Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2020 | Nov. 09, 2020 | |
Document Information Line Items | ||
Entity Registrant Name | Kentucky First Federal Bancorp | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 8,244,215 | |
Amendment Flag | false | |
Entity Central Index Key | 0001297341 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 0-51176 | |
Entity Incorporation, State or Country Code | KY | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
ASSETS | ||
Cash and due from financial institutions | $ 1,906 | $ 1,662 |
Interest-bearing demand deposits | 15,210 | 12,040 |
Cash and cash equivalents | 17,116 | 13,702 |
Time deposits in other financial institutions | 1,241 | 2,229 |
Securities available-for-sale | 36 | 541 |
Securities held-to-maturity, at amortized cost- approximate fair value of $582 and $611 at September 30, 2020 and June 30, 2020, respectively | 564 | 598 |
Loans held for sale | 1,035 | 667 |
Loans, net of allowance of $1,536 and $1,488 at September 30, 2020 and June 30, 2020, respectively | 290,509 | 285,887 |
Real estate owned, net | 679 | 640 |
Premises and equipment, net | 4,863 | 4,916 |
Federal Home Loan Bank stock, at cost | 6,498 | 6,498 |
Accrued interest receivable | 700 | 830 |
Bank-owned life insurance | 2,614 | 2,594 |
Goodwill | 947 | 947 |
Prepaid federal income taxes | 135 | |
Prepaid expenses and other assets | 882 | 952 |
Total assets | 327,684 | 321,136 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Deposits | 215,102 | 212,273 |
Federal Home Loan Bank advances | 58,392 | 54,715 |
Advances by borrowers for taxes and insurance | 1,084 | 800 |
Accrued interest payable | 24 | 27 |
Accrued federal income taxes | 95 | |
Deferred income taxes | 593 | 837 |
Other liabilities | 565 | 573 |
Total liabilities | 275,855 | 269,225 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Preferred stock, 500,000 shares authorized, $.01 par value; no shares issued and outstanding | ||
Common stock, 20,000,000 shares authorized, $.01 par value; 8,596,064 shares issued | 86 | 86 |
Additional paid-in capital | 34,963 | 34,981 |
Retained earnings | 19,873 | 19,932 |
Unearned employee stock ownership plan (ESOP), 24,262 shares and 28,931 shares at September 30, 2020 and June 30, 2020, respectively | (243) | (289) |
Treasury shares at cost, 351,849 and 342,849 common shares at September 30, 2020 and June 30, 2020, respectively | (2,850) | (2,801) |
Accumulated other comprehensive income | 2 | |
Total shareholders’ equity | 51,829 | 51,911 |
Total liabilities and shareholders’ equity | $ 327,684 | $ 321,136 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity securities, fair value (in Dollars) | $ 582 | $ 611 |
Loans, net of allowance (in Dollars) | $ 1,536 | $ 1,488 |
Preferred stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,596,064 | 8,596,064 |
Unearned employee stock ownership plan, number of shares | 24,262 | 28,931 |
Treasury stock, shares | 351,849 | 342,849 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income | ||
Loans, including fees | $ 2,976 | $ 3,172 |
Mortgage-backed securities | 4 | 6 |
Other securities | 3 | 6 |
Interest-bearing deposits and other | 46 | 144 |
Total interest income | 3,029 | 3,328 |
Interest expense | ||
Interest-bearing demand deposits | 7 | 5 |
Savings | 59 | 52 |
Certificates of Deposit | 448 | 531 |
Deposits | 514 | 588 |
Borrowings | 125 | 359 |
Total interest expense | 639 | 947 |
Net interest income | 2,390 | 2,381 |
Provision for loan losses | 84 | 59 |
Net interest income after provision for loan losses | 2,306 | 2,322 |
Non-interest income | ||
Earnings on bank-owned life insurance | 20 | 19 |
Net gain on sales of loans | 58 | 6 |
Net gain on sales of real estate owned | 1 | |
Other | 49 | 49 |
Total non-interest income | 128 | 74 |
Non-interest expense | ||
Employee compensation and benefits | 1,343 | 1,360 |
Occupancy and equipment | 138 | 143 |
FDIC insurance premiums | 57 | 14 |
Voice and data communications | 21 | 61 |
Advertising | 37 | 48 |
Outside service fees | 63 | 51 |
Data processing | 147 | 105 |
Auditing and accounting | 40 | 47 |
Franchise and other taxes | 65 | 65 |
Foreclosure and real estate owned expenses (net) | 17 | 34 |
Other | 155 | 174 |
Total non-interest expense | 2,083 | 2,102 |
Income before income taxes | 351 | 294 |
Income tax expense | 66 | 60 |
NET INCOME | $ 285 | $ 234 |
EARNINGS PER SHARE | ||
Basic and diluted (in Dollars per share) | $ 0.04 | $ 0.03 |
DIVIDENDS PER SHARE (in Dollars per share) | $ 0.10 | $ 0.10 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 285 | $ 234 |
Other comprehensive income, net of tax: | ||
Unrealized holding gains on securities designated as available-for-sale, net of taxes of $(1), and $0 during the respective periods | (2) | |
Comprehensive income | $ 283 | $ 234 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding Gains (losses) on securities designated as available-for-sale | $ (1) | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common stock | Additional paid-in capital | Retained earnings | Unearned employee stock ownership plan (ESOP) | Treasury shares | Accumulated other comprehensive income | Total |
Balance at Jun. 30, 2019 | $ 86 | $ 35,056 | $ 33,867 | $ (476) | $ (2,259) | $ 4 | $ 66,278 |
Net income | 234 | 234 | |||||
Allocation of ESOP shares | (34) | 47 | 13 | ||||
Acquisition of shares for Treasury | (151) | (151) | |||||
Other comprehensive income | |||||||
Cash dividends of $0.10 per common share | (334) | (334) | |||||
Balance at Sep. 30, 2019 | 86 | 35,022 | 33,767 | (429) | (2,410) | 4 | 66,040 |
Balance at Jun. 30, 2020 | 86 | 34,981 | 19,932 | (289) | (2,801) | 2 | 51,911 |
Net income | 285 | 285 | |||||
Allocation of ESOP shares | (18) | 46 | 28 | ||||
Acquisition of shares for Treasury | (49) | (49) | |||||
Other comprehensive income | (2) | (2) | |||||
Cash dividends of $0.10 per common share | (344) | (344) | |||||
Balance at Sep. 30, 2020 | $ 86 | $ 34,963 | $ 19,873 | $ (243) | $ (2,850) | $ 51,829 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends of per common share | $ 0.10 | $ 0.10 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 285 | $ 234 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 72 | 74 |
Accretion of purchased loan credit discount | (15) | (28) |
Amortization of purchased loan premium | 2 | 3 |
Amortization of deferred loan origination costs (fees) | 10 | 23 |
Amortization of premiums on investment securities | 2 | |
Net gain on sale of loans | (58) | (6) |
Net gain on sale of real estate owned | (1) | |
ESOP compensation expense | 28 | 13 |
Earnings on bank-owned life insurance | (20) | (19) |
Provision for loan losses | 84 | 59 |
Origination of loans held for sale | (1,613) | (586) |
Proceeds from loans held for sale | 1,303 | 151 |
Increase (decrease) in cash, due to changes in: | ||
Accrued interest receivable | 130 | 15 |
Prepaid expenses and other assets | 70 | (4) |
Accrued interest payable | (3) | 1 |
Other liabilities | (8) | 25 |
Federal income taxes | (13) | 63 |
Net cash provided by operating activities | 255 | 18 |
Cash flows from investing activities: | ||
Maturities of time deposits in other financial institutions | 988 | 3,497 |
Held to maturity | 32 | 92 |
Available for sale | 502 | 1 |
Loans originated for investment, net of principal collected | (4,899) | 984 |
Proceeds from sale of real estate owned | 159 | 44 |
Additions to real estate owned | (1) | (4) |
Additions to premises and equipment, net | (19) | (53) |
Net cash provided by (used in) investing activities | (3,238) | 4,561 |
Cash flows from financing activities: | ||
Net increase in deposits | 2,829 | 243 |
Payments by borrowers for taxes and insurance, net | 284 | 287 |
Proceeds from Federal Home Loan Bank advances | 17,900 | 4,000 |
Repayments on Federal Home Loan Bank advances | (14,223) | (6,330) |
Treasury stock purchased | (49) | (151) |
Dividends paid on common stock | (344) | (334) |
Net cash provided by (used in) financing activities | 6,397 | (2,285) |
Net increase in cash and cash equivalents | 3,414 | 2,294 |
Beginning cash and cash equivalents | 13,702 | 9,861 |
Ending cash and cash equivalents | 17,116 | 12,155 |
Cash paid during the period for: | ||
Federal income taxes | 75 | |
Interest on deposits and borrowings | 642 | 946 |
Transfers of loans to real estate owned, net | 196 | 295 |
