Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Sep. 07, 2023 | Dec. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2023 | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 181,416 | ||
Entity Common Stock, Shares Outstanding | 17,026,828 | ||
Auditor Name | Bonadio & Co., LLP | ||
Auditor Location | Pittsford, New York | ||
Auditor Firm ID | 1884 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
ASSETS | ||
Total cash and cash equivalents | $ 196,445 | $ 69,009 |
Long-term certificates of deposit | 4,576 | 4,107 |
Securities available-for-sale, at fair value | 281,133 | 408,062 |
Securities held-to-maturity, at amortized cost (fair value $671,066 at June 30, 2023; $710,453 at June 30, 2022) | 726,363 | 761,852 |
Equity securities, at fair value | 306 | 273 |
Federal Home Loan Bank stock, at cost | 1,682 | 6,803 |
Gross loans receivable | 1,408,791 | 1,251,987 |
Allowance for loan losses | (21,212) | (22,761) |
Unearned origination fees and costs, net | 75 | 129 |
Net loans receivable | 1,387,654 | 1,229,355 |
Premises and equipment, net | 15,028 | 14,362 |
Bank-owned life insurance | 55,063 | 53,695 |
Accrued interest receivable | 12,249 | 8,917 |
Foreclosed real estate | 302 | 68 |
Prepaid expenses and other assets | 17,482 | 15,237 |
Total assets | 2,698,283 | 2,571,740 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Noninterest bearing deposits | 159,039 | 187,697 |
Interest bearing deposits | 2,278,122 | 2,024,907 |
Total deposits | 2,437,161 | 2,212,604 |
Borrowings from Federal Home Loan Bank, short-term | 0 | 123,700 |
Subordinated notes payable, net | 49,495 | 49,310 |
Accrued expenses and other liabilities | 28,344 | 28,412 |
Total liabilities | 2,515,000 | 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 - 36,000,000 shares; Issued - 17,222,680 shares at June 30, 2023 and June 30, 2022 Outstanding -17,026,828 shares at June 30, 2023 and June 30, 2022 | 1,722 | 1,722 |
Additional paid-in capital | 10,156 | 10,156 |
Retained earnings | 193,721 | 165,127 |
Accumulated other comprehensive loss | (21,408) | (18,383) |
Treasury stock, at cost 195,852 shares at June 30, 2023 and June 30, 2022 | (908) | (908) |
Total shareholders' equity | 183,283 | 157,714 |
Total liabilities and shareholders' equity | $ 2,698,283 | $ 2,571,740 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
ASSETS | ||
Securities held-to-maturity, fair value | $ 671,066 | $ 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) | 36,000,000 | 36,000,000 |
Common stock, shares issued (in shares) | 17,222,680 | 17,222,680 |
Common stock, shares outstanding (in shares) | 17,026,828 | 17,026,828 |
Treasury stock, shares (in shares) | 195,852 | 195,852 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income: | ||
Loans | $ 60,049 | $ 47,125 |
Investment securities - taxable | 2,859 | 1,653 |
Mortgage-backed securities | 5,740 | 4,992 |
Investment securities - tax exempt | 14,385 | 9,517 |
Interest-bearing deposits and federal funds sold | 1,592 | 157 |
Total interest income | 84,625 | 63,444 |
Interest expense: | ||
Interest on deposits | 20,055 | 3,476 |
Interest on borrowings | 3,352 | 1,963 |
Total interest expense | 23,407 | 5,439 |
Net interest income | 61,218 | 58,005 |
Provision for loan losses | (1,071) | 3,278 |
Net interest income after provision for loan losses | 62,289 | 54,727 |
Noninterest income: | ||
Service charges on deposit accounts | 4,713 | 4,439 |
Debit card fees | 4,512 | 4,381 |
Investment services | 781 | 944 |
E-commerce fees | 110 | 107 |
Bank owned life insurance | 1,369 | 1,269 |
Net loss on securities available-for-sale | (251) | 0 |
Other operating income | 912 | 997 |
Total noninterest income | 12,146 | 12,137 |
Noninterest expense: | ||
Salaries and employee benefits | 23,418 | 20,667 |
Occupancy expense | 2,333 | 2,305 |
Equipment and furniture expense | 699 | 806 |
Service and data processing fees | 2,869 | 2,589 |
Computer software, supplies and support | 1,653 | 1,531 |
Advertising and promotion | 498 | 491 |
FDIC insurance premiums | 1,085 | 826 |
Legal and professional fees | 3,024 | 1,414 |
Other | 3,029 | 3,330 |
Total noninterest expense | 38,608 | 33,959 |
Income before provision for income taxes | 35,827 | 32,905 |
Provision for income taxes | 5,042 | 4,919 |
Net income | $ 30,785 | $ 27,986 |
Basic earnings per share (in dollars per share) | $ 1.81 | $ 1.64 |
Basic average shares outstanding (in shares) | 17,026,828 | 17,026,828 |
Diluted earnings per share (in dollars per share) | $ 1.81 | $ 1.64 |
Diluted average shares outstanding (in shares) | 17,026,828 | 17,026,828 |
Dividends per share (in dollars per share) | $ 0.28 | $ 0.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net Income | $ 30,785 | $ 27,986 |
Other comprehensive loss: | ||
Unrealized holding losses on securities available-for-sale, gross | (4,708) | (24,038) |
Tax effect | (1,261) | (6,422) |
Unrealized holding losses on securities available-for-sale, net | (3,447) | (17,616) |
Reclassification adjustment for loss on sale of securities available-for-sale realized in net income, gross | 251 | 0 |
Tax effect | 67 | 0 |
Reclassification adjustment for loss on sale of securities available-for-sale realized in net income, net | 184 | 0 |
Pension actuarial gain, gross | 218 | 290 |
Tax effect | 58 | 78 |
Pension actuarial gain, net | 160 | 212 |
Amortization of pension actuarial losses recognized in salaries and benefits, gross | 106 | 248 |
Tax effect | 28 | 66 |
Amortization of pension actuarial losses recognized in salaries and benefits, net | 78 | 182 |
Total other comprehensive loss, net of taxes | (3,025) | (17,222) |
Comprehensive income | $ 27,760 | $ 10,764 |
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 | $ 1,722 | $ 10,156 | $ 139,775 | $ (1,161) | $ (908) | $ 149,584 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (2,634) | (2,634) | ||||
Net income | 27,986 | 27,986 | ||||
Other comprehensive loss, net of taxes | (17,222) | (17,222) | ||||
Balance at Jun. 30, 2022 | 1,722 | 10,156 | 165,127 | (18,383) | (908) | 157,714 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends declared | (2,191) | (2,191) | ||||
Net income | 30,785 | 30,785 | ||||
Other comprehensive loss, net of taxes | (3,025) | (3,025) | ||||
Balance at Jun. 30, 2023 | $ 1,722 | $ 10,156 | $ 193,721 | $ (21,408) | $ (908) | $ 183,283 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net Income | $ 30,785 | $ 27,986 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 871 | 826 |
Deferred income tax benefit | (149) | (682) |
Net amortization of investment premiums and discounts | 2,418 | 3,386 |
Net amortization (accretion) of deferred loan costs and fees | 259 | (3,320) |
Amortization of subordinated debt issuance costs | 185 | 165 |
Provision for loan losses | (1,071) | 3,278 |
Bank owned life insurance income | (1,369) | (1,269) |
Net loss on sale of securities available-for-sale | 251 | 0 |
Net (gain) loss on equity securities | (33) | 34 |
Net loss (gain) on sale of foreclosed real estate | 26 | (39) |
Net decrease in accrued income taxes | (1,121) | (1) |
Net increase in accrued interest receivable | (3,332) | (1,136) |
Net decrease in prepaid expenses and other assets | 133 | 176 |
Net increase in accrued expenses and other liabilities | 256 | 5,950 |
Net cash provided by operating activities | 28,109 | 35,354 |
Securities available-for-sale: | ||
Proceeds from maturities | 262,884 | 242,983 |
Proceeds from sale of securities | 1,675 | 0 |
Purchases of securities | (154,365) | (315,639) |
Principal payments on securities | 11,205 | 29,912 |
Securities held-to-maturity: | ||
Proceeds from maturities | 70,275 | 54,207 |
Purchases of securities | (57,596) | (353,573) |
Principal payments on securities | 21,236 | 32,596 |
Net redemption (purchase) of Federal Home Loan Bank Stock | 5,121 | (5,712) |
Purchase of long term certificate of deposit | (1,225) | 0 |
Maturity of long term certificate of deposit | 735 | 425 |
Purchase of bank owned life insurance | 0 | (12,000) |
Net increase in loans receivable | (157,949) | (143,406) |
Proceeds from sale of foreclosed real estate | 202 | 75 |
Purchases of premises and equipment | (1,537) | (1,051) |
Net cash provided by (used in) investing activities | 661 | (471,183) |
Cash flows from financing activities: | ||
Net (decrease) increase in short-term FHLB advances | (123,700) | 123,700 |
Net decrease in short-term advances from other banks | 0 | (3,000) |
Net proceeds from subordinated notes payable | 0 | 29,501 |
Payment of cash dividends | (2,191) | (2,634) |
Net increase in deposits | 224,557 | 207,496 |
Net cash (used by) provided by financing activities | 98,666 | 355,063 |
Net increase (decrease) in cash and cash equivalents | 127,436 | (80,766) |
Cash and cash equivalents at beginning of year | 69,009 | 149,775 |
Cash and cash equivalents at end of year | 196,445 | 69,009 |
Non-cash investing activities: | ||
Foreclosed loans transferred to other real estate | 462 | 40 |
Cash paid during period for: | ||
Interest | 23,074 | 5,182 |
Income taxes | $ 6,312 | $ 5,602 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Summary of significant accounting policies [Abstract] | |
Summary of significant accounting policies | Note 1. Summary of significant accounting policies Basis of Presentation The consolidated financial statements include the accounts of Greene County Bancorp, Inc. (the “Company”) and its subsidiaries, The Bank of Greene County (the “Bank”), and the Bank’s subsidiaries Greene County Commercial Bank (the “Commercial Bank”) and Greene Property Holdings, Ltd. All material inter-company accounts and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. On March 23, 2023, the Company effected a 2-for-1 stock split in the form of a stock dividend on its outstanding shares of common stock. All share and per share data throughout this Annual Report on Form 10-K have been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.10 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split, $861,134, was reclassified from “Additional paid-in capital” to “Common stock”. Nature of Operations The Company’s primary business is the ownership and operation of its subsidiaries. At June 30, 2023, the Bank has 18 full-service offices and an operations 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. (GRM”) was formed in December 2014 as a pooled captive insurance company subsidiary of the Company, incorporated in the State of Nevada. During the fiscal year, management determined to close down GRM due to proposed IRS regulations. The purpose of this company was 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. On June 21, 2023, GRM received a formal surrender of certificate of authority and voluntary withdrawal notice from the State of Nevada, Division of Insurance. The remaining liabilities were settled and assets transferred to Greene County Bancorp Inc., the parent of GRM as of June 28, 2023, and the corporation was formally liquidated under IRS Code 332 as of June 30, 2023. Charter The Company and its parent mutual holding company, Greene County Bancorp, MHC (the “MHC”) are federally chartered and regulated and examined by the Federal Reserve Board. The Bank, the subsidiary of the Company, is also federally chartered and is regulated and examined by the Office of the Comptroller of the Currency (the “OCC”). The Commercial Bank is a New York State-chartered financial institution, regulated and examined by the New York State Department of Financial Services. Greene Property Holdings, Ltd. is a New York corporation. As a federal savings association, the Bank must satisfy the qualified thrift lender, or “QTL”, requirement by meeting one of two tests: the Home Owners’ Loan Act (“HOLA”) QTL test or the Internal Revenue Service (IRS) Domestic Building and Loan Association (DBLA) test. The federal savings association may use either test to qualify and may switch from one test to the other. Under the HOLA QTL test, the Bank must maintain at least 65% of its “portfolio assets” in “qualified thrift investments” in at least nine of the most recent 12-month period. “Portfolio assets” generally means total assets of a savings institution, less the sum of specified liquid assets up to 20% of total assets, goodwill and other intangible assets, and the value of property used in the conduct of the savings association’s business. “Qualified thrift investments” include various types of loans made for residential and housing purposes, investments related to such purposes, including certain mortgage-backed and related securities, and loans for personal, family, household and certain other purposes up to a limit of 20% of portfolio assets. “Qualified thrift investments” also include 100% of an institution’s credit card loans, education loans and small business loans. The Bank also may satisfy the QTL test by qualifying as a “domestic building and loan association” as defined in the Internal Revenue Code. Under the IRS DBLA test, the Bank must meet the business operations test and the 60% of assets test. The business operations test requires that the federal savings association’s business consists primarily of acquiring the savings of the public (75% of its deposits, withdrawable shares, and other obligations must be held by the general public) and investing in loans (more than 75% of its gross income consists of interest on loans and government obligations and various other specified types of operating income that federal savings associations ordinarily earn). For the 60% of assets test, the Bank must maintain at least 60% of its total in “qualified investments” as of the close of the taxable year or, at the option of the taxpayer, may be computed on the basis of the average assets outstanding during the taxable year. A savings association that fails the qualified thrift lender test must either convert to a bank charter or operate under specified restrictions. During the years ended June 30, 2023 and 2022, the Bank elected to utilize the IRS DBLA test and satisfied the requirements of this test. 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. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing deposits at other financial institutions, investments (with original maturity of three months or less), and overnight federal funds sold. The amounts of interest-bearing deposits included as cash equivalents at June 30, 2023 and 2022 were $181.1 million and $54.7 million, respectively. Securities The Company has classified its investments in debt securities as either available-for-sale or held-to-maturity and equity securities. Securities available-for-sale are reported at fair value, with net unrealized gains and losses reflected in the accumulated other comprehensive income (loss) component of shareholders’ equity, net of applicable income taxes. Securities held-to-maturity are those debt securities which management has the intent and the ability to hold to maturity and are reported at amortized cost. Equity securities are recorded at fair value, with net unrealized gains and losses recognized in income. The Company does not have trading securities in its portfolio. Realized gains or losses on security transactions are reported in earnings and computed using the specific identification cost basis. Fair values of securities are based on quoted market prices, where available. Valuation of securities is further described in Note 16, Fair Value Measurements and Fair Value of Financial Instruments When the fair value of a securities held-to-maturity or available-for-sale is less than its amortized cost basis, an assessment is made as to whether other-than-temporary impairment (“OTTI”) is present. The Company considers numerous factors when determining whether a potential OTTI exists and the period over which the debt security is expected to recover. The principal factors considered are (1) the length of time and the extent to which the fair value has been less than the amortized cost basis, (2) the financial condition of the issuer (and guarantor, if any) and adverse conditions specifically related to the security, industry or geographic area, (3) failure of the issuer of the security to make scheduled interest or principal payments, (4) any changes to the rating of the security by a rating agency, and (5) the presence of credit enhancements, if any, including the guarantee of the federal government or any of its agencies. For debt securities, OTTI is considered to have occurred if (1) the Company intends to sell the security before recovery of its amortized cost basis, (2) it is more likely than not the Company will be required to sell the security before recovery of its amortized cost basis, or (3) if the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. In determining the present value of expected cash flows, the Company discounts the expected cash flows at the effective interest rate implicit in the security at the date of acquisition. In estimating cash flows expected to be collected, the Company uses available information with respect to security prepayment speeds, default rates and severity. In determining whether OTTI has occurred for equity securities, the Company considers the applicable factors described above and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. For debt securities, credit-related OTTI is recognized in earnings while noncredit related OTTI on securities not expected to be sold is recognized in other comprehensive income/loss (“OCI”). Credit-related OTTI is measured as the difference between the present value of an impaired security’s expected cash flows and its amortized cost basis. Noncredit-related OTTI is measured as the difference between the fair value of the security and its amortized cost less any credit-related losses recognized. For securities classified as held-to-maturity, the amount of OTTI recognized in OCI is accreted to the credit-adjusted expected cash flow amounts of the securities over future periods. For equity securities, the entire amount of OTTI is recognized in earnings. Loans Loans are stated at unpaid principal balances, less the allowance for loan losses and net deferred loan origination fees and costs. Interest on loans is accrued and credited to income based upon the principal amount outstanding. Unearned discount or premium on installment loans is recognized as income or expense over the term of the loan, principally using a method that approximates the effective yield method. Nonrefundable loan fees and related direct costs are deferred and amortized over the life of the loan as an adjustment to loan yield using the effective interest method. Allowance for Loan Losses The allowance for loan losses is an estimate of probable credit losses that is inherent in the loan portfolio as of the balance sheet date. The allowance is maintained at a level that the Company deems adequate to absorb all reasonably anticipated probable losses from specifically known and other risks associated with the portfolio. The allowance for loan losses is maintained by a provision for loan losses charged to expense, reduced by net charge-offs and increased by recoveries of loans previously charged off. The level of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, payment status of the loan and economic conditions. The Company evaluates nonaccrual loans that are over $250,000 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. The measurement of impaired loans is generally based on the fair value of the underlying collateral, less estimated costs to sell. The majority of the Company’s loans, including most nonaccrual loans, are small homogeneous loan types adequately supported by collateral. As a result, the level of impaired loans may only be a portion of nonaccrual loans. Loans that are delinquent or slow paying may not be impaired. Management considers the payment status of loans in the process of evaluating the adequacy of the allowance for loan losses among other factors. Based on this evaluation, a delinquent loan’s risk rating may be downgraded to either pass-watch, special mention, or substandard, and the allocation of the allowance for loan loss is based upon the risk associated with such designation. The allowance for loan losses for non-impaired loans is calculated using a systematic methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. For purposes of our allowance methodology, the loan portfolio is segmented as described in Note 4. Each segment has a distinct set of risk characteristics monitored by management. We further assess and monitor risk and performance at a more disaggregated level, which includes our internal risk grading system as described in Note 4 under Credit Quality Indicators. To determine the allowance for the non-impaired loans the Company applies the historical loss rate to pools of loans with similar risk characteristics. After consideration of the historic loss analysis, management applies additional qualitative adjustments so that the allowance for loan losses is reflective of the estimate of incurred losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made if the incurred loan losses inherent in the loan portfolio are not fully captured in the historical loss analysis. Qualitative considerations include changes in underwriting standards and policies; changes in market and economy; changes in nature volume and terms, experience; changes in the ability and depth of lending management and staff; changes in volume of delinquency and nonaccruals; changes in the quality of the loan review system; changes in collateral, changes in concentrations of credit; and other external factors. Income Recognition on Impaired and Nonaccrual loans The Company generally places a loan, including impaired loans, on nonaccrual status when it is specifically determined to be impaired or when principal and interest is delinquent for 90 days or more. Any unpaid interest previously accrued on these loans is reversed from income. When a loan is specifically determined to be impaired, collection of interest and principal are generally applied as a reduction to principal outstanding until the collection of the remaining balance is reasonably assured. Interest income on all nonaccrual loans is recognized on a cash basis. Foreclosed Real Estate (FRE) FRE consists of properties acquired through mortgage loan foreclosure proceedings or in full or partial satisfaction of loans. FRE is initially recorded at fair value (less estimated costs to sell) at the date the collateral is acquired establishing a new cost basis and any shortfall is charged to the allowance for loan losses at this time. Subsequently, management reviews the value of FRE and write-downs, if any, are charged to expense. All expenses and income related to FRE are included in consolidated results of operations as part of noninterest expense. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using principally the straight-line method over the estimated useful lives of the related assets (39 years for building and improvements, 3-8 years for furniture and equipment). Maintenance and repairs are typically charged to expense when incurred. Gains and losses from sales or other dispositions of premises and equipment are included in consolidated results of operations. Leasehold improvements are amortized over the lesser of the related terms of the leases or their useful life. Leases Lease right-of-use (“ROU”) assets and lease liabilities for operating leases are recognized at commencement date based on the present value of lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Operating lease ROU assets are recorded in prepaid expenses and other assets while operating lease liabilities are recorded in other liabilities. The Company has not entered into any finance leases. Options to renew or terminate the lease are recognized as part of ROU assets and liabilities when it is reasonably certain the options will be exercised. The Company has lease agreements that contain both lease and non-lease components, such as maintenance costs, which are accounted for separately. Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments for real estate taxes, insurance, maintenance and utilities which are generally based on a pro rata share of the total property, are not included in the measurement of the ROU assets or lease liabilities and are expensed as incurred. In addition, the Company does not recognize ROU assets or lease liabilities for short-term leases with a term of 12 months or less, which are also expensed as incurred. Bank Owned Life Insurance The Company has purchased bank-owned life insurance (“BOLI”) as an investment vehicle, on certain current and former senior and executive officers. BOLI is carried at cash surrender value. Changes in cash surrender value are recorded in non-interest income. Treasury Stock Common stock repurchases are recorded at cost and then held as treasury stock. From time to time, the Company may repurchase shares of common stock under an approved plan if, in its judgment, such shares are an attractive investment, in view of the current price at which the common stock is trading relative to the Company’s earnings per share, book value per share and general market and economic factors. On September 17, 2019, the Board of Directors of the Company adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 400,000 shares of its common stock. Repurchases are made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. As of June 30, 2023, the Company had repurchased a total of 48,800 shares of the 400,000 shares authorized by the repurchase program. 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 other-than-temporary impairment charge was recorded during the years ended June 30, 2023 and 2022. Revenue Recognition Accounting Standards Codification (“ASC”) 606 does not apply to the majority of the Company’s revenue-generating transactions, including revenue generated from financial instruments, such as loans and investment securities which are presented in our consolidated statements of income as components of net interest income. All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income, with the exception of net gains and losses from sales of foreclosed real estate, which is recognized within non-interest expense. The following is a summary of revenues subject to ASC 606 for the years ended June 30, 2023 and 2022. Service Charges on Deposit Accounts Debit Card Interchange Fee Income E-commerce income Investment Services Income Net Gains/Losses on Sales of Foreclosed Real Estate Advertising The Company follows a policy of charging the costs of advertising to expense as incurred. Advertising costs included in other operating expenses were $498,000 and $491,000 for the years ended June 30, 2023 and 2022, respectively. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of the right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under lines of credit. Such financial instruments are recorded when they are funded. In the normal course of business, the Company utilizes risk participation agreements, which are guarantees issued by the Company to other parties for a fee, whereby the Company agrees to participate in the credit risk of a derivative customer of the other party. Under the terms of these agreements, the “participating bank” receives a fee from the “lead bank” in exchange for the guarantee of reimbursement if the customer defaults on an interest rate swap. The interest rate swap is transacted such that any and all exchanges of interest payments (favorable and unfavorable) are made between the lead bank and the customer. In the event that an early termination of the swap occurs and the customer is unable to make a required close out payment, the participating bank assumes that obligation and is required to make this payment. Income Taxes Provisions for income taxes are based on taxes currently payable or refundable and deferred income taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are reported at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. Earnings Per Share Basic Earnings Per Share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS 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. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for either the basic or diluted EPS calculations. See Note 11 for calculation of EPS. 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) 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 debt securities available-for-sale (AFS). For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments to Topic 326 and other topics in ASU 2019-04 include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses TRG meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 on a number of different topics, including the following: accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, consideration of prepayments in determining the effective interest rate, consideration of estimated costs to sell when foreclosure is probable, vintage disclosures— line-of-credit arrangements converted to term loans, and contractual extensions and renewals. The effective dates and transition requirements for the amendments related to this Update are the same as the effective dates and transition requirements in Update 2016-13. In November 2019, the FASB issued ASU 2019-11 Codification Improvements to Topic 326 Financial Instruments Credit Losses provides additional clarification to specific issues about certain aspects of the amendments in Update 2016-13 related to measuring the allowance for loan losses under the new guidance. The Company implemented a detailed project plan, established a governance structure, utilized a software vendor for modeling purposes, hired resources to support the CECL modeling, incorporated data requirements and enhancements into the Company’s standard processes, and documented accounting policy elections in order to implement the standard. The Company has selected portfolio segmentations of commercial loans, commercial real estate loans, consumer loans, home equity loans and residential real estate loans. Regression models were developed using peer data with similar credit risk profiles as the Company, utilizing two economic factors of the national GDP and the national unemployment rate for the commercial, commercial real estate, home equity and residential real estate segments. The Company has elected a four-quarter reasonable and supportable forecast period, with a four-quarter reversion period using the straight-line method. The discounted cash flow methodology will be used to calculate the CECL reserve for the commercial, commercial real estate, home equity and residential real estate loans. The remaining life method will be utilized to determine the CECL reserve for the consumer loan segment, which was determined to be immaterial to the overall reserve. The Company elected to evaluate loans individually when they are both collateral dependent and have a balance of $250,000 or more, which is consistent with regulatory requirements. A qualitative factor framework has been developed to adjust the quantitative loss rates for asset-specific risk characteristics and current conditions at the reporting date. The Company has run parallel models for the last two quarters, evaluated the model back-testing and sensitivity analysis results, and reviewed the results from an independent third party model validation engagement. The Company finalized the methodology, calculation and reserve processes related to HTM investment securities that utilizes a probability of default/loss given default model, using default data from a well-recognized source for investments that have not been determined to be zero loss securities. The Company also finalized the methodology, calculation and reserve processes related to the liability for off-balance sheet credit exposures, which models the liability for loans committed but not funded using historical funding percentages for lines of credit. The Company continues to finalize certain review controls and procedures, including the preparation of required financial statement disclosures. The Company does not expect a material adjustment to the stockholders’ equity balance on an after-tax basis, inclusive of the estimated liability for off-balance sheet exposures, upon the adoption of |
Balances at other banks
Balances at other banks | 12 Months Ended |
Jun. 30, 2023 | |
Balances at other banks [Abstract] | |
Balances at other banks | Note 2. Balances at other banks The Bank is required to maintain certain reserves of vault cash and/or deposits with the Federal Reserve Bank which is included in cash and due from banks on the Company’s balance sheet. In April 2020, the Board of Governors of the Federal Reserve System announced an interim rule to amend Regulation D requirements and reduce reserve requirement ratios to zero, therefore there was no reserve requirement included in cash and due from banks at June 30, 2023 and June 30, 2022. |
Securities
Securities | 12 Months Ended |
Jun. 30, 2023 | |
Securities [Abstract] | |
Securities | Note 3. Securities 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 June 30, 2023, 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. Securities at June 30, 2023 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 $ 13,054 $ - $ 2,231 $ 10,823 U.S. treasury securities 18,349 - 1,849 16,500 State and political subdivisions 137,343 670 2 138,011 Mortgage-backed securities-residential 29,586 - 3,985 25,601 Mortgage-backed securities-multi-family 91,016 - 18,930 72,086 Corporate debt securities 19,805 - 1,693 18,112 Total securities available-for-sale 309,153 670 28,690 281,133 Securities held-to-maturity: U.S. treasury securities 33,705 - 2,438 31,267 State and political subdivisions 478,756 5,178 30,662 453,272 Mortgage-backed securities-residential 37,186 - 3,625 33,561 Mortgage-backed securities-multi-family 155,046 - 20,324 134,722 Corporate debt securities 21,632 - 3,426 18,206 Other securities 38 - - 38 Total securities held-to-maturity 726,363 5,178 60,475 671,066 Total securities $ 1,035,516 $ 5,848 $ 89,165 $ 952,199 Securities at June 30, 2022 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gains 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 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, 2023. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Securities available-for-sale: U.S. government sponsored enterprises $ - $ - - $ 10,823 $ 2,231 5 $ 10,823 $ 2,231 5 U.S. treasury securities 761 57 2 15,739 1,792 6 16,500 1,849 8 State and political subdivisions - - - 82 2 1 82 2 1 Mortgage-backed securities-residential 476 29 7 25,125 3,956 21 25,601 3,985 28 Mortgage-backed securities-multi-family 2,679 182 1 69,407 18,748 30 72,086 18,930 31 Corporate debt securities 2,352 40 2 15,760 1,653 15 18,112 1,693 17 Total securities available-for-sale 6,268 308 12 136,936 28,382 78 143,204 28,690 90 Securities held-to-maturity: U.S. treasury securities - - - 31,267 2,438 8 31,267 2,438 8 State and political subdivisions 40,412 520 448 295,479 30,142 2,018 335,891 30,662 2,466 Mortgage-backed securities-residential 1,982 120 12 31,579 3,505 18 33,561 3,625 30 Mortgage-backed securities-multi-family 5,362 245 2 129,360 20,079 54 134,722 20,324 56 Corporate debt securities 10,236 2,012 9 7,970 1,414 10 18,206 3,426 19 Total securities held-to-maturity 57,992 2,897 471 495,655 57,578 2,108 553,647 60,475 2,579 Total securities $ 64,260 $ 3,205 483 $ 632,591 $ 85,960 2,186 $ 696,851 $ 89,165 2,669 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 Management evaluated these securities considering the factors as outlined in Note 1 of these consolidated financial statements, and based on this evaluation, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2023. Management believes that the reasons for the decline in fair value are due to the rising interest rates at the reporting date. As of June 30, 2023, unrealized losses were primarily attributable to changes in interest rates as it relates to when the investment securities were purchased, and not due to the credit quality of the investment securities. The Company does not intend to sell, nor is it more likely than not, that the Company will be required to sell the security before recovery of the amortized cost basis. There were no transfers of securities available-for-sale to held-to-maturity during the year ended June 30, 2023 or 2022. During the year ended June 30, 2023, a loss of $251,000 was recognized from a sale of one security available-for-sale. The proceeds were used to fund higher-yielding loans. During the year ended June 30, 2022 there were no sales of securities and no gains or losses recognized. There were no other-than-temporary impairment losses recognized during the years ended June 30, 2023 and 2022. The estimated fair values of debt securities at June 30, 2023, 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) Securities available-for-sale Amortized Cost Fair Value Within one year $ 137,531 $ 138,195 After one year through five years 34,138 31,232 After five years through ten years 15,382 12,855 After ten years 1,500 1,164 Total securities available-for-sale 188,551 183,446 Mortgage-backed and asset-backed securities 120,602 97,687 Total securities available-for-sale 309,153 281,133 Securities held-to-maturity Within one year 67,112 66,400 After one year through five years 163,523 158,774 After five years through ten years 149,672 140,416 After ten years 153,824 137,193 Total securities held-to-maturity 534,131 502,783 Mortgage-backed securities 192,232 168,283 Total securities held-to-maturity 726,363 671,066 Total securities $ 1,035,516 $ 952,199 As of June 30, 2023 and 2022, respectively, securities with an aggregate fair value of $904.8 million and $892.9 million were pledged as collateral for deposits in excess of FDIC insurance limits for various municipalities placing deposits with the Commercial Bank. As of June 30, 2023 and 2022, securities with an aggregate fair value of $20.8 million and $17.4 million, respectively, were pledged as collateral for potential borrowings at the Federal Reserve Bank discount window and the Bank Term Funding Program. The Company did not participate in any securities lending programs during the years ended June 30, 2023 or 2022. |
Loans
Loans | 12 Months Ended |
Jun. 30, 2023 | |
Loans [Abstract] | |
Loans | Note 4. Loans Loan segments and classes at June 30, 2023 and 2022 are summarized as follows: At June 30, (In thousands) 2023 2022 Residential real estate: Residential real estate $ 372,443 $ 360,824 Residential construction and land 19,072 15,298 Multi-family 66,496 63,822 Commercial real estate: Commercial real estate 693,436 595,635 Commercial construction 121,958 83,748 Consumer loan: Home equity 22,752 17,877 Consumer installment 4,612 4,512 Commercial loans 108,022 110,271 Total gross loans 1,408,791 1,251,987 Allowance for loan losses (21,212 ) (22,761 ) Deferred cost and fees, net 75 129 Loans receivable, net $ 1,387,654 $ 1,229,355 At June 30, 2023 and 2022, loans to related parties including officers and directors were immaterial as a percentage of our loan portfolio. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020 to provide national emergency economic relief measures. On December 27, 2020, the Consolidated Appropriations Act (CCA) was signed into law to extend the life of the Paycheck Protection Program. Many of the CARES Act’s programs are dependent upon the direct involvement of the Company and have been implemented through rules adopted by federal departments and agencies. The federal regulatory authorities continue to issue guidance with respect to the implementation and eligibility requirements for the various CARES Act programs. Congress may enact additional or amend already issued COVID-19 legislation. The Company continues to assess the impact of these regulations and supervisory guidance related to the pandemic. Loans serving as collateral Loans designated as qualified collateral and pledged for borrowing and stand-by letters of credit to the Federal Home Loan Bank of New York (“FHLB”) amounted to approximately $573.5 million and $445.6 million of its residential and commercial mortgage portfolios at June 30, 2023 and June 30, 2022, respectively. Credit Quality Indicators 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 as of June 30, 2023 are shown below. (In thousands Performing Special Mention Substandard Total Residential real estate $ 366,403 $ 2,305 $ 3,735 $ 372,443 Residential construction and land 19,072 - - 19,072 Multi-family 66,410 86 - 66,496 Commercial real estate 665,548 11,671 16,217 693,436 Commercial construction 121,958 - - 121,958 Home equity 22,698 - 54 22,752 Consumer installment 4,530 - 82 4,612 Commercial loans 100,225 2,352 5,445 108,022 Total gross loans $ 1,366,844 $ 16,414 $ 25,533 $ 1,408,791 Loan balances by internal credit quality indicator as of 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 June 30, 2023 or June 30, 2022. During the year ended June 30, 2023, the Company further downgraded commercial real estate, commercial loans, and residential loans from pass and special mention to substandard due to deterioration in borrower cash flows, delinquent payments and further financial deterioration or not improving financial performance. Management continues to monitor these loan relationships closely. In total, there were 7 commercial real estate loan relationships, 2 commercial loan relationship and 3 residential loans that have been downgraded to substandard, and there were 9 commercial real estate loan relationships, 3 commercial loan relationship and 2 residential loans that have been downgraded to special mention during the year ended June 30, 2023. At June 30, 2023, these loans were all performing. The Company upgraded one commercial real estate relationship and one residential loan to pass, and one commercial real estate relationship to special mention during the year ended June 30, 2023. This was due to improvements in cash flows, timely payments and improving financial performance. The table below details loans that have been modified as a troubled debt restructuring during the year ended June 30, 2023. (D ollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Current Outstanding Recorded For the year ended June 30, 2023 Residential real estate 2 $ 778 $ 778 $ 778 Commercial real estate 3 $ 1,428 $ 1,480 $ 1,470 Commercial loans 1 $ 379 $ 379 $ - For the year ended June 30, 2022 Consumer Installment 1 $ 5 $ 5 $ 5 During the year ended June 30, 2022, the Company further downgraded certain construction, commercial real estate and commercial loans from pass and special mention to substandard due to deterioration in borrower cash flows, delinquent payments and further financial deterioration or not improving financial performance. Management continues to monitor these loan relationships closely. In total there were 9 commercial real estate loan relationships and 1 commercial loan relationship that have been downgraded to substandard, and there were 3 commercial real estate loan relationships and 1 commercial loan relationship that have been downgraded to special mention during the year ended June 30, 2022. At June 30, 2022, these loans were all performing. 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 twelve months ended June 30, 2023 or 2022. There was one commercial loan in the amount of $379,000 that had been modified as a troubled debt restructuring during the three months ended September 30, 2022 that subsequently defaulted during the quarter ended March 31, 2023. 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 $5.5 million at June 30, 2023 of which $2.0 million were in the process of foreclosure. At June 30, 2023, there were three residential real estate loans totaling $625,000 and two commercial real estate loans totaling $1.4 million in the process of foreclosure. Included in nonaccrual loans were $3.1 million of loans which were less than 90 days past due at June 30, 2023, 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 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. These loans will be returned to accrual status once they have demonstrated a history of timely payments. The following table sets forth information regarding delinquent and/or nonaccrual loans as of June 30, 2023: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total Loans Loans on Non- accrual Residential real estate $ - $ 504 $ 1,604 $ 2,108 $ 370,335 $ 372,443 $ 2,747 Residential construction and land - - - - 19,072 19,072 - Multi-family - - - - 66,496 66,496 - Commercial real estate - 235 652 887 692,549 693,436 1,318 Commercial construction - - - - 121,958 121,958 - Home equity 48 - 13 61 22,691 22,752 54 Consumer installment 63 1 63 127 4,485 4,612 63 Commercial loans - - 19 19 108,003 108,022 1,276 Total gross loans $ 111 $ 740 $ 2,351 $ 3,202 $ 1,405,589 $ 1,408,791 $ 5,458 The following table sets forth information regarding delinquent and/or nonaccrual loans as of June 30, 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 $ 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 June 30, 2023 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: As of June 30, 2023 For the year ended June 30, 2023 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,020 $ 1,020 $ - $ 876 $ 5 Commercial real estate 1,518 1,518 - 678 48 Home equity - - - 75 - Consumer installment - - - 3 1 Commercial loans 334 334 - 340 16 Impaired loans with no allowance 2,872 2,872 - 1,972 70 With an allowance recorded: Residential real estate 2,086 2,086 597 2,241 19 Commercial real estate 3,777 3,777 245 3,666 197 Home equity - - - 80 4 Commercial Loans 1,572 1,572 1,171 2,252 37 Impaired loans with allowance 7,435 7,435 2,013 8,239 257 Total impaired: Residential real estate 3,106 3,106 597 3,117 24 Commercial real estate 5,295 5,295 245 4,344 245 Home equity - - - 155 4 Consumer installment - - - 3 1 Commercial loans 1,906 1,906 1,171 2,592 53 Total impaired loans $ 10,307 $ 10,307 $ 2,013 $ 10,211 $ 327 As of June 30, 2022 For the year ended June 30, 2022 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 990 $ 990 $ - $ 669 $ 17 Commercial real estate 67 67 - 281 9 Home equity 128 128 - 128 - Consumer installment 5 5 - 2 1 Commercial loans 346 346 - 158 6 Impaired loans with no allowance 1,536 1,536 - 1,238 33 With an allowance recorded: Residential real estate 1,953 1,953 588 1,713 53 Commercial real estate 3,698 3,698 1,118 1,740 120 Commercial construction 102 102 1 102 - Home equity 320 320 44 320 14 Commercial Loans 3,162 3,162 596 3,360 138 Impaired loans with allowance 9,235 9,235 2,347 7,235 325 Total impaired: Residential real estate 2,943 2,943 588 2,382 70 Commercial real estate 3,765 3,765 1,118 2,021 129 Commercial construction 102 102 1 102 - Home equity 448 448 44 448 14 Consumer installment 5 5 - 2 1 Commercial loans 3,508 3,508 596 3,518 144 Total impaired loans $ 10,771 $ 10,771 $ 2,347 $ 8,473 $ 358 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 $250,000 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 year ended June 30, 2023 (In thousands) Balance June 30, 2022 Charge-offs Recoveries Provision Balance June 30, Residential real estate $ 2,373 $ - $ 6 $ 234 $ 2,613 Residential construction and land 141 - - 40 181 Multi-family 119 - - 78 197 Commercial real estate 16,221 9 4 (3,196 ) 13,020 Commercial construction 1,114 - - 508 1,622 Home equity 89 - - (43 ) 46 Consumer installment 349 535 141 377 332 Commercial loans 2,355 120 35 931 3,201 Total $ 22,761 $ 664 $ 186 $ (1,071 ) $ 21,212 Activity for the year ended June 30, 2022 (In thousands) Balance June 30, 2021 Charge-offs Recoveries Provision Balance June 30, 2022 Residential real estate $ 2,012 $ 27 $ 13 $ 375 $ 2,373 Residential construction and land 106 - - 35 141 Multi-family 186 - - (67 ) 119 Commercial real estate 13,049 - - 3,172 16,221 Commercial construction 1,535 - - (421 ) 1,114 Home equity 165 - - (76 ) 89 Consumer installment 267 454 115 421 349 Commercial loans 2,348 112 280 (161 ) 2,355 Total $ 19,668 $ 593 $ 408 $ 3,278 $ 22,761 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2023 Impairment Analysis Ending Balance June 30, 2023 Impairment Analysis (In thousands) Individually Evaluated Collectively Individually Collectively Evaluated Residential real estate $ 597 $ 2,016 $ 3,106 $ 369,337 Residential construction and land - 181 - 19,072 Multi-family - 197 - 66,496 Commercial real estate 245 12,775 5,295 688,141 Commercial construction - 1,622 - 121,958 Home equity - 46 - 22,752 Consumer installment - 332 - 4,612 Commercial loans 1,171 2,030 1,906 106,116 Total $ 2,013 $ 19,199 $ 10,307 $ 1,398,484 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 as of June 30, 2023 and 2022: (In thousands) 2023 2022 Residential real estate $ - $ 68 Commercial loans 302 - Total foreclosed real estate $ 302 $ 68 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2023 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Note 5. Premises and Equipment A summary of premises and equipment at June 30, 2023 and 2022, is as follows: (In thousands) 2023 2022 Land $ 2,916 $ 2,916 Building and improvements 20,126 18,863 Furniture and equipment 5,814 5,540 Less: accumulated depreciation (13,828 ) (12,957 ) Total premises and equipment $ 15,028 $ 14,362 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Deposits | Note 6. Deposits Major classifications of deposits at June 30, 2023 and 2022 are summarized as follows: (In thousands) 2023 2022 Noninterest-bearing deposits $ 159,039 $ 187,697 Certificates of deposit 128,077 40,801 Savings deposits 299,038 343,731 Money market deposits 115,029 157,623 NOW deposits 1,735,978 1,482,752 Total deposits $ 2,437,161 $ 2,212,604 Advance payments by borrowers for taxes and insurance totaled $10.1 million at June 30, 2023 and 2022, respectively, which are included in savings deposits. The Bank and Commercial Bank participates in the IntraFi Network, LLC (“IntraFi”) Certificate of Deposit Account Registry Service (“CDARS”) and its Insured Cash Sweep (“ICS”) program, both of which function to assure full FDIC insurance for participating institution customers. The Bank and Commercial Bank can place a one-way buy through the IntraFi Network for both the CDARS and ICS programs to obtain brokered deposits, along with the national brokerage networks. Historically, the Company has not used brokers to obtain deposits, but will use them to help manage the seasonality within the municipal deposit base in the most cost efficient manner. As a result of this seasonality, the Company had $60.0 million in brokered deposits included within certificates of deposits as of June 30, 2023. The Bank held deposits of $66.4 million for related-parties at June 30, 2023, which primarily consisted of directors and their affiliates. Relate-party deposits were not material at June 30, 2022. The following indicates the amount of certificates of deposit by time remaining to maturity as of June 30, 2023. (In thousands) 3 Months or Less 3 to 6 Months 7 to 12 Months Over 12 Months Total Certificates of deposit less than $250,000 $ 79,047 $ 13,859 $ 6,645 $ 8,282 $ 107,833 Certificates of deposit $250,000 or more 14,056 2,387 - 3,801 20,244 Total certificates of deposit $ 93,103 $ 16,246 $ 6,645 $ 12,083 $ 128,077 Certificates of deposit less than $250,000 due within 3 months or less, includes $60.0 million in brokered deposits at June 30, 2023. Scheduled maturities of certificates of deposit at June 30, 2023 were as follows: (In thousands) The year ended June 30, 2024 $ 115,994 2025 3,004 2026 1,133 2027 427 2028 7,519 $ 128,077 |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2023 | |
Borrowings [Abstract] | |
