Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 14-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Entity Registrant Name | 'GREENE COUNTY BANCORP INC | ' |
Entity Central Index Key | '0001070524 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 4,213,757 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (Unaudited) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Total cash and cash equivalents | $55,599 | $6,222 |
Long term certificate of deposit | 250 | 250 |
Securities available for sale, at fair value | 51,280 | 69,644 |
Securities held to maturity, at amortized cost | 177,089 | 176,519 |
Federal Home Loan Bank stock, at cost | 1,383 | 1,388 |
Loans | 399,007 | 365,839 |
Allowance for loan losses | -7,341 | -7,040 |
Unearned origination fees and costs, net | 814 | 627 |
Net loans receivable | 392,480 | 359,426 |
Premises and equipment, net | 14,246 | 14,349 |
Accrued interest receivable | 2,967 | 2,663 |
Foreclosed real estate | 716 | 296 |
Prepaid expenses and other assets | 4,463 | 2,848 |
Total assets | 700,473 | 633,605 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Noninterest bearing deposits | 62,124 | 57,926 |
Interest bearing deposits | 559,114 | 500,513 |
Total deposits | 621,238 | 558,439 |
Borrowings from Federal Home Loan Bank, short-term | 0 | 10,600 |
Borrowings from Federal Home Loan Bank, long-term | 14,500 | 4,000 |
Accrued expenses and other liabilities | 4,939 | 4,458 |
Total liabilities | 640,677 | 577,497 |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock, Authorized - 1,000,000 shares; Issued - None | 0 | 0 |
Common stock, par value $.10 per share; Authorized - 12,000,000 shares; Issued - 4,305,670 shares Outstanding 4,213,757 shares at March 31, 2014, and 4,192,654 shares at June 30, 2013 | 431 | 431 |
Additional paid-in capital | 11,208 | 11,168 |
Retained earnings | 50,086 | 46,112 |
Accumulated other comprehensive loss | -1,235 | -750 |
Treasury stock, at cost 91,913 shares at March 31, 2014, and 113,016 shares at June 30, 2013 | -694 | -853 |
Total shareholders' equity | 59,796 | 56,108 |
Total liabilities and shareholders' equity | $700,473 | $633,605 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $0.10 | $0.10 |
Common Stock, Shares Authorized (in shares) | 12,000,000 | 12,000,000 |
Common Stock, Shares Issued (in shares) | 4,305,670 | 4,305,670 |
Common Stock, Shares Outstanding (in shares) | 4,213,757 | 4,192,654 |
Treasury Stock, Shares (in shares) | 91,913 | 113,016 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Interest income: | ' | ' | ' | ' |
Loans | $4,666,000 | $4,525,000 | $13,790,000 | $13,693,000 |
Investment securities - taxable | 161,000 | 181,000 | 494,000 | 552,000 |
Mortgage-backed securities | 611,000 | 855,000 | 1,905,000 | 2,696,000 |
Investment securities - tax exempt | 507,000 | 418,000 | 1,525,000 | 1,254,000 |
Interest bearing deposits and federal funds sold | 9,000 | 6,000 | 17,000 | 28,000 |
Total interest income | 5,954,000 | 5,985,000 | 17,731,000 | 18,223,000 |
Interest expense: | ' | ' | ' | ' |
Interest on deposits | 548,000 | 637,000 | 1,647,000 | 1,974,000 |
Interest on borrowings | 52,000 | 44,000 | 113,000 | 183,000 |
Total interest expense | 600,000 | 681,000 | 1,760,000 | 2,157,000 |
Net interest income | 5,354,000 | 5,304,000 | 15,971,000 | 16,066,000 |
Provision for loan losses | 288,000 | 331,000 | 1,109,000 | 1,316,000 |
Net interest income after provision for loan losses | 5,066,000 | 4,973,000 | 14,862,000 | 14,750,000 |
Noninterest income: | ' | ' | ' | ' |
Service charges on deposit accounts | 585,000 | 584,000 | 1,916,000 | 1,969,000 |
Debit card fees | 373,000 | 325,000 | 1,148,000 | 996,000 |
Investment services | 110,000 | 55,000 | 302,000 | 224,000 |
E-commerce fees | 21,000 | 25,000 | 72,000 | 75,000 |
Net gain on sale of available-for-sale securities | 0 | 0 | 0 | 10,000 |
Other operating income | 159,000 | 152,000 | 476,000 | 442,000 |
Total noninterest income | 1,248,000 | 1,141,000 | 3,914,000 | 3,716,000 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and employee benefits | 2,509,000 | 2,181,000 | 6,766,000 | 6,254,000 |
Occupancy expense | 371,000 | 334,000 | 990,000 | 927,000 |
Equipment and furniture expense | 81,000 | 128,000 | 343,000 | 411,000 |
Service and data processing fees | 397,000 | 408,000 | 1,051,000 | 1,217,000 |
Computer software, supplies and support | 100,000 | 86,000 | 307,000 | 269,000 |
Advertising and promotion | 66,000 | 81,000 | 202,000 | 254,000 |
FDIC insurance premiums | 88,000 | 90,000 | 280,000 | 248,000 |
Legal and professional fees | 190,000 | 165,000 | 645,000 | 506,000 |
Other | 473,000 | 473,000 | 1,254,000 | 1,279,000 |
Total noninterest expense | 4,275,000 | 3,946,000 | 11,838,000 | 11,365,000 |
Income before provision for income taxes | 2,039,000 | 2,168,000 | 6,938,000 | 7,101,000 |
Provision for income taxes | 543,000 | 631,000 | 1,963,000 | 2,131,000 |
Net income | $1,496,000 | $1,537,000 | $4,975,000 | $4,970,000 |
Basic earnings per share (in dollars per share) | $0.36 | $0.37 | $1.18 | $1.19 |
Basic average shares outstanding (in shares) | 4,211,531 | 4,187,671 | 4,203,350 | 4,185,707 |
Diluted earnings per share (in dollars per share) | $0.35 | $0.36 | $1.17 | $1.18 |
Diluted average shares outstanding (in shares) | 4,243,398 | 4,227,166 | 4,239,657 | 4,224,814 |
Dividends per share (in dollars per share) | $0.18 | $0.18 | $0.53 | $0.53 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |||||
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ' | ' | ' | ' | ||||
Net income | $1,496,000 | $1,537,000 | $4,975,000 | $4,970,000 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Unrealized holding gains (losses) on available for sale securities, net of income taxes of $26 and ($55), respectively | 41,000 | -87,000 | -647,000 | -147,000 | ||||
Reclassification adjustment for gain on sale of available-for-sale securities realized in net income, net of income taxes | ' | ' | 0 | -6,000 | ||||
Accretion of unrealized loss on securities transferred to held to maturity, net of income taxes of $75 and $3, respectively (1) | 119,000 | [1] | 5,000 | [1] | 162,000 | [1] | 17,000 | [1] |
Pension actuarial gain, net of income taxes of $-- and $5 (2) | 0 | [2] | 8,000 | [2] | 0 | [2] | 23,000 | [2] |
Total other comprehensive income (loss), net of taxes | 160,000 | -74,000 | -485,000 | -113,000 | ||||
Comprehensive income | $1,656,000 | $1,463,000 | $4,490,000 | $4,857,000 | ||||
[1] | The accretion of the unrealized holding losses in accumulated other comprehensive income at the date of transfer partially offsets the amortization of the difference between the par value and fair value of the investment securities at the date of transfer, and is an adjustment of interest income. | |||||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost and are included in salaries and employee benefit expense within noninterest expense. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Income taxes, unrealized holding gain (losses) on available for sale securities | $26 | ($55) | ($408) | ($92) |
Income taxes, reclassification adjustment for gain on securities realized in net income | ' | ' | 0 | -4 |
Income taxes, accretion of unrealized loss on securities transferred to held-to-maturity | 75 | 3 | 102 | 11 |
Income taxes, pension actuarial gain | $0 | $5 | $0 | $15 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Total |
Balance at Jun. 30, 2012 | $431,000 | $11,119,000 | $41,869,000 | $173,000 | ($928,000) | $52,664,000 |
Options exercised | ' | 44,000 | ' | ' | 68,000 | 112,000 |
Dividends declared | ' | ' | -1,798,000 | ' | ' | -1,798,000 |
Net income | ' | ' | 4,970,000 | ' | ' | 4,970,000 |
Other comprehensive loss, net of taxes | ' | ' | ' | -113,000 | ' | -113,000 |
Balance at Mar. 31, 2013 | 431,000 | 11,163,000 | 45,041,000 | 60,000 | -860,000 | 55,835,000 |
Balance at Jun. 30, 2013 | 431,000 | 11,168,000 | 46,112,000 | -750,000 | -853,000 | 56,108,000 |
Options exercised | ' | 13,000 | ' | ' | 159,000 | 172,000 |
Tax benefit of stock based compensation | ' | 27,000 | ' | ' | ' | 27,000 |
Dividends declared | ' | ' | -1,001,000 | ' | ' | -1,001,000 |
Net income | ' | ' | 4,975,000 | ' | ' | 4,975,000 |
Other comprehensive loss, net of taxes | ' | ' | ' | -485,000 | ' | -485,000 |
Balance at Mar. 31, 2014 | $431,000 | $11,208,000 | $50,086,000 | ($1,235,000) | ($694,000) | $59,796,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $4,975,000 | $4,970,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation | 486,000 | 561,000 |
Deferred income tax benefit | -985,000 | -290,000 |
Net amortization of premiums and discounts | 1,408,000 | 1,089,000 |
Net amortization of deferred loan costs and fees | 267,000 | 199,000 |
Provision for loan losses | 1,109,000 | 1,316,000 |
Net gain on sale of available-for-sale securities | 0 | -10,000 |
Loss on sale of foreclosed real estate | 49,000 | 26,000 |
Excess tax benefit from share-based payment arrangements | -27,000 | 0 |
Net increase in accrued income taxes | -230,000 | -1,198,000 |
Net increase in accrued interest receivable | -304,000 | -187,000 |
Net (increase) decrease in prepaid and other assets | -319,000 | 271,000 |
Net increase (decrease) in accrued expenses and other liabilities | 733,000 | -1,015,000 |
Net cash provided by operating activities | 7,162,000 | 5,732,000 |
Securities available for sale: | ' | ' |
Proceeds from maturities | 515,000 | 5,350,000 |
Proceeds from sale of securities | 0 | 10,000 |
Purchases of securities | 0 | -9,286,000 |
Principal payments on securities | 5,324,000 | 13,827,000 |
Securities held to maturity: | ' | ' |
Proceeds from maturities | 17,207,000 | 18,315,000 |
Purchases of securities | -13,497,000 | -50,509,000 |
Principal payments on securities | 6,046,000 | 15,862,000 |
Net redemption of Federal Home Loan Bank Stock | 5,000 | 765,000 |
Purchase of long term certificate of deposit | 0 | -250,000 |
Net increase in loans receivable | -35,004,000 | -25,334,000 |
Proceeds from sale of foreclosed real estate | 105,000 | 274,000 |
Purchases of premises and equipment | -383,000 | -165,000 |
Net cash used by investing activities | -19,682,000 | -31,141,000 |
Cash flows from financing activities: | ' | ' |
Net decrease in short-term FHLB advances | -10,600,000 | -14,000,000 |
Proceeds from long-term FHLB advances | 10,500,000 | 0 |
Repayment of long-term FHLB advances | 0 | -3,000,000 |
Payment of cash dividends | -1,001,000 | -1,798,000 |
Proceeds from issuance of stock options | 172,000 | 112,000 |
Excess tax benefit from share-based payment arrangements | 27,000 | 0 |
Net increase in deposits | 62,799,000 | 74,781,000 |
Net cash provided by financing activities | 61,897,000 | 56,095,000 |
Net increase in cash and cash equivalents | 49,377,000 | 30,686,000 |
Cash and cash equivalents at beginning of period | 6,222,000 | 7,742,000 |
Cash and cash equivalents at end of period | 55,599,000 | 38,428,000 |
Non-cash investing activities: | ' | ' |
Foreclosed loans transferred to foreclosed real estate | 574,000 | 475,000 |
Available for sale securities transferred at fair value to held to maturity | 11,735,000 | 0 |
Cash paid during the period: | ' | ' |
Interest | 1,749,000 | 2,188,000 |
Income taxes | $3,178,000 | $3,619,000 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Mar. 31, 2014 | ||
Basis of Presentation [Abstract] | ' | |
Basis of Presentation | ' | |
-1 | Basis of Presentation | |
The accompanying consolidated statement of financial condition as of June 30, 2013 was derived from the audited consolidated financial statements of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, The Bank of Greene County (the “Bank”) and the Bank’s wholly owned subsidiary, Greene County Commercial Bank and Greene Property Holdings, Ltd. The consolidated financial statements at and for the nine and three months ended March 31, 2014 and 2013 are unaudited. | ||
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2013, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items) necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. Amounts in the prior year’s consolidated financial statements have been reclassified whenever necessary to conform to the current year’s presentation. These reclassifications, if any, had no effect on net income or retained earnings as previously reported. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations, and other data, for the nine and three months ended March 31, 2014 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2014. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. | ||
CRITICAL ACCOUNTING POLICIES | ||
Greene County Bancorp, Inc.’s critical accounting policies relate to the allowance for loan losses and the evaluation of securities for other-than-temporary impairment. The allowance for loan losses is based on management’s estimation of an amount that is intended to absorb losses in the existing loan portfolio. The allowance for loan losses is established through a provision for loan losses based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, specific impaired loans and current economic conditions. Such evaluation, which includes a review of all loans for which full collectibility may not be reasonably assured, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for the allowance of loan losses. However, this evaluation involves a high degree of complexity and requires management to make subjective judgments that often require assumptions or estimates about highly uncertain matters. This critical accounting policy and its application are periodically reviewed with the Audit Committee and the Board of Directors. | ||
Securities are evaluated for other-than-temporary impairment by performing periodic reviews of individual securities in the investment portfolio. Greene County Bancorp, Inc. makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security on which there is an unrealized loss is impaired on an other-than-temporary basis. The Company considers many factors, including the severity and duration of the impairment; the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, intent to sell the security, the likelihood to be required to sell the security before it recovers the entire amortized cost, external credit ratings and recent downgrades. The Company is required to record other-than-temporary impairment charges through earnings, if it has the intent to sell, or will more likely than not be required to sell an impaired debt security before a recovery of its amortized cost basis. In addition, the Company is required to record other-than-temporary impairment charges through earnings for the amount of credit losses, regardless of the intent or requirement to sell. Credit loss is measured as the difference between the present value of an impaired debt security’s cash flows and its amortized cost basis. Noncredit-related OTTI is measured as the difference between the fair value of the security and its amortized cost less any credit-related losses recognized. Non-credit related impairment must be recorded as decreases to accumulated other comprehensive income as long as the Company has no intent or requirement to sell an impaired security before a recovery of amortized cost basis. |
Nature_of_Operations
Nature of Operations | 9 Months Ended | |
Mar. 31, 2014 | ||
Nature of Operations [Abstract] | ' | |
Nature of Operations | ' | |
-2 | Nature of Operations | |
Greene County Bancorp, Inc.’s primary business is the ownership and operation of its two banking subsidiaries. The Bank of Greene County has twelve full-service offices and an operations center located in its market area within the Hudson Valley Region of New York State. The Bank of Greene County is primarily engaged in the business of attracting deposits from the general public in The Bank of Greene County’s market area, and investing such deposits, together with other sources of funds, in loans and investment securities. Greene County Commercial Bank’s primary business is to attract deposits from and provide banking services to local municipalities. | ||
Use_of_Estimates
Use of Estimates | 9 Months Ended | |
Mar. 31, 2014 | ||
Use of Estimates [Abstract] | ' | |
Use of Estimates | ' | |
-3 | Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the assessment of other-than-temporary security impairment. | ||
While management uses available information to recognize losses on loans, future additions to the allowance for loan losses (the “Allowance”) may be necessary, based on changes in economic conditions, asset quality or other factors. In addition, various regulatory authorities, as an integral part of their examination process, periodically review the Allowance. Such authorities may require the Company to recognize additions to the Allowance based on their judgments of information available to them at the time of their examination. | ||
Greene County Bancorp, Inc. makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security on which there is an unrealized loss is impaired and impairment is other-than-temporary. The Company considers many factors including the severity and duration of the impairment; the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, intent to sell the security, whether it is more likely than not we will be required to sell the security before recovery, whether loss of the entire amortized cost is expected, external credit ratings and recent downgrades. Securities on which there is an unrealized loss that is deemed to be other-than-temporary are written down to fair value. |
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
-4 | Securities | ||||||||||||||||||||||||
Securities at March 31, 2014 consisted of the following: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized | Gross Unrealized | Estimated Fair | |||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 12,666 | $ | 226 | $ | - | $ | 12,892 | |||||||||||||||||
State and political subdivisions | 1,327 | 24 | 5 | 1,346 | |||||||||||||||||||||
Mortgage-backed securities-residential | 5,293 | 187 | - | 5,480 | |||||||||||||||||||||
Mortgage-backed securities-multi-family | 26,633 | 154 | 582 | 26,205 | |||||||||||||||||||||
Asset-backed securities | 15 | - | 1 | 14 | |||||||||||||||||||||
Corporate debt securities | 4,815 | 390 | 23 | 5,182 | |||||||||||||||||||||
Total debt securities | 50,749 | 981 | 611 | 51,119 | |||||||||||||||||||||
Equity securities | 62 | 99 | - | 161 | |||||||||||||||||||||
Total securities available for sale | 50,811 | 1,080 | 611 | 51,280 | |||||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | 3,000 | 3 | 115 | 2,888 | |||||||||||||||||||||
State and political subdivisions | 84,421 | 611 | 395 | 84,637 | |||||||||||||||||||||
Mortgage-backed securities-residential | 23,948 | 1,127 | - | 25,075 | |||||||||||||||||||||
Mortgage-backed securities-multi-family | 64,742 | 696 | 2,682 | 62,756 | |||||||||||||||||||||
Other securities | 978 | - | 31 | 947 | |||||||||||||||||||||
Total securities held to maturity | 177,089 | 2,437 | 3,223 | 176,303 | |||||||||||||||||||||
Total securities | $ | 227,900 | $ | 3,517 | $ | 3,834 | $ | 227,583 | |||||||||||||||||
Securities at June 30, 2013 consisted of the following: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized | Gross Unrealized | Estimated Fair | |||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 12,729 | $ | 260 | $ | - | $ | 12,989 | |||||||||||||||||
State and political subdivisions | 1,849 | 29 | 20 | 1,858 | |||||||||||||||||||||
Mortgage-backed securities-residential | 7,340 | 193 | - | 7,533 | |||||||||||||||||||||
Mortgage-backed securities-multi-family | 42,096 | 289 | 466 | 41,919 | |||||||||||||||||||||
Asset-backed securities | 17 | - | 1 | 16 | |||||||||||||||||||||
Corporate debt securities | 4,827 | 380 | 31 | 5,176 | |||||||||||||||||||||
Total debt securities | 68,858 | 1,151 | 518 | 69,491 | |||||||||||||||||||||
Equity securities | 68 | 85 | - | 153 | |||||||||||||||||||||
Total securities available for sale | 68,926 | 1,236 | 518 | 69,644 | |||||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. treasury securities | 5,500 | 17 | - | 5,517 | |||||||||||||||||||||
U.S. government sponsored enterprises | 2,999 | 16 | 113 | 2,902 | |||||||||||||||||||||
State and political subdivisions | 82,801 | 362 | 755 | 82,408 | |||||||||||||||||||||
Mortgage-backed securities-residential | 29,077 | 1,515 | 9 | 30,583 | |||||||||||||||||||||
Mortgage-backed securities-multi-family | 55,086 | 1,236 | 1,093 | 55,229 | |||||||||||||||||||||
Other securities | 1,056 | - | 35 | 1,021 | |||||||||||||||||||||
Total securities held to maturity | 176,519 | 3,146 | 2,005 | 177,660 | |||||||||||||||||||||
Total securities | $ | 245,445 | $ | 4,382 | $ | 2,523 | $ | 247,304 | |||||||||||||||||
Greene County Bancorp, Inc.’s current policies generally limit securities investments to U.S. Government and securities of government sponsored enterprises, federal funds sold, municipal bonds, corporate debt obligations and certain mutual funds. In addition, the Company’s policies permit investments in mortgage-backed securities, including securities issued and guaranteed by Fannie Mae, Freddie Mac, and GNMA, and collateralized mortgage obligations. The Company’s investments in mortgage-backed securities include pass-through securities and collateralized mortgage obligations issued and guaranteed by Fannie Mae, Freddie Mac, and GNMA. As of March 31, 2014 and June 30, 2013, no private-label mortgage-backed securities or collateralized mortgage obligations were held in the securities portfolio. The Company’s investments in state and political subdivisions securities generally are municipal obligations that are general obligations supported by the general taxing authority of the issuer, and in some cases are insured. The obligations issued by school districts are supported by state aid. Primarily, these investments are issued by municipalities within New York State. | |||||||||||||||||||||||||
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2014. | |||||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