Loans made on sale of real estate owned |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which represent the condensed consolidated balance sheets and results of operations of the Company, were prepared in accordance with the instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with U.S. generally accepted accounting principles. However, in the opinion of management, all adjustments (consisting of only normal recurring adjustments) which are necessary for a fair presentation of the condensed consolidated financial statements have been included. The results of operations for the three-month period ended September 30, 2020, are not necessarily indicative of the results which may be expected for an entire fiscal year. The condensed consolidated balance sheet as of June 30, 2020 has been derived from the audited consolidated balance sheet as of that date. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K annual report for 2020 filed with the Securities and Exchange Commission. Principles of Consolidation Reclassifications New Accounting Standards FASB ASC 326 - FASB ASC 820 – Fair Value Measurement (Topic 820) Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. FASB ASC 740– Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 2. Earnings Per Share Diluted earnings per share is computed taking into consideration common shares outstanding and dilutive potential common shares to be issued or released under the Company’s share-based compensation plans. The factors used in the basic and diluted earnings per share computations follow: Three months ended 2020 2019 Net income allocated to common shareholders, basic and diluted $ 285,000 $ 234,000 Earnings per share, basic and diluted $ 0.04 $ 0.03 Weighted average common shares outstanding, basic and diluted 8,222,813 8,277,502 There were no stock option shares outstanding for the three-month periods ended September 30, 2020 and 2019. |
Investment Securities
Investment Securities | 3 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 3. Investment Securities The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at September 30, 2020 and June 30, 2020, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses: September 30, 2020 (in thousands) Amortized Gross Gross Estimated Available-for-sale Securities Agency mortgage-backed: residential $ 36 $ – $ – $ 36 Held-to-maturity Securities Agency mortgage-backed: residential $ 564 $ 21 $ 3 $ 582 June 30, 2020 (in thousands) Amortized Gross Gross Estimated Available-for-sale Securities Agency bonds $ 500 $ 3 $ – $ 503 Agency mortgage-backed: residential 38 – – 38 $ 538 $ 3 $ – $ 541 Held-to-maturity Securities Agency mortgage-backed: residential $ 598 $ 16 $ 3 $ 611 Our pledged securities (including overnight and time deposits in other financial institutions) totaled $1.9 million and $1.9 million at September 30, 2020 and June 30, 2020, respectively. We evaluated securities in unrealized loss positions for evidence of other-than-temporary impairment, considering duration, severity, financial condition of the issuer, our intention to sell or requirement to sell. Those securities were agency mortgage backed securities, which carry a very limited amount of risk. Also, we have no intention to sell nor feel that we will be compelled to sell such securities before maturity. Based on our evaluation, no impairment has been recognized through earnings. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans receivable | 4. Loans receivable The composition of the loan portfolio was as follows: September 30, June 30, (in thousands) 2020 2020 Residential real estate One- to four-family $ 221,659 $ 222,489 Multi-family 14,503 12,373 Construction 4,769 4,045 Land 912 765 Farm 2,506 2,354 Nonresidential real estate 35,681 33,503 Commercial nonmortgage 2,608 2,214 Consumer and other: Loans on deposits 1,280 1,245 Home equity 7,396 7,645 Automobile 74 67 Unsecured 657 675 292,045 287,375 Allowance for loan losses (1,536 ) (1,488 ) $ 290,509 $ 285,887 The following table presents the activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2020: (in thousands) Beginning Provision for Loans Recoveries Ending Residential real estate: One- to four-family $ 671 $ (1 ) $ – $ – $ 670 Multi-family 184 33 – – 217 Construction 6 1 – – 7 Land 1 – – – 1 Farm 4 1 – – 5 Nonresidential real estate 405 13 – – 418 Commercial nonmortgage 3 1 – – 4 Consumer and other: Loans on deposits 2 – – – 2 Home equity 11 38 45 7 11 Automobile – – – – – Unsecured 1 (2 ) – 2 1 Unallocated 200 – – – 200 Totals $ 1,488 $ 84 $ 45 $ 9 $ 1,536 (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 685 $ 66 $ 65 $ – $ 686 Multi-family 200 (7 ) – – 193 Construction 6 – – – 6 Land 1 – – – 1 Farm 6 – – – 6 Nonresidential real estate 336 3 – – 339 Commercial nonmortgage 5 – – – 5 Consumer and other: Loans on deposits 3 (1 ) – – 2 Home equity 14 (2 ) – – 12 Automobile – – – – – Unsecured – – – – – Unallocated 200 – – – 200 Totals $ 1,456 $ 59 $ 65 $ – $ 1,450 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of September 30, 2020. The recorded investment in loans excludes accrued interest receivable due to immateriality. September 30, 2020: (in thousands) Loans Loans Unpaid Ending Unallocated Total Loans individually evaluated for impairment: Residential real estate: One- to four-family $ 3,894 $ 736 $ 4,630 $ – $ – $ – Multi-family 665 – 665 – – – Construction 63 – 63 – – – Farm 292 – 292 – – – Nonresidential real estate 654 – 654 – – – 5,568 736 6,304 – – – Loans collectively evaluated for impairment: Residential real estate: One- to four-family $ 217,029 $ 670 $ – $ 670 Multi-family 13,838 217 – 217 Construction 4,706 7 – 7 Land 912 1 – 1 Farm 2,214 5 – 5 Nonresidential real estate 35,027 418 – 418 Commercial nonmortgage 2,608 4 – 4 Consumer: Loans on deposits 1,280 2 – 2 Home equity 7,396 11 – 11 Automobile 74 – – – Unsecured 657 1 – 1 Unallocated – – 200 200 285,741 1,336 200 1,536 $ 292,045 $ 1,336 $ 200 $ 1,536 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio class and based on impairment method as of June 30, 2020. June 30, 2020: (in thousands) Loans Loans Unpaid Ending Unallocated Total Loans individually evaluated for impairment: Residential real estate: One- to four-family $ 3,983 $ 751 $ 4,734 $ – $ – $ – Multi-family 671 – 671 – – – Construction 63 – 63 – – – Farm 309 – 309 – – – Nonresidential real estate 660 – 660 – – – 5,686 751 6,437 – – – Loans collectively evaluated for impairment: Residential real estate: One- to four-family $ 217,755 $ 671 $ – $ 671 Multi-family 11,702 184 – 184 Construction 3,982 6 – 6 Land 765 1 – 1 Farm 2,045 4 – 4 Nonresidential real estate 32,843 405 – 405 Commercial nonmortgage 2,214 3 – 3 Consumer: Loans on deposits 1,245 2 – 2 Home equity 7,645 11 – 11 Automobile 67 – – – Unsecured 675 1 – 1 Unallocated – – 200 200 280,938 1,288 200 1,488 $ 287,375 $ 1,288 $ 200 $ 1,488 The following table presents interest income on loans individually evaluated for impairment by class of loans for the three months ended September 30: (in thousands) Average Interest Cash Basis Average Interest Cash Basis 2020 2019 With no related allowance recorded: One- to four-family $ 3,938 $ 47 $ 47 $ 3,694 $ 34 $ 34 Multi-family 668 6 6 683 11 11 Construction 63 – – – – – Farm 301 23 23 310 – – Nonresidential real estate 657 3 3 705 7 7 Purchased credit-impaired loans 744 14 14 926 18 18 6,371 93 93 6,318 70 70 With an allowance recorded: One- to four-family – – – – – – $ 6,371 $ 93 $ 93 $ 6,318 $ 70 $ 70 The following table presents the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of September 30, 2020 and June 30, 2020: September 30, 2020 June 30, 2020 (in thousands) Nonaccrual Loans Past Due Over Nonaccrual Loans Residential real estate: One- to four-family residential real estate $ 4,343 $ 786 $ 4,458 $ 1,135 Multifamily 665 – 671 – Construction 63 – 63 – Farm 292 – 309 – Nonresidential real estate and land 654 – 660 – Commercial and industrial – – 4 – Consumer 50 9 95 – $ 6,067 $ 795 $ 6,260 $ 1,135 One- to four-family loans in process of foreclosure totaled $563,000 and $694,000 at September 30, 2020 and June 30, 2020, respectively. Troubled Debt Restructurings: A Troubled Debt Restructuring (“TDR”) is the situation where the Bank grants a concession to the borrower that the Banks would not otherwise have considered due to the borrower’s financial difficulties. All TDRs are considered “impaired.” The provisions of the CARES Act included an election to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 made between March 1, 2020 and the earlier of (i) December 31, 2020 or (ii) 60 days after the end of the COVID-19 national emergency. The relief can only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. The Company elected to adopt these provisions of the CARES Act. As of September 30, 2020, the Banks had granted deferrals to 96 loans totaling $18.1 million. At September 30, 2020, 81 loans totaling $16.2 million had completed their approved deferral periods and $16.0 million or 98.6% had returned