Borrowings | Note 7. Borrowings At June 30, 2023, the Bank had pledged approximately $573.5 million of its residential and commercial mortgage portfolios as collateral for borrowings and stand-by letters of credit at the Federal Home Loan Bank of New York (“FHLB”). The maximum amount of funding available from the FHLB was $382.4 million at June 30, 2023, of which there was zero zero The Bank has established an Irrevocable Letter of Credit Reimbursement Agreement with the FHLB, whereby upon the Bank’s request, on behalf of the Commercial Bank, an irrevocable stand-by letter of credit is issued to secure municipal transactional deposit accounts. At June 30, 2023 and 2022, there was $110 million and zero The Bank also pledges securities as collateral at the Federal Reserve Bank discount window for overnight borrowings. At June 30, 2023 and 2022 there were no balances outstanding with the Federal Reserve Bank discount window. On March 12, 2023, in response to liquidity concerns in the banking system, the Federal Deposit Insurance Corporation, Federal Reserve and U.S. Department of Treasury, collaboratively approved certain actions with a stated intention to reduce stress across the financial system, support financial stability and minimize any impact on business, households, taxpayers, and the broader economy. Among other actions, the Federal Reserve Board has created a new Bank Term Funding Program (BTFP) to make additional funding available to eligible depository institutions to help assure institutions can meet the needs of their depositors. Eligible institutions may obtain liquidity against a wide range of collateral, at par value. BTFP advances can be requested through at least March 11, 2024. The Bank established a borrowing facility through the BTFP during the quarter ended June 30, 2023. The Company has not requested funding through the BTFP as of June 30 2023. The Bank has established unsecured lines of credit with Atlantic Central Bankers Bank for $15.0 million On September 17, 2020, the Company entered into Subordinated Note Purchase Agreements (“SNPA”) with 14 qualified institutional investors, issued at 4.75% Fixed-to-Floating Rate due September 17, 2030, in the aggregate principal amount of $20.0 million, carried net of issuance costs of $424,000 amortized over a period of 60 months. These notes are callable on September 15, 2025. At June 30, 2023, there were $19.8 million of these SNPAs outstanding, net of issuance costs. On September 15, 2021, the Company entered into SNPAs with 18 qualified institutional investors, issued at 3.00% Fixed-to-Floating Rate due September 15, 2031, in the aggregate principal amount of $30.0 million, carried net of issuance costs of $499,000 amortized over a period of 60 months. These notes are callable on September 15, 2026. At June 30, 2023, there were $29.7 million of these SNPAs outstanding, net of issuance costs. The sales of the SNPAs were made in a private placement to accredited investors under the exemption from registration provided under Securities and Exchange Commission Rule 506. The Notes are not registered under the Securities Act of 1933, as amended (“Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. For regulatory purposes, the Company allocated the SNPAs to The Bank of Greene County to qualify as Tier 1 capital subject to a 25% of capital limitation under risk-based capital guidelines. The portion that exceeds the 25% of capital limitation qualifies as Tier 2 capital. At June 30, 2023 and 2022, there are no long-term borrowings and therefore no scheduled maturities of long-term borrowings. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 8. Accumulated Other Comprehensive Loss The balances and changes in the components of accumulated other comprehensive loss as of June 30, 2023 and 2022, are presented in the following table: Unrealized gain (losses) on securities available-for-sale Pension benefits Total Balance - June 30, 2021 $ 348 $ (1,509 ) $ (1,161 ) Other comprehensive (loss) income before reclassification, net of tax (17,616 ) 212 (17,404 ) Amortization of pension actuarial losses recognized in other expense - 248 248 Tax expense effect recognized in provision for income taxes - 66 66 Net of tax - 182 182 Other comprehensive (loss) income for the year ended June 30, 2022 (17,616 ) 394 (17,222 ) Balance - June 30, 2022 $ (17,268 ) $ (1,115 ) $ (18,383 ) Other comprehensive (loss) income before reclassification, net of tax (3,447 ) 160 (3,287 ) Amounts reclassified to net loss on sale of securities available-for-sale non-interest income 251 - 251 Tax expense effect recognized in provision for income taxes 67 - 67 Net of tax 184 - 184 Amortization of pension actuarial losses recognized in other expense - 106 106 Tax expense effect recognized in provision for income taxes - 28 28 Net of tax - 78 78 Other comprehensive (loss) income for the year ended June 30, 2023 (3,263 ) 238 (3,025 ) Balance - June 30, 2023 $ (20,531 ) $ (877 ) $ (21,408 ) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2023 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 9. Employee Benefit Plans Defined Benefit Plan The Bank maintains a single-employer defined benefit pension plan (the “Pension Plan”). Effective January 1, 2006, the Board of Directors of the Bank resolved to exclude from membership in the Pension Plan employees hired on or after January 1, 2006 and elected to cease additional benefit accruals to existing Pension Plan participants effective July 1, 2006. Substantially all Bank employees who were hired before January 1, 2006 and attained the age of 21 are covered by the Pension Plan. Under the Pension Plan, retirement benefits are primarily a function of both years of service and level of compensation, at July 1, 2006. This defined benefit pension plan is accounted for in accordance with FASB ASC Topic 715 guidance on “ Compensation – Retirement Benefits, Defined Benefit Plans – Pension”, Information regarding the Pension Plan at June 30, 2023 and 2022 is as follows: (In thousands) Change in projected benefit obligation: 2023 2022 Benefit obligation at beginning of period $ 4,617 $ 6,278 Interest cost 199 166 Actuarial loss (225 ) (1,235 ) Benefits paid (240 ) (592 ) Benefit obligation at June 30 4,351 4,617 Change in fair value of plan assets: Fair value of plan assets at beginning of period 4,502 5,759 Actual return (loss) on plan assets 212 (665 ) Employer contributions - - Benefits paid (240 ) (592 ) Fair value of plan assets at June 30 4,474 4,502 (Overfunded) Underfunded status at June 30 included in other liabilities $ (123 ) $ 115 The Company does not anticipate that it will make any contributions during the year ended June 30, 2024. The components of net periodic pension costs related to the Pension Plan for the years ended June 30, 2023 and 2022 were as follows: (In thousands) 2023 2022 Interest cost $ 199 $ 166 Expected return on plan assets (219 ) (281 ) Amortization of net loss 106 130 Effect of settlement - 118 Net periodic pension expense $ 86 $ 133 The accumulated benefit obligation for the pension plan was $4.4 million and $4.6 million at June 30, 2023 and 2022, respectively. Changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended June 30, 2023 and 2022 consisted of the following: (In thousands) 2023 2022 Actuarial loss on plan assets and benefit obligations $ 324 $ 538 Deferred tax expense 86 144 Net change in plan assets and benefit obligations recognized in other comprehensive income $ 238 $ 394 Amounts recognized in our consolidated statements of financial condition related to our pension plan for the years ended June 30, 2023 and 2022 are as follows: (In thousands) Other liabilities: 2023 2022 Projected benefit obligation in (surplus) excess of fair value of pension plan $ (123 ) $ 115 Accumulated other comprehensive loss, net of taxes: Net losses and past service liability $ (877 ) $ (1,115 ) The principal actuarial assumptions used were as follows: Projected benefit obligation: 2023 2022 Discount rate 4.90 % 4.43 % Net periodic pension expense: Amortization period, in years 11 11 Discount rate 4.43 % 2.71 % Expected long-term rate of return on plan assets 5.00 % 5.00 % The discount rate used in the measurement of the Bank’s pension obligation is based on the FTSE Pension Discount Curve and Liability index based on expected benefit payments of the pension plan. The discount rates are evaluated at each measurement date to give effect to changes in the general interest rates. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The selected rate considers the historical and expected future investment trends of the present and expected assets in the plan. Since this is a frozen plan, the compensation rate is zero percent. The weighted average asset allocation and fair value of our pension plan assets at June 30, 2023 and 2022 was as follows: (Dollars in thousands) 2023 2022 Fair Value Fair Value Mutual funds – balanced $ - - % $ 850 18.9 % Mutual funds – fixed income 2,600 58.1 2,366 52.6 Mutual funds – equity 1,874 41.9 1,286 28.5 Total plan assets $ 4,474 100 % $ 4,502 100 % The fair value of assets within the pension plan was determined utilizing a quoted price in active markets at the measurement date. As such, these assets are classified as Level 1 within the “Fair Value Measurement” hierarchy. The target allocation for investment in mutual funds is 60% consisting of short-term and intermediate-term fixed income bond funds and 40% large cap value funds. This allocation is consistent with the Company’s goal of preserving capital while achieving investment results that will contribute to the proper funding of pension obligations and cash flow requirements. Asset rebalancing is performed on a quarterly basis, with adjustments made when the investment mix varies by more than 5% from the target. Expected benefit payments under the pension plan over the next ten years at June 30, 2023 are as follows: (In thousands) 2024 $ 247 2025 248 2026 245 2027 243 2028 240 2029 2033 1,326 Defined Contribution Plan The Bank of Greene County also participates in a defined contribution plan (the “Contribution Plan”) covering substantially all employees who have completed three months of service. The plan includes Section 401(k) and thrift provisions as defined under the Internal Revenue Code. The provisions permit employees to contribute up to 50% of their total compensation on a pre-tax basis. The Bank of Greene County matches employee contributions dollar for dollar for the first 3% and then 50% of the employee contributions up to the next 3%. The Company contributions associated with the contribution plan amounted to $483,000 and $413,000 in the years ended June 30, 2023 and 2022, respectively. Employee Stock Ownership Plan (“ESOP”) All Bank employees meeting certain age and service requirements are eligible to participate in the ESOP. Participants’ benefits become fully vested after three years of service. During the years ended June 30, 2023 and 2022, the Board of Directors authorized the payment of $170,000 and $160,000, respectively, to the ESOP trustee for the purposes of purchasing additional shares of stock to be allocated to employees as of December 2023 and 2022, respectively. ESOP expense was $164,000 and $150,000 for the years ended June 30, 2023 and 2022, respectively. There were no unearned shares at June 30, 2023 or 2022. Supplemental Executive Retirement Plan On June 21, 2010, the Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the “SERP Plan”), effective as of July 1, 2010. The SERP Plan provides a benefit from the Bank upon retirement, death or disability or voluntary or involuntary termination of service (other than “for cause”) to certain key senior executives of the Bank who are selected by the Board to participate. Accordingly, the SERP Plan obligates the Bank to make an allocation to each executive’s account on the first business day of each July and permits each executive to defer up to 50% of his or her base salary and 100% of his or her annual bonus to the SERP Plan, subject to the requirements of Section 409A of the Internal Revenue Code (“Code”). In addition, the Bank may, but is not required to, make additional discretionary contributions to the executives’ accounts from time to time. An executive becomes vested in the Bank’s contributions after 10 calendar years of service following the effective date of the SERP Plan, and is fully vested immediately for all deferral of salary and bonus. However, the Executive will vest in the present value of his or her account in the event of death, disability or a change in control of the Bank or the Company. In the event the executive is terminated involuntarily or resigns for good reason following a change in control, the present value of all remaining Bank contributions is accelerated and paid to the executive’s account, subject to potential reduction to avoid an excess parachute payment under Code Section 280G. In the event of the executive’s death, disability or termination within two years after a change in control, executive’s account will be paid in a lump sum to the executive or his beneficiary, as applicable. In the event the executive is entitled to a benefit from the SERP Plan due to retirement or other termination of employment, the benefit will be paid in 10 annual installments. The net periodic pension costs related to the SERP Plan for the years ended June 30, 2023 and 2022 were $1.8 million and $1.2 million, respectively, consisting primarily of service and interest costs. The total liability for the SERP was $12.3 million and $9.9 million as of June 30, 2023 and June 30, 2022, respectively, and is included in accrued expenses and other liabilities. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 10. 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. At June 30, 2023 2022 and respectively. A summary of the Company’s phantom stock option activity and related information for its option plan for the years ended June 30, 2023 and 2022 is as follows: 2023 2022 Number of options outstanding at beginning of year 2,959,040 3,015,200 Options granted 807,200 950,240 Options forfeited (9,000 ) - Options paid in cash upon vesting (1,221,400 ) (1,006,400 ) Number of options outstanding at period end 2,535,840 2,959,040 (In thousands) 2023 2022 Cash paid out on options vested $ 4,287 $ 3,137 Compensation expense recognized 4,439 4,291 The total liability for the long-term incentive plan was $6.3 million and $6.1 million at June 30, 2023 and 2022, respectively, and is included in accrued expenses and other liabilities. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11. Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. There were no anti-dilutive securities or contracts outstanding during the years ended June 30, 2023 and 2022. On March 23, 2023, the Company effected a 2-for-1 stock split in the form of a stock dividend on its outstanding shares of common stock. Weighted-average number of shares and earnings per share have been retroactively adjusted in all periods presented as if the new shares had been issued and outstanding at the same time as the original shares. 2023 2022 Net Income $ 30,785,000 $ 27,986,000 Weighted Average Shares – Basic 17,026,828 17,026,828 Effect of Dilutive Stock Options - - Weighted Average Shares – Dilute 17,026,828 17,026,828 Earnings per share – Basic $ 1.81 $ 1.64 Earnings per share – Diluted $ 1.81 $ 1.64 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 12. Income Taxes The provision for income taxes consists of the following for the years ended June 30, 2023 and 2022: (In thousands) 2023 2022 Current expense: Federal $ 4,284 $ 4,741 State 907 860 Total current expense 5,191 5,601 Deferred benefit (149 ) (682 ) Total provision for income taxes $ 5,042 $ 4,919 The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2023 and 2022: 2023 2022 Tax based on federal statutory rate 21.00 % 21.00 % State income taxes, net of federal benefit 1.81 1.64 Tax-exempt income (8.26 ) (6.31 ) Captive insurance premium income (1.09 ) (0.96 ) Other, net 0.61 (0.42 ) Total income tax expense 14.07 % 14.95 % The components of the deferred tax assets and liabilities at June 30, 2023 and 2022 were as follows: (In thousands) 2023 2022 Deferred tax assets: Allowance for loan losses $ 5,669 $ 6,083 Pension benefits - 30 Unrealized losses on securities 7,424 6,243 Other benefit plans 4,968 4,275 Other 105 90 Total deferred tax assets 18,166 16,721 Deferred tax liabilities: Depreciation 1,148 1,088 Net loan costs 1,225 1,170 Real estate investment trust income 3,126 2,839 Pension benefits 33 - Other - 244 Total deferred tax liabilities 5,532 5,341 Net deferred tax asset included in prepaid expenses and other assets $ 12,634 $ 11,380 Income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company accounts for uncertain tax positions if it is more likely than not, based on technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgments. The Company recognizes interest and penalties on income taxes, if any, as a component of the provision for income taxes. As of June 30, 2023 and 2022, the Company did not have any uncertain tax positions. The Company does not expect to have any changes in unrecognized tax benefits as a result of settlements with taxing authorities during the next twelve months. At June 30, 2023, The Bank of Greene County had an unrecaptured pre-1988 Federal bad debt reserve of approximately $1.8 million for which no Federal income tax provision has been made. A deferred tax liability has not been provided on this amount as management does not intend to redeem stock, make distributions or take other actions that would result in recapture of the reserve. As of June 30, 2023, tax years ended June 30, 2020 through June 30, 2022 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | Note 13. 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 at June 30, 2023 and 2022: (In thousands) 2023 2022 Unfunded loan commitments $ 124,498 $ 213,420 Unused lines of credit 94,898 85,971 Standby letters of credit 179 189 Total commitments $ 219,575 $ 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. On February 28, 2023, the parties entered into a settlement agreement which contemplates, among other things, that the Bank will (a) pay a cash payment of $1.15 million, (b) forgive, waive, and not collect an additional $64,500 in uncollected overdraft fees, and (c) cease collecting certain types of overdraft fees. On May 26, 2023, the Court preliminarily approved the class action settlement and set a final approval hearing for October 11, 2023. The Company established a settlement fund of $1.15 million during the quarter ended June 30, 2023, which had been accrued for in the quarter ended December 31, 2022. Risk Participation Agreements Risk participation agreements (“RPAs”) are guarantees issued by the Company to other parties for a fee, whereby the Company agrees to participate in the credit risk of a derivative customer of the other party. Under the terms of these agreements, the “participating bank” receives a fee from the “lead bank” in exchange for the guarantee of reimbursement if the customer defaults on an interest rate swap. The interest rate swap is transacted such that any and all exchanges of interest payments (favorable and unfavorable) are made between the lead bank and the customer. In the event that an early termination of the swap occurs and the customer is unable to make a required close out payment, the participating bank assumes that obligation and is required to make this payment. RPAs where the Company acts as the lead bank are referred to as “participations-out,” in reference to the credit risk associated with the customer derivatives being transferred out of the Company. Participations-out generally occur concurrently with the sale of new customer derivatives. The Company had no participations-out at June 30, 2023 or 2022. RPAs where the Company acts as the participating bank are referred to as “participations-in,” in reference to the credit risk associated with the counterparty’s derivatives being assumed by the Company. The Company’s maximum credit exposure is based on its proportionate share of the settlement amount of the referenced interest rate swap. Settlement amounts are generally calculated based on the fair value of the swap plus outstanding accrued interest receivables from the customer. There was no credit exposure associated with risk participations-ins as of June 30, 2023 and June 30, 2022. The current amount of credit exposure is spread out over four counterparties, and terms range between 4 to 14 years. |
Operating Leases
Operating Leases | 12 Months Ended |
Jun. 30, 2023 | |
Operating Leases [Abstract] | |
Operating Leases | Note 14. Operating Leases The Company leases certain branch properties under long-term, operating lease agreements. The Company’s operating lease agreements contain lease components, which are generally accounted for separately. The Company’s lease agreements do not contain any residual value guarantees. The following includes quantitative data related to the Company’s operating leases as of June 30, 2023 and 2022: (In thousands, except weighted-average information). Operating lease amounts: 2023 2022 Right-of-use assets $ 2,188 $ 1,980 Lease liabilities $ 2,277 $ 2,040 Other information: Operating outgoing cash flows from operating leases $ 373 $ 352 Right-of-use assets obtained in exchange for new operating lease liabilities $ 561 $ 415 (In thousands) Lease costs 2023 2022 Operating lease cost $ 359 $ 322 Variable lease cost $ 43 $ 44 The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding common area maintenance charges and real estate taxes, as of June 30, 2023: (In thousands) Within the twelve months ended June 30 2024 $ 455 2025 459 2026 436 2027 387 2028 330 Thereafter 401 Total undiscounted cash flow 2,468 Less net present value adjustment (191 ) Lease liability $ 2,277 2023 2022 Weighted-average remaining lease term (years) 5.84 4.88 Weighted-average discount rate 2.69 % 2.13 % Right-of-use assets are included in prepaid expenses and other assets accrued expenses and other liabilities |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Jun. 30, 2023 | |
Concentrations of Credit Risk [Abstract] | |
Concentrations of Credit Risk | Note 15. Concentrations of Credit Risk The Company grants residential, consumer and commercial loans to customers primarily located in the mid-Hudson valley region of New York, including Greene County. Over the last several years the Company has emphasized expansion into new markets in southern Albany, Columbia, Ulster and Rensselaer counties. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon employment and other economic factors throughout Greene and its contiguous counties. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | Note 16. 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 June 30, 2023 and 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. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) June 30, 2023 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 10,823 $ - $ 10,823 $ - U.S. Treasury securities 16,500 - 16,500 - State and political subdivisions 138,011 - 138,011 - Mortgage-backed securities-residential 25,601 - 25,601 - Mortgage-backed securities-multi-family 72,086 - 72,086 - Corporate debt securities 18,112 - 18,112 - Securities available-for-sale 281,133 - 281,133 - Equity securities 306 306 - - Total securities measured at fair value $ 281,439 $ 306 $ 281,133 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable 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 investment securities available-for-sale 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) June 30, 2023 Impaired loans $ 7,578 $ 2,013 $ 5,565 $ - $ - $ 5,565 Foreclosed real estate 302 - 302 - - 302 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 June 30, 2023 Impaired Loans $ 4,887 Appraisal of collateral (1) Appraisal adjustments (2) 20.53%-33.73 % 23.46 % Liquidation expenses (3) 3.98%-4.77 % 4.45 % 678 Discounted cash flow Discount rate 5.24%-7.49 % 5.98 % Foreclosed real estate 302 Appraisal of collateral (1) Appraisal adjustments (2) 0.00 % 0.00 % Liquidation expenses (3) 6.38 % 6.38 % 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 may be adjusted downwards by management for items 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 cash and cash equivalents, long term certificate of deposits, accrued interest receivable and accrued interest payable approximate their fair values. Fair values of securities are based on quoted market prices (Level 1), where available, or matrix pricing (Level 2), which is a mathematical technique, used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. The carrying amount of Federal Home Loan Bank stock approximates fair value due to its restricted nature. The fair values for loans are measured using the “exit price” notion which is a reasonable estimate of what another party might pay in an orderly transaction. Fair values for variable rate loans that reprice frequently, with no significant credit risk, are based on carrying value. Fair value for fixed rate loans are estimated using discounted cash flows and interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values disclosed for demand and savings deposits are equal to carrying amounts at the reporting date. The carrying amounts for variable rate money market deposits approximate fair values at the reporting date. Fair values for 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 June 30, 2023 and 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: (In thousands) June 30, 2023 Fair Value Measurements Using Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 196,445 $ 196,445 $ 196,445 $ - $ - Long term certificate of deposit 4,576 4,383 - 4,383 - Securities available-for-sale 281,133 281,133 - 281,133 - Securities held-to-maturity 726,363 671,066 - 671,066 - Equity securities 306 306 306 - - Federal Home Loan Bank stock 1,682 1,682 - 1,682 - Net loans receivable 1,387,654 1,272,361 - - 1,272,361 Accrued interest receivable 12,249 12,249 - 12,249 - Deposits 2,437,161 2,437,357 - 2,437,357 - Subordinated notes payable, net 49,495 47,669 - 47,669 - Accrued interest payable 936 936 - 936 - (In thousands) June 30, 2022 Fair Value Measurements Using Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 69,009 $ 69,009 $ 69,009 $ - $ - Long term certificate 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 - |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2023 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Note 17. Regulatory Matters The Bank of Greene County and its wholly-owned subsidiary, Greene County Commercial Bank, are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material impact on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and the Commercial Bank must meet specific guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require The Bank of Greene County and Greene County Commercial Bank to maintain minimum amounts and ratios (set forth in the table below) of Total and Tier 1 Capital to risk-weighted assets and a Leverage Ratio of Tier 1 capital to average assets. The rules also requires unrealized gains and losses on certain security holdings “available-for-sale” to be included for purposes of calculating regulatory capital unless a one-time opt-out is exercised. In addition to maintaining minimum capital ratios, the Bank and Commercial Bank are subject to a capital conservation buffer (“Buffer”) of 2.50% above the minimum to avoid restriction on capital distributions and certain discretionary bonus payments. Management believes that, as of June 30, 2023, The Bank of Greene County and Greene County Commercial Bank met all capital adequacy requirements to which they are subject. Under their prompt corrective action regulations, regulatory authorities are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on an institution’s financial statements. The regulations establish a framework for the classification of banks into five categories: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. As of June 30, 2023, the most recent notification from regulators categorized the Bank and Commercial Bank as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed either Bank’s category. To Be Well Capitalized Under For Capital Prompt Corrective Capital Conservation (Dollars in thousands) Actual Adequacy Purposes Action Provisions Buffer The Bank of Greene County Amount Ratio Amount Ratio Amount Ratio Actual Required As of June 30, 2023 Total risk-based capital $ 249,165 16.5 % $ 121,020 8.0 % $ 151,275 10.0 % 8.47 % 2.50 % Tier 1 risk-based capital 230,228 15.2 90,765 6.0 121,020 8.0 9.22 2.50 Common equity tier 1 capital 230,228 15.2 68,074 4.5 98,328 6.5 10.72 2.50 Tier 1 leverage ratio 230,228 8.7 106,141 4.0 132,676 5.0 4.68 2.50 As of June 30, 2022 Total risk-based capital $ 221,236 16.0 % $ 110,294 8.0 % $ 137,867 10.0 % 8.05 % 2.50 % Tier 1 risk-based capital 203,935 14.8 82,720 6.0 110,294 8.0 8.79 2.50 Common equity tier 1 capital 203,935 14.8 62,040 4.5 89,614 6.5 10.29 2.50 Tier 1 leverage ratio 203,935 8.1 100,193 4.0 125,242 5.0 4.14 2.50 Greene County Commercial Bank As of June 30, 2023 Total risk-based capital $ 104,781 46.6 % $ 17,975 8.0 % $ 22,469 10.0 % 38.63 % 2.50 % Tier 1 risk-based capital 104,781 46.6 13,481 6.0 17,975 8.0 40.63 2.50 Common equity tier 1 capital 104,781 46.6 10,111 4.5 14,605 6.5 42.13 2.50 Tier 1 leverage ratio 104,781 9.1 45,958 4.0 57,447 5.0 5.12 2.50 As of June 30, 2022 Total risk-based capital $ 94,408 41.5 % $ 18,195 8.0 % $ 22,744 10.0 % 33.51 % 2.50 % Tier 1 risk-based capital 94,408 41.5 13,646 6.0 18,195 8.0 35.51 2.50 Common equity tier 1 capital 94,408 41.5 10,235 4.5 14,783 6.5 37.01 2.50 Tier 1 leverage ratio 94,408 8.1 46,874 4.0 58,593 5.0 4.06 2.50 |
