United States | 14-1809721 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
302 Main Street, Catskill, New York | 12414 | |
(Address of principal executive office) | (Zip code) |
Title of class | Trading symbol | Name of exchange on which registered |
Common Stock, $0.10 par value | GCBC | The Nasdaq Stock Market |
Large accelerated filer ☐ | Accelerated filer ☐ | Emerging Growth Company ☐ |
Non-accelerated filer | Smaller reporting company ☒ | |
PART I. | FINANCIAL INFORMATION | |
Page | ||
Item 1. | Financial Statements (unaudited) | |
3 | ||
4 | ||
5 | ||
6 | ||
7 | ||
Item 2. | ||
Item 3. | 44 | |
Item 4. | 44 | |
PART II. | 45 | |
Item 1. | 45 | |
Item 1A. | 45 | |
Item 2. | 45 | |
Item 3. | 45 | |
Item 4. | 45 | |
Item 5. | 45 | |
Item 6. | 45 | |
46 | ||
ASSETS | September 30, 2023 | June 30, 2023 | ||||||
Cash and due from banks | $ | 23,454 | $ | 15,305 | ||||
Interest-bearing deposits | 106,799 | 181,140 | ||||||
Total cash and cash equivalents | 130,253 | 196,445 | ||||||
Long-term certificates of deposit | 4,070 | 4,576 | ||||||
Securities available-for-sale, at fair value | 308,716 | 281,133 | ||||||
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $498 at September 30, 2023 | 711,716 | 726,363 | ||||||
Equity securities, at fair value | 299 | 306 | ||||||
Federal Home Loan Bank stock, at cost | 1,979 | 1,682 | ||||||
Loans receivable | 1,448,340 | 1,408,866 | ||||||
Allowance for credit losses on loans | (20,249 | ) | (21,212 | ) | ||||
Net loans receivable | 1,428,091 | 1,387,654 | ||||||
Premises and equipment, net | 15,282 | 15,028 | ||||||
Bank-owned life insurance | 55,425 | 55,063 | ||||||
Accrued interest receivable | 13,761 | 12,249 | ||||||
Foreclosed real estate | 302 | 302 | ||||||
Prepaid expenses and other assets | 18,301 | 17,482 | ||||||
Total assets | $ | 2,688,195 | $ | 2,698,283 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Noninterest-bearing deposits | $ | 166,054 | $ | 159,039 | ||||
Interest-bearing deposits | 2,254,427 | 2,278,122 | ||||||
Total deposits | 2,420,481 | 2,437,161 | ||||||
Borrowings from Federal Home Loan Bank term | 4,374 | - | ||||||
Subordinated notes payable, net | 49,542 | 49,495 | ||||||
Accrued expenses and other liabilities | 29,630 | 28,344 | ||||||
Total liabilities | 2,504,027 | 2,515,000 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Preferred stock, Authorized - 1,000,000 shares; Issued - None | - | - | ||||||
Common stock, par value $0.10 per share; Authorized - 36,000,000 shares; Issued – 17,222,680 shares at September 30, 2023 and June 30, 2023; Outstanding – 17,026,828 shares at September 30, 2023, and June 30, 2023 | 1,722 | 1,722 | ||||||
Additional paid-in capital | 10,156 | 10,156 | ||||||
Retained earnings | 198,318 | 193,721 | ||||||
Accumulated other comprehensive loss | (25,120 | ) | (21,408 | ) | ||||
Treasury stock, at cost 195,852 shares at September 30, 2023, and June 30, 2023 | (908 | ) | (908 | ) | ||||
Total shareholders’ equity | 184,168 | 183,283 | ||||||
Total liabilities and shareholders’ equity | $ | 2,688,195 | $ | 2,698,283 |
ASSETS | December 31, 2017 | June 30, 2017 | ||||||
Total cash and cash equivalents | $ | 27,714 | $ | 16,277 | ||||
Long term certificate of deposit | 1,895 | 2,145 | ||||||
Securities available-for-sale, at fair value | 102,969 | 91,483 | ||||||
Securities held-to-maturity, at amortized cost (fair value $243,287at December 31, 2017; $228,452 at June 30, 2017) | 239,140 | 223,830 | ||||||
Federal Home Loan Bank stock, at cost | 2,488 | 2,131 | ||||||
Loans | 674,435 | 634,331 | ||||||
Allowance for loan losses | (11,352 | ) | (11,022 | ) | ||||
Unearned origination fees and costs, net | 790 | 878 | ||||||
Net loans receivable | 663,873 | 624,187 | ||||||
Premises and equipment | 13,499 | 13,615 | ||||||
Accrued interest receivable | 4,610 | 4,033 | ||||||
Foreclosed real estate | 905 | 799 | ||||||
Prepaid expenses and other assets | 3,717 | 3,791 | ||||||
Total assets | $ | 1,060,810 | $ | 982,291 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Noninterest-bearing deposits | $ | 99,388 | $ | 95,929 | ||||
Interest-bearing deposits | 821,363 | 763,606 | ||||||
Total deposits | 920,751 | 859,535 | ||||||
Borrowings from Federal Home Loan Bank, short-term | 20,300 | 6,900 | ||||||
Borrowings from Federal Home Loan Bank, long-term | 20,150 | 22,650 | ||||||
Accrued expenses and other liabilities | 10,036 | 9,685 | ||||||
Total liabilities | 971,237 | 898,770 | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Preferred stock, Authorized - 1,000,000 shares; Issued - None | - | - | ||||||
Common stock, par value $.10 per share; Authorized - 12,000,000 shares; Issued – 8,611,340 shares;Outstanding - 8,506,614 shares at December 31, 2017, and 8,502,614 shares at June 30, 2017 | 861 | 861 | ||||||
Additional paid-in capital | 11,000 | 10,990 | ||||||
Retained earnings | 79,421 | 73,072 | ||||||
Accumulated other comprehensive loss | (1,314 | ) | (992 | ) | ||||
Treasury stock, at cost 104,726 shares at December 31, 2017, and 108,726 shares at June 30, 2017 | (395 | ) | (410 | ) | ||||
Total shareholders’ equity | 89,573 | 83,521 | ||||||
Total liabilities and shareholders’ equity | $ | 1,060,810 | $ | 982,291 |
2023 | 2022 | |||||||
Interest income: | ||||||||
Loans | $ | 17,205 | $ | 13,382 | ||||
Investment securities - taxable | 768 | 664 | ||||||
Mortgage-backed securities | 1,493 | 1,490 | ||||||
Investment securities - tax exempt | 4,290 | 3,077 | ||||||
Interest-bearing deposits and federal funds sold | 916 | 27 | ||||||
Total interest income | 24,672 | 18,640 | ||||||
Interest expense: | ||||||||
Interest on deposits | 10,607 | 2,010 | ||||||
Interest on borrowings | 626 | 796 | ||||||
Total interest expense | 11,233 | 2,806 | ||||||
Net interest income | 13,439 | 15,834 | ||||||
Provision for credit losses | 457 | (499 | ) | |||||
Net interest income after provision for credit losses | 12,982 | 16,333 | ||||||
Noninterest income: | ||||||||
Service charges on deposit accounts | 1,230 | 1,217 | ||||||
Debit card fees | 1,133 | 1,142 | ||||||
Investment services | 243 | 180 | ||||||
E-commerce fees | 29 | 26 | ||||||
Bank owned life insurance | 362 | 340 | ||||||
Other operating income | 302 | 193 | ||||||
Total noninterest income | 3,299 | 3,098 | ||||||
Noninterest expense: | ||||||||
Salaries and employee benefits | 5,491 | 5,428 | ||||||
Occupancy expense | 537 | 524 | ||||||
Equipment and furniture expense | 138 | 158 | ||||||
Service and data processing fees | 591 | 702 | ||||||
Computer software, supplies and support | 511 | 381 | ||||||
Advertising and promotion | 97 | 76 | ||||||
FDIC insurance premiums | 312 | 242 | ||||||
Legal and professional fees | 383 | 451 | ||||||
Other | 785 | 835 | ||||||
Total noninterest expense | 8,845 | 8,797 | ||||||
Income before provision for income taxes | 7,436 | 10,634 | ||||||
Provision for income taxes | 967 | 1,598 | ||||||
Net income | $ | 6,469 | $ | 9,036 | ||||
Basic and diluted earnings per share | $ | 0.38 | $ | 0.53 | ||||
Basic and diluted average shares outstanding | 17,026,828 | 17,026,828 |
For the three months ended December 31, | For the six months ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest income: | ||||||||||||||||
Loans | $ | 7,287 | $ | 6,382 | $ | 14,346 | $ | 12,435 | ||||||||
Investment securities - taxable | 163 | 146 | 328 | 296 | ||||||||||||
Mortgage-backed securities | 791 | 1,099 | 1,608 | 1,883 | ||||||||||||
Investment securities - tax exempt | 1,092 | 852 | 2,128 | 1,676 | ||||||||||||
Interest-bearing deposits and federal funds sold | 87 | 5 | 99 | 8 | ||||||||||||
Total interest income | 9,420 | 8,484 | 18,509 | 16,298 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits | 867 | 648 | 1,676 | 1,254 | ||||||||||||
Interest on borrowings | 93 | 105 | 203 | 226 | ||||||||||||
Total interest expense | 960 | 753 | 1,879 | 1,480 | ||||||||||||
Net interest income | 8,460 | 7,731 | 16,630 | 14,818 | ||||||||||||
Provision for loan losses | 352 | 586 | 699 | 1,129 | ||||||||||||
Net interest income after provision for loan losses | 8,108 | 7,145 | 15,931 | 13,689 | ||||||||||||
Noninterest income: | ||||||||||||||||
Service charges on deposit accounts | 934 | 820 | 1,785 | 1,593 | ||||||||||||
Debit card fees | 591 | 510 | 1,157 | 1,001 | ||||||||||||
Investment services | 122 | 67 | 194 | 137 | ||||||||||||
E-commerce fees | 35 | 31 | 73 | 63 | ||||||||||||
Other operating income | 205 | 184 | 418 | 367 | ||||||||||||
Total noninterest income | 1,887 | 1,612 | 3,627 | 3,161 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 3,110 | 2,787 | 6,037 | 5,455 | ||||||||||||
Occupancy expense | 355 | 339 | 711 | 719 | ||||||||||||
Equipment and furniture expense | 158 | 132 | 271 | 252 | ||||||||||||
Service and data processing fees | 540 | 499 | 1,027 | 947 | ||||||||||||
Computer software, supplies and support | 162 | 148 | 305 | 294 | ||||||||||||
Advertising and promotion | 112 | 85 | 167 | 208 | ||||||||||||
FDIC insurance premiums | 93 | 93 | 186 | 207 | ||||||||||||
Legal and professional fees | 229 | 220 | 460 | 418 | ||||||||||||
Other | 553 | 485 | 1,041 | 1,042 | ||||||||||||
Total noninterest expense | 5,312 | 4,788 | 10,205 | 9,542 | ||||||||||||
Income before provision for income taxes | 4,683 | 3,969 | 9,353 | 7,308 | ||||||||||||
Provision for income taxes | 1,043 | 1,043 | 2,241 | 1,875 | ||||||||||||
Net income | $ | 3,640 | $ | 2,926 | $ | 7,112 | $ | 5,433 | ||||||||
Basic earnings per share | $ | 0.43 | $ | 0.34 | $ | 0.84 | $ | 0.64 | ||||||||
Basic average shares outstanding | 8,504,168 | 8,491,929 | 8,503,451 | 8,487,554 | ||||||||||||
Diluted earnings per share | $ | 0.43 | $ | 0.34 | $ | 0.83 | $ | 0.64 | ||||||||
Diluted average shares outstanding | 8,533,126 | 8,509,316 | 8,532,274 | 8,503,913 | ||||||||||||
Dividends per share | $ | 0.0975 | $ | 0.0950 | $ | 0.1950 | $ | 0.1900 |
2023 | 2022 | |||||||
Net Income | $ | 6,469 | $ | 9,036 | ||||
Other comprehensive loss: | ||||||||
Unrealized holding losses on available-for-sale securities, gross | (5,065 | ) | (9,031 | ) | ||||
Tax effect | (1,353 | ) | (2,413 | ) | ||||
Unrealized holding losses on available-for-sale securities, net | (3,712 | ) | (6,618 | ) | ||||
Total other comprehensive loss, net of taxes | (3,712 | ) | (6,618 | ) | ||||
Comprehensive income | $ | 2,757 | $ | 2,418 |
For the three months ended December 31, | For the six months ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Income | $ | 3,640 | $ | 2,926 | $ | 7,112 | $ | 5,433 | ||||||||
Other comprehensive loss: | ||||||||||||||||
Unrealized holding losses on available-for-sale securities, net of income tax benefit of ($345) and ($430), for the three months, and ($200) and ($530), for the six months ended December 31, 2017 and 2016 respectively | (557 | ) | (693 | ) | (322 | ) | (834 | ) | ||||||||
Accretion of unrealized loss on securities transferred to held-to-maturity, net of income taxes of $- and $- for the three months, and $- and $1 for the six months ended December 31, 2017 and 2016, respectively | - | 1 | - | 1 | ||||||||||||
Total other comprehensive loss, net of taxes | (557 | ) | (692 | ) | (322 | ) | (833 | ) | ||||||||
Comprehensive income | $ | 3,083 | $ | 2,234 | $ | 6,790 | $ | 4,600 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||
Balance at June 30, 2023 | $ | 1,722 | $ | 10,156 | $ | 193,721 | $ | (21,408 | ) | $ | (908 | ) | $ | 183,283 | ||||||||||
Cumulative effect adjustment for ASU 2016-13 Current Expected Credit Losses | (510 | ) | (510 | ) | ||||||||||||||||||||
Dividends declared | (1,362 | ) | (1,362 | ) | ||||||||||||||||||||
Net income | 6,469 | 6,469 | ||||||||||||||||||||||
Other comprehensive loss, net of taxes | (3,712 | ) | (3,712 | ) | ||||||||||||||||||||
Balance at September 30, 2023 | $ | 1,722 | $ | 10,156 | $ | 198,318 | $ | (25,120 | ) | $ | (908 | ) | $ | 184,168 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Total Shareholders' Equity | |||||||||||||||||||
Balance at June 30, 2016 | $ | 861 | $ | 10,872 | $ | 63,805 | $ | (725 | ) | $ | (512 | ) | $ | 74,301 | ||||||||||
Options exercised | 67 | 102 | 169 | |||||||||||||||||||||
Tax benefit of stock based compensation | 51 | 51 | ||||||||||||||||||||||
Dividends declared | (742 | ) | (742 | ) | ||||||||||||||||||||
Net income | 5,433 | 5,433 | ||||||||||||||||||||||
Other comprehensive loss, net of taxes | (833 | ) | (833 | ) | ||||||||||||||||||||
Balance at December 31, 2016 | $ | 861 | $ | 10,990 | $ | 68,496 | $ | (1,558 | ) | $ | (410 | ) | $ | 78,379 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||
Balance at June 30, 2022 | $ | 1,722 | $ | 10,156 | $ | 165,127 | $ | (18,383 | ) | $ | (908 | ) | $ | 157,714 | ||||||||||
Dividends declared | (546 | ) | (546 | ) | ||||||||||||||||||||
Net income | 9,036 | 9,036 | ||||||||||||||||||||||
Other comprehensive loss, net of taxes | (6,618 | ) | (6,618 | ) | ||||||||||||||||||||
Balance at September 30, 2022 | $ | 1,722 | $ | 10,156 | $ | 173,617 | $ | (25,001 | ) | $ | (908 | ) | $ | 159,586 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Shareholders' Equity | |||||||||||||||||||
Balance at June 30, 2017 | $ | 861 | $ | 10,990 | $ | 73,072 | $ | (992 | ) | $ | (410 | ) | $ | 83,521 | ||||||||||
Options exercised | 10 | 15 | 25 | |||||||||||||||||||||
Dividends declared | (763 | ) | (763 | ) | ||||||||||||||||||||
Net income | 7,112 | 7,112 | ||||||||||||||||||||||
Other comprehensive loss, net of taxes | (322 | ) | (322 | ) | ||||||||||||||||||||
