Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2022 | Feb. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2022 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 0-25165 | |
Entity Registrant Name | GREENE COUNTY BANCORP, INC. | |
Entity Central Index Key | 0001070524 | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 14-1809721 | |
Entity Address, Address Line One | 302 Main Street | |
Entity Address, City or Town | Catskill | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 12414 | |
City Area Code | 518 | |
Local Phone Number | 943-2600 | |
Title of 12(b) Security | Common Stock, $0.10 par value | |
Trading Symbol | GCBC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,513,414 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
ASSETS | ||
Total cash and cash equivalents | $ 60,816 | $ 69,009 |
Long-term certificates of deposit | 4,096 | 4,107 |
Securities available-for-sale, at fair value | 335,118 | 408,062 |
Securities held-to-maturity, at amortized cost (fair value $682,210 at December 31, 2022; $710,453 at June 30, 2022) | 742,470 | 761,852 |
Equity securities, at fair value | 281 | 273 |
Federal Home Loan Bank stock, at cost | 6,159 | 6,803 |
Loans | 1,390,055 | 1,251,987 |
Allowance for loan losses | (22,289) | (22,761) |
Unearned origination fees and costs, net | 100 | 129 |
Net loans receivable | 1,367,866 | 1,229,355 |
Premises and equipment, net | 14,450 | 14,362 |
Bank-owned life insurance | 54,375 | 53,695 |
Accrued interest receivable | 12,068 | 8,917 |
Foreclosed real estate | 0 | 68 |
Prepaid expenses and other assets | 18,616 | 15,237 |
Total assets | 2,616,315 | 2,571,740 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest-bearing deposits | 166,295 | 187,697 |
Interest-bearing deposits | 2,099,099 | 2,024,907 |
Total deposits | 2,265,394 | 2,212,604 |
Borrowings from Federal Home Loan Bank, short-term | 107,600 | 123,700 |
Subordinated notes payable, net | 49,403 | 49,310 |
Accrued expenses and other liabilities | 25,711 | 28,412 |
Total liabilities | 2,448,108 | 2,414,026 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, Authorized - 1,000,000 shares; Issued - None | 0 | 0 |
Common stock, par value $0.10 per share; Authorized - 12,000,000 shares; Issued - 8,611,340; Outstanding - 8,513,414 shares at December 31, 2022, and June 30, 2022 | 861 | 861 |
Additional paid-in capital | 11,017 | 11,017 |
Retained earnings | 180,263 | 165,127 |
Accumulated other comprehensive loss | (23,026) | (18,383) |
Treasury stock, at cost 97,926 shares at December 31, 2022, and June 30, 2022 | (908) | (908) |
Total shareholders' equity | 168,207 | 157,714 |
Total liabilities and shareholders' equity | $ 2,616,315 | $ 2,571,740 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
ASSETS | ||
Securities held-to-maturity, fair value | $ 682,210 | $ 710,453 |
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) | $ 0.1 | $ 0.1 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | ||||
Loans | $ 14,801 | $ 11,990 | $ 28,183 | $ 24,057 |
Investment securities - taxable | 690 | 330 | 1,354 | 673 |
Mortgage-backed securities | 1,364 | 1,199 | 2,854 | 2,269 |
Investment securities - tax exempt | 3,504 | 2,253 | 6,581 | 4,344 |
Interest-bearing deposits and federal funds sold | 169 | 39 | 196 | 81 |
Total interest income | 20,528 | 15,811 | 39,168 | 31,424 |
Interest expense: | ||||
Interest on deposits | 3,738 | 849 | 5,748 | 1,697 |
Interest on borrowings | 867 | 509 | 1,663 | 875 |
Total interest expense | 4,605 | 1,358 | 7,411 | 2,572 |
Net interest income | 15,923 | 14,453 | 31,757 | 28,852 |
Provision for loan losses | 244 | 1,280 | (255) | 2,268 |
Net interest income after provision for loan losses | 15,679 | 13,173 | 32,012 | 26,584 |
Noninterest income: | ||||
Service charges on deposit accounts | 1,234 | 1,158 | 2,451 | 2,227 |
Debit card fees | 1,138 | 1,107 | 2,280 | 2,190 |
Investment services | 198 | 278 | 378 | 491 |
E-commerce fees | 29 | 27 | 55 | 60 |
Bank-owned life insurance | 340 | 315 | 680 | 616 |
Net loss on sale of available-for-sale securities | (251) | 0 | (251) | 0 |
Other operating income | 207 | 353 | 400 | 583 |
Total noninterest income | 2,895 | 3,238 | 5,993 | 6,167 |
Noninterest expense: | ||||
Salaries and employee benefits | 5,449 | 5,034 | 10,877 | 9,771 |
Occupancy expense | 513 | 573 | 1,037 | 1,078 |
Equipment and furniture expense | 221 | 231 | 379 | 387 |
Service and data processing fees | 664 | 650 | 1,366 | 1,288 |
Computer software, supplies and support | 369 | 394 | 750 | 772 |
Advertising and promotion | 145 | 98 | 221 | 199 |
FDIC insurance premiums | 205 | 201 | 447 | 421 |
Legal and professional fees | 1,697 | 421 | 2,148 | 817 |
Other | 688 | 735 | 1,523 | 1,565 |
Total noninterest expense | 9,951 | 8,337 | 18,748 | 16,298 |
Income before provision for income taxes | 8,623 | 8,074 | 19,257 | 16,453 |
Provision for income taxes | 1,425 | 1,197 | 3,023 | 2,462 |
Net income | $ 7,198 | $ 6,877 | $ 16,234 | $ 13,991 |
Basic earnings per share (in dollars per share) | $ 0.85 | $ 0.81 | $ 1.91 | $ 1.64 |
Diluted earnings per share (in dollars per share) | $ 0.85 | $ 0.81 | $ 1.91 | $ 1.64 |
Basic average shares outstanding (in shares) | 8,513,414 | 8,513,414 | 8,513,414 | 8,513,414 |
Diluted average shares outstanding (in shares) | 8,513,414 | 8,513,414 | 8,513,414 | 8,513,414 |
Dividends per share (in dollars per share) | $ 0.14 | $ 0.13 | $ 0.28 | $ 0.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net Income | $ 7,198 | $ 6,877 | $ 16,234 | $ 13,991 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) on available-for-sale securities, gross | 2,445 | (1,662) | (6,587) | (3,510) |
Tax effect | 654 | (444) | (1,760) | (938) |
Unrealized holding gains (losses) on available-for-sale securities, net | 1,791 | (1,218) | (4,827) | (2,572) |
Reclassification adjustment for loss on sale of available-for-sale securities realized in net income, gross | 251 | 0 | 251 | 0 |
Tax effect | 67 | 0 | 67 | 0 |
Reclassification adjustment for loss on sale of available-for-sale securities realized in net income, net | 184 | 0 | 184 | 0 |
Total other comprehensive income (loss), net of taxes | 1,975 | (1,218) | (4,643) | (2,572) |
Comprehensive income | $ 9,173 | $ 5,659 | $ 11,591 | $ 11,419 |
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, 2021 | $ 861 | $ 11,017 | $ 139,775 | $ (1,161) | $ (908) | $ 149,584 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (1,020) | (1,020) | ||||
Net Income | 13,991 | 13,991 | ||||
Other comprehensive income (loss), net of taxes | (2,572) | (2,572) | ||||
Balance at Dec. 31, 2021 | 861 | 11,017 | 152,746 | (3,733) | (908) | 159,983 |
Balance at Sep. 30, 2021 | 861 | 11,017 | 146,381 | (2,515) | (908) | 154,836 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (512) | (512) | ||||
Net Income | 6,877 | 6,877 | ||||
Other comprehensive income (loss), net of taxes | (1,218) | (1,218) | ||||
Balance at Dec. 31, 2021 | 861 | 11,017 | 152,746 | (3,733) | (908) | 159,983 |
Balance at Jun. 30, 2022 | 861 | 11,017 | 165,127 | (18,383) | (908) | 157,714 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (1,098) | (1,098) | ||||
Net Income | 16,234 | 16,234 | ||||
Other comprehensive income (loss), net of taxes | (4,643) | (4,643) | ||||
Balance at Dec. 31, 2022 | 861 | 11,017 | 180,263 | (23,026) | (908) | 168,207 |
Balance at Sep. 30, 2022 | 861 | 11,017 | 173,617 | (25,001) | (908) | 159,586 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (552) | (552) | ||||
Net Income | 7,198 | 7,198 | ||||
Other comprehensive income (loss), net of taxes | 1,975 | 1,975 | ||||
Balance at Dec. 31, 2022 | $ 861 | $ 11,017 | $ 180,263 | $ (23,026) | $ (908) | $ 168,207 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net Income | $ 16,234 | $ 13,991 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 429 | 414 |
Deferred income tax benefit | 671 | 378 |
Net amortization of investment premiums and discounts | 1,410 | 1,720 |
Net amortization (accretion) of deferred loan costs and fees | 101 | (2,591) |
Amortization of subordinated debt issuance costs | 93 | 72 |
Provision for loan losses | (255) | 2,268 |
Bank-owned life insurance income | (680) | (616) |
Net loss on sale of available-for-sale securities | 251 | 0 |
Net (gain) loss on equity securities | (8) | 15 |
Net loss (gain) on sale of foreclosed real estate | 5 | (11) |
Net decrease in accrued income taxes | (2,119) | (354) |
Net increase in accrued interest receivable | (3,151) | (611) |
Net increase in prepaid expenses and other assets | (238) | (848) |
Net decrease in accrued expense and other liabilities | (2,701) | (469) |
Net cash provided by operating activities | 10,042 | 13,358 |
Securities available-for-sale: | ||
Proceeds from maturities | 129,742 | 131,136 |
Proceeds from sale of securities | 1,675 | 0 |
Purchases of securities | (75,377) | (157,113) |
Proceeds from principal payments on securities | 9,764 | 10,835 |
Securities held-to-maturity: | ||
Proceeds from maturities | 36,451 | 22,288 |
Purchases of securities | (32,162) | (202,218) |
Proceeds from principal payments on securities | 14,247 | 9,739 |
Net redemption (purchase) of Federal Home Loan Bank Stock | 644 | (1,800) |
Purchase of long-term certificates of deposit | (245) | 0 |
Maturity of long-term certificates of deposit | 245 | 180 |
Purchase of bank-owned life insurance | 0 | (9,500) |
Net increase in loans receivable | (138,357) | (36,695) |
Proceeds from sale of foreclosed real estate | 63 | 75 |
Purchases of premises and equipment | (517) | (262) |
Net cash used in investing activities | (53,827) | (233,335) |
Cash flows from financing activities | ||
Net (decrease) increase in short-term FHLB advances | (16,100) | 40,000 |
Net decrease in short-term advances other banks | 0 | (3,000) |
Net proceeds from subordinated notes payable | 0 | 29,501 |
Payment of cash dividends | (1,098) | (1,020) |
Net increase in deposits | 52,790 | 68,249 |
Net cash provided by financing activities | 35,592 | 133,730 |
Net decrease in cash and cash equivalents | (8,193) | (86,247) |
Cash and cash equivalents at beginning of period | 69,009 | 149,775 |
Cash and cash equivalents at end of period | 60,816 | 63,528 |
Cash paid during period for: | ||
Interest | 7,198 | 2,283 |
Income taxes | $ 4,471 | $ 2,438 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | (1) Basis of Presentation Within the accompanying unaudited consolidated statements of financial condition, and related notes to the consolidated financial statements, June 30, 2022 data were 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 (the “Commercial Bank”) and Greene Property Holdings, Ltd. The consolidated financial statements at and for the three and six months ended December 31, 2022 and 2021 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, 2022, 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 material 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, 2022 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2023. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K. |
Nature of Operations
Nature of Operations | 6 Months Ended |
Dec. 31, 2022 | |
Nature of Operations [Abstract] | |
Nature of Operations | (2) Nature of Operations The Company’s primary business is the ownership and operation of its subsidiaries. At December 31, 2022, the Bank has 17 full-service banking offices, an operations center, customer call center and lending center located in its market area consisting of the Hudson Valley and Capital District Regions of New York State. The Bank is primarily engaged in the business of attracting deposits from the general public in the Bank’s market area, and investing such deposits, together with other sources of funds, in loans and investment securities. The 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. Currently, certain mortgages and loan notes held by the Bank are transferred and beneficially owned by Greene Property Holdings, Ltd. The Bank continues to service these loans. Greene Risk Management, Inc. was formed in December 2014 as a pooled captive insurance company subsidiary of the Company, incorporated in the State of Nevada. The purpose of this company is to provide additional insurance coverage for the Company and its subsidiaries related to the operations of the Company for which insurance may not be economically feasible. |
Use of Estimates
Use of Estimates | 6 Months Ended |
Dec. 31, 2022 | |
Use of Estimates [Abstract] | |
Use of Estimates | (3) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the assessment of other-than-temporary security impairment. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses (the “Allowance”) may be necessary, based on changes in economic conditions, asset quality or other factors. In addition, various regulatory authorities, as an integral part of their examination process, periodically review the Allowance. Such authorities may require the Company to recognize additions to the Allowance based on their judgments of information available to them at the time of their examination. The Company 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, 2022 | |
Securities [Abstract] | |
Securities | (4) Securities Securities at December 31, 2022 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 $ 13,061 $ - $ 2,332 $ 10,729 U.S. treasury securities 18,176 - 2,070 16,106 State and political subdivisions 193,612 546 261 193,897 Mortgage-backed securities-residential 31,025 - 4,329 26,696 Mortgage-backed securities-multi-family 91,243 - 19,612 71,631 Corporate debt securities 17,899 - 1,840 16,059 Total securities available-for-sale 365,016 546 30,444 335,118 Securities held-to-maturity: U.S. treasury securities 33,664 - 2,566 31,098 State and political subdivisions 487,495 3,479 35,181 455,793 Mortgage-backed securities-residential 39,530 - 3,721 35,809 Mortgage-backed securities-multi-family 160,100 - 20,795 139,305 Corporate debt securities 21,641 2 1,478 20,165 Other securities 40 - - 40 Total securities held-to-maturity 742,470 3,481 63,741 682,210 Total securities $ 1,107,486 $ 4,027 $ 94,185 $ 1,017,328 Securities at June 30, 2022 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises $ 13,066 $ - $ 1,747 $ 11,319 U.S. treasury securities 20,158 - 1,731 18,427 State and political subdivisions 247,978 374 276 248,076 Mortgage-backed securities-residential 33,186 - 3,289 29,897 Mortgage-backed securities-multi-family 99,353 - 15,644 83,709 Corporate debt securities 17,884 - 1,250 16,634 Total securities available-for-sale 431,625 374 23,937 408,062 Securities held-to-maturity: U.S. treasury securities 33,623 - 1,643 31,980 State and political subdivisions 493,897 2,760 35,747 460,910 Mortgage-backed securities-residential 42,461 1 2,242 40,220 Mortgage-backed securities-multi-family 171,921 2 13,895 158,028 Corporate debt securities 19,900 16 651 19,265 Other securities 50 - - 50 Total securities held-to-maturity 761,852 2,779 54,178 710,453 Total securities $ 1,193,477 $ 3,153 $ 78,115 $ 1,118,515 The Company’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, 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. As of December 31, 2022, 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, 2022. 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 Number of Securities available-for-sale: U.S. government sponsored enterprises $ - $ - - $ 10,729 $ 2,332 5 $ 10,729 $ 2,332 5 U.S. treasury securities 535 53 1 15,571 2,017 6 16,106 2,070 7 State and political subdivisions 110,058 261 69 - - - 110,058 261 69 Mortgage-backed securities-residential 7,537 687 21 19,159 3,642 9 26,696 4,329 30 Mortgage-backed securities-multi-family 7,920 1,118 4 63,711 18,494 27 71,631 19,612 31 Corporate debt securities 14,903 1,497 13 1,157 343 2 16,060 1,840 15 Total securities available-for-sale 140,953 3,616 108 110,327 26,828 49 251,280 30,444 157 Securities held-to-maturity: U.S. treasury securities 21,508 1,202 5 9,590 1,364 4 31,098 2,566 9 State and political subdivisions 255,862 12,094 3,457 105,314 23,087 604 361,176 35,181 4,061 Mortgage-backed securities-residential 24,620 1,808 30 11,189 1,913 3 35,809 3,721 33 Mortgage-backed securities-multi-family 75,500 6,316 40 63,806 14,479 22 139,306 20,795 62 Corporate debt securities 5,998 602 5 6,417 876 8 12,415 1,478 13 Total securities held-to-maturity 383,488 22,022 3,537 196,316 41,719 641 579,804 63,741 4,178 Total securities $ 524,441 $ 25,638 3,645 $ 306,643 $ 68,547 690 $ 831,084 $ 94,185 4,335 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, 2022. 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 $ 11,319 $ 1,747 5 $ - $ - - $ 11,319 $ 1,747 5 U.S. treasury securities 18,427 1,731 8 - - - 18,427 1,731 8 State and political subdivisions 140,324 276 148 - - - 140,324 276 148 Mortgage-backed securities-residential 29,872 3,289 27 - - - 29,872 3,289 27 Mortgage-backed securities-multi-family 71,631 12,868 29 12,078 2,776 5 83,709 15,644 34 Corporate debt securities 16,634 1,250 16 - - - 16,634 1,250 16 Total securities available-for-sale 288,207 21,161 233 12,078 2,776 5 300,285 23,937 238 Securities held-to-maturity: U.S. treasury securities 31,980 1,643 9 - - - 31,980 1,643 9 State and political subdivisions 353,837 35,564 2,362 735 183 5 354,572 35,747 2,367 Mortgage-backed securities-residential 39,865 2,242 27 - - - 39,865 2,242 27 Mortgage-backed securities-multi-family 155,726 13,895 68 - - - 155,726 13,895 68 Corporate debt securities 10,751 651 11 - - - 10,751 651 11 Total securities held-to-maturity 592,159 53,995 2,477 735 183 5 592,894 54,178 2,482 Total securities $ 880,366 $ 75,156 2,710 $ 12,813 $ 2,959 10 $ 893,179 $ 78,115 2,720 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. 