Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2023 | Nov. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 0-25165 | |
Entity Registrant Name | GREENE COUNTY BANCORP, INC. | |
Entity Central Index Key | 0001070524 | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 14-1809721 | |
Entity Address, Address Line One | 302 Main Street | |
Entity Address, City or Town | Catskill | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 12414 | |
City Area Code | 518 | |
Local Phone Number | 943-2600 | |
Title of 12(b) Security | Common Stock, $0.10 par value | |
Trading Symbol | GCBC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,026,828 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | |
ASSETS | |||
Cash and due from banks | $ 23,454 | $ 15,305 | |
Interest-bearing deposits | 106,799 | 181,140 | |
Total cash and cash equivalents | 130,253 | 196,445 | |
Long-term certificates of deposit | 4,070 | 4,576 | |
Securities available-for-sale, at fair value | 308,716 | 281,133 | |
Securities held-to-maturity, at amortized cost , net of allowance for credit losses of $498 at September 30, 2023 | 711,716 | 726,363 | |
Equity securities, at fair value | 299 | 306 | |
Federal Home Loan Bank stock, at cost | 1,979 | 1,682 | |
Loans receivable | 1,448,340 | [1],[2] | 1,408,866 |
Allowance for credit losses on loans | (20,249) | (21,212) | |
Net loans receivable | 1,428,091 | 1,387,654 | |
Premises and equipment, net | 15,282 | 15,028 | |
Bank-owned life insurance | 55,425 | 55,063 | |
Accrued interest receivable | 13,761 | 12,249 | |
Foreclosed real estate | 302 | 302 | |
Prepaid expenses and other assets | 18,301 | 17,482 | |
Total assets | 2,688,195 | 2,698,283 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Noninterest-bearing deposits | 166,054 | 159,039 | |
Interest-bearing deposits | 2,254,427 | 2,278,122 | |
Total deposits | 2,420,481 | 2,437,161 | |
Borrowings from Federal Home Loan Bank term | 4,374 | 0 | |
Subordinated notes payable, net | 49,542 | 49,495 | |
Accrued expenses and other liabilities | 29,630 | 28,344 | |
Total liabilities | 2,504,027 | 2,515,000 | |
SHAREHOLDERS' EQUITY | |||
Preferred stock, Authorized - 1,000,000 shares; Issued - None | 0 | 0 | |
Common stock, par value $0.10 per share; Authorized - 36,000,000 shares; Issued - 17,222,680 shares at September 30, 2023 and June 30, 2023; Outstanding - 17,026,828 shares at September 30, 2023, and June 30, 2023 | 1,722 | 1,722 | |
Additional paid-in capital | 10,156 | 10,156 | |
Retained earnings | 198,318 | 193,721 | |
Accumulated other comprehensive loss | (25,120) | (21,408) | |
Treasury stock, at cost 195,852 shares at September 30, 2023, and June 30, 2023 | (908) | (908) | |
Total shareholders' equity | 184,168 | 183,283 | |
Total liabilities and shareholders' equity | $ 2,688,195 | $ 2,698,283 | |
[1]Loan balances exclude accrued interest receivable of $6.0 million at September 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition.[2]Loan balances include net deferred fees/cost of $62,000 at September 30, 2023. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | |
ASSETS | |||
Securities held-to-maturity, allowance for credit losses | [1] | $ 498 | $ 0 |
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 | |
[1] The Company adopted ASU 2016-13 (CECL) on July 1, 2023. For periods subsequent to adoption, an allowance is calculated under the CECL methodology. The periods prior to adoption did not have an allowance for credit losses under applicable GAAP for those periods. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income: | ||
Loans | $ 17,205 | $ 13,382 |
Investment securities - taxable | 768 | 664 |
Mortgage-backed securities | 1,493 | 1,490 |
Investment securities - tax exempt | 4,290 | 3,077 |
Interest-bearing deposits and federal funds sold | 916 | 27 |
Total interest income | 24,672 | 18,640 |
Interest expense: | ||
Interest on deposits | 10,607 | 2,010 |
Interest on borrowings | 626 | 796 |
Total interest expense | 11,233 | 2,806 |
Net interest income | 13,439 | 15,834 |
Provision for credit losses | 457 | (499) |
Net interest income after provision for credit losses | 12,982 | 16,333 |
Noninterest income: | ||
Service charges on deposit accounts | 1,230 | 1,217 |
Debit card fees | 1,133 | 1,142 |
Investment services | 243 | 180 |
E-commerce fees | 29 | 26 |
Bank owned life insurance | 362 | 340 |
Other operating income | 302 | 193 |
Total noninterest income | 3,299 | 3,098 |
Noninterest expense: | ||
Salaries and employee benefits | 5,491 | 5,428 |
Occupancy expense | 537 | 524 |
Equipment and furniture expense | 138 | 158 |
Service and data processing fees | 591 | 702 |
Computer software, supplies and support | 511 | 381 |
Advertising and promotion | 97 | 76 |
FDIC insurance premiums | 312 | 242 |
Legal and professional fees | 383 | 451 |
Other | 785 | 835 |
Total noninterest expense | 8,845 | 8,797 |
Income before provision for income taxes | 7,436 | 10,634 |
Provision for income taxes | 967 | 1,598 |
Net income | $ 6,469 | $ 9,036 |
Basic earnings per share (in dollars per share) | $ 0.38 | $ 0.53 |
Diluted earnings per share (in dollars per share) | $ 0.38 | $ 0.53 |
Basic average shares outstanding (in shares) | 17,026,828 | 17,026,828 |
Diluted average shares outstanding (in shares) | 17,026,828 | 17,026,828 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net Income | $ 6,469 | $ 9,036 |
Other comprehensive loss: | ||
Unrealized holding losses on available-for-sale securities, gross | (5,065) | (9,031) |
Tax effect | (1,353) | (2,413) |
Unrealized holding losses on available-for-sale securities, net | (3,712) | (6,618) |
Total other comprehensive loss, net of taxes | (3,712) | (6,618) |
Comprehensive income | $ 2,757 | $ 2,418 |
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] | Retained Earnings [Member] Cumulative Effect Adjustment for ASU Implementation [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total | Cumulative Effect Adjustment for ASU Implementation [Member] |
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 | (546) | (546) | ||||||
Net Income | 9,036 | 9,036 | ||||||
Other comprehensive loss, net of taxes | (6,618) | (6,618) | ||||||
Balance at Sep. 30, 2022 | 1,722 | 10,156 | 173,617 | (25,001) | (908) | 159,586 | ||
Balance at Jun. 30, 2023 | 1,722 | 10,156 | 193,721 | (21,408) | (908) | 183,283 | ||
Balance (Accounting Standards Update 2016-13 [Member]) at Jun. 30, 2023 | $ (510) | $ (510) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared | (1,362) | (1,362) | ||||||
Net Income | 6,469 | 6,469 | ||||||
Other comprehensive loss, net of taxes | (3,712) | (3,712) | ||||||
Balance at Sep. 30, 2023 | $ 1,722 | $ 10,156 | $ 198,318 | $ (25,120) | $ (908) | $ 184,168 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net Income | $ 6,469 | $ 9,036 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 220 | 213 |
Deferred income tax benefit | (735) | (262) |
Net amortization of investment premiums and discounts | 410 | 755 |
Net amortization of deferred loan costs and fees | 40 | 76 |
Amortization of subordinated debt issuance costs | 47 | 46 |
Provision for credit losses | 457 | (499) |
Bank-owned life insurance income | (362) | (340) |
Net loss on equity securities | 7 | 19 |
Net loss on sale of foreclosed real estate | 0 | 5 |
Net increase (decrease) in accrued income taxes | 1,346 | (72) |
Net increase in accrued interest receivable | (1,512) | (1,619) |
Net decrease in prepaid expenses and other assets | 109 | 439 |
Net decrease in accrued expense and other liabilities | (238) | (3,396) |
Net cash provided by operating activities | 6,258 | 4,401 |
Securities available-for-sale: | ||
Proceeds from maturities | 43,355 | 80,476 |
Purchases of securities | (77,044) | (22,256) |
Proceeds from principal payments on securities | 942 | 6,898 |
Securities held-to-maturity: | ||
Proceeds from maturities | 18,192 | 21,539 |
Purchases of securities | (7,997) | (21,292) |
Proceeds from principal payments on securities | 3,649 | 8,297 |
Net (purchase) redemption of Federal Home Loan Bank Stock | (297) | 4,358 |
Maturity of long-term certificates of deposit | 500 | 245 |
Net increase in loans receivable | (39,608) | (98,073) |
Proceeds from sale of foreclosed real estate | 0 | 63 |
Purchases of premises and equipment | (474) | (154) |
Net cash used in investing activities | (58,782) | (19,899) |
Cash flows from financing activities: | ||
Net decrease in short-term FHLB advances | 0 | (100,300) |
Proceeds from term FHLB advances | 4,374 | 0 |
Payment of cash dividends | (1,362) | (546) |
Net (decrease) increase in deposits | (16,680) | 114,259 |
Net cash (used in) provided by financing activities | (13,668) | 13,413 |
Net decrease in cash and cash equivalents | (66,192) | (2,085) |
Cash and cash equivalents at beginning of period | 196,445 | 69,009 |
Cash and cash equivalents at end of period | 130,253 | 66,924 |
Cash paid during period for: | ||
Interest | 11,638 | 3,266 |
Income taxes | $ 356 | $ 1,932 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Basis of Presentation Within the accompanying unaudited interim consolidated financial statements and related notes to the consolidated financial statements, the June 30, 2023 data was derived from the audited consolidated financial statements and notes of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, The Bank of Greene County (the “Bank”) and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank (the “Commercial Bank”) and Greene Property Holdings, Ltd. The interim consolidated financial statements at and for the three months ended September 30, 2023 and 2022 are unaudited. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2023, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items) necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. Certain previous years’ amounts in the unaudited consolidated financial statements and notes thereto, have been reclassified to conform to the current year’s presentation. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three months ended September 30, 2023 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2024. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K. 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 Quarterly Report on Form 10-Q 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 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 September 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. 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 credit losses on loans and on unfunded commitments. Allowance for Credit Losses on Loans The Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Collateral dependent loans that are on nonaccrual status, with a balance of $250,000 or greater are The loan portfolio is segmented based on the level at which the Company develops and documents a systematic methodology to determine its allowance for credit losses. Management developed the following segments for estimating loss based on type of borrower and collateral which is generally based upon federal call report segmentation and have been combined as needed to ensure loans of similar risk profiles are appropriately pooled: residential real estate, commercial real estate, consumer loan, home equity and commercial loans. Management estimates the allowance for credit losses on loans by using relevant information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts that affect the collectability of loans. Historical loss experience was considered by the Company for estimating expected credit losses and determined the need to use peer data, with similar risk profiles, to develop and calculate the CECL reserve models. Historical credit loss experience for the Company and peer losses by loan segments, provide a foundation for estimating an expected credit loss. The observed credit losses are converted to probability of default (“PD”) rate curves through the use of loss given default (“LGD”) risk factors that converts default rates to estimated loss for each loan segment. This is based on industry-level, observed relationships between the PD and LGD variables for each segment. The historical PD curves correspond to economic variables through historical economic cycles, which establishes a quantitative relationship between forecasted economic conditions and loan performance. Using the historical quantitative relationship between economic conditions and loan performance, management developed a model, using selected external economic forecasts that is highly correlated for each loan segment. These forecasts are then applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line methodology. The allowance for credit losses on loans is measured on a collective basis, when similar risk characteristics are present, with both a quantitative and qualitative analysis that is applied on a quarterly basis. The respective quantitative reserve for each segment is calculated using a PD/LGD modeling methodology, with segment-specific regression models. The discounted cash flows methodology uses expected credit losses estimated over the effective life of each loan by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for modeled defaults and expected prepayments and discounted at the loan-level stated interest rate. Management applies a qualitative adjustment for each segment as of the balance sheet date. The qualitative adjustments include limitations inherent in the quantitative model; changes in lending policies and procedures; changes in international, national, regional, and local economic conditions; changes in the nature and volume of the portfolio and terms of loans; the experience, ability and depth of lending management and staff; changes in the volume and severity of past due loans; changes in value of underlying collateral; existence and effect of any concentrations of credit and changes in the levels of such concentrations; and the effect of external factors; such as competition, legal and regulatory requirements. Allowance for Credit Losses on Unfunded Commitments The Company estimates expected credit losses over the contractual period in which the Company has exposure to a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on unfunded commitments exposure is recognized in other liabilities and is adjusted as an expense in other noninterest expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated contractual life. The Company considers the following segments of unfunded commitments exposure; home equity line of credits, commercial line of credits, consumer loans, the residential and commercial real estate loans committed but not closed and the unfunded portion of the construction loans. The probable funding amount by segment is multiplied by the respective reserve percentage calculated in the allowance for credit losses on loans to calculate a reserve on unfunded commitments. Allowance for Credit Losses on Securities Held-to-Maturity(“HTM”) The Company is required to utilize the CECL approach to estimate expected credit losses. Management measures expected credit losses on HTM debt securities on a collective basis by major security types that share similar risk characteristics. Management classifies the HTM portfolio into the following major security types: U.S. Treasury securities, state and political subdivisions, mortgage-backed securities-residential, mortgage-backed securities-multi-family, corporate debt securities and other securities. Expected losses are calculated on a pooled basis using a probability of default/loss given default(PD/LGD) model, based on historical credit loss data from a reliable source. Management utilizes municipal and corporate default and loss rates which provides decades of data across all municipal and corporate sectors and geographies. Management may exercise discretion to make adjustments based on environmental factors. The model calculates the expected loss for each security over the contractual life. If the risk of a held-to-maturity debt security no longer matches the collective assessment pool, it is removed and individually assessed for credit deterioration. U.S. Treasury and mortgage-backed securities are issued by U.S. government entities and agencies. These securities are either explicitly and/or implicitly guaranteed by the U.S. government as to timely repayment of principal and interest, are highly rated by major rating agencies, and have a long history of zero credit losses. Therefore, the Company determined a zero credit loss assumption, and did not calculate or record an allowance for credit loss for these securities. Allowance for Credit Losses on Securities Available-for-sale (“AFS”) The credit loss model for AFS debt securities requires credit losses to be presented as an allowance rather than a direct write-down of debt securities. AFS debt securities continue to be recorded at fair value with changes in fair value reflected in other comprehensive income. When the fair value of an AFS debt security falls below the amortized cost basis it is evaluated to determine if any of the decline in value is attributable to credit loss. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. The cash flows are estimated using information relevant to the collectability of the security, including information about past events, current conditions and reasonable and supportable forecasts. Decreases in fair value attributable to credit loss are recorded directly to earnings with a corresponding allowance for credit losses, limited to the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves, the allowance is reversed up to a maximum of the previously recorded credit losses. When the Company intends to sell an impaired AFS debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment will immediately be recognized in earnings with no corresponding allowance for credit losses. Investments in Federal Home Loan Bank (“FHLB”) stock are required for membership and are carried at cost since there is no market value available. The FHLB New York continues to pay dividends and repurchase stock. As such, the Company has not recognized any credit loss on its holdings of FHLB stock. Accrued Interest Receivable Accrued interest receivable balances are presented separately on the consolidated statements of financial condition and are not included in amortized cost when determining the allowance for credit losses. Accrued interest receivable that is deemed uncollectible is written off timely. For loans, write off typically occurs upon becoming over 90 to 120 days past due and therefore the amount of such write offs are immaterial. Historically, the Company has not experienced uncollectible accrued interest receivable on investment securities. Derivative Instruments The Company enters into interest rate swap agreements that are not designated as hedges for accounting purposes. As the interest rate swap agreements have substantially equivalent and offsetting terms, they do not present any material exposure to the Company’s consolidated statements of income. The Company records its interest rate swap agreements at fair value and is presented on a gross basis within other assets and other liabilities on the consolidated statements of financial condition. Changes in the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the consolidated statement of income. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2023 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements Recently Adopted Accounting Standards 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 . For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, excluding small reporting companies such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, FASB issued ASU 2019-10, Financial Instruments – Credit Losses which amends the implementation effective date for small reporting companies, such as the Company, and non-public business entities, for fiscal years beginning after December 15, 2022. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted CECL on July 1, 2023 (“Day-one”) using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after July 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earnings of $510,000 as of July 1, 2023 for the cumulative effect of adopting ASC 326. The transition adjustment includes a $1.3 million decrease to the allowance for credit losses on loans, a $503,000 increase to the allowance for credit losses on investment securities held-to-maturity, a $1.5 million increase to the allowance for credit losses on unfunded commitment exposures, and a $186,000 impact to the deferred tax asset. Refer to Note 3 Securities and Note 4 Loans and Allowance for Credit Losses on Loans, included in this Form 10-Q for more information. In March 2022, the FASB issued ASU No. 2022-02, amendments related to Troubled Debt Restructurings (TDRs) for all entities after they adopt ASU 2016-13 and amendments related to vintage disclosures that affect public business entities with investments in financing receivables, under Financial Instruments-Credit Losses (Topic 326). The ASU eliminates the guidance on TDRs and requires an evaluation on all loan modifications to determine if they result in a new loan or a continuation of the existing loan. The ASU also requires that entities disclose current-period gross charge-offs by year of origination and eliminates the recognition and measurement guidance for TDRs in Subtopic 310-40. The effective dates for the amendments in this Update are the same as the effective dates in ASU 2016-13. The amendments in this Update should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs. An entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company adopted this standard on a prospective basis as of July 1, 2023, concurrent with the adoption of ASU 2016-13. 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 Company adopted the standard during the quarter ended September 30, 2023, and it did not have a material impact on the consolidated financial statements as the Company’s LIBOR exposure was minimal and limited to a couple of participation loans and risk participation agreements. 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. The guidance, which was effective upon issuance, defers 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. |