Condensed Financial Statements
Condensed Financial Statements of Greene County Bancorp, Inc. | 12 Months Ended |
Jun. 30, 2023 | |
Condensed Financial Statements of Greene County Bancorp, Inc. [Abstract] | |
Condensed Financial Statements of Greene County Bancorp, Inc. | Note 18. Condensed Financial Statements of Greene County Bancorp, Inc. The following condensed financial statements summarize the financial position and the results of operations and cash flows of Greene County Bancorp, Inc. for the periods indicated. Greene County Bancorp, Inc. Condensed Statements of Financial Condition At June 30, 2023 and 2022 (In thousands) ASSETS 2023 2022 Cash and cash equivalents $ 19,822 $ 18,891 Investment in subsidiaries 208,861 188,638 Long-term certificates of deposit 3,826 - Securities available-for-sale, at fair value 761 - Accrued interest receivable 26 - Prepaid expenses and other assets 93 90 Total assets $ 233,389 $ 207,619 LIABILITIES AND SHAREHOLDERS’ EQUITY Subordinated notes payable, net $ 49,495 $ 49,310 Accrued expenses and other liabilities 611 595 Total liabilities 50,106 49,905 Total shareholders’ equity 183,283 157,714 Total liabilities and shareholders’ equity $ 233,389 $ 207,619 Greene County Bancorp, Inc. Condensed Statements of Income For the Years Ended June 30, 2023 and 2022 (In thousands) 2023 2022 INCOME: Equity in undistributed net income of subsidiaries $ 26,829 $ 28,155 Dividend distributed by subsidiary 6,400 2,004 Interest-earning deposits 6 1 Other income 2 11 Total Income 33,237 30,171 OPERATING EXPENSES: Legal fees 101 65 Interest on borrowings 1,850 1,688 Other expense 501 432 Total operating expenses 2,452 2,185 Net income $ 30,785 $ 27,986 Greene County Bancorp, Inc. Condensed Statements of Cash Flows For the Years Ended June 30, 2023 and 2022 (In thousands) Cash flow from operating activities: 2023 2022 Net Income $ 30,785 $ 27,986 Adjustments to reconcile net income to cash provided by operating activities: Undistributed earnings of subsidiaries (26,829 ) (28,155 ) Amortization of subordinated debt issuance costs 185 165 Net (increase) decrease in prepaid expenses and other assets (29 ) 18 Net decrease in dividend receivable - 1,500 Net increase in total liabilities 16 231 Net cash provided by operating activities 4,128 1,745 Cash flows from Investing Activities: Investment in subsidiary - (7,000 ) Net cash transferred related to Greene Risk Management Inc. liquidation (1,006 ) - Net cash used by investing activities (1,006 ) (7,000 ) Cash flows from financing activities: Net decrease in short-term advances – other banks - (3,000 ) Net proceeds from subordinated notes payable - 29,501 Payment of cash dividends (2,191 ) (2,634 ) Net cash (used by) provided by financing activities (2,191 ) 23,867 Net increase (decrease) in cash and cash equivalents 931 18,612 Cash and cash equivalents at beginning of year 18,891 279 Cash and cash equivalents at end of year $ 19,822 $ 18,891 |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent events [Abstract] | |
Subsequent events | Note 19. Subsequent events On July 19, 2023, Greene County Bancorp, Inc. announced that its Board of Directors had approved a quarterly cash dividend of $0.08 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.32 per share which represents a 14.3% increase from the previous annual cash dividend rate of $0.28 per share. The dividend was payable to stockholders of record as of August 14, 2023, and was paid on August 31, 2023. Greene County Bancorp, MHC does not intend to waive its receipt of this dividend. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Summary of significant accounting policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Greene County Bancorp, Inc. (the “Company”) and its subsidiaries, The Bank of Greene County (the “Bank”), and the Bank’s subsidiaries Greene County Commercial Bank (the “Commercial Bank”) and Greene Property Holdings, Ltd. All material inter-company accounts and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. On March 23, 2023, the Company effected a 2-for-1 stock split in the form of a stock dividend on its outstanding shares of common stock. All share and per share data throughout this Annual Report on Form 10-K have been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.10 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split, $861,134, was reclassified from “Additional paid-in capital” to “Common stock”. |
Nature of Operations | Nature of Operations The Company’s primary business is the ownership and operation of its subsidiaries. At June 30, 2023, the Bank has 18 full-service offices and an operations 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. (GRM”) was formed in December 2014 as a pooled captive insurance company subsidiary of the Company, incorporated in the State of Nevada. During the fiscal year, management determined to close down GRM due to proposed IRS regulations. The purpose of this company was 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. On June 21, 2023, GRM received a formal surrender of certificate of authority and voluntary withdrawal notice from the State of Nevada, Division of Insurance. The remaining liabilities were settled and assets transferred to Greene County Bancorp Inc., the parent of GRM as of June 28, 2023, and the corporation was formally liquidated under IRS Code 332 as of June 30, 2023. |
Charter | Charter The Company and its parent mutual holding company, Greene County Bancorp, MHC (the “MHC”) are federally chartered and regulated and examined by the Federal Reserve Board. The Bank, the subsidiary of the Company, is also federally chartered and is regulated and examined by the Office of the Comptroller of the Currency (the “OCC”). The Commercial Bank is a New York State-chartered financial institution, regulated and examined by the New York State Department of Financial Services. Greene Property Holdings, Ltd. is a New York corporation. As a federal savings association, the Bank must satisfy the qualified thrift lender, or “QTL”, requirement by meeting one of two tests: the Home Owners’ Loan Act (“HOLA”) QTL test or the Internal Revenue Service (IRS) Domestic Building and Loan Association (DBLA) test. The federal savings association may use either test to qualify and may switch from one test to the other. Under the HOLA QTL test, the Bank must maintain at least 65% of its “portfolio assets” in “qualified thrift investments” in at least nine of the most recent 12-month period. “Portfolio assets” generally means total assets of a savings institution, less the sum of specified liquid assets up to 20% of total assets, goodwill and other intangible assets, and the value of property used in the conduct of the savings association’s business. “Qualified thrift investments” include various types of loans made for residential and housing purposes, investments related to such purposes, including certain mortgage-backed and related securities, and loans for personal, family, household and certain other purposes up to a limit of 20% of portfolio assets. “Qualified thrift investments” also include 100% of an institution’s credit card loans, education loans and small business loans. The Bank also may satisfy the QTL test by qualifying as a “domestic building and loan association” as defined in the Internal Revenue Code. Under the IRS DBLA test, the Bank must meet the business operations test and the 60% of assets test. The business operations test requires that the federal savings association’s business consists primarily of acquiring the savings of the public (75% of its deposits, withdrawable shares, and other obligations must be held by the general public) and investing in loans (more than 75% of its gross income consists of interest on loans and government obligations and various other specified types of operating income that federal savings associations ordinarily earn). For the 60% of assets test, the Bank must maintain at least 60% of its total in “qualified investments” as of the close of the taxable year or, at the option of the taxpayer, may be computed on the basis of the average assets outstanding during the taxable year. A savings association that fails the qualified thrift lender test must either convert to a bank charter or operate under specified restrictions. During the years ended June 30, 2023 and 2022, the Bank elected to utilize the IRS DBLA test and satisfied the requirements of this test. |
Use of Estimates | 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing deposits at other financial institutions, investments (with original maturity of three months or less), and overnight federal funds sold. The amounts of interest-bearing deposits included as cash equivalents at June 30, 2023 and 2022 were $181.1 million and $54.7 million, respectively. |
Securities | Securities The Company has classified its investments in debt securities as either available-for-sale or held-to-maturity and equity securities. Securities available-for-sale are reported at fair value, with net unrealized gains and losses reflected in the accumulated other comprehensive income (loss) component of shareholders’ equity, net of applicable income taxes. Securities held-to-maturity are those debt securities which management has the intent and the ability to hold to maturity and are reported at amortized cost. Equity securities are recorded at fair value, with net unrealized gains and losses recognized in income. The Company does not have trading securities in its portfolio. Realized gains or losses on security transactions are reported in earnings and computed using the specific identification cost basis. Fair values of securities are based on quoted market prices, where available. Valuation of securities is further described in Note 16, Fair Value Measurements and Fair Value of Financial Instruments When the fair value of a securities held-to-maturity or available-for-sale is less than its amortized cost basis, an assessment is made as to whether other-than-temporary impairment (“OTTI”) is present. The Company considers numerous factors when determining whether a potential OTTI exists and the period over which the debt security is expected to recover. The principal factors considered are (1) the length of time and the extent to which the fair value has been less than the amortized cost basis, (2) the financial condition of the issuer (and guarantor, if any) and adverse conditions specifically related to the security, industry or geographic area, (3) failure of the issuer of the security to make scheduled interest or principal payments, (4) any changes to the rating of the security by a rating agency, and (5) the presence of credit enhancements, if any, including the guarantee of the federal government or any of its agencies. For debt securities, OTTI is considered to have occurred if (1) the Company intends to sell the security before recovery of its amortized cost basis, (2) it is more likely than not the Company will be required to sell the security before recovery of its amortized cost basis, or (3) if the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. In determining the present value of expected cash flows, the Company discounts the expected cash flows at the effective interest rate implicit in the security at the date of acquisition. In estimating cash flows expected to be collected, the Company uses available information with respect to security prepayment speeds, default rates and severity. In determining whether OTTI has occurred for equity securities, the Company considers the applicable factors described above and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. For debt securities, credit-related OTTI is recognized in earnings while noncredit related OTTI on securities not expected to be sold is recognized in other comprehensive income/loss (“OCI”). Credit-related OTTI is measured as the difference between the present value of an impaired security’s expected cash flows and its amortized cost basis. Noncredit-related OTTI is measured as the difference between the fair value of the security and its amortized cost less any credit-related losses recognized. For securities classified as held-to-maturity, the amount of OTTI recognized in OCI is accreted to the credit-adjusted expected cash flow amounts of the securities over future periods. For equity securities, the entire amount of OTTI is recognized in earnings. |
Loans | Loans Loans are stated at unpaid principal balances, less the allowance for loan losses and net deferred loan origination fees and costs. Interest on loans is accrued and credited to income based upon the principal amount outstanding. Unearned discount or premium on installment loans is recognized as income or expense over the term of the loan, principally using a method that approximates the effective yield method. Nonrefundable loan fees and related direct costs are deferred and amortized over the life of the loan as an adjustment to loan yield using the effective interest method. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is an estimate of probable credit losses that is inherent in the loan portfolio as of the balance sheet date. The allowance is maintained at a level that the Company deems adequate to absorb all reasonably anticipated probable losses from specifically known and other risks associated with the portfolio. The allowance for loan losses is maintained by a provision for loan losses charged to expense, reduced by net charge-offs and increased by recoveries of loans previously charged off. The level of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, payment status of the loan and economic conditions. The Company evaluates nonaccrual loans that are over $250,000 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. The measurement of impaired loans is generally based on the fair value of the underlying collateral, less estimated costs to sell. The majority of the Company’s loans, including most nonaccrual loans, are small homogeneous loan types adequately supported by collateral. As a result, the level of impaired loans may only be a portion of nonaccrual loans. Loans that are delinquent or slow paying may not be impaired. Management considers the payment status of loans in the process of evaluating the adequacy of the allowance for loan losses among other factors. Based on this evaluation, a delinquent loan’s risk rating may be downgraded to either pass-watch, special mention, or substandard, and the allocation of the allowance for loan loss is based upon the risk associated with such designation. The allowance for loan losses for non-impaired loans is calculated using a systematic methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. For purposes of our allowance methodology, the loan portfolio is segmented as described in Note 4. Each segment has a distinct set of risk characteristics monitored by management. We further assess and monitor risk and performance at a more disaggregated level, which includes our internal risk grading system as described in Note 4 under Credit Quality Indicators. To determine the allowance for the non-impaired loans the Company applies the historical loss rate to pools of loans with similar risk characteristics. After consideration of the historic loss analysis, management applies additional qualitative adjustments so that the allowance for loan losses is reflective of the estimate of incurred losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made if the incurred loan losses inherent in the loan portfolio are not fully captured in the historical loss analysis. Qualitative considerations include changes in underwriting standards and policies; changes in market and economy; changes in nature volume and terms, experience; changes in the ability and depth of lending management and staff; changes in volume of delinquency and nonaccruals; changes in the quality of the loan review system; changes in collateral, changes in concentrations of credit; and other external factors. |
Income Recognition on Impaired and Nonaccrual loans | Income Recognition on Impaired and Nonaccrual loans The Company generally places a loan, including impaired loans, on nonaccrual status when it is specifically determined to be impaired or when principal and interest is delinquent for 90 days or more. Any unpaid interest previously accrued on these loans is reversed from income. When a loan is specifically determined to be impaired, collection of interest and principal are generally applied as a reduction to principal outstanding until the collection of the remaining balance is reasonably assured. Interest income on all nonaccrual loans is recognized on a cash basis. |
Foreclosed Real Estate (FRE) | Foreclosed Real Estate (FRE) FRE consists of properties acquired through mortgage loan foreclosure proceedings or in full or partial satisfaction of loans. FRE is initially recorded at fair value (less estimated costs to sell) at the date the collateral is acquired establishing a new cost basis and any shortfall is charged to the allowance for loan losses at this time. Subsequently, management reviews the value of FRE and write-downs, if any, are charged to expense. All expenses and income related to FRE are included in consolidated results of operations as part of noninterest expense. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using principally the straight-line method over the estimated useful lives of the related assets (39 years for building and improvements, 3-8 years for furniture and equipment). Maintenance and repairs are typically charged to expense when incurred. Gains and losses from sales or other dispositions of premises and equipment are included in consolidated results of operations. Leasehold improvements are amortized over the lesser of the related terms of the leases or their useful life. |
Leases | Leases Lease right-of-use (“ROU”) assets and lease liabilities for operating leases are recognized at commencement date based on the present value of lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Operating lease ROU assets are recorded in prepaid expenses and other assets while operating lease liabilities are recorded in other liabilities. The Company has not entered into any finance leases. Options to renew or terminate the lease are recognized as part of ROU assets and liabilities when it is reasonably certain the options will be exercised. The Company has lease agreements that contain both lease and non-lease components, such as maintenance costs, which are accounted for separately. Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments for real estate taxes, insurance, maintenance and utilities which are generally based on a pro rata share of the total property, are not included in the measurement of the ROU assets or lease liabilities and are expensed as incurred. In addition, the Company does not recognize ROU assets or lease liabilities for short-term leases with a term of 12 months or less, which are also expensed as incurred. |
Bank Owned Life Insurance | Bank Owned Life Insurance The Company has purchased bank-owned life insurance (“BOLI”) as an investment vehicle, on certain current and former senior and executive officers. BOLI is carried at cash surrender value. Changes in cash surrender value are recorded in non-interest income. |
Treasury Stock | Treasury Stock Common stock repurchases are recorded at cost and then held as treasury stock. From time to time, the Company may repurchase shares of common stock under an approved plan if, in its judgment, such shares are an attractive investment, in view of the current price at which the common stock is trading relative to the Company’s earnings per share, book value per share and general market and economic factors. On September 17, 2019, the Board of Directors of the Company adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 400,000 shares of its common stock. Repurchases are made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. As of June 30, 2023, the Company had repurchased a total of 48,800 shares of the 400,000 shares authorized by the repurchase program. |
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 other-than-temporary impairment charge was recorded during the years ended June 30, 2023 and 2022. |
Revenue Recognition | Revenue Recognition Accounting Standards Codification (“ASC”) 606 does not apply to the majority of the Company’s revenue-generating transactions, including revenue generated from financial instruments, such as loans and investment securities which are presented in our consolidated statements of income as components of net interest income. All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income, with the exception of net gains and losses from sales of foreclosed real estate, which is recognized within non-interest expense. The following is a summary of revenues subject to ASC 606 for the years ended June 30, 2023 and 2022. Service Charges on Deposit Accounts Debit Card Interchange Fee Income E-commerce income Investment Services Income Net Gains/Losses on Sales of Foreclosed Real Estate |
Advertising | Advertising The Company follows a policy of charging the costs of advertising to expense as incurred. Advertising costs included in other operating expenses were $498,000 and $491,000 for the years ended June 30, 2023 and 2022, respectively. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of the right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Off-Balance Sheet Credit Related Financial Instruments | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under lines of credit. Such financial instruments are recorded when they are funded. In the normal course of business, the Company utilizes risk participation agreements, which are guarantees issued by the Company to other parties for a fee, whereby the Company agrees to participate in the credit risk of a derivative customer of the other party. Under the terms of these agreements, the “participating bank” receives a fee from the “lead bank” in exchange for the guarantee of reimbursement if the customer defaults on an interest rate swap. The interest rate swap is transacted such that any and all exchanges of interest payments (favorable and unfavorable) are made between the lead bank and the customer. In the event that an early termination of the swap occurs and the customer is unable to make a required close out payment, the participating bank assumes that obligation and is required to make this payment. |
Income Taxes | Income Taxes Provisions for income taxes are based on taxes currently payable or refundable and deferred income taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are reported at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. |
Earnings Per Share | Earnings Per Share Basic Earnings Per Share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS 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. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for either the basic or diluted EPS calculations. See Note 11 for calculation of EPS. |
Impact of Recent Accounting Pronouncements | 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) 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 debt securities available-for-sale (AFS). For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments to Topic 326 and other topics in ASU 2019-04 include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses TRG meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 on a number of different topics, including the following: accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, consideration of prepayments in determining the effective interest rate, consideration of estimated costs to sell when foreclosure is probable, vintage disclosures— line-of-credit arrangements converted to term loans, and contractual extensions and renewals. The effective dates and transition requirements for the amendments related to this Update are the same as the effective dates and transition requirements in Update 2016-13. In November 2019, the FASB issued ASU 2019-11 Codification Improvements to Topic 326 Financial Instruments Credit Losses provides additional clarification to specific issues about certain aspects of the amendments in Update 2016-13 related to measuring the allowance for loan losses under the new guidance. The Company implemented a detailed project plan, established a governance structure, utilized a software vendor for modeling purposes, hired resources to support the CECL modeling, incorporated data requirements and enhancements into the Company’s standard processes, and documented accounting policy elections in order to implement the standard. The Company has selected portfolio segmentations of commercial loans, commercial real estate loans, consumer loans, home equity loans and residential real estate loans. Regression models were developed using peer data with similar credit risk profiles as the Company, utilizing two economic factors of the national GDP and the national unemployment rate for the commercial, commercial real estate, home equity and residential real estate segments. The Company has elected a four-quarter reasonable and supportable forecast period, with a four-quarter reversion period using the straight-line method. The discounted cash flow methodology will be used to calculate the CECL reserve for the commercial, commercial real estate, home equity and residential real estate loans. The remaining life method will be utilized to determine the CECL reserve for the consumer loan segment, which was determined to be immaterial to the overall reserve. The Company elected to evaluate loans individually when they are both collateral dependent and have a balance of $250,000 or more, which is consistent with regulatory requirements. A qualitative factor framework has been developed to adjust the quantitative loss rates for asset-specific risk characteristics and current conditions at the reporting date. The Company has run parallel models for the last two quarters, evaluated the model back-testing and sensitivity analysis results, and reviewed the results from an independent third party model validation engagement. The Company finalized the methodology, calculation and reserve processes related to HTM investment securities that utilizes a probability of default/loss given default model, using default data from a well-recognized source for investments that have not been determined to be zero loss securities. The Company also finalized the methodology, calculation and reserve processes related to the liability for off-balance sheet credit exposures, which models the liability for loans committed but not funded using historical funding percentages for lines of credit. The Company continues to finalize certain review controls and procedures, including the preparation of required financial statement disclosures. The Company does not expect a material adjustment to the stockholders’ equity balance on an after-tax basis, inclusive of the estimated liability for off-balance sheet exposures, upon the adoption of ASU 2016-13 on July 1, 2023. Upon adoption the Company’s allowance for credit losses became reflective of all credit losses expected over the lifetime of the Company’s applicable financial assets. The entire increase in the allowance for credit losses will be reflected in the Company’s regulatory capital ratios and will not have a significant impact. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, excluding small reporting companies such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, FASB issued ASU 2019-10, Financial Instruments – Credit Losses that amended the implementation effective date for small reporting companies, such as the Company, and non-public business entities, for fiscal years beginning after December 15, 2022. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company will implement this standard for the fiscal year beginning July 1, 2023. 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 on the consolidated financial statements to have a material impact. The Company’s In December 2022, the FASB issued an Update (ASU 2022-06), Reference Rate Reform (Topic 848) Deferral of the Sunset Date of Topic 848. The ASU extends the period of time companies can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, from the sunset date from December 31, 2022 to December 31, 2024, after which companies will no longer be permitted to apply the relief guidance in Topic 848. The adoption did not have a material impact on the consolidated financial statements and related disclosures. In March 2022, the FASB issued ASU No. 2022-02, amendments related to Troubled Debt Restructurings (TDRs) for all entities after they adopt 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) |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Securities [Abstract] | |
