Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Feb. 12, 2021 | |
Cover page. | ||
Entity Registrant Name | GREENE COUNTY BANCORP INC | |
Entity Central Index Key | 0001070524 | |
Current Fiscal Year End Date | --06-30 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Address, State or Province | NY | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,513,414 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
ASSETS | ||
Cash and due from banks | $ 57,014 | $ 40,463 |
Federal funds sold | 10 | 0 |
Total cash and cash equivalents | 57,024 | 40,463 |
Long term certificates of deposit | 4,093 | 4,070 |
Securities available-for-sale, at fair value | 332,104 | 226,709 |
Securities held-to-maturity, at amortized cost (fair value $433,929 at December 31, 2020; $405,512 at June 30, 2020) | 408,769 | 383,657 |
Equity securities, at fair value | 292 | 267 |
Federal Home Loan Bank stock, at cost | 1,158 | 1,226 |
Loans | 1,051,167 | 1,012,660 |
Allowance for loan losses | (18,270) | (16,391) |
Unearned origination fees and costs, net | (1,378) | (2,747) |
Net loans receivable | 1,031,519 | 993,522 |
Premises and equipment, net | 14,052 | 13,658 |
Accrued interest receivable | 8,475 | 8,207 |
Foreclosed real estate | 385 | 0 |
Prepaid expenses and other assets | 7,058 | 5,024 |
Total assets | 1,864,929 | 1,676,803 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing deposits | 157,778 | 138,187 |
Interest-bearing deposits | 1,521,940 | 1,362,888 |
Total deposits | 1,679,718 | 1,501,075 |
Borrowings from other banks, short-term | 0 | 17,884 |
Borrowings from Federal Home Loan Bank, long-term | 6,100 | 7,600 |
Subordinated notes payable, net | 19,601 | 0 |
Accrued expenses and other liabilities | 20,774 | 21,439 |
Total liabilities | 1,726,193 | 1,547,998 |
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 - 8,611,340; Outstanding - 8,513,414 shares at December 31, 2020, and June 30, 2020 | 861 | 861 |
Additional paid-in capital | 11,017 | 11,017 |
Retained earnings | 128,392 | 118,263 |
Accumulated other comprehensive loss | (626) | (428) |
Treasury stock, at cost 97,926 shares at December 31, 2020, and June 30, 2020 | (908) | (908) |
Total shareholders' equity | 138,736 | 128,805 |
Total liabilities and shareholders' equity | $ 1,864,929 | $ 1,676,803 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
ASSETS | ||
Securities held-to-maturity, fair value | $ 433,929 | $ 405,512 |
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 value (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) | 8,611,340 | 8,611,340 |
Common stock, shares outstanding (in shares) | 8,513,414 | 8,513,414 |
Treasury stock, shares (in shares) | 97,926 | 97,926 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income: | ||||
Loans | $ 11,766 | $ 9,801 | $ 21,958 | $ 19,206 |
Investment securities - taxable | 182 | 172 | 326 | 331 |
Mortgage-backed securities | 1,020 | 1,261 | 2,040 | 2,505 |
Investment securities - tax exempt | 1,960 | 1,756 | 3,935 | 3,358 |
Interest-bearing deposits and federal funds sold | 21 | 207 | 28 | 405 |
Total interest income | 14,949 | 13,197 | 28,287 | 25,805 |
Interest expense: | ||||
Interest on deposits | 1,053 | 2,205 | 2,442 | 4,255 |
Interest on borrowings | 287 | 81 | 420 | 139 |
Total interest expense | 1,340 | 2,286 | 2,862 | 4,394 |
Net interest income | 13,609 | 10,911 | 25,425 | 21,411 |
Provision for loan losses | 1,262 | 690 | 2,505 | 1,241 |
Net interest income after provision for loan losses | 12,347 | 10,221 | 22,920 | 20,170 |
Noninterest income: | ||||
Service charges on deposit accounts | 934 | 1,111 | 1,740 | 2,236 |
Debit card fees | 917 | 755 | 1,810 | 1,498 |
Investment services | 216 | 168 | 377 | 313 |
E-commerce fees | 28 | 31 | 57 | 66 |
Other operating income | 299 | 251 | 488 | 469 |
Total noninterest income | 2,394 | 2,316 | 4,472 | 4,582 |
Noninterest expense: | ||||
Salaries and employee benefits | 4,771 | 3,992 | 9,178 | 7,934 |
Occupancy expense | 464 | 441 | 979 | 907 |
Equipment and furniture expense | 164 | 126 | 315 | 407 |
Service and data processing fees | 671 | 638 | 1,284 | 1,212 |
Computer software, supplies and support | 327 | 264 | 633 | 506 |
Advertising and promotion | 109 | 142 | 220 | 258 |
FDIC insurance premiums | 174 | 12 | 348 | (27) |
Legal and professional fees | 319 | 325 | 595 | 604 |
Other | 541 | 595 | 1,121 | 1,156 |
Total noninterest expense | 7,540 | 6,535 | 14,673 | 12,957 |
Income before provision for income taxes | 7,201 | 6,002 | 12,719 | 11,795 |
Provision for income taxes | 1,006 | 889 | 1,649 | 1,819 |
Net income | $ 6,195 | $ 5,113 | $ 11,070 | $ 9,976 |
Basic and diluted earnings per share (in dollars per share) | $ 0.73 | $ 0.60 | $ 1.30 | $ 1.17 |
Basic and diluted average shares outstanding (in shares) | 8,513,414 | 8,537,010 | 8,513,414 | 8,537,412 |
Dividends per share (in dollars per share) | $ 0.12 | $ 0.11 | $ 0.24 | $ 0.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net Income | $ 6,195 | $ 5,113 | $ 11,070 | $ 9,976 |
Other comprehensive (loss) income: | ||||
Unrealized holding losses on available-for-sale securities, net of income tax benefit of ($3) and ($40), for the three months, and ($70) and ($136), for the six months ended December 31, 2020 and 2019, respectively | (8) | (114) | (198) | (385) |
Total other comprehensive loss, net of taxes | (8) | (114) | (198) | (385) |
Comprehensive income | $ 6,187 | $ 4,999 | $ 10,872 | $ 9,591 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other comprehensive (loss) income: | ||||
Unrealized holding losses on available-for-sale securities, income taxes | $ (3) | $ (40) | $ (70) | $ (136) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total |
Balance at Jun. 30, 2019 | $ 861 | $ 11,017 | $ 101,774 | $ (1,006) | $ (277) | $ 112,369 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock repurchases | (38) | (38) | ||||
Dividends declared | (1,376) | (1,376) | ||||
Net Income | 9,976 | 9,976 | ||||
Other comprehensive loss, net of taxes | (385) | (385) | ||||
Balance at Dec. 31, 2019 | 861 | 11,017 | 110,374 | (1,391) | (315) | 120,546 |
Balance at Sep. 30, 2019 | 861 | 11,017 | 106,205 | (1,277) | (277) | 116,529 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock repurchases | (38) | (38) | ||||
Dividends declared | (944) | (944) | ||||
Net Income | 5,113 | 5,113 | ||||
Other comprehensive loss, net of taxes | (114) | (114) | ||||
Balance at Dec. 31, 2019 | 861 | 11,017 | 110,374 | (1,391) | (315) | 120,546 |
Balance at Jun. 30, 2020 | 861 | 11,017 | 118,263 | (428) | (908) | 128,805 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (941) | (941) | ||||
Net Income | 11,070 | 11,070 | ||||
Other comprehensive loss, net of taxes | (198) | (198) | ||||
Balance at Dec. 31, 2020 | 861 | 11,017 | 128,392 | (626) | (908) | 138,736 |
Balance at Sep. 30, 2020 | 861 | 11,017 | 122,670 | (618) | (908) | 133,022 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (473) | (473) | ||||
Net Income | 6,195 | 6,195 | ||||
Other comprehensive loss, net of taxes | (8) | (8) | ||||
Balance at Dec. 31, 2020 | $ 861 | $ 11,017 | $ 128,392 | $ (626) | $ (908) | $ 138,736 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net Income | $ 11,070 | $ 9,976 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 361 | 362 |
Deferred income tax expense | 66 | 317 |
Net amortization of premiums and discounts | 1,643 | 339 |
Net (accretion) amortization of deferred loan costs and fees | (1,223) | 241 |
Provision for loan losses | 2,505 | 1,241 |
Net (gain) on equity securities | (24) | (12) |
Net (gain) on sale of foreclosed real estate | 0 | (76) |
Net (decrease) in accrued income taxes | (967) | (318) |
Net increase in accrued interest receivable | (268) | (957) |
Net increase in prepaid expenses and other assets | (1,584) | (2,185) |
Net (decrease) increase in other liabilities | (256) | 2,323 |
Net cash provided by operating activities | 11,323 | 11,251 |
Securities available-for-sale: | ||
Proceeds from maturities | 105,424 | 48,092 |
Purchases of securities | (220,194) | (124,023) |
Principal payments on securities | 8,352 | 5,054 |
Securities held-to-maturity: | ||
Proceeds from maturities | 17,136 | 18,629 |
Purchases of securities | (76,035) | (60,251) |
Principal payments on securities | 32,899 | 13,586 |
Net redemption (purchase) of Federal Home Loan Bank Stock | 68 | (1,795) |
Maturity of long term certificates of deposit | 245 | 0 |
Purchase of long term certificates of deposit | (268) | (751) |
Net increase in loans receivable | (39,553) | (67,024) |
Proceeds from sale of foreclosed real estate | 0 | 41 |
Purchases of premises and equipment | (755) | (380) |
Net cash used by investing activities | (172,681) | (168,822) |
Cash flows from financing activities: | ||
Net (decrease) increase in short-term advances | (10,884) | 40,900 |
Net decrease in short-term advances other banks | (7,000) | 0 |
Repayment of long-term FHLB advances | (1,500) | (1,000) |
Net proceeds from subordinated notes payable | 19,601 | 0 |
Payment of cash dividends | (941) | (1,376) |
Purchase of treasury stock | 0 | (38) |
Net increase in deposits | 178,643 | 124,089 |
Net cash provided by financing activities | 177,919 | 162,575 |
Net increase in cash and cash equivalents | 16,561 | 5,004 |
Cash and cash equivalents at beginning of period | 40,463 | 29,538 |
Cash and cash equivalents at end of period | 57,024 | 34,542 |
Non-cash investing activities: | ||
Foreclosed loans transferred to foreclosed real estate | 300 | 215 |
Cash paid during period for: | ||
Interest | 2,614 | 4,371 |
Income taxes | $ 2,616 | $ 1,820 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | (1) Basis of Presentation Within the accompanying unaudited consolidated statement of financial condition, and related notes to the consolidated financial statements, June 30, 2020 data was derived from the audited consolidated financial statements of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, The Bank of Greene County (the “Bank”) and Greene Risk Management, Inc., and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank and Greene Property Holdings, Ltd. The consolidated financial statements at and for the three and six months ended December 31, 2020 and 2019 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, 2020, 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. The Company had no reclassifications from amounts in the prior year’s consolidated financial statements to conform to the current year’s presentation. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three and six months ended December 31, 2020 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2021. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. In December 2019, an outbreak of a novel strain of coronavirus (“COVID-19”) originated in Wuhan, China and has since spread to other countries, including the U.S. On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. In addition, multiple jurisdictions in the U.S. have declared states of emergency. It is anticipated that these impacts will continue for some time. Potential impacts to the Company include disruptions or restrictions on our employees’ ability to work, lack of demand for new loans or the borrower’s ability to pay the required monthly payments. Changes to the operating environment may also be impacted. Operations include loan applications, processing or other areas requiring contact with the borrower. These changes may increase operating costs. Further impacts may include increased repurchase risk or loan defaults. The future effects of these issues are unknown. 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 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 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, 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. There have been no significant changes in the application of this critical accounting policy during the three and six months ended December 31, 2020. 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 equity security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, the 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. Non-credit related write-downs to fair value 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 | 6 Months Ended |
Dec. 31, 2020 | |
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 subsidiaries, The Bank of Greene County and Greene Risk Management, Inc. The Bank of Greene County has 17 full-service offices and an operations center and lending center located in its market area within the Hudson Valley and Capital District Regions 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 Risk Management, Inc. is a pooled captive insurance company, which provides additional insurance coverage for the Company and its subsidiaries related to the operations of the Company for which insurance may not be economically feasible. The Bank of Greene County also owns and operates two subsidiaries, Greene County Commercial Bank and Greene Property Holdings, Ltd. Greene County Commercial Bank’s primary business is to attract deposits from, and provide banking services to, local municipalities. Greene Property Holdings, Ltd. was formed as a New York corporation that has elected under the Internal Revenue Code to be a real estate investment trust, which holds mortgages and notes which were originated through and serviced by The Bank of Greene County. |
Use of Estimates
Use of Estimates | 6 Months Ended |
Dec. 31, 2020 | |
Use of Estimates [Abstract] | |
Use of Estimates | (3) Use of Estimates The preparation of consolidated 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 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, whether it is more likely than not we will be required to sell the security before recovery, whether loss 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 through earnings. |
Securities
Securities | 6 Months Ended |
Dec. 31, 2020 | |
Securities [Abstract] | |
Securities | (4) Securities Securities at December 31, 2020 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises 6,999 - 48 6,951 State and political subdivisions $ 195,832 $ 572 $ - $ 196,404 Mortgage-backed securities-residential 46,858 575 1 47,432 Mortgage-backed securities-multi-family 76,305 1,166 324 77,147 Corporate debt securities 4,009 167 6 4,170 Total securities available-for-sale 330,003 2,480 379 332,104 Securities held-to-maturity: State and political subdivisions 262,005 17,245 5 279,245 Mortgage-backed securities-residential 25,484 829 3 26,310 Mortgage-backed securities-multi-family 108,697 7,011 - 115,708 Corporate debt securities 7,095 27 25 7,097 Other securities 5,488 81 - 5,569 Total securities held-to-maturity 408,769 25,193 33 433,929 Total securities $ 738,772 $ 27,673 $ 412 $ 766,033 Securities at June 30, 2020 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises $ 502 $ 2 $ - $ 504 State and political subdivisions 176,064 1,043 - 177,107 Mortgage-backed securities-residential 15,148 380 - 15,528 Mortgage-backed securities-multi-family 28,116 798 4 28,910 Corporate debt securities 4,510 163 13 4,660 Total securities available-for-sale 224,340 2,386 17 226,709 Securities held-to-maturity: U.S. government sponsored enterprises 2,000 11 - 2,011 State and political subdivisions 210,535 14,286 3 224,818 Mortgage-backed securities-residential 38,884 1,002 15 39,871 Mortgage-backed securities-multi-family 127,582 6,680 21 134,241 Corporate debt securities 2,593 7 130 2,470 Other securities 2,063 38 - 2,101 Total securities held-to-maturity 383,657 22,024 169 405,512 Total securities $ 607,997 $ 24,410 $ 186 $ 632,221 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 including subordinated debt of banks 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 issued by these entities. At December 31, 2020, all mortgage-backed securities including collateralized mortgage obligations were securities of government sponsored enterprises, 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 Company’s current securities investment strategy utilizes a risk management approach of diversified investing among three categories: short-, intermediate- and long-term. The emphasis of this approach is to increase overall investment securities yields while managing interest rate risk. The Company will only invest in high quality securities as determined by management’s analysis at the time of purchase. The Company generally does not engage in any derivative or hedging transactions, such as interest rate swaps or caps. 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 December 31, 2020. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Securities available-for-sale: U.S. government sponsored enterprises $ 6,951 $ 48 2 $ - $ - - $ 6,951 $ 48 2 Mortgage-backed securities-residential 1,925 1 1 - - - 1,925 1 1 Mortgage-backed securities-multi-family 32,916 324 10 - - - 32,916 324 10 Corporate debt securities 994 6 1 - - - 994 6 1 Total securities available-for-sale 42,786 379 14 - - - 42,786 379 14 Securities held-to-maturity: State and political subdivisions 1,204 5 6 - - - 1,204 5 6 Mortgage-backed securities-residential 1,640 3 1 - - - 1,640 3 1 Corporate debt securities 1,497 3 1 473 22 1 1,970 25 2 Total securities held-to-maturity 4,341 11 8 473 22 1 4,814 33 9 Total securities $ 47,127 $ 390 22 $ 473 $ 22 1 $ 47,600 $ 412 23 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, 2020. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Securities available-for-sale: Mortgage-backed securities-multi-family $ 1,051 $ 4 1 $ - $ - - $ 1,051 $ 4 1 Corporate debt securities 2,487 13 3 - - - 2,487 13 3 Total securities available-for-sale 3,538 17 4 - - - 3,538 17 4 Securities held-to-maturity: State and political subdivisions 3,336 3 12 - - - 3,336 3 12 Mortgage-backed securities-residential 3,604 15 2 - - - 3,604 15 2 Mortgage-backed securities-multi-family 3,562 21 3 - - - 3,562 21 3 Corporate debt securities 1,103 2 2 361 128 1 1,464 130 3 Total securities held-to-maturity 11,605 41 19 361 128 1 11,966 169 20 Total securities $ 15,143 $ 58 23 $ 361 $ 128 1 $ 15,504 $ 186 24 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 before recovery of its amortized cost basis, (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 earnings while noncredit-related OTTI on securities not expected to be sold is recognized in other comprehensive income/loss (“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. 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 December 31, 2020. Management believes that the reasons for the decline in fair value are due to interest rates, widening credit spreads partially due to COVID-19 concerns and market illiquidity at the reporting date. There were no transfers of securities available-for-sale to held-to-maturity during the three and six months ended December 31, 2020 or 2019. During the three and six months ended December 31, 2020 and 2019, there were no sales of securities and no gains or losses were recognized. There was no other-than-temporary impairment loss recognized during the three and six months ended December 31, 2020 and 2019. The estimated fair values of debt securities at December 31, 2020, 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 $ 193,109 $ 193,670 After one year through five years 3,689 3,786 After five years through ten years 8,542 8,558 After ten years 1,500 1,511 Total available-for-sale debt securities 206,840 207,525 Mortgage-backed securities 123,163 124,579 Total available-for-sale securities 330,003 332,104 Held-to-maturity debt securities Within one year 41,684 42,395 After one year through five years 102,444 107,389 After five years through ten years 69,549 75,648 After ten years 60,911 66,479 Total held-to-maturity debt securities 274,588 291,911 Mortgage-backed securities 134,181 142,018 Total held-to-maturity securities 408,769 433,929 Total debt securities $ 738,772 $ 766,033 At December 31, 2020 and June 30, 2020, respectively, securities with an aggregate fair value of $719.8 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 three and six months ended December 31, 2020 or 2019. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Dec. 31, 2020 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | (5) Loans and Allowance for Loan Losses Loan segments and classes at December 31, 2020 and June 30, 2020 are summarized as follows: (In thousands) December 31, 2020 June 30, 2020 Residential real estate: Residential real estate $ 299,479 $ 279,332 Residential construction and land 7,494 11,847 Multi-family 28,000 25,104 Commercial real estate: Commercial real estate 448,122 381,415 Commercial construction 72,200 74,920 Consumer loan: Home equity 19,922 22,106 Consumer installment 4,851 4,817 Commercial loans 171,099 213,119 Total gross loans 1,051,167 1,012,660 Allowance for loan losses (18,270 ) (16,391 ) Unearned origination fees and costs, net (1,378 ) (2,747 ) Loans receivable, net $ 1,031,519 $ 993,522 In early 2020, COVID-19 had spread world-wide and the Federal and state governments have been diligently working to contain the spread. The containment strategies implemented by local governments has had an enormous impact on the economy and may continue to have a negative impact on borrowers’ ability to make timely loan payments as many businesses are forced to temporarily shut down or operate with limited capacity. Management is monitoring and addressing the impact on the loan portfolio and working with borrowers. 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 Company 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. The Bank of Greene County’s determination as to the classification of its loans and the amount of its valuation allowance is subject to review by its regulatory agencies, which can order the establishment of additional general or specific loss allowances. 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: residential real estate loans, commercial real estate loans, consumer loans and commercial loans. The residential real estate portfolio consists of residential, construction, and multi-family loan classes. Commercial real estate loans consist of commercial real estate and commercial construction loan classes. Consumer loans consist of home equity loan and consumer installment 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 historically has been 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 85.0% of the appraised value of the property. 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 85.0% or less, 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 commercial real estate, and multi-family dwellings, such as apartment buildings generally are larger than residential loans and involve a greater degree of risk. Commercial real estate 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 commercial real estate 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 commercial real estate 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. Over the past few years, The Bank of Greene County has shifted more focus on the origination of commercial loans including commercial real estate. The Bank of Greene County has also formed relationships with other community banks within our region to participate in larger commercial loan relationships. These types of loans are generally considered to be riskier due to the size and complexity of the loan relationship. By entering into a participation agreement with the other bank, The Bank of Greene County can obtain the loan relationship while limiting its exposure to credit loss. Management completes its due diligence in underwriting these loans and monitors the servicing of these loans. During the quarter ended December 31, 2020, the Company had on average outstanding $82.2 million in PPP loans which are unsecured commercial loans and are 100% guaranteed by the Small Business Administration. Loan balances by internal credit quality indicator at December 31, 2020 are shown below. ( In thousands Performing Watch Special Mention Substandard Total Residential real estate $ 295,850 $ 840 $ 81 $ 2,708 $ 299,479 Residential construction and land 7,494 - - - 7,494 Multi-family 26,009 - 1,627 364 28,000 Commercial real estate 423,153 316 21,020 3,633 448,122 Commercial construction 70,253 - 1,947 - 72,200 Home equity 19,355 - - 567 19,922 Consumer installment 4,804 47 - - 4,851 Commercial loans 164,829 - 3,488 2,782 171,099 Total gross loans $ 1,011,747 $ 1,203 $ 28,163 $ 10,054 $ 1,051,167 Loan balances by internal credit quality indicator at June 30, 2020 are shown below. (In thousands Performing Watch Special Mention Substandard Total Residential real estate $ 274,973 $ 626 $ 996 $ 2,737 $ 279,332 Residential construction and land 11,847 - - - 11,847 Multi-family 23,336 - 1,645 123 25,104 Commercial real estate 364,884 - 13,189 3,342 381,415 Commercial construction 67,844 - 6,974 102 74,920 Home equity 21,466 - - 640 22,106 Consumer installment 4,792 25 - - 4,817 Commercial loans 210,031 50 2,675 363 213,119 Total gross loans $ 979,173 $ 701 $ 25,479 $ 7,307 $ 1,012,660 The Company had no loans classified doubtful or loss at December 31, 2020 and June 30, 2020. Loans classified as substandard or special mention totaled $38.2 million at December 31, 2020 and $32.8 million at June 30, 2020, an increase of $5.4 million. Loans classified as substandard or special mention increased due to insufficient cash flows and revenues related to the COVID-19 pandemic. These newly classified loans were all performing as of December 31, 2020. Nonaccrual Loans Management places loans on nonaccrual status once the loans have become 90 days or more delinquent. A nonaccrual loan 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 December 31, 2020 and June 30, 2020. Loans on nonaccrual status totaled $2.8 million at December 31, 2020 of which $433,000 were in the process of foreclosure. At December 31, 2020, there were four residential loans in the process of foreclosure totaling $204,000. Included in nonaccrual loans were $1.5 The following table sets forth information regarding delinquent and/or nonaccrual loans at December 31, 2020: (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 Residential real estate $ 1,819 $ 341 $ 609 $ 2,769 $ 296,710 $ 299,479 $ 1,670 Residential construction and land - - - - 7,494 7,494 - Multi-family - - - - 28,000 28,000 - Commercial real estate 803 316 404 1,523 446,599 448,122 560 Commercial construction - - - - 72,200 72,200 - Home equity 193 15 128 336 19,586 19,922 247 Consumer installment 77 47 - 124 4,727 4,851 - Commercial loans 261 - 77 338 170,761 171,099 278 Total gross loans $ 3,153 $ 719 $ 1,218 $ 5,090 $ 1,046,077 $ 1,051,167 $ 2,755 The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2020: (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 Residential real estate $ 871 $ 345 $ 1,691 $ 2,907 $ 276,425 $ 279,332 $ 2,513 Residential construction and land - - - - 11,847 11,847 - Multi-family - - 151 151 24,953 25,104 151 Commercial real estate 393 189 374 956 380,459 381,415 781 Commercial construction - - - - 74,920 74,920 - Home equity 29 - 238 267 21,839 22,106 319 Consumer installment 36 25 - 61 4,756 4,817 - Commercial loans 48 72 245 365 212,754 213,119 313 Total gross loans $ 1,377 $ 631 $ 2,699 $ 4,707 $ 1,007,953 $ 1,012,660 $ 4,077 The Bank of Greene County had no accruing loans delinquent more than 90 days at December 31, 2020 or June 30, 2020, respectively. 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 borrower has made arrangements with the Bank to bring the loan current within a specified time period and has made a series of payments as agreed. The table below details additional information related to nonaccrual loans for the three and six months ended December 31: For the three months ended December 31, For the six months ended December 31 (In thousands) 2020 2019 2020 2019 Interest income that would have been recorded if loans had been performing in accordance with original terms $ 92 $ 53 $ 198 $ 154 Interest income that was recorded on nonaccrual loans 88 42 126 92 In order to assist borrowers through the COVID-19 pandemic, The Company instituted a loan deferment program in response to the COVID-19 pandemic whereby deferral of principal and/or interest payments have been provided and correspond to the length of the National Emergency as defined under the CARES Act and extended under the Consolidated Appropriations Act which was signed into law on December 27, 2020. Payment deferrals consisted of either principal deferrals or full payment deferrals. Based on guidance provided by bank regulators on March 22, 2020 regarding deferrals granted due to COVID-19, these have not been reported as delinquent and we will continue to recognize interest income during the deferral period. At December 31, 2020, there were four loans totaling $204,000 in nonaccrual that previously participated in this loan deferment program due to COVID-19. Impaired Loan Analysis The Company identifies impaired loans and measures the impairment in accordance with FASB ASC subtopic “ Receivables – Loan Impairment.” The tables below detail additional information on impaired loans at the date or periods indicated: At December 31, 2020 For the three months ended December 31, 2020 For the six months ended December 31, 2020 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 386 $ 386 $ - $ 392 $ 3 $ 397 $ 8 Multi-family - - - - - 61 - Commercial real estate 316 316 - 321 1 328 2 Home equity 231 231 - 162 - 145 - Commercial loans 109 109 - 111 8 194 8 Impaired loans with no allowance 1,042 1,042 - 986 12 1,125 18 With an allowance recorded: Residential real estate 668 668 82 1,064 12 1,225 17 Commercial construction 102 102 20 102 - 102 - Home equity 321 321 73 391 4 410 8 Commercial loans 24 24 2 16 1 8 1 Impaired loans with allowance 1,115 1,115 177 1,573 17 1,745 26 Total impaired: Residential real estate 1,054 1,054 82 1,456 15 1,622 25 Multi-family - - - - - 61 - Commercial real estate 316 316 - 321 1 328 2 Commercial construction 102 102 20 102 - 102 - Home equity 552 552 73 553 4 555 8 Commercial loans 133 133 2 127 9 202 9 Total impaired loans $ 2,157 $ 2,157 $ 177 $ 2,559 $ 29 $ 2,870 $ 44 At June 30, 2020 For the three months ended December 31, 2019 For the six months ended December 31, 2019 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 868 $ 868 $ - $ 542 11 617 41 Multi-family 123 123 - - - - - Commercial real estate 344 344 - 375 5 383 12 Home equity 128 128 - 128 - 197 - Commercial loans 145 145 - 146 1 141 1 Impaired loans with no allowance 1,608 1,608 - 1,191 17 1,338 54 With an allowance recorded: Residential real estate 995 995 127 1,124 8 1,051 32 Multi-family - - - 131 1 66 1 Commercial real estate - - - 105 3 53 3 Commercial construction 102 102 15 102 - 102 - Home equity 431 431 73 460 9 395 14 Commercial loans 134 134 13 159 3 145 4 Impaired loans with allowance 1,662 1,662 228 2,081 24 1,812 54 Total impaired: Residential real estate 1,863 1,863 127 1,666 19 1,668 73 Multi-family 123 123 - 131 1 66 1 Commercial real estate 344 344 - 480 8 436 15 Commercial construction 102 102 15 102 - 102 - Home equity 559 559 73 588 9 592 14 Commercial loans 279 279 13 305 4 286 5 Total impaired loans $ 3,270 $ 3,270 $ 228 $ 3,272 41 3,150 108 The table below details loans that have been modified as a troubled debt restructuring during the six months ended December 31, 2020. (D ollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Current Outstanding Recorded Investment December 31, 2020 Commercial loans 1 $ 24 $ 24 $ 24 The decrease in total impaired loans within the residential real estate portfolio for the six months ended December 31, 2020, is primarily due to the combination of loans returned to accrual status and payoffs. During the six months ended December 31, 2020, one commercial loan was modified by reducing the rate and extending the term on this loan. There were no loans that were modified as a trouble debt restricting during the three and six months ended December 31, 2019. There were no loans that had been modified as a troubled debt restructuring during the twelve months prior to June 30, 2020 or 2019 which have subsequently defaulted during the three and six months ended December 31, 2020 or 2019, respectively. The Bank of Greene County continues working with borrowers through the current pandemic. During fiscal 2020, the Company instituted a loan deferment program in response to the COVID-19 pandemic whereby deferral of principal and/or interest payments have been provided and correspond to the length of the National Emergency as defined under the CARES Act and extended under the Consolidated Appropriations Act which was signed into law on December 27, 2020. At December 31, 2020, the Company still had $14.5 million consisting of 66 loans on payment deferral as a result of the pandemic, which is down from $193.5 million consisting of 706 loans at June 30, 2020. Based on guidance provided by bank regulators on March 22, 2020 regarding deferrals granted due to COVID-19, we have not reported these loans as delinquent and will continue to recognize interest income during the deferral period. These loans will be closely monitored to determine collectability and accrual and delinquency status will be updated as deemed appropriate. Under Section 4013 of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), loans less than 30 days past due as of December 31, 2020 will be considered current for COVID-19 modifications. Provisions under Section 4013 of the CARES Act were extended as part of the Consolidated Appropriations Act signed into law on December 27, 2020. A financial institution can then suspend the requirements under GAAP for loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring (“TDR”), and suspend any determination of a loan modified as a result of COVID-19 as being a TDR, including the requirement to determine impairment for accounting purposes . Allowance for Loan Losses 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 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 smaller balance residential mortgages, home equity loans, commercial loans and installment loans to customers as small, homogeneous loans, which are evaluated for impairment collectively based on historical loss experience. Larger balance residential, 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 Bank of Greene County charges loans off against the allowance for credit losses when it becomes evident that a loan cannot be collected within a reasonable amount of time or that it will cost the Bank more than it will receive, and all possible avenues of repayment have been analyzed, including the potential of future cash flow, the value of the underlying collateral, and strength of any guarantors or co-borrowers. Generally, consumer loans and smaller commercial 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. Included within consumer installment loan charge-offs and recoveries are deposit accounts that have been overdrawn in excess of 60 days. With continued growth in the number of deposit accounts, charge-off activity within this category has also grown, as can be seen from the tables below. 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 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. The Bank of Greene County recognizes that strategies put in place to assist borrowers through the COVID-19 pandemic may not be sufficient to fully mitigate the impact to borrowers and that it is likely that a portion of the loan portfolio will default and result in losses to The Bank of Greene County. As a result, The Bank of Greene County has increased its provision for loan losses for the three and six months ended December 31, 2020 to $1.3 million and $2.5 million, respectively, from $690,000 and $1.2 million for the three and six months ended December 31, 2019, respectively. Much uncertainty remains regarding the duration of the containment strategies and the overall impact to the economy and to local businesses. Management is closely monitoring the changes within its economic environment, stress testing the loan portfolio under various scenarios, and adjusting the allowance for loan loss as necessary to remain adequately reserved. 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 three months ended December 31, 2020 (In thousands) Balance at September 30, 2020 Charge-offs Recoveries Provision Balance at December 31, 2020 Residential real estate $ 1,463 $ 26 $ 4 $ 557 $ 1,998 Residential construction and land 118 - - (28 ) 90 Multi-family 180 - - 96 276 Commercial real estate 9,384 - - 823 10,207 Commercial construction 1,961 - - (114 ) 1,847 Home equity 272 - - (7 ) 265 Consumer installment 350 85 19 (28 ) 256 Commercial loans 3,868 500 - (37 ) 3,331 Total $ 17,596 $ 611 $ 23 $ 1,262 $ 18,270 Activity for the six months ended December 31, 2020 (In thousands) Balance at June 30, 2020 Charge-offs Recoveries Provision Balance at December 31, 2020 Residential real estate $ 2,091 $ 26 $ 7 $ (74 ) $ 1,998 Residential construction and land 141 - - (51 ) 90 Multi-family 176 - - 100 276 Commercial real estate 8,634 - - 1,573 10,207 Commercial construction 2,053 - - (206 ) 1,847 Home equity 295 - - (30 ) 265 Consumer installment 197 146 39 166 256 Commercial loans 2,804 500 - 1,027 3,331 Total $ 16,391 $ 672 $ 46 $ 2,505 $ 18,270 Allowance for Loan Losses Loans Receivable Ending Balance At December 31, 2020 Impairment Analysis Ending Balance At December 31, 2020 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 82 $ 1,916 $ 1,054 $ 298,425 Residential construction and land - 90 - 7,494 Multi-family - 276 - 28,000 Commercial real estate - 10,207 316 447,806 Commercial construction 20 1,827 102 72,098 Home equity 73 192 552 19,370 Consumer installment - 256 - 4,851 Commercial loans 2 3,329 133 170,966 Total $ 177 $ 18,093 $ 2,157 $ 1,049,010 Activity for the three months ended December 31, 2019 (In thousands) Balance at September 30, 2019 Charge-offs Recoveries Provision Balance at December 31, 2019 Residential real estate $ 1,512 $ 48 $ 10 $ (4 ) $ 1,470 Residential construction and land 99 - - (6 ) 93 Multi-family 205 - - (58 ) 147 Commercial real estate 7,159 - - 351 7,510 Commercial construction 1,291 - - 176 1,467 Home equity 307 - - (37 ) 270 Consumer installment 319 139 26 160 366 Commercial loans 2,552 5 6 108 2,661 Total $ 13,444 $ 192 $ 42 $ 690 $ 13,984 Activity for the six months ended December 31, 2019 (In thousands) Balance at June 30, 2019 Charge-offs Recoveries Provision Balance at December 30, 2019 Residential real estate $ 2,026 $ 101 $ 10 $ (465 ) $ 1,470 Residential construction and land 87 - - 6 93 Multi-family 180 - - (33 ) 147 Commercial real estate 7,110 - - 400 7,510 Commercial construction 872 - - 595 1,467 Home equity 314 - - (44 ) 270 Consumer installment 250 248 50 314 366 Commercial loans 2,361 204 36 468 2,661 Total $ 13,200 $ 553 $ 96 $ 1,241 $ 13,984 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2020 Impairment Analysis Ending Balance June 30, 2020 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 127 $ 1,964 $ 1,863 $ 277,469 Residential construction and land - 141 - 11,847 Multi-family - 176 123 24,981 Commercial real estate - 8,634 344 381,071 Commercial construction 15 2,038 102 74,818 Home equity 73 222 559 21,547 Consumer installment - 197 - 4,817 Commercial loans 13 2,791 279 212,840 Total $ 228 $ 16,163 $ 3,270 $ 1,009,390 Foreclosed real estate (FRE) FRE consists of properties acquired through mortgage loan foreclosure proceedings or in full or partial satisfaction of loans. The following table sets forth information regarding FRE at December 31, 2020 and June 30, 2020: (in thousands) December 31, 2020 June 30, 2020 Residential real estate $ 385 $ - Total foreclosed real estate $ 385 $ - |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 6 Months Ended |