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. 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. During the six months ended December 31, 2022, interest rates have increased, causing the unrealized loss on debt securities to increase, which does not indicate OTTI. Management has evaluated securities considering the other 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, 2022. There were no transfers of securities available-for-sale to held-to-maturity during the three and six months ended December 31, 2022 or 2021. During the three and six months ended December 31, 2022, a loss of $251,000 was recognized from one sale of an available-for-sale security. The proceeds were used to fund higher yielding loans. During the three and six months ended December 31, 2021, 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, 2022 and 2021. The estimated fair values of debt securities at December 31, 2022, 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 $ 193,528 $ 193,814 After one year through five years 27,017 24,345 After five years through ten years 20,703 17,475 After ten years 1,500 1,157 Total 242,748 236,791 Mortgage-backed securities 122,268 98,327 Total available-for-sale securities 365,016 335,118 Held-to-maturity debt securities Within one year 59,578 59,044 After one year through five years 167,831 163,465 After five years through ten years 141,455 133,712 After ten years 173,976 150,875 Total 542,840 507,096 Mortgage-backed securities 199,630 175,114 Total held-to-maturity securities 742,470 682,210 Total debt securities $ 1,107,486 $ 1,017,328 At December 31, 2022 and June 30, 2022, securities with an aggregate fair value of $843.3 million and $892.9 million, respectively, were pledged as collateral for deposits in excess of FDIC insurance limits for various municipalities placing deposits with the Commercial Bank. At December 31, 2022 and June 30, 2022, securities with an aggregate fair value of $16.8 million and $17.4 million, respectively, were pledged as collateral for potential borrowings at the Federal Reserve Bank discount window. The Company did not participate in any securities lending programs during the three and six months ended December 31, 2022 or 2021. 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, the Company concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no impairment charge was recorded during the three and six months ended December 31, 2022 or 2021. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022 and June 30, 2022 are summarized as follows: (In thousands) December 31, 2022 June 30, 2022 Residential real estate: Residential real estate $ 371,646 $ 360,824 Residential construction and land 20,334 15,298 Multi-family 67,733 63,822 Commercial real estate: Commercial real estate 705,649 595,635 Commercial construction 87,267 83,748 Consumer loan: Home equity 20,669 17,877 Consumer installment 4,588 4,512 Commercial loans 112,169 110,271 Total gross loans 1,390,055 1,251,987 Allowance for loan losses (22,289 ) (22,761 ) Deferred fees and cost, net 100 129 Loans receivable, net $ 1,367,866 $ 1,229,355 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 Company 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.” When the Company 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 Company identifies problem loans as being impaired, it is required to evaluate whether the Company 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 Company 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 Company’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 Company reviews its portfolio quarterly to determine whether any assets require classification in accordance with applicable regulations. The Company 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. Residential mortgage loans, including home equity loans, which are collateralized by residences are generally made in amounts up to 85.0% of the appraised value of the property. In the event of default by the borrower the Company will acquire and liquidate the underlying collateral. By originating the loan at a loan-to-value ratio of 85.0% or less, the Company 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 Company does not hold the first mortgage. The Company 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 Company completes inspections during the construction phase prior to any disbursements. The Company 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 Company 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. The Company has 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 Company 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. Loan balances by internal credit quality indicator at December 31, 2022 are shown below. ( In thousands Performing Special Mention Substandard Total Residential real estate $ 366,020 $ 172 $ 5,454 $ 371,646 Residential construction and land 20,334 - - 20,334 Multi-family 67,644 89 - 67,733 Commercial real estate 673,200 7,055 25,394 705,649 Commercial construction 87,267 - - 87,267 Home equity 20,484 - 185 20,669 Consumer installment 4,574 - 14 4,588 Commercial loans 105,613 3,232 3,324 112,169 Total gross loans $ 1,345,136 $ 10,548 $ 34,371 $ 1,390,055 Loan balances by internal credit quality indicator at June 30, 2022 are shown below. (In thousands Performing Special Mention Substandard Total Residential real estate $ 355,474 $ 28 $ 5,322 $ 360,824 Residential construction and land 15,297 - 1 15,298 Multi-family 63,730 92 - 63,822 Commercial real estate 555,451 13,777 26,407 595,635 Commercial construction 83,748 - - 83,748 Home equity 17,369 - 508 17,877 Consumer installment 4,500 - 12 4,512 Commercial loans 104,364 996 4,911 110,271 Total gross loans $ 1,199,933 $ 14,893 $ 37,161 $ 1,251,987 The Company had no loans classified doubtful or loss at December 31, 2022 or June 30, 2022. During the quarter ended December 31, 2022, the Company upgraded one commercial loan relationship from special mention to pass, and one from substandard to special mention, due to improvements in borrower cash flows and improving financial performance. There were also loan payoffs during the quarter ended December 31, 2022, comprised of one commercial real estate loan and one commercial loan that were classified as substandard. This was offset by one commercial real estate loan relationship and one commercial loan relationship downgraded to substandard, and one commercial real estate loan relationship downgraded to special mention during the current quarter. At December 31, 2022, these loans were all performing. Management continues to monitor these loan relationships closely. 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. Loans on nonaccrual status totaled $5.4 million at December 31, 2022 of which $669,000 were in process of foreclosure. At December 31, 2022, there were five residential loans totaling $567,000 and one commercial real estate loan for $102,000 in the process of foreclosure. Included in nonaccrual loans were $3.1 million of loans which were less than 90 days past due at December 31, 2022, but have a recent history of delinquency greater than 90 days past due. These loans will be returned to accrual status once they have demonstrated a history of timely payments. Loans on nonaccrual status totaled $6.3 million at June 30, 2022 of which $528,000 were in the process of foreclosure. At June 30, 2022, there were three residential loans in the process of foreclosure totaling $426,000 and one commercial real estate loan for $102,000 in the process of foreclosure. Included in nonaccrual loans were $4.4 million of loans which were less than 90 days past due at June 30, 2022, but have a recent history of delinquency greater than 90 days past due. The decrease in nonperforming loans during the period was primarily due to $1.1 million in loan repayments, $134,000 in loans returning to performing status, and $7,000 in charge-offs, partially offset by $277,000 of loans placed into nonperforming status. The following table sets forth information regarding delinquent and/or nonaccrual loans at December 31, 2022: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total Loans Loans on Non- accrual Residential real estate $ 2,410 $ 1,009 $ 1,542 $ 4,961 $ 366,685 $ 371,646 $ 2,685 Residential construction and land - - - - 20,334 20,334 - Multi-family - - - - 67,733 67,733 - Commercial real estate 1,816 225 178 2,219 703,430 705,649 828 Commercial construction - - - - 87,267 87,267 - Home equity 46 38 140 224 20,445 20,669 185 Consumer installment 35 19 - 54 4,534 4,588 - Commercial loans 1,603 91 398 2,092 110,077 112,169 1,679 Total gross loans $ 5,910 $ 1,382 $ 2,258 $ 9,550 $ 1,380,505 $ 1,390,055 $ 5,377 The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2022: (In thousands) 30-59 days past due 60-89 days past due 90 days or more Total past due Current Total Loans Loans on Non- accrual Residential real estate $ 66 $ 1,676 $ 592 $ 2,334 $ 358,490 $ 360,824 $ 2,948 Residential construction and land - 1 - 1 15,297 15,298 1 Multi-family - - - - 63,822 63,822 - Commercial real estate - 385 1,147 1,532 594,103 595,635 1,269 Commercial construction - - - - 83,748 83,748 - Home equity 3 - 179 182 17,695 17,877 188 Consumer installment 22 17 - 39 4,473 4,512 7 Commercial loans - 28 19 47 110,224 110,271 1,904 Total gross loans $ 91 $ 2,107 $ 1,937 $ 4,135 $ 1,247,852 $ 1,251,987 $ 6,317 The Company had no accruing loans delinquent 90 days or more at December 31, 2022 and June 30, 2022. The borrowers have made arrangements with the Bank to bring the loans current within a specified time period and have made a series of payments as agreed. 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, 2022 For the three months ended December 31, 2022 For the six months ended December 31, 2022 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Interest Income Recognized With no related allowance recorded: Residential real estate $ 785 $ 785 $ - $ 923 $ 2 $ 954 $ 2 Commercial real estate 371 371 - 372 6 218 8 Home equity 128 128 - 128 - 128 - Consumer installment 4 4 - 4 - 5 1 Commercial loans 340 340 - 341 4 343 8 Impaired loans with no allowance 1,628 1,628 - 1,768 12 1,648 19 With an allowance recorded: Residential real estate 2,428 2,428 587 2,301 5 2,120 7 Commercial real estate 4,100 4,100 1,090 3,805 41 3,517 73 Commercial construction 102 102 1 102 - 102 - Home equity - - - - - 160 4 Commercial loans 1,984 1,984 939 2,591 11 2,799 27 Impaired loans with allowance 8,614 8,614 2,617 8,799 57 8,698 111 Total impaired: Residential real estate 3,213 3,213 587 3,224 7 3,074 9 Commercial real estate 4,471 4,471 1,090 4,177 47 3,735 81 Commercial construction 102 102 1 102 - 102 - Home equity 128 128 - 128 - 288 4 Consumer installment 4 4 - 4 - 5 1 Commercial loans 2,324 2,324 939 2,932 15 3,142 35 Total impaired loans $ 10,242 $ 10,242 $ 2,617 $ 10,567 $ 69 $ 10,346 $ 130 At June 30, 2022 For the three months ended December 31, 2021 For the six months ended December 31, 2021 (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 $ 990 $ 990 $ - $ 664 $ 10 $ 442 $ 10 Commercial real estate 67 67 - 539 5 492 8 Home equity 128 128 - 128 - 128 - Consumer Installment 5 5 - - - - - Commercial loans 346 346 - 180 2 139 2 Impaired loans with no allowance 1,536 1,536 - 1,511 17 1,201 20 With an allowance recorded: Residential real estate 1,953 1,953 588 1,958 28 1,338 33 Commercial real estate 3,698 3,698 1,118 612 8 696 18 Commercial construction 102 102 1 102 - 102 - Home equity 320 320 44 321 3 321 6 Commercial loans 3,162 3,162 596 3,484 47 3,356 87 Impaired loans with allowance 9,235 9,235 2,347 6,477 86 5,813 144 Total impaired: Residential real estate 2,943 2,943 588 2,622 38 1,780 43 Commercial real estate 3,765 3,765 1,118 1,151 13 1,188 26 Commercial construction 102 102 1 102 - 102 - Home equity 448 448 44 449 3 449 6 Consumer Installment 5 5 - - - - - Commercial loans 3,508 3,508 596 3,664 49 3,495 89 Total impaired loans $ 10,771 $ 10,771 $ 2,347 $ 7,988 $ 103 $ 7,014 $ 164 The table below details loans that have been modified as a troubled debt restructuring during the periods indicated. (D ollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Current outstanding Recorded Investment For the six months ended December 31 2022 Residential real estate 2 $ 778 $ 778 $ 778 Commercial real estate 2 $ 1,228 $ 1,233 $ 1,233 Commercial loans 1 $ 379 $ 379 $ 379 For the year ended June 30, 2022 Consumer Installment 1 $ 5 $ 5 $ 5 There were no loans that had been modified as a troubled debt restructuring during the six months ended December 31, 2021. There were no loans that had been modified as a troubled debt restructuring during the twelve months prior to June 30, 2022 or 2021, which have subsequently defaulted during the six months ended December 31, 2022 or 2021. 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 Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgment about information available to them at the time of their examination. The Company disaggregates its loan portfolio as noted in the below allowance for loan losses tables to evaluate for impairment collectively based on historical loss experience. The Company evaluates nonaccrual loans that are over $250 thousand and all trouble debt restructured loans individually for impairment, if it is probable that the Company will not be able to collect scheduled payments of principal and interest when due, according to the contractual terms of the loan agreements. Loans that are guaranteed, such as SBA loans, are excluded from the homogeneous pool of loans and no allowance is allocated to this segment of the portfolio. The measurement of impaired loans is generally based on the fair value of the underlying collateral. The Company 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 Company 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 business loans (not secured by real estate) in excess of 90 days are charged-off against the allowance for loan losses, unless equitable arrangements are made. 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 following tables set forth the activity and allocation of the allowance for loan losses by loan class during and at the periods indicated. The allowance is allocated to each loan class based on historical loss experience, current economic conditions, and other considerations. Activity for the three months ended December 31, 2022 (In thousands) Balance at September 30, 2022 Charge-offs Recoveries Provision Balance at December 31, 2022 Residential real estate $ 2,471 $ - $ 2 $ 19 $ 2,492 Residential construction and land 177 - - 16 193 Multi-family 159 - - 8 167 Commercial real estate 15,392 - - 58 15,450 Commercial construction 1,044 - - 56 1,100 Home equity 44 - - (6 ) 38 Consumer installment 274 137 29 118 284 Commercial loans 2,586 7 11 (25 ) 2,565 Total $ 22,147 $ 144 $ 42 $ 244 $ 22,289 Activity for the six months ended December 31, 2022 (In thousands) Balance at June 30, 2022 Charge-offs Recoveries Provision Balance at December 31, 2022 Residential real estate $ 2,373 $ - $ 5 $ 114 $ 2,492 Residential construction and land 141 - - 52 193 Multi-family 119 - - 48 167 Commercial real estate 16,221 - - (771 ) 15,450 Commercial construction 1,114 - - (14 ) 1,100 Home equity 89 - - (51 ) 38 Consumer installment 349 304 75 164 284 Commercial loans 2,355 11 18 203 2,565 Total $ 22,761 $ 315 $ 98 $ (255 ) $ 22,289 Allowance for Loan Losses Loans Receivable Ending Balance At December 31, 2022 Impairment Analysis Ending Balance At December 31, 2022 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 587 $ 1,905 $ 3,213 $ 368,433 Residential construction and land - 193 - 20,334 Multi-family - 167 - 67,733 Commercial real estate 1,090 14,360 4,471 701,178 Commercial construction 1 1,099 102 87,165 Home equity - 38 128 20,541 Consumer installment - 284 4 4,584 Commercial loans 939 1,626 2,324 109,845 Total $ 2,617 $ 19,672 $ 10,242 $ 1,379,813 Activity for the three months ended December 31, 2021 (In thousands) Balance at September 30, 2021 Charge-offs Recoveries Provision Balance at December 31, 2021 Residential real estate $ 1,997 $ - $ 7 $ (23 ) $ 1,981 Residential construction and land 120 - - (5 ) 115 Multi-family 100 - - (24 ) 76 Commercial real estate 14,298 - - 1,318 15,616 Commercial construction 1,198 - - 52 1,250 Home equity 140 - - (51 ) 89 Consumer installment 290 107 20 77 280 Commercial loans 2,350 10 1 (64 ) 2,277 Total $ 20,493 $ 117 $ 28 $ 1,280 $ 21,684 Activity for the six months ended December 31, 2021 (In thousands) Balance at June 30, 2021 Charge-offs Recoveries Provision Balance at December 31, 2021 Residential real estate $ 2,012 $ - $ 7 $ (38 ) $ 1,981 Residential construction and land 106 - - 9 115 Multi-family 186 - - (110 ) 76 Commercial real estate 13,049 - - 2,567 15,616 Commercial construction 1,535 - - (285 ) 1,250 Home equity 165 - - (76 ) 89 Consumer installment 267 211 57 167 280 Commercial loans 2,348 107 2 34 2,277 Total $ 19,668 $ 318 $ 66 $ 2,268 $ 21,684 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2022 Impairment Analysis Ending Balance June 30, 2022 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 588 $ 1,785 $ 2,943 $ 357,881 Residential construction and land - 141 - 15,298 Multi-family - 119 - 63,822 Commercial real estate 1,118 15,103 3,765 591,870 Commercial construction 1 1,113 102 83,646 Home equity 44 45 448 17,429 Consumer installment - 349 5 4,507 Commercial loans 596 1,759 3,508 106,763 Total $ 2,347 $ 20,414 $ 10,771 $ 1,241,216 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: (in thousands) December 31, 2022 June 30, 2022 Residential real estate $ - $ 68 Total foreclosed real estate $ - $ 68 |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 6 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | (6) Fair Value Measurements and Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of December 31, 2022 and June 30, 2022 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 for similar assets or liabilities in active markets, 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. 