Securities
Securities | 3 Months Ended |
Sep. 30, 2023 | |
Securities [Abstract] | |
Securities | (3) Securities The following tables summarize the amortized cost and fair value of securities available-for-sale by major type: At September 30, 2023 (In thousands) Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value U.S. government sponsored enterprises $ 13,051 $ - $ 2,584 $ 10,467 U.S. Treasury securities 18,321 - 2,113 16,208 State and political subdivisions 171,032 593 5 171,620 Mortgage-backed securities-residential 28,661 - 5,069 23,592 Mortgage-backed securities-multi-family 90,918 - 22,034 68,884 Corporate debt securities 19,818 - 1,873 17,945 Total securities available-for-sale $ 341,801 $ 593 $ 33,678 $ 308,716 At June 30, 2023 (In thousands) Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value U.S. government sponsored enterprises $ 13,054 $ - $ 2,231 $ 10,823 U.S. Treasury securities 18,349 - 1,849 16,500 State and political subdivisions 137,343 670 2 138,011 Mortgage-backed securities-residential 29,586 - 3,985 25,601 Mortgage-backed securities-multi-family 91,016 - 18,930 72,086 Corporate debt securities 19,805 - 1,693 18,112 Total securities available-for-sale $ 309,153 $ 670 $ 28,690 $ 281,133 (1) Amortized cost excludes accrued interest receivable of $3.1 million and $2.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition. There was no allowance for credit losses on securities available-for-sale at the quarter ended September 30, 2023. The following tables summarize the amortized cost, fair value, and allowance for credit loss on securities held-to-maturity by major type: At September 30, 2023 (In thousands) Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value Allowance (2) Net Carrying Value U.S. Treasury securities $ 33,726 $ - $ 2,525 $ 31,201 $ - $ 33,726 State and political subdivisions 467,693 1,945 48,799 420,839 46 467,647 Mortgage-backed securities-residential 35,927 - 4,507 31,420 - 35,927 Mortgage-backed securities-multi-family 152,504 - 23,140 129,364 - 152,504 Corporate debt securities 22,327 - 3,025 19,302 451 21,876 Other securities 37 - - 37 1 36 Total securities held-to-maturity $ 712,214 $ 1,945 $ 81,996 $ 632,163 $ 498 $ 711,716 At June 30, 2023 (In thousands) Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value Allowance (2) Net Carrying Value U.S. Treasury securities $ 33,705 $ - $ 2,438 $ 31,267 $ - $ 33,705 State and political subdivisions 478,756 5,178 30,662 453,272 - 478,756 Mortgage-backed securities-residential 37,186 - 3,625 33,561 - 37,186 Mortgage-backed securities-multi-family 155,046 - 20,324 134,722 - 155,046 Corporate debt securities 21,632 - 3,426 18,206 - 21,632 Other securities 38 - - 38 - 38 Total securities held-to-maturity $ 726,363 $ 5,178 $ 60,475 $ 671,066 $ - $ 726,363 (1) Amortized cost excludes accrued interest receivable of $4.6 million and $3.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition (2) The Company adopted ASU 2016-13 (CECL) on July 1, 2023. For periods subsequent to adoption, an allowance is calculated under the CECL methodology. The periods prior to adoption did not have an allowance for credit losses under applicable GAAP for those periods. U.S. Treasury and mortgage-backed securities are issued by U.S. government entities and agencies. These securities are either explicitly and/or implicitly guaranteed by the U.S. government as to timely repayment of principal and interest, are highly rated by major rating agencies, and have a long history of zero credit losses. Therefore, the Company determined a zero credit loss assumption, and did not calculate or record an allowance for credit loss for these securities. An allowance for credit losses on investment securities held-to-maturity as of September 30, 2023 has been recorded for certain municipal securities issued by state and political subdivisions and corporate debt securities to account for expected lifetime credit loss using the CECL methodology. 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 September 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 balance sheet interest rate swaps or caps. The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity: (In thousands) Three months ended September 30, 2023 Balance beginning of period $ - Adoption of ASU 2016-13 (CECL) on July 1, 2023 503 Benefit for credit losses (5 ) Balance end of period $ 498 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 September 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 Number of Securities available-for-sale: U.S. government sponsored enterprises $ - $ - - $ 10,467 $ 2,584 5 $ 10,467 $ 2,584 5 U.S. Treasury securities 756 63 2 15,452 2,050 6 16,208 2,113 8 State and political subdivisions 5,022 3 3 81 2 1 5,103 5 4 Mortgage-backed securities-residential - - - 23,592 5,069 27 23,592 5,069 27 Mortgage-backed securities-multi-family - - - 68,884 22,034 31 68,884 22,034 31 Corporate debt securities 1,847 49 1 16,098 1,824 16 17,945 1,873 17 Total securities available-for-sale 7,625 115 6 134,574 33,563 86 142,199 33,678 92 Securities held-to-maturity: U.S. Treasury securities - - - 31,201 2,525 8 31,201 2,525 8 State and political subdivisions 64,946 1,994 649 293,513 46,805 2,215 358,459 48,799 2,864 Mortgage-backed securities-residential 5 - 2 31,415 4,507 27 31,420 4,507 29 Mortgage-backed securities-multi-family - - - 129,364 23,140 55 129,364 23,140 55 Corporate debt securities 6,753 995 6 12,549 2,030 13 19,302 3,025 19 Total securities held-to-maturity 71,704 2,989 657 498,042 79,007 2,318 569,746 81,996 2,975 Total securities $ 79,329 $ 3,104 663 $ 632,616 $ 112,570 2,404 $ 711,945 $ 115,674 3,067 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 There were no transfers of securities available-for-sale to held-to-maturity during the three months ended September 30, 2023 or 2022. During the three months ended September 30, 2023 and 2022, there were no sales of securities and no gains or losses were recognized. The estimated fair values of debt securities at September 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 $ 171,471 $ 172,049 After one year through five years 38,162 34,285 After five years through ten years 11,089 8,757 After ten years 1,500 1,149 Total securities available-for-sale 222,222 216,240 Mortgage-backed and asset-backed securities 119,579 92,476 Total securities available-for-sale 341,801 308,716 Securities held-to-maturity Within one year 60,158 58,999 After one year through five years 167,354 158,761 After five years through ten years 149,902 133,552 After ten years 146,369 120,067 Total securities held-to-maturity 523,783 471,379 Mortgage-backed securities 188,431 160,784 Total securities held-to-maturity 712,214 632,163 Total securities $ 1,054,015 $ 940,879 At September 30, 2023 and June 30, 2023, securities with an aggregate fair value of $825.7 million and $904.8 million, respectively, were pledged as collateral for deposits in excess of FDIC insurance limits for various municipalities placing deposits with the Commercial Bank. At September 30, 2023 and June 30, 2023, securities with an aggregate fair value of $23.7 million and $20.8 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 three months ended September 30, 2023 or 2022. 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. Estimated credit loss 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 credit loss was recorded during the three months September 30, 2023 or 2022. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses on Loans | 3 Months Ended |
Sep. 30, 2023 | |
Loans and Allowance for Credit Losses on Loans [Abstract] | |
Loans and Allowance for Credit Losses on Loans | (4) Loans and Allowance for Credit Losses on Loans The Company adopted ASU 2016-13 (CECL) effective July 1, 2023. The loan segmentation has been redefined under CECL and therefore prior year tables are presented separately. With the adoption of CECL, the Company’s revised loan segments at September 30, 2023 are as follows: (In thousands) September 30, 2023 Residential real estate $ 397,626 Commercial real estate 910,165 Home equity 25,467 Consumer 4,778 Commercial 110,304 Total gross loans (1)(2) 1,448,340 Allowance for credit losses on loans (20,249 ) Loans receivable, net $ 1,428,091 (1) Loan balances include net deferred fees/cost of $62,000 at September 30, 2023. (2) Loan balances exclude accrued interest receivable of $6.0 million at September 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition. 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 September 30, 2023, of which there were three residential loans totaling $637,000 and two commercial real estate loans totaling $1.4 million that were in process of foreclosure. Included in nonaccrual loans were $2.9 million of loans which were less than 90 days past due at September 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 $5.5 million at June 30, 2023 of which 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. The activity in nonperforming loans during the period included $87,000 in loan repayments, $19,000 in loans returning to performing status, $3,000 in charge-offs or transfers to foreclosed, and $138,000 of loans placed into nonperforming status. The following table sets forth information regarding delinquent and/or nonaccrual loans at September 30, 2023: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total Loans Loans on Non- accrual Residential real estate $ 19 $ 306 $ 1,877 $ 2,202 $ 395,424 $ 397,626 $ 2,816 Commercial real estate - 233 650 883 909,282 910,165 1,307 Home equity 43 - 13 56 25,411 25,467 52 Consumer 31 21 43 95 4,683 4,778 43 Commercial loans - 1,237 19 1,256 109,048 110,304 1,256 Total gross loans $ 93 $ 1,797 $ 2,602 $ 4,492 $ 1,443,848 $ 1,448,340 $ 5,474 Allowance for Credit Losses on Loans The Company’s July 1, 2023 adoption of CECL resulted in a significant change to our methodology for estimating the allowance for credit losses. $250,000 . In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for credit 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 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 credit losses, unless equitable arrangements are made. Included within consumer loan charge-offs and recoveries are deposit accounts that have been overdrawn in excess of 60 days. 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 credit losses is increased by a provision for credit 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 credit losses on loans by segment: Activity for the three months ended September 30, 2023 (In thousands) Residential Real Estate Commercial Real Estate Home Equity Consumer Commercial Total Balance at June 30, 2023 $ 2,794 $ 14,839 $ 46 $ 332 $ 3,201 $ 21,212 Adoption of ASU No. 2016-13 1,182 (2,889 ) 117 137 121 (1,332 ) Charge-offs - - - (122 ) (7 ) (129 ) Recoveries - 1 - 26 9 36 Provision 317 405 25 117 (402 ) 462 Balance at September 30, 2023 $ 4,293 $ 12,356 $ 188 $ 490 $ 2,922 $ 20,249 The allowance for credit losses on unfunded commitments as of September 30, 2023 was $1.5 million. Credit monitoring process 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. For the commercial real estate and commercial loans, 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.” Residential real estate, home equity and consumer loans are graded as either nonperforming or performing. Nonperforming loans are loans that are generally over 90 days past due or on nonaccrual status. 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 loan repayments to a degree, are 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. 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. 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 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. The following tables illustrate the Company’s credit quality by loan class by vintage: At September 30, 2023 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Residential real estate By payment activity status: Performing $ 16,371 $ 58,726 $ 97,228 $ 85,394 $ 34,809 $ 102,282 $ - $ - $ 394,810 Non-performing - - - 185 188 2,443 - - 2,816 Total residential real estate 16,371 58,726 97,228 85,579 34,997 104,725 - - 397,626 Current period gross charge-offs - - - - - - - - - Commercial real estate By internally assigned grade: Pass 35,352 210,920 259,041 130,106 79,698 161,347 4,705 149 881,318 Special mention - 505 2,519 476 682 7,714 1,031 - 12,927 Substandard - 1,160 - 440 4,458 9,862 - - 15,920 Total commercial real estate 35,352 212,585 261,560 131,022 84,838 178,923 5,736 149 910,165 Current period gross charge-offs - - - - - - - - - Home equity By payment activity status: Performing 1,554 3,155 375 521 370 1,638 17,747 55 25,415 Non-performing - - - - - 3 49 - 52 Total home equity 1,554 3,155 375 521 370 1,641 17,796 55 25,467 Current period gross charge-offs - - - - - - - - - Consumer By payment activity status: Performing 1,046 1,772 1,019 486 205 114 93 - 4,735 Non-performing - - 43 - - - - - 43 Total Consumer 1,046 1,772 1,062 486 205 114 93 - 4,778 Current period gross charge-offs 110 - 8 4 - - - - 122 Commercial By internally assigned grade: Pass 2,811 11,945 15,785 16,265 6,276 21,202 28,097 - 102,381 Special mention - - 1,739 - 1 486 306 - 2,532 Substandard - - - 1,274 98 986 3,033 - 5,391 Total Commercial $ 2,811 $ 11,945 $ 17,524 $ 17,539 $ 6,375 $ 22,674 $ 31,436 $ - $ 110,304 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ 7 $ - $ 7 The Company had no loans classified doubtful or loss at September 30, 2023. Individually Evaluated Loans As of September 30, 2023, collateral dependent loans evaluated individually had an amortized cost basis of $5.8 million, with an allowance for credit losses on loans of $1.7 million. Loan Modifications to Borrowers Experiencing Financial Difficulties As previously mentioned in Note 2 Recent Accounting Pronouncements, the Company’s July 1, 2023 adoption of ASU 2022-02 eliminates the recognition and measurement of TDRs. Upon adoption of this guidance, the Company will no longer recognize an allowance for credit losses for the economic concession granted to a borrower for changes in the timing and amount of contractual cash flows when a loan is restructured. The adoption of ASU 2022-02 results in a change to reporting for loan modifications to borrowers experiencing financial difficulties. With the adoption of ASU 2022-02 these modifications require enhanced reporting on the type of modifications granted and the financial magnitude of the concessions granted. When the Company modifies a loan with financial difficulty, such modifications generally include one or a combination of the following: an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; a change in scheduled payment amount; or principal forgiveness. There were no loans during the three months ended September 30, 2023 that were modified to borrowers experiencing financial difficulty since the adoption of ASU 2022 - 02 effective July 1, 2023. Prior to the adoption of ASU 2016 - 13 (CECL) Prior to July the Company calculated the allowance for loan losses using the incurred loss methodology. The following tables are disclosures related to the allowance for loan losses in prior periods. Loan segments and classes at June 30, 2023 are summarized as follows: (In s) June 30, 2023 Residential real estate: Residential real estate $ 372,443 Residential construction and land 19,072 Multi-family 66,496 Commercial real estate: Commercial real estate 693,436 Commercial construction 121,958 Consumer loan: Home equity 22,752 Consumer installment 4,612 Commercial loans 108,022 Total gross loans (1) 1,408,791 Allowance for loan losses (21,212 ) Deferred fees and cost, net 75 Loans receivable, net $ 1,387,654 (1) Loan balances exclude accrued interest receivable of $5.5 million at June 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition. Loan balances by internal credit quality indicator at June 30, 2023: (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 The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2023: (In thousands) 30-59 days 60-89 90 days Total 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 Company had no accruing loans delinquent 90 days or more at June 30, 2023. 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 tables below detail additional information on impaired loans at the date or periods indicated: As of June 30, 2023 For the three months ended September 30, 2022 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,020 $ 1,020 $ - $ 986 $ 9 Commercial real estate 1,518 1,518 - 63 2 Home equity - - - 128 - Consumer installment - - - 5 - Commercial loans 334 334 - 344 4 Impaired loans with no allowance 2,872 2,872 - 1,526 15 With an allowance recorded: Residential real estate 2,086 2,086 597 1,939 9 Commercial real estate 3,777 3,777 245 3,229 44 Commercial construction - - - 102 - Home equity - - - 320 4 Commercial Loans 1,572 1,572 1,171 3,008 58 Impaired loans with allowance 7,435 7,435 2,013 8,598 115 Total impaired: Residential real estate 3,106 3,106 597 2,925 18 Commercial real estate 5,295 5,295 245 3,292 46 Commercial construction - - - 102 - Home equity - - - 448 4 Consumer installment - - - 5 - Commercial loans 1,906 1,906 1,171 3,352 62 Total impaired loans $ 10,307 $ 10,307 $ 2,013 $ 10,124 $ 130 Prior to the adoption of ASU - on July the Company accounted for loan modifications to borrowers experiencing financial difficulty when concessions were granted as TDRs. The following tables are disclosures related to TDRs in prior periods. 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 Investment For the year ended June 30, 2023 Residential real estate 2 $ 778 $ 778 $ 778 Commercial real estate 3 $ 1,428 $ 1,480 $ 1,470 Commercial loans 1 $ 379 $ 379 $ - 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. The following tables set forth the activity and allocation of the allowance for loan losses by loan class during and at the periods indicated. The allowance is allocated to each loan class based on historical loss experience, current economic conditions, and other considerations Activity for the three months ended September 30, 2022 (In thousands) Balance at June 30, 2022 Charge-offs Recoveries Provision Balance at September 30, 2022 Residential real estate $ 2,373 $ - $ 3 $ 95 $ 2,471 Residential construction and land 141 - - 36 177 Multi-family 119 - - 40 159 Commercial real estate 16,221 - - (829 ) 15,392 Commercial construction 1,114 - - (70 ) 1,044 Home equity 89 - - (45 ) 44 Consumer installment 349 167 46 46 274 Commercial loans 2,355 4 7 228 2,586 Total $ 22,761 $ 171 $ 56 $ (499 ) $ 22,147 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2023 Impairment Analysis Ending Balance June 30, 2023 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 597 $ 2,016 $ 3,106 $ 369,337 Residential construction and land - 181 - 19,072 Multi-family - 197 - 66,496 Commercial real estate 245 12,775 5,295 688,141 Commercial construction - 1,622 - 121,958 Home equity - 46 - 22,752 Consumer installment - 332 - 4,612 Commercial loans 1,171 2,030 1,906 106,116 Total $ 2,013 $ 19,199 $ 10,307 $ 1,398,484 Foreclosed real estate (FRE) FRE consists of properties acquired through mortgage loan foreclosure proceedings or in full or partial satisfaction of loans. The following table sets forth information regarding FRE at: (in thousands) September 30, 2023 June 30, 2023 Commercial loans $ 302 $ 302 Total foreclosed real estate $ 302 $ 302 |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended |
Sep. 30, 2023 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | (5) 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 September 30, 2023 and June 30, 2023 and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The FASB ASC Topic on “ Fair Value Measurement” Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 10,467 $ - $ 10,467 $ - U.S. Treasury securities 16,208 - 16,208 - State and political subdivisions 171,620 - 171,620 - Mortgage-backed securities-residential 23,592 - 23,592 - Mortgage-backed securities-multi-family 68,884 - 68,884 - Corporate debt securities 17,945 - 17,945 - Securities available-for-sale 308,716 $ - 308,716 - Equity securities 299 299 - - Total securities measured at fair value $ 309,015 $ 299 $ 308,716 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) 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 $ - Certain investments that are actively traded and have quoted market prices have been classified as Level 1 valuations. Other available-for-sale investment securities have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2. In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic on “ Fair Value Measurement 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 credit losses. Values are derived from appraisals, similar to collateral dependent loans evaluated individually, of underlying collateral. 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 may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 60%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for foreclosed real estate are classified as Level 3. September 30, 2023 June 30, 2023 (In thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value September 30, 2023 Collateral dependent evaluated loans 3 $ 5,781 $ 4,090 $ 7,578 $ 5,565 Foreclosed real estate 3 $ 302 $ 302 $ 302 $ 302 The carrying amounts reported in the statements of financial condition for total cash and cash equivalents, long term certificates of deposit, accrued interest receivable and accrued interest payable approximate their fair values. Fair values of securities are based on quoted market prices (Level 1), where available, or matrix pricing (Level 2), which is a mathematical technique, used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. The carrying amount of Federal Home Loan Bank stock approximates fair value due to its restricted nature. The fair values for loans are measured using the “exit price” notion which is a reasonable estimate of what another party might pay in an orderly transaction. Fair values for variable rate loans that reprice frequently, with no significant credit risk, are based on carrying value. Fair values for fixed rate loans are estimated using discounted cash flows and interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values disclosed for demand and savings deposits are equal to carrying amounts at the reporting date. The carrying amounts for variable rate money market deposits approximate fair values at the reporting date. Fair values for long term certificates of deposit are estimated using discounted cash flows and interest rates currently being offered in the market on similar certificates. Fair value for Federal Home Loan Bank long term borrowings are estimated using discounted cash flows and interest rates currently being offered on similar borrowings. The carrying value of short-term Federal Home Loan Bank borrowings approximates its fair value. Fair value for subordinated notes payable is estimated based on a discounted cash flow methodology or observations of recent highly-similar transactions. Fair value for interest rate swaps include any accrued interest and are valued using the present value of cash flows discounted using observable forward rate assumptions. The carrying amounts and estimated fair value of financial instruments are as follows: September 30, 2023 Fair Value Measurements Using (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 130,253 $ 130,253 $ 130,253 $ - $ - Long term certificates of deposit 4,070 3,905 - 3,905 - Securities available-for-sale 308,716 308,716 - 308,716 - Securities held-to-maturity 711,716 632,163 - 632,163 - Equity securities 299 299 299 - - Federal Home Loan Bank stock 1,979 1,979 - 1,979 - Net loans receivable 1,428,091 1,314,142 - - 1,314,142 Accrued interest receivable 13,761 13,761 - 13,761 - Interest rate swaps asset 71 71 - 71 - Deposits 2,420,481 2,419,132 - 2,419,132 - Borrowings 4,374 4,142 - 4,142 - Subordinated notes payable, net 49,542 46,357 - 46,357 - Accrued interest payable 531 531 - 531 - Interest rate swaps liability 71 71 - 71 - June 30, 2023 Fair Value Measurements Using (In thousands) Carrying 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 - |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | (6) Derivative Instruments The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, primarily by managing the amount, sources and duration of its assets and liabilities. The Company has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. Derivatives Not Designated as Hedging Instruments The Company enters into interest rate swap agreements with its commercial customers to provide them with a long-term fixed rate, while simultaneously entering into offsetting interest rate swap agreements with a counterparty to swap the fixed rate to a variable rate to manage interest rate exposure. These interest rate swap agreements are not designated as hedges for accounting purposes. As the interest rate swap agreements have substantially equivalent and offsetting terms, they do not present any material exposure to the Company’s consolidated statements of income. The Company records its interest rate swap agreements at fair value and are presented within other assets and other liabilities on the consolidated statements of financial condition. Changes in the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the consolidated statements of income. Under terms of the agreements with the third-party counterparties, the Company provides cash collateral to the counterparty, when required, for the initial trade. Subsequent to the trade, the margin is exchanged in either direction, based upon the estimated fair value of the underlying contracts. Cash collateral represents the amount that is exchanged under master netting agreements that allows the Company to offset the derivative position with the related collateral. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. The following table present the notional amount and fair values of interest rate derivative positions: At September 30, 2023 Asset Derivatives Liability Derivatives ( In thousands Statement of Financial Condition Location Notional Amount Fair Value Statement of Financial Condition Location Notional Amount Fair Value Interest rate derivatives Other Assets $ 18,300 $ 71 Other Liabilities $ 18,300 $ 71 Less cash collateral - - Total after netting $ 71 $ 71 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 in which 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 September 30, 2023 or June 30, 2023. 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-in as of September 30, 2023 and June 30, 2023 due to the recent rise in interest rates. The RPAs participations-ins are spread out over four financial institution counterparties and terms range between 5 to 14 years. At September 30, 2023 and June 30, 2023, the Company held RPAs with a notional amount of $93.0 million and $82.0 million, respectively. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (7) Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. There were no dilutive or anti-dilutive securities or contracts outstanding during the three months ended September 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. For the three months ended September 30, 2023 2022 Net Income $ 6,469,000 $ 9,036,000 Weighted Average Shares – Basic 17,026,828 17,026,828 Weighted Average Shares - Diluted 17,026,828 17,026,828 Earnings per share - Basic $ 0.38 $ 0.53 Earnings per share - Diluted $ 0.38 $ 0.53 |
Dividends
Dividends | 3 Months Ended |
Sep. 30, 2023 | |
Dividends [Abstract] | |
Dividends | (8) Dividends On July 19, 2023, the Company announced that its Board of Directors has 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 did not waive its right to receive this dividend. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Sep. 30, 2023 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | (9) Employee Benefit Plans Defined Benefit Plan The components of net periodic pension cost related to the defined benefit pension plan were as follows: Three months ended September 30, (In thousands) 2023 2022 Interest cost $ 52 $ 50 Expected return on plan assets (55 ) (55 ) Amortization of net loss 19 27 Net periodic pension cost $ 16 $ 22 The interest cost, expected return on plan assets and amortization of net loss components are included in other noninterest expense on the consolidated statements of income. The Company does not anticipate that it will make any additional contributions to the defined benefit pension plan during fiscal 2024. SERP The Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the “SERP”), effective as of July 1, 2010. The SERP benefits certain key senior executives of the Bank who have been selected by the Board to participate. The SERP is intended to provide a benefit from the Bank upon vested retirement, death or disability or voluntary or involuntary termination of service (other than “for cause”). The SERP is more fully described in Note 9 of the consolidated financial statements for the year ended June 30, 2023. The net periodic pension costs related to the SERP for the three months ended September 30, 2023 were $470,000, included within salaries and benefits expense on the consolidated statements of income. The total liability for the SERP was $13.1 million at September 30, 2023 and $12.3 million at June 30, 2023, and is included in accrued expenses and other liabilities. The total liability for the SERP includes both accumulated net periodic pension costs and participant contributions. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | (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. The Plan is intended to provide benefits to employees and directors of the Company or any subsidiary as designated by the Compensation Committee of the Board of Directors of the Company (“Committee”). A phantom stock option represents the right to receive a cash payment on the date the award vests. The Plan is more fully described in Note 10 of the consolidated financial statements for the year ended June 30, 2023. All share and per share data has been retroactively adjusted in all periods presented to reflect the 2-for-1 stock split, which was paid on March 23, 2023, as if the new share options had been granted at the same time as the original share options. A summary of the Company’s phantom stock option activity and related information for the Plan for the three months ended September 30, 2023 and 2022 were as follows: 2023 2022 Number of options outstanding at beginning of year 2,535,840 2,959,040 Options granted 672,095 807,200 Options paid in cash upon vesting - (194,000 ) Number of options outstanding at period end 3,207,935 3,572,240 (In thousands) 2023 2022 Cash paid out on options vested $ - $ 510 Compensation expense recognized $ 632 $ 968 The total liability for the Plan was $6.9 million and $6.3 million at September 30, 2023 and June 30, 2023, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | (11) Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are presented as follows: Activity for the three months ended September 30, 2023 and 2022 ( In thousands Unrealized losses on securities available-for-sale Pension Total Balance – June 30, 2023 $ (20,531 ) $ (877 ) $ (21,408 ) Other comprehensive loss before reclassification (3,712 ) - (3,712 ) Other comprehensive loss for the three months ended September 30, 2023 (3,712 ) - (3,712 ) Balance – September 30, 2023 $ (24,243 ) $ (877 ) $ (25,120 ) Balance – June 30, 2022 $ (17,268 ) $ (1,115 ) $ (18,383 ) Other comprehensive loss before reclassification (6,618 ) - (6,618 ) Other comprehensive loss for the three months ended September 30, 2022 (6,618 ) - (6,618 ) Balance – September 30, 2022 $ (23,886 ) $ (1,115 ) $ (25,001 ) |
Operating leases
Operating leases | 3 Months Ended |
Sep. 30, 2023 | |
Operating leases [Abstract] | |
Operating leases | (12) Operating leases The Company leases certain branch properties under long-term, operating lease agreements. The Company’s operating lease agreements contain non-lease components, which are accounted for separately. The Company’s lease agreements do not contain any residual value guarantee. The following includes quantitative data related to the Company’s operating leases as September 30, 2023 and June 30, 2023, and for the three months ended September 30, 2023 and 2022: (In thousands, except weighted-average information). Operating lease amounts: September 30, 2023 June 30, 2023 Right-of-use assets $ 2,109 $ 2,188 Lease liabilities $ 2,198 $ 2,277 For the three months ended September 30, 2023 2022 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 113 $ 89 Right-of-use assets obtained in exchange for new operating lease liabilities $ 19 $ - Lease costs: Operating lease cost $ 102 $ 81 Variable lease cost $ 11 $ 10 The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of September 30, 2023: (in thousands) Within the twelve months ended 2024 $ 457 2025 457 2026 445 2027 372 2028 310 Thereafter 337 Total undiscounted cash flow 2,378 Less net present value adjustment (180 ) Lease Liability $ 2,198 Weighted-average remaining lease term (Years) 5.62 Weighted-average discount rate 2.76 % Right-of-use assets are included in prepaid expenses and other assets accrued expenses and other liabilities |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | (13) Commitments and Contingent Liabilities Credit-Related Financial Instruments In the normal course of business, the Company offers financial instruments with off-balance sheet risk to meet the financing needs of its customers. These transactions include commitments to extend credit, standby letters of credit, and lines of credit, which involve, to varying degrees, elements of credit risk. The table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (In thousands) September 30, 2023 June 30, 2023 Unfunded loan commitments $ 126,149 $ 124,498 Unused lines of credit 94,164 94,898 Standby letters of credit 179 179 Total credit-related financial instruments with off-balance sheet risk $ 220,492 $ 219,575 The Company enters into contractual commitments to extend credit to its customers in the form of loan commitments and lines of credit, generally with fixed expiration dates and other termination clauses, and may require payment of a fee. Substantially all of the Company’s commitments to extend credit are contingent upon its customers maintaining specific credit standards at the time of loan funding, and are often secured by real estate collateral. Since the majority of the Company’s commitments typically expire without being funded, the total contractual amount does not necessarily represent the Company’s future payment 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. Allowance for Credit Losses on Unfunded Commitments The Company estimates expected credit losses over the contractual period in which the Company has exposure to a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on unfunded commitments exposure is recognized in other liabilities and is adjusted as an expense in other noninterest expense. At September 30, 2023, the allowance for credit losses on unfunded commitments totaled $1.5 million. Litigation 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 $1.15 . |
Subsequent events
Subsequent events | 3 Months Ended |
Sep. 30, 2023 | |
Subsequent events [Abstract] | |
Subsequent events | (14) Subsequent events On October 18, 2023, the Board of Directors announced a cash dividend for the quarter ended September 30, 2023 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 was the same rate as the dividend declared during the previous quarter. The dividend will be payable to stockholders of record as of November 15, 2023, and is expected to be paid on November 30, 2023. Greene County Bancorp, MHC intends to waive its receipt of this dividend. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Within the accompanying unaudited interim consolidated financial statements and related notes to the consolidated financial statements, the June 30, 2023 data was derived from the audited consolidated financial statements and notes of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, The Bank of Greene County (the “Bank”) and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank (the “Commercial Bank”) and Greene Property Holdings, Ltd. The interim consolidated financial statements at and for the three months ended September 30, 2023 and 2022 are unaudited. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2023, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items) necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. Certain previous years’ amounts in the unaudited consolidated financial statements and notes thereto, have been reclassified to conform to the current year’s presentation. All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three months ended September 30, 2023 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2024. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K. 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 Quarterly Report on Form 10-Q 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 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 September 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. |
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 credit losses on loans and on unfunded commitments. |
Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans The Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Collateral dependent loans that are on nonaccrual status, with a balance of $250,000 or greater are The loan portfolio is segmented based on the level at which the Company develops and documents a systematic methodology to determine its allowance for credit losses. Management developed the following segments for estimating loss based on type of borrower and collateral which is generally based upon federal call report segmentation and have been combined as needed to ensure loans of similar risk profiles are appropriately pooled: residential real estate, commercial real estate, consumer loan, home equity and commercial loans. Management estimates the allowance for credit losses on loans by using relevant information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts that affect the collectability of loans. Historical loss experience was considered by the Company for estimating expected credit losses and determined the need to use peer data, with similar risk profiles, to develop and calculate the CECL reserve models. Historical credit loss experience for the Company and peer losses by loan segments, provide a foundation for estimating an expected credit loss. The observed credit losses are converted to probability of default (“PD”) rate curves through the use of loss given default (“LGD”) risk factors that converts default rates to estimated loss for each loan segment. This is based on industry-level, observed relationships between the PD and LGD variables for each segment. The historical PD curves correspond to economic variables through historical economic cycles, which establishes a quantitative relationship between forecasted economic conditions and loan performance. Using the historical quantitative relationship between economic conditions and loan performance, management developed a model, using selected external economic forecasts that is highly correlated for each loan segment. These forecasts are then applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line methodology. The allowance for credit losses on loans is measured on a collective basis, when similar risk characteristics are present, with both a quantitative and qualitative analysis that is applied on a quarterly basis. The respective quantitative reserve for each segment is calculated using a PD/LGD modeling methodology, with segment-specific regression models. The discounted cash flows methodology uses expected credit losses estimated over the effective life of each loan by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for modeled defaults and expected prepayments and discounted at the loan-level stated interest rate. Management applies a qualitative adjustment for each segment as of the balance sheet date. The qualitative adjustments include limitations inherent in the quantitative model; changes in lending policies and procedures; changes in international, national, regional, and local economic conditions; changes in the nature and volume of the portfolio and terms of loans; the experience, ability and depth of lending management and staff; changes in the volume and severity of past due loans; changes in value of underlying collateral; existence and effect of any concentrations of credit and changes in the levels of such concentrations; and the effect of external factors; such as competition, legal and regulatory requirements. |
Allowance for Credit Losses on Unfunded Commitments | Allowance for Credit Losses on Unfunded Commitments The Company estimates expected credit losses over the contractual period in which the Company has exposure to a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on unfunded commitments exposure is recognized in other liabilities and is adjusted as an expense in other noninterest expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated contractual life. The Company considers the following segments of unfunded commitments exposure; home equity line of credits, commercial line of credits, consumer loans, the residential and commercial real estate loans committed but not closed and the unfunded portion of the construction loans. The probable funding amount by segment is multiplied by the respective reserve percentage calculated in the allowance for credit losses on loans to calculate a reserve on unfunded commitments. |
Allowance for Credit Losses on Securities Held-to-Maturity | Allowance for Credit Losses on Securities Held-to-Maturity(“HTM”) The Company is required to utilize the CECL approach to estimate expected credit losses. Management measures expected credit losses on HTM debt securities on a collective basis by major security types that share similar risk characteristics. Management classifies the HTM portfolio into the following major security types: U.S. Treasury securities, state and political subdivisions, mortgage-backed securities-residential, mortgage-backed securities-multi-family, corporate debt securities and other securities. Expected losses are calculated on a pooled basis using a probability of default/loss given default(PD/LGD) model, based on historical credit loss data from a reliable source. Management utilizes municipal and corporate default and loss rates which provides decades of data across all municipal and corporate sectors and geographies. Management may exercise discretion to make adjustments based on environmental factors. The model calculates the expected loss for each security over the contractual life. If the risk of a held-to-maturity debt security no longer matches the collective assessment pool, it is removed and individually assessed for credit deterioration. U.S. Treasury and mortgage-backed securities are issued by U.S. government entities and agencies. These securities are either explicitly and/or implicitly guaranteed by the U.S. government as to timely repayment of principal and interest, are highly rated by major rating agencies, and have a long history of zero credit losses. Therefore, the Company determined a zero credit loss assumption, and did not calculate or record an allowance for credit loss for these securities. |
Allowance for Credit Losses on Securities Available-for-sale | Allowance for Credit Losses on Securities Available-for-sale (“AFS”) The credit loss model for AFS debt securities requires credit losses to be presented as an allowance rather than a direct write-down of debt securities. AFS debt securities continue to be recorded at fair value with changes in fair value reflected in other comprehensive income. When the fair value of an AFS debt security falls below the amortized cost basis it is evaluated to determine if any of the decline in value is attributable to credit loss. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. The cash flows are estimated using information relevant to the collectability of the security, including information about past events, current conditions and reasonable and supportable forecasts. Decreases in fair value attributable to credit loss are recorded directly to earnings with a corresponding allowance for credit losses, limited to the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves, the allowance is reversed up to a maximum of the previously recorded credit losses. When the Company intends to sell an impaired AFS debt security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment will immediately be recognized in earnings with no corresponding allowance for credit losses. Investments in Federal Home Loan Bank (“FHLB”) stock are required for membership and are carried at cost since there is no market value available. The FHLB New York continues to pay dividends and repurchase stock. As such, the Company has not recognized any credit loss on its holdings of FHLB stock. |
Accrued Interest Receivable | Accrued Interest Receivable Accrued interest receivable balances are presented separately on the consolidated statements of financial condition and are not included in amortized cost when determining the allowance for credit losses. Accrued interest receivable that is deemed uncollectible is written off timely. For loans, write off typically occurs upon becoming over 90 to 120 days past due and therefore the amount of such write offs are immaterial. Historically, the Company has not experienced uncollectible accrued interest receivable on investment securities. |
Derivative Instruments | Derivative Instruments The Company enters into interest rate swap agreements that are not designated as hedges for accounting purposes. As the interest rate swap agreements have substantially equivalent and offsetting terms, they do not present any material exposure to the Company’s consolidated statements of income. The Company records its interest rate swap agreements at fair value and is presented on a gross basis within other assets and other liabilities on the consolidated statements of financial condition. Changes in the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the consolidated statement of income. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2023 | |
Recent Accounting Pronouncements [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards 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 . For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, excluding small reporting companies such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, FASB issued ASU 2019-10, Financial Instruments – Credit Losses which amends the implementation effective date for small reporting companies, such as the Company, and non-public business entities, for fiscal years beginning after December 15, 2022. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted CECL on July 1, 2023 (“Day-one”) using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after July 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earnings of $510,000 as of July 1, 2023 for the cumulative effect of adopting ASC 326. The transition adjustment includes a $1.3 million decrease to the allowance for credit losses on loans, a $503,000 increase to the allowance for credit losses on investment securities held-to-maturity, a $1.5 million increase to the allowance for credit losses on unfunded commitment exposures, and a $186,000 impact to the deferred tax asset. Refer to Note 3 Securities and Note 4 Loans and Allowance for Credit Losses on Loans, included in this Form 10-Q for more information. In March 2022, the FASB issued ASU No. 2022-02, amendments related to Troubled Debt Restructurings (TDRs) for all entities after they adopt ASU 2016-13 and amendments related to vintage disclosures that affect public business entities with investments in financing receivables, under Financial Instruments-Credit Losses (Topic 326). The ASU eliminates the guidance on TDRs and requires an evaluation on all loan modifications to determine if they result in a new loan or a continuation of the existing loan. The ASU also requires that entities disclose current-period gross charge-offs by year of origination and eliminates the recognition and measurement guidance for TDRs in Subtopic 310-40. The effective dates for the amendments in this Update are the same as the effective dates in ASU 2016-13. The amendments in this Update should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs. An entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company adopted this standard on a prospective basis as of July 1, 2023, concurrent with the adoption of ASU 2016-13. 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 Company adopted the standard during the quarter ended September 30, 2023, and it did not have a material impact on the consolidated financial statements as the Company’s LIBOR exposure was minimal and limited to a couple of participation loans and risk participation agreements. 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. The guidance, which was effective upon issuance, defers 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. |
Securities (Policies)
Securities (Policies) | 3 Months Ended |
Sep. 30, 2023 | |
Securities [Abstract] | |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is carried at cost. FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. Estimated credit loss 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 credit loss was recorded during the three months September 30, 2023 or 2022. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Securities [Abstract] | |
Amortized Cost and Fair Value of Securities Available-for-Sale | The following tables summarize the amortized cost and fair value of securities available-for-sale by major type: At September 30, 2023 (In thousands) Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value U.S. government sponsored enterprises $ 13,051 $ - $ 2,584 $ 10,467 U.S. Treasury securities 18,321 - 2,113 16,208 State and political subdivisions 171,032 593 5 171,620 Mortgage-backed securities-residential 28,661 - 5,069 23,592 Mortgage-backed securities-multi-family 90,918 - 22,034 68,884 Corporate debt securities 19,818 - 1,873 17,945 Total securities available-for-sale $ 341,801 $ 593 $ 33,678 $ 308,716 At June 30, 2023 (In thousands) Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value U.S. government sponsored enterprises $ 13,054 $ - $ 2,231 $ 10,823 U.S. Treasury securities 18,349 - 1,849 16,500 State and political subdivisions 137,343 670 2 138,011 Mortgage-backed securities-residential 29,586 - 3,985 25,601 Mortgage-backed securities-multi-family 91,016 - 18,930 72,086 Corporate debt securities 19,805 - 1,693 18,112 Total securities available-for-sale $ 309,153 $ 670 $ 28,690 $ 281,133 (1) Amortized cost excludes accrued interest receivable of $3.1 million and $2.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition. |
Amortized Cost, Fair Value and Allowance for Credit Loss on Securities Held-to-Maturity | The following tables summarize the amortized cost, fair value, and allowance for credit loss on securities held-to-maturity by major type: At September 30, 2023 (In thousands) Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value Allowance (2) Net Carrying Value U.S. Treasury securities $ 33,726 $ - $ 2,525 $ 31,201 $ - $ 33,726 State and political subdivisions 467,693 1,945 48,799 420,839 46 467,647 Mortgage-backed securities-residential 35,927 - 4,507 31,420 - 35,927 Mortgage-backed securities-multi-family 152,504 - 23,140 129,364 - 152,504 Corporate debt securities 22,327 - 3,025 19,302 451 21,876 Other securities 37 - - 37 1 36 Total securities held-to-maturity $ 712,214 $ 1,945 $ 81,996 $ 632,163 $ 498 $ 711,716 At June 30, 2023 (In thousands) Amortized Cost (1) Unrealized Gains Unrealized Losses Fair Value Allowance (2) Net Carrying Value U.S. Treasury securities $ 33,705 $ - $ 2,438 $ 31,267 $ - $ 33,705 State and political subdivisions 478,756 5,178 30,662 453,272 - 478,756 Mortgage-backed securities-residential 37,186 - 3,625 33,561 - 37,186 Mortgage-backed securities-multi-family 155,046 - 20,324 134,722 - 155,046 Corporate debt securities 21,632 - 3,426 18,206 - 21,632 Other securities 38 - - 38 - 38 Total securities held-to-maturity $ 726,363 $ 5,178 $ 60,475 $ 671,066 $ - $ 726,363 (1) Amortized cost excludes accrued interest receivable of $4.6 million and $3.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition (2) The Company adopted ASU 2016-13 (CECL) on July 1, 2023. For periods subsequent to adoption, an allowance is calculated under the CECL methodology. The periods prior to adoption did not have an allowance for credit losses under applicable GAAP for those periods. |
Allowance for Credit Losses on Securities Held-to-Maturity | The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity: (In thousands) Three months ended September 30, 2023 Balance beginning of period $ - Adoption of ASU 2016-13 (CECL) on July 1, 2023 503 Benefit for credit losses (5 ) Balance end of period $ 498 |
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 September 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 Number of Securities available-for-sale: U.S. government sponsored enterprises $ - $ - - $ 10,467 $ 2,584 5 $ 10,467 $ 2,584 5 U.S. Treasury securities 756 63 2 15,452 2,050 6 16,208 2,113 8 State and political subdivisions 5,022 3 3 81 2 1 5,103 5 4 Mortgage-backed securities-residential - - - 23,592 5,069 27 23,592 5,069 27 Mortgage-backed securities-multi-family - - - 68,884 22,034 31 68,884 22,034 31 Corporate debt securities 1,847 49 1 16,098 1,824 16 17,945 1,873 17 Total securities available-for-sale 7,625 115 6 134,574 33,563 86 142,199 33,678 92 Securities held-to-maturity: U.S. Treasury securities - - - 31,201 2,525 8 31,201 2,525 8 State and political subdivisions 64,946 1,994 649 293,513 46,805 2,215 358,459 48,799 2,864 Mortgage-backed securities-residential 5 - 2 31,415 4,507 27 31,420 4,507 29 Mortgage-backed securities-multi-family - - - 129,364 23,140 55 129,364 23,140 55 Corporate debt securities 6,753 995 6 12,549 2,030 13 19,302 3,025 19 Total securities held-to-maturity 71,704 2,989 657 498,042 79,007 2,318 569,746 81,996 2,975 Total securities $ 79,329 $ 3,104 663 $ 632,616 $ 112,570 2,404 $ 711,945 $ 115,674 3,067 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 |
Investments Classified by Contractual Maturity Date | The estimated fair values of debt securities at September 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 $ 171,471 $ 172,049 After one year through five years 38,162 34,285 After five years through ten years 11,089 8,757 After ten years 1,500 1,149 Total securities available-for-sale 222,222 216,240 Mortgage-backed and asset-backed securities 119,579 92,476 Total securities available-for-sale 341,801 308,716 Securities held-to-maturity Within one year 60,158 58,999 After one year through five years 167,354 158,761 After five years through ten years 149,902 133,552 After ten years 146,369 120,067 Total securities held-to-maturity 523,783 471,379 Mortgage-backed securities 188,431 160,784 Total securities held-to-maturity 712,214 632,163 Total securities $ 1,054,015 $ 940,879 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Loans and Allowance for Credit Losses on Loans [Abstract] | |
Major Loan Segments and Classes | With the adoption of CECL, the Company’s revised loan segments at September 30, 2023 are as follows: (In thousands) September 30, 2023 Residential real estate $ 397,626 Commercial real estate 910,165 Home equity 25,467 Consumer 4,778 Commercial 110,304 Total gross loans (1)(2) 1,448,340 Allowance for credit losses on loans (20,249 ) Loans receivable, net $ 1,428,091 (1) Loan balances include net deferred fees/cost of $62,000 at September 30, 2023. (2) Loan balances exclude accrued interest receivable of $6.0 million at September 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition. Loan segments and classes at June 30, 2023 are summarized as follows: (In s) June 30, 2023 Residential real estate: Residential real estate $ 372,443 Residential construction and land 19,072 Multi-family 66,496 Commercial real estate: Commercial real estate 693,436 Commercial construction 121,958 Consumer loan: Home equity 22,752 Consumer installment 4,612 Commercial loans 108,022 Total gross loans (1) 1,408,791 Allowance for loan losses (21,212 ) Deferred fees and cost, net 75 Loans receivable, net $ 1,387,654 (1) Loan balances exclude accrued interest receivable of $5.5 million at June 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition. |
Delinquent and/or Nonaccrual Loans by Past Due Status | The following table sets forth information regarding delinquent and/or nonaccrual loans at September 30, 2023: (In thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total Loans Loans on Non- accrual Residential real estate $ 19 $ 306 $ 1,877 $ 2,202 $ 395,424 $ 397,626 $ 2,816 Commercial real estate - 233 650 883 909,282 910,165 1,307 Home equity 43 - 13 56 25,411 25,467 52 Consumer 31 21 43 95 4,683 4,778 43 Commercial loans - 1,237 19 1,256 109,048 110,304 1,256 Total gross loans $ 93 $ 1,797 $ 2,602 $ 4,492 $ 1,443,848 $ 1,448,340 $ 5,474 The following table sets forth information regarding delinquent and/or nonaccrual loans at June 30, 2023: (In thousands) 30-59 days 60-89 90 days Total 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 |
Loan Balances by Internal Credit Quality Indicator | The following tables illustrate the Company’s credit quality by loan class by vintage: At September 30, 2023 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Residential real estate By payment activity status: Performing $ 16,371 $ 58,726 $ 97,228 $ 85,394 $ 34,809 $ 102,282 $ - $ - $ 394,810 Non-performing - - - 185 188 2,443 - - 2,816 Total residential real estate 16,371 58,726 97,228 85,579 34,997 104,725 - - 397,626 Current period gross charge-offs - - - - - - - - - Commercial real estate By internally assigned grade: Pass 35,352 210,920 259,041 130,106 79,698 161,347 4,705 149 881,318 Special mention - 505 2,519 476 682 7,714 1,031 - 12,927 Substandard - 1,160 - 440 4,458 9,862 - - 15,920 Total commercial real estate 35,352 212,585 261,560 131,022 84,838 178,923 5,736 149 910,165 Current period gross charge-offs - - - - - - - - - Home equity By payment activity status: Performing 1,554 3,155 375 521 370 1,638 17,747 55 25,415 Non-performing - - - - - 3 49 - 52 Total home equity 1,554 3,155 375 521 370 1,641 17,796 55 25,467 Current period gross charge-offs - - - - - - - - - Consumer By payment activity status: Performing 1,046 1,772 1,019 486 205 114 93 - 4,735 Non-performing - - 43 - - - - - 43 Total Consumer 1,046 1,772 1,062 486 205 114 93 - 4,778 Current period gross charge-offs 110 - 8 4 - - - - 122 Commercial By internally assigned grade: Pass 2,811 11,945 15,785 16,265 6,276 21,202 28,097 - 102,381 Special mention - - 1,739 - 1 486 306 - 2,532 Substandard - - - 1,274 98 986 3,033 - 5,391 Total Commercial $ 2,811 $ 11,945 $ 17,524 $ 17,539 $ 6,375 $ 22,674 $ 31,436 $ - $ 110,304 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ 7 $ - $ 7 Loan balances by internal credit quality indicator at June 30, 2023: (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 |