to normal repayment status. At September 30, 2020, 15 loans totaling $1.9 million remained on their original deferral periods. At September 30, 2020 and June 30, 2020, the Company had $1.8 million and $1.9 million of loans classified as TDRs, respectively. Of the TDRs at September 30, 2020, approximately 23.7% were related to the borrower’s completion of Chapter 7 bankruptcy proceedings with no reaffirmation of the debt to the Banks. During the three months ended September 30, 2020, the Company had no loans restructured as TDRs. During the three months ended September 30, 2019, the Company had one loan restructured as a TDR. A borrower refinanced a piece of one- to four-family, non-owner occupied, residential property to bring to current amounts owed on other loans with the Bank. Because the borrower’s financial condition had deteriorated, it was unlikely that the borrower could have secured financing elsewhere. The restructured loan is collateralized and cross-collateralized by real estate. The following table summarizes TDR loan modifications that occurred during the three months ended September 30, 2019, and their performance, by modification type: (in thousands) Troubled Debt Troubled Debt Total Three months ended September 30, 2019 Residential real estate: Terms extended and additional funds advanced $ 120 $ – $ 120 No TDRs defaulted during the three-month periods ended September 30, 2020 or 2019. The following table presents the aging of the principal balance outstanding in past due loans as of September 30, 2020, by class of loans: (in thousands) 30-89 Days 90 Days or Total Past Loans Not Total Residential real estate: One-to four-family $ 3,227 $ 2,319 $ 5,546 $ 216,113 $ 221,659 Multi-family – – – 14,503 14,503 Construction 36 63 99 4,670 4,769 Land – – – 912 912 Farm 105 – 105 2,401 2,506 Nonresidential real estate 99 251 350 35,331 35,681 Commercial non-mortgage – – – 2,608 2,608 Consumer and other: Loans on deposits – – – 1,280 1,280 Home equity 306 54 360 7,036 7,396 Automobile 1 – 1 73 74 Unsecured 4 – 4 653 657 Total $ 3,778 $ 2,687 $ 6,465 $ 285,580 $ 292,045 The following tables present the aging of the principal balance outstanding in past due loans as of June 30, 2020, by class of loans: (in thousands) 30-89 Days 90 Days or Total Past Loans Not Total Residential real estate: One-to four-family $ 2,546 $ 2,670 $ 5,216 $ 217,273 $ 222,489 Multi-family – – – 12,373 12,373 Construction 192 63 255 3,790 4,045 Land – – – 765 765 Farm 107 309 416 1,938 2,354 Nonresidential real estate 57 253 310 33,193 33,503 Commercial nonmortgage – – – 2,214 2,214 Consumer: Loans on deposits – – – 1,245 1,245 Home equity 255 90 345 7,300 7,645 Automobile – – – 67 67 Unsecured – – – 675 675 Total $ 3,157 $ 3,385 $ 6,542 $ 280,833 $ 287,375 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on an annual basis. The Company uses the following definitions for risk ratings: Special Mention. Substandard. Doubtful. Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass rated loans. Loans listed that are not rated are included in groups of homogeneous loans and are evaluated for credit quality based on performing status. See the aging of past due loan table above. As of September 30, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: (in thousands) Pass Special Substandard Doubtful Residential real estate: One- to four-family $ 214,552 $ 703 $ 6,404 $ – Multi-family 13,838 – 665 – Construction 4,706 – 63 – Land 912 – – – Farm 2,214 – 292 – Nonresidential real estate 33,713 943 1,025 – Commercial nonmortgage 2,608 – – – Consumer: Loans on deposits 1,280 – – – Home equity 7,294 37 65 – Automobile 74 – – – Unsecured 652 – 5 – $ 281,843 $ 1,683 $ 8,519 $ – At June 30, 2020, the risk category of loans by class of loans was as follows: (in thousands) Pass Special Substandard Doubtful Residential real estate: One- to four-family $ 215,010 $ 742 $ 6,737 $ – Multi-family 11,702 – 671 – Construction 3,982 – 63 – Land 765 – – – Farm 2,045 – 309 – Nonresidential real estate 31,529 939 1,035 – Commercial nonmortgage 2,188 – 26 – Consumer: Loans on deposits 1,245 – – – Home equity 7,505 39 101 – Automobile 67 – – – Unsecured 670 – 5 – $ 276,708 $ 1,720 $ 8,947 $ – Purchased Credit Impaired Loans: The Company purchased loans during fiscal year 2013 for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans, net of a purchase credit discount of $351,000 and $351,000 at September 30, 2020 and June 30, 2020, respectively, is as follows: (in thousands) September 30, June 30, One- to four-family residential real estate $ 736 $ 751 Accretable yield, or income expected to be collected, is as follows: (in thousands) Three months Twelve months Balance at beginning of period $ 447 $ 544 Accretion of income (15 ) (97 ) Disposals, net of recoveries – – Balance at end of period $ 432 $ 447 For those purchased loans disclosed above, the Company made no increase in allowance for loan losses for the year ended June 30, 2020, nor for the three-month period ended September 30, 2020. Neither were any allowance for loan losses reversed during those periods. |
Disclosures About Fair Value of
Disclosures About Fair Value of Assets and Liabilities | 3 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Assets and Liabilities | 5. Disclosures About Fair Value of Assets and Liabilities ASC topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (exit price) at the measurement date. ASC topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes six levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics. Level 2 securities include agency mortgage-backed securities and agency bonds. Impaired Loans At the time a loan is considered impaired, it is evaluated for loss based on the fair value of collateral securing the loan if the loan is collateral dependent. If a loss is identified, a specific allocation will be established as part of the allowance for loan losses such that the loan’s net carrying value is at its estimated fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral-dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Other Real Estate Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Financial assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using (in thousands) Fair Value Quoted Prices Significant Significant September 30, 2020 Agency mortgage-backed: residential $ 36 $ – $ 36 $ – June 30, 2020 Agency bonds $ 503 $ – $ 503 $ – Agency mortgage-backed: residential 38 – 38 – $ 541 $ – $ 541 $ – Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements Using (in thousands) Fair Value Quoted Prices Significant Significant June 30, 2020 Other real estate owned, net One- to four-family $ 465 $ – $ – $ 465 There were no impaired loans, which were measured using the fair value of the collateral for collateral-dependent loans, at September 30, 2020, or at June 30, 2020. There was a charge off of $8,000 for the three-month period ended September 30, 2019. There was no other real estate owned written down during the three-months ended September 30, 2020 or 2019. Other real estate owned measured at fair value less costs to sell, had a carrying amount of $577,000 at September 30, 2020. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2020 and June 30, 2020: Range Fair Value Valuation Unobservable (Weighted June 30, 2020 (in thousands) Technique(s) Input(s) Average) Foreclosed and repossessed assets: One- to four-family $ 465 Sales comparison approach Adjustments for -2.7% to 41.2% The following is a disclosure of the fair value of financial instruments, both assets and liabilities, whether or not recognized in the consolidated balance sheet, for which it is practicable to estimate that value. For financial instruments where quoted market prices are not available, fair values are based on estimates using present value and other valuation methods. The methods used are greatly affected by the assumptions applied, including the discount rate and estimates of future cash flows. Therefore, the fair values presented may not represent amounts that could be realized in an exchange for certain financial instruments. Based on the foregoing methods and assumptions, the carrying value and fair value of the Company’s financial instruments at September 30, 2020 and June 30, 2020 are as follows: Fair Value Measurements at Carrying September 30, 2020 Using (in thousands) Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 17,116 $ 17,116 $ 17,116 Time deposits in other financial institutions 1,241 1,254 1,254 Available-for-sale securities 36 $ 36 36 Held-to-maturity securities 564 582 582 Loans held for sale 1,035 $ 1,064 1,064 Loans receivable - net 290,509 300,232 300,232 Federal Home Loan