State and political subdivisions | $ | 803 | $ | 5 | $ | - | $ | - | $ | 803 | $ | 5 | |||||||||||||
Mortgage-backed securities-multi-family | 21,358 | 520 | 963 | 62 | 22,321 | 582 | |||||||||||||||||||
Asset-backed securities | - | - | 14 | 1 | 14 | 1 | |||||||||||||||||||
Corporate debt securities | 761 | 23 | - | - | 761 | 23 | |||||||||||||||||||
Total securities available for sale | 22,922 | 548 | 977 | 63 | 23,899 | 611 | |||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | 1,885 | 115 | - | - | 1,885 | 115 | |||||||||||||||||||
State and political subdivisions | 14,310 | 390 | 64 | 5 | 14,374 | 395 | |||||||||||||||||||
Mortgage-backed securities-multi-family | 31,952 | 1,842 | 9,377 | 840 | 41,329 | 2,682 | |||||||||||||||||||
Other securities | 443 | 25 | 81 | 6 | 524 | 31 | |||||||||||||||||||
Total securities held to maturity | 48,590 | 2,372 | 9,522 | 851 | 58,112 | 3,223 | |||||||||||||||||||
Total securities | $ | 71,512 | $ | 2,920 | $ | 10,499 | $ | 914 | $ | 82,011 | $ | 3,834 | |||||||||||||
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2013. | |||||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
State and political subdivisions | $ | 791 | $ | 20 | $ | - | $ | - | $ | 791 | $ | 20 | |||||||||||||
Mortgage-backed securities-multi-family | 33,298 | 466 | - | - | 33,298 | 466 | |||||||||||||||||||
Asset-backed securities | - | - | 16 | 1 | 16 | 1 | |||||||||||||||||||
Corporate debt securities | 758 | 31 | - | - | 758 | 31 | |||||||||||||||||||
Total securities available for sale | 34,847 | 517 | 16 | 1 | 34,863 | 518 | |||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | 1,887 | 113 | - | - | 1,887 | 113 | |||||||||||||||||||
State and political subdivisions | 28,597 | 745 | 1,597 | 10 | 30,194 | 755 | |||||||||||||||||||
Mortgage-backed securities-residential | 1,228 | 9 | - | - | 1,228 | 9 | |||||||||||||||||||
Mortgage-backed securities-multi-family | 33,044 | 1,093 | - | - | 33,044 | 1,093 | |||||||||||||||||||
Other securities | 753 | 35 | - | - | 753 | 35 | |||||||||||||||||||
Total securities held to maturity | 65,509 | 1,995 | 1,597 | 10 | 67,106 | 2,005 | |||||||||||||||||||
Total securities | $ | 100,356 | $ | 2,512 | $ | 1,613 | $ | 11 | $ | 101,969 | $ | 2,523 | |||||||||||||
At March 31, 2014, there were 76 securities which have been in a continuous unrealized loss position for less than 12 months and 9 securities with a continuous unrealized loss position of more than 12 months. When the fair value of a held to maturity or available for sale security is less than its amortized cost basis, an assessment is made as to whether other-than-temporary impairment (“OTTI”) is present. The Company considers numerous factors when determining whether a potential OTTI exists and the period over which the debt security is expected to recover. The principal factors considered are (1) the length of time and the extent to which the fair value has been less than the amortized cost basis, (2) the financial condition of the issuer (and guarantor, if any) and adverse conditions specifically related to the security, industry or geographic area, (3) failure of the issuer of the security to make scheduled interest or principal payments, (4) any changes to the rating of the security by a rating agency, and (5) the presence of credit enhancements, if any, including the guarantee of the federal government or any of its agencies. | |||||||||||||||||||||||||
For debt securities, OTTI is considered to have occurred if (1) the Company intends to sell the security, (2) it is more likely than not the Company will be required to sell the security before recovery of its amortized cost basis, or (3) if the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. In determining the present value of expected cash flows, the Company discounts the expected cash flows at the effective interest rate implicit in the security at the date of acquisition. In estimating cash flows expected to be collected, the Company uses available information with respect to security prepayment speeds, default rates and severity. In determining whether OTTI has occurred for equity securities, the Company considers the applicable factors described above and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||||||||||
For debt securities, credit-related OTTI is recognized in income while noncredit related OTTI on securities not expected to be sold is recognized in other comprehensive income (“OCI”). Credit-related OTTI is measured as the difference between the present value of an impaired security’s expected cash flows and its amortized cost basis. Noncredit-related OTTI is measured as the difference between the fair value of the security and its amortized cost less any credit-related losses recognized. For securities classified as held to maturity, the amount of OTTI recognized in OCI is accreted to the credit-adjusted expected cash flow amounts of the securities over future periods. For equity securities, the entire amount of OTTI is recognized in income. Management evaluated securities considering the factors as outlined above, and based on this evaluation the Company does not consider these investments to be other-than-temporarily impaired at March 31, 2014. Management believes that the reasons for the decline in fair value are due to interest rates and widening credit spreads at the end of the quarter. | |||||||||||||||||||||||||
During the nine months ended March 31, 2014, $11.7 million of securities available-for-sale were transferred to held-to-maturity and included primarily mortgage-backed securities. These securities were transferred at fair value which reflected a net unrealized loss of $805,000. This unrealized loss is being accreted to other comprehensive income over the remaining average lives of these securities. | |||||||||||||||||||||||||
During the nine and three months ended March 31, 2014, there were no sales of securities and no gains or losses were recognized. During the nine months ended March 31, 2013, a gain on sale of $10,000 was recognized on a security that was previously written off as other-than-temporarily impaired. During the three months ended March 31, 2013, there were no sales of securities and no gains or losses were recognized. There was no other-than-temporary impairment loss recognized during the nine and three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
The estimated fair values of debt securities at March 31, 2014, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale debt securities | Amortized Cost | Fair Value | |||||||||||||||||||||||
Within one year | $ | 5,278 | $ | 5,309 | |||||||||||||||||||||
After one year through five years | 8,615 | 9,050 | |||||||||||||||||||||||
After five years through ten years | 4,915 | 5,061 | |||||||||||||||||||||||
After ten years | - | - | |||||||||||||||||||||||
Total available for sale debt securities | 18,808 | 19,420 | |||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 31,941 | 31,699 | |||||||||||||||||||||||
Equity securities | 62 | 161 | |||||||||||||||||||||||
Total available for sale securities | 50,811 | 51,280 | |||||||||||||||||||||||
Held to maturity debt securities | |||||||||||||||||||||||||
Within one year | 19,440 | 19,464 | |||||||||||||||||||||||
After one year through five years | 30,528 | 30,874 | |||||||||||||||||||||||
After five years through ten years | 25,655 | 25,545 | |||||||||||||||||||||||
After ten years | 12,776 | 12,589 | |||||||||||||||||||||||
Total held to maturity debt securities | 88,399 | 88,472 | |||||||||||||||||||||||
Mortgage-backed | 88,690 | 87,831 | |||||||||||||||||||||||
Total held to maturity securities | 177,089 | 176,303 | |||||||||||||||||||||||
Total securities | $ | 227,900 | $ | 227,583 | |||||||||||||||||||||
As of March 31, 2014 and June 30, 2013, respectively, securities with an aggregate fair value of $197.5 million and $200.9 million were pledged as collateral for deposits in excess of FDIC insurance limits for various municipalities placing deposits with Greene County Commercial Bank. As of March 31, 2014 and June 30, 2013, securities with an aggregate fair value of $5.2 million were pledged as collateral for potential borrowings at the Federal Reserve Bank discount window. Greene County Bancorp, Inc. did not participate in any securities lending programs during the nine and three months ended March 31, 2014 or 2013. | |||||||||||||||||||||||||
Federal Home Loan Bank Stock | |||||||||||||||||||||||||
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is carried at cost. FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. Impairment of this investment is evaluated quarterly and is a matter of judgment that reflects management’s view of the FHLB’s long-term performance, which includes factors such as the following: its operating performance; the severity and duration of declines in the fair value of its net assets related to its capital stock amount; its commitment to make payments required by law or regulation and the level of such payments in relation to its operating performance; the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of the FHLB; and its liquidity and funding position. After evaluating these considerations, Greene County Bancorp, Inc. concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no other-than-temporary impairment charge was recorded during the nine and three months ended March 31, 2014 or 2013. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
-5 | Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||
Management closely monitors the quality of the loan portfolio and has established a loan review process designed to help grade the quality and profitability of the Company’s loan portfolio. The credit quality grade helps management make a consistent assessment of each loan relationship’s credit risk. Consistent with regulatory guidelines, The Bank of Greene County provides for the classification of loans considered being of lesser quality. Such ratings coincide with the "Substandard," "Doubtful" and "Loss" classifications used by federal regulators in their examination of financial institutions. Generally, an asset is considered Substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. Substandard assets include those characterized by the distinct possibility that the insured financial institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful have all the weaknesses inherent in assets classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Assets classified as Loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a full loss reserve and/or charge-off is not warranted. Assets that do not currently expose the insured financial institutions to sufficient risk to warrant classification in one of the aforementioned categories but otherwise possess weaknesses are designated "Special Mention." Management also maintains a listing of loans designated “Watch.” These loans represent borrowers with declining earnings, strained cash flow, increasing leverage and/or weakening market fundamentals that indicate above average risk. | |||||||||||||||||||||||||||||
When The Bank of Greene County classifies problem assets as either Substandard or Doubtful, it generally establishes a specific valuation allowance or "loss reserve" in an amount deemed prudent by management. General allowances represent loss allowances that have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular loans. When The Bank of Greene County identifies problem loans as being impaired, it is required to evaluate whether the Bank will be able to collect all amounts due either through repayments or the liquidation of the underlying collateral. If it is determined that impairment exists, the Bank is required either to establish a specific allowance for losses equal to the amount of impairment of the assets, or to charge-off such amount. Regulatory agencies may require The Bank of Greene County to recognize additions to the allowance based on their judgment about information available to them at the time of their examination. The Bank of Greene County reviews its portfolio monthly to determine whether any assets require classification in accordance with applicable regulations. | |||||||||||||||||||||||||||||
The Bank primarily has four segments within its loan portfolio that it considers when measuring credit quality: real estate loans, home equity, consumer installment and commercial loans. The real estate portfolio consists of residential, nonresidential, and construction loan classes. The inherent risk within the loan portfolio varies depending upon each of these loan types. | |||||||||||||||||||||||||||||
The Bank of Greene County’s primary lending activity is the origination of residential mortgage loans, including home equity loans, which are collateralized by residences. Generally, residential mortgage loans are made in amounts up to 80 % of the appraised value of the property. However, The Bank of Greene County will originate residential mortgage loans with loan-to-value ratios of up to 95%, with private mortgage insurance. In the event of default by the borrower, The Bank of Greene County will acquire and liquidate the underlying collateral. By originating the loan at a loan-to-value ratio of 80% or less or obtaining private mortgage insurance, The Bank of Greene County limits its risk of loss in the event of default. However, the market values of the collateral may be adversely impacted by declines in the economy. Home equity loans may have an additional inherent risk if The Bank of Greene County does not hold the first mortgage. The Bank of Greene County may stand in a secondary position in the event of collateral liquidation resulting in a greater chance of insufficiency to meet all obligations. | |||||||||||||||||||||||||||||
Construction lending generally involves a greater degree of risk than other residential mortgage lending. The repayment of the construction loan is, to a great degree, dependent upon the successful and timely completion of the construction of the subject property within specified cost limits. The Bank of Greene County completes inspections during the construction phase prior to any disbursements. The Bank of Greene County limits its risk during the construction as disbursements are not made until the required work for each advance has been completed. Construction delays may further impair the borrower's ability to repay the loan. | |||||||||||||||||||||||||||||
Loans collateralized by nonresidential mortgage loans, and multi-family loans, such as apartment buildings generally are larger than residential loans and involve a greater degree of risk. Commercial mortgage loans often involve large loan balances to single borrowers or groups of related borrowers. Payments on these loans depend to a large degree on the results of operations and management of the properties or underlying businesses, and may be affected to a greater extent by adverse conditions in the real estate market or the economy in general. Accordingly, the nature of nonresidential mortgage loans makes them more difficult for management to monitor and evaluate. | |||||||||||||||||||||||||||||
Consumer loans generally have shorter terms and higher interest rates than residential mortgage loans. In addition, consumer loans expand the products and services offered by The Bank of Greene County to better meet the financial services needs of its customers. Consumer loans generally involve greater credit risk than residential mortgage loans because of the difference in the nature of the underlying collateral. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage, loss or depreciation in the underlying collateral. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections depend on the borrower's personal financial stability. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. | |||||||||||||||||||||||||||||
Commercial lending generally involves greater risk than residential mortgage lending and involves risks that are different from those associated with residential and nonresidential mortgage lending. Real estate lending is generally considered to be collateral-based, with loan amounts based on fixed loan-to-collateral values, and liquidation of the underlying real estate collateral is viewed as the primary source of repayment in the event of borrower default. Although commercial loans may be collateralized by equipment or other business assets, the liquidation of collateral in the event of a borrower default is often an insufficient source of repayment because equipment and other business assets may be obsolete or of limited use, among other things. Accordingly, the repayment of a commercial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. | |||||||||||||||||||||||||||||
Loan balances by internal credit quality indicator as of March 31, 2014 are shown below. | |||||||||||||||||||||||||||||
(In thousands) | Performing | Watch | Special Mention | Substandard | Total | ||||||||||||||||||||||||
Residential mortgage | $ | 221,735 | $ | 128 | $ | 298 | $ | 4,149 | $ | 226,310 | |||||||||||||||||||
Nonresidential mortgage | 102,830 | - | 3,240 | 1,934 | 108,004 | ||||||||||||||||||||||||
Residential construction and land | 3,229 | - | - | - | 3,229 | ||||||||||||||||||||||||
Commercial construction | 2,517 | - | - | - | 2,517 | ||||||||||||||||||||||||
Multi-family | 3,998 | - | - | 114 | 4,112 | ||||||||||||||||||||||||
Home equity | 20,154 | - | - | 339 | 20,493 | ||||||||||||||||||||||||
Consumer installment | 4,075 | - | - | 3 | 4,078 | ||||||||||||||||||||||||
Commercial loans | 28,975 | - | 583 | 706 | 30,264 | ||||||||||||||||||||||||
Total gross loans | $ | 387,513 | $ | 128 | $ | 4,121 | $ | 7,245 | $ | 399,007 | |||||||||||||||||||
Loan balances by internal credit quality indicator as of June 30, 2013 are shown below. | |||||||||||||||||||||||||||||
(In thousands) | Performing | Watch | Special Mention | Substandard | Total | ||||||||||||||||||||||||
Residential mortgage | $ | 207,606 | $ | 294 | $ | 302 | $ | 4,324 | $ | 212,526 | |||||||||||||||||||
Nonresidential mortgage | 87,509 | - | 2,197 | 1,776 | 91,482 | ||||||||||||||||||||||||
Residential construction and land | 2,691 | - | - | - | 2,691 | ||||||||||||||||||||||||
Commercial construction | 2,466 | - | - | 1,057 | 3,523 | ||||||||||||||||||||||||
Multi-family | 4,785 | - | - | 726 | 5,511 | ||||||||||||||||||||||||
Home equity | 20,099 | 221 | 23 | 28 | 20,371 | ||||||||||||||||||||||||
Consumer installment | 4,073 | 5 | - | - | 4,078 | ||||||||||||||||||||||||
Commercial loans | 24,454 | - | 516 | 687 | 25,657 | ||||||||||||||||||||||||
Total gross loans | $ | 353,683 | $ | 520 | $ | 3,038 | $ | 8,598 | $ | 365,839 | |||||||||||||||||||
The Company had no loans classified Doubtful or Loss at March 31, 2014 or June 30, 2013. | |||||||||||||||||||||||||||||
Nonaccrual Loans | |||||||||||||||||||||||||||||
Management places loans on nonaccrual status once the loans have become 90 days or more delinquent or sooner if there is a significant reason for management to believe the collectability is questionable and, therefore, interest on the loan will no longer be recognized on an accrual basis. Nonaccrual is defined as a loan in which collectability is questionable and therefore interest on the loan will no longer be recognized on an accrual basis. A loan is not placed back on accrual status until the borrower has demonstrated the ability and willingness to make timely payments on the loan. A loan does not have to be 90 days delinquent in order to be classified as nonaccrual. Nonaccrual loans consisted primarily of loans secured by real estate at March 31, 2014 and June 30, 2013. While the Bank makes every reasonable effort to work with the borrowers to collect amounts due, the number of loans in process of foreclosure has grown substantially over the past several years. This growth has been the result of adverse changes within the economy and increases in local unemployment. The growth is also due in part to the extended length of time required to meet all of the legal requirements mandated by New York State law prior to a foreclosure sale, which may be in excess of two years. Loans on nonaccrual status totaled $5.8 million at March 31, 2014 of which $3.7 million were in the process of foreclosure. Included in nonaccrual loans were $2.2 million of loans which were less than 90 days past due at March 31, 2014, but have a recent history of delinquency greater than 90 days past due. These loans will be returned to accrual status once they have demonstrated a history of timely payments. Included in total loans past due were $1.0 million of loans which were making payments pursuant to forbearance agreements. Under the forbearance agreements, the customers have made arrangements with the Bank to bring the loans current over a specified period of time (resulting in an insignificant delay in repayment). During this term of the forbearance agreement, the Bank has agreed not to continue foreclosure proceedings. Loans on nonaccrual status totaled $6.3 million at June 30, 2013 of which $4.9 million were in the process of foreclosure. Included in nonaccrual loans, were $781,000 of loans which were less than 90 days past due at June 30, 2013, but have a recent history of delinquency greater than 90 days past due. | |||||||||||||||||||||||||||||
The following table sets forth information regarding delinquent and/or nonaccrual loans as of March 31, 2014: | |||||||||||||||||||||||||||||
(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 mortgage | $ | 174 | $ | 744 | $ | 2,433 | $ | 3,351 | $ | 222,959 | $ | 226,310 | $ | 3,319 | |||||||||||||||
Nonresidential mortgage | 1,724 | 785 | 1,062 | 3,571 | 104,433 | 108,004 | 1,937 | ||||||||||||||||||||||
Residential construction and land | - | - | - | - | 3,229 | 3,229 | - | ||||||||||||||||||||||
Commercial construction | - | - | - | - | 2,517 | 2,517 | - | ||||||||||||||||||||||
Multi-family | - | - | - | - | 4,112 | 4,112 | - | ||||||||||||||||||||||
Home equity | 52 | 96 | 221 | 369 | 20,124 | 20,493 | 243 | ||||||||||||||||||||||
Consumer installment | 44 | 2 | 1 | 47 | 4,031 | 4,078 | 1 | ||||||||||||||||||||||