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 three months ended September 30, 2022 (In thousands) Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,020 $ 1,020 $ - $ 986 $ 9 Commercial real estate 1,518 1,518 - 63 2 Home equity - - - 128 - Consumer installment - - - 5 - Commercial loans 334 334 - 344 4 Impaired loans with no allowance 2,872 2,872 - 1,526 15 With an allowance recorded: Residential real estate 2,086 2,086 597 1,939 9 Commercial real estate 3,777 3,777 245 3,229 44 Commercial construction - - - 102 - Home equity - - - 320 4 Commercial Loans 1,572 1,572 1,171 3,008 58 Impaired loans with allowance 7,435 7,435 2,013 8,598 115 Total impaired: Residential real estate 3,106 3,106 597 2,925 18 Commercial real estate 5,295 5,295 245 3,292 46 Commercial construction - - - 102 - Home equity - - - 448 4 Consumer installment - - - 5 - Commercial loans 1,906 1,906 1,171 3,352 62 Total impaired loans $ 10,307 $ 10,307 $ 2,013 $ 10,124 $ 130 |
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 Investment For the year ended June 30, 2023 Residential real estate 2 $ 778 $ 778 $ 778 Commercial real estate 3 $ 1,428 $ 1,480 $ 1,470 Commercial loans 1 $ 379 $ 379 $ - |
Activity and Allocation of Allowance for Loan Losses | The following tables set forth the activity and allocation of the allowance for credit losses on loans by segment: Activity for the three months ended September 30, 2023 (In thousands) Residential Real Estate Commercial Real Estate Home Equity Consumer Commercial Total Balance at June 30, 2023 $ 2,794 $ 14,839 $ 46 $ 332 $ 3,201 $ 21,212 Adoption of ASU No. 2016-13 1,182 (2,889 ) 117 137 121 (1,332 ) Charge-offs - - - (122 ) (7 ) (129 ) Recoveries - 1 - 26 9 36 Provision 317 405 25 117 (402 ) 462 Balance at September 30, 2023 $ 4,293 $ 12,356 $ 188 $ 490 $ 2,922 $ 20,249 The following tables set forth the activity and allocation of the allowance for loan losses by loan class during and at the periods indicated. The allowance is allocated to each loan class based on historical loss experience, current economic conditions, and other considerations Activity for the three months ended September 30, 2022 (In thousands) Balance at June 30, 2022 Charge-offs Recoveries Provision Balance at September 30, 2022 Residential real estate $ 2,373 $ - $ 3 $ 95 $ 2,471 Residential construction and land 141 - - 36 177 Multi-family 119 - - 40 159 Commercial real estate 16,221 - - (829 ) 15,392 Commercial construction 1,114 - - (70 ) 1,044 Home equity 89 - - (45 ) 44 Consumer installment 349 167 46 46 274 Commercial loans 2,355 4 7 228 2,586 Total $ 22,761 $ 171 $ 56 $ (499 ) $ 22,147 Allowance for Loan Losses Loans Receivable Ending Balance June 30, 2023 Impairment Analysis Ending Balance June 30, 2023 Impairment Analysis (In thousands) Individually Evaluated Collectively Evaluated Individually Evaluated Collectively Evaluated Residential real estate $ 597 $ 2,016 $ 3,106 $ 369,337 Residential construction and land - 181 - 19,072 Multi-family - 197 - 66,496 Commercial real estate 245 12,775 5,295 688,141 Commercial construction - 1,622 - 121,958 Home equity - 46 - 22,752 Consumer installment - 332 - 4,612 Commercial loans 1,171 2,030 1,906 106,116 Total $ 2,013 $ 19,199 $ 10,307 $ 1,398,484 |
Foreclosed Real Estate | The following table sets forth information regarding FRE at: (in thousands) September 30, 2023 June 30, 2023 Commercial loans $ 302 $ 302 Total foreclosed real estate $ 302 $ 302 |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 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) September 30, 2023 (Level 1) (Level 2) (Level 3) Assets: U.S. Government sponsored enterprises $ 10,467 $ - $ 10,467 $ - U.S. Treasury securities 16,208 - 16,208 - State and political subdivisions 171,620 - 171,620 - Mortgage-backed securities-residential 23,592 - 23,592 - Mortgage-backed securities-multi-family 68,884 - 68,884 - Corporate debt securities 17,945 - 17,945 - Securities available-for-sale 308,716 $ - 308,716 - Equity securities 299 299 - - Total securities measured at fair value $ 309,015 $ 299 $ 308,716 $ - Fair Value Measurements Using Quoted Prices In Active Markets For Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) 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 for Collateral Dependent Evaluated Loans and Foreclosed Real Estate | In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic on “ Fair Value Measurement 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 credit losses. Values are derived from appraisals, similar to collateral dependent loans evaluated individually, of underlying collateral. 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 may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 60%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for foreclosed real estate are classified as Level 3. September 30, 2023 June 30, 2023 (In thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value September 30, 2023 Collateral dependent evaluated loans 3 $ 5,781 $ 4,090 $ 7,578 $ 5,565 Foreclosed real estate 3 $ 302 $ 302 $ 302 $ 302 |
Carrying Amounts and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair value of financial instruments are as follows: September 30, 2023 Fair Value Measurements Using (In thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 130,253 $ 130,253 $ 130,253 $ - $ - Long term certificates of deposit 4,070 3,905 - 3,905 - Securities available-for-sale 308,716 308,716 - 308,716 - Securities held-to-maturity 711,716 632,163 - 632,163 - Equity securities 299 299 299 - - Federal Home Loan Bank stock 1,979 1,979 - 1,979 - Net loans receivable 1,428,091 1,314,142 - - 1,314,142 Accrued interest receivable 13,761 13,761 - 13,761 - Interest rate swaps asset 71 71 - 71 - Deposits 2,420,481 2,419,132 - 2,419,132 - Borrowings 4,374 4,142 - 4,142 - Subordinated notes payable, net 49,542 46,357 - 46,357 - Accrued interest payable 531 531 - 531 - Interest rate swaps liability 71 71 - 71 - June 30, 2023 Fair Value Measurements Using (In thousands) Carrying 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 - |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments [Abstract] | |
Notional Amount and Fair Values of Interest Rate Derivative Positions | The following table present the notional amount and fair values of interest rate derivative positions: At September 30, 2023 Asset Derivatives Liability Derivatives ( In thousands Statement of Financial Condition Location Notional Amount Fair Value Statement of Financial Condition Location Notional Amount Fair Value Interest rate derivatives Other Assets $ 18,300 $ 71 Other Liabilities $ 18,300 $ 71 Less cash collateral - - Total after netting $ 71 $ 71 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 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. For the three months ended September 30, 2023 2022 Net Income $ 6,469,000 $ 9,036,000 Weighted Average Shares – Basic 17,026,828 17,026,828 Weighted Average Shares - Diluted 17,026,828 17,026,828 Earnings per share - Basic $ 0.38 $ 0.53 Earnings per share - Diluted $ 0.38 $ 0.53 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Employee Benefit Plans [Abstract] | |
Components of Net Periodic Pension Costs | The components of net periodic pension cost related to the defined benefit pension plan were as follows: Three months ended September 30, (In thousands) 2023 2022 Interest cost $ 52 $ 50 Expected return on plan assets (55 ) (55 ) Amortization of net loss 19 27 Net periodic pension cost $ 16 $ 22 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 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 the Plan for the three months ended September 30, 2023 and 2022 were as follows: 2023 2022 Number of options outstanding at beginning of year 2,535,840 2,959,040 Options granted 672,095 807,200 Options paid in cash upon vesting - (194,000 ) Number of options outstanding at period end 3,207,935 3,572,240 (In thousands) 2023 2022 Cash paid out on options vested $ - $ 510 Compensation expense recognized $ 632 $ 968 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are presented as follows: Activity for the three months ended September 30, 2023 and 2022 ( In thousands Unrealized losses on securities available-for-sale Pension Total Balance – June 30, 2023 $ (20,531 ) $ (877 ) $ (21,408 ) Other comprehensive loss before reclassification (3,712 ) - (3,712 ) Other comprehensive loss for the three months ended September 30, 2023 (3,712 ) - (3,712 ) Balance – September 30, 2023 $ (24,243 ) $ (877 ) $ (25,120 ) Balance – June 30, 2022 $ (17,268 ) $ (1,115 ) $ (18,383 ) Other comprehensive loss before reclassification (6,618 ) - (6,618 ) Other comprehensive loss for the three months ended September 30, 2022 (6,618 ) - (6,618 ) Balance – September 30, 2022 $ (23,886 ) $ (1,115 ) $ (25,001 ) |
Operating leases (Tables)
Operating leases (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Operating leases [Abstract] | |
Quantitative Data Related to Operating Leases | The following includes quantitative data related to the Company’s operating leases as September 30, 2023 and June 30, 2023, and for the three months ended September 30, 2023 and 2022: (In thousands, except weighted-average information). Operating lease amounts: September 30, 2023 June 30, 2023 Right-of-use assets $ 2,109 $ 2,188 Lease liabilities $ 2,198 $ 2,277 For the three months ended September 30, 2023 2022 (In thousands) Other information: Operating outgoing cash flows from operating leases $ 113 $ 89 Right-of-use assets obtained in exchange for new operating lease liabilities $ 19 $ - Lease costs: Operating lease cost $ 102 $ 81 Variable lease cost $ 11 $ 10 |
Undiscounted Cash Flows of Operating Lease Liabilities | The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of September 30, 2023: (in thousands) Within the twelve months ended 2024 $ 457 2025 457 2026 445 2027 372 2028 310 Thereafter 337 Total undiscounted cash flow 2,378 Less net present value adjustment (180 ) Lease Liability $ 2,198 Weighted-average remaining lease term (Years) 5.62 Weighted-average discount rate 2.76 % |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingent Liabilities [Abstract] | |
Credit-related Financial Instruments with Off-Balance Sheet Risk | The table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (In thousands) September 30, 2023 June 30, 2023 Unfunded loan commitments $ 126,149 $ 124,498 Unused lines of credit 94,164 94,898 Standby letters of credit 179 179 Total credit-related financial instruments with off-balance sheet risk $ 220,492 $ 219,575 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies, Basis of Presentation (Details) | Mar. 23, 2023 $ / shares | Sep. 30, 2023 $ / shares | Jun. 30, 2023 $ / shares |
Basis of Presentation [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 | $ 0.1 |
Common Stock [Member] | |||
Basis of Presentation [Abstract] | |||
Stock split conversion ratio | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, Nature of Operations (Details) | Sep. 30, 2023 Office |
Nature of Operations [Abstract] | |
Number of offices | 18 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies, Allowance for Credit Losses on Loans (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Allowance for Loan Losses [Abstract] | |
Threshold principal amount of nonaccrual loans evaluated individually for impairment | $ 250 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies, Allowance for Credit Losses on Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | |
Allowance for Credit Losses on Securities Held to Maturity [Abstract] | |||
Allowance for credit losses on securities held-to-maturity | [1] | $ 498 | $ 0 |
U.S. Treasury Securities [Member] | |||
Allowance for Credit Losses on Securities Held to Maturity [Abstract] | |||
Allowance for credit losses on securities held-to-maturity | [1] | $ 0 | $ 0 |
[1] The Company adopted ASU 2016-13 (CECL) on July 1, 2023. For periods subsequent to adoption, an allowance is calculated under the CECL methodology. The periods prior to adoption did not have an allowance for credit losses under applicable GAAP for those periods. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies, Accrued Interest Receivable (Details) | Sep. 30, 2023 |
Minimum [Member] | |
Accrued Interest Receivable [Abstract] | |
Accrued interest receivable threshold period for past due write off | 90 days |
Maximum [Member] | |
Accrued Interest Receivable [Abstract] | |
Accrued interest receivable threshold period for past due write off | 120 days |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 |
Recently Adopted Accounting Standards [Abstract] | ||||
Retained earnings | $ 198,318 | $ 193,721 | ||
Allowance for credit losses on loans | 20,249 | 21,212 | $ 22,147 | $ 22,761 |
Investment securities held-to-maturity | $ 711,716 | 726,363 | ||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Recently Adopted Accounting Standards [Abstract] | ||||
Retained earnings | (510) | |||
Allowance for credit losses on loans | (1,332) | |||
Investment securities held-to-maturity | 503 | |||
Allowance for credit losses on unfunded commitment exposures | 1,500 | |||
Deferred tax asset | $ 186 |
Securities, Amortized Cost and
Securities, Amortized Cost and Fair Value of Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | |
Available-for-sale debt securities [Abstract] | |||
Amortized cost | [1] | $ 341,801 | $ 309,153 |
Unrealized gains | 593 | 670 | |
Unrealized losses | 33,678 | 28,690 | |
Fair value | 308,716 | 281,133 | |
Accrued interest receivable | 3,100 | 2,900 | |
Allowance for credit loss | 0 | ||
U.S. Government Sponsored Enterprises [Member] | |||
Available-for-sale debt securities [Abstract] | |||
Amortized cost | [1] | 13,051 | 13,054 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 2,584 | 2,231 | |
Fair value | 10,467 | 10,823 | |
U.S. Treasury Securities [Member] | |||
Available-for-sale debt securities [Abstract] | |||
Amortized cost | [1] | 18,321 | 18,349 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 2,113 | 1,849 | |
Fair value | 16,208 | 16,500 | |
State and Political Subdivisions [Member] | |||
Available-for-sale debt securities [Abstract] | |||
Amortized cost | [1] | 171,032 | 137,343 |
Unrealized gains | 593 | 670 | |
Unrealized losses | 5 | 2 | |
Fair value | 171,620 | 138,011 | |
Mortgage-backed Securities-Residential [Member] | |||
Available-for-sale debt securities [Abstract] | |||
Amortized cost | [1] | 28,661 | 29,586 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 5,069 | 3,985 | |
Fair value | 23,592 | 25,601 | |
Mortgage-backed Securities-Multi-family [Member] | |||
Available-for-sale debt securities [Abstract] | |||
Amortized cost | [1] | 90,918 | 91,016 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 22,034 | 18,930 | |
Fair value | 68,884 | 72,086 | |
Corporate Debt Securities [Member] | |||
Available-for-sale debt securities [Abstract] | |||
Amortized cost | [1] | 19,818 | 19,805 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 1,873 | 1,693 | |
Fair value | $ 17,945 | $ 18,112 | |
[1]Amortized cost excludes accrued interest receivable of $3.1 million and $2.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition. |
Securities, Amortized Cost an_2
Securities, Amortized Cost and Fair Value and Allowance for Credit Loss on Securities Held-to-Maturity (Details) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 USD ($) Category | Jun. 30, 2023 USD ($) | ||
Held-to-maturity securities [Abstract] | |||
Amortized cost | [1] | $ 712,214 | $ 726,363 |
Unrealized gains | 1,945 | 5,178 | |
Unrealized losses | 81,996 | 60,475 | |
Fair value | 632,163 | 671,066 | |
Allowance | [2] | 498 | 0 |
Net carrying value | 711,716 | 726,363 | |
Accrued interest receivable | $ 4,600 | 3,900 | |
Number of categories utilized under risk management approach of diversified investing | Category | 3 | ||
U.S. Treasury Securities [Member] | |||
Held-to-maturity securities [Abstract] | |||
Amortized cost | [1] | $ 33,726 | 33,705 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 2,525 | 2,438 | |
Fair value | 31,201 | 31,267 | |
Allowance | [2] | 0 | 0 |
Net carrying value | 33,726 | 33,705 | |
State and Political Subdivisions [Member] | |||
Held-to-maturity securities [Abstract] | |||
Amortized cost | [1] | 467,693 | 478,756 |
Unrealized gains | 1,945 | 5,178 | |
Unrealized losses | 48,799 | 30,662 | |
Fair value | 420,839 | 453,272 | |
Allowance | [2] | 46 | 0 |
Net carrying value | 467,647 | 478,756 | |
Mortgage-backed Securities-Residential [Member] | |||
Held-to-maturity securities [Abstract] | |||
Amortized cost | [1] | 35,927 | 37,186 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 4,507 | 3,625 | |
Fair value | 31,420 | 33,561 | |
Allowance | [2] | 0 | 0 |
Net carrying value | 35,927 | 37,186 | |
Mortgage-backed Securities-Multi-family [Member] | |||
Held-to-maturity securities [Abstract] | |||
Amortized cost | [1] | 152,504 | 155,046 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 23,140 | 20,324 | |
Fair value | 129,364 | 134,722 | |
Allowance | [2] | 0 | 0 |
Net carrying value | 152,504 | 155,046 | |
Corporate Debt Securities [Member] | |||
Held-to-maturity securities [Abstract] | |||
Amortized cost | [1] | 22,327 | 21,632 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 3,025 | 3,426 | |
Fair value | 19,302 | 18,206 | |
Allowance | [2] | 451 | 0 |
Net carrying value | 21,876 | 21,632 | |
Other Securities [Member] | |||
Held-to-maturity securities [Abstract] | |||
Amortized cost | [1] | 37 | 38 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 0 | 0 | |
Fair value | 37 | 38 | |
Allowance | [2] | 1 | 0 |
Net carrying value | $ 36 | $ 38 | |
[1] Amortized cost excludes accrued interest receivable of $4.6 million and $3.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition The Company adopted ASU 2016-13 (CECL) on July 1, 2023. For periods subsequent to adoption, an allowance is calculated under the CECL methodology. The periods prior to adoption did not have an allowance for credit losses under applicable GAAP for those periods. |
Securities, Allowance for Credi
Securities, Allowance for Credit Losses on Securities Held-to-Maturity (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Allowance for Credit Losses on Securities Held-to-Maturity [Roll Forward] | ||
Balance beginning of period | $ 0 | [1] |
Benefit for credit losses | (5) | |
Balance end of period | 498 | [1] |
Cumulative Effect Adjustment for ASU Implementation [Member] | ASU 2016-13 [Member] | ||
Allowance for Credit Losses on Securities Held-to-Maturity [Roll Forward] | ||
Balance beginning of period | $ 503 | |
[1] The Company adopted ASU 2016-13 (CECL) on July 1, 2023. For periods subsequent to adoption, an allowance is calculated under the CECL methodology. The periods prior to adoption did not have an allowance for credit losses under applicable GAAP for those periods. |
Securities, Securities in Conti
Securities, Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 USD ($) Security | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Security | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 7,625 | $ 6,268 | |
More than 12 months, fair value | 134,574 | 136,936 | |
Total, fair value | 142,199 | 143,204 | |
Less than 12 months, unrealized losses | 115 | 308 | |
More than 12 months, unrealized losses | 33,563 | 28,382 | |
Total, unrealized losses | $ 33,678 | $ 28,690 | |
Less than 12 months, number of securities | Security | 6 | 12 | |
More than 12 months, number of securities | Security | 86 | 78 | |
Total, number of securities | Security | 92 | 90 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 71,704 | $ 57,992 | |
More than 12 months, fair value | 498,042 | 495,655 | |
Total, fair value | 569,746 | 553,647 | |