Bank stock 6,498 n/a Accrued interest receivable 700 700 700 Financial liabilities Deposits $ 215,102 $ 84,030 $ 131,898 215,928 Federal Home Loan Bank advances 58,392 59,140 59,140 Advances by borrowers for taxes and insurance 1,084 1,084 1,084 Accrued interest payable 24 24 24 Fair Value Measurements at Carrying June 30, 2020 Using (in thousands) Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 13,702 $ 13,702 $ 13,702 Term deposits in other financial institutions 2,229 2,252 2,252 Available-for-sale securities 541 $ 541 541 Held-to-maturity securities 598 611 611 Loans held for sale 667 685 685 Loans receivable – net 285,887 $ 295,431 295,431 Federal Home Loan Bank stock 6,498 n/a Accrued interest receivable 830 830 830 Financial liabilities Deposits $ 212,273 $ 78,118 $ 135,000 $ 213,118 Federal Home Loan Bank advances 54,715 55,416 55,416 Advances by borrowers for taxes and insurance 800 800 800 Accrued interest payable 27 27 27 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income (Loss) | 6. Other Comprehensive Income (Loss) The Company’s other comprehensive income is comprised solely of unrealized gains and losses on available-for-sale securities. The following is a summary of the accumulated other comprehensive income balances, net of tax: Three months Beginning balance $ 2 Current year change (2 ) Ending balance $ – Other comprehensive income (loss) components and related tax effects for the periods indicated were as follows: Three months ended (in thousands) 2020 2019 Unrealized holding gains (losses) on available-for-sale securities $ – $ – Tax effect – – Net-of-tax amount $ – $ – |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Reclassifications | Reclassifications |
New Accounting Standards | New Accounting Standards FASB ASC 326 - FASB ASC 820 – Fair Value Measurement (Topic 820) Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. FASB ASC 740– Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Three months ended 2020 2019 Net income allocated to common shareholders, basic and diluted $ 285,000 $ 234,000 Earnings per share, basic and diluted $ 0.04 $ 0.03 Weighted average common shares outstanding, basic and diluted 8,222,813 8,277,502 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of gross unrealized or unrecognized gains and losses | September 30, 2020 (in thousands) Amortized Gross Gross Estimated Available-for-sale Securities Agency mortgage-backed: residential $ 36 $ – $ – $ 36 Held-to-maturity Securities Agency mortgage-backed: residential $ 564 $ 21 $ 3 $ 582 June 30, 2020 (in thousands) Amortized Gross Gross Estimated Available-for-sale Securities Agency bonds $ 500 $ 3 $ – $ 503 Agency mortgage-backed: residential 38 – – 38 $ 538 $ 3 $ – $ 541 Held-to-maturity Securities Agency mortgage-backed: residential $ 598 $ 16 $ 3 $ 611 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of loan portfolio | September 30, June 30, (in thousands) 2020 2020 Residential real estate One- to four-family $ 221,659 $ 222,489 Multi-family 14,503 12,373 Construction 4,769 4,045 Land 912 765 Farm 2,506 2,354 Nonresidential real estate 35,681 33,503 Commercial nonmortgage 2,608 2,214 Consumer and other: Loans on deposits 1,280 1,245 Home equity 7,396 7,645 Automobile 74 67 Unsecured 657 675 292,045 287,375 Allowance for loan losses (1,536 ) (1,488 ) $ 290,509 $ 285,887 |
Schedule of types troubled debt restructuring loan modifications | (in thousands) Beginning Provision for Loans Recoveries Ending Residential real estate: One- to four-family $ 671 $ (1 ) $ – $ – $ 670 Multi-family 184 33 – – 217 Construction 6 1 – – 7 Land 1 – – – 1 Farm 4 1 – – 5 Nonresidential real estate 405 13 – – 418 Commercial nonmortgage 3 1 – – 4 Consumer and other: Loans on deposits 2 – – – 2 Home equity 11 38 45 7 11 Automobile – – – – – Unsecured 1 (2 ) – 2 1 Unallocated 200 – – – 200 Totals $ 1,488 $ 84 $ 45 $ 9 $ 1,536 (in thousands) Beginning Provision Loans Recoveries Ending Residential real estate: One- to four-family $ 685 $ 66 $ 65 $ – $ 686 Multi-family 200 (7 ) – – 193 Construction 6 – – – 6 Land 1 – – – 1 Farm 6 – – – 6 Nonresidential real estate 336 3 – – 339 Commercial nonmortgage 5 – – – 5 Consumer and other: Loans on deposits 3 (1 ) – – 2 Home equity 14 (2 ) – – 12 Automobile – – – – – Unsecured – – – – – Unallocated 200 – – – 200 Totals $ 1,456 $ 59 $ 65 $ – $ 1,450 |
Schedule of allowance for loan losses and the recorded investment in loans by portfolio | September 30, 2020: (in thousands) Loans Loans Unpaid Ending Unallocated Total Loans individually evaluated for impairment: Residential real estate: One- to four-family $ 3,894 $ 736 $ 4,630 $ – $ – $ – Multi-family 665 – 665 – – – Construction 63 – 63 – – – Farm 292 – 292 – – – Nonresidential real estate 654 – 654 – – – 5,568 736 6,304 – – – Loans collectively evaluated for impairment: Residential real estate: One- to four-family $ 217,029 $ 670 $ – $ 670 Multi-family 13,838 217 – 217 Construction 4,706 7 – 7 Land 912 1 – 1 Farm 2,214 5 – 5 Nonresidential real estate 35,027 418 – 418 Commercial nonmortgage 2,608 4 – 4 Consumer: Loans on deposits 1,280 2 – 2 Home equity 7,396 11 – 11 Automobile 74 – – – Unsecured 657 1 – 1 Unallocated – – 200 200 285,741 1,336 200 1,536 $ 292,045 $ 1,336 $ 200 $ 1,536 June 30, 2020: (in thousands) Loans Loans Unpaid Ending Unallocated Total Loans individually evaluated for impairment: Residential real estate: One- to four-family $ 3,983 $ 751 $ 4,734 $ – $ – $ – Multi-family 671 – 671 – – – Construction 63 – 63 – – – Farm 309 – 309 – – – Nonresidential real estate 660 – 660 – – – 5,686 751 6,437 – – – Loans collectively evaluated for impairment: Residential real estate: One- to four-family $ 217,755 $ 671 $ – $ 671 Multi-family 11,702 184 – 184 Construction 3,982 6 – 6 Land 765 1 – 1 Farm 2,045 4 – 4 Nonresidential real estate 32,843 405 – 405 Commercial nonmortgage 2,214 3 – 3 Consumer: Loans on deposits 1,245 2 – 2 Home equity 7,645 11 – 11 Automobile 67 – – – Unsecured 675 1 – 1 Unallocated – – 200 200 280,938 1,288 200 1,488 $ 287,375 $ 1,288 $ 200 $ 1,488 |
Schedule of impaired loans by class of loans | (in thousands) Average Interest Cash Basis Average Interest Cash Basis 2020 2019 With no related allowance recorded: One- to four-family $ 3,938 $ 47 $ 47 $ 3,694 $ 34 $ 34 Multi-family 668 6 6 683 11 11 Construction 63 – – – – – Farm 301 23 23 310 – – Nonresidential real estate 657 3 3 705 7 7 Purchased credit-impaired loans 744 14 14 926 18 18 6,371 93 93 6,318 70 70 With an allowance recorded: One- to four-family – – – – – – $ 6,371 $ 93 $ 93 $ 6,318 $ 70 $ 70 |
Schedule of recorded investment in nonaccrual and loans | September 30, 2020 June 30, 2020 (in thousands) Nonaccrual Loans Past Due Over Nonaccrual Loans Residential real estate: One- to four-family residential real estate $ 4,343 $ 786 $ 4,458 $ 1,135 Multifamily 665 – 671 – Construction 63 – 63 – Farm 292 – 309 – Nonresidential real estate and land 654 – 660 – Commercial and industrial – – 4 – Consumer 50 9 95 – $ 6,067 $ 795 $ 6,260 $ 1,135 |
Schedule of types troubled debt restructuring loan modifications | (in thousands) Troubled Debt Troubled Debt Total Three months ended September 30, 2019 Residential real estate: Terms extended and additional funds advanced $ 120 $ – $ 120 |
Schedule of principal balance outstanding in past due loans | (in thousands) 30-89 Days 90 Days or Total Past Loans Not Total Residential real estate: One-to four-family $ 3,227 $ 2,319 $ 5,546 $ 216,113 $ 221,659 Multi-family – – – 14,503 14,503 Construction 36 63 99 4,670 4,769 Land – – – 912 912 Farm 105 – 105 2,401 2,506 Nonresidential real estate 99 251 350 35,331 35,681 Commercial non-mortgage – – – 2,608 2,608 Consumer and other: Loans on deposits – – – 1,280 1,280 Home equity 306 54 360 7,036 7,396 Automobile 1 – 1 73 74 Unsecured 4 – 4 653 657 Total $ 3,778 $ 2,687 $ 6,465 $ 285,580 $ 292,045 (in thousands) 30-89 Days 90 Days or Total Past Loans Not Total Residential real estate: One-to four-family $ 2,546 $ 2,670 $ 5,216 $ 217,273 $ 222,489 Multi-family – – – 12,373 12,373 Construction 192 63 255 3,790 4,045 Land – – – 765 765 Farm 107 309 416 1,938 2,354 Nonresidential real estate 57 253 310 33,193 33,503 Commercial nonmortgage – – – 2,214 2,214 Consumer: Loans on deposits – – – 1,245 1,245 Home equity 255 90 345 7,300 7,645 Automobile – – – 67 67 Unsecured – – – 675 675 Total $ 3,157 $ 3,385 $ 6,542 $ 280,833 $ 287,375 |