Commercial loans | 150 | 605 | 204 | 959 | 29,305 | 30,264 | 311 | ||||||||||||||||||||||
Total gross loans | $ | 2,144 | $ | 2,232 | $ | 3,921 | $ | 8,297 | $ | 390,710 | $ | 399,007 | $ | 5,811 | |||||||||||||||
The following table sets forth information regarding delinquent and/or nonaccrual loans as of June 30, 2013: | |||||||||||||||||||||||||||||
(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 mortgage | $ | 1,255 | $ | 165 | $ | 3,875 | $ | 5,295 | $ | 207,231 | $ | 212,526 | $ | 3,599 | |||||||||||||||
Nonresidential mortgage | 215 | 978 | 1,655 | 2,848 | 88,634 | 91,482 | 2,018 | ||||||||||||||||||||||
Residential construction and land | 38 | - | - | 38 | 2,653 | 2,691 | - | ||||||||||||||||||||||
Commercial construction | - | - | - | - | 3,523 | 3,523 | - | ||||||||||||||||||||||
Multi-family | 144 | - | 463 | 607 | 4,904 | 5,511 | 463 | ||||||||||||||||||||||
Home equity | 269 | 221 | 28 | 518 | 19,853 | 20,371 | 51 | ||||||||||||||||||||||
Consumer installment | 34 | 5 | - | 39 | 4,039 | 4,078 | - | ||||||||||||||||||||||
Commercial loans | 530 | 78 | 82 | 690 | 24,967 | 25,657 | 195 | ||||||||||||||||||||||
Total gross loans | $ | 2,485 | $ | 1,447 | $ | 6,103 | $ | 10,035 | $ | 355,804 | $ | 365,839 | $ | 6,326 | |||||||||||||||
The Bank of Greene County had accruing loans delinquent more than 90 days as of March 31, 2014 totaling $269,000 and had accruing loans delinquent more than 90 days as of June 30, 2013 totaling $559,000. The loans delinquent more than 90 days and accruing consist of loans that are well collateralized and the borrowers have demonstrated the ability and willingness to pay. The borrowers have made arrangements with the Bank to bring the loans current within a specified time period and have made a series of payments as agreed. | |||||||||||||||||||||||||||||
The table below details additional information related to nonaccrual loans for the nine and three months ended March 31: | |||||||||||||||||||||||||||||
For the nine months ended | For the three months ended | ||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Interest income that would have been recorded if loans had been performing in accordance with original terms | $ | 389 | $ | 398 | $ | 181 | $ | 123 | |||||||||||||||||||||
Interest income that was recorded on nonaccrual loans | 92 | 180 | 28 | 54 | |||||||||||||||||||||||||
Impaired Loan Analysis | |||||||||||||||||||||||||||||
The Company identifies impaired loans and measures the impairment in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) subtopic “Receivables – Loan Impairment.” Management may consider a loan impaired once it is classified as nonaccrual and when it is probable that the borrower will be unable to repay the loan according to the original contractual terms of the loan agreement or the loan is restructured in a troubled debt restructuring. It should be noted that management does not evaluate all loans individually for impairment. The Bank of Greene County considers residential mortgages, home equity loans, smaller commercial loans and installment loans as small, homogeneous loans, which are evaluated for impairment collectively based on historical loan experience and other factors. In contrast, large commercial mortgage, construction, multi-family and commercial loans are viewed individually and considered impaired if it is probable that The Bank of Greene County will not be able to collect scheduled payments of principal and interest when due, according to the contractual terms of the loan agreement. The measurement of impaired loans is generally based on the fair value of the underlying collateral. The majority of The Bank of Greene County loans, including most nonaccrual loans, are small homogenous loan types adequately supported by collateral. Management considers the payment status of loans in the process of evaluating the adequacy of the allowance for loan losses among other factors. Loans that are either delinquent a minimum of 60 days or are on nonaccrual status, and are not individually evaluated for impairment, are either designated as Special Mention or Substandard, and the allocation of the allowance for loan loss is based upon the risk associated with such designation. Loans that have been modified as a troubled debt restructuring are included in impaired loans. The measurement of impairment is generally based on the discounted cash flows based on the original rate of the loan before the restructuring, unless it is determined that the restructured loan is collateral dependent. If the restructured loan is deemed to be collateral dependent, impairment is based on the fair value of the underlying collateral. | |||||||||||||||||||||||||||||
The tables below detail additional information on impaired loans at the date or periods indicated: | |||||||||||||||||||||||||||||
As of March 31, 2014 | For the nine months ended | For the three months ended | |||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-14 | ||||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential mortgage | $ | 284 | $ | 284 | $ | - | $ | 355 | $ | 7 | $ | 267 | $ | 6 | |||||||||||||||
Nonresidential mortgage | 464 | 464 | - | 537 | 23 | 513 | 6 | ||||||||||||||||||||||
748 | 748 | - | 892 | 30 | 780 | 12 | |||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential mortgage | 3,066 | 3,085 | 580 | 3,025 | 45 | 2,876 | 15 | ||||||||||||||||||||||
Nonresidential mortgage | 2,821 | 3,002 | 391 | 2,243 | 37 | 2,775 | 17 | ||||||||||||||||||||||
Commercial construction | - | - | - | 467 | 17 | - | - | ||||||||||||||||||||||
Multi-family | - | - | - | 257 | - | - | - | ||||||||||||||||||||||
Home equity | 200 | 200 | 87 | 133 | - | 200 | - | ||||||||||||||||||||||
Commercial loans | 605 | 605 | 3 | 607 | 27 | 605 | 7 | ||||||||||||||||||||||
6,692 | 6,892 | 1,061 | 6,732 | 126 | 6,456 | 39 | |||||||||||||||||||||||
Total impaired: | |||||||||||||||||||||||||||||
Residential mortgage | 3,350 | 3,369 | 580 | 3,380 | 52 | 3,143 | 21 | ||||||||||||||||||||||
Nonresidential mortgage | 3,285 | 3,466 | 391 | 2,780 | 60 | 3,288 | 23 | ||||||||||||||||||||||
Commercial construction | - | - | - | 467 | 17 | - | - | ||||||||||||||||||||||
Multi-family | - | - | - | 257 | - | - | - | ||||||||||||||||||||||
Home equity | 200 | 200 | 87 | 133 | - | 200 | - | ||||||||||||||||||||||
Commercial loans | 605 | 605 | 3 | 607 | 27 | 605 | 7 | ||||||||||||||||||||||
$ | 7,440 | $ | 7,640 | $ | 1,061 | $ | 7,624 | $ | 156 | $ | 7,236 | $ | 51 | ||||||||||||||||
As of June 30, 2013 | For the nine months ended | For the three months ended | |||||||||||||||||||||||||||
31-Mar-13 | March 31, 2013 | ||||||||||||||||||||||||||||
(In thousands) | Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | |||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential mortgage | $ | 852 | $ | 852 | $ | - | $ | 123 | $ | 14 | $ | 215 | $ | 3 | |||||||||||||||
Nonresidential mortgage | 783 | 783 | - | 1,265 | 64 | 1,260 | 17 | ||||||||||||||||||||||
Commercial loans | - | - | - | 108 | 13 | 77 | 3 | ||||||||||||||||||||||
1,635 | 1,635 | - | 1,496 | 91 | 1,552 | 23 | |||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential mortgage | 2,582 | 2,632 | 520 | 2,552 | 55 | 2,651 | 17 | ||||||||||||||||||||||
Nonresidential mortgage | 1,339 | 1,339 | 305 | 1,015 | 22 | 1,085 | 14 | ||||||||||||||||||||||
Commercial construction | 1,057 | 1,057 | 331 | 1,068 | 35 | 1,063 | 7 | ||||||||||||||||||||||
Multi-family | 463 | 463 | 16 | 885 | 22 | 886 | 6 | ||||||||||||||||||||||
Home equity | - | - | - | 257 | 4 | - | - | ||||||||||||||||||||||
Commercial loans | 610 | 610 | 7 | 572 | 29 | 571 | 9 | ||||||||||||||||||||||
6,051 | 6,101 | 1,179 | 6,349 | 167 | 6,256 | 53 | |||||||||||||||||||||||
Total impaired: | `` | ||||||||||||||||||||||||||||
Residential mortgage | 3,434 | 3,484 | 520 | 2,675 | 69 | 2,866 | 20 | ||||||||||||||||||||||
Nonresidential mortgage | 2,122 | 2,122 | 305 | 2,280 | 86 | 2,345 | 31 | ||||||||||||||||||||||
Commercial construction | 1,057 | 1,057 | 331 | 1,068 | 35 | 1,063 | 7 | ||||||||||||||||||||||
Multi-family | 463 | 463 | 16 | 885 | 22 | 886 | 6 | ||||||||||||||||||||||
Home equity | - | - | - | 257 | 4 | - | - | ||||||||||||||||||||||
Commercial loans | 610 | 610 | 7 | 680 | 42 | 648 | 12 | ||||||||||||||||||||||
$ | 7,686 | $ | 7,736 | $ | 1,179 | $ | 7,845 | $ | 258 | $ | 7,808 | $ | 76 | ||||||||||||||||
The table below details loans that have been modified as a troubled debt restructuring during the nine and three month periods ended March 31, 2014 and 2013. | |||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre-Modification | Post-Modification | Current Outstanding | |||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Recorded Investment | ||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||
Nine months ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential mortgage | 2 | $ | 367 | $ | 367 | $ | 361 | ||||||||||||||||||||||
Nonresidential mortgage | 5 | 1,789 | 1,848 | 1,837 | |||||||||||||||||||||||||
Nine months ended March 31, 2013 | |||||||||||||||||||||||||||||
Residential mortgage | 1 | 246 | 261 | 261 | |||||||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||||||
Nonresidential mortgage | 2 | $ | 142 | $ | 160 | $ | 159 | ||||||||||||||||||||||
Three months ended March 31, 2013 | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||
These loans have been classified as troubled debt restructurings due to concessions granted to the debtors that The Bank of Greene County would not otherwise consider as a result of financial difficulties of the borrowers. For these loans, concessions consisted of any combination of the following: additional funds were advanced, the interest rate was reduced and/or the term extended. If the borrower performs under the terms of the modification, and the ultimate collectability of all amounts contractually due under the modified terms is not in doubt, these loans will be returned to accrual status. These loans identified as a troubled debt restructuring have been evaluated for impairment and the impact to the allowance for loan loss was immaterial. | |||||||||||||||||||||||||||||
The table below details loans that have been modified as troubled debt restructurings during the previous twelve months which have subsequently defaulted during the nine months ended March 31, 2014: | |||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Recorded Investment | Allowance for | ||||||||||||||||||||||||||
Loan Loss | |||||||||||||||||||||||||||||
Nine months ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential mortgage | 2 | $ | 284 | $ | 65 | ||||||||||||||||||||||||
Nonresidential mortgage | 1 | 460 | 120 | ||||||||||||||||||||||||||
The Company had no loans that had been modified as troubled debt restructurings during the twelve months prior to March 31, 2014 which had subsequently defaulted during the three months ended March 31, 2014. The Company had no loans that had been modified as troubled debt restructurings during the twelve months prior to March 31, 2013 which had subsequently defaulted during the nine and three months ended March 31, 2013. | |||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||
The allowance for loan losses is established through a provision for loan losses based on management’s evaluation of the losses inherent in the loan portfolio, the composition of the loan portfolio, specific impaired loans and current economic conditions. Such evaluation, which includes a review of certain identified loans on which full collectability may not be reasonably assured, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, payment status of the loan, historical loan loss experience and other factors that warrant recognition in providing for the loan loss allowance. In addition, various regulatory agencies, as an integral part of their examination process, periodically review The Bank of Greene County’s allowance for loan losses. Such agencies may require The Bank of Greene County to recognize additions to the allowance based on their judgment about information available to them at the time of their examination. The Bank of Greene County considers residential mortgages, home equity loans and installment loans to customers as small, homogeneous loans, which are evaluated for impairment collectively based on historical loss experience. Commercial mortgage and business loans are viewed individually and considered impaired if it is probable that The Bank of Greene County will not be able to collect scheduled payments of principal and interest when due, according to the contractual terms of the loan agreements. The measurement of impaired loans is generally based on the fair value of the underlying collateral. The allowance for loan losses is increased by a provision for loan losses (which results in a charge to expense) and recoveries of loans previously charged off and is reduced by charge-offs. Generally, consumer loans and smaller business loans (not secured by real estate) in excess of 90 days are charged-off against the allowance for loan losses, unless equitable arrangements are made. For loans secured by real estate, a charge-off is recorded when it is determined that the collection of all or a portion of a loan may not be collected and the amount of that loss can be reasonably estimated. | |||||||||||||||||||||||||||||
The following tables set forth the activity and allocation of the allowance for loan losses by loan category during and at the periods indicated. The allowance is allocated to each loan category based on historical loss experience and economic conditions. | |||||||||||||||||||||||||||||
Activity for the nine months ended March 31, 2014 | |||||||||||||||||||||||||||||
(In thousands) | Balance at June | Charge-offs | Recoveries | Provision | Balance at March | ||||||||||||||||||||||||
30, 2013 | 31, 2014 | ||||||||||||||||||||||||||||
Residential mortgage | $ | 2,627 | $ | 344 | $ | 1 | $ | 456 | $ | 2,740 | |||||||||||||||||||
Nonresidential mortgage | 2,476 | 87 | - | 456 | 2,845 | ||||||||||||||||||||||||
Residential construction and land | 37 | - | - | 8 | 45 | ||||||||||||||||||||||||
Commercial construction | 392 | - | - | (330 | ) | 62 | |||||||||||||||||||||||
Multi-family | 139 | 24 | 7 | (61 | ) | 61 | |||||||||||||||||||||||
Home equity | 275 | 44 | - | 141 | 372 | ||||||||||||||||||||||||
Consumer installment | 222 | 171 | 55 | 98 | 204 | ||||||||||||||||||||||||
Commercial loans | 809 | 205 | 4 | 182 | 790 | ||||||||||||||||||||||||
Unallocated | 63 | - | - | 159 | 222 | ||||||||||||||||||||||||
Total | $ | 7,040 | $ | 875 | $ | 67 | $ | 1,109 | $ | 7,341 | |||||||||||||||||||
Activity for the three months ended March 31, 2014 | |||||||||||||||||||||||||||||
(In thousands) | Balance at | Charge-offs | Recoveries | Provision | Balance at | ||||||||||||||||||||||||
December 31, | 31-Mar-14 | ||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Residential mortgage | $ | 2,772 | $ | 62 | $ | 1 | $ | 29 | $ | 2,740 | |||||||||||||||||||
Nonresidential mortgage | 2,740 | - | - | 105 | 2,845 | ||||||||||||||||||||||||
Residential construction and land | 47 | - | - | (2 | ) | 45 | |||||||||||||||||||||||
Commercial construction | 86 | - | - | (24 | ) | 62 | |||||||||||||||||||||||
Multi-family | 107 | - | 7 | (53 | ) | 61 | |||||||||||||||||||||||
Home equity | 360 | 36 | - | 48 | 372 | ||||||||||||||||||||||||
Consumer installment | 243 | 51 | 23 | (11 | ) | 204 | |||||||||||||||||||||||
Commercial loans | 773 | - | - | 17 | 790 | ||||||||||||||||||||||||
Unallocated | 43 | - | - | 179 | 222 | ||||||||||||||||||||||||
Total | $ | 7,171 | $ | 149 | $ | 31 | $ | 288 | $ | 7,341 | |||||||||||||||||||
Allowance for Loan Losses | Loans Receivable | ||||||||||||||||||||||||||||
Ending Balance March 31, 2014 Impairment Analysis | Ending Balance March 31, 2014 Impairment Analysis | ||||||||||||||||||||||||||||
(In thousands) | Individually Evaluated | Collectively Evaluated | Individually Evaluated | Collectively Evaluated | |||||||||||||||||||||||||
Residential mortgage | $ | 580 | $ | 2,160 | $ | 3,350 | $ | 222,960 | |||||||||||||||||||||
Nonresidential mortgage | 391 | 2,454 | 3,285 | 104,719 | |||||||||||||||||||||||||
Residential construction and land | - | 45 | - | 3,229 | |||||||||||||||||||||||||
Commercial construction | - | 62 | - | 2,517 | |||||||||||||||||||||||||
Multi-family | - | 61 | - | 4,112 | |||||||||||||||||||||||||
Home equity | 87 | 285 | 200 | 20,293 | |||||||||||||||||||||||||
Consumer installment | - | 204 | - | 4,078 | |||||||||||||||||||||||||
Commercial loans | 3 | 787 | 605 | 29,659 | |||||||||||||||||||||||||
Unallocated | - | 222 | - | - | |||||||||||||||||||||||||
Total | $ | 1,061 | $ | 6,280 | $ | 7,440 | $ | 391,567 | |||||||||||||||||||||
Activity for the nine months ended March 31, 2013 | |||||||||||||||||||||||||||||
(In thousands) | Balance at June | Charge-offs | Recoveries | Provision | Balance at March | ||||||||||||||||||||||||
30, 2012 | 31, 2013 | ||||||||||||||||||||||||||||
Residential mortgage | $ | 2,163 | $ | 286 | $ | - | $ | 613 | $ | 2,490 | |||||||||||||||||||
Nonresidential mortgage | 2,076 | 139 | - | 368 | 2,305 | ||||||||||||||||||||||||
Residential construction and land | 19 | - | - | 9 | 28 | ||||||||||||||||||||||||
Commercial construction | 407 | - | - | 8 | 415 | ||||||||||||||||||||||||
Multi-family | 337 | - | - | (72 | ) | 265 | |||||||||||||||||||||||
Home equity | 187 | - | - | 90 | 277 | ||||||||||||||||||||||||
Consumer installment | 207 | 201 | 70 | 127 | 203 | ||||||||||||||||||||||||
Commercial loans | 645 | 15 | - | 144 | 774 | ||||||||||||||||||||||||
Unallocated | 136 | - | - | 29 | 165 | ||||||||||||||||||||||||
Total | $ | 6,177 | $ | 641 | $ | 70 | $ | 1,316 | $ | 6,922 | |||||||||||||||||||
Activity for the three months ended March 31, 2013 | |||||||||||||||||||||||||||||
(In thousands) | Balance at December | Charge-offs | Recoveries | Provision | Balance at March | ||||||||||||||||||||||||
31, 2012 | 31, 2013 | ||||||||||||||||||||||||||||
Residential mortgage | $ | 2,429 | $ | 13 | $ | - | $ | 74 | $ | 2,490 | |||||||||||||||||||
Nonresidential mortgage | 2,246 | 119 | - | 178 | 2,305 | ||||||||||||||||||||||||
Residential construction and land | 43 | - | - | (15 | ) | 28 | |||||||||||||||||||||||
Commercial construction | 391 | - | - | 24 | 415 | ||||||||||||||||||||||||
Multi-family | 286 | - | - | (21 | ) | 265 | |||||||||||||||||||||||
Home equity | 361 | - | - | (84 | ) | 277 | |||||||||||||||||||||||
Consumer installment | 281 | 69 | 28 | (37 | ) | 203 | |||||||||||||||||||||||
Commercial loans | 727 | - | - | 47 | 774 | ||||||||||||||||||||||||
Unallocated | - | - | - | 165 | 165 | ||||||||||||||||||||||||
Total | $ | 6,764 | $ | 201 | $ | 28 | $ | 331 | $ | 6,922 | |||||||||||||||||||
Allowance for Loan Losses | Loans Receivable | ||||||||||||||||||||||||||||
Ending Balance June 30, 2013 Impairment | Ending Balance June 30, 2013 Impairment | ||||||||||||||||||||||||||||
Analysis | Analysis | ||||||||||||||||||||||||||||
(In thousands) | Individually | Collectively | Individually | Collectively | |||||||||||||||||||||||||
Evaluated | Evaluated | Evaluated | Evaluated | ||||||||||||||||||||||||||
Residential mortgage | $ | 520 | $ | 2,107 | $ | 3,434 | $ | 209,092 | |||||||||||||||||||||
Nonresidential mortgage | 305 | 2,171 | 2,122 | 89,360 | |||||||||||||||||||||||||
Residential construction and land | - | 37 | - | 2,691 | |||||||||||||||||||||||||
Commercial construction | 331 | 61 | 1,057 | 2,466 | |||||||||||||||||||||||||
Multi-family | 16 | 123 | 463 | 5,048 | |||||||||||||||||||||||||
Home equity | - | 275 | - | 20,371 | |||||||||||||||||||||||||
Consumer installment | - | 222 | - | 4,078 | |||||||||||||||||||||||||
Commercial loans | 7 | 802 | 610 | 25,047 | |||||||||||||||||||||||||
Unallocated | - | 63 | - | - | |||||||||||||||||||||||||
Total | $ | 1,179 | $ | 5,861 | $ | 7,686 | $ | 358,153 |
Fair_Value_Measurements_and_Fa
Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments | ' | ||||||||||||||||||||
-6 | Fair Value Measurements and Fair Value of Financial Instruments | ||||||||||||||||||||
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of March 31, 2014 and June 30, 2013 and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. | |||||||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. | |||||||||||||||||||||
The FASB ASC Topic on “Fair Value Measurement” established a fair value hierarchy that prioritized the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: | |||||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. | |||||||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). | |||||||||||||||||||||
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
March | Quoted Prices | Significant | Significant | ||||||||||||||||||
In Active Markets | Other Observable | Unobservable | |||||||||||||||||||
For Identical | Inputs | Inputs | |||||||||||||||||||
Assets | |||||||||||||||||||||
(In thousands) | 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets: | |||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 12,892 | $ | - | $ | 12,892 | $ | - | |||||||||||||
State and political subdivisions | 1,346 | - | 1,346 | - | |||||||||||||||||
Mortgage-backed securities-residential | 5,480 | - | 5,480 | - | |||||||||||||||||
Mortgage-backed securities-multi-family | 26,205 | - | 26,205 | - | |||||||||||||||||
Asset-backed securities | 14 | 14 | - | - | |||||||||||||||||
Corporate debt securities | 5,182 | 5,182 | - | - | |||||||||||||||||
Equity securities | 161 | 161 | - | - | |||||||||||||||||
Securities available for sale | $ | 51,280 | $ | 5,357 | $ | 45,923 | $ | - | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
June | Quoted Prices | Significant | Significant | ||||||||||||||||||
In Active Markets | Other | Unobservable | |||||||||||||||||||
For Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||
(In thousands) | 30, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets: | |||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 12,989 | $ | - | $ | 12,989 | $ | - | |||||||||||||