Dec. 31, 2020 | |
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 at December 31, 2020 and June 30, 2020 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” 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 Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable (In thousands) December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 6,951 $ - $ 6,951 $ - State and political subdivisions 196,404 - 196,404 - Mortgage-backed securities-residential 47,432 - 47,432 - Mortgage-backed securities-multi-family 77,147 - 77,147 - Corporate debt securities 4,170 4,170 - - Securities available-for-sale $ 332,104 $ 4,170 $ 327,934 $ - Equity securities 292 292 - - Total securities measured at fair value $ 332,396 $ 4,462 $ 327,934 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) June 30, 2020 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 504 $ - $ 504 $ - State and political subdivisions 177,107 - 177,107 - Mortgage-backed securities-residential 15,528 - 15,528 - Mortgage-backed securities-multi-family 28,910 - 28,910 - Corporate debt securities 4,660 4,660 - - Securities available-for-sale $ 226,709 $ 4,660 $ 222,049 $ - Equity securities 267 267 - - Total securities measured at fair value $ 226,976 $ 4,927 $ 222,049 $ - 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” Receivables –Loan Impairment” Fair values for foreclosed real estate are initially recorded based on market value evaluations by third parties, less costs to sell (“initial cost basis”). Any write-downs required when the related loan receivable is exchanged for the underlying real estate collateral at the time of transfer to foreclosed real estate are charged to the allowance for loan losses. Values are derived from appraisals, similar to impaired loans, of underlying collateral or discounted cash flow analysis. Subsequent to foreclosure, valuations are updated periodically and assets are marked to current fair value, not to exceed the initial cost basis. In the determination of fair value subsequent to foreclosure, management also considers other factors or recent developments, such as, changes in absorption rates and market conditions from the time of valuation and anticipated sales values considering management’s plans for disposition. Either change could result in adjustment to lower the property value estimates indicated in the appraisals. These measurements are classified as Level 3 within the fair value hierarchy. Fair Value Measurements Using (In thousands) Recorded Investment Related Allowance Fair Value (Level 1) (Level 2) (Level 3) December 31, 2020 Impaired loans $ 1,250 $ 177 $ 1,073 $ - $ - $ 1,073 Foreclosed real estate 385 - 385 - - 385 June 30, 2020 Impaired loans $ 1,809 $ 228 $ 1,581 $ - $ - $ 1,581 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 December 31, 2020 Impaired Loans $ 465 Appraisal of collateral (1) Appraisal adjustments (2) 8.57%-33.73 % 25.90 % Liquidation expenses (3) 3.98%-5.49 % 4.45 % 608 Discounted cash flow Discount rate 4.19%-7.49 % 5.43 % Foreclosed real estate 385 Appraisal of collateral (1) Appraisal adjustments (2) 0.00%-0.00 % 0.00 % Liquidation expenses (3) 7.39%-8.89 % 7.82 % June 30, 2020 Impaired loans $ 1,143 Appraisal of collateral (1) Appraisal adjustments (2) 8.57%-33.73 % 27.55 % Liquidation expenses (3) 3.98%-6.88 % 4.64 % 438 Discounted cash flow Discount rate 4.19%-6.63 % 5.64 % (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 are adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral. 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. The fair values for loans are measured using the "exit price" notion which is a reasonable estimate of what another party might pay in an orderly transaction. 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 and borrowings from other banks are estimated using discounted cash flows and interest rates currently being offered on similar borrowings. Fair value for subordinated notes payable is estimated based upon quotes from its pricing service based on a discounted cash flow methodology or utilizes observations of recent highly-similar transactions. 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 December 31, 2020 and June 30, 2020, 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) December 31, 2020 Fair Value Measurements Using Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 57,024 $ 57,024 $ 57,024 $ - $ - Long term certificate of deposit 4,093 4,093 4,093 - - Securities available-for-sale 332,104 332,104 4,170 327,934 - Securities held-to-maturity 408,769 433,929 - 433,929 - Equity securities 292 292 292 - - Federal Home Loan Bank stock 1,158 1,158 - 1,158 - Net loans receivable 1,031,519 1,034,737 - - 1,034,737 Accrued interest receivable 8,475 8,475 - 8,475 - Deposits 1,679,718 1,680,205 - 1,680,205 - Borrowings 6,100 6,193 - 6,193 - Subordinated notes payable, net 19,601 19,099 - 19,099 - Accrued interest payable 367 367 - 367 - (In thousands) June 30, 2020 Fair Value Measurements Using Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 40,463 $ 40,463 $ 40,463 $ - $ - Long term certificate of deposit 4,070 4,070 4,070 - - Securities available-for-sale 226,709 226,709 4,660 222,049 - Securities held-to-maturity 383,657 405,512 - 405,512 - Equity Securities 267 267 267 - - Federal Home Loan Bank stock 1,226 1,226 - 1,226 - Net loans receivable 993,522 1,004,031 - - 1,004,031 Accrued interest receivable 8,207 8,027 - 8,027 - Deposits 1,501,075 1,051,628 - 1,501,628 - Borrowings 25,484 25,602 - 25,602 - Accrued interest payable 119 119 - 119 - |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 31, 2020 | |
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 dilutive or anti-dilutive securities or contracts outstanding during the three and six months ended December 31, 2020 and 2019. For the three months ended December 31, For the six months ended December 31, 2020 2019 2020 2019 Net Income $ 6,195,000 $ 5,113,000 $ 11,070,000 $ 9,976,000 Weighted Average Shares – Basic 8,513,414 8,537,010 8,513,414 8,537,412 Weighted Average Shares - Dilute 8,513,414 8,537,010 8,513,414 8,537,412 Earnings per share - Basic $ 0.73 $ 0.60 $ 1.30 $ 1.17 Earnings per share - Diluted $ 0.73 $ 0.60 $ 1.30 $ 1.17 |
Dividends
Dividends | 6 Months Ended |
Dec. 31, 2020 | |
Dividends [Abstract] | |
Dividends | (8) Dividends On October 21, 2020, Greene County Bancorp, Inc. (NASDAQ-GCBC) announced that its Board of Directors has approved a quarterly cash dividend of $0.12 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.48 per share, which is the same rate as the dividend declared during the previous quarter. The dividend was payable to stockholders of record as of November 13, 2020, and was paid on November 30, 2020. Greene County Bancorp, MHC waived its right to receive this dividend. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2020 | |
Impact of Recent Accounting Pronouncements [Abstract] | |
Impact of Recent Accounting Pronouncements | (9) Impact of Recent Accounting Pronouncements The following accounting standards were adopted in the first quarter ended September 30, 2020: In August 2018, the FASB issued an Update (ASU 2018-13) to its guidance on “Fair Value Measurement (Topic 820).” This update modifies the disclosure requirements on fair value measurements. The following disclosure requirements were removed from Topic 820: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; (3) the valuation processes for Level 3 fair value measurements; and (4) for nonpublic entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level 3 fair value measurements held at the end of the reporting period. The following disclosure requirements were modified in Topic 820: (1) in lieu of a rollforward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities; (2) for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and (3) the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added to Topic 820; however, the disclosures are not required for non-public entities: (1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. In addition, the amendments eliminate at a minimum from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements. The amendments in ASU No. 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The adoption of this guidance did not have a material impact on our consolidated results of operations or financial position. In April 2019, the FASB issued an Update (ASU 2019-04), Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments to Topic 326 and other topics in this Update include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses TRG meetings. The amendments related to Update 2016-13 have the same effective dates as Update 2016-13 and are described in the next paragraph below. The ASU also covered a number of issues that related to hedge accounting including: Partial-Term Fair Value Hedges of Interest Rate Risk, Amortization of Fair Value Hedge Basis Adjustments, Disclosure of Fair Value Hedge Basis Adjustments, Consideration of the Hedged Contractually Specified Interest Rate under the Hypothetical Derivative Method, Scoping for Not-for-Profit Entities, Hedge Accounting Provisions Applicable to Certain Private Companies and Not-for-Profit Entities, and Application of a First-Payments-Received Cash Flow Hedging Technique to Overall Cash Flows on a Group of Variable Interest Payments. The amendments related to Topic 815 are effective with the adoption of the amendments in Update 2017-12. The Company does not have any transactions that are applicable to Update 2017-12, and therefore the adoption of Update 2017-12 and related provisions of Update 2019-04, did not have any impact on our consolidated results of operations or financial position. The ASU also covers Transition Guidance For Codification Improvements specific to ASU 2016-01. The following topics were covered within ASU 2019-04: Scope Clarifications, Held-to-Maturity Debt Securities Fair Value Disclosures, Applicability of Topic 820 to the Measurement Alternative, and Remeasurement of Equity Securities at Historical Exchange Rates. The amendments related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019. The adoption of this guidance did not have a material impact on our consolidated results of operations or financial position. Accounting Pronouncements to be adopted in future periods In June 2016, the FASB issued an Update (ASU 2016-13) to its guidance on “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (AFS) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments to Topic 326 and other topics in ASU 2019-04 include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses TRG meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 on a number of different topics, including the following: Accrued Interest, Transfers between Classifications or Categories for Loans and Debt Securities, Recoveries, Consideration of Prepayments in Determining the Effective Interest Rate, Consideration of Estimated Costs to Sell When Foreclosure Is Probable, Vintage Disclosures— Line-of-Credit Arrangements Converted to Term Loans, and Contractual Extensions and Renewals. The effective dates and transition requirements for the amendments related to this Update are the same as the effective dates and transition requirements in Update 2016-13. In November 2019, the FASB issued ASU 2019-11 Codification Improvements to Topic 326 Financial Instruments Credit Losses provides additional clarification to specific issues about certain aspects of the amendments in Update 2016-13 related to measuring the allowance for loan losses under the new guidance. The Company is currently evaluating the potential impact on our consolidated results of operations or financial position. The initial adjustment will not be reported in earnings and therefore will not have any material impact on our consolidated results of operations, but it is expected that it will have an impact on our consolidated financial position at the date of adoption of this Update. At this time, we have not calculated the estimated impact that this Update will have on our Allowance for Loan Losses, however, we anticipate it will have a significant impact on the methodology process we utilize to calculate the allowance. A vendor has been selected and alternative methodologies are currently being considered. Data requirements and integrity are being reviewed and enhancements incorporated into standard processes. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, excluding small reporting companies such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, FASB issued ASU 2019-10, Financial Instruments – Credit Losses which amends the implementation effective date for small reporting companies, such as the Company, and non-public business entities, for fiscal years beginning after December 15, 2022. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In August 2018, the FASB has issued an Update (ASU No. 2018-14), “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans”, that applies to all employers that sponsor defined benefit pension or other postretirement plans. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The following disclosure requirements were removed from Subtopic 715-20: (1) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year; (2) the amount and timing of plan assets expected to be returned to the employer; (3) the disclosures related to the June 2001 amendments to the Japanese Welfare Pension Insurance Law; related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan; (4) for nonpublic entities, the reconciliation of the opening balances to the closing balances of plan assets measured on a recurring basis in Level 3 of the fair value hierarchy. However, nonpublic entities will be required to disclose separately the amounts of transfers into and out of Level 3 of the fair value hierarchy and purchases of Level 3 plan assets; and (5) for public entities, the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits. The following disclosure requirements were added to Subtopic 715-20: (1) the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates; and (2) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments also clarify the disclosure requirements in paragraph 715-20-50-3, which state that the following information for defined benefit pension plans should be disclosed: (1) the projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets; and (2) the accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. ASU No. 2018-14 is effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The adoption of this guidance is not expected to have a material impact on our consolidated results of operations or financial position. In March 2020, the FASB issued an Update (ASU 2020-04), Reference Rate Reform (Topic 848). The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The following optional expedients for applying the requirements of certain Topics or Industry Subtopics in the Codification are permitted for contracts that are modified because of reference rate reform and that meet certain scope guidance: (1) Modifications of contracts within the scope of Topics 310, Receivables, and 470, Debt, should be accounted for by prospectively adjusting the effective interest rate. (2) Modifications of contracts within the scope of Topics 840, Leases, and 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate (for example, the incremental borrowing rate) or remeasurements of lease payments that otherwise would be required under those Topics for modifications not accounted for as separate contracts. (3) Modifications of contracts do not require an entity to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Subtopic 815-15, Derivatives and Hedging— Embedded Derivatives. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The Company’s initial evaluation of LIBOR exposure appears to be minimal and limited to a couple of participation loans or risk participation agreements. The Company is working with the other lead lenders to determine if any potential contract modifications are needed. In October 2020, the FASB issued an Update (ASU 2020-08), Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. The amendments affect the guidance in ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in that Update shortened the amortization period for certain purchased callable debt securities held at a premium by requiring that entities amortize the premium associated with those callable debt securities within the scope of paragraph 310-20-25-33 to the earliest call date. The Board noted in paragraph BC21 of Update 2017-08 that if the security contained additional future call dates, an entity should consider whether the amortized cost basis exceeded the amount repayable by the issuer at the next call date. If so, the excess should be amortized to the next call date. The amendments in ASU 2020-08 clarify the Board’s intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within the scope of paragraph 310-20-35-33 for each reporting period. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. All entities should apply the amendments in this Update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is in the early stages of evaluation of the guidance. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans [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 three and six months ended December 31, 2020 and 2019 were as follows: Three months ended December 31, Six months ended December 31, (In thousands) 2020 2019 2020 2019 Interest cost $ 41 $ 49 $ 82 $ 98 Expected return on plan assets (64 ) (63 ) (127 ) (126 ) Amortization of net loss 52 40 104 80 Net periodic pension cost $ 29 $ 26 $ 59 $ 52 The Company does not anticipate that it will make any additional contributions to the defined benefit pension plan during fiscal 2021. 