Balance at December 31, 2017 | $ | 861 | $ | 11,000 | $ | 79,421 | $ | (1,314 | ) | $ | (395 | ) | $ | 89,573 |
2023 | 2022 | |||||||
Cash flows from operating activities: | ||||||||
Net Income | $ | 6,469 | $ | 9,036 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 220 | 213 | ||||||
Deferred income tax benefit | (735 | ) | (262 | ) | ||||
Net amortization of investment premiums and discounts | 410 | 755 | ||||||
Net amortization of deferred loan costs and fees | 40 | 76 | ||||||
Amortization of subordinated debt issuance costs | 47 | 46 | ||||||
Provision for credit losses | 457 | (499 | ) | |||||
Bank-owned life insurance income | (362 | ) | (340 | ) | ||||
Net loss on equity securities | 7 | 19 | ||||||
Net loss on sale of foreclosed real estate | - | 5 | ||||||
Net increase (decrease) in accrued income taxes | 1,346 | (72 | ) | |||||
Net increase in accrued interest receivable | (1,512 | ) | (1,619 | ) | ||||
Net decrease in prepaid expenses and other assets | 109 | 439 | ||||||
Net decrease in accrued expense and other liabilities | (238 | ) | (3,396 | ) | ||||
Net cash provided by operating activities | 6,258 | 4,401 | ||||||
Cash flows from investing activities: | ||||||||
Securities available-for-sale: | ||||||||
Proceeds from maturities | 43,355 | 80,476 | ||||||
Purchases of securities | (77,044 | ) | (22,256 | ) | ||||
Proceeds from principal payments on securities | 942 | 6,898 | ||||||
Securities held-to-maturity: | ||||||||
Proceeds from maturities | 18,192 | 21,539 | ||||||
Purchases of securities | (7,997 | ) | (21,292 | ) | ||||
Proceeds from principal payments on securities | 3,649 | 8,297 | ||||||
Net (purchase) redemption of Federal Home Loan Bank Stock | (297 | ) | 4,358 | |||||
Maturity of long-term certificates of deposit | 500 | 245 | ||||||
Net increase in loans receivable | (39,608 | ) | (98,073 | ) | ||||
Proceeds from sale of foreclosed real estate | - | 63 | ||||||
Purchases of premises and equipment | (474 | ) | (154 | ) | ||||
Net cash used in investing activities | (58,782 | ) | (19,899 | ) | ||||
Cash flows from financing activities | ||||||||
Net decrease in short-term FHLB advances | - | (100,300 | ) | |||||
Proceeds from term FHLB advances | 4,374 | - | ||||||
Payment of cash dividends | (1,362 | ) | (546 | ) | ||||
Net (decrease) increase in deposits | (16,680 | ) | 114,259 | |||||
Net cash (used in) provided by financing activities | (13,668 | ) | 13,413 | |||||
Net decrease in cash and cash equivalents | (66,192 | ) | (2,085 | ) | ||||
Cash and cash equivalents at beginning of period | 196,445 | 69,009 | ||||||
Cash and cash equivalents at end of period | $ | 130,253 | $ | 66,924 | ||||
Cash paid during period for: | ||||||||
Interest | $ | 11,638 | $ | 3,266 | ||||
Income taxes | $ | 356 | $ | 1,932 |
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net Income | $ | 7,112 | $ | 5,433 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation | 318 | 319 | ||||||
Deferred income tax expense | (2,130 | ) | (2,196 | ) | ||||
Net amortization of premiums and discounts | 385 | 443 | ||||||
Net amortization of deferred loan costs and fees | 253 | 251 | ||||||
Provision for loan losses | 699 | 1,129 | ||||||
(Gains) losses on sale of foreclosed real estate | (53 | ) | 61 | |||||
Excess tax benefit from share based compensation | - | (51 | ) | |||||
Net increase in accrued income taxes | 3,376 | 2,438 | ||||||
Net increase in accrued interest receivable | (577 | ) | (179 | ) | ||||
Net increase in prepaid and other assets | (973 | ) | (291 | ) | ||||
Net increase (decrease) in other liabilities | 351 | (786 | ) | |||||
Net cash provided by operating activities | 8,761 | 6,571 | ||||||
Cash flows from investing activities: | ||||||||
Securities available-for-sale: | ||||||||
Proceeds from maturities | 30,543 | 37,123 | ||||||
Purchases of securities | (43,784 | ) | (29,683 | ) | ||||
Principal payments on securities | 1,206 | 5,573 | ||||||
Securities held-to-maturity: | ||||||||
Proceeds from maturities | 7,347 | 5,795 | ||||||
Purchases of securities | (31,015 | ) | (17,646 | ) | ||||
Principal payments on securities | 8,001 | 5,397 | ||||||
Net purchase of Federal Home Loan Bank Stock | (357 | ) | (978 | ) | ||||
Maturity of long term certificate of deposit | 250 | 65 | ||||||
Net increase in loans receivable | (40,729 | ) | (70,066 | ) | ||||
Proceeds from sale of foreclosed real estate | 38 | 94 | ||||||
Purchases of premises and equipment | (202 | ) | (71 | ) | ||||
Net cash used by investing activities | (68,702 | ) | (64,397 | ) | ||||
Cash flows from financing activities | ||||||||
Net increase in short-term advances | 13,400 | 19,700 | ||||||
Proceeds from long-term FHLB advances | - | 2,650 | ||||||
Repayment of long-term FHLB advances | (2,500 | ) | (500 | ) | ||||
Payment of cash dividends | (763 | ) | (742 | ) | ||||
Proceeds from issuance of stock options | 25 | 169 | ||||||
Excess tax benefit from share based compensation | - | 51 | ||||||
Net increase in deposits | 61,216 | 36,178 | ||||||
Net cash provided by financing activities | 71,378 | 57,506 | ||||||
Net increase (decrease) in cash and cash equivalents | 11,437 | (320 | ) | |||||
Cash and cash equivalents at beginning of period | 16,277 | 15,895 | ||||||
Cash and cash equivalents at end of period | $ | 27,714 | $ | 15,575 | ||||
Non-cash investing activities: | ||||||||
Foreclosed loans transferred to foreclosed real estate | $ | 91 | $ | 123 | ||||
Cash paid during period for: | ||||||||
Interest | $ | 1,882 | $ | 1,471 | ||||
Income taxes | $ | 994 | $ | 1,633 |
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | EstimatedFair Value | ||||||||||||
Securities available-for-sale: | ||||||||||||||||
U.S. government sponsored enterprises | $ | 5,552 | $ | 83 | $ | 12 | $ | 5,623 | ||||||||
State and political subdivisions | 71,627 | 97 | 4 | 71,720 | ||||||||||||
Mortgage-backed securities-residential | 4,098 | 41 | 43 | 4,096 | ||||||||||||
Mortgage-backed securities-multi-family | 19,899 | 303 | 131 | 20,071 | ||||||||||||
Corporate debt securities | 1,260 | - | 3 | 1,257 | ||||||||||||
Total debt securities | 102,436 | 524 | 193 | 102,767 | ||||||||||||
Equity securities | 62 | 140 | - | 202 | ||||||||||||
Total securities available-for-sale | 102,498 | 664 | 193 | 102,969 | ||||||||||||
Securities held-to-maturity: | ||||||||||||||||
U.S. government sponsored enterprises | 7,246 | - | 95 | 7,151 | ||||||||||||
State and political subdivisions | 127,725 | 3,967 | 205 | 131,487 | ||||||||||||
Mortgage-backed securities-residential | 7,479 | 184 | - | 7,663 | ||||||||||||
Mortgage-backed securities-multi-family | 94,183 | 664 | 399 | 94,448 | ||||||||||||
Corporate debt securities | 1,000 | 15 | - | 1,015 | ||||||||||||
Other securities | 1,507 | 19 | 3 | 1,523 | ||||||||||||
Total securities held-to-maturity | 239,140 | 4,849 | 702 | 243,287 | ||||||||||||
Total securities | $ | 341,638 | $ | 5,513 | $ | 895 | $ | 346,256 |
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Securities available-for-sale: | ||||||||||||||||
U.S. government sponsored enterprises | $ | 4,566 | $ | 151 | $ | - | $ | 4,717 | ||||||||
State and political subdivisions | 57,885 | 227 | - | 58,112 | ||||||||||||
Mortgage-backed securities-residential | 4,868 | 72 | 27 | 4,913 | ||||||||||||
Mortgage-backed securities-multi-family | 20,344 | 483 | 62 | 20,765 | ||||||||||||
Asset-backed securities | 1 | - | - | 1 | ||||||||||||
Corporate debt securities | 2,765 | 29 | 3 | 2,791 | ||||||||||||
Total debt securities | 90,429 | 962 | 92 | 91,299 | ||||||||||||
Equity securities | 62 | 122 | - | 184 | ||||||||||||
Total securities available-for-sale | 90,491 | 1,084 | 92 | 91,483 | ||||||||||||
Securities held-to-maturity: | ||||||||||||||||
U.S. government sponsored enterprises | 6,000 | - | 53 | 5,947 | ||||||||||||
State and political subdivisions | 115,805 | 3,434 | 95 | 119,144 | ||||||||||||
Mortgage-backed securities-residential | 10,798 | 274 | 2 | 11,070 | ||||||||||||
Mortgage-backed securities-multi-family | 88,702 | 1,259 | 199 | 89,762 | ||||||||||||
Corporate debt securities | 1,000 | - | 5 | 995 | ||||||||||||
Other securities | 1,525 | 21 | 12 | 1,534 | ||||||||||||
Total securities held-to-maturity | 223,830 | 4,988 | 366 | 228,452 | ||||||||||||
Total securities | $ | 314,321 | $ | 6,072 | $ | 458 | $ | 319,935 |
At September 30, 2023 | ||||||||||||||||
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
U.S. government sponsored enterprises | $ | 13,051 | $ | - | $ | 2,584 | $ | 10,467 | ||||||||
U.S. Treasury securities | 18,321 | - | 2,113 | 16,208 | ||||||||||||
State and political subdivisions | 171,032 | 593 | 5 | 171,620 | ||||||||||||
Mortgage-backed securities-residential | 28,661 | - | 5,069 | 23,592 | ||||||||||||
Mortgage-backed securities-multi-family | 90,918 | - | 22,034 | 68,884 | ||||||||||||
Corporate debt securities | 19,818 | - | 1,873 | 17,945 | ||||||||||||
Total securities available-for-sale | $ | 341,801 | $ | 593 | $ | 33,678 | $ | 308,716 |
At June 30, 2023 | ||||||||||||||||
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
U.S. government sponsored enterprises | $ | 13,054 | $ | - | $ | 2,231 | $ | 10,823 | ||||||||
U.S. Treasury securities | 18,349 | - | 1,849 | 16,500 | ||||||||||||
State and political subdivisions | 137,343 | 670 | 2 | 138,011 | ||||||||||||
Mortgage-backed securities-residential | 29,586 | - | 3,985 | 25,601 | ||||||||||||
Mortgage-backed securities-multi-family | 91,016 | - | 18,930 | 72,086 | ||||||||||||
Corporate debt securities | 19,805 | - | 1,693 | 18,112 | ||||||||||||
Total securities available-for-sale | $ | 309,153 | $ | 670 | $ | 28,690 | $ | 281,133 |
(1) | Amortized cost excludes accrued interest receivable of $3.1 million and $2.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition. |
At September 30, 2023 | ||||||||||||||||||||||||
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Fair Value | Allowance(2) | Net Carrying Value | ||||||||||||||||||
U.S. Treasury securities | $ | 33,726 | $ | - | $ | 2,525 | $ | 31,201 | $ | - | $ | 33,726 | ||||||||||||
State and political subdivisions | 467,693 | 1,945 | 48,799 | 420,839 | 46 | 467,647 | ||||||||||||||||||
Mortgage-backed securities-residential | 35,927 | - | 4,507 | 31,420 | - | 35,927 | ||||||||||||||||||
Mortgage-backed securities-multi-family | 152,504 | - | 23,140 | 129,364 | - | 152,504 | ||||||||||||||||||
Corporate debt securities | 22,327 | - | 3,025 | 19,302 | 451 | 21,876 | ||||||||||||||||||
Other securities | 37 | - | - | 37 | 1 | 36 | ||||||||||||||||||
Total securities held-to-maturity | $ | 712,214 | $ | 1,945 | $ | 81,996 | $ | 632,163 | $ | 498 | $ | 711,716 |
At June 30, 2023 | ||||||||||||||||||||||||
(In thousands) | Amortized Cost (1) | Unrealized Gains | Unrealized Losses | Fair Value | Allowance(2) | Net Carrying Value | ||||||||||||||||||
U.S. Treasury securities | $ | 33,705 | $ | - | $ | 2,438 | $ | 31,267 | $ | - | $ | 33,705 | ||||||||||||
State and political subdivisions | 478,756 | 5,178 | 30,662 | 453,272 | - | 478,756 | ||||||||||||||||||
Mortgage-backed securities-residential | 37,186 | - | 3,625 | 33,561 | - | 37,186 | ||||||||||||||||||
Mortgage-backed securities-multi-family | 155,046 | - | 20,324 | 134,722 | - | 155,046 | ||||||||||||||||||
Corporate debt securities | 21,632 | - | 3,426 | 18,206 | - | 21,632 | ||||||||||||||||||
Other securities | 38 | - | - | 38 | - | 38 | ||||||||||||||||||
Total securities held-to-maturity | $ | 726,363 | $ | 5,178 | $ | 60,475 | $ | 671,066 | $ | - | $ | 726,363 |
(1) | Amortized cost excludes accrued interest receivable of $4.6 million and $3.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition. |
(2) | The Company adopted ASU 2016-13 (CECL) on July 1, 2023. For periods subsequent to adoption, an allowance is calculated under the CECL methodology. The periods prior to adoption did not have an allowance for credit losses under applicable GAAP for those periods. |
(In thousands) | Three months ended September 30, 2023 | |||
Balance beginning of period | $ | - | ||
Adoption of ASU 2016-13 (CECL) on July 1, 2023 | 503 | |||
Benefit for credit losses | (5 | ) | ||
Balance end of period | $ | 498 |
Less Than 12 Months | More Than 12 Months | Total | ||||||||||||||||||||||||||||||||||
(In thousands, except number of securities) | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | |||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | - | $ | - | - | $ | 10,467 | $ | 2,584 | 5 | $ | 10,467 | $ | 2,584 | 5 | |||||||||||||||||||||
U.S. Treasury securities | 756 | 63 | 2 | 15,452 | 2,050 | 6 | 16,208 | 2,113 | 8 | |||||||||||||||||||||||||||
State and political subdivisions | 5,022 | 3 | 3 | 81 | 2 | 1 | 5,103 | 5 | 4 | |||||||||||||||||||||||||||
Mortgage-backed securities-residential | - | - | - | 23,592 | 5,069 | 27 | 23,592 | 5,069 | 27 | |||||||||||||||||||||||||||
Mortgage-backed securities-multi-family | - | - | - | 68,884 | 22,034 | 31 | 68,884 | 22,034 | 31 | |||||||||||||||||||||||||||
Corporate debt securities | 1,847 | 49 | 1 | 16,098 | 1,824 | 16 | 17,945 | 1,873 | 17 | |||||||||||||||||||||||||||
Total securities available-for-sale | 7,625 | 115 | 6 | 134,574 | 33,563 | 86 | 142,199 | 33,678 | 92 | |||||||||||||||||||||||||||
Securities held-to-maturity: | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | - | - | - | 31,201 | 2,525 | 8 | 31,201 | 2,525 | 8 | |||||||||||||||||||||||||||