State and political subdivisions | 1,858 | - | 1,858 | - | |||||||||||||||||
Mortgage-backed securities-residential | 7,533 | - | 7,533 | - | |||||||||||||||||
Mortgage-backed securities-multi-family | 41,919 | - | 41,919 | - | |||||||||||||||||
Asset-backed securities | 16 | 16 | - | - | |||||||||||||||||
Corporate debt securities | 5,176 | 5,176 | - | - | |||||||||||||||||
Equity securities | 153 | 153 | - | - | |||||||||||||||||
Securities available for sale | $ | 69,644 | $ | 5,345 | $ | 64,299 | $ | - | |||||||||||||
Certain investments that are actively traded and have quoted market prices have been classified as Level 1 valuations. Other available-for-sale investment securities have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. | |||||||||||||||||||||
In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as impaired assets, in the period in which a re-measurement at fair value is performed. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated as required by the “Receivables –Loan Impairment” subtopic of the FASB ASC when establishing the allowance for credit losses. Impaired loans are those loans for which the Company has re-measured impairment generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount may not necessarily represent the actual fair value of the loan. Real estate collateral is typically valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have generally been classified as Level 3. Estimates of fair value used for other collateral supporting commercial loans generally are based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
(In thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Impaired loans | $ | 2,942 | $ | - | $ | - | $ | 2,942 | |||||||||||||
30-Jun-13 | |||||||||||||||||||||
Impaired loans | $ | 5,460 | $ | - | $ | - | $ | 5,460 | |||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were utilized to determine fair value: | |||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Impaired Loans | $ | 2,942 | Appraisal of collateral(1) | Appraisal adjustments(2) | 0.00%-38.85 | % | 17.64 | % | |||||||||||||
Liquidation expenses(3) | 0.00%-10.00 | % | 4.95 | % | |||||||||||||||||
30-Jun-13 | |||||||||||||||||||||
Impaired Loans | $ | 5,460 | Appraisal of collateral(1) | Appraisal adjustments(2) | 4.00%-41.74 | % | 23.98 | % | |||||||||||||
Liquidation expenses(3) | 3.49%-9.52 | % | 5.86 | % | |||||||||||||||||
-1 | Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted downwards by management for qualitative factors such as economic conditions. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received or age of the appraisal. | ||||||||||||||||||||
-3 | Appraisals may be adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral. | ||||||||||||||||||||
At March 31, 2014, loans subject to nonrecurring fair value measurement had a recorded investment of $3.7 million with related allowances of $805,000. At June 30, 2013, loans subject to nonrecurring fair value measurement had a recorded investment of $6.6 million with related allowances of $1.2 million. No other financial assets or liabilities were re-measured during the year on a nonrecurring basis. | |||||||||||||||||||||
The carrying amounts reported in the statements of financial condition for cash and cash equivalents, accrued interest receivable and accrued interest payable approximate their fair values. Fair values of securities are based on quoted market prices (Level 1), where available, or matrix pricing (Level 2), which is a mathematical technique, used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. The carrying amount of Federal Home Loan Bank stock approximates fair value due to its restricted nature. Fair values for variable rate loans that reprice frequently, with no significant credit risk, are based on carrying value. Fair value for fixed rate loans are estimated using discounted cash flows and interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values disclosed for demand and savings deposits are equal to carrying amounts at the reporting date. The carrying amounts for variable rate money market deposits approximate fair values at the reporting date. Fair values for fixed rate certificates of deposit are estimated using discounted cash flows and interest rates currently being offered in the market on similar certificates. Fair value for Federal Home Loan Bank long term borrowings are estimated using discounted cash flows and interest rates currently being offered on similar borrowings. The carrying value of short-term Federal Home Loan Bank borrowings approximates its fair value. | |||||||||||||||||||||
The fair value of commitments to extend credit is estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the credit-worthiness of the potential borrowers. At March 31, 2014 and June 30, 2013, the estimated fair values of these off-balance sheet financial instruments were immaterial, and are therefore excluded from the table below. | |||||||||||||||||||||
The carrying amounts and estimated fair value of financial instruments are as follows: | |||||||||||||||||||||
(In thousands) | 31-Mar-14 | Fair Value Measurements Using | |||||||||||||||||||
Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Cash and cash equivalents | $ | 55,599 | $ | 55,599 | $ | 55,599 | $ | - | $ | - | |||||||||||
Long term certificate of deposit | 250 | 250 | 250 | - | - | ||||||||||||||||
Securities available for sale | 51,280 | 51,280 | 5,357 | 45,923 | - | ||||||||||||||||
Securities held to maturity | 177,089 | 176,303 | - | 176,303 | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,383 | 1,383 | - | 1,383 | - | ||||||||||||||||
Net loans | 392,480 | 398,252 | - | - | 398,252 | ||||||||||||||||
Accrued interest receivable | 2,967 | 2,967 | - | 2,967 | - | ||||||||||||||||
Deposits | 621,238 | 621,365 | - | 621,365 | - | ||||||||||||||||
Federal Home Loan Bank borrowings | 14,500 | 14,157 | - | 14,157 | - | ||||||||||||||||
Accrued interest payable | 66 | 66 | - | 66 | - | ||||||||||||||||
(In thousands) | 30-Jun-13 | Fair Value Measurements Using | |||||||||||||||||||
Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Cash and cash equivalents | $ | 6,222 | $ | 6,222 | $ | 6,222 | $ | - | $ | - | |||||||||||
Long term certificate of deposit | 250 | 250 | 250 | - | - | ||||||||||||||||
Securities available for sale | 69,644 | 69,644 | 5,345 | 64,299 | - | ||||||||||||||||
Securities held to maturity | 176,519 | 177,660 | - | 177,660 | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,388 | 1,388 | - | 1,388 | - | ||||||||||||||||
Net loans | 359,426 | 367,377 | - | - | 367,377 | ||||||||||||||||
Accrued interest receivable | 2,663 | 2,663 | - | 2,663 | - | ||||||||||||||||
Deposits | 558,439 | 558,517 | - | 558,517 | - | ||||||||||||||||
Federal Home Loan Bank borrowings | 14,600 | 14,378 | - | 14,378 | - | ||||||||||||||||
Accrued interest payable | 55 | 55 | - | 55 | - |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
-7 | Earnings Per Share | ||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. There were no anti-dilutive securities or contracts outstanding during the nine and three months ended March 31, 2014 and 2013. | |||||||||||||
Net Income | Weighted Average Number Of | Earnings per Share | |||||||||||
Shares Outstanding | |||||||||||||
Nine months ended March 31, 2014 | $ | 4,975,000 | |||||||||||
Basic | 4,203,350 | $ | 1.18 | ||||||||||
Effect of dilutive stock options | 36,307 | (0.01 | ) | ||||||||||
Diluted | 4,239,657 | $ | 1.17 | ||||||||||
Nine months ended March 31, 2013 | $ | 4,970,000 | |||||||||||
Basic | 4,185,707 | $ | 1.19 | ||||||||||
Effect of dilutive stock options | 39,107 | (0.01 | ) | ||||||||||
Diluted | 4,224,814 | $ | 1.18 | ||||||||||
Three months ended March 31, 2014 | $ | 1,496,000 | |||||||||||
Basic | 4,211,531 | $ | 0.36 | ||||||||||
Effect of dilutive stock options | 31,867 | (0.01 | ) | ||||||||||
Diluted | 4,243,398 | $ | 0.35 | ||||||||||
Three months ended March 31, 2013 | $ | 1,537,000 | |||||||||||
Basic | 4,187,671 | $ | 0.37 | ||||||||||
Effect of dilutive stock options | 39,495 | (0.01 | ) | ||||||||||
Diluted | 4,227,166 | $ | 0.36 | ||||||||||
Dividends
Dividends | 9 Months Ended | |
Mar. 31, 2014 | ||
Dividends [Abstract] | ' | |
Dividends | ' | |
-8 | Dividends | |
On January 21, 2014, the Board of Directors declared a cash dividend for the quarter ended December 31, 2013 of $0.175 per share. The dividend, which reflected an annual cash dividend rate of $0.70 cents per share, was unchanged from the dividend declared during the previous quarter. The dividend was payable to stockholders of record as of February 14, 2014, and was paid on February 28, 2014. Historically, Greene County Bancorp, MHC has waived its right to receive dividends declared on its shares of the Company’s common stock. As a result of the Dodd-Frank Act, the Federal Reserve Board adopted interim final regulations that imposed significant conditions and restrictions on the ability of mutual holding companies to waive the receipt of dividends from their subsidiaries. Consequently, the MHC could not waive its right to receive dividends for the quarters ended September 30, 2012 and December 31, 2012. The Federal Reserve Board requires that the MHC obtain approval of its members and receive the non-objection of the Federal Reserve Board to continue to waive dividends for the twelve months subsequent to the approval. The approval to waive the dividend was obtained from the members of the MHC at the special meeting of members held on February 19, 2013, and the non-objection of the Federal Reserve Board for such dividend waiver was also received. Accordingly, dividends were waived to Greene County Bancorp, MHC on all subsequent declaration dates through February 19, 2014. | ||
A special meeting of members of the MHC was held on February 18, 2014 to vote on a proposal for the MHC to continue to waive its right to receive annual dividends declared by Greene County Bancorp, Inc. for the 12 months subsequent to the approval of this proposal. This proposal was approved at the special meeting, and the MHC has received the Federal Reserve Board’s non-objection to the dividend waiver through February 18, 2015. Greene County Bancorp, MHC’s ability to waive dividends beyond this date cannot be reasonably determined at this time. |
Impact_of_Recent_Accounting_Pr
Impact of Recent Accounting Pronouncements | 9 Months Ended | |
Mar. 31, 2014 | ||
Impact of Recent Accounting Pronouncements [Abstract] | ' | |
Impact of Recent Accounting Pronouncements | ' | |
-9 | Impact of Recent Accounting Pronouncements | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued an amendment to its guidance on “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”. This Update has been issued to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The adoption of these amendments is not expected to have an effect on our consolidated results of operations or financial position. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Employee Benefit Plan [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
-10 | Employee Benefit Plans | ||||||||||||||||
Defined Benefit Plan | |||||||||||||||||
The components of net periodic pension cost related to the defined benefit pension plan for the nine and three months ended March 31, 2014 and 2013 were as follows: | |||||||||||||||||
Nine months ended | Three months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 168 | $ | 134 | $ | 56 | $ | 45 | |||||||||
Expected return on plan assets | (237 | ) | (153 | ) | (79 | ) | (51 | ) | |||||||||
Amortization of net loss | 69 | 57 | 23 | 19 | |||||||||||||
Net periodic pension cost | $ | - | $ | 38 | $ | - | $ | 13 | |||||||||
The Company does not anticipate that it will make any additional contributions to the defined benefit pension plan during the fiscal year 2014. | |||||||||||||||||
SERP | |||||||||||||||||
The Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the “SERP Plan”), effective as of July 1, 2010. The SERP Plan benefits certain key senior executives of the Bank who are selected by the Board to participate. | |||||||||||||||||
The SERP Plan provides a benefit to the participating executives from the Bank upon retirement, death or disability or voluntary or involuntary termination of service (other than “for cause”). Accordingly, the SERP Plan obligates the Bank to make a contribution to each executive’s account on the first business day of each July and permits each executive to defer up to 50% of his or her base salary and 100% of his or her annual bonus to the SERP Plan, subject to the requirements of Section 409A of the Internal Revenue Code (“Code”). In addition, the Bank may, but is not required to, make additional discretionary contributions to the executives’ accounts from time to time. An executive becomes vested in the Bank’s contributions after 10 calendar years of service following the effective date of the SERP Plan, and is fully vested immediately for all deferral of salary and bonus. However, the Executive will vest in the present value of his or her account in the event of death, disability or a change in control of the Bank or the Company. In the event the executive is terminated involuntarily or resigns for good reason following a change in control, the present value of all remaining Bank contributions is accelerated and paid to the executive’s account, subject to potential reduction to avoid an excess parachute payment under Code Section 280G. In the event of the executive’s death, disability or termination within two years after a change in control, executive’s account will be paid in a lump sum to the executive or his beneficiary, as applicable. In the event executive is entitled to a benefit from the SERP Plan due to retirement or other termination of employment, the benefit will be paid in 10 annual installments. | |||||||||||||||||
The net periodic pension costs related to the SERP Plan for the nine and three months ended March 31, 2014 were $88,000 and $30,000, respectively, consisting primarily of service costs and interest costs. The net periodic pension costs related to the SERP Plan for the nine and three months ended March 31, 2013 were $71,000 and $24,000, respectively, consisting primarily of service costs and interest costs. The total liability for the SERP Plan was $802,000 and $595,200 as of March 31, 2014 and June 30, 2013, respectively. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
-11 | Stock-Based Compensation | ||||||||||||||||
At March 31, 2014, Greene County Bancorp, Inc. had two stock-based compensation plans, which are described more fully in Note 10 of the consolidated financial statements and notes thereto for the fiscal year ended June 30, 2013. | |||||||||||||||||
Stock Option Plan | |||||||||||||||||
At March 31, 2014 and 2013, all granted shares related to the 2008 Option Plan were fully vested, with no remaining compensation cost to be recognized. | |||||||||||||||||
A summary of the Company’s stock option activity and related information for its option plan for the nine months ended March 31, 2014 and 2013 is as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Shares | Per Share | Shares | Per Share | ||||||||||||||
Outstanding at beginning of year | 87,400 | $ | 12.5 | 103,700 | $ | 12.5 | |||||||||||
Exercised | (27,965 | ) | $ | 12.5 | (9,000 | ) | $ | 12.5 | |||||||||
Outstanding at period end | 59,435 | $ | 12.5 | 94,700 | $ | 12.5 | |||||||||||
Exercisable at period end | 59,435 | $ | 12.5 | 94,700 | $ | 12.5 | |||||||||||
The following table presents stock options outstanding and exercisable at March 31, 2014: | |||||||||||||||||
Options Outstanding and Exercisable | |||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | ||||||||||||||
$ | 12.5 | 59,435 | 4.5 | $ | 12.5 | ||||||||||||
The total intrinsic value of the options exercised during the nine and three months ended March 31, 2014 was approximately $378,000 and $71,000, respectively. The total intrinsic value of the options exercised during the nine and three months ended March 31, 2013 was approximately $66,000 and $47,000, respectively. There were no stock options granted during the nine or three months ended March 31, 2014 or 2013. All outstanding options were fully vested at March 31, 2014 or 2013. | |||||||||||||||||
Phantom Stock Option Plan and Long-term Incentive Plan | |||||||||||||||||
The Greene County Bancorp, Inc. 2011 Phantom Stock Option and Long-Term Incentive Plan (the “Plan”) was adopted effective July 1, 2011, to promote the long-term financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company’s shareholders. The Plan is intended to provide benefits to employees and directors of the Company or any subsidiary as designated by the Compensation Committee of the Board of Directors of the Company (“Committee”). A total of 900,000 phantom stock options are available for awards under the Plan. A phantom stock option represents the right to receive a cash payment on the date the award vests. The participant receives an amount equal to the positive difference between the strike price on the grant date and the book value of a share of the Company stock on the determination date, which is the last day of the plan year that is the end of the third plan year after the grant date of the award, unless otherwise specified by the Committee. The strike price will be the price established by the Committee, which will not be less than 100% of the book value of a share on a specified date, as determined under generally accepted accounting principles (GAAP) as of the last day of the quarter ending on or immediately preceding the valuation date with adjustments made, in the sole discretion of the Committee, to exclude accumulated other comprehensive income (loss). During the nine months ended March 31, 2014 and 2013, phantom stock options totaling 227,330 and 243,473, respectively, were awarded under the Plan. The Company recognized $546,800 and $106,800 in compensation costs related to the Plan during the nine months ended March 31, 2014 and 2013, respectively. The Company recognized $207,000 and $0 in compensation costs related to the Plan during the three months ended March 31, 2014 and 2013, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||
-12 | Accumulated Other Comprehensive Loss | ||||||||
The components of accumulated other comprehensive loss as of March 31, 2014 and June 30, 2013 are presented in the following table: | |||||||||
(In thousands) | |||||||||
31-Mar-14 | 30-Jun-13 | ||||||||
Unrealized gain on available for sale securities, net of tax | $ | 287 | $ | 441 | |||||
Unrealized loss on securities transferred to held to maturity, net of tax | (346 | ) | (15 | ) | |||||
Net losses and past service liability for defined benefit plan, net of tax | (1,176 | ) | (1,176 | ) | |||||
Accumulated other comprehensive loss | $ | (1,235 | ) | $ | (750 | ) |
Subsequent_events
Subsequent events | 9 Months Ended | |
Mar. 31, 2014 | ||
Subsequent events [Abstract] | ' | |
Subsequent events | ' | |
-13 | Subsequent events | |
In addition to the dividend discussed in Note 8, on April 15, 2014, the Board of Directors declared a cash dividend for the quarter ended March 31, 2014 of $0.175 per share. The dividend reflects an annual cash dividend rate of $0.70 per share, which was the same as the dividend declared during the previous quarter. The dividend will be payable to stockholders of record as of May 15, 2014, and will be paid on May 30, 2014. Historically, the MHC has waived its right to receive dividends declared on its shares of the Company’s common stock. The MHC intends to waive its receipt of the dividend payable on May 30, 2014. See Note 8 Dividends for further discussion regarding the MHC waiver of dividends. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2013, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items) necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. Amounts in the prior year’s consolidated financial statements have been reclassified whenever necessary to conform to the current year’s presentation. These reclassifications, if any, had no effect on net income or retained earnings as previously reported. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations, and other data, for the nine and three months ended March 31, 2014 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2014. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. | |
Allowance for Loan Losses | ' |
Greene County Bancorp, Inc.’s critical accounting policies relate to the allowance for loan losses and the evaluation of securities for other-than-temporary impairment. The allowance for loan losses is based on management’s estimation of an amount that is intended to absorb losses in the existing loan portfolio. The allowance for loan losses is established through a provision for loan losses based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, specific impaired loans and current economic conditions. Such evaluation, which includes a review of all loans for which full collectibility may not be reasonably assured, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for the allowance of loan losses. However, this evaluation involves a high degree of complexity and requires management to make subjective judgments that often require assumptions or estimates about highly uncertain matters. This critical accounting policy and its application are periodically reviewed with the Audit Committee and the Board of Directors. | |
Securities | ' |