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 have been selected by the Board to participate. The SERP Plan is intended to provide a benefit from the Bank upon retirement, death or disability or voluntary or involuntary termination of service (other than “for cause”). The SERP Plan is more fully described in Note 10 of the consolidated financial statements and notes thereto for the year ended June 30, 2020. The net periodic pension costs related to the SERP Plan for the three and six months ended December 31, 2020 were $270,000 and $526,000. The net periodic pension costs related to the SERP Plan for the three and six months ended December 31, 2019 were $214,000 and $419,000. The total liability for the SERP Plan was $7.3 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | (11) Stock-Based Compensation 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 phantom stock option represents the right to receive a cash payment on the date the award vests. The Plan is more fully described in Note 11 of the consolidated financial statements and notes thereto for the year ended June 30, 2020. A summary of the Company’s phantom stock option activity and related information for the Plan for the three and six months ended December 31, 2020 and 2019 were as follows: Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Number of options outstanding, beginning of period 2,288,800 2,319,300 1,765,100 1,711,600 Options Granted - - 523,700 614,700 Options Forfeited - - - (7,000 ) Options Paid in Cash (583,200 ) (554,200 ) (583,200 ) (554,200 ) Number of options outstanding, end of period 1,705,600 1,765,100 1,705,600 1,765,100 Three months ended December 31, Six months ended December 31, (In thousands) 2020 2019 2020 2019 Cash paid out on options vested $ 3,107 $ 2,516 $ 3,107 $ 2,516 Compensation costs recognized 972 1,697 1,607 1,395 The total liability for the Plan was $3.4 million and $4.9 million at December 31, 2020 and June 30, 2020, respectively, and is included in accrued expenses and other liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | (12) Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss at December 31, 2020 and 2019 are presented as follows: Activity for the three months ended December 31, 2020 and 2019 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension benefits Total Balance - September 30, 2019 $ 561 $ (1,838 ) $ (1,277 ) Other comprehensive loss before reclassification (114 ) - (114 ) Other comprehensive loss for the three months ended September 30, 2019 (114 ) - (114 ) Balance - December 31, 2019 $ 447 $ (1,838 ) $ (1,391 ) Balance - September 30, 2020 $ 1,560 $ (2,178 ) $ (618 ) Other comprehensive loss before reclassification (8 ) - (8 ) Other comprehensive loss for the three months ended September 30, 2020 (8 ) - (8 ) Balance - December 31, 2020 $ 1,552 $ (2,178 ) $ (626 ) Activity for the six months ended December 31, 2020 and 2019 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension benefits Total Balance at June 30, 2019 $ 832 $ (1,838 ) $ (1,006 ) Other comprehensive loss before reclassification (385 ) - (385 ) Other comprehensive income for the six months ended December 31, 2019 (385 ) - (385 ) Balance at December 31, 2019 $ 447 $ (1,838 ) $ (1,391 ) Balance at June 30, 2020 $ 1,750 $ (2,178 ) $ (428 ) Other comprehensive loss before reclassification (198 ) - (198 ) Other comprehensive loss for the six months ended December 31, 2020 (198 ) - (198 ) Balance at December 31, 2020 $ 1,552 $ (2,178 ) $ (626 ) |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | (13) Revenue from Contracts with Customers The majority of the Company's revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as loans and investment securities which are presented in our consolidated income statements as components of net interest income. All of the Company's revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income, with the exception of net gains and losses from sales of foreclosed real estate, which is recognized within non-interest expense. The following table presents revenues subject to ASC 606 for the three and six months ended December 31, 2020 and 2019, respectively. For the three months ended December 31, For the six months ended December 31, (In thousands) 2020 2019 2020 2019 Service charges on deposit accounts Insufficient funds fees $ 826 $ 1,003 $ 1,526 $ 2,021 Deposit related fees 38 41 74 80 ATM/point of sale fees 70 67 140 135 Total service charges 934 1,111 1,740 2,136 Interchange fee income Debit card interchange fees 917 755 1,810 1,498 E-commerce fee income E-commerce fees 28 31 57 66 Investment services income Investment services 216 168 377 313 Sales of assets Net gain on foreclosed real estate - - - 76 Service Charges on Deposit Accounts Debit Card Interchange Fee Income E-commerce income Investment Services Income Net Gains/Losses on Sales of Foreclosed Real Estate |
Operating leases
Operating leases | 6 Months Ended |
Dec. 31, 2020 | |
Operating leases [Abstract] | |
Operating leases | (14) Operating leases The Company leases certain branch properties under long-term, operating lease agreements. The Company’s operating lease agreements contain lease components, which are generally accounted for separately. The Company’s lease agreements do not contain any residual value guarantee. The following includes quantitative data related to the Company’s operating leases as of December 31, and June 30, 2020, and for the three and six months ended December 31, 2020 and 2019: (In thousands, except weighted-average information). Operating lease amounts: December 31, 2020 June 30, 2020 Right-of-use assets $ 2,043 $ 1,575 Lease liabilities $ 2,063 $ 1,587 Three months ended December 31, Three months ended December 31, 2020 2019 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 86 $ 78 Right-of-use assets obtained in exchange for new operating lease liabilities $ 625 $ 1,840 Lease costs: Operating lease cost $ 81 $ 70142 Variable lease cost $ 10 $ 20 Six months ended December 31, Six months ended December 31, 2020 2019 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 173 $ 155 Right-of-use assets obtained in exchange for new operating lease liabilities $ 625 $ 1,840 Lease costs: Operating lease cost $ 161 $ 142 Variable lease cost $ 20 $ 20 The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding common area maintenance charges and real estate taxes, as of December 31, 2020: (in thousands) Within the twelve months ended 2021 $ 338 2022 291 2023 273 2024 283 2025 274 Thereafter 783 Total undiscounted cash flow 2,242 Less net present value adjustment (179 ) Lease Liability $ 2,063 Weighted-average remaining lease term (Years) 6.18 Weighted-average discount rate 2.22 % Right-of-use assets are included in prepaid expenses and other assets, and lease liabilities are included in accrued expenses and other liabilities within the Company’s statement of condition. The Company entered into a new lease commitment for a new branch location on Wolf Road, in Colonie, NY during the year ended June 30, 2020. This lease commenced on July 1, 2020. |
Subsequent events
Subsequent events | 6 Months Ended |
Dec. 31, 2020 | |
Subsequent events [Abstract] | |
Subsequent events | (15) Subsequent events On January 19, 2021, the Board of Directors declared a cash dividend for the quarter ended December 31, 2020 of $0.12 per share on Greene County Bancorp, Inc.’s common stock. The dividend reflects an annual cash dividend rate of $0.48 per share, which was the same rate as the dividend declared during the previous quarter. The dividend will be payable to stockholders of record as of February 15, 2021, and will be paid on February 26, 2021. The MHC does not intend to waive its receipt of this dividend. During January 2021, the Company entered into a Bank Owned Life Insurance (“BOLI”) program, and established a wholly-owned trust under the Company’s subsidiary, The Bank of Greene County (“Bank”). The Bank purchased $40.0 million of institutional life insurance on a select group of eligible senior and management employees to partially defray the costs of employee benefit programs. All employees participating in the program are aware of and have consented to the coverage. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Within the accompanying unaudited consolidated statement of financial condition, and related notes to the consolidated financial statements, June 30, 2020 data was derived from the audited consolidated financial statements of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, The Bank of Greene County (the “Bank”) and Greene Risk Management, Inc., and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank and Greene Property Holdings, Ltd. The consolidated financial statements at and for the three and six months ended December 31, 2020 and 2019 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, 2020, 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. The Company had no reclassifications from amounts in the prior year’s consolidated financial statements to conform to the current year’s presentation. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three and six months ended December 31, 2020 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2021. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. In December 2019, an outbreak of a novel strain of coronavirus (“COVID-19”) originated in Wuhan, China and has since spread to other countries, including the U.S. On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. In addition, multiple jurisdictions in the U.S. have declared states of emergency. It is anticipated that these impacts will continue for some time. Potential impacts to the Company include disruptions or restrictions on our employees’ ability to work, lack of demand for new loans or the borrower’s ability to pay the required monthly payments. Changes to the operating environment may also be impacted. Operations include loan applications, processing or other areas requiring contact with the borrower. These changes may increase operating costs. Further impacts may include increased repurchase risk or loan defaults. The future effects of these issues are unknown. 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 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 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, 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. There have been no significant changes in the application of this critical accounting policy during the three and six months ended December 31, 2020. 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 equity security for a period of time sufficient for a recovery in value; recent events specific to the issuer or industry; and for debt securities, the 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. Non-credit related write-downs to fair value 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) | 6 Months Ended |
Dec. 31, 2020 | |
Use of Estimates [Abstract] | |
Use of Estimates | The preparation of consolidated 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 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, whether it is more likely than not we will be required to sell the security before recovery, whether loss 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 through earnings. |
Securities (Policies)
Securities (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
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 three and six months ended December 31, 2020 or 2019. |
Impact of Recent Accounting P_2
Impact of Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Impact of Recent Accounting Pronouncements [Abstract] | |
Impact of Recent Accounting Pronouncements | The following accounting standards were adopted in the first quarter ended September 30, 2020: In August 2018, the FASB issued an Update (ASU 2018-13) to its guidance on “Fair Value Measurement (Topic 820).” This update modifies the disclosure requirements on fair value measurements. The following disclosure requirements were removed from Topic 820: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; (3) the valuation processes for Level 3 fair value measurements; and (4) for nonpublic entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level 3 fair value measurements held at the end of the reporting period. The following disclosure requirements were modified in Topic 820: (1) in lieu of a rollforward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities; (2) for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and (3) the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added to Topic 820; however, the disclosures are not required for non-public entities: (1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. In addition, the amendments eliminate at a minimum from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements. The amendments in ASU No. 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The adoption of this guidance did not have a material impact on our consolidated results of operations or financial position. In April 2019, the FASB issued an Update (ASU 2019-04), Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments to Topic 326 and other topics in this Update include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses TRG meetings. The amendments related to Update 2016-13 have the same effective dates as Update 2016-13 and are described in the next paragraph below. The ASU also covered a number of issues that related to hedge accounting including: Partial-Term Fair Value Hedges of Interest Rate Risk, Amortization of Fair Value Hedge Basis Adjustments, Disclosure of Fair Value Hedge Basis Adjustments, Consideration of the Hedged Contractually Specified Interest Rate under the Hypothetical Derivative Method, Scoping for Not-for-Profit Entities, Hedge Accounting Provisions Applicable to Certain Private Companies and Not-for-Profit Entities, and Application of a First-Payments-Received Cash Flow Hedging Technique to Overall Cash Flows on a Group of Variable Interest Payments. The amendments related to Topic 815 are effective with the adoption of the amendments in Update 2017-12. The Company does not have any transactions that are applicable to Update 2017-12, and therefore the adoption of Update 2017-12 and related provisions of Update 2019-04, did not have any impact on our consolidated results of operations or financial position. The ASU also covers Transition Guidance For Codification Improvements specific to ASU 2016-01. The following topics were covered within ASU 2019-04: Scope Clarifications, Held-to-Maturity Debt Securities Fair Value Disclosures, Applicability of Topic 820 to the Measurement Alternative, and Remeasurement of Equity Securities at Historical Exchange Rates. The amendments related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019. The adoption of this guidance did not have a material impact on our consolidated results of operations or financial position. Accounting Pronouncements to be adopted in future periods In June 2016, the FASB issued an Update (ASU 2016-13) to its guidance on “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (AFS) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments to Topic 326 and other topics in ASU 2019-04 include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses TRG meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 on a number of different topics, including the following: Accrued Interest, Transfers between Classifications or Categories for Loans and Debt Securities, Recoveries, Consideration of Prepayments in Determining the Effective Interest Rate, Consideration of Estimated Costs to Sell When Foreclosure Is Probable, Vintage Disclosures— Line-of-Credit Arrangements Converted to Term Loans, and Contractual Extensions and Renewals. The effective dates and transition requirements for the amendments related to this Update are the same as the effective dates and transition requirements in Update 2016-13. In November 2019, the FASB issued ASU 2019-11 Codification Improvements to Topic 326 Financial Instruments Credit Losses provides additional clarification to specific issues about certain aspects of the amendments in Update 2016-13 related to measuring the allowance for loan losses under the new guidance. The Company is currently evaluating the potential impact on our consolidated results of operations or financial position. The initial adjustment will not be reported in earnings and therefore will not have any material impact on our consolidated results of operations, but it is expected that it will have an impact on our consolidated financial position at the date of adoption of this Update. At this time, we have not calculated the estimated impact that this Update will have on our Allowance for Loan Losses, however, we anticipate it will have a significant impact on the methodology process we utilize to calculate the allowance. A vendor has been selected and alternative methodologies are currently being considered. Data requirements and integrity are being reviewed and enhancements incorporated into standard processes. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, excluding small reporting companies such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, FASB issued ASU 2019-10, Financial Instruments – Credit Losses which amends the implementation effective date for small reporting companies, such as the Company, and non-public business entities, for fiscal years beginning after December 15, 2022. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In August 2018, the FASB has issued an Update (ASU No. 2018-14), “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans”, that applies to all employers that sponsor defined benefit pension or other postretirement plans. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The following disclosure requirements were removed from Subtopic 715-20: (1) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year; (2) the amount and timing of plan assets expected to be returned to the employer; (3) the disclosures related to the June 2001 amendments to the Japanese Welfare Pension Insurance Law; related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan; (4) for nonpublic entities, the reconciliation of the opening balances to the closing balances of plan assets measured on a recurring basis in Level 3 of the fair value hierarchy. However, nonpublic entities will be required to disclose separately the amounts of transfers into and out of Level 3 of the fair value hierarchy and purchases of Level 3 plan assets; and (5) for public entities, the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits. The following disclosure requirements were added to Subtopic 715-20: (1) the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates; and (2) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments also clarify the disclosure requirements in paragraph 715-20-50-3, which state that the following information for defined benefit pension plans should be disclosed: (1) the projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets; and (2) the accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. ASU No. 2018-14 is effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The adoption of this guidance is not expected to have a material impact on our consolidated results of operations or financial position. In March 2020, the FASB issued an Update (ASU 2020-04), Reference Rate Reform (Topic 848). The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The following optional expedients for applying the requirements of certain Topics or Industry Subtopics in the Codification are permitted for contracts that are modified because of reference rate reform and that meet certain scope guidance: (1) Modifications of contracts within the scope of Topics 310, Receivables, and 470, Debt, should be accounted for by prospectively adjusting the effective interest rate. (2) Modifications of contracts within the scope of Topics 840, Leases, and 842, Leases, should be accounted for as a continuation of the existing contracts with no reassessments of the lease classification and the discount rate (for example, the incremental borrowing rate) or remeasurements of lease payments that otherwise would be required under those Topics for modifications not accounted for as separate contracts. (3) Modifications of contracts do not require an entity to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Subtopic 815-15, Derivatives and Hedging— Embedded Derivatives. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The Company’s initial evaluation of LIBOR exposure appears to be minimal and limited to a couple of participation loans or risk participation agreements. The Company is working with the other lead lenders to determine if any potential contract modifications are needed. In October 2020, the FASB issued an Update (ASU 2020-08), Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. The amendments affect the guidance in ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in that Update shortened the amortization period for certain purchased callable debt securities held at a premium by requiring that entities amortize the premium associated with those callable debt securities within the scope of paragraph 310-20-25-33 to the earliest call date. The Board noted in paragraph BC21 of Update 2017-08 that if the security contained additional future call dates, an entity should consider whether the amortized cost basis exceeded the amount repayable by the issuer at the next call date. If so, the excess should be amortized to the next call date. The amendments in ASU 2020-08 clarify the Board’s intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within the scope of paragraph 310-20-35-33 for each reporting period. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. All entities should apply the amendments in this Update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is in the early stages of evaluation of the guidance. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Securities [Abstract] | |