Schedule of purchased credit impaired loans | (in thousands) Pass Special Substandard Doubtful Residential real estate: One- to four-family $ 214,552 $ 703 $ 6,404 $ – Multi-family 13,838 – 665 – Construction 4,706 – 63 – Land 912 – – – Farm 2,214 – 292 – Nonresidential real estate 33,713 943 1,025 – Commercial nonmortgage 2,608 – – – Consumer: Loans on deposits 1,280 – – – Home equity 7,294 37 65 – Automobile 74 – – – Unsecured 652 – 5 – $ 281,843 $ 1,683 $ 8,519 $ – (in thousands) Pass Special Substandard Doubtful Residential real estate: One- to four-family $ 215,010 $ 742 $ 6,737 $ – Multi-family 11,702 – 671 – Construction 3,982 – 63 – Land 765 – – – Farm 2,045 – 309 – Nonresidential real estate 31,529 939 1,035 – Commercial nonmortgage 2,188 – 26 – Consumer: Loans on deposits 1,245 – – – Home equity 7,505 39 101 – Automobile 67 – – – Unsecured 670 – 5 – $ 276,708 $ 1,720 $ 8,947 $ – |
Schedule of purchased credit impaired loans | (in thousands) September 30, June 30, One- to four-family residential real estate $ 736 $ 751 |
Schedule of accretable yield, or income expected to be collected | (in thousands) Three months Twelve months Balance at beginning of period $ 447 $ 544 Accretion of income (15 ) (97 ) Disposals, net of recoveries – – Balance at end of period $ 432 $ 447 |
Disclosures About Fair Value _2
Disclosures About Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets measured at fair value on a recurring basis | Fair Value Measurements Using (in thousands) Fair Value Quoted Prices Significant Significant September 30, 2020 Agency mortgage-backed: residential $ 36 $ – $ 36 $ – June 30, 2020 Agency bonds $ 503 $ – $ 503 $ – Agency mortgage-backed: residential 38 – 38 – $ 541 $ – $ 541 $ – |
Schedule of assets measured at fair value on a non-recurring basis | Fair Value Measurements Using (in thousands) Fair Value Quoted Prices Significant Significant June 30, 2020 Other real estate owned, net One- to four-family $ 465 $ – $ – $ 465 |
Schedule of fair value measurements for financial instruments measured at fair value on a non-recurring basis | Range Fair Value Valuation Unobservable (Weighted June 30, 2020 (in thousands) Technique(s) Input(s) Average) Foreclosed and repossessed assets: One- to four-family $ 465 Sales comparison approach Adjustments for -2.7% to 41.2% |
Schedule of foregoing methods and assumptions, the carrying value and fair value | Fair Value Measurements at Carrying September 30, 2020 Using (in thousands) Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 17,116 $ 17,116 $ 17,116 Time deposits in other financial institutions 1,241 1,254 1,254 Available-for-sale securities 36 $ 36 36 Held-to-maturity securities 564 582 582 Loans held for sale 1,035 $ 1,064 1,064 Loans receivable - net 290,509 300,232 300,232 Federal Home Loan Bank stock 6,498 n/a Accrued interest receivable 700 700 700 Financial liabilities Deposits $ 215,102 $ 84,030 $ 131,898 215,928 Federal Home Loan Bank advances 58,392 59,140 59,140 Advances by borrowers for taxes and insurance 1,084 1,084 1,084 Accrued interest payable 24 24 24 Fair Value Measurements at Carrying June 30, 2020 Using (in thousands) Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 13,702 $ 13,702 $ 13,702 Term deposits in other financial institutions 2,229 2,252 2,252 Available-for-sale securities 541 $ 541 541 Held-to-maturity securities 598 611 611 Loans held for sale 667 685 685 Loans receivable – net 285,887 $ 295,431 295,431 Federal Home Loan Bank stock 6,498 n/a Accrued interest receivable 830 830 830 Financial liabilities Deposits $ 212,273 $ 78,118 $ 135,000 $ 213,118 Federal Home Loan Bank advances 54,715 55,416 55,416 Advances by borrowers for taxes and insurance 800 800 800 Accrued interest payable 27 27 27 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of accumulated other comprehensive income (loss) balances, net of tax | Three months Beginning balance $ 2 Current year change (2 ) Ending balance $ – |
Schedule of accumulated other comprehensive income (loss) balances, net of tax | Three months ended (in thousands) 2020 2019 Unrealized holding gains (losses) on available-for-sale securities $ – $ – Tax effect – – Net-of-tax amount $ – $ – |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of earnings per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule of earnings per share [Abstract] | ||
Net income allocated to common shareholders, basic and diluted | $ 285 | $ 234 |
Earnings per share, basic and diluted | $ 0.04 | $ 0.03 |
Weighted average common shares outstanding, basic and diluted | 8,222,813 | 8,277,502 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Pledged securities | $ 1.9 | $ 1.9 |
Investment Securities (Detail_2
Investment Securities (Details) - Schedule of gross unrealized or unrecognized gains and losses - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Available-for-sale Securities | ||
Available-for-sale Securities, Amortized cost | $ 538 | |
Available-for-sale Securities, Gross unrealized/ unrecognized gains | 3 | |
Available-for-sale Securities, Gross unrealized/ unrecognized losses | ||
Available-for-sale Securities, Estimated fair value | $ 36 | 541 |
Agency mortgage-backed: residential [Member] | ||
Available-for-sale Securities | ||
Available-for-sale Securities, Amortized cost | 36 | 38 |
Available-for-sale Securities, Gross unrealized/ unrecognized gains | ||
Available-for-sale Securities, Gross unrealized/ unrecognized losses | ||
Available-for-sale Securities, Estimated fair value | 36 | 38 |
Held-to-maturity Securities | ||
Held-to-maturity Securities, Amortized cost | 564 | 598 |
Held-to-maturity Securities, Gross unrealized/ unrecognized gains | 21 | 16 |
Held-to-maturity Securities, Gross unrealized/ unrecognized losses | 3 | 3 |
Held-to-maturity Securities, Estimated fair value | $ 582 | 611 |
Agency bonds [Member] | ||
Available-for-sale Securities | ||
Available-for-sale Securities, Amortized cost | 500 | |
Available-for-sale Securities, Gross unrealized/ unrecognized gains | 3 | |
Available-for-sale Securities, Gross unrealized/ unrecognized losses | ||
Available-for-sale Securities, Estimated fair value | $ 503 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Loans Receivable (Details) [Line Items] | ||
Loans receivable, description | One- to four-family loans in process of foreclosure totaled $563,000 and $694,000 at September 30, 2020 and June 30, 2020, respectively. | |
Banks had granted deferrals | $ 18,100,000 | |
Troubled debt restructuring, description | At September 30, 2020, 81 loans totaling $16.2 million had completed their approved deferral periods and $16.0 million or 98.6% had returned to normal repayment status. At September 30, 2020, 15 loans totaling $1.9 million remained on their original deferral periods. | |
Loans classified as TDRs | $ 1,800,000 | $ 1,900,000 |
Net of a purchase credit discount | $ 351,000 | $ 351,000 |
Troubled Debt Restructuring [Member] | ||
Loans Receivable (Details) [Line Items] | ||
Bankruptcy proceedings, percentage | 23.70% |
Loans Receivable (Details) - Sc
Loans Receivable (Details) - Schedule of loan portfolio - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 |
Residential real estate | ||||
One- to four-family | $ 221,659 | $ 222,489 | ||
Multi-family | 14,503 | 12,373 | ||
Construction | 4,769 | 4,045 | ||
Land | 912 | 765 | ||
Farm | 2,506 | 2,354 | ||
Nonresidential real estate | 35,681 | 33,503 | ||
Commercial nonmortgage | 2,608 | 2,214 | ||
Consumer and other: | ||||
Loans on deposits | 1,280 | 1,245 | ||
Home equity | 7,396 | 7,645 | ||
Automobile | 74 | 67 | ||
Unsecured | 657 | 675 | ||
Loans receivable, gross | 292,045 | 287,375 | ||
Allowance for loan losses | (1,536) | (1,488) | $ (1,450) | $ (1,456) |
Loans receivable - net | $ 290,509 | $ 285,887 |
Loans Receivable (Details) - _2
Loans Receivable (Details) - Schedule of allowance for loan losses by portfolio segment - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Residential real estate: | ||
Beginning balance | $ 1,488 | $ 1,456 |
Provision for loan losses | 84 | 59 |
Loans charged off | 45 | 65 |
Recoveries | 9 | |
Ending balance | 1,536 | 1,450 |
Farm [Member] | ||
Residential real estate: | ||
Beginning balance | 4 | 6 |
Provision for loan losses | 1 | |
Loans charged off | ||
Recoveries | ||
Ending balance | 5 | 6 |
Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Beginning balance | 3 | 5 |
Provision for loan losses | 1 | |
Loans charged off | ||
Recoveries | ||
Ending balance | 4 | 5 |
Loans on deposits [Member] | ||
Residential real estate: | ||
Beginning balance | 2 | 3 |
Provision for loan losses | (1) | |
Loans charged off | ||
Recoveries | ||
Ending balance | 2 | 2 |
Home equity [Member] | ||
Residential real estate: | ||
Beginning balance | 11 | 14 |
Provision for loan losses | 38 | (2) |
Loans charged off | 45 | |
Recoveries | 7 | |
Ending balance | 11 | 12 |
Automobiles [Member] | ||
Residential real estate: | ||
Beginning balance | ||