Securities are evaluated for other-than-temporary impairment by performing periodic reviews of individual securities in the investment portfolio. Greene County Bancorp, Inc. makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security on which there is an unrealized loss is impaired on an other-than-temporary basis. The Company considers many factors, including the severity and duration of the impairment; the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, intent to sell the security, the likelihood to be required to sell the security before it recovers the entire amortized cost, external credit ratings and recent downgrades. The Company is required to record other-than-temporary impairment charges through earnings, if it has the intent to sell, or will more likely than not be required to sell an impaired debt security before a recovery of its amortized cost basis. In addition, the Company is required to record other-than-temporary impairment charges through earnings for the amount of credit losses, regardless of the intent or requirement to sell. Credit loss is measured as the difference between the present value of an impaired debt security’s cash flows and its amortized cost basis. Noncredit-related OTTI is measured as the difference between the fair value of the security and its amortized cost less any credit-related losses recognized. Non-credit related impairment must be recorded as decreases to accumulated other comprehensive income as long as the Company has no intent or requirement to sell an impaired security before a recovery of amortized cost basis. |
Use_of_Estimates_Policies
Use of Estimates (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Use of Estimates [Abstract] | ' |
Use of Estimates | ' |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the assessment of other-than-temporary security impairment. | |
While management uses available information to recognize losses on loans, future additions to the allowance for loan losses (the “Allowance”) may be necessary, based on changes in economic conditions, asset quality or other factors. In addition, various regulatory authorities, as an integral part of their examination process, periodically review the Allowance. Such authorities may require the Company to recognize additions to the Allowance based on their judgments of information available to them at the time of their examination. | |
Impaired Financing Receivable | ' |
Greene County Bancorp, Inc. makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security on which there is an unrealized loss is impaired and impairment is other-than-temporary. The Company considers many factors including the severity and duration of the impairment; the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, intent to sell the security, whether it is more likely than not we will be required to sell the security before recovery, whether loss of the entire amortized cost is expected, external credit ratings and recent downgrades. Securities on which there is an unrealized loss that is deemed to be other-than-temporary are written down to fair value. |
Securities_Policies
Securities (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Securities [Abstract] | ' |
Federal Home Loan Bank Stock | ' |
Federal Home Loan Bank Stock | |
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is carried at cost. FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. Impairment of this investment is evaluated quarterly and is a matter of judgment that reflects management’s view of the FHLB’s long-term performance, which includes factors such as the following: its operating performance; the severity and duration of declines in the fair value of its net assets related to its capital stock amount; its commitment to make payments required by law or regulation and the level of such payments in relation to its operating performance; the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of the FHLB; and its liquidity and funding position. After evaluating these considerations, Greene County Bancorp, Inc. concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no other-than-temporary impairment charge was recorded during the nine and three months ended March 31, 2014 or 2013. |
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments | ' | ||||||||||||||||||||||||
Securities at March 31, 2014 consisted of the following: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized | Gross Unrealized | Estimated Fair | |||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 12,666 | $ | 226 | $ | - | $ | 12,892 | |||||||||||||||||
State and political subdivisions | 1,327 | 24 | 5 | 1,346 | |||||||||||||||||||||
Mortgage-backed securities-residential | 5,293 | 187 | - | 5,480 | |||||||||||||||||||||
Mortgage-backed securities-multi-family | 26,633 | 154 | 582 | 26,205 | |||||||||||||||||||||
Asset-backed securities | 15 | - | 1 | 14 | |||||||||||||||||||||
Corporate debt securities | 4,815 | 390 | 23 | 5,182 | |||||||||||||||||||||
Total debt securities | 50,749 | 981 | 611 | 51,119 | |||||||||||||||||||||
Equity securities | 62 | 99 | - | 161 | |||||||||||||||||||||
Total securities available for sale | 50,811 | 1,080 | 611 | 51,280 | |||||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | 3,000 | 3 | 115 | 2,888 | |||||||||||||||||||||
State and political subdivisions | 84,421 | 611 | 395 | 84,637 | |||||||||||||||||||||
Mortgage-backed securities-residential | 23,948 | 1,127 | - | 25,075 | |||||||||||||||||||||
Mortgage-backed securities-multi-family | 64,742 | 696 | 2,682 | 62,756 | |||||||||||||||||||||
Other securities | 978 | - | 31 | 947 | |||||||||||||||||||||
Total securities held to maturity | 177,089 | 2,437 | 3,223 | 176,303 | |||||||||||||||||||||
Total securities | $ | 227,900 | $ | 3,517 | $ | 3,834 | $ | 227,583 | |||||||||||||||||
Securities at June 30, 2013 consisted of the following: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized | Gross Unrealized | Estimated Fair | |||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 12,729 | $ | 260 | $ | - | $ | 12,989 | |||||||||||||||||
State and political subdivisions | 1,849 | 29 | 20 | 1,858 | |||||||||||||||||||||
Mortgage-backed securities-residential | 7,340 | 193 | - | 7,533 | |||||||||||||||||||||
Mortgage-backed securities-multi-family | 42,096 | 289 | 466 | 41,919 | |||||||||||||||||||||
Asset-backed securities | 17 | - | 1 | 16 | |||||||||||||||||||||
Corporate debt securities | 4,827 | 380 | 31 | 5,176 | |||||||||||||||||||||
Total debt securities | 68,858 | 1,151 | 518 | 69,491 | |||||||||||||||||||||
Equity securities | 68 | 85 | - | 153 | |||||||||||||||||||||
Total securities available for sale | 68,926 | 1,236 | 518 | 69,644 | |||||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. treasury securities | 5,500 | 17 | - | 5,517 | |||||||||||||||||||||
U.S. government sponsored enterprises | 2,999 | 16 | 113 | 2,902 | |||||||||||||||||||||
State and political subdivisions | 82,801 | 362 | 755 | 82,408 | |||||||||||||||||||||
Mortgage-backed securities-residential | 29,077 | 1,515 | 9 | 30,583 | |||||||||||||||||||||
Mortgage-backed securities-multi-family | 55,086 | 1,236 | 1,093 | 55,229 | |||||||||||||||||||||
Other securities | 1,056 | - | 35 | 1,021 | |||||||||||||||||||||
Total securities held to maturity | 176,519 | 3,146 | 2,005 | 177,660 | |||||||||||||||||||||
Total securities | $ | 245,445 | $ | 4,382 | $ | 2,523 | $ | 247,304 | |||||||||||||||||
Continuous Unrealized Loss Position, Fair Value | ' | ||||||||||||||||||||||||
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2014. | |||||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
State and political subdivisions | $ | 803 | $ | 5 | $ | - | $ | - | $ | 803 | $ | 5 | |||||||||||||
Mortgage-backed securities-multi-family | 21,358 | 520 | 963 | 62 | 22,321 | 582 | |||||||||||||||||||
Asset-backed securities | - | - | 14 | 1 | 14 | 1 | |||||||||||||||||||
Corporate debt securities | 761 | 23 | - | - | 761 | 23 | |||||||||||||||||||
Total securities available for sale | 22,922 | 548 | 977 | 63 | 23,899 | 611 | |||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | 1,885 | 115 | - | - | 1,885 | 115 | |||||||||||||||||||
State and political subdivisions | 14,310 | 390 | 64 | 5 | 14,374 | 395 | |||||||||||||||||||
Mortgage-backed securities-multi-family | 31,952 | 1,842 | 9,377 | 840 | 41,329 | 2,682 | |||||||||||||||||||
Other securities | 443 | 25 | 81 | 6 | 524 | 31 | |||||||||||||||||||
Total securities held to maturity | 48,590 | 2,372 | 9,522 | 851 | 58,112 | 3,223 | |||||||||||||||||||
Total securities | $ | 71,512 | $ | 2,920 | $ | 10,499 | $ | 914 | $ | 82,011 | $ | 3,834 | |||||||||||||
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2013. | |||||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
State and political subdivisions | $ | 791 | $ | 20 | $ | - | $ | - | $ | 791 | $ | 20 | |||||||||||||
Mortgage-backed securities-multi-family | 33,298 | 466 | - | - | 33,298 | 466 | |||||||||||||||||||
Asset-backed securities | - | - | 16 | 1 | 16 | 1 | |||||||||||||||||||
Corporate debt securities | 758 | 31 | - | - | 758 | 31 | |||||||||||||||||||
Total securities available for sale | 34,847 | 517 | 16 | 1 | 34,863 | 518 | |||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. government sponsored enterprises | 1,887 | 113 | - | - | 1,887 | 113 | |||||||||||||||||||
State and political subdivisions | 28,597 | 745 | 1,597 | 10 | 30,194 | 755 | |||||||||||||||||||
Mortgage-backed securities-residential | 1,228 | 9 | - | - | 1,228 | 9 | |||||||||||||||||||
Mortgage-backed securities-multi-family | 33,044 | 1,093 | - | - | 33,044 | 1,093 | |||||||||||||||||||
Other securities | 753 | 35 | - | - | 753 | 35 | |||||||||||||||||||
Total securities held to maturity | 65,509 | 1,995 | 1,597 | 10 | 67,106 | 2,005 | |||||||||||||||||||
Total securities | $ | 100,356 | $ | 2,512 | $ | 1,613 | $ | 11 | $ | 101,969 | $ | 2,523 | |||||||||||||
Investments Classified by Contractual Maturity Date | ' | ||||||||||||||||||||||||
The estimated fair values of debt securities at March 31, 2014, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale debt securities | Amortized Cost | Fair Value | |||||||||||||||||||||||
Within one year | $ | 5,278 | $ | 5,309 | |||||||||||||||||||||
After one year through five years | 8,615 | 9,050 | |||||||||||||||||||||||
After five years through ten years | 4,915 | 5,061 | |||||||||||||||||||||||
After ten years | - | - | |||||||||||||||||||||||
Total available for sale debt securities | 18,808 | 19,420 | |||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 31,941 | 31,699 | |||||||||||||||||||||||
Equity securities | 62 | 161 | |||||||||||||||||||||||
Total available for sale securities | 50,811 | 51,280 | |||||||||||||||||||||||
Held to maturity debt securities | |||||||||||||||||||||||||
Within one year | 19,440 | 19,464 | |||||||||||||||||||||||
After one year through five years | 30,528 | 30,874 | |||||||||||||||||||||||
After five years through ten years | 25,655 | 25,545 | |||||||||||||||||||||||
After ten years | 12,776 | 12,589 | |||||||||||||||||||||||
Total held to maturity debt securities | 88,399 | 88,472 | |||||||||||||||||||||||
Mortgage-backed | 88,690 | 87,831 | |||||||||||||||||||||||
Total held to maturity securities | 177,089 | 176,303 | |||||||||||||||||||||||
Total securities | $ | 227,900 | $ | 227,583 |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Loan Balances by Internal Credit Quality Indicator | ' | ||||||||||||||||||||||||||||
Loan balances by internal credit quality indicator as of March 31, 2014 are shown below. | |||||||||||||||||||||||||||||
(In thousands) | Performing | Watch | Special Mention | Substandard | Total | ||||||||||||||||||||||||
Residential mortgage | $ | 221,735 | $ | 128 | $ | 298 | $ | 4,149 | $ | 226,310 | |||||||||||||||||||
Nonresidential mortgage | 102,830 | - | 3,240 | 1,934 | 108,004 | ||||||||||||||||||||||||
Residential construction and land | 3,229 | - | - | - | 3,229 | ||||||||||||||||||||||||
Commercial construction | 2,517 | - | - | - | 2,517 | ||||||||||||||||||||||||
Multi-family | 3,998 | - | - | 114 | 4,112 | ||||||||||||||||||||||||
Home equity | 20,154 | - | - | 339 | 20,493 | ||||||||||||||||||||||||
Consumer installment | 4,075 | - | - | 3 | 4,078 | ||||||||||||||||||||||||
Commercial loans | 28,975 | - | 583 | 706 | 30,264 | ||||||||||||||||||||||||
Total gross loans | $ | 387,513 | $ | 128 | $ | 4,121 | $ | 7,245 | $ | 399,007 | |||||||||||||||||||
Loan balances by internal credit quality indicator as of June 30, 2013 are shown below. | |||||||||||||||||||||||||||||
(In thousands) | Performing | Watch | Special Mention | Substandard | Total | ||||||||||||||||||||||||
Residential mortgage | $ | 207,606 | $ | 294 | $ | 302 | $ | 4,324 | $ | 212,526 | |||||||||||||||||||
Nonresidential mortgage | 87,509 | - | 2,197 | 1,776 | 91,482 | ||||||||||||||||||||||||
Residential construction and land | 2,691 | - | - | - | 2,691 | ||||||||||||||||||||||||
Commercial construction | 2,466 | - | - | 1,057 | 3,523 | ||||||||||||||||||||||||
Multi-family | 4,785 | - | - | 726 | 5,511 | ||||||||||||||||||||||||
Home equity | 20,099 | 221 | 23 | 28 | 20,371 | ||||||||||||||||||||||||
Consumer installment | 4,073 | 5 | - | - | 4,078 | ||||||||||||||||||||||||
Commercial loans | 24,454 | - | 516 | 687 | 25,657 | ||||||||||||||||||||||||
Total gross loans | $ | 353,683 | $ | 520 | $ | 3,038 | $ | 8,598 | $ | 365,839 | |||||||||||||||||||
Delinquent and Nonaccrual Loans By Past Due Status | ' | ||||||||||||||||||||||||||||
The following table sets forth information regarding delinquent and/or nonaccrual loans as of March 31, 2014: | |||||||||||||||||||||||||||||
(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 mortgage | $ | 174 | $ | 744 | $ | 2,433 | $ | 3,351 | $ | 222,959 | $ | 226,310 | $ | 3,319 | |||||||||||||||
Nonresidential mortgage | 1,724 | 785 | 1,062 | 3,571 | 104,433 | 108,004 | 1,937 | ||||||||||||||||||||||
Residential construction and land | - | - | - | - | 3,229 | 3,229 | - | ||||||||||||||||||||||
Commercial construction | - | - | - | - | 2,517 | 2,517 | - | ||||||||||||||||||||||
Multi-family | - | - | - | - | 4,112 | 4,112 | - | ||||||||||||||||||||||
Home equity | 52 | 96 | 221 | 369 | 20,124 | 20,493 | 243 | ||||||||||||||||||||||
Consumer installment | 44 | 2 | 1 | 47 | 4,031 | 4,078 | 1 | ||||||||||||||||||||||
Commercial loans | 150 | 605 | 204 | 959 | 29,305 | 30,264 | 311 | ||||||||||||||||||||||
Total gross loans | $ | 2,144 | $ | 2,232 | $ | 3,921 | $ | 8,297 | $ | 390,710 | $ | 399,007 | $ | 5,811 | |||||||||||||||
The following table sets forth information regarding delinquent and/or nonaccrual loans as of June 30, 2013: | |||||||||||||||||||||||||||||
(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 mortgage | $ | 1,255 | $ | 165 | $ | 3,875 | $ | 5,295 | $ | 207,231 | $ | 212,526 | $ | 3,599 | |||||||||||||||
Nonresidential mortgage | 215 | 978 | 1,655 | 2,848 | 88,634 | 91,482 | 2,018 | ||||||||||||||||||||||
Residential construction and land | 38 | - | - | 38 | 2,653 | 2,691 | - | ||||||||||||||||||||||
Commercial construction | - | - | - | - | 3,523 | 3,523 | - | ||||||||||||||||||||||
Multi-family | 144 | - | 463 | 607 | 4,904 | 5,511 | 463 | ||||||||||||||||||||||
Home equity | 269 | 221 | 28 | 518 | 19,853 | 20,371 | 51 | ||||||||||||||||||||||
Consumer installment | 34 | 5 | - | 39 | 4,039 | 4,078 | - | ||||||||||||||||||||||
Commercial loans | 530 | 78 | 82 | 690 | 24,967 | 25,657 | 195 | ||||||||||||||||||||||
Total gross loans | $ | 2,485 | $ | 1,447 | $ | 6,103 | $ | 10,035 | $ | 355,804 | $ | 365,839 | $ | 6,326 | |||||||||||||||
Nonaccrual Loans, Interest Income Data | ' | ||||||||||||||||||||||||||||
The table below details additional information related to nonaccrual loans for the nine and three months ended March 31: | |||||||||||||||||||||||||||||
For the nine months ended | For the three months ended | ||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Interest income that would have been recorded if loans had been performing in accordance with original terms | $ | 389 | $ | 398 | $ | 181 | $ | 123 | |||||||||||||||||||||
Interest income that was recorded on nonaccrual loans | 92 | 180 | 28 | 54 | |||||||||||||||||||||||||
Impaired Loans By Loan Portfolio Class | ' | ||||||||||||||||||||||||||||
The tables below detail additional information on impaired loans at the date or periods indicated: | |||||||||||||||||||||||||||||
As of March 31, 2014 | For the nine months ended | For the three months ended | |||||||||||||||||||||||||||
31-Mar-14 | 31-Mar-14 | ||||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential mortgage | $ | 284 | $ | 284 | $ | - | $ | 355 | $ | 7 | $ | 267 | $ | 6 | |||||||||||||||
Nonresidential mortgage | 464 | 464 | - | 537 | 23 | 513 | 6 | ||||||||||||||||||||||
748 | 748 | - | 892 | 30 | 780 | 12 | |||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential mortgage | 3,066 | 3,085 | 580 | 3,025 | 45 | 2,876 | 15 | ||||||||||||||||||||||
Nonresidential mortgage | 2,821 | 3,002 | 391 | 2,243 | 37 | 2,775 | 17 | ||||||||||||||||||||||
Commercial construction | - | - | - | 467 | 17 | - | - | ||||||||||||||||||||||
Multi-family | - | - | - | 257 | - | - | - | ||||||||||||||||||||||
Home equity | 200 | 200 | 87 | 133 | - | 200 | - | ||||||||||||||||||||||
Commercial loans | 605 | 605 | 3 | 607 | 27 | 605 | 7 | ||||||||||||||||||||||
6,692 | 6,892 | 1,061 | 6,732 | 126 | 6,456 | 39 | |||||||||||||||||||||||
Total impaired: | |||||||||||||||||||||||||||||
Residential mortgage | 3,350 | 3,369 | 580 | 3,380 | 52 | 3,143 | 21 | ||||||||||||||||||||||
Nonresidential mortgage | 3,285 | 3,466 | 391 | 2,780 | 60 | 3,288 | 23 | ||||||||||||||||||||||
Commercial construction | - | - | - | 467 | 17 | - | - | ||||||||||||||||||||||
Multi-family | - | - | - | 257 | - | - | - | ||||||||||||||||||||||
Home equity | 200 | 200 | 87 | 133 | - | 200 | - | ||||||||||||||||||||||
Commercial loans | 605 | 605 | 3 | 607 | 27 | 605 | 7 | ||||||||||||||||||||||
$ | 7,440 | $ | 7,640 | $ | 1,061 | $ | 7,624 | $ | 156 | $ | 7,236 | $ | 51 | ||||||||||||||||
As of June 30, 2013 | For the nine months ended | For the three months ended | |||||||||||||||||||||||||||
31-Mar-13 | March 31, 2013 | ||||||||||||||||||||||||||||
(In thousands) | Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | |||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Residential mortgage | $ | 852 | $ | 852 | $ | - | $ | 123 | $ | 14 | $ | 215 | $ | 3 | |||||||||||||||
Nonresidential mortgage | 783 | 783 | - | 1,265 | 64 | 1,260 | 17 | ||||||||||||||||||||||
Commercial loans | - | - | - | 108 | 13 | 77 | 3 | ||||||||||||||||||||||
1,635 | 1,635 | - | 1,496 | 91 | 1,552 | 23 | |||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||
Residential mortgage | 2,582 | 2,632 | 520 | 2,552 | 55 | 2,651 | 17 | ||||||||||||||||||||||
Nonresidential mortgage | 1,339 | 1,339 | 305 | 1,015 | 22 | 1,085 | 14 | ||||||||||||||||||||||
Commercial construction | 1,057 | 1,057 | 331 | 1,068 | 35 | 1,063 | 7 | ||||||||||||||||||||||
Multi-family | 463 | 463 | 16 | 885 | 22 | 886 | 6 | ||||||||||||||||||||||
Home equity | - | - | - | 257 | 4 | - | - | ||||||||||||||||||||||
Commercial loans | 610 | 610 | 7 | 572 | 29 | 571 | 9 | ||||||||||||||||||||||
6,051 | 6,101 | 1,179 | 6,349 | 167 | 6,256 | 53 | |||||||||||||||||||||||
Total impaired: | `` | ||||||||||||||||||||||||||||
Residential mortgage | 3,434 | 3,484 | 520 | 2,675 | 69 | 2,866 | 20 | ||||||||||||||||||||||
Nonresidential mortgage | 2,122 | 2,122 | 305 | 2,280 | 86 | 2,345 | 31 | ||||||||||||||||||||||
Commercial construction | 1,057 | 1,057 | 331 | 1,068 | 35 | 1,063 | 7 | ||||||||||||||||||||||
Multi-family | 463 | 463 | 16 | 885 | 22 | 886 | 6 | ||||||||||||||||||||||
Home equity | - | - | - | 257 | 4 | - | - | ||||||||||||||||||||||
Commercial loans | 610 | 610 | 7 | 680 | 42 | 648 | 12 | ||||||||||||||||||||||
$ | 7,686 | $ | 7,736 | $ | 1,179 | $ | 7,845 | $ | 258 | $ | 7,808 | $ | 76 | ||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | ||||||||||||||||||||||||||||
The table below details loans that have been modified as a troubled debt restructuring during the nine and three month periods ended March 31, 2014 and 2013. | |||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre-Modification | Post-Modification | Current Outstanding | |||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Recorded Investment | ||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||
Nine months ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential mortgage | 2 | $ | 367 | $ | 367 | $ | 361 | ||||||||||||||||||||||
Nonresidential mortgage | 5 | 1,789 | 1,848 | 1,837 | |||||||||||||||||||||||||
Nine months ended March 31, 2013 | |||||||||||||||||||||||||||||
Residential mortgage | 1 | 246 | 261 | 261 | |||||||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||||||
Nonresidential mortgage | 2 | $ | 142 | $ | 160 | $ | 159 | ||||||||||||||||||||||
Three months ended March 31, 2013 | |||||||||||||||||||||||||||||
Residential mortgage | - | - | - | - | |||||||||||||||||||||||||
Troubled Debt Restructurings, Subsequently Defaulted | ' | ||||||||||||||||||||||||||||
The table below details loans that have been modified as troubled debt restructurings during the previous twelve months which have subsequently defaulted during the nine months ended March 31, 2014: | |||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Contracts | Recorded Investment | Allowance for | ||||||||||||||||||||||||||
Loan Loss | |||||||||||||||||||||||||||||
Nine months ended March 31, 2014 | |||||||||||||||||||||||||||||
Residential mortgage | 2 | $ | 284 | $ | 65 | ||||||||||||||||||||||||
Nonresidential mortgage | 1 | 460 | 120 | ||||||||||||||||||||||||||
Activity and Allocation of Allowance For Loan Losses | ' | ||||||||||||||||||||||||||||
The following tables set forth the activity and allocation of the allowance for loan losses by loan category during and at the periods indicated. The allowance is allocated to each loan category based on historical loss experience and economic conditions. | |||||||||||||||||||||||||||||
Activity for the nine months ended March 31, 2014 | |||||||||||||||||||||||||||||
(In thousands) | Balance at June | Charge-offs | Recoveries | Provision | Balance at March | ||||||||||||||||||||||||
30, 2013 | 31, 2014 | ||||||||||||||||||||||||||||
Residential mortgage | $ | 2,627 | $ | 344 | $ | 1 | $ | 456 | $ | 2,740 | |||||||||||||||||||
Nonresidential mortgage | 2,476 | 87 | - | 456 | 2,845 | ||||||||||||||||||||||||
Residential construction and land | 37 | - | - | 8 | 45 | ||||||||||||||||||||||||