Components of Securities | Securities at December 31, 2020 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises 6,999 - 48 6,951 State and political subdivisions $ 195,832 $ 572 $ - $ 196,404 Mortgage-backed securities-residential 46,858 575 1 47,432 Mortgage-backed securities-multi-family 76,305 1,166 324 77,147 Corporate debt securities 4,009 167 6 4,170 Total securities available-for-sale 330,003 2,480 379 332,104 Securities held-to-maturity: State and political subdivisions 262,005 17,245 5 279,245 Mortgage-backed securities-residential 25,484 829 3 26,310 Mortgage-backed securities-multi-family 108,697 7,011 - 115,708 Corporate debt securities 7,095 27 25 7,097 Other securities 5,488 81 - 5,569 Total securities held-to-maturity 408,769 25,193 33 433,929 Total securities $ 738,772 $ 27,673 $ 412 $ 766,033 Securities at June 30, 2020 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises $ 502 $ 2 $ - $ 504 State and political subdivisions 176,064 1,043 - 177,107 Mortgage-backed securities-residential 15,148 380 - 15,528 Mortgage-backed securities-multi-family 28,116 798 4 28,910 Corporate debt securities 4,510 163 13 4,660 Total securities available-for-sale 224,340 2,386 17 226,709 Securities held-to-maturity: U.S. government sponsored enterprises 2,000 11 - 2,011 State and political subdivisions 210,535 14,286 3 224,818 Mortgage-backed securities-residential 38,884 1,002 15 39,871 Mortgage-backed securities-multi-family 127,582 6,680 21 134,241 Corporate debt securities 2,593 7 130 2,470 Other securities 2,063 38 - 2,101 Total securities held-to-maturity 383,657 22,024 169 405,512 Total securities $ 607,997 $ 24,410 $ 186 $ 632,221 |
Securities in Continuous Unrealized Loss Position | 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 December 31, 2020. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Securities available-for-sale: U.S. government sponsored enterprises $ 6,951 $ 48 2 $ - $ - - $ 6,951 $ 48 2 Mortgage-backed securities-residential 1,925 1 1 - - - 1,925 1 1 Mortgage-backed securities-multi-family 32,916 324 10 - - - 32,916 324 10 Corporate debt securities 994 6 1 - - - 994 6 1 Total securities available-for-sale 42,786 379 14 - - - 42,786 379 14 Securities held-to-maturity: State and political subdivisions 1,204 5 6 - - - 1,204 5 6 Mortgage-backed securities-residential 1,640 3 1 - - - 1,640 3 1 Corporate debt securities 1,497 3 1 473 22 1 1,970 25 2 Total securities held-to-maturity 4,341 11 8 473 22 1 4,814 33 9 Total securities $ 47,127 $ 390 22 $ 473 $ 22 1 $ 47,600 $ 412 23 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, 2020. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Securities available-for-sale: Mortgage-backed securities-multi-family $ 1,051 $ 4 1 $ - $ - - $ 1,051 $ 4 1 Corporate debt securities 2,487 13 3 - - - 2,487 13 3 Total securities available-for-sale 3,538 17 4 - - - 3,538 17 4 Securities held-to-maturity: State and political subdivisions 3,336 3 12 - - - 3,336 3 12 Mortgage-backed securities-residential 3,604 15 2 - - - 3,604 15 2 Mortgage-backed securities-multi-family 3,562 21 3 - - - 3,562 21 3 Corporate debt securities 1,103 2 2 361 128 1 1,464 130 3 Total securities held-to-maturity 11,605 41 19 361 128 1 11,966 169 20 Total securities $ 15,143 $ 58 23 $ 361 $ 128 1 $ 15,504 $ 186 24 |
Investments Classified by Contractual Maturity Date | The estimated fair values of debt securities at December 31, 2020, 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 $ 193,109 $ 193,670 After one year through five years 3,689 3,786 After five years through ten years 8,542 8,558 After ten years 1,500 1,511 Total available-for-sale debt securities 206,840 207,525 Mortgage-backed securities 123,163 124,579 Total available-for-sale securities 330,003 332,104 Held-to-maturity debt securities Within one year 41,684 42,395 After one year through five years 102,444 107,389 After five years through ten years 69,549 75,648 After ten years 60,911 66,479 Total held-to-maturity debt securities 274,588 291,911 Mortgage-backed securities 134,181 142,018 Total held-to-maturity securities 408,769 433,929 Total debt securities $ 738,772 $ 766,033 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Loans and Allowance for Loan Losses [Abstract] | |
Major Loan Segments and Classes | Loan segments and classes at December 31, 2020 and June 30, 2020 are summarized as follows: (In thousands) December 31, 2020 June 30, 2020 Residential real estate: Residential real estate $ 299,479 $ 279,332 Residential construction and land 7,494 11,847 Multi-family 28,000 25,104 Commercial real estate: Commercial real estate 448,122 381,415 Commercial construction 72,200 74,920 Consumer loan: Home equity 19,922 22,106 Consumer installment 4,851 4,817 Commercial loans 171,099 213,119 Total gross loans 1,051,167 1,012,660 Allowance for loan losses (18,270 ) (16,391 ) Unearned origination fees and costs, net (1,378 ) (2,747 ) Loans receivable, net $ 1,031,519 $ 993,522 |
Loan Balances by Internal Credit Quality Indicator | Loan balances by internal credit quality indicator at December 31, 2020 are shown below. ( In thousands Performing Watch Special Mention Substandard Total Residential real estate $ 295,850 $ 840 $ 81 $ 2,708 $ 299,479 Residential construction and land 7,494 - - - 7,494 Multi-family 26,009 - 1,627 364 28,000 Commercial real estate 423,153 316 21,020 3,633 448,122 Commercial construction 70,253 - 1,947 - 72,200 Home equity 19,355 - - 567 19,922 Consumer installment 4,804 47 - - 4,851 Commercial loans 164,829 - 3,488 2,782 171,099 Total gross loans $ 1,011,747 $ 1,203 $ 28,163 $ 10,054 $ 1,051,167 Loan balances by internal credit quality indicator at June 30, 2020 are shown below. (In thousands Performing Watch Special Mention Substandard Total Residential real estate $ 274,973 $ 626 $ 996 $ 2,737 $ 279,332 Residential construction and land 11,847 - - - 11,847 Multi-family 23,336 - 1,645 123 25,104 Commercial real estate 364,884 - 13,189 3,342 381,415 Commercial construction 67,844 - 6,974 102 74,920 Home equity 21,466 - - 640 22,106 Consumer installment 4,792 25 - - 4,817 Commercial loans 210,031 50 2,675 363 213,119 Total gross loans $ 979,173 $ 701 $ 25,479 $ 7,307 $ 1,012,660 |
Delinquent and/or Nonaccrual Loans by Past Due Status | The following table sets forth information regarding delinquent and/or nonaccrual loans at December 31, 2020: (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 Residential real estate $ 1,819 $ 341 $ 609 $ 2,769 $ 296,710 $ 299,479 $ 1,670 Residential construction and land - - - - 7,494 7,494 - Multi-family - - - - 28,000 28,000 - Commercial real estate 803 316 404 1,523 446,599 448,122 560 Commercial construction - - - - 72,200 72,200 - Home equity 193 15 128 336 19,586 19,922 247 Consumer installment 77 47 - 124 4,727 4,851 - Commercial loans 261 - 77 338 170,761 171,099 278 Total gross loans $ 3,153 $ 719 $ 1,218 $ 5,090 $ 1,046,077 $ 1,051,167 $ 2,755 The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2020: (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 Residential real estate $ 871 $ 345 $ 1,691 $ 2,907 $ 276,425 $ 279,332 $ 2,513 Residential construction and land - - - - 11,847 11,847 - Multi-family - - 151 151 24,953 25,104 151 Commercial real estate 393 189 374 956 380,459 381,415 781 Commercial construction - - - - 74,920 74,920 - Home equity 29 - 238 267 21,839 22,106 319 Consumer installment 36 25 - 61 4,756 4,817 - Commercial loans 48 72 245 365 212,754 213,119 313 Total gross loans $ 1,377 $ 631 $ 2,699 $ 4,707 $ 1,007,953 $ 1,012,660 $ 4,077 |
Nonaccrual Loans, Interest Income Data | The table below details additional information related to nonaccrual loans for the three and six months ended December 31: For the three months ended December 31, For the six months ended December 31 (In thousands) 2020 2019 2020 2019 Interest income that would have been recorded if loans had been performing in accordance with original terms $ 92 $ 53 $ 198 $ 154 Interest income that was recorded on nonaccrual loans 88 42 126 92 |
Impaired Loans by Loan Portfolio Class | The tables below detail additional information on impaired loans at the date or periods indicated: At December 31, 2020 For the three months ended December 31, 2020 For the six months ended December 31, 2020 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 386 $ 386 $ - $ 392 $ 3 $ 397 $ 8 Multi-family - - - - - 61 - Commercial real estate 316 316 - 321 1 328 2 Home equity 231 231 - 162 - 145 - Commercial loans 109 109 - 111 8 194 8 Impaired loans with no allowance 1,042 1,042 - 986 12 1,125 18 With an allowance recorded: Residential real estate 668 668 82 1,064 12 1,225 17 Commercial construction 102 102 20 102 - 102 - Home equity 321 321 73 391 4 410 8 Commercial loans 24 24 2 16 1 8 1 Impaired loans with allowance 1,115 1,115 177 1,573 17 1,745 26 Total impaired: Residential real estate 1,054 1,054 82 1,456 15 1,622 25 Multi-family - - - - - 61 - Commercial real estate 316 316 - 321 1 328 2 Commercial construction 102 102 20 102 - 102 - Home equity 552 552 73 553 4 555 8 Commercial loans 133 133 2 127 9 202 9 Total impaired loans $ 2,157 $ 2,157 $ 177 $ 2,559 $ 29 $ 2,870 $ 44 At June 30, 2020 For the three months ended December 31, 2019 For the six months ended December 31, 2019 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 868 $ 868 $ - $ 542 11 617 41 Multi-family 123 123 - - - - - Commercial real estate 344 344 - 375 5 383 12 Home equity 128 128 - 128 - 197 - Commercial loans 145 145 - 146 1 141 1 Impaired loans with no allowance 1,608 1,608 - 1,191 17 1,338 54 With an allowance recorded: Residential real estate 995 995 127 1,124 8 1,051 32 Multi-family - - - 131 1 66 1 Commercial real estate - - - 105 3 53 3 Commercial construction 102 102 15 102 - 102 - Home equity 431 431 73 460 9 395 14 Commercial loans 134 134 13 159 3 145 4 Impaired loans with allowance 1,662 1,662 228 2,081 24 1,812 54 Total impaired: Residential real estate 1,863 1,863 127 1,666 19 1,668 73 Multi-family 123 123 - 131 1 66 1 Commercial real estate 344 344 - 480 8 436 15 Commercial construction 102 102 15 102 - 102 - Home equity 559 559 73 588 9 592 14 Commercial loans 279 279 13 305 4 286 5 Total impaired loans $ 3,270 $ 3,270 $ 228 $ 3,272 41 3,150 108 |
Loans Modified as Troubled Debt Restructuring | The table below details loans that have been modified as a troubled debt restructuring during the six months ended December 31, 2020. (D ollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Current Outstanding Recorded Investment December 31, 2020 Commercial loans 1 $ 24 $ 24 $ 24 |
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 three months ended December 31, 2020 (In thousands) Balance at September 30, 2020 Charge-offs Recoveries Provision Balance at December 31, 2020 Residential real estate $ 1,463 $ 26 $ 4 $ 557 $ 1,998 Residential construction and land 118 - - (28 ) 90 Multi-family 180 - - 96 276 Commercial real estate 9,384 - - 823 10,207 Commercial construction 1,961 - - (114 ) 1,847 Home equity 272 - - (7 ) 265 Consumer installment 350 85 19 (28 ) 256 Commercial loans 3,868 500 - (37 ) 3,331 Total $ 17,596 $ 611 $ 23 $ 1,262 $ 18,270 Activity for the six months ended December 31, 2020 (In thousands) Balance at June 30, 2020 Charge-offs Recoveries Provision Balance at December 31, 2020 Residential real estate $ 2,091 $ 26 $ 7 $ (74 ) $ 1,998 Residential construction and land 141 - - (51 ) 90 Multi-family 176 - - 100 276 Commercial real estate 8,634 - - 1,573 10,207 Commercial construction 2,053 - - (206 ) 1,847 Home equity 295 - - (30 ) 265 Consumer installment 197 146 39 166 256 Commercial loans 2,804 500 - 1,027 3,331 Total $ 16,391 $ 672 $ 46 $ 2,505 $ 18,270 Allowance for Loan Losses Loans Receivable Ending Balance At December 31, 2020 Impairment Analysis Ending Balance At December 31, 2020 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 82 $ 1,916 $ 1,054 $ 298,425 Residential construction and land - 90 - 7,494 Multi-family - 276 - 28,000 Commercial real estate - 10,207 316 447,806 Commercial construction 20 1,827 102 72,098 Home equity 73 192 552 19,370 Consumer installment - 256 - 4,851 Commercial loans 2 3,329 133 170,966 Total $ 177 $ 18,093 $ 2,157 $ 1,049,010 Activity for the three months ended December 31, 2019 (In thousands) Balance at September 30, 2019 Charge-offs Recoveries Provision Balance at December 31, 2019 Residential real estate $ 1,512 $ 48 $ 10 $ (4 ) $ 1,470 Residential construction and land 99 - - (6 ) 93 Multi-family 205 - - (58 ) 147 Commercial real estate 7,159 - - 351 7,510 Commercial construction 1,291 - - 176 1,467 Home equity 307 - - (37 ) 270 Consumer installment 319 139 26 160 366 Commercial loans 2,552 5 6 108 2,661 Total $ 13,444 $ 192 $ 42 $ 690 $ 13,984 Activity for the six months ended December 31, 2019 (In thousands) Balance at June 30, 2019 Charge-offs Recoveries Provision Balance at December 30, 2019 Residential real estate $ 2,026 $ 101 $ 10 $ (465 ) $ 1,470 Residential construction and land 87 - - 6 93 Multi-family 180 - - (33 ) 147 Commercial real estate 7,110 - - 400 7,510 Commercial construction 872 - - 595 1,467 Home equity 314 - - (44 ) 270 Consumer installment 250 248 50 314 366 Commercial loans 2,361 204 36 468 2,661 Total $ 13,200 $ 553 $ 96 $ 1,241 $ 13,984 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2020 Impairment Analysis Ending Balance June 30, 2020 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 127 $ 1,964 $ 1,863 $ 277,469 Residential construction and land - 141 - 11,847 Multi-family - 176 123 24,981 Commercial real estate - 8,634 344 381,071 Commercial construction 15 2,038 102 74,818 Home equity 73 222 559 21,547 Consumer installment - 197 - 4,817 Commercial loans 13 2,791 279 212,840 Total $ 228 $ 16,163 $ 3,270 $ 1,009,390 |
Foreclosed Real Estate | The following table sets forth information regarding FRE at December 31, 2020 and June 30, 2020: (in thousands) December 31, 2020 June 30, 2020 Residential real estate $ 385 $ - Total foreclosed real estate $ 385 $ - |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Assets Measured at Fair Value 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 Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable (In thousands) December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 6,951 $ - $ 6,951 $ - State and political subdivisions 196,404 - 196,404 - Mortgage-backed securities-residential 47,432 - 47,432 - Mortgage-backed securities-multi-family 77,147 - 77,147 - Corporate debt securities 4,170 4,170 - - Securities available-for-sale $ 332,104 $ 4,170 $ 327,934 $ - Equity securities 292 292 - - Total securities measured at fair value $ 332,396 $ 4,462 $ 327,934 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) June 30, 2020 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 504 $ - $ 504 $ - State and political subdivisions 177,107 - 177,107 - Mortgage-backed securities-residential 15,528 - 15,528 - Mortgage-backed securities-multi-family 28,910 - 28,910 - Corporate debt securities 4,660 4,660 - - Securities available-for-sale $ 226,709 $ 4,660 $ 222,049 $ - Equity securities 267 267 - - Total securities measured at fair value $ 226,976 $ 4,927 $ 222,049 $ - |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | Fair Value Measurements Using (In thousands) Recorded Investment Related Allowance Fair Value (Level 1) (Level 2) (Level 3) December 31, 2020 Impaired loans $ 1,250 $ 177 $ 1,073 $ - $ - $ 1,073 Foreclosed real estate 385 - 385 - - 385 June 30, 2020 Impaired loans $ 1,809 $ 228 $ 1,581 $ - $ - $ 1,581 |
Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis | 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 December 31, 2020 Impaired Loans $ 465 Appraisal of collateral (1) Appraisal adjustments (2) 8.57%-33.73 % 25.90 % Liquidation expenses (3) 3.98%-5.49 % 4.45 % 608 Discounted cash flow Discount rate 4.19%-7.49 % 5.43 % Foreclosed real estate 385 Appraisal of collateral (1) Appraisal adjustments (2) 0.00%-0.00 % 0.00 % Liquidation expenses (3) 7.39%-8.89 % 7.82 % June 30, 2020 Impaired loans $ 1,143 Appraisal of collateral (1) Appraisal adjustments (2) 8.57%-33.73 % 27.55 % Liquidation expenses (3) 3.98%-6.88 % 4.64 % 438 Discounted cash flow Discount rate 4.19%-6.63 % 5.64 % (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 are adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral. |