Provision for loan losses | ||
Loans charged off | ||
Recoveries | ||
Ending balance | ||
Unsecured [Member] | ||
Residential real estate: | ||
Beginning balance | 1 | |
Provision for loan losses | (2) | |
Loans charged off | ||
Recoveries | 2 | |
Ending balance | 1 | |
Unallocated [Member] | ||
Residential real estate: | ||
Beginning balance | 200 | 200 |
Provision for loan losses | ||
Loans charged off | ||
Recoveries | ||
Ending balance | 200 | 200 |
One-to four-family [Member] | ||
Residential real estate: | ||
Beginning balance | 671 | 685 |
Provision for loan losses | (1) | 66 |
Loans charged off | 65 | |
Recoveries | ||
Ending balance | 670 | 686 |
Multi-family [Member] | ||
Residential real estate: | ||
Beginning balance | 184 | 200 |
Provision for loan losses | 33 | (7) |
Loans charged off | ||
Recoveries | ||
Ending balance | 217 | 193 |
Construction [Member] | ||
Residential real estate: | ||
Beginning balance | 6 | 6 |
Provision for loan losses | 1 | |
Loans charged off | ||
Recoveries | ||
Ending balance | 7 | 6 |
Land [Member] | ||
Residential real estate: | ||
Beginning balance | 1 | 1 |
Provision for loan losses | ||
Loans charged off | ||
Recoveries | ||
Ending balance | 1 | 1 |
Nonresidential real estate [Member] | ||
Residential real estate: | ||
Beginning balance | 405 | 336 |
Provision for loan losses | 13 | 3 |
Loans charged off | ||
Recoveries | ||
Ending balance | $ 418 | $ 339 |
Loans Receivable (Details) - _3
Loans Receivable (Details) - Schedule of allowance for loan losses and the recorded investment in loans by portfolio - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Residential real estate: | ||
Unpaid principal balance and recorded investment | $ 292,045 | $ 287,375 |
Ending allowance attributed to loan | 1,336 | 1,288 |
Unallocated allowance | 200 | 200 |
Total allowance | 1,536 | 1,488 |
Loans individually evaluated for impairment [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 5,568 | 5,686 |
Loans acquired with deteriorated credit quality | 736 | 751 |
Unpaid principal balance and recorded investment | 6,304 | 6,437 |
Ending allowance attributed to loan | ||
Unallocated allowance | ||
Total allowance | ||
Loans individually evaluated for impairment [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 3,894 | 3,983 |
Loans acquired with deteriorated credit quality | 736 | 751 |
Unpaid principal balance and recorded investment | 4,630 | 4,734 |
Ending allowance attributed to loan | ||
Unallocated allowance | ||
Total allowance | ||
Loans individually evaluated for impairment [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 665 | 671 |
Loans acquired with deteriorated credit quality | ||
Unpaid principal balance and recorded investment | 665 | 671 |
Ending allowance attributed to loan | ||
Unallocated allowance | ||
Total allowance | ||
Loans individually evaluated for impairment [Member] | Construction [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 63 | 63 |
Loans acquired with deteriorated credit quality | ||
Unpaid principal balance and recorded investment | 63 | 63 |
Ending allowance attributed to loan | ||
Unallocated allowance | ||
Total allowance | ||
Loans individually evaluated for impairment [Member] | Farm [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 292 | 309 |
Loans acquired with deteriorated credit quality | ||
Unpaid principal balance and recorded investment | 292 | 309 |
Ending allowance attributed to loan | ||
Unallocated allowance | ||
Total allowance | ||
Loans individually evaluated for impairment [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Loans individually evaluated | 654 | 660 |
Loans acquired with deteriorated credit quality | ||
Unpaid principal balance and recorded investment | 654 | 660 |
Ending allowance attributed to loan | ||
Unallocated allowance | ||
Total allowance | ||
Loans collectively evaluated for impairment [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 285,741 | 280,938 |
Ending allowance attributed to loan | 1,336 | 1,288 |
Unallocated allowance | 200 | 200 |
Total allowance | 1,536 | 1,488 |
Loans collectively evaluated for impairment [Member] | One-to four-family [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 217,029 | 217,755 |
Ending allowance attributed to loan | 670 | 671 |
Unallocated allowance | ||
Total allowance | 670 | 671 |
Loans collectively evaluated for impairment [Member] | Multi-family [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 13,838 | 11,702 |
Ending allowance attributed to loan | 217 | 184 |
Unallocated allowance | ||
Total allowance | 217 | 184 |
Loans collectively evaluated for impairment [Member] | Construction [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 4,706 | 3,982 |
Ending allowance attributed to loan | 7 | 6 |
Unallocated allowance | ||
Total allowance | 7 | 6 |
Loans collectively evaluated for impairment [Member] | Farm [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 2,214 | 2,045 |
Ending allowance attributed to loan | 5 | 4 |
Unallocated allowance | ||
Total allowance | 5 | 4 |
Loans collectively evaluated for impairment [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 35,027 | 32,843 |
Ending allowance attributed to loan | 418 | 405 |
Unallocated allowance | ||
Total allowance | 418 | 405 |
Loans collectively evaluated for impairment [Member] | Land [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 912 | 765 |
Ending allowance attributed to loan | 1 | 1 |
Unallocated allowance | ||
Total allowance | 1 | 1 |
Loans collectively evaluated for impairment [Member] | Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 2,608 | 2,214 |
Ending allowance attributed to loan | 4 | 3 |
Unallocated allowance | ||
Total allowance | 4 | 3 |
Loans collectively evaluated for impairment [Member] | Loans on deposits [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 1,280 | 1,245 |
Ending allowance attributed to loan | 2 | 2 |
Unallocated allowance | ||
Total allowance | 2 | 2 |
Loans collectively evaluated for impairment [Member] | Home equity [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 7,396 | 7,645 |
Ending allowance attributed to loan | 11 | 11 |
Unallocated allowance | ||
Total allowance | 11 | 11 |
Loans collectively evaluated for impairment [Member] | Automobile [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 74 | 67 |
Ending allowance attributed to loan | ||
Unallocated allowance | ||
Total allowance | ||
Loans collectively evaluated for impairment [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | 657 | 675 |
Ending allowance attributed to loan | 1 | 1 |
Unallocated allowance | ||
Total allowance | 1 | 1 |
Loans collectively evaluated for impairment [Member] | Unallocated [Member] | ||
Residential real estate: | ||
Unpaid principal balance and recorded investment | ||
Ending allowance attributed to loan | ||
Unallocated allowance | 200 | 200 |
Total allowance | $ 200 | $ 200 |
Loans Receivable (Details) - _4
Loans Receivable (Details) - Schedule of impaired loans by class of loans - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
With no related allowance recorded: | ||
Average Recorded Investment, With no related allowance | $ 6,371 | $ 6,318 |
Interest Income Recognized, With no related allowance | 93 | 70 |
Cash Basis Income Recognized, With no related allowance | 93 | 70 |
With an allowance recorded: | ||
Average Recorded Investment, total | 6,371 | 6,318 |
Interest Income Recognized, total | 93 | 70 |
Cash Basis Income Recognized, total | 93 | 70 |
One-to four-family [Member] | ||
With no related allowance recorded: | ||
Average Recorded Investment, With no related allowance | 3,938 | 3,694 |
Interest Income Recognized, With no related allowance | 47 | 34 |
Cash Basis Income Recognized, With no related allowance | 47 | 34 |
With an allowance recorded: | ||
Average Recorded Investment, With related allowance | ||
Interest Income Recognized, With related allowance | ||
Cash Basis Income Recognized, With related allowance | ||
Multi Family [Member] | ||
With no related allowance recorded: | ||
Average Recorded Investment, With no related allowance | 668 | 683 |
Interest Income Recognized, With no related allowance | 6 | 11 |
Cash Basis Income Recognized, With no related allowance | 6 | 11 |
Construction [Member] | ||
With no related allowance recorded: | ||
Average Recorded Investment, With no related allowance | 63 | |
Interest Income Recognized, With no related allowance | ||
Cash Basis Income Recognized, With no related allowance | ||
Farm [Member] | ||
With no related allowance recorded: | ||
Average Recorded Investment, With no related allowance | 301 | 310 |
Interest Income Recognized, With no related allowance | 23 | |