Commercial construction | 392 | - | - | (330 | ) | 62 | |||||||||||||||||||||||
Multi-family | 139 | 24 | 7 | (61 | ) | 61 | |||||||||||||||||||||||
Home equity | 275 | 44 | - | 141 | 372 | ||||||||||||||||||||||||
Consumer installment | 222 | 171 | 55 | 98 | 204 | ||||||||||||||||||||||||
Commercial loans | 809 | 205 | 4 | 182 | 790 | ||||||||||||||||||||||||
Unallocated | 63 | - | - | 159 | 222 | ||||||||||||||||||||||||
Total | $ | 7,040 | $ | 875 | $ | 67 | $ | 1,109 | $ | 7,341 | |||||||||||||||||||
Activity for the three months ended March 31, 2014 | |||||||||||||||||||||||||||||
(In thousands) | Balance at | Charge-offs | Recoveries | Provision | Balance at | ||||||||||||||||||||||||
December 31, | 31-Mar-14 | ||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Residential mortgage | $ | 2,772 | $ | 62 | $ | 1 | $ | 29 | $ | 2,740 | |||||||||||||||||||
Nonresidential mortgage | 2,740 | - | - | 105 | 2,845 | ||||||||||||||||||||||||
Residential construction and land | 47 | - | - | (2 | ) | 45 | |||||||||||||||||||||||
Commercial construction | 86 | - | - | (24 | ) | 62 | |||||||||||||||||||||||
Multi-family | 107 | - | 7 | (53 | ) | 61 | |||||||||||||||||||||||
Home equity | 360 | 36 | - | 48 | 372 | ||||||||||||||||||||||||
Consumer installment | 243 | 51 | 23 | (11 | ) | 204 | |||||||||||||||||||||||
Commercial loans | 773 | - | - | 17 | 790 | ||||||||||||||||||||||||
Unallocated | 43 | - | - | 179 | 222 | ||||||||||||||||||||||||
Total | $ | 7,171 | $ | 149 | $ | 31 | $ | 288 | $ | 7,341 | |||||||||||||||||||
Allowance for Loan Losses | Loans Receivable | ||||||||||||||||||||||||||||
Ending Balance March 31, 2014 Impairment Analysis | Ending Balance March 31, 2014 Impairment Analysis | ||||||||||||||||||||||||||||
(In thousands) | Individually Evaluated | Collectively Evaluated | Individually Evaluated | Collectively Evaluated | |||||||||||||||||||||||||
Residential mortgage | $ | 580 | $ | 2,160 | $ | 3,350 | $ | 222,960 | |||||||||||||||||||||
Nonresidential mortgage | 391 | 2,454 | 3,285 | 104,719 | |||||||||||||||||||||||||
Residential construction and land | - | 45 | - | 3,229 | |||||||||||||||||||||||||
Commercial construction | - | 62 | - | 2,517 | |||||||||||||||||||||||||
Multi-family | - | 61 | - | 4,112 | |||||||||||||||||||||||||
Home equity | 87 | 285 | 200 | 20,293 | |||||||||||||||||||||||||
Consumer installment | - | 204 | - | 4,078 | |||||||||||||||||||||||||
Commercial loans | 3 | 787 | 605 | 29,659 | |||||||||||||||||||||||||
Unallocated | - | 222 | - | - | |||||||||||||||||||||||||
Total | $ | 1,061 | $ | 6,280 | $ | 7,440 | $ | 391,567 | |||||||||||||||||||||
Activity for the nine months ended March 31, 2013 | |||||||||||||||||||||||||||||
(In thousands) | Balance at June | Charge-offs | Recoveries | Provision | Balance at March | ||||||||||||||||||||||||
30, 2012 | 31, 2013 | ||||||||||||||||||||||||||||
Residential mortgage | $ | 2,163 | $ | 286 | $ | - | $ | 613 | $ | 2,490 | |||||||||||||||||||
Nonresidential mortgage | 2,076 | 139 | - | 368 | 2,305 | ||||||||||||||||||||||||
Residential construction and land | 19 | - | - | 9 | 28 | ||||||||||||||||||||||||
Commercial construction | 407 | - | - | 8 | 415 | ||||||||||||||||||||||||
Multi-family | 337 | - | - | (72 | ) | 265 | |||||||||||||||||||||||
Home equity | 187 | - | - | 90 | 277 | ||||||||||||||||||||||||
Consumer installment | 207 | 201 | 70 | 127 | 203 | ||||||||||||||||||||||||
Commercial loans | 645 | 15 | - | 144 | 774 | ||||||||||||||||||||||||
Unallocated | 136 | - | - | 29 | 165 | ||||||||||||||||||||||||
Total | $ | 6,177 | $ | 641 | $ | 70 | $ | 1,316 | $ | 6,922 | |||||||||||||||||||
Activity for the three months ended March 31, 2013 | |||||||||||||||||||||||||||||
(In thousands) | Balance at December | Charge-offs | Recoveries | Provision | Balance at March | ||||||||||||||||||||||||
31, 2012 | 31, 2013 | ||||||||||||||||||||||||||||
Residential mortgage | $ | 2,429 | $ | 13 | $ | - | $ | 74 | $ | 2,490 | |||||||||||||||||||
Nonresidential mortgage | 2,246 | 119 | - | 178 | 2,305 | ||||||||||||||||||||||||
Residential construction and land | 43 | - | - | (15 | ) | 28 | |||||||||||||||||||||||
Commercial construction | 391 | - | - | 24 | 415 | ||||||||||||||||||||||||
Multi-family | 286 | - | - | (21 | ) | 265 | |||||||||||||||||||||||
Home equity | 361 | - | - | (84 | ) | 277 | |||||||||||||||||||||||
Consumer installment | 281 | 69 | 28 | (37 | ) | 203 | |||||||||||||||||||||||
Commercial loans | 727 | - | - | 47 | 774 | ||||||||||||||||||||||||
Unallocated | - | - | - | 165 | 165 | ||||||||||||||||||||||||
Total | $ | 6,764 | $ | 201 | $ | 28 | $ | 331 | $ | 6,922 | |||||||||||||||||||
Allowance for Loan Losses | Loans Receivable | ||||||||||||||||||||||||||||
Ending Balance June 30, 2013 Impairment | Ending Balance June 30, 2013 Impairment | ||||||||||||||||||||||||||||
Analysis | Analysis | ||||||||||||||||||||||||||||
(In thousands) | Individually | Collectively | Individually | Collectively | |||||||||||||||||||||||||
Evaluated | Evaluated | Evaluated | Evaluated | ||||||||||||||||||||||||||
Residential mortgage | $ | 520 | $ | 2,107 | $ | 3,434 | $ | 209,092 | |||||||||||||||||||||
Nonresidential mortgage | 305 | 2,171 | 2,122 | 89,360 | |||||||||||||||||||||||||
Residential construction and land | - | 37 | - | 2,691 | |||||||||||||||||||||||||
Commercial construction | 331 | 61 | 1,057 | 2,466 | |||||||||||||||||||||||||
Multi-family | 16 | 123 | 463 | 5,048 | |||||||||||||||||||||||||
Home equity | - | 275 | - | 20,371 | |||||||||||||||||||||||||
Consumer installment | - | 222 | - | 4,078 | |||||||||||||||||||||||||
Commercial loans | 7 | 802 | 610 | 25,047 | |||||||||||||||||||||||||
Unallocated | - | 63 | - | - | |||||||||||||||||||||||||
Total | $ | 1,179 | $ | 5,861 | $ | 7,686 | $ | 358,153 |
Fair_Value_Measurements_and_Fa1
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | ||||||||||||||||||||
For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
March | Quoted Prices | Significant | Significant | ||||||||||||||||||
In Active Markets | Other Observable | Unobservable | |||||||||||||||||||
For Identical | Inputs | Inputs | |||||||||||||||||||
Assets | |||||||||||||||||||||
(In thousands) | 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets: | |||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 12,892 | $ | - | $ | 12,892 | $ | - | |||||||||||||
State and political subdivisions | 1,346 | - | 1,346 | - | |||||||||||||||||
Mortgage-backed securities-residential | 5,480 | - | 5,480 | - | |||||||||||||||||
Mortgage-backed securities-multi-family | 26,205 | - | 26,205 | - | |||||||||||||||||
Asset-backed securities | 14 | 14 | - | - | |||||||||||||||||
Corporate debt securities | 5,182 | 5,182 | - | - | |||||||||||||||||
Equity securities | 161 | 161 | - | - | |||||||||||||||||
Securities available for sale | $ | 51,280 | $ | 5,357 | $ | 45,923 | $ | - | |||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
June | Quoted Prices | Significant | Significant | ||||||||||||||||||
In Active Markets | Other | Unobservable | |||||||||||||||||||
For Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||
(In thousands) | 30, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets: | |||||||||||||||||||||
U.S. Government sponsored enterprises | $ | 12,989 | $ | - | $ | 12,989 | $ | - | |||||||||||||
State and political subdivisions | 1,858 | - | 1,858 | - | |||||||||||||||||
Mortgage-backed securities-residential | 7,533 | - | 7,533 | - | |||||||||||||||||
Mortgage-backed securities-multi-family | 41,919 | - | 41,919 | - | |||||||||||||||||
Asset-backed securities | 16 | 16 | - | - | |||||||||||||||||
Corporate debt securities | 5,176 | 5,176 | - | - | |||||||||||||||||
Equity securities | 153 | 153 | - | - | |||||||||||||||||
Securities available for sale | $ | 69,644 | $ | 5,345 | $ | 64,299 | $ | - | |||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | ' | ||||||||||||||||||||
In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as impaired assets, in the period in which a re-measurement at fair value is performed. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated as required by the “Receivables –Loan Impairment” subtopic of the FASB ASC when establishing the allowance for credit losses. Impaired loans are those loans for which the Company has re-measured impairment generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount may not necessarily represent the actual fair value of the loan. Real estate collateral is typically valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace and the related nonrecurring fair value measurement adjustments have generally been classified as Level 3. Estimates of fair value used for other collateral supporting commercial loans generally are based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
(In thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Impaired loans | $ | 2,942 | $ | - | $ | - | $ | 2,942 | |||||||||||||
30-Jun-13 | |||||||||||||||||||||
Impaired loans | $ | 5,460 | $ | - | $ | - | $ | 5,460 | |||||||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | ||||||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were utilized to determine fair value: | |||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Impaired Loans | $ | 2,942 | Appraisal of collateral(1) | Appraisal adjustments(2) | 0.00%-38.85 | % | 17.64 | % | |||||||||||||
Liquidation expenses(3) | 0.00%-10.00 | % | 4.95 | % | |||||||||||||||||
30-Jun-13 | |||||||||||||||||||||
Impaired Loans | $ | 5,460 | Appraisal of collateral(1) | Appraisal adjustments(2) | 4.00%-41.74 | % | 23.98 | % | |||||||||||||
Liquidation expenses(3) | 3.49%-9.52 | % | 5.86 | % | |||||||||||||||||
-1 | Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted downwards by management for qualitative factors such as economic conditions. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received or age of the appraisal. | ||||||||||||||||||||
-3 | Appraisals may be adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral. | ||||||||||||||||||||
Carrying Amounts and Estimated Fair Value | ' | ||||||||||||||||||||
The carrying amounts and estimated fair value of financial instruments are as follows: | |||||||||||||||||||||
(In thousands) | 31-Mar-14 | Fair Value Measurements Using | |||||||||||||||||||
Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Cash and cash equivalents | $ | 55,599 | $ | 55,599 | $ | 55,599 | $ | - | $ | - | |||||||||||
Long term certificate of deposit | 250 | 250 | 250 | - | - | ||||||||||||||||
Securities available for sale | 51,280 | 51,280 | 5,357 | 45,923 | - | ||||||||||||||||
Securities held to maturity | 177,089 | 176,303 | - | 176,303 | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,383 | 1,383 | - | 1,383 | - | ||||||||||||||||
Net loans | 392,480 | 398,252 | - | - | 398,252 | ||||||||||||||||
Accrued interest receivable | 2,967 | 2,967 | - | 2,967 | - | ||||||||||||||||
Deposits | 621,238 | 621,365 | - | 621,365 | - | ||||||||||||||||
Federal Home Loan Bank borrowings | 14,500 | 14,157 | - | 14,157 | - | ||||||||||||||||
Accrued interest payable | 66 | 66 | - | 66 | - | ||||||||||||||||
(In thousands) | 30-Jun-13 | Fair Value Measurements Using | |||||||||||||||||||
Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Cash and cash equivalents | $ | 6,222 | $ | 6,222 | $ | 6,222 | $ | - | $ | - | |||||||||||
Long term certificate of deposit | 250 | 250 | 250 | - | - | ||||||||||||||||
Securities available for sale | 69,644 | 69,644 | 5,345 | 64,299 | - | ||||||||||||||||
Securities held to maturity | 176,519 | 177,660 | - | 177,660 | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,388 | 1,388 | - | 1,388 | - | ||||||||||||||||
Net loans | 359,426 | 367,377 | - | - | 367,377 | ||||||||||||||||
Accrued interest receivable | 2,663 | 2,663 | - | 2,663 | - | ||||||||||||||||
Deposits | 558,439 | 558,517 | - | 558,517 | - | ||||||||||||||||
Federal Home Loan Bank borrowings | 14,600 | 14,378 | - | 14,378 | - | ||||||||||||||||
Accrued interest payable | 55 | 55 | - | 55 | - |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. There were no anti-dilutive securities or contracts outstanding during the nine and three months ended March 31, 2014 and 2013. | |||||||||||||
Net Income | Weighted Average Number Of | Earnings per Share | |||||||||||
Shares Outstanding | |||||||||||||
Nine months ended March 31, 2014 | $ | 4,975,000 | |||||||||||
Basic | 4,203,350 | $ | 1.18 | ||||||||||
Effect of dilutive stock options | 36,307 | (0.01 | ) | ||||||||||
Diluted | 4,239,657 | $ | 1.17 | ||||||||||
Nine months ended March 31, 2013 | $ | 4,970,000 | |||||||||||
Basic | 4,185,707 | $ | 1.19 | ||||||||||
Effect of dilutive stock options | 39,107 | (0.01 | ) | ||||||||||
Diluted | 4,224,814 | $ | 1.18 | ||||||||||
Three months ended March 31, 2014 | $ | 1,496,000 | |||||||||||
Basic | 4,211,531 | $ | 0.36 | ||||||||||
Effect of dilutive stock options | 31,867 | (0.01 | ) | ||||||||||
Diluted | 4,243,398 | $ | 0.35 | ||||||||||
Three months ended March 31, 2013 | $ | 1,537,000 | |||||||||||
Basic | 4,187,671 | $ | 0.37 | ||||||||||
Effect of dilutive stock options | 39,495 | (0.01 | ) | ||||||||||
Diluted | 4,227,166 | $ | 0.36 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Employee Benefit Plan [Abstract] | ' | ||||||||||||||||
Schedule Of Net Periodic Pension Costs | ' | ||||||||||||||||
The components of net periodic pension cost related to the defined benefit pension plan for the nine and three months ended March 31, 2014 and 2013 were as follows: | |||||||||||||||||
Nine months ended | Three months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 168 | $ | 134 | $ | 56 | $ | 45 | |||||||||
Expected return on plan assets | (237 | ) | (153 | ) | (79 | ) | (51 | ) | |||||||||
Amortization of net loss | 69 | 57 | 23 | 19 | |||||||||||||
Net periodic pension cost | $ | - | $ | 38 | $ | - | $ | 13 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of the Company’s stock option activity and related information for its option plan for the nine months ended March 31, 2014 and 2013 is as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Shares | Per Share | Shares | Per Share | ||||||||||||||
Outstanding at beginning of year | 87,400 | $ | 12.5 | 103,700 | $ | 12.5 | |||||||||||
Exercised | (27,965 | ) | $ | 12.5 | (9,000 | ) | $ | 12.5 | |||||||||
Outstanding at period end | 59,435 | $ | 12.5 | 94,700 | $ | 12.5 | |||||||||||
Exercisable at period end | 59,435 | $ | 12.5 | 94,700 | $ | 12.5 | |||||||||||
Options Outstanding and Exercisable | ' | ||||||||||||||||
The following table presents stock options outstanding and exercisable at March 31, 2014: | |||||||||||||||||
Options Outstanding and Exercisable | |||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | ||||||||||||||
$ | 12.5 | 59,435 | 4.5 | $ | 12.5 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||
The components of accumulated other comprehensive loss as of March 31, 2014 and June 30, 2013 are presented in the following table: | |||||||||
(In thousands) | |||||||||
31-Mar-14 | 30-Jun-13 | ||||||||
Unrealized gain on available for sale securities, net of tax | $ | 287 | $ | 441 | |||||
Unrealized loss on securities transferred to held to maturity, net of tax | (346 | ) | (15 | ) | |||||
Net losses and past service liability for defined benefit plan, net of tax | (1,176 | ) | (1,176 | ) | |||||
Accumulated other comprehensive loss | $ | (1,235 | ) | $ | (750 | ) |
Nature_of_Operations_Narrative
Nature of Operations - Narrative (Details) | Mar. 31, 2014 |
Office | |
Nature of Operations [Abstract] | ' |
Number of Offices | 12 |
Securities_Unrealized_Gain_Los
Securities - Unrealized Gain (Loss) on Investments (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale [Abstract] | ' | ' |
Amortized Cost | $50,811 | $68,926 |
Gross Unrealized Gains | 1,080 | 1,236 |
Gross Unrealized Losses | 611 | 518 |
Estimated Fair Value | 51,280 | 69,644 |
Securities held to maturity [Abstract] | ' | ' |
Amortized Cost | 177,089 | 176,519 |
Gross Unrealized Gains | 2,437 | 3,146 |
Gross Unrealized Losses | 3,223 | 2,005 |
Estimated Fair Value | 176,303 | 177,660 |
Total securities [Abstract] | ' | ' |
Total Securities, Amortized Cost | 227,900 | 245,445 |
Total Securities, Gross Unrealized Gains | 3,517 | 4,382 |
Total Securities, Gross Unrealized Losses | 3,834 | 2,523 |
Total Securities, Estimated Fair Value | 227,583 | 247,304 |
US Treasury Securities [Member] | ' | ' |
Securities held to maturity [Abstract] | ' | ' |
Amortized Cost | ' | 5,500 |
Gross Unrealized Gains | ' | 17 |
Gross Unrealized Losses | ' | 0 |
Estimated Fair Value | ' | 5,517 |
U.S. Government sponsored enterprises [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Amortized Cost | 12,666 | 12,729 |
Gross Unrealized Gains | 226 | 260 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 12,892 | 12,989 |
Securities held to maturity [Abstract] | ' | ' |
Amortized Cost | 3,000 | 2,999 |
Gross Unrealized Gains | 3 | 16 |
Gross Unrealized Losses | 115 | 113 |
Estimated Fair Value | 2,888 | 2,902 |
State and political subdivisions [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Amortized Cost | 1,327 | 1,849 |
Gross Unrealized Gains | 24 | 29 |
Gross Unrealized Losses | 5 | 20 |
Estimated Fair Value | 1,346 | 1,858 |
Securities held to maturity [Abstract] | ' | ' |
Amortized Cost | 84,421 | 82,801 |
Gross Unrealized Gains | 611 | 362 |
Gross Unrealized Losses | 395 | 755 |
Estimated Fair Value | 84,637 | 82,408 |
Mortgage-backed securities-residential [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Amortized Cost | 5,293 | 7,340 |
Gross Unrealized Gains | 187 | 193 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 5,480 | 7,533 |
Securities held to maturity [Abstract] | ' | ' |
Amortized Cost | 23,948 | 29,077 |
Gross Unrealized Gains | 1,127 | 1,515 |
Gross Unrealized Losses | 0 | 9 |
Estimated Fair Value | 25,075 | 30,583 |
Mortgage-backed securities-multi-family [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Amortized Cost | 26,633 | 42,096 |
Gross Unrealized Gains | 154 | 289 |
Gross Unrealized Losses | 582 | 466 |
Estimated Fair Value | 26,205 | 41,919 |
Securities held to maturity [Abstract] | ' | ' |
Amortized Cost | 64,742 | 55,086 |
Gross Unrealized Gains | 696 | 1,236 |
Gross Unrealized Losses | 2,682 | 1,093 |
Estimated Fair Value | 62,756 | 55,229 |
Other Securities [Member] | ' | ' |
Securities held to maturity [Abstract] | ' | ' |
Amortized Cost | 978 | 1,056 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 31 | 35 |
Estimated Fair Value | 947 | 1,021 |
Asset-backed securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Amortized Cost | 15 | 17 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1 | 1 |
Estimated Fair Value | 14 | 16 |
Corporate debt securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Amortized Cost | 4,815 | 4,827 |
Gross Unrealized Gains | 390 | 380 |
Gross Unrealized Losses | 23 | 31 |
Estimated Fair Value | 5,182 | 5,176 |
Debt Securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Amortized Cost | 50,749 | 68,858 |
Gross Unrealized Gains | 981 | 1,151 |
Gross Unrealized Losses | 611 | 518 |
Estimated Fair Value | 51,119 | 69,491 |
Equity securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Amortized Cost | 62 | 68 |
Gross Unrealized Gains | 99 | 85 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $161 | $153 |
Securities_Continuous_Unrealiz
Securities - Continuous Unrealized Loss Position, Fair Value (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale [Abstract] | ' | ' |
Less than 12 Months: Available-for-Sale, Fair Value | $22,922 | $34,847 |
12 Months or More: Available-for-Sale, Fair Value | 977 | 16 |
Total: Available-for-Sale, Fair Value | 23,899 | 34,863 |
Less than 12 Months: Available-for-Sale, Unrealized Losses | 548 | 517 |
12 Months or More: Available-for-Sale, Unrealized Losses | 63 | 1 |
Total: Available-for-Sale, Unrealized Losses | 611 | 518 |
Securities held to maturity [Abstract] | ' | ' |
Less than 12 Months: Held-to-Maturity, Fair Value | 48,590 | 65,509 |
12 Months or More: Held-to-Maturity, Fair Value | 9,522 | 1,597 |
Total: Held-to-Maturity, Fair Value | 58,112 | 67,106 |
Less than 12 Months: Held-to-Maturity, Unrealized Losses | 2,372 | 1,995 |
12 Months or More: Held-to-Maturity, Unrealized Losses | 851 | 10 |
Total: Held-to-Maturity, Unrealized Losses | 3,223 | 2,005 |
Total securities [Abstract] | ' | ' |
Less than 12 Months: Total Fair Value | 71,512 | 100,356 |
Less Than 12 Months: Total Unrealized Losses | 2,920 | 2,512 |
12 Months or More: Total Fair Value | 10,499 | 1,613 |
12 Months or More: Total Unrealized Losses | 914 | 11 |
Total Fair Value | 82,011 | 101,969 |
Total Unrealized Losses | 3,834 | 2,523 |
U.S. Government sponsored enterprises [Member] | ' | ' |
Securities held to maturity [Abstract] | ' | ' |
Less than 12 Months: Held-to-Maturity, Fair Value | 1,885 | 1,887 |
12 Months or More: Held-to-Maturity, Fair Value | 0 | 0 |
Total: Held-to-Maturity, Fair Value | 1,885 | 1,887 |
Less than 12 Months: Held-to-Maturity, Unrealized Losses | 115 | 113 |
12 Months or More: Held-to-Maturity, Unrealized Losses | 0 | 0 |
Total: Held-to-Maturity, Unrealized Losses | 115 | 113 |
State and political subdivisions [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Less than 12 Months: Available-for-Sale, Fair Value | 803 | 791 |
12 Months or More: Available-for-Sale, Fair Value | 0 | 0 |
Total: Available-for-Sale, Fair Value | 803 | 791 |
Less than 12 Months: Available-for-Sale, Unrealized Losses | 5 | 20 |
12 Months or More: Available-for-Sale, Unrealized Losses | 0 | 0 |
Total: Available-for-Sale, Unrealized Losses | 5 | 20 |
Securities held to maturity [Abstract] | ' | ' |
Less than 12 Months: Held-to-Maturity, Fair Value | 14,310 | 28,597 |
12 Months or More: Held-to-Maturity, Fair Value | 64 | 1,597 |
Total: Held-to-Maturity, Fair Value | 14,374 | 30,194 |
Less than 12 Months: Held-to-Maturity, Unrealized Losses | 390 | 745 |
12 Months or More: Held-to-Maturity, Unrealized Losses | 5 | 10 |
Total: Held-to-Maturity, Unrealized Losses | 395 | 755 |
Mortgage-backed securities-residential [Member] | ' | ' |
