | $ | 492,576 | $ | 494,830 | $ | - |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More | Total Past Due | Current | Total Loans Receivable | Recorded Investment > 90 Days and Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | One-to-Four Family Residential | $ | 2,646 | $ | 1,674 | $ | 114 | $ | 4,434 | $ | 113,601 | $ | 118,035 | $ | 101 | $ | - | $ | 1,923 | $ | 387 | $ | 2,310 | $ | 117,704 | $ | 120,014 | $ | 26 | |||||||||||||||||||||||||||
Commercial | -- | -- | -- | -- | 69,197 | 69,197 | -- | - | - | - | - | 127,589 | 127,589 | - | ||||||||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | 20,661 | 20,661 | -- | - | - | - | - | 30,411 | 30,411 | - | ||||||||||||||||||||||||||||||||||||||||||
Land | -- | 555 | -- | 555 | 23,753 | 24,308 | -- | - | - | - | - | 22,127 | 22,127 | - | ||||||||||||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | 14,442 | 14,442 | -- | - | - | - | - | 27,884 | 27,884 | - | ||||||||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | 1,526 | 1,526 | -- | - | - | - | - | 1,587 | 1,587 | - | ||||||||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | 78 | 15 | -- | 93 | 17,197 | 17,290 | -- | 24 | - | - | 24 | 17,807 | 17,831 | - | ||||||||||||||||||||||||||||||||||||||||||
Commercial Loans | -- | -- | -- | -- | 27,886 | 27,886 | -- | - | - | - | - | 44,487 | 44,487 | - | ||||||||||||||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | 490 | 490 | -- | - | - | - | - | 705 | 705 | - | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,724 | $ | 2,244 | $ | 114 | $ | 5,082 | $ | 288,753 | $ | 293,835 | $ | 101 | $ | 24 | $ | 1,923 | $ | 387 | $ | 2,334 | $ | 390,301 | $ | 392,635 | $ | 26 |
Note 3. | Loans Receivable (Continued) |
Real Estate Loans | ||||||||||||||||||||||||||||||||||||
June 30, 2017 | Residential | Commercial | Multi- Family | Land | Construction | Other | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,517 | $ | 321 | $ | 111 | $ | 201 | $ | 126 | $ | 117 | $ | 444 | $ | 8 | $ | 2,845 | ||||||||||||||||||
Charge-Offs | -- | -- | -- | (16 | ) | -- | (14 | ) | -- | -- | (30 | ) | ||||||||||||||||||||||||
Recoveries | 14 | -- | -- | -- | -- | -- | -- | -- | 14 | |||||||||||||||||||||||||||
Current Provision | 291 | 32 | (38 | ) | 18 | 21 | 39 | 535 | 2 | 900 | ||||||||||||||||||||||||||
Ending Balances | $ | 1,822 | $ | 353 | $ | 73 | $ | 203 | $ | 147 | $ | 142 | $ | 979 | $ | 10 | $ | 3,729 | ||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Collectively | 1,822 | 353 | 73 | 203 | 147 | 142 | 979 | 10 | 3,729 | |||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||
Ending Balances - Total | $ | 125,306 | $ | 77,945 | $ | 21,281 | $ | 25,038 | $ | 9,529 | $ | 22,686 | $ | 34,429 | $ | 483 | $ | 316,697 | ||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 856 | 255 | -- | 123 | 297 | -- | 2,513 | -- | 4,044 | |||||||||||||||||||||||||||
Collectively | $ | 124,450 | $ | 77,690 | $ | 21,281 | $ | 24,915 | $ | 9,232 | $ | 22,686 | $ | 31,916 | $ | 483 | $ | 312,653 |
Real Estate Loans | ||||||||||||||||||||||||||||||||||||
June 30, 2016 | Residential | Commercial | Multi- Family | Land | Construction | Other | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,195 | $ | 415 | $ | 103 | $ | 154 | $ | 146 | $ | 192 | $ | 305 | $ | 5 | $ | 2,515 | ||||||||||||||||||
Charge-Offs | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Recoveries | 59 | -- | -- | -- | -- | -- | -- | -- | 59 | |||||||||||||||||||||||||||
Current Provision | 263 | (94 | ) | 8 | 47 | (20 | ) | (75 | ) | 139 | 3 | 271 | ||||||||||||||||||||||||
Ending Balances | $ | 1,517 | $ | 321 | $ | 111 | $ | 201 | $ | 126 | $ | 117 | $ | 444 | $ | 8 | $ | 2,845 | ||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | -- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Collectively | 1,517 | 321 | 111 | 201 | 126 | 117 | 444 | 8 | 2,845 | |||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 118,035 | $ | 69,197 | $ | 20,661 | $ | 24,308 | $ | 14,442 | $ | 18,816 | $ | 27,886 | $ | 490 | $ | 293,835 | ||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 154 | 298 | -- | 555 | -- | -- | 1,990 | -- | 2,997 | |||||||||||||||||||||||||||
Collectively | $ | 117,881 | $ | 68,899 | $ | 20,661 | $ | 23,753 | $ | 14,442 | $ | 18,816 | $ | 25,896 | $ | 490 | $ | 290,838 |
Real Estate Loans | ||||||||||||||||||||||||||||||||||||
June 30, 2023 | Residential | Commercial | Multi- Family | Land | Construction | Other | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 1,367 | $ | 1,295 | $ | 357 | $ | 305 | $ | 282 | $ | 197 | $ | 646 | $ | 2 | $ | 4,451 | ||||||||||||||||||
Charge-Offs | (41 | ) | - | - | - | - | (26 | ) | (170 | ) | - | (237 | ) | |||||||||||||||||||||||
Recoveries | 4 | - | - | - | - | 5 | 82 | - | 91 | |||||||||||||||||||||||||||
Current Provision | 570 | 378 | (129 | ) | (31 | ) | (28 | ) | 75 | 30 | 3 | 868 | ||||||||||||||||||||||||
Ending Balances | $ | 1,900 | $ | 1,673 | $ | 228 | $ | 274 | $ | 254 | $ | 251 | $ | 588 | $ | 5 | $ | 5,173 | ||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 495 | 100 | - | - | - | 4 | 29 | - | 628 | |||||||||||||||||||||||||||
Collectively | 1,405 | 1,573 | 228 | 274 | 254 | 247 | 559 | 5 | 4,545 | |||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 179,579 | $ | 148,441 | $ | 28,849 | $ | 26,841 | $ | 28,035 | $ | 26,267 | $ | 55,364 | $ | 1,454 | $ | 494,830 | ||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 3,043 | 1,654 | - | - | - | 69 | 2,339 | 22 | 7,127 | |||||||||||||||||||||||||||
Collectively | $ | 176,536 | $ | 146,787 | $ | 28,849 | $ | 26,841 | $ | 28,035 | $ | 26,198 | $ | 53,025 | $ | 1,432 | $ | 487,703 |
Real Estate Loans | ||||||||||||||||||||||||||||||||||||
June 30, 2022 | Residential | Commercial | Multi- Family | Land | Construction | Other | Commercial Loans | Consumer Loans | Total | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning Balances | $ | 894 | $ | 1,630 | $ | 346 | $ | 407 | $ | 160 | $ | 193 | $ | 489 | $ | 3 | $ | 4,122 | ||||||||||||||||||
Charge-Offs | (8 | ) | (6 | ) | - | - | - | (17 | ) | - | - | (31 | ) | |||||||||||||||||||||||
Recoveries | 4 | - | - | - | - | 20 | - | - | 24 | |||||||||||||||||||||||||||
Current Provision | 477 | (329 | ) | 11 | (102 | ) | 122 | 1 | 157 | (1 | ) | 336 | ||||||||||||||||||||||||