Cash Basis Income Recognized, With no related allowance | 23 | |
Nonresidential real estate [Member] | ||
With no related allowance recorded: | ||
Average Recorded Investment, With no related allowance | 657 | 705 |
Interest Income Recognized, With no related allowance | 3 | 7 |
Cash Basis Income Recognized, With no related allowance | 3 | 7 |
Purchased credit-impaired loans [Member] | ||
With no related allowance recorded: | ||
Average Recorded Investment, With no related allowance | 744 | 926 |
Interest Income Recognized, With no related allowance | 14 | 18 |
Cash Basis Income Recognized, With no related allowance | $ 14 | $ 18 |
Loans Receivable (Details) - _5
Loans Receivable (Details) - Schedule of recorded investment in nonaccrual and loans - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Residential real estate: | ||
Nonaccrual | $ 6,067 | $ 6,260 |
Loans Past Due Over 90 Days Still Accruing | 795 | 1,135 |
Commercial and industrial [Member] | ||
Residential real estate: | ||
Nonaccrual | 4 | |
Loans Past Due Over 90 Days Still Accruing | ||
One-to four-family residential real estate [Member] | ||
Residential real estate: | ||
Nonaccrual | 4,343 | 4,458 |
Loans Past Due Over 90 Days Still Accruing | 786 | 1,135 |
Multifamily [Member] | ||
Residential real estate: | ||
Nonaccrual | 665 | 671 |
Loans Past Due Over 90 Days Still Accruing | ||
Construction [Member] | ||
Residential real estate: | ||
Nonaccrual | 63 | 63 |
Loans Past Due Over 90 Days Still Accruing | ||
Farm [Member] | ||
Residential real estate: | ||
Nonaccrual | 292 | 309 |
Loans Past Due Over 90 Days Still Accruing | ||
Nonresidential real estate and land [Member] | ||
Residential real estate: | ||
Nonaccrual | 654 | 660 |
Loans Past Due Over 90 Days Still Accruing | ||
Consumer [Member] | ||
Residential real estate: | ||
Nonaccrual | 50 | 95 |
Loans Past Due Over 90 Days Still Accruing | $ 9 |
Loans Receivable (Details) - _6
Loans Receivable (Details) - Schedule of types troubled debt restructuring loan modifications $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Residential real estate: | |
Terms extended and additional funds advanced | $ 120 |
Troubled Debt Restructurings Performing to Modified Terms [Member] | |
Residential real estate: | |
Terms extended and additional funds advanced | 120 |
Troubled Debt Restructurings Not Performing to Modified Terms [Member] | |
Residential real estate: | |
Terms extended and additional funds advanced |
Loans Receivable (Details) - _7
Loans Receivable (Details) - Schedule of principal balance outstanding in past due loans - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Residential real estate: | ||
Total Past Due | $ 6,465 | $ 6,542 |
Loans Not Past Due | 285,580 | 280,833 |
Total | 292,045 | 287,375 |
Farm [Member] | ||
Residential real estate: | ||
Total Past Due | 105 | 416 |
Loans Not Past Due | 2,401 | 1,938 |
Total | 2,506 | 2,354 |
Nonresidential real estate [Member] | ||
Residential real estate: | ||
Total Past Due | 350 | 310 |
Loans Not Past Due | 35,331 | 33,193 |
Total | 35,681 | 33,503 |
Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Loans Not Past Due | 2,608 | 2,214 |
Total | 2,608 | 2,214 |
Loans on deposits [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Loans Not Past Due | 1,280 | 1,245 |
Total | 1,280 | 1,245 |
Home Equity Loan [Member] | ||
Residential real estate: | ||
Total Past Due | 360 | 345 |
Loans Not Past Due | 7,036 | 7,300 |
Total | 7,396 | 7,645 |
Automobiles [Member] | ||
Residential real estate: | ||
Total Past Due | 1 | |
Loans Not Past Due | 73 | 67 |
Total | 74 | 67 |
Unsecured [Member] | ||
Residential real estate: | ||
Total Past Due | 4 | |
Loans Not Past Due | 653 | 675 |
Total | 657 | 675 |
30-89 Days Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | 3,778 | 3,157 |
30-89 Days Past Due [Member] | Farm [Member] | ||
Residential real estate: | ||
Total Past Due | 105 | 107 |
30-89 Days Past Due [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Total Past Due | 99 | 57 |
30-89 Days Past Due [Member] | Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Total Past Due | ||
30-89 Days Past Due [Member] | Loans on deposits [Member] | ||
Residential real estate: | ||
Total Past Due | ||
30-89 Days Past Due [Member] | Home Equity Loan [Member] | ||
Residential real estate: | ||
Total Past Due | 306 | 255 |
30-89 Days Past Due [Member] | Automobiles [Member] | ||
Residential real estate: | ||
Total Past Due | 1 | |
30-89 Days Past Due [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Total Past Due | 4 | |
90 Days or Greater Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | 2,687 | 3,385 |
90 Days or Greater Past Due [Member] | Farm [Member] | ||
Residential real estate: | ||
Total Past Due | 309 | |
90 Days or Greater Past Due [Member] | Nonresidential real estate [Member] | ||
Residential real estate: | ||
Total Past Due | 251 | 253 |
90 Days or Greater Past Due [Member] | Commercial nonmortgage [Member] | ||
Residential real estate: | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | Loans on deposits [Member] | ||
Residential real estate: | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | Home Equity Loan [Member] | ||
Residential real estate: | ||
Total Past Due | 54 | 90 |
90 Days or Greater Past Due [Member] | Automobiles [Member] | ||
Residential real estate: | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | Unsecured [Member] | ||
Residential real estate: | ||
Total Past Due | ||
One-to four-family [Member] | ||
Residential real estate: | ||
Total Past Due | 5,546 | 5,216 |
Loans Not Past Due | 216,113 | 217,273 |
Total | 221,659 | 222,489 |
One-to four-family [Member] | 30-89 Days Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | 3,227 | 2,546 |
One-to four-family [Member] | 90 Days or Greater Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | 2,319 | 2,670 |
Multi-family [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Loans Not Past Due | 14,503 | 12,373 |
Total | 14,503 | 12,373 |
Multi-family [Member] | 30-89 Days Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Multi-family [Member] | 90 Days or Greater Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Construction [Member] | ||
Residential real estate: | ||
Total Past Due | 99 | 255 |
Loans Not Past Due | 4,670 | 3,790 |
Total | 4,769 | 4,045 |
Construction [Member] | 30-89 Days Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | 36 | 192 |
Construction [Member] | 90 Days or Greater Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | 63 | 63 |
Land [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Loans Not Past Due | 912 | 765 |
Total | 912 | 765 |
Land [Member] | 30-89 Days Past Due [Member] | ||
Residential real estate: | ||
Total Past Due | ||
Land [Member] | 90 Days or Greater Past Due [Member] | ||
Residential real estate: | ||
Total Past Due |
Loans Receivable (Details) - _8
Loans Receivable (Details) - Schedule of analysis performed, the risk category of loans by class of loans - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | $ 281,843 | $ 276,708 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 1,683 | 1,720 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 8,519 | 8,947 |
One-to four-family [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 214,552 | 215,010 |
One-to four-family [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 703 | 742 |
One-to four-family [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 6,404 | 6,737 |
One-to four-family [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Multi-family [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 13,838 | 11,702 |
Multi-family [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Multi-family [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 665 | 671 |
Multi-family [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Construction [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 4,706 | 3,982 |
Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Construction [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 63 | 63 |
Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Land [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 912 | 765 |
Land [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Land [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Land [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Farm [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 2,214 | 2,045 |
Farm [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Farm [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 292 | 309 |
Farm [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Nonresidential real estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 33,713 | 31,529 |