Components of Securities | Securities at June 30, 2023 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 $ 13,054 $ - $ 2,231 $ 10,823 U.S. treasury securities 18,349 - 1,849 16,500 State and political subdivisions 137,343 670 2 138,011 Mortgage-backed securities-residential 29,586 - 3,985 25,601 Mortgage-backed securities-multi-family 91,016 - 18,930 72,086 Corporate debt securities 19,805 - 1,693 18,112 Total securities available-for-sale 309,153 670 28,690 281,133 Securities held-to-maturity: U.S. treasury securities 33,705 - 2,438 31,267 State and political subdivisions 478,756 5,178 30,662 453,272 Mortgage-backed securities-residential 37,186 - 3,625 33,561 Mortgage-backed securities-multi-family 155,046 - 20,324 134,722 Corporate debt securities 21,632 - 3,426 18,206 Other securities 38 - - 38 Total securities held-to-maturity 726,363 5,178 60,475 671,066 Total securities $ 1,035,516 $ 5,848 $ 89,165 $ 952,199 Securities at June 30, 2022 consisted of the following: (In thousands) Amortized Cost Gross Unrealized Gains 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 June 30, 2023. Less Than 12 Months More Than 12 Months Total (In thousands, except number of securities) Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Securities available-for-sale: U.S. government sponsored enterprises $ - $ - - $ 10,823 $ 2,231 5 $ 10,823 $ 2,231 5 U.S. treasury securities 761 57 2 15,739 1,792 6 16,500 1,849 8 State and political subdivisions - - - 82 2 1 82 2 1 Mortgage-backed securities-residential 476 29 7 25,125 3,956 21 25,601 3,985 28 Mortgage-backed securities-multi-family 2,679 182 1 69,407 18,748 30 72,086 18,930 31 Corporate debt securities 2,352 40 2 15,760 1,653 15 18,112 1,693 17 Total securities available-for-sale 6,268 308 12 136,936 28,382 78 143,204 28,690 90 Securities held-to-maturity: U.S. treasury securities - - - 31,267 2,438 8 31,267 2,438 8 State and political subdivisions 40,412 520 448 295,479 30,142 2,018 335,891 30,662 2,466 Mortgage-backed securities-residential 1,982 120 12 31,579 3,505 18 33,561 3,625 30 Mortgage-backed securities-multi-family 5,362 245 2 129,360 20,079 54 134,722 20,324 56 Corporate debt securities 10,236 2,012 9 7,970 1,414 10 18,206 3,426 19 Total securities held-to-maturity 57,992 2,897 471 495,655 57,578 2,108 553,647 60,475 2,579 Total securities $ 64,260 $ 3,205 483 $ 632,591 $ 85,960 2,186 $ 696,851 $ 89,165 2,669 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 June 30, 2023, 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) Securities available-for-sale Amortized Cost Fair Value Within one year $ 137,531 $ 138,195 After one year through five years 34,138 31,232 After five years through ten years 15,382 12,855 After ten years 1,500 1,164 Total securities available-for-sale 188,551 183,446 Mortgage-backed and asset-backed securities 120,602 97,687 Total securities available-for-sale 309,153 281,133 Securities held-to-maturity Within one year 67,112 66,400 After one year through five years 163,523 158,774 After five years through ten years 149,672 140,416 After ten years 153,824 137,193 Total securities held-to-maturity 534,131 502,783 Mortgage-backed securities 192,232 168,283 Total securities held-to-maturity 726,363 671,066 Total securities $ 1,035,516 $ 952,199 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Loans [Abstract] | |
Major Loan Segments and Classes | Loan segments and classes at June 30, 2023 and 2022 are summarized as follows: At June 30, (In thousands) 2023 2022 Residential real estate: Residential real estate $ 372,443 $ 360,824 Residential construction and land 19,072 15,298 Multi-family 66,496 63,822 Commercial real estate: Commercial real estate 693,436 595,635 Commercial construction 121,958 83,748 Consumer loan: Home equity 22,752 17,877 Consumer installment 4,612 4,512 Commercial loans 108,022 110,271 Total gross loans 1,408,791 1,251,987 Allowance for loan losses (21,212 ) (22,761 ) Deferred cost and fees, net 75 129 Loans receivable, net $ 1,387,654 $ 1,229,355 |
Loan Balances by Internal Credit Quality Indicator | Loan balances by internal credit quality indicator as of June 30, 2023 are shown below. (In thousands Performing Special Mention Substandard Total Residential real estate $ 366,403 $ 2,305 $ 3,735 $ 372,443 Residential construction and land 19,072 - - 19,072 Multi-family 66,410 86 - 66,496 Commercial real estate 665,548 11,671 16,217 693,436 Commercial construction 121,958 - - 121,958 Home equity 22,698 - 54 22,752 Consumer installment 4,530 - 82 4,612 Commercial loans 100,225 2,352 5,445 108,022 Total gross loans $ 1,366,844 $ 16,414 $ 25,533 $ 1,408,791 Loan balances by internal credit quality indicator as of 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 |
Loans Modified as Troubled Debt Restructuring | The table below details loans that have been modified as a troubled debt restructuring during the year ended June 30, 2023. (D ollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Current Outstanding Recorded For the year ended June 30, 2023 Residential real estate 2 $ 778 $ 778 $ 778 Commercial real estate 3 $ 1,428 $ 1,480 $ 1,470 Commercial loans 1 $ 379 $ 379 $ - For the year ended June 30, 2022 Consumer Installment 1 $ 5 $ 5 $ 5 |
Delinquent and/or Nonaccrual Loans by Past Due Status | The following table sets forth information regarding delinquent and/or nonaccrual loans as of June 30, 2023: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total Loans Loans on Non- accrual Residential real estate $ - $ 504 $ 1,604 $ 2,108 $ 370,335 $ 372,443 $ 2,747 Residential construction and land - - - - 19,072 19,072 - Multi-family - - - - 66,496 66,496 - Commercial real estate - 235 652 887 692,549 693,436 1,318 Commercial construction - - - - 121,958 121,958 - Home equity 48 - 13 61 22,691 22,752 54 Consumer installment 63 1 63 127 4,485 4,612 63 Commercial loans - - 19 19 108,003 108,022 1,276 Total gross loans $ 111 $ 740 $ 2,351 $ 3,202 $ 1,405,589 $ 1,408,791 $ 5,458 The following table sets forth information regarding delinquent and/or nonaccrual loans as of June 30, 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 $ 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: As of June 30, 2023 For the year ended June 30, 2023 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,020 $ 1,020 $ - $ 876 $ 5 Commercial real estate 1,518 1,518 - 678 48 Home equity - - - 75 - Consumer installment - - - 3 1 Commercial loans 334 334 - 340 16 Impaired loans with no allowance 2,872 2,872 - 1,972 70 With an allowance recorded: Residential real estate 2,086 2,086 597 2,241 19 Commercial real estate 3,777 3,777 245 3,666 197 Home equity - - - 80 4 Commercial Loans 1,572 1,572 1,171 2,252 37 Impaired loans with allowance 7,435 7,435 2,013 8,239 257 Total impaired: Residential real estate 3,106 3,106 597 3,117 24 Commercial real estate 5,295 5,295 245 4,344 245 Home equity - - - 155 4 Consumer installment - - - 3 1 Commercial loans 1,906 1,906 1,171 2,592 53 Total impaired loans $ 10,307 $ 10,307 $ 2,013 $ 10,211 $ 327 As of June 30, 2022 For the year ended June 30, 2022 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 990 $ 990 $ - $ 669 $ 17 Commercial real estate 67 67 - 281 9 Home equity 128 128 - 128 - Consumer installment 5 5 - 2 1 Commercial loans 346 346 - 158 6 Impaired loans with no allowance 1,536 1,536 - 1,238 33 With an allowance recorded: Residential real estate 1,953 1,953 588 1,713 53 Commercial real estate 3,698 3,698 1,118 1,740 120 Commercial construction 102 102 1 102 - Home equity 320 320 44 320 14 Commercial Loans 3,162 3,162 596 3,360 138 Impaired loans with allowance 9,235 9,235 2,347 7,235 325 Total impaired: Residential real estate 2,943 2,943 588 2,382 70 Commercial real estate 3,765 3,765 1,118 2,021 129 Commercial construction 102 102 1 102 - Home equity 448 448 44 448 14 Consumer installment 5 5 - 2 1 Commercial loans 3,508 3,508 596 3,518 144 Total impaired loans $ 10,771 $ 10,771 $ 2,347 $ 8,473 $ 358 |
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 year ended June 30, 2023 (In thousands) Balance June 30, 2022 Charge-offs Recoveries Provision Balance June 30, Residential real estate $ 2,373 $ - $ 6 $ 234 $ 2,613 Residential construction and land 141 - - 40 181 Multi-family 119 - - 78 197 Commercial real estate 16,221 9 4 (3,196 ) 13,020 Commercial construction 1,114 - - 508 1,622 Home equity 89 - - (43 ) 46 Consumer installment 349 535 141 377 332 Commercial loans 2,355 120 35 931 3,201 Total $ 22,761 $ 664 $ 186 $ (1,071 ) $ 21,212 Activity for the year ended June 30, 2022 (In thousands) Balance June 30, 2021 Charge-offs Recoveries Provision Balance June 30, 2022 Residential real estate $ 2,012 $ 27 $ 13 $ 375 $ 2,373 Residential construction and land 106 - - 35 141 Multi-family 186 - - (67 ) 119 Commercial real estate 13,049 - - 3,172 16,221 Commercial construction 1,535 - - (421 ) 1,114 Home equity 165 - - (76 ) 89 Consumer installment 267 454 115 421 349 Commercial loans 2,348 112 280 (161 ) 2,355 Total $ 19,668 $ 593 $ 408 $ 3,278 $ 22,761 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2023 Impairment Analysis Ending Balance June 30, 2023 Impairment Analysis (In thousands) Individually Evaluated Collectively Individually Collectively Evaluated Residential real estate $ 597 $ 2,016 $ 3,106 $ 369,337 Residential construction and land - 181 - 19,072 Multi-family - 197 - 66,496 Commercial real estate 245 12,775 5,295 688,141 Commercial construction - 1,622 - 121,958 Home equity - 46 - 22,752 Consumer installment - 332 - 4,612 Commercial loans 1,171 2,030 1,906 106,116 Total $ 2,013 $ 19,199 $ 10,307 $ 1,398,484 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 as of June 30, 2023 and 2022: (In thousands) 2023 2022 Residential real estate $ - $ 68 Commercial loans 302 - Total foreclosed real estate $ 302 $ 68 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | A summary of premises and equipment at June 30, 2023 and 2022, is as follows: (In thousands) 2023 2022 Land $ 2,916 $ 2,916 Building and improvements 20,126 18,863 Furniture and equipment 5,814 5,540 Less: accumulated depreciation (13,828 ) (12,957 ) Total premises and equipment $ 15,028 $ 14,362 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Deposits | Major classifications of deposits at June 30, 2023 and 2022 are summarized as follows: (In thousands) 2023 2022 Noninterest-bearing deposits $ 159,039 $ 187,697 Certificates of deposit 128,077 40,801 Savings deposits 299,038 343,731 Money market deposits 115,029 157,623 NOW deposits 1,735,978 1,482,752 Total deposits $ 2,437,161 $ 2,212,604 |
Deposits by Time Remaining on Maturity | The following indicates the amount of certificates of deposit by time remaining to maturity as of June 30, 2023. (In thousands) 3 Months or Less 3 to 6 Months 7 to 12 Months Over 12 Months Total Certificates of deposit less than $250,000 $ 79,047 $ 13,859 $ 6,645 $ 8,282 $ 107,833 Certificates of deposit $250,000 or more 14,056 2,387 - 3,801 20,244 Total certificates of deposit $ 93,103 $ 16,246 $ 6,645 $ 12,083 $ 128,077 |
Certificates of Deposits by Year of Maturity | Scheduled maturities of certificates of deposit at June 30, 2023 were as follows: (In thousands) The year ended June 30, 2024 $ 115,994 2025 3,004 2026 1,133 2027 427 2028 7,519 $ 128,077 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Balances and Changes in Components of Accumulated Other Comprehensive Loss | The balances and changes in the components of accumulated other comprehensive loss as of June 30, 2023 and 2022, are presented in the following table: Unrealized gain (losses) on securities available-for-sale Pension benefits Total Balance - June 30, 2021 $ 348 $ (1,509 ) $ (1,161 ) Other comprehensive (loss) income before reclassification, net of tax (17,616 ) 212 (17,404 ) Amortization of pension actuarial losses recognized in other expense - 248 248 Tax expense effect recognized in provision for income taxes - 66 66 Net of tax - 182 182 Other comprehensive (loss) income for the year ended June 30, 2022 (17,616 ) 394 (17,222 ) Balance - June 30, 2022 $ (17,268 ) $ (1,115 ) $ (18,383 ) Other comprehensive (loss) income before reclassification, net of tax (3,447 ) 160 (3,287 ) Amounts reclassified to net loss on sale of securities available-for-sale non-interest income 251 - 251 Tax expense effect recognized in provision for income taxes 67 - 67 Net of tax 184 - 184 Amortization of pension actuarial losses recognized in other expense - 106 106 Tax expense effect recognized in provision for income taxes - 28 28 Net of tax - 78 78 Other comprehensive (loss) income for the year ended June 30, 2023 (3,263 ) 238 (3,025 ) Balance - June 30, 2023 $ (20,531 ) $ (877 ) $ (21,408 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Employee Benefit Plans [Abstract] | |
Information Regarding Pension Plan | Information regarding the Pension Plan at June 30, 2023 and 2022 is as follows: (In thousands) Change in projected benefit obligation: 2023 2022 Benefit obligation at beginning of period $ 4,617 $ 6,278 Interest cost 199 166 Actuarial loss (225 ) (1,235 ) Benefits paid (240 ) (592 ) Benefit obligation at June 30 4,351 4,617 Change in fair value of plan assets: Fair value of plan assets at beginning of period 4,502 5,759 Actual return (loss) on plan assets 212 (665 ) Employer contributions - - Benefits paid (240 ) (592 ) Fair value of plan assets at June 30 4,474 4,502 (Overfunded) Underfunded status at June 30 included in other liabilities $ (123 ) $ 115 |
Components of Net Periodic Pension Costs | The components of net periodic pension costs related to the Pension Plan for the years ended June 30, 2023 and 2022 were as follows: (In thousands) 2023 2022 Interest cost $ 199 $ 166 Expected return on plan assets (219 ) (281 ) Amortization of net loss 106 130 Effect of settlement - 118 Net periodic pension expense $ 86 $ 133 |
Amounts Recognized in Other Comprehensive Income | Changes in plan assets and benefit obligations recognized in other comprehensive income during the years ended June 30, 2023 and 2022 consisted of the following: (In thousands) 2023 2022 Actuarial loss on plan assets and benefit obligations $ 324 $ 538 Deferred tax expense 86 144 Net change in plan assets and benefit obligations recognized in other comprehensive income $ 238 $ 394 |
Amounts Recognized in Financial Condition | Amounts recognized in our consolidated statements of financial condition related to our pension plan for the years ended June 30, 2023 and 2022 are as follows: (In thousands) Other liabilities: 2023 2022 Projected benefit obligation in (surplus) excess of fair value of pension plan $ (123 ) $ 115 Accumulated other comprehensive loss, net of taxes: Net losses and past service liability $ (877 ) $ (1,115 ) |
Assumptions Used | The principal actuarial assumptions used were as follows: Projected benefit obligation: 2023 2022 Discount rate 4.90 % 4.43 % Net periodic pension expense: Amortization period, in years 11 11 Discount rate 4.43 % 2.71 % Expected long-term rate of return on plan assets 5.00 % 5.00 % |
Allocation of Plan Assets | The weighted average asset allocation and fair value of our pension plan assets at June 30, 2023 and 2022 was as follows: (Dollars in thousands) 2023 2022 Fair Value Fair Value Mutual funds – balanced $ - - % $ 850 18.9 % Mutual funds – fixed income 2,600 58.1 2,366 52.6 Mutual funds – equity 1,874 41.9 1,286 28.5 Total plan assets $ 4,474 100 % $ 4,502 100 % |
Expected Benefit Payments | Expected benefit payments under the pension plan over the next ten years at June 30, 2023 are as follows: (In thousands) 2024 $ 247 2025 248 2026 245 2027 243 2028 240 2029 2033 1,326 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
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 its option plan for the years ended June 30, 2023 and 2022 is as follows: 2023 2022 Number of options outstanding at beginning of year 2,959,040 3,015,200 Options granted 807,200 950,240 Options forfeited (9,000 ) - Options paid in cash upon vesting (1,221,400 ) (1,006,400 ) Number of options outstanding at period end 2,535,840 2,959,040 (In thousands) 2023 2022 Cash paid out on options vested $ 4,287 $ 3,137 Compensation expense recognized 4,439 4,291 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | On March 23, 2023, the Company effected a 2-for-1 stock split in the form of a stock dividend on its outstanding shares of common stock. Weighted-average number of shares and earnings per share have been retroactively adjusted in all periods presented as if the new shares had been issued and outstanding at the same time as the original shares. 2023 2022 Net Income $ 30,785,000 $ 27,986,000 Weighted Average Shares – Basic 17,026,828 17,026,828 Effect of Dilutive Stock Options - - Weighted Average Shares – Dilute 17,026,828 17,026,828 Earnings per share – Basic $ 1.81 $ 1.64 Earnings per share – Diluted $ 1.81 $ 1.64 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Provision for Income Taxes | The provision for income taxes consists of the following for the years ended June 30, 2023 and 2022: (In thousands) 2023 2022 Current expense: Federal $ 4,284 $ 4,741 State 907 860 Total current expense 5,191 5,601 Deferred benefit (149 ) (682 ) Total provision for income taxes $ 5,042 $ 4,919 |
Effective Tax Rate Reconciliation | The effective tax rate differs from the federal statutory rate as follows for the years ended June 30, 2023 and 2022: 2023 2022 Tax based on federal statutory rate 21.00 % 21.00 % State income taxes, net of federal benefit 1.81 1.64 Tax-exempt income (8.26 ) (6.31 ) Captive insurance premium income (1.09 ) (0.96 ) Other, net 0.61 (0.42 ) Total income tax expense 14.07 % 14.95 % |
Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities at June 30, 2023 and 2022 were as follows: (In thousands) 2023 2022 Deferred tax assets: Allowance for loan losses $ 5,669 $ 6,083 Pension benefits - 30 Unrealized losses on securities 7,424 6,243 Other benefit plans 4,968 4,275 Other 105 90 Total deferred tax assets 18,166 16,721 Deferred tax liabilities: Depreciation 1,148 1,088 Net loan costs 1,225 1,170 Real estate investment trust income 3,126 2,839 Pension benefits 33 - Other - 244 Total deferred tax liabilities 5,532 5,341 Net deferred tax asset included in prepaid expenses and other assets $ 12,634 $ 11,380 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingent Liabilities [Abstract] | |
Unfunded Loan Commitments | The Company’s unfunded loan commitments and unused lines of credit are as follows at June 30, 2023 and 2022: (In thousands) 2023 2022 Unfunded loan commitments $ 124,498 $ 213,420 Unused lines of credit 94,898 85,971 Standby letters of credit 179 189 Total commitments $ 219,575 $ 299,580 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Operating Leases [Abstract] | |
Quantitative Data Related to Operating Leases | The following includes quantitative data related to the Company’s operating leases as of June 30, 2023 and 2022: (In thousands, except weighted-average information). Operating lease amounts: 2023 2022 Right-of-use assets $ 2,188 $ 1,980 Lease liabilities $ 2,277 $ 2,040 Other information: Operating outgoing cash flows from operating leases $ 373 $ 352 Right-of-use assets obtained in exchange for new operating lease liabilities $ 561 $ 415 (In thousands) Lease costs 2023 2022 Operating lease cost $ 359 $ 322 Variable lease cost $ 43 $ 44 |
Undiscounted Cash Flows of Operating Lease Liabilities | The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding common area maintenance charges and real estate taxes, as of June 30, 2023: (In thousands) Within the twelve months ended June 30 2024 $ 455 2025 459 2026 436 2027 387 2028 330 Thereafter 401 Total undiscounted cash flow 2,468 Less net present value adjustment (191 ) Lease liability $ 2,277 2023 2022 Weighted-average remaining lease term (years) 5.84 4.88 Weighted-average discount rate 2.69 % 2.13 % |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
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) June 30, 2023 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 10,823 $ - $ 10,823 $ - U.S. Treasury securities 16,500 - 16,500 - State and political subdivisions 138,011 - 138,011 - Mortgage-backed securities-residential 25,601 - 25,601 - Mortgage-backed securities-multi-family 72,086 - 72,086 - Corporate debt securities 18,112 - 18,112 - Securities available-for-sale 281,133 - 281,133 - Equity securities 306 306 - - Total securities measured at fair value $ 281,439 $ 306 $ 281,133 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable 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) June 30, 2023 Impaired loans $ 7,578 $ 2,013 $ 5,565 $ - $ - $ 5,565 Foreclosed real estate 302 - 302 - - 302 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 June 30, 2023 Impaired Loans $ 4,887 Appraisal of collateral (1) Appraisal adjustments (2) 20.53%-33.73 % 23.46 % Liquidation expenses (3) 3.98%-4.77 % 4.45 % 678 Discounted cash flow Discount rate 5.24%-7.49 % 5.98 % Foreclosed real estate 302 Appraisal of collateral (1) Appraisal adjustments (2) 0.00 % 0.00 % Liquidation expenses (3) 6.38 % 6.38 % 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 may be adjusted downwards by management for items such as the estimated costs to liquidate the collateral. |
Carrying Amounts and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair value of financial instruments are as follows: (In thousands) June 30, 2023 Fair Value Measurements Using Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 196,445 $ 196,445 $ 196,445 $ - $ - Long term certificate of deposit 4,576 4,383 - 4,383 - Securities available-for-sale 281,133 281,133 - 281,133 - Securities held-to-maturity 726,363 671,066 - 671,066 - Equity securities 306 306 306 - - Federal Home Loan Bank stock 1,682 1,682 - 1,682 - Net loans receivable 1,387,654 1,272,361 - - 1,272,361 Accrued interest receivable 12,249 12,249 - 12,249 - Deposits 2,437,161 2,437,357 - 2,437,357 - Subordinated notes payable, net 49,495 47,669 - 47,669 - Accrued interest payable 936 936 - 936 - (In thousands) June 30, 2022 Fair Value Measurements Using Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 69,009 $ 69,009 $ 69,009 $ - $ - Long term certificate 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 - |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Regulatory Matters [Abstract] | |
Compliance with Regulatory Capital Requirements under Banking Regulations | To Be Well Capitalized Under For Capital Prompt Corrective Capital Conservation (Dollars in thousands) Actual Adequacy Purposes Action Provisions Buffer The Bank of Greene County Amount Ratio Amount Ratio Amount Ratio Actual Required As of June 30, 2023 Total risk-based capital $ 249,165 16.5 % $ 121,020 8.0 % $ 151,275 10.0 % 8.47 % 2.50 % Tier 1 risk-based capital 230,228 15.2 90,765 6.0 121,020 8.0 9.22 2.50 Common equity tier 1 capital 230,228 15.2 68,074 4.5 98,328 6.5 10.72 2.50 Tier 1 leverage ratio 230,228 8.7 106,141 4.0 132,676 5.0 4.68 2.50 As of June 30, 2022 Total risk-based capital $ 221,236 16.0 % $ 110,294 8.0 % $ 137,867 10.0 % 8.05 % 2.50 % Tier 1 risk-based capital 203,935 14.8 82,720 6.0 110,294 8.0 8.79 2.50 Common equity tier 1 capital 203,935 14.8 62,040 4.5 89,614 6.5 10.29 2.50 Tier 1 leverage ratio 203,935 8.1 100,193 4.0 125,242 5.0 4.14 2.50 Greene County Commercial Bank As of June 30, 2023 Total risk-based capital $ 104,781 46.6 % $ 17,975 8.0 % $ 22,469 10.0 % 38.63 % 2.50 % Tier 1 risk-based capital 104,781 46.6 13,481 6.0 17,975 8.0 40.63 2.50 Common equity tier 1 capital 104,781 46.6 10,111 4.5 14,605 6.5 42.13 2.50 Tier 1 leverage ratio 104,781 9.1 45,958 4.0 57,447 5.0 5.12 2.50 As of June 30, 2022 Total risk-based capital $ 94,408 41.5 % $ 18,195 8.0 % $ 22,744 10.0 % 33.51 % 2.50 % Tier 1 risk-based capital 94,408 41.5 13,646 6.0 18,195 8.0 35.51 2.50 Common equity tier 1 capital 94,408 41.5 10,235 4.5 14,783 6.5 37.01 2.50 Tier 1 leverage ratio 94,408 8.1 46,874 4.0 58,593 5.0 4.06 2.50 |
Condensed Financial Statement_2
Condensed Financial Statements of Greene County Bancorp, Inc. (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Condensed Financial Statements of Greene County Bancorp, Inc. [Abstract] | |
Condensed Balance Sheet | Greene County Bancorp, Inc. Condensed Statements of Financial Condition At June 30, 2023 and 2022 (In thousands) ASSETS 2023 2022 Cash and cash equivalents $ 19,822 $ 18,891 Investment in subsidiaries 208,861 188,638 Long-term certificates of deposit 3,826 - Securities available-for-sale, at fair value 761 - Accrued interest receivable 26 - Prepaid expenses and other assets 93 90 Total assets $ 233,389 $ 207,619 LIABILITIES AND SHAREHOLDERS’ EQUITY Subordinated notes payable, net $ 49,495 $ 49,310 Accrued expenses and other liabilities 611 595 Total liabilities 50,106 49,905 Total shareholders’ equity 183,283 157,714 Total liabilities and shareholders’ equity $ 233,389 $ 207,619 |
Condensed Income Statement | Greene County Bancorp, Inc. Condensed Statements of Income For the Years Ended June 30, 2023 and 2022 (In thousands) 2023 2022 INCOME: Equity in undistributed net income of subsidiaries $ 26,829 $ 28,155 Dividend distributed by subsidiary 6,400 2,004 Interest-earning deposits 6 1 Other income 2 11 Total Income 33,237 30,171 OPERATING EXPENSES: Legal fees 101 65 Interest on borrowings 1,850 1,688 Other expense 501 432 Total operating expenses 2,452 2,185 Net income $ 30,785 $ 27,986 |