Ending Balances | $ | 1,367 | $ | 1,295 | $ | 357 | $ | 305 | $ | 282 | $ | 197 | $ | 646 | $ | 2 | $ | 4,451 | ||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 106 | 129 | - | - | - | - | 38 | - | 273 | |||||||||||||||||||||||||||
Collectively | 1,261 | 1,166 | 357 | 305 | 282 | 197 | 608 | 2 | 4,178 | |||||||||||||||||||||||||||
Loans Receivable: | ||||||||||||||||||||||||||||||||||||
Ending Balances – Total | $ | 120,014 | $ | 127,589 | $ | 30,411 | $ | 22,127 | $ | 27,884 | $ | 19,418 | $ | 44,487 | $ | 705 | $ | 392,635 | ||||||||||||||||||
Ending Balances: | ||||||||||||||||||||||||||||||||||||
Evaluated for Impairment: | ||||||||||||||||||||||||||||||||||||
Individually | 2,550 | 1,654 | - | - | - | - | 2,760 | - | 7,059 | |||||||||||||||||||||||||||
Collectively | $ | 117,464 | $ | 125,840 | $ | 30,411 | $ | 22,127 | $ | 27,884 | $ | 19,418 | $ | 41,727 | $ | 705 | $ | 385,576 |
Note 3. | Loans Receivable (Continued) |
June 30, 2017 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 856 | $ | 856 | $ | -- | $ | 856 | $ | -- | $ | 861 | $ | 2,559 | $ | 156 | $ | 2,403 | $ | 2,559 | $ | 495 | $ | 3,644 | ||||||||||||||||||||||||
Commercial | 255 | 255 | -- | 255 | -- | 261 | 1,617 | - | 1,617 | 1,617 | 100 | 1,675 | ||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Land | 123 | 123 | -- | 123 | -- | 125 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Construction | 297 | 297 | -- | 297 | -- | 299 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | - | - | - | - | - | 63 | ||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | -- | -- | -- | -- | -- | -- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Commercial Loans | 2,513 | 2,513 | -- | 2,513 | -- | 2,649 | 2,197 | 37 | 2,160 | 2,197 | 29 | 2,659 | ||||||||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | - | - | - | - | - | 23 | ||||||||||||||||||||||||||||||||||||
Purchased Credit Impaired | 754 | 685 | 69 | 754 | 4 | 754 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,044 | $ | 4,044 | $ | -- | $ | 4,044 | $ | -- | $ | 4,195 | $ | 7,127 | $ | 878 | $ | 6,249 | $ | 7,127 | $ | 628 | $ | 8,818 |
June 30, 2016 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
One-to-Four Family Residential | $ | 154 | $ | 154 | $ | -- | $ | 154 | $ | -- | $ | 162 | $ | 2,550 | $ | 163 | $ | 2,387 | $ | 2,550 | $ | 106 | $ | 3,032 | ||||||||||||||||||||||||
Commercial | 298 | 298 | -- | 298 | -- | 274 | 1,749 | - | 1,749 | 1,749 | 129 | 1,811 | ||||||||||||||||||||||||||||||||||||
Multi-Family Residential | -- | -- | -- | -- | -- | -- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Land | 555 | 555 | -- | 555 | -- | 586 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Construction | -- | -- | -- | -- | -- | -- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Equity and Second Mortgage | -- | -- | -- | -- | -- | -- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Equity Lines of Credit | -- | -- | -- | -- | -- | -- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Commercial Loans | 1,990 | 1,990 | -- | 1,990 | -- | 2,460 | 2,760 | 212 | 2,548 | 2,760 | 38 | 2,880 | ||||||||||||||||||||||||||||||||||||
Consumer Loans | -- | -- | -- | -- | -- | -- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 2,997 | $ | 2,997 | $ | -- | $ | 2,997 | $ | -- | $ | 3,482 | $ | 7,059 | $ | 375 | $ | 6,684 | $ | 7,059 | $ | 273 | $ | 7,723 |
Note 3. | Loans Receivable (Continued) |
June 30, 2017 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial business | $ | - | $ | 1,717 | $ | 1,717 | $ | 1,717 | ||||||||
June 30, 2016 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
Commercial business | $ | 1,989 | $ | - | $ | - | $ | 1,989 |
June 30, 2023 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
One-to-Four Family | $ | - | $ | 10 | $ | 10 | $ | 10 | ||||||||
Commercial Loans | $ | - | $ | - | $ | - | $ | - | ||||||||
June 30, 2022 | ||||||||||||||||
Current | Past Due Greater Than 30 Days | Nonaccrual TDRs | Total TDRs | |||||||||||||
One-to-Four Family | $ | - | $ | 1,818 | $ | 1,818 | $ | 1,818 | ||||||||
Commercial Loans | $ | 212 | $ | - | $ | 212 | $ | 212 |
Note 3. | Loans Receivable (Continued) |
2017 | 2016 | 2023 | 2022 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Real Estate Loans: | ||||||||||||||||
One-to-Four Family Residential | $ | 317 | $ | 13 | $ | 1,134 | $ | 2,391 | ||||||||
Commercial | -- | -- | - | - | ||||||||||||
Multi-Family Residential | -- | -- | - | - | ||||||||||||
Land | -- | -- | - | - | ||||||||||||
Construction | -- | -- | - | - | ||||||||||||
Equity and Second Mortgage | -- | -- | - | - | ||||||||||||
Equity Lines of Credit | -- | -- | - | - | ||||||||||||
Commercial Loans | 2,503 | 1,990 | - | - | ||||||||||||
Consumer Loans | -- | -- | - | - | ||||||||||||
Total | $ | 2,820 | $ | 2,003 | $ | 1,134 | $ | 2,391 |
Note 4. | Accrued Interest Receivable |
2017 | 2016 | 2023 | 2022 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Accrued Interest on: | ||||||||||||||||
Mortgage Loans | $ | 760 | $ | 872 | $ | 487 | $ | 211 | ||||||||
Other Loans | 215 | 58 | 1,086 | 742 | ||||||||||||
Investments | 3 | 3 | 3 | 4 | ||||||||||||
U.S. Treasury Notes | 27 | - | ||||||||||||||
Municipals | 33 | 16 | ||||||||||||||
Mortgage-Backed Securities | 116 | 91 | 154 | 151 | ||||||||||||
Total | $ | 1,094 | $ | 1,024 | $ | 1,790 | $ | 1,124 |
Note 5. | Premises and Equipment |
2017 | 2016 | |||||||
(In Thousands) | ||||||||
Land | $ | 3,746 | $ | 4,043 | ||||
Buildings | 8,494 | 8,328 | ||||||
Equipment | 1,447 | 1,368 | ||||||
Construction in Progress | 1,307 | 926 | ||||||
14,994 | 14,665 | |||||||
Accumulated Depreciation | (2,775 | ) | (2,299 | ) | ||||
Total | $ | 12,219 | $ | 12,366 |
2023 | 2022 | |||||||
(In Thousands) | ||||||||
Land | $ | 4,720 | $ | 4,570 | ||||
Buildings | 15,014 | 14,258 | ||||||
Equipment | 3,049 | 2,829 | ||||||
Construction in Progress | 196 | 435 | ||||||
Leasehold Improvements | 294 | - | ||||||
23,273 | 22,092 | |||||||
Accumulated Depreciation | (6,712 | ) | (5,843 | ) | ||||
Total | $ | 16,561 | $ | 16,249 |
Note 6. | Deposits |
Weighted | Weighted | Weighted | Weighted | |||||||||||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||||||||||||||||||
Rate at | Rate at | 2017 | 2016 | Rate at | Rate at | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