Securities held to maturity [Abstract] | ' | ' |
Less than 12 Months: Held-to-Maturity, Fair Value | ' | 1,228 |
12 Months or More: Held-to-Maturity, Fair Value | ' | 0 |
Total: Held-to-Maturity, Fair Value | ' | 1,228 |
Less than 12 Months: Held-to-Maturity, Unrealized Losses | ' | 9 |
12 Months or More: Held-to-Maturity, Unrealized Losses | ' | 0 |
Total: Held-to-Maturity, Unrealized Losses | 0 | 9 |
Mortgage-backed securities-multi-family [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Less than 12 Months: Available-for-Sale, Fair Value | 21,358 | 33,298 |
12 Months or More: Available-for-Sale, Fair Value | 963 | 0 |
Total: Available-for-Sale, Fair Value | 22,321 | 33,298 |
Less than 12 Months: Available-for-Sale, Unrealized Losses | 520 | 466 |
12 Months or More: Available-for-Sale, Unrealized Losses | 62 | 0 |
Total: Available-for-Sale, Unrealized Losses | 582 | 466 |
Securities held to maturity [Abstract] | ' | ' |
Less than 12 Months: Held-to-Maturity, Fair Value | 31,952 | 33,044 |
12 Months or More: Held-to-Maturity, Fair Value | 9,377 | 0 |
Total: Held-to-Maturity, Fair Value | 41,329 | 33,044 |
Less than 12 Months: Held-to-Maturity, Unrealized Losses | 1,842 | 1,093 |
12 Months or More: Held-to-Maturity, Unrealized Losses | 840 | 0 |
Total: Held-to-Maturity, Unrealized Losses | 2,682 | 1,093 |
Asset-backed securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Less than 12 Months: Available-for-Sale, Fair Value | 0 | 0 |
12 Months or More: Available-for-Sale, Fair Value | 14 | 16 |
Total: Available-for-Sale, Fair Value | 14 | 16 |
Less than 12 Months: Available-for-Sale, Unrealized Losses | 0 | 0 |
12 Months or More: Available-for-Sale, Unrealized Losses | 1 | 1 |
Total: Available-for-Sale, Unrealized Losses | 1 | 1 |
Other Securities [Member] | ' | ' |
Securities held to maturity [Abstract] | ' | ' |
Less than 12 Months: Held-to-Maturity, Fair Value | 443 | 753 |
12 Months or More: Held-to-Maturity, Fair Value | 81 | 0 |
Total: Held-to-Maturity, Fair Value | 524 | 753 |
Less than 12 Months: Held-to-Maturity, Unrealized Losses | 25 | 35 |
12 Months or More: Held-to-Maturity, Unrealized Losses | 6 | 0 |
Total: Held-to-Maturity, Unrealized Losses | 31 | 35 |
Corporate debt securities [Member] | ' | ' |
Securities available for sale [Abstract] | ' | ' |
Less than 12 Months: Available-for-Sale, Fair Value | 761 | 758 |
12 Months or More: Available-for-Sale, Fair Value | 0 | 0 |
Total: Available-for-Sale, Fair Value | 761 | 758 |
Less than 12 Months: Available-for-Sale, Unrealized Losses | 23 | 31 |
12 Months or More: Available-for-Sale, Unrealized Losses | 0 | 0 |
Total: Available-for-Sale, Unrealized Losses | $23 | $31 |
Securities_Investments_Classif
Securities - Investments Classified by Contractual Maturity Date (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Available for sale debt securities, Amortized Cost [Abstract] | ' | ' |
Within one year | $5,278 | ' |
After one year through five years | 8,615 | ' |
After five years through ten years | 4,915 | ' |
After ten years | 0 | ' |
Total available-for-sale debt securities | 18,808 | ' |
Mortgage-backed and asset-backed securities | 31,941 | ' |
Equity securities | 62 | ' |
Available-for-sale Securities, Amortized Cost Basis | 50,811 | 68,926 |
Held to maturity debt securities, Amortized Cost [Abstract] | ' | ' |
Within one year | 19,440 | ' |
After one year through five years | 30,528 | ' |
After five years through ten years | 25,655 | ' |
After ten years | 12,776 | ' |
Total held-to-maturity debt securities | 88,399 | ' |
Mortgage-backed | 88,690 | ' |
Total held-to-maturity securities | 177,089 | 176,519 |
Total securities, Amortized Cost | 227,900 | 245,445 |
Available for sale debt securities, Fair Value [Abstract] | ' | ' |
Within one year | 5,309 | ' |
After one through five years | 9,050 | ' |
After five through ten years | 5,061 | ' |
After ten years | 0 | ' |
Total available-for-sale debt securities | 19,420 | ' |
Mortgage-backed and asset-backed securities | 31,699 | ' |
Equity securities | 161 | ' |
Estimated Fair Value | 51,280 | 69,644 |
Held to maturity debt securities, Fair Value [Abstract] | ' | ' |
Within one year | 19,464 | ' |
After one year through five years | 30,874 | ' |
After five years through ten years | 25,545 | ' |
After ten years | 12,589 | ' |
Total held-to-maturity debt securities | 88,472 | ' |
Mortgage-backed securities | 87,831 | ' |
Estimated Fair Value | 176,303 | 177,660 |
Total securities | 227,583 | ' |
Equity securities [Member] | ' | ' |
Available for sale debt securities, Amortized Cost [Abstract] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 62 | 68 |
Available for sale debt securities, Fair Value [Abstract] | ' | ' |
Estimated Fair Value | $161 | $153 |
Securities_Narrative_Details
Securities - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | |
Security | |||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Securities in Unrealized Loss Positions For Twelve Months Or More, Qualitative Disclosure, Number of Positions | ' | ' | 9 | ' | ' |
Securities in Unrealized Loss Positions For Less Than Twelve Months, Qualitative Disclosure, Number of Positions | ' | ' | 76 | ' | ' |
Proceeds from Sale of Available-for-sale Securities, Debt | $0 | $0 | $0 | $10,000 | ' |
Gross realized gains on sale of available-for-sale securities | 0 | 0 | 0 | 10,000 | ' |
Other than temporary impairment of available-for-sale security | 0 | 0 | 0 | 0 | ' |
Securities Pledged as Collateral for Deposits in Excess of FDIC Insurance Limits, Fair Value | 197,500,000 | ' | 197,500,000 | ' | 200,900,000 |
Securities Pledged as Collateral for Potential Borrowings at the Federal Reserve Bank Discount Window | 5,200,000 | ' | 5,200,000 | ' | 5,200,000 |
Available for sale securities transferred at fair value to held to maturity | ' | ' | 11,735,000 | 0 | ' |
Unrealized losses on transfer of securities | 805,000 | ' | 805,000 | ' | ' |
Federal Home Loan Bank Stock [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Other than temporary impairment of available-for-sale security | $0 | $0 | $0 | $0 | ' |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Loan Balances by Internal Credit Quality Indicator (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Bank segments | 4 | ' |
Loans and Leases Receivable, Gross, Carrying Amount | $399,007 | $365,839 |
Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Maximum loan-to-value ratio (in hundredths) | 80.00% | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 226,310 | 212,526 |
Residential Mortgage With Private Mortgage Insurance [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Maximum loan-to-value ratio (in hundredths) | 95.00% | ' |
Nonresidential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 108,004 | 91,482 |
Residential construction and land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 3,229 | 2,691 |
Commercial construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,517 | 3,523 |
Multi-family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 4,112 | 5,511 |
Home Equity Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 20,493 | 20,371 |
Consumer installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 4,078 | 4,078 |
Commercial loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 30,264 | 25,657 |
Performing [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 387,513 | 353,683 |
Performing [Member] | Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 221,735 | 207,606 |
Performing [Member] | Nonresidential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 102,830 | 87,509 |
Performing [Member] | Residential construction and land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 3,229 | 2,691 |
Performing [Member] | Commercial construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,517 | 2,466 |
Performing [Member] | Multi-family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 3,998 | 4,785 |
Performing [Member] | Home Equity Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 20,154 | 20,099 |
Performing [Member] | Consumer installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 4,075 | 4,073 |
Performing [Member] | Commercial loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 28,975 | 24,454 |
Watch [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 128 | 520 |
Watch [Member] | Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 128 | 294 |
Watch [Member] | Nonresidential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Watch [Member] | Residential construction and land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Watch [Member] | Commercial construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Watch [Member] | Multi-family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Watch [Member] | Home Equity Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 221 |
Watch [Member] | Consumer installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 5 |
Watch [Member] | Commercial loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Special Mention [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 4,121 | 3,038 |
Special Mention [Member] | Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 298 | 302 |
Special Mention [Member] | Nonresidential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 3,240 | 2,197 |
Special Mention [Member] | Residential construction and land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Special Mention [Member] | Commercial construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Special Mention [Member] | Multi-family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Special Mention [Member] | Home Equity Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 23 |
Special Mention [Member] | Consumer installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Special Mention [Member] | Commercial loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 583 | 516 |
Substandard [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 7,245 | 8,598 |
Substandard [Member] | Residential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 4,149 | 4,324 |
Substandard [Member] | Nonresidential mortgage [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,934 | 1,776 |
Substandard [Member] | Residential construction and land [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Substandard [Member] | Commercial construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 1,057 |
Substandard [Member] | Multi-family [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 114 | 726 |
Substandard [Member] | Home Equity Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 339 | 28 |
Substandard [Member] | Consumer installment [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 3 | 0 |
Substandard [Member] | Commercial loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | $706 | $687 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Delinquent and Nonaccrual Loans by Past Due Status (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Contract | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | $2,144,000 | $2,485,000 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 2,232,000 | 1,447,000 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 3,921,000 | 6,103,000 |
Total Past Due | 8,297,000 | 10,035,000 |
Financing Receivable, Recorded Investment, Current | 390,710,000 | 355,804,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Total | 399,007,000 | 365,839,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,811,000 | 6,326,000 |
Foreclosure period (in years) | '2 years | ' |
Loans in the process of foreclosure | 3,700,000 | 4,900,000 |
Nonaccrual Loans With Recent History Of Delinquency Greater Than 90 Days | 2,200,000 | 781,000 |
Nonaccrual Loans Making Payments Pursuant To Forbearance Agreements | 1,000,000 | ' |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 269,000 | 559,000 |
Financing Receivable, Modifications In The Past Twelve Months, Number Of Contracts | 0 | ' |
Residential Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 174,000 | 1,255,000 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 744,000 | 165,000 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,433,000 | 3,875,000 |
Total Past Due | 3,351,000 | 5,295,000 |
Financing Receivable, Recorded Investment, Current | 222,959,000 | 207,231,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Total | 226,310,000 | 212,526,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,319,000 | 3,599,000 |
Nonresidential mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1,724,000 | 215,000 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 785,000 | 978,000 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,062,000 | 1,655,000 |
Total Past Due | 3,571,000 | 2,848,000 |
Financing Receivable, Recorded Investment, Current | 104,433,000 | 88,634,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Total | 108,004,000 | 91,482,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,937,000 | 2,018,000 |
Residential construction and land [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 38,000 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 38,000 |
Financing Receivable, Recorded Investment, Current | 3,229,000 | 2,653,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Total | 3,229,000 | 2,691,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Commercial construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Current | 2,517,000 | 3,523,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Total | 2,517,000 | 3,523,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Multi-family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 144,000 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 463,000 |
Total Past Due | 0 | 607,000 |
Financing Receivable, Recorded Investment, Current | 4,112,000 | 4,904,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Total | 4,112,000 | 5,511,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 463,000 |
Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 52,000 | 269,000 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 96,000 | 221,000 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 221,000 | 28,000 |
Total Past Due | 369,000 | 518,000 |
Financing Receivable, Recorded Investment, Current | 20,124,000 | 19,853,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Total | 20,493,000 | 20,371,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 243,000 | 51,000 |
Consumer installment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 44,000 | 34,000 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 2,000 | 5,000 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,000 | 0 |
Total Past Due | 47,000 | 39,000 |
Financing Receivable, Recorded Investment, Current | 4,031,000 | 4,039,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Total | 4,078,000 | 4,078,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,000 | 0 |
Commercial loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 150,000 | 530,000 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 605,000 | 78,000 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 204,000 | 82,000 |
Total Past Due | 959,000 | 690,000 |
Financing Receivable, Recorded Investment, Current | 29,305,000 | 24,967,000 |
Loans and Leases Receivable, Gross, Carrying Amount, Total | 30,264,000 | 25,657,000 |
Financing Receivable, Recorded Investment, Nonaccrual Status | $311,000 | $195,000 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Nonaccrual Loans, Interest Income Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Loans and Allowance for Loan Losses [Abstract] | ' | ' | ' | ' |
Interest income that would have been recorded if loans had been performing in accordance with original terms | $181 | $123 | $389 | $398 |
Interest income that was recorded on nonaccrual loans | $28 | $54 | $92 | $180 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Impaired Loans By Loan Portfolio Class (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
With no related allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with No Allowance: Recorded Investment | $748 | ' | $748 | ' | $1,635 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 748 | ' | 748 | ' | 1,635 |
Impaired Loans with No Allowance: Related Allowance | 0 | ' | 0 | ' | 0 |
Impaired Loans with No Allowance: Average Recorded Investment | 780 | 1,552 | 892 | 1,496 | ' |
Impaired Loans with No Allowance: Interest Income | 12 | 23 | 30 | 91 | ' |
With an allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with Allowance: Recorded Investment | 6,692 | ' | 6,692 | ' | 6,051 |
Impaired Loans with Allowance: Unpaid Principal Balance | 6,892 | ' | 6,892 | ' | 6,101 |
Impaired Loans with Allowance: Related Allowance | 1,061 | ' | 1,061 | ' | 1,179 |
Impaired Loans with Allowance: Average Recorded Investment | 6,456 | 6,256 | 6,732 | 6,349 | ' |
Impaired Loans with Allowance: Interest Income | 39 | 53 | 126 | 167 | ' |
Total impaired: | ' | ' | ' | ' | ' |
Total Impaired Loans: Recorded Investment | 7,440 | ' | 7,440 | ' | 7,686 |
Total Impaired Loans: Unpaid Principal Balance | 7,640 | ' | 7,640 | ' | 7,736 |
Total Impaired Loans, Average Recorded Investment | 7,236 | 7,808 | 7,624 | 7,845 | ' |
Total Impaired Loans, Interest Income Recognized | 51 | 76 | 156 | 258 | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with No Allowance: Recorded Investment | 284 | ' | 284 | ' | 852 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 284 | ' | 284 | ' | 852 |
Impaired Loans with No Allowance: Related Allowance | 0 | ' | 0 | ' | 0 |
Impaired Loans with No Allowance: Average Recorded Investment | 267 | 215 | 355 | 123 | ' |
Impaired Loans with No Allowance: Interest Income | 6 | 3 | 7 | 14 | ' |
With an allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with Allowance: Recorded Investment | 3,066 | ' | 3,066 | ' | 2,582 |
Impaired Loans with Allowance: Unpaid Principal Balance | 3,085 | ' | 3,085 | ' | 2,632 |
Impaired Loans with Allowance: Related Allowance | 580 | ' | 580 | ' | 520 |
Impaired Loans with Allowance: Average Recorded Investment | 2,876 | 2,651 | 3,025 | 2,552 | ' |
Impaired Loans with Allowance: Interest Income | 15 | 17 | 45 | 55 | ' |
Total impaired: | ' | ' | ' | ' | ' |
Total Impaired Loans: Recorded Investment | 3,350 | ' | 3,350 | ' | 3,434 |
Total Impaired Loans: Unpaid Principal Balance | 3,369 | ' | 3,369 | ' | 3,484 |
Total Impaired Loans, Average Recorded Investment | 3,143 | 2,866 | 3,380 | 2,675 | ' |
Total Impaired Loans, Interest Income Recognized | 21 | 20 | 52 | 69 | ' |
Nonresidential mortgage [Member] | ' | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with No Allowance: Recorded Investment | 464 | ' | 464 | ' | 783 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 464 | ' | 464 | ' | 783 |
Impaired Loans with No Allowance: Related Allowance | 0 | ' | 0 | ' | 0 |
Impaired Loans with No Allowance: Average Recorded Investment | 513 | 1,260 | 537 | 1,265 | ' |
Impaired Loans with No Allowance: Interest Income | 6 | 17 | 23 | 64 | ' |
With an allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with Allowance: Recorded Investment | 2,821 | ' | 2,821 | ' | 1,339 |
Impaired Loans with Allowance: Unpaid Principal Balance | 3,002 | ' | 3,002 | ' | 1,339 |
Impaired Loans with Allowance: Related Allowance | 391 | ' | 391 | ' | 305 |
Impaired Loans with Allowance: Average Recorded Investment | 2,775 | 1,085 | 2,243 | 1,015 | ' |
Impaired Loans with Allowance: Interest Income | 17 | 14 | 37 | 22 | ' |
Total impaired: | ' | ' | ' | ' | ' |
Total Impaired Loans: Recorded Investment | 3,285 | ' | 3,285 | ' | 2,122 |
Total Impaired Loans: Unpaid Principal Balance | 3,466 | ' | 3,466 | ' | 2,122 |
Total Impaired Loans, Average Recorded Investment | 3,288 | 2,345 | 2,780 | 2,280 | ' |
Total Impaired Loans, Interest Income Recognized | 23 | 31 | 60 | 86 | ' |
Commercial construction [Member] | ' | ' | ' | ' | ' |
With an allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with Allowance: Recorded Investment | 0 | ' | 0 | ' | 1,057 |
Impaired Loans with Allowance: Unpaid Principal Balance | 0 | ' | 0 | ' | 1,057 |
Impaired Loans with Allowance: Related Allowance | 0 | ' | 0 | ' | 331 |
Impaired Loans with Allowance: Average Recorded Investment | 0 | 1,063 | 467 | 1,068 | ' |
Impaired Loans with Allowance: Interest Income | 0 | 7 | 17 | 35 | ' |
Total impaired: | ' | ' | ' | ' | ' |
Total Impaired Loans: Recorded Investment | 0 | ' | 0 | ' | 1,057 |
Total Impaired Loans: Unpaid Principal Balance | 0 | ' | 0 | ' | 1,057 |
Total Impaired Loans, Average Recorded Investment | 0 | 1,063 | 467 | 1,068 | ' |
Total Impaired Loans, Interest Income Recognized | 0 | 7 | 17 | 35 | ' |
Multi-family [Member] | ' | ' | ' | ' | ' |
With an allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with Allowance: Recorded Investment | 0 | ' | 0 | ' | 463 |
Impaired Loans with Allowance: Unpaid Principal Balance | 0 | ' | 0 | ' | 463 |
Impaired Loans with Allowance: Related Allowance | 0 | ' | 0 | ' | 16 |
Impaired Loans with Allowance: Average Recorded Investment | 0 | 886 | 257 | 885 | ' |
Impaired Loans with Allowance: Interest Income | 0 | 6 | 0 | 22 | ' |
Total impaired: | ' | ' | ' | ' | ' |
Total Impaired Loans: Recorded Investment | 0 | ' | 0 | ' | 463 |
Total Impaired Loans: Unpaid Principal Balance | 0 | ' | 0 | ' | 463 |
Total Impaired Loans, Average Recorded Investment | 0 | 886 | 257 | 885 | ' |
Total Impaired Loans, Interest Income Recognized | 0 | 6 | 0 | 22 | ' |
Home Equity Loans [Member] | ' | ' | ' | ' | ' |
With an allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with Allowance: Recorded Investment | 200 | ' | 200 | ' | 0 |
Impaired Loans with Allowance: Unpaid Principal Balance | 200 | ' | 200 | ' | 0 |
Impaired Loans with Allowance: Related Allowance | 87 | ' | 87 | ' | 0 |
Impaired Loans with Allowance: Average Recorded Investment | 200 | 0 | 133 | 257 | ' |
Impaired Loans with Allowance: Interest Income | 0 | 0 | 0 | 4 | ' |
Total impaired: | ' | ' | ' | ' | ' |
Total Impaired Loans: Recorded Investment | 200 | ' | 200 | ' | 0 |
Total Impaired Loans: Unpaid Principal Balance | 200 | ' | 200 | ' | 0 |