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 Inputs (In thousands) December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 10,729 $ - $ 10,729 $ - U.S. Treasury securities 16,106 - 16,106 - State and political subdivisions 193,897 - 193,897 - Mortgage-backed securities-residential 26,696 - 26,696 - Mortgage-backed securities-multi-family 71,631 - 71,631 - Corporate debt securities 16,059 - 16,059 - Securities available-for-sale 335,118 $ - 335,118 - Equity securities 281 281 - - Total securities measured at fair value $ 335,399 $ 281 $ 335,118 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 11,319 $ - $ 11,319 $ - U.S. Treasury securities 18,427 - 18,427 - State and political subdivisions 248,076 - 248,076 - Mortgage-backed securities-residential 29,897 - 29,897 - Mortgage-backed securities-multi-family 83,709 - 83,709 - Corporate debt securities 16,634 - 16,634 - Securities available-for-sale 408,062 - 408,062 - Equity securities 273 273 - - Total securities measured at fair value $ 408,335 $ 273 $ 408,062 $ - 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 2022 Impaired loans $ 8,768 $ 2,617 $ 6,151 $ - $ - $ 6,151 June 30 2022 Impaired loans $ 9,401 $ 2,347 $ 7,054 $ - $ - $ 7,054 Foreclosed real estate 68 - 68 - - 68 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 2022 Impaired Loans $ 4,578 Appraisal of collateral (1) Appraisal adjustments (2) 7.06%-33.73 % 19.70 % Liquidation expenses (3) 3.98%-5.58 % 4.33 % 1,573 Discounted cash flow Discount rate 3.79%-11.95 % 6.63 % June 30 2022 Impaired loans $ 4,333 Appraisal of collateral (1) Appraisal adjustments (2) 7.06%-33.73 % 21.67 % Liquidation expenses (3) 3.98%-5.58 % 4.72 % 2,721 Discounted cash flow Discount rate 4.19%-11.95 % 6.21 % Foreclosed real estate 68 Appraisal of collateral (1) Appraisal adjustments (2) 10.46 % 10.46 % (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. No other financial assets or liabilities were re-measured during the year on a nonrecurring basis. The carrying amounts reported in the statements of financial condition for total cash and cash equivalents, long term certificates of deposit, 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 values 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 long term certificates of deposit are estimated using discounted cash flows and interest rates currently being offered in the market on similar certificates. Fair value for Federal Home Loan Bank long term borrowings are estimated using discounted cash flows and interest rates currently being offered on similar borrowings. The carrying value of short-term Federal Home Loan Bank borrowings approximates its fair value. Fair value for subordinated notes payable is estimated based on a discounted cash flow methodology or observations of recent highly-similar transactions. 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, 2022 and June 30, 2022, 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: December 31, 2022 Fair Value Measurements Using (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 60,816 $ 60,816 $ 60,816 $ - $ - Long term certificates of deposit 4,096 3,939 - 3,939 - Securities available-for-sale 335,118 335,118 - 335,118 - Securities held-to-maturity 742,470 682,210 - 682,210 - Equity securities 281 281 281 - - Federal Home Loan Bank stock 6,159 6,159 - 6,159 - Net loans receivable 1,367,866 1,262,902 - - 1,262,902 Accrued interest receivable 12,068 12,068 - 12,068 - Deposits 2,265,394 2,265,600 - 2,265,600 - Borrowings 107,600 107,808 - 107,808 - Subordinated notes payable, net 49,403 46,057 - 46,057 - Accrued interest payable 816 816 - 816 - June 30, 2022 Fair Value Measurements Using (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 69,009 $ 69,009 $ 69,009 $ - $ - Long term certificates of deposit 4,107 3,993 - 3,993 - Securities available-for-sale 408,062 408,062 - 408,062 - Securities held-to-maturity 761,852 710,453 - 710,453 - Equity securities 273 273 273 - - Federal Home Loan Bank stock 6,803 6,803 - 6,803 - Net loans receivable 1,229,355 1,170,960 - - 1,170,960 Accrued interest receivable 8,917 8,917 - 8,917 - Deposits 2,212,604 2,212,743 - 2,212,743 - Borrowings 123,700 123,793 - 123,793 - Subordinated notes payable, net 49,310 49,168 - 49,168 - Accrued interest payable 603 603 - 603 - |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021. For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 Net Income $ 7,198,000 $ 6,877,000 $ 16,234,000 $ 13,991,000 Weighted Average Shares – Basic 8,513,414 8,513,414 8,513,414 8,513,414 Weighted Average Shares - Diluted 8,513,414 8,513,414 8,513,414 8,513,414 Earnings per share - Basic $ 0.85 $ 0.81 $ 1.91 $ 1.64 Earnings per share - Diluted $ 0.85 $ 0.81 $ 1.91 $ 1.64 |
Dividends
Dividends | 6 Months Ended |
Dec. 31, 2022 | |
Dividends [Abstract] | |
Dividends | (8) Dividends On October 19, 2022, the Company announced that its Board of Directors has approved a quarterly cash dividend of $0.14 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.56 per share, which was the same rate as the dividend declared during the previous quarter. The dividend was payable to stockholders of record as of November 15, 2022, and was paid on November 30, 2022. 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, 2022 | |
Impact of Recent Accounting Pronouncements [Abstract] | |
Impact of Recent Accounting Pronouncements | (9) Impact of Recent Accounting Pronouncements 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 ASU 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 ASU 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 ASU 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 ASU 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. At this time, we have not calculated the estimated impact that this Update will have on our allowance for credit losses, however, we anticipate it will have a significant impact on the methodology process we utilize to calculate the allowance. To date, the Company has implemented a detailed project plan, established a governance structure, selected a software vendor, hired resources to support the CECL modeling, incorporated data requirements and enhancements into our standard processes, selected portfolio segmentations, determined the credit loss methodology for each portfolio, started to perform parallel calculations for certain elements of the model, selected a model validation firm and have finalized the methodology and reserve processes for the CECL related to HTM investment and the CECL related to off-balance sheet credit exposures. We ar 3. In March 2020, the FASB issued an Update (ASU 2020-04), Reference Rate Reform (Topic 848). On January 7, 2021, the FASB issued (ASU 2021-01), which refines the scope of ASC 848 and clarifies some of its guidance. The ASU and related amendments provide temporary optional expedients and exceptions to the existing guidance for applying GAAP to affected contract modifications and hedge accounting relationships in the transition away from the London Interbank Offered Rate (“LIBOR”) or other interbank offered rate on financial reporting. The guidance also allows a one-time election to sell and/or reclassify to AFS or trading HTM debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective March 12, 2020 through December 31, 2022 and permits relief solely for reference rate reform actions and permits different elections over the effective date for legacy and new activity. 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 Company does not expect the impact of adopting the new guidance to have a material impact on the consolidated financial statements. The Company’s LIBOR exposure is minimal and limited to a couple of participation loans and risk participation agreements. The Company is working with the lead lenders to execute the required contract modifications. In March 2022, the FASB issued ASU No. 2022-02, amendments related to Troubled Debt Restructurings (TDRs) for all entities after they adopt ASU 2016-13 and amendments related to vintage disclosures that affect public business entities with investments in financing receivables, under Financial Instruments-Credit Losses (Topic 326). The ASU eliminates the guidance on TDRs and requires an evaluation on all loan modifications to determine if they result in a new loan or a continuation of the existing loan. The ASU also requires that entities disclose current-period gross charge-offs by year of origination and eliminates the recognition and measurement guidance for TDRs in Subtopic 310-40. The effective dates for the amendments in this Update are the same as the effective dates in ASU 2016-13. The amendments in this Update should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company will implement the Update with the adoption of ASU 2016-13. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 were as follows: Three months ended December 31, Six months ended December 31, (In thousands) 2022 2021 2022 2021 Interest cost $ 50 $ 42 $ 100 $ 84 Expected return on plan assets (55 ) (70 ) (110 ) (140 ) Amortization of net loss 27 32 54 64 Net periodic pension cost $ 22 $ 4 $ 44 $ 8 The interest cost, expected return on plan assets and amortization of net loss components are included in other noninterest expense on the consolidated statements of income. On an annual basis, upon the completion of the third-party actuarial valuation related to the defined benefit pension plan, the Company records adjustments to accumulated other comprehensive income. SERP The Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the “SERP”), effective as of July 1, 2010. The SERP benefits certain key senior executives of the Bank who have been selected by the Board to participate. The SERP is intended to provide a benefit from the Bank upon vested retirement, death or disability or voluntary or involuntary termination of service (other than “for cause”). The SERP is more fully described in Note 9 of the consolidated financial statements for the year ended June 30, 2022. The net periodic pension costs related to the SERP for the three and six months ended December 31, 2022 were $390,000 and $761,000, respectively, included within salaries and benefits expense on the consolidated statements of income. The total liability for the SERP was $11.1 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2022 | |
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 10 of the consolidated financial statements for the year ended June 30, 2022. 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, 2022 and 2021 were as follows: Three months ended December 31, Six months ended December 31, 2022 2021 2022 2021 Number of options outstanding, beginning of period 1,786,120 1,982,720 1,479,520 1,507,600 Options Granted - - 403,600 475,120 Options Paid in Cash (478,700 ) (476,200 ) (575,700 ) (476,200 ) Number of options outstanding, end of period 1,307,420 1,506,520 1,307,420 1,506,520 Three months ended December 31, Six months ended December 31, (In thousands) 2022 2021 2022 2021 Cash paid out on options vested $ 3,594 $ 3,054 $ 4,104 $ 3,054 Compensation costs recognized $ 1,026 $ 1,067 $ 1,994 $ 1,877 The total liability for the Plan was $4.0 million and $6.1 million at December 31, 2022 and June 30, 2022, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | (12) Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss at December 31, 2022 and 2021 are presented as follows: Activity for the three months ended December 31, 2022 and 2021 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension Total Balance - September 30, 2021 $ (1,006 ) $ (1,509 ) $ (2,515 ) Other comprehensive loss before reclassification (1,218 ) - (1,218 ) Other comprehensive loss for the three months ended December 31, 2021 (1,218 ) - (1,218 ) Balance - December 31, 2021 $ (2,224 ) $ (1,509 ) $ (3,733 ) Balance - September 30, 2022 $ (23,886 ) $ (1,115 ) $ (25,001 ) Other comprehensive income before reclassification 1,791 - 1,791 Amounts reclassified to net loss on sale of available-for-sale securities non-interest income 251 - 251 Tax expense effect 67 - 67 Net of tax 184 - 184 Other comprehensive income for the three months ended December 31, 2022 1,975 - 1,975 Balance - December 31, 2022 $ (21,911 ) $ (1,115 ) $ (23,026 ) Activity for the six months ended December 31, 2022 and 2021 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension Total Balance at June 30, 2021 $ 348 $ (1,509 ) $ (1,161 ) Other comprehensive loss before reclassification (2,572 ) - (2,572 ) Other comprehensive loss for the six months ended December 31, 2021 (2,572 ) - (2,572 ) Balance at December 31, 2021 $ (2,224 ) $ (1,509 ) $ (3,733 ) Balance - June 30, 2022 $ (17,268 ) $ (1,115 ) $ (18,383 ) Other comprehensive loss before reclassification (4,827 ) - (4,827 ) Amounts reclassified to net loss on sale of available-for-sale securities non-interest income 251 - 251 Tax expense effect 67 - 67 Net of tax 184 - 184 Other comprehensive loss for the six months ended December 31, 2022 (4,643 ) - (4,643 ) Balance at December 31, 2022 $ (21,911 ) $ (1,115 ) $ (23,026 ) |
Operating leases
Operating leases | 6 Months Ended |
Dec. 31, 2022 | |
Operating leases [Abstract] | |
Operating leases | (13) Operating leases The Company leases certain branch properties under long-term, operating lease agreements. The Company’s operating lease agreements contain non-lease components, which are 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, 2022 and June 30, 2022, and for the three and six months ended December 31, 2022 and 2021: (In thousands, except weighted-average information). Operating lease amounts: December 31, 2022 June 30, 2022 Right-of-use assets $ 1,817 $ 1,980 Lease liabilities $ 1,881 $ 2,040 For the three months ended December 31, 2022 2021 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 90 $ 87 Right-of-use assets obtained in exchange for new operating lease liabilities $ - $ 415 Lease costs: Operating lease cost $ 82 $ 81 Variable lease cost $ 10 $ 10 For the six months ended December 31, 2022 2021 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 179 $ 174 Right-of-use assets obtained in exchange for new operating lease liabilities $ - $ 415 Lease costs: Operating lease cost $ 163 $ 161 Variable lease cost $ 20 $ 20 The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of December 31, 2022: (in thousands) Within the twelve months ended 2023 $ 366 2024 377 2025 369 2026 340 2027 258 Thereafter 285 Total undiscounted cash flow 1,995 Less net present value adjustment (114 ) Lease Liability $ 1,881 Weighted-average remaining lease term (Years) 4.39 Weighted-average discount rate 2.15 % Right-of-use assets are included in prepaid expenses and other assets accrued expenses and other liabilities |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | (14) Commitments and Contingent Liabilities In the normal course of business there are various commitments and contingent liabilities outstanding pertaining to the granting of loans and the lines of credit, which are not reflected in the accompanying consolidated financial statements. The Company’s unfunded loan commitments and unused lines of credit are as follows: (In thousands) December 31, 2022 June 30, 2022 Unfunded loan commitments $ 118,242 $ 213,420 Unused lines of credit 93,697 85,971 Standby letters of credit 889 189 Total commitments $ 212,828 $ 299,580 Commitments to extend credit in the form of loan commitments and lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral, if any, required upon an extension of credit is based on management’s evaluation of customer credit. Commitments to extend mortgage credit are primarily collateralized by first liens on real estate. Collateral on extensions of commercial lines of credit vary but may include accounts receivable, inventory, property, plant and equipment, and income producing commercial property. The Company and its subsidiaries are, from time to time, parties to various legal proceedings arising out of their businesses. Except as noted below, management believes there are no such legal proceedings pending or threatened against the Company or its subsidiaries, if determined adversely, would have a material adverse effect on the business, consolidated financial condition, results of operations or cash flows of the Company or any of its subsidiaries. On April 26, 2022, Andrew Broockmann, a customer of The Bank of Greene County (the “Bank”), filed a putative class action complaint against the Bank in the United States District Court for the Northern District of New York. The complaint alleges that the Bank improperly assessed overdraft fees on debit-card transactions that were authorized on a positive account balance but settled on a negative balance. Mr. Broockmann, on behalf of the putative class, seeks compensatory damages, punitive damages, enjoinment of the conduct complained of, and costs and fees. The complaint is similar to complaints filed against other financial institutions pertaining to overdraft fees. The Bank denies that it improperly assessed overdraft fees or breached any agreement with Mr. Broockmann or with members of the putative class. The parties have reached an agreement in principle to settle the lawsuit, which remains subject to court approval. The Company reserved $1.15 million in the quarter ended December 31, 2022 in connection with the matter, which is included in accrued expenses and other liabilities on the consolidated statements of financial condition. |