6/30/2017 | 6/30/2016 | Amount | Percent | Amount | Percent | 6/30/2023 | 6/30/2022 | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-Interest Bearing | 0.00 | % | 0.00 | % | $ | 54,420 | 16.54 | % | $ | 39,280 | 13.65 | % | 0.00 | % | 0.00 | % | $ | 145,553 | 24.36 | % | $ | 161,142 | 30.29 | % | ||||||||||||||||||||||||
NOW Accounts | 0.55 | % | 0.58 | % | 34,500 | 10.48 | 37,761 | 13.12 | 0.36 | % | 0.11 | % | 65,335 | 10.94 | % | 58,957 | 11.08 | % | ||||||||||||||||||||||||||||||
Money Market | 0.36 | % | 0.32 | % | 42,439 | 12.90 | 49,251 | 17.11 | 2.16 | % | 0.12 | % | 114,195 | 19.12 | % | 98,627 | 18.54 | % | ||||||||||||||||||||||||||||||
Passbook Savings | 0.52 | % | 0.42 | % | 35,050 | 10.65 | 29,033 | 10.09 | 0.36 | % | 0.26 | % | 81,895 | 13.71 | % | 132,981 | 25.00 | % | ||||||||||||||||||||||||||||||
166,409 | 50.57 | 155,325 | 53.97 | 406,978 | 68.13 | % | 451,707 | 84.91 | % | |||||||||||||||||||||||||||||||||||||||
Certificates of Deposit | 1.37 | % | 1.26 | % | 162,636 | 49.43 | 132,497 | 46.03 | 3.47 | % | 1.19 | % | 190,383 | 31.87 | % | 80,284 | 15.09 | % | ||||||||||||||||||||||||||||||
Total Deposits | $ | 329,045 | 100.00 | % | $ | 287,822 | 100.00 | % | $ | 597,361 | 100.00 | % | $ | 531,991 | 100.00 | % |
2017 | 2016 | 2023 | 2022 | |||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
0.00% to 0.99% | $ | 28,293 | 17.40 | % | $ | 46,544 | 35.13 | % | $ | 19,248 | 10.11 | % | $ | 36,150 | 45.03 | % | ||||||||||||||||
1.00% to 1.99% | 123,037 | 75.65 | 70,606 | 53.29 | 11,630 | 6.11 | % | 28,559 | 35.57 | % | ||||||||||||||||||||||
2.00% to 2.99% | 11,306 | 6.95 | 14,961 | 11.29 | 14,647 | 7.69 | % | 14,323 | 17.84 | % | ||||||||||||||||||||||
3.00% to 3.99% | -- | -- | 386 | 0.29 | 50,365 | 26.46 | % | 1,252 | 1.56 | % | ||||||||||||||||||||||
4.00% to 4.99% | 93,037 | 48.87 | % | - | 0.00 | % | ||||||||||||||||||||||||||
5.00% to 5.99% | 1,456 | 0.76 | % | - | 0.00 | % | ||||||||||||||||||||||||||
Total Deposits | $ | 162,636 | 100.00 | % | $ | 132,497 | 100.00 | % | $ | 190,383 | 100.00 | % | $ | 80,284 | 100.00 | % |
Note 6. | Deposits (Continued) |
Weighted | ||||||||||||
Year Ending | Average | |||||||||||
June 30, | Amount | Percent | Rate | |||||||||
(Dollars in Thousands) | ||||||||||||
2018 | $ | 68,488 | 42.11 | % | 1.02 | % | ||||||
2019 | 32,101 | 19.74 | 1.38 | |||||||||
2020 | 36,332 | 22.34 | 1.74 | |||||||||
2021 | 11,901 | 7.32 | 1.62 | |||||||||
2022 | 13,017 | 8.00 | 1.93 | |||||||||
2023 | 797 | 0.49 | 1.98 | |||||||||
Total | $ | 162,636 | 100.00 | % | 1.37 | % |
Weighted | |||||||||||||
Average | |||||||||||||
Year Ending June 30, | Amount | Percent | Rate | ||||||||||
(Dollars in Thousands) | |||||||||||||
2024 | $ | 168,176 | 88.34 | % | 3.58 | % | |||||||
2025 | 13,034 | 6.85 | % | 3.01 | |||||||||
2026 | 6,463 | 3.39 | % | 2.62 | |||||||||
2027 | 1,786 | 0.94 | % | 0.54 | |||||||||
2028 | 924 | 0.48 | % | 1.25 | |||||||||
Total | $ | 190,383 | 100.00 | % | 3.47 | % |
2017 | 2016 | 2023 | 2022 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
NOW and Money Market | $ | 335 | $ | 431 | $ | 1,242 | $ | 165 | ||||||||
Passbook Savings | 160 | 93 | 312 | 393 | ||||||||||||
Certificates of Deposit | 1,861 | 1,805 | 2,952 | 1,212 | ||||||||||||
Total | $ | 2,356 | $ | 2,329 | $ | 4,506 | $ | 1,770 |
Note 7. | Advances from Federal Home Loan Bank of Dallas |
Advance Total | Advance Total | |||||||||||||||
Contract Rate | 2017 | 2016 | 2023 | 2022 | ||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
0.00% to 0.99% | $ | 5,000 | $ | 41,500 | $ | - | $ | - | ||||||||
1.00% to 1.99% | 42,000 | 4,000 | - | - | ||||||||||||
2.00% to 2.99% | -- | -- | - | - | ||||||||||||
3.00% to 3.99% | -- | -- | - | - | ||||||||||||
4.00% to 4.99% | 1,907 | 2,165 | - | 832 | ||||||||||||
Total | $ | 48,907 | $ | 47,665 | $ | - | $ | 832 |
Year Ending | ||||
June 30, | Amount | |||
2018 | $ | 37,270 | ||
2019 | 5,282 | |||
2020 | 5,295 | |||
2021 | 193 | |||
2022 | 35 | |||
Thereafter | 832 | |||
Total | $ | 48,907 |
Note 8. | Other Borrowings |
Note 9. | Commitments |
Year Ending | ||||
June 30, | Amount | |||
2018 | $ | 78 | ||
2019 | 63 | |||
2020 | 52 | |||
2021 | 47 | |||
Total | $ | 240 |
Year Ending June 30, | Amount | |||
2024 | $ | 31 | ||
2025 | 31 | |||
2026 | 31 | |||
2027 | 31 | |||
2028 | 31 | |||
Thereafter | 1,330 | |||
Total | 1,485 | |||
Less Imputed Interest | (619 | ) | ||
Present Value of Lease Liabilities | $ | 866 |
June 30, 2023 | June 30, 2022 | |||||||
Weighted-average remaining lease term | ||||||||
Operating lease | 35.4 years | 36.4 years | ||||||
Weighted-average discount rate | ||||||||
Operating leases | 3.00 | % | 3.00 | % |
Note 9. | Commitments (Continued) |
(In Thousands) | June 30, 2023 | June 30, 2022 | |||||||
Lease Right-of-Use Assets | Classification | ||||||||
Operating lease right-of-use assets | Other Assets | $ | 829 | $ | 844 | ||||
Total Lease Right-of-Use Assets | $ | 829 | $ | 844 | |||||
Lease Liabilities | |||||||||
Operating lease liabilities | Other Accrued Expenses and Liabilities | $ | 866 | $ | 871 | ||||
Total Lease Liabilities | $ | 866 | $ | 871 |
Year Ending | ||||
June 30, | Amount | |||
(In Thousands) | ||||
2018 | $ | 235 | ||
2019 | 215 | |||
Total | $ | 450 |
Year Ending June 30, | Amount | |||
(In Thousands) | ||||
2024 | $ | 317 | ||
Total | $ | 317 |
Year Ending | |||||
June 30, | Amount | ||||
(In Thousands) | |||||
2018 | $ | 274 | |||
2019 | 97 | ||||
Total | $ | 371 |
Year Ending June 30, | Amount | |||
(In Thousands) | ||||
2024 | $ | 194 | ||
2025 | 194 | |||
2026 | 194 | |||
Total | $ | 582 |
Note 10. | Income Taxes |
2017 | 2016 | |||||||||||||||
(In Thousands) | 2023 | 2022 | ||||||||||||||
(In Thousands) | ||||||||||||||||
Current | $ | 2,151 | $ | 1,795 | $ | 1,240 | $ | 1,451 | ||||||||
Deferred | (393 | ) | (151 | ) | (174 | ) | (324 | ) | ||||||||
Total | $ | 1,758 | $ | 1,644 | $ | 1,066 | $ | 1,127 |
Note 10. | Income Taxes (Continued) |
2017 | 2016 | |||||||
(In Thousands) | ||||||||
Computed at Expected Statutory Rate | $ | 1,839 | $ | 1,707 | ||||
Non-Taxable Income | (50 | ) | (54 | ) | ||||
Other | (31 | ) | (9 | ) | ||||
Provision for Income Tax Expense | $ | 1,758 | $ | 1,644 |
2023 | 2022 | |||||||
(In Thousands) | ||||||||
Computed at Expected Statutory Rate | $ | 1,422 | $ | 1,182 | ||||
Non-Taxable Income | (35 | ) | (55 | ) | ||||
Merger Expenses | 107 | - | ||||||
Equity Compensation | (336 | ) | - | |||||
Other | (92 | ) | - | |||||
Provision for Income Tax Expense | $ | 1,066 | $ | 1,127 |
2017 | 2016 | |||||||