Less than 12 months, unrealized losses | 2,989 | 2,897 | |
More than 12 months, unrealized losses | 79,007 | 57,578 | |
Total, unrealized losses | $ 81,996 | $ 60,475 | |
Less than 12 months, number of securities | Security | 657 | 471 | |
More than 12 months, number of securities | Security | 2,318 | 2,108 | |
Total, number of securities | Security | 2,975 | 2,579 | |
Total Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 79,329 | $ 64,260 | |
More than 12 months, fair value | 632,616 | 632,591 | |
Total, fair value | 711,945 | 696,851 | |
Less than 12 months, unrealized losses | 3,104 | 3,205 | |
More than 12 months, unrealized losses | 112,570 | 85,960 | |
Total, unrealized losses | $ 115,674 | $ 89,165 | |
Less than 12 months, number of securities | Security | 663 | 483 | |
More than 12 months, number of securities | Security | 2,404 | 2,186 | |
Total, number of securities | Security | 3,067 | 2,669 | |
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 | 0 | 0 | |
Proceeds from sale of available-for-sale securities | 0 | $ 0 | |
U.S. Government Sponsored Enterprises [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | 0 | $ 0 | |
More than 12 months, fair value | 10,467 | 10,823 | |
Total, fair value | 10,467 | 10,823 | |
Less than 12 months, unrealized losses | 0 | 0 | |
More than 12 months, unrealized losses | 2,584 | 2,231 | |
Total, unrealized losses | $ 2,584 | $ 2,231 | |
Less than 12 months, number of securities | Security | 0 | 0 | |
More than 12 months, number of securities | Security | 5 | 5 | |
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 | $ 756 | $ 761 | |
More than 12 months, fair value | 15,452 | 15,739 | |
Total, fair value | 16,208 | 16,500 | |
Less than 12 months, unrealized losses | 63 | 57 | |
More than 12 months, unrealized losses | 2,050 | 1,792 | |
Total, unrealized losses | $ 2,113 | $ 1,849 | |
Less than 12 months, number of securities | Security | 2 | 2 | |
More than 12 months, number of securities | Security | 6 | 6 | |
Total, number of securities | Security | 8 | 8 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 0 | $ 0 | |
More than 12 months, fair value | 31,201 | 31,267 | |
Total, fair value | 31,201 | 31,267 | |
Less than 12 months, unrealized losses | 0 | 0 | |
More than 12 months, unrealized losses | 2,525 | 2,438 | |
Total, unrealized losses | $ 2,525 | $ 2,438 | |
Less than 12 months, number of securities | Security | 0 | 0 | |
More than 12 months, number of securities | Security | 8 | 8 | |
Total, number of securities | Security | 8 | 8 | |
State and Political Subdivisions [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 5,022 | $ 0 | |
More than 12 months, fair value | 81 | 82 | |
Total, fair value | 5,103 | 82 | |
Less than 12 months, unrealized losses | 3 | 0 | |
More than 12 months, unrealized losses | 2 | 2 | |
Total, unrealized losses | $ 5 | $ 2 | |
Less than 12 months, number of securities | Security | 3 | 0 | |
More than 12 months, number of securities | Security | 1 | 1 | |
Total, number of securities | Security | 4 | 1 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 64,946 | $ 40,412 | |
More than 12 months, fair value | 293,513 | 295,479 | |
Total, fair value | 358,459 | 335,891 | |
Less than 12 months, unrealized losses | 1,994 | 520 | |
More than 12 months, unrealized losses | 46,805 | 30,142 | |
Total, unrealized losses | $ 48,799 | $ 30,662 | |
Less than 12 months, number of securities | Security | 649 | 448 | |
More than 12 months, number of securities | Security | 2,215 | 2,018 | |
Total, number of securities | Security | 2,864 | 2,466 | |
Mortgage-backed Securities-Residential [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 0 | $ 476 | |
More than 12 months, fair value | 23,592 | 25,125 | |
Total, fair value | 23,592 | 25,601 | |
Less than 12 months, unrealized losses | 0 | 29 | |
More than 12 months, unrealized losses | 5,069 | 3,956 | |
Total, unrealized losses | $ 5,069 | $ 3,985 | |
Less than 12 months, number of securities | Security | 0 | 7 | |
More than 12 months, number of securities | Security | 27 | 21 | |
Total, number of securities | Security | 27 | 28 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 5 | $ 1,982 | |
More than 12 months, fair value | 31,415 | 31,579 | |
Total, fair value | 31,420 | 33,561 | |
Less than 12 months, unrealized losses | 0 | 120 | |
More than 12 months, unrealized losses | 4,507 | 3,505 | |
Total, unrealized losses | $ 4,507 | $ 3,625 | |
Less than 12 months, number of securities | Security | 2 | 12 | |
More than 12 months, number of securities | Security | 27 | 18 | |
Total, number of securities | Security | 29 | 30 | |
Mortgage-backed Securities-Multi-family [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 0 | $ 2,679 | |
More than 12 months, fair value | 68,884 | 69,407 | |
Total, fair value | 68,884 | 72,086 | |
Less than 12 months, unrealized losses | 0 | 182 | |
More than 12 months, unrealized losses | 22,034 | 18,748 | |
Total, unrealized losses | $ 22,034 | $ 18,930 | |
Less than 12 months, number of securities | Security | 0 | 1 | |
More than 12 months, number of securities | Security | 31 | 30 | |
Total, number of securities | Security | 31 | 31 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 0 | $ 5,362 | |
More than 12 months, fair value | 129,364 | 129,360 | |
Total, fair value | 129,364 | 134,722 | |
Less than 12 months, unrealized losses | 0 | 245 | |
More than 12 months, unrealized losses | 23,140 | 20,079 | |
Total, unrealized losses | $ 23,140 | $ 20,324 | |
Less than 12 months, number of securities | Security | 0 | 2 | |
More than 12 months, number of securities | Security | 55 | 54 | |
Total, number of securities | Security | 55 | 56 | |
Corporate Debt Securities [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 1,847 | $ 2,352 | |
More than 12 months, fair value | 16,098 | 15,760 | |
Total, fair value | 17,945 | 18,112 | |
Less than 12 months, unrealized losses | 49 | 40 | |
More than 12 months, unrealized losses | 1,824 | 1,653 | |
Total, unrealized losses | $ 1,873 | $ 1,693 | |
Less than 12 months, number of securities | Security | 1 | 2 | |
More than 12 months, number of securities | Security | 16 | 15 | |
Total, number of securities | Security | 17 | 17 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | |||
Less than 12 months, fair value | $ 6,753 | $ 10,236 | |
More than 12 months, fair value | 12,549 | 7,970 | |
Total, fair value | 19,302 | 18,206 | |
Less than 12 months, unrealized losses | 995 | 2,012 | |
More than 12 months, unrealized losses | 2,030 | 1,414 | |
Total, unrealized losses | $ 3,025 | $ 3,426 | |
Less than 12 months, number of securities | Security | 6 | 9 | |
More than 12 months, number of securities | Security | 13 | 10 | |
Total, number of securities | Security | 19 | 19 |
Securities, Securities by Contr
Securities, Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | |
Securities available-for-sale, Amortized Cost [Abstract] | |||
Within one year | $ 171,471 | ||
After one year through five years | 38,162 | ||
After five years through ten years | 11,089 | ||
After ten years | 1,500 | ||
Total securities available-for-sale | 222,222 | ||
Mortgage-backed and asset-backed securities | 119,579 | ||
Amortized cost | [1] | 341,801 | $ 309,153 |
Securities available-for-sale, Fair Value [Abstract] | |||
Within one year | 172,049 | ||
After one year through five years | 34,285 | ||
After five years through ten years | 8,757 | ||
After ten years | 1,149 | ||
Total securities available-for-sale | 216,240 | ||
Mortgage-backed and asset-backed securities | 92,476 | ||
Fair value | 308,716 | 281,133 | |
Securities held-to-maturity, Amortized Cost [Abstract] | |||
Within one year | 60,158 | ||
After one year through five years | 167,354 | ||
After five years through ten years | 149,902 | ||
After ten years | 146,369 | ||
Total securities held-to-maturity | 523,783 | ||
Mortgage-backed securities | 188,431 | ||
Amortized cost | [2] | 712,214 | 726,363 |
Securities held-to-maturity, Fair Value [Abstract] | |||
Within one year | 58,999 | ||
After one year through five years | 158,761 | ||
After five years through ten years | 133,552 | ||
After ten years | 120,067 | ||
Total securities held-to-maturity | 471,379 | ||
Mortgage-backed securities | 160,784 | ||
Fair value | 632,163 | $ 671,066 | |
Total Debt Securities [Abstract] | |||
Amortized cost | 1,054,015 | ||
Fair value | $ 940,879 | ||
[1]Amortized cost excludes accrued interest receivable of $3.1 million and $2.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition.[2] Amortized cost excludes accrued interest receivable of $4.6 million and $3.9 million at September 30, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition |
Securities, Securities Pledged
Securities, Securities Pledged (Details) - Asset Pledged as Collateral [Member] - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 |
Deposits in Excess of FDIC Insurance Limits [Member] | ||
Securities Pledged [Abstract] | ||
Securities, fair value | $ 825.7 | $ 904.8 |
Potential Borrowings at Federal Reserve Bank Discount Window [Member] | ||
Securities Pledged [Abstract] | ||
Securities, fair value | $ 23.7 | $ 20.8 |
Securities, Federal Home Loan B
Securities, Federal Home Loan Bank Stock (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Federal Home Loan Bank Stock [Member] | ||
Federal Home Loan Bank Stock [Abstract] | ||
Credit loss | $ 0 | $ 0 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses on Loans, Major Loan Segments and Classes (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | |
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | $ 1,448,340 | [1],[2] | $ 1,408,866 | ||
Allowance for credit losses on loans | (20,249) | (21,212) | $ (22,147) | $ (22,761) | |
Net loans receivable | 1,428,091 | 1,387,654 | |||
Deferred fees and cost, net | 62 | 75 | |||
Accrued interest receivable | 6,000 | 5,500 | |||
Residential Real Estate [Member] | Residential Real Estate [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 397,626 | ||||
Allowance for credit losses on loans | (4,293) | (2,794) | (2,471) | (2,373) | |
Residential Real Estate [Member] | Construction and Land [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Allowance for credit losses on loans | (177) | (141) | |||
Residential Real Estate [Member] | Multi-family [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Allowance for credit losses on loans | (159) | (119) | |||
Commercial Real Estate [Member] | Real Estate [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 910,165 | ||||
Allowance for credit losses on loans | (12,356) | (14,839) | (15,392) | (16,221) | |
Commercial Real Estate [Member] | Construction [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Allowance for credit losses on loans | (1,044) | (1,114) | |||
Consumer Loan [Member] | Home Equity [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 25,467 | ||||
Allowance for credit losses on loans | (188) | (46) | (44) | (89) | |
Consumer Loan [Member] | Consumer [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 4,778 | ||||
Allowance for credit losses on loans | (490) | (332) | (274) | (349) | |
Commercial Loans [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 110,304 | ||||
Allowance for credit losses on loans | $ (2,922) | $ (3,201) | $ (2,586) | $ (2,355) | |
[1]Loan balances exclude accrued interest receivable of $6.0 million at September 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition.[2]Loan balances include net deferred fees/cost of $62,000 at September 30, 2023. |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses on Loans, Nonaccrual Loans (Details) | 3 Months Ended | |||
Sep. 30, 2023 USD ($) Loan | Jun. 30, 2023 USD ($) Loan | |||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | $ 1,448,340,000 | [1],[2] | $ 1,408,866,000 | |
Total loans | [3] | 1,408,791,000 | ||
Loans on non-accrual | 5,474,000 | 5,458,000 | ||
Nonaccrual loans with recent history of delinquency greater than 90 days | 2,900,000 | 3,100,000 | ||
Loan repayments | 87,000,000 | |||
Loans returning to performing status | 19,000 | |||
Charge-offs | 3,000 | |||
Loans placed into nonperforming status | 138,000 | |||
Accruing loans delinquent more than 90 days | 0 | |||
Total Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 4,492,000 | |||
Total loans | 3,202,000 | |||
30 to 59 Days Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 93,000 | |||
Total loans | 111,000 | |||
60 to 89 Days Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 1,797,000 | |||
Total loans | 740,000 | |||
90 Days or More Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 2,602,000 | |||
Total loans | 2,351,000 | |||
Current [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 1,443,848,000 | |||
Total loans | 1,405,589,000 | |||
Residential Real Estate [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Loans in the process of foreclosure | $ 637,000 | $ 625,000 | ||
Number of loans in the process of foreclosure | Loan | 3 | 3 | ||
Residential Real Estate [Member] | Residential Real Estate [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | $ 397,626,000 | |||
Total loans | $ 372,443,000 | |||
Loans on non-accrual | 2,816,000 | 2,747,000 | ||
Residential Real Estate [Member] | Residential Real Estate [Member] | Total Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 2,202,000 | |||
Total loans | 2,108,000 | |||
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 | 19,000 | |||
Total loans | 0 | |||
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 | 306,000 | |||
Total loans | 504,000 | |||
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 | 1,877,000 | |||
Total loans | 1,604,000 | |||
Residential Real Estate [Member] | Residential Real Estate [Member] | Current [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 395,424,000 | |||
Total loans | 370,335,000 | |||
Residential Real Estate [Member] | Construction and Land [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 19,072,000 | |||
Loans on non-accrual | 0 | |||
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 | |||
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 | |||
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 | |||
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 | |||
Residential Real Estate [Member] | Construction and Land [Member] | Current [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 19,072,000 | |||
Residential Real Estate [Member] | Multi-family [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 66,496,000 | |||
Loans on non-accrual | 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 | |||
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 | |||
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 | |||
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 | |||
Residential Real Estate [Member] | Multi-family [Member] | Current [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 66,496,000 | |||
Commercial Real Estate [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Loans in the process of foreclosure | $ 1,400 | |||
Number of loans in the process of foreclosure | Loan | 2 | |||
Commercial Real Estate [Member] | Real Estate [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 910,165,000 | |||
Total loans | $ 693,436,000 | |||
Loans on non-accrual | 1,307,000 | 1,318,000 | ||
Commercial Real Estate [Member] | Real Estate [Member] | Total Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 883,000 | |||
Total loans | 887,000 | |||
Commercial Real Estate [Member] | Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 0 | |||
Total loans | 0 | |||
Commercial Real Estate [Member] | Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 233,000 | |||
Total loans | 235,000 | |||
Commercial Real Estate [Member] | Real Estate [Member] | 90 Days or More Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 650,000 | |||
Total loans | 652,000 | |||
Commercial Real Estate [Member] | Real Estate [Member] | Current [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 909,282,000 | |||
Total loans | 692,549,000 | |||
Commercial Real Estate [Member] | Construction [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 121,958,000 | |||
Loans on non-accrual | 0 | |||
Commercial Real Estate [Member] | Construction [Member] | Total Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 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 | |||
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 | |||
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 | |||
Commercial Real Estate [Member] | Construction [Member] | Current [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 121,958,000 | |||
Consumer Loan [Member] | Home Equity [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 25,467,000 | |||
Total loans | 22,752,000 | |||
Loans on non-accrual | 52,000 | 54,000 | ||
Consumer Loan [Member] | Home Equity [Member] | Total Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 56,000 | |||
Total loans | 61,000 | |||
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 | 43,000 | |||
Total loans | 48,000 | |||
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 | |||
Total loans | 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 | 13,000 | |||
Total loans | 13,000 | |||
Consumer Loan [Member] | Home Equity [Member] | Current [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 25,411,000 | |||
Total loans | 22,691,000 | |||
Consumer Loan [Member] | Consumer [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 4,778,000 | |||
Total loans | 4,612,000 | |||
Loans on non-accrual | 43,000 | 63,000 | ||
Consumer Loan [Member] | Consumer [Member] | Total Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 95,000 | |||
Total loans | 127,000 | |||
Consumer Loan [Member] | Consumer [Member] | 30 to 59 Days Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 31,000 | |||
Total loans | 63,000 | |||
Consumer Loan [Member] | Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 21,000 | |||
Total loans | 1,000 | |||
Consumer Loan [Member] | Consumer [Member] | 90 Days or More Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 43,000 | |||
Total loans | 63,000 | |||
Consumer Loan [Member] | Consumer [Member] | Current [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 4,683,000 | |||
Total loans | 4,485,000 | |||
Commercial Loans [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 110,304,000 | |||
Total loans | 108,022,000 | |||
Loans on non-accrual | 1,256,000 | 1,276,000 | ||
Commercial Loans [Member] | Total Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 1,256,000 | |||
Total loans | 19,000 | |||
Commercial Loans [Member] | 30 to 59 Days Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 0 | |||
Total loans | 0 | |||
Commercial Loans [Member] | 60 to 89 Days Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 1,237,000 | |||
Total loans | 0 | |||
Commercial Loans [Member] | 90 Days or More Past Due [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | 19,000 | |||
Total loans | 19,000 | |||
Commercial Loans [Member] | Current [Member] | ||||
Delinquent and/or Nonaccrual Loans by Past Due Status [Abstract] | ||||
Total loans | $ 109,048,000 | |||
Total loans | $ 108,003,000 | |||
[1]Loan balances exclude accrued interest receivable of $6.0 million at September 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition.[2]Loan balances include net deferred fees/cost of $62,000 at September 30, 2023.[3]Loan balances exclude accrued interest receivable of $5.5 million at June 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition. |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses on Loans, Allowance for Credit Losses on Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance for Credit Loss [Abstract] | ||
Threshold principal amount of collateral dependent loans evaluated individually | $ 250 | |
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 21,212 | $ 22,761 |
Charge-offs | (129) | (171) |
Recoveries | 36 | 56 |
Provision | 462 | (499) |
Balance, end of period | 20,249 | 22,147 |
Unfunded Commitments [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Allowance for credit losses | 1,500 | |
Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | $ (1,332) | |
Smaller Business Loans [Member] | Uncollateralized [Member] | ||
Allowance for Credit Loss [Abstract] | ||