Carrying Amounts and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair value of financial instruments are as follows: (In thousands) December 31, 2020 Fair Value Measurements Using Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 57,024 $ 57,024 $ 57,024 $ - $ - Long term certificate of deposit 4,093 4,093 4,093 - - Securities available-for-sale 332,104 332,104 4,170 327,934 - Securities held-to-maturity 408,769 433,929 - 433,929 - Equity securities 292 292 292 - - Federal Home Loan Bank stock 1,158 1,158 - 1,158 - Net loans receivable 1,031,519 1,034,737 - - 1,034,737 Accrued interest receivable 8,475 8,475 - 8,475 - Deposits 1,679,718 1,680,205 - 1,680,205 - Borrowings 6,100 6,193 - 6,193 - Subordinated notes payable, net 19,601 19,099 - 19,099 - Accrued interest payable 367 367 - 367 - (In thousands) June 30, 2020 Fair Value Measurements Using Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 40,463 $ 40,463 $ 40,463 $ - $ - Long term certificate of deposit 4,070 4,070 4,070 - - Securities available-for-sale 226,709 226,709 4,660 222,049 - Securities held-to-maturity 383,657 405,512 - 405,512 - Equity Securities 267 267 267 - - Federal Home Loan Bank stock 1,226 1,226 - 1,226 - Net loans receivable 993,522 1,004,031 - - 1,004,031 Accrued interest receivable 8,207 8,027 - 8,027 - Deposits 1,501,075 1,051,628 - 1,501,628 - Borrowings 25,484 25,602 - 25,602 - Accrued interest payable 119 119 - 119 - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | There were no dilutive or anti-dilutive securities or contracts outstanding during the three and six months ended December 31, 2020 and 2019. For the three months ended December 31, For the six months ended December 31, 2020 2019 2020 2019 Net Income $ 6,195,000 $ 5,113,000 $ 11,070,000 $ 9,976,000 Weighted Average Shares – Basic 8,513,414 8,537,010 8,513,414 8,537,412 Weighted Average Shares - Dilute 8,513,414 8,537,010 8,513,414 8,537,412 Earnings per share - Basic $ 0.73 $ 0.60 $ 1.30 $ 1.17 Earnings per share - Diluted $ 0.73 $ 0.60 $ 1.30 $ 1.17 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans [Abstract] | |
Components of Net Periodic Pension Costs | The components of net periodic pension cost related to the defined benefit pension plan for the three and six months ended December 31, 2020 and 2019 were as follows: Three months ended December 31, Six months ended December 31, (In thousands) 2020 2019 2020 2019 Interest cost $ 41 $ 49 $ 82 $ 98 Expected return on plan assets (64 ) (63 ) (127 ) (126 ) Amortization of net loss 52 40 104 80 Net periodic pension cost $ 29 $ 26 $ 59 $ 52 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Summary of Phantom Stock Option Activity and Related Information | A summary of the Company’s phantom stock option activity and related information for the Plan for the three and six months ended December 31, 2020 and 2019 were as follows: Three months ended December 31, Six months ended December 31, 2020 2019 2020 2019 Number of options outstanding, beginning of period 2,288,800 2,319,300 1,765,100 1,711,600 Options Granted - - 523,700 614,700 Options Forfeited - - - (7,000 ) Options Paid in Cash (583,200 ) (554,200 ) (583,200 ) (554,200 ) Number of options outstanding, end of period 1,705,600 1,765,100 1,705,600 1,765,100 Three months ended December 31, Six months ended December 31, (In thousands) 2020 2019 2020 2019 Cash paid out on options vested $ 3,107 $ 2,516 $ 3,107 $ 2,516 Compensation costs recognized 972 1,697 1,607 1,395 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss at December 31, 2020 and 2019 are presented as follows: Activity for the three months ended December 31, 2020 and 2019 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension benefits Total Balance - September 30, 2019 $ 561 $ (1,838 ) $ (1,277 ) Other comprehensive loss before reclassification (114 ) - (114 ) Other comprehensive loss for the three months ended September 30, 2019 (114 ) - (114 ) Balance - December 31, 2019 $ 447 $ (1,838 ) $ (1,391 ) Balance - September 30, 2020 $ 1,560 $ (2,178 ) $ (618 ) Other comprehensive loss before reclassification (8 ) - (8 ) Other comprehensive loss for the three months ended September 30, 2020 (8 ) - (8 ) Balance - December 31, 2020 $ 1,552 $ (2,178 ) $ (626 ) Activity for the six months ended December 31, 2020 and 2019 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension benefits Total Balance at June 30, 2019 $ 832 $ (1,838 ) $ (1,006 ) Other comprehensive loss before reclassification (385 ) - (385 ) Other comprehensive income for the six months ended December 31, 2019 (385 ) - (385 ) Balance at December 31, 2019 $ 447 $ (1,838 ) $ (1,391 ) Balance at June 30, 2020 $ 1,750 $ (2,178 ) $ (428 ) Other comprehensive loss before reclassification (198 ) - (198 ) Other comprehensive loss for the six months ended December 31, 2020 (198 ) - (198 ) Balance at December 31, 2020 $ 1,552 $ (2,178 ) $ (626 ) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Revenues Subject to ASC 606 | The following table presents revenues subject to ASC 606 for the three and six months ended December 31, 2020 and 2019, respectively. For the three months ended December 31, For the six months ended December 31, (In thousands) 2020 2019 2020 2019 Service charges on deposit accounts Insufficient funds fees $ 826 $ 1,003 $ 1,526 $ 2,021 Deposit related fees 38 41 74 80 ATM/point of sale fees 70 67 140 135 Total service charges 934 1,111 1,740 2,136 Interchange fee income Debit card interchange fees 917 755 1,810 1,498 E-commerce fee income E-commerce fees 28 31 57 66 Investment services income Investment services 216 168 377 313 Sales of assets Net gain on foreclosed real estate - - - 76 |
Operating leases (Tables)
Operating leases (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Operating leases [Abstract] | |
Quantitative Data Related to Operating Leases | The following includes quantitative data related to the Company’s operating leases as of December 31, and June 30, 2020, and for the three and six months ended December 31, 2020 and 2019: (In thousands, except weighted-average information). Operating lease amounts: December 31, 2020 June 30, 2020 Right-of-use assets $ 2,043 $ 1,575 Lease liabilities $ 2,063 $ 1,587 Three months ended December 31, Three months ended December 31, 2020 2019 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 86 $ 78 Right-of-use assets obtained in exchange for new operating lease liabilities $ 625 $ 1,840 Lease costs: Operating lease cost $ 81 $ 70142 Variable lease cost $ 10 $ 20 Six months ended December 31, Six months ended December 31, 2020 2019 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 173 $ 155 Right-of-use assets obtained in exchange for new operating lease liabilities $ 625 $ 1,840 Lease costs: Operating lease cost $ 161 $ 142 Variable lease cost $ 20 $ 20 |
Undiscounted Cash Flows of Operating Lease Liabilities | The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding common area maintenance charges and real estate taxes, as of December 31, 2020: (in thousands) Within the twelve months ended 2021 $ 338 2022 291 2023 273 2024 283 2025 274 Thereafter 783 Total undiscounted cash flow 2,242 Less net present value adjustment (179 ) Lease Liability $ 2,063 Weighted-average remaining lease term (Years) 6.18 Weighted-average discount rate 2.22 % |
Nature of Operations (Details)
Nature of Operations (Details) | Dec. 31, 2020Office |
Nature of Operations [Abstract] | |
Number of full-service offices | 17 |
Securities (Details)
Securities (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020USD ($)Category | Jun. 30, 2020USD ($) | |
Available-for-sale debt securities [Abstract] | ||
Amortized cost | $ 330,003 | $ 224,340 |
Gross unrealized gains | 2,480 | 2,386 |
Gross unrealized losses | 379 | 17 |
Estimated fair value | 332,104 | 226,709 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 408,769 | 383,657 |
Gross unrealized gains | 25,193 | 22,024 |
Gross unrealized losses | 33 | 169 |
Estimated fair value | 433,929 | 405,512 |
Total Securities [Abstract] | ||
Amortized cost | 738,772 | 607,997 |
Gross unrealized gains | 27,673 | 24,410 |
Gross unrealized losses | 412 | 186 |
Estimated fair value | $ 766,033 | 632,221 |
Number of categories utilized under risk management approach of diversified investing | Category | 3 | |
U.S. Government Sponsored Enterprises [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | $ 6,999 | 502 |
Gross unrealized gains | 0 | 2 |
Gross unrealized losses | 48 | 0 |
Estimated fair value | 6,951 | 504 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 2,000 | |
Gross unrealized gains | 11 | |
Gross unrealized losses | 0 | |
Estimated fair value | 2,011 | |
State and Political Subdivisions [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 195,832 | 176,064 |
Gross unrealized gains | 572 | 1,043 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 196,404 | 177,107 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 262,005 | 210,535 |
Gross unrealized gains | 17,245 | 14,286 |
Gross unrealized losses | 5 | 3 |
Estimated fair value | 279,245 | 224,818 |
Mortgage-backed Securities-Residential [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 46,858 | 15,148 |
Gross unrealized gains | 575 | 380 |
Gross unrealized losses | 1 | 0 |
Estimated fair value | 47,432 | 15,528 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 25,484 | 38,884 |
Gross unrealized gains | 829 | 1,002 |
Gross unrealized losses | 3 | 15 |
Estimated fair value | 26,310 | 39,871 |
Mortgage-backed Securities-Multi-family [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 76,305 | 28,116 |
Gross unrealized gains | 1,166 | 798 |
Gross unrealized losses | 324 | 4 |
Estimated fair value | 77,147 | 28,910 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 108,697 | 127,582 |
Gross unrealized gains | 7,011 | 6,680 |
Gross unrealized losses | 0 | 21 |
Estimated fair value | 115,708 | 134,241 |
Corporate Debt Securities [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 4,009 | 4,510 |
Gross unrealized gains | 167 | 163 |
Gross unrealized losses | 6 | 13 |
Estimated fair value | 4,170 | 4,660 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 7,095 | 2,593 |
Gross unrealized gains | 27 | 7 |
Gross unrealized losses | 25 | 130 |
Estimated fair value | 7,097 | 2,470 |
Other Securities [Member] | ||
Held-to-maturity securities [Abstract] | ||
Amortized cost | 5,488 | 2,063 |
Gross unrealized gains | 81 | 38 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | $ 5,569 | $ 2,101 |
Securities, Securities in Conti
Securities, Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020USD ($)Security | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)Security | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($)Security | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 42,786 | $ 42,786 | $ 3,538 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 42,786 | 42,786 | 3,538 | ||
Less than 12 months, unrealized losses | 379 | 379 | 17 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 379 | $ 379 | $ 17 | ||
Less than 12 months, number of securities | Security | 14 | 14 | 4 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 14 | 14 | 4 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 4,341 | $ 4,341 | $ 11,605 | ||
More than 12 months, fair value | 473 | 473 | 361 | ||
Total, fair value | 4,814 | 4,814 | 11,966 | ||
Less than 12 months, unrealized losses | 11 | 11 | 41 | ||
More than 12 months, unrealized losses | 22 | 22 | 128 | ||
Total, unrealized losses | $ 33 | $ 33 | $ 169 | ||
Less than 12 months, number of securities | Security | 8 | 8 | 19 | ||
More than 12 months, number of securities | Security | 1 | 1 | 1 | ||
Total, number of securities | Security | 9 | 9 | 20 | ||
Total Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 47,127 | $ 47,127 | $ 15,143 | ||
More than 12 months, fair value | 473 | 473 | 361 | ||
Total, fair value | 47,600 | 47,600 | 15,504 | ||
Less than 12 months, unrealized losses | 390 | 390 | 58 | ||
More than 12 months, unrealized losses | 22 | 22 | 128 | ||
Total, unrealized losses | $ 412 | $ 412 | $ 186 | ||
Less than 12 months, number of securities | Security | 22 | 22 | 23 | ||
More than 12 months, number of securities | Security | 1 | 1 | 1 | ||
Total, number of securities | Security | 23 | 23 | 24 | ||
Proceeds from sale of available-for-sale securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Gross realized gains (losses) on sale of available-for-sale securities | 0 | 0 | 0 | 0 | |
Other-than-temporary impairment losses | 0 | $ 0 | 0 | $ 0 | |
U.S. Government Sponsored Enterprises [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | 6,951 | 6,951 | |||
More than 12 months, fair value | 0 | 0 | |||
Total, fair value | 6,951 | 6,951 | |||
Less than 12 months, unrealized losses | 48 | 48 | |||
More than 12 months, unrealized losses | 0 | 0 | |||
Total, unrealized losses | $ 48 | $ 48 | |||
Less than 12 months, number of securities | Security | 2 | 2 | |||
More than 12 months, number of securities | Security | 0 | 0 | |||
Total, number of securities | Security | 2 | 2 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Total, unrealized losses | $ 0 | ||||
State and Political Subdivisions [Member] | |||||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 1,204 | $ 1,204 | 3,336 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 1,204 | 1,204 | 3,336 | ||
Less than 12 months, unrealized losses | 5 | 5 | 3 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 5 | $ 5 | $ 3 | ||
Less than 12 months, number of securities | Security | 6 | 6 | 12 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 6 | 6 | 12 | ||
Mortgage-backed Securities-Residential [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 1,925 | $ 1,925 | |||
More than 12 months, fair value | 0 | 0 | |||
Total, fair value | 1,925 | 1,925 | |||
Less than 12 months, unrealized losses | 1 | 1 | |||
More than 12 months, unrealized losses | 0 | 0 | |||
Total, unrealized losses | $ 1 | $ 1 | |||
Less than 12 months, number of securities | Security | 1 | 1 | |||
More than 12 months, number of securities | Security | 0 | 0 | |||
Total, number of securities | Security | 1 | 1 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 1,640 | $ 1,640 | $ 3,604 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 1,640 | 1,640 | 3,604 | ||
Less than 12 months, unrealized losses | 3 | 3 | 15 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 3 | $ 3 | $ 15 | ||
Less than 12 months, number of securities | Security | 1 | 1 | 2 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 1 | 1 | 2 | ||
Mortgage-backed Securities-Multi-family [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 32,916 | $ 32,916 | $ 1,051 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 32,916 | 32,916 | 1,051 | ||
Less than 12 months, unrealized losses | 324 | 324 | 4 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 324 | $ 324 | $ 4 | ||
Less than 12 months, number of securities | Security | 10 | 10 | 1 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 10 | 10 | 1 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 3,562 | ||||
More than 12 months, fair value | 0 | ||||
Total, fair value | 3,562 | ||||
Less than 12 months, unrealized losses | 21 | ||||
More than 12 months, unrealized losses | 0 | ||||
Total, unrealized losses | $ 0 | $ 0 | $ 21 | ||
Less than 12 months, number of securities | Security | 3 | ||||
More than 12 months, number of securities | Security | 0 | ||||
Total, number of securities | Security | 3 | ||||
Corporate Debt Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | 994 | 994 | $ 2,487 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 994 | 994 | 2,487 | ||
Less than 12 months, unrealized losses | 6 | 6 | 13 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 6 | $ 6 | $ 13 | ||
Less than 12 months, number of securities | Security | 1 | 1 | 3 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 1 | 1 | 3 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 1,497 | $ 1,497 | $ 1,103 | ||
More than 12 months, fair value | 473 | 473 | 361 | ||
Total, fair value | 1,970 | 1,970 | 1,464 | ||
Less than 12 months, unrealized losses | 3 | 3 | 2 | ||
More than 12 months, unrealized losses | 22 | 22 | 128 | ||
Total, unrealized losses | $ 25 | $ 25 | $ 130 | ||
Less than 12 months, number of securities | Security | 1 | 1 | 2 | ||
More than 12 months, number of securities | Security | 1 | 1 | 1 | ||
Total, number of securities | Security | 2 | 2 | 3 |
Securities, Securities by Contr
Securities, Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Available-for-sale Debt Securities, Amortized Cost [Abstract] | ||
Within one year | $ 193,109 | |
After one year through five years | 3,689 | |
After five years through ten years | 8,542 | |
After ten years | 1,500 | |
Total available-for-sale debt securities | 206,840 | |
Mortgage-backed securities | 123,163 | |
Amortized cost | 330,003 | |
Available-for-sale Debt Securities, Fair Value [Abstract] | ||
Within one year | 193,670 | |
After one year through five years | 3,786 | |
After five years through ten years | 8,558 | |
After ten years | 1,511 | |
Total available-for-sale debt securities | 207,525 | |
Mortgage-backed securities | 124,579 | |
Estimated fair value | 332,104 | $ 226,709 |
Held-to-maturity Debt Securities, Amortized Cost [Abstract] | ||
Within one year | 41,684 | |
After one year through five years | 102,444 | |
After five years through ten years | 69,549 | |
After ten years | 60,911 | |
Total held-to-maturity debt securities | 274,588 | |
Mortgage-backed securities | 134,181 | |
Amortized cost | 408,769 | 383,657 |
Held-to-maturity Debt Securities, Fair Value [Abstract] | ||
Within one year | 42,395 | |
After one year through five years | 107,389 | |
After five years through ten years | 75,648 | |
After ten years | 66,479 | |
Total held-to-maturity debt securities | 291,911 | |
Mortgage-backed securities | 142,018 | |
Estimated fair value | 433,929 | 405,512 |
Total Debt Securities [Abstract] | ||
Amortized cost | 738,772 | 607,997 |
Estimated fair value | 766,033 | 632,221 |
Securities pledged as collateral for deposits in excess of FDIC insurance limits, fair value | 719,800 | 619,300 |
Securities pledged as collateral for potential borrowings at the Federal Reserve Bank discount window | $ 4,200 | $ 4,700 |
Securities, Federal Home Loan B
Securities, Federal Home Loan Bank Stock (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Stock [Member] | ||||
Federal Home Loan Bank Stock [Abstract] | ||||
Other-than-temporary impairment losses | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses, Major Loan Segments and Classes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | |
Major Loan Segments and Classes [Abstract] | |||||||
Total gross loans | $ 1,051,167 | $ 1,051,167 | $ 1,012,660 | ||||
Allowance for loan losses | (18,270) | (18,270) | $ (17,596) | (16,391) | $ (13,984) | $ (13,444) | $ (13,200) |
Unearned origination fees and costs, net | (1,378) | (1,378) | (2,747) | ||||
Net loans receivable | 1,031,519 | 1,031,519 | 993,522 | ||||
Residential Real Estate [Member] | Residential Real Estate [Member] | |||||||
Major Loan Segments and Classes [Abstract] | |||||||
Total gross loans | 299,479 | 299,479 | 279,332 | ||||
Allowance for loan losses | (1,998) | (1,998) | (1,463) | (2,091) | (1,470) | (1,512) | (2,026) |
Residential Real Estate [Member] | Construction and Land [Member] | |||||||
Major Loan Segments and Classes [Abstract] | |||||||
Total gross loans | 7,494 | 7,494 | 11,847 | ||||
Allowance for loan losses | (90) | (90) | (118) | (141) | (93) | (99) | (87) |
Residential Real Estate [Member] | Multi-family [Member] | |||||||
Major Loan Segments and Classes [Abstract] | |||||||
Total gross loans | 28,000 | 28,000 | 25,104 | ||||
Allowance for loan losses | (276) | (276) | (180) | (176) | (147) | (205) | (180) |
Commercial Real Estate [Member] | Real Estate [Member] | |||||||