Subsequent events
Subsequent events | 6 Months Ended |
Dec. 31, 2022 | |
Subsequent events [Abstract] | |
Subsequent events | (15) Subsequent events On January 18, 2023, the Board of Directors announced a cash dividend for the quarter ended December 31, 2022 of $0.14 per share on Greene County Bancorp, Inc.’s common stock. The dividend reflects an annual cash dividend rate of $0.56 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 13, 2023, and is expected to be paid on February 27, 2023. The Greene County Bancorp, MHC intends to waive its receipt of this dividend. As previously disclosed to, and approved by, the Company’s shareholders at the Company’s Annual Meeting held on November 5, 2022, the Company’s charter was amended, effective January 19, 2023, to increase the number of authorized shares of common stock from 12,000,000 to 36,000,000. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Within the accompanying unaudited consolidated statements of financial condition, and related notes to the consolidated financial statements, June 30, 2022 data were 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 (the “Commercial Bank”) and Greene Property Holdings, Ltd. The consolidated financial statements at and for the three and six months ended December 31, 2022 and 2021 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, 2022, 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 material 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, 2022 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2023. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K. |
Use of Estimates (Policies)
Use of Estimates (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
Use of Estimates [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the assessment of other-than-temporary security impairment. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses (the “Allowance”) may be necessary, based on changes in economic conditions, asset quality or other factors. In addition, various regulatory authorities, as an integral part of their examination process, periodically review the Allowance. Such authorities may require the Company to recognize additions to the Allowance based on their judgments of information available to them at the time of their examination. The Company 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, 2022 | |
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, the Company concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no impairment charge was recorded during the three and six months ended December 31, 2022 or 2021. |
Impact of Recent Accounting P_2
Impact of Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
Impact of Recent Accounting Pronouncements [Abstract] | |
Impact of Recent Accounting Pronouncements | 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 ASU 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 ASU 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 ASU 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 ASU 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. At this time, we have not calculated the estimated impact that this Update will have on our allowance for credit losses, however, we anticipate it will have a significant impact on the methodology process we utilize to calculate the allowance. To date, the Company has implemented a detailed project plan, established a governance structure, selected a software vendor, hired resources to support the CECL modeling, incorporated data requirements and enhancements into our standard processes, selected portfolio segmentations, determined the credit loss methodology for each portfolio, started to perform parallel calculations for certain elements of the model, selected a model validation firm and have finalized the methodology and reserve processes for the CECL related to HTM investment and the CECL related to off-balance sheet credit exposures. We ar 3. In March 2020, the FASB issued an Update (ASU 2020-04), Reference Rate Reform (Topic 848). On January 7, 2021, the FASB issued (ASU 2021-01), which refines the scope of ASC 848 and clarifies some of its guidance. The ASU and related amendments provide temporary optional expedients and exceptions to the existing guidance for applying GAAP to affected contract modifications and hedge accounting relationships in the transition away from the London Interbank Offered Rate (“LIBOR”) or other interbank offered rate on financial reporting. The guidance also allows a one-time election to sell and/or reclassify to AFS or trading HTM debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective March 12, 2020 through December 31, 2022 and permits relief solely for reference rate reform actions and permits different elections over the effective date for legacy and new activity. 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 Company does not expect the impact of adopting the new guidance to have a material impact on the consolidated financial statements. The Company’s LIBOR exposure is minimal and limited to a couple of participation loans and risk participation agreements. The Company is working with the lead lenders to execute the required contract modifications. In March 2022, the FASB issued ASU No. 2022-02, amendments related to Troubled Debt Restructurings (TDRs) for all entities after they adopt ASU 2016-13 and amendments related to vintage disclosures that affect public business entities with investments in financing receivables, under Financial Instruments-Credit Losses (Topic 326). The ASU eliminates the guidance on TDRs and requires an evaluation on all loan modifications to determine if they result in a new loan or a continuation of the existing loan. The ASU also requires that entities disclose current-period gross charge-offs by year of origination and eliminates the recognition and measurement guidance for TDRs in Subtopic 310-40. The effective dates for the amendments in this Update are the same as the effective dates in ASU 2016-13. The amendments in this Update should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company will implement the Update with the adoption of ASU 2016-13. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Securities [Abstract] | |
Components of Securities | Securities at December 31, 2022 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 $ 13,061 $ - $ 2,332 $ 10,729 U.S. treasury securities 18,176 - 2,070 16,106 State and political subdivisions 193,612 546 261 193,897 Mortgage-backed securities-residential 31,025 - 4,329 26,696 Mortgage-backed securities-multi-family 91,243 - 19,612 71,631 Corporate debt securities 17,899 - 1,840 16,059 Total securities available-for-sale 365,016 546 30,444 335,118 Securities held-to-maturity: U.S. treasury securities 33,664 - 2,566 31,098 State and political subdivisions 487,495 3,479 35,181 455,793 Mortgage-backed securities-residential 39,530 - 3,721 35,809 Mortgage-backed securities-multi-family 160,100 - 20,795 139,305 Corporate debt securities 21,641 2 1,478 20,165 Other securities 40 - - 40 Total securities held-to-maturity 742,470 3,481 63,741 682,210 Total securities $ 1,107,486 $ 4,027 $ 94,185 $ 1,017,328 Securities at June 30, 2022 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair Value Securities available-for-sale: U.S. government sponsored enterprises $ 13,066 $ - $ 1,747 $ 11,319 U.S. treasury securities 20,158 - 1,731 18,427 State and political subdivisions 247,978 374 276 248,076 Mortgage-backed securities-residential 33,186 - 3,289 29,897 Mortgage-backed securities-multi-family 99,353 - 15,644 83,709 Corporate debt securities 17,884 - 1,250 16,634 Total securities available-for-sale 431,625 374 23,937 408,062 Securities held-to-maturity: U.S. treasury securities 33,623 - 1,643 31,980 State and political subdivisions 493,897 2,760 35,747 460,910 Mortgage-backed securities-residential 42,461 1 2,242 40,220 Mortgage-backed securities-multi-family 171,921 2 13,895 158,028 Corporate debt securities 19,900 16 651 19,265 Other securities 50 - - 50 Total securities held-to-maturity 761,852 2,779 54,178 710,453 Total securities $ 1,193,477 $ 3,153 $ 78,115 $ 1,118,515 |
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, 2022. 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 Number of Securities available-for-sale: U.S. government sponsored enterprises $ - $ - - $ 10,729 $ 2,332 5 $ 10,729 $ 2,332 5 U.S. treasury securities 535 53 1 15,571 2,017 6 16,106 2,070 7 State and political subdivisions 110,058 261 69 - - - 110,058 261 69 Mortgage-backed securities-residential 7,537 687 21 19,159 3,642 9 26,696 4,329 30 Mortgage-backed securities-multi-family 7,920 1,118 4 63,711 18,494 27 71,631 19,612 31 Corporate debt securities 14,903 1,497 13 1,157 343 2 16,060 1,840 15 Total securities available-for-sale 140,953 3,616 108 110,327 26,828 49 251,280 30,444 157 Securities held-to-maturity: U.S. treasury securities 21,508 1,202 5 9,590 1,364 4 31,098 2,566 9 State and political subdivisions 255,862 12,094 3,457 105,314 23,087 604 361,176 35,181 4,061 Mortgage-backed securities-residential 24,620 1,808 30 11,189 1,913 3 35,809 3,721 33 Mortgage-backed securities-multi-family 75,500 6,316 40 63,806 14,479 22 139,306 20,795 62 Corporate debt securities 5,998 602 5 6,417 876 8 12,415 1,478 13 Total securities held-to-maturity 383,488 22,022 3,537 196,316 41,719 641 579,804 63,741 4,178 Total securities $ 524,441 $ 25,638 3,645 $ 306,643 $ 68,547 690 $ 831,084 $ 94,185 4,335 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, 2022. 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 $ 11,319 $ 1,747 5 $ - $ - - $ 11,319 $ 1,747 5 U.S. treasury securities 18,427 1,731 8 - - - 18,427 1,731 8 State and political subdivisions 140,324 276 148 - - - 140,324 276 148 Mortgage-backed securities-residential 29,872 3,289 27 - - - 29,872 3,289 27 Mortgage-backed securities-multi-family 71,631 12,868 29 12,078 2,776 5 83,709 15,644 34 Corporate debt securities 16,634 1,250 16 - - - 16,634 1,250 16 Total securities available-for-sale 288,207 21,161 233 12,078 2,776 5 300,285 23,937 238 Securities held-to-maturity: U.S. treasury securities 31,980 1,643 9 - - - 31,980 1,643 9 State and political subdivisions 353,837 35,564 2,362 735 183 5 354,572 35,747 2,367 Mortgage-backed securities-residential 39,865 2,242 27 - - - 39,865 2,242 27 Mortgage-backed securities-multi-family 155,726 13,895 68 - - - 155,726 13,895 68 Corporate debt securities 10,751 651 11 - - - 10,751 651 11 Total securities held-to-maturity 592,159 53,995 2,477 735 183 5 592,894 54,178 2,482 Total securities $ 880,366 $ 75,156 2,710 $ 12,813 $ 2,959 10 $ 893,179 $ 78,115 2,720 |
Investments Classified by Contractual Maturity Date | The estimated fair values of debt securities at December 31, 2022, 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 $ 193,528 $ 193,814 After one year through five years 27,017 24,345 After five years through ten years 20,703 17,475 After ten years 1,500 1,157 Total 242,748 236,791 Mortgage-backed securities 122,268 98,327 Total available-for-sale securities 365,016 335,118 Held-to-maturity debt securities Within one year 59,578 59,044 After one year through five years 167,831 163,465 After five years through ten years 141,455 133,712 After ten years 173,976 150,875 Total 542,840 507,096 Mortgage-backed securities 199,630 175,114 Total held-to-maturity securities 742,470 682,210 Total debt securities $ 1,107,486 $ 1,017,328 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Loans and Allowance for Loan Losses [Abstract] | |
Major Loan Segments and Classes | Loan segments and classes at December 31, 2022 and June 30, 2022 are summarized as follows: (In thousands) December 31, 2022 June 30, 2022 Residential real estate: Residential real estate $ 371,646 $ 360,824 Residential construction and land 20,334 15,298 Multi-family 67,733 63,822 Commercial real estate: Commercial real estate 705,649 595,635 Commercial construction 87,267 83,748 Consumer loan: Home equity 20,669 17,877 Consumer installment 4,588 4,512 Commercial loans 112,169 110,271 Total gross loans 1,390,055 1,251,987 Allowance for loan losses (22,289 ) (22,761 ) Deferred fees and cost, net 100 129 Loans receivable, net $ 1,367,866 $ 1,229,355 |
Loan Balances by Internal Credit Quality Indicator | Loan balances by internal credit quality indicator at December 31, 2022 are shown below. ( In thousands Performing Special Mention Substandard Total Residential real estate $ 366,020 $ 172 $ 5,454 $ 371,646 Residential construction and land 20,334 - - 20,334 Multi-family 67,644 89 - 67,733 Commercial real estate 673,200 7,055 25,394 705,649 Commercial construction 87,267 - - 87,267 Home equity 20,484 - 185 20,669 Consumer installment 4,574 - 14 4,588 Commercial loans 105,613 3,232 3,324 112,169 Total gross loans $ 1,345,136 $ 10,548 $ 34,371 $ 1,390,055 Loan balances by internal credit quality indicator at June 30, 2022 are shown below. (In thousands Performing Special Mention Substandard Total Residential real estate $ 355,474 $ 28 $ 5,322 $ 360,824 Residential construction and land 15,297 - 1 15,298 Multi-family 63,730 92 - 63,822 Commercial real estate 555,451 13,777 26,407 595,635 Commercial construction 83,748 - - 83,748 Home equity 17,369 - 508 17,877 Consumer installment 4,500 - 12 4,512 Commercial loans 104,364 996 4,911 110,271 Total gross loans $ 1,199,933 $ 14,893 $ 37,161 $ 1,251,987 |
Delinquent and/or Nonaccrual Loans by Past Due Status | The following table sets forth information regarding delinquent and/or nonaccrual loans at December 31, 2022: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total Loans Loans on Non- accrual Residential real estate $ 2,410 $ 1,009 $ 1,542 $ 4,961 $ 366,685 $ 371,646 $ 2,685 Residential construction and land - - - - 20,334 20,334 - Multi-family - - - - 67,733 67,733 - Commercial real estate 1,816 225 178 2,219 703,430 705,649 828 Commercial construction - - - - 87,267 87,267 - Home equity 46 38 140 224 20,445 20,669 185 Consumer installment 35 19 - 54 4,534 4,588 - Commercial loans 1,603 91 398 2,092 110,077 112,169 1,679 Total gross loans $ 5,910 $ 1,382 $ 2,258 $ 9,550 $ 1,380,505 $ 1,390,055 $ 5,377 The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2022: (In thousands) 30-59 days past due 60-89 days past due 90 days or more Total past due Current Total Loans Loans on Non- accrual Residential real estate $ 66 $ 1,676 $ 592 $ 2,334 $ 358,490 $ 360,824 $ 2,948 Residential construction and land - 1 - 1 15,297 15,298 1 Multi-family - - - - 63,822 63,822 - Commercial real estate - 385 1,147 1,532 594,103 595,635 1,269 Commercial construction - - - - 83,748 83,748 - Home equity 3 - 179 182 17,695 17,877 188 Consumer installment 22 17 - 39 4,473 4,512 7 Commercial loans - 28 19 47 110,224 110,271 1,904 Total gross loans $ 91 $ 2,107 $ 1,937 $ 4,135 $ 1,247,852 $ 1,251,987 $ 6,317 |