Threshold period to charge off loans against allowance for loan losses | 90 days | |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | $ 2,794 | 2,373 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 3 |
Provision | 317 | 95 |
Balance, end of period | 4,293 | 2,471 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 1,182 | |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 141 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Provision | 36 | |
Balance, end of period | 177 | |
Residential Real Estate [Member] | Multi-family [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 119 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Provision | 40 | |
Balance, end of period | 159 | |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 14,839 | 16,221 |
Charge-offs | 0 | 0 |
Recoveries | 1 | 0 |
Provision | 405 | (829) |
Balance, end of period | 12,356 | 15,392 |
Commercial Real Estate [Member] | Real Estate [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | $ (2,889) | |
Commercial Real Estate [Member] | Construction [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 1,114 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Provision | (70) | |
Balance, end of period | 1,044 | |
Consumer Loan [Member] | Uncollateralized [Member] | ||
Allowance for Credit Loss [Abstract] | ||
Threshold period to charge off loans against allowance for loan losses | 90 days | |
Threshold period to charge off overdrawn deposit accounts against allowance for loan losses | 60 days | |
Consumer Loan [Member] | Home Equity [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | $ 46 | 89 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 25 | (45) |
Balance, end of period | 188 | 44 |
Consumer Loan [Member] | Home Equity [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 117 | |
Consumer Loan [Member] | Consumer [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 332 | 349 |
Charge-offs | (122) | (167) |
Recoveries | 26 | 46 |
Provision | 117 | 46 |
Balance, end of period | 490 | 274 |
Consumer Loan [Member] | Consumer [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 137 | |
Commercial Loans [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | 3,201 | 2,355 |
Charge-offs | (7) | (4) |
Recoveries | 9 | 7 |
Provision | (402) | 228 |
Balance, end of period | 2,922 | $ 2,586 |
Commercial Loans [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Roll Forward] | ||
Balance, beginning of period | $ 121 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses on Loans, Credit Monitoring Process (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total | $ 1,448,340 | [1],[2] | $ 1,408,866 | ||
Total loans | [3] | 1,408,791 | |||
Current-Period Gross Charge-Offs [Abstract] | |||||
Total | 129 | $ 171 | |||
Performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 1,366,844 | ||||
Special Mention [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 16,414 | ||||
Substandard [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 25,533 | ||||
Doubtful [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total | 0 | ||||
Loss [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total | $ 0 | ||||
Residential Real Estate [Member] | Maximum [Member] | |||||
Current-Period Gross Charge-Offs [Abstract] | |||||
Loan-to-value ratio | 85% | ||||
Residential Real Estate [Member] | Residential Mortgage with Private Mortgage Insurance [Member] | Maximum [Member] | |||||
Current-Period Gross Charge-Offs [Abstract] | |||||
Loan-to-value ratio | 85% | ||||
Residential Real Estate [Member] | Residential Real Estate [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | $ 16,371 | ||||
2023 | 58,726 | ||||
2022 | 97,228 | ||||
2021 | 85,579 | ||||
2020 | 34,997 | ||||
Prior | 104,725 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 397,626 | ||||
Total loans | 372,443 | ||||
Current-Period Gross Charge-Offs [Abstract] | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 0 | 0 | |||
Residential Real Estate [Member] | Residential Real Estate [Member] | Performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 16,371 | ||||
2023 | 58,726 | ||||
2022 | 97,228 | ||||
2021 | 85,394 | ||||
2020 | 34,809 | ||||
Prior | 102,282 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 394,810 | ||||
Total loans | 366,403 | ||||
Residential Real Estate [Member] | Residential Real Estate [Member] | Non-performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 185 | ||||
2020 | 188 | ||||
Prior | 2,443 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 2,816 | ||||
Residential Real Estate [Member] | Residential Real Estate [Member] | Special Mention [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 2,305 | ||||
Residential Real Estate [Member] | Residential Real Estate [Member] | Substandard [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 3,735 | ||||
Residential Real Estate [Member] | Construction and Land [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 19,072 | ||||
Current-Period Gross Charge-Offs [Abstract] | |||||
Total | 0 | ||||
Residential Real Estate [Member] | Construction and Land [Member] | Performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 19,072 | ||||
Residential Real Estate [Member] | Construction and Land [Member] | Special Mention [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 0 | ||||
Residential Real Estate [Member] | Construction and Land [Member] | Substandard [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 0 | ||||
Residential Real Estate [Member] | Multi-family [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 66,496 | ||||
Current-Period Gross Charge-Offs [Abstract] | |||||
Total | 0 | ||||
Residential Real Estate [Member] | Multi-family [Member] | Performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 66,410 | ||||
Residential Real Estate [Member] | Multi-family [Member] | Special Mention [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 86 | ||||
Residential Real Estate [Member] | Multi-family [Member] | Substandard [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 0 | ||||
Commercial Real Estate [Member] | Real Estate [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 35,352 | ||||
2023 | 212,585 | ||||
2022 | 261,560 | ||||
2021 | 131,022 | ||||
2020 | 84,838 | ||||
Prior | 178,923 | ||||
Revolving loans amortized cost basis | 5,736 | ||||
Revolving loans converted to term | 149 | ||||
Total | 910,165 | ||||
Total loans | 693,436 | ||||
Current-Period Gross Charge-Offs [Abstract] | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 0 | 0 | |||
Commercial Real Estate [Member] | Real Estate [Member] | Performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 665,548 | ||||
Commercial Real Estate [Member] | Real Estate [Member] | Pass [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 35,352 | ||||
2023 | 210,920 | ||||
2022 | 259,041 | ||||
2021 | 130,106 | ||||
2020 | 79,698 | ||||
Prior | 161,347 | ||||
Revolving loans amortized cost basis | 4,705 | ||||
Revolving loans converted to term | 149 | ||||
Total | 881,318 | ||||
Commercial Real Estate [Member] | Real Estate [Member] | Special Mention [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 0 | ||||
2023 | 505 | ||||
2022 | 2,519 | ||||
2021 | 476 | ||||
2020 | 682 | ||||
Prior | 7,714 | ||||
Revolving loans amortized cost basis | 1,031 | ||||
Revolving loans converted to term | 0 | ||||
Total | 12,927 | ||||
Total loans | 11,671 | ||||
Commercial Real Estate [Member] | Real Estate [Member] | Substandard [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 0 | ||||
2023 | 1,160 | ||||
2022 | 0 | ||||
2021 | 440 | ||||
2020 | 4,458 | ||||
Prior | 9,862 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 15,920 | ||||
Total loans | 16,217 | ||||
Commercial Real Estate [Member] | Construction [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 121,958 | ||||
Current-Period Gross Charge-Offs [Abstract] | |||||
Total | 0 | ||||
Commercial Real Estate [Member] | Construction [Member] | Performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 121,958 | ||||
Commercial Real Estate [Member] | Construction [Member] | Special Mention [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 0 | ||||
Commercial Real Estate [Member] | Construction [Member] | Substandard [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 0 | ||||
Consumer Loan [Member] | Home Equity [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 1,554 | ||||
2023 | 3,155 | ||||
2022 | 375 | ||||
2021 | 521 | ||||
2020 | 370 | ||||
Prior | 1,641 | ||||
Revolving loans amortized cost basis | 17,796 | ||||
Revolving loans converted to term | 55 | ||||
Total | 25,467 | ||||
Total loans | 22,752 | ||||
Current-Period Gross Charge-Offs [Abstract] | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 0 | 0 | |||
Consumer Loan [Member] | Home Equity [Member] | Performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 1,554 | ||||
2023 | 3,155 | ||||
2022 | 375 | ||||
2021 | 521 | ||||
2020 | 370 | ||||
Prior | 1,638 | ||||
Revolving loans amortized cost basis | 17,747 | ||||
Revolving loans converted to term | 55 | ||||
Total | 25,415 | ||||
Total loans | 22,698 | ||||
Consumer Loan [Member] | Home Equity [Member] | Non-performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 3 | ||||
Revolving loans amortized cost basis | 49 | ||||
Revolving loans converted to term | 0 | ||||
Total | 52 | ||||
Consumer Loan [Member] | Home Equity [Member] | Special Mention [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 0 | ||||
Consumer Loan [Member] | Home Equity [Member] | Substandard [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 54 | ||||
Consumer Loan [Member] | Consumer [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 1,046 | ||||
2023 | 1,772 | ||||
2022 | 1,062 | ||||
2021 | 486 | ||||
2020 | 205 | ||||
Prior | 114 | ||||
Revolving loans amortized cost basis | 93 | ||||
Revolving loans converted to term | 0 | ||||
Total | 4,778 | ||||
Total loans | 4,612 | ||||
Current-Period Gross Charge-Offs [Abstract] | |||||
2024 | 110 | ||||
2023 | 0 | ||||
2022 | 8 | ||||
2021 | 4 | ||||
2020 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 122 | 167 | |||
Consumer Loan [Member] | Consumer [Member] | Performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 1,046 | ||||
2023 | 1,772 | ||||
2022 | 1,019 | ||||
2021 | 486 | ||||
2020 | 205 | ||||
Prior | 114 | ||||
Revolving loans amortized cost basis | 93 | ||||
Revolving loans converted to term | 0 | ||||
Total | 4,735 | ||||
Total loans | 4,530 | ||||
Consumer Loan [Member] | Consumer [Member] | Non-performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 43 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 0 | ||||
Revolving loans converted to term | 0 | ||||
Total | 43 | ||||
Consumer Loan [Member] | Consumer [Member] | Special Mention [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 0 | ||||
Consumer Loan [Member] | Consumer [Member] | Substandard [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 82 | ||||
Commercial Loans [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 2,811 | ||||
2023 | 11,945 | ||||
2022 | 17,524 | ||||
2021 | 17,539 | ||||
2020 | 6,375 | ||||
Prior | 22,674 | ||||
Revolving loans amortized cost basis | 31,436 | ||||
Revolving loans converted to term | 0 | ||||
Total | 110,304 | ||||
Total loans | 108,022 | ||||
Current-Period Gross Charge-Offs [Abstract] | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 0 | ||||
Revolving loans amortized cost basis | 7 | ||||
Revolving loans converted to term | 0 | ||||
Total | 7 | $ 4 | |||
Commercial Loans [Member] | Performing [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
Total loans | 100,225 | ||||
Commercial Loans [Member] | Pass [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 2,811 | ||||
2023 | 11,945 | ||||
2022 | 15,785 | ||||
2021 | 16,265 | ||||
2020 | 6,276 | ||||
Prior | 21,202 | ||||
Revolving loans amortized cost basis | 28,097 | ||||
Revolving loans converted to term | 0 | ||||
Total | 102,381 | ||||
Commercial Loans [Member] | Special Mention [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 1,739 | ||||
2021 | 0 | ||||
2020 | 1 | ||||
Prior | 486 | ||||
Revolving loans amortized cost basis | 306 | ||||
Revolving loans converted to term | 0 | ||||
Total | 2,532 | ||||
Total loans | 2,352 | ||||
Commercial Loans [Member] | Substandard [Member] | |||||
Credit Quality by Loan Class by Vintage [Abstract] | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 1,274 | ||||
2020 | 98 | ||||
Prior | 986 | ||||
Revolving loans amortized cost basis | 3,033 | ||||
Revolving loans converted to term | 0 | ||||
Total | $ 5,391 | ||||
Total loans | $ 5,445 | ||||
[1]Loan balances exclude accrued interest receivable of $6.0 million at September 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition.[2]Loan balances include net deferred fees/cost of $62,000 at September 30, 2023.[3]Loan balances exclude accrued interest receivable of $5.5 million at June 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition. |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses on Loans, Individually Evaluated Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Allocation of allowance for loan losses by loan category [Abstract] | ||
Collateral dependent loans evaluated individually, amortized cost basis | $ 5,800 | |
Collateral dependent loans evaluated individually, allowance for credit losses on loans | $ 1,700 | |
Allowance for loan losses, ending balance, impairment analysis individually evaluated | $ 2,013 | |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 19,199 | |
Loans receivable, ending balance, impairment analysis individually evaluated | 10,307 | |
Loans receivable, ending balance, impairment analysis collectively evaluated | 1,398,484 | |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 597 | |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 2,016 | |
Loans receivable, ending balance, impairment analysis individually evaluated | 3,106 | |
Loans receivable, ending balance, impairment analysis collectively evaluated | 369,337 | |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 181 | |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | |
Loans receivable, ending balance, impairment analysis collectively evaluated | 19,072 | |
Residential Real Estate [Member] | Multi-family [Member] | ||
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 197 | |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | |
Loans receivable, ending balance, impairment analysis collectively evaluated | 66,496 | |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 245 | |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 12,775 | |
Loans receivable, ending balance, impairment analysis individually evaluated | 5,295 | |
Loans receivable, ending balance, impairment analysis collectively evaluated | 688,141 | |
Commercial Real Estate [Member] | Construction and Land [Member] | ||
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 1,622 | |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | |
Loans receivable, ending balance, impairment analysis collectively evaluated | 121,958 | |
Consumer Loan [Member] | Home Equity [Member] | ||
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 46 | |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | |
Loans receivable, ending balance, impairment analysis collectively evaluated | 22,752 | |
Consumer Loan [Member] | Consumer [Member] | ||
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 0 | |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 332 | |
Loans receivable, ending balance, impairment analysis individually evaluated | 0 | |
Loans receivable, ending balance, impairment analysis collectively evaluated | 4,612 | |
Commercial Loans [Member] | ||
Allocation of allowance for loan losses by loan category [Abstract] | ||
Allowance for loan losses, ending balance, impairment analysis individually evaluated | 1,171 | |
Allowance for loan losses, ending balance, impairment analysis collectively evaluated | 2,030 | |
Loans receivable, ending balance, impairment analysis individually evaluated | 1,906 | |
Loans receivable, ending balance, impairment analysis collectively evaluated | $ 106,116 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses on Loans, Loan Modifications to Borrowers Experiencing Financial Difficulties (Details) | 3 Months Ended |
Sep. 30, 2023 Loan | |
Loans and Allowance for Credit Losses on Loans [Abstract] | |
Number of loans modified to borrowers experiencing financial difficulty | 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses on Loans, Loan Segments and Classes Prior to Adoption of ASU 2016-13 (CECL) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | |
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | [1] | $ 1,408,791 | |||
Allowance for loan losses | $ (20,249) | (21,212) | $ (22,147) | $ (22,761) | |
Deferred fees and cost, net | 62 | 75 | |||
Net loans receivable | 1,428,091 | 1,387,654 | |||
Accrued interest receivable | 6,000 | 5,500 | |||
Residential Real Estate [Member] | Residential Real Estate [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 372,443 | ||||
Allowance for loan losses | (4,293) | (2,794) | (2,471) | (2,373) | |
Residential Real Estate [Member] | Construction and Land [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 19,072 | ||||
Allowance for loan losses | (177) | (141) | |||
Residential Real Estate [Member] | Multi-family [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 66,496 | ||||
Allowance for loan losses | (159) | (119) | |||
Commercial Real Estate [Member] | Real Estate [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 693,436 | ||||
Allowance for loan losses | (12,356) | (14,839) | (15,392) | (16,221) | |
Commercial Real Estate [Member] | Construction [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 121,958 | ||||
Allowance for loan losses | (1,044) | (1,114) | |||
Consumer Loan [Member] | Home Equity [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 22,752 | ||||
Allowance for loan losses | (188) | (46) | (44) | (89) | |
Consumer Loan [Member] | Consumer [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 4,612 | ||||
Allowance for loan losses | (490) | (332) | (274) | (349) | |
Commercial Loans [Member] | |||||
Major Loan Segments and Classes [Abstract] | |||||
Total gross loans | 108,022 | ||||
Allowance for loan losses | $ (2,922) | $ (3,201) | $ (2,586) | $ (2,355) | |
[1]Loan balances exclude accrued interest receivable of $5.5 million at June 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition. |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses on Loans, Impaired Loan Analysis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2023 | |
With no related allowance recorded [Abstract] | ||
Recorded investment | $ 2,872 | |
Unpaid principal | 2,872 | |
Average recorded investment | $ 1,526 | |
Interest income recognized | 15 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 7,435 | |
Unpaid principal | 7,435 | |
Related allowance | 2,013 | |
Average recorded investment | 8,598 | |
Interest income recognized | 115 | |
Total impaired [Abstract] | ||
Recorded investment | 10,307 | |
Unpaid principal | 10,307 | |
Related allowance | 2,013 | |
Average recorded investment | 10,124 | |
Interest income recognized | 130 | |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 1,020 | |
Unpaid principal | 1,020 | |
Average recorded investment | 986 | |
Interest income recognized | 9 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 2,086 | |
Unpaid principal | 2,086 | |
Related allowance | 597 | |
Average recorded investment | 1,939 | |
Interest income recognized | 9 | |
Total impaired [Abstract] | ||
Recorded investment | 3,106 | |
Unpaid principal | 3,106 | |
Related allowance | 597 | |
Average recorded investment | 2,925 | |
Interest income recognized | 18 | |
Commercial Real Estate [Member] | Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 1,518 | |
Unpaid principal | 1,518 | |
Average recorded investment | 63 | |
Interest income recognized | 2 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 3,777 | |
Unpaid principal | 3,777 | |
Related allowance | 245 | |
Average recorded investment | 3,229 | |
Interest income recognized | 44 | |
Total impaired [Abstract] | ||
Recorded investment | 5,295 | |
Unpaid principal | 5,295 | |