Major Loan Segments and Classes [Abstract] | |||||||
Total gross loans | 448,122 | 448,122 | 381,415 | ||||
Allowance for loan losses | (10,207) | (10,207) | (9,384) | (8,634) | (7,510) | (7,159) | (7,110) |
Commercial Real Estate [Member] | Construction [Member] | |||||||
Major Loan Segments and Classes [Abstract] | |||||||
Total gross loans | 72,200 | 72,200 | 74,920 | ||||
Allowance for loan losses | (1,847) | (1,847) | (1,961) | (2,053) | (1,467) | (1,291) | (872) |
Consumer Loan [Member] | Home Equity [Member] | |||||||
Major Loan Segments and Classes [Abstract] | |||||||
Total gross loans | 19,922 | 19,922 | 22,106 | ||||
Allowance for loan losses | (265) | (265) | (272) | (295) | (270) | (307) | (314) |
Consumer Loan [Member] | Consumer Installment [Member] | |||||||
Major Loan Segments and Classes [Abstract] | |||||||
Total gross loans | 4,851 | 4,851 | 4,817 | ||||
Allowance for loan losses | (256) | (256) | (350) | (197) | (366) | (319) | (250) |
Commercial Loans [Member] | |||||||
Major Loan Segments and Classes [Abstract] | |||||||
Total gross loans | 171,099 | 171,099 | 213,119 | ||||
Allowance for loan losses | (3,331) | $ (3,331) | $ (3,868) | $ (2,804) | $ (2,661) | $ (2,552) | $ (2,361) |
Commercial Loans [Member] | PPP Loans [Member] | Small Business Administration (SBA) [Member] | |||||||
Major Loan Segments and Classes [Abstract] | |||||||
Average loans outstanding | $ 82,200 | ||||||
Percentage of loans guaranteed | 100.00% |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses, Loan Balances by Internal Credit Quality Indicator (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020USD ($)Segment | Jun. 30, 2020USD ($) | |
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Number of segments within loan portfolio | Segment | 4 | |
Total gross loans | $ 1,051,167 | $ 1,012,660 |
Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 1,011,747 | 979,173 |
Watch [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 1,203 | 701 |
Substandard or Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 38,200 | 32,800 |
Increase in gross loans | 5,400 | |
Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 28,163 | 25,479 |
Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 10,054 | 7,307 |
Doubtful [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Loss [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 0 | 0 |
Residential Real Estate [Member] | Maximum [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Loan-to-value ratio | 85.00% | |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 299,479 | 279,332 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 295,850 | 274,973 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Watch [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 840 | 626 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 81 | 996 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 2,708 | 2,737 |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 7,494 | 11,847 |
Residential Real Estate [Member] | Construction and Land [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 7,494 | 11,847 |
Residential Real Estate [Member] | Construction and Land [Member] | Watch [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 28,000 | 25,104 |
Residential Real Estate [Member] | Multi-family [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 26,009 | 23,336 |
Residential Real Estate [Member] | Multi-family [Member] | Watch [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 1,627 | 1,645 |
Residential Real Estate [Member] | Multi-family [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 364 | 123 |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 448,122 | 381,415 |
Commercial Real Estate [Member] | Real Estate [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 423,153 | 364,884 |
Commercial Real Estate [Member] | Real Estate [Member] | Watch [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 316 | 0 |
Commercial Real Estate [Member] | Real Estate [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 21,020 | 13,189 |
Commercial Real Estate [Member] | Real Estate [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 3,633 | 3,342 |
Commercial Real Estate [Member] | Construction [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 72,200 | 74,920 |
Commercial Real Estate [Member] | Construction [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 70,253 | 67,844 |
Commercial Real Estate [Member] | Construction [Member] | Watch [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 1,947 | 6,974 |
Commercial Real Estate [Member] | Construction [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 102 |
Consumer Loan [Member] | Home Equity [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 19,922 | 22,106 |
Consumer Loan [Member] | Home Equity [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 19,355 | 21,466 |
Consumer Loan [Member] | Home Equity [Member] | Watch [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Consumer Loan [Member] | Home Equity [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Consumer Loan [Member] | Home Equity [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 567 | 640 |
Consumer Loan [Member] | Consumer Installment [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 4,851 | 4,817 |
Consumer Loan [Member] | Consumer Installment [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 4,804 | 4,792 |
Consumer Loan [Member] | Consumer Installment [Member] | Watch [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 47 | 25 |
Consumer Loan [Member] | Consumer Installment [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Consumer Loan [Member] | Consumer Installment [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Commercial Loans [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 171,099 | 213,119 |
Commercial Loans [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 164,829 | 210,031 |
Commercial Loans [Member] | Watch [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 50 |
Commercial Loans [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 3,488 | 2,675 |
Commercial Loans [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 2,782 | $ 363 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses, Delinquent and/or Nonaccrual Loans by Past Due Status (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020USD ($)Loan | Jun. 30, 2020USD ($)Loan | |
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | $ 5,090 | $ 4,707 |
Current | 1,046,077 | 1,007,953 |
Total loans | 1,051,167 | 1,012,660 |
Loans on non-accrual | 2,755 | 4,077 |
Loans in the process of foreclosure | 433 | 1,300 |
Nonaccrual loans with recent history of delinquency greater than 90 days | 1,500 | 1,400 |
Loan repayments | 1,300 | |
Charge-offs | 588 | |
Loans returned to performing status | 293 | |
Loans placed into nonperforming status | 861 | |
Accruing loans delinquent more than 90 days | 0 | 0 |
30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 3,153 | 1,377 |
60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 719 | 631 |
90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | $ 1,218 | $ 2,699 |
Residential Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Number of loans in the process of foreclosure | Loan | 4 | 8 |
Loans in the process of foreclosure | $ 204 | $ 1,000 |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 2,769 | 2,907 |
Current | 296,710 | 276,425 |
Total loans | 299,479 | 279,332 |
Loans on non-accrual | 1,670 | 2,513 |
Residential Real Estate [Member] | Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 1,819 | 871 |
Residential Real Estate [Member] | Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 341 | 345 |
Residential Real Estate [Member] | Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 609 | 1,691 |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Current | 7,494 | 11,847 |
Total loans | 7,494 | 11,847 |
Loans on non-accrual | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 151 |
Current | 28,000 | 24,953 |
Total loans | 28,000 | 25,104 |
Loans on non-accrual | 0 | 151 |
Residential Real Estate [Member] | Multi-family [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 151 |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 1,523 | 956 |
Current | 446,599 | 380,459 |
Total loans | 448,122 | 381,415 |
Loans on non-accrual | 560 | 781 |
Commercial Real Estate [Member] | Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 803 | 393 |
Commercial Real Estate [Member] | Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 316 | 189 |
Commercial Real Estate [Member] | Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 404 | 374 |
Commercial Real Estate [Member] | Construction [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Current | 72,200 | 74,920 |
Total loans | 72,200 | 74,920 |
Loans on non-accrual | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Consumer Loan [Member] | Home Equity [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 336 | 267 |
Current | 19,586 | 21,839 |
Total loans | 19,922 | 22,106 |
Loans on non-accrual | 247 | 319 |
Consumer Loan [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 193 | 29 |
Consumer Loan [Member] | Home Equity [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 15 | 0 |
Consumer Loan [Member] | Home Equity [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 128 | 238 |
Consumer Loan [Member] | Consumer Installment [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 124 | 61 |
Current | 4,727 | 4,756 |
Total loans | 4,851 | 4,817 |
Loans on non-accrual | 0 | 0 |
Consumer Loan [Member] | Consumer Installment [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 77 | 36 |
Consumer Loan [Member] | Consumer Installment [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 47 | 25 |
Consumer Loan [Member] | Consumer Installment [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 0 |
Commercial Loans [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 338 | 365 |
Current | 170,761 | 212,754 |
Total loans | 171,099 | 213,119 |
Loans on non-accrual | 278 | 313 |
Commercial Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 261 | 48 |
Commercial Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | 0 | 72 |
Commercial Loans [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total past due | $ 77 | $ 245 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses, Nonaccrual Loans, Interest Income Data (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($) | |
Loans and Allowance for Loan Losses [Abstract] | ||||
Interest income that would have been recorded if loans had been performing in accordance with original terms | $ 92 | $ 53 | $ 198 | $ 154 |
Interest income that was recorded on nonaccrual loans | $ 88 | $ 42 | $ 126 | $ 92 |
Number of loans in nonaccrual that previously participated in loan deferment program due to COVID-19 | Loan | 4 | 4 | ||
Amount of loans in nonaccrual that previously participated in loan deferment program due to COVID-19 | $ 204 | $ 204 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses, Impaired Loans By Loan Portfolio Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
With no related allowance recorded [Abstract] | |||||
Recorded investment | $ 1,042 | $ 1,042 | $ 1,608 | ||
Unpaid principal | 1,042 | 1,042 | 1,608 | ||
Average recorded investment | 986 | $ 1,191 | 1,125 | $ 1,338 | |
Interest income recognized | 12 | 17 | 18 | 54 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 1,115 | 1,115 | 1,662 | ||
Unpaid principal | 1,115 | 1,115 | 1,662 | ||
Related allowance | 177 | 177 | 228 | ||
Average recorded investment | 1,573 | 2,081 | 1,745 | 1,812 | |
Interest income recognized | 17 | 24 | 26 | 54 | |
Total impaired [Abstract] | |||||
Recorded investment | 2,157 | 2,157 | 3,270 | ||
Unpaid principal | 2,157 | 2,157 | 3,270 | ||
Related allowance | 177 | 177 | 228 | ||
Average recorded investment | 2,559 | 3,272 | 2,870 | 3,150 | |
Interest income recognized | 29 | 41 | 44 | 108 | |
Residential Real Estate [Member] | Residential Real Estate [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 386 | 386 | 868 | ||
Unpaid principal | 386 | 386 | 868 | ||
Average recorded investment | 392 | 542 | 397 | 617 | |
Interest income recognized | 3 | 11 | 8 | 41 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 668 | 668 | 995 | ||
Unpaid principal | 668 | 668 | 995 | ||
Related allowance | 82 | 82 | 127 | ||
Average recorded investment | 1,064 | 1,124 | 1,225 | 1,051 | |
Interest income recognized | 12 | 8 | 17 | 32 | |
Total impaired [Abstract] | |||||
Recorded investment | 1,054 | 1,054 | 1,863 | ||
Unpaid principal | 1,054 | 1,054 | 1,863 | ||
Related allowance | 82 | 82 | 127 | ||
Average recorded investment | 1,456 | 1,666 | 1,622 | 1,668 | |
Interest income recognized | 15 | 19 | 25 | 73 | |
Residential Real Estate [Member] | Multi-family [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 0 | 0 | 123 | ||
Unpaid principal | 0 | 0 | 123 | ||
Average recorded investment | 0 | 0 | 61 | 0 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 0 | ||||
Unpaid principal | 0 | ||||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment | 131 | 66 | |||
Interest income recognized | 1 | 1 | |||
Total impaired [Abstract] | |||||
Recorded investment | 0 | 0 | 123 | ||
Unpaid principal | 0 | 0 | 123 | ||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment | 0 | 131 | 61 | 66 | |
Interest income recognized | 0 | 1 | 0 | 1 | |
Commercial Real Estate [Member] | Real Estate [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 316 | 316 | 344 | ||
Unpaid principal | 316 | 316 | 344 | ||
Average recorded investment | 321 | 375 | 328 | 383 | |
Interest income recognized | 1 | 5 | 2 | 12 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 0 | ||||
Unpaid principal | 0 | ||||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment | 105 | 53 | |||
Interest income recognized | 3 | 3 | |||
Total impaired [Abstract] | |||||
Recorded investment | 316 | 316 | 344 | ||
Unpaid principal | 316 | 316 | 344 | ||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment | 321 | 480 | 328 | 436 | |
Interest income recognized | 1 | 8 | 2 | 15 | |
Commercial Real Estate [Member] | Construction [Member] | |||||
With an allowance recorded [Abstract] | |||||
Recorded investment | 102 | 102 | 102 | ||
Unpaid principal | 102 | 102 | 102 | ||
Related allowance | 20 | 20 | 15 | ||
Average recorded investment | 102 | 102 | 102 | 102 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Total impaired [Abstract] | |||||
Recorded investment | 102 | 102 | 102 | ||
Unpaid principal | 102 | 102 | 102 | ||
Related allowance | 20 | 20 | 15 | ||
Average recorded investment | 102 | 102 | 102 | 102 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
Consumer Loan [Member] | Home Equity [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 231 | 231 | 128 | ||
Unpaid principal | 231 | 231 | 128 | ||
Average recorded investment | 162 | 128 | 145 | 197 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 321 | 321 | 431 | ||
Unpaid principal | 321 | 321 | 431 | ||
Related allowance | 73 | 73 | 73 | ||
Average recorded investment | 391 | 460 | 410 | 395 | |
Interest income recognized | 4 | 9 | 8 | 14 | |
Total impaired [Abstract] | |||||
Recorded investment | 552 | 552 | 559 | ||
Unpaid principal | 552 | 552 | 559 | ||
Related allowance | 73 | 73 | 73 | ||
Average recorded investment | 553 | 588 | 555 | 592 | |
Interest income recognized | 4 | 9 | 8 | 14 | |
Commercial Loans [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 109 | 109 | 145 | ||
Unpaid principal | 109 | 109 | 145 | ||
Average recorded investment | 111 | 146 | 194 | 141 | |
Interest income recognized | 8 | 1 | 8 | 1 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 24 | 24 | 134 | ||
Unpaid principal | 24 | 24 | 134 | ||
Related allowance | 2 | 2 | 13 | ||
Average recorded investment | 16 | 159 | 8 | 145 | |
Interest income recognized | 1 | 3 | 1 | 4 | |
Total impaired [Abstract] | |||||
Recorded investment | 133 | 133 | 279 | ||
Unpaid principal | 133 | 133 | 279 | ||
Related allowance | 2 | 2 | $ 13 | ||
Average recorded investment | 127 | 305 | 202 | 286 | |
Interest income recognized | $ 9 | $ 4 | $ 9 | $ 5 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020USD ($)LoanContract | Dec. 31, 2019Contract | Dec. 31, 2020USD ($)LoanContract | Dec. 31, 2019Contract | Jun. 30, 2020USD ($)Loan | |
Troubled Debt Restructurings [Abstract] | |||||
Number of contracts | Contract | 0 | 0 | |||
TDR loans which have subsequently defaulted during the period | Contract | 0 | 0 | 0 | 0 | |
Amount of loan modification requests received under loan deferment program | $ 14,500 | $ 14,500 | $ 193,500 | ||
Number of loan modification requests received under loan deferment program | Loan | 66 | 66 | 706 | ||
Commercial Loans [Member] | |||||
Troubled Debt Restructurings [Abstract] | |||||
Number of contracts | Contract | 1 | ||||
Pre-modification outstanding recorded investment | $ 24 | ||||
Post-modification outstanding recorded investment | 24 | ||||
Current outstanding recorded investment | $ 24 | $ 24 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses, Activity and Allocation of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Allowance for Loan Losses [Abstract] | |||||
Increase in provision for credit losses to reserve for losses resulting from COVID-19 pandemic | $ 1,300 | $ 690 | $ 2,500 | $ 1,200 | |
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 17,596 | 13,444 | 16,391 | 13,200 | |
Charge-offs | 611 | 192 | 672 | 553 | |
Recoveries | 23 | 42 | 46 | 96 | |
Provision | 1,262 | 690 | 2,505 | 1,241 | |
Balance, end of period | 18,270 | 13,984 | 18,270 | 13,984 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 177 | 177 | $ 228 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 18,093 | 18,093 | 16,163 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 2,157 | 2,157 | 3,270 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 1,049,010 | $ 1,049,010 | 1,009,390 | ||
Smaller Commercial Loans [Member] | Unsecured [Member] | |||||
Allowance for Loan Losses [Abstract] | |||||
Threshold period to charge off loans against allowance for loan losses | 90 days | 90 days | |||
Residential Real Estate [Member] | Residential Real Estate [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | $ 1,463 | 1,512 | $ 2,091 | 2,026 | |
Charge-offs | 26 | 48 | 26 | 101 | |
Recoveries | 4 | 10 | 7 | 10 | |
Provision | 557 | (4) | (74) | (465) | |
Balance, end of period | 1,998 | 1,470 | 1,998 | 1,470 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 82 | 82 | 127 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,916 | 1,916 | 1,964 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 1,054 | 1,054 | 1,863 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 298,425 | 298,425 | 277,469 | ||
Residential Real Estate [Member] | Construction and Land [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 118 | 99 | 141 | 87 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (28) | (6) | (51) | 6 | |
Balance, end of period | 90 | 93 | 90 | 93 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 90 | 90 | 141 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 7,494 | 7,494 | 11,847 | ||
Residential Real Estate [Member] | Multi-family [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 180 | 205 | 176 | 180 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 96 | (58) | 100 | (33) | |