Impaired Loans by Loan Portfolio Class | The tables below detail additional information on impaired loans at the date or periods indicated: At December 31, 2022 For the three months ended December 31, 2022 For the six months ended December 31, 2022 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Interest Income Recognized With no related allowance recorded: Residential real estate $ 785 $ 785 $ - $ 923 $ 2 $ 954 $ 2 Commercial real estate 371 371 - 372 6 218 8 Home equity 128 128 - 128 - 128 - Consumer installment 4 4 - 4 - 5 1 Commercial loans 340 340 - 341 4 343 8 Impaired loans with no allowance 1,628 1,628 - 1,768 12 1,648 19 With an allowance recorded: Residential real estate 2,428 2,428 587 2,301 5 2,120 7 Commercial real estate 4,100 4,100 1,090 3,805 41 3,517 73 Commercial construction 102 102 1 102 - 102 - Home equity - - - - - 160 4 Commercial loans 1,984 1,984 939 2,591 11 2,799 27 Impaired loans with allowance 8,614 8,614 2,617 8,799 57 8,698 111 Total impaired: Residential real estate 3,213 3,213 587 3,224 7 3,074 9 Commercial real estate 4,471 4,471 1,090 4,177 47 3,735 81 Commercial construction 102 102 1 102 - 102 - Home equity 128 128 - 128 - 288 4 Consumer installment 4 4 - 4 - 5 1 Commercial loans 2,324 2,324 939 2,932 15 3,142 35 Total impaired loans $ 10,242 $ 10,242 $ 2,617 $ 10,567 $ 69 $ 10,346 $ 130 At June 30, 2022 For the three months ended December 31, 2021 For the six months ended December 31, 2021 (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 $ 990 $ 990 $ - $ 664 $ 10 $ 442 $ 10 Commercial real estate 67 67 - 539 5 492 8 Home equity 128 128 - 128 - 128 - Consumer Installment 5 5 - - - - - Commercial loans 346 346 - 180 2 139 2 Impaired loans with no allowance 1,536 1,536 - 1,511 17 1,201 20 With an allowance recorded: Residential real estate 1,953 1,953 588 1,958 28 1,338 33 Commercial real estate 3,698 3,698 1,118 612 8 696 18 Commercial construction 102 102 1 102 - 102 - Home equity 320 320 44 321 3 321 6 Commercial loans 3,162 3,162 596 3,484 47 3,356 87 Impaired loans with allowance 9,235 9,235 2,347 6,477 86 5,813 144 Total impaired: Residential real estate 2,943 2,943 588 2,622 38 1,780 43 Commercial real estate 3,765 3,765 1,118 1,151 13 1,188 26 Commercial construction 102 102 1 102 - 102 - Home equity 448 448 44 449 3 449 6 Consumer Installment 5 5 - - - - - Commercial loans 3,508 3,508 596 3,664 49 3,495 89 Total impaired loans $ 10,771 $ 10,771 $ 2,347 $ 7,988 $ 103 $ 7,014 $ 164 |
Loans Modified as Troubled Debt Restructuring | The table below details loans that have been modified as a troubled debt restructuring during the periods indicated. (D ollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Current outstanding Recorded Investment For the six months ended December 31 2022 Residential real estate 2 $ 778 $ 778 $ 778 Commercial real estate 2 $ 1,228 $ 1,233 $ 1,233 Commercial loans 1 $ 379 $ 379 $ 379 For the year ended June 30, 2022 Consumer Installment 1 $ 5 $ 5 $ 5 |
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 class during and at the periods indicated. The allowance is allocated to each loan class based on historical loss experience, current economic conditions, and other considerations. Activity for the three months ended December 31, 2022 (In thousands) Balance at September 30, 2022 Charge-offs Recoveries Provision Balance at December 31, 2022 Residential real estate $ 2,471 $ - $ 2 $ 19 $ 2,492 Residential construction and land 177 - - 16 193 Multi-family 159 - - 8 167 Commercial real estate 15,392 - - 58 15,450 Commercial construction 1,044 - - 56 1,100 Home equity 44 - - (6 ) 38 Consumer installment 274 137 29 118 284 Commercial loans 2,586 7 11 (25 ) 2,565 Total $ 22,147 $ 144 $ 42 $ 244 $ 22,289 Activity for the six months ended December 31, 2022 (In thousands) Balance at June 30, 2022 Charge-offs Recoveries Provision Balance at December 31, 2022 Residential real estate $ 2,373 $ - $ 5 $ 114 $ 2,492 Residential construction and land 141 - - 52 193 Multi-family 119 - - 48 167 Commercial real estate 16,221 - - (771 ) 15,450 Commercial construction 1,114 - - (14 ) 1,100 Home equity 89 - - (51 ) 38 Consumer installment 349 304 75 164 284 Commercial loans 2,355 11 18 203 2,565 Total $ 22,761 $ 315 $ 98 $ (255 ) $ 22,289 Allowance for Loan Losses Loans Receivable Ending Balance At December 31, 2022 Impairment Analysis Ending Balance At December 31, 2022 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 587 $ 1,905 $ 3,213 $ 368,433 Residential construction and land - 193 - 20,334 Multi-family - 167 - 67,733 Commercial real estate 1,090 14,360 4,471 701,178 Commercial construction 1 1,099 102 87,165 Home equity - 38 128 20,541 Consumer installment - 284 4 4,584 Commercial loans 939 1,626 2,324 109,845 Total $ 2,617 $ 19,672 $ 10,242 $ 1,379,813 Activity for the three months ended December 31, 2021 (In thousands) Balance at September 30, 2021 Charge-offs Recoveries Provision Balance at December 31, 2021 Residential real estate $ 1,997 $ - $ 7 $ (23 ) $ 1,981 Residential construction and land 120 - - (5 ) 115 Multi-family 100 - - (24 ) 76 Commercial real estate 14,298 - - 1,318 15,616 Commercial construction 1,198 - - 52 1,250 Home equity 140 - - (51 ) 89 Consumer installment 290 107 20 77 280 Commercial loans 2,350 10 1 (64 ) 2,277 Total $ 20,493 $ 117 $ 28 $ 1,280 $ 21,684 Activity for the six months ended December 31, 2021 (In thousands) Balance at June 30, 2021 Charge-offs Recoveries Provision Balance at December 31, 2021 Residential real estate $ 2,012 $ - $ 7 $ (38 ) $ 1,981 Residential construction and land 106 - - 9 115 Multi-family 186 - - (110 ) 76 Commercial real estate 13,049 - - 2,567 15,616 Commercial construction 1,535 - - (285 ) 1,250 Home equity 165 - - (76 ) 89 Consumer installment 267 211 57 167 280 Commercial loans 2,348 107 2 34 2,277 Total $ 19,668 $ 318 $ 66 $ 2,268 $ 21,684 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2022 Impairment Analysis Ending Balance June 30, 2022 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 588 $ 1,785 $ 2,943 $ 357,881 Residential construction and land - 141 - 15,298 Multi-family - 119 - 63,822 Commercial real estate 1,118 15,103 3,765 591,870 Commercial construction 1 1,113 102 83,646 Home equity 44 45 448 17,429 Consumer installment - 349 5 4,507 Commercial loans 596 1,759 3,508 106,763 Total $ 2,347 $ 20,414 $ 10,771 $ 1,241,216 |
Foreclosed Real Estate | The following table sets forth information regarding FRE at: (in thousands) December 31, 2022 June 30, 2022 Residential real estate $ - $ 68 Total foreclosed real estate $ - $ 68 |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
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 Inputs (In thousands) December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 10,729 $ - $ 10,729 $ - U.S. Treasury securities 16,106 - 16,106 - State and political subdivisions 193,897 - 193,897 - Mortgage-backed securities-residential 26,696 - 26,696 - Mortgage-backed securities-multi-family 71,631 - 71,631 - Corporate debt securities 16,059 - 16,059 - Securities available-for-sale 335,118 $ - 335,118 - Equity securities 281 281 - - Total securities measured at fair value $ 335,399 $ 281 $ 335,118 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) June 30, 2022 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 11,319 $ - $ 11,319 $ - U.S. Treasury securities 18,427 - 18,427 - State and political subdivisions 248,076 - 248,076 - Mortgage-backed securities-residential 29,897 - 29,897 - Mortgage-backed securities-multi-family 83,709 - 83,709 - Corporate debt securities 16,634 - 16,634 - Securities available-for-sale 408,062 - 408,062 - Equity securities 273 273 - - Total securities measured at fair value $ 408,335 $ 273 $ 408,062 $ - |
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 2022 Impaired loans $ 8,768 $ 2,617 $ 6,151 $ - $ - $ 6,151 June 30 2022 Impaired loans $ 9,401 $ 2,347 $ 7,054 $ - $ - $ 7,054 Foreclosed real estate 68 - 68 - - 68 |
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 2022 Impaired Loans $ 4,578 Appraisal of collateral (1) Appraisal adjustments (2) 7.06%-33.73 % 19.70 % Liquidation expenses (3) 3.98%-5.58 % 4.33 % 1,573 Discounted cash flow Discount rate 3.79%-11.95 % 6.63 % June 30 2022 Impaired loans $ 4,333 Appraisal of collateral (1) Appraisal adjustments (2) 7.06%-33.73 % 21.67 % Liquidation expenses (3) 3.98%-5.58 % 4.72 % 2,721 Discounted cash flow Discount rate 4.19%-11.95 % 6.21 % Foreclosed real estate 68 Appraisal of collateral (1) Appraisal adjustments (2) 10.46 % 10.46 % (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: December 31, 2022 Fair Value Measurements Using (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 60,816 $ 60,816 $ 60,816 $ - $ - Long term certificates of deposit 4,096 3,939 - 3,939 - Securities available-for-sale 335,118 335,118 - 335,118 - Securities held-to-maturity 742,470 682,210 - 682,210 - Equity securities 281 281 281 - - Federal Home Loan Bank stock 6,159 6,159 - 6,159 - Net loans receivable 1,367,866 1,262,902 - - 1,262,902 Accrued interest receivable 12,068 12,068 - 12,068 - Deposits 2,265,394 2,265,600 - 2,265,600 - Borrowings 107,600 107,808 - 107,808 - Subordinated notes payable, net 49,403 46,057 - 46,057 - Accrued interest payable 816 816 - 816 - June 30, 2022 Fair Value Measurements Using (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 69,009 $ 69,009 $ 69,009 $ - $ - Long term certificates of deposit 4,107 3,993 - 3,993 - Securities available-for-sale 408,062 408,062 - 408,062 - Securities held-to-maturity 761,852 710,453 - 710,453 - Equity securities 273 273 273 - - Federal Home Loan Bank stock 6,803 6,803 - 6,803 - Net loans receivable 1,229,355 1,170,960 - - 1,170,960 Accrued interest receivable 8,917 8,917 - 8,917 - Deposits 2,212,604 2,212,743 - 2,212,743 - Borrowings 123,700 123,793 - 123,793 - Subordinated notes payable, net 49,310 49,168 - 49,168 - Accrued interest payable 603 603 - 603 - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021. For the three months ended December 31, For the six months ended December 31, 2022 2021 2022 2021 Net Income $ 7,198,000 $ 6,877,000 $ 16,234,000 $ 13,991,000 Weighted Average Shares – Basic 8,513,414 8,513,414 8,513,414 8,513,414 Weighted Average Shares - Diluted 8,513,414 8,513,414 8,513,414 8,513,414 Earnings per share - Basic $ 0.85 $ 0.81 $ 1.91 $ 1.64 Earnings per share - Diluted $ 0.85 $ 0.81 $ 1.91 $ 1.64 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 were as follows: Three months ended December 31, Six months ended December 31, (In thousands) 2022 2021 2022 2021 Interest cost $ 50 $ 42 $ 100 $ 84 Expected return on plan assets (55 ) (70 ) (110 ) (140 ) Amortization of net loss 27 32 54 64 Net periodic pension cost $ 22 $ 4 $ 44 $ 8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 were as follows: Three months ended December 31, Six months ended December 31, 2022 2021 2022 2021 Number of options outstanding, beginning of period 1,786,120 1,982,720 1,479,520 1,507,600 Options Granted - - 403,600 475,120 Options Paid in Cash (478,700 ) (476,200 ) (575,700 ) (476,200 ) Number of options outstanding, end of period 1,307,420 1,506,520 1,307,420 1,506,520 Three months ended December 31, Six months ended December 31, (In thousands) 2022 2021 2022 2021 Cash paid out on options vested $ 3,594 $ 3,054 $ 4,104 $ 3,054 Compensation costs recognized $ 1,026 $ 1,067 $ 1,994 $ 1,877 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss at December 31, 2022 and 2021 are presented as follows: Activity for the three months ended December 31, 2022 and 2021 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension Total Balance - September 30, 2021 $ (1,006 ) $ (1,509 ) $ (2,515 ) Other comprehensive loss before reclassification (1,218 ) - (1,218 ) Other comprehensive loss for the three months ended December 31, 2021 (1,218 ) - (1,218 ) Balance - December 31, 2021 $ (2,224 ) $ (1,509 ) $ (3,733 ) Balance - September 30, 2022 $ (23,886 ) $ (1,115 ) $ (25,001 ) Other comprehensive income before reclassification 1,791 - 1,791 Amounts reclassified to net loss on sale of available-for-sale securities non-interest income 251 - 251 Tax expense effect 67 - 67 Net of tax 184 - 184 Other comprehensive income for the three months ended December 31, 2022 1,975 - 1,975 Balance - December 31, 2022 $ (21,911 ) $ (1,115 ) $ (23,026 ) Activity for the six months ended December 31, 2022 and 2021 ( In thousands Unrealized gain (losses) on securities available-for- sale Pension Total Balance at June 30, 2021 $ 348 $ (1,509 ) $ (1,161 ) Other comprehensive loss before reclassification (2,572 ) - (2,572 ) Other comprehensive loss for the six months ended December 31, 2021 (2,572 ) - (2,572 ) Balance at December 31, 2021 $ (2,224 ) $ (1,509 ) $ (3,733 ) Balance - June 30, 2022 $ (17,268 ) $ (1,115 ) $ (18,383 ) Other comprehensive loss before reclassification (4,827 ) - (4,827 ) Amounts reclassified to net loss on sale of available-for-sale securities non-interest income 251 - 251 Tax expense effect 67 - 67 Net of tax 184 - 184 Other comprehensive loss for the six months ended December 31, 2022 (4,643 ) - (4,643 ) Balance at December 31, 2022 $ (21,911 ) $ (1,115 ) $ (23,026 ) |
Operating leases (Tables)
Operating leases (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
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, 2022 and June 30, 2022, and for the three and six months ended December 31, 2022 and 2021: (In thousands, except weighted-average information). Operating lease amounts: December 31, 2022 June 30, 2022 Right-of-use assets $ 1,817 $ 1,980 Lease liabilities $ 1,881 $ 2,040 For the three months ended December 31, 2022 2021 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 90 $ 87 Right-of-use assets obtained in exchange for new operating lease liabilities $ - $ 415 Lease costs: Operating lease cost $ 82 $ 81 Variable lease cost $ 10 $ 10 For the six months ended December 31, 2022 2021 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 179 $ 174 Right-of-use assets obtained in exchange for new operating lease liabilities $ - $ 415 Lease costs: Operating lease cost $ 163 $ 161 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, as of December 31, 2022: (in thousands) Within the twelve months ended 2023 $ 366 2024 377 2025 369 2026 340 2027 258 Thereafter 285 Total undiscounted cash flow 1,995 Less net present value adjustment (114 ) Lease Liability $ 1,881 Weighted-average remaining lease term (Years) 4.39 Weighted-average discount rate 2.15 % |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingent Liabilities [Abstract] | |
Unfunded Loan Commitments | The Company’s unfunded loan commitments and unused lines of credit are as follows: (In thousands) December 31, 2022 June 30, 2022 Unfunded loan commitments $ 118,242 $ 213,420 Unused lines of credit 93,697 85,971 Standby letters of credit 889 189 Total commitments $ 212,828 $ 299,580 |
Nature of Operations (Details)
Nature of Operations (Details) | Dec. 31, 2022 Office |
Nature of Operations [Abstract] | |
Number of full-service banking offices | 17 |
Securities, Components of Secur
Securities, Components of Securities (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2022 USD ($) Category | Jun. 30, 2022 USD ($) | |
Available-for-sale debt securities [Abstract] | ||
Amortized cost | $ 365,016 | $ 431,625 |
Gross unrealized gains | 546 | 374 |
Gross unrealized losses | 30,444 | 23,937 |
Estimated fair value | 335,118 | 408,062 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 742,470 | 761,852 |
Gross unrealized gains | 3,481 | 2,779 |
Gross unrealized losses | 63,741 | 54,178 |
Estimated fair value | 682,210 | 710,453 |
Total Securities [Abstract] | ||
Amortized cost | 1,107,486 | 1,193,477 |
Gross unrealized gains | 4,027 | 3,153 |
Gross unrealized losses | 94,185 | 78,115 |
Estimated fair value | $ 1,017,328 | 1,118,515 |
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 | $ 13,061 | 13,066 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 2,332 | 1,747 |
Estimated fair value | 10,729 | 11,319 |
U.S. Treasury Securities [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 18,176 | 20,158 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 2,070 | 1,731 |
Estimated fair value | 16,106 | 18,427 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 33,664 | 33,623 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 2,566 | 1,643 |
Estimated fair value | 31,098 | 31,980 |
State and Political Subdivisions [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 193,612 | 247,978 |
Gross unrealized gains | 546 | 374 |
Gross unrealized losses | 261 | 276 |
Estimated fair value | 193,897 | 248,076 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 487,495 | 493,897 |
Gross unrealized gains | 3,479 | 2,760 |
Gross unrealized losses | 35,181 | 35,747 |
Estimated fair value | 455,793 | 460,910 |
Mortgage-backed Securities-Residential [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 31,025 | 33,186 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 4,329 | 3,289 |
Estimated fair value | 26,696 | 29,897 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 39,530 | 42,461 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | 3,721 | 2,242 |
Estimated fair value | 35,809 | 40,220 |
Mortgage-backed Securities-Multi-family [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 91,243 | 99,353 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 19,612 | 15,644 |
Estimated fair value | 71,631 | 83,709 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 160,100 | 171,921 |
Gross unrealized gains | 0 | 2 |
Gross unrealized losses | 20,795 | 13,895 |
Estimated fair value | 139,305 | 158,028 |
Corporate Debt Securities [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 17,899 | 17,884 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 1,840 | 1,250 |
Estimated fair value | 16,059 | 16,634 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 21,641 | 19,900 |
Gross unrealized gains | 2 | 16 |
Gross unrealized losses | 1,478 | 651 |
Estimated fair value | 20,165 | 19,265 |
Other Securities [Member] | ||
Held-to-maturity securities [Abstract] | ||
Amortized cost | 40 | 50 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | $ 40 | $ 50 |
Securities, Securities in Conti