State and political subdivisions | 64,946 | 1,994 | 649 | 293,513 | 46,805 | 2,215 | 358,459 | 48,799 | 2,864 | |||||||||||||||||||||||||||
Mortgage-backed securities-residential | 5 | - | 2 | 31,415 | 4,507 | 27 | 31,420 | 4,507 | 29 | |||||||||||||||||||||||||||
Mortgage-backed securities-multi-family | - | - | - | 129,364 | 23,140 | 55 | 129,364 | 23,140 | 55 | |||||||||||||||||||||||||||
Corporate debt securities | 6,753 | 995 | 6 | 12,549 | 2,030 | 13 | 19,302 | 3,025 | 19 | |||||||||||||||||||||||||||
Total securities held-to-maturity | 71,704 | 2,989 | 657 | 498,042 | 79,007 | 2,318 | 569,746 | 81,996 | 2,975 | |||||||||||||||||||||||||||
Total securities | $ | 79,329 | $ | 3,104 | 663 | $ | 632,616 | $ | 112,570 | 2,404 | $ | 711,945 | $ | 115,674 | 3,067 |
Less Than 12 Months | More Than 12 Months | Total | ||||||||||||||||||||||||||||||||||
(In thousands, except number of securities) | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | |||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 985 | $ | 12 | 1 | $ | - | $ | - | - | $ | 985 | $ | 12 | 1 | |||||||||||||||||||||
State and political subdivisions | 2,122 | 4 | 3 | - | - | - | 2,122 | 4 | 3 | |||||||||||||||||||||||||||
Mortgage-backed securities-residential | 1,051 | 43 | 1 | - | - | - | 1,051 | 43 | 1 | |||||||||||||||||||||||||||
Mortgage-backed securities-multi-family | 8,129 | 131 | 5 | - | - | - | 8,129 | 131 | 5 | |||||||||||||||||||||||||||
Corporate debt securities | - | - | - | 757 | 3 | 2 | 757 | 3 | 2 | |||||||||||||||||||||||||||
Total securities available-for-sale | 12,287 | 190 | 10 | 757 | 3 | 2 | 13,044 | 193 | 12 | |||||||||||||||||||||||||||
Securities held-to-maturity: | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | 5,181 | 64 | 1 | 1,969 | 31 | 1 | 7,150 | 95 | 2 | |||||||||||||||||||||||||||
State and political subdivisions | 18,840 | 142 | 116 | 3,892 | 63 | 35 | 22,732 | 205 | 151 | |||||||||||||||||||||||||||
Mortgage-backed securities-multi-family | 44,450 | 388 | 26 | 1,424 | 11 | 2 | 45,874 | 399 | 28 | |||||||||||||||||||||||||||
Other securities | 591 | 3 | 1 | - | - | - | 591 | 3 | 1 | |||||||||||||||||||||||||||
Total securities held-to-maturity | 69,062 | 597 | 144 | 7,285 | 105 | 38 | 76,347 | 702 | 182 | |||||||||||||||||||||||||||
Total securities | $ | 81,349 | $ | 787 | 154 | $ | 8,042 | $ | 108 | 40 | $ | 89,391 | $ | 895 | 194 |
Less Than 12 Months | More Than 12 Months | Total | ||||||||||||||||||||||||||||||||||
(In thousands, except number of securities) | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | |||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | - | $ | - | - | $ | 10,823 | $ | 2,231 | 5 | $ | 10,823 | $ | 2,231 | 5 | |||||||||||||||||||||
U.S. Treasury securities | 761 | 57 | 2 | 15,739 | 1,792 | 6 | 16,500 | 1,849 | 8 | |||||||||||||||||||||||||||
State and political subdivisions | - | - | - | 82 | 2 | 1 | 82 | 2 | 1 | |||||||||||||||||||||||||||
Mortgage-backed securities-residential | 476 | 29 | 7 | 25,125 | 3,956 | 21 | 25,601 | 3,985 | 28 | |||||||||||||||||||||||||||
Mortgage-backed securities-multi-family | 2,679 | 182 | 1 | 69,407 | 18,748 | 30 | 72,086 | 18,930 | 31 | |||||||||||||||||||||||||||
Corporate debt securities | 2,352 | 40 | 2 | 15,760 | 1,653 | 15 | 18,112 | 1,693 | 17 | |||||||||||||||||||||||||||
Total securities available-for-sale | 6,268 | 308 | 12 | 136,936 | 28,382 | 78 | 143,204 | 28,690 | 90 | |||||||||||||||||||||||||||
Securities held-to-maturity: | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | - | - | - | 31,267 | 2,438 | 8 | 31,267 | 2,438 | 8 | |||||||||||||||||||||||||||
State and political subdivisions | 40,412 | 520 | 448 | 295,479 | 30,142 | 2,018 | 335,891 | 30,662 | 2,466 | |||||||||||||||||||||||||||
Mortgage-backed securities-residential | 1,982 | 120 | 12 | 31,579 | 3,505 | 18 | 33,561 | 3,625 | 30 | |||||||||||||||||||||||||||
Mortgage-backed securities-multi-family | 5,362 | 245 | 2 | 129,360 | 20,079 | 54 | 134,722 | 20,324 | 56 | |||||||||||||||||||||||||||
Corporate debt securities | 10,236 | 2,012 | 9 | 7,970 | 1,414 | 10 | 18,206 | 3,426 | 19 | |||||||||||||||||||||||||||
Total securities held-to-maturity | 57,992 | 2,897 | 471 | 495,655 | 57,578 | 2,108 | 553,647 | 60,475 | 2,579 | |||||||||||||||||||||||||||
Total securities | $ | 64,260 | $ | 3,205 | 483 | $ | 632,591 | $ | 85,960 | 2,186 | $ | 696,851 | $ | 89,165 | 2,669 |
Less Than 12 Months | More Than 12 Months | Total | ||||||||||||||||||||||||||||||||||
(In thousands, except number of securities) | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | |||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential | $ | 1,164 | $ | 27 | 1 | $ | - | $ | - | - | $ | 1,164 | $ | 27 | 1 | |||||||||||||||||||||
Mortgage-backed securities-multi-family | 6,488 | 62 | 4 | - | - | - | 6,488 | 62 | 4 | |||||||||||||||||||||||||||
Corporate debt securities | 760 | 3 | 2 | - | - | - | 760 | 3 | 2 | |||||||||||||||||||||||||||
Total securities available for sale | 8,412 | 92 | 7 | - | - | - | 8,412 | 92 | 7 | |||||||||||||||||||||||||||
Securities held to maturity: | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | 5,947 | 53 | 2 | - | - | - | 5,947 | 53 | 2 | |||||||||||||||||||||||||||
State and political subdivisions | 8,976 | 76 | 64 | 514 | 19 | 6 | 9,490 | 95 | 70 | |||||||||||||||||||||||||||
Mortgage-backed securities-residential | 1,864 | 2 | 1 | - | - | - | 1,864 | 2 | 1 | |||||||||||||||||||||||||||
Mortgage-backed securities-multi-family | 23,823 | 199 | 15 | - | - | - | 23,823 | 199 | 15 | |||||||||||||||||||||||||||
Corporate debt securities | 995 | 5 | 1 | - | - | - | 995 | 5 | 1 | |||||||||||||||||||||||||||
Other securities | 467 | 11 | 1 | 74 | 1 | 1 | 541 | 12 | 2 | |||||||||||||||||||||||||||
Total securities held to maturity | 42,072 | 346 | 84 | 588 | 20 | 7 | 42,660 | 366 | 91 | |||||||||||||||||||||||||||
Total securities | $ | 50,484 | $ | 438 | 91 | $ | 588 | $ | 20 | 7 | $ | 51,072 | $ | 458 | 98 |
Securities available-for-sale | Amortized Cost | Fair Value | ||||||
Within one year | $ | 171,471 | $ | 172,049 | ||||
After one year through five years | 38,162 | 34,285 | ||||||
After five years through ten years | 11,089 | 8,757 | ||||||
After ten years | 1,500 | 1,149 | ||||||
Total securities available-for-sale | 222,222 | 216,240 | ||||||
Mortgage-backed and asset-backed securities | 119,579 | 92,476 | ||||||
Total securities available-for-sale | 341,801 | 308,716 | ||||||
Securities held-to-maturity | ||||||||
Within one year | 60,158 | 58,999 | ||||||
After one year through five years | 167,354 | 158,761 | ||||||
After five years through ten years | 149,902 | 133,552 | ||||||
After ten years | 146,369 | 120,067 | ||||||
Total securities held-to-maturity | 523,783 | 471,379 | ||||||
Mortgage-backed securities | 188,431 | 160,784 | ||||||
Total securities held-to-maturity | 712,214 | 632,163 | ||||||
Total securities | $ | 1,054,015 | $ | 940,879 |
Available-for-sale debt securities | Amortized Cost | Fair Value | ||||||
Within one year | $ | 72,628 | $ | 72,719 | ||||
After one year through five years | 4,814 | 4,896 | ||||||
After five years through ten years | 997 | 985 | ||||||
After ten years | - | - | ||||||
Total available-for-sale debt securities | 78,439 | 78,600 | ||||||
Mortgage-backed and asset-backed securities | 23,997 | 24,167 | ||||||
Equity securities | 62 | 202 | ||||||
Total available-for-sale securities | 102,498 | 102,969 | ||||||
Held-to-maturity debt securities | ||||||||
Within one year | 18,927 | 19,112 | ||||||
After one year through five years | 62,551 | 63,626 | ||||||
After five years through ten years | 41,479 | 42,685 | ||||||
After ten years | 14,521 | 15,753 | ||||||
Total held-to-maturity debt securities | 137,478 | 141,176 | ||||||
Mortgage-backed | 101,662 | 102,111 | ||||||
Total held-to-maturity securities | 239,140 | 243,287 | ||||||
Total securities | $ | 341,638 | $ | 346,256 |
(In thousands) | September 30, 2023 | |||
Residential real estate | $ | 397,626 | ||
Commercial real estate | 910,165 | |||
Home equity | 25,467 | |||
Consumer | 4,778 | |||
Commercial | 110,304 | |||
Total gross loans(1)(2) | 1,448,340 | |||
Allowance for credit losses on loans | (20,249 | ) | ||
Loans receivable, net | $ | 1,428,091 |
(1) | Loan balances include net deferred fees/cost of $62,000 at September 30, 2023. |
(In thousands) | 30-59 days past due | 60-89 days past due | 90 days or more past due | Total past due | Current | Total Loans | Loans on Non- accrual | |||||||||||||||||||||
Residential real estate | $ | 19 | $ | 306 | $ | 1,877 | $ | 2,202 | $ | 395,424 | $ | 397,626 | $ | 2,816 | ||||||||||||||
Commercial real estate | - | 233 | 650 | 883 | 909,282 | 910,165 | 1,307 | |||||||||||||||||||||
Home equity | 43 | - | 13 | 56 | 25,411 | 25,467 | 52 | |||||||||||||||||||||
Consumer | 31 | 21 | 43 | 95 | 4,683 | 4,778 | 43 | |||||||||||||||||||||
Commercial loans | - | 1,237 | 19 | 1,256 | 109,048 | 110,304 | 1,256 | |||||||||||||||||||||
Total gross loans | $ | 93 | $ | 1,797 | $ | 2,602 | $ | 4,492 | $ | 1,443,848 | $ | 1,448,340 | $ | 5,474 |
(In thousands) | December 31, 2017 | June 30, 2017 | ||||||
Residential real estate: | ||||||||
Residential real estate | $ | 252,015 | $ | 245,331 | ||||
Residential construction and land | 7,391 | 7,160 | ||||||
Multi-family | 13,707 | 9,199 | ||||||
Commercial real estate: | ||||||||
Commercial real estate | 272,253 | 257,964 | ||||||
Commercial construction | 24,901 | 28,430 | ||||||
Consumer loan: | ||||||||
Home equity | 21,090 | 21,076 | ||||||
Consumer installment | 4,925 | 4,790 | ||||||
Commercial loans | 78,153 | 60,381 | ||||||
Total gross loans | 674,435 | 634,331 | ||||||
Allowance for loan losses | (11,352 | ) | (11,022 | ) | ||||
Deferred fees and costs | 790 | 878 | ||||||
Loans receivable, net | $ | 663,873 | $ | 624,187 |
Activity for the three months ended September 30, 2023 | ||||||||||||||||||||||||
(In thousands) | Residential Real Estate | Commercial Real Estate | Home Equity | Consumer | Commercial | Total | ||||||||||||||||||
Balance at June 30, 2023 | $ | 2,794 | $ | 14,839 | $ | 46 | $ | 332 | $ | 3,201 | $ | 21,212 | ||||||||||||
Adoption of ASU No. 2016-13 | 1,182 | (2,889 | ) | 117 | 137 | 121 | (1,332 | ) | ||||||||||||||||
Charge-offs | - | - | - | (122 | ) | (7 | ) | (129 | ) | |||||||||||||||
Recoveries | - | 1 | - | 26 | 9 | 36 | ||||||||||||||||||
Provision | 317 | 405 | 25 | 117 | (402 | ) | 462 | |||||||||||||||||
Balance at September 30, 2023 | $ | 4,293 | $ | 12,356 | $ | 188 | $ | 490 | $ | 2,922 | $ | 20,249 |
(In thousands) | Performing | Watch | Special Mention | Substandard | Total | |||||||||||||||
Residential real estate | $ | 248,721 | $ | 930 | $ | 90 | $ | 2,274 | $ | 252,015 | ||||||||||
Residential construction and land | 7,391 | - | - | - | 7,391 | |||||||||||||||
Multi-family | 12,866 | - | 756 | 85 | 13,707 | |||||||||||||||
Commercial real estate | 260,337 | - | 10,217 | 1,699 | 272,253 | |||||||||||||||
Commercial construction | 24,725 | - | - | 176 | 24,901 | |||||||||||||||
Home equity | 20,433 | - | - | 657 | 21,090 | |||||||||||||||
Consumer installment | 4,915 | - | - | 10 | 4,925 | |||||||||||||||
Commercial loans | 77,042 | 16 | 242 | 853 | 78,153 | |||||||||||||||
Total gross loans | $ | 656,430 | $ | 946 | $ | 11,305 | $ | 5,754 | $ | 674,435 |
At September 30, 2023 | ||||||||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||
By payment activity status: | ||||||||||||||||||||||||||||||||||||
Performing | $ | 16,371 | $ | 58,726 | $ | 97,228 | $ | 85,394 | $ | 34,809 | $ | 102,282 | $ | - | $ | - | $ | 394,810 | ||||||||||||||||||
Non-performing | - | - | - | 185 | 188 | 2,443 | - | - | 2,816 | |||||||||||||||||||||||||||
Total residential real estate | 16,371 | 58,726 | 97,228 | 85,579 | 34,997 | 104,725 | - | - | 397,626 | |||||||||||||||||||||||||||
Current period gross charge-offs | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | 35,352 | 210,920 | 259,041 | 130,106 | 79,698 | 161,347 | 4,705 | 149 | 881,318 | |||||||||||||||||||||||||||
Special mention | - | 505 | 2,519 | 476 | 682 | 7,714 | 1,031 | - | 12,927 | |||||||||||||||||||||||||||
Substandard | - | 1,160 | - | 440 | 4,458 | 9,862 | - | - | 15,920 | |||||||||||||||||||||||||||
Total commercial real estate | 35,352 | 212,585 | 261,560 | 131,022 | 84,838 | 178,923 | 5,736 | 149 | 910,165 | |||||||||||||||||||||||||||
Current period gross charge-offs | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||
By payment activity status: | ||||||||||||||||||||||||||||||||||||
Performing | 1,554 | 3,155 | 375 | 521 | 370 | 1,638 | 17,747 | 55 | 25,415 | |||||||||||||||||||||||||||
Non-performing | - | - | - | - | - | 3 | 49 | - | 52 | |||||||||||||||||||||||||||
Total home equity | 1,554 | 3,155 | 375 | 521 | 370 | 1,641 | 17,796 | 55 | 25,467 | |||||||||||||||||||||||||||
Current period gross charge-offs | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||
By payment activity status: | ||||||||||||||||||||||||||||||||||||
Performing | 1,046 | 1,772 | 1,019 | 486 | 205 | 114 | 93 | - | 4,735 | |||||||||||||||||||||||||||
Non-performing | - | - | 43 | - | - | - | - | - | 43 | |||||||||||||||||||||||||||
Total Consumer | 1,046 | 1,772 | 1,062 | 486 | 205 | 114 | 93 | - | 4,778 | |||||||||||||||||||||||||||
Current period gross charge-offs | 110 | - | 8 | 4 | - | - | - | - | 122 | |||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
By internally assigned grade: | ||||||||||||||||||||||||||||||||||||
Pass | 2,811 | 11,945 | 15,785 | 16,265 | 6,276 | 21,202 | 28,097 | - | 102,381 | |||||||||||||||||||||||||||