(In Thousands) | ||||||||
Deferred Tax Assets | ||||||||
Market Value Adjustment to Available-for-Sale | ||||||||
Securities | $ | 181 | $ | -- | ||||
Stock Option and SERP Compensation | 259 | 166 | ||||||
Loans Receivable - Bad Debt Loss Allowance | 1,161 | 861 | ||||||
Capital Losses | 73 | 110 | ||||||
1,674 | 1,137 | |||||||
Valuation Allowance | (73 | ) | (110 | ) | ||||
Net Deferred Tax Assets | 1,601 | 1,027 | ||||||
Deferred Tax Liabilities | ||||||||
Market Value Adjustment to Available-for-Sale Securities | -- | (43 | ) | |||||
Net Deferred Tax Assets | $ | 1,601 | $ | 984 |
2023 | 2022 | |||||||
Deferred Tax Assets | (In Thousands) | |||||||
Stock Option and SERP Compensation | $ | 195 | $ | 237 | ||||
Market Value Adjustment to Available-for-Sale Securities | 721 | 452 | ||||||
Tax over Book Accumulated Depreciation | (767 | ) | (415 | ) | ||||
Loans Receivable – Bad Debt Loss Allowance | 1,086 | 869 | ||||||
Other Asset | 89 | - | ||||||
ROU Asset | (174 | ) | - | |||||
1,150 | 1,143 | |||||||
Valuation Allowance | - | - | ||||||
Total Deferred Tax Assets | $ | 1,150 | $ | 1,143 | ||||
Deferred Tax Liabilities | ||||||||
Purchase Accounting | (19 | ) | - | |||||
Lease Liability | 182 | - | ||||||
Total Deferred Tax Liabilities | 163 | - | ||||||
Net Deferred Tax Asset | $ | 1,313 | $ | 1,143 |
Note 10. | Income Taxes (Continued) |
Note 11. | Employee Benefit Plans |
Note 12. | Employee Stock Ownership Plan |
2017 | 2016 | 2023 | 2022 | |||||||||||||
Allocated and Committed to be Released | ||||||||||||||||
Shares, Beginning of Year | 88,182 | 77,159 | 272,612 | 250,566 | ||||||||||||
Shares Allocated and Committed to be Released | ||||||||||||||||
During the Year | 11,023 | 11,023 | 22,046 | 22,046 | ||||||||||||
Shares Distributed During the Year | (15,934 | ) | - | |||||||||||||
Shares Purchased During the Year | 5,069 | - | ||||||||||||||
Unallocated and Unreleased Shares, as of Year End | 117,688 | 128,711 | 103,099 | 125,145 | ||||||||||||
Total ESOP Shares | 216,893 | 216,893 | 386,892 | 397,757 | ||||||||||||
Fair Value of Unreleased Shares (In Thousands) | $ | 3,172 | $ | 2,761 | $ | 1,448 | $ | 2,460 | ||||||||
Stock Price | $ | 26.95 | $ | 21.45 | $ | 14.04 | $ | 19.66 |
Awarded Shares | ||||||||
2017 | 2016 | |||||||
Balance - Beginning of Year | 20,730 | 36,282 | ||||||
Granted | -- | -- | ||||||
Forfeited | -- | -- | ||||||
Earned and Issued | (15,593 | ) | (15,552 | ) | ||||
Balance - End of Year | 5,137 | 20,730 |
Note 13. | Stock-Based Compensation |
Note 13. | Stock-Based Compensation (Continued) |
Awarded Shares | ||||||||
2023 | 2022 | |||||||
Balance - Beginning of Year | 51,600 | 66,100 | ||||||
Granted | - | - | ||||||
Forfeited | (400 | ) | (1,200 | ) | ||||
Earned and Issued | (13,300 | ) | (13,300 | ) | ||||
Balance - End of Year | 37,900 | 51,600 |
Weighted | Weighted | |||||||||||||||||||||||||||||||
Weighted | Average | Weighted | Average | |||||||||||||||||||||||||||||
Average | Remaining | Aggregate | Average | Remaining | Aggregate | |||||||||||||||||||||||||||
Number of | Exercise | Contract | Intrinsic | Number of | Exercise | Contract | Intrinsic | |||||||||||||||||||||||||
Shares | Price | Term | Value | Shares | Price | Term | Value | |||||||||||||||||||||||||
Outstanding at June 30, 2016 | 304,477 | $ | 17.79 | 7.05 | ||||||||||||||||||||||||||||
Outstanding at June 30, 2022 | 396,322 | $ | 11.58 | 5.68 | $ | 3,201,824 | ||||||||||||||||||||||||||
Granted | -- | -- | 8,000 | 19.64 | ||||||||||||||||||||||||||||
Exercised | (3,937 | ) | 14.70 | (30,406 | ) | 10.79 | ||||||||||||||||||||||||||
Forfeited | (389 | ) | 14.70 | (9,000 | ) | 18.87 | ||||||||||||||||||||||||||
Outstanding at June 30, 2017 | 300,151 | $ | 17.83 | 6.07 | $ | 2,735,976 | ||||||||||||||||||||||||||
Options Exercisable at June 30, 2017 | 202,164 | $ | 15.70 | 5.10 | $ | 2,272,277 | ||||||||||||||||||||||||||
Outstanding at June 30, 2023 | 364,916 | $ | 11.64 | $ | 4,249,099 | |||||||||||||||||||||||||||
Options Exercisable at June 30, 2023 | 250,616 | $ | 11.52 | $ | 2,886,715 | |||||||||||||||||||||||||||
Outstanding at June 30, 2015 | 208,461 | $ | 15.03 | |||||||||||||||||||||||||||||
Outstanding at June 30, 2021 | 655,022 | $ | 10.11 | 4.45 | $ | 6,153,690 | ||||||||||||||||||||||||||
Granted | 103,500 | 23.00 | - | - | ||||||||||||||||||||||||||||
Exercised | (7,484 | ) | 12.86 | (249,700 | ) | 7.56 | ||||||||||||||||||||||||||
Forfeited | -- | -- | (9,000 | ) | 15.63 | |||||||||||||||||||||||||||
Outstanding at June 30, 2016 | 304,477 | $ | 17.79 | 7.05 | $ | 1,274,770 | ||||||||||||||||||||||||||
Options Exercisable at June 30, 2016 | 142,860 | $ | 14.53 | 5.57 | $ | 988,183 | ||||||||||||||||||||||||||
Outstanding at June 30, 2022 | 396,322 | $ | 11.58 | 5.68 | $ | 3,201,824 | ||||||||||||||||||||||||||
Options Exercisable at June 30, 2022 | 239,122 | $ | 11.28 | 3.97 | $ | 2,002,808 |
Note 13. | Stock-Based Compensation (Continued) |
2014 Stock | 2014 Stock | 2014 Stock | 2019 Stock | 2014 Stock | ||||||||||||||||||||
Incentive Plan | 2011 Option Plan | Incentive Plan | Incentive Plan | Incentive Plan | Incentive Plan | |||||||||||||||||||
October 26, 2015 | July 31, 2014 | August 15, 2022 | July 21, 2022 | November 11, 2020 | February 5, 2019 | |||||||||||||||||||
Dividend Yield | 1.39 | % | 1.50 | % | 2.40 | % | 2.49 | % | 2.78 | % | 1.79 | % | ||||||||||||
Expected Term | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years | ||||||||||||||||||
Risk-Free Interest Rate | 2.07 | % | 2.58 | % | 2.79 | % | 2.91 | % | 0.98 | % | 2.71 | % | ||||||||||||
Expected Life | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years | ||||||||||||||||||
Expected Volatility | 20.38 | % | 9.56 | % | 33.94 | % | 34.01 | % | 25.56 | % | 16.17 | % |
Weighted | Weighted | |||||||||||||||
Average | Number of | Average | ||||||||||||||
Number of | Exercise | Shares | Exercise Price | |||||||||||||
Shares | Price | |||||||||||||||
Nonvested at June 30, 2016 | 161,617 | $ | 20.67 | |||||||||||||
Nonvested at June 30, 2022 | 157,200 | $ | 12.03 | |||||||||||||
Vested | (41,900 | ) | 12.33 | |||||||||||||
Granted | -- | -- | 8,000 | 19.64 | ||||||||||||
Vested | (63,241 | ) | 18.31 | |||||||||||||
Forfeited | (389 | ) | 14.70 | (9,000 | ) | 18.87 | ||||||||||
Nonvested at June 30, 2017 | 97,987 | $ | 22.22 | |||||||||||||
Nonvested at June 30, 2023 | 114,300 | $ | 11.92 |