Securities, Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) Security | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 140,953 | $ 140,953 | $ 288,207 | ||
More than 12 months, fair value | 110,327 | 110,327 | 12,078 | ||
Total, fair value | 251,280 | 251,280 | 300,285 | ||
Less than 12 months, unrealized losses | 3,616 | 3,616 | 21,161 | ||
More than 12 months, unrealized losses | 26,828 | 26,828 | 2,776 | ||
Total, unrealized losses | $ 30,444 | $ 30,444 | $ 23,937 | ||
Less than 12 months, number of securities | Security | 108 | 108 | 233 | ||
More than 12 months, number of securities | Security | 49 | 49 | 5 | ||
Total, number of securities | Security | 157 | 157 | 238 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 383,488 | $ 383,488 | $ 592,159 | ||
More than 12 months, fair value | 196,316 | 196,316 | 735 | ||
Total, fair value | 579,804 | 579,804 | 592,894 | ||
Less than 12 months, unrealized losses | 22,022 | 22,022 | 53,995 | ||
More than 12 months, unrealized losses | 41,719 | 41,719 | 183 | ||
Total, unrealized losses | $ 63,741 | $ 63,741 | $ 54,178 | ||
Less than 12 months, number of securities | Security | 3,537 | 3,537 | 2,477 | ||
More than 12 months, number of securities | Security | 641 | 641 | 5 | ||
Total, number of securities | Security | 4,178 | 4,178 | 2,482 | ||
Total Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 524,441 | $ 524,441 | $ 880,366 | ||
More than 12 months, fair value | 306,643 | 306,643 | 12,813 | ||
Total, fair value | 831,084 | 831,084 | 893,179 | ||
Less than 12 months, unrealized losses | 25,638 | 25,638 | 75,156 | ||
More than 12 months, unrealized losses | 68,547 | 68,547 | 2,959 | ||
Total, unrealized losses | $ 94,185 | $ 94,185 | $ 78,115 | ||
Less than 12 months, number of securities | Security | 3,645 | 3,645 | 2,710 | ||
More than 12 months, number of securities | Security | 690 | 690 | 10 | ||
Total, number of securities | Security | 4,335 | 4,335 | 2,720 | ||
Available for sale securities transferred at fair value to held to maturity | $ 0 | $ 0 | $ 0 | $ 0 | |
Gross realized gains (losses) on sale of available-for-sale securities | (251) | 0 | $ (251) | 0 | |
Number of sales of available-for-sale security | Security | 1 | ||||
Proceeds from sale of available-for-sale securities | 0 | $ 1,675 | 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 | 0 | 0 | $ 11,319 | ||
More than 12 months, fair value | 10,729 | 10,729 | 0 | ||
Total, fair value | 10,729 | 10,729 | 11,319 | ||
Less than 12 months, unrealized losses | 0 | 0 | 1,747 | ||
More than 12 months, unrealized losses | 2,332 | 2,332 | 0 | ||
Total, unrealized losses | $ 2,332 | $ 2,332 | $ 1,747 | ||
Less than 12 months, number of securities | Security | 0 | 0 | 5 | ||
More than 12 months, number of securities | Security | 5 | 5 | 0 | ||
Total, number of securities | Security | 5 | 5 | 5 | ||
U.S. Treasury Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 535 | $ 535 | $ 18,427 | ||
More than 12 months, fair value | 15,571 | 15,571 | 0 | ||
Total, fair value | 16,106 | 16,106 | 18,427 | ||
Less than 12 months, unrealized losses | 53 | 53 | 1,731 | ||
More than 12 months, unrealized losses | 2,017 | 2,017 | 0 | ||
Total, unrealized losses | $ 2,070 | $ 2,070 | $ 1,731 | ||
Less than 12 months, number of securities | Security | 1 | 1 | 8 | ||
More than 12 months, number of securities | Security | 6 | 6 | 0 | ||
Total, number of securities | Security | 7 | 7 | 8 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 21,508 | $ 21,508 | $ 31,980 | ||
More than 12 months, fair value | 9,590 | 9,590 | 0 | ||
Total, fair value | 31,098 | 31,098 | 31,980 | ||
Less than 12 months, unrealized losses | 1,202 | 1,202 | 1,643 | ||
More than 12 months, unrealized losses | 1,364 | 1,364 | 0 | ||
Total, unrealized losses | $ 2,566 | $ 2,566 | $ 1,643 | ||
Less than 12 months, number of securities | Security | 5 | 5 | 9 | ||
More than 12 months, number of securities | Security | 4 | 4 | 0 | ||
Total, number of securities | Security | 9 | 9 | 9 | ||
State and Political Subdivisions [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 110,058 | $ 110,058 | $ 140,324 | ||
More than 12 months, fair value | 0 | 0 | 0 | ||
Total, fair value | 110,058 | 110,058 | 140,324 | ||
Less than 12 months, unrealized losses | 261 | 261 | 276 | ||
More than 12 months, unrealized losses | 0 | 0 | 0 | ||
Total, unrealized losses | $ 261 | $ 261 | $ 276 | ||
Less than 12 months, number of securities | Security | 69 | 69 | 148 | ||
More than 12 months, number of securities | Security | 0 | 0 | 0 | ||
Total, number of securities | Security | 69 | 69 | 148 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 255,862 | $ 255,862 | $ 353,837 | ||
More than 12 months, fair value | 105,314 | 105,314 | 735 | ||
Total, fair value | 361,176 | 361,176 | 354,572 | ||
Less than 12 months, unrealized losses | 12,094 | 12,094 | 35,564 | ||
More than 12 months, unrealized losses | 23,087 | 23,087 | 183 | ||
Total, unrealized losses | $ 35,181 | $ 35,181 | $ 35,747 | ||
Less than 12 months, number of securities | Security | 3,457 | 3,457 | 2,362 | ||
More than 12 months, number of securities | Security | 604 | 604 | 5 | ||
Total, number of securities | Security | 4,061 | 4,061 | 2,367 | ||
Mortgage-backed Securities-Residential [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 7,537 | $ 7,537 | $ 29,872 | ||
More than 12 months, fair value | 19,159 | 19,159 | 0 | ||
Total, fair value | 26,696 | 26,696 | 29,872 | ||
Less than 12 months, unrealized losses | 687 | 687 | 3,289 | ||
More than 12 months, unrealized losses | 3,642 | 3,642 | 0 | ||
Total, unrealized losses | $ 4,329 | $ 4,329 | $ 3,289 | ||
Less than 12 months, number of securities | Security | 21 | 21 | 27 | ||
More than 12 months, number of securities | Security | 9 | 9 | 0 | ||
Total, number of securities | Security | 30 | 30 | 27 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 24,620 | $ 24,620 | $ 39,865 | ||
More than 12 months, fair value | 11,189 | 11,189 | 0 | ||
Total, fair value | 35,809 | 35,809 | 39,865 | ||
Less than 12 months, unrealized losses | 1,808 | 1,808 | 2,242 | ||
More than 12 months, unrealized losses | 1,913 | 1,913 | 0 | ||
Total, unrealized losses | $ 3,721 | $ 3,721 | $ 2,242 | ||
Less than 12 months, number of securities | Security | 30 | 30 | 27 | ||
More than 12 months, number of securities | Security | 3 | 3 | 0 | ||
Total, number of securities | Security | 33 | 33 | 27 | ||
Mortgage-backed Securities-Multi-family [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 7,920 | $ 7,920 | $ 71,631 | ||
More than 12 months, fair value | 63,711 | 63,711 | 12,078 | ||
Total, fair value | 71,631 | 71,631 | 83,709 | ||
Less than 12 months, unrealized losses | 1,118 | 1,118 | 12,868 | ||
More than 12 months, unrealized losses | 18,494 | 18,494 | 2,776 | ||
Total, unrealized losses | $ 19,612 | $ 19,612 | $ 15,644 | ||
Less than 12 months, number of securities | Security | 4 | 4 | 29 | ||
More than 12 months, number of securities | Security | 27 | 27 | 5 | ||
Total, number of securities | Security | 31 | 31 | 34 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 75,500 | $ 75,500 | $ 155,726 | ||
More than 12 months, fair value | 63,806 | 63,806 | 0 | ||
Total, fair value | 139,306 | 139,306 | 155,726 | ||
Less than 12 months, unrealized losses | 6,316 | 6,316 | 13,895 | ||
More than 12 months, unrealized losses | 14,479 | 14,479 | 0 | ||
Total, unrealized losses | $ 20,795 | $ 20,795 | $ 13,895 | ||
Less than 12 months, number of securities | Security | 40 | 40 | 68 | ||
More than 12 months, number of securities | Security | 22 | 22 | 0 | ||
Total, number of securities | Security | 62 | 62 | 68 | ||
Corporate Debt Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 14,903 | $ 14,903 | $ 16,634 | ||
More than 12 months, fair value | 1,157 | 1,157 | 0 | ||
Total, fair value | 16,060 | 16,060 | 16,634 | ||
Less than 12 months, unrealized losses | 1,497 | 1,497 | 1,250 | ||
More than 12 months, unrealized losses | 343 | 343 | 0 | ||
Total, unrealized losses | $ 1,840 | $ 1,840 | $ 1,250 | ||
Less than 12 months, number of securities | Security | 13 | 13 | 16 | ||
More than 12 months, number of securities | Security | 2 | 2 | 0 | ||
Total, number of securities | Security | 15 | 15 | 16 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Less than 12 months, fair value | $ 5,998 | $ 5,998 | $ 10,751 | ||
More than 12 months, fair value | 6,417 | 6,417 | 0 | ||
Total, fair value | 12,415 | 12,415 | 10,751 | ||
Less than 12 months, unrealized losses | 602 | 602 | 651 | ||
More than 12 months, unrealized losses | 876 | 876 | 0 | ||
Total, unrealized losses | $ 1,478 | $ 1,478 | $ 651 | ||
Less than 12 months, number of securities | Security | 5 | 5 | 11 | ||
More than 12 months, number of securities | Security | 8 | 8 | 0 | ||
Total, number of securities | Security | 13 | 13 | 11 |
Securities, Securities by Contr
Securities, Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Available-for-sale Debt Securities, Amortized Cost [Abstract] | ||
Within one year | $ 193,528 | |
After one year through five years | 27,017 | |
After five years through ten years | 20,703 | |
After ten years | 1,500 | |
Total | 242,748 | |
Mortgage-backed securities | 122,268 | |
Amortized cost | 365,016 | $ 431,625 |
Available-for-sale Debt Securities, Fair Value [Abstract] | ||
Within one year | 193,814 | |
After one year through five years | 24,345 | |
After five years through ten years | 17,475 | |
After ten years | 1,157 | |
Total | 236,791 | |
Mortgage-backed securities | 98,327 | |
Estimated fair value | 335,118 | 408,062 |
Held-to-maturity Debt Securities, Amortized Cost [Abstract] | ||
Within one year | 59,578 | |
After one year through five years | 167,831 | |
After five years through ten years | 141,455 | |
After ten years | 173,976 | |
Total | 542,840 | |
Mortgage-backed securities | 199,630 | |
Amortized cost | 742,470 | 761,852 |
Held-to-maturity Debt Securities, Fair Value [Abstract] | ||
Within one year | 59,044 | |
After one year through five years | 163,465 | |
After five years through ten years | 133,712 | |
After ten years | 150,875 | |
Total | 507,096 | |
Mortgage-backed securities | 175,114 | |
Estimated fair value | 682,210 | 710,453 |
Total Debt Securities [Abstract] | ||
Amortized cost | 1,107,486 | 1,193,477 |
Estimated fair value | $ 1,017,328 | $ 1,118,515 |
Securities, Securities Pledged
Securities, Securities Pledged (Details) - Asset Pledged as Collateral [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Jun. 30, 2022 |
Deposits in Excess of FDIC Insurance Limits [Member] | ||
Securities Pledged [Abstract] | ||
Securities, fair value | $ 843.3 | $ 892.9 |
Potential Borrowings at Federal Reserve Bank Discount Window [Member] | ||
Securities Pledged [Abstract] | ||
Securities, fair value | $ 16.8 | $ 17.4 |
Securities, Federal Home Loan B
Securities, Federal Home Loan Bank Stock (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank Stock [Abstract] | ||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 0 |
Federal Home Loan Bank Stock [Member] | ||||
Federal Home Loan Bank Stock [Abstract] | ||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses, Major Loan Segments and Classes (Details) $ in Thousands | 6 Months Ended | |||||
Dec. 31, 2022 USD ($) Segment | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | |
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | $ 1,390,055 | $ 1,251,987 | ||||
Allowance for loan losses | (22,289) | $ (22,147) | (22,761) | $ (21,684) | $ (20,493) | $ (19,668) |
Deferred fees and cost, net | 100 | 129 | ||||
Net loans receivable | $ 1,367,866 | 1,229,355 | ||||
Number of segments within loan portfolio | Segment | 4 | |||||
Residential Real Estate [Member] | Maximum [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Loan-to-value ratio | 85% | |||||
Residential Real Estate [Member] | Residential Mortgage with Private Mortgage Insurance [Member] | Maximum [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Loan-to-value ratio | 85% | |||||
Residential Real Estate [Member] | Real Estate [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | $ 371,646 | 360,824 | ||||
Allowance for loan losses | (2,492) | (2,471) | (2,373) | (1,981) | (1,997) | (2,012) |
Residential Real Estate [Member] | Construction and Land [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 20,334 | 15,298 | ||||
Allowance for loan losses | (193) | (177) | (141) | (115) | (120) | (106) |
Residential Real Estate [Member] | Multi-family [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 67,733 | 63,822 | ||||
Allowance for loan losses | (167) | (159) | (119) | (76) | (100) | (186) |
Commercial Real Estate [Member] | Real Estate [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 705,649 | 595,635 | ||||
Allowance for loan losses | (15,450) | (15,392) | (16,221) | (15,616) | (14,298) | (13,049) |
Commercial Real Estate [Member] | Construction [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 87,267 | 83,748 | ||||
Allowance for loan losses | (1,100) | (1,044) | (1,114) | (1,250) | (1,198) | (1,535) |
Consumer Loan [Member] | Home Equity [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 20,669 | 17,877 | ||||
Allowance for loan losses | (38) | (44) | (89) | (89) | (140) | (165) |
Consumer Loan [Member] | Consumer Installment [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 4,588 | 4,512 | ||||
Allowance for loan losses | (284) | (274) | (349) | (280) | (290) | (267) |
Commercial Loans [Member] | ||||||
Major Loan Segments and Classes [Abstract] | ||||||
Total gross loans | 112,169 | 110,271 | ||||
Allowance for loan losses | $ (2,565) | $ (2,586) | $ (2,355) | $ (2,277) | $ (2,350) | $ (2,348) |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses, Loan Balances by Internal Credit Quality Indicator (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2022 USD ($) Loan | Jun. 30, 2022 USD ($) | |
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | $ 1,390,055 | $ 1,390,055 | $ 1,251,987 |
Performing [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 1,345,136 | 1,345,136 | 1,199,933 |
Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 10,548 | 10,548 | 14,893 |
Substandard [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 34,371 | 34,371 | 37,161 |
Doubtful [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 0 | 0 | 0 |
Loss [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 0 | 0 | 0 |
Residential Real Estate [Member] | Real Estate [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 371,646 | 371,646 | 360,824 |
Residential Real Estate [Member] | Real Estate [Member] | Performing [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 366,020 | 366,020 | 355,474 |
Residential Real Estate [Member] | Real Estate [Member] | Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 172 | 172 | 28 |
Residential Real Estate [Member] | Real Estate [Member] | Substandard [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 5,454 | 5,454 | 5,322 |
Residential Real Estate [Member] | Construction and Land [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 20,334 | 20,334 | 15,298 |
Residential Real Estate [Member] | Construction and Land [Member] | Performing [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 20,334 | 20,334 | 15,297 |
Residential Real Estate [Member] | Construction and Land [Member] | Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 0 | 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 | 1 |
Residential Real Estate [Member] | Multi-family [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 67,733 | 67,733 | 63,822 |
Residential Real Estate [Member] | Multi-family [Member] | Performing [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 67,644 | 67,644 | 63,730 |
Residential Real Estate [Member] | Multi-family [Member] | Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 89 | 89 | 92 |
Residential Real Estate [Member] | Multi-family [Member] | Substandard [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | $ 0 | 0 | 0 |
Commercial Real Estate [Member] | Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Number of loan relationships downgraded | Loan | 1 | ||
Commercial Real Estate [Member] | Substandard [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Number of loans paid off | Loan | 1 | ||
Number of loan relationships downgraded | Loan | 1 | ||
Commercial Real Estate [Member] | Real Estate [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | $ 705,649 | 705,649 | 595,635 |
Commercial Real Estate [Member] | Real Estate [Member] | Performing [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 673,200 | 673,200 | 555,451 |
Commercial Real Estate [Member] | Real Estate [Member] | Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 7,055 | 7,055 | 13,777 |
Commercial Real Estate [Member] | Real Estate [Member] | Substandard [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 25,394 | 25,394 | 26,407 |
Commercial Real Estate [Member] | Construction [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 87,267 | 87,267 | 83,748 |
Commercial Real Estate [Member] | Construction [Member] | Performing [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 87,267 | 87,267 | 83,748 |