Nonresidential real estate [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 943 | 939 |
Nonresidential real estate [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 1,025 | 1,035 |
Commercial nonmortgage [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 2,608 | 2,188 |
Commercial nonmortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Commercial nonmortgage [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 26 | |
Commercial nonmortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Loans on deposits [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 1,280 | 1,245 |
Loans on deposits [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Loans on deposits [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Loans on deposits [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Home Equity Loan [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 7,294 | 7,505 |
Home Equity Loan [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 37 | 39 |
Home Equity Loan [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 65 | 101 |
Home Equity Loan [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Automobiles [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 74 | 67 |
Automobiles [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Automobiles [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Automobiles [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Unsecured [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 652 | 670 |
Unsecured [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | ||
Unsecured [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross | 5 | 5 |
Unsecured [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable, gross |
Loans Receivable (Details) - _9
Loans Receivable (Details) - Schedule of purchased credit impaired loans - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
One- to four-family residential real estate [Member] | ||
Loans Receivable (Details) - Schedule of purchased credit impaired loans [Line Items] | ||
One- to four-family residential real estate | $ 736 | $ 751 |
Loans Receivable (Details) -_10
Loans Receivable (Details) - Schedule of accretable yield, or income expected to be collected - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Schedule of accretable yield, or income expected to be collected [Abstract] | ||
Balance at beginning of period | $ 447 | $ 544 |
Balance at end of period | 432 | 447 |
Accretion of income | (15) | (97) |
Disposals, net of recoveries |
Disclosures About Fair Value _3
Disclosures About Fair Value of Assets and Liabilities (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | ||
Impairment Charge on Reclassified Assets | $ 8,000 | |
Other real estate owned written down amount | $ 577,000 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | $ 541 | |
Agency mortgage-backed: residential [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | $ 36 | 38 |
Agency bonds [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | 503 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agency mortgage-backed: residential [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agency bonds [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | 541 | |
Significant Other Observable Inputs (Level 2) [Member] | Agency mortgage-backed: residential [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | 36 | 38 |
Significant Other Observable Inputs (Level 2) [Member] | Agency bonds [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | 503 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | Agency mortgage-backed: residential [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value | ||
Significant Unobservable Inputs (Level 3) [Member] | Agency bonds [Member] | ||
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Fair value |
Disclosures About Fair Value _5
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of assets measured at fair value on a non-recurring basis - Loans One- to four-family [Member] $ in Thousands | Jun. 30, 2020USD ($) |
Other real estate owned, net | |
Fair value | $ 465 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Other real estate owned, net | |
Fair value | |
Significant Other Observable Inputs (Level 2) | |
Other real estate owned, net | |
Fair value | |
Significant Unobservable Inputs (Level 3) | |
Other real estate owned, net | |
Fair value | $ 465 |
Disclosures About Fair Value _6
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of fair value measurements for financial instruments measured at fair value on a non-recurring basis $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Foreclosed and repossessed assets: | |
Fair Value | $ 465 |
Valuation Technique(s) | Sales comparison approach |
Unobservable Input(s) | Adjustments for differences between comparable sales |
Range (Weighted Average) | -2.7% to 41.2% (20.4%) |
Disclosures About Fair Value _7
Disclosures About Fair Value of Assets and Liabilities (Details) - Schedule of foregoing methods and assumptions, the carrying value and fair value - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Financial assets | ||
Federal Home Loan Bank stock | $ 6,498 | $ 6,498 |
Financial liabilities | ||
Advances by borrowers for taxes and insurance | 1,084 | 800 |
Total [Member] | ||
Financial assets | ||
Cash and cash equivalents | 17,116 | 13,702 |
Time deposits in other financial institutions | 1,254 | 2,252 |
Available-for-sale securities | 36 | 541 |
Held-to-maturity securities | 582 | 611 |
Loans held for sale | 1,064 | 685 |
Loans receivable - net | 300,232 | 295,431 |
Federal Home Loan Bank stock | ||
Accrued interest receivable | 700 | 830 |
Financial liabilities | ||
Deposits | 215,928 | 213,118 |
Federal Home Loan Bank advances | 59,140 | 55,416 |
Advances by borrowers for taxes and insurance | 1,084 | 800 |
Accrued interest payable | 24 | 27 |
Carrying Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 17,116 | 13,702 |
Time deposits in other financial institutions | 1,241 | 2,229 |
Available-for-sale securities | 36 | 541 |
Held-to-maturity securities | 564 | 598 |
Loans held for sale | 1,035 | 667 |
Loans receivable - net | 290,509 | 285,887 |
Federal Home Loan Bank stock | 6,498 | 6,498 |
Accrued interest receivable | 700 | 830 |
Financial liabilities | ||
Deposits | 215,102 | 212,273 |
Federal Home Loan Bank advances | 58,392 | 54,715 |
Advances by borrowers for taxes and insurance | 1,084 | 800 |
Accrued interest payable | 24 | 27 |
Level 1 [Member] | ||
Financial assets | ||
Cash and cash equivalents | 17,116 | 13,702 |
Time deposits in other financial institutions | 1,254 | 2,252 |
Available-for-sale securities | ||
Held-to-maturity securities | ||
Loans held for sale | ||
Loans receivable - net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Financial liabilities | ||
Deposits | 84,030 | 78,118 |
Federal Home Loan Bank advances | ||
Advances by borrowers for taxes and insurance | ||
Accrued interest payable | ||
Level 2 [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Time deposits in other financial institutions | ||
Available-for-sale securities | 36 | 541 |
Held-to-maturity securities | 582 | 611 |
Loans held for sale | 685 | |
Loans receivable - net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | 700 | 830 |
Financial liabilities | ||
Deposits | 131,898 | 135,000 |
Federal Home Loan Bank advances | 59,140 | 55,416 |
Advances by borrowers for taxes and insurance | 1,084 | 800 |
Accrued interest payable | 24 | 27 |
Level 3 [Member] | ||
Financial assets | ||
Cash and cash equivalents | ||
Time deposits in other financial institutions | ||
Available-for-sale securities | ||
Held-to-maturity securities | ||
Loans held for sale | 1,064 | |
Loans receivable - net | 300,232 | 295,431 |
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Financial liabilities | ||
Federal Home Loan Bank advances | ||
Advances by borrowers for taxes and insurance | ||
Accrued interest payable |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - Schedule of accumulated other comprehensive income (loss) balances, net of tax - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule of accumulated other comprehensive income (loss) balances, net of tax [Abstract] | ||
Beginning balance | $ 2 | |
Ending balance | ||
Current year change | $ (2) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Details) - Schedule of other comprehensive income (loss) components and related tax effects - Other Comprehensive Income (Loss) [Member] - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized holding gains (losses) on available-for-sale securities | ||
Tax effect | ||
Net-of-tax amount |