Note 14. | Off-Balance Sheet Activities |
Note 14. | Off-Balance Sheet Activities (Continued) |
Contract Amount | Contract Amount | |||||||||||||||
2017 | 2016 | 2023 | 2022 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Commitments to Grant Loans | $ | 45,679 | $ | 29,621 | $ | 13,277 | $ | 11,365 | ||||||||
Unfunded Commitments Under Lines of Credit | 9,905 | 10,948 | 76,500 | 60,487 | ||||||||||||
$ | 55,584 | $ | 40,569 | $ | 89,777 | $ | 71,852 | |||||||||
Fixed Rate Loans (3.25% - 5.00% in 2017; 3.13% - 5.25% in 2016) | $ | 55,584 | $ | 40,262 | ||||||||||||
Variable Rate Loans (2.88% - 4.75% in 2016) | -- | 307 | ||||||||||||||
Fixed Rate Loans (5.00% - 9.00% in 2023; 3.50% - 5.00 % in 2022) | $ | 89,777 | $ | 71,852 | ||||||||||||
Variable Rate Loans (5.00% - 6.00% in 2023 and 3.50% - 4.50% in 2022) | - | - | ||||||||||||||
$ | 55,584 | $ | 40,569 | $ | 89,777 | $ | 71,852 | |||||||||
Note 15. | Related Party Events |
2017 | 2016 | 2023 | 2022 | |||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Balance – Beginning of Year | $ | 3,772 | $ | 3,761 | $ | 4,213 | $ | 4,692 | ||||||||
Additions | 299 | 507 | 795 | 668 | ||||||||||||
Principal Payments | (1,229 | ) | (496 | ) | (610 | ) | (1,147 | ) | ||||||||
Balance – End of Year | $ | 2,842 | $ | 3,772 | $ | 4,398 | $ | 4,213 |
Note 16. | Regulatory Matters |
Note 16. | Regulatory Matters (Continued) |
Required for Capital | ||||||||||||||||
Actual | Adequacy Purposes | |||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
June 30, 2017 | ||||||||||||||||
Core Capital | (1) | $ | 45,977 | 11.06 | % | $ | 12,475 | 3.00 | % | |||||||
Common Equity Tier 1 | (2) | 45,977 | 16.14 | 12,821 | 4.50 | |||||||||||
Tangible Capital | (1) | 45,977 | 11.06 | 6,237 | 1.50 | |||||||||||
Total Risk-Based Capital | (2) | 49,545 | 17.39 | 22,793 | 8.00 | |||||||||||
June 30, 2016 | ||||||||||||||||
Core Capital | (1) | $ | 42,863 | 11.81 | % | $ | 10,893 | 3.00 | % | |||||||
Common Equity Tier 1 | (2) | 42,863 | 16.66 | 11,574 | 4.50 | |||||||||||
Tangible Capital | (1) | 42,863 | 11.81 | 5,446 | 1.50 | |||||||||||
Total Risk-Based Capital | (2) | 45,708 | 17.77 | 20,577 | 8.00 |
Required for Capital | ||||||||||||||||||||
Actual | Adequacy Purposes | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||
Core Capital | (1 | ) | $ | 57,281 | 8.69 | % | $ | 19,783 | 3.00 | % | ||||||||||
Common Equity Tier 1 | (2 | ) | 57,281 | 12.79 | 29,675 | 4.50 | ||||||||||||||
Tangible Capital | (1 | ) | 57,281 | 8.69 | 9,892 | 1.50 | ||||||||||||||
Total Risk-Based Capital | (2 | ) | 62,454 | 13.95 | 35,817 | 8.00 | ||||||||||||||
June 30, 2022 | ||||||||||||||||||||
Core Capital | (1 | ) | $ | 56,035 | 9.65 | % | $ | 17,428 | 3.00 | % | ||||||||||
Common Equity Tier 1 | (2 | ) | 56,035 | 14.47 | 26,142 | 4.50 | ||||||||||||||
Tangible Capital | (1 | ) | 56,035 | 9.65 | 8,714 | 1.50 | ||||||||||||||
Total Risk-Based Capital | (2 | ) | 60,486 | 15.62 | 30,976 | 8.00 |
Required to be | ||||||||||||||||
Actual | Well Capitalized | |||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
June 30, 2017 | ||||||||||||||||
Tier 1 Leverage Capital | (1) | $ | 45,977 | 11.06 | % | $ | 20,790 | 5.00 | % | |||||||
Common Equity Tier 1 | (2) | 45,977 | 16.14 | 18,519 | 6.50 | |||||||||||
Tier 1 Risk-Based Capital | (2) | 45,977 | 16.14 | 22,793 | 8.00 | |||||||||||
Total Risk-Based Capital | (2) | 49,545 | 17.39 | 28,492 | 10.00 | |||||||||||
June 30, 2016 | ||||||||||||||||
Tier 1 Leverage Capital | (1) | $ | 42,863 | 11.81 | % | $ | 18,154 | 5.00 | % | |||||||
Common Equity Tier 1 | (2) | 42,863 | 16.66 | 16,719 | 6.50 | |||||||||||
Tier 1 Risk-Based Capital | (2) | 42,863 | 16.66 | 20,576 | 8.00 | |||||||||||
Total Risk-Based Capital | (2) | 45,708 | 17.77 | 25,721 | 10.00 |
Required to be | ||||||||||||||||||||
Actual | Well Capitalized | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||
Tier 1 Leverage Capital | (1 | ) | $ | 57,281 | 8.69 | % | $ | 32,972 | 5.00 | % | ||||||||||
Common Equity Tier 1 | (2 | ) | 57,281 | 12.79 | 42,864 | 6.50 | ||||||||||||||
Tier 1 Risk-Based Capital | (2 | ) | 57,281 | 12.79 | 52,755 | 8.00 | ||||||||||||||
Total Risk-Based Capital | (2 | ) | 62,454 | 13.95 | 44,771 | 10.00 | ||||||||||||||
June 30, 2022 | ||||||||||||||||||||
Tier 1 Leverage Capital | (1 | ) | $ | 56,035 | 9.65 | % | $ | 29,046 | 5.00 | % | ||||||||||
Common Equity Tier 1 | (2 | ) | 56,035 | 14.47 | 37,760 | 6.50 | ||||||||||||||
Tier 1 Risk-Based Capital | (2 | ) | 56,035 | 14.47 | 46,474 | 8.00 | ||||||||||||||
Total Risk-Based Capital | (2 | ) | 60,486 | 15.62 | 38,720 | 10.00 |
Note 16. | Regulatory Matters (Continued) |
Minimum for Capital | Minimum for Capital | |||||||||||||||||||||||||||||||
Actual | Adequacy Purposes | Actual | Adequacy Purposes | |||||||||||||||||||||||||||||
June 30, 2017 | Ratio | Amount | Ratio | Amount | ||||||||||||||||||||||||||||
June 30, 2023 | Ratio | Amount | Ratio | Amount | ||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
Total Equity, and Ratio to Total Assets | 10.96 | % | $ | 45,563 | ||||||||||||||||||||||||||||
Investments in and Advances to Nonincludable Subsidiaries | (119 | ) | ||||||||||||||||||||||||||||||
Total Equity, and Ratio to Average Total Assets | 8.92 | % | $ | 58,802 | ||||||||||||||||||||||||||||
Investments in and Advances to | ||||||||||||||||||||||||||||||||
Nonincludable Subsidiaries | (118 | ) | ||||||||||||||||||||||||||||||
Unrealized Gains on Securities Available-for-Sale | 533 | 2,654 | ||||||||||||||||||||||||||||||
Goodwill | (2,670 | ) | ||||||||||||||||||||||||||||||
Intangible Assets | (1,387 | ) | ||||||||||||||||||||||||||||||
Non-significant investments Capital Stock | - | |||||||||||||||||||||||||||||||
Tangible Capital, and Ratio to Adjusted Total Assets | 11.06 | % | $ | 45,977 | 1.50 | % | $ | 6,237 | 8.69 | % | $ | 57,281 | 1.50 | % | $ | 9,892 | ||||||||||||||||
Tier 1 (Core) Capital, and Ratio to Adjusted Total Assets | 11.06 | % | $ | 45,977 | 3.00 | % | 12,475 | 8.69 | % | $ | 57,281 | 3.00 | % | 19,783 | ||||||||||||||||||
Tier 1 (Core) Capital, and Ratio to Risk-Weighted Assets | 16.14 | % | 45,977 | 4.50 | % | 12,821 | 12.79 | % | 57,281 | 4.50 | % | 29,675 | ||||||||||||||||||||
Allowance for Loan Losses | 3,728 | 5,173 | ||||||||||||||||||||||||||||||
Excess Allowance for Loan Losses | (160 | ) | - | |||||||||||||||||||||||||||||