Condensed Cash Flow Statement | Greene County Bancorp, Inc. Condensed Statements of Cash Flows For the Years Ended June 30, 2023 and 2022 (In thousands) Cash flow from operating activities: 2023 2022 Net Income $ 30,785 $ 27,986 Adjustments to reconcile net income to cash provided by operating activities: Undistributed earnings of subsidiaries (26,829 ) (28,155 ) Amortization of subordinated debt issuance costs 185 165 Net (increase) decrease in prepaid expenses and other assets (29 ) 18 Net decrease in dividend receivable - 1,500 Net increase in total liabilities 16 231 Net cash provided by operating activities 4,128 1,745 Cash flows from Investing Activities: Investment in subsidiary - (7,000 ) Net cash transferred related to Greene Risk Management Inc. liquidation (1,006 ) - Net cash used by investing activities (1,006 ) (7,000 ) Cash flows from financing activities: Net decrease in short-term advances – other banks - (3,000 ) Net proceeds from subordinated notes payable - 29,501 Payment of cash dividends (2,191 ) (2,634 ) Net cash (used by) provided by financing activities (2,191 ) 23,867 Net increase (decrease) in cash and cash equivalents 931 18,612 Cash and cash equivalents at beginning of year 18,891 279 Cash and cash equivalents at end of year $ 19,822 $ 18,891 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies, Basis of Presentation (Details) | Mar. 23, 2023 USD ($) $ / shares | Jun. 30, 2023 $ / shares | Jun. 30, 2022 $ / shares |
Basis of Presentation [Abstract] | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.1 | $ 0.1 | $ 0.1 |
Common Stock [Member] | |||
Basis of Presentation [Abstract] | |||
Stock split conversion ratio | 2 | ||
Reclassification from additional paid-in capital to common stock in connection with stock split | $ | $ 861,134 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, Nature of Operations (Details) | Jun. 30, 2023 Office |
Nature of Operations [Abstract] | |
Number of offices | 18 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies, Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Interest-bearing deposits in banks and other financial institutions | $ 181.1 | $ 54.7 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies, Allowance for Loan Losses (Details) | Jun. 30, 2023 USD ($) |
Allowance for Loan Losses [Abstract] | |
Threshold principal amount of nonaccrual loans evaluated individually for impairment | $ 250,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies, Income Recognition on Impaired and Nonaccrual loans (Details) | 12 Months Ended |
Jun. 30, 2023 | |
Income Recognition on Impaired and Nonaccrual loans [Abstract] | |
Threshold period of delinquency after which a loan is placed on nonaccrual status | 90 days |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies, Premises and Equipment (Details) | Jun. 30, 2023 |
Building and Improvements [Member] | |
Premises and Equipment [Abstract] | |
Property, plant and equipment, useful life | 39 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Premises and Equipment [Abstract] | |
Property, plant and equipment, useful life | 3 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Premises and Equipment [Abstract] | |
Property, plant and equipment, useful life | 8 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies, Treasury Stock (Details) | Jun. 30, 2023 shares |
Treasury Stock [Abstract] | |
Number of shares authorized for repurchase (in shares) | 400,000 |
Total number of shares repurchased under the plan (in shares) | 48,800 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies, Federal Home Loan Bank Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Federal Home Loan Bank Stock [Abstract] | ||
Other-than-temporary impairment charge | $ 0 | $ 0 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies, Advertising (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Advertising [Abstract] | ||
Advertising expense | $ 498 | $ 491 |
Balances at other banks (Detail
Balances at other banks (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Balances at other banks [Abstract] | ||
Restricted cash and cash equivalents | $ 0 | $ 0 |
Securities, Components of Secur
Securities, Components of Securities (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 USD ($) Category | Jun. 30, 2022 USD ($) | |
Securities [Abstract] | ||
Number of categories utilized under risk management approach of diversified investing | Category | 3 | |
Available-for-sale debt securities [Abstract] | ||
Amortized cost | $ 309,153 | $ 431,625 |
Gross unrealized gains | 670 | 374 |
Gross unrealized losses | 28,690 | 23,937 |
Estimated fair value | 281,133 | 408,062 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 726,363 | 761,852 |
Gross unrealized gains | 5,178 | 2,779 |
Gross unrealized losses | 60,475 | 54,178 |
Estimated fair value | 671,066 | 710,453 |
Total Securities [Abstract] | ||
Amortized cost | 1,035,516 | 1,193,477 |
Gross unrealized gains | 5,848 | 3,153 |
Gross unrealized losses | 89,165 | 78,115 |
Estimated fair value | 952,199 | 1,118,515 |
U.S. Government Sponsored Enterprises [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 13,054 | 13,066 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 2,231 | 1,747 |
Estimated fair value | 10,823 | 11,319 |
U.S. Treasury Securities [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 18,349 | 20,158 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 1,849 | 1,731 |
Estimated fair value | 16,500 | 18,427 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 33,705 | 33,623 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 2,438 | 1,643 |
Estimated fair value | 31,267 | 31,980 |
State and Political Subdivisions [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 137,343 | 247,978 |
Gross unrealized gains | 670 | 374 |
Gross unrealized losses | 2 | 276 |
Estimated fair value | 138,011 | 248,076 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 478,756 | 493,897 |
Gross unrealized gains | 5,178 | 2,760 |
Gross unrealized losses | 30,662 | 35,747 |
Estimated fair value | 453,272 | 460,910 |
Mortgage-backed Securities-Residential [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 29,586 | 33,186 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 3,985 | 3,289 |
Estimated fair value | 25,601 | 29,897 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 37,186 | 42,461 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | 3,625 | 2,242 |
Estimated fair value | 33,561 | 40,220 |
Mortgage-backed Securities-Multi-family [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 91,016 | 99,353 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 18,930 | 15,644 |
Estimated fair value | 72,086 | 83,709 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 155,046 | 171,921 |
Gross unrealized gains | 0 | 2 |
Gross unrealized losses | 20,324 | 13,895 |
Estimated fair value | 134,722 | 158,028 |
Corporate Debt Securities [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 19,805 | 17,884 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 1,693 | 1,250 |
Estimated fair value | 18,112 | 16,634 |
Held-to-maturity securities [Abstract] | ||
Amortized cost | 21,632 | 19,900 |
Gross unrealized gains | 0 | 16 |
Gross unrealized losses | 3,426 | 651 |
Estimated fair value | 18,206 | 19,265 |
Other Securities [Member] | ||
Held-to-maturity securities [Abstract] | ||
Amortized cost | 38 | 50 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | $ 38 | $ 50 |
Securities, Securities in Conti
Securities, Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 USD ($) Security | Jun. 30, 2022 USD ($) Security | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 6,268 | $ 288,207 |
More than 12 months, fair value | 136,936 | 12,078 |
Total, fair value | 143,204 | 300,285 |
Less than 12 months, unrealized losses | 308 | 21,161 |
More than 12 months, unrealized losses | 28,382 | 2,776 |
Total, unrealized losses | $ 28,690 | $ 23,937 |
Less than 12 months, number of securities | Security | 12 | 233 |
More than 12 months, number of securities | Security | 78 | 5 |
Total, number of securities | Security | 90 | 238 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 57,992 | $ 592,159 |
More than 12 months, fair value | 495,655 | 735 |
Total, fair value | 553,647 | 592,894 |
Less than 12 months, unrealized losses | 2,897 | 53,995 |
More than 12 months, unrealized losses | 57,578 | 183 |
Total, unrealized losses | $ 60,475 | $ 54,178 |
Less than 12 months, number of securities | Security | 471 | 2,477 |
More than 12 months, number of securities | Security | 2,108 | 5 |
Total, number of securities | Security | 2,579 | 2,482 |
Total Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 64,260 | $ 880,366 |
More than 12 months, fair value | 632,591 | 12,813 |
Total, fair value | 696,851 | 893,179 |
Less than 12 months, unrealized losses | 3,205 | 75,156 |
More than 12 months, unrealized losses | 85,960 | 2,959 |
Total, unrealized losses | $ 89,165 | $ 78,115 |
Less than 12 months, number of securities | Security | 483 | 2,710 |
More than 12 months, number of securities | Security | 2,186 | 10 |
Total, number of securities | Security | 2,669 | 2,720 |
Available for sale securities transferred at fair value to held to maturity | $ 0 | $ 0 |
Gross realized gains (losses) on sale of available-for-sale securities | $ (251) | 0 |
Number of available-for-sale securities sold | Security | 1 | |
Proceeds from sale of available-for-sale securities | $ 1,675 | 0 |
Other-than-temporary impairment losses | 0 | 0 |
U.S. Government Sponsored Enterprises [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | 0 | 11,319 |
More than 12 months, fair value | 10,823 | 0 |
Total, fair value | 10,823 | 11,319 |
Less than 12 months, unrealized losses | 0 | 1,747 |
More than 12 months, unrealized losses | 2,231 | 0 |
Total, unrealized losses | $ 2,231 | $ 1,747 |
Less than 12 months, number of securities | Security | 0 | 5 |
More than 12 months, number of securities | Security | 5 | 0 |
Total, number of securities | Security | 5 | 5 |
U.S. Treasury Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 761 | $ 18,427 |
More than 12 months, fair value | 15,739 | 0 |
Total, fair value | 16,500 | 18,427 |
Less than 12 months, unrealized losses | 57 | 1,731 |
More than 12 months, unrealized losses | 1,792 | 0 |
Total, unrealized losses | $ 1,849 | $ 1,731 |
Less than 12 months, number of securities | Security | 2 | 8 |
More than 12 months, number of securities | Security | 6 | 0 |
Total, number of securities | Security | 8 | 8 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 0 | $ 31,980 |
More than 12 months, fair value | 31,267 | 0 |
Total, fair value | 31,267 | 31,980 |
Less than 12 months, unrealized losses | 0 | 1,643 |
More than 12 months, unrealized losses | 2,438 | 0 |
Total, unrealized losses | $ 2,438 | $ 1,643 |
Less than 12 months, number of securities | Security | 0 | 9 |
More than 12 months, number of securities | Security | 8 | 0 |
Total, number of securities | Security | 8 | 9 |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 0 | $ 140,324 |
More than 12 months, fair value | 82 | 0 |
Total, fair value | 82 | 140,324 |
Less than 12 months, unrealized losses | 0 | 276 |
More than 12 months, unrealized losses | 2 | 0 |
Total, unrealized losses | $ 2 | $ 276 |
Less than 12 months, number of securities | Security | 0 | 148 |
More than 12 months, number of securities | Security | 1 | 0 |
Total, number of securities | Security | 1 | 148 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 40,412 | $ 353,837 |
More than 12 months, fair value | 295,479 | 735 |
Total, fair value | 335,891 | 354,572 |
Less than 12 months, unrealized losses | 520 | 35,564 |
More than 12 months, unrealized losses | 30,142 | 183 |
Total, unrealized losses | $ 30,662 | $ 35,747 |
Less than 12 months, number of securities | Security | 448 | 2,362 |
More than 12 months, number of securities | Security | 2,018 | 5 |
Total, number of securities | Security | 2,466 | 2,367 |
Mortgage-backed Securities-Residential [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 476 | $ 29,872 |
More than 12 months, fair value | 25,125 | 0 |
Total, fair value | 25,601 | 29,872 |
Less than 12 months, unrealized losses | 29 | 3,289 |
More than 12 months, unrealized losses | 3,956 | 0 |
Total, unrealized losses | $ 3,985 | $ 3,289 |
Less than 12 months, number of securities | Security | 7 | 27 |
More than 12 months, number of securities | Security | 21 | 0 |
Total, number of securities | Security | 28 | 27 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 1,982 | $ 39,865 |
More than 12 months, fair value | 31,579 | 0 |
Total, fair value | 33,561 | 39,865 |
Less than 12 months, unrealized losses | 120 | 2,242 |
More than 12 months, unrealized losses | 3,505 | 0 |
Total, unrealized losses | $ 3,625 | $ 2,242 |
Less than 12 months, number of securities | Security | 12 | 27 |
More than 12 months, number of securities | Security | 18 | 0 |
Total, number of securities | Security | 30 | 27 |
Mortgage-backed Securities-Multi-family [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 2,679 | $ 71,631 |
More than 12 months, fair value | 69,407 | 12,078 |
Total, fair value | 72,086 | 83,709 |
Less than 12 months, unrealized losses | 182 | 12,868 |
More than 12 months, unrealized losses | 18,748 | 2,776 |
Total, unrealized losses | $ 18,930 | $ 15,644 |
Less than 12 months, number of securities | Security | 1 | 29 |
More than 12 months, number of securities | Security | 30 | 5 |
Total, number of securities | Security | 31 | 34 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 5,362 | $ 155,726 |
More than 12 months, fair value | 129,360 | 0 |
Total, fair value | 134,722 | 155,726 |
Less than 12 months, unrealized losses | 245 | 13,895 |
More than 12 months, unrealized losses | 20,079 | 0 |
Total, unrealized losses | $ 20,324 | $ 13,895 |
Less than 12 months, number of securities | Security | 2 | 68 |
More than 12 months, number of securities | Security | 54 | 0 |
Total, number of securities | Security | 56 | 68 |
Corporate Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 2,352 | $ 16,634 |
More than 12 months, fair value | 15,760 | 0 |
Total, fair value | 18,112 | 16,634 |
Less than 12 months, unrealized losses | 40 | 1,250 |
More than 12 months, unrealized losses | 1,653 | 0 |
Total, unrealized losses | $ 1,693 | $ 1,250 |
Less than 12 months, number of securities | Security | 2 | 16 |
More than 12 months, number of securities | Security | 15 | 0 |
Total, number of securities | Security | 17 | 16 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ||
Less than 12 months, fair value | $ 10,236 | $ 10,751 |
More than 12 months, fair value | 7,970 | 0 |
Total, fair value | 18,206 | 10,751 |
Less than 12 months, unrealized losses | 2,012 | 651 |
More than 12 months, unrealized losses | 1,414 | 0 |
Total, unrealized losses | $ 3,426 | $ 651 |
Less than 12 months, number of securities | Security | 9 | 11 |
More than 12 months, number of securities | Security | 10 | 0 |
Total, number of securities | Security | 19 | 11 |
Securities, Securities by Contr
Securities, Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Securities available-for-sale, Amortized Cost [Abstract] | ||
Within one year | $ 137,531 | |
After one year through five years | 34,138 | |
After five years through ten years | 15,382 | |
After ten years | 1,500 | |
Total | 188,551 | |
Mortgage-backed and asset-backed securities | 120,602 | |
Amortized cost | 309,153 | $ 431,625 |
Securities available-for-sale, Fair Value [Abstract] | ||
Within one year | 138,195 | |
After one year through five years | 31,232 | |
After five years through ten years | 12,855 | |
After ten years | 1,164 | |
Total | 183,446 | |
Mortgage-backed and asset-backed securities | 97,687 | |
Estimated fair value | 281,133 | 408,062 |
Securities held-to-maturity, Amortized Cost [Abstract] | ||
Within one year | 67,112 | |
After one year through five years | 163,523 | |
After five years through ten years | 149,672 | |
After ten years | 153,824 | |
Total | 534,131 | |
Mortgage-backed securities | 192,232 | |
Amortized cost | 726,363 | 761,852 |
Securities held-to-maturity, Fair Value [Abstract] | ||
Within one year | 66,400 | |
After one year through five years | 158,774 | |
After five years through ten years | 140,416 | |
After ten years | 137,193 | |
Total | 502,783 | |
Mortgage-backed securities | 168,283 | |
Estimated fair value | 671,066 | 710,453 |
Total Debt Securities [Abstract] | ||
Amortized cost | 1,035,516 | 1,193,477 |
Estimated fair value | $ 952,199 | $ 1,118,515 |
Securities, Securities Pledged
Securities, Securities Pledged (Details) - Asset Pledged as Collateral [Member] - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Deposits in Excess of FDIC Insurance Limits [Member] | ||
Securities Pledged [Abstract] | ||
Securities, fair value | $ 904.8 | $ 892.9 |
Potential Borrowings at Federal Reserve Bank Discount Window and Bank Term Funding Program [Member] | ||
Securities Pledged [Abstract] | ||
Securities, fair value | $ 20.8 | $ 17.4 |
Loans, Major Loan Segments and
Loans, Major Loan Segments and Classes (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Major Loan Segments and Classes [Abstract] | |||
Total gross loans | $ 1,408,791 | $ 1,251,987 | |
Allowance for loan losses | (21,212) | (22,761) | $ (19,668) |
Deferred cost and fees, net | 75 | 129 | |
Net loans receivable | 1,387,654 | 1,229,355 | |
Residential Real Estate [Member] | Residential Real Estate [Member] | |||
Major Loan Segments and Classes [Abstract] | |||
Total gross loans | 372,443 | 360,824 | |
Allowance for loan losses | (2,613) | (2,373) | (2,012) |
Residential Real Estate [Member] | Construction and Land [Member] | |||
Major Loan Segments and Classes [Abstract] | |||
Total gross loans | 19,072 | 15,298 | |
Allowance for loan losses | (181) | (141) | (106) |
Residential Real Estate [Member] | Multi-family [Member] | |||
Major Loan Segments and Classes [Abstract] | |||
Total gross loans | 66,496 | 63,822 | |
Allowance for loan losses | (197) | (119) | (186) |
Commercial Real Estate [Member] | Real Estate [Member] | |||
Major Loan Segments and Classes [Abstract] | |||
Total gross loans | 693,436 | 595,635 | |
Allowance for loan losses | (13,020) | (16,221) | (13,049) |
Commercial Real Estate [Member] | Construction [Member] | |||
Major Loan Segments and Classes [Abstract] | |||
Total gross loans | 121,958 | 83,748 | |
Allowance for loan losses | (1,622) | (1,114) | (1,535) |
Consumer Loan [Member] | Home Equity [Member] | |||
Major Loan Segments and Classes [Abstract] | |||
Total gross loans | 22,752 | 17,877 | |
Allowance for loan losses | (46) | (89) | (165) |
Consumer Loan [Member] | Consumer Installment [Member] | |||
Major Loan Segments and Classes [Abstract] | |||
Total gross loans | 4,612 | 4,512 | |
Allowance for loan losses | (332) | (349) | (267) |
Commercial Loans [Member] | |||
Major Loan Segments and Classes [Abstract] | |||
Total gross loans | 108,022 | 110,271 | |
Allowance for loan losses | $ (3,201) | $ (2,355) | $ (2,348) |
Loans, Loans Serving as Collate
Loans, Loans Serving as Collateral (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Federal Home Loan Bank of New York [Member] | ||
Loans [Abstract] | ||
Loans pledged as collateral | $ 573.5 | $ 445.6 |
Loans, Loan Balances by Interna
Loans, Loan Balances by Internal Credit Quality Indicator (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 USD ($) Segment Loan | Jun. 30, 2022 USD ($) Loan | |
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Number of segments within loan portfolio | Segment | 4 | |
Total gross loans | $ 1,408,791 | $ 1,251,987 |
Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 1,366,844 | 1,199,933 |
Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 16,414 | 14,893 |
Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 25,533 | 37,161 |
Doubtful [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Loss [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 0 | 0 |
Residential Real Estate [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Loan-to-value ratio | 85% | |
Residential Real Estate [Member] | Residential Mortgage with Private Mortgage Insurance [Member] | Maximum [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Loan-to-value ratio | 85% | |
Residential Real Estate [Member] | Pass [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Number of loans upgraded | Loan | 1 | |
Residential Real Estate [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Number of loan relationships downgraded | Loan | 2 | |
Residential Real Estate [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Number of loan relationships downgraded | Loan | 3 | |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 372,443 | 360,824 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 366,403 | 355,474 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 2,305 | 28 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 3,735 | 5,322 |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 19,072 | 15,298 |
Residential Real Estate [Member] | Construction and Land [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 19,072 | 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 |
Residential Real Estate [Member] | Construction and Land [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 1 |
Residential Real Estate [Member] | Multi-family [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 66,496 | 63,822 |
Residential Real Estate [Member] | Multi-family [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 66,410 | 63,730 |
Residential Real Estate [Member] | Multi-family [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 86 | 92 |
Residential Real Estate [Member] | Multi-family [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 693,436 | 595,635 |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 665,548 | 555,451 |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | Pass [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Number of loans upgraded | Loan | 1 | |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 11,671 | $ 13,777 |
Number of loan relationships downgraded | Loan | 9 | 3 |
Number of loans upgraded | Loan | 1 | |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 16,217 | $ 26,407 |
Number of loan relationships downgraded | Loan | 7 | 9 |
Commercial Real Estate [Member] | Construction [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 121,958 | $ 83,748 |
Commercial Real Estate [Member] | Construction [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 121,958 | 83,748 |
Commercial Real Estate [Member] | Construction [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Consumer Loan [Member] | Home Equity [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 22,752 | 17,877 |
Consumer Loan [Member] | Home Equity [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 22,698 | 17,369 |
Consumer Loan [Member] | Home Equity [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Consumer Loan [Member] | Home Equity [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 54 | 508 |
Consumer Loan [Member] | Consumer Installment [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 4,612 | 4,512 |
Consumer Loan [Member] | Consumer Installment [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 4,530 | 4,500 |
Consumer Loan [Member] | Consumer Installment [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 0 | 0 |
Consumer Loan [Member] | Consumer Installment [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 82 | 12 |
Commercial Loans [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 108,022 | 110,271 |
Commercial Loans [Member] | Performing [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | 100,225 | 104,364 |
Commercial Loans [Member] | Special Mention [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 2,352 | $ 996 |
Number of loan relationships downgraded | Loan | 3 | 1 |
Commercial Loans [Member] | Substandard [Member] | ||
Loan Balances by Internal Credit Quality Indicator [Abstract] | ||
Total gross loans | $ 5,445 | $ 4,911 |
Number of loan relationships downgraded | Loan | 2 | 1 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) Loan | Jun. 30, 2023 USD ($) Contract | Jun. 30, 2022 USD ($) Contract | Jun. 30, 2021 Contract | |
Troubled Debt Restructurings [Abstract] | ||||
TDR loans which have subsequently defaulted during the period, number of loans | Contract | 0 | 0 | ||
Residential Real Estate [Member] | Residential 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 Real Estate [Member] | Real Estate Mortgage [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of contracts | Contract | 3 | |||
Pre-modification outstanding recorded investment | $ 1,428 | |||
Post-modification outstanding recorded investment | 1,480 | |||
Current outstanding recorded investment | $ 1,470 | |||
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 | |||
Commercial Loans [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
TDR loans which have subsequently defaulted during the period, number of loans | Loan | 1 | |||
TDR loans which have subsequently defaulted during the period, amount | $ 379 | |||
Commercial Loans [Member] | Residential Real Estate [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 | $ 0 |
Loans, Delinquent and Nonaccrua
Loans, Delinquent and Nonaccrual Loans by Past Due Status (Details) $ in Thousands | Jun. 30, 2023 USD ($) Loan | Jun. 30, 2022 USD ($) Loan |
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 1,408,791 | $ 1,251,987 |
Loans on non-accrual | 5,458 | 6,317 |
Loans in the process of foreclosure | 2,000 | 528 |
Nonaccrual loans with recent history of delinquency greater than 90 days | 3,100 | 4,400 |
Accruing loans delinquent more than 90 days | 0 | 0 |
Substandard [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 25,533 | 37,161 |
Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 3,202 | 4,135 |
30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 111 | 91 |
60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 740 | 2,107 |
90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 2,351 | 1,937 |
Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 1,405,589 | $ 1,247,852 |
Residential Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Number of loans in the process of foreclosure | Loan | 3 | 3 |
Loans in the process of foreclosure | $ 625 | $ 426 |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 372,443 | 360,824 |
Loans on non-accrual | 2,747 | 2,948 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Substandard [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 3,735 | 5,322 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 2,108 | 2,334 |
Residential Real Estate [Member] | Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 66 |
Residential Real Estate [Member] | Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 504 | 1,676 |
Residential Real Estate [Member] | Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 1,604 | 592 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 370,335 | 358,490 |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 19,072 | 15,298 |