Commercial Real Estate [Member] | Construction [Member] | Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 0 | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | Substandard [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 0 | 0 | 0 |
Consumer Loan [Member] | Home Equity [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 20,669 | 20,669 | 17,877 |
Consumer Loan [Member] | Home Equity [Member] | Performing [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 20,484 | 20,484 | 17,369 |
Consumer Loan [Member] | Home Equity [Member] | Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 0 | 0 | 0 |
Consumer Loan [Member] | Home Equity [Member] | Substandard [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 185 | 185 | 508 |
Consumer Loan [Member] | Consumer Installment [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 4,588 | 4,588 | 4,512 |
Consumer Loan [Member] | Consumer Installment [Member] | Performing [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 4,574 | 4,574 | 4,500 |
Consumer Loan [Member] | Consumer Installment [Member] | Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 0 | 0 | 0 |
Consumer Loan [Member] | Consumer Installment [Member] | Substandard [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 14 | 14 | 12 |
Commercial Loans [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 112,169 | 112,169 | 110,271 |
Commercial Loans [Member] | Performing [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 105,613 | $ 105,613 | 104,364 |
Commercial Loans [Member] | Pass [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Number of loans upgraded | Loan | 1 | ||
Commercial Loans [Member] | Special Mention [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | 3,232 | $ 3,232 | 996 |
Number of loans upgraded | Loan | 1 | ||
Commercial Loans [Member] | Substandard [Member] | |||
Loan Balances by Internal Credit Quality Indicator [Abstract] | |||
Total gross loans | $ 3,324 | $ 3,324 | $ 4,911 |
Number of loans paid off | Loan | 1 | ||
Number of loan relationships downgraded | Loan | 1 |
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, 2022 USD ($) Loan | Jun. 30, 2022 USD ($) Loan | |
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 1,390,055 | $ 1,251,987 |
Loans on non-accrual | 5,377 | 6,317 |
Loans in the process of foreclosure | 669 | 528 |
Nonaccrual loans with recent history of delinquency greater than 90 days | 3,100 | 4,400 |
Loan repayments | 1,100 | |
Loans returning to performing status | 134 | |
Charge-offs | 7 | |
Loans placed into nonperforming status | 277 | |
Accruing loans delinquent more than 90 days | 0 | 0 |
Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 9,550 | 4,135 |
30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 5,910 | 91 |
60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 1,382 | 2,107 |
90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 2,258 | 1,937 |
Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 1,380,505 | 1,247,852 |
Residential Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Loans in the process of foreclosure | $ 567 | $ 426 |
Number of loans in the process of foreclosure | Loan | 5 | 3 |
Residential Real Estate [Member] | Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 371,646 | $ 360,824 |
Loans on non-accrual | 2,685 | 2,948 |
Residential Real Estate [Member] | Real Estate [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 4,961 | 2,334 |
Residential Real Estate [Member] | Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 2,410 | 66 |
Residential Real Estate [Member] | Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 1,009 | 1,676 |
Residential Real Estate [Member] | Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 1,542 | 592 |
Residential Real Estate [Member] | Real Estate [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 366,685 | 358,490 |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 20,334 | 15,298 |
Loans on non-accrual | 0 | 1 |
Residential Real Estate [Member] | Construction and Land [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 1 |
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 loans | 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 loans | 0 | 1 |
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 loans | 0 | 0 |
Residential Real Estate [Member] | Construction and Land [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 20,334 | 15,297 |
Residential Real Estate [Member] | Multi-family [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 67,733 | 63,822 |
Loans on non-accrual | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
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 loans | 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 loans | 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 loans | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 67,733 | 63,822 |
Commercial Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Loans in the process of foreclosure | $ 102 | $ 102 |
Number of loans in the process of foreclosure | Loan | 1 | 1 |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 705,649 | $ 595,635 |
Loans on non-accrual | 828 | 1,269 |
Commercial Real Estate [Member] | Real Estate [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 2,219 | 1,532 |
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 loans | 1,816 | 0 |
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 loans | 225 | 385 |
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 loans | 178 | 1,147 |
Commercial Real Estate [Member] | Real Estate [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 703,430 | 594,103 |
Commercial Real Estate [Member] | Construction [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 87,267 | 83,748 |
Loans on non-accrual | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 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 loans | 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 loans | 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 loans | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 87,267 | 83,748 |
Consumer Loan [Member] | Home Equity [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 20,669 | 17,877 |
Loans on non-accrual | 185 | 188 |
Consumer Loan [Member] | Home Equity [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 224 | 182 |
Consumer Loan [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 46 | 3 |
Consumer Loan [Member] | Home Equity [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 38 | 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 loans | 140 | 179 |
Consumer Loan [Member] | Home Equity [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 20,445 | 17,695 |
Consumer Loan [Member] | Consumer Installment [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 4,588 | 4,512 |
Loans on non-accrual | 0 | 7 |
Consumer Loan [Member] | Consumer Installment [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 54 | 39 |
Consumer Loan [Member] | Consumer Installment [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 35 | 22 |
Consumer Loan [Member] | Consumer Installment [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 19 | 17 |
Consumer Loan [Member] | Consumer Installment [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Consumer Loan [Member] | Consumer Installment [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 4,534 | 4,473 |
Commercial Loans [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 112,169 | 110,271 |
Loans on non-accrual | 1,679 | 1,904 |
Commercial Loans [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 2,092 | 47 |
Commercial Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 1,603 | 0 |
Commercial Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 91 | 28 |
Commercial Loans [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 398 | 19 |
Commercial Loans [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 110,077 | $ 110,224 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses, Impaired Loans By Loan Portfolio Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Loans and Allowance for Loan Losses [Abstract] | |||||
Threshold principal amount of nonaccrual loans evaluated individually for impairment | $ 250 | $ 250 | |||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 1,628 | 1,628 | $ 1,536 | ||
Unpaid principal | 1,628 | 1,628 | 1,536 | ||
Average recorded investment | 1,768 | $ 1,511 | 1,648 | $ 1,201 | |
Interest income recognized | 12 | 17 | 19 | 20 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 8,614 | 8,614 | 9,235 | ||
Unpaid principal | 8,614 | 8,614 | 9,235 | ||
Related allowance | 2,617 | 2,617 | 2,347 | ||
Average recorded investment | 8,799 | 6,477 | 8,698 | 5,813 | |
Interest income recognized | 57 | 86 | 111 | 144 | |
Total impaired [Abstract] | |||||
Recorded investment | 10,242 | 10,242 | 10,771 | ||
Unpaid principal | 10,242 | 10,242 | 10,771 | ||
Related allowance | 2,617 | 2,617 | 2,347 | ||
Average recorded investment | 10,567 | 7,988 | 10,346 | 7,014 | |
Interest income recognized | 69 | 103 | 130 | 164 | |
Residential Real Estate [Member] | Real Estate [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 785 | 785 | 990 | ||
Unpaid principal | 785 | 785 | 990 | ||
Average recorded investment | 923 | 664 | 954 | 442 | |
Interest income recognized | 2 | 10 | 2 | 10 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 2,428 | 2,428 | 1,953 | ||
Unpaid principal | 2,428 | 2,428 | 1,953 | ||
Related allowance | 587 | 587 | 588 | ||
Average recorded investment | 2,301 | 1,958 | 2,120 | 1,338 | |
Interest income recognized | 5 | 28 | 7 | 33 | |
Total impaired [Abstract] | |||||
Recorded investment | 3,213 | 3,213 | 2,943 | ||
Unpaid principal | 3,213 | 3,213 | 2,943 | ||
Related allowance | 587 | 587 | 588 | ||
Average recorded investment | 3,224 | 2,622 | 3,074 | 1,780 | |
Interest income recognized | 7 | 38 | 9 | 43 | |
Commercial Real Estate [Member] | Real Estate [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 371 | 371 | 67 | ||
Unpaid principal | 371 | 371 | 67 | ||
Average recorded investment | 372 | 539 | 218 | 492 | |
Interest income recognized | 6 | 5 | 8 | 8 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 4,100 | 4,100 | 3,698 | ||
Unpaid principal | 4,100 | 4,100 | 3,698 | ||
Related allowance | 1,090 | 1,090 | 1,118 | ||
Average recorded investment | 3,805 | 612 | 3,517 | 696 | |
Interest income recognized | 41 | 8 | 73 | 18 | |
Total impaired [Abstract] | |||||
Recorded investment | 4,471 | 4,471 | 3,765 | ||
Unpaid principal | 4,471 | 4,471 | 3,765 | ||
Related allowance | 1,090 | 1,090 | 1,118 | ||
Average recorded investment | 4,177 | 1,151 | 3,735 | 1,188 | |
Interest income recognized | 47 | 13 | 81 | 26 | |
Commercial Real Estate [Member] | Construction [Member] | |||||
With an allowance recorded [Abstract] | |||||
Recorded investment | 102 | 102 | 102 | ||
Unpaid principal | 102 | 102 | 102 | ||
Related allowance | 1 | 1 | 1 | ||
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 | 1 | 1 | 1 | ||
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 | 128 | 128 | 128 | ||
Unpaid principal | 128 | 128 | 128 | ||
Average recorded investment | 128 | 128 | 128 | 128 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 0 | 0 | 320 | ||
Unpaid principal | 0 | 0 | 320 | ||
Related allowance | 0 | 0 | 44 | ||
Average recorded investment | 0 | 321 | 160 | 321 | |
Interest income recognized | 0 | 3 | 4 | 6 | |
Total impaired [Abstract] | |||||
Recorded investment | 128 | 128 | 448 | ||
Unpaid principal | 128 | 128 | 448 | ||
Related allowance | 0 | 0 | 44 | ||
Average recorded investment | 128 | 449 | 288 | 449 | |
Interest income recognized | 0 | 3 | 4 | 6 | |
Consumer Loan [Member] | Consumer Installment [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 4 | 4 | 5 | ||
Unpaid principal | 4 | 4 | 5 | ||
Average recorded investment | 4 | 0 | 5 | 0 | |
Interest income recognized | 0 | 0 | 1 | 0 | |
With an allowance recorded [Abstract] | |||||
Related allowance | 0 | 0 | 0 | ||
Total impaired [Abstract] | |||||
Recorded investment | 4 | 4 | 5 | ||
Unpaid principal | 4 | 4 | 5 | ||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment | 4 | 0 | 5 | 0 | |
Interest income recognized | 0 | 0 | 1 | 0 | |
Commercial Loans [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded investment | 340 | 340 | 346 | ||
Unpaid principal | 340 | 340 | 346 | ||
Average recorded investment | 341 | 180 | 343 | 139 | |
Interest income recognized | 4 | 2 | 8 | 2 | |
With an allowance recorded [Abstract] | |||||
Recorded investment | 1,984 | 1,984 | 3,162 | ||
Unpaid principal | 1,984 | 1,984 | 3,162 | ||
Related allowance | 939 | 939 | 596 | ||
Average recorded investment | 2,591 | 3,484 | 2,799 | 3,356 | |
Interest income recognized | 11 | 47 | 27 | 87 | |
Total impaired [Abstract] | |||||
Recorded investment | 2,324 | 2,324 | 3,508 | ||
Unpaid principal | 2,324 | 2,324 | 3,508 | ||
Related allowance | 939 | 939 | $ 596 | ||
Average recorded investment | 2,932 | 3,664 | 3,142 | 3,495 | |
Interest income recognized | $ 15 | $ 49 | $ 35 | $ 89 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 Contract | Jun. 30, 2022 USD ($) Contract | Jun. 30, 2021 Contract | |
Troubled Debt Restructurings [Abstract] | ||||
TDR loans which have subsequently defaulted during the period | Contract | 0 | 0 | 0 | 0 |
Residential Real Estate [Member] | Real Estate [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of contracts | Contract | 2 | |||
Pre-modification outstanding recorded investment | $ 778 | |||
Post-modification outstanding recorded investment | 778 | |||
Current outstanding recorded investment | $ 778 | |||
Commercial Loans [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of contracts | Contract | 1 | |||
Pre-modification outstanding recorded investment | $ 379 | |||
Post-modification outstanding recorded investment | 379 | |||
Current outstanding recorded investment | $ 379 | |||
Commercial Real Estate [Member] | Real Estate [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of contracts | Contract | 2 | |||
Pre-modification outstanding recorded investment | $ 1,228 | |||
Post-modification outstanding recorded investment | 1,233 | |||
Current outstanding recorded investment | $ 1,233 | |||
Consumer Loan [Member] | Consumer Installment [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of contracts | Contract | 1 | |||
Pre-modification outstanding recorded investment | $ 5 | |||
Post-modification outstanding recorded investment | 5 | |||
Current outstanding recorded investment | $ 5 |
Loans and Allowance for Loan _8
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, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Allowance for Loan Losses [Abstract] | |||||
Threshold principal amount of nonaccrual loans evaluated individually for impairment | $ 250 | $ 250 | |||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 22,147 | $ 20,493 | 22,761 | $ 19,668 | |
Charge-offs | 144 | 117 | 315 | 318 | |
Recoveries | 42 | 28 | 98 | 66 | |
Provision | 244 | 1,280 | (255) | 2,268 | |
Balance, end of period | 22,289 | 21,684 | 22,289 | 21,684 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 2,617 | 2,617 | $ 2,347 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 19,672 | 19,672 | 20,414 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 10,242 | 10,242 | 10,771 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 1,379,813 | $ 1,379,813 | 1,241,216 | ||
Smaller Business 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] | Real Estate [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | $ 2,471 | 1,997 | $ 2,373 | 2,012 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 2 | 7 | 5 | 7 | |
Provision | 19 | (23) | 114 | (38) | |
Balance, end of period | 2,492 | 1,981 | 2,492 | 1,981 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 587 | 587 | 588 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,905 | 1,905 | 1,785 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 3,213 | 3,213 | 2,943 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 368,433 | 368,433 | 357,881 | ||
Residential Real Estate [Member] | Construction and Land [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 177 | 120 | 141 | 106 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 16 | (5) | 52 | 9 | |
Balance, end of period | 193 | 115 | 193 | 115 | |
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 | 193 | 193 | 141 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 20,334 | 20,334 | 15,298 | ||
Residential Real Estate [Member] | Multi-family [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 159 | 100 | 119 | 186 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 8 | (24) | 48 | (110) | |
Balance, end of period | 167 | 76 | 167 | 76 | |
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 | 167 | 167 | 119 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 | 0 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 67,733 | 67,733 | 63,822 | ||
Commercial Real Estate [Member] | Real Estate [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 15,392 | 14,298 | 16,221 | 13,049 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 58 | 1,318 | (771) | 2,567 | |
Balance, end of period | 15,450 | 15,616 | 15,450 | 15,616 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 1,090 | 1,090 | 1,118 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 14,360 | 14,360 | 15,103 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 4,471 | 4,471 | 3,765 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 701,178 | 701,178 | 591,870 | ||