Total Risk-Based Capital, and Ratio to Risk-Weighted Assets | 17.39 | % | $ | 49,545 | 8.00 | % | $ | 22,793 | 13.95 | % | $ | 62,454 | 8.00 | % | $ | 35,817 | ||||||||||||||||
Total Assets | $ | 415,652 | ||||||||||||||||||||||||||||||
Average Total Assets | $ | 663,615 | ||||||||||||||||||||||||||||||
Adjusted Total Assets | $ | 415,817 | $ | 659,440 | ||||||||||||||||||||||||||||
Risk-Weighted Assets | $ | 284,918 | $ | 447,713 |
Minimum for Capital | Minimum for Capital | |||||||||||||||||||||||||||||||
Actual | Adequacy Purposes | Actual | Adequacy Purposes | |||||||||||||||||||||||||||||
June 30, 2016 | Ratio | Amount | Ratio | Amount | ||||||||||||||||||||||||||||
June 30, 2022 | Ratio | Amount | Ratio | Amount | ||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
Total Equity, and Ratio to Total Assets | 11.87 | % | $ | 43,110 | ||||||||||||||||||||||||||||
Investments in and Advances to Nonincludable Subsidiaries | (119 | ) | ||||||||||||||||||||||||||||||
Total Equity, and Ratio to Average Total Assets | 9.37 | % | $ | 54,454 | ||||||||||||||||||||||||||||
Investments in and Advances to | ||||||||||||||||||||||||||||||||
Nonincludable Subsidiaries | (118 | ) | ||||||||||||||||||||||||||||||
Unrealized Gains on Securities Available-for-Sale | (128 | ) | 1,699 | |||||||||||||||||||||||||||||
Non-significant investments Capital Stock | - | |||||||||||||||||||||||||||||||
Tangible Capital, and Ratio to Adjusted Total Assets | 11.81 | % | $ | 42,863 | 1.5 | % | $ | 5,446 | 9.65 | % | $ | 56,035 | 1.50 | % | $ | 8,714 | ||||||||||||||||
Tier 1 (Core) Capital, and Ratio to Adjusted Total Assets | 11.81 | % | $ | 42,863 | 3.0 | % | $ | 10,893 | 9.65 | % | $ | 56,035 | 3.00 | % | 17,428 | |||||||||||||||||
Tier 1 (Core) Capital, and Ratio to Risk-Weighted Assets | 16.66 | % | 42,863 | 4.5 | % | $ | 11,574 | 14.47 | % | 56,035 | 4.50 | % | 26,142 | |||||||||||||||||||
Allowance for Loan Losses | 2,845 | 4,451 | ||||||||||||||||||||||||||||||
Excess Allowance for Loan Losses | - | |||||||||||||||||||||||||||||||
Total Risk-Based Capital, and Ratio to Risk-Weighted Assets | 17.77 | % | $ | 45,708 | 8.0 | % | $ | 20,577 | 15.62 | % | $ | 60,486 | 8.00 | % | $ | 30,976 | ||||||||||||||||
Total Assets | $ | 363,585 | ||||||||||||||||||||||||||||||
Average Total Assets | $ | 581,047 | ||||||||||||||||||||||||||||||
Adjusted Total Assets | $ | 363,088 | $ | 580,929 | ||||||||||||||||||||||||||||
Risk-Weighted Assets | $ | 257,211 | $ | 387,195 |
Note 17. | Restrictions on Dividends |
Note 18. | Fair Value Disclosures |
The following methods and assumptions were used by the Company in estimating fair values of financial instruments: |
Note 18. | Fair Value Disclosures (Continued) |
Note 18. | Fair Value Disclosures (Continued) |
2017 | 2016 | 2023 | 2022 | |||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||
Value | Fair Value | Value | Fair Value | Value | Fair Value | Value | Fair Value | |||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 11,905 | $ | 11,905 | $ | 4,756 | $ | 4,756 | $ | 24,765 | $ | 24,765 | $ | 64,078 | $ | 64,078 | ||||||||||||||||
Securities Available-for-Sale | 36,935 | 36,935 | 50,173 | 50,173 | ||||||||||||||||||||||||||||
Securities to be Held-to-Maturity | 28,357 | 27,989 | 2,349 | 2,349 | ||||||||||||||||||||||||||||
Debt Securities Available-for-Sale | 39,551 | 39,551 | 28,099 | 28,099 | ||||||||||||||||||||||||||||
Securities Held-to-Maturity | 74,423 | 61,222 | 79,950 | 69,513 | ||||||||||||||||||||||||||||
Loans Held-for-Sale | 13,631 | 13,631 | 11,919 | 11,919 | 4 | 4 | 3,978 | 3,978 | ||||||||||||||||||||||||
Loans Receivable | 312,772 | 301,741 | 290,827 | 290,339 | ||||||||||||||||||||||||||||
Loans Receivable, Net | 489,493 | 444,117 | 387,873 | 369,728 | ||||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Deposits | $ | 329,045 | $ | 313,514 | $ | 287,822 | $ | 285,503 | $ | 597,361 | $ | 481,055 | $ | 531,991 | $ | 490,789 | ||||||||||||||||
Advances from FHLB | 48,907 | 48,918 | 47,665 | 47,802 | - | - | 832 | 844 | ||||||||||||||||||||||||
Other Borrowings | 8,550 | 8,550 | 2,350 | 2,350 | ||||||||||||||||||||||||||||
Off-Balance Sheet Items | ||||||||||||||||||||||||||||||||
Mortgage Loan Commitments | $ | 457 | $ | 457 | $ | 296 | $ | 296 | $ | 13,277 | $ | 13,277 | $ | 11,365 | $ | 11,365 |
Level 2 - Fair value is based upon (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
June 30, 2017 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
June 30, 2023 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||
FHLMC | $ | -- | $ | 8,848 | $ | -- | $ | 8,848 | $ | - | $ | 11,156 | $ | - | $ | 11,156 | ||||||||||||||||
FNMA | -- | 19,957 | -- | 19,957 | - | 13,714 | - | 13,714 | ||||||||||||||||||||||||
GNMA | -- | 8,130 | -- | 8,130 | - | 3,764 | - | 3,764 | ||||||||||||||||||||||||
US Treasury Notes | - | 9,841 | - | 9,841 | ||||||||||||||||||||||||||||
Municipal Bonds | - | 1,076 | - | 1,076 | ||||||||||||||||||||||||||||
Total | $ | -- | $ | 36,935 | $ | -- | $ | 36,935 | $ | - | $ | 39,551 | $ | - | $ | 39,551 | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
June 30, 2016 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
June 30, 2022 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | ||||||||||||||||||||||||||||||||
FHLMC | $ | -- | $ | 10,793 | $ | -- | $ | 10,793 | $ | - | $ | 7,032 | $ | - | $ | 7,032 | ||||||||||||||||
FNMA | -- | 27,223 | -- | 27,223 | - | 16,686 | - | 16,686 | ||||||||||||||||||||||||
GNMA | -- | 12,157 | -- | 12,157 | - | 4,381 | - | 4,381 | ||||||||||||||||||||||||
Total | $ | -- | $ | 50,173 | $ | -- | $ | 50,173 | $ | - | $ | 28,099 | $ | - | $ | 28,099 |
Note 18. | Fair Value Disclosures (Continued) |
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
June 30, 2017 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
June 30, 2023 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Impaired Loans, | ||||||||||||||||||||||||||||||||
Net of Allowance | $ | -- | $ | -- | $ | 282 | $ | 282 | $ | - | $ | - | $ | 701 | $ | 701 | ||||||||||||||||
Other Real Estate Owned | -- | -- | 540 | -- | ||||||||||||||||||||||||||||
Other Real Estate Owned, | ||||||||||||||||||||||||||||||||
Net of Allowance | - | - | 330 | 330 | ||||||||||||||||||||||||||||
Total | $ | -- | $ | -- | $ | 822 | $ | 282 | $ | - | $ | - | $ | 1,031 | $ | 1,031 |
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||||||||||