Loans on non-accrual | 0 | 1 |
Residential Real Estate [Member] | Construction and Land [Member] | Substandard [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 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 | 19,072 | 15,297 |
Residential Real Estate [Member] | Multi-family [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 66,496 | 63,822 |
Loans on non-accrual | 0 | 0 |
Residential Real Estate [Member] | Multi-family [Member] | Substandard [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 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 | $ 66,496 | $ 63,822 |
Commercial Real Estate [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Number of loans in the process of foreclosure | Loan | 2 | 1 |
Loans in the process of foreclosure | $ 1,400 | $ 102 |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 693,436 | 595,635 |
Loans on non-accrual | 1,318 | 1,269 |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | Substandard [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 16,217 | 26,407 |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 887 | 1,532 |
Commercial Real Estate [Member] | Real Estate Mortgage [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] | Real Estate Mortgage [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 235 | 385 |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 652 | 1,147 |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 692,549 | 594,103 |
Commercial Real Estate [Member] | Construction [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 121,958 | 83,748 |
Loans on non-accrual | 0 | 0 |
Commercial Real Estate [Member] | Construction [Member] | Substandard [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 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 | 121,958 | 83,748 |
Consumer Loan [Member] | Home Equity [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 22,752 | 17,877 |
Loans on non-accrual | 54 | 188 |
Consumer Loan [Member] | Home Equity [Member] | Substandard [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 54 | 508 |
Consumer Loan [Member] | Home Equity [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 61 | 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 | 48 | 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 | 0 | 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 | 13 | 179 |
Consumer Loan [Member] | Home Equity [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 22,691 | 17,695 |
Consumer Loan [Member] | Consumer Installment [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 4,612 | 4,512 |
Loans on non-accrual | 63 | 7 |
Consumer Loan [Member] | Consumer Installment [Member] | Substandard [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 82 | 12 |
Consumer Loan [Member] | Consumer Installment [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 127 | 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 | 63 | 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 | 1 | 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 | 63 | 0 |
Consumer Loan [Member] | Consumer Installment [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 4,485 | 4,473 |
Commercial Loans [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 108,022 | 110,271 |
Loans on non-accrual | 1,276 | 1,904 |
Commercial Loans [Member] | Substandard [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 5,445 | 4,911 |
Commercial Loans [Member] | Total Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 19 | 47 |
Commercial Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 0 |
Commercial Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 0 | 28 |
Commercial Loans [Member] | 90 Days or More Past Due [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | 19 | 19 |
Commercial Loans [Member] | Current [Member] | ||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||
Total loans | $ 108,003 | $ 110,224 |
Loans, Impaired Loans By Loan P
Loans, Impaired Loans By Loan Portfolio Class (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Loans [Abstract] | ||
Threshold principal amount of nonaccrual loans evaluated individually for impairment | $ 250,000 | |
With no related allowance recorded [Abstract] | ||
Recorded investment | 2,872,000 | $ 1,536,000 |
Unpaid principal | 2,872,000 | 1,536,000 |
Average recorded investment | 1,972,000 | 1,238,000 |
Interest income recognized | 70,000 | 33,000 |
With an allowance recorded [Abstract] | ||
Recorded investment | 7,435,000 | 9,235,000 |
Unpaid principal | 7,435,000 | 9,235,000 |
Related allowance | 2,013,000 | 2,347,000 |
Average recorded investment | 8,239,000 | 7,235,000 |
Interest income recognized | 257,000 | 325,000 |
Total impaired [Abstract] | ||
Recorded investment | 10,307,000 | 10,771,000 |
Unpaid principal | 10,307,000 | 10,771,000 |
Related allowance | 2,013,000 | 2,347,000 |
Average recorded investment | 10,211,000 | 8,473,000 |
Interest income recognized | 327,000 | 358,000 |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 1,020,000 | 990,000 |
Unpaid principal | 1,020,000 | 990,000 |
Average recorded investment | 876,000 | 669,000 |
Interest income recognized | 5,000 | 17,000 |
With an allowance recorded [Abstract] | ||
Recorded investment | 2,086,000 | 1,953,000 |
Unpaid principal | 2,086,000 | 1,953,000 |
Related allowance | 597,000 | 588,000 |
Average recorded investment | 2,241,000 | 1,713,000 |
Interest income recognized | 19,000 | 53,000 |
Total impaired [Abstract] | ||
Recorded investment | 3,106,000 | 2,943,000 |
Unpaid principal | 3,106,000 | 2,943,000 |
Related allowance | 597,000 | 588,000 |
Average recorded investment | 3,117,000 | 2,382,000 |
Interest income recognized | 24,000 | 70,000 |
Commercial Real Estate [Member] | Real Estate Mortgage [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 1,518,000 | 67,000 |
Unpaid principal | 1,518,000 | 67,000 |
Average recorded investment | 678,000 | 281,000 |
Interest income recognized | 48,000 | 9,000 |
With an allowance recorded [Abstract] | ||
Recorded investment | 3,777,000 | 3,698,000 |
Unpaid principal | 3,777,000 | 3,698,000 |
Related allowance | 245,000 | 1,118,000 |
Average recorded investment | 3,666,000 | 1,740,000 |
Interest income recognized | 197,000 | 120,000 |
Total impaired [Abstract] | ||
Recorded investment | 5,295,000 | 3,765,000 |
Unpaid principal | 5,295,000 | 3,765,000 |
Related allowance | 245,000 | 1,118,000 |
Average recorded investment | 4,344,000 | 2,021,000 |
Interest income recognized | 245,000 | 129,000 |
Commercial Real Estate [Member] | Construction [Member] | ||
With an allowance recorded [Abstract] | ||
Recorded investment | 102,000 | |
Unpaid principal | 102,000 | |
Related allowance | 1,000 | |
Average recorded investment | 102,000 | |
Interest income recognized | 0 | |
Total impaired [Abstract] | ||
Recorded investment | 102,000 | |
Unpaid principal | 102,000 | |
Related allowance | 1,000 | |
Average recorded investment | 102,000 | |
Interest income recognized | 0 | |
Consumer Loan [Member] | Home Equity [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 0 | 128,000 |
Unpaid principal | 0 | 128,000 |
Average recorded investment | 75,000 | 128,000 |
Interest income recognized | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded investment | 0 | 320,000 |
Unpaid principal | 0 | 320,000 |
Related allowance | 0 | 44,000 |
Average recorded investment | 80,000 | 320,000 |
Interest income recognized | 4,000 | 14,000 |
Total impaired [Abstract] | ||
Recorded investment | 0 | 448,000 |
Unpaid principal | 0 | 448,000 |
Related allowance | 0 | 44,000 |
Average recorded investment | 155,000 | 448,000 |
Interest income recognized | 4,000 | 14,000 |
Consumer Loan [Member] | Consumer Installment [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 0 | 5,000 |
Unpaid principal | 0 | 5,000 |
Average recorded investment | 3,000 | 2,000 |
Interest income recognized | 1,000 | 1,000 |
With an allowance recorded [Abstract] | ||
Related allowance | 0 | 0 |
Total impaired [Abstract] | ||
Recorded investment | 0 | 5,000 |
Unpaid principal | 0 | 5,000 |
Related allowance | 0 | 0 |
Average recorded investment | 3,000 | 2,000 |
Interest income recognized | 1,000 | 1,000 |
Commercial Loans [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 334,000 | 346,000 |
Unpaid principal | 334,000 | 346,000 |
Average recorded investment | 340,000 | 158,000 |
Interest income recognized | 16,000 | 6,000 |
With an allowance recorded [Abstract] | ||
Recorded investment | 1,572,000 | 3,162,000 |
Unpaid principal | 1,572,000 | 3,162,000 |
Related allowance | 1,171,000 | 596,000 |
Average recorded investment | 2,252,000 | 3,360,000 |
Interest income recognized | 37,000 | 138,000 |
Total impaired [Abstract] | ||
Recorded investment | 1,906,000 | 3,508,000 |
Unpaid principal | 1,906,000 | 3,508,000 |
Related allowance | 1,171,000 | 596,000 |
Average recorded investment | 2,592,000 | 3,518,000 |
Interest income recognized | $ 53,000 | $ 144,000 |
Loans, Activity and Allocation
Loans, Activity and Allocation of Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Allowance for Loan Losses [Abstract] | ||
Threshold principal amount of nonaccrual loans evaluated individually for impairment | $ 250,000 | |
Activity of allowance for loan losses by loan category [Roll Forward] | ||
Balance, beginning of period | 22,761,000 | $ 19,668,000 |
Charge-offs | 664,000 | 593,000 |
Recoveries | 186,000 | 408,000 |
Provision | (1,071,000) | 3,278,000 |
Balance, end of period | 21,212,000 | 22,761,000 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 2,013,000 | 2,347,000 |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 19,199,000 | 20,414,000 |
Loans receivable, ending balance, impairment analysis individually evaluated | 10,307,000 | 10,771,000 |
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 1,398,484,000 | 1,241,216,000 |
Smaller Business Loans [Member] | Unsecured [Member] | ||
Allowance for Loan Losses [Abstract] | ||
Threshold period to charge off loans against allowance for loan losses | 90 days | |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Activity of allowance for loan losses by loan category [Roll Forward] | ||
Balance, beginning of period | $ 2,373,000 | 2,012,000 |
Charge-offs | 0 | 27,000 |
Recoveries | 6,000 | 13,000 |
Provision | 234,000 | 375,000 |
Balance, end of period | 2,613,000 | 2,373,000 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 597,000 | 588,000 |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 2,016,000 | 1,785,000 |
Loans receivable, ending balance, impairment analysis individually evaluated | 3,106,000 | 2,943,000 |
Loans receivable, ending balance, impairment analysis collectively evaluated | 369,337,000 | 357,881,000 |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Activity of allowance for loan losses by loan category [Roll Forward] | ||
Balance, beginning of period | 141,000 | 106,000 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 40,000 | 35,000 |
Balance, end of period | 181,000 | 141,000 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 181,000 | 141,000 |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 |
Loans receivable, ending balance, impairment analysis collectively evaluated | 19,072,000 | 15,298,000 |
Residential Real Estate [Member] | Multi-family [Member] | ||
Activity of allowance for loan losses by loan category [Roll Forward] | ||
Balance, beginning of period | 119,000 | 186,000 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 78,000 | (67,000) |
Balance, end of period | 197,000 | 119,000 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 197,000 | 119,000 |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 0 |
Loans receivable, ending balance, impairment analysis collectively evaluated | 66,496,000 | 63,822,000 |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Activity of allowance for loan losses by loan category [Roll Forward] | ||
Balance, beginning of period | 16,221,000 | 13,049,000 |
Charge-offs | 9,000 | 0 |
Recoveries | 4,000 | 0 |
Provision | (3,196,000) | 3,172,000 |
Balance, end of period | 13,020,000 | 16,221,000 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 245,000 | 1,118,000 |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 12,775,000 | 15,103,000 |
Loans receivable, ending balance, impairment analysis individually evaluated | 5,295,000 | 3,765,000 |
Loans receivable, ending balance, impairment analysis collectively evaluated | 688,141,000 | 591,870,000 |
Commercial Real Estate [Member] | Construction [Member] | ||
Activity of allowance for loan losses by loan category [Roll Forward] | ||
Balance, beginning of period | 1,114,000 | 1,535,000 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 508,000 | (421,000) |
Balance, end of period | 1,622,000 | 1,114,000 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 1,000 |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,622,000 | 1,113,000 |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 102,000 |
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 121,958,000 | 83,646,000 |
Consumer Loan [Member] | Unsecured [Member] | ||
Allowance for Loan Losses [Abstract] | ||
Threshold period to charge off loans against allowance for loan losses | 90 days | |
Consumer Loan [Member] | Home Equity [Member] | ||
Activity of allowance for loan losses by loan category [Roll Forward] | ||
Balance, beginning of period | $ 89,000 | 165,000 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (43,000) | (76,000) |
Balance, end of period | 46,000 | 89,000 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 44,000 |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 46,000 | 45,000 |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 448,000 |
Loans receivable, ending balance, impairment analysis collectively evaluated | 22,752,000 | 17,429,000 |
Consumer Loan [Member] | Consumer Installment [Member] | ||
Activity of allowance for loan losses by loan category [Roll Forward] | ||
Balance, beginning of period | 349,000 | 267,000 |
Charge-offs | 535,000 | 454,000 |
Recoveries | 141,000 | 115,000 |
Provision | 377,000 | 421,000 |
Balance, end of period | 332,000 | 349,000 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | 0 |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 332,000 | 349,000 |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | 5,000 |
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 4,612,000 | 4,507,000 |
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 | $ 2,355,000 | 2,348,000 |
Charge-offs | 120,000 | 112,000 |
Recoveries | 35,000 | 280,000 |
Provision | 931,000 | (161,000) |
Balance, end of period | 3,201,000 | 2,355,000 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 1,171,000 | 596,000 |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 2,030,000 | 1,759,000 |
Loans receivable, ending balance, impairment analysis individually evaluated | 1,906,000 | 3,508,000 |
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 106,116,000 | $ 106,763,000 |
Loans, Foreclosed Real Estate (
Loans, Foreclosed Real Estate (FRE) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 302 | $ 68 |
Residential Real Estate [Member] | ||
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | 0 | 68 |
Commercial Loans [Member] | ||
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 302 | $ 0 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Summary of Premises and Equipment [Abstract] | ||
Less: accumulated depreciation | $ (13,828) | $ (12,957) |
Premises and equipment, net | 15,028 | 14,362 |
Land [Member] | ||
Summary of Premises and Equipment [Abstract] | ||
Property, plant and equipment, gross | 2,916 | 2,916 |
Building and Improvements [Member] | ||
Summary of Premises and Equipment [Abstract] | ||
Property, plant and equipment, gross | 20,126 | 18,863 |
Furniture and Equipment [Member] | ||
Summary of Premises and Equipment [Abstract] | ||
Property, plant and equipment, gross | $ 5,814 | $ 5,540 |
Deposits, Schedule of Deposits
Deposits, Schedule of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 159,039 | $ 187,697 |
Certificates of deposit | 128,077 | 40,801 |
Savings deposits | 299,038 | 343,731 |
Money market deposits | 115,029 | 157,623 |
NOW deposits | 1,735,978 | 1,482,752 |
Total deposits | 2,437,161 | 2,212,604 |
Advance payments by borrowers for taxes and insurance | $ 10,100 | $ 10,100 |
Deposits, Schedule of Deposit_2
Deposits, Schedule of Deposits by Time Remaining on Maturity (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Deposits [Abstract] | |
Deposits held for related-parties | $ 66,400 |
Contractual maturities, certificates of deposit less than $250,000 [Abstract] | |
3 months or less | 79,047 |
3 to 6 months | 13,859 |
7 to 12 months | 6,645 |
Over 12 Months | 8,282 |
Total | 107,833 |
Contractual maturities, certificate of deposit $250,000 or more [Abstract] | |
3 months or less | 14,056 |
3 to 6 months | 2,387 |
7 to 12 months | 0 |
Over 12 months | 3,801 |
Total | 20,244 |
Contractual maturities, total certificate of deposits [Abstract] | |
3 months or less | 93,103 |
3 to 6 months | 16,246 |
7 to 12 months | 6,645 |
Over 12 months | 12,083 |
Total certificates of deposit | 128,077 |
Brokered deposits less than $250,000 due within 3 months or less | $ 60,000 |
Deposits, Schedule of Certifica
Deposits, Schedule of Certificates of Deposits by Year of Maturity (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Scheduled maturities of certificates of deposit [Abstract] | |
2024 | $ 115,994 |
2025 | 3,004 |
2026 | 1,133 |
2027 | 427 |
2028 | 7,519 |
Total certificates of deposit | $ 128,077 |
Borrowings, Federal Home Loan B
Borrowings, Federal Home Loan Bank Borrowings, Bank Term Funding Program, and Lines of Credit (Details) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 USD ($) Institution | Jun. 30, 2022 USD ($) Institution | |
Federal Home Loan Bank of New York [Member] | ||
Borrowings [Abstract] | ||
Loans pledged as collateral | $ 573.5 | $ 445.6 |
Federal Home Loan Bank of New York [Member] | The Bank of Greene County [Member] | ||
Borrowings [Abstract] | ||
Loans pledged as collateral | 573.5 | 445.6 |
Maximum amount of funding available | 382.4 | 318.5 |
Short-term or overnight borrowings from Federal Home Loan Bank | 0 | 123.7 |
Stand-by letters of credit from Federal Home Loan Bank | 110 | 0 |
Long-term fixed rate, fixed term advances | 0 | 0 |
Federal Reserve Bank [Member] | ||
Line of credit facility [Abstract] | ||
Amount outstanding | 0 | 0 |
Atlantic Central Bankers' Bank [Member] | ||
Line of credit facility [Abstract] | ||
Maximum borrowing capacity | 7.5 | |
Amount outstanding | 0 | $ 0 |
Atlantic Central Bankers' Bank [Member] | The Bank of Greene County [Member] | ||
Line of credit facility [Abstract] | ||
Maximum borrowing capacity | 15 | |
Other Financial Institution [Member] | The Bank of Greene County [Member] | ||
Line of credit facility [Abstract] | ||
Maximum borrowing capacity | $ 50 | |
Number of other financial institutions | Institution | 2 | 2 |
Amount outstanding | $ 0 | $ 0 |
Borrowings, Subordinated Note P
Borrowings, Subordinated Note Purchase Agreements (Details) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Sep. 15, 2021 USD ($) Investors | Sep. 17, 2020 USD ($) Investors | |
Debt Instrument [Line Items] | ||||
Long-term borrowings | $ 0 | $ 0 | ||
Subordinated Note Purchase Agreements Entered on September 17, 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of qualified institutional investors | Investors | 14 | |||
Interest rate | 4.75% | |||
Debt instrument, due date | Sep. 17, 2030 | |||
Aggregate principal amount | $ 20,000 | |||
Debt issuance costs | $ 424 | |||
Period of debt amortization | 60 months | |||
Outstanding borrowings, net of issuance costs | $ 19,800 | |||
Subordinated Note Purchase Agreement Entered on September 15, 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of qualified institutional investors | Investors | 18 | |||
Interest rate | 3% | |||
Debt instrument, due date | Sep. 15, 2031 | |||
Aggregate principal amount | $ 30,000 | |||
Debt issuance costs | $ 499 | |||
Period of debt amortization | 60 months | |||
Outstanding borrowings, net of issuance costs | $ 29,700 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
Balance | $ 157,714 | $ 149,584 |
Amounts reclassified to net loss on sale of securities available-for-sale non-interest income | 251 | 0 |
Tax expense effect recognized in provision for income taxes | 67 | 0 |
Reclassification adjustment for loss on sale of securities available-for-sale realized in net income, net | 184 | 0 |
Amortization of pension actuarial losses recognized in other expense | 106 | 248 |
Tax expense effect recognized in provision for income taxes | 28 | 66 |
Amortization of pension actuarial losses recognized in salaries and benefits, net | 78 | 182 |
Total other comprehensive loss, net of taxes | (3,025) | (17,222) |
Balance | 183,283 | 157,714 |
Accumulated Other Comprehensive Loss [Member] | ||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
Balance | (18,383) | (1,161) |
Other comprehensive (loss) income before reclassification, net of tax | (3,287) | (17,404) |
Amounts reclassified to net loss on sale of securities available-for-sale non-interest income | 251 | |
Tax expense effect recognized in provision for income taxes | 67 | |
Reclassification adjustment for loss on sale of securities available-for-sale realized in net income, net | 184 | |
Amortization of pension actuarial losses recognized in other expense | 106 | 248 |
Tax expense effect recognized in provision for income taxes | 28 | 66 |
Amortization of pension actuarial losses recognized in salaries and benefits, net | 78 | 182 |
Total other comprehensive loss, net of taxes | (3,025) | (17,222) |
Balance | (21,408) | (18,383) |
Unrealized Gain (Losses) on Securities Available-for-sale [Member] | ||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
Balance | (17,268) | 348 |
Other comprehensive (loss) income before reclassification, net of tax | (3,447) | (17,616) |
Amounts reclassified to net loss on sale of securities available-for-sale non-interest income | 251 | |
Tax expense effect recognized in provision for income taxes | 67 | |
Reclassification adjustment for loss on sale of securities available-for-sale realized in net income, net | 184 | |
Amortization of pension actuarial losses recognized in other expense | 0 | 0 |
Tax expense effect recognized in provision for income taxes | 0 | 0 |
Amortization of pension actuarial losses recognized in salaries and benefits, net | 0 | 0 |
Total other comprehensive loss, net of taxes | (3,263) | (17,616) |
Balance | (20,531) | (17,268) |
Pension Benefits [Member] | ||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
Balance | (1,115) | (1,509) |
Other comprehensive (loss) income before reclassification, net of tax | 160 | 212 |
Amounts reclassified to net loss on sale of securities available-for-sale non-interest income | 0 | |
Tax expense effect recognized in provision for income taxes | 0 | |
Reclassification adjustment for loss on sale of securities available-for-sale realized in net income, net | 0 | |
Amortization of pension actuarial losses recognized in other expense | 106 | 248 |
Tax expense effect recognized in provision for income taxes | 28 | 66 |
Amortization of pension actuarial losses recognized in salaries and benefits, net | 78 | 182 |
Total other comprehensive loss, net of taxes | 238 | 394 |
Balance | $ (877) | $ (1,115) |
Employee Benefit Plans, Change
Employee Benefit Plans, Change in Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Benefit Plans [Abstract] | ||
Required age to participate in defined Benefit Plan | 21 years | |
Benefit obligation at beginning of period | $ 4,617 | $ 6,278 |
Interest cost | 199 | 166 |
Actuarial loss | (225) | (1,235) |
Benefits paid | (240) | (592) |
Benefit obligation at June 30 | $ 4,351 | $ 4,617 |
Employee Benefit Plans, Chang_2
Employee Benefit Plans, Change in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Benefit Plans [Abstract] | ||
Fair value of plan assets at beginning of period | $ 4,502 | $ 5,759 |
Actual return (loss) on plan assets | 212 | (665) |
Employer contributions | 0 | 0 |
Benefits paid | (240) | (592) |
Fair value of plan assets at June 30 | 4,474 | 4,502 |
(Overfunded) Underfunded status at June 30 included in other liabilities | $ (123) | $ 115 |
Employee Benefit Plans, Compone
Employee Benefit Plans, Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Components of Net Periodic Pension Costs [Abstract] | ||
Interest cost | $ 199 | $ 166 |
Expected return on plan assets | (219) | (281) |
Amortization of net loss | 106 | 130 |
Effect of settlement | 0 | 118 |
Net periodic pension expense | $ 86 | 133 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other | |
Accumulated benefit obligation for the pension plan | $ 4,400 | $ 4,600 |
Employee Benefit Plans, Amounts
Employee Benefit Plans, Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Benefit Plans [Abstract] | ||
Actuarial loss on plan assets and benefit obligations | $ 324 | $ 538 |
Deferred tax expense | 86 | 144 |
Net change in plan assets and benefit obligations recognized in other comprehensive income | $ 238 | $ 394 |
Employee Benefit Plans, Amoun_2
Employee Benefit Plans, Amounts Recognized in Financial Condition (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Other liabilities [Abstract] | ||
Projected benefit obligation in (surplus) excess of fair value of pension plan | $ (123) | $ 115 |
Accumulated other comprehensive loss, net of taxes [Abstract] | ||
Net losses and past service liability | $ (877) | $ (1,115) |
Employee Benefit Plans, Assumpt
Employee Benefit Plans, Assumptions Used (Details) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Projected benefit obligation [Abstract] | ||
Discount rate | 4.90% | 4.43% |
Net periodic pension expense [Abstract] | ||
Amortization period, in years | 11 years | 11 years |
Discount rate | 4.43% | 2.71% |
Expected long-term rate of return on plan assets | 5% | 5% |
Compensation rate for frozen plan | 0% |
Employee Benefit Plans, Allocat
Employee Benefit Plans, Allocation of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Allocation of Plan Assets [Abstract] | |||
Total plan assets | $ 4,474 | $ 4,502 | $ 5,759 |
Weighted-average plan asset allocation | 100% | 100% | |
Mutual Funds - Balanced [Member] | |||
Allocation of Plan Assets [Abstract] | |||
Total plan assets | $ 0 | $ 850 | |
Weighted-average plan asset allocation | 0% | 18.90% | |
Mutual Funds - Balanced [Member] | Maximum [Member] | |||
Allocation of Plan Assets [Abstract] | |||
Allowable variation | 5% | ||
Mutual Funds - Fixed Income [Member] | |||
Allocation of Plan Assets [Abstract] | |||
Total plan assets | $ 2,600 | $ 2,366 | |
Weighted-average plan asset allocation | 58.10% | 52.60% | |
Mutual Funds - Equity [Member] | |||
Allocation of Plan Assets [Abstract] | |||
Total plan assets | $ 1,874 | $ 1,286 | |
Weighted-average plan asset allocation | 41.90% | 28.50% | |
Short-term and Intermediate-term Fixed Income Bond Funds [Member] | |||
Allocation of Plan Assets [Abstract] | |||