Special mention | - | - | 1,739 | - | 1 | 486 | 306 | - | 2,532 | |||||||||||||||||||||||||||
Substandard | - | - | - | 1,274 | 98 | 986 | 3,033 | - | 5,391 | |||||||||||||||||||||||||||
Total Commercial | $ | 2,811 | $ | 11,945 | $ | 17,524 | $ | 17,539 | $ | 6,375 | $ | 22,674 | $ | 31,436 | $ | - | $ | 110,304 | ||||||||||||||||||
Current period gross charge-offs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 7 | $ | - | $ | 7 |
(In thousands) | June 30, 2023 | |||
Residential real estate: | ||||
Residential real estate | $ | 372,443 | ||
Residential construction and land | 19,072 | |||
Multi-family | 66,496 | |||
Commercial real estate: | ||||
Commercial real estate | 693,436 | |||
Commercial construction | 121,958 | |||
Consumer loan: | ||||
Home equity | 22,752 | |||
Consumer installment | 4,612 | |||
Commercial loans | 108,022 | |||
Total gross loans(1) | 1,408,791 | |||
Allowance for loan losses | (21,212 | ) | ||
Deferred fees and cost, net | 75 | |||
Loans receivable, net | $ | 1,387,654 |
(1) | Loan balances exclude accrued interest receivable of $5.5 million at June 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition. |
(In thousands) | Performing | Special Mention | Substandard | Total | ||||||||||||
Residential real estate | $ | 366,403 | $ | 2,305 | $ | 3,735 | $ | 372,443 | ||||||||
Residential construction and land | 19,072 | - | - | 19,072 | ||||||||||||
Multi-family | 66,410 | 86 | - | 66,496 | ||||||||||||
Commercial real estate | 665,548 | 11,671 | 16,217 | 693,436 | ||||||||||||
Commercial construction | 121,958 | - | - | 121,958 | ||||||||||||
Home equity | 22,698 | - | 54 | 22,752 | ||||||||||||
Consumer installment | 4,530 | - | 82 | 4,612 | ||||||||||||
Commercial loans | 100,225 | 2,352 | 5,445 | 108,022 | ||||||||||||
Total gross loans | $ | 1,366,844 | $ | 16,414 | $ | 25,533 | $ | 1,408,791 |
(In thousands) | Performing | Watch | Special Mention | Substandard | Total | |||||||||||||||
Residential real estate | $ | 242,592 | $ | 813 | $ | 91 | $ | 1,835 | $ | 245,331 | ||||||||||
Residential construction and land | 7,160 | - | - | - | 7,160 | |||||||||||||||
Multi-family | 9,110 | - | - | 89 | 9,199 | |||||||||||||||
Commercial real estate | 255,090 | 419 | 404 | 2,051 | 257,964 | |||||||||||||||
Commercial construction | 28,254 | - | - | 176 | 28,430 | |||||||||||||||
Home equity | 20,858 | - | - | 218 | 21,076 | |||||||||||||||
Consumer installment | 4,770 | 10 | - | 10 | 4,790 | |||||||||||||||
Commercial loans | 59,030 | - | 60 | 1,291 | 60,381 | |||||||||||||||
Total gross loans | $ | 626,864 | $ | 1,242 | $ | 555 | $ | 5,670 | $ | 634,331 |
(In thousands) | 30-59 days past due | 60-89 days past due | 90 days or more past due | Total past due | Current | Total Loans | Loans on Non- accrual | |||||||||||||||||||||
Residential real estate | $ | 2,592 | $ | 794 | $ | 1,187 | $ | 4,573 | $ | 247,442 | $ | 252,015 | $ | 1,752 | ||||||||||||||
Residential construction and land | - | - | - | - | 7,391 | 7,391 | - | |||||||||||||||||||||
Multi-family | - | - | - | - | 13,707 | 13,707 | - | |||||||||||||||||||||
Commercial real estate | 1,216 | 806 | 391 | 2,413 | 269,840 | 272,253 | 1,108 | |||||||||||||||||||||
Commercial construction | - | - | 176 | 176 | 24,725 | 24,901 | 176 | |||||||||||||||||||||
Home equity | 94 | 119 | 214 | 427 | 20,663 | 21,090 | 333 | |||||||||||||||||||||
Consumer installment | 104 | - | 10 | 114 | 4,811 | 4,925 | 10 | |||||||||||||||||||||
Commercial loans | 380 | 118 | - | 498 | 77,655 | 78,153 | 284 | |||||||||||||||||||||
Total gross loans | $ | 4,386 | $ | 1,837 | $ | 1,978 | $ | 8,201 | $ | 666,234 | $ | 674,435 | $ | 3,663 |
(In thousands) | 30-59 days past due | 60-89 days past due | 90 days or more past due | Total past due | Current | Total Loans | Loans on Non- accrual | |||||||||||||||||||||
Residential real estate | $ | - | $ | 504 | $ | 1,604 | $ | 2,108 | $ | 370,335 | $ | 372,443 | $ | 2,747 | ||||||||||||||
Residential construction and land | - | - | - | - | 19,072 | 19,072 | - | |||||||||||||||||||||
Multi-family | - | - | - | - | 66,496 | 66,496 | - | |||||||||||||||||||||
Commercial real estate | - | 235 | 652 | 887 | 692,549 | 693,436 | 1,318 | |||||||||||||||||||||
Commercial construction | - | - | - | - | 121,958 | 121,958 | - | |||||||||||||||||||||
Home equity | 48 | - | 13 | 61 | 22,691 | 22,752 | 54 | |||||||||||||||||||||
Consumer installment | 63 | 1 | 63 | 127 | 4,485 | 4,612 | 63 | |||||||||||||||||||||
Commercial loans | - | - | 19 | 19 | 108,003 | 108,022 | 1,276 | |||||||||||||||||||||
Total gross loans | $ | 111 | $ | 740 | $ | 2,351 | $ | 3,202 | $ | 1,405,589 | $ | 1,408,791 | $ | 5,458 |
(In thousands) | 30-59 days past due | 60-89 days past due | 90 days or more past due | Total past due | Current | Total Loans | Loans on Non- accrual | |||||||||||||||||||||
Residential real estate | $ | 2,088 | $ | 515 | $ | 935 | $ | 3,538 | $ | 241,793 | $ | 245,331 | $ | 1,240 | ||||||||||||||
Residential construction and land | - | - | - | - | 7,160 | 7,160 | - | |||||||||||||||||||||
Multi-family | - | - | - | - | 9,199 | 9,199 | - | |||||||||||||||||||||
Commercial real estate | 74 | 1,070 | 540 | 1,684 | 256,280 | 257,964 | 1,452 | |||||||||||||||||||||
Commercial construction | - | 176 | - | 176 | 28,254 | 28,430 | 176 | |||||||||||||||||||||
Home equity | 220 | 186 | 33 | 439 | 20,637 | 21,076 | 218 | |||||||||||||||||||||
Consumer installment | 22 | 10 | 10 | 42 | 4,748 | 4,790 | 10 | |||||||||||||||||||||
Commercial loans | 18 | 186 | 202 | 406 | 59,975 | 60,381 | 476 | |||||||||||||||||||||
Total gross loans | $ | 2,422 | $ | 2,143 | $ | 1,720 | $ | 6,285 | $ | 628,046 | $ | 634,331 | $ | 3,572 |
For the three months ended December 31, | For the six months ended December 31 | |||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income that would have been recorded if loans had been performing in accordance with original terms | $ | 59 | $ | 56 | $ | 137 | $ | 136 | ||||||||
Interest income that was recorded on nonaccrual loans | 31 | 26 | 65 | 54 |
As of June 30, 2023 | For the three months ended September 30, 2022 | |||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Residential real estate | $ | 1,020 | $ | 1,020 | $ | - | $ | 986 | $ | 9 | ||||||||||
Commercial real estate | 1,518 | 1,518 | - | 63 | 2 | |||||||||||||||
Home equity | - | - | - | 128 | - | |||||||||||||||
Consumer installment | - | - | - | 5 | - | |||||||||||||||
Commercial loans | 334 | 334 | - | 344 | 4 | |||||||||||||||
Impaired loans with no allowance | 2,872 | 2,872 | - | 1,526 | 15 | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Residential real estate | 2,086 | 2,086 | 597 | 1,939 | 9 | |||||||||||||||
Commercial real estate | 3,777 | 3,777 | 245 | 3,229 | 44 | |||||||||||||||
Commercial construction | - | - | - | 102 | - | |||||||||||||||
Home equity | - | - | - | 320 | 4 | |||||||||||||||
Commercial Loans | 1,572 | 1,572 | 1,171 | 3,008 | 58 | |||||||||||||||
Impaired loans with allowance | 7,435 | 7,435 | 2,013 | 8,598 | 115 | |||||||||||||||
Total impaired: | ||||||||||||||||||||
Residential real estate | 3,106 | 3,106 | 597 | 2,925 | 18 | |||||||||||||||
Commercial real estate | 5,295 | 5,295 | 245 | 3,292 | 46 | |||||||||||||||
Commercial construction | - | - | - | 102 | - | |||||||||||||||
Home equity | - | - | - | 448 | 4 | |||||||||||||||
Consumer installment | - | - | - | 5 | - | |||||||||||||||
Commercial loans | 1,906 | 1,906 | 1,171 | 3,352 | 62 | |||||||||||||||
Total impaired loans | $ | 10,307 | $ | 10,307 | $ | 2,013 | $ | 10,124 | $ | 130 |
As of December 31, 2017 | For the three months ended December 31, 2017 | For the six months ended December 31, 2017 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | $ | 801 | $ | 801 | $ | - | $ | 803 | $ | 7 | $ | 805 | $ | 15 | ||||||||||||||
Home equity | 181 | 181 | - | 181 | - | 182 | - | |||||||||||||||||||||
Commercial loans | 359 | 359 | - | 361 | - | 303 | - | |||||||||||||||||||||
Impaired loans with no allowance | 1,341 | 1,341 | - | 1,345 | 7 | 1,290 | 15 | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Residential real estate | 1,819 | 1,819 | 348 | 1,668 | 15 | 1,602 | 26 | |||||||||||||||||||||
Commercial real estate | 413 | 413 | 101 | 418 | - | 424 | - | |||||||||||||||||||||
Commercial construction | 176 | 176 | 22 | 176 | - | 176 | - | |||||||||||||||||||||
Home equity | 324 | 324 | 62 | 324 | 5 | 324 | 8 | |||||||||||||||||||||
Impaired loans with allowance | 2,732 | 2,732 | 533 | 2,586 | 20 | 2,526 | 34 | |||||||||||||||||||||
Total impaired: | ||||||||||||||||||||||||||||
Residential real estate | 1,819 | 1,819 | 348 | 1,668 | 15 | 1,602 | 26 | |||||||||||||||||||||
Commercial real estate | 1,214 | 1,214 | 101 | 1,221 | 7 | 1,229 | 15 | |||||||||||||||||||||
Commercial construction | 176 | 176 | 22 | 176 | - | 176 | - | |||||||||||||||||||||
Home equity | 505 | 505 | 62 | 505 | 5 | 506 | 8 | |||||||||||||||||||||
Commercial loans | 359 | 359 | - | 361 | - | 303 | - | |||||||||||||||||||||
Total impaired loans | $ | 4,073 | $ | 4,073 | $ | 533 | $ | 3,931 | $ | 27 | $ | 3,816 | $ | 49 |
As of June 30, 2017 | For the three months ended December 31, 2016 | For the six months ended December 31, 2016 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | - | $ | - | $ | 266 | $ | - | $ | 266 | $ | - | ||||||||||||||
Commercial real estate | 809 | 809 | - | 821 | 4 | 921 | 14 | |||||||||||||||||||||
Home equity | 186 | 186 | - | 2 | - | 4 | - | |||||||||||||||||||||
Commercial loans | 186 | 186 | - | 65 | 1 | 33 | 1 | |||||||||||||||||||||
Impaired loans with no allowance | 1,181 | 1,181 | - | 1,154 | �� | 5 | 1,224 | 15 | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Residential real estate | 1,455 | 1,455 | 278 | 1,238 | 12 | 1,241 | 24 | |||||||||||||||||||||
Commercial real estate | 440 | 440 | 135 | 749 | 7 | 576 | 11 | |||||||||||||||||||||
Commercial construction | 176 | 176 | 23 | - | - | - | - | |||||||||||||||||||||
Commercial loans | - | - | - | 81 | - | 82 | 2 | |||||||||||||||||||||
Impaired loans with allowance | 2,071 | 2,071 | 436 | 2,068 | 19 | 1,899 | 37 | |||||||||||||||||||||
Total impaired: | ||||||||||||||||||||||||||||
Residential real estate | 1,455 | 1,455 | 278 | 1,504 | 12 | 1,507 | 24 | |||||||||||||||||||||
Commercial real estate | 1,249 | 1,249 | 135 | 1,570 | 11 | 1,497 | 25 | |||||||||||||||||||||
Commercial construction | 176 | 176 | 23 | - | - | - | - | |||||||||||||||||||||
Home equity | 186 | 186 | - | 2 | - | 4 | - | |||||||||||||||||||||
Commercial loans | 186 | 186 | - | 146 | 1 | 115 | 3 | |||||||||||||||||||||
Total impaired loans | $ | 3,252 | $ | 3,252 | $ | 436 | $ | 3,222 | $ | 24 | $ | 3,123 | $ | 52 |
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Current Outstanding Recorded Investment | ||||||||||||
For the year ended June 30, 2023 | ||||||||||||||||
Residential real estate | 2 | $ | 778 | $ | 778 | $ | 778 | |||||||||
Commercial real estate | 3 | $ | 1,428 | $ | 1,480 | $ | 1,470 | |||||||||
Commercial loans | 1 | $ | 379 | $ | 379 | $ | - |
(Dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Current outstanding Recorded Investment | ||||||||||||
For the six months ended December 31, 2017 | ||||||||||||||||
Home equity | 1 | $ | 325 | $ | 325 | $ | 324 | |||||||||
For the six months ended December 31, 2016 | None | - | - | - |
Activity for the three months ended September 30, 2022 | ||||||||||||||||||||
(In thousands) | Balance at June 30, 2022 | Charge-offs | Recoveries | Provision | Balance at September 30, 2022 | |||||||||||||||
Residential real estate | $ | 2,373 | $ | - | $ | 3 | $ | 95 | $ | 2,471 | ||||||||||
Residential construction and land | 141 | - | - | 36 | 177 | |||||||||||||||
Multi-family | 119 | - | - | 40 | 159 | |||||||||||||||
Commercial real estate | 16,221 | - | - | (829 | ) | 15,392 | ||||||||||||||
Commercial construction | 1,114 | - | - | (70 | ) | 1,044 | ||||||||||||||
Home equity | 89 | - | - | (45 | ) | 44 | ||||||||||||||
Consumer installment | 349 | 167 | 46 | 46 | 274 | |||||||||||||||
Commercial loans | 2,355 | 4 | 7 | 228 | 2,586 | |||||||||||||||
Total | $ | 22,761 | $ | 171 | $ | 56 | $ | (499 | ) | $ | 22,147 |
Allowance for Loan Losses | Loans Receivable | |||||||||||||||
Ending Balance June 30, 2023 Impairment Analysis | Ending Balance June 30, 2023 Impairment Analysis | |||||||||||||||
(In thousands) | Individually Evaluated | Collectively Evaluated | Individually Evaluated | Collectively Evaluated | ||||||||||||
Residential real estate | $ | 597 | $ | 2,016 | $ | 3,106 | $ | 369,337 | ||||||||
Residential construction and land | - | 181 | - | 19,072 | ||||||||||||
Multi-family | - | 197 | - | 66,496 | ||||||||||||
Commercial real estate | 245 | 12,775 | 5,295 | 688,141 | ||||||||||||
Commercial construction | - | 1,622 | - | 121,958 | ||||||||||||
Home equity | - | 46 | - | 22,752 | ||||||||||||
Consumer installment | - | 332 | - | 4,612 | ||||||||||||
Commercial loans | 1,171 | 2,030 | 1,906 | 106,116 | ||||||||||||
Total | $ | 2,013 | $ | 19,199 | $ | 10,307 | $ | 1,398,484 |
Activity for the three months ended December 31, 2017 | ||||||||||||||||||||
(In thousands) | Balance at September 30, 2017 | Charge-offs | Recoveries | Provision | Balance at December 31, 2017 | |||||||||||||||
Residential real estate | $ | 2,076 | $ | 27 | $ | - | $ | 50 | $ | 2,099 | ||||||||||
Residential construction and land | 93 | - | - | (7 | ) | 86 | ||||||||||||||