Balance, end of period | 276 | 147 | 276 | 147 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 276 | 276 | 176 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 | 123 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 28,000 | 28,000 | 24,981 | ||
Commercial Real Estate [Member] | Real Estate [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 9,384 | 7,159 | 8,634 | 7,110 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 823 | 351 | 1,573 | 400 | |
Balance, end of period | 10,207 | 7,510 | 10,207 | 7,510 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 10,207 | 10,207 | 8,634 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 316 | 316 | 344 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 447,806 | 447,806 | 381,071 | ||
Commercial Real Estate [Member] | Construction [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 1,961 | 1,291 | 2,053 | 872 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (114) | 176 | (206) | 595 | |
Balance, end of period | 1,847 | 1,467 | 1,847 | 1,467 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 20 | 20 | 15 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,827 | 1,827 | 2,038 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 102 | 102 | 102 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 72,098 | $ 72,098 | 74,818 | ||
Consumer Loan [Member] | Unsecured [Member] | |||||
Allowance for Loan Losses [Abstract] | |||||
Threshold period to charge off loans against allowance for loan losses | 90 days | 90 days | |||
Consumer Loan [Member] | Home Equity [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | $ 272 | 307 | $ 295 | 314 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (7) | (37) | (30) | (44) | |
Balance, end of period | 265 | 270 | 265 | 270 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 73 | 73 | 73 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 192 | 192 | 222 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 552 | 552 | 559 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 19,370 | 19,370 | 21,547 | ||
Consumer Loan [Member] | Consumer Installment [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 350 | 319 | 197 | 250 | |
Charge-offs | 85 | 139 | 146 | 248 | |
Recoveries | 19 | 26 | 39 | 50 | |
Provision | (28) | 160 | 166 | 314 | |
Balance, end of period | 256 | 366 | 256 | 366 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 256 | 256 | 197 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 4,851 | $ 4,851 | 4,817 | ||
Consumer Loan [Member] | Consumer Installment [Member] | Unsecured [Member] | |||||
Allowance for Loan Losses [Abstract] | |||||
Threshold period to charge off overdrawn deposit accounts against allowance for loan losses | 60 days | ||||
Commercial Loans [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 3,868 | 2,552 | $ 2,804 | 2,361 | |
Charge-offs | 500 | 5 | 500 | 204 | |
Recoveries | 0 | 6 | 0 | 36 | |
Provision | (37) | 108 | 1,027 | 468 | |
Balance, end of period | 3,331 | $ 2,661 | 3,331 | $ 2,661 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 2 | 2 | 13 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 3,329 | 3,329 | 2,791 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 133 | 133 | 279 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 170,966 | $ 170,966 | $ 212,840 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses, Foreclosed Real Estate (FRE) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 385 | $ 0 |
Residential Real Estate [Member] | ||
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 385 | $ 0 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Assets [Abstract] | ||
Securities available-for-sale | $ 332,104 | $ 226,709 |
Equity securities | 292 | 267 |
Recurring [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 332,104 | 226,709 |
Equity securities | 292 | 267 |
Total securities measured at fair value | 332,396 | 226,976 |
Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 6,951 | 504 |
Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 196,404 | 177,107 |
Recurring [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 47,432 | 15,528 |
Recurring [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 77,147 | 28,910 |
Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 4,170 | 4,660 |
Recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 4,170 | 4,660 |
Equity securities | 292 | 267 |
Total securities measured at fair value | 4,462 | 4,927 |
Recurring [Member] | Level 1 [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 4,170 | 4,660 |
Recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 327,934 | 222,049 |
Equity securities | 0 | 0 |
Total securities measured at fair value | 327,934 | 222,049 |
Recurring [Member] | Level 2 [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 6,951 | 504 |
Recurring [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 196,404 | 177,107 |
Recurring [Member] | Level 2 [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 47,432 | 15,528 |
Recurring [Member] | Level 2 [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 77,147 | 28,910 |
Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Equity securities | 0 | 0 |
Total securities measured at fair value | 0 | 0 |
Recurring [Member] | Level 3 [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments, Assets and Liabilities Measured on Nonrecurring Basis (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020USD ($)Approach | Jun. 30, 2020USD ($) | |
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, recorded investment | $ 2,157 | $ 3,270 |
Impaired loans, related allowance | 177 | 228 |
Nonrecurring [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, recorded investment | 1,250 | 1,809 |
Impaired loans, related allowance | 177 | 228 |
Impaired loans, fair value | 1,073 | 1,581 |
Foreclosed real estate, recorded investment | 385 | |
Foreclosed real estate, related allowance | 0 | |
Foreclosed real estate, fair value | $ 385 | |
Nonrecurring [Member] | Maximum [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Number of approaches used for appraisals | Approach | 3 | |
Nonrecurring [Member] | Level 1 [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, fair value | $ 0 | 0 |
Foreclosed real estate, fair value | 0 | |
Nonrecurring [Member] | Level 2 [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, fair value | 0 | 0 |
Foreclosed real estate, fair value | 0 | |
Nonrecurring [Member] | Level 3 [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, fair value | 1,073 | $ 1,581 |
Foreclosed real estate, fair value | $ 385 |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments, Fair Value Inputs, Assets, Quantitative Information (Details) $ in Thousands | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | |
Nonrecurring [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | $ 1,073 | $ 1,581 | |
Foreclosed real estate | 385 | ||
Level 3 [Member] | Appraisal of Collateral [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | [1] | 465 | 1,143 |
Foreclosed real estate | [1] | 385 | |
Level 3 [Member] | Discounted Cash Flow [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | 608 | 438 | |
Level 3 [Member] | Nonrecurring [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | 1,073 | $ 1,581 | |
Foreclosed real estate | $ 385 | ||
Level 3 [Member] | Appraisal Adjustments [Member] | Appraisal of Collateral [Member] | Minimum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[2] | 0.0857 | 0.0857 |
Foreclosed real estate, measurement input | [1],[2] | 0 | |
Level 3 [Member] | Appraisal Adjustments [Member] | Appraisal of Collateral [Member] | Maximum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[2] | 0.3373 | 0.3373 |
Foreclosed real estate, measurement input | [1],[2] | 0 | |
Level 3 [Member] | Appraisal Adjustments [Member] | Appraisal of Collateral [Member] | Weighted Average [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[2] | 0.2590 | 0.2755 |
Foreclosed real estate, measurement input | [1],[2] | 0 | |
Level 3 [Member] | Liquidation Expenses [Member] | Appraisal of Collateral [Member] | Minimum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[3] | 0.0398 | 0.0398 |
Foreclosed real estate, measurement input | [1],[3] | 0.0739 | |
Level 3 [Member] | Liquidation Expenses [Member] | Appraisal of Collateral [Member] | Maximum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[3] | 0.0549 | 0.0688 |
Foreclosed real estate, measurement input | [1],[3] | 0.0889 | |
Level 3 [Member] | Liquidation Expenses [Member] | Appraisal of Collateral [Member] | Weighted Average [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[3] | 0.0445 | 0.0464 |
Foreclosed real estate, measurement input | [1],[3] | 0.0782 | |
Level 3 [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | Minimum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | 0.0419 | 0.0419 | |
Level 3 [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | Maximum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | 0.0749 | 0.0663 | |
Level 3 [Member] | Discount Rate [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | 0.0543 | 0.0564 | |
[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 are adjusted downwards by management for qualitative factors such as the estimated costs to liquidate the collateral. |
Fair Value Measurements and F_6
Fair Value Measurements and Fair Value of Financial Instruments, Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale | $ 332,104 | $ 226,709 |
Equity securities | 292 | 267 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 57,024 | 40,463 |
Long term certificate of deposit | 4,093 | 4,070 |
Securities available-for-sale | 332,104 | 226,709 |
Securities held-to-maturity | 408,769 | 383,657 |
Equity securities | 292 | 267 |
Federal Home Loan Bank stock | 1,158 | 1,226 |
Net loans receivable | 1,031,519 | 993,522 |
Accrued interest receivable | 8,475 | 8,207 |
Deposits | 1,679,718 | 1,501,075 |
Borrowings | 6,100 | 25,484 |
Subordinated notes payable, net | 19,601 | |
Accrued interest payable | 367 | 119 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 57,024 | 40,463 |
Long term certificate of deposit | 4,093 | 4,070 |
Securities available-for-sale | 332,104 | 226,709 |
Securities held-to-maturity | 433,929 | 405,512 |
Equity securities | 292 | 267 |
Federal Home Loan Bank stock | 1,158 | 1,226 |
Net loans receivable | 1,034,737 | 1,004,031 |
Accrued interest receivable | 8,475 | 8,027 |
Deposits | 1,680,205 | 1,051,628 |
Borrowings | 6,193 | 25,602 |
Subordinated notes payable, net | 19,099 | |
Accrued interest payable | 367 | 119 |
Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 57,024 | 40,463 |
Long term certificate of deposit | 4,093 | 4,070 |
Securities available-for-sale | 4,170 | 4,660 |
Securities held-to-maturity | 0 | 0 |
Equity securities | 292 | 267 |
Federal Home Loan Bank stock | 0 | 0 |
Net loans receivable | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated notes payable, net | 0 | |
Accrued interest payable | 0 | 0 |
Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Long term certificate of deposit | 0 | 0 |
Securities available-for-sale | 327,934 | 222,049 |
Securities held-to-maturity | 433,929 | 405,512 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 1,158 | 1,226 |
Net loans receivable | 0 | 0 |
Accrued interest receivable | 8,475 | 8,027 |
Deposits | 1,680,205 | 1,501,628 |
Borrowings | 6,193 | 25,602 |
Subordinated notes payable, net | 19,099 | |
Accrued interest payable | 367 | 119 |
Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Long term certificate of deposit | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Net loans receivable | 1,034,737 | 1,004,031 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated notes payable, net | 0 | |
Accrued interest payable | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Dilutive securities or contracts outstanding (in shares) | 0 | 0 | 0 | 0 |
Anti-dilutive securities or contracts outstanding (in shares) | 0 | 0 | 0 | 0 |
Net Income | $ 6,195 | $ 5,113 | $ 11,070 | $ 9,976 |
Weighted Average Shares - Basic (in shares) | 8,513,414 | 8,537,010 | 8,513,414 | 8,537,412 |
Weighted Average Shares - Dilute (in shares) | 8,513,414 | 8,537,010 | 8,513,414 | 8,537,412 |
Earnings per share - Basic (in dollars per share) | $ 0.73 | $ 0.60 | $ 1.30 | $ 1.17 |
Earnings per share - Diluted (in dollars per share) | $ 0.73 | $ 0.60 | $ 1.30 | $ 1.17 |
Dividends (Details)
Dividends (Details) - $ / shares | Oct. 21, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Dividends [Abstract] | |||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.12 | $ 0.11 | $ 0.24 | $ 0.22 | |
2021 Q1 Dividend [Member] | |||||
Dividends [Abstract] | |||||
Dividends payable, date declared | Oct. 21, 2020 | ||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.12 | ||||
Dividends payable, date of record | Nov. 13, 2020 | ||||
Dividends payable, date paid | Nov. 30, 2020 | ||||
2021 Annual Dividend [Member] | |||||
Dividends [Abstract] | |||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.48 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Defined Benefit Plan [Member] | |||||
Components of Net Periodic Pension Costs [Abstract] | |||||
Interest cost | $ 41 | $ 49 | $ 82 | $ 98 | |
Expected return on plan assets | (64) | (63) | (127) | (126) | |
Amortization of net loss | 52 | 40 | 104 | 80 | |
Net periodic pension cost | 29 | 26 | 59 | 52 | |
Supplemental Executive Retirement Plan [Member] | |||||
Components of Net Periodic Pension Costs [Abstract] | |||||
Net periodic pension cost | 270 | $ 214 | 526 | $ 419 | |
Postemployment benefits liability | $ 7,300 | $ 7,300 | $ 6,400 |
Stock-Based Compensation, Phant
Stock-Based Compensation, Phantom Stock Option Plan and Long-term Incentive Plan (Details) - 2011 Phantom Stock Option and Long-term Incentive Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Stock option activity, shares [Roll Forward] | |||||
Number of options outstanding, beginning of period (in shares) | 2,288,800 | 2,319,300 | 1,765,100 | 1,711,600 | |
Options Granted (in shares) | 0 | 0 | 523,700 | 614,700 | |
Options Forfeited (in shares) | 0 | 0 | 0 | (7,000) | |
Options Paid in Cash (in shares) | (583,200) | (554,200) | (583,200) | (554,200) | |
Number of options outstanding, end of period (in shares) | 1,705,600 | 1,765,100 | 1,705,600 | 1,765,100 | |
Stock option related information [Abstract] | |||||
Cash paid out on options vested | $ 3,107 | $ 2,516 | $ 3,107 | $ 2,516 | |
Compensation costs recognized | 972 | $ 1,697 | 1,607 | $ 1,395 | |
Total liability for the Plan | $ 3,400 | $ 3,400 | $ 4,900 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | $ 133,022 | $ 116,529 | $ 128,805 | $ 112,369 |
Total other comprehensive loss, net of taxes | (8) | (114) | (198) | (385) |
Balance | 138,736 | 120,546 | 138,736 | 120,546 |
Accumulated Other Comprehensive Loss [Member] | ||||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | (618) | (1,277) | (428) | (1,006) |
Other comprehensive loss before reclassification | (8) | (114) | (198) | (385) |
Total other comprehensive loss, net of taxes | (8) | (114) | (198) | (385) |
Balance | (626) | (1,391) | (626) | (1,391) |
Unrealized Gain (Losses) on Securities Available-for-sale [Member] | ||||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | 1,560 | 561 | 1,750 | 832 |
Other comprehensive loss before reclassification | (8) | (114) | (198) | (385) |
Total other comprehensive loss, net of taxes | (8) | (114) | (198) | (385) |
Balance | 1,552 | 447 | 1,552 | 447 |
Pension Benefits [Member] | ||||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | (2,178) | (1,838) | (2,178) | (1,838) |
Other comprehensive loss before reclassification | 0 | 0 | 0 | 0 |
Total other comprehensive loss, net of taxes | 0 | 0 | 0 | 0 |
Balance | $ (2,178) | $ (1,838) | $ (2,178) | $ (1,838) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales of assets [Abstract] | ||||
Net gain on foreclosed real estate | $ 0 | $ 0 | $ 0 | $ 76 |
Service Charges on Deposit Accounts [Member] | ||||
Revenues Subject to ASC 606 [Abstract] | ||||
Revenue from contract with customers | 934 | 1,111 | 1,740 | 2,136 |
Insufficient Funds Fees [Member] | ||||
Revenues Subject to ASC 606 [Abstract] | ||||
Revenue from contract with customers | 826 | 1,003 | 1,526 | 2,021 |
Deposit Related Fees [Member] | ||||
Revenues Subject to ASC 606 [Abstract] | ||||
Revenue from contract with customers | 38 | 41 | 74 | 80 |
ATM/Point of Sale Fees [Member] | ||||
Revenues Subject to ASC 606 [Abstract] | ||||
Revenue from contract with customers | 70 | 67 | 140 | 135 |
Debit Card Interchange Fees [Member] | ||||
Revenues Subject to ASC 606 [Abstract] | ||||
Revenue from contract with customers | 917 | 755 | 1,810 | 1,498 |
E-commerce Fees Income [Member] | ||||
Revenues Subject to ASC 606 [Abstract] | ||||
Revenue from contract with customers | 28 | 31 | 57 | 66 |
Investment Services Income [Member] | ||||
Revenues Subject to ASC 606 [Abstract] | ||||
Revenue from contract with customers | $ 216 | $ 168 | $ 377 | $ 313 |
Operating leases, Quantitative
Operating leases, Quantitative Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Operating Lease Amounts [Abstract] | |||||
Right-of-use assets | $ 2,043 | $ 2,043 | $ 1,575 | ||
Lease liabilities | 2,063 | 2,063 | $ 1,587 | ||
Other Information [Abstract] | |||||
Operating outgoing cash flows from operating leases | 86 | $ 78 | 173 | $ 155 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 625 | 1,840 | 625 | 1,840 | |
Lease Costs [Abstract] | |||||
Operating lease cost | 81 | 70 | 161 | 142 | |
Variable lease cost | $ 10 | $ 10 | $ 20 | $ 20 |
Operating leases, Undiscounted
Operating leases, Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Undiscounted Cash Flows of Operating Lease Liabilities [Abstract] | ||
2021 | $ 338 | |
2022 | 291 | |
2023 | 273 | |
2024 | 283 | |
2025 | 274 | |
Thereafter | 783 | |
Total undiscounted cash flow | 2,242 | |
Less net present value adjustment | (179) | |
Lease Liability | $ 2,063 | $ 1,587 |
Weighted-average remaining lease term | 6 years 2 months 5 days | |
Weighted-average discount rate | 2.22% |
Subsequent events (Details)
Subsequent events (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 19, 2021 | Oct. 21, 2020 | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Dividends [Abstract] | |||||||
Common stock, dividends declared (in dollars per share) | $ 0.12 | $ 0.11 | $ 0.24 | $ 0.22 | |||
2021 Annual Dividend [Member] | |||||||
Dividends [Abstract] | |||||||
Common stock, dividends declared (in dollars per share) | $ 0.48 | ||||||
Subsequent Event [Member] | The Bank of Greene County [Member] | |||||||
Insurance Program [Abstract] | |||||||
Institutional life insurance purchased | $ 40 | ||||||
Subsequent Event [Member] | 2021 Annual Dividend [Member] | |||||||
Dividends [Abstract] | |||||||
Common stock, dividends declared (in dollars per share) | $ 0.48 | ||||||
Subsequent Event [Member] | 2021 Q2 Dividend [Member] | |||||||
Dividends [Abstract] | |||||||
Dividends payable, date declared | Jan. 19, 2021 | ||||||
Common stock, dividends declared (in dollars per share) | $ 0.12 | ||||||
Dividends payable, date of record | Feb. 15, 2021 | ||||||
Dividends payable, date to be paid | Feb. 26, 2021 |