Target allocation for investment in mutual funds | 60% | ||
Large Cap Value Funds [Member] | |||
Allocation of Plan Assets [Abstract] | |||
Target allocation for investment in mutual funds | 40% |
Employee Benefit Plans, Expecte
Employee Benefit Plans, Expected Benefit Payments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2024 | $ 247 |
2025 | 248 |
2026 | 245 |
2027 | 243 |
2028 | 240 |
2029-2033 | $ 1,326 |
Employee Benefit Plans, Defined
Employee Benefit Plans, Defined Contribution Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Contribution Plan [Abstract] | ||
Required service period to participate in Defined Contribution Plan | 3 months | |
Equal matching of employer contribution dollar for dollar | 3% | |
Percentage of employer contribution for next 3% | 50% | |
Company contributions associated with the contribution plan | $ 483 | $ 413 |
Maximum [Member] | ||
Defined Contribution Plan [Abstract] | ||
Percentage of compensation allowed to be contributed by employees on pre-tax basis | 50% |
Employee Benefit Plans, Employe
Employee Benefit Plans, Employee Stock Ownership Plan ("ESOP") (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Stock Ownership Plan [Abstract] | ||
Payment authorized for purchase of additional shares for ESOP | $ 170 | $ 160 |
ESOP expense | $ 164 | $ 150 |
Unearned shares (in shares) | 0 | 0 |
Employee Stock Ownership Plan [Member] | ||
Employee Stock Ownership Plan [Abstract] | ||
Award vesting period | 3 years |
Employee Benefit Plans, Supplem
Employee Benefit Plans, Supplemental Executive Retirement Plan (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 USD ($) Installment | Jun. 30, 2022 USD ($) | |
Supplement Executive Retirement Plan [Abstract] | ||
Net periodic pension costs | $ 86 | $ 133 |
Supplemental Executive Retirement Plan [Member] | ||
Supplement Executive Retirement Plan [Abstract] | ||
Vesting period | 10 years | |
Period in which lump sum benefit will be paid in the event of death, disability or termination | 2 years | |
Number of annual installments in which benefit will be paid | Installment | 10 | |
Net periodic pension costs | $ 1,800 | 1,200 |
Postemployment benefits liability | $ 12,300 | $ 9,900 |
Supplemental Executive Retirement Plan [Member] | Deferred Base Salary [Member] | ||
Supplement Executive Retirement Plan [Abstract] | ||
Maximum annual contribution per employee | 50% | |
Supplemental Executive Retirement Plan [Member] | Deferred Annual Bonus [Member] | ||
Supplement Executive Retirement Plan [Abstract] | ||
Maximum annual contribution per employee | 100% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) $ in Thousands | 12 Months Ended | ||
Mar. 23, 2023 | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | |
Common Stock [Member] | |||
Share-based Compensation [Abstract] | |||
Stock split conversion ratio | 2 | ||
2011 Phantom Stock Option and Long-term Incentive Plan [Member] | |||
Share-based Compensation [Abstract] | |||
Number of shares authorized under the plan (in shares) | 16,000,000 | 11,600,000 | |
Number of options granted to date (in shares) | 12,354,004 | 11,546,804 | |
Stock option activity, shares [Roll Forward] | |||
Number of options outstanding at beginning of year (in shares) | 2,959,040 | 3,015,200 | |
Options granted (in shares) | 807,200 | 950,240 | |
Options Forfeited (in shares) | (9,000) | 0 | |
Options paid in cash upon vesting (in shares) | (1,221,400) | (1,006,400) | |
Number of options outstanding at period end (in shares) | 2,535,840 | 2,959,040 | |
Stock option related information [Abstract] | |||
Cash paid out on options vested | $ | $ 4,287 | $ 3,137 | |
Compensation costs recognized | $ | 4,439 | 4,291 | |
Total liability for the Plan | $ | $ 6,300 | $ 6,100 | |
2011 Phantom Stock Option and Long-term Incentive Plan [Member] | Minimum [Member] | |||
Share-based Compensation [Abstract] | |||
Strike price of phantom stock options as percent of book value | 100% |
Earnings Per Share (Details)
Earnings Per Share (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 23, 2023 | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | |
Earnings Per Share [Abstract] | |||
Anti-dilutive securities or contracts outstanding (in shares) | 0 | 0 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||
Net Income | $ | $ 30,785 | $ 27,986 | |
Weighted Average Shares - Basic (in shares) | 17,026,828 | 17,026,828 | |
Effect of Dilutive Stock Options (in shares) | 0 | 0 | |
Weighted Average Shares - Diluted (in shares) | 17,026,828 | 17,026,828 | |
Earnings per share - Basic (in dollars per share) | $ / shares | $ 1.81 | $ 1.64 | |
Earnings per share - Diluted (in dollars per share) | $ / shares | $ 1.81 | $ 1.64 | |
Common Stock [Member] | |||
Stock Split [Abstract] | |||
Stock split conversion ratio | 2 |
Income Taxes, Provision for Inc
Income Taxes, Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Current expense [Abstract] | ||
Federal | $ 4,284 | $ 4,741 |
State | 907 | 860 |
Total current expense | 5,191 | 5,601 |
Deferred benefit | (149) | (682) |
Total provision for income taxes | $ 5,042 | $ 4,919 |
Income Taxes, Effective Tax Rat
Income Taxes, Effective Tax Rate Reconciliation (Details) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||
Tax based on federal statutory rate | 21% | 21% |
State income taxes, net of federal benefit | 1.81% | 1.64% |
Tax-exempt income | (8.26%) | (6.31%) |
Captive insurance premium income | (1.09%) | (0.96%) |
Other, net | 0.61% | (0.42%) |
Total income tax expense | 14.07% | 14.95% |
Income Taxes, Deferred Tax Asse
Income Taxes, Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Deferred tax assets [Abstract] | ||
Allowance for loan losses | $ 5,669 | $ 6,083 |
Pension benefits | 0 | 30 |
Unrealized losses on securities | 7,424 | 6,243 |
Other benefit plans | 4,968 | 4,275 |
Other | 105 | 90 |
Total deferred tax assets | 18,166 | 16,721 |
Deferred tax liabilities [Abstract] | ||
Depreciation | 1,148 | 1,088 |
Net loan costs | 1,225 | 1,170 |
Real estate investment trust income | 3,126 | 2,839 |
Pension benefits | 33 | 0 |
Other | 0 | 244 |
Total deferred tax liabilities | 5,532 | 5,341 |
Net deferred tax asset included in prepaid expenses and other assets | $ 12,634 | $ 11,380 |
Income Taxes, Income Tax Uncert
Income Taxes, Income Tax Uncertainties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Uncertainties [Abstract] | ||
Uncertain tax positions | $ 0 | $ 0 |
Unrecaptured pre-1988 Federal bad debt reserve | $ 1,800 | |
Federal [Member] | ||
Income Tax Uncertainties [Abstract] | ||
Open tax year | 2020 2021 2022 | |
New York State [Member] | ||
Income Tax Uncertainties [Abstract] | ||
Open tax year | 2020 2021 2022 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) - The Bank of Greene County [Member] - USD ($) | Feb. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Commitments [Abstract] | |||
Total commitments | $ 219,575,000 | $ 299,580,000 | |
Cash payments under settlement agreement | $ 1,150,000 | ||
Settlement agreement waived amount | $ 64,500 | ||
Litigation reserved amount | 1,150,000 | ||
Unfunded Loan Commitments [Member] | |||
Commitments [Abstract] | |||
Total commitments | 124,498,000 | 213,420,000 | |
Unused Lines of Credit [Member] | |||
Commitments [Abstract] | |||
Total commitments | 94,898,000 | 85,971,000 | |
Standby Letters of Credit [Member] | |||
Commitments [Abstract] | |||
Total commitments | $ 179,000 | $ 189,000 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities, Risk Participation Agreements (Details) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 USD ($) Counterparty | Jun. 30, 2022 USD ($) | |
Risk Participation Agreements [Abstract] | ||
Credit exposure risk participations out | $ 0 | $ 0 |
Credit exposure risk participations in | $ 0 | $ 0 |
Number of counterparties | Counterparty | 4 | |
Minimum [Member] | ||
Risk Participation Agreements [Abstract] | ||
Credit exposure term | 4 years | |
Maximum [Member] | ||
Risk Participation Agreements [Abstract] | ||
Credit exposure term | 14 years |
Operating leases, Quantitative
Operating leases, Quantitative Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating lease amounts [Abstract] | ||
Right-of-use assets | $ 2,188 | $ 1,980 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other assets | Prepaid expenses and other assets |
Lease liabilities | $ 2,277 | $ 2,040 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities |
Other information [Abstract] | ||
Operating outgoing cash flows from operating leases | $ 373 | $ 352 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 561 | 415 |
Lease costs [Abstract] | ||
Operating lease cost | 359 | 322 |
Variable lease cost | $ 43 | $ 44 |
Operating Leases, Undiscounted
Operating Leases, Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Undiscounted Cash Flows of Operating Lease Liabilities [Abstract] | ||
2024 | $ 455 | |
2025 | 459 | |
2026 | 436 | |
2027 | 387 | |
2028 | 330 | |
Thereafter | 401 | |
Total undiscounted cash flow | 2,468 | |
Less net present value adjustment | (191) | |
Lease liability | $ 2,277 | $ 2,040 |
Weighted-average remaining lease term | 5 years 10 months 2 days | 4 years 10 months 17 days |
Weighted-average discount rate | 2.69% | 2.13% |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Assets [Abstract] | ||
Securities available-for-sale | $ 281,133 | $ 408,062 |
Equity securities | 306 | 273 |
Recurring [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 281,133 | 408,062 |
Equity securities | 306 | 273 |
Total securities measured at fair value | 281,439 | 408,335 |
Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 10,823 | 11,319 |
Recurring [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 16,500 | 18,427 |
Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 138,011 | 248,076 |
Recurring [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 25,601 | 29,897 |
Recurring [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 72,086 | 83,709 |
Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 18,112 | 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 | 306 | 273 |
Total securities measured at fair value | 306 | 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 | 281,133 | 408,062 |
Equity securities | 0 | 0 |
Total securities measured at fair value | 281,133 | 408,062 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 10,823 | 11,319 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 16,500 | 18,427 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 138,011 | 248,076 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 25,601 | 29,897 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 72,086 | 83,709 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 18,112 | 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 | 12 Months Ended | |
Jun. 30, 2023 USD ($) Approach | Jun. 30, 2022 USD ($) | |
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, recorded investment | $ 10,307 | $ 10,771 |
Impaired loans, related allowance | 2,013 | 2,347 |
Nonrecurring [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, recorded investment | 7,578 | 9,401 |
Impaired loans, related allowance | 2,013 | 2,347 |
Impaired loans, fair value | 5,565 | 7,054 |
Foreclosed real estate, recorded investment | 302 | 68 |
Foreclosed real estate, related allowance | 0 | 0 |
Foreclosed real estate, fair value | $ 302 | 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 | 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 | 0 |
Nonrecurring [Member] | Level 3 [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Impaired loans, fair value | 5,565 | 7,054 |
Foreclosed real estate, fair value | $ 302 | $ 68 |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments, Fair Value Inputs, Assets, Quantitative Information (Details) - Level 3 [Member] $ in Thousands | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Appraisal of Collateral [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | [1] | $ 4,887 | $ 4,333 |
Foreclosed real estate | [1] | 302 | 68 |
Discounted Cash Flow [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans | $ 678 | $ 2,721 | |
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 | 0.1046 |
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] | 0.2053 | 0.0706 |
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 |
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] | 0.2346 | 0.2167 |
Foreclosed real estate, measurement input | [1],[2] | 0 | 0.1046 |
Liquidation Expenses [Member] | Appraisal of Collateral [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Foreclosed real estate, measurement input | [1],[3] | 0.0638 | |
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 |
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] | 0.0477 | 0.0558 |
Liquidation Expenses [Member] | Appraisal of Collateral [Member] | Weighted Average [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | [1],[3] | 0.0445 | 0.0472 |
Foreclosed real estate, measurement input | [1],[3] | 0.0638 | |
Discount Rate [Member] | Discounted Cash Flow [Member] | Minimum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | 0.0524 | 0.0419 | |
Discount Rate [Member] | Discounted Cash Flow [Member] | Maximum [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | 0.0749 | 0.1195 | |
Discount Rate [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | |||
Additional Quantitative Information about Assets Measured at Fair Value [Abstract] | |||
Impaired loans, measurement input | 0.0598 | 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 may be adjusted downwards by management for items 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 | Jun. 30, 2023 | Jun. 30, 2022 |
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Securities available-for-sale | $ 281,133 | $ 408,062 |
Equity securities | 306 | 273 |
Carrying Amount [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 196,445 | 69,009 |
Long term certificate of deposit | 4,576 | 4,107 |
Securities available-for-sale | 281,133 | 408,062 |
Securities held-to-maturity | 726,363 | 761,852 |
Equity securities | 306 | 273 |
Federal Home Loan Bank stock | 1,682 | 6,803 |
Net loans receivable | 1,387,654 | 1,229,355 |
Accrued interest receivable | 12,249 | 8,917 |
Deposits | 2,437,161 | 2,212,604 |
Borrowings | 123,700 | |
Subordinated notes payable, net | 49,495 | 49,310 |
Accrued interest payable | 936 | 603 |
Fair Value [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 196,445 | 69,009 |
Long term certificate of deposit | 4,383 | 3,993 |
Securities available-for-sale | 281,133 | 408,062 |
Securities held-to-maturity | 671,066 | 710,453 |
Equity securities | 306 | 273 |
Federal Home Loan Bank stock | 1,682 | 6,803 |
Net loans receivable | 1,272,361 | 1,170,960 |
Accrued interest receivable | 12,249 | 8,917 |
Deposits | 2,437,357 | 2,212,743 |
Borrowings | 123,793 | |
Subordinated notes payable, net | 47,669 | 49,168 |
Accrued interest payable | 936 | 603 |
Fair Value [Member] | Level 1 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 196,445 | 69,009 |
Long term certificate of deposit | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Equity securities | 306 | 273 |
Federal Home Loan Bank stock | 0 | 0 |
Net loans receivable | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 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 certificate of deposit | 4,383 | 3,993 |
Securities available-for-sale | 281,133 | 408,062 |
Securities held-to-maturity | 671,066 | 710,453 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 1,682 | 6,803 |
Net loans receivable | 0 | 0 |
Accrued interest receivable | 12,249 | 8,917 |
Deposits | 2,437,357 | 2,212,743 |
Borrowings | 123,793 | |
Subordinated notes payable, net | 47,669 | 49,168 |
Accrued interest payable | 936 | 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 certificate of deposit | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Net loans receivable | 1,272,361 | 1,170,960 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Borrowings | 0 | |
Subordinated notes payable, net | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) |
The Bank of Greene County [Member] | ||
Compliance with Regulatory Capital [Abstract] | ||
Total risk-based capital, actual amount | $ 249,165 | $ 221,236 |
Total risk-based capital, actual ratio | 0.165 | 0.16 |
Total risk-based capital for capital adequacy purposes, amount | $ 121,020 | $ 110,294 |
Total risk-based capital for capital adequacy purposes, ratio | 0.08 | 0.08 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 151,275 | $ 137,867 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.10 | 0.10 |
Total risk-based capital for capital conservation buffer, actual | 0.0847 | 0.0805 |
Total risk-based capital for capital conservation buffer, required | 0.025 | 0.025 |
Tier 1 risk-based capital, actual amount | $ 230,228 | $ 203,935 |
Tier 1 risk-based capital, actual ratio | 0.152 | 0.148 |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 90,765 | $ 82,720 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 0.06 | 0.06 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 121,020 | $ 110,294 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.08 | 0.08 |
Tier 1 risk-based capital for capital conservation buffer, actual | 0.0922 | 0.0879 |
Tier 1 risk-based capital for capital conservation buffer, required | 2.50% | 2.50% |
Common equity tier 1 capital, actual amount | $ 230,228 | $ 203,935 |
Common equity tier 1 capital, actual ratio | 0.152 | 0.148 |
Common equity tier 1 capital for capital adequacy purposes, amount | $ 68,074 | $ 62,040 |
Common equity tier 1 capital for capital adequacy purposes, ratio | 0.045 | 0.045 |
Common equity tier 1 capital to be well capitalized under prompt corrective action provisions, amount | $ 98,328 | $ 89,614 |
Common equity tier 1 capital to be well capitalized under prompt corrective action provisions, ratio | 0.065 | 0.065 |
Common equity tier 1 capital for capital conservation buffer, actual | 0.1072 | 0.1029 |
Common equity tier 1 capital for capital conservation buffer, required | 2.50% | 2.50% |
Tier 1 leverage ratio, actual amount | $ 230,228 | $ 203,935 |
Tier 1 leverage ratio, actual ratio | 0.087 | 0.081 |
Tier 1 leverage ratio for capital adequacy purposes, amount | $ 106,141 | $ 100,193 |
Tier 1 leverage ratio for capital adequacy purposes, ratio | 0.04 | 0.04 |
Tier 1 leverage ratio to be well capitalized under prompt corrective action provisions, amount | $ 132,676 | $ 125,242 |
Tier 1 leverage ratio to be well capitalized under prompt corrective action provisions, ratio | 0.05 | 0.05 |
Tier 1 leverage ratio for capital conservation buffer, actual | 4.68% | 4.14% |
Tier 1 leverage ratio for capital conservation buffer, required | 2.50% | 2.50% |
Greene County Commercial Bank [Member] | ||
Compliance with Regulatory Capital [Abstract] | ||
Total risk-based capital, actual amount | $ 104,781 | $ 94,408 |
Total risk-based capital, actual ratio | 0.466 | 0.415 |
Total risk-based capital for capital adequacy purposes, amount | $ 17,975 | $ 18,195 |
Total risk-based capital for capital adequacy purposes, ratio | 0.08 | 0.08 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 22,469 | $ 22,744 |
Total risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.10 | 0.10 |
Total risk-based capital for capital conservation buffer, actual | 0.3863 | 0.3351 |
Total risk-based capital for capital conservation buffer, required | 0.025 | 0.025 |
Tier 1 risk-based capital, actual amount | $ 104,781 | $ 94,408 |
Tier 1 risk-based capital, actual ratio | 0.466 | 0.415 |
Tier 1 risk-based capital for capital adequacy purposes, amount | $ 13,481 | $ 13,646 |
Tier 1 risk-based capital for capital adequacy purposes, ratio | 0.06 | 0.06 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, amount | $ 17,975 | $ 18,195 |
Tier 1 risk-based capital to be well capitalized under prompt corrective action provisions, ratio | 0.08 | 0.08 |
Tier 1 risk-based capital for capital conservation buffer, actual | 0.4063 | 0.3551 |
Tier 1 risk-based capital for capital conservation buffer, required | 2.50% | 2.50% |
Common equity tier 1 capital, actual amount | $ 104,781 | $ 94,408 |
Common equity tier 1 capital, actual ratio | 0.466 | 0.415 |
Common equity tier 1 capital for capital adequacy purposes, amount | $ 10,111 | $ 10,235 |
Common equity tier 1 capital for capital adequacy purposes, ratio | 0.045 | 0.045 |
Common equity tier 1 capital to be well capitalized under prompt corrective action provisions, amount | $ 14,605 | $ 14,783 |
Common equity tier 1 capital to be well capitalized under prompt corrective action provisions, ratio | 0.065 | 0.065 |
Common equity tier 1 capital for capital conservation buffer, actual | 0.4213 | 0.3701 |
Common equity tier 1 capital for capital conservation buffer, required | 2.50% | 2.50% |
Tier 1 leverage ratio, actual amount | $ 104,781 | $ 94,408 |
Tier 1 leverage ratio, actual ratio | 0.091 | 0.081 |
Tier 1 leverage ratio for capital adequacy purposes, amount | $ 45,958 | $ 46,874 |
Tier 1 leverage ratio for capital adequacy purposes, ratio | 0.04 | 0.04 |
Tier 1 leverage ratio to be well capitalized under prompt corrective action provisions, amount | $ 57,447 | $ 58,593 |
Tier 1 leverage ratio to be well capitalized under prompt corrective action provisions, ratio | 0.05 | 0.05 |
Tier 1 leverage ratio for capital conservation buffer, actual | 5.12% | 4.06% |
Tier 1 leverage ratio for capital conservation buffer, required | 2.50% | 2.50% |
Condensed Financial Statement_3
Condensed Financial Statements of Greene County Bancorp, Inc., Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
ASSETS [Abstract] | |||
Long-term certificates of deposit | $ 4,576 | $ 4,107 | |
Securities available-for-sale, at fair value | 281,133 | 408,062 | |
Accrued interest receivable | 12,249 | 8,917 | |
Prepaid expenses and other assets | 17,482 | 15,237 | |
Total assets | 2,698,283 | 2,571,740 | |
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract] | |||
Subordinated notes payable, net | 49,495 | 49,310 | |
Accrued expenses and other liabilities | 28,344 | 28,412 | |
Total liabilities | 2,515,000 | 2,414,026 | |
Total shareholders' equity | 183,283 | 157,714 | $ 149,584 |
Total liabilities and shareholders' equity | 2,698,283 | 2,571,740 | |
Parent Company [Member] | |||
ASSETS [Abstract] | |||
Cash and cash equivalents | 19,822 | 18,891 | $ 279 |
Investment in subsidiaries | 208,861 | 188,638 | |
Long-term certificates of deposit | 3,826 | 0 | |
Securities available-for-sale, at fair value | 761 | 0 | |
Accrued interest receivable | 26 | 0 | |
Prepaid expenses and other assets | 93 | 90 | |
Total assets | 233,389 | 207,619 | |
LIABILITIES AND SHAREHOLDERS' EQUITY [Abstract] | |||
Subordinated notes payable, net | 49,495 | 49,310 | |
Accrued expenses and other liabilities | 611 | 595 | |
Total liabilities | 50,106 | 49,905 | |
Total shareholders' equity | 183,283 | 157,714 | |
Total liabilities and shareholders' equity | $ 233,389 | $ 207,619 |
Condensed Financial Statement_4
Condensed Financial Statements of Greene County Bancorp, Inc., Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
INCOME [Abstract] | ||
Other Income | $ 912 | $ 997 |
OPERATING EXPENSES [Abstract] | ||
Interest on borrowings | 3,352 | 1,963 |
Other expense | 3,029 | 3,330 |
Net income | 30,785 | 27,986 |
Parent Company [Member] | ||
INCOME [Abstract] | ||
Equity in undistributed net income of subsidiaries | 26,829 | 28,155 |
Dividend distributed by subsidiary | $ 6,400 | $ 2,004 |
Investment, Issuer Affiliation [Extensible Enumeration] | us-gaap:InvestmentsInMajorityOwnedSubsidiariesMember | us-gaap:InvestmentsInMajorityOwnedSubsidiariesMember |
Interest-earning deposits | $ 6 | $ 1 |
Other Income | 2 | 11 |
Total Income | 33,237 | 30,171 |
OPERATING EXPENSES [Abstract] | ||
Legal fees | 101 | 65 |
Interest on borrowings | 1,850 | 1,688 |
Other expense | 501 | 432 |
Total operating expenses | 2,452 | 2,185 |
Net income | $ 30,785 | $ 27,986 |
Condensed Financial Statement_5
Condensed Financial Statements of Greene County Bancorp, Inc., Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities [Abstract] | ||
Net Income | $ 30,785 | $ 27,986 |
Adjustments to reconcile net income to cash provided by operating activities [Abstract] | ||
Amortization of subordinated debt issuance costs | 185 | 165 |
Net (increase) decrease in prepaid expenses and other assets | 133 | 176 |
Net cash provided by operating activities | 28,109 | 35,354 |
Cash flows from Investing Activities [Abstract] | ||
Net cash provided by (used in) investing activities | 661 | (471,183) |
Cash flows from financing activities [Abstract] | ||
Net decrease in short-term advances - other banks | 0 | (3,000) |
Net proceeds from subordinated notes payable | 0 | 29,501 |
Payment of cash dividends | (2,191) | (2,634) |
Net cash (used by) provided by financing activities | 98,666 | 355,063 |
Net increase (decrease) in cash and cash equivalents | 127,436 | (80,766) |
Parent Company [Member] | ||
Cash flows from operating activities [Abstract] | ||
Net Income | 30,785 | 27,986 |
Adjustments to reconcile net income to cash provided by operating activities [Abstract] | ||
Undistributed earnings of subsidiaries | (26,829) | (28,155) |
Amortization of subordinated debt issuance costs | 185 | 165 |
Net (increase) decrease in prepaid expenses and other assets | (29) | 18 |
Net decrease in dividend receivable | 0 | 1,500 |
Net increase in total liabilities | 16 | 231 |
Net cash provided by operating activities | 4,128 | 1,745 |
Cash flows from Investing Activities [Abstract] | ||
Investment in subsidiary | 0 | (7,000) |
Net cash transferred related to Greene Risk Management Inc. liquidation | (1,006) | 0 |
Net cash provided by (used in) investing activities | (1,006) | (7,000) |
Cash flows from financing activities [Abstract] | ||
Net decrease in short-term advances - other banks | 0 | (3,000) |
Net proceeds from subordinated notes payable | 0 | 29,501 |
Payment of cash dividends | (2,191) | (2,634) |
Net cash (used by) provided by financing activities | (2,191) | 23,867 |
Net increase (decrease) in cash and cash equivalents | 931 | 18,612 |
Cash and cash equivalents at beginning of year | 18,891 | 279 |
Cash and cash equivalents at end of year | $ 19,822 | $ 18,891 |
Subsequent events (Details)
Subsequent events (Details) - $ / shares | 12 Months Ended | ||
Jul. 19, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Dividends [Abstract] | |||
Common stock, dividends declared (in dollars per share) | $ 0.28 | $ 0.26 | |
2022 Annual Dividend [Member] | |||
Dividends [Abstract] | |||
Common stock, dividends declared (in dollars per share) | $ 0.28 | ||
Subsequent Event [Member] | 2023 Q4 Dividend [Member] | |||
Dividends [Abstract] | |||
Dividends payable, date declared | Jul. 19, 2023 | ||
Common stock, dividends declared (in dollars per share) | $ 0.08 | ||
Dividends payable, date of record | Aug. 14, 2023 | ||
Dividends payable, date paid | Aug. 31, 2023 | ||
Subsequent Event [Member] | 2023 Annual Dividend [Member] | |||
Dividends [Abstract] | |||
Common stock, dividends declared (in dollars per share) | $ 0.32 | ||
Percentage of increase in cash dividend rate | 14.30% |