Related allowance | 245 | |
Average recorded investment | 3,292 | |
Interest income recognized | 46 | |
Commercial Real Estate [Member] | Construction [Member] | ||
With an allowance recorded [Abstract] | ||
Recorded investment | 0 | |
Unpaid principal | 0 | |
Related allowance | 0 | |
Average recorded investment | 102 | |
Interest income recognized | 0 | |
Total impaired [Abstract] | ||
Recorded investment | 0 | |
Unpaid principal | 0 | |
Related allowance | 0 | |
Average recorded investment | 102 | |
Interest income recognized | 0 | |
Consumer Loan [Member] | Home Equity [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 0 | |
Unpaid principal | 0 | |
Average recorded investment | 128 | |
Interest income recognized | 0 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 0 | |
Unpaid principal | 0 | |
Related allowance | 0 | |
Average recorded investment | 320 | |
Interest income recognized | 4 | |
Total impaired [Abstract] | ||
Recorded investment | 0 | |
Unpaid principal | 0 | |
Related allowance | 0 | |
Average recorded investment | 448 | |
Interest income recognized | 4 | |
Consumer Loan [Member] | Consumer [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 0 | |
Unpaid principal | 0 | |
Average recorded investment | 5 | |
Interest income recognized | 0 | |
With an allowance recorded [Abstract] | ||
Related allowance | 0 | |
Total impaired [Abstract] | ||
Recorded investment | 0 | |
Unpaid principal | 0 | |
Related allowance | 0 | |
Average recorded investment | 5 | |
Interest income recognized | 0 | |
Commercial Loans [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment | 334 | |
Unpaid principal | 334 | |
Average recorded investment | 344 | |
Interest income recognized | 4 | |
With an allowance recorded [Abstract] | ||
Recorded investment | 1,572 | |
Unpaid principal | 1,572 | |
Related allowance | 1,171 | |
Average recorded investment | 3,008 | |
Interest income recognized | 58 | |
Total impaired [Abstract] | ||
Recorded investment | 1,906 | |
Unpaid principal | 1,906 | |
Related allowance | $ 1,171 | |
Average recorded investment | 3,352 | |
Interest income recognized | $ 62 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses on Loans, Activity and Allocation of Allowance for Loan Losses by Loan Class (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | $ 21,212 | $ 22,761 |
Charge-offs | 129 | 171 |
Recoveries | 36 | 56 |
Provision | 462 | (499) |
Balance, end of period | 20,249 | 22,147 |
Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | (1,332) | |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 2,794 | 2,373 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 3 |
Provision | 317 | 95 |
Balance, end of period | 4,293 | 2,471 |
Residential Real Estate [Member] | Residential Real Estate [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 1,182 | |
Residential Real Estate [Member] | Construction and Land [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 141 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Provision | 36 | |
Balance, end of period | 177 | |
Residential Real Estate [Member] | Multi-family [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 119 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Provision | 40 | |
Balance, end of period | 159 | |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 14,839 | 16,221 |
Charge-offs | 0 | 0 |
Recoveries | 1 | 0 |
Provision | 405 | (829) |
Balance, end of period | 12,356 | 15,392 |
Commercial Real Estate [Member] | Real Estate [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | (2,889) | |
Commercial Real Estate [Member] | Construction [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 1,114 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Provision | (70) | |
Balance, end of period | 1,044 | |
Consumer Loan [Member] | Home Equity [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 46 | 89 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 25 | (45) |
Balance, end of period | 188 | 44 |
Consumer Loan [Member] | Home Equity [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 117 | |
Consumer Loan [Member] | Consumer [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 332 | 349 |
Charge-offs | 122 | 167 |
Recoveries | 26 | 46 |
Provision | 117 | 46 |
Balance, end of period | 490 | 274 |
Consumer Loan [Member] | Consumer [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 137 | |
Commercial Loans [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | 3,201 | 2,355 |
Charge-offs | 7 | 4 |
Recoveries | 9 | 7 |
Provision | (402) | 228 |
Balance, end of period | 2,922 | $ 2,586 |
Commercial Loans [Member] | Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | ||
Activity and Allocation of Allowance for Loan Losses by Loan Class [Roll Forward] | ||
Balance, beginning of period | $ 121 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses on Loans, Loans Modified as Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) Loan | Jun. 30, 2023 USD ($) Contract | Jun. 30, 2022 Loan | Jun. 30, 2021 Loan | |
Troubled Debt Restructurings [Abstract] | ||||
TDR loans which have subsequently defaulted during the period, number of loans | Loan | 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 Loans [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of contracts | Contract | 1 | |||
Pre-modification outstanding recorded investment | $ 379 | |||
Post-modification outstanding recorded investment | 379 | |||
Current outstanding recorded investment | $ 0 | |||
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 Real Estate [Member] | Real Estate [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 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses on Loans, Foreclosed Real Estate (FRE) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 302 | $ 302 |
Commercial Loans [Member] | ||
Foreclosed Real Estate [Abstract] | ||
Foreclosed real estate | $ 302 | $ 302 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments, Assets Measured on Recurring Basis (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) |
Assets [Abstract] | ||
Securities available-for-sale | $ 308,716 | $ 281,133 |
Equity securities | $ 299 | 306 |
Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member] | Liquidation Expenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Collateral dependent evaluated loans, measurement input | 0.10 | |
Foreclosed real estate, measurement input | 0.10 | |
Significant Unobservable Inputs (Level 3) [Member] | Maximum [Member] | Liquidation Expenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
Collateral dependent evaluated loans, measurement input | 0.40 | |
Foreclosed real estate, measurement input | 0.60 | |
Recurring [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | $ 308,716 | 281,133 |
Equity securities | 299 | 306 |
Total securities measured at fair value | 309,015 | 281,439 |
Recurring [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 10,467 | 10,823 |
Recurring [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 16,208 | 16,500 |
Recurring [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 171,620 | 138,011 |
Recurring [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 23,592 | 25,601 |
Recurring [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 68,884 | 72,086 |
Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 17,945 | 18,112 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 0 | 0 |
Equity securities | 299 | 306 |
Total securities measured at fair value | 299 | 306 |
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 | 308,716 | 281,133 |
Equity securities | 0 | 0 |
Total securities measured at fair value | 308,716 | 281,133 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 10,467 | 10,823 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 16,208 | 16,500 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 171,620 | 138,011 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Residential [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 23,592 | 25,601 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities-Multi-family [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 68,884 | 72,086 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Assets [Abstract] | ||
Securities available-for-sale | 17,945 | 18,112 |
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, Fair Value Measurements for Collateral Dependent Evaluated Loans and Foreclosed Real Estate (Details) - Nonrecurring [Member] - Level 3 [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Carrying Amount [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Collateral dependent evaluated loans | $ 5,781 | $ 7,578 |
Foreclosed real estate | 302 | 302 |
Fair Value [Member] | ||
Assets Measured at Fair Value on Nonrecurring Basis [Abstract] | ||
Collateral dependent evaluated loans | 4,090 | 5,565 |
Foreclosed real estate | $ 302 | $ 302 |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments, Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Securities available-for-sale | $ 308,716 | $ 281,133 |
Equity securities | 299 | 306 |
Carrying Amount [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 130,253 | 196,445 |
Long term certificates of deposit | 4,070 | 4,576 |
Securities available-for-sale | 308,716 | 281,133 |
Securities held-to-maturity | 711,716 | 726,363 |
Equity securities | 299 | 306 |
Federal Home Loan Bank stock | 1,979 | 1,682 |
Net loans receivable | 1,428,091 | 1,387,654 |
Accrued interest receivable | 13,761 | 12,249 |
Interest rate swaps asset | 71 | |
Deposits | 2,420,481 | 2,437,161 |
Borrowings | 4,374 | |
Subordinated notes payable, net | 49,542 | 49,495 |
Accrued interest payable | 531 | 936 |
Interest rate swaps liability | 71 | |
Fair Value [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 130,253 | 196,445 |
Long term certificates of deposit | 3,905 | 4,383 |
Securities available-for-sale | 308,716 | 281,133 |
Securities held-to-maturity | 632,163 | 671,066 |
Equity securities | 299 | 306 |
Federal Home Loan Bank stock | 1,979 | 1,682 |
Net loans receivable | 1,314,142 | 1,272,361 |
Accrued interest receivable | 13,761 | 12,249 |
Interest rate swaps asset | 71 | |
Deposits | 2,419,132 | 2,437,357 |
Borrowings | 4,142 | |
Subordinated notes payable, net | 46,357 | 47,669 |
Accrued interest payable | 531 | 936 |
Interest rate swaps liability | 71 | |
Fair Value [Member] | Level 1 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 130,253 | 196,445 |
Long term certificates of deposit | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Equity securities | 299 | 306 |
Federal Home Loan Bank stock | 0 | 0 |
Net loans receivable | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps asset | 0 | |
Deposits | 0 | 0 |
Borrowings | 0 | |
Subordinated notes payable, net | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swaps liability | 0 | |
Fair Value [Member] | Level 2 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Long term certificates of deposit | 3,905 | 4,383 |
Securities available-for-sale | 308,716 | 281,133 |
Securities held-to-maturity | 632,163 | 671,066 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 1,979 | 1,682 |
Net loans receivable | 0 | 0 |
Accrued interest receivable | 13,761 | 12,249 |
Interest rate swaps asset | 71 | |
Deposits | 2,419,132 | 2,437,357 |
Borrowings | 4,142 | |
Subordinated notes payable, net | 46,357 | 47,669 |
Accrued interest payable | 531 | 936 |
Interest rate swaps liability | 71 | |
Fair Value [Member] | Level 3 [Member] | ||
Carrying Amounts and Estimated Fair Value of Financial Instruments [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Long term certificates of deposit | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | 0 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Net loans receivable | 1,314,142 | 1,272,361 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps asset | 0 | |
Deposits | 0 | 0 |
Borrowings | 0 | |
Subordinated notes payable, net | 0 | 0 |
Accrued interest payable | 0 | $ 0 |
Interest rate swaps liability | $ 0 |
Derivative Instruments (Details
Derivative Instruments (Details) - Derivatives Not Designated as Hedging Instrument [Member] $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 USD ($) Agreement Counterparty | Jun. 30, 2023 USD ($) Agreement | |
Asset Derivatives [Abstract] | ||
Less cash collateral | $ 0 | |
Total derivatives after netting, fair value | 71 | |
Liability Derivatives [Abstract] | ||
Cash collateral, fair value | 0 | |
Total after netting, fair value | 71 | |
Interest Rate Derivatives [Member] | Other Assets [Member] | ||
Asset Derivatives [Abstract] | ||
Derivatives, notional amount | 18,300 | |
Derivatives, fair value | 71 | |
Interest Rate Derivatives [Member] | Other Liabilities [Member] | ||
Liability Derivatives [Abstract] | ||
Derivatives, notional amount | 18,300 | |
Derivatives, fair value | 71 | |
Risk Participation Agreements [Member] | ||
Liability Derivatives [Abstract] | ||
Derivatives, notional amount | $ 93,000 | $ 82,000 |
Risk Participation Agreements [Abstract] | ||
Number of risk participation agreements held | Agreement | 0 | 0 |
Number of financial institution counterparties | Counterparty | 4 | |
Risk Participation Agreements [Member] | Minimum [Member] | ||
Risk Participation Agreements [Abstract] | ||
Derivative terms | 5 years | |
Risk Participation Agreements [Member] | Maximum [Member] | ||
Risk Participation Agreements [Abstract] | ||
Derivative terms | 14 years |
Earnings Per Share (Details)
Earnings Per Share (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 23, 2023 | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | |
Earnings Per Share [Abstract] | |||
Dilutive securities or contracts outstanding (in shares) | 0 | 0 | |
Anti-dilutive securities or contracts outstanding (in shares) | 0 | 0 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||
Net Income | $ | $ 6,469 | $ 9,036 | |
Weighted Average Shares - Basic (in shares) | 17,026,828 | 17,026,828 | |
Weighted Average Shares - Diluted (in shares) | 17,026,828 | 17,026,828 | |
Earnings per share - Basic (in dollars per share) | $ / shares | $ 0.38 | $ 0.53 | |
Earnings per share - Diluted (in dollars per share) | $ / shares | $ 0.38 | $ 0.53 | |
Common Stock [Member] | |||
Stock Split [Abstract] | |||
Stock split conversion ratio | 2 |
Dividends (Details)
Dividends (Details) - $ / shares | 12 Months Ended | |
Jul. 19, 2023 | Jun. 30, 2023 | |
2023 Q4 Dividend [Member] | ||
Dividends [Abstract] | ||
Dividends payable, date declared | Jul. 19, 2023 | |
Common stock, dividends, per share, declared (in dollars per share) | $ 0.08 | |
Dividends payable, date of record | Aug. 14, 2023 | |
Dividends payable, date paid | Aug. 31, 2023 | |
2023 Annual Dividend [Member] | ||
Dividends [Abstract] | ||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.32 | |
Percentage of increase in cash dividend rate | 14.30% | |
2022 Annual Dividend [Member] | ||
Dividends [Abstract] | ||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.28 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Defined Benefit Plan [Member] | |||
Components of Net Periodic Pension Costs [Abstract] | |||
Interest cost | $ 52 | $ 50 | |
Expected return on plan assets | (55) | (55) | |
Amortization of net loss | 19 | 27 | |
Net periodic pension cost | 16 | $ 22 | |
Supplemental Executive Retirement Plan [Member] | |||
Components of Net Periodic Pension Costs [Abstract] | |||
Net periodic pension cost | 470 | ||
Postemployment benefits liability | $ 13,100 | $ 12,300 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) $ in Thousands | 3 Months Ended | |||
Mar. 23, 2023 | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Jun. 30, 2023 USD ($) | |
Common Stock [Member] | ||||
Stock option related information [Abstract] | ||||
Stock split conversion ratio | 2 | |||
2011 Phantom Stock Option and Long-term Incentive Plan [Member] | ||||
Stock option activity, shares [Roll Forward] | ||||
Number of options outstanding, beginning of period (in shares) | 2,535,840 | 2,959,040 | ||
Options Granted (in shares) | 672,095 | 807,200 | ||
Options Paid in Cash (in shares) | 0 | (194,000) | ||
Number of options outstanding, end of period (in shares) | 3,207,935 | 3,572,240 | ||
Stock option related information [Abstract] | ||||
Cash paid out on options vested | $ | $ 0 | $ 510 | ||
Compensation costs recognized | $ | 632 | $ 968 | ||
Total liability for the Plan | $ | $ 6,900 | $ 6,300 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
Balance | $ 183,283 | $ 157,714 |
Total other comprehensive loss, net of taxes | (3,712) | (6,618) |
Balance | 184,168 | 159,586 |
Accumulated Other Comprehensive Loss [Member] | ||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
Balance | (21,408) | (18,383) |
Other comprehensive income (loss) before reclassification | (3,712) | (6,618) |
Total other comprehensive loss, net of taxes | (3,712) | (6,618) |
Balance | (25,120) | (25,001) |
Unrealized Losses on Securities Available-for-sale [Member] | ||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
Balance | (20,531) | (17,268) |
Other comprehensive income (loss) before reclassification | (3,712) | (6,618) |
Total other comprehensive loss, net of taxes | (3,712) | (6,618) |
Balance | (24,243) | (23,886) |
Pension Benefits [Member] | ||
Balances and changes in components of accumulated other comprehensive loss [Roll Forward] | ||
Balance | (877) | (1,115) |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Total other comprehensive loss, net of taxes | 0 | 0 |
Balance | $ (877) | $ (1,115) |
Operating leases, Quantitative
Operating leases, Quantitative Data (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Operating Lease Amounts [Abstract] | |||
Right-of-use assets | $ 2,109 | $ 2,188 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets | Prepaid Expense and Other Assets | |
Lease liabilities | $ 2,198 | $ 2,277 | |
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 | $ 113 | $ 89 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 19 | 0 | |
Lease Costs [Abstract] | |||
Operating lease cost | 102 | 81 | |
Variable lease cost | $ 11 | $ 10 |
Operating leases, Undiscounted
Operating leases, Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Undiscounted Cash Flows of Operating Lease Liabilities [Abstract] | ||
2024 | $ 457 | |
2025 | 457 | |
2026 | 445 | |
2027 | 372 | |
2028 | 310 | |
Thereafter | 337 | |
Total undiscounted cash flow | 2,378 | |
Less net present value adjustment | (180) | |
Lease Liability | $ 2,198 | $ 2,277 |
Weighted-average remaining lease term | 5 years 7 months 13 days | |
Weighted-average discount rate | 2.76% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) - USD ($) | Feb. 28, 2023 | Sep. 30, 2023 | Jun. 30, 2023 |
Commitments [Abstract] | |||
Total credit-related financial instruments with off-balance sheet risk | $ 220,492,000 | $ 219,575,000 | |
Unfunded Loan Commitments [Member] | |||
Commitments [Abstract] | |||
Total credit-related financial instruments with off-balance sheet risk | 126,149,000 | 124,498,000 | |
Allowance for credit losses | 1,500,000 | ||
Unused Lines of Credit [Member] | |||
Commitments [Abstract] | |||
Total credit-related financial instruments with off-balance sheet risk | 94,164,000 | 94,898,000 | |
Standby Letters of Credit [Member] | |||
Commitments [Abstract] | |||
Total credit-related financial instruments with off-balance sheet risk | $ 179,000 | 179,000 | |
The Bank of Greene County [Member] | |||
Commitments [Abstract] | |||
Cash payments under settlement agreement | $ 1,150,000 | ||
Settlement agreement waived amount | $ 64,500 | ||
Litigation reserved amount | $ 1,150,000 |
Subsequent events (Details)
Subsequent events (Details) - $ / shares | Oct. 18, 2023 | Jul. 19, 2023 |
2024 Annual Dividend [Member] | ||
Dividends [Abstract] | ||
Common stock, dividends declared (in dollars per share) | $ 0.32 | |
Subsequent Event [Member] | 2024 Annual Dividend [Member] | ||
Dividends [Abstract] | ||
Common stock, dividends declared (in dollars per share) | $ 0.32 | |
Subsequent Event [Member] | 2024 Q1 Dividend Member] | ||
Dividends [Abstract] | ||
Dividends payable, date declared | Oct. 18, 2023 | |
Common stock, dividends declared (in dollars per share) | $ 0.08 | |
Dividends payable, date of record | Nov. 15, 2023 | |
Dividends payable, date to be paid | Nov. 30, 2023 |