June 30, 2016 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
June 30, 2022 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Impaired Loans, | ||||||||||||||||||||||||||||||||
Net of Allowance | $ | -- | $ | -- | $ | 13 | $ | 13 | $ | - | $ | - | $ | 2,289 | $ | 2,289 | ||||||||||||||||
Total | $ | -- | $ | -- | $ | 13 | $ | 13 | $ | - | $ | - | $ | 2,289 | $ | 2,289 |
Note 19. | Earnings Per Common Share |
2017 | 2016 | 2023 | 2022 | |||||||||||||
Average Common Shares Issued | 1,957,859 | 2,045,179 | 3,136,906 | 3,389,537 | ||||||||||||
Average Unearned ESOP Shares | (127,254 | ) | (138,784 | ) | (116,158 | ) | (139,217 | ) | ||||||||
Average Unearned RRP Trust Shares | (13,456 | ) | (29,007 | ) | ||||||||||||
Weighted Average Number of Common Shares Used in Basic EPS | 1,817,149 | 1,877,388 | 3,020,748 | 3,250,320 | ||||||||||||
Effect of Dilutive Securities Stock Options | 92,318 | 64,314 | 132,137 | 214,527 | ||||||||||||
Weighted Average Number of Common Shares and Dilutive Potential Common Shares Used in Dilutive EPS | 1,909,467 | 1,941,702 | 3,152,885 | 3,464,847 |
Note 20. | Subsequent Events |
Note 21. | Revenue Recognition |
At or For the Year Ended June 30, | ||||||||
2023 | 2022 | |||||||
(In Thousands) | ||||||||
Noninterest Income | ||||||||
In-scope of Topic 606: | ||||||||
Debit card interchange fees | $ | 599 | $ | 456 | ||||
ATM surcharge income | 92 | 91 | ||||||
Fees from non-sufficient funds | 786 | 600 | ||||||
Noninterest Income (in-scope of Topic 606) | 1,477 | 1,147 | ||||||
Noninterest Income (out-of-scope of Topic 606) | 622 | 2,329 | ||||||
Total Noninterest Income | $ | 2,099 | $ | 3,476 |
Note 21. | Revenue Recognition (Continued) |
Note 22. | Acquisition Activity |
Note 22. | Acquisition Activity (Continued) |
(dollars in thousands) | As Acquired | Fair Value Adjustment | As recorded by Home Federal Bancorp | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 13,255 | $ | - | $ | 13,255 | |||||||
Investment securities | 14,862 | - | 14,862 | ||||||||||
Loans | 54,949 | (829 | ) | (a) | 54,120 | ||||||||
Office properties and equipment, net | 17 | 668 | (b) | 685 | |||||||||
Core deposit intangible | - | 1,510 | (c) | 1,510 | |||||||||
Other assets | 310 | (343 | ) | (33 | ) | ||||||||
Total assets acquired | $ | 83,393 | $ | 1,006 | $ | 84,399 | |||||||
Liabilities | |||||||||||||
Noninterest-bearing deposits | $ | 18,121 | - | $ | 18,121 | ||||||||
Interest-bearing deposits | 57,540 | (197 | ) | (d) | 57,343 | ||||||||
Other liabilities | 1,681 | - | 1,681 | ||||||||||
Total liabilities assumed | $ | 77,342 | $ | (197 | ) | $ | 77,145 | ||||||
Excess of assets acquired over liabilities assumed | 7,254 | ||||||||||||
Cash consideration paid | (10,244 | ) | |||||||||||
Total goodwill recorded | $ | 2,990 |
(a) | The adjustment to reflect the fair value of loans includes: |
(b) | The adjustment represents the appraisal of the FNBB office property to its estimated fair value at the acquisition date. |
(c) | The adjustment represents the value of the core deposit base assumed in the acquisition. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on a straight line basis over the estimated life of the deposit base of 10 years. |
(d) | The adjustment represents the fair value of certificates of deposit acquired based on current interest rates for similar instruments. The adjustment will be recognized using a level yield amortization method based on maturities of the deposit liabilities. |
Note 23. | Parent Company Financial Statements |
HOME FEDERAL BANCORP, INC. OF LOUISIANA Condensed Balance Sheets June 30, 2017 and 2016 | |||||||||
June 30, | |||||||||
2017 | 2016 | ||||||||
(In Thousands) | |||||||||
Assets | |||||||||
Cash and Cash Equivalents | $ | 197 | $ | 90 | |||||
Investment in Subsidiary | 45,813 | 43,360 | |||||||
Other Assets | 275 | 409 | |||||||
Total Assets | $ | 46,285 | $ | 43,859 | |||||
Liabilities and Stockholders' Equity | |||||||||
Borrowings | $ | -- | $ | 400 | |||||
Other Liabilities | 39 | 67 | |||||||
Stockholders' Equity | 46,246 | 43,392 | |||||||
Total Liabilities and Stockholders' Equity | $ | 46,285 | $ | 43,859 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA Condensed Statements of Operations For the Years Ended June 30, 2017 and 2016 | |||||||||
For the Years Ended June 30, | |||||||||
2017 | 2016 | ||||||||
(In Thousands) | |||||||||
Equity in Undistributed Earnings of Subsidiary | $ | 3,888 | $ | 3,612 | |||||
Interest Income | 80 | 85 | |||||||
Total Income | 3,968 | 3,697 | |||||||
Operating Expenses | 424 | 423 | |||||||
Interest Expense | 14 | 18 | |||||||
Total Expense | 438 | 441 | |||||||
Income Before Income Tax Benefit | 3,530 | 3,256 | |||||||
Income Tax Benefit | (122 | ) | (121 | ) | |||||
Net Income | $ | 3,652 | $ | 3,377 |
June 30, | ||||||||
2023 | 2022 | |||||||
(In Thousands) | ||||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 243 | $ | 83 | ||||
Investment in Subsidiary | 58,802 | 54,454 | ||||||
Other Assets | 305 | 255 | ||||||
Total Assets | $ | 59,350 | $ | 54,792 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Borrowings | $ | 8,550 | $ | 2,350 | ||||
Other Liabilities | 258 | 95 | ||||||
Stockholders’ Equity | 50,542 | 52,347 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 59,350 | $ | 54,792 |
For the Years Ended June 30, | ||||||||
2023 | 2022 | |||||||
(In Thousands) | ||||||||
Equity in Undistributed Earnings of Subsidiary | $ | 6,458 | $ | 5,258 | ||||
Interest Income | 12 | 49 | ||||||
Total Income | 6,470 | 5,307 | ||||||
Operating Expenses | 473 | 470 | ||||||
Interest Expense | 494 | 66 | ||||||
Total Expense | 967 | 536 | ||||||
Income Before Income Tax Benefit | 5,503 | 4,771 | ||||||
Income Tax Benefit | (201 | ) | (102 | ) | ||||
Net Income | $ | 5,704 | $ | 4,873 |
Note 23. | Parent Company Financial Statements (Continued) |
For the Years Ended June 30, | ||||||||
2023 | 2022 | |||||||
(In Thousands) | ||||||||
Operating Activities | ||||||||
Net Income | $ | 5,704 | $ | 4,873 | ||||
Adjustments to Reconcile Net Income to Net | ||||||||
Cash Used in Operating Activities | ||||||||
Equity in Undistributed Earnings of Subsidiary | (6,458 | ) | (5,258 | ) | ||||
(Decrease) in Other Assets | (50 | ) | (21 | ) | ||||
Increase in Other Liabilities | 163 | 38 | ||||||
Net Cash Used in Operating Activities | (641 | ) | (368 | ) | ||||
Investing Activities | ||||||||