Multi-family | 76 | - | - | 19 | 95 | |||||||||||||||
Commercial real estate | 5,759 | - | - | 145 | 5,904 | |||||||||||||||
Commercial construction | 750 | - | - | (147 | ) | 603 | ||||||||||||||
Home equity | 315 | - | - | (3 | ) | 312 | ||||||||||||||
Consumer installment | 203 | 89 | 18 | 120 | 252 | |||||||||||||||
Commercial loans | 1,748 | - | - | 253 | 2,001 | |||||||||||||||
Unallocated | 78 | - | - | (78 | ) | - | ||||||||||||||
Total | $ | 11,098 | $ | 116 | $ | 18 | $ | 352 | $ | 11,352 |
Activity for the six months ended December 31, 2017 | ||||||||||||||||||||
(In thousands) | Balance at June 30, 2017 | Charge-offs | Recoveries | Provision | Balance at December 31, 2017 | |||||||||||||||
Residential real estate | $ | 2,289 | $ | 71 | $ | - | $ | (119 | ) | $ | 2,099 | |||||||||
Residential construction and land | 89 | - | - | (3 | ) | 86 | ||||||||||||||
Multi-family | 43 | - | - | 52 | 95 | |||||||||||||||
Commercial real estate | 5,589 | - | - | 315 | 5,904 | |||||||||||||||
Commercial construction | 687 | - | - | (84 | ) | 603 | ||||||||||||||
Home equity | 234 | - | - | 78 | 312 | |||||||||||||||
Consumer installment | 231 | 177 | 36 | 162 | 252 | |||||||||||||||
Commercial loans | 1,680 | 157 | - | 478 | 2,001 | |||||||||||||||
Unallocated | 180 | - | - | (180 | ) | - | ||||||||||||||
Total | $ | 11,022 | $ | 405 | $ | 36 | $ | 699 | $ | 11,352 |
Allowance for Loan Losses | Loans Receivable | |||||||||||||||
Ending Balance At December 31, 2017 Impairment Analysis | Ending Balance At December 31, 2017 Impairment Analysis | |||||||||||||||
(In thousands) | Individually Evaluated | Collectively Evaluated | Individually Evaluated | Collectively Evaluated | ||||||||||||
Residential real estate | $ | 348 | $ | 1,751 | $ | 1,819 | $ | 250,196 | ||||||||
Residential construction and land | - | 86 | - | 7,391 | ||||||||||||
Multi-family | - | 95 | - | 13,707 | ||||||||||||
Commercial real estate | 101 | 5,803 | 1,214 | 271,039 | ||||||||||||
Commercial construction | 22 | 581 | 176 | 24,725 | ||||||||||||
Home equity | 62 | 250 | 505 | 20,585 | ||||||||||||
Consumer installment | - | 252 | - | 4,925 | ||||||||||||
Commercial loans | - | 2,001 | 359 | 77,794 | ||||||||||||
Unallocated | - | - | - | - | ||||||||||||
Total | $ | 533 | $ | 10,819 | $ | 4,073 | $ | 670,362 |
Activity for the three months ended December 31, 2016 | ||||||||||||||||||||
(In thousands) | Balance at September 30, 2016 | Charge-offs | Recoveries | Provision | Balance at December 31, 2016 | |||||||||||||||
Residential real estate | $ | 2,242 | $ | 90 | $ | - | $ | 82 | $ | 2,234 | ||||||||||
Residential construction and land | 63 | - | - | - | 63 | |||||||||||||||
Multi-family | 18 | - | - | - | 18 | |||||||||||||||
Commercial real estate | 4,981 | - | - | 384 | 5,365 | |||||||||||||||
Commercial construction | 628 | - | - | (25 | ) | 603 | ||||||||||||||
Home equity | 251 | - | - | 6 | 257 | |||||||||||||||
Consumer installment | 168 | 69 | 18 | 107 | 224 | |||||||||||||||
Commercial loans | 1,492 | - | - | 21 | 1,513 | |||||||||||||||
Unallocated | 133 | - | - | 11 | 144 | |||||||||||||||
Total | $ | 9,976 | $ | 159 | $ | 18 | $ | 586 | $ | 10,421 |
Activity for the six months ended December 31, 2016 | ||||||||||||||||||||
(In thousands) | Balance at June 30, 2016 | Charge-offs | Recoveries | Provision | Balance at December 31, 2016 | |||||||||||||||
Residential real estate | $ | 2,396 | $ | 90 | $ | - | $ | (72 | ) | $ | 2,234 | |||||||||
Residential construction and land | 75 | - | - | (12 | ) | 63 | ||||||||||||||
Multi-family | 22 | - | - | (4 | ) | 18 | ||||||||||||||
Commercial real estate | 4,541 | - | - | 824 | 5,365 | |||||||||||||||
Commercial construction | 502 | - | - | 101 | 603 | |||||||||||||||
Home equity | 309 | - | - | (52 | ) | 257 | ||||||||||||||
Consumer installment | 228 | 141 | 35 | 102 | 224 | |||||||||||||||
Commercial loans | 1,412 | - | 3 | 98 | 1,513 | |||||||||||||||
Unallocated | - | - | - | 144 | 144 | |||||||||||||||
Total | $ | 9,485 | $ | 231 | $ | 38 | $ | 1,129 | $ | 10,421 |
Allowance for Loan Losses | Loans Receivable | |||||||||||||||
Ending Balance At June 30, 2017 Impairment Analysis | Ending Balance At June 30, 2017 Impairment Analysis | |||||||||||||||
(In thousands) | Individually Evaluated | Collectively Evaluated | Individually Evaluated | Collectively Evaluated | ||||||||||||
Residential real estate | $ | 278 | $ | 2,011 | $ | 1,455 | $ | 243,876 | ||||||||
Residential construction and land | - | 89 | - | 7,160 | ||||||||||||
Multi-family | - | 43 | - | 9,199 | ||||||||||||
Commercial real estate | 135 | 5,454 | 1,249 | 256,715 | ||||||||||||
Commercial construction | 23 | 664 | 176 | 28,254 | ||||||||||||
Home equity | - | 234 | 186 | 20,890 | ||||||||||||
Consumer installment | - | 231 | - | 4,790 | ||||||||||||
Commercial loans | - | 1,680 | 186 | 60,195 | ||||||||||||
Unallocated | - | 180 | - | - | ||||||||||||
Total | $ | 436 | $ | 10,586 | $ | 3,252 | $ | 631,079 |
(in thousands) | September 30, 2023 | June 30, 2023 | ||||||
Commercial loans | $ | 302 | $ | 302 | ||||
Total foreclosed real estate | $ | 302 | $ | 302 |
(in thousands) | December 31, 2017 | June 30, 2017 | ||||||
Residential real estate | $ | 79 | $ | - | ||||
Commercial real estate | 826 | 799 | ||||||
Total foreclosed real estate | $ | 905 | $ | 799 |
Fair Value Measurements Using | ||||||||||||||||
Quoted Prices In Active Markets For Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(In thousands) | September 30, 2023 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,467 | $ | - | $ | 10,467 | $ | - | ||||||||
U.S. Treasury securities | 16,208 | - | 16,208 | - | ||||||||||||
State and political subdivisions | 171,620 | - | 171,620 | - | ||||||||||||
Mortgage-backed securities-residential | 23,592 | - | 23,592 | - | ||||||||||||
Mortgage-backed securities-multi-family | 68,884 | - | 68,884 | - | ||||||||||||
Corporate debt securities | 17,945 | - | 17,945 | - | ||||||||||||
Securities available-for-sale | 308,716 | $ | - | 308,716 | - | |||||||||||
Equity securities | 299 | 299 | - | - | ||||||||||||
Total securities measured at fair value | $ | 309,015 | $ | 299 | $ | 308,716 | $ | - |
Fair Value Measurements Using | ||||||||||||||||
Quoted Prices In Active Markets For Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(In thousands) | December 31, 2017 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 5,623 | $ | - | $ | 5,623 | $ | - | ||||||||
State and political subdivisions | 71,720 | - | 71,720 | - | ||||||||||||
Mortgage-backed securities-residential | 4,096 | - | 4,096 | - | ||||||||||||
Mortgage-backed securities-multi-family | 20,071 | - | 20,071 | - | ||||||||||||
Corporate debt securities | 1,257 | 1,257 | - | - | ||||||||||||
Equity securities | 202 | 202 | - | - | ||||||||||||
Securities available-for-sale | $ | 102,969 | $ | 1,459 | $ | 101,510 | $ | - |
Fair Value Measurements Using | ||||||||||||||||
Quoted Prices In Active Markets For Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(In thousands) | June 30, 2023 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,823 | $ | - | $ | 10,823 | $ | - | ||||||||
U.S. Treasury securities | 16,500 | - | 16,500 | - | ||||||||||||
State and political subdivisions | 138,011 | - | 138,011 | - | ||||||||||||
Mortgage-backed securities-residential | 25,601 | - | 25,601 | - | ||||||||||||
Mortgage-backed securities-multi-family | 72,086 | - | 72,086 | - | ||||||||||||
Corporate debt securities | 18,112 | - | 18,112 | - | ||||||||||||
Securities available-for-sale | 281,133 | - | 281,133 | - | ||||||||||||
Equity securities | 306 | 306 | - | - | ||||||||||||
Total securities measured at fair value | $ | 281,439 | $ | 306 | $ | 281,133 | $ | - |
Fair Value Measurements Using | ||||||||||||||||
Quoted Prices In Active Markets For Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(In thousands) | June 30, 2017 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 4,717 | $ | - | $ | 4,717 | $ | - | ||||||||
State and political subdivisions | 58,112 | - | 58,112 | - | ||||||||||||
Mortgage-backed securities-residential | 4,913 | - | 4,913 | - | ||||||||||||
Mortgage-backed securities-multi-family | 20,765 | - | 20,765 | - | ||||||||||||
Asset-backed securities | 1 | 1 | - | - | ||||||||||||
Corporate debt securities | 2,791 | 2,791 | - | - | ||||||||||||
Equity securities | 184 | 184 | - | - | ||||||||||||
Securities available-for-sale | $ | 91,483 | $ | 2,976 | $ | 88,507 | $ | - |
Fair Value Measurements Using | ||||||||||||||||||||||||
(In thousands) | Recorded Investment | Related Allowance | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Impaired loans | $ | 2,377 | $ | 533 | $ | 1,844 | $ | - | $ | - | $ | 1,844 | ||||||||||||
Foreclosed real estate | 905 | - | 905 | - | - | 905 | ||||||||||||||||||
June 30, 2017 | ||||||||||||||||||||||||
Impaired loans | $ | 1,822 | $ | 436 | $ | 1,386 | $ | - | $ | - | $ | 1,386 | ||||||||||||
Foreclosed real estate | 799 | - | 799 | - | - | 799 |
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||||
December 31, 2017 | ||||||||||||||
Impaired Loans | $ | 1,308 | Appraisal of collateral(1) | Appraisal adjustments(2) | 26.58%-31.86 | % | 28.35 | % | ||||||
Liquidation expenses(3) | 4.09%-7.26 | % | 5.10 | % | ||||||||||
536 | Discounted cash flow | Discount rate | 4.19%-6.63 | % | 5.36 | % | ||||||||
Foreclosed real estate | 905 | Appraisal of collateral(1) | Appraisal adjustments(2) | 0.00%-0.00 | % | 0.00 | % | |||||||
Liquidation expenses(3) | 7.68%-11.53 | %% | 8.36 | % | ||||||||||
June 30, 2017 | ||||||||||||||
Impaired loans | $ | 845 | Appraisal of collateral(1) | Appraisal adjustments(2) | 25.00%-42.52 | % | 28.46 | % | ||||||
Liquidation expenses(3) | 3.45%-7.38 | % | 5.93 | % | ||||||||||
541 | Discounted cash flow | Discount rate | 4.19%-6.63 | % | 5.36 | % | ||||||||
Foreclosed real estate | 799 | Appraisal of collateral(1) | Appraisal adjustments(2) | 0.00%-0.00 | % | 0.00 | % | |||||||
Liquidation expenses(3) | 11.64%-17.92 | % | 16.29 | % |
September 30, 2023 | June 30, 2023 | |||||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||
September 30, 2023 | ||||||||||||||||||||
Collateral dependent evaluated loans | 3 | $ | 5,781 | $ | 4,090 | $ | 7,578 | $ | 5,565 | |||||||||||
Foreclosed real estate | 3 | $ | 302 | $ | 302 | $ | 302 | $ | 302 |
September 30, 2023 | Fair Value Measurements Using | |||||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash and cash equivalents | $ | 130,253 | $ | 130,253 | $ | 130,253 | $ | - | $ | - | ||||||||||
Long term certificates of deposit | 4,070 | 3,905 | - | 3,905 | - | |||||||||||||||
Securities available-for-sale | 308,716 | 308,716 | - | 308,716 | - | |||||||||||||||
Securities held-to-maturity | 711,716 | 632,163 | - | 632,163 | - | |||||||||||||||
Equity securities | 299 | 299 | 299 | - | - | |||||||||||||||
Federal Home Loan Bank stock | 1,979 | 1,979 | - | 1,979 | - | |||||||||||||||
Net loans receivable | 1,428,091 | 1,314,142 | - | - | 1,314,142 | |||||||||||||||
Accrued interest receivable | 13,761 | 13,761 | - | 13,761 | - | |||||||||||||||
Interest rate swaps asset | 71 | 71 | - | 71 | - | |||||||||||||||
Deposits | 2,420,481 | 2,419,132 | - | 2,419,132 | - | |||||||||||||||
Borrowings | 4,374 | 4,142 | - | 4,142 | - | |||||||||||||||
Subordinated notes payable, net | 49,542 | 46,357 | - | 46,357 | - | |||||||||||||||
Accrued interest payable | 531 | 531 | - | 531 | - | |||||||||||||||
Interest rate swaps liability | 71 | 71 | - | 71 | - |
June 30, 2023 | Fair Value Measurements Using | |||||||||||||||||||
(In thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash and cash equivalents | $ | 196,445 | $ | 196,445 | $ | 196,445 | $ | - | $ | - | ||||||||||
Long term certificate of deposit | 4,576 | 4,383 | - | 4,383 | - | |||||||||||||||
Securities available-for-sale | 281,133 | 281,133 | - | 281,133 | - | |||||||||||||||
Securities held-to-maturity | 726,363 | 671,066 | - | 671,066 | - | |||||||||||||||
Equity securities | 306 | 306 | 306 | - | - | |||||||||||||||
Federal Home Loan Bank stock | 1,682 | 1,682 | - | 1,682 | - | |||||||||||||||
Net loans receivable | 1,387,654 | 1,272,361 | - | - | 1,272,361 | |||||||||||||||
Accrued interest receivable | 12,249 | 12,249 | - | 12,249 | - | |||||||||||||||
Deposits | 2,437,161 | 2,437,357 | - | 2,437,357 | - | |||||||||||||||
Subordinated notes payable, net | 49,495 | 47,669 | - | 47,669 | - | |||||||||||||||
Accrued interest payable | 936 | 936 | - | 936 | - |
(In thousands) | December 31, 2017 | Fair Value Measurements Using | ||||||||||||||||||
Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Cash and cash equivalents | $ | 27,714 | $ | 27,714 | $ | 27,714 | $ | - | $ | - | ||||||||||
Long term certificate of deposit | 1,895 | 1,895 | 1,895 | - | - | |||||||||||||||
Securities available-for-sale | 102,969 | 102,969 | 1,459 | 101,510 | - | |||||||||||||||
Securities held-to-maturity | 239,140 | 243,287 | - | 243,287 | - | |||||||||||||||
Federal Home Loan Bank stock | 2,488 | 2,488 | - | 2,488 | - | |||||||||||||||
Net loans | 663,873 | 666,189 | - | - | 666,189 | |||||||||||||||
Accrued interest receivable | 4,610 | 4,610 | - | 4,610 | - | |||||||||||||||
Deposits | 920,751 | 920,896 | - | 920,896 | - | |||||||||||||||
Borrowings | 40,450 | 40,181 | - | 40,181 | - | |||||||||||||||
Accrued interest payable | 89 | 89 | - | 89 | - |
(In thousands) | June 30, 2017 | Fair Value Measurements Using | ||||||||||||||||||
Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Cash and cash equivalents | $ | 16,277 | $ | 16,277 | $ | 16,277 | $ | - | $ | - | ||||||||||
Long term certificate of deposit | 2,145 | 2,145 | 2,145 | - | - | |||||||||||||||
Securities available-for-sale | 91,483 | 91,483 | 2,976 | 88,507 | - | |||||||||||||||
Securities held-to-maturity | 223,830 | 228,452 | - | 228,452 | - | |||||||||||||||
Federal Home Loan Bank stock | 2,131 | 2,131 | - | 2,131 | - | |||||||||||||||
Net loans | 624,187 | 629,690 | - | - | 629,690 | |||||||||||||||
Accrued interest receivable | 4,033 | 4,033 | - | 4,033 | - | |||||||||||||||
Deposits | 859,535 | 859,715 | - | 859,715 | - | |||||||||||||||
Borrowings | 29,550 | 29,411 | - | 29,411 | - | |||||||||||||||
Accrued interest payable | 92 | 92 | - | 92 | - |
At September 30, 2023 | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
(In thousands) | Statement of Financial Condition Location | Notional Amount | Fair Value | Statement of Financial Condition Location | Notional Amount | Fair Value | |||||||||||||||
Interest rate derivatives | Other Assets | $ | 18,300 | $ | 71 | Other Liabilities | $ | 18,300 | $ | 71 | |||||||||||
Less cash collateral | - | - | |||||||||||||||||||
Total after netting | $ | 71 | $ | 71 |
For the three months ended December 31, | For the six months ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Income | $ | 3,640,000 | $ | 2,926,000 | $ | 7,112,000 | $ | 5,433,000 | ||||||||
Weighted Average Shares – Basic | 8,504,168 | 8,491,929 | 8,503,451 | 8,487,554 | ||||||||||||
Effect of Dilutive Stock Options | 28,958 | 17,387 | 28,823 | 16,359 | ||||||||||||
Weighted Average Shares - Dilute | 8,533,126 | 8,509,316 | 8,532,274 | 8,503,913 | ||||||||||||
Earnings per share - Basic | $ | 0.43 | $ | 0.34 | $ | 0.84 | $ | 0.64 | ||||||||
Earnings per share - Diluted | $ | 0.43 | $ | 0.34 | $ | 0.83 | $ | 0.64 |
For the three months ended September 30, | ||||||||
2023 | 2022 | |||||||
Net Income | $ | 6,469,000 | $ | 9,036,000 | ||||
Weighted Average Shares – Basic | 17,026,828 | 17,026,828 | ||||||
Weighted Average Shares - Diluted | 17,026,828 | 17,026,828 | ||||||
Earnings per share - Basic | $ | 0.38 | $ | 0.53 | ||||
Earnings per share - Diluted | $ | 0.38 | $ | 0.53 |
Three months ended September 30, | ||||||||
(In thousands) | 2023 | 2022 | ||||||
Interest cost | $ | 52 | $ | 50 | ||||
Expected return on plan assets | (55 | ) | (55 | ) | ||||
Amortization of net loss | 19 | 27 | ||||||
Net periodic pension cost | $ | 16 | $ | 22 |
Three months ended December 31, | Six months ended December 31, | |||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest cost | $ | 55 | $ | 53 | $ | 110 | $ | 107 | ||||||||
Expected return on plan assets | (62 | ) | (46 | ) | (124 | ) | (115 | ) | ||||||||
Amortization of net loss | 42 | 49 | 84 | 98 | ||||||||||||
Net periodic pension cost | $ | 35 | $ | 56 | $ | 70 | $ | 90 |
(10) Stock-Based Compensation |
2017 | 2016 | |||||||||||||||
Shares | Weighted Average Exercise Price Per Share | Shares | Weighted Average Exercise Price Per Share | |||||||||||||
Outstanding at beginning of year | 37,770 | $ | 6.25 | 64,770 | $ | 6.25 | ||||||||||
Exercised | (4,000 | ) | $ | 6.25 | (27,000 | ) | $ | 6.25 | ||||||||
Outstanding at period end | 33,770 | $ | 6.25 | 37,770 | $ | 6.25 | ||||||||||
Exercisable at period end | 33,770 | $ | 6.25 | 37,770 | $ | 6.25 |
Options Outstanding and Exercisable | ||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | |||||||||||
$ | 6.25 | 33,770 | 0.75 | $ | 6.25 |
2023 | 2022 | |||||||
Number of options outstanding at beginning of year | 2,535,840 | 2,959,040 | ||||||
Options granted | 672,095 | 807,200 | ||||||
Options paid in cash upon vesting | - | (194,000 | ) | |||||
Number of options outstanding at period end | 3,207,935 | 3,572,240 |
2017 | 2016 | |||||||
Number of options outstanding at beginning of year | 1,522,720 | 1,352,554 | ||||||
Options granted | 594,200 | 578,200 | ||||||
Options forfeited | (27,000 | ) | - | |||||
Options paid in cash | (455,760 | ) | (408,034 | ) | ||||
Number of options outstanding at period end | 1,634,160 | 1,522,720 |
(In thousands) | 2023 | 2022 | ||||||
Cash paid out on options vested | $ | - | $ | 510 | ||||
Compensation expense recognized | $ | 632 | $ | 968 |
Three months ended December 31, | Six months ended December 31, | |||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Cash paid out on options vested | $ | 1,184 | $ | 845 | $ | 1,187 | $ | 845 | ||||||||
Compensation costs recognized | 460 | 347 | 820 | 588 |
(11) Accumulated Other Comprehensive Loss |
(In thousands) | Unrealized losses on securities available-for-sale | Pension benefits | Total | |||||||||
Balance – June 30, 2023 | $ | (20,531 | ) | $ | (877 | ) | $ | (21,408 | ) | |||
Other comprehensive loss before reclassification | (3,712 | ) | - | (3,712 | ) | |||||||
Other comprehensive loss for the three months ended September 30, 2023 | (3,712 | ) | - | (3,712 | ) | |||||||
Balance – September 30, 2023 | $ | (24,243 | ) | $ | (877 | ) | $ | (25,120 | ) | |||
Balance – June 30, 2022 | $ | (17,268 | ) | $ | (1,115 | ) | $ | (18,383 | ) | |||
Other comprehensive loss before reclassification | (6,618 | ) | - | (6,618 | ) | |||||||
Other comprehensive loss for the three months ended September 30, 2022 | (6,618 | ) | - | (6,618 | ) | |||||||
Balance – September 30, 2022 | $ | (23,886 | ) | $ | (1,115 | ) | $ | (25,001 | ) |
(In thousands, except weighted-average information). | ||||||||
Operating lease amounts: | September 30, 2023 | June 30, 2023 | ||||||
Right-of-use assets | $ | 2,109 | $ | 2,188 | ||||
Lease liabilities | $ | 2,198 | $ | 2,277 |
For the three months ended September 30, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Other information: | ||||||||
Operating outgoing cash flows from operating leases | $ | 113 | $ | 89 | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 19 | $ | - | ||||
Lease costs: | ||||||||
Operating lease cost | $ | 102 | $ | 81 | ||||
Variable lease cost | $ | 11 | $ | 10 |
(in thousands) | ||||
Within the twelve months ended September 30, | ||||
2024 | $ | 457 | ||
2025 | 457 | |||
2026 | 445 | |||
2027 | 372 | |||
2028 | 310 | |||
Thereafter | 337 | |||
Total undiscounted cash flow | 2,378 | |||
Less net present value adjustment | (180 | ) | ||
Lease Liability | $ | 2,198 | ||
Weighted-average remaining lease term (Years) | 5.62 | |||
Weighted-average discount rate | 2.76 | % |
(In thousands) | September 30, 2023 | June 30, 2023 | ||||||
Unfunded loan commitments | $ | 126,149 | $ | 124,498 | ||||
Unused lines of credit | 94,164 | 94,898 | ||||||
Standby letters of credit | 179 | 179 | ||||||
Total credit-related financial instruments with off-balance sheet risk | $ | 220,492 | $ | 219,575 |
(In thousands) | ||||||||
Accumulated other comprehensive loss: | December 31, 2017 | June 30, 2017 | ||||||
Unrealized gain on available-for-sale securities, net of tax | $ | 290 | $ | 612 | ||||
Net losses and past service liability for defined benefit plan, net of tax | (1,604 | ) | (1,604 | ) | ||||
Accumulated other comprehensive loss | $ | (1,314 | ) | $ | (992 | ) |
(a) | changes in general market interest rates, |
(b) | general economic conditions, |
(c) | legislative and regulatory changes, |
(d) | monetary and fiscal policies of the U.S. Treasury and the Federal Reserve, |
(e) | changes in the quality or composition of |
(f) | deposit flows, |
(g) | competition, and |
(h) | demand for financial services in Greene County Bancorp, Inc.’s market area. |
December 31, 2017 | June 30, 2017 | |||||||||||||||
(Dollars in thousands) | Balance | Percentage of portfolio | Balance | Percentage of portfolio | ||||||||||||
Securities available-for-sale: | ||||||||||||||||
U.S. government sponsored enterprises | $ | 5,623 | 1.6 | % | $ | 4,717 | 1.5 | % | ||||||||
State and political subdivisions | 71,720 | 21.0 | 58,112 | 18.4 | ||||||||||||
Mortgage-backed securities-residential | 4,096 | 1.2 | 4,913 | 1.5 | ||||||||||||
Mortgage-backed securities-multifamily | 20,071 | 5.9 | 20,765 | 6.6 | ||||||||||||
Asset-backed securities | - | - | 1 | 0.0 | ||||||||||||
Corporate debt securities | 1,257 | 0.4 | 2,791 | 1.0 | ||||||||||||
Total debt securities | 102,767 | 30.1 | 91,299 | 29.0 | ||||||||||||
Equity securities | 202 | 0.1 | 184 | 0.1 | ||||||||||||
Total securities available-for-sale | 102,969 | 30.2 | 91,483 | 29.1 | ||||||||||||
Securities held-to-maturity: | ||||||||||||||||
U.S. government sponsored enterprises | 7,246 | 2.1 | 6,000 | 1.9 | ||||||||||||
State and political subdivisions | 127,725 | 37.3 | 115,805 | 36.7 | ||||||||||||
Mortgage-backed securities-residential | 7,479 | 2.2 | 10,798 | 3.4 | ||||||||||||
Mortgage-backed securities-multifamily | 94,183 | 27.5 | 88,702 | 28.1 | ||||||||||||
Corporate debt securities | 1,000 | 0.3 | 1,000 | 0.3 | ||||||||||||
Other securities | 1,507 | 0.4 | 1,525 | 0.5 | ||||||||||||
Total securities held-to-maturity | 239,140 | 69.8 | 223,830 | 70.9 | ||||||||||||
Total securities | $ | 342,109 | 100.0 | % | $ | 315,313 | 100.0 | % |
September 30, 2023 | June 30, 2023 | |||||||||||||||
(Dollars in thousands) | Balance | Percentage of portfolio | Balance | Percentage of portfolio | ||||||||||||
Securities available-for-sale (at fair value): | ||||||||||||||||
U.S. Government sponsored enterprises | $ | 10,467 | 1.0 | % | $ | 10,823 | 1.1 | % | ||||||||
U.S. Treasury securities | 16,208 | 1.6 | 16,500 | 1.6 | ||||||||||||
State and political subdivisions | 171,620 | 16.8 | 138,011 | 13.7 | ||||||||||||
Mortgage-backed securities-residential | 23,592 | 2.3 | 25,601 | 2.5 | ||||||||||||
Mortgage-backed securities-multifamily | 68,884 | 6.7 | 72,086 | 7.2 | ||||||||||||
Corporate debt securities | 17,945 | 1.8 | 18,112 | 1.8 | ||||||||||||
Total securities available-for-sale | 308,716 | 30.2 | 281,133 | 27.9 | ||||||||||||
Securities held-to-maturity (at amortized cost): | ||||||||||||||||
U.S. treasury securities | 33,726 | 3.3 | 33,705 | 3.4 | ||||||||||||
State and political subdivisions | 467,647 | 45.8 | 478,756 | 47.5 | ||||||||||||
Mortgage-backed securities-residential | 35,927 | 3.5 | 37,186 | 3.7 | ||||||||||||
Mortgage-backed securities-multifamily | 152,504 | 15.0 | 155,046 | 15.4 | ||||||||||||
Corporate debt securities | 21,876 | 2.2 | 21,632 | 2.1 | ||||||||||||
Other securities | 36 | 0.0 | 38 | 0.0 | ||||||||||||
Total securities held-to-maturity | 711,716 | 69.8 | 726,363 | 72.1 | ||||||||||||
Total securities | $ | 1,020,432 | 100.0 | % | $ | 1,007,496 | 100.0 | % |
September 30, 2023 | June 30, 2023 | |||||||||||||||
(Dollars in thousands) | Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | ||||||||||||
Residential real estate | $ | 397,626 | 27.5 | % | $ | 390,944 | 27.8 | % | ||||||||
Commercial real estate | 910,165 | 62.8 | 882,388 | 62.6 | ||||||||||||
Home equity | 25,467 | 1.8 | 22,887 | 1.6 | ||||||||||||
Consumer | 4,778 | 0.3 | 4,646 | 0.3 | ||||||||||||
Commercial loans | 110,304 | 7.6 | 108,001 | 7.7 | ||||||||||||
Total gross loans(1)(2) | 1,448,340 | 100.0 | % | 1,408,866 | 100.0 | % | ||||||||||
Allowance for credit losses on loans | (20,249 | ) | (21,212 | ) | ||||||||||||
Total net loans | $ | 1,428,091 | $ | 1,387,654 |
(Dollars in thousands) | December 31, 2017 | June 30, 2017 | ||||||||||||||
Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | |||||||||||||
Residential real estate | $ | 252,015 | 37.4 | % | $ | 245,331 | 38.7 | % | ||||||||
Residential construction and land | 7,391 | 1.1 | 7,160 | 1.1 | ||||||||||||
Multi-family | 13,707 | 2.0 | 9,199 | 1.4 | ||||||||||||
Commercial real estate | 272,253 | 40.4 | 257,964 | 40.7 | ||||||||||||
Commercial construction | 24,901 | 3.7 | 28,430 | 4.5 | ||||||||||||
Home equity | 21,090 | 3.1 | 21,076 | 3.3 | ||||||||||||
Consumer installment | 4,925 | 0.7 | 4,790 | 0.8 | ||||||||||||
Commercial loans | 78,153 | 11.6 | 60,381 | 9.5 | ||||||||||||
Total gross loans | 674,435 | 100.0 | % | 634,331 | 100.0 | % | ||||||||||
Allowance for loan losses | (11,352 | ) | (11,022 | ) | ||||||||||||
Deferred fees and costs | 790 | 878 | ||||||||||||||
Total net loans | $ | 663,873 | $ | 624,187 |
(1) | Loan balances include net deferred fees/cost of ($62,000) and $75,000 at September 30, 2023 and at June 30, 2023, respectively. |
(2) | Loan balances exclude accrued interest receivable of $6.0 million and $5.5 million at September 30, 2023 and at June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition. |
At or for the six months ended December 31, | ||||||||
(Dollars in thousands) | 2017 | 2016 | ||||||
Balance at the beginning of the period | $ | 11,022 | $ | 9,485 | ||||
Charge-offs: | ||||||||
Residential real estate | 71 | 90 | ||||||
Consumer installment | 177 | 141 | ||||||
Commercial loans | 157 | - | ||||||
Total loans charged off | 405 | 231 | ||||||
Recoveries: | ||||||||
Consumer installment | 36 | 35 | ||||||
Commercial loans | - | 3 | ||||||
Total recoveries | 36 | 38 | ||||||
Net charge-offs | 369 | 193 | ||||||
Provisions charged to operations | 699 | 1,129 | ||||||
Balance at the end of the period | $ | 11,352 | $ | 10,421 | ||||
Net charge-offs to average loans outstanding (annualized) | 0.12 | % | 0.07 | % | ||||
Net charge-offs to nonperforming assets (annualized) | 16.16 | % | 9.27 | % | ||||
Allowance for loan losses to nonperforming loans | 309.91 | % | 272.30 | % | ||||
Allowance for loan losses to total loans receivable | 1.68 | % | 1.73 | % |
(Dollars in thousands) | September 30, 2023 | June 30, 2023 | ||||||