Commercial Real Estate [Member] | Construction [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 1,044 | 1,198 | 1,114 | 1,535 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 56 | 52 | (14) | (285) | |
Balance, end of period | 1,100 | 1,250 | 1,100 | 1,250 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 1 | 1 | 1 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,099 | 1,099 | 1,113 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 102 | 102 | 102 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 87,165 | $ 87,165 | 83,646 | ||
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 | $ 44 | 140 | $ 89 | 165 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | (6) | (51) | (51) | (76) | |
Balance, end of period | 38 | 89 | 38 | 89 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 | 44 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 38 | 38 | 45 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 128 | 128 | 448 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 20,541 | 20,541 | 17,429 | ||
Consumer Loan [Member] | Consumer Installment [Member] | |||||
Activity of allowance for loan losses by loan category [Roll Forward] | |||||
Balance, beginning of period | 274 | 290 | 349 | 267 | |
Charge-offs | 137 | 107 | 304 | 211 | |
Recoveries | 29 | 20 | 75 | 57 | |
Provision | 118 | 77 | 164 | 167 | |
Balance, end of period | 284 | 280 | 284 | 280 | |
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 | 284 | 284 | 349 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 4 | 4 | 5 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | 4,584 | $ 4,584 | 4,507 | ||
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 | 2,586 | 2,350 | $ 2,355 | 2,348 | |
Charge-offs | 7 | 10 | 11 | 107 | |
Recoveries | 11 | 1 | 18 | 2 | |
Provision | (25) | (64) | 203 | 34 | |
Balance, end of period | 2,565 | $ 2,277 | 2,565 | $ 2,277 | |
Allocation of allowance for loan losses by loan category [Abstract] | |||||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 939 | 939 | 596 | ||
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,626 | 1,626 | 1,759 | ||
Loans receivable, ending balance, impairment analysis individually evaluated | 2,324 | 2,324 | 3,508 | ||
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 109,845 | $ 109,845 | $ 106,763 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses, Foreclosed Real Estate (FRE) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 0 | $ 68 |
Residential Real Estate [Member] | ||
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 0 | $ 68 |
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, 2022 | Jun. 30, 2022 |
Assets [Abstract] | ||
Securities available-for-sale | $ 335,118 | $ 408,062 |
Equity securities | 281 | 273 |
Recurring [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 335,118 | 408,062 |
Equity securities | 281 | 273 |
Total securities measured at fair value | 335,399 | 408,335 |
Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 10,729 | 11,319 |
Recurring [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 16,106 | 18,427 |
Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 193,897 | 248,076 |
Recurring [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 26,696 | 29,897 |
Recurring [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 71,631 | 83,709 |
Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 16,059 | 16,634 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Equity securities | 281 | 273 |
Total securities measured at fair value | 281 | 273 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 335,118 | 408,062 |
Equity securities | 0 | 0 |
Total securities measured at fair value | 335,118 | 408,062 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 10,729 | 11,319 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 16,106 | 18,427 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 193,897 | 248,076 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 26,696 | 29,897 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 71,631 | 83,709 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 16,059 | 16,634 |
Recurring [Member] | Significant Unobservable Inputs (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] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Recurring [Member] | Significant Unobservable Inputs (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, 2022 USD ($) Approach | Jun. 30, 2022 USD ($) | |
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, recorded investment | $ 10,242 | $ 10,771 |
Impaired loans, related allowance | 2,617 | 2,347 |
Nonrecurring [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, recorded investment | 8,768 | 9,401 |
Impaired loans, related allowance | 2,617 | 2,347 |
Impaired loans, fair value | $ 6,151 | 7,054 |
Foreclosed real estate, recorded investment | 68 | |
Foreclosed real estate, related allowance | 0 | |
Foreclosed real estate, fair value | 68 | |
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 | $ 6,151 | 7,054 |
Foreclosed real estate, fair value | $ 68 |
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, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Nonrecurring [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | $ 6,151 | $ 7,054 | |
Foreclosed real estate | 68 | ||
Level 3 [Member] | Appraisal of Collateral [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | [1] | 4,578 | 4,333 |
Foreclosed real estate | [1] | 68 | |
Level 3 [Member] | Discounted Cash Flow [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | 1,573 | 2,721 | |
Level 3 [Member] | Nonrecurring [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | $ 6,151 | 7,054 | |
Foreclosed real estate | $ 68 | ||
Level 3 [Member] | Appraisal Adjustments [Member] | Appraisal of Collateral [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Foreclosed real estate, measurement input | [1],[2] | 0.1046 | |
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] | 0.0706 | 0.0706 |
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 |
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] | 0.197 | 0.2167 |
Foreclosed real estate, measurement input | [1],[2] | 0.1046 | |
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 |
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] | 0.0558 | 0.0558 |
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] | 0.0433 | 0.0472 |
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 | 0.0379 | 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 | 0.1195 | 0.1195 | |
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 | 0.0663 | 0.0621 | |
[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, 2022 | Jun. 30, 2022 |
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Securities available-for-sale | $ 335,118 | $ 408,062 |
Equity securities | 281 | 273 |
Carrying Amount [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 60,816 | 69,009 |
Long term certificates of deposit | 4,096 | 4,107 |
Securities available-for-sale | 335,118 | 408,062 |
Securities held-to-maturity | 742,470 | 761,852 |
Equity securities | 281 | 273 |
Federal Home Loan Bank stock | 6,159 | 6,803 |
Net loans receivable | 1,367,866 | 1,229,355 |
Accrued interest receivable | 12,068 | 8,917 |
Deposits | 2,265,394 | 2,212,604 |
Borrowings | 107,600 | 123,700 |
Subordinated notes payable, net | 49,403 | 49,310 |
Accrued interest payable | 816 | 603 |
Fair Value [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 60,816 | 69,009 |
Long term certificates of deposit | 3,939 | 3,993 |
Securities available-for-sale | 335,118 | 408,062 |
Securities held-to-maturity | 682,210 | 710,453 |
Equity securities | 281 | 273 |
Federal Home Loan Bank stock | 6,159 | 6,803 |
Net loans receivable | 1,262,902 | 1,170,960 |
Accrued interest receivable | 12,068 | 8,917 |
Deposits | 2,265,600 | 2,212,743 |
Borrowings | 107,808 | 123,793 |
Subordinated notes payable, net | 46,057 | 49,168 |
Accrued interest payable | 816 | 603 |
Fair Value [Member] | Level 1 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 60,816 | 69,009 |
Long term certificates of deposit | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Equity securities | 281 | 273 |
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 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value [Member] | Level 2 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Long term certificates of deposit | 3,939 | 3,993 |
Securities available-for-sale | 335,118 | 408,062 |
Securities held-to-maturity | 682,210 | 710,453 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 6,159 | 6,803 |
Net loans receivable | 0 | 0 |
Accrued interest receivable | 12,068 | 8,917 |
Deposits | 2,265,600 | 2,212,743 |
Borrowings | 107,808 | 123,793 |
Subordinated notes payable, net | 46,057 | 49,168 |
Accrued interest payable | 816 | 603 |
Fair Value [Member] | Level 3 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Long term certificates 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 | 1,262,902 | 1,170,960 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated notes payable, net | 0 | 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, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ 7,198 | $ 6,877 | $ 16,234 | $ 13,991 |
Weighted Average Shares - Basic (in shares) | 8,513,414 | 8,513,414 | 8,513,414 | 8,513,414 |
Weighted Average Shares - Diluted (in shares) | 8,513,414 | 8,513,414 | 8,513,414 | 8,513,414 |
Earnings per share - Basic (in dollars per share) | $ 0.85 | $ 0.81 | $ 1.91 | $ 1.64 |
Earnings per share - Diluted (in dollars per share) | $ 0.85 | $ 0.81 | $ 1.91 | $ 1.64 |
Dividends (Details)
Dividends (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Oct. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends [Abstract] | |||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.14 | $ 0.13 | $ 0.28 | $ 0.26 | |
2023 Q1 Dividend [Member] | |||||
Dividends [Abstract] | |||||
Dividends payable, date declared | Oct. 19, 2022 | ||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.14 | ||||
Dividends payable, date of record | Nov. 15, 2022 | ||||
Dividends payable, date paid | Nov. 30, 2022 | ||||
2023 Annual Dividend [Member] | |||||
Dividends [Abstract] | |||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.56 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Defined Benefit Plan [Member] | |||||
Components of Net Periodic Pension Costs [Abstract] | |||||
Interest cost | $ 50 | $ 42 | $ 100 | $ 84 | |
Expected return on plan assets | (55) | (70) | (110) | (140) | |
Amortization of net loss | 27 | 32 | 54 | 64 | |
Net periodic pension cost | 22 | $ 4 | 44 | $ 8 | |
Supplemental Executive Retirement Plan [Member] | |||||
Components of Net Periodic Pension Costs [Abstract] | |||||
Net periodic pension cost | 390 | 761 | |||
Postemployment benefits liability | $ 11,100 | $ 11,100 | $ 9,900 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - 2011 Phantom Stock Option and Long-term Incentive Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Stock option activity, shares [Roll Forward] | |||||
Number of options outstanding at beginning of year (in shares) | 1,786,120 | 1,982,720 | 1,479,520 | 1,507,600 | |
Options Granted (in shares) | 0 | 0 | 403,600 | 475,120 | |
Options paid in cash upon vesting (in shares) | (478,700) | (476,200) | (575,700) | (476,200) | |
Number of options outstanding at period end (in shares) | 1,307,420 | 1,506,520 | 1,307,420 | 1,506,520 | |
Stock option related information [Abstract] | |||||
Cash paid out on options vested | $ 3,594 | $ 3,054 | $ 4,104 | $ 3,054 | |
Compensation costs recognized | 1,026 | $ 1,067 | 1,994 | $ 1,877 | |
Total liability for the Plan | $ 4,000 | $ 4,000 | $ 6,100 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | $ 159,586 | $ 154,836 | $ 157,714 | $ 149,584 |
Amounts reclassified to net loss on sale of available-for-sale securities non-interest income | 251 | 0 | 251 | 0 |
Tax expense effect | 67 | 0 | 67 | 0 |
Reclassification adjustment for loss on sale of available-for-sale securities realized in net income, net | 184 | 0 | 184 | 0 |
Total other comprehensive income (loss), net of taxes | 1,975 | (1,218) | (4,643) | (2,572) |
Balance | 168,207 | 159,983 | 168,207 | 159,983 |
Accumulated Other Comprehensive Loss [Member] | ||||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | (25,001) | (2,515) | (18,383) | (1,161) |
Other comprehensive income (loss) before reclassification | 1,791 | (1,218) | (4,827) | (2,572) |
Amounts reclassified to net loss on sale of available-for-sale securities non-interest income | 251 | 251 | ||
Tax expense effect | 67 | 67 | ||
Reclassification adjustment for loss on sale of available-for-sale securities realized in net income, net | 184 | 184 | ||
Total other comprehensive income (loss), net of taxes | 1,975 | (1,218) | (4,643) | (2,572) |
Balance | (23,026) | (3,733) | (23,026) | (3,733) |
Unrealized Gain (Losses) on Securities Available-for-sale [Member] | ||||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | (23,886) | (1,006) | (17,268) | 348 |
Other comprehensive income (loss) before reclassification | 1,791 | (1,218) | (4,827) | (2,572) |
Amounts reclassified to net loss on sale of available-for-sale securities non-interest income | 251 | 251 | ||
Tax expense effect | 67 | 67 | ||
Reclassification adjustment for loss on sale of available-for-sale securities realized in net income, net | 184 | 184 | ||
Total other comprehensive income (loss), net of taxes | 1,975 | (1,218) | (4,643) | (2,572) |
Balance | (21,911) | (2,224) | (21,911) | (2,224) |
Pension Benefits [Member] | ||||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||||
Balance | (1,115) | (1,509) | (1,115) | (1,509) |
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 |
Amounts reclassified to net loss on sale of available-for-sale securities non-interest income | 0 | 0 | ||
Tax expense effect | 0 | 0 | ||
Reclassification adjustment for loss on sale of available-for-sale securities realized in net income, net | 0 | 0 | ||
Total other comprehensive income (loss), net of taxes | 0 | 0 | 0 | 0 |
Balance | $ (1,115) | $ (1,509) | $ (1,115) | $ (1,509) |
Operating leases, Quantitative
Operating leases, Quantitative Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Operating Lease Amounts [Abstract] | |||||
Right-of-use assets | $ 1,817 | $ 1,817 | $ 1,980 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets | Prepaid Expense and Other Assets | Prepaid Expense and Other Assets | ||
Lease liabilities | $ 1,881 | $ 1,881 | $ 2,040 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | ||
Other Information [Abstract] | |||||
Operating outgoing cash flows from operating leases | $ 90 | $ 87 | $ 179 | $ 174 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 415 | 0 | 415 | |
Lease Costs [Abstract] | |||||
Operating lease cost | 82 | 81 | 163 | 161 | |
Variable lease cost | $ 10 | $ 10 | $ 20 | $ 20 |
Operating leases, Undiscounted
Operating leases, Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Undiscounted Cash Flows of Operating Lease Liabilities [Abstract] | ||
2023 | $ 366 | |
2024 | 377 | |
2025 | 369 | |
2026 | 340 | |
2027 | 258 | |
Thereafter | 285 | |
Total undiscounted cash flow | 1,995 | |
Less net present value adjustment | (114) | |
Lease Liability | $ 1,881 | $ 2,040 |
Weighted-average remaining lease term | 4 years 4 months 20 days | |
Weighted-average discount rate | 2.15% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) - The Bank of Greene County [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 |
Commitments [Abstract] | ||
Total commitments | $ 212,828 | $ 299,580 |
Litigation reserved amount | 1,150 | |
Unfunded Loan Commitments [Member] | ||
Commitments [Abstract] | ||
Total commitments | 118,242 | 213,420 |
Unused Lines of Credit [Member] | ||
Commitments [Abstract] | ||
Total commitments | 93,697 | 85,971 |
Standby Letters of Credit [Member] | ||
Commitments [Abstract] | ||
Total commitments | $ 889 | $ 189 |
Subsequent events (Details)
Subsequent events (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||||||
Jan. 18, 2023 | Oct. 19, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 19, 2023 | Jun. 30, 2022 | |
Dividends [Abstract] | ||||||||
Common stock, dividends declared (in dollars per share) | $ 0.14 | $ 0.13 | $ 0.28 | $ 0.26 | ||||
Common stock, shares authorized (in shares) | 12,000,000 | 12,000,000 | 12,000,000 | |||||
2023 Annual Dividend [Member] | ||||||||
Dividends [Abstract] | ||||||||
Common stock, dividends declared (in dollars per share) | $ 0.56 | |||||||
Subsequent Event [Member] | ||||||||
Dividends [Abstract] | ||||||||
Common stock, shares authorized (in shares) | 12,000,000 | 36,000,000 | ||||||
Subsequent Event [Member] | 2023 Annual Dividend [Member] | ||||||||
Dividends [Abstract] | ||||||||
Common stock, dividends declared (in dollars per share) | $ 0.56 | |||||||
Subsequent Event [Member] | 2023 Q2 Dividend [Member] | ||||||||
Dividends [Abstract] | ||||||||
Dividends payable, date declared | Jan. 18, 2023 | |||||||
Common stock, dividends declared (in dollars per share) | $ 0.14 | |||||||
Dividends payable, date of record | Feb. 13, 2023 | |||||||
Dividends payable, date to be paid | Feb. 27, 2023 |