Net Cash Paid in Acquisition | (10,244 | ) | - | |||||
Net Cash used in Investing Activities | (10,244 | ) | - | |||||
Financing Activities | ||||||||
Distribution from Subsidiary | 11,400 | 3,500 | ||||||
Proceeds from Stock Options Exercised | 328 | 1,889 | ||||||
Proceeds of Borrowings | 6,200 | 3,150 | ||||||
Repayment of Borrowings | - | (3,200 | ) | |||||
Proceeds Received from Subsidiary on Stock Compensation Programs | 620 | 671 | ||||||
Company Stock Purchased | (5,963 | ) | (4,484 | ) | ||||
Dividends Paid | (1,540 | ) | (1,353 | ) | ||||
Net Cash Provided by Financing Activities | 11,045 | 173 | ||||||
Decrease in Cash and Cash Equivalents | 160 | (195 | ) | |||||
Cash and Cash Equivalents, Beginning of Year | 83 | 278 | ||||||
Cash and Cash Equivalents, End of Year | $ | 243 | $ | 83 |
HOME FEDERAL BANCORP, INC. OF LOUISIANA Condensed Statements of Cash Flows For the Years Ended June 30, 2017 and 2016 | |||||||||
For the Years Ended June 30, | |||||||||
2017 | 2016 | ||||||||
(In Thousands) | |||||||||
Operating Activities | |||||||||
Net Income | $ | 3,652 | $ | 3,377 | |||||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | |||||||||
Equity in Undistributed Earnings of Subsidiary | (3,888 | ) | (3,612 | ) | |||||
Decrease (Increase) in Other Assets | 134 | (162 | ) | ||||||
(Decrease) Increase in Other Liabilities | (28 | ) | 54 | ||||||
Net Cash Used in Operating Activities | (130 | ) | (343 | ) | |||||
Financing Activities | |||||||||
Distribution from Subsidiary | 1,000 | 3,000 | |||||||
Proceeds from Stock Options Exercised | 61 | 85 | |||||||
Proceeds of Borrowings | 300 | 2,200 | |||||||
Repayment of Borrowings | (700 | ) | (1,800 | ) | |||||
Proceeds Received from Subsidiary on Stock Compensation Programs | 926 | 573 | |||||||
Company Stock Purchased | (645 | ) | (3,353 | ) | |||||
Dividends Paid | (705 | ) | (660 | ) | |||||
Net Cash Provided by Financing Activities | 237 | 45 | |||||||
Increase (Decrease) in Cash and Cash Equivalents | 107 | (298 | ) | ||||||
Cash and Cash Equivalents, Beginning of Year | 90 | 388 | |||||||
Cash and Cash Equivalents, End of Year | $ | 197 | $ | 90 |
(a) | Our management evaluated, with the participation of our principal executive officer and principal financial officer, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on such evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the |
(b) | Management’s Report on Internal Control over Financial Reporting |
(c) | No change in the |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) | Weighted- Average Exercise Price of Outstanding Options, Warrants and Rights (b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) | ||||||||||||||||||
Equity compensation plans approved by security holders | 340,177 | $ | 18.36 | 12,000 | 402,816 | $ | 11.82 | 24,600 | ||||||||||||||||
Equity compensation plans not approved by security holders | -- | -- | -- | -- | -- | -- | ||||||||||||||||||
Total | 340,177 | $ | 18.36 | 12,000 | 402,816 | $ | 11.82 | 24,600 |
No. | Description | Location | |||
3.1 | (1) | ||||
3.2 | (1) | ||||
4.0 | (1) | ||||
10.1 | (2) | ||||
10.2 | (2) | ||||
10.3 | (3) | ||||
10.4 | (3) | ||||
10.5 | (4) | ||||
10.6 | (4) | ||||
10.7 | (4) | ||||
10.8 | (4) | ||||
10.9 | (4) | ||||
10.10 | (4) | ||||
10.11 | (4) | ||||
10.12 | (5) | ||||
10.13 | (6) | ||||
10.14 | (7) | ||||
10.15 | (8) | ||||
23.0 | Filed Herewith | ||||
31.1 | Filed Herewith | ||||
31.2 | Filed Herewith | ||||
32.0 | Filed Herewith |
No. | Description | Location |
3.1 | (1) | |
3.2 | (1) | |
4.1 | (1) | |
4.2 | (2) | |
10.1 | (3) | |
10.2 | (4) | |
10.3 | (4) | |
10.4 | (5) | |
10.5 | (5) | |
10.6 | (5) | |
10.7 | (6) | |
10.8 | (7) | |
10.9 | (8) | |
10.10 | (9) | |
10.11 | (10) | |
10.12 | (11) | |
10.13 | (12) | |
Consent of FORVIS, LLP | Filed Herewith | |
Rule 13a-14(a)/15d-14(a) Certification of the Principal Executive Officer | Filed Herewith | |
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer | Filed Herewith | |
Section 1350 Certifications | Filed Herewith | |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | Filed Herewith |
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Filed Herewith |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Filed Herewith |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | Filed Herewith |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Filed Herewith |
101.DEF | Inline XBRL Taxonomy Extension Definitions Linkbase Document. | Filed Herewith |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). | Filed Herewith |
* | Denotes a management contract or compensatory plan or arrangement. |
(1) | Incorporated herein by reference from |
(2) | Incorporated herein by reference from |
(3) | Incorporated herein by reference from the Company’s Definitive Schedule 14A filed with the SEC on June 29, 2005 (File No. 000-51117). |
(4) | Incorporated by reference from the |
(5) | Incorporated by reference from the |
(6) | Incorporated by reference from the |
(7) | Incorporated by reference from the |
(8) | Incorporated by reference from the |
(9) | Incorporated by reference from the |
(10) | Incorporated herein by reference from the Company’s Current Report on Form 8-K filed with the SEC on December 18, 2017 (File No. 001-35019). |
(11) | Incorporated herein by reference from the Company’s Current Report on Form 8-K filed with the SEC on November 22, 2019 (File No. 001-35019). |
(12) | Incorporated herein by reference from the Company’s definitive proxy statement for the Annual Meeting of Shareholders held on November 13, 2019 filed with the SEC on October 9, 2019 (File No. 001-35019). |
HOME FEDERAL BANCORP, INC. OF LOUISIANA | |||
Date: | By: | /s/James R. Barlow | |
James R. Barlow | |||
Chairman of the Board, President and Chief Executive Officer |
Name | Title | Date | ||
/s/James R. Barlow | ||||
James R. Barlow | Executive Officer (Principal Executive Officer) | |||
/s/Glen W. Brown | ||||
Glen W. Brown | Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |||
/s/Walter T. Colquitt, III | ||||
Walter T. Colquitt, III | Director | |||
/s/Scott D. Lawrence | ||||
Scott D. Lawrence | Director | |||
/s/Mark M. Harrison | ||||
Mark M. Harrison | Director | |||
/s/ Thomas Steen Trawick, Jr. | ||||
Thomas Steen Trawick, Jr. | Director | |||
/s/Timothy W. Wilhite, Esq. | ||||
Timothy W. Wilhite, Esq. | Director | |||
October 2, 2023 |