Nonaccrual loans: | ||||||||
Residential real estate | $ | 2,816 | $ | 2,747 | ||||
Commercial real estate | 1,307 | 1,318 | ||||||
Home equity | 52 | 54 | ||||||
Consumer installment | 43 | 63 | ||||||
Commercial | 1,256 | 1,276 | ||||||
Total nonaccrual loans | $ | 5,474 | $ | 5,458 | ||||
Foreclosed real estate: | ||||||||
Commercial | 302 | 302 | ||||||
Total foreclosed real estate | 302 | 302 | ||||||
Total nonperforming assets | $ | 5,776 | $ | 5,760 | ||||
Total nonperforming assets of total assets | 0.21 | % | 0.21 | % | ||||
Total nonperforming loans to net loans | 0.38 | % | 0.39 | % | ||||
Allowance for credit losses on loans to nonperforming loans | 369.91 | % | 388.64 | % | ||||
Allowance for credit losses on loans to total loans receivable | 1.40 | % | 1.51 | % |
(Dollars in thousands) | December 31, 2017 | June 30, 2017 | ||||||
Nonaccruing loans: | ||||||||
Residential real estate | $ | 1,752 | $ | 1,240 | ||||
Commercial real estate | 1,108 | 1,452 | ||||||
Commercial construction | 176 | 176 | ||||||
Home equity | 333 | 218 | ||||||
Consumer installment | 10 | 10 | ||||||
Commercial | 284 | 476 | ||||||
Total nonaccruing loans | 3,663 | 3,572 | ||||||
90 days & accruing | ||||||||
Residential real estate | - | 69 | ||||||
Total 90 days & accruing | - | 69 | ||||||
Total nonperforming loans | 3,663 | 3,641 | ||||||
Foreclosed real estate: | ||||||||
Residential real estate | 79 | - | ||||||
Commercial real estate | 826 | 799 | ||||||
Total foreclosed real estate | 905 | 799 | ||||||
Total nonperforming assets | $ | 4,568 | $ | 4,440 | ||||
Troubled debt restructuring: | ||||||||
Nonperforming (included above) | $ | 594 | $ | 932 | ||||
Performing (accruing and excluded above) | 1,556 | 916 | ||||||
Total nonperforming assets as a percentage of total assets | 0.43 | % | 0.45 | % | ||||
Total nonperforming loans to net loans | 0.55 | % | 0.58 | % |
For the three months ended December 31, | For the six months ended December 31 | |||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income that would have been recorded if loans had been performing in accordance with original terms | $ | 59 | $ | 56 | $ | 137 | $ | 136 | ||||||||
Interest income that was recorded on nonaccrual loans | 31 | 26 | 65 | 54 |
(In thousands) | December 31, 2017 | June 30, 2017 | ||||||
Balance of impaired loans, with a valuation allowance | $ | 2,732 | $ | 2,071 | ||||
Allowances relating to impaired loans included in allowance for loan losses | 533 | 436 | ||||||
Balance of impaired loans, without a valuation allowance | 1,341 | 1,181 | ||||||
Total impaired loans | 4,073 | 3,252 |
For the three months ended December 31, | For the six months ended December 31, | |||||||||||||||
(In thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Average balance of impaired loans for the periods ended | $ | 3,931 | $ | 3,222 | $ | 3,816 | $ | 3,123 | ||||||||
Interest income recorded on impaired loans during the periods ended | 27 | 24 | 49 | 52 |
(In thousands) | September 30, 2023 | Percentage of Portfolio | June 30, 2023 | Percentage of Portfolio | ||||||||||||
Noninterest-bearing deposits | $ | 166,054 | 6.8 | % | $ | 159,039 | 6.5 | % | ||||||||
Certificates of deposit | 111,803 | 4.6 | 128,077 | 5.3 | ||||||||||||
Savings deposits | 277,380 | 11.5 | 299,038 | 12.3 | ||||||||||||
Money market deposits | 100,900 | 4.2 | 115,029 | 4.7 | ||||||||||||
NOW deposits | 1,764,344 | 72.9 | 1,735,978 | 71.2 | ||||||||||||
Total deposits | $ | 2,420,481 | 100.0 | % | $ | 2,437,161 | 100.0 | % |
(In thousands) | December 31, 2017 | Percentage of Portfolio | June 30, 2017 | Percentage of Portfolio | ||||||||||||
Noninterest-bearing deposits | $ | 99,388 | 10.8 | % | $ | 95,929 | 11.2 | % | ||||||||
Certificates of deposit | 41,826 | 4.6 | 53,742 | 6.3 | ||||||||||||
Savings deposits | 205,426 | 22.3 | 197,288 | 22.9 | ||||||||||||
Money market deposits | 121,838 | 13.2 | 119,806 | 13.9 | ||||||||||||
NOW deposits | 452,273 | 49.1 | 392,770 | 45.7 | ||||||||||||
Total deposits | $ | 920,751 | 100.0 | % | $ | 859,535 | 100.0 | % |
(In thousands) | ||||
Within the twelve months ended December 31, | ||||
2018 | $ | 5,000 | ||
2019 | 3,500 | |||
2020 | 6,500 | |||
2021 | 2,950 | |||
2022 | 2,200 | |||
$ | 20,150 |
Selected Equity Data: | ||||||||
September 30, 2023 | June 30, 2023 | |||||||
Shareholders’ equity to total assets, at end of period | 6.85 | % | 6.79 | % | ||||
Book value per share1 | $ | 10.82 | $ | 10.76 | ||||
Closing market price of common stock | $ | 24.05 | $ | 29.80 | ||||
For the three months ended September 30, | ||||||||
2023 | 2022 | |||||||
Average shareholders’ equity to average assets | 7.00 | % | 6.32 | % | ||||
Dividend payout ratio1 | 21.05 | % | 13.21 | % | ||||
Actual dividends paid to net income2 | 21.05 | % | 6.04 | % |
December 31, 2017 | June 30, 2017 | |||||||
Shareholders’ equity to total assets, at end of period | 8.44 | % | 8.50 | % | ||||
Book value per share | $ | 10.53 | $ | 9.82 | ||||
Closing market price of common stock | $ | 32.60 | $ | 27.20 |
For the six months ended December 31, | ||||||||
2017 | 2016 | |||||||
Average shareholders’ equity to average assets | 8.49 | % | 8.65 | % | ||||
Dividend payout ratio1 | 23.21 | % | 29.69 | % | ||||
Actual dividends paid to net income2 | 10.73 | % | 13.66 | % |
Three months ended December 31, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
(Dollars in thousands) | Average Outstanding Balance | Interest Earned / Paid | Average Yield / Rate | Average Outstanding Balance | Interest Earned / Paid | Average Yield / Rate | ||||||||||||||||||
Interest-earning Assets: | ||||||||||||||||||||||||
Loans receivable, net1 | $ | 658,990 | $ | 7,287 | 4.42 | % | $ | 578,184 | $ | 6,382 | 4.42 | % | ||||||||||||
Securities2 | 340,403 | 2,016 | 2.37 | 298,137 | 2,061 | 2.77 | ||||||||||||||||||
Interest-bearing bank balances and federal funds | 27,159 | 87 | 1.28 | 3,872 | 5 | 0.52 | ||||||||||||||||||
FHLB stock | 1,689 | 30 | 7.10 | 2,289 | 36 | 6.29 | ||||||||||||||||||
Total interest-earning assets | 1,028,241 | 9,420 | 3.66 | % | 882,482 | 8,484 | 3.85 | % | ||||||||||||||||
Cash and due from banks | 8,933 | 7,829 | ||||||||||||||||||||||
Allowance for loan losses | (11,167 | ) | (10,110 | ) | ||||||||||||||||||||
Other noninterest-earning assets | 18,362 | 18,074 | ||||||||||||||||||||||
Total assets | $ | 1,044,369 | $ | 898,275 | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||
Savings and money market deposits | $ | 324,300 | $ | 261 | 0.32 | % | $ | 298,967 | $ | 238 | 0.32 | % | ||||||||||||
NOW deposits | 464,907 | 523 | 0.45 | 348,601 | 331 | 0.38 | ||||||||||||||||||
Certificates of deposit | 38,768 | 83 | 0.86 | 42,432 | 79 | 0.74 | ||||||||||||||||||
Borrowings | 22,783 | 93 | 1.63 | 36,107 | 105 | 1.16 | ||||||||||||||||||
Total interest-bearing liabilities | 850,758 | 960 | 0.45 | % | 726,107 | 753 | 0.41 | % | ||||||||||||||||
Noninterest-bearing deposits | 99,200 | 87,690 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 6,412 | 7,199 | ||||||||||||||||||||||
Shareholders' equity | 87,999 | 77,279 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,044,369 | $ | 898,275 | ||||||||||||||||||||
Net interest income | $ | 8,460 | $ | 7,731 | ||||||||||||||||||||
Net interest rate spread | 3.21 | % | 3.44 | % | ||||||||||||||||||||
Net earnings assets | $ | 177,483 | $ | 156,375 | ||||||||||||||||||||
Net interest margin | 3.29 | % | 3.50 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 120.86 | % | 121.54 | % |
Three months ended September 30, | ||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Average Outstanding Balance | Interest Earned / Paid | Average Yield / Rate | Average Outstanding Balance | Interest Earned / Paid | Average Yield / Rate | ||||||||||||||||||
Interest-earning Assets: | ||||||||||||||||||||||||
Loans receivable, net1 | $ | 1,429,657 | $ | 17,205 | 4.81 | % | $ | 1,314,095 | $ | 13,382 | 4.07 | % | ||||||||||||
Securities non-taxable | 638,478 | 4,290 | 2.69 | 698,137 | 3,077 | 1.76 | ||||||||||||||||||
Securities taxable | 400,024 | 2,224 | 2.22 | 433,522 | 2,120 | 1.96 | ||||||||||||||||||
Interest-bearing bank balances and federal funds | 64,719 | 916 | 5.66 | 5,471 | 27 | 1.97 | ||||||||||||||||||
FHLB stock | 2,040 | 37 | 7.25 | 3,254 | 34 | 4.18 | ||||||||||||||||||
Total interest-earning assets | 2,534,918 | 24,672 | 3.89 | % | 2,454,479 | 18,640 | 3.04 | % | ||||||||||||||||
Cash and due from banks | 12,317 | 12,907 | ||||||||||||||||||||||
Allowance for credit losses on loans | (20,001 | ) | (23,046 | ) | ||||||||||||||||||||
Allowance for credit losses on securities held-to-maturity | (492 | ) | - | |||||||||||||||||||||
Other noninterest-earning assets | 97,787 | 90,701 | ||||||||||||||||||||||
Total assets | $ | 2,624,529 | $ | 2,535,041 | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||
Savings and money market deposits | $ | 399,629 | $ | 286 | 0.29 | % | $ | 499,168 | $ | 203 | 0.16 | % | ||||||||||||
NOW deposits | 1,675,568 | 9,174 | 2.19 | 1,499,209 | 1,586 | 0.42 | ||||||||||||||||||
Certificates of deposit | 117,750 | 1,147 | 3.90 | 69,788 | 221 | 1.27 | ||||||||||||||||||
Borrowings | 58,997 | 626 | 4.24 | 94,129 | 796 | 3.38 | ||||||||||||||||||
Total interest-bearing liabilities | 2,251,944 | 11,233 | 2.00 | % | 2,162,294 | 2,806 | 0.52 | % | ||||||||||||||||
Noninterest-bearing deposits | 158,278 | 184,216 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 30,653 | 28,213 | ||||||||||||||||||||||
Shareholders' equity | 183,654 | 160,318 | ||||||||||||||||||||||
Total liabilities and equity | $ | 2,624,529 | $ | 2,535,041 | ||||||||||||||||||||
Net interest income | $ | 13,439 | $ | 15,834 | ||||||||||||||||||||
Net interest rate spread | 1.89 | % | 2.52 | % | ||||||||||||||||||||
Net earnings assets | $ | 282,974 | $ | 292,185 | ||||||||||||||||||||
Net interest margin | 2.12 | % | 2.58 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 112.57 | % | 113.51 | % |
Taxable-equivalent net interest income and net interest margin | For the three months ended September 30, | |||||||
(Dollars in thousands) | 2023 | 2022 | ||||||
Net interest income (GAAP) | $ | 13,439 | $ | 15,834 | ||||
Tax-equivalent adjustment(1) | 1,563 | 1,125 | ||||||
Net interest income (fully taxable-equivalent) | $ | 15,002 | $ | 16,959 | ||||
Average interest-earning assets | $ | 2,534,918 | $ | 2,454,479 | ||||
Net interest margin (fully taxable-equivalent) | 2.37 | % | 2.76 | % |
For the three months ended December 31, | ||||||||
(Dollars in thousands) | 2017 | 2016 | ||||||
Net interest income (GAAP) | $ | 8,460 | $ | 7,731 | ||||
Tax-equivalent adjustment(1) | 532 | 537 | ||||||
Net interest income (fully taxable-equivalent) | $ | 8,992 | $ | 8,268 | ||||
Average interest-earning assets | $ | 1,028,241 | $ | 882,482 | ||||
Net interest margin (fully taxable-equivalent) | 3.50 | % | 3.75 | % |
Six months ended December 31, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
(Dollars in thousands) | Average Outstanding Balance | Interest Earned / Paid | Average Yield / Rate | Average Outstanding Balance | Interest Earned / Paid | Average Yield / Rate | ||||||||||||||||||
Interest-earning Assets: | ||||||||||||||||||||||||
Loans receivable, net1 | $ | 649,121 | $ | 14,346 | 4.42 | % | $ | 560,427 | $ | 12,435 | 4.44 | % | ||||||||||||
Securities2 | 334,645 | 4,005 | 2.39 | 300,023 | 3,794 | 2.53 | ||||||||||||||||||
Interest-bearing bank balances and federal funds | 16,035 | 99 | 1.23 | 2,486 | 8 | 0.64 | ||||||||||||||||||
FHLB stock | 1,838 | 59 | 6.42 | 2,574 | 61 | 4.74 | ||||||||||||||||||
Total interest-earning assets | 1,001,639 | 18,509 | 3.69 | % | 865,510 | 16,298 | 3.77 | % | ||||||||||||||||
Cash and due from banks | 9,115 | 7,847 | ||||||||||||||||||||||
Allowance for loan losses | (11,117 | ) | (9,845 | ) | ||||||||||||||||||||
Other noninterest-earning assets | 18,575 | 18,153 | ||||||||||||||||||||||
Total assets | $ | 1,018,212 | $ | 881,665 | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||
Savings and money market deposits | $ | 321,304 | $ | 517 | 0.32 | % | $ | 295,218 | $ | 470 | 0.32 | % | ||||||||||||
NOW deposits | 438,882 | 986 | 0.45 | 329,174 | 628 | 0.38 | ||||||||||||||||||
Certificates of deposit | 41,202 | 173 | 0.84 | 42,626 | 156 | 0.73 | ||||||||||||||||||
Borrowings | 25,566 | 203 | 1.59 | 42,449 | 226 | 1.06 | ||||||||||||||||||
Total interest-bearing liabilities | 826,954 | 1,879 | 0.45 | % | 709,467 | 1,480 | 0.42 | % | ||||||||||||||||
Noninterest-bearing deposits | 97,626 | 87,988 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 7,184 | 7,952 | ||||||||||||||||||||||
Shareholders' equity | 86,448 | 76,258 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,018,212 | $ | 881,665 | ||||||||||||||||||||
Net interest income | $ | 16,630 | $ | 14,818 | ||||||||||||||||||||
Net interest rate spread | 3.24 | % | 3.35 | % | ||||||||||||||||||||
Net earnings assets | $ | 174,685 | $ | 156,043 | ||||||||||||||||||||
Net interest margin | 3.32 | % | 3.42 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 121.12 | % | 121.99 | % |
For the six months ended December 31, | ||||||||
(Dollars in thousands) | 2017 | 2016 | ||||||
Net interest income (GAAP) | $ | 16,630 | $ | 14,818 | ||||
Tax-equivalent adjustment(1) | 1,037 | 1,057 | ||||||
Net interest income (fully taxable-equivalent) | $ | 17,667 | $ | 15,875 | ||||
Average interest-earning assets | $ | 1,001,639 | $ | 865,510 | ||||
Net interest margin (fully taxable-equivalent) | 3.53 | % | 3.67 | % |