Total Impaired Loans, Average Recorded Investment | 200 | 0 | 133 | 257 | ' |
Total Impaired Loans, Interest Income Recognized | 0 | 0 | 0 | 4 | ' |
Commercial loans [Member] | ' | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with No Allowance: Recorded Investment | ' | ' | ' | ' | 0 |
Impaired Loans with No Allowance: Unpaid Principal Balance | ' | ' | ' | ' | 0 |
Impaired Loans with No Allowance: Related Allowance | ' | ' | ' | ' | 0 |
Impaired Loans with No Allowance: Average Recorded Investment | ' | 77 | ' | 108 | ' |
Impaired Loans with No Allowance: Interest Income | ' | 3 | ' | 13 | ' |
With an allowance recorded: | ' | ' | ' | ' | ' |
Impaired Loans with Allowance: Recorded Investment | 605 | ' | 605 | ' | 610 |
Impaired Loans with Allowance: Unpaid Principal Balance | 605 | ' | 605 | ' | 610 |
Impaired Loans with Allowance: Related Allowance | 3 | ' | 3 | ' | 7 |
Impaired Loans with Allowance: Average Recorded Investment | 605 | 571 | 607 | 572 | ' |
Impaired Loans with Allowance: Interest Income | 7 | 9 | 27 | 29 | ' |
Total impaired: | ' | ' | ' | ' | ' |
Total Impaired Loans: Recorded Investment | 605 | ' | 605 | ' | 610 |
Total Impaired Loans: Unpaid Principal Balance | 605 | ' | 605 | ' | 610 |
Total Impaired Loans, Average Recorded Investment | 605 | 648 | 607 | 680 | ' |
Total Impaired Loans, Interest Income Recognized | $7 | $12 | $27 | $42 | ' |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Troubled Debt Restructurings on Financing Receivables (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Nonresidential mortgage [Member] | Nonresidential mortgage [Member] | |
Contract | Contract | Contract | Contract | Contract | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Financing receivable, modifications, number of contracts | 0 | 2 | 1 | 2 | 5 |
Financing receivable, modifications, pre-modification recorded investment | $0 | $367 | $246 | $142 | $1,789 |
Financing receivable, modifications, Post-modification recorded investment | 0 | 367 | 261 | 160 | 1,848 |
Financing receivable, modifications, recorded investment | 0 | 361 | 261 | 159 | 1,837 |
Financing receivable, modifications, subsequent default, number of contracts | ' | 2 | ' | ' | 1 |
Financing receivable, modifications, subsequent default, recorded investment | ' | 284 | ' | ' | 460 |
Financing receivable, modifications, subsequent default, allowance for credit loss | ' | $65 | ' | $120 | $120 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Activity and Allocation of Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | $7,171 | $6,764 | $7,040 | $6,177 | ' |
Charge-offs | 149 | 201 | 875 | 641 | ' |
Recoveries | 31 | 28 | 67 | 70 | ' |
Provision | 288 | 331 | 1,109 | 1,316 | ' |
Allowance for Loan Losses, Ending Balance | 7,341 | 6,922 | 7,341 | 6,922 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 1,061 | ' | 1,061 | ' | 1,179 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 6,280 | ' | 6,280 | ' | 5,861 |
Loans receivables: Ending balance: individually evaluated for impairment | 7,440 | ' | 7,440 | ' | 7,686 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 391,567 | ' | 391,567 | ' | 358,153 |
Residential Mortgage [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | 2,772 | 2,429 | 2,627 | 2,163 | ' |
Charge-offs | 62 | 13 | 344 | 286 | ' |
Recoveries | 1 | 0 | 1 | 0 | ' |
Provision | 29 | 74 | 456 | 613 | ' |
Allowance for Loan Losses, Ending Balance | 2,740 | 2,490 | 2,740 | 2,490 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 580 | ' | 580 | ' | 520 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 2,160 | ' | 2,160 | ' | 2,107 |
Loans receivables: Ending balance: individually evaluated for impairment | 3,350 | ' | 3,350 | ' | 3,434 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 222,960 | ' | 222,960 | ' | 209,092 |
Nonresidential mortgage [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | 2,740 | 2,246 | 2,476 | 2,076 | ' |
Charge-offs | 0 | 119 | 87 | 139 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision | 105 | 178 | 456 | 368 | ' |
Allowance for Loan Losses, Ending Balance | 2,845 | 2,305 | 2,845 | 2,305 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 391 | ' | 391 | ' | 305 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 2,454 | ' | 2,454 | ' | 2,171 |
Loans receivables: Ending balance: individually evaluated for impairment | 3,285 | ' | 3,285 | ' | 2,122 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 104,719 | ' | 104,719 | ' | 89,360 |
Residential construction and land [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | 47 | 43 | 37 | 19 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision | -2 | -15 | 8 | 9 | ' |
Allowance for Loan Losses, Ending Balance | 45 | 28 | 45 | 28 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 45 | ' | 45 | ' | 37 |
Loans receivables: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 3,229 | ' | 3,229 | ' | 2,691 |
Commercial construction [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | 86 | 391 | 392 | 407 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision | -24 | 24 | -330 | 8 | ' |
Allowance for Loan Losses, Ending Balance | 62 | 415 | 62 | 415 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 331 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 62 | ' | 62 | ' | 61 |
Loans receivables: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 1,057 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 2,517 | ' | 2,517 | ' | 2,466 |
Multi-family [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | 107 | 286 | 139 | 337 | ' |
Charge-offs | 0 | 0 | 24 | 0 | ' |
Recoveries | 7 | 0 | 7 | 0 | ' |
Provision | -53 | -21 | -61 | -72 | ' |
Allowance for Loan Losses, Ending Balance | 61 | 265 | 61 | 265 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 16 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 61 | ' | 61 | ' | 123 |
Loans receivables: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 463 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 4,112 | ' | 4,112 | ' | 5,048 |
Home Equity Loans [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | 360 | 361 | 275 | 187 | ' |
Charge-offs | 36 | 0 | 44 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision | 48 | -84 | 141 | 90 | ' |
Allowance for Loan Losses, Ending Balance | 372 | 277 | 372 | 277 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 87 | ' | 87 | ' | 0 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 285 | ' | 285 | ' | 275 |
Loans receivables: Ending balance: individually evaluated for impairment | 200 | ' | 200 | ' | 0 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 20,293 | ' | 20,293 | ' | 20,371 |
Consumer installment [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | 243 | 281 | 222 | 207 | ' |
Charge-offs | 51 | 69 | 171 | 201 | ' |
Recoveries | 23 | 28 | 55 | 70 | ' |
Provision | -11 | -37 | 98 | 127 | ' |
Allowance for Loan Losses, Ending Balance | 204 | 203 | 204 | 203 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 204 | ' | 204 | ' | 222 |
Loans receivables: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 4,078 | ' | 4,078 | ' | 4,078 |
Commercial loans [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | 773 | 727 | 809 | 645 | ' |
Charge-offs | 0 | 0 | 205 | 15 | ' |
Recoveries | 0 | 0 | 4 | 0 | ' |
Provision | 17 | 47 | 182 | 144 | ' |
Allowance for Loan Losses, Ending Balance | 790 | 774 | 790 | 774 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 3 | ' | 3 | ' | 7 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 787 | ' | 787 | ' | 802 |
Loans receivables: Ending balance: individually evaluated for impairment | 605 | ' | 605 | ' | 610 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 29,659 | ' | 29,659 | ' | 25,047 |
Unallocated [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for Loan Losses, Beginning Balance | 43 | 0 | 63 | 136 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision | 179 | 165 | 159 | 29 | ' |
Allowance for Loan Losses, Ending Balance | 222 | 165 | 222 | 165 | ' |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 222 | ' | 222 | ' | 63 |
Loans receivables: Ending balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Loans Receivable: Ending balance: collectively evaluated for impairment | $0 | ' | $0 | ' | $0 |
Fair_Value_Measurements_and_Fa2
Fair Value Measurements and Fair Value of Financial Instruments - Fair Value, Assets Measured on Recurring Basis (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | $51,280 | $69,644 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 5,357 | 5,345 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 45,923 | 64,299 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
U.S. Government sponsored enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 12,892 | 12,989 |
U.S. Government sponsored enterprises [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
U.S. Government sponsored enterprises [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 12,892 | 12,989 |
U.S. Government sponsored enterprises [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
State and political subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 1,346 | 1,858 |
State and political subdivisions [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
State and political subdivisions [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 1,346 | 1,858 |
State and political subdivisions [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities-residential [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 5,480 | 7,533 |
Mortgage-backed securities-residential [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities-residential [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 5,480 | 7,533 |
Mortgage-backed securities-residential [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities-multi-family [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 26,205 | 41,919 |
Mortgage-backed securities-multi-family [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Mortgage-backed securities-multi-family [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 26,205 | 41,919 |
Mortgage-backed securities-multi-family [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 14 | 16 |
Asset-backed securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 14 | 16 |
Asset-backed securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Asset-backed securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Corporate debt securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 5,182 | 5,176 |
Corporate debt securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 5,182 | 5,176 |
Corporate debt securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Corporate debt securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 161 | 153 |
Equity securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 161 | 153 |
Equity securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Equity securities [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities available for sale, at fair value | $0 | $0 |
Fair_Value_Measurements_and_Fa3
Fair Value Measurements and Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques (Details) (Impaired loans [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | $2,942 | $5,460 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value | $2,942 | $5,460 |
Fair_Value_Measurements_and_Fa4
Fair Value Measurements and Fair Value of Financial Instruments - Fair Value Inputs, Assets, Quantitative Information (Details) (Impaired loans [Member], USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 | ||
Fair value inputs assets, quantitative information [Line Items] | ' | ' | ||
Fair value | 2,942 | 5,460 | ||
Nonrecurring [Member] | Appraisal of Collateral [Member] | ' | ' | ||
Fair value inputs assets, quantitative information [Line Items] | ' | ' | ||
Fair value | 2,942 | [1] | 5,460 | [1] |
Nonrecurring [Member] | Appraisal of Collateral [Member] | Minimum [Member] | ' | ' | ||
Fair value inputs [Abstract] | ' | ' | ||
Appraisal adjustments (in hundredths) | 0.00% | [1],[2] | 4.00% | [1],[2] |
Liquidation expenses (in hundredths) | 0.00% | [1],[3] | 3.49% | [1],[3] |
Nonrecurring [Member] | Appraisal of Collateral [Member] | Maximum [Member] | ' | ' | ||
Fair value inputs [Abstract] | ' | ' | ||
Appraisal adjustments (in hundredths) | 38.85% | [1],[2] | 41.74% | [1],[2] |
Liquidation expenses (in hundredths) | 10.00% | [1],[3] | 9.52% | [1],[3] |
Nonrecurring [Member] | Appraisal of Collateral [Member] | Weighted Average [Member] | ' | ' | ||
Fair value inputs [Abstract] | ' | ' | ||
Appraisal adjustments (in hundredths) | 17.64% | [1],[2] | 23.98% | [1],[2] |
Liquidation expenses (in hundredths) | 4.95% | [1],[3] | 5.86% | [1],[3] |
[1] | Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. | |||
[2] | Appraisals may be adjusted downwards by management for qualitative factors such as economic conditions. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received or age of the appraisal. | |||
[3] | Appraisals may be adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral. |
Fair_Value_Measurements_and_Fa5
Fair Value Measurements and Fair Value of Financial Instruments - Narrative (Details) (Nonrecurring [Member], Level 3 [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivable, fair value nonrecurring | $3,700,000 | $6,600,000 |
Allowance for loan losses | $805,000 | $1,200,000 |
Fair_Value_Measurements_and_Fa6
Fair Value Measurements and Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $55,599 | $6,222 | $38,428 | $7,742 |
Long term certificate of deposit, Carrying Amount | 250 | 250 | ' | ' |
Securities available for sale, Carrying Amount | 51,280 | 69,644 | ' | ' |
Securities held to maturity, at amortized cost | 177,089 | 176,519 | ' | ' |
Federal Home Loan Bank stock, Carrying Amount | 1,383 | 1,388 | ' | ' |
Net loans, Carrying Amount | 392,480 | 359,426 | ' | ' |
Accrued interest receivable, Carrying Amount | 2,967 | 2,663 | ' | ' |
Deposits, Carrying Amount | 621,238 | 558,439 | ' | ' |
Federal Home Loan Bank borrowings, Carrying Amount | 14,500 | 14,600 | ' | ' |
Accrued Interest Payable, Carrying Amount | 66 | 55 | ' | ' |
Cash and cash equivalents | 55,599 | 6,222 | ' | ' |
Long term certificate of deposit | 250 | 250 | ' | ' |
Securities available for sale, at fair value | 51,280 | 69,644 | ' | ' |
Securities held-to-maturity, fair value | 176,303 | 177,660 | ' | ' |
Federal Home Loan Bank stock | 1,383 | 1,388 | ' | ' |
Net loans | 398,252 | 367,377 | ' | ' |
Accrued interest receivable | 2,967 | 2,663 | ' | ' |
Deposits | 621,365 | 558,517 | ' | ' |
Federal Home Loan Bank borrowings | 14,157 | 14,378 | ' | ' |
Accrued interest payable | 66 | 55 | ' | ' |
Level 1 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Securities available for sale, Carrying Amount | 5,357 | 5,345 | ' | ' |
Cash and cash equivalents | 55,599 | 6,222 | ' | ' |
Long term certificate of deposit | 250 | 250 | ' | ' |
Securities available for sale, at fair value | 5,357 | 5,345 | ' | ' |
Securities held-to-maturity, fair value | 0 | 0 | ' | ' |
Federal Home Loan Bank stock | 0 | 0 | ' | ' |
Net loans | 0 | 0 | ' | ' |
Accrued interest receivable | 0 | 0 | ' | ' |
Deposits | 0 | 0 | ' | ' |
Federal Home Loan Bank borrowings | 0 | 0 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Securities available for sale, Carrying Amount | 45,923 | 64,299 | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Long term certificate of deposit | 0 | 0 | ' | ' |
Securities available for sale, at fair value | 45,923 | 64,299 | ' | ' |
Securities held-to-maturity, fair value | 176,303 | 177,660 | ' | ' |
Federal Home Loan Bank stock | 1,383 | 1,388 | ' | ' |
Net loans | 0 | 0 | ' | ' |
Accrued interest receivable | 2,967 | 2,663 | ' | ' |
Deposits | 621,365 | 558,517 | ' | ' |
Federal Home Loan Bank borrowings | 14,157 | 14,378 | ' | ' |
Accrued interest payable | 66 | 55 | ' | ' |
Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Securities available for sale, Carrying Amount | 0 | 0 | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Long term certificate of deposit | 0 | 0 | ' | ' |
Securities available for sale, at fair value | 0 | 0 | ' | ' |
Securities held-to-maturity, fair value | 0 | 0 | ' | ' |
Federal Home Loan Bank stock | 0 | 0 | ' | ' |
Net loans | 398,252 | 367,377 | ' | ' |
Accrued interest receivable | 0 | 0 | ' | ' |
Deposits | 0 | 0 | ' | ' |
Federal Home Loan Bank borrowings | 0 | 0 | ' | ' |
Accrued interest payable | $0 | $0 | ' | ' |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Earnings Per Share Reconciliation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $1,496,000 | $1,537,000 | $4,975,000 | $4,970,000 |
Weighted Average Number of Shares Outstanding, Basic (in shares) | 4,211,531 | 4,187,671 | 4,203,350 | 4,185,707 |
Weighted Average Number of Shares Outstanding Effect of dilutive stock options (in shares) | 31,867 | 39,495 | 36,307 | 39,107 |
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 4,243,398 | 4,227,166 | 4,239,657 | 4,224,814 |
Earnings per share, Basic (in dollars per share) | $0.36 | $0.37 | $1.18 | $1.19 |
Earnings Per Share, Effect of Dilutive Stock Options (in dollars per share) | ($0.01) | ($0.01) | ($0.01) | ($0.01) |
Earnings Per Share, Diluted (in dollars per share) | $0.35 | $0.36 | $1.17 | $1.18 |
Antidilutive securities or contracts outstanding (in shares) | 0 | 0 | 0 | 0 |
Dividends_Narrative_Details
Dividends - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jan. 21, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Dividends [Abstract] | ' | ' | ' | ' | ' |
Dividends Payable, Date Declared | ' | 21-Jan-14 | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $0.18 | $0.18 | $0.18 | $0.53 | $0.53 |
Annual Dividend Rate Per Share (in dollars per share) | $0.70 | ' | ' | ' | ' |
Dividends Payable, Date of Record | 14-Feb-14 | ' | ' | ' | ' |
Dividends Payable, Date to be Paid | 28-Feb-14 | ' | ' | ' | ' |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | |
Installment | Installment | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Description | ' | ' | 'up to 50% of his or her base salary and 100% of his or her annual bonus | ' | ' |
Defined Contribution Plan, Vesting Period | ' | ' | '10 years | ' | ' |
SERP plan waiver period before commence payment of benefits after change in control | ' | ' | '2 years | ' | ' |
Number of annual installment payments made to covered individual | 10 | ' | 10 | ' | ' |
Defined Contribution Plan, Cost Recognized | $30,000 | $24,000 | $88,000 | $71,000 | ' |
Postemployment Benefits Liability | $802,000 | ' | $802,000 | ' | $595,200 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Net Periodic Income (Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Interest cost | $56 | $45 | $168 | $134 |
Expected return on plan assets | -79 | -51 | -237 | -153 |
Amortization of net loss | 23 | 19 | 69 | 57 |
Net periodic pension cost | $0 | $13 | $0 | $38 |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation arrangement strike price of phantom stock options as percent of book value (in hundredths) | 100.00% | ' | 100.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $71,000 | $66,000 | $378,000 | $47,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | 0 |
2008 Stock Option Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | 0 | 0 |
2011 Phantom Stock Option and Long-term Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 900,000 | ' | 900,000 | ' |
Allocated Share-based Compensation Expense | $207,000 | $0 | $546,800 | $106,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | ' | ' | 227,330 | 243,473 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Details) (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock-Based Compensation [Abstract] | ' | ' |
Outstanding at beginning of year (in shares) | 87,400 | 103,700 |
Exercised (in shares) | -27,965 | -9,000 |
Outstanding at end of year (in shares) | 59,435 | 94,700 |
Exercisable at end of year (in shares) | 59,435 | 94,700 |
Outstanding at beginning of year, Weighted Average Exercise Price Per Share (in dollars per share) | $12.50 | $12.50 |
Exercised, Weighted Average Exercise Price Per Share (in dollars per share) | $12.50 | $12.50 |
Outstanding at end of year, Weighted Average Exercise Price Per Share (in dollars per share) | $12.50 | $12.50 |
Exercisable at end of year, Weighted Average Exercise Price Per Share (in dollars per share) | $12.50 | $12.50 |
StockBased_Compensation_Option
Stock-Based Compensation - Options Outstanding and Exercisable (Details) (USD $) | 9 Months Ended | |||
Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | |
Stock-Based Compensation [Abstract] | ' | ' | ' | ' |
Exercise Prices (in dollars per share) | $12.50 | ' | ' | ' |
Number Outstanding | 59,435 | 87,400 | 94,700 | 103,700 |
Weighted Average Remaining Contractual Life (in years) | '4 years 6 months | ' | ' | ' |
Weighted Average Exercise Price (in dollars per share) | $12.50 | $12.50 | $12.50 | $12.50 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Income (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Loss [Abstract] | ' | ' |
Unrealized gain on available for sale securities, net of tax | $287 | $441 |
Unrealized loss on securities transferred to held to maturity, net of tax | -346 | -15 |
Net losses and past service liability for defined benefit plan, net of tax | -1,176 | -1,176 |
Accumulated other comprehensive loss | ($1,235) | ($750) |
Subsequent_events_Narrative_De
Subsequent events - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||
Jan. 21, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 15, 2014 | Mar. 31, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | ||||||
Dividends Payable, Date Declared | ' | 21-Jan-14 | ' | ' | ' | ' | 15-Apr-14 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $0.18 | $0.18 | $0.18 | $0.53 | $0.53 | $0.18 | ' |
Annual Dividend Rate Per Share (in dollars per share) | $0.70 | ' | ' | ' | ' | $0.70 | ' |
Dividends Payable, Date of Record | 14-Feb-14 | ' | ' | ' | ' | 15-May-14 | ' |
Dividends Payable, Date to be Paid | 28-Feb-14 | ' | ' | ' | ' | 30-May-14 | ' |