(i) | Change attributable to changes in volume (changes in volume multiplied by prior rate); |
(ii) | Change attributable to changes in rate (changes in rate multiplied by prior volume); and |
(iii) | The net change. |
Three months ended September 30, | ||||||||||||
2023 versus 2022 | ||||||||||||
Increase/(Decrease) | Total | |||||||||||
Due To | Increase/ | |||||||||||
(Dollars in thousands) | Volume | Rate | (Decrease) | |||||||||
Interest-earning Assets: | ||||||||||||
Loans receivable, net1 | $ | 1,246 | $ | 2,577 | $ | 3,823 | ||||||
Securities non-taxable | (283 | ) | 1,496 | 1,213 | ||||||||
Securities taxable | (169 | ) | 273 | 104 | ||||||||
Interest-bearing bank balances and federal funds | 758 | 131 | 889 | |||||||||
FHLB stock | (16 | ) | 19 | 3 | ||||||||
Total interest-earning assets | 1,536 | 4,496 | 6,032 | |||||||||
Interest-Bearing Liabilities: | ||||||||||||
Savings and money market deposits | (48 | ) | 131 | 83 | ||||||||
NOW deposits | 206 | 7,382 | 7,588 | |||||||||
Certificates of deposit | 231 | 695 | 926 | |||||||||
Borrowings | (342 | ) | 172 | (170 | ) | |||||||
Total interest-bearing liabilities | 47 | 8,380 | 8,427 | |||||||||
Net change in net interest income | $ | 1,489 | $ | (3,884 | ) | $ | (2,395 | ) |
(Dollars in thousands) | Three Months Ended December 31, 2017 versus 2016 | Six Months Ended December 31, 2017 versus 2016 | ||||||||||||||||||||||
Increase/(Decrease) Due To | Total Increase/(Decrease) | Increase/(Decrease) Due To | Total Increase/(Decrease) | |||||||||||||||||||||
Volume | Rate | Volume | Rate | |||||||||||||||||||||
Interest Earning Assets: | ||||||||||||||||||||||||
Loans receivable, net1 | $ | 905 | $ | - | $ | 905 | $ | 1,967 | $ | (56 | ) | $ | 1,911 | |||||||||||
Securities2 | 273 | (318 | ) | (45 | ) | 427 | (216 | ) | 211 | |||||||||||||||
Interest-bearing bank balances and federal funds | 66 | 16 | 82 | 78 | 13 | 91 | ||||||||||||||||||
FHLB stock | (10 | ) | 4 | (6 | ) | (20 | ) | 18 | (2 | ) | ||||||||||||||
Total interest-earning assets | 1,234 | (298 | ) | 936 | 2,452 | (241 | ) | 2,211 | ||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||
Savings and money market deposits | 23 | - | 23 | 47 | - | 47 | ||||||||||||||||||
NOW deposits | 124 | 68 | 192 | 231 | 127 | 358 | ||||||||||||||||||
Certificates of deposit | (7 | ) | 11 | 4 | (5 | ) | 22 | 17 | ||||||||||||||||
Borrowings | (46 | ) | 34 | (12 | ) | (110 | ) | 87 | (23 | ) | ||||||||||||||
Total interest-bearing liabilities | 94 | 113 | 207 | 163 | 236 | 399 | ||||||||||||||||||
Net change in net interest income | $ | 1,140 | $ | (411 | ) | $ | 729 | $ | 2,289 | $ | (477 | ) | $ | 1,812 |
(Dollars in thousands) | For the three months ended September 30, | Change from Prior Year | ||||||||||||||
Noninterest income: | 2023 | 2022 | Amount | Percent | ||||||||||||
Service charges on deposit accounts | $ | 1,230 | $ | 1,217 | $ | 13 | 1.1 | % | ||||||||
Debit card fees | 1,133 | 1,142 | (9 | ) | (0.8 | ) | ||||||||||
Investment services | 243 | 180 | 63 | 35.0 | ||||||||||||
E-commerce fees | 29 | 26 | 3 | 11.5 | ||||||||||||
Bank owned life insurance | 362 | 340 | 22 | 6.5 | ||||||||||||
Other operating income | 302 | 193 | 109 | 56.5 | ||||||||||||
Total noninterest income | $ | 3,299 | $ | 3,098 | $ | 201 | 6.5 | % |
(In thousands) | For the three months ended December 31, | Change from Prior Year | For the six months ended December 31, | Change from Prior Year | ||||||||||||||||||||||||||||
Noninterest income: | 2017 | 2016 | Amount | Percent | 2017 | 2016 | Amount | Percent | ||||||||||||||||||||||||
Service charges on deposit accounts | $ | 934 | $ | 820 | $ | 114 | 13.90 | % | $ | 1,785 | $ | 1,593 | $ | 192 | 12.05 | % | ||||||||||||||||
Debit card fees | 591 | 510 | 81 | 15.88 | 1,157 | 1,001 | 156 | 15.58 | ||||||||||||||||||||||||
Investment services | 122 | 67 | 55 | 82.09 | 194 | 137 | 57 | 41.61 | ||||||||||||||||||||||||
E-commerce fees | 35 | 31 | 4 | 12.90 | 73 | 63 | 10 | 15.87 | ||||||||||||||||||||||||
Other operating income | 205 | 184 | 21 | 11.41 | 418 | 367 | 51 | 13.90 | ||||||||||||||||||||||||
Total noninterest income | $ | 1,887 | $ | 1,612 | $ | 275 | 17.06 | % | $ | 3,627 | $ | 3,161 | $ | 466 | 14.74 | % |
(Dollars in thousands) | For the three months ended September 30, | Change from Prior Year | ||||||||||||||
Noninterest expense: | 2023 | 2022 | Amount | Percent | ||||||||||||
Salaries and employee benefits | $ | 5,491 | $ | 5,428 | $ | 63 | 1.2 | % | ||||||||
Occupancy expense | 537 | 524 | 13 | 2.5 | ||||||||||||
Equipment and furniture expense | 138 | 158 | (20 | ) | (12.7 | ) | ||||||||||
Service and data processing fees | 591 | 702 | (111 | ) | (15.8 | ) | ||||||||||
Computer software, supplies and support | 511 | 381 | 130 | 34.1 | ||||||||||||
Advertising and promotion | 97 | 76 | 21 | 27.6 | ||||||||||||
FDIC insurance premiums | 312 | 242 | 70 | 28.9 | ||||||||||||
Legal and professional fees | 383 | 451 | (68 | ) | (15.1 | ) | ||||||||||
Other | 785 | 835 | (50 | ) | (6.0 | ) | ||||||||||
Total noninterest expense | $ | 8,845 | $ | 8,797 | $ | 48 | 0.5 | % |
(In thousands) | For the three months ended December 31 | Change from Prior Year | For the six months ended December 31, | Change from Prior Year | ||||||||||||||||||||||||||||
Noninterest expense: | 2017 | 2016 | Amount | Percent | 2017 | 2016 | Amount | Percent | ||||||||||||||||||||||||
Salaries and employee benefits | $ | 3,110 | $ | 2,787 | $ | 323 | 11.59 | % | $ | 6,037 | $ | 5,455 | $ | 582 | 10.67 | % | ||||||||||||||||
Occupancy expense | 355 | 339 | 16 | 4.72 | 711 | 719 | (8 | ) | (1.11 | ) | ||||||||||||||||||||||
Equipment and furniture expense | 158 | 132 | 26 | 19.70 | 271 | 252 | 19 | 7.54 | ||||||||||||||||||||||||
Service and data processing fees | 540 | 499 | 41 | 8.22 | 1,027 | 947 | 80 | 8.45 | ||||||||||||||||||||||||
Computer software, supplies and support | 162 | 148 | 14 | 9.46 | 305 | 294 | 11 | 3.74 | ||||||||||||||||||||||||
Advertising and promotion | 112 | 85 | 27 | 31.76 | 167 | 208 | (41 | ) | (19.71 | ) | ||||||||||||||||||||||
FDIC insurance premiums | 93 | 93 | - | 0.00 | 186 | 207 | (21 | ) | (10.14 | ) | ||||||||||||||||||||||
Legal and professional fees | 229 | 220 | 9 | 4.09 | 460 | 418 | 42 | 10.05 | ||||||||||||||||||||||||
Other | 553 | 485 | 68 | 14.02 | 1,041 | 1,042 | (1 | ) | (0.10 | ) | ||||||||||||||||||||||
Total noninterest expense | $ | 5,312 | $ | 4,788 | $ | 524 | 10.94 | % | $ | 10,205 | $ | 9,542 | $ | 663 | 6.95 | % |
Cash equivalents/(deposits plus short term borrowings) | 5.37 | % | ||
(Cash equivalents plus unpledged securities)/(deposits plus short term borrowings) | 8.43 | % | ||
(Cash equivalents plus unpledged securities plus additional borrowing capacity)/(deposits plus short term borrowings) | 19.58 | % |
(In thousands) | ||||
Unfunded loan commitments | $ | 126,149 | ||
Unused lines of credit | 94,164 | |||
Standby letters of credit | 179 | |||
Total commitments | $ | 220,492 |
(In thousands) | 2017 | |||
Unfunded loan commitments | $ | 52,544 | ||
Unused lines of credit | 55,525 | |||
Total commitments | $ | 108,069 |
To Be Well | ||||||||||||||||||||||||||||||||
For Capital | Capitalized Under | |||||||||||||||||||||||||||||||
Adequacy | Prompt Corrective | Capital Conservation | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Actual | Purposes | Action Provisions | Buffer | ||||||||||||||||||||||||||||
The Bank of Greene County | Amount | Ratio | Amount | Ratio | Amount | Ratio | Actual | Required | ||||||||||||||||||||||||
As of September 30, 2023: | ||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 261,189 | 16.6 | % | $ | 126,247 | 8.0 | % | $ | 157,809 | 10.0 | % | 8.55 | % | 2.50 | % | ||||||||||||||||
Tier 1 risk-based capital | 241,432 | 15.3 | 94,686 | 6.0 | 126,247 | 8.0 | 9.30 | 2.50 | ||||||||||||||||||||||||
Common equity tier 1 capital | 241,432 | 15.3 | 71,014 | 4.5 | 102,576 | 6.5 | 10.80 | 2.50 | ||||||||||||||||||||||||
Tier 1 leverage ratio | 241,432 | 9.1 | 106,075 | 4.0 | 132,594 | 5.0 | 5.10 | 2.50 | ||||||||||||||||||||||||
As of June 30, 2023: | ||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 249,165 | 16.5 | % | $ | 121,020 | 8.0 | % | $ | 151,275 | 10.0 | % | 8.47 | % | 2.50 | % | ||||||||||||||||
Tier 1 risk-based capital | 230,228 | 15.2 | 90,765 | 6.0 | 121,020 | 8.0 | 9.22 | 2.50 | ||||||||||||||||||||||||
Common equity tier 1 capital | 230,228 | 15.2 | 68,074 | 4.5 | 98,328 | 6.5 | 10.72 | 2.50 | ||||||||||||||||||||||||
Tier 1 leverage ratio | 230,228 | 8.7 | 106,141 | 4.0 | 132,676 | 5.0 | 4.68 | 2.50 |
(Dollars in thousands) | Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | Capital Conservation Buffer | ||||||||||||||||||||||||||||
The Bank of Greene County | Amount | Ratio | Amount | Ratio | Amount | Ratio | Actual | Required | ||||||||||||||||||||||||
As of December 31, 2017: | ||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 96,076 | 15.7 | % | $ | 48,936 | 8.0 | % | $ | 61,170 | 10.0 | % | 7.706 | % | 1.250 | % | ||||||||||||||||
Tier 1 risk-based capital | 88,321 | 14.4 | 36,702 | 6.0 | 48,936 | 8.0 | 8.439 | 1.250 | ||||||||||||||||||||||||
Common equity tier 1 capital | 88,321 | 14.4 | 27,527 | 4.5 | 39,761 | 6.5 | 9.939 | 1.250 | ||||||||||||||||||||||||
Tier 1 leverage ratio | 88,321 | 8.5 | 41,747 | 4.0 | 52,184 | 5.0 | 4.462 | 1.250 | ||||||||||||||||||||||||
As of June 30, 2017: | ||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 87,719 | 15.8 | % | $ | 44,433 | 8.0 | % | $ | 55,542 | 10.0 | % | 7.794 | % | 1.250 | % | ||||||||||||||||
Tier 1 risk-based capital | 80,671 | 14.5 | 33,325 | 6.0 | 44,433 | 8.0 | 8.525 | 1.250 | ||||||||||||||||||||||||
Common equity tier 1 capital | 80,671 | 14.5 | 24,994 | 4.5 | 36,102 | 6.5 | 10.024 | 1.250 | ||||||||||||||||||||||||
Tier 1 leverage ratio | 80,671 | 8.5 | 38,056 | 4.0 | 47,571 | 5.0 | 4.479 | 1.250 |
Greene County Commercial Bank | ||||||||||||||||||||||||||||||||
As of December 31, 2017: | ||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 32,552 | 42.9 | % | $ | 6,069 | 8.0 | % | $ | 7,587 | 10.0 | % | 34.907 | % | 1.250 | % | ||||||||||||||||
Tier 1 risk-based capital | 32,552 | 42.9 | 4,552 | 6.0 | 6,069 | 8.0 | 36.907 | 1.250 | ||||||||||||||||||||||||
Common equity tier 1 capital | 32,552 | 42.9 | 3,414 | 4.5 | 4,931 | 6.5 | 38.407 | 1.250 | ||||||||||||||||||||||||
Tier 1 leverage ratio | 32,552 | 8.31 | 15,675 | 4.0 | 19,593 | 5.0 | 4.307 | 1.250 | ||||||||||||||||||||||||
As of June 30, 2017: | ||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 30,095 | 40.1 | % | $ | 6,011 | 8.0 | % | $ | 7,514 | 10.0 | % | 32.053 | % | 1.250 | % | ||||||||||||||||
Tier 1 risk-based capital | 30,095 | 40.1 | 4,508 | 6.0 | 6,011 | 8.0 | 34.053 | 1.250 | ||||||||||||||||||||||||
Common equity tier 1 capital | 30,095 | 40.1 | 3,381 | 4.5 | 4,884 | 6.5 | 35.550 | 1.250 | ||||||||||||||||||||||||
Tier 1 leverage ratio | 30,095 | 9.6 | 12,508 | 4.0 | 15,635 | 5.0 | 5.624 | 1.250 |
Greene County Commercial Bank | ||||||||||||||||||||||||||||||||
As of September 30, 2023: | ||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 105,641 | 44.0 | % | $ | 19,188 | 8.0 | % | $ | 23,985 | 10.0 | % | 36.00 | % | 2.50 | % | ||||||||||||||||
Tier 1 risk-based capital | 105,641 | 44.0 | 14,391 | 6.0 | 19,188 | 8.0 | 38.00 | 2.50 | ||||||||||||||||||||||||
Common equity tier 1 capital | 105,641 | 44.0 | 10,793 | 4.5 | 15,590 | 6.5 | 39.50 | 2.50 | ||||||||||||||||||||||||
Tier 1 leverage ratio | 105,641 | 9.4 | 44,771 | 4.0 | 55,964 | 5.0 | 5.44 | 2.50 | ||||||||||||||||||||||||
As of June 30, 2023: | ||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 104,781 | 46.6 | % | $ | 17,975 | 8.0 | % | $ | 22,469 | 10.0 | % | 38.63 | % | 2.50 | % | ||||||||||||||||
Tier 1 risk-based capital | 104,781 | 46.6 | 13,481 | 6.0 | 17,975 | 8.0 | 40.63 | 2.50 | ||||||||||||||||||||||||
Common equity tier 1 capital | 104,781 | 46.6 | 10,111 | 4.5 | 14,605 | 6.5 | 42.13 | 2.50 | ||||||||||||||||||||||||
Tier 1 leverage ratio | 104,781 | 9.1 | 45,958 | 4.0 | 57,447 | 5.0 | 5.12 | 2.50 |
Part II. | Other Information |
a) | Not applicable |
b) | Not applicable |
c) | On September 17, 2019, the Board of Directors of the Company adopted a stock repurchase program. Under the repurchase program, the Company is authorized to repurchase up to 400,000 shares of its common stock. Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. There were no additional share repurchases during the quarter ended September 30, 2023. |
a) | Not applicable |
b) | There were no material changes to the procedures by which security holders may recommend nominees to the Company’s Board of Directors during the period covered by this Form 10-Q. |
Greene County Bancorp, Inc. Stock Holding Company Charter as amended on January 19, 2023 (filed as Exhibit 3.1 to Registrant’s Form 10-Q, filed on February 10, 2023 and incorporated herein by reference). | ||
Certification of Chief Executive Officer, adopted pursuant to Rule 13a-14(a)/15d-14(a) | ||
Certification of Chief Financial Officer, adopted pursuant to Rule 13a-14(a)/15d-14(a) | ||
Statement of Chief Executive Officer, furnished pursuant to U.S.C. Section 1350 | ||
Statement of Chief Financial Officer, furnished pursuant to U.S.C. Section 1350 | ||
101 | The following materials from Greene County Bancorp, Inc. Form 10-Q for the quarter ended | |
104 | Cover Page Integrative Data File (formatted in iXBRL and included in exhibit 101). |
Greene County